HSBC Global Investment Funds - Fundsupermart.com

ContentsHSBC Global Investment Funds 1-403PageAdditional notes for Hong Kong residents in relation to HSBC Global Investment Funds.The following sub-funds of HSBC Global Investment Funds referred to in this document are not authorized in Hong Kong andnot available to Hong Kong residents:HSBC Global Investment Funds sub-funds:Asian Currencies BondBrazil BondCIVETSEconomic Scale Index (GEM Equity)Euro BondEuro Credit BondEuro ReserveEuroland GrowthFrontier MarketsGEM Debt Total ReturnGEM Inflation Linked BondGlobal Asset-Backed BondGlobal Asset-Backed High Yield BondGlobal CurrencyGlobal Emerging Markets Corporate DebtGlobal Emerging Markets Investment Grade BondGlobal Emerging Markets Local DebtGlobal Flex AllocationGlobal Inflation Linked BondGlobal MarcoGlobal Short Duration High Yield BondIndia Fixed IncomeLatin American Local DebtMexico EquityRMB Fixed IncomeTurkey Equity

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Unaudited semi-annual report for the period from 1 April 2013 to 30 September 2013Société d’Investissement à Capital Variable (SICAV), Luxembourg1

Information concerning the distribution of shares of HSBC Global Investment Funds in or from Switzerland.ACOLIN Fund Services AG, Stadelhoferstrasse 18, CH-8001 Zurich is the legal representative of the Company inSwitzerland. The Prospectus, Articles and annual and semi-annual reports of the Company may be obtained free ofcharge upon request from ACOLIN Fund Services AG. A breakdown of all transactions carried out on behalf of eachsub-fund of HSBC Global Investment Funds for the period under review can be obtained, free of charge, from theCompany’s representative in Switzerland.No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis ofthe current Prospectus accompanied by the latest annual and the most recent semi-annual report, if publishedthereafter.Unaudited semi-annual report for the period from 1 April 2013 to 30 September 20132

Table of ContentsGeneral Information 4Board of Directors 13Management and Administration 14Statement of Net Assets as at 30 September 2013 17Key Figures as at 30 September 2013 29Statement of Operations and Changes in Net Assetsfor the period ended 30 September 2013 89Notes to the Financial Statements 102Comparative Tables of Net Assets 188Portfolio of Investments and Other Net Assets as at30 September 2013 214Currency Conversion Table 387Dealing Days of the Fund 388Fund Holiday Calendar for 2014 3893

General InformationGeneralHSBC Investment Funds (Luxembourg) S.A. (the “Management Company”) uses a risk management process thatallows monitoring the risk of the portfolio positions and their share of the overall risk profile of the portfolios on themanaged funds at any time. In accordance with the Law of 17 December 2010 and the applicable regulatoryrequirements of the Commission de Surveillance du Secteur Financier ("CSSF") the Management Company reportsto the CSSF on a regular basis on the risk management process. The Management Company assures, on the basisof appropriate and reasonable methods, that the overall risk, associated with derivatives, does not exceed the netasset value of the portfolio. The Management Company uses the following methods:Commitment ApproachThe "Commitment Approach" is based on the positions of Financial Derivative Instruments (“FDI”) converted into theircorresponding underlying equivalents using the delta approach. Netting and Hedging might be considered for FDIand their underlying assets providing that the approach complies with the regulations. The sum of these underlyingequivalents must not exceed the net asset value of the fund.Value-at-Risk (“VaR”) is a mathematical approach used to estimate the potential loss of a portfolio over a specifiedholding period within a given confidence level. VaR can be calculated on either an absolute or a relative basis.Absolute VaR approachIn the absolute VaR approach the VaR (99% confidence level, 20-day holding period) of the Fund cannotexceed 20% of the Fund net assets.Relative VaR approachRelative VaR is calculated in relation to a suitable benchmark or reference portfolio. Using this approach,the relative VaR cannot exceed the VaR of a reference portfolio by more than a maximum of twice (200%).The reference portfolio is a matching portfolio in comparison to the Fund's investment policy.The Management Company has delegated the VaR monitoring to the following Global Risk Management teams:HSBC Global Asset Management (UK) LimitedFor the HGIF RMB Fixed Income Sub fund, the VaR has been calculated using the BarraOne risk engine which usesa parametric approach with the following parameters:- One tailed confidence interval of 99%.- Holding period equivalent to 1-month.- Effective observation period of at least 250 days.- Daily data set updates.- Daily VaR calculation.4

General Information (continued)HSBC Global Asset Management Limited (AMGB)The VaR has been calculated using the Algorithmics risk engine which uses a historic simulation approach using thefollowing parameters:- One tailed confidence interval of 99%.- Holding period equivalent to 1-month.- Effective observation period of at least 250 days.- Daily data set updates.- Daily VaR calculation.HSBC Global Asset Management (France)The VaR has been calculated using a parametrical approach (variance-covariance matrix) with the followingparameters:- One tailed confidence interval of 99%.- Holding period equivalent to 1-day but rescaled to the regulatory holding period (1-month).- Effective observation period of at least 250 days.- Daily data set updates are used for:o HGIF – Global Inflation Linked Bond- Weekly data set updates are used foro all other sub-funds managed by HSBC Global Asset Management (France).- Daily VaR calculation.HSBC Bank Brasil S.A – Banco MúltiploThe VaR has been calculated using a parametrical approach (variance-covariance matrix) with the followingparameters:- One tailed confidence interval of 99%.- Holding period equivalent to 1-day but rescaled to the regulatory holding period (1-month)- Effective observation period of at least 250 days.- Weekly data set updates.- Daily VaR calculation.5

General Information (continued)Sub-FundEntity in charge ofCommitment / VaRmonitoringStartingperiodEndingperiodMarket RiskCalculationLowestfund VaRutilisationHighestfund VaRutilisationAveragefund VaRutilisationInternalVaR limitReference Portfolio(if any)1) Reserve Sub-FundsHGIF - Euro ReserveHSBC Global AssetManagement (France)01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A2) Bond Sub-FundsHGIF - Asian Currencies BondHSBC Global AssetManagement Limited(AMGB)01/04/2013 30/09/2013 Relative VaR 72.3% 100% 45.40% 126.60%MARKIT iBOXX ABFPan-Asia ex China exHKHGIF - Brazil Bond HSBC Bank Brazil SA 01/04/2013 30/09/2013 Absolute VaR 0.41% 1.29% 0.80% 2.00% N/AHGIF - Euro BondHGIF - Euro Credit BondHGIF - Euro High Yield BondHGIF - GEM Inflation Linked BondHGIF - Global Asset-Backed Bond(launched as at 31 May 2013)HGIF - Global Asset-Backed HighYield Bond (launched as at 31May 2013)HGIF - Global BondHGIF - Global Emerging MarketsBondHGIF - Global Emerging MarketsCorporate DebtHSBC Global AssetManagement (France)HSBC Global AssetManagement (France)HSBC Global AssetManagement (France)HSBC Global AssetManagement (France)HSBC Global AssetManagement Limited(AMGB)HSBC Global AssetManagement Limited(AMGB)HSBC Global AssetManagement Limited(AMGB)HSBC Global AssetManagement Limited(AMGB)HSBC Global AssetManagement Limited(AMGB)HSBC Global AssetManagement Limited(AMGB)01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 09/09/2013 Commitment N/A N/A N/A N/A N/A10/09/2013 30/09/2013 Relative VaR 84.90% 113.20% 101.50% 118.30%31/05/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A31/05/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Relative VaR 86.80% 113.90% 104.10% 148.60%Barclays EM TradableGovernment Inflation-Linked Bond (EMTIL) IndexBarclays Capital GlobalAggregate01/04/2013 30/09/2013 Relative VaR 81.70% 122.90% 107.10% 132.50% JP Morgan EMBI Global01/04/2013 30/09/2013 Relative VaR 90.60% 122.50%** 107.00% 115.30% JP Morgan CEMBI DiversifiedHGIF - Global Emerging MarketsInvestment Grade BondHSBC Global AssetManagement Limited(AMGB) 01/04/2013 30/08/2013 Absolute VaR 8.21% 10.73% 9.71% 15.7% N/A6

General Information (continued)Sub-FundEntity in charge ofCommitment / VaRmonitoringHSBC Global AssetManagement Limited(AMGB)HGIF - Global Emerging MarketsLocal DebtHGIF - Global High Income BondHSBC Global AssetManagement Limited(AMGB)HSBC Global AssetManagement Limited(AMGB)HGIF - Global High Yield BondHSBC Global AssetManagement Limited(AMGB)HGIF - Global Inflation LinkedBondHGIF - Global Short Duration HighYield Bond (launched as at 12June 2013)HGIF - India Fixed IncomeHGIF - Latin American Local DebtHGIF - RMB Fixed IncomeHGIF - US Dollar BondHSBC Global AssetManagement (France)HSBC Global AssetManagement Limited(AMGB)HSBC Global AssetManagement Limited(AMGB)HSBC Global AssetManagement Limited(AMGB)HSBC Global AssetManagement Limited(AMGB)HSBC Global AssetManagement Limited(AMGB)3) Equity Sub-FundsHGIF - Asia ex Japan EquityHGIF - Asia ex Japan EquitySmaller CompaniesHGIF - Asia Pacific ex JapanEquity High DividendHGIF - BRIC EquityHGIF - BRIC MarketsHSBC Global AssetManagement (Hong Kong)HSBC Global AssetManagement (Hong Kong)HSBC Global AssetManagement (Hong Kong)HSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (UK) LimitedHGIF - BRIC Markets EquityHSBC Global AssetManagement (France)StartingperiodEndingperiodMarket RiskCalculationLowestfund VaRutilisationHighestfund VaRutilisationAveragefund VaRutilisationInternalVaR limit31/08/2013 30/09/2013 Relative VaR 96.00% 99.10% 97.50% 114.10%Reference Portfolio(if any)50% JPM EMBI IG,50% JPM GBI EMGlobal Diversified IG15 Capped01/04/2013 30/09/2013 Relative VaR 67.60% 86.80% 77.60% 110.00%JP Morgan GBI-EM GlobalDiversified01/04/2013 30/09/2013 Relative VaR 37.20% 120.50%** 88.30% 110.00% GHI Aggregate Benchmark01/04/2013 30/09/2013 Relative VaR 104.40% 121.20% 111.20% 143.30%01/04/2013 30/09/2013 Relative VaR 86.72% 106.85% 100.22% 150%12/06/2013 30/09/2013 Relative VaR 40.70% 94.40% 48.00% 110.00%Merrill Lynch GlobalHigh Yield BB-BConstrained USDhedgedBarclays World Inflation LinkedBond indexMerrill 1-3 Yr BB-B US andEuro Non-Financial High Yield2% Constrained01/04/2013 30/09/2013 Absolute VaR 6.70% 9.90%** 7.90% 9.00% N/A01/04/2013 30/09/2013 Relative VaR 97.20% 109.60% 100.40% 131.60%JP Morgan GBI-EM Global LatinAmerica01/04/2013 30/09/2013 Absolute VaR 0.60% 1.30% 0.90% 6.00% N/A01/04/2013 30/09/2013 Relative VaR 89.30% 138.90% 111.80% 139.50% Barclays Capital US Aggregate01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A7

General Information (continued)Sub-FundHGIF - China ConsumerOpportunitiesHGIF - CIVETS (liquidated as at18 July 2013)HGIF - Climate ChangeHGIF - Emerging WealthHGIF - Euroland EquityHGIF - Euroland Equity SmallerCompaniesHGIF - Euroland GrowthHGIF - European EquityHGIF - Frontier MarketsHGIF - Global Emerging MarketsEquityHGIF - Global EquityEntity in charge ofCommitment / VaRmonitoringHSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (France)HSBC Global AssetManagement (France)HSBC Global AssetManagement (France)HSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (France)StartingperiodEndingperiodMarket RiskCalculationLowestfund VaRutilisationHighestfund VaRutilisationAveragefund VaRutilisationInternalVaR limit01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 18/07/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/AHGIF - Latin American Equity HSBC Bank Brazil SA 01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/AReference Portfolio(if any)HGIF - Brazil Equity HSBC Bank Brazil SA 01/04/2013 30/09/2013 Relative VaR 0.55% 0.62% 0.59% 4.33% MSCI Brazil 10 / 40HGIF - Chinese EquityHGIF - Hong Kong EquityHGIF - Indian EquityHGIF - Japanese EquityHGIF - Korean EquityHSBC Global AssetManagement (Hong Kong)01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/AHSBC Global AssetManagement (Hong Kong)01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/AHSBC Global AssetManagement (Hong Kong)01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/AHSBC Global AssetManagement (France)01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/AHSBC Global AssetManagement (Hong Kong)01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/AHGIF - Mexico Equity HSBC Bank Brazil SA 01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/AHGIF - Russia EquityHGIF - Singapore EquityHGIF - Taiwan EquityHGIF - Thai EquityHSBC Global AssetManagement (UK) Limited01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/AHSBC Global AssetManagement (Hong Kong)01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/AHSBC Global AssetManagement (Hong Kong)01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/AHSBC Global AssetManagement (Hong Kong)01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A8

General Information (continued)Sub-FundHGIF - Turkey EquityHGIF - UK EquityHGIF - US EquityEntity in charge ofCommitment / VaRmonitoringHSBC PortfoyYonetimi A.S.HSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (France)StartingperiodEndingperiodMarket RiskCalculationLowestfund VaRutilisationHighestfund VaRutilisationAveragefund VaRutilisationInternalVaR limit01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/AReference Portfolio(if any)4) Index Sub-FundsHGIF - Economic ScaleIndex (GEM Equity)HSBC Global AssetManagement (UK) Limited01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A5) Other Sub-FundsHGIF - GEM Debt Total ReturnHGIF - Global Currency(liquidated as at 28 June 2013)HGIF - Global Flex Allocation(liquidated as at 26 April 2013)HGIF - Global MacroHGIF - Managed Solutions - AsiaFocused ConservativeHGIF - Managed Solutions - AsiaFocused GrowthHGIF - Managed Solutions - AsiaFocused IncomeHSBC Global AssetManagement Limited(AMGB)HSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (France)HSBC Global AssetManagement (France)HSBC Global AssetManagement (Hong Kong)HSBC Global AssetManagement (Hong Kong)HSBC Global AssetManagement (Hong Kong)01/04/2013 30/09/2013 Absolute VaR 0.80% 5.10% 3.10%** 2.50% N/A01/04/2013 28/06/2013 Absolute VaR 0.02% 1.11% 0.50% 4.00% N/A01/04/2013 26/04/2013 Absolute VaR 1.89% 2.17% 2.06% 10.74%40% MSCI World (NR) EUR +60% CitiGroup EMU Gvt BondsIndex01/04/2013 30/09/2013 Absolute VaR 1.63% 3.68% 2.55% 10.07% EUR 1 month EURIBOR01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A01/04/2013 30/09/2013 Commitment N/A N/A N/A N/A N/A* HGIF - Brazil Bond: VaR utilisation as a percentage of the sub-fund Assets Under Management** Fund above internal MAT either due to data discrepancies or market volatility. Limits reviewed every six months.9

General Information (continued)LeverageFor Sub-funds measuring and monitoring the global risk on derivatives via VaR approach, the Management Companyhas delegated the leverage monitoring to the respective Sub-Funds’ Investment Advisers who determine the sum ofthe notional values of all the relevant FDI and estimate in this regard a degree of the expected average value(leverage). This level of leverage can, depending on the respective market conditions, derive from the actual value atthe reporting date. Furthermore, the published expected/ level of leverage is explicitly not understood as aninvestment limit.Some sub-funds, during the whole period, have either used the sum of notionals method or the commitment methodwithout any netting (which is the same than the sum of notionals). For these sub-funds, the leverage has beencalculated using the sum of notionals for the entire period.For other sub-funds, the leverage is calculated through an assessment of the sum of all notionals of all FDI,irrespective of whether or not these are used for investment or efficient portfolio management purposes. In respect ofhedge share classes, when applying the prescribed methodology, it is recognised that leverage may be up to 100%larger than the master fund due to the forward foreign currency exchange contracts that are employed to hedge frombase currency into the respective hedged share class currency.Sub-FundStartingperiodEndingperiodLeveragemethodologyMaximumexpectedlevelof leverage(netleverage)Realisedaveragelevelof leverage1) Bond Sub-FundsHGIF - AsianCurrencies Bond01/04/2013 30/09/2013HGIF - Brazil Bond 01/04/2013 30/09/2013HGIF - GEM InflationLinked BondSum of Notionals allperiodSum of Notionals allperiod100% 0.00%50% 11.82%01/04/2013 30/09/2013 Sum of Notionals 200% 23%HGIF - Global Bond 01/04/2013 30/09/2013 Sum of Notionals 200% 47.6%HGIF - GlobalEmerging MarketsBond**HGIF - GlobalEmerging MarketsCorporate DebtHGIF - GlobalEmerging MarketsInvestment Grade BondHGIF - GlobalEmerging MarketsLocal DebtHGIF - Global HighIncome Bond**HGIF - Global HighYield BondHGIF - Global ShortDuration High YieldBondHGIF - Global InflationLinked Bond**HGIF - India FixedIncomeHGIF - Latin AmericanLocal DebtHGIF - RMB FixedIncome**01/04/2013 30/09/2013 Sum of Notionals 200% 8%01/04/2013 30/09/2013 Sum of Notionals 200% 2%01/04/2013 30/09/2013 Sum of Notionals 200% 61%01/04/2013 30/09/2013 Sum of Notionals 300% 66%01/04/2013 30/09/2013 Sum of Notionals 150% 41%01/04/2013 30/09/2013 Sum of Notionals 150% 43%12/06/2013 30/09/2013 Sum of Notionals 150% 35%01/04/2013 30/09/201301/04/2013 30/09/201301/04/2013 30/09/201301/04/2013 30/09/2013Sum of Notionals allperiodSum of Notionals allperiodSum of Notionals allperiodSum of Notionals allperiod400% 162.48%100% 0.00%50% 6.13%100% 0.00%HGIF - US Dollar Bond 01/04/2013 30/09/2013 Sum of Notionals 200% 41.8%2) Equity Sub-FundsHGIF - Brazil Equity 01/04/2013 30/09/2013Sum of Notionals allperiod10% 0%10

General Information (continued)Sub-FundStartingperiodEndingperiodLeveragemethodologyMaximumexpectedlevelof leverage(netleverage)Realisedaveragelevelof leverage3) Other Sub-FundsHGIF - GEM Debt TotalReturn**01/04/2013 30/09/2013 Sum of Notionals 300% 90%HGIF - Global Macro** 01/04/2013 30/09/2013Sum of Notionals allperiod1,200% 543.38%** Indicates a fund with hedged share class portfolios where it is recognised that leverage may be up to 100% larger thanthe master fund due to the forward foreign currency exchange contracts that are employed to hedge from base currencyinto the respective hedged share class currency.11

General Information (continued)Agents of the CompanyAs detailed in letters to Shareholders dated 29 June 2012 and 12 October 2012, the Board intends to appoint HSBCSecurities Services (Luxembourg) S.A. as Administration Agent, Depositary Bank, Registrar and Transfer Agent andCentral Paying Agent.The appointment of HSBC Securities Services (Luxembourg) S.A as Administration Agent services has been madewith effect from 26 August 2013.The appointment of HSBC Securities Services (Luxembourg) S.A as Depositary Bank and Central Paying Agent willbe made with effect from 25 November 2013.The appointment of HSBC Securities Services (Luxembourg) S.A as Registrar and Transfer Agent will be made inJanuary 2014 and a further communication will be issued to Shareholders once the effective date has beendetermined. RBC Investor Services Bank S.A. will continue to provide these services until further notice.12

Board of DirectorsBOARD OF DIRECTORS OF THE COMPANYDidier Deleage (Chairman), Chief Operating OfficerHSBC Global Asset Management (France),Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France.Dr. Michael Boehm, Chief Operating OfficerHSBC Global Asset Management (Deutschland) GmbH,Königsallee 21/23, 40212 Düsseldorf, Germany.James Boucher, Managing Director(Resigned 21 June 2013)HSBC Bank (Mauritius) Limited, 6th Floor, HSBC Centre, 18 CyberCity, Ebene, Mauritius.Thies Clemenz, Chief Executive Officer(Resigned 19 September 2013)HSBC Trinkaus Investment Managers S.A., HSBC Bank Armenia CJSC HBAM, Main Office66 Teryan Street, Yerevan 0009, Republic of ArmeniaGeorge Efthimiou, Global Chief Operating OfficerHSBC Global Asset Management Limited,78 St James Street, London SW1A 1 HL, United Kingdom.Edgar K M Ng, Head of Business Support Asia Pacific(Resigned 19 September 2013)HSBC Global Asset Management (Hong Kong) Limited,HSBC Main Building, 1 Queen's Road Central, Hong Kong.David Silvester, Head of Product Management - Global FundsHSBC Global Asset Management Limited,78 St James Street, London SW1A 1 HL, United Kingdom.Sylvie Vigneaux, Head of Regulatory and Wealth EngineeringHSBC Global Asset Management (France),Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France.Dean Lam, Managing Director(Appointed with effect from 25 June 2013)HSBC Bank (Mauritius) Limited, 6th Floor, HSBC Centre, 18 CyberCity, Ebene, MauritiusJohn Li, Independent Director(Appointed with effect from 20 September 2013)The Directors Office, 19 Rue de Bitbourg, L-1273 LuxembourgJean de Courrèges, Independent Director(Appointed with effect from 20 September 2013)Carne Global Financial Services Luxembourg s.à.r.l,European Banking and Business Centre, 6B route de Trèves, L-2633 Luxembourg13

Management and AdministrationRegistered Office16, boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg.R.C.S. Luxembourg N° B-25087Management CompanyHSBC Investment Funds (Luxembourg) S.A.16, boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg.Depositary Bank, Registrar and Transfer Agent and Central Paying Agent*RBC Investor Services Bank S.A. (formerly RBC Dexia Investor Services Bank S.A.)14, Porte de France, L- 4360 Esch-sur-Alzette, Grand Duchy of Luxembourg.Administration AgentHSBC Securities Services (Luxembourg) S.A. (as from 26 August 2013)16, boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg.RBC Investor Services Bank S.A. (formerly RBC Dexia Investor Services Bank S.A.) (until 25 August 2013)14, Porte de France, L- 4360 Esch-sur-Alzette, Grand Duchy of Luxembourg.Domiciliary AgentHSBC Securities Services (Luxembourg) S.A.16, boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg.Investment AdvisersHSBC Global Asset Management (France)Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, FranceHSBC Global Asset Management (Hong Kong) LimitedLevel 22, HSBC Main Building, 1 Queen's Road Central, Hong KongHSBC Global Asset Management (Singapore) Limited21 Collyer Quay, #06-01 HSBC Building, Singapore 049320, SingaporeHSBC Global Asset Management (UK) Limited8, Canada Square, London E14 5HQ, United KingdomHSBC Global Asset Management (USA) Inc.452 Fifth Avenue, 7th Floor, New York, NY 10018, USAHSBC Bank Brasil S.A. – Banco MúltiploTravessa Oliviera Belo, 11-B, 80020-030 Curitiba, BrazilHSBC Portfoy Yonetimi A.S.Esentepe Mahallesi, Büyükdere Caddesi, No:128, 34394 Sisli, Istanbul, Turkey* RBC Investor Services Limited, the holding company of RBC Investor Services Bank S.A., was put into liquidationon 5 September 2013. As a result of this liquidation and the transfer of the participation, RBC Investor Services BankS.A. became 100% owned by Royal Bank Holding Inc., a 100% owned subsidiary of Royal Bank of Canada. There isno impact on the main operating entities, their subsidiaries or branches.14

Management and Administration (continued)Share DistributorsGlobal DistributorHSBC Investment Funds (Luxembourg) S.A., 16, boulevard d’Avranches, L-1160 Luxembourg, Grand Duchy ofLuxembourg.Austria, Eastern Europe and Germany DistributorHSBC Trinkaus & Burkhardt AG, Königsallee 21/23, D-40212 Düsseldorf, Germany.Hong Kong Representative and DistributorHSBC Investment Funds (Hong Kong) Limited, HSBC Main Building, 1 Queen's Road Central, Hong Kong.United Kingdom Representative and DistributorHSBC Global Asset Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom.Republic of Ireland DistributorHSBC Global Asset Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom.Republic of Ireland RepresentativeHSBC Securities Services (Ireland) Limited, HSBC House, 1 Grand Canal Square, Grand Canal Harbour, Dublin 2,Ireland.Jersey Representative and DistributorHSBC Global Asset Management (International) Limited, HSBC House, Esplanade, St Helier, Jersey, JE1 1HSChannel Islands.Singapore Representative and DistributorHSBC Global Asset Management (Singapore) Limited, 21, Collyer Quay, #06-01 HSBC Building, Singapore 049320,Singapore.Swiss RepresentativeACOLIN Fund Services AG, Stadelhoferstrasse 18, CH-8001 Zurich, Switzerland.Paying Agent in SwitzerlandHSBC Private Bank (Suisse) S.A., Quai du Général Guisan 2, Case postale 3580, CH-1211 Geneva 3, Switzerland.Korea Representative and DistributorHSBC Korea Ltd, HSBC Building #25, 1-Ka, Bongrae-Dong, Chung-Ku, Seoul, Korea.Distributor for Continental EuropeHSBC Global Asset Management (France), Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800Puteaux, France.Paying Agent in Hong KongThe HongKong and Shanghai Banking Corporation Limited, HSBC Main Building, 1 Queen’s Road Central,Hong Kong.Representative and Paying Agent in PolandHSBC Bank Polska S.A., Kraków Business Park 200, Ul. Krakowska 280, 32-080 Zabierzów, Poland.Réviseur d'Entreprises AgrééKPMG Luxembourg S.à r.l.9, allée Scheffer, L-2520 Luxembourg, Grand Duchy of Luxembourg.Legal AdviserElvinger, Hoss & Prussen, 2, place Winston Churchill, L - 1340 Luxembourg, Grand Duchy of Luxembourg.15

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Statement of Net Assets as at 30 September 2013CONSOLIDATEDUSDInternational andRegional EquitySub-FundsAsia ex JapanEquityUSDAsia ex JapanEquity SmallerCompaniesUSDAsia Pacific exJapan Equity HighDividendUSDPortfolio at Cost * 26,669,477,501 383,430,522 76,070,827 146,607,159Unrealised (Depreciation)/Appreciation (1,498,104,488) 29,510,012 5,455,962 21,814,728Portfolio at Market Value 25,171,373,013 412,940,534 81,526,789 168,421,887Forward Foreign Exchange Contracts (note 9) 74,469,061 2,163,149 - (45)Futures (note 10) (6,040,885) - - -Swaps (note 11) (27,967,220) - - -Options (note 13) 692,517 - - -Cash at Bank 1,261,322,454 38,989,832 1,464,288 1,184,956Bank Overdraft (5,184,498) - - -Receivable from Brokers 532,898,431 90,861,314 1,838,142 1,709,533Payable to Brokers (541,272,089) (26,225,571) (966,719) (880,557)Receivable from Shareholders 303,213,968 192,795 612,366 276,030Payable to Shareholders (365,855,642) (94,797,403) (168,655) (1,414,591)Other Assets 230,564,190 945,954 99,396 866,318Other Liabilities (74,374,538) (677,619) (120,511) (435,401)Total Net Assets 26,553,838,762 424,392,985 84,285,096 169,728,130*amounts including transaction fees.The accompanying notes form an integral part of these financial statements. 17

Statement of Net Assets as at 30 September 2013BRIC EquityUSDBRIC MarketsUSDBRIC MarketsEquityUSDChina ConsumerOpportunitiesUSDClimate ChangeUSDEmerging WealthUSD972,397,612 7,553,659 341,019,456 136,424,843 22,164,964 16,453,288(163,679,559) 160,169 7,937,746 14,850,425 4,837,772 2,190,332808,718,053 7,713,828 348,957,202 151,275,268 27,002,736 18,643,620- - - (170) - -- - (568,819) - - -- - - - - -- - - - - -12,457,438 16,371 15,976,965 4,018,790 134,982 120,752- - - - - -5,531,130 - 1,653,556 5,604,614 954 44,140(3,476,606) - (82,307) (11,171,840) (955) (44,083)676,109 - 539,457 11,468,342 88,210 337(9,245,782) - (886,124) (5,344,057) (29,817) (15,526)1,811,754 31,260 1,379,936 311,103 54,070 50,572(928,747) (10,745) (548,116) (213,574) (39,145) (60,585)815,543,349 7,750,714 366,421,750 155,948,476 27,211,035 18,739,22718

Statement of Net Assets as at 30 September 2013Euroland EquityEUREuroland EquitySmallerCompaniesEUREuroland GrowthEUREuropean EquityEURPortfolio at Cost * 618,196,067 128,371,622 81,002,892 96,407,093Unrealised (Depreciation)/Appreciation 30,730,304 16,048,744 6,693,007 17,903,711Portfolio at Market Value 648,926,371 144,420,366 87,695,899 114,310,804Forward Foreign Exchange Contracts (note 9) - - - -Futures (note 10) (4,690) - (7,800) -Swaps (note 11) - - - -Options (note 13) - - - -Cash at Bank 20,618,890 7,011,317 1,569,453 3,697,213Bank Overdraft - - - -Receivable from Brokers 3,699,124 3,164,911 3,293 1,330,071Payable to Brokers (1,310,196) (3,266,911) (3,301) (1,191,198)Receivable from Shareholders 8,379,110 8,740,920 14,683 793,344Payable to Shareholders (23,802,222) (1,321,886) (5,058) (213,429)Other Assets 1,284,728 85,824 197,051 383,865Other Liabilities (686,278) (163,863) (76,420) (163,651)Total Net Assets 657,104,837 158,670,678 89,387,800 118,947,019*amounts including transaction fees.The accompanying notes form an integral part of these financial statements. 19

Statement of Net Assets as at 30 September 2013Market SpecificEquity Sub-FundsFrontier MarketsUSDGlobal EmergingMarkets EquityUSDGlobal EquityUSDLatin AmericanEquityUSDBrazil EquityUSDChinese EquityUSD203,462,145 512,231,087 81,076,267 175,664,178 1,158,250,500 1,779,151,74619,403,851 (45,431,320) 5,193,837 (8,922,762) (128,975,707) 172,061,871222,865,996 466,799,767 86,270,104 166,741,416 1,029,274,793 1,951,213,617- - - - - -- (77,080) (182,319) - - -- - - - - -- - - - - -2,057,141 8,165,889 13,973,940 5,967,979 20,616,647 9,049,260- - (325,606) - - -4,128,419 6,848,784 - 663,660 9,879,488 23,925,513(3,424,980) (6,578,937) - (955,991) (9,775,884) (7,937,567)871,924 564,841 5,457,521 106,225 6,153,882 8,535,922(741,504) (2,574,972) (1,352,657) (400,854) (4,916,237) (7,863,076)673,413 878,518 267,284 420,572 5,560,375 7,537,557(306,498) (436,612) (106,901) (166,558) (1,532,644) (2,914,435)226,123,911 473,590,198 104,001,366 172,376,449 1,055,260,420 1,981,546,79120

Statement of Net Assets as at 30 September 2013Hong Kong EquityUSDIndian EquityUSDJapanese EquityJPYKorean EquityUSDPortfolio at Cost * 200,133,039 3,521,324,550 5,347,136,619 77,104,339Unrealised (Depreciation)/Appreciation 29,500,333 (1,334,187,953) 763,139,016 8,910,386Portfolio at Market Value 229,633,372 2,187,136,597 6,110,275,635 86,014,725Forward Foreign Exchange Contracts (note 9) (17) (15) 4,565,663 -Futures (note 10) - - 2,800,000 (29,047)Swaps (note 11) - - - -Options (note 13) - - - -Cash at Bank 714,959 49,690,185 882,717,519 4,781,421Bank Overdraft - - - -Receivable from Brokers 4,572,347 44,122,786 29,437,508 842,709Payable to Brokers (3,320,778) (35,028,473) (851,351,701) (6,879,102)Receivable from Shareholders 2,892,185 33,344,211 934,612,152 7,266,903Payable to Shareholders (1,480,875) (16,267,704) (90,210,701) (413,606)Other Assets 944,933 4,378,590 40,517,650 -Other Liabilities (227,089) (23,752,961) (7,800,569) (108,881)Total Net Assets 233,729,037 2,243,623,216 7,055,563,156 91,475,122*amounts including transaction fees.The accompanying notes form an integral part of these financial statements. 21

Statement of Net Assets as at 30 September 2013Mexico EquityUSDRussia EquityUSDSingapore EquityUSDTaiwan EquityUSDThai EquityUSDTurkey EquityEUR973,817,798 353,167,206 60,157,218 8,892,148 112,152,484 193,210,576(75,674,932) (32,615,294) 3,811,646 925,647 237,109 (31,754,701)898,142,866 320,551,912 63,968,864 9,817,795 112,389,593 161,455,875- 15 - - - -- - (29,010) - (77,228) -- - - - - -- - - - - -20,443,106 4,822,413 3,821,589 128,910 5,879,286 2,773,074- - - - - -5,013,104 2,282,584 238,870 261,571 112,741 -(2,508,404) (1,961,402) (238,955) (56,169) (112,579) (230,199)10,040,000 2,928,823 18,145 5,037 477,249 3,844,746- (3,595,747) (262,186) (234,652) (1,252,537) (1,167,763)167,422 179,059 163,255 29,214 235,835 620(709,628) (575,113) (72,239) (16,527) (175,373) (276,076)930,588,466 324,632,544 67,608,333 9,935,179 117,476,987 166,400,27722

Statement of Net Assets as at 30 September 2013Bond Sub-FundsUK EquityGBPUS EquityUSDAsian CurrenciesBondUSDBrazil BondUSDPortfolio at Cost * 67,844,540 174,433,487 116,806,894 45,419,642Unrealised (Depreciation)/Appreciation 9,011,952 21,028,052 (3,242,492) (230,105)Portfolio at Market Value 76,856,492 195,461,539 113,564,402 45,189,537Forward Foreign Exchange Contracts (note 9) - 472,265 (444,362) -Futures (note 10) - (74,850) - 28,145Swaps (note 11) - - - -Options (note 13) - - - -Cash at Bank 755,022 20,095,142 1,523,543 382,074Bank Overdraft (20,584) - - -Receivable from Brokers 4,238,211 3,407,453 56,893 -Payable to Brokers (5,192,963) (3,400,000) (57,154) -Receivable from Shareholders 3,636,842 450,424 256,458 294,350Payable to Shareholders (2,394,533) (4,666,521) (675,166) (144,635)Other Assets 314,650 273,994 1,018,443 400,604Other Liabilities (663,231) (356,036) (102,358) (43,898)Total Net Assets 77,529,906 211,663,410 115,140,699 46,106,177*amounts including transaction fees.The accompanying notes form an integral part of these financial statements. 23

Statement of Net Assets as at 30 September 2013Euro BondEUREuro Credit BondEUREuro High YieldBondEURGEM InflationLinkedBondUSDGlobal Asset-Backed Bond(launched as at 31May 2013)USDGlobal Asset-Backed High YieldBond (launched asat 31 May 2013)USD92,999,328 427,336,322 1,314,042,998 158,351,114 31,862,290 18,701,8082,535,357 4,579,427 60,661,404 (380,186) 1,192,781 855,13595,534,685 431,915,749 1,374,704,402 157,970,928 33,055,071 19,556,943- (157,346) (419,952) 332,076 (782,026) (493,915)(153,950) (763,320) - - - -31,735 (1,330,044) 412,005 (40,935) - -27,300 - - - - -820,849 37,534,193 13,422,491 5,515,721 260,798 1,748,780- - - (2,991) - -1,918,279 60,021,300 11,385,491 4,434,289 10,959 3,807(819,833) (37,586,108) (42,259,175) (3,279,494) - -47,419 7,632,378 39,238,275 26,894 - -(937,419) (2,808,194) (2,698,448) (3,590,971) - -1,537,157 7,553,670 33,552,935 1,692,675 63,641 199,293(48,335) (325,305) (943,481) (153,876) (5,318) (3,187)97,957,887 501,686,973 1,426,394,543 162,904,316 32,603,125 21,011,72124

Statement of Net Assets as at 30 September 2013Global BondUSDGlobal EmergingMarkets BondUSDGlobal EmergingMarkets CorporateDebtUSDGlobal EmergingMarkets InvestmentGrade BondUSDPortfolio at Cost * 201,835,251 2,697,183,636 12,120,425 99,026,958Unrealised (Depreciation)/Appreciation 1,771,361 (109,757,823) (368,344) (1,966,848)Portfolio at Market Value 203,606,612 2,587,425,813 11,752,081 97,060,110Forward Foreign Exchange Contracts (note 9) (475,492) 13,097,239 - 711,518Futures (note 10) (149,087) - - -Swaps (note 11) 50,583 (3,267,951) 6,760 (334,109)Options (note 13) - - - -Cash at Bank 18,869,316 36,787,579 356,111 7,841,130Bank Overdraft - (217,583) - -Receivable from Brokers 1,438,198 61,494,421 837,396 168,586Payable to Brokers (26,071,301) (57,775,010) (1,051,785) (482,031)Receivable from Shareholders 10,524,468 32,891,199 - 623,582Payable to Shareholders (399,338) (44,967,675) - (61,706)Other Assets 1,898,801 42,881,458 161,712 1,474,227Other Liabilities (59,757) (3,908,059) (2,910) (72,389)Total Net Assets 209,233,003 2,664,441,431 12,059,365 106,928,918*amounts including transaction fees.The accompanying notes form an integral part of these financial statements. 25

Statement of Net Assets as at 30 September 2013Global EmergingMarkets Local DebtUSDGlobal HighIncome BondUSDGlobal High YieldBondUSDGlobal Inflation Global ShortLinked Bond Duration High YieldUSD Bond (launched asat 12 June 2013)USDIndia FixedIncomeUSD1,025,811,030 1,692,873,067 917,980,125 29,947,584 19,542,923 29,937,418(13,352,022) (8,279,367) (555,261) 548,567 24,858 (3,044,537)1,012,459,008 1,684,593,700 917,424,864 30,496,151 19,567,781 26,892,881(581,957) 7,195,288 3,893,156 (238,907) (129,626) (78,733)- (771,987) (345) (73,287) - -(468,799) (1,950,764) 747,164 (24,318) - -- - - - - -246,240,171 78,749,802 96,785,430 1,552,188 427,085 12,395,875(84,407) (89,569) (1,408,807) (164,171) - -3,644 35,744,086 44,242,202 - - 29,285(24,996,143) (53,766,710) (40,601,634) - - -17,778,144 20,241,305 10,024,108 - - 13,440(29,070,148) (28,908,472) (12,611,637) (3,127) - (230,528)12,502,256 25,003,353 17,968,928 109,933 443,579 672,314(1,154,493) (9,662,662) (6,729,183) (12,577) (3,330) (287,912)1,232,627,276 1,756,377,370 1,029,734,246 31,641,885 20,305,489 39,406,62226

Statement of Net Assets as at 30 September 2013Latin AmericanLocal DebtUSDRMB FixedIncomeUSDUS Dollar BondUSDReserve Sub- FundEuro ReserveEURPortfolio at Cost * 19,568,735 331,483,783 107,981,372 89,117,629Unrealised (Depreciation)/Appreciation (240,742) 4,027,824 1,340,386 (780)Portfolio at Market Value 19,327,993 335,511,607 109,321,758 89,116,849Forward Foreign Exchange Contracts (note 9) - 2,506,765 - -Futures (note 10) (3,226) - (86,051) -Swaps (note 11) - - 25,291 -Options (note 13) - - - -Cash at Bank 91,749 12,193,776 2,445,163 9,551,246Bank Overdraft - - - -Receivable from Brokers - 107,981 126,071 -Payable to Brokers - (3,744,880) (25,314,254) (999,697)Receivable from Shareholders - 819,175 108,141 79,900Payable to Shareholders - (5,894,640) (141,400) (369,472)Other Assets 293,841 4,067,679 776,725 79,875Other Liabilities (4,480) (226,878) (24,995) (12,203)Total Net Assets 19,705,877 345,340,585 87,236,449 97,446,498*amounts including transaction fees.The accompanying notes form an integral part of these financial statements. 27

Statement of Net Assets as at 30 September 2013Index Sub-Fund Other Sub-Funds Other Sub-FundsEconomic ScaleIndex GEM EquityUSDGEM Debt TotalReturnUSDGlobal MacroEURManagedSolutions - AsiaFocusedConservativeUSDManagedSolutions - AsiaFocused GrowthUSDManagedSolutions - AsiaFocusedIncomeUSD48,706,144 2,103,531,969 61,895,087 33,301,918 72,531,335 997,664,546(1,652,148) (61,531,131) 472 (1,550,752) (2,605,908) (25,199,064)47,053,996 2,042,000,838 61,895,559 31,751,166 69,925,427 972,465,482- 40,928,267 1,251,528 76,713 546,785 4,811,890(15,795) (2,265,266) (321,795) - - -- (21,529,447) 14,073 - - -- - 484,292 - - -1,812,379 304,694,839 14,542,953 2,370,241 3,011,213 19,488,399- (1,450,619) (1,039,716) - - -29,517 10,058,246 - 1,927,947 1,998,773 39,126,471(29,222) (28,127,468) - (52,320) (1,042,049) (14,097,248)- 3,839,434 473,769 247,600 186,281 3,225,440- (3,155,128) (423,941) (12,329) (2,184,486) (25,399,376)139,648 19,763,630 33,068 274,734 395,826 9,657,989(11,963) (1,869,648) (95,563) (20,292) (121,968) (10,468,661)48,978,560 2,362,887,678 76,814,227 36,563,460 72,715,802 998,810,38628

Key Figures as at 30 September 2013International andRegional EquitySub-FundsAsia ex JapanEquityUSDAsia ex JapanEquity SmallerCompaniesUSDAsia Pacific exJapan Equity HighDividendUSDBRIC EquityUSDClass AC Number of Shares Outstanding 2,226,710.347 443,137.370 1,272,948.904 7,787,875.342Net Asset Value per Share 47.10 44.27 20.37 18.78Class AC EUR Number of Shares Outstanding 1,000.000 2,960.000 N/A N/ANet Asset Value per Share 12.89 12.14 N/A N/AClass AC GBP Number of Shares Outstanding N/A N/A N/A 6,543.366Net Asset Value per Share N/A N/A N/A 13.82Class AC HKD Number of Shares Outstanding N/A N/A N/A 2,829,603.054Net Asset Value per Share N/A N/A N/A 0.90Class AC RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH EUR Number of Shares Outstanding 3,447,558.000 N/A N/A N/ANet Asset Value per Share 20.65 N/A N/A N/AClass ACH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD Number of Shares Outstanding 3,212,683.003 956,540.355 3,544,800.613 91,370.498Net Asset Value per Share 42.73 41.27 16.71 18.47Class AD EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD GBP Number of Shares Outstanding N/A N/A N/A 800.060Net Asset Value per Share N/A N/A N/A 18.77Class AD HKD Number of Shares Outstanding N/A 62,038.374 N/A N/ANet Asset Value per Share N/A 1.35 N/A N/AClass AD RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ADH EUR Number of Shares Outstanding 66,659.997 N/A N/A N/ANet Asset Value per Share 19.75 N/A N/A N/AClass AM Number of Shares Outstanding N/A N/A 3,208,156.182 N/ANet Asset Value per Share N/A N/A 9.22 N/AClass AM HKD Number of Shares Outstanding N/A N/A 10,873,571.423 N/ANet Asset Value per Share N/A N/A 1.19 N/AClass AMH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass BC GBP Number of Shares Outstanding 300.000 1,434.659 300.000 300.000Net Asset Value per Share 15.53 19.21 16.62 14.98Class BD GBP Number of Shares Outstanding 1,239.818 300.000 915.287 300.000Net Asset Value per Share 15.50 19.21 16.56 14.98The accompanying notes form an integral part of these financial statements. 29

Key Figures as at 30 September 2013International andRegional EquitySub-FundsAsia ex JapanEquityUSDAsia ex JapanEquity SmallerCompaniesUSDAsia Pacific exJapan Equity HighDividendUSDBRIC EquityUSDClass EC Number of Shares Outstanding 102,987.362 71,876.187 50,519.510 113,926.483Net Asset Value per Share 42.79 42.89 19.79 18.14Class EC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ECH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ED Number of Shares Outstanding 2,612.565 N/A N/A N/ANet Asset Value per Share 42.03 N/A N/A N/AClass IC Number of Shares Outstanding 718,138.677 477,674.193 1,131,192.767 1,901,214.458Net Asset Value per Share 48.26 45.95 18.65 19.40Class IC EUR Number of Shares Outstanding N/A N/A 36,604.148 146,050.665Net Asset Value per Share N/A N/A 14.41 10.96Class IC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ID Number of Shares Outstanding 142,000.000 433.206 N/A N/ANet Asset Value per Share 45.97 14.57 N/A N/AClass ID EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1C Number of Shares Outstanding 4,672,904.468 N/A N/A 11,045,646.189Net Asset Value per Share 10.23 N/A N/A 14.59Class J1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1M Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass JC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1C Number of Shares Outstanding N/A N/A N/A 4,055.000Net Asset Value per Share N/A N/A N/A 19.41Class L1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A30 The accompanying notes form an integral part of these financial statements.

Key Figures as at 30 September 2013International andRegional EquitySub-FundsAsia ex JapanEquityUSDAsia ex JapanEquity SmallerCompaniesUSDAsia Pacific exJapan Equity HighDividendUSDBRIC EquityUSDClass L1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1C Number of Shares Outstanding N/A N/A N/A 825,092.851Net Asset Value per Share N/A N/A N/A 20.14Class M1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH NOK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1H GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2C Number of Shares Outstanding N/A N/A N/A 18,282,293.328Net Asset Value per Share N/A N/A N/A 19.37Class M2D Number of Shares Outstanding N/A N/A N/A 4,923,622.425Net Asset Value per Share N/A N/A N/A 18.79Class N1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass R1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S3D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S6C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S8 Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 31

Key Figures as at 30 September 2013International andRegional EquitySub-FundsAsia ex JapanEquityUSDAsia ex JapanEquity SmallerCompaniesUSDAsia Pacific exJapan Equity HighDividendUSDBRIC EquityUSDClass S8D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass WD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC Number of Shares Outstanding N/A N/A N/A 443.255Net Asset Value per Share N/A N/A N/A 19.46Class XC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XCH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZCH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZD Number of Shares Outstanding 373,713.791 N/A 1,137,831.495 N/ANet Asset Value per Share 43.31 N/A 17.09 N/AClass ZDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass Z1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A32 The accompanying notes form an integral part of these financial statements.

Key Figures as at 30 September 2013International andRegional EquitySub-FundsBRIC MarketsUSDBRIC MarketsEquityUSDChina ConsumerOpportunitiesUSDClimate ChangeUSDClass AC Number of Shares Outstanding N/A 8,524,980.436 7,969,504.427 1,102,137.322Net Asset Value per Share N/A 13.42 14.25 7.22Class AC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC HKD Number of Shares Outstanding N/A N/A 23,204,087.721 N/ANet Asset Value per Share N/A N/A 1.83 N/AClass AC RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD Number of Shares Outstanding N/A 7,451,419.745 N/A 1,805,662.449Net Asset Value per Share N/A 13.08 N/A 7.00Class AD EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ADH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass BC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass BD GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 33

Key Figures as at 30 September 2013International andRegional EquitySub-FundsBRIC MarketsUSDBRIC MarketsEquityUSDChina ConsumerOpportunitiesUSDClimate ChangeUSDClass EC Number of Shares Outstanding N/A 1,186,367.844 N/A 337,203.109Net Asset Value per Share N/A 12.94 N/A 7.02Class EC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ECH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ED Number of Shares Outstanding N/A 6,108.422 N/A N/ANet Asset Value per Share N/A 12.81 N/A N/AClass IC Number of Shares Outstanding N/A 1,280,316.040 N/A 559,074.396Net Asset Value per Share N/A 14.25 N/A 7.59Class IC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ID Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ID EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1C Number of Shares Outstanding N/A 8,375,649.672 N/A N/ANet Asset Value per Share N/A 14.43 N/A N/AClass J1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1M Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass JC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A34 The accompanying notes form an integral part of these financial statements.

Key Figures as at 30 September 2013International andRegional EquitySub-FundsBRIC MarketsUSDBRIC MarketsEquityUSDChina ConsumerOpportunitiesUSDClimate ChangeUSDClass L1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH NOK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1H GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass R1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S3D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S6C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S8 Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 35

Key Figures as at 30 September 2013International andRegional EquitySub-FundsBRIC MarketsUSDBRIC MarketsEquityUSDChina ConsumerOpportunitiesUSDClimate ChangeUSDClass S8D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass WD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XCH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YC Number of Shares Outstanding 675.000 N/A N/A N/ANet Asset Value per Share 24.09 N/A N/A N/AClass YD Number of Shares Outstanding 0.995 N/A N/A N/ANet Asset Value per Share 23.81 N/A N/A N/AClass ZC Number of Shares Outstanding 308,812.000 N/A N/A N/ANet Asset Value per Share 25.05 N/A N/A N/AClass ZCH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass Z1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A36 The accompanying notes form an integral part of these financial statements.

Key Figures as at 30 September 2013International andRegional EquitySub-FundsEmerging WealthUSDEuroland EquityEUREuroland Equity Euroland GrowthSmallerEURCompaniesEURClass AC Number of Shares Outstanding 1,144,988.726 6,444,188.710 1,141,029.147 3,070.782Net Asset Value per Share 8.69 31.05 47.96 12.41Class AC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD Number of Shares Outstanding 1,035,970.898 1,161,899.641 93,376.777 N/ANet Asset Value per Share 8.49 28.23 45.98 N/AClass AD EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ADH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass BC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass BD GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 37

Key Figures as at 30 September 2013International andRegional EquitySub-FundsEmerging WealthUSDEuroland EquityEUREuroland Equity Euroland GrowthSmallerEURCompaniesEURClass EC Number of Shares Outstanding N/A 72,227.738 14,047.716 398.750Net Asset Value per Share N/A 30.01 46.40 10.58Class EC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ECH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ED Number of Shares Outstanding N/A 2,461.877 N/A N/ANet Asset Value per Share N/A 28.02 N/A N/AClass IC Number of Shares Outstanding N/A 11,167,491.447 1,900,041.577 6,754,264.523Net Asset Value per Share N/A 32.91 50.99 12.82Class IC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ID Number of Shares Outstanding N/A 886,348.301 N/A N/ANet Asset Value per Share N/A 32.90 N/A N/AClass ID EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1M Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass JC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A38 The accompanying notes form an integral part of these financial statements.

Key Figures as at 30 September 2013International andRegional EquitySub-FundsEmerging WealthUSDEuroland EquityEUREuroland Equity Euroland GrowthSmallerEURCompaniesEURClass L1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1C Number of Shares Outstanding N/A N/A N/A 70,885.717Net Asset Value per Share N/A N/A N/A 12.52Class M1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH NOK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1D Number of Shares Outstanding N/A N/A N/A 167,220.016Net Asset Value per Share N/A N/A N/A 11.21Class M1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1H GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass R1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S3D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S6C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S8 Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 39

Key Figures as at 30 September 2013International andRegional EquitySub-FundsEmerging WealthUSDEuroland EquityEUREuroland Equity Euroland GrowthSmallerEURCompaniesEURClass S8D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass WD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XCH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZC Number of Shares Outstanding N/A 50,325.000 37,450.982 N/ANet Asset Value per Share N/A 36.78 56.66 N/AClass ZCH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZD Number of Shares Outstanding N/A 674,203.689 N/A N/ANet Asset Value per Share N/A 30.93 N/A N/AClass ZDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass Z1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A40 The accompanying notes form an integral part of these financial statements.

Key Figures as at 30 September 2013International andRegional EquitySub-FundsEuropean EquityEURFrontier MarketsUSDGlobal EmergingMarkets EquityUSDGlobal EquityUSDClass AC Number of Shares Outstanding 803,675.413 718,170.989 2,676,188.859 181,639.397Net Asset Value per Share 37.36 84.03 15.17 28.34Class AC EUR Number of Shares Outstanding N/A 566,836.191 717,885.000 N/ANet Asset Value per Share N/A 15.96 14.36 N/AClass AC GBP Number of Shares Outstanding N/A N/A 10,910.266 N/ANet Asset Value per Share N/A N/A 15.26 N/AClass AC HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD Number of Shares Outstanding 32,732.287 17,378.103 4,799,801.431 981,004.908Net Asset Value per Share 33.45 83.66 14.50 27.60Class AD EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD GBP Number of Shares Outstanding N/A N/A 148.895 N/ANet Asset Value per Share N/A N/A 15.16 N/AClass AD HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ADH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass BC GBP Number of Shares Outstanding N/A 7,884.524 300.000 N/ANet Asset Value per Share N/A 16.53 15.46 N/AClass BD GBP Number of Shares Outstanding N/A N/A 9,318.796 N/ANet Asset Value per Share N/A N/A 15.43 N/AThe accompanying notes form an integral part of these financial statements. 41

Key Figures as at 30 September 2013International andRegional EquitySub-FundsEuropean EquityEURFrontier MarketsUSDGlobal EmergingMarkets EquityUSDGlobal EquityUSDClass EC Number of Shares Outstanding 10,737.841 59,621.967 435,627.207 12,794.094Net Asset Value per Share 34.78 11.43 14.17 27.69Class EC EUR Number of Shares Outstanding N/A 8,500.000 N/A N/ANet Asset Value per Share N/A 12.93 N/A N/AClass ECH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ED Number of Shares Outstanding 507,563.760 N/A 10,712.726 N/ANet Asset Value per Share 33.03 N/A 13.93 N/AClass IC Number of Shares Outstanding 11,371.309 598,972.195 4,995,222.214 1,149,850.336Net Asset Value per Share 39.19 120.30 15.96 29.95Class IC EUR Number of Shares Outstanding N/A 3,420,621.996 N/A N/ANet Asset Value per Share N/A 14.79 N/A N/AClass IC GBP Number of Shares Outstanding N/A 751,194.450 N/A N/ANet Asset Value per Share N/A 18.28 N/A N/AClass ICH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ID Number of Shares Outstanding N/A 64,841.744 2,146.462 N/ANet Asset Value per Share N/A 116.94 16.03 N/AClass ID EUR Number of Shares Outstanding N/A 200,000.000 N/A N/ANet Asset Value per Share N/A 12.78 N/A N/AClass IDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1M Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass JC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A42 The accompanying notes form an integral part of these financial statements.

Key Figures as at 30 September 2013International andRegional EquitySub-FundsEuropean EquityEURFrontier MarketsUSDGlobal EmergingMarkets EquityUSDGlobal EquityUSDClass L1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH NOK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1H GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PC Number of Shares Outstanding 4,519.000 N/A 11,601,325.488 N/ANet Asset Value per Share 39.40 N/A 10.45 N/AClass PD Number of Shares Outstanding 1,789,457.771 N/A 768,423.310 N/ANet Asset Value per Share 33.03 N/A 9.92 N/AClass R1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S1D Number of Shares Outstanding N/A N/A 388,761.245 N/ANet Asset Value per Share N/A N/A 7.13 N/AClass S3D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S6C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S8 Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 43

Key Figures as at 30 September 2013International andRegional EquitySub-FundsEuropean EquityEURFrontier MarketsUSDGlobal EmergingMarkets EquityUSDGlobal EquityUSDClass S8D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass WD Number of Shares Outstanding N/A N/A 7,328,604.587 N/ANet Asset Value per Share N/A N/A 14.76 N/AClass XC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XCH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZC Number of Shares Outstanding N/A N/A 15,487.000 2,134.887Net Asset Value per Share N/A N/A 9.02 32.18Class ZCH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZD Number of Shares Outstanding 324,294.558 535,942.160 1,818,784.333 1,236,016.502Net Asset Value per Share 33.81 14.64 14.69 29.87Class ZDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass Z1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A44 The accompanying notes form an integral part of these financial statements.

Key Figures as at 30 September 2013International andMarket SpecificRegional EquityEquity Sub-FundsSub-FundsLatin AmericanEquityUSDBrazil EquityUSDChinese EquityUSDClass AC Number of Shares Outstanding 410,164.867 10,485,129.751 4,060,841.236Net Asset Value per Share 16.61 28.17 77.01Class AC EUR Number of Shares Outstanding 1,000.000 56,355.251 58,427.851Net Asset Value per Share 12.51 10.42 13.84Class AC GBP Number of Shares Outstanding 1,780.771 17,015.298 2,185.621Net Asset Value per Share 15.14 14.01 18.12Class AC HKD Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass AC RMB Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass ACH AUD Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass ACH CHF Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass ACH EUR Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass ACH GBP Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass ACH SGD Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass AD Number of Shares Outstanding 811,769.186 15,898,216.063 19,142,936.100Net Asset Value per Share 16.28 27.21 73.63Class AD EUR Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass AD GBP Number of Shares Outstanding 1,097.146 13,400.576 168.890Net Asset Value per Share 13.41 13.29 17.92Class AD HKD Number of Shares Outstanding 472,489.335 2,340,119.137 6,339,600.631Net Asset Value per Share 1.01 0.88 1.17Class AD RMB Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass ADH EUR Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass AM Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass AM HKD Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass AMH AUD Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass AMH EUR Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass AMH SGD Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass BC GBP Number of Shares Outstanding 300.000 300.000 675.257Net Asset Value per Share 15.86 15.10 16.85Class BD GBP Number of Shares Outstanding 300.600 1,995.263 1,158.750Net Asset Value per Share 15.83 15.02 16.85The accompanying notes form an integral part of these financial statements. 45

Key Figures as at 30 September 2013International andMarket SpecificRegional EquityEquity Sub-FundsSub-FundsLatin AmericanEquityUSDBrazil EquityUSDChinese EquityUSDClass EC Number of Shares Outstanding 58,440.508 931,150.607 201,864.879Net Asset Value per Share 16.32 27.12 73.79Class EC EUR Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass ECH EUR Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass ED Number of Shares Outstanding N/A 2,683.678 766.271Net Asset Value per Share N/A 26.80 73.16Class IC Number of Shares Outstanding 2,273,670.086 1,701,249.162 1,928,463.466Net Asset Value per Share 17.20 30.33 82.56Class IC EUR Number of Shares Outstanding 2,000,000.000 80,000.000 N/ANet Asset Value per Share 11.63 11.36 N/AClass IC GBP Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass ICH EUR Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass ICH GBP Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass ID Number of Shares Outstanding N/A 729,926.150 30,556.400Net Asset Value per Share N/A 27.86 75.59Class ID EUR Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass IDH EUR Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass J1C Number of Shares Outstanding N/A N/A 28,646.860Net Asset Value per Share N/A N/A 82.00Class J1D Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass J1M Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass J1CH JPY Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass JC Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass L1C Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass L1CH CHF Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass L1CH EUR Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass L1CH GBP Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass L1CH JPY Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass L1CH SEK Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass L1CH USD Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass L1D Number of Shares Outstanding 2,647,756.912 N/A N/ANet Asset Value per Share 16.35 N/A N/AClass L1DH EUR Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/A46 The accompanying notes form an integral part of these financial statements.

Key Figures as at 30 September 2013International andMarket SpecificRegional EquityEquity Sub-FundsSub-FundsLatin AmericanEquityUSDBrazil EquityUSDChinese EquityUSDClass L1DH GBP Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass L1DH USD Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass M1C Number of Shares Outstanding 1,630,783.052 N/A N/ANet Asset Value per Share 16.97 N/A N/AClass M1CH CHF Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass M1CH EUR Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass M1CH GBP Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass M1CH JPY Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass M1CH NOK Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass M1CH SEK Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass M1CH USD Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass M1D Number of Shares Outstanding 1,076,139.749 N/A N/ANet Asset Value per Share 16.28 N/A N/AClass M1DH EUR Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass M1DH GBP Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass M1H GBP Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass M1DH SEK Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass M2C Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass M2D Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass N1CH GBP Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass N1DH GBP Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass PC Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass PD Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass R1C Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass S1D Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass S3D Number of Shares Outstanding N/A 788,729.498 N/ANet Asset Value per Share N/A 29.00 N/AClass S6C Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass S8 Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 47

Key Figures as at 30 September 2013International andMarket SpecificRegional EquityEquity Sub-FundsSub-FundsLatin AmericanEquityUSDBrazil EquityUSDChinese EquityUSDClass S8D Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass WD Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass XC Number of Shares Outstanding N/A 6,627,378.726 N/ANet Asset Value per Share N/A 30.64 N/AClass XC GBP Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass XCH JPY Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass XD Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass YC Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass YD Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass ZC Number of Shares Outstanding N/A 3,132.855 N/ANet Asset Value per Share N/A 33.29 N/AClass ZCH GBP Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass ZD Number of Shares Outstanding N/A N/A 948,977.040Net Asset Value per Share N/A N/A 76.03Class ZDH EUR Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass Z1DH GBP Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/AClass ZM Number of Shares Outstanding N/A N/A N/ANet Asset Value per Share N/A N/A N/A48 The accompanying notes form an integral part of these financial statements.

Key Figures as at 30 September 2013Market SpecificEquity Sub-FundsHong KongEquityUSDIndian EquityUSDJapanese EquityJPYKorean EquityUSDClass AC Number of Shares Outstanding 22,407.309 5,086,540.415 389,124.016 1,074,370.415Net Asset Value per Share 123.65 108.56 6,114.18 15.49Class AC EUR Number of Shares Outstanding N/A 11,717.000 N/A N/ANet Asset Value per Share N/A 10.35 N/A N/AClass AC GBP Number of Shares Outstanding N/A 44,172.947 N/A N/ANet Asset Value per Share N/A 12.12 N/A N/AClass AC HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD Number of Shares Outstanding 21,327.694 13,677,100.501 163,519.902 2,589,099.061Net Asset Value per Share 112.25 108.22 898.90 15.49Class AD EUR Number of Shares Outstanding N/A 51,554.405 N/A N/ANet Asset Value per Share N/A 9.16 N/A N/AClass AD GBP Number of Shares Outstanding N/A 2,317.512 N/A N/ANet Asset Value per Share N/A 12.09 N/A N/AClass AD HKD Number of Shares Outstanding N/A 1,056,024.847 N/A N/ANet Asset Value per Share N/A 0.78 N/A N/AClass AD RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ADH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass BC GBP Number of Shares Outstanding N/A 2,751.103 623.699 N/ANet Asset Value per Share N/A 11.97 1,772.68 N/AClass BD GBP Number of Shares Outstanding 680.019 3,005.000 214.519 N/ANet Asset Value per Share 15.40 11.97 1,747.99 N/AThe accompanying notes form an integral part of these financial statements. 49

Key Figures as at 30 September 2013Market SpecificEquity Sub-FundsHong KongEquityUSDIndian EquityUSDJapanese EquityJPYKorean EquityUSDClass EC Number of Shares Outstanding 7,082.167 176,489.733 501,555.074 236,554.703Net Asset Value per Share 119.76 103.03 862.40 15.00Class EC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ECH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ED Number of Shares Outstanding N/A 459.170 337.783 3,697.040Net Asset Value per Share N/A 103.03 876.40 15.01Class IC Number of Shares Outstanding 42,624.641 778,354.551 187,397.078 1,635,650.857Net Asset Value per Share 130.33 118.78 6,510.38 16.53Class IC EUR Number of Shares Outstanding N/A 700.000 N/A N/ANet Asset Value per Share N/A 11.06 N/A N/AClass IC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ID Number of Shares Outstanding N/A 63,954.852 N/A N/ANet Asset Value per Share N/A 115.30 N/A N/AClass ID EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1C Number of Shares Outstanding 299,904.594 N/A N/A 253,414.846Net Asset Value per Share 8.56 N/A N/A 16.18Class J1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1M Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass JC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A50 The accompanying notes form an integral part of these financial statements.

Key Figures as at 30 September 2013Market SpecificEquity Sub-FundsHong KongEquityUSDIndian EquityUSDJapanese EquityJPYKorean EquityUSDClass L1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH NOK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1H GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PC Number of Shares Outstanding N/A N/A 1,741.381 N/ANet Asset Value per Share N/A N/A 6,309.46 N/AClass PD Number of Shares Outstanding 1,639,427.396 N/A 2,953,114.117 N/ANet Asset Value per Share 110.53 N/A 928.71 N/AClass R1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S3D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S6C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S8 Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 51

Key Figures as at 30 September 2013Market SpecificEquity Sub-FundsHong KongEquityUSDIndian EquityUSDJapanese EquityJPYKorean EquityUSDClass S8D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass WD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XCH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XD Number of Shares Outstanding N/A 680,000.000 N/A N/ANet Asset Value per Share N/A 118.84 N/A N/AClass YC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZCH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZD Number of Shares Outstanding 329,255.933 90,879.103 133,778.235 N/ANet Asset Value per Share 116.58 114.50 908.08 N/AClass ZDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass Z1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A52 The accompanying notes form an integral part of these financial statements.

Key Figures as at 30 September 2013Market SpecificEquity Sub-FundsMexico EquityUSDRussia EquityUSDSingapore EquityUSDTaiwan EquityUSDClass AC Number of Shares Outstanding 555,799.460 7,872,036.720 176,666.102 137,590.768Net Asset Value per Share 9.60 6.40 44.79 12.52Class AC EUR Number of Shares Outstanding N/A 9,922.473 N/A N/ANet Asset Value per Share N/A 11.46 N/A N/AClass AC GBP Number of Shares Outstanding N/A 542.308 N/A N/ANet Asset Value per Share N/A 14.62 N/A N/AClass AC HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD Number of Shares Outstanding N/A 39,391,771.648 566,632.069 648,963.805Net Asset Value per Share N/A 6.36 36.47 12.19Class AD EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD GBP Number of Shares Outstanding N/A 2,943.800 N/A N/ANet Asset Value per Share N/A 15.34 N/A N/AClass AD HKD Number of Shares Outstanding N/A 9,673,845.760 N/A N/ANet Asset Value per Share N/A 0.93 N/A N/AClass AD RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ADH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass BC GBP Number of Shares Outstanding N/A 300.000 N/A N/ANet Asset Value per Share N/A 16.20 N/A N/AClass BD GBP Number of Shares Outstanding N/A 300.000 N/A N/ANet Asset Value per Share N/A 16.20 N/A N/AThe accompanying notes form an integral part of these financial statements. 53

Key Figures as at 30 September 2013Market SpecificEquity Sub-FundsMexico EquityUSDRussia EquityUSDSingapore EquityUSDTaiwan EquityUSDClass EC Number of Shares Outstanding N/A 1,447,646.195 36,213.049 16,047.886Net Asset Value per Share N/A 6.23 43.27 12.28Class EC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ECH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ED Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IC Number of Shares Outstanding 2,592,290.227 790,522.636 4,052.678 7,556.865Net Asset Value per Share 10.09 6.77 45.75 14.10Class IC EUR Number of Shares Outstanding 1,500,000.000 N/A N/A N/ANet Asset Value per Share 12.05 N/A N/A N/AClass IC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ID Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ID EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1C Number of Shares Outstanding N/A N/A 21,682.600 N/ANet Asset Value per Share N/A N/A 39.68 N/AClass J1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1M Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass JC Number of Shares Outstanding 91,068,643.920 N/A N/A N/ANet Asset Value per Share 9.67 N/A N/A N/AClass L1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A54 The accompanying notes form an integral part of these financial statements.

Key Figures as at 30 September 2013Market SpecificEquity Sub-FundsMexico EquityUSDRussia EquityUSDSingapore EquityUSDTaiwan EquityUSDClass L1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH NOK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1H GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PD Number of Shares Outstanding N/A N/A 458,416.189 N/ANet Asset Value per Share N/A N/A 36.46 N/AClass R1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S3D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S6C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S8 Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 55

Key Figures as at 30 September 2013Market SpecificEquity Sub-FundsMexico EquityUSDRussia EquityUSDSingapore EquityUSDTaiwan EquityUSDClass S8D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass WD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC Number of Shares Outstanding N/A 10,952.903 N/A N/ANet Asset Value per Share N/A 6.82 N/A N/AClass XC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XCH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZCH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZD Number of Shares Outstanding N/A N/A 518,026.068 N/ANet Asset Value per Share N/A N/A 38.03 N/AClass ZDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass Z1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A56 The accompanying notes form an integral part of these financial statements.

Key Figures as at 30 September 2013Market SpecificEquity Sub-FundsThai EquityUSDTurkey EquityEURUK EquityGBPUS EquityUSDClass AC Number of Shares Outstanding 766,925.759 4,082,004.146 1,675,180.743 2,326,470.041Net Asset Value per Share 18.73 23.06 33.77 27.18Class AC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC GBP Number of Shares Outstanding N/A 150,437.455 N/A N/ANet Asset Value per Share N/A 14.60 N/A N/AClass AC HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH EUR Number of Shares Outstanding N/A N/A N/A 1,403,206.436Net Asset Value per Share N/A N/A N/A 30.86Class ACH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD Number of Shares Outstanding 5,323,380.667 1,694,434.668 735,613.488 280,840.953Net Asset Value per Share 16.13 17.33 28.19 30.42Class AD EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD GBP Number of Shares Outstanding N/A 24,749.001 N/A N/ANet Asset Value per Share N/A 14.67 N/A N/AClass AD HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ADH EUR Number of Shares Outstanding N/A N/A N/A 13,843.392Net Asset Value per Share N/A N/A N/A 31.81Class AM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass BC GBP Number of Shares Outstanding N/A 300.000 10,000.128 N/ANet Asset Value per Share N/A 10.65 11.75 N/AClass BD GBP Number of Shares Outstanding N/A 300.000 321.513 N/ANet Asset Value per Share N/A 10.65 11.69 N/AThe accompanying notes form an integral part of these financial statements. 57

Key Figures as at 30 September 2013Market SpecificEquity Sub-FundsThai EquityUSDTurkey EquityEURUK EquityGBPUS EquityUSDClass EC Number of Shares Outstanding 441,370.129 922,964.357 3,251.372 222,097.661Net Asset Value per Share 18.10 22.36 33.01 26.29Class EC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ECH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ED Number of Shares Outstanding N/A N/A N/A 152.863Net Asset Value per Share N/A N/A N/A 29.19Class IC Number of Shares Outstanding 62,244.002 403,240.716 N/A 181,135.072Net Asset Value per Share 20.00 24.28 N/A 28.42Class IC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ID Number of Shares Outstanding N/A N/A 55.357 6,596.716Net Asset Value per Share N/A N/A 31.38 11.56Class ID EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1C Number of Shares Outstanding 399,033.086 711,672.803 N/A N/ANet Asset Value per Share 20.06 13.93 N/A N/AClass J1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1M Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass JC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A58 The accompanying notes form an integral part of these financial statements.

Key Figures as at 30 September 2013Market SpecificEquity Sub-FundsThai EquityUSDTurkey EquityEURUK EquityGBPUS EquityUSDClass L1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH NOK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1H GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PD Number of Shares Outstanding N/A N/A N/A 1,971,091.460Net Asset Value per Share N/A N/A N/A 31.54Class R1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S3D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S6C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S8 Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 59

Key Figures as at 30 September 2013Market SpecificEquity Sub-FundsThai EquityUSDTurkey EquityEURUK EquityGBPUS EquityUSDClass S8D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass WD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XCH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YD Number of Shares Outstanding N/A N/A N/A 1,290,217.761Net Asset Value per Share N/A N/A N/A 11.32Class ZC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZCH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZD Number of Shares Outstanding N/A N/A N/A 265,768.929Net Asset Value per Share N/A N/A N/A 31.24Class ZDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass Z1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A60 The accompanying notes form an integral part of these financial statements.

Key Figures as at 30 September 2013Bond Sub-FundsAsian CurrenciesBondUSDBrazil BondUSDEuro Bond Euro Credit BondEUREURClass AC Number of Shares Outstanding 626,197.956 1,083,065.209 274,764.456 6,756,650.396Net Asset Value per Share 10.34 19.23 23.62 23.45Class AC EUR Number of Shares Outstanding 940,832.416 N/A N/A N/ANet Asset Value per Share 13.84 N/A N/A N/AClass AC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD Number of Shares Outstanding 1,783,380.328 177,522.370 121,470.616 697,190.056Net Asset Value per Share 9.91 11.50 18.29 16.31Class AD EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ADH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass BC GBP Number of Shares Outstanding 300.000 300.000 N/A N/ANet Asset Value per Share 15.22 14.24 N/A N/AClass BD GBP Number of Shares Outstanding 302.882 305.937 N/A N/ANet Asset Value per Share 15.08 13.97 N/A N/AThe accompanying notes form an integral part of these financial statements. 61

Key Figures as at 30 September 2013Bond Sub-FundsAsian CurrenciesBondUSDBrazil BondUSDEuro Bond Euro Credit BondEUREURClass EC Number of Shares Outstanding 39,720.285 470,797.087 122,092.851 102,547.971Net Asset Value per Share 9.95 18.83 23.15 22.99Class EC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ECH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ED Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IC Number of Shares Outstanding N/A 722,726.917 3,481,160.293 12,928,540.993Net Asset Value per Share N/A 19.88 24.83 24.89Class IC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ID Number of Shares Outstanding 1,020,262.000 N/A N/A N/ANet Asset Value per Share 9.97 N/A N/A N/AClass ID EUR Number of Shares Outstanding 4,490,015.926 N/A N/A N/ANet Asset Value per Share 13.85 N/A N/A N/AClass IDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1M Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass JC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A62 The accompanying notes form an integral part of these financial statements.

Key Figures as at 30 September 2013Bond Sub-FundsAsian CurrenciesBondUSDBrazil BondUSDEuro Bond Euro Credit BondEUREURClass L1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH NOK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1H GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass R1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S3D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S6C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S8 Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 63

Key Figures as at 30 September 2013Bond Sub-FundsAsian CurrenciesBondUSDBrazil BondUSDEuro Bond Euro Credit BondEUREURClass S8D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass WD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XCH JPY Number of Shares Outstanding N/A N/A N/A 99,719.235Net Asset Value per Share N/A N/A N/A 76.12Class XD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZC Number of Shares Outstanding 487,538.297 N/A N/A N/ANet Asset Value per Share 10.68 N/A N/A N/AClass ZCH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZD Number of Shares Outstanding N/A N/A N/A 8,242.664Net Asset Value per Share N/A N/A N/A 18.31Class ZDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass Z1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A64 The accompanying notes form an integral part of these financial statements.

Key Figures as at 30 September 2013Bond Sub-FundsEuro High YieldBondEURGEM InflationLinked BondUSDGlobal Asset-Backed Bond(launched as at 31May 2013)USDGlobal Asset-Backed HighYield Bond(launched as at31 May 2013)USDClass AC Number of Shares Outstanding 7,878,033.384 701,129.429 N/A N/ANet Asset Value per Share 34.17 96.89 N/A N/AClass AC EUR Number of Shares Outstanding N/A 4,178,387.750 N/A N/ANet Asset Value per Share N/A 9.69 N/A N/AClass AC GBP Number of Shares Outstanding N/A 27,118.762 N/A N/ANet Asset Value per Share N/A 9.69 N/A N/AClass AC HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD Number of Shares Outstanding 578,137.851 N/A N/A N/ANet Asset Value per Share 21.09 N/A N/A N/AClass AD EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ADH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass BC GBP Number of Shares Outstanding N/A 300.000 N/A N/ANet Asset Value per Share N/A 14.96 N/A N/AClass BD GBP Number of Shares Outstanding N/A 302.534 N/A N/ANet Asset Value per Share N/A 14.84 N/A N/AThe accompanying notes form an integral part of these financial statements. 65

Key Figures as at 30 September 2013Bond Sub-FundsEuro High YieldBondEURGEM InflationLinked BondUSDGlobal Asset-Backed Bond(launched as at 31May 2013)USDGlobal Asset-Backed HighYield Bond(launched as at31 May 2013)USDClass EC Number of Shares Outstanding 303,006.221 421,202.447 N/A N/ANet Asset Value per Share 33.48 9.66 N/A N/AClass EC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ECH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ED Number of Shares Outstanding 31,353.858 N/A N/A N/ANet Asset Value per Share 24.93 N/A N/A N/AClass IC Number of Shares Outstanding 19,784,716.270 196,963.199 N/A N/ANet Asset Value per Share 36.67 98.10 N/A N/AClass IC EUR Number of Shares Outstanding N/A 2,771,096.300 N/A N/ANet Asset Value per Share N/A 9.81 N/A N/AClass IC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ID Number of Shares Outstanding 3,258,214.187 N/A N/A N/ANet Asset Value per Share 33.37 N/A N/A N/AClass ID EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1M Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass JC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A66 The accompanying notes form an integral part of these financial statements.

Key Figures as at 30 September 2013Bond Sub-FundsEuro High YieldBondEURGEM InflationLinked BondUSDGlobal Asset-Backed Bond(launched as at 31May 2013)USDGlobal Asset-Backed HighYield Bond(launched as at31 May 2013)USDClass L1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH NOK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1H GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass R1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S3D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S6C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S8 Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 67

Key Figures as at 30 September 2013Bond Sub-FundsEuro High YieldBondEURGEM InflationLinked BondUSDGlobal Asset-Backed Bond(launched as at 31May 2013)USDGlobal Asset-Backed HighYield Bond(launched as at31 May 2013)USDClass S8D Number of Shares Outstanding 25,311,755.004 N/A N/A N/ANet Asset Value per Share 10.51 N/A N/A N/AClass WD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC Number of Shares Outstanding 547,204.903 N/A N/A N/ANet Asset Value per Share 36.92 N/A N/A N/AClass XC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XCH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZC Number of Shares Outstanding 357,574.102 374,663.665 268,802.916 157,534.206Net Asset Value per Share 38.14 9.73 121.29 133.38Class ZCH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass Z1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A68 The accompanying notes form an integral part of these financial statements.

Key Figures as at 30 September 2013Bond Sub-FundsGlobal BondUSDGlobal EmergingMarkets BondUSDGlobal EmergingMarkets CorporateDebtUSDGlobal EmergingMarketsInvestment GradeBondUSDClass AC Number of Shares Outstanding 903,347.019 4,498,590.742 22,302.565 290,450.189Net Asset Value per Share 17.20 31.79 11.19 10.98Class AC EUR Number of Shares Outstanding N/A 72,770.969 1,004.213 N/ANet Asset Value per Share N/A 12.71 12.74 N/AClass AC GBP Number of Shares Outstanding N/A 12,598.605 N/A N/ANet Asset Value per Share N/A 17.34 N/A N/AClass AC HKD Number of Shares Outstanding N/A 53,476.125 N/A N/ANet Asset Value per Share N/A 1.21 N/A N/AClass AC RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH CHF Number of Shares Outstanding N/A 1,226,485.226 N/A N/ANet Asset Value per Share N/A 10.59 N/A N/AClass ACH EUR Number of Shares Outstanding N/A 152,952.079 N/A N/ANet Asset Value per Share N/A 12.36 N/A N/AClass ACH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD Number of Shares Outstanding 1,421,802.974 1,295,101.163 10,469.903 48,025.769Net Asset Value per Share 14.06 28.92 9.53 10.72Class AD EUR Number of Shares Outstanding N/A 3,586.394 N/A N/ANet Asset Value per Share N/A 11.78 N/A N/AClass AD GBP Number of Shares Outstanding N/A 84,964.212 N/A N/ANet Asset Value per Share N/A 16.45 N/A N/AClass AD HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ADH EUR Number of Shares Outstanding N/A 1,571,466.634 N/A N/ANet Asset Value per Share N/A 18.65 N/A N/AClass AM Number of Shares Outstanding N/A 6,804,732.092 N/A N/ANet Asset Value per Share N/A 25.21 N/A N/AClass AM HKD Number of Shares Outstanding N/A 71,126,058.595 N/A N/ANet Asset Value per Share N/A 1.27 N/A N/AClass AMH AUD Number of Shares Outstanding N/A 4,346,080.651 N/A N/ANet Asset Value per Share N/A 8.52 N/A N/AClass AMH EUR Number of Shares Outstanding N/A 1,398,749.767 N/A N/ANet Asset Value per Share N/A 12.13 N/A N/AClass AMH SGD Number of Shares Outstanding N/A 2,734,014.801 N/A N/ANet Asset Value per Share N/A 7.21 N/A N/AClass BC GBP Number of Shares Outstanding 5,918.780 100,354.007 N/A N/ANet Asset Value per Share 15.15 14.97 N/A N/AClass BD GBP Number of Shares Outstanding 50.000 31,055.289 N/A N/ANet Asset Value per Share 15.13 14.75 N/A N/AThe accompanying notes form an integral part of these financial statements. 69

Key Figures as at 30 September 2013Bond Sub-FundsGlobal BondUSDGlobal EmergingMarkets BondUSDGlobal EmergingMarkets CorporateDebtUSDGlobal EmergingMarketsInvestment GradeBondUSDClass EC Number of Shares Outstanding 79,822.075 864,464.582 N/A 132,611.242Net Asset Value per Share 13.18 31.14 N/A 10.93Class EC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ECH EUR Number of Shares Outstanding N/A 1,597.600 N/A N/ANet Asset Value per Share N/A 13.47 N/A N/AClass ED Number of Shares Outstanding N/A 30,363.125 N/A N/ANet Asset Value per Share N/A 23.54 N/A N/AClass IC Number of Shares Outstanding 1,982,158.594 20,515,263.899 1,150.000 4,780,153.597Net Asset Value per Share 17.75 33.49 11.46 11.20Class IC EUR Number of Shares Outstanding N/A 214,104.009 N/A 259,905.941Net Asset Value per Share N/A 14.10 N/A 149.49Class IC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH EUR Number of Shares Outstanding N/A 2,452,359.974 N/A N/ANet Asset Value per Share N/A 21.81 N/A N/AClass ICH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ID Number of Shares Outstanding N/A 9,440,346.252 N/A N/ANet Asset Value per Share N/A 20.36 N/A N/AClass ID EUR Number of Shares Outstanding N/A 6,228,214.461 N/A 68,500.000Net Asset Value per Share N/A 12.50 N/A 136.70Class IDH EUR Number of Shares Outstanding N/A 33,165,702.779 N/A N/ANet Asset Value per Share N/A 19.56 N/A N/AClass J1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1M Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass JC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A70 The accompanying notes form an integral part of these financial statements.

Key Figures as at 30 September 2013Bond Sub-FundsGlobal BondUSDGlobal EmergingMarkets BondUSDGlobal EmergingMarkets CorporateDebtUSDGlobal EmergingMarketsInvestment GradeBondUSDClass L1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH NOK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1H GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PC Number of Shares Outstanding N/A 6,016,380.861 N/A N/ANet Asset Value per Share N/A 32.01 N/A N/AClass PD Number of Shares Outstanding 325,284.406 7,129,312.284 N/A N/ANet Asset Value per Share 11.47 18.89 N/A N/AClass R1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S3D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S6C Number of Shares Outstanding N/A 2,120,000.000 N/A N/ANet Asset Value per Share N/A 9.36 N/A N/AClass S8 Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 71

Key Figures as at 30 September 2013Bond Sub-FundsGlobal BondUSDGlobal EmergingMarkets BondUSDGlobal EmergingMarkets CorporateDebtUSDGlobal EmergingMarketsInvestment GradeBondUSDClass S8D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass WD Number of Shares Outstanding 51.461 N/A N/A N/ANet Asset Value per Share 192.79 N/A N/A N/AClass XC Number of Shares Outstanding N/A 611,157.166 N/A N/ANet Asset Value per Share N/A 33.59 N/A N/AClass XC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XCH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZC Number of Shares Outstanding 552,923.926 N/A 999,000.000 N/ANet Asset Value per Share 16.30 N/A 11.70 N/AClass ZCH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZD Number of Shares Outstanding 8,629,543.241 2,016,507.930 N/A N/ANet Asset Value per Share 14.44 20.81 N/A N/AClass ZDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass Z1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A72 The accompanying notes form an integral part of these financial statements.

Key Figures as at 30 September 2013Bond Sub-FundsGlobal EmergingMarkets LocalDebtUSDGlobal HighIncome BondUSDGlobal High YieldBondUSDGlobal InflationLinked BondUSDClass AC Number of Shares Outstanding 7,798,511.879 4,439,335.225 N/A 16,483.428Net Asset Value per Share 14.43 12.48 N/A 114.32Class AC EUR Number of Shares Outstanding 130,892.414 N/A N/A N/ANet Asset Value per Share 13.08 N/A N/A N/AClass AC GBP Number of Shares Outstanding 14,477.822 N/A N/A N/ANet Asset Value per Share 16.25 N/A N/A N/AClass AC HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH EUR Number of Shares Outstanding N/A 19,595.443 N/A 21,432.746Net Asset Value per Share N/A 13.32 N/A 154.81Class ACH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH SGD Number of Shares Outstanding N/A 127,112.500 N/A N/ANet Asset Value per Share N/A 9.35 N/A N/AClass AD Number of Shares Outstanding 3,703,320.753 975,414.545 N/A 2,212.810Net Asset Value per Share 11.93 12.05 N/A 9.38Class AD EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD GBP Number of Shares Outstanding 16,486.243 N/A N/A N/ANet Asset Value per Share 15.63 N/A N/A N/AClass AD HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ADH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM Number of Shares Outstanding N/A 110,583,185.207 36,192,450.178 N/ANet Asset Value per Share N/A 10.58 10.27 N/AClass AM HKD Number of Shares Outstanding N/A N/A 320,378,703.244 N/ANet Asset Value per Share N/A N/A 1.32 N/AClass AMH AUD Number of Shares Outstanding N/A 47,924,982.951 19,427,047.652 N/ANet Asset Value per Share N/A 9.21 9.63 N/AClass AMH EUR Number of Shares Outstanding N/A 3,904,841.692 3,375,799.596 N/ANet Asset Value per Share N/A 13.31 13.88 N/AClass AMH SGD Number of Shares Outstanding N/A 1,118,870.684 N/A N/ANet Asset Value per Share N/A 8.64 N/A N/AClass BC GBP Number of Shares Outstanding 300.000 N/A 300.000 N/ANet Asset Value per Share 15.49 N/A 16.66 N/AClass BD GBP Number of Shares Outstanding 6,206.627 N/A N/A N/ANet Asset Value per Share 15.34 N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 73

Key Figures as at 30 September 2013Bond Sub-FundsGlobal EmergingMarkets LocalDebtUSDGlobal HighIncome BondUSDGlobal High YieldBondUSDGlobal InflationLinked BondUSDClass EC Number of Shares Outstanding 1,210,028.704 32,138.224 N/A 27,540.434Net Asset Value per Share 14.23 9.88 N/A 113.57Class EC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ECH EUR Number of Shares Outstanding N/A 16,053.346 N/A N/ANet Asset Value per Share N/A 13.39 N/A N/AClass ED Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IC Number of Shares Outstanding 9,979,957.623 90,254.000 N/A 10,000.000Net Asset Value per Share 15.08 10.26 N/A 115.82Class IC EUR Number of Shares Outstanding 100,000.000 N/A N/A N/ANet Asset Value per Share 12.48 N/A N/A N/AClass IC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH EUR Number of Shares Outstanding N/A 990,985.289 N/A 23,891.723Net Asset Value per Share N/A 13.76 N/A 157.36Class ICH GBP Number of Shares Outstanding N/A N/A N/A 16,662.928Net Asset Value per Share N/A N/A N/A 189.83Class ID Number of Shares Outstanding 29,080,350.438 N/A N/A N/ANet Asset Value per Share 12.31 N/A N/A N/AClass ID EUR Number of Shares Outstanding 16,609,943.865 N/A N/A N/ANet Asset Value per Share 12.77 N/A N/A N/AClass IDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1D Number of Shares Outstanding 146,897.890 N/A N/A N/ANet Asset Value per Share 9.37 N/A N/A N/AClass J1M Number of Shares Outstanding 2,042,705.619 N/A N/A N/ANet Asset Value per Share 9.20 N/A N/A N/AClass J1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass JC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A74 The accompanying notes form an integral part of these financial statements.

Key Figures as at 30 September 2013Bond Sub-FundsGlobal EmergingMarkets LocalDebtUSDGlobal HighIncome BondUSDGlobal High YieldBondUSDGlobal InflationLinked BondUSDClass L1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH NOK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1H GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass R1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S3D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S6C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S8 Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 75

Key Figures as at 30 September 2013Bond Sub-FundsGlobal EmergingMarkets LocalDebtUSDGlobal HighIncome BondUSDGlobal High YieldBondUSDGlobal InflationLinked BondUSDClass S8D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass WD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC Number of Shares Outstanding 1,300,000.000 N/A N/A N/ANet Asset Value per Share 9.61 N/A N/A N/AClass XC GBP Number of Shares Outstanding 5,000,000.000 N/A N/A N/ANet Asset Value per Share 15.63 N/A N/A N/AClass XCH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XD Number of Shares Outstanding 7,877,713.459 N/A N/A N/ANet Asset Value per Share 9.54 N/A N/A N/AClass YC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZC Number of Shares Outstanding N/A N/A N/A 129,639.336Net Asset Value per Share N/A N/A N/A 117.33Class ZCH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZD Number of Shares Outstanding 9,129,239.294 N/A N/A N/ANet Asset Value per Share 11.76 N/A N/A N/AClass ZDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass Z1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZM Number of Shares Outstanding 3,417,882.840 N/A N/A N/ANet Asset Value per Share 12.04 N/A N/A N/A76 The accompanying notes form an integral part of these financial statements.

Key Figures as at 30 September 2013Bond Sub-FundsGlobal ShortDuration HighYield Bond(launched as at12 June 2013)USDIndia FixedIncomeUSDLatin AmericanLocal DebtUSDRMB FixedIncomeUSDClass AC Number of Shares Outstanding 500.000 908,658.759 24,205.983 3,097,929.555Net Asset Value per Share 10.13 9.14 9.21 10.95Class AC EUR Number of Shares Outstanding N/A 126,012.016 N/A 849,783.244Net Asset Value per Share N/A 11.28 N/A 14.36Class AC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC RMB Number of Shares Outstanding N/A N/A N/A 4,783,052.494Net Asset Value per Share N/A N/A N/A 1.71Class ACH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH EUR Number of Shares Outstanding N/A N/A N/A 4,397,372.848Net Asset Value per Share N/A N/A N/A 14.21Class ACH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD Number of Shares Outstanding N/A 116,118.806 N/A 1,401,348.652Net Asset Value per Share N/A 8.37 N/A 10.61Class AD EUR Number of Shares Outstanding N/A N/A N/A 335,272.030Net Asset Value per Share N/A N/A N/A 14.30Class AD GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD RMB Number of Shares Outstanding N/A N/A N/A 493,411.296Net Asset Value per Share N/A N/A N/A 1.66Class ADH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass BC GBP Number of Shares Outstanding N/A 300.000 N/A 300.000Net Asset Value per Share N/A 14.06 N/A 16.68Class BD GBP Number of Shares Outstanding N/A 196.650 N/A 302.246Net Asset Value per Share N/A 13.80 N/A 16.55The accompanying notes form an integral part of these financial statements. 77

Key Figures as at 30 September 2013Bond Sub-FundsGlobal ShortDuration HighYield Bond(launched as at12 June 2013)USDIndia FixedIncomeUSDLatin AmericanLocal DebtUSDRMB FixedIncomeUSDClass EC Number of Shares Outstanding N/A 478,419.643 N/A 2,019,000.041Net Asset Value per Share N/A 8.69 N/A 10.85Class EC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ECH EUR Number of Shares Outstanding N/A N/A N/A 635,583.802Net Asset Value per Share N/A N/A N/A 14.00Class ED Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IC Number of Shares Outstanding 500.000 1,380,053.175 51,757.000 8,536,273.787Net Asset Value per Share 10.15 9.21 9.37 11.04Class IC EUR Number of Shares Outstanding N/A 99,750.700 N/A N/ANet Asset Value per Share N/A 11.18 N/A N/AClass IC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH EUR Number of Shares Outstanding N/A N/A N/A 5,440,551.103Net Asset Value per Share N/A N/A N/A 14.16Class ICH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ID Number of Shares Outstanding N/A 15,000.000 N/A 6,045.000Net Asset Value per Share N/A 9.15 N/A 10.30Class ID EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1M Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass JC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A78 The accompanying notes form an integral part of these financial statements.

Key Figures as at 30 September 2013Bond Sub-FundsGlobal ShortDuration HighYield Bond(launched as at12 June 2013)USDIndia FixedIncomeUSDLatin AmericanLocal DebtUSDRMB FixedIncomeUSDClass L1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH NOK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1H GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass R1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S3D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S6C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S8 Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 79

Key Figures as at 30 September 2013Bond Sub-FundsGlobal ShortDuration HighYield Bond(launched as at12 June 2013)USDIndia FixedIncomeUSDLatin AmericanLocal DebtUSDRMB FixedIncomeUSDClass S8D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass WD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XCH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZC Number of Shares Outstanding 1,997,500.000 1,141,561.108 1,998,995.211 9,000.000Net Asset Value per Share 10.16 9.27 9.50 11.12Class ZCH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZD Number of Shares Outstanding N/A N/A N/A 528,000.000Net Asset Value per Share N/A N/A N/A 11.03Class ZDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass Z1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A80 The accompanying notes form an integral part of these financial statements.

Key Figures as at 30 September 2013Bond Sub-FundsReserve Sub-FundIndex Sub-FundOther Sub-FundsUS Dollar BondUSDEuro ReserveEUREconomic ScaleIndex GEM EquityUSDGEM Debt TotalReturnUSDClass AC Number of Shares Outstanding 188,289.447 3,918,648.376 500.000 N/ANet Asset Value per Share 14.83 17.35 9.75 N/AClass AC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD Number of Shares Outstanding 262,523.090 60,425.592 N/A N/ANet Asset Value per Share 10.34 15.45 N/A N/AClass AD EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ADH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH AUD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AMH SGD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass BC GBP Number of Shares Outstanding 3,706.149 N/A N/A N/ANet Asset Value per Share 15.69 N/A N/A N/AClass BD GBP Number of Shares Outstanding 352.496 N/A N/A N/ANet Asset Value per Share 15.57 N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 81

Key Figures as at 30 September 2013Bond Sub-FundsReserve Sub-FundIndex Sub-FundOther Sub-FundsUS Dollar BondUSDEuro ReserveEUREconomic ScaleIndex GEM EquityUSDGEM Debt TotalReturnUSDClass EC Number of Shares Outstanding 85,680.956 N/A N/A N/ANet Asset Value per Share 14.53 N/A N/A N/AClass EC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ECH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ED Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IC Number of Shares Outstanding 345,433.951 1,641,651.411 500.000 N/ANet Asset Value per Share 15.13 17.37 9.76 N/AClass IC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ID Number of Shares Outstanding 4,497.419 N/A N/A N/ANet Asset Value per Share 14.89 N/A N/A N/AClass ID EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1M Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1CH JPY Number of Shares Outstanding N/A N/A N/A 680,853.000Net Asset Value per Share N/A N/A N/A 104.92Class JC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1C Number of Shares Outstanding N/A N/A N/A 17,069,966.745Net Asset Value per Share N/A N/A N/A 14.04Class L1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH EUR Number of Shares Outstanding N/A N/A N/A 13,290,046.736Net Asset Value per Share N/A N/A N/A 13.14Class L1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1D Number of Shares Outstanding N/A N/A N/A 8,904,089.310Net Asset Value per Share N/A N/A N/A 12.20Class L1DH EUR Number of Shares Outstanding N/A N/A N/A 78,690,684.066Net Asset Value per Share N/A N/A N/A 11.9082 The accompanying notes form an integral part of these financial statements.

Key Figures as at 30 September 2013Bond Sub-FundsReserve Sub-FundIndex Sub-FundOther Sub-FundsUS Dollar BondUSDEuro ReserveEUREconomic ScaleIndex GEM EquityUSDGEM Debt TotalReturnUSDClass L1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1C Number of Shares Outstanding N/A N/A N/A 13,876,394.673Net Asset Value per Share N/A N/A N/A 13.96Class M1CH CHF Number of Shares Outstanding N/A N/A N/A 1,000.000Net Asset Value per Share N/A N/A N/A 10.80Class M1CH EUR Number of Shares Outstanding N/A N/A N/A 1,495,493.227Net Asset Value per Share N/A N/A N/A 13.25Class M1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH NOK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH USD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1D Number of Shares Outstanding N/A N/A N/A 12,354,156.715Net Asset Value per Share N/A N/A N/A 12.00Class M1DH EUR Number of Shares Outstanding N/A N/A N/A 18,563,384.000Net Asset Value per Share N/A N/A N/A 13.51Class M1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1H GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1CH GBP Number of Shares Outstanding N/A N/A N/A 350.000Net Asset Value per Share N/A N/A N/A 15.98Class N1DH GBP Number of Shares Outstanding N/A N/A N/A 82,860.713Net Asset Value per Share N/A N/A N/A 15.89Class PC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PD Number of Shares Outstanding 1,528,174.394 N/A N/A N/ANet Asset Value per Share 10.36 N/A N/A N/AClass R1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S3D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S6C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S8 Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 83

Key Figures as at 30 September 2013Bond Sub-Funds Bond Sub-Funds Index Sub-Fund Other Sub-FundsUS Dollar BondUSDEuro ReserveEUREconomic ScaleIndex GEM EquityUSDGEM Debt TotalReturnUSDClass S8D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass WD Number of Shares Outstanding 23,448.319 N/A N/A N/ANet Asset Value per Share 10.38 N/A N/A N/AClass XC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XCH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZC Number of Shares Outstanding 282,790.519 N/A 4,998,999.550 N/ANet Asset Value per Share 15.91 N/A 9.78 N/AClass ZCH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZD Number of Shares Outstanding 5,006,948.945 N/A 10,000.000 1,672,000.000Net Asset Value per Share 10.90 N/A 10.25 13.53Class ZDH EUR Number of Shares Outstanding N/A N/A N/A 14,332,178.874Net Asset Value per Share N/A N/A N/A 13.63Class Z1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A84 The accompanying notes form an integral part of these financial statements.

Key Figures as at 30 September 2013Other Sub-FundsGlobal MacroEURManagedSolutions - AsiaFocusedConservativeUSDManagedSolutions - AsiaFocused GrowthUSDManagedSolutions - AsiaFocused IncomeUSDClass AC Number of Shares Outstanding N/A 720,717.850 3,056,924.513 321,908.749Net Asset Value per Share N/A 9.66 9.49 9.86Class AC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AC HKD Number of Shares Outstanding N/A 6,360,894.954 25,521,670.871 N/ANet Asset Value per Share N/A 1.25 1.22 N/AClass AC RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH AUD Number of Shares Outstanding N/A 175,414.251 902,876.309 N/ANet Asset Value per Share N/A 9.16 8.98 N/AClass ACH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ACH EUR Number of Shares Outstanding N/A 32,081.938 309,368.782 N/ANet Asset Value per Share N/A 13.06 12.82 N/AClass ACH GBP Number of Shares Outstanding N/A 50.000 50.000 50.000Net Asset Value per Share N/A 16.32 16.08 16.24Class ACH SGD Number of Shares Outstanding N/A 31,454.717 50,889.966 527,721.541Net Asset Value per Share N/A 7.69 7.56 7.84Class AD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD HKD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AD RMB Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ADH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass AM Number of Shares Outstanding N/A N/A N/A 43,038,447.725Net Asset Value per Share N/A N/A N/A 10.33Class AM HKD Number of Shares Outstanding N/A N/A N/A 315,500,265.264Net Asset Value per Share N/A N/A N/A 1.33Class AMH AUD Number of Shares Outstanding N/A N/A N/A 11,428,847.249Net Asset Value per Share N/A N/A N/A 8.68Class AMH EUR Number of Shares Outstanding N/A N/A N/A 1,780,962.293Net Asset Value per Share N/A N/A N/A 12.63Class AMH SGD Number of Shares Outstanding N/A N/A N/A 733,297.168Net Asset Value per Share N/A N/A N/A 7.55Class BC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass BD GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 85

Key Figures as at 30 September 2013Other Sub-FundsGlobal MacroEURManagedSolutions - AsiaFocusedConservativeUSDManagedSolutions - AsiaFocused GrowthUSDManagedSolutions - AsiaFocused IncomeUSDClass EC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass EC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ECH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ED Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IC EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ICH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ID Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ID EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass IDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1M Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass J1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass JC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1C Number of Shares Outstanding 138,477.005 N/A N/A N/ANet Asset Value per Share 114.90 N/A N/A N/AClass L1CH CHF Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH GBP Number of Shares Outstanding 157,168.230 N/A N/A N/ANet Asset Value per Share 125.13 N/A N/A N/AClass L1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1CH SEK Number of Shares Outstanding 2,055.387 N/A N/A N/ANet Asset Value per Share 132.66 N/A N/A N/AClass L1CH USD Number of Shares Outstanding 56,262.761 N/A N/A N/ANet Asset Value per Share 127.44 N/A N/A N/AClass L1D Number of Shares Outstanding 28,333.909 N/A N/A N/ANet Asset Value per Share 115.53 N/A N/A N/AClass L1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A86 The accompanying notes form an integral part of these financial statements.

Key Figures as at 30 September 2013Other Sub-FundsGlobal MacroEURManagedSolutions - AsiaFocusedConservativeUSDManagedSolutions - AsiaFocused GrowthUSDManagedSolutions - AsiaFocused IncomeUSDClass L1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass L1DH USD Number of Shares Outstanding 694.991 N/A N/A N/ANet Asset Value per Share 100.13 N/A N/A N/AClass M1C Number of Shares Outstanding 131,657.391 N/A N/A N/ANet Asset Value per Share 111.29 N/A N/A N/AClass M1CH CHF Number of Shares Outstanding 17,505.121 N/A N/A N/ANet Asset Value per Share 77.53 N/A N/A N/AClass M1CH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH GBP Number of Shares Outstanding 501.042 N/A N/A N/ANet Asset Value per Share 115.09 N/A N/A N/AClass M1CH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1CH NOK Number of Shares Outstanding 7,628.393 N/A N/A N/ANet Asset Value per Share 109.64 N/A N/A N/AClass M1CH SEK Number of Shares Outstanding 80,483.480 N/A N/A N/ANet Asset Value per Share 129.01 N/A N/A N/AClass M1CH USD Number of Shares Outstanding 378.134 N/A N/A N/ANet Asset Value per Share 109.36 N/A N/A N/AClass M1D Number of Shares Outstanding 23,624.498 N/A N/A N/ANet Asset Value per Share 111.43 N/A N/A N/AClass M1DH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH GBP Number of Shares Outstanding 3,925.508 N/A N/A N/ANet Asset Value per Share 115.16 N/A N/A N/AClass M1H GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M1DH SEK Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass M2D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1CH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass N1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass PD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass R1C Number of Shares Outstanding 410.069 N/A N/A N/ANet Asset Value per Share 94.23 N/A N/A N/AClass S1D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S3D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S6C Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass S8 Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AThe accompanying notes form an integral part of these financial statements. 87

Key Figures as at 30 September 2013Other Sub-FundsGlobal MacroEURManagedSolutions - AsiaFocusedConservativeUSDManagedSolutions - AsiaFocused GrowthUSDManagedSolutions - AsiaFocused IncomeUSDClass S8D Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass WD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XC GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XCH JPY Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass XD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YC Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass YD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZC Number of Shares Outstanding N/A 1,999,900.000 N/A N/ANet Asset Value per Share N/A 9.71 N/A N/AClass ZCH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZD Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZDH EUR Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass Z1DH GBP Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/AClass ZM Number of Shares Outstanding N/A N/A N/A N/ANet Asset Value per Share N/A N/A N/A N/A88 The accompanying notes form an integral part of these financial statements.

Statement of Operations and Changes in Net Assetsfor the period ended 30 September 2013CONSOLIDATEDUSDInternational andRegional EquitySub-FundsAsia ex JapanEquityUSDAsia ex JapanEquity SmallerCompaniesUSDAsia Pacific exJapan Equity HighDividendUSDNet Assets at the Beginning of the Period 29,531,352,907 578,399,436 77,779,019 181,316,096INCOMEInvestment Income 621,298,859 10,213,371 1,572,150 4,879,695Bank Interest 755,230 227 48 178Other Income (note 15) 9,111,361 152,575 167,007 213,476Total Income 631,165,450 10,366,173 1,739,205 5,093,349EXPENSESManagement Fees (note 4.2) (144,578,307) (3,263,437) (564,807) (1,077,644)Performance Fees (note 4.3) (6,196) - - -Transaction fees (37,193,604) (2,174,050) (516,195) (216,345)Operating, Administrative and Servicing(44,444,476) (859,554) (136,222) (286,371)Fees (note 4)Interest (2,118,891) (358) (1,110) (1)Total Expenses (228,341,474) (6,297,399) (1,218,334) (1,580,361)Net Investment Profit/(Loss) 402,823,976 4,068,774 520,871 3,512,988Realised Profit/(Loss) on Investments, Futures,Forward Foreign Exchange Contracts, Options andSwaps(458,107,474) (13,909,646) 3,926,664 (857,983)Realised Profit/(Loss) for the period (55,283,498) (9,840,872) 4,447,535 2,655,005Profit/(Loss) on Foreign Currency (54,977,189) 201,979 (153,726) (44,739)Change in unrealised Appreciation/(Depreciation)on Investments, Futures, Forward ForeignExchange Contracts, Options and Swaps(1,222,766,494) (20,812,374) (5,049,891) (6,416,883)Change in Total Net Assets as a Result of(1,333,027,181) (30,451,267) (756,082) (3,806,617)OperationsProceeds on Issue of Shares 9,482,628,246 33,076,530 49,837,946 48,171,716Payments on Redemption of Shares (11,066,500,288) (154,254,763) (42,248,444) (55,004,121)Dividends Paid (note 14) (298,834,277) (2,376,951) (327,343) (948,944)Currency Translation 238,219,355 - - -Net Assets as at 30 September 2013 26,553,838,762 424,392,985 84,285,096 169,728,130The accompanying notes form an integral part of these financial statements. 89

Statement of Operations and Changes in Net Assetsfor the period ended 30 September 2013BRIC EquityUSDBRIC MarketsUSDBRIC MarketsEquityUSDChina ConsumerOpportunitiesUSDCIVETS(liquidated as at 18July 2013)USDClimate ChangeUSD1,088,733,979 16,699,343 438,104,655 99,282,833 33,751,147 27,782,88725,585,177 312,860 9,264,695 1,133,494 608,878 305,744- 4,837 1,796 10 117 8543,311 504 168,206 - 11,980 12,45626,128,488 318,201 9,434,697 1,133,504 620,975 318,208(4,580,380) (68,905) (2,307,843) (720,634) (37,015) (194,902)- - - - - -(3,000,216) (10,040) (573,900) (452,184) (140,727) (66,587)(1,723,438) (17,447) (608,372) (192,169) (29,563) (45,450)(1,404) (91) (2,782) (1,406) - (16)(9,305,438) (96,483) (3,492,897) (1,366,393) (207,305) (306,955)16,823,050 221,718 5,941,800 (232,889) 413,670 11,253(56,195,477) 261,655 (6,020,687) 5,854,999 (2,387,324) 1,917,847(39,372,427) 483,373 (78,887) 5,622,110 (1,973,654) 1,929,100(722,523) (5,840) (1,180,095) (29,367) 48,963 (13,051)(32,576,738) (865,796) (9,987,801) 1,370,417 (2,699,780) 216,107(72,671,688) (388,263) (11,246,783) 6,963,160 (4,624,471) 2,132,15631,226,231 - 10,095,480 127,248,733 2,054,205 6,042,446(229,703,638) (8,560,366) (69,442,347) (77,546,250) (31,176,368) (8,682,901)(2,041,535) - (1,089,255) - (4,513) (63,553)- - - - - -815,543,349 7,750,714 366,421,750 155,948,476 - 27,211,03590

Statement of Operations and Changes in Net Assetsfor the period ended 30 September 2013Emerging WealthUSDEuroland EquityEUREuroland EquitySmallerCompaniesEUREuroland GrowthEURNet Assets at the Beginning of the Period 19,482,361 544,812,966 128,093,393 88,286,202INCOMEInvestment Income 233,341 11,613,610 1,620,811 1,672,378Bank Interest 5 - - -Other Income (note 15) 3,685 2,025,627 237,069 299,090Total Income 237,031 13,639,237 1,857,880 1,971,468EXPENSESManagement Fees (note 4.2) (144,573) (2,986,505) (691,381) (344,530)Performance Fees (note 4.3) - - - -Transaction fees (93,146) (429,454) (680,485) (96,024)Operating, Administrative and Servicing(38,555) (854,740) (195,474) (113,944)Fees (note 4)Interest (122) (5) - (63)Total Expenses (276,396) (4,270,704) (1,567,340) (554,561)Net Investment Profit/(Loss) (39,365) 9,368,533 290,540 1,416,907Realised Profit/(Loss) on Investments, Futures,Forward Foreign Exchange Contracts, Options andSwaps660,011 4,126,017 6,627,860 (2,467,610)Realised Profit/(Loss) for the period 620,646 13,494,550 6,918,400 (1,050,703)Profit/(Loss) on Foreign Currency (16,373) 475,865 35,466 64,870Change in unrealised Appreciation/(Depreciation)on Investments, Futures, Forward ForeignExchange Contracts, Options and Swaps24,774 80,515,850 8,465,440 10,009,191Change in Total Net Assets as a Result of629,047 94,486,265 15,419,306 9,023,358OperationsProceeds on Issue of Shares 1,455,952 128,029,167 37,810,251 13,300,279Payments on Redemption of Shares (2,802,694) (109,224,741) (22,637,651) (21,191,686)Dividends Paid (note 14) (25,439) (998,820) (14,621) (30,353)Currency Translation - - - -Net Assets as at 30 September 2013 18,739,227 657,104,837 158,670,678 89,387,800The accompanying notes form an integral part of these financial statements. 91

Statement of Operations and Changes in Net Assetsfor the period ended 30 September 2013Market SpecificEquity Sub-FundsBrazil EquityUSDEuropean EquityEURFrontier MarketsUSDGlobal EmergingMarkets EquityUSDGlobal EquityUSDLatin AmericanEquityUSD117,926,468 122,834,838 597,325,743 68,671,483 207,155,361 1,790,862,9921,829,363 3,612,722 11,241,313 825,412 2,626,413 23,155,5898 916 532 3,649 520 -505,836 - 149,697 48,396 2,460 40,2722,335,207 3,613,638 11,391,542 877,457 2,629,393 23,195,861(777,399) (1,330,839) (2,003,130) (231,594) (860,931) (9,238,286)- - - - - -(299,020) (1,217,934) (208,009) (192,210) (487,337) (2,926,597)(223,243) (326,942) (762,237) (105,759) (342,942) (2,253,073)(50) (3,482) (653) (3,196) (540) -(1,299,712) (2,879,197) (2,974,029) (532,759) (1,691,750) (14,417,956)1,035,495 734,441 8,417,513 344,698 937,643 8,777,9054,835,616 5,223,043 (18,714,565) 5,361,692 (3,832,830) (86,232,348)5,871,111 5,957,484 (10,297,052) 5,706,390 (2,895,187) (77,454,443)15,547 (456,964) (459,504) 123,400 (280,166) (4,382,939)2,963,498 2,545,088 (17,516,293) (99,100) (19,678,093) (152,966,989)8,850,156 8,045,608 (28,272,849) 5,730,690 (22,853,446) (234,804,371)14,743,050 138,221,386 56,555,773 55,456,750 36,331,237 111,158,286(21,372,587) (42,646,991) (146,664,468) (25,133,874) (47,248,970) (606,988,276)(1,200,068) (330,930) (5,354,001) (723,683) (1,007,733) (4,968,211)- - - - - -118,947,019 226,123,911 473,590,198 104,001,366 172,376,449 1,055,260,42092

Statement of Operations and Changes in Net Assetsfor the period ended 30 September 2013Chinese EquityUSDHong Kong EquityUSDIndian EquityUSDJapanese EquityJPYNet Assets at the Beginning of the Period 2,080,946,949 258,976,707 3,271,502,077 6,024,606,356INCOMEInvestment Income 55,863,294 6,886,196 39,144,913 50,766,053Bank Interest 1 1 141 14,268Other Income (note 15) 231,529 188,752 70,630 31,281Total Income 56,094,824 7,074,949 39,215,684 50,811,602EXPENSESManagement Fees (note 4.2) (14,032,303) (1,030,594) (20,126,384) (34,623,847)Performance Fees (note 4.3) - - - -Transaction fees (8,023,430) (526,931) (8,528,172) (3,291,402)Operating, Administrative and Servicing(3,896,511) (399,277) (5,513,659) (10,766,847)Fees (note 4)Interest (3) (3) (62,444) (899,638)Total Expenses (25,952,247) (1,956,805) (34,230,659) (49,581,734)Net Investment Profit/(Loss) 30,142,577 5,118,144 4,985,025 1,229,868Realised Profit/(Loss) on Investments, Futures,(5,779,949) 5,170,922 (206,425,911) 766,426,147Forward Foreign Exchange Contracts, Options andSwapsRealised Profit/(Loss) for the period 24,362,628 10,289,066 (201,440,886) 767,656,015Profit/(Loss) on Foreign Currency (135,295) (19,952) (3,047,460) 4,232,142Change in unrealised Appreciation/(Depreciation)on Investments, Futures, Forward ForeignExchange Contracts, Options and Swaps70,744,431 (2,138,854) (440,528,743) 18,492,653Change in Total Net Assets as a Result of94,971,764 8,130,260 (645,017,089) 790,380,810OperationsProceeds on Issue of Shares 190,358,268 29,895,468 233,225,685 5,624,117,075Payments on Redemption of Shares (370,910,913) (59,266,973) (615,892,093) (5,363,987,335)Dividends Paid (note 14) (13,819,277) (4,006,425) (195,364) (19,553,750)Currency Translation - - - -Net Assets as at 30 September 2013 1,981,546,791 233,729,037 2,243,623,216 7,055,563,156The accompanying notes form an integral part of these financial statements. 93

Statement of Operations and Changes in Net Assetsfor the period ended 30 September 2013Korean EquityUSDMexico EquityUSDRussia EquityUSDSingapore EquityUSDTaiwan EquityUSDThai EquityUSD77,579,190 181,035,388 417,322,616 80,251,602 11,364,799 179,440,336128,058 6,628,021 8,653,119 1,776,171 244,030 3,055,3775 - 1 1 - 1414,521 - 205,826 33,913 16 89,601142,584 6,628,021 8,858,946 1,810,085 244,046 3,144,992(480,433) (2,773,781) (2,986,583) (354,736) (83,703) (1,074,335)- - - - - -(213,726) (1,765,580) (735,195) (198,686) (72,760) (522,038)(134,700) (1,363,668) (679,222) (138,097) (22,205) (267,340)(1) (156) (568) - (25) -(828,860) (5,903,185) (4,401,568) (691,519) (178,693) (1,863,713)(686,276) 724,836 4,457,378 1,118,566 65,353 1,281,279(858,517) (21,669,113) (37,351,550) 2,518,801 (86,326) 1,306,244(1,544,793) (20,944,277) (32,894,172) 3,637,367 (20,973) 2,587,5232,511 (178,450) 692 (94,082) 1,859 (166,526)4,827,081 (77,568,269) 35,083,715 (6,890,375) 556,898 (27,731,221)3,284,799 (98,690,996) 2,190,235 (3,347,090) 537,784 (25,310,224)30,993,582 907,616,977 53,153,250 4,354,126 2,257,130 50,317,264(20,382,449) (59,372,903) (146,320,376) (12,136,509) (4,154,866) (86,066,968)- - (1,713,181) (1,513,796) (69,668) (903,421)- - - - - -91,475,122 930,588,466 324,632,544 67,608,333 9,935,179 117,476,98794

Statement of Operations and Changes in Net Assetsfor the period ended 30 September 2013Turkey EquityEURUK EquityGBPUS EquityUSDBond Sub-FundsAsian CurrenciesBondUSDNet Assets at the Beginning of the Period 274,635,266 70,720,441 190,304,259 104,374,087INCOMEInvestment Income 4,093,221 1,469,476 1,454,348 2,194,066Bank Interest 7,835 480 856 -Other Income (note 15) 35,710 9,368 8,104 4Total Income 4,136,766 1,479,324 1,463,308 2,194,070EXPENSESManagement Fees (note 4.2) (1,945,576) (542,297) (1,223,072) (491,055)Performance Fees (note 4.3) - - - -Transaction fees (357,519) (249,842) (200,988) -Operating, Administrative and Servicing(452,268) (112,108) (343,574) (168,643)Fees (note 4)Interest (92) (84) - (4)Total Expenses (2,755,455) (904,331) (1,767,634) (659,702)Net Investment Profit/(Loss) 1,381,311 574,993 (304,326) 1,534,368Realised Profit/(Loss) on Investments, Futures,Forward Foreign Exchange Contracts, Options andSwaps(9,297,588) 3,476,017 15,936,771 (224,619)Realised Profit/(Loss) for the period (7,916,277) 4,051,010 15,632,445 1,309,749Profit/(Loss) on Foreign Currency (395,791) 850 77,552 (512,551)Change in unrealised Appreciation/(Depreciation)on Investments, Futures, Forward ForeignExchange Contracts, Options and Swaps(74,845,815) (2,246,478) 1,017,008 (7,944,769)Change in Total Net Assets as a Result of(83,157,883) 1,805,382 16,727,005 (7,147,571)OperationsProceeds on Issue of Shares 185,207,588 27,220,577 142,747,967 44,293,014Payments on Redemption of Shares (210,284,694) (21,764,907) (137,857,801) (23,552,887)Dividends Paid (note 14) - (451,587) (258,020) (2,825,944)Currency Translation - - - -Net Assets as at 30 September 2013 166,400,277 77,529,906 211,663,410 115,140,699The accompanying notes form an integral part of these financial statements. 95

Statement of Operations and Changes in Net Assetsfor the period ended 30 September 2013Brazil BondUSDEuro BondEUREuro Credit BondEUREuro High YieldBondEURGEM InflationLinkedBondUSDGlobal Asset-Backed Bond(launched as at 31May 2013)USD51,353,137 100,214,473 559,870,355 1,324,439,338 203,237,802 -1,579,575 1,810,333 10,713,359 41,023,571 6,661,811 156,75433 - 588 362 2,347 17210,323 - 19,626 165,466 28,036 -1,589,931 1,810,333 10,733,573 41,189,399 6,692,194 156,926(241,032) (216,478) (1,566,036) (4,324,058) (841,290) -- - - - - -(3,136) (5,058) (19,387) - (4,912) -(83,960) (81,000) (589,983) (1,377,929) (285,540) (21,579)(121) (12) (447,390) (1,682) (3,280) (467)(328,249) (302,548) (2,622,796) (5,703,669) (1,135,022) (22,046)1,261,682 1,507,785 8,110,777 35,485,730 5,557,172 134,880(1,996,510) 1,038,320 12,763,939 16,763,150 (3,170,405) (498,556)(734,828) 2,546,105 20,874,716 52,248,880 2,386,767 (363,676)(6,492,260) 8 109,497 6,362,102 (16,821,228) (2,170)(149,869) (1,556,871) (12,243,964) (10,650,228) (11,975,838) 410,755(7,376,957) 989,242 8,740,249 47,960,754 (26,410,299) 44,90925,531,450 27,845,589 162,600,727 593,135,652 52,465,988 32,558,216(23,286,765) (31,029,458) (229,234,927) (529,708,332) (66,389,138) -(114,688) (61,959) (289,431) (9,432,869) (37) -- - - - - -46,106,177 97,957,887 501,686,973 1,426,394,543 162,904,316 32,603,12596

Statement of Operations and Changes in Net Assetsfor the period ended 30 September 2013Global Asset-Backed High YieldBond (launched asat 31 May 2013)USDGlobal BondUSDGlobal EmergingMarkets BondUSDGlobal EmergingMarkets CorporateDebtUSDNet Assets at the Beginning of the Period - 204,191,802 4,014,032,969 12,559,642INCOMEInvestment Income 116,574 3,007,429 91,921,113 303,396Bank Interest 362 6,115 8,745 -Other Income (note 15) - 9,597 864,122 10Total Income 116,936 3,023,141 92,793,980 303,406EXPENSESManagement Fees (note 4.2) - (213,391) (12,998,626) (3,620)Performance Fees (note 4.3) - - - -Transaction fees - (3) (6) (6)Operating, Administrative and Servicing(11,421) (177,620) (4,994,633) (15,939)Fees (note 4)Interest (48) (7,503) (10,019) -Total Expenses (11,469) (398,517) (18,003,284) (19,565)Net Investment Profit/(Loss) 105,467 2,624,624 74,790,696 283,841Realised Profit/(Loss) on Investments, Futures,Forward Foreign Exchange Contracts, Options andSwaps(123,167) (4,624,568) (3,069,613) 98,008Realised Profit/(Loss) for the period (17,700) (1,999,944) 71,721,083 381,849Profit/(Loss) on Foreign Currency (7,159) (245,187) (170,128) (1,895)Change in unrealised Appreciation/(Depreciation)on Investments, Futures, Forward ForeignExchange Contracts, Options and Swaps361,220 2,077,176 (259,359,891) (901,379)Change in Total Net Assets as a Result of336,361 (167,955) (187,808,936) (521,425)OperationsProceeds on Issue of Shares 20,675,360 77,126,449 872,095,255 379,851Payments on Redemption of Shares - (68,594,985) (1,971,776,725) (357,642)Dividends Paid (note 14) - (3,322,308) (62,101,132) (1,061)Currency Translation - - - -Net Assets as at 30 September 2013 21,011,721 209,233,003 2,664,441,431 12,059,365The accompanying notes form an integral part of these financial statements. 97

Statement of Operations and Changes in Net Assetsfor the period ended 30 September 2013Global EmergingMarkets InvestmentGrade BondUSDGlobal EmergingMarkets Local DebtUSDGlobal HighIncome BondUSDGlobal High YieldBondUSDGlobal Inflation Global ShortLinked Bond Duration High YieldUSD Bond (launched asat 12 June 2013)USD90,441,498 1,374,063,519 1,466,180,913 1,414,435,965 34,156,213 -2,379,220 25,136,201 42,304,087 35,613,898 182,870 315,5821,543 26,545 2,229 26,716 67 -90,829 801,777 154,912 23,223 19 -2,471,592 25,964,523 42,461,228 35,663,837 182,956 315,582(263,812) (4,024,773) (11,214,189) (6,564,987) (51,201) (21)- - - - - -- (9) (3,390) (13,999) (1,844) -(129,224) (1,679,498) (2,324,941) (1,526,128) (31,540) (12,106)(297) (6,618) (21,207) (7,358) (178) (6)(393,333) (5,710,898) (13,563,727) (8,112,472) (84,763) (12,133)2,078,259 20,253,625 28,897,501 27,551,365 98,193 303,449(2,003,562) (18,718,440) (45,074,907) (1,522,285) 678,481 9,13974,697 1,535,185 (16,177,406) 26,029,080 776,674 312,588(2,652,027) (53,869,510) 18,215,393 15,366,378 734,214 112,669(3,715,948) (23,340,379) (62,204,056) (51,496,530) (2,643,629) (104,768)(6,293,278) (75,674,704) (60,166,069) (10,101,072) (1,132,741) 320,48945,566,804 458,954,673 1,398,714,705 422,401,057 1,544,472 19,985,000(22,411,415) (496,591,867) (1,002,832,323) (760,603,854) (2,926,059) -(374,691) (28,124,345) (45,519,856) (36,397,850) - -- - - - - -106,928,918 1,232,627,276 1,756,377,370 1,029,734,246 31,641,885 20,305,48998

Statement of Operations and Changes in Net Assetsfor the period ended 30 September 2013India FixedIncomeUSDLatin AmericanLocal DebtUSDRMB FixedIncomeUSDUS Dollar BondUSDNet Assets at the Beginning of the Period 33,428,259 21,407,882 379,838,071 109,956,228INCOMEInvestment Income 1,256,607 569,092 7,488,619 1,440,823Bank Interest 3 1 604,864 1,775Other Income (note 15) - 178 - 8,345Total Income 1,256,610 569,271 8,093,483 1,450,943EXPENSESManagement Fees (note 4.2) (126,025) (3,972) (1,184,364) (95,083)Performance Fees (note 4.3) - - - -Transaction fees - (3,579) - (2)Operating, Administrative and Servicing(144,556) (26,626) (455,028) (87,373)Fees (note 4)Interest - (6) (5,456) (3,681)Total Expenses (270,581) (34,183) (1,644,848) (186,139)Net Investment Profit/(Loss) 986,029 535,088 6,448,635 1,264,804Realised Profit/(Loss) on Investments, Futures,Forward Foreign Exchange Contracts, Options andSwaps(4,308,260) (207,984) 1,608,477 (81,213)Realised Profit/(Loss) for the period (3,322,231) 327,104 8,057,112 1,183,591Profit/(Loss) on Foreign Currency (41,601) (1,495,200) 1,657,258 606Change in unrealised Appreciation/(Depreciation)on Investments, Futures, Forward ForeignExchange Contracts, Options and Swaps(3,506,029) (1,107,067) 5,961,929 (2,721,776)Change in Total Net Assets as a Result of(6,869,861) (2,275,163) 15,676,299 (1,537,579)OperationsProceeds on Issue of Shares 19,940,940 1,812,144 161,285,812 10,206,490Payments on Redemption of Shares (7,075,520) (1,238,986) (210,959,501) (29,755,893)Dividends Paid (note 14) (17,196) - (500,096) (1,632,797)Currency Translation - - - -Net Assets as at 30 September 2013 39,406,622 19,705,877 345,340,585 87,236,449The accompanying notes form an integral part of these financial statements. 99

Statement of Operations and Changes in Net Assetsfor the period ended 30 September 2013Reserve Sub- Fund Index Sub-Fund Other Sub-FundsEuro ReserveEUREconomic ScaleIndex GEM EquityUSDGEM Debt TotalReturnUSDGlobal Currency(liquidated as at 28June 2013)USDGlobal FlexAllocation(liquidated as at 26April 2013)EURGlobal MacroEUR125,133,484 49,948,915 1,712,908,513 52,265,223 18,960,758 78,677,95549,914 1,088,638 33,270,357 - 41,253 114,4191,437 892 25,266 13 218 13,019129 - 292,580 - 2,545 -51,480 1,089,530 33,588,203 13 44,016 127,438(27,677) (22) (5,939,636) (116,768) (983) (468,877)- - (526) - - (4,189)(3) (95,073) (8,168) (3,955) (13,343) (33,969)(55,355) (73,573) (3,089,826) (23,353) (3,385) (94,724)- (1) (1,353,036) - (91) (2,343)(83,035) (168,669) (10,391,192) (144,076) (17,802) (604,102)(31,555) 920,861 23,197,011 (144,063) 26,214 (476,664)5,235 (402,549) 26,849,430 (2,229,616) 1,096,857 (144,401)(26,320) 518,312 50,046,441 (2,373,679) 1,123,071 (621,065)(81) (27,496) (4,600,281) (30,104) (24,181) (346,923)(2,225) (1,561,171) (7,659,802) 1,129,210 (1,196,491) 1,442,804(28,626) (1,070,355) 37,786,358 (1,274,573) (97,601) 474,81613,150,433 100,000 902,408,248 858,355 - 13,978,443(40,808,793) - (260,735,578) (51,849,005) (18,863,157) (16,316,987)- - (29,479,863) - - -- - - - - -97,446,498 48,978,560 2,362,887,678 - - 76,814,227100

Statement of Operations and Changes in Net Assetsfor the period ended 30 September 2013Managed Solutions- Asia FocusedConservativeUSDManaged Solutions- Asia FocusedGrowthUSDManaged Solutions- Asia FocusedIncomeUSDNet Assets at the Beginning of the Period 43,350,522 135,417,297 1,439,510,040INCOMEInvestment Income 666,794 2,325,212 38,060,495Bank Interest 4 366 620Other Income (note 15) - 5 -Total Income 666,798 2,325,583 38,061,115EXPENSESManagement Fees (note 4.2) (80,484) (893,405) (9,138,109)Performance Fees (note 4.3) - - -Transaction fees (19,576) (252,826) (663,686)Operating, Administrative and Servicing(65,087) (208,476) (2,558,671)Fees (note 4)Interest (13) (7) (438)Total Expenses (165,160) (1,354,714) (12,360,904)Net Investment Profit/(Loss) 501,638 970,869 25,700,211Realised Profit/(Loss) on Investments, Futures,Forward Foreign Exchange Contracts, Options andSwaps(833,781) (7,426,089) (39,939,020)Realised Profit/(Loss) for the period (332,143) (6,455,220) (14,238,809)Profit/(Loss) on Foreign Currency (19,671) (287,024) (1,425,719)Change in unrealised Appreciation/(Depreciation)on Investments, Futures, Forward ForeignExchange Contracts, Options and Swaps(1,488,351) (2,561,209) (81,600,349)Change in Total Net Assets as a Result of(1,840,165) (9,303,453) (97,264,877)OperationsProceeds on Issue of Shares 12,704,033 89,746,048 747,450,749Payments on Redemption of Shares (17,650,930) (143,144,090) (1,061,416,794)Dividends Paid (note 14) - - (29,468,732)Currency Translation - - -Net Assets as at 30 September 2013 36,563,460 72,715,802 998,810,386The accompanying notes form an integral part of these financial statements. 101

Notes to the Financial Statements1. Basis of presentationHSBC Global Investment Funds (the “Company”) is incorporated under the laws of the Grand Duchy of Luxembourgas an investment company with variable capital (Société d’Investissement à Capital Variable or “SICAV”). The capitalcomprises various Classes of Shares each relating to a separate portfolio (a “sub-fund”) consisting of securities, cashand other sundry assets and liabilities. The accompanying financial statements present the assets and liabilities ofthe individual sub-funds and of the Company taken as a whole. The financial statements of each individual sub-fundare expressed in the currency designated in the Prospectus for that particular sub-fund and the financial statementsof the Company are expressed in United States Dollars (USD). The financial statements have been prepared inaccordance with the format prescribed by the Luxembourg authorities for Luxembourg investment companies.The Company is an officially registered investment fund under part I of the Luxembourg law of 17 December 2010 onundertakings for collective investment (the “2010 Law”) and has been certified as a UCITS fund under the Europeandirective 2009/65/EC.Certain sub-funds of the Company are authorised by the Hong Kong Securities and Futures Commission underSection 104 of the “Securities and Futures Ordinance”.In the Prospectus and in the various reports, the short names of the sub-funds are used. The complete name of eachsub-fund consists of “HSBC Global Investment Funds” plus the short name of the sub-fund.From 1 April 2013 to 30 September 2013:1) The following sub-funds have been liquidated: Global Flex Allocation on 26 April 2013 Global Currency on 28 June 2013 CIVETS on 18 July 20132) The following sub-funds have been opened: Global Asset-Backed Bond on 31 May 2013 Global Asset-Backed High Yield Bond on 31 May 2013 Global Short Duration High Yield Bond on 12 June 2013102

Notes to the Financial Statements (continued)2. Accounting policiesThe following accounting policies have been used consistently in dealing with items which are considered material inrelation to the Company’s financial statements.a) Accounting conventionThe financial statements have been prepared under the historical cost convention modified by the revaluation ofinvestments.b) Assets and portfolio securities valuationPortfolio securities and/or financial derivative instruments which are listed on an official stock exchange are valued atthe last available price on the principal market on which such securities are traded. Securities traded on otherorganised markets are valued at the last available price or yield equivalents obtained from one or more dealers insuch organised markets at the time of valuation. If such prices are not representative of their fair value, all suchsecurities and all other permitted assets shall be valued at their fair value at which it is expected they may be resoldas determined in good faith by or under the direction of the Directors.The assets of each share class within most of the sub-funds are valued using prices available at different timesduring the day of 30 September 2013, being the last business day of the reporting period.If the Company had calculated the net asset values solely with a view to publication, the market prices used to valuethe net assets would have been the closing prices on 30 September 2013. However, these net asset values wouldnot have been significantly different from those shown in these financial statements, except for the following subfund,for which the following variations would have been observed:Sub-Fund Currency % difference(in % of NAV)Latin American Equity USD 0.83%The financial derivative instruments which are not listed on any official stock exchange or traded on any otherorganised market are valued in accordance with market practice. Shares or units in underlying open-endedinvestment sub-funds are valued at their last available net asset value reduced by any applicable charges.The Company uses the amortized cost method of valuation in valuing its portfolio of financial instruments in the formof short term debt (such as commercial paper, certificate of deposit, treasury bills).HGIF Euro Reserve and HGIF Global MacroWith effect from Monday 23 September 2013, the valuation methodology for money market instruments with aduration of 90 days or more moved from linear pricing to yield curve pricing as recommended by ESMA.c) Income and ExpensesInterest is accrued on a day-to-day basis. Dividends are accounted for on an ex-dividend basis.d) Foreign ExchangeThe cost of investments, income and expenses in currencies other than the sub-funds’ relevant reporting currencyhave been recorded at the rate of exchange ruling at the time of the transaction. The market value of investmentsand other assets and liabilities in currencies other than the relevant reporting currency have been converted at therates of exchange ruling at 30 September 2013.e) Realised Profit/(Loss) on Sale of InvestmentsRealised profit/(loss) on sale of investments is the difference between the historical average cost of the investmentand the sale proceeds.f) Segregated liabilityThe Company has segregated liability between its sub-funds; meaning, the assets of a sub-fund are exclusivelyavailable to satisfy the rights of shareholders in relation to that sub-fund and the rights of creditors whose claims havearisen in connection with the creation, operation and liquidation of that sub-fund.103

Notes to the Financial Statements (continued)3. Share capitalThe Company has issued either A, B, E, I, J, L, M, N, P, R, S, W, X, Y and Z Shares to investors in one or severalsub-funds as detailed below.Within each Share Class of a sub-fund, the Company shall be entitled to create different sub-classes, distinguishedby their distribution policy (Capital-Accumulation (C), Distribution (D) and Monthly Distribution (M) Shares), theirreference currency, their hedging activity (H) and/or by any other criteria stipulated by the Board of Directors.All share classes are available as both ‘Capital Accumulation’ and ‘Distribution’ shares.Class Description Minimum InitialInvestmentMinimum HoldingClass A A Shares are available to all investors. USD 5,000Class BClass EClass IClass JClass LB Shares are available in the United Kingdom and Jerseythrough specific distributors selected by the Distributor. BShares may be available in other countries through specificdistributors selected by the Distributor on application to theCompany.E Shares are available in certain countries, subject to therelevant regulatory approval, through specific distributorsselected by the Distributor. E Shares shall incur annualmanagement fee, equivalent to that of the Class A Shares plus0.3% to 0.5% per annum of the Net Asset Value of Class EShares, which may be payable to specific distributors in certaincountries.I Shares are available through specific distributors selected bythe Distributor on application to the Company.J Shares are available for investment by funds of fundsmanaged by the HSBC Group or managed by specific entitiesselected by the Distributor.L Shares are available through specific distributors selected bythe Distributor, provided that such investors qualify asinstitutional investors within the meaning of article 174 of the2010 Law.USD 5,000USD 5,000USD 1,000,000USD 100,000USD 1,000,000Class M M Shares are available to all investors. USD 5,000Unless otherwiseprovided in the Sub-Fundcharacteristics of theProspectus104

Notes to the Financial Statements (continued)3. Share capital (continued)Class Description Minimum InitialInvestmentMinimum HoldingClass N N Shares are available in the United Kingdom and Jerseythrough specific distributors selected by the Distributor. NShares may be available in other countries through specificdistributors selected by the Distributor on application to theCompany.USD 5,000Class PClass RClass SClass WClass XClass YClass ZP Shares are available for subscription in certain jurisdictionsor through certain distributors selected by the Distributor onapplication to the Company.R Shares are available in certain countries, subject to therelevant regulatory approval, through specific distributorsselected by the Distributor. R Shares shall incur annualmanagement fees equivalent to that of the Class M sharesplus 0.3% to 0.5% per annum of the Net Asset Value of ClassR Shares, which may be payable to specific distributors incertain countries.S Shares are available in certain jurisdictions or throughcertain distributors selected by the Distributor provided thatsuch investors qualify as institutional investors within themeaning of article 174 of the 2010 Law.W Shares are available through specific distributors that shallalso be members or affiliated entities of the HSBC Group asselected by the Distributor provided that such investors qualifyas institutional investors within the meaning of article 174 ofthe 2010 Law. No Operating, Administrative and ServicingExpenses shall be charged to Class W Shares. All fees andcharges allocated to this class shall be paid directly bymembers or affiliated entities of the HSBC Group.X Shares are available through specific distributors selected bythe Distributor, provided that such investors qualify asinstitutional investors within the meaning of article 174 of the2010 Law and fall into one of the following categories:companies or company pension funds, insurance companiesor registered charities or funds managed or advised by anHSBC Group entity and other such institutional investors, asagreed by the Board of Directors.Y Shares are available in certain jurisdictions through specificdistributors appointed by the Distributor.Z Shares are available to investors having entered into adiscretionary management agreement with an HSBC Groupentity and to investors subscribing via distributors selected bythe Distributor, provided that such investors qualify asinstitutional investors within the meaning of article 174 of the2010 Law.USD 50,000Unless otherwiseprovided in the Sub-Fundcharacteristics of theProspectusUSD 5,000Unless otherwiseprovided in the Sub-Fundcharacteristics of theProspectusUSD 100,000USD 100,000USD 10,000,000Unless otherwiseprovided in the Sub-Fundcharacteristics of theProspectusUSD 1,000USD 1,000,000105

Notes to the Financial Statements (continued)3. Share capital (continued)The Board of Directors of the Company is authorised to issue different Classes of Shares in one or more sub-funds.Details of the characteristics of such Share Classes offered shall be determined at the sole discretion of the Board ofDirectors. In case of the creation of any additional Classes of Shares, the Prospectus shall be updated.The subscription proceeds of all Shares in a sub-fund are invested in one common underlying portfolio ofinvestments. All Shares of the same Class have equal rights and privileges. Each Share is, upon issue, entitled toparticipate equally in assets of the relevant class of the sub-fund to which it relates on liquidation and in dividendsand other distributions as declared for such sub-fund. The Shares shall carry no preferential or pre-emptive rights andeach whole Share shall be entitled to one vote at all meetings of shareholders.The minimum initial investment amount may be waived or reduced at the discretion of the Company.Share Class Denominations and Successive Classes:The Share Classes issued in the different sub-funds are designated by their class name, followed by their distributioncharacteristics and, if applicable, their specific hedging policy and the currency into which the Base Currency ishedged. This means that for example Shares issued in Class A which are distributing income and applying a hedgingpolicy to Euro, as defined above, would be identified as ADHEUR whereas Class I Shares accumulating incomewould be identified as IC.Distribution Shares are identifiable by a "D" following the sub-fund and Class names (e.g.: Class AD), with theexception of Monthly Distribution Shares which are identifiable by an "M" following the sub-fund and Class names(e.g.: Class AM).Successive Classes J, L, M and R in a given sub-fund are numbered 1, 2, 3… and shall be referred to as J1, J2, J3,(…), L1, L2, L3 (…), M1, M2, M3 (…) etc.Successive Classes S Shares shall be issued in different sub-funds, and numbered 1, 2, 3 etc. and shall be referredto as S1, S2, S3, etc. for the S Class launched in the first sub-fund, S Class launched in the second sub-fund and SClass launched in the third sub-fund, respectively and as disclosed in the relevant sub-fund characteristics (seeSection 3.2. of the Prospectus).Within each Share Class of a sub-fund, separate currency hedged classes may be issued (suffixed by “H” and thecurrency into which the Base Currency is hedged or the currency into which the sub-fund total assets are primarilyinvested in, is hedged. These currency hedged share classes shall be named : "ACHEUR" or "ACHGBP" for aCapital-Accumulation Share Class hedged into Euro or Pound Sterling). Any fees of the Administrator relating to theexecution of the currency hedging policy shall be borne by the relevant currency hedged class. These fees are inaddition to the operating, administrative and servicing expenses detailed below. Any gains or losses shall also accrueto the relevant currency hedged class.106

Notes to the Financial Statements (continued)4. Charges and expenses1. Explanation of the Charging StructureInvestment in the Company is generally offered via charging structures, as represented by the A, E, I, J, L, M, P, R,S, W, X, Y and Z Classes of Shares.The Management Company is entitled, in respect of each Class of Shares, to a management fee to cover allinvestment management, investment advisory and distribution services provided in relation to the relevant class (seeparagraph (2) headed “Management Fee” below).In addition, the Company pays to the Management Company a fee to cover operating, administrative and servicingexpenses. To safeguard shareholders from fluctuations in a sub-fund’s operating, administrative and servicingexpenses, the Company has agreed with the Management Company that the fee charged to cover such operating,administrative and servicing expenses is fixed at an annual rate.The potential excess of such expenses above such annual rate shall be borne directly by the Management Company(see paragraph (4) headed “Operating, Administrative and Servicing Expenses / Operating Currency Hedging Fees”below).2. Management FeeThe Company pays to the Management Company an annual management fee calculated as a percentage of the NetAsset Value of each sub-fund or share class (“Management Fee”). The Management Fee is accrued daily andpayable monthly in arrears at the rates specified in the table on page 165.The maximum rate for Class E, I, J, L, M and N Shares is 3.5%.The maximum rate for Class A, B, P, R, S, X, Y and Z Shares is as stated in the Prospectus.No Management Fee is currently charged for Class W Shares.The Management Fee covers management and distribution services provided in relation to the relevant sub-fund ofthe Company by the Management Company, the Investment Advisers and the Share Distributors. The ManagementCompany is responsible for discharging, out of such fee, the fees of the Investment Advisers and the ShareDistributors and may pay part of such fee to recognised intermediaries or such other person as the ManagementCompany may determine, at its discretion.The Management Company may instruct the Company to pay a portion of the Management Fee directly out of theassets of the Company to any of such service providers. In such case, the Management Fee due to the ManagementCompany is reduced accordingly.3. Performance FeeSummaryFor certain sub-funds and Share Classes, the Management Company is entitled to receive from the net assets of aShare Class, in addition to other fees and expenses mentioned in the Prospectus dated January 2013 (includingaddenda dated February 2013 and May 2013), an annual performance fee.A performance fee shall normally be applied at Share Class level to any sub-fund issuing Class L Shares, M Shares,N Shares and R Shares. For Class J Shares the performance fee shall be charged only if provided for in Section 3.2."Sub-Fund Details", of the Prospectus.A separate performance fee calculation shall be carried out for each Share Class within a sub-fund.107

Notes to the Financial Statements (continued)4. Charges and expenses (continued)3. Performance Fee (continued)The performance fee shall be calculated and accrued at each valuation of the sub-fund and payable at the end of thePerformance Period, or on the net redemptions and/or conversions of Shares, if earlier.If the Company invests in shares or units of UCITS (including other sub-funds of the Company) and other UCIs thatare managed directly or indirectly by the Management Company itself or a company with which it is linked by way ofcommon management or control or by way of a direct or indirect stake of more than 10% of the capital or votes, thenno duplication of performance fees shall occur.The avoidance of a double-charge of the performance fee is achieved by either i) where a sub-fund invests in sharesor units of such UCITS and other UCIs, and these UCITS and/or UCIs charge performance fees, the sub-fund shallnot charge a performance fee, or ii) where a sub-fund charges a performance fee, it shall not invest in share classesthat charge a performance fee.For the avoidance of doubt, it is clarified that the performance fee is calculated for each Share Class on the basis ofthe unadjusted Net Asset Value per Share, e.g. before any pricing adjustment that might be applied to the Net AssetValue per Share to mitigate the effects of transaction costs.The performance fee calculations ensure that the Management Company cannot earn a performance fee until anyunderperformance against the Hurdle Rate has been recovered.Calculation MethodThe High Water Mark defines a reference point for the Net Asset Value per Share above which, after adjustment fordividend distributions if any, a performance fee becomes payable.A sub-fund may only accrue a performance fee in the event that both of the conditions below are met:1. The Net Asset Value per Share Return of the relevant Share Class outperforms the relevant Hurdle Rate over thePerformance Period and;2. The Current Day NAV is higher than the High Water Mark.Where the Current Day NAV, decreases below the High Water Mark and/or the Net Asset Value per Share Returnunderperforms the relevant Hurdle Rate, no performance fee shall be accrued until such a decrease orunderperformance has been recovered in the course of any one Performance Period.If, at the end of the Performance Period, the Net Asset Value per Share is below the relevant Hurdle Rate and theperformance fee is not paid, then the High Water Mark for the following Performance Period shall be the past period'sHigh Water Mark plus the Hurdle Rate.Performance Fee AccrualAt each valuation of the sub-fund:The cumulative "Excess Return" since the beginning of the Performance Period is calculated as the differencebetween the cumulative Net Asset Value per Share Return and the cumulative Hurdle Rate since the beginningof the Performance Period.The cumulative performance fee per Share is equal to the cumulative "Excess Return" multiplied by thePerformance Rate.The daily performance fee per Share is calculated as the difference between the cumulative performance fee perShare on the valuation and the cumulative performance fee per Share at the previous valuation.The daily performance fee accrual for the Share Class is equal to the performance fee accrual per Share on thevaluation multiplied by the outstanding number of Shares on the valuation for that Share Class.The cumulative performance fee accrual before crystallisations for the Share Class is calculated as the sum ofthe cumulative performance fee accrual before crystallisations at the previous valuation and the performance feeaccrual of that Share Class at the valuation.Any performance fee accrued on net redeemed and/or converted Shares is crystallised (by taking the proportionof net redeemed and/or converted Shares to the number of Shares in issue). The daily and total performance feeaccruals since the beginning of the Performance Period are adjusted accordingly.108

Notes to the Financial Statements (continued)4. Charges and expenses (continued)3. Performance Fee (continued)The daily performance fee accrual can be positive or negative however the cumulative performance fee accrual shallnever be reduced to below zero.The cumulative performance fee accruals from the beginning of the Performance Period shall be, at each valuation,included in the ongoing calculation of the Net Asset Value per Share of which subscriptions, redemptions andconversions may be accepted.CrystallisationCrystallisation of the performance fee occurs on the last valuation of each Performance Period. Any performance feedue is payable out of the sub-fund to the Management Company in arrears after the end of the Performance Period.Accordingly, once the performance fee has crystallised, no refund shall be made in respect of any performance feepaid out at that point in subsequent Performance Periods.If there is a net redemption and/or conversion of Shares at any valuation before the end of the Performance Period,any accrued performance fee with respect to such redeemed Shares shall crystallise on that valuation and shall thenbecome payable to the Management Company.Computation of Performance FeesPerformance fees are calculated by the Administration Agent.The Auditors of the Company shall audit the calculations of the performance fees paid out on an annual basis.The Board of Directors shall ensure that the accrual represents fairly and accurately the performance fee liability thatmay eventually be payable by the sub-fund or Share Class to the Management Company.Annual Payment of Performance FeesAt the end of a Performance Period the positive balance (if any) of the performance fee accrual shall become payableto the Management Company and the performance fee accrual in the Net Asset Value per Share of the relevantShare Class shall be reset to zero and a new High Water Mark set.The performance fee, if applicable, is payable yearly immediately following the end of each Performance Period.Performance fees payable to the Management Company in any financial year are not refundable in any subsequentaccounting years.Pursuant to the provisions of the relevant Investment Advisory Agreement, the Investment Adviser may be entitled toreceive from the Management Company the whole or part of the performance fee.In the case of liquidation or merger of a sub-fund or Share Class to which a performance fee is applicable, theperformance fee shall be paid on the last valuation day before its liquidation or merger.4. Operating, Administrative and Servicing Expenses / Operating Currency Hedging FeesThe Company pays to the Management Company a fee to cover certain Operating, Administrative and ServicingExpenses. The Management Company is responsible for discharging out of this fee, the expenses described below,inter alia, payable to the Depositary Bank, Administration Agent, Registrar and Transfer Agent.This fee is set, for each sub-fund and/or Class, at a fixed percentage of the Net Asset Value of the relevant sub-fundor class specified in the Company’s Prospectus (as specified in the table on page 166). Such fee is accrued daily andpayable monthly in arrears.No Operating, Administrative and Servicing Expenses shall be charged to Class W Shares. All the fees and chargesallocated to such Class of Shares shall be paid directly by a member or an affiliated entity of HSBC Group.109

Notes to the Financial Statements (continued)4. Charges and expenses (continued)4. Operating, Administrative and Servicing Expenses / Operating Currency Hedging Fees (continued)The maximum rate for class A, B, E, I, J, L, M, N, P, R, S, X, Y and Z Shares is 1.0% (but not including the fees of theAdministration Agent relating to the execution of the currency hedging for the currency hedged Share Classes).However, the Board of Directors reserves the right to amend the fixed level of the Operating, Administrative andServicing Expenses applicable to each Class of Shares. In the event of an increase of such expenses, the concernedshareholders shall be given at least three months prior notice of such increase. During this three months’ notice, suchshareholders may request the redemption of their Shares, free of charge.Operating, Administrative and Servicing Expenses cover the ongoing custody/depositary fees and safekeepingcharges payable to the Depositary Bank and its correspondent banks, fees for fund accounting and administrationservices (including domiciliary services) payable to the Administrative Agent and transfer agency fees for registrarand transfer agency services payable to the Registrar and Transfer Agent.Operating, Administrative and Servicing Expenses also cover expenses relating to the creation of new sub-funds; thecosts of the Subsidiaries (see paragraph (6) below); the Luxembourg asset-based taxe d’abonnement, at the ratereferred to under Section “Taxation” of the Company’s Prospectus; attendance fees and reasonable out-of-pocketexpenses incurred by the Board of Directors; legal and auditing fees and expenses; ongoing registration and listingfees, including translation expenses; the costs and expenses of preparing, printing, and distributing the Company’sProspectus, Key Investor Information Documents, financial reports, statements and other documents made availabledirectly or through intermediaries to its shareholders.The Company pays to the Management Company a fee to cover the expense of the Administration Agent relating tothe execution of the hedged Share Classes launched on or after 1 December 2008.The Management Company may instruct the Company to pay a portion of the aforesaid fees directly out of the assetsof the Company to any of the aforementioned service providers. In such case the fee due to the ManagementCompany is reduced accordingly.5. Transaction expenses and extraordinary expensesTransaction expenses linked to security dealing are written off against the realised profit/loss from the sale ofinvestments.Each sub-fund bears the costs and expenses of buying and selling portfolio securities and financial instruments,brokerage fees and commissions, interest or taxes payable, and other transaction related expenses. Thesetransaction fees are accounted for on a cash basis and are paid when incurred or invoiced from the net assets of thesub-fund to which they are attributable. Transaction fees are allocated across each sub-fund’s Share Classes.The Company bears any extraordinary expenses including, without limitation, litigation expenses and the full amountof any tax, levy, duty or similar charge and any unforeseen charges imposed on the Company or its assets.6. Indian Equity and Global Emerging Markets EquityThe Company's wholly owned subsidiaries in Mauritius, HSBC GIF Mauritius Limited ("HSBC Mauritius") and HSBCGIF Mauritius No. 2 Limited ("HSBC Mauritius No. 2"), (each a Subsidiary or collectively, the Subsidiaries") arelocated at Rogers House, 5 President John Kennedy Street, Port Louis, Mauritius. HSBC Mauritius manages theIndian Equity sub-funds investments in India, whilst HSBC Mauritius No. 2 manages the Global Emerging MarketsEquity sub-fund’s investments in India.110

Notes to the Financial Statements (continued)6. Indian Equity and Global Emerging Markets Equity (continued)HSBC Mauritius was incorporated in Mauritius on 3 October 1995. The accounts of the Indian Equity sub-fund and ofHSBC Mauritius are consolidated.HSBC Mauritius No. 2 was incorporated in Mauritius on 21 November 2007. The accounts of the Global EmergingMarkets Equity sub-fund and of HSBC Mauritius No. 2 are consolidated.The Subsidiaries have appointed CIM Fund Services Ltd, Rogers House, 5 President John Kennedy Street, PortLouis, Mauritius, to provide administrative services to the Subsidiaries in Mauritius, including maintenance of itsaccounts, books and records.The Subsidiaries have appointed KPMG Mauritius, KPMG Centre, 30 St George Street, Port Louis, Mauritius, asauditors of the Subsidiaries in Mauritius to perform the auditor’s duties required by Mauritius law.7. Taxation of the CompanyThe following summary is based on the Company’s understanding of the law and practice currently in force in theGrand Duchy of Luxembourg and in other jurisdictions and is subject to changes therein.BelgiumThe Belgian government has enacted a law which charges an annual net asset value tax on foreign investment fundsregistered with the Belgian Banking and Finance Commission. An annual tax of 0.08% is charged on the netoutstanding amounts of sub-funds placed in Belgium through Belgian financial intermediaries, or where that figure isnot substantially documented, the tax authorities may calculate the tax on the total asset of those sub-funds.To date as the amounts are small, the Management Company has paid this tax cost on behalf of the Company out ofthe Operating, Administrative and Servicing Expenses it receives. However, should the cost become substantial orlong term, the Management Company may require the sub-funds concerned to bear that tax charge for futureperiods.ChinaWhere the Company invests in shares and securities issued by companies tax resident (or with their primary activity)in the People's Republic of China ("PRC"), securities issued by government agencies in the PRC or other permissiblePRC investments, the Company may be subject to withholding and other taxes imposed in the PRC. The tax laws,regulations and practice in the PRC are constantly changing, and they may be changed with retrospective effect. Inparticular, there is uncertainty as to whether and how capital gains are to be taxed. Therefore any provision for PRCtax liabilities that the Company may hold is likely to be excessive or inadequate to meet final PRC tax liabilities, andin particular (but not exclusively) in relation to gains derived from the disposal of PRC investments.Consequently, the Company and shareholders may be disadvantaged depending upon the final outcome of how PRCinvestment returns shall be taxed.Hong KongThe Company may be subject to Hong Kong profits tax in relation to a particular sub-fund if it is treated as carrying ona trade or business in Hong Kong either on its own account or through the agency of the investment adviser of thatsub-fund. If the Company is treated as carrying on business in Hong Kong, a liability to profits tax, the rate of which iscurrently 16.5%, shall only exist in respect of any profits of the relevant sub-funds which arise in or are derived fromHong Kong from that trade or business, and which are not capital profits. Such amounts may include, but not belimited to, profits arising from the disposal of securities (except those held as capital assets) listed on the Hong KongStock Exchange, unlisted securities where the purchase or sale contracts are effected in Hong Kong and interestincome arising from certain debt instruments where the loan funds were first made available to the issuer in HongKong.Under the Revenue (Profits Tax Exemption for Offshore Funds) Ordinance 2006, funds resident outside Hong Kong(“Offshore Funds”) are exempted from Hong Kong profits tax providing certain conditions are met. It is intended thataffairs of the Company shall be conducted as far as possible to comply with the conditions for exemption from profitstax.111

Notes to the Financial Statements (continued)7. Taxation of the Company (continued)IndiaOn the basis that they are Mauritian tax residents, the Subsidiaries shall benefit from the tax advantages available tothem under the India-Mauritius double taxation treaty, which became effective on 1 July 1983. The Subsidiaries shallfile, through their Custodian, a declaration of Mauritian residency with the registrar of each Indian company in which itinvests. Until 31 March 2013, capital gains resulting from the purchase and sale by the Subsidiaries of stocks on theIndian stock exchanges have been exempt from tax on the basis that the Subsidiaries are able to benefit from theprovisions of the India-Mauritius double taxation treaty.Interest on certain notified securities and bonds and on deposits in foreign currency with scheduled banks is exemptfrom income tax. The sale and purchase of stocks and securities is exempt from Indian Sales tax.The above-stated tax treatment under the India-Mauritius tax treaty shall be available provided that the Subsidiariesneither have a permanent establishment nor their effective management and control in India. No guarantee orwarranty can be given or should be assumed that the tax benefits of the said treaty shall continue to be available tothe Indian Equity and in Global Emerging Markets Equity sub-funds in future periods due to, among others, changesin the regulatory environment in Mauritius, India or the European Union.Dividends paid by the Indian companies are exempt from tax in the hands of the recipients if the said company paysa dividend distribution tax at the prescribed tax rate on dividends declared, distributed or paid by them on or after 1April 2003.India-Mauritius tax treaty benefits shall now be subject to fulfilment of the conditions prescribed under the GeneralAnti- Avoidance Rule (“GAAR”).The foresaid rules i.e. GAAR have been introduced in the Indian Income Tax Act Finance Bill 2013 and shall beeffective from financial year 2015.South KoreaIn 2011, the South Korean tax authorities issued a "clarification" that the S.Korean/Luxembourg double taxationagreement was not applicable to Luxembourg SICAVs and that they would be looking to recover amounts theyconsidered as owing back to 2006 (including penalties). In anticipation of these claims, a provision has been bookedfor HGIF Korean Equity corresponding to the withholding tax on dividends.LuxembourgThe Company is not liable to any Luxembourg tax on profits or income. The Company is however liable inLuxembourg to a tax of 0.05% per annum of its net asset value, such tax being payable quarterly on the basis of thevalue of the net assets of the Company at the end of the relevant calendar quarter. The tax rate is reduced to 0.01%per annum for the Euro Reserve sub-fund and Classes J, L, S, W, X and Z Shares in the relevant sub-funds. Nostamp duty or other tax is payable in Luxembourg on the issue of shares.The classes/sub-funds may be exempted from this 0.01% tax if they comply with the requirements of the articles 174and 175 of the Luxembourg law of 17 December 2010 which include: (i) the shares of the class/sub-fund must bereserved to institutional investors; (ii) the exclusive object of the class/sub-fund’s portfolio must be the investment inmoney market instruments and/or deposits with credit institutions; (iii) the remaining average maturity of theclass/sub-fund’s portfolio must be less than 90 days; and (iv) the class/sub-fund must benefit from the highestpossible rating of a recognized rating agency.112

Notes to the Financial Statements (continued)7. Taxation of the Company (continued)Luxembourg (continued)No Luxembourg tax is payable on the realised or unrealised capital appreciation of the assets of the Company.Are also exempt from this tax:a) sub-funds/Classes whose Shares are reserved for (i) institutions for occupational retirement pension or similarinvestment vehicles, set up on one or more employers' initiative for the benefit of their employees and (ii) companiesof one or more employers investing funds they hold, to provide retirement benefits to their employees;b) sub-funds whose main objective is the investment in microfinance institutions;c) sub-funds/Classes of Shares whose Shares are listed or traded on at least one stock exchange or anotherregulated market operating regularly, recognised and open to the public and whose exclusive object is to replicate theperformance of one or more indices.Also exempt from the tax are the value of assets represented by units/shares held in other UCIs provided that suchunits/shares have already been subject of this tax provided for by Article 174 of the 2010 Law or by the Law of 13February 2007 as amended.MauritiusThe Subsidiaries are registered with the Financial Services Commission in Mauritius as offshore companies. As aresult they are subject to a reduced rate of Mauritian income tax on their income. In addition, no Mauritian capitalgains tax shall be payable in respect of the Subsidiaries investments in India and any dividends and redemptionproceeds paid by the Subsidiaries to the Indian Equity or Global Emerging Markets Equity sub-funds shall be exemptfrom Mauritian withholding tax. A certificate of Mauritian tax residence has been granted to the Subsidiaries by theMauritius Revenue Authority. On the basis that they are Mauritian tax residents, the Subsidiaries have to datequalified for certain reliefs from Indian tax as set out in the Indian tax paragraph above.United KingdomIt is the intention of the Board of Directors to conduct the affairs of the Company so that it does not become residentin the United Kingdom. On the basis that the Company is not resident in the United Kingdom for tax purposes itshould not be subject to United Kingdom corporation tax on its income and capital gains.FranceFor the purpose of eligibility requirements of Article L-221-31 of the French Monetary and Financial Code, thefollowing sub-funds have invested in excess of 75% of equity or equity equivalent securities, which have theirregistered office in a country which is a member of the EU or the European Economic Area.% of holdings in sharesEuroland Equity 97.81Euroland Equity Smaller Companies 91.02Euroland Growth 98.11European Equity 80.55UK Equity 88.48GeneralIn many markets the Company, as a foreign investment fund, may be subject to non-recoverable tax on income andgains (either by withholding or direct assessment) in relation to the investment returns it realizes from its holdings ofshares and securities in those markets. Where practicable the Company shall make claims under the relevant doubletax treaties and domestic law of the countries concerned in order to minimize the impact of local taxation on theinvestment return and to obtain the best return for its shareholders. Those claims shall be made on the basis of theCompany’s understanding of the validity of such claims given the information available from the Company’sdepositaries, external advisers and other sources as to the interpretation and application of the relevant legalprovisions by the tax authorities in the country concerned.113

Notes to the Financial Statements (continued)7. Taxation of the Company (continued)General (continued)The Company shall seek to provide for tax on capital gains where it considers that it is more likely than not that thetax shall be payable, given the advice and information available to the Company at the date concerned. However,any provision held may be insufficient to cover, or be in excess of, any final liability.The Company shall seek to claim concessionary tax treatment and account for tax on a best’s efforts basis, given thetax law and practice at that date. Any change in tax law or practice in any country where the Company is registered,marketed or invested could affect the value of the Company’s investments in the affected country. In particular, whereretrospective changes to tax law or practice are applied by the legislature or tax authorities in a particular countrythese may result in a loss for current Shareholders in the affected sub fund. The Company does not offer anywarranty as to the tax position of returns from investments held in a particular market nor of the risk of a retrospectiveassessment to tax in a particular market or country.8. Public and bank holidays in Hong KongHSBC Investment Funds (Hong Kong) Limited has been appointed by the Company as its Representative and ShareDistributor in Hong Kong. There shall be no dealing for the shares of the Company in Hong Kong on a day which is apublic or bank holiday in Hong Kong.9. Forward foreign exchange contractsAs at 30 September 2013, the Company had entered into various forward foreign currency contracts, for the purposeof hedging the portfolio, which obliges the Company to deliver currencies at specified dates. Open contracts are asfollows:Contracts with a settlement date of 30 September 2013 still appear because they were open at the time of thepreparation and publication of the net asset value 30 September 2013.SubfundnameIn exchangeforSettlementContract todeliverCounterpartyUnrealisedgain / (loss)in sub-fundcurrencyAsia ex Japan EquityEUR 61,835,000 30/09/2013 USD 81,236,914 RBC Investor Services Bank 2,466,033USD 83,192,804 30/09/2013 EUR 61,835,000 RBC Investor Services Bank (510,143)EUR 52,421,000 31/12/2013 USD 70,767,039 RBC Investor Services Bank 209,894USD 1,043,990 31/12/2013 EUR 773,000 RBC Investor Services Bank (2,635)USD 2,163,149Asia Pacific ex Japan Equity High DividendHKD 754,780 02/10/2013 USD 97,371Hong Kong & Shanghai Bank,Hong Kong (45)USD (45)BRIC EquityUSD 100 02/10/2013 HKD 778 HSBC Bank PLC, London -USD -China Consumer OpportunitiesUSD 1,598,060 02/10/2013 HKD 12,394,471 HSBC Bank PLC, London (170)USD (170)114

Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundnameIn exchangeforSettlementContract todeliverCounterpartyUnrealisedgain / (loss)in sub-fundcurrencyLatin American EquityUSD 1,504 02/10/2013 HKD 11,663 HSBC Bank PLC, London -USD -Hong Kong EquityHKD 92,951 02/10/2013 EUR 8,867Hong Kong & Shanghai Bank,Hong Kong (17)USD (17)Indian EquityUSD 97,432 02/10/2013 HKD 755,713Hong Kong & Shanghai Bank,Hong Kong (15)USD (15)Japanese EquityJPY 881,216,820 02/10/2013 EUR 6,600,000 HSBC Bank PLC, London 4,565,663JPY 4,565,663Russia EquityHKD 1,061,422 02/10/2013 USD 136,853 HSBC Bank PLC, London 15USD 15US EquityEUR 32,718,000 09/10/2013 USD 43,827,037 BNP Paribas, Paris 462,433EUR 505,200 09/10/2013 USD 670,277 HSBC Bank PLC, London 13,599EUR 1,028,800 09/10/2013 USD 1,382,475 HSBC France 10,183EUR 450,000 09/10/2013 USD 590,698 J.P. Morgan Chase, London 18,455USD 668,961 09/10/2013 EUR 500,000 HSBC France (7,876)USD 472,017 09/10/2013 EUR 354,000 J.P. Morgan Chase, London (7,183)USD 1,005,996 09/10/2013 EUR 754,500 Royal Bank of Canada, London (15,351)USD 626,786 09/10/2013 EUR 464,500 UBS AG (1,995)USD 472,265Asian Currencies BondUSD 1,567,000 25/10/2013 INR 99,253,780IDR 25,254,000,000 04/11/2013 USD 2,300,000MYR 823,068 04/11/2013 USD 257,000PHP 98,210,000 04/11/2013 USD 2,300,000USD 250,000 04/11/2013 MYR 817,500State Street Bank and Trust Co,Hong Kong (3,226)State Street Bank and Trust Co,Hong Kong (126,136)Hong Kong & Shanghai Bank,Hong Kong (5,021)Hong Kong & Shanghai Bank,Hong Kong (37,045)Hong Kong & Shanghai Bank,Hong Kong (275)115

Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundnameIn exchangeforSettlementContract todeliverCounterpartyUnrealisedgain / (loss)in sub-fundcurrencyAsian Currencies Bond (continued)USD 1,500,000 04/11/2013 PHP 65,355,000USD 1,600,000 04/11/2013 PHP 71,728,000USD 725,000 04/11/2013 SGD 915,508USD 1,600,000 04/11/2013 THB 50,224,000INR 42,337,500 08/11/2013 USD 750,000INR 55,610,000 08/11/2013 USD 1,000,000Hong Kong & Shanghai Bank,Hong Kong (5,890)State Street Bank and Trust Co,Hong Kong (52,585)Hong Kong & Shanghai Bank,Hong Kong (4,662)Hong Kong & Shanghai Bank,Hong Kong (1,999)Hong Kong & Shanghai Bank,Hong Kong (83,269)State Street Bank and Trust Co,Hong Kong (124,254)USD (444,362)Euro Credit BondJPY 1,000,000,000 15/10/2013 EUR 7,686,265 UBS Limited, London (157,346)EUR (157,346)Euro High Yield BondEUR 10,976,657 01/10/2013 GBP 9,500,000 Morgan Stanley Taiwan Limited (388,508)EUR 11,326,649 02/12/2013 GBP 9,500,000 Barclays Bank Wholesale (31,444)EUR (419,952)GEM Inflation Linked BondSGD 4,247,818 02/10/2013 USD 3,370,000 Standard Chartered Bank 15,390INR 2,933,200 03/10/2013 USD 43,845 Standard Chartered Bank 3,008USD 47,524 03/10/2013 INR 2,933,200 Standard Chartered Bank 672COP 7,648,200,000 07/10/2013 USD 3,992,275J.P. Morgan Chase Bank,New York 18,166USD 900,000 07/10/2013 COP 1,741,500,000 Barclays Bank Wholesale (13,180)USD 3,033,744 07/10/2013 COP 5,906,700,000 Standard Chartered Bank (63,517)TRY 474,609 21/10/2013 USD 237,979J.P. Morgan Chase Bank,New York (4,091)TRY 3,421,461 21/10/2013 USD 1,749,168 Standard Chartered Bank (63,069)USD 730,000 21/10/2013 TRY 1,426,274 Barclays Bank Wholesale 27,131USD 370,000 24/10/2013 PLN 1,169,570 Standard Chartered Bank (4,190)USD 1,640,000 01/11/2013 TWD 48,503,000 Standard Chartered Bank (1,807)BRL 5,508,993 04/11/2013 USD 2,300,374J.P. Morgan Chase Bank,New York 155,106BRL 11,043,856 04/11/2013 USD 4,703,516 Standard Chartered Bank 218,975MYR 10,927,225 04/11/2013 USD 3,370,000 Barclays Bank Wholesale (23,736)USD 520,000 04/11/2013 BRL 1,195,844 Barclays Bank Wholesale (13,014)USD 332,000 04/11/2013 KRW 363,872,000 Barclays Bank Wholesale (5,622)USD 5,501,159 04/11/2013 KRW 6,104,533,200J.P. Morgan Chase Bank,New York (162,987)CNY 29,057,465 05/11/2013 USD 4,687,822 Standard Chartered Bank 37,279116

Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundnameIn exchangeforSettlementContract todeliverCounterpartyUnrealisedgain / (loss)in sub-fundcurrencyGEM Inflation Linked Bond (continued)USD 1,000,000 05/11/2013 CNY 6,216,600J.P. Morgan Chase Bank,New York (10,895)PHP 2,314,200 08/11/2013 USD 53,237 Standard Chartered Bank 86MXN 371,151 14/11/2013 USD 28,858J.P. Morgan Chase Bank,New York (763)MXN 12,833,100 14/11/2013 USD 1,000,000 Standard Chartered Bank (28,581)USD 1,750,000 14/11/2013 MXN 22,725,500 Barclays Bank Wholesale 29,762THB 24,123,360 18/11/2013 USD 799,449 Standard Chartered Bank (30,436)USD 4,603,000 18/11/2013 THB 146,416,120 Standard Chartered Bank (64,505)COP 5,906,700,000 06/12/2013 USD 3,017,471 Standard Chartered Bank 63,594ZAR 23,768,904 09/12/2013 USD 2,304,975 Standard Chartered Bank 33,472CLP 2,105,032,580 18/12/2013 USD 4,033,016 Barclays Bank Wholesale 105,382CLP 1,333,850,908 18/12/2013 USD 2,620,000 Standard Chartered Bank 2,290HUF 224,961,000 18/12/2013 USD 1,020,000 Barclays Bank Wholesale (1,771)ILS 9,643,839 18/12/2013 USD 2,655,999 Standard Chartered Bank 75,207USD 4,524,224 18/12/2013 HUF 1,005,078,884 Standard Chartered Bank (25,012)USD 1,453,000 18/12/2013 ILS 5,206,987 Barclays Bank Wholesale (21,657)USD 510,892 18/12/2013 ILS 1,869,661J.P. Morgan Chase Bank,New York (18,610)PLN 3,421,221 20/12/2013 USD 1,076,272J.P. Morgan Chase Bank,New York 14,671INR 111,701,400 16/01/2014 USD 1,660,000 Barclays Bank Wholesale 68,299MXN 17,370,555 16/01/2014 USD 1,284,804 Standard Chartered Bank 23,748USD 42,665 16/01/2014 INR 2,933,200 Standard Chartered Bank (2,719)USD 332,076Global Asset-Backed Bond (launched as at 31 May 2013)USD 7,219,142 07/10/2013 EUR 5,461,000 Citibank (173,248)USD 166,920 07/10/2013 EUR 125,000 J.P. Morgan Chase, London (2,289)USD 15,324,269 07/10/2013 GBP 9,838,000 Royal Bank of Scotland (606,489)USD (782,026)Global Asset-Backed High Yield Bond (launched as at 31 May 2013)USD 7,443,872 07/10/2013 EUR 5,631,000 Citibank (178,641)USD 178,938 07/10/2013 EUR 134,000 J.P. Morgan Chase, London (2,453)USD 783,078 07/10/2013 EUR 578,000 Royal Bank of Scotland 657USD 7,920,706 07/10/2013 GBP 5,085,000 Royal Bank of Scotland (313,478)USD (493,915)Global BondGBP 650,000 02/10/2013 USD 1,047,901 Royal Bank of Scotland 4,699CAD 348,000 07/10/2013 USD 330,206 Citibank 8,291CAD 358,000 07/10/2013 USD 347,496 Royal Bank of Scotland 728EUR 2,240,000 07/10/2013 USD 3,033,379 HSBC Bank PLC, London (1,158)GBP 220,000 07/10/2013 USD 342,674State Street Bank and TrustCompany 13,573JPY 33,000,000 07/10/2013 USD 336,036 HSBC Bank PLC, London 284117

Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundnameIn exchangeforSettlementContract todeliverCounterpartyUnrealisedgain / (loss)in sub-fundcurrencyGlobal Bond (continued)USD 193,998 07/10/2013 CAD 200,000 Citibank (540)USD 19,858,618 07/10/2013 EUR 15,020,000 Citibank (473,499)USD 1,876,078 07/10/2013 EUR 1,405,000 HSBC Bank PLC, London (25,828)USD 980,037 07/10/2013 EUR 745,000State Street Bank and TrustCompany (28,447)USD 411,844 07/10/2013 GBP 258,000 Citibank (5,937)USD 274,055 07/10/2013 GBP 170,000 Royal Bank of Scotland (1,227)USD 1,010,230 07/10/2013 JPY 100,000,000 Citibank (8,920)USD 6,588,498 07/10/2013 JPY 654,000,000 Royal Bank of Scotland (76,740)EUR 4,718,002 11/10/2013 CHF 5,800,000 Citibank (28,003)AUD 2,456,000 15/11/2013 USD 2,277,203State Street Bank and TrustCompany 12,101CHF 1,332,000 15/11/2013 USD 1,426,599State Street Bank and TrustCompany 46,994DKK 4,151,000 15/11/2013 USD 739,207 Royal Bank of Scotland 14,531KRW 2,300,000,000 15/11/2013 USD 2,109,318 J.P. Morgan Chase, London 22,782MXN 9,129,000 15/11/2013 USD 694,835 Citibank (4,080)PLN 3,251,000 15/11/2013 USD 1,014,383 Royal Bank of Scotland 24,143SEK 7,850,000 15/11/2013 USD 1,198,935State Street Bank and TrustCompany 21,857SGD 1,542,000 15/11/2013 USD 1,216,317 HSBC Bank PLC, London 12,676ZAR 4,299,000 15/11/2013 USD 428,011 Citibank (3,772)USD (475,492)Global Emerging Markets BondAUD 54,397,482 30/09/2013 USD 48,890,063 HSBC Bank PLC, London 1,980,989CHF 16,951,407 30/09/2013 USD 18,328,787 HSBC Bank PLC, London 417,301EUR 584,821,986 30/09/2013 USD 780,370,592 HSBC Bank PLC, London 11,270,420SGD 27,214,810 30/09/2013 USD 21,248,079 HSBC Bank PLC, London 441,307USD 50,880,844 30/09/2013 AUD 54,397,481 HSBC Bank PLC, London 9,795USD 18,571,543 30/09/2013 CHF 16,951,408 HSBC Bank PLC, London (174,545)USD 788,908,676 30/09/2013 EUR 584,821,991 HSBC Bank PLC, London (2,732,335)USD 21,688,761 30/09/2013 SGD 27,214,808 HSBC Bank PLC, London (625)AUD 41,066,468 31/10/2013 USD 38,595,379 HSBC Bank PLC, London (269,479)CHF 11,879,421 31/10/2013 USD 13,020,784 HSBC Bank PLC, London 119,409EUR 562,385,748 31/10/2013 USD 759,418,485 HSBC Bank PLC, London 1,907,015SGD 25,161,142 31/10/2013 USD 20,080,374 HSBC Bank PLC, London (27,099)USD 683,687 31/10/2013 AUD 730,359 HSBC Bank PLC, London 2,068USD 282 31/10/2013 CHF 255 HSBC Bank PLC, London 0USD 1,565,547 31/10/2013 EUR 1,160,033 HSBC Bank PLC, London (4,837)BRL 24,077,804 04/11/2013 USD 10,579,000 Barclays Bank Wholesale 153,011USD 524,566 09/12/2013 ZAR 5,409,320 Standard Chartered Bank (7,618)PLN 48,842 20/12/2013 USD 15,515J.P. Morgan Chase Bank,New York 59MXN 9,072,073 16/01/2014 USD 671,011 Standard Chartered Bank 12,403USD 13,097,239118

Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundnameIn exchangeforSettlementContract todeliverCounterpartyUnrealisedgain / (loss)in sub-fundcurrencyGlobal Emerging Markets Investment Grade BondSGD 1,285,690 02/10/2013 USD 1,020,000 Standard Chartered Bank 4,658INR 29,160,000 03/10/2013 USD 480,000 Standard Chartered Bank (14,223)USD 435,874 03/10/2013 INR 29,160,000 Standard Chartered Bank (29,903)COP 2,339,057,123 07/10/2013 USD 1,221,121 Morgan Stanley Taiwan Limited 5,397USD 1,201,365 07/10/2013 COP 2,339,057,123 Standard Chartered Bank (25,153)TRY 1,404,884 21/10/2013 USD 692,016J.P. Morgan Chase Bank,New York 312USD 180,000 21/10/2013 TRY 355,684 UBS AG 4,719USD 190,000 24/10/2013 PLN 600,590 Standard Chartered Bank (2,152)RUB 16,766,800 29/10/2013 USD 502,000 Barclays Bank Wholesale 13,567RUB 115,963,750 29/10/2013 USD 3,500,000 Morgan Stanley Taiwan Limited 65,798USD 240,000 29/10/2013 RUB 8,044,464 Barclays Bank Wholesale (7,361)USD 4,030,487 29/10/2013 RUB 135,307,469 Standard Chartered Bank (130,117)USD 520,000 01/11/2013 TWD 15,376,400 Crédit Suisse International, London (485)BRL 2,163,837 04/11/2013 USD 890,358J.P. Morgan Chase Bank,New York 74,112BRL 3,048,125 04/11/2013 USD 1,250,000 Morgan Stanley, London 108,617BRL 15,513,071 04/11/2013 USD 6,606,930 Standard Chartered Bank 307,590MYR 5,317,700 04/11/2013 USD 1,640,000 Barclays Bank Wholesale (11,551)MYR 68,328 04/11/2013 USD 20,851 Standard Chartered Bank 74USD 2,245,042 04/11/2013 BRL 4,984,892J.P. Morgan Chase Bank,New York 23,165USD 1,020,000 04/11/2013 KRW 1,107,720,000J.P. Morgan Chase Bank,New York (7,808)USD 110,000 04/11/2013 MYR 364,191 UBS AG (1,527)CNY 5,686,513 05/11/2013 USD 917,402 Standard Chartered Bank 7,296MXN 286,424 14/11/2013 USD 22,270J.P. Morgan Chase Bank,New York (589)USD 700,000 14/11/2013 MXN 9,090,200 Barclays Bank Wholesale 11,905USD 1,269,023 14/11/2013 MXN 16,235,670J.P. Morgan Chase Bank,New York 40,042THB 68,414,260 18/11/2013 USD 2,254,000 Standard Chartered Bank (73,066)USD 6,262,228 18/11/2013 THB 190,429,367 Standard Chartered Bank 191,654COP 2,339,057,123 06/12/2013 USD 1,194,921 Standard Chartered Bank 25,183USD 727,476 09/12/2013 PEN 2,057,303 Standard Chartered Bank (6,238)ZAR 29,521,054 09/12/2013 USD 2,890,466 Crédit Suisse International, London 13,893USD 700,202 16/12/2013 EUR 525,763 Barclays Bank Wholesale (11,635)CLP 36,704,850 18/12/2013 USD 70,323 Barclays Bank Wholesale 1,838CLP 519,285,468 18/12/2013 USD 1,020,000 Standard Chartered Bank 891PLN 424,228 20/12/2013 USD 134,763J.P. Morgan Chase Bank,New York 513PLN 4,007,750 20/12/2013 USD 1,250,000 Morgan Stanley, London 27,972USD 1,657,959 20/12/2013 PLN 5,282,256J.P. Morgan Chase Bank,New York (26,422)INR 29,160,000 16/01/2014 USD 424,145 Standard Chartered Bank 27,032MXN 70,904,104 16/01/2014 USD 5,237,800 Crédit Suisse International, London 103,520USD 711,518119

Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundnameIn exchangeforSettlementContract todeliverCounterpartyUnrealisedgain / (loss)in sub-fundcurrencyGlobal Emerging Markets Local DebtSGD 27,732,650 02/10/2013 USD 22,000,000 Royal Bank of Scotland 102,132SGD 8,718,430 02/10/2013 USD 7,000,000 Standard Chartered Bank (51,660)INR 333,410,000 03/10/2013 USD 5,500,000 Deutsche Bank (174,387)INR 3,266,143,230 03/10/2013 USD 52,840,809J.P. Morgan Chase Bank,New York (670,164)INR 2,932,733,230 03/10/2013 USD 47,516,741 Standard Chartered Bank (671,709)USD 5,394,024 03/10/2013 INR 333,410,000 Deutsche Bank 68,411USD 48,967,665 03/10/2013 INR 3,266,143,230J.P. Morgan Chase Bank,New York (3,202,980)USD 47,446,785 03/10/2013 INR 2,932,733,230 Standard Chartered Bank 601,753COP 10,789,800,000 07/10/2013 USD 5,600,000J.P. Morgan Chase Bank,New York 57,783COP 84,438,094,083 07/10/2013 USD 44,081,490 UBS AG 194,810USD 5,400,000 07/10/2013 COP 10,490,850,000 Citibank, New York (101,024)USD 5,596,369 07/10/2013 COP 10,789,800,000 Merrill Lynch International Bank (61,414)USD 35,434,498 07/10/2013 COP 68,990,968,083 Standard Chartered Bank (741,884)USD 2,600,000 07/10/2013 COP 4,956,276,000 UBS AG 1,107EUR 1,203,743 16/10/2013 USD 1,600,000 UBS AG 29,501TRY 1,720,491 21/10/2013 USD 851,000 Barclays Bank Wholesale (3,141)TRY 20,872,915 21/10/2013 USD 10,157,630 Citibank, New York 128,557TRY 35,928,941 21/10/2013 USD 18,453,052 Crédit Suisse International, London (747,245)TRY 11,223,585 21/10/2013 USD 5,700,000 Morgan Stanley, London (169,009)TRY 5,685,946 21/10/2013 USD 2,800,000 Royal Bank of Scotland 2,038TRY 8,940,691 21/10/2013 USD 4,484,247 Standard Chartered Bank (78,268)USD 6,540,000 21/10/2013 TRY 12,777,852 Barclays Bank Wholesale 243,066USD 11,690,216 21/10/2013 TRY 22,876,924 Crédit Suisse International, London 416,452USD 25,555,788 21/10/2013 TRY 51,960,027 Merrill Lynch International Bank (50,150)SGD 2,155,112 23/10/2013 USD 1,700,000 Royal Bank of Scotland 17,598SGD 59,756,578 23/10/2013 USD 46,757,703 Standard Chartered Bank 867,553USD 2,000,000 23/10/2013 SGD 2,534,020 Royal Bank of Scotland (19,583)USD 1,900,000 23/10/2013 SGD 2,427,499 UBS AG (34,687)PLN 17,954,741 24/10/2013 USD 5,800,000 Deutsche Bank (55,586)USD 960,000 24/10/2013 PLN 3,034,560 Standard Chartered Bank (10,873)RUB 273,910,000 29/10/2013 USD 8,600,000 Barclays Bank Wholesale (177,473)RUB 504,150,000 29/10/2013 USD 15,000,000 Crédit Suisse International, London 502,235RUB 513,590,000 29/10/2013 USD 15,270,419 Deutsche Bank 522,089RUB 848,849,671 29/10/2013 USD 25,372,419 Standard Chartered Bank 729,072USD 3,710,000 29/10/2013 RUB 123,951,100J.P. Morgan Chase Bank,New York (101,403)USD 1,800,000 29/10/2013 RUB 60,332,407 Royal Bank of Scotland (55,176)TWD 32,564,070 01/11/2013 USD 1,100,000 Citibank, New York 2,280TWD 1,257,278,894 01/11/2013 USD 41,576,683 Standard Chartered Bank 981,693120

Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundnameIn exchangeforSettlementContract todeliverCounterpartyUnrealisedgain / (loss)in sub-fundcurrencyGlobal Emerging Markets Local Debt (continued)USD 10,890,000 01/11/2013 TWD 322,017,300 Crédit Suisse International, London (10,154)USD 6,000,000 01/11/2013 TWD 180,180,000J.P. Morgan Chase Bank,New York (99,019)USD 1,400,000 01/11/2013 TWD 41,593,160 Morgan Stanley, London (7,911)USD 1,910,000 01/11/2013 TWD 57,146,742 UBS AG (24,394)BRL 10,258,600 04/11/2013 USD 4,400,000 Goldman Sachs International 172,486BRL 13,477,750 04/11/2013 USD 5,500,000 Merrill Lynch International Bank 507,332BRL 17,673,370 04/11/2013 USD 7,270,000 Standard Chartered Bank 607,413IDR 114,125,000,000 04/11/2013 USD 10,100,000J.P. Morgan Chase Bank,New York (257,396)IDR 156,839,640,000 04/11/2013 USD 14,692,238 Standard Chartered Bank (1,165,749)MYR 71,205,300 04/11/2013 USD 21,960,000 Barclays Bank Wholesale (154,672)MYR 3,595,900 04/11/2013 USD 1,100,000 Merrill Lynch International Bank 1,179MYR 30,500,000 04/11/2013 USD 9,377,979 Morgan Stanley Taiwan Limited (37,908)MYR 9,460,110 04/11/2013 USD 2,886,820 Standard Chartered Bank 10,166MYR 21,491,400 04/11/2013 USD 6,800,000 UBS AG (218,650)USD 4,710,000 04/11/2013 BRL 10,831,587 Barclays Bank Wholesale (117,879)USD 17,293,141 04/11/2013 BRL 38,366,563 Merrill Lynch International Bank 192,313USD 1,256,671 04/11/2013 BRL 2,950,664 Standard Chartered Bank (58,505)USD 22,250,000 04/11/2013 KRW 24,163,500,000J.P. Morgan Chase Bank,New York (170,320)USD 6,700,000 04/11/2013 MYR 21,835,300J.P. Morgan Chase Bank,New York 13,336USD 1,200,000 04/11/2013 MYR 3,963,300 Royal Bank of Scotland (13,689)CNY 47,355,000 05/11/2013 USD 7,700,000 Deutsche Bank 505CNY 638,429,486 05/11/2013 USD 102,997,416 Standard Chartered Bank 819,063USD 14,500,000 05/11/2013 CNY 90,393,000 Crédit Suisse International, London (199,013)USD 6,200,000 05/11/2013 CNY 38,550,360 Royal Bank of Scotland (68,762)USD 4,300,000 05/11/2013 CNY 26,607,433 UBS AG (26,695)PEN 5,334,250 08/11/2013 USD 1,900,000 Merrill Lynch International Bank 9,776PHP 469,615,210 08/11/2013 USD 10,813,152 Crédit Suisse International, London 7,475USD 1,300,000 08/11/2013 PHP 57,882,370 UBS AG (33,695)MXN 127,095,000 14/11/2013 USD 10,000,000 Barclays Bank Wholesale (379,371)MXN 119,889,034 14/11/2013 USD 9,287,575J.P. Morgan Chase Bank,New York (212,411)MXN 299,431,280 14/11/2013 USD 22,802,345 Morgan Stanley, London (136,488)MXN 278,805,608 14/11/2013 USD 21,592,752 Standard Chartered Bank (488,182)MXN 73,795,294 14/11/2013 USD 5,600,000 UBS AG (13,965)USD 14,300,000 14/11/2013 MXN 185,685,500 Deutsche Bank 244,284121

Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundnameIn exchangeforSettlementContract todeliverCounterpartyUnrealisedgain / (loss)in sub-fundcurrencyGlobal Emerging Markets Local Debt (continued)USD 2,700,000 14/11/2013 MXN 35,434,800 UBS AG 17,715THB 91,020,000 18/11/2013 USD 3,000,000 Morgan Stanley Taiwan Limited (98,432)THB 902,077,960 18/11/2013 USD 29,559,580 Standard Chartered Bank (802,821)USD 35,780,000 18/11/2013 THB 1,138,350,700 Standard Chartered Bank (508,745)COP 10,789,800,000 06/12/2013 USD 5,566,056 Merrill Lynch International Bank 62,142COP 68,990,968,083 06/12/2013 USD 35,244,428 Standard Chartered Bank 742,784COP 8,139,900,000 06/12/2013 USD 4,300,000 UBS AG (54,048)USD 11,114,125 09/12/2013 PEN 31,430,746 Standard Chartered Bank (95,296)USD 2,800,000 09/12/2013 ZAR 28,208,600J.P. Morgan Chase Bank,New York 24,764ZAR 15,719,310 09/12/2013 USD 1,535,689 Crédit Suisse International, London 10,818ZAR 26,735,225 09/12/2013 USD 2,693,315J.P. Morgan Chase Bank,New York (63,033)ZAR 22,093,606 09/12/2013 USD 2,200,000 UBS AG (26,373)USD 30,152,179 16/12/2013 EUR 22,640,460 Barclays Bank Wholesale (501,037)CLP 11,040,960,000 18/12/2013 USD 21,700,000 Goldman Sachs International 6,021CLP 4,853,471,000 18/12/2013 USD 9,272,967 Standard Chartered Bank 268,734CLP 1,737,750,000 18/12/2013 USD 3,500,000 UBS AG (83,663)CZK 328,694,249 18/12/2013 USD 17,114,857J.P. Morgan Chase Bank,New York 181,217CZK 23,244,156 18/12/2013 USD 1,200,000 UBS AG 23,120HUF 238,516 18/12/2013 USD 1,070J.P. Morgan Chase Bank,New York 10HUF 4,938,860,091 18/12/2013 USD 22,231,595 Standard Chartered Bank 122,906ILS 3,929,850 18/12/2013 USD 1,100,000 Royal Bank of Scotland 12,963ILS 35,479,314 18/12/2013 USD 9,634,834 Standard Chartered Bank 413,171RON 3,725,685 18/12/2013 USD 1,100,000 Royal Bank of Scotland 23,727RON 46,702,652 18/12/2013 USD 13,600,073 Standard Chartered Bank 486,200USD 8,000,000 18/12/2013 HUF 1,788,400,000 Standard Chartered Bank (94,740)USD 2,700,000 18/12/2013 ILS 9,898,902 Royal Bank of Scotland (103,443)PLN 8,943,903 20/12/2013 USD 2,800,000 Crédit Suisse International, London 51,989PLN 35,007,067 20/12/2013 USD 11,110,105J.P. Morgan Chase Bank,New York 52,782USD 32,515,672 20/12/2013 PLN 103,938,899 Citibank, New York (627,871)HKD 460,635,587 16/01/2014 USD 59,412,616J.P. Morgan Chase Bank,New York (2,388)INR 3,624,173,230 16/01/2014 USD 53,132,248J.P. Morgan Chase Bank,New York 2,942,741INR 191,130,000 16/01/2014 USD 3,000,000 Standard Chartered Bank (42,743)MXN 136,468,283 16/01/2014 USD 10,230,160 Barclays Bank Wholesale 50,217USD 3,714,856 16/01/2014 MXN 50,224,858J.P. Morgan Chase Bank,New York (68,663)USD 29,949,222 16/01/2014 MXN 396,018,565 Royal Bank of Scotland 116,504USD (581,957)122

Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundnameIn exchangeforSettlementContract todeliverCounterpartyUnrealisedgain / (loss)in sub-fundcurrencyGlobal High Income BondAUD 504,812,633 30/09/2013 USD 452,970,699 HSBC Bank PLC, London 19,116,401EUR 51,172,107 30/09/2013 USD 68,089,870 HSBC Bank PLC, London 1,178,966SGD 14,276,247 30/09/2013 USD 11,122,570 HSBC Bank PLC, London 255,171USD 474,864,911 30/09/2013 AUD 504,812,634 HSBC Bank PLC, London 2,777,813USD 69,057,786 30/09/2013 EUR 51,172,107 HSBC Bank PLC, London (211,052)USD 11,385,347 30/09/2013 SGD 14,276,249 HSBC Bank PLC, London 7,605USD 1,214,531 01/10/2013 EUR 900,094J.P. Morgan Chase Bank,New York (3,879)EUR 900,000 07/10/2013 USD 1,214,420J.P. Morgan Chase Bank,New York 3,880EUR 3,177,000 07/10/2013 USD 4,242,181 UBS AG 58,417USD 29,224,323 07/10/2013 EUR 22,207,000J.P. Morgan Chase Bank,New York (836,550)USD 2,350,264 07/10/2013 EUR 1,734,000 UBS AG 3,006USD 543,391 07/10/2013 GBP 348,000J.P. Morgan Chase Bank,New York (20,139)USD 51,916,478 07/10/2013 GBP 33,436,000 UBS AG (2,227,677)EUR 22,000,000 15/10/2013 USD 29,681,422 Barclays Bank Wholesale 99,799EUR 8,000,000 15/10/2013 USD 10,610,384J.P. Morgan Chase Bank,New York 219,151EUR 25,000,000 15/10/2013 USD 33,116,156 Société Générale, Paris 726,141USD 563,822,850 15/10/2013 EUR 425,000,000J.P. Morgan Chase Bank,New York (11,496,193)AUD 482,185,895 31/10/2013 USD 453,151,972 HSBC Bank PLC, London (3,144,719)EUR 49,560,273 31/10/2013 USD 66,924,062 HSBC Bank PLC, London 167,787SGD 13,707,020 31/10/2013 USD 10,939,169 HSBC Bank PLC, London (14,759)USD 5,880,549 31/10/2013 AUD 6,285,316 HSBC Bank PLC, London 14,683USD 601,063 31/10/2013 EUR 445,691 HSBC Bank PLC, London (2,289)USD 757 31/10/2013 SGD 949 HSBC Bank PLC, London -BRL 14,352,000 04/11/2013 USD 6,000,000 Standard Chartered Bank 397,005MXN 81,330,000 16/01/2014 USD 6,000,000 Standard Chartered Bank 126,720USD 7,195,288Global High Yield BondAUD 216,621,020 30/09/2013 USD 194,422,323 HSBC Bank PLC, London 8,155,785EUR 38,382,809 30/09/2013 USD 51,064,641 HSBC Bank PLC, London 892,032USD 203,593,673 30/09/2013 AUD 216,621,022 HSBC Bank PLC, London 1,015,564USD 51,768,952 30/09/2013 EUR 38,382,808 HSBC Bank PLC, London (187,727)USD 9,447,900 30/09/2013 EUR 7,000,000 UBS AG (27,611)EUR 5,250,000 01/10/2013 USD 7,017,643 BNP Paribas, Paris 89,007EUR 7,000,000 01/10/2013 USD 9,340,648 Barclays Bank Wholesale 134,886EUR 131,000,000 01/10/2013 USD 176,753,526J.P. Morgan Chase Bank,New York 574,305123

Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundnameIn exchangeforSettlementContract todeliverCounterpartyUnrealisedgain / (loss)in sub-fundcurrencyGlobal High Yield Bond (continued)EUR 1,000,000 01/10/2013 USD 1,336,215 Société Générale, Paris 17,432EUR 8,000,000 01/10/2013 USD 10,782,823 UBS AG 46,358GBP 950,000 01/10/2013 USD 1,529,044 Société Générale, Paris 9,397USD 1,327,996 01/10/2013 EUR 1,000,000 J.P. Morgan Chase, London (25,652)USD 214,966,815 01/10/2013 EUR 162,000,000 Société Générale, Paris (4,324,090)USD 1,456,395 01/10/2013 GBP 950,000 J.P. Morgan Chase, London (82,046)USD 29,701,502 02/10/2013 EUR 22,441,346 Barclays Bank Wholesale (676,241)AUD 204,286,829 31/10/2013 USD 192,001,696 HSBC Bank PLC, London (1,347,934)EUR 35,869,174 31/10/2013 USD 48,436,011 HSBC Bank PLC, London 121,615USD 2,122,714 31/10/2013 AUD 2,269,818 HSBC Bank PLC, London 4,373USD 1,336,421 31/10/2013 EUR 990,527 HSBC Bank PLC, London (4,497)BRL 7,976,150 04/11/2013 USD 3,506,000 Standard Chartered Bank 49,147EUR 1,000,000 02/12/2013 USD 1,349,577 Société Générale, Paris 4,288USD 167,343,447 02/12/2013 EUR 124,000,000J.P. Morgan Chase Bank,New York (535,831)USD 1,528,328 02/12/2013 GBP 950,000 Société Générale, Paris (9,404)USD 3,893,156Global Inflation Linked BondEUR 90,800 11/10/2013 USD 122,843 Crédit Suisse First Boston 72EUR 30,710 11/10/2013 USD 41,432J.P. Morgan Chase Bank,New York 139EUR 31,200 11/10/2013 USD 41,672 Royal Bank of Canada, London 563EUR 5,096,000 11/10/2013 USD 6,720,824 Société Générale, Paris 177,525EUR 25,552 11/10/2013 USD 34,181 UBS AG 409GBP 12,300 11/10/2013 USD 19,559 Crédit Suisse International, London 358GBP 1,941,700 11/10/2013 USD 3,038,096J.P. Morgan Chase Bank,New York 106,074GBP 12,600 11/10/2013 USD 20,193 Royal Bank of Canada, London 210USD 14,570 11/10/2013 EUR 10,982 HSBC Bank PLC, London (296)USD 63,692 11/10/2013 EUR 47,100 UBS AG (66)USD 29,071 11/10/2013 GBP 18,100 Royal Bank of Canada, London (238)EUR 576,681 30/10/2013 USD 765,322 Société Générale, Paris 15,355GBP 240,427 30/10/2013 USD 385,707 Société Générale, Paris 3,557USD 427,807 30/10/2013 AUD 466,500 HSBC Bank PLC, London (7,590)USD 535,198 30/10/2013 CAD 556,600 Royal Bank of Canada, London (5,948)USD 275,849 30/10/2013 CAD 285,493 Société Générale, Paris (1,718)USD 455,866 30/10/2013 EUR 337,461 HSBC France (969)USD 9,558,302 30/10/2013 EUR 7,244,113J.P. Morgan Chase Bank,New York (248,338)USD 34,183 30/10/2013 EUR 25,552 UBS AG (408)USD 7,978,182 30/10/2013 GBP 5,092,059 Crédit Suisse International, London (266,127)USD 53,165 30/10/2013 JPY 5,290,100 BNP Paribas, Paris (755)USD 1,020,873 30/10/2013 SEK 6,630,332 BNP Paribas, Paris (10,716)USD (238,907)124

Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundnameIn exchangeforSettlementContract todeliverCounterpartyUnrealisedgain / (loss)in sub-fundcurrencyGlobal Short Duration High Yield Bond (launched as at 12 June 2013)EUR 5,200,000 01/10/2013 USD 7,023,328 Société Générale, Paris 15,639USD 6,909,344 01/10/2013 EUR 5,200,000 Goldman Sachs International (129,623)USD 7,024,456 02/12/2013 EUR 5,200,000 Société Générale, Paris (15,642)USD (129,626)India Fixed IncomeINR 123,452,500 17/01/2014 USD 1,850,000 HSBC Bank PLC, London 57,341INR 776,570,000 17/01/2014 USD 12,000,000State Street Bank and Trust Co,Hong Kong (1,994)USD 600,000 17/01/2014 INR 40,560,000 HSBC Bank PLC, London (27,554)USD 2,150,000 17/01/2014 INR 141,642,000INR 158,562,500 14/02/2014 USD 2,500,000State Street Bank and Trust Co,Hong Kong (39,668)State Street Bank and Trust Co,Hong Kong (66,858)USD (78,733)RMB Fixed IncomeEUR 110,159,142 30/09/2013 USD 146,546,496 HSBC Bank PLC, London 2,570,428USD 148,752,378 30/09/2013 EUR 110,217,144 HSBC Bank PLC, London (443,055)EUR 537,501 01/10/2013 USD 726,215 HSBC Bank PLC, London 1,366USD 77,579 01/10/2013 EUR 57,419 HSBC Bank PLC, London (146)EUR 4,537 02/10/2013 USD 6,116 HSBC Bank PLC, London 25USD 33,689 02/10/2013 EUR 24,990 HSBC Bank PLC, London (139)EUR 21,625 03/10/2013 USD 29,290 HSBC Bank PLC, London (18)USD 13,525 03/10/2013 EUR 9,985 HSBC Bank PLC, London 8EUR 110,788,081 31/10/2013 USD 149,599,198 HSBC Bank PLC, London 381,163USD 1,183,446 31/10/2013 EUR 876,309 HSBC Bank PLC, London (2,867)USD 2,506,765GEM Debt Total ReturnCHF 9,965 30/09/2013 USD 10,744 HSBC Bank PLC, London 277EUR 1,186,453,692 30/09/2013 USD 1,578,567,478 HSBC Bank PLC, London 27,468,927GBP 827,772 30/09/2013 USD 1,289,522 HSBC Bank PLC, London 50,993JPY 7,082,777,588 30/09/2013 USD 71,739,265 HSBC Bank PLC, London 441,101USD 10,917 30/09/2013 CHF 9,965 HSBC Bank PLC, London (103)USD 1,601,704,302 30/09/2013 EUR 1,186,453,692 HSBC Bank PLC, London (4,332,100)USD 1,326,869 30/09/2013 GBP 827,772 HSBC Bank PLC, London (13,644)USD 71,586,594 30/09/2013 JPY 7,082,777,588 HSBC Bank PLC, London (593,772)INR 608,200,000 03/10/2013 USD 10,000,000 Crédit Suisse International, London (285,121)INR 2,906,820,000 03/10/2013 USD 47,027,552 Deutsche Bank (596,436)INR 2,298,620,000 03/10/2013 USD 38,000,000J.P. Morgan Chase Bank,New York (1,283,763)USD 9,839,673 03/10/2013 INR 608,200,000 Crédit Suisse International, London 124,794125

Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundnameIn exchangeforSettlementContract todeliverCounterpartyUnrealisedgain / (loss)in sub-fundcurrencyGEM Debt Total Return (continued)USD 43,613,203 03/10/2013 INR 2,906,820,000 Deutsche Bank (2,817,912)USD 37,187,879 03/10/2013 INR 2,298,620,000TRY 4,503,398 21/10/2013 USD 2,258,095J.P. Morgan Chase Bank,New York 471,642J.P. Morgan Chase Bank,New York (38,817)USD 19,726,488 21/10/2013 TRY 38,904,580 Crédit Suisse International, London 554,284USD 32,710,207 21/10/2013 TRY 63,971,353 Standard Chartered Bank 1,185,080RUB 25,265,250 29/10/2013 USD 752,592 Standard Chartered Bank 24,296CHF 9,844 31/10/2013 USD 10,790 HSBC Bank PLC, London 99EUR 1,175,196,244 31/10/2013 USD 1,586,929,145 HSBC Bank PLC, London 3,983,980GBP 823,139 31/10/2013 USD 1,319,287 HSBC Bank PLC, London 13,409JPY 7,067,289,544 31/10/2013 USD 71,444,352 HSBC Bank PLC, London 590,659USD 455,803 31/10/2013 EUR 337,963 HSBC Bank PLC, London (1,713)BRL 129,601,892 04/11/2013 USD 55,196,717 Crédit Suisse International, London 2,569,721BRL 42,986,575 04/11/2013 USD 17,650,000 Goldman Sachs International 1,510,070BRL 200,000,000 04/11/2013 USD 85,236,959 Royal Bank of Scotland 3,907,478BRL 704,120 04/11/2013 USD 290,000 Standard Chartered Bank 23,842USD 13,030,000 04/11/2013 BRL 29,965,091 Barclays Bank Wholesale (326,106)CNY 536,588,080 05/11/2013 USD 86,560,426 Deutsche Bank 695,389MXN 1,930,030 14/11/2013 USD 150,064J.P. Morgan Chase Bank,New York (3,968)USD 3,205,899 14/11/2013 MXN 40,000,000 Barclays Bank Wholesale 178,044USD 83,287,952 14/11/2013 MXN 1,040,000,000 Merrill Lynch International Bank 4,563,739USD 20,000,000 14/11/2013 MXN 259,620,000 Morgan Stanley, London 347,711ZAR 1,660,619,692 09/12/2013 USD 161,057,474 Standard Chartered Bank 2,318,670USD 94,208,475 16/12/2013 EUR 70,738,607 Barclays Bank Wholesale (1,565,456)CLP 12,740,000,000 18/12/2013 USD 25,000,000 Merrill Lynch International Bank 46,255USD 82,398,746 18/12/2013 HUF 18,305,293,425 Standard Chartered Bank (455,537)PLN 55,771,801 20/12/2013 USD 17,715,457 Standard Chartered Bank 68,791USD 31,261,723 20/12/2013 PLN 100,000,000 Citibank, New York (625,802)USD 31,387,320 20/12/2013 PLN 100,000,000J.P. Morgan Chase Bank,New York (500,206)USD 56,022,544 20/12/2013 PLN 179,151,693 Royal Bank of Scotland (1,104,498)INR 2,906,820,000 16/01/2014 USD 42,435,328 Deutsche Bank 2,540,418MXN 1,311,920,867 16/01/2014 USD 97,035,567J.P. Morgan Chase Bank,New York 1,793,552USD 40,928,267126

Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundnameIn exchangeforSettlementContract todeliverCounterpartyUnrealisedgain / (loss)in sub-fundcurrencyGlobal MacroCHF 1,692,600 09/10/2013 EUR 1,375,081 Goldman Sachs International 9,929CHF 2,692,725 09/10/2013 EUR 2,180,000 Société Générale, Paris 23,386CHF 768,494 09/10/2013 EUR 620,000 UBS AG 8,838CZK 71,783,993 09/10/2013 USD 3,690,000 Société Générale, Paris 57,718EUR 875,000 09/10/2013 AUD 1,298,135 Morgan Stanley Taiwan Limited (22,176)EUR 8,960,000 09/10/2013 CAD 12,521,564 Société Générale, Paris (36,744)EUR 42,538 09/10/2013 CHF 52,400 J.P. Morgan Chase, London (340)EUR 1,000,000 09/10/2013 CHF 1,233,218 Morgan Stanley Taiwan Limited (9,110)EUR 8,650,000 09/10/2013 CHF 10,653,971 Royal Bank of Scotland (67,867)EUR 740,000 09/10/2013 GBP 621,352 Crédit Suisse International, London (3,760)EUR 30,159 09/10/2013 GBP 25,524 Morgan Stanley Taiwan Limited (393)EUR 720,000 09/10/2013 GBP 620,690 Royal Bank of Scotland (22,968)EUR 733,263 09/10/2013 GBP 617,000 Société Générale, Paris (5,288)EUR 680,000 09/10/2013 NOK 5,361,988J.P. Morgan Chase Bank,New York 19,155EUR 192,209 09/10/2013 NOK 1,540,000 UBS Limited, London 2,409EUR 795,000 09/10/2013 SEK 6,921,351 Morgan Stanley Taiwan Limited (4,797)EUR 1,270,000 09/10/2013 USD 1,671,928 Morgan Stanley Taiwan Limited 31,465GBP 345,000 09/10/2013 EUR 412,501J.P. Morgan Chase Bank,New York 465GBP 16,505,559 09/10/2013 EUR 19,271,502 Morgan Stanley Taiwan Limited 485,706GBP 1,859,834 09/10/2013 EUR 2,205,007 Royal Bank of Scotland 21,219GBP 4,183,035 09/10/2013 EUR 4,879,000 UBS Limited, London 128,107JPY 109,077,100 09/10/2013 EUR 836,000 Société Générale, Paris (9,683)MXN 10,047,233 09/10/2013 USD 750,000 Royal Bank of Scotland 8,200NOK 270,000 09/10/2013 EUR 34,216J.P. Morgan Chase Bank,New York (940)NOK 8,042,000 09/10/2013 EUR 1,004,666 Morgan Stanley Taiwan Limited (13,519)NOK 7,456,825 09/10/2013 EUR 925,000 Royal Bank of Canada, London (5,974)NOK 10,690,185 09/10/2013 EUR 1,337,000 Royal Bank of Scotland (19,474)PLN 8,527,469 09/10/2013 USD 2,700,000 Royal Bank of Scotland 21,583PLN 1,989,765 09/10/2013 USD 620,000 Société Générale, Paris 12,449RUB 453,216,787 09/10/2013 USD 13,650,000 J.P. Morgan Chase, London 225,865SEK 1,889,800 09/10/2013 EUR 217,556 Crédit Suisse First Boston 820SEK 19,857,237 09/10/2013 EUR 2,283,000 Morgan Stanley Taiwan Limited 11,603SEK 2,490,000 09/10/2013 EUR 288,482 Royal Bank of Canada, London (751)SEK 93,480,286 09/10/2013 EUR 10,714,537 UBS Limited, London 87,576SGD 17,323,225 09/10/2013 USD 13,560,000 Royal Bank of Scotland 179,128USD 11,025,000 09/10/2013 CZK 211,470,746 Goldman Sachs International (55,573)127

Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundnameIn exchangeforSettlementContract todeliverCounterpartyUnrealisedgain / (loss)in sub-fundcurrencyGlobal Macro (continued)USD 3,817,341 09/10/2013 EUR 2,841,000 J.P. Morgan Chase, London (13,180)USD 10,464,992 09/10/2013 EUR 7,802,803 Morgan Stanley Taiwan Limited (50,520)USD 560,787 09/10/2013 EUR 420,000 Royal Bank of Canada, London (4,579)USD 151,500 09/10/2013 EUR 112,049 UBS AG 179USD 9,735,000 09/10/2013 MXN 127,160,449 J.P. Morgan Chase, London 76,087USD 836,000 09/10/2013 PLN 2,660,134 Société Générale, Paris (11,371)USD 736,000 09/10/2013 PLN 2,388,224 UBS Limited, London (20,985)USD 1,961,000 09/10/2013 ZAR 20,047,732 J.P. Morgan Chase, London (19,714)USD 787,000 09/10/2013 ZAR 7,747,854 Morgan Stanley, London 13,961USD 764,000 09/10/2013 ZAR 7,891,618 UBS Limited, London (13,635)BRL 1,744,488 11/10/2013 USD 720,000 BNP Paribas, Paris 38,139BRL 4,758,102 11/10/2013 USD 2,000,000 Goldman Sachs International 77,211BRL 12,294,496 11/10/2013 USD 5,081,000 J.P. Morgan Chase, London 263,816CLP 963,989,000 11/10/2013 USD 1,885,000 Goldman Sachs International 19,579CLP 992,719,245 11/10/2013 USD 1,965,000 Société Générale, Paris 2,517KRW 2,072,651,490 11/10/2013 USD 1,890,000 Morgan Stanley Taiwan Limited 29,116KRW 1,029,189,910 11/10/2013 USD 950,000 UBS AG 5,933USD 1,350,000 11/10/2013 BRL 3,084,480 Société Générale, Paris (10,433)USD 620,000 11/10/2013 CLP 321,209,600 J.P. Morgan Chase, London (12,523)USD 4,238,000 11/10/2013 CLP 2,205,243,300 Morgan Stanley Taiwan Limited (99,732)USD 4,253,000 11/10/2013 KRW 4,768,931,430 Royal Bank of Scotland (137,863)USD 745,000 11/10/2013 KRW 810,276,900 Société Générale, Paris (6,843)TWD 534,240,000 15/10/2013 USD 18,000,000 Crédit Suisse International, London 56,052USD 4,430,000 15/10/2013 TWD 132,618,252 Morgan Stanley Taiwan Limited (42,263)AUD 2,378,337 05/12/2013 USD 2,200,000 Morgan Stanley, London 7,929CHF 1,237,260 05/12/2013 EUR 1,000,000 HSBC Bank PLC, London 12,737EUR 2,000,000 05/12/2013 CHF 2,469,614 Morgan Stanley Taiwan Limited (21,458)EUR 1,188,820 05/12/2013 GBP 1,000,000 UBS AG (7,489)EUR 1,500,000 05/12/2013 JPY 195,331,650 Morgan Stanley Taiwan Limited 19,998EUR 1,000,000 05/12/2013 JPY 128,275,000 Société Générale, Paris 28,078GBP 600,000 05/12/2013 EUR 712,665 Royal Bank of Scotland 5,120GBP 1,000,000 05/12/2013 EUR 1,183,614 Société Générale, Paris 12,695GBP 1,000,000 05/12/2013 USD 1,571,201J.P. Morgan Chase Bank,New York 32,575GBP 650,000 05/12/2013 USD 1,013,806 Royal Bank of Scotland 26,710JPY 198,605,850 05/12/2013 EUR 1,500,000J.P. Morgan Chase Bank,New York 4,810JPY 448,446,150 05/12/2013 USD 4,500,000 UBS AG 64,821MXN 13,390,000 05/12/2013 USD 1,000,000 HSBC France 7,182MXN 26,409,098 05/12/2013 USD 2,000,000 Royal Bank of Canada, London (6,351)128

Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundnameIn exchangeforSettlementContract todeliverCounterpartyUnrealisedgain / (loss)in sub-fundcurrencyGlobal Macro (continued)NOK 3,367,008 05/12/2013 GBP 350,000J.P. Morgan Chase Bank,New York (4,674)NOK 6,162,166 05/12/2013 GBP 650,000 Royal Bank of Scotland (19,852)NOK 23,000,000 05/12/2013 SEK 25,517,005 Morgan Stanley Taiwan Limited (116,035)NOK 10,000,000 05/12/2013 SEK 10,715,610 Morgan Stanley, London (6,749)NZD 618,722 05/12/2013 USD 500,000J.P. Morgan Chase Bank,New York 7,206SEK 13,455,000 05/12/2013 NOK 12,500,000 HSBC France 15,415SEK 11,607,404 05/12/2013 NOK 10,500,000 Royal Bank of Scotland 48,165SGD 1,268,083 05/12/2013 USD 1,000,000 Crédit Suisse International, London 7,681SGD 1,897,481 05/12/2013 USD 1,500,000 Morgan Stanley Taiwan Limited 8,781USD 800,000 05/12/2013 AUD 882,261 Royal Bank of Canada, London (14,870)USD 2,800,000 05/12/2013 AUD 2,995,095 Royal Bank of Scotland 11,856USD 1,600,000 05/12/2013 AUD 1,765,003 UBS Limited, London (30,072)USD 1,039,241 05/12/2013 GBP 650,000 Crédit Suisse International, London (7,871)USD 1,579,754 05/12/2013 GBP 1,000,000 Morgan Stanley, London (26,240)USD 1,000,000 05/12/2013 JPY 99,452,600J.P. Morgan Chase Bank,New York (12,873)USD 4,500,000 05/12/2013 JPY 440,751,150 Morgan Stanley Taiwan Limited (6,517)USD 2,000,000 05/12/2013 JPY 196,284,000 Société Générale, Paris (5,886)USD 1,000,000 05/12/2013 MXN 12,973,570 Crédit Suisse International, London 16,076USD 1,000,000 05/12/2013 MXN 13,110,000 HSBC Bank PLC, London 8,456USD 1,000,000 05/12/2013 MXN 12,913,000 HSBC France 19,459USD 1,500,000 05/12/2013 MXN 19,691,743 Royal Bank of Canada, London 11,191USD 500,000 05/12/2013 MXN 6,487,500 Société Générale, Paris 7,998USD 1,000,000 05/12/2013 NZD 1,197,652J.P. Morgan Chase Bank,New York 9,869USD 500,000 05/12/2013 NZD 630,702 Morgan Stanley Taiwan Limited (14,516)USD 1,500,000 05/12/2013 SGD 1,905,290 UBS AG (13,390)BRL 2,316,500 09/12/2013 USD 1,000,000 Royal Bank of Scotland 8,064KRW 1,090,200,000 09/12/2013 USD 1,000,000J.P. Morgan Chase Bank,New York 9,042KRW 1,122,110,000 09/12/2013 USD 1,000,000 Société Générale, Paris 30,985MYR 6,566,600 09/12/2013 USD 2,000,000J.P. Morgan Chase Bank,New York 4,521MYR 3,280,320 09/12/2013 USD 1,000,000 Royal Bank of Scotland 1,586USD 2,000,000 09/12/2013 KRW 2,247,837,000 Goldman Sachs International (64,458)USD 2,000,000 09/12/2013 MYR 6,605,800 Royal Bank of Scotland (13,390)EUR 1,251,528129

Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundnameIn exchangeforSettlementContract todeliverCounterpartyUnrealisedgain / (loss)in sub-fundcurrencyManaged Solutions - Asia Focused ConservativeAUD 1,842,785 30/09/2013 USD 1,654,521 HSBC Bank PLC, London 68,575EUR 310,909 30/09/2013 USD 413,713 HSBC Bank PLC, London 7,148GBP 506 30/09/2013 USD 808 HSBC Bank PLC, London 11SGD 305,111 30/09/2013 USD 237,778 HSBC Bank PLC, London 5,387USD 1,730,470 30/09/2013 AUD 1,842,784 HSBC Bank PLC, London 7,375USD 419,788 30/09/2013 EUR 310,909 HSBC Bank PLC, London (1,073)USD 812 30/09/2013 GBP 506 HSBC Bank PLC, London (8)USD 243,485 30/09/2013 SGD 305,111 HSBC Bank PLC, London 320AUD 1,734,847 31/10/2013 USD 1,630,378 HSBC Bank PLC, London (11,829)EUR 312,542 31/10/2013 USD 422,042 HSBC Bank PLC, London 1,065GBP 509 31/10/2013 USD 816 HSBC Bank PLC, London 8SGD 306,715 31/10/2013 USD 244,777 HSBC Bank PLC, London (326)USD 11,025 31/10/2013 AUD 11,753 HSBC Bank PLC, London 61USD 2,992 31/10/2013 EUR 2,214 HSBC Bank PLC, London (4)USD 5 31/10/2013 GBP 4 HSBC Bank PLC, London -USD 1,707 31/10/2013 SGD 2,139 HSBC Bank PLC, London 3USD 76,713Managed Solutions - Asia Focused GrowthAUD 15,379,392 30/09/2013 USD 13,828,698 HSBC Bank PLC, London 551,804EUR 3,615,065 30/09/2013 USD 4,810,352 HSBC Bank PLC, London 83,178GBP 510 30/09/2013 USD 815 HSBC Bank PLC, London 11SGD 507,067 30/09/2013 USD 395,424 HSBC Bank PLC, London 8,696USD 14,088,015 30/09/2013 AUD 15,077,258 HSBC Bank PLC, London (9,975)USD 4,873,175 30/09/2013 EUR 3,615,062 HSBC Bank PLC, London (20,356)USD 818 30/09/2013 GBP 510 HSBC Bank PLC, London (8)USD 404,514 30/09/2013 SGD 507,068 HSBC Bank PLC, London 395EUR 103,831 01/10/2013 USD 140,286 HSBC Bank PLC, London 264AUD 110,874 02/10/2013 USD 103,804 HSBC Bank PLC, London (139)HKD 1,599,358 02/10/2013 USD 206,327Hong Kong & Shanghai Bank,Hong Kong (95)USD 773 02/10/2013 AUD 823 HSBC Bank PLC, London 3AUD 34,206 03/10/2013 USD 31,852 HSBC Bank PLC, London 127AUD 9,379,961 31/10/2013 USD 8,815,953 HSBC Bank PLC, London (64,786)EUR 3,116,945 31/10/2013 USD 4,208,973 HSBC Bank PLC, London 10,619GBP 510 31/10/2013 USD 818 HSBC Bank PLC, London 8SGD 495,923 31/10/2013 USD 395,781 HSBC Bank PLC, London (532)USD 578,243 31/10/2013 AUD 617,608 HSBC Bank PLC, London 2,042USD 211,238 31/10/2013 EUR 156,335 HSBC Bank PLC, London (402)USD 13 31/10/2013 GBP 9 HSBC Bank PLC, London -USD 6,695 31/10/2013 SGD 8,397 HSBC Bank PLC, London 3PHP 10,675,000 04/11/2013 USD 250,000 HSBC Bank PLC, London (4,027)USD 300,000 04/11/2013 PHP 13,449,000State Street Bank and Trust Co,Hong Kong (9,860)USD 148,000 04/11/2013 THB 4,645,720 HSBC Bank PLC, London (185)USD 546,785130

Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundnameIn exchangeforSettlementContract todeliverCounterpartyUnrealisedgain / (loss)in sub-fundcurrencyManaged Solutions - Asia Focused IncomeAUD 136,711,842 30/09/2013 USD 122,785,859 HSBC Bank PLC, London 5,046,548EUR 19,257,883 30/09/2013 USD 25,626,300 HSBC Bank PLC, London 442,132GBP 509 30/09/2013 USD 812 HSBC Bank PLC, London 11SGD 12,628,462 30/09/2013 USD 9,841,724 HSBC Bank PLC, London 222,805USD 126,662,941 30/09/2013 AUD 135,093,732 HSBC Bank PLC, London 343,545USD 25,937,288 30/09/2013 EUR 19,248,708 HSBC Bank PLC, London (118,727)USD 815 30/09/2013 GBP 509 HSBC Bank PLC, London (8)USD 10,073,097 30/09/2013 SGD 12,628,462 HSBC Bank PLC, London 8,564AUD 379,104 01/10/2013 USD 354,956 HSBC Bank PLC, London (498)EUR 7,988 01/10/2013 USD 10,792 HSBC Bank PLC, London 20AUD 411,622 02/10/2013 USD 385,164 HSBC Bank PLC, London (302)HKD 29,171,983 02/10/2013 USD 3,763,366Hong Kong & Shanghai Bank, HongKong (1,727)AUD 283,199 03/10/2013 USD 263,713 HSBC Bank PLC, London 1,054AUD 112,812,443 31/10/2013 USD 106,023,955 HSBC Bank PLC, London (774,006)EUR 16,936,405 31/10/2013 USD 22,870,108 HSBC Bank PLC, London 57,702GBP 509 31/10/2013 USD 815 HSBC Bank PLC, London 8SGD 12,348,790 31/10/2013 USD 9,855,206 HSBC Bank PLC, London (13,245)USD 5,073,998 31/10/2013 AUD 5,414,363 HSBC Bank PLC, London 22,644USD 194,078 31/10/2013 EUR 143,739 HSBC Bank PLC, London (508)USD 6 31/10/2013 GBP 4 HSBC Bank PLC, London -USD 75,022 31/10/2013 SGD 94,200 HSBC Bank PLC, London (54)MYR 3,554,886 04/11/2013 USD 1,110,000 HSBC Bank PLC, London (21,686)PHP 128,100,000 04/11/2013 USD 3,000,000 HSBC Bank PLC, London (48,320)USD 5,050,000 04/11/2013 KRW 5,662,060,000State Street Bank and Trust Co,Hong Kong (205,052)USD 1,080,000 04/11/2013 MYR 3,531,600 HSBC Bank PLC, London (1,188)USD 3,600,000 04/11/2013 PHP 159,517,800 HSBC Bank PLC, London (75,363)USD 570,000 04/11/2013 PHP 25,553,100State Street Bank and Trust Co,Hong Kong (18,733)USD 2,250,000 04/11/2013 SGD 2,887,200State Street Bank and Trust Co,Hong Kong (51,102)USD 2,100,000 04/11/2013 THB 65,919,000 HSBC Bank PLC, London (2,624)USD 4,811,890131

Notes to the Financial Statements (continued)10. FuturesAs at 30 September 2013, the Company had entered into the following outstanding futures contracts:Sub-fund nameNumberofcontractsCurrencyCommitment intrade currencyMaturitydateUnrealisedgain / (loss) insub-fundcurrencyBRIC Markets EquitySGX S&P NIFTY INDEX 66 USD 759,528 31/10/2013 (28,842)H-SHARES CHINA ENTERPRISES 232 HKD 15,409,528 30/10/2013 (539,977)USD (568,819)Euroland EquityEURO STOXX 50 67 EUR 1,928,930 20/12/2013 (4,690)EUR (4,690)Euroland GrowthEURO STOXX 50 52 EUR 1,497,080 20/12/2013 (7,800)EUR (7,800)Global Emerging Market EquityMINI - MSCI EMER MKTS INDEX 53 USD 2,608,395 20/12/2013 (77,080)USD (77,080)Global EquityAMSTERDAM INDEX 6 EUR 607,681 18/10/2013 (11,452)CAC40 10 EURO (22) EUR (1,231,714) 18/10/2013 7,296DAX INDEX 12 EUR 3,485,312 20/12/2013 (27,767)FTSE 100 INDEX 2 GBP 208,093 20/12/2013 (3,304)FTSE/MIB INDEX 22 EUR 2,592,377 20/12/2013 (54,518)HONG KONG HANG SENG INDEX 1 HKD 147,225 30/10/2013 (2,424)IBEX 35 INDEX (4) EUR (494,786) 18/10/2013 (7,580)MSCI SINGAPORE INDEX ETS 3 SGD 173,389 30/10/2013 (1,721)OMX STOCKHOLH 30 INDEX (25) SEK (491,634) 20/12/2013 5,712S&P 500 INDEX 30 USD 12,579,000 19/12/2013 (80,425)SPI 200 (9) AUD (1,099,268) 19/12/2013 6,101SWISS MARKET INDEX (26) CHF (2,303,699) 20/12/2013 9,776TOPIX INDEX (TOKYO) 22 JPY 2,671,389 12/12/2013 (22,013)USD (182,319)132

Notes to the Financial Statements (continued)10. Futures (continued)Sub-fund nameNumberofcontractsCurrencyCommitment intrade currencyMaturitydateUnrealisedgain / (loss) insub-fundcurrencyJapanese EquityTOPIX INDEX (TOKYO) 80 JPY 957,200,000 12/12/2013 2,800,000JPY 2,800,000Korean EquityKOREA KOSPI 200 INDEX 21 KRW 2,762,025,000 12/12/2013 (29,047)USD (29,047)Singapore EquityMSCI SINGAPORE FREE 35 SGD 2,533,300 30/10/2013 (29,010)USD (29,010)Thai EquityTHAI SET 50 INDEX 79 THB 74,204,700 27/12/2013 (77,228)USD (77,228)US EquityS&P 500 INDEX 38 USD 15,933,400 19/12/2013 (74,850)USD (74,850)Brazil BondONE-DAY BANK (335) BRL (1,625,797) 30/12/2014 (22,157)ONE-DAY BANK 175 BRL 2,220,519 30/12/2016 50,302USD 28,145Euro BondEURO BOBL 28 EUR 3,482,640 06/12/2013 24,640EURO BUND (78) EUR (10,952,760) 06/12/2013 (187,260)EURO SCHATZ 34 EUR 3,753,260 06/12/2013 8,670EUR (153,950)133

Notes to the Financial Statements (continued)10. Futures (continued)Sub-fund nameNumberofcontractsCurrencyCommitment intrade currencyMaturitydateUnrealisedgain / (loss) insub-fundcurrencyEuro Credit BondEURO BOBL (7) EUR (870,660) 06/12/2013 (1,820)EURO BUND (18) EUR (2,527,560) 06/12/2013 (23,220)EURO OAT (320) EUR (42,364,800) 06/12/2013 (640,400)EURO SCHATZ (354) EUR (39,078,060) 06/12/2013 (97,880)EUR (763,320)Global Bond10Y TREASURY NOTES USA (79) USD (9,968,813) 19/12/2013 (158,668)5Y TREASURY NOTES USA 134 USD 16,200,391 31/12/2013 169,094EURO BOBL 25 EUR 3,109,500 06/12/2013 47,039EURO BUND (49) EUR (6,880,090) 06/12/2013 (169,802)TREASURY BONDS USA (21) USD (2,794,313) 19/12/2013 (36,750)USD (149,087)Global High Income BondEURO BOBL (130) EUR (21,887,720) 06/12/2013 (221,728)EURO BUND (150) EUR (28,511,945) 06/12/2013 (550,259)USD (771,987)Global High Yield BondEURO SCHATZ (1) EUR (149,430) 06/12/2013 (345)USD (345)Global Inflation Linked BondEURO BOBL (58) EUR (9,765,291) 06/12/2013 (124,049)EURO BUND 11 EUR 2,090,876 06/12/2013 36,305EURO SCHATZ 47 EUR 7,023,187 06/12/2013 14,457USD (73,287)Latin American Local DebtBRL/MXN (2) BRL (114,947) 31/10/2013 1,021ONE-DAY BANK (70) BRL (339,719) 30/12/2014 (4,597)ONE-DAY BANK 35 BRL 444,104 30/12/2016 10,767US DOLLAR 15 BRL 755,627 31/10/2013 (10,417)USD (3,226)134

Notes to the Financial Statements (continued)10. Futures (continued)Sub-fund nameNumberofcontractsCurrencyCommitment intrade currencyMaturitydateUnrealisedgain / (loss) insub-fundcurrencyUS Dollar Bond10Y TREASURY NOTES USA (67) USD (8,454,563) 19/12/2013 (134,567)5Y TREASURY NOTES USA 59 USD 7,133,008 31/12/2013 76,516TREASURY BONDS USA (16) USD (2,129,000) 19/12/2013 (28,000)USD (86,051)Economic Scale Index GEM EquityMINI - MSCI EMER MKTS INDEX 39 USD 1,941,225 20/12/2013 (15,795)USD (15,795)GEM Debt Total Return10Y TREASURY NOTES USA (745) USD (94,009,688) 19/12/2013 (2,265,266)USD (2,265,266)Global MacroJAPANESE 10Y MINI GOVERNMENTBONDS(104) JPY (11,354,331) 12/10/2013 (85,912)10Y BOND FUTURE AUSTRALIA (74) AUD (6,008,820) 16/12/2013 (111,500)CAC 40 10 EURO (135) EUR (5,586,975) 18/10/2013 29,700CNX NIFTY INDEX 360 USD (3,075,161) 31/10/2013 110,408DAX INDEX 14 EUR 3,004,750 20/12/2013 (21,350)EURO BUND (101) EUR (14,197,570) 06/12/2013 (249,710)EURO STOXX 50 132 EUR 3,797,640 20/12/2013 (22,440)FTSE 100 INDEX 14 GBP 1,077,871 20/12/2013 (20,195)HONG KONG HANG SENG INDEX 46 HKD 5,023,866 30/10/2013 (76,023)H-SHARES CHINA ENTERPRISES 40 HKD 1,972,882 30/10/2013 (64,387)IBEX 35 INDEX (12) EUR (1,089,960) 18/10/2013 (10,200)KOREA KOSPI 200 INDEX 3 KRW 272,122 12/12/2013 (465)LONG GILT FUTURES 112 GBP 14,828,577 27/12/2013 249,964NIKKEI 225 41 JPY 2,254,109 12/12/2013 7,348S&P 500 EMINI INDEX 41 USD 2,540,290 20/12/2013 (38,725)S&P INDICES S&P/TSX 60 INDEX 3 CAD 314,801 19/12/2013 (1,574)SPI 200 (47) AUD (4,238,624) 19/12/2013 30,061SWISS MARKET INDEX 15 CHF 982,750 20/12/2013 (5,032)10Y TREASURY NOTES USA (82) USD (7,683,324) 19/12/2013 (41,763)EUR (321,795)135

Notes to the Financial Statements (continued)11. SwapsEuro BondAs at 30 September 2013, the Company entered into the following Credit Default Swaps:Counterparty Underlying Currency MaturityDateBNP PARIBAS,LONDONSOCIETE GENERALE,PARISJ.P. MORGAN,LONDONCREDIT SUISSEGROUPCommitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyEUR 20/09/2015 - 2,000,000 24,755ALSTOM EUR 20/09/2015 - 1,000,000 5,707ENEL EUR 20/12/2015 - 1,000,000 1,273EUR 31,735Euro Credit BondAs at 30 September 2013, the Company entered into the following Credit Default Swaps:[[Counterparty Underlying Currency MaturityDateMSCI LIMITED,LONDONMSCI LIMITED,LONDONBNP PARIBAS,LONDONBNP PARIBAS,LONDONBNP PARIBAS,LONDONJ.P. MORGAN,LONDONJ.P. MORGAN,LONDONJ.P. MORGAN,LONDONJ.P. MORGAN,LONDONBNP PARIBAS,LONDONBNP PARIBAS,LONDONBNP PARIBAS,LONDONMORGAN STANLEY,LONDONCommitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyGERMANY USD 20/09/2014 - 3,000,000 62,605SWEDEN USD 20/09/2014 (3,000,000) (3,000,000) (79,032)LAFARGE EUR 20/12/2014 (10,000,000) (10,000,000) (46,750)LAFARGE EUR 20/12/2017 - 5,000,000 (207,313)ADECCO EUR 20/06/2018 (7,000,000) (7,000,000) 8,209ERICSSON EUR 20/06/2018 (6,000,000) (6,000,000) (84,951)FRANCE EUR 20/06/2018 (6,000,000) (6,000,000) (48,620)NEXT EUR 20/06/2018 (5,000,000) (5,000,000) (71,587)TELIASONERA EUR 20/06/2018 (10,000,000) (10,000,000) (291,252)FRANCE EUR 20/09/2018 (8,000,000) (8,000,000) (14,137)HOLCIM FINANCE EUR 20/09/2018 - 10,000,000 (367,350)VINCI EUR 20/09/2018 - 10,000,000 64,783TELECOM IT EUR 20/12/2018 (10,000,000) (10,000,000) 37,338SOCIETE GENERALESECURITIESSERVICES UKLIMITED, LONDONMARKIT ITRX EURXOVER 12/18EUR 20/12/2018 (25,000,000) (25,000,000) (291,987)EUR (1,330,044)136

Notes to the Financial Statements (continued)11. Swaps (continued)Euro High Yield BondAs at 30 September 2013, the Company entered into the following Credit Default Swaps:Counterparty Underlying Currency MaturityDateCommitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyHSBC, LONDON ALSTOM EUR 20/12/2013 - 1,000,000 6,384J.P. MORGAN,LONDONARCELORMITTAL EUR 20/03/2014 - 1,000,000 20,416J.P. MORGAN,LONDONHOLCIM FINANCE EUR 20/03/2014 - 1,000,000 29,050SOCIETE GENERALE,LAFARGEPARISEUR 20/03/2014 - 1,000,000 32,742MSCI LIMITED,LONDONBP EUR 20/06/2015 - 1,000,000 13,114SOCIETE GENERALE,TOTALPARISEUR 20/06/2015 - 2,000,000 30,112J.P. MORGAN,LONDONSANOFI EUR 20/09/2015 - 2,000,000 34,636MSCI LIMITED,LONDONRENAULT EUR 20/12/2016 - 1,500,000 (15,471)SOCIETE GENERALE,UPM KYMMENEPARISEUR 20/12/2016 - 2,000,000 234,105UBS AG, LONDON UPM KYMMENE EUR 20/03/2017 - 1,000,000 118,889CREDIT SUISSEFIRST BOSTON,LONDONMARKIT ITRX EURSNR FIN 12/17EUR 20/12/2017 - 2,000,000 (91,972)GEM Inflation Linked BondAs at 30 September 2013, the Company entered into the following Interest Rate Swaps:Counterparty Underlying Currency MaturityDateBARCLAYS BANK,PLCBARCLAYS BANK,PLCJ.P. MORGAN,LONDONCommitmentin tradecurrencyEUR 412,005NetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyN/A BRL 02/01/2015 33,340,433 33,340,433 19,561N/A MXN 08/09/2015 142,560,000 142,560,000 (32,172)N/A MXN 12/09/2023 35,000,000 35,000,000 (28,324)USD (40,935)Global BondAs at 30 September 2013, the Company entered into the following Credit Default Swap:Counterparty Underlying Currency MaturityDateBARCLAYS BANK,PLCMARKIT CDX.NA.IG.20 06/18Commitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyUSD 20/06/2018 - 4,000,000 50,583USD 50,583137

Notes to the Financial Statements (continued)11. Swaps (continued)Global Emerging Markets BondAs at 30 September 2013, the Company entered into the following Credit Default Swaps:Counterparty Underlying Currency MaturityDateCommitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyBANK OF AMERICA CHINA USD 20/09/2016 - 10,000,000 169,293BANK OF AMERICA PERU USD 20/09/2016 - 15,000,000 (9,153)DEUTSCHE BANK,LONDONPERU USD 20/09/2016 - 11,000,000 (6,713)J.P. MORGAN,LONDONCHINA USD 20/09/2016 - 30,500,000 516,342BARCLAYS BANK,PLCBRAZIL USD 20/03/2017 - 13,150,000 (166,502)BARCLAYS BANK,PLCBRAZIL USD 20/06/2017 - 20,000,000 (310,488)DEUTSCHE BANK,LONDONBRAZIL USD 20/06/2017 - 25,000,000 (388,109)MORGAN STANLEY,LONDONKAZAKHSTAN USD 20/06/2017 - 15,000,000 (228,513)BARCLAYS BANK,PLCBRAZIL USD 20/06/2018 - 29,700,000 (853,655)CITIBANK BRAZIL USD 20/06/2018 - 40,200,000 (1,155,452)CREDIT SUISSEFIRST BOSTON, BRAZIL USD 20/06/2018 - 12,500,000 (359,283)LONDONJ.P. MORGAN,LONDONBRAZIL USD 20/06/2018 - 10,000,000 (287,426)MORGAN STANLEY,LONDONSOUTH AFRICA USD 20/09/2018 - 5,000,000 (55)DEUTSCHE BANK,LONDONBRAZIL USD 20/12/2018 - 24,000,000 (188,237)USD (3,267,951)Global Emerging Markets Corporate DebtAs at 30 September 2013, the Company entered into the following Interest Rate Swap:Counterparty Underlying Currency MaturityDateCommitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyBARCLAYS BANK,N/A BRL 02/01/2015 2,353,002 2,353,002 6,760PLCUSD 6,760Global Emerging Markets Investment Grade BondAs at 30 September 2013, the Company entered into the following Credit Default Swaps:Counterparty Underlying Currency MaturityDateMORGAN STANLEY,LONDONJ.P. MORGAN,LONDONRUSSIANFEDERATIONCommitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyUSD 20/06/2017 - 6,000,000 (80,751)BRAZIL USD 20/06/2018 - 1,000,000 (28,743)USD (109,494)138

Notes to the Financial Statements (continued)11. Swaps (continued)Global Emerging Markets Investment Grade Bond (continued)As at 30 September 2013, the Company entered into the following Interest Rate Swaps:Counterparty Underlying Currency MaturityDateBARCLAYS BANK,PLCCREDIT SUISSEFIRST BOSTON,LONDONJ.P. MORGAN,LONDONCREDIT SUISSEFIRST BOSTON,LONDONCREDIT SUISSEFIRST BOSTON,LONDONCommitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyN/A BRL 02/01/2015 30,760,998 30,760,998 (38,253)N/A BRL 02/01/2015 11,987,422 11,987,422 19,187N/A BRL 02/01/2015 16,996,818 16,996,818 (2,163)N/A MXN 23/12/2021 11,200,000 11,200,000 22,595N/A MXN 01/07/2022 55,000,000 55,000,000 (225,981)USD (224,615)Global Emerging Markets Local DebtAs at 30 September 2013, the Company entered into the following Interest Rate Swaps:Counterparty Underlying Currency MaturityDateBARCLAYS BANK,PLCBARCLAYS BANK,PLCCREDIT SUISSEFIRST BOSTON,LONDONJ.P. MORGAN,LONDONBARCLAYS BANK,PLCCREDIT SUISSEFIRST BOSTON,LONDONJ.P. MORGAN,LONDONCommitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyN/A BRL 02/01/2015 262,962,303 262,962,303 (84,619)N/A BRL 02/01/2015 175,253,586 175,253,586 (208,858)N/A BRL 02/01/2015 9,085,791 9,085,791 (24,029)N/A BRL 02/01/2015 101,280,012 101,280,012 (12,894)N/A MXN 08/09/2015 896,527,000 896,527,000 (202,320)N/A MXN 23/12/2021 88,560,000 88,560,000 178,661N/A MXN 12/09/2023 219,000,000 219,000,000 (114,740)USD (468,799)139

Notes to the Financial Statements (continued)11. Swaps (continued)Global High Income BondAs at 30 September 2013, the Company entered into the following Credit Default Swaps:Counterparty Underlying Currency MaturityDateJ.P. MORGAN,LONDONBNP PARIBAS,LONDONBARCLAYS BANK,PLCBNP PARIBAS,LONDONBNP PARIBAS,LONDONCommitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyBRAZIL USD 20/06/2018 - 6,750,000 (194,012)BRAZIL USD 20/09/2018 - 5,000,000 94,212BRAZIL USD 20/12/2018 - 5,000,000 (39,216)MARKITCDX.NA.HY 12/18MARKITCDX.NA.IG 12/18USD 20/12/2018 - 10,900,000 -USD 20/12/2018 - 5,000,000 -BARCLAYS BANK,PLCUBS AG, LONDONMARKITCMBX.NA.BBB-.6 USDMARKITCMBX.NA.BBB-.6 USDUSD 11/05/2063 - 5,000,000 (452,937)USD 11/05/2063 - 10,000,000 (905,874)UBS AG, LONDONMARKITCMBX.NA.BBB-.6 USDUSD 11/05/2063 - 5,000,000 (452,937)USD (1,950,764)Global High Yield BondAs at 30 September 2013, the Company entered into the following Credit Default Swaps:Counterparty Underlying Currency MaturityDateBNP PARIBAS,LONDONBARCLAYS BANK,PLCJ.P. MORGAN,LONDONBNP PARIBAS,LONDONCommitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyINTESA SANPAOLO EUR 20/06/2018 - 5,000,000 483,876RUSSIANFEDERATIONUSD 20/09/2018 - 2,000,000 (61,885)INDONESIA USD 20/09/2018 - 2,000,000 (121,162)MARKIT ITRX EURXOVER 12/18EUR 20/12/2018 - 38,500,000 223,246BNP PARIBAS,LONDONBNP PARIBAS,LONDONMARKITCDX.NA.HY.21 12/18MARKITCDX.NA.HY.21 12/18USD 20/12/2018 (24,500,000) (24,500,000) -USD 20/12/2018 - 25,600,000 -USD 524,075As at 30 September 2013, the Company entered into the following Interest Rate Swap:Counterparty Underlying Currency MaturityDateBARCLAYS BANK,PLCCommitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyN/A BRL 02/01/2015 77,649,050 77,649,050 223,089USD 223,089140

Notes to the Financial Statements (continued)11. Swaps (continued)Global Inflation Linked BondAs at 30 September 2013, the Company entered into the following Interest Rate Swaps:Counterparty Underlying Currency MaturityDateCommitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyUBS AG, LONDON N/A GBP 14/03/2023 1,000,000 1,000,000 (47,624)CREDIT SUISSEFIRST BOSTON, N/A EUR 18/03/2023 700,000 700,000 21,035LONDONUBS AG, LONDON N/A EUR 12/07/2023 600,000 600,000 2,271USD (24,318)US Dollar BondAs at 30 September 2013, the Company entered into the following Credit Default Swap:Counterparty Underlying Currency MaturityDateBARCLAYS BANK,PLCMARKIT CDX.NA.IG 2006/18Commitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyUSD 20/06/2018 - 2,000,000 25,291USD 25,291GEM Debt Total ReturnAs at 30 September 2013, the Company entered into the following Credit Default Swaps:Counterparty Underlying Currency MaturityDateCommitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencySTANDARD LONDON PHILIPPINES USD 20/09/2015 (15,000,000) (15,000,000) (175,063)STANDARD LONDON PHILIPPINES USD 20/09/2015 (10,000,000) (10,000,000) (116,709)STANDARD LONDON PHILIPPINES USD 20/03/2016 (3,000,000) (3,000,000) (35,728)DEUTSCHE BANK,LONDONPERU USD 20/09/2016 - 8,000,000 (4,882)STANDARD LONDON QATAR USD 20/12/2016 (20,000,000) (20,000,000) (404,507)DEUTSCHE BANK,LONDONQATAR USD 20/03/2017 (8,000,000) (8,000,000) (160,545)J.P. MORGAN,LONDONQATAR USD 20/03/2017 (4,000,000) (4,000,000) (80,273)BANK OF AMERICA QATAR USD 20/03/2017 (10,000,000) (10,000,000) (200,681)UBS AG, LONDON QATAR USD 20/03/2017 (8,000,000) (8,000,000) (160,545)J.P. MORGAN,LONDONPERU USD 20/06/2017 - 19,900,000 (116,126)UBS AG, LONDON INDONESIA USD 20/06/2017 - 22,000,000 (653,134)J.P. MORGAN,LONDONKOREA USD 20/09/2017 (15,000,000) (15,000,000) (274,594)J.P. MORGAN,LONDONKOREA USD 20/09/2017 (14,400,000) (14,400,000) (263,610)BARCLAYS BANK,PLCTURKEY USD 20/12/2017 (16,000,000) (16,000,000) 577,434141

Notes to the Financial Statements (continued)11. Swaps (continued)GEM Debt Total Return (continued)As at 30 September 2013, the Company entered into the following Credit Default Swaps (continued):Counterparty Underlying Currency MaturityDateBARCLAYS BANK,PLCBNP PARIBAS,LONDONJ.P. MORGAN,LONDONMORGAN STANLEY,LONDONBARCLAYS BANK,PLCBARCLAYS BANK,PLCBNP PARIBAS,LONDONCommitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyTURKEY USD 20/12/2017 - 16,000,000 (468,136)TURKEY USD 20/12/2017 (16,000,000) (16,000,000) 577,434SOUTH AFRICA USD 20/12/2017 - 16,000,000 (468,136)SOUTH AFRICA USD 20/12/2017 (11,500,000) (11,500,000) (210,522)BRAZIL USD 20/06/2018 - 14,000,000 (402,396)UNITED ARABEMIRATESUSD 20/06/2018 (14,700,000) (14,700,000) (310,720)KOREA USD 20/06/2018 (12,500,000) (12,500,000) (194,974)CITIBANK BRAZIL USD 20/06/2018 - 19,500,000 (560,481)CREDIT SUISSEFIRST BOSTON,LONDONCREDIT SUISSEFIRST BOSTON,LONDONCREDIT SUISSEFIRST BOSTON,LONDONDEUTSCHE BANK,LONDONDEUTSCHE BANK,LONDONDEUTSCHE BANK,LONDONDEUTSCHE BANK,LONDONJ.P. MORGAN,LONDONJ.P. MORGAN,LONDONJ.P. MORGAN,LONDONJ.P. MORGAN,LONDONMORGAN STANLEY,LONDONBARCLAYS BANK,PLCBNP PARIBAS,LONDONCITIBANKBRAZIL USD 20/06/2018 - 45,800,000 (1,316,411)INDONESIA USD 20/06/2018 - 1,500,000 (80,920)KOREA USD 20/06/2018 (17,800,000) (17,800,000) (277,643)CHINA USD 20/06/2018 (19,000,000) (19,000,000) (296,360)CHINA USD 20/06/2018 - 17,800,000 204,751KOREA USD 20/06/2018 (9,500,000) (9,500,000) (148,180)KOREA USD 20/06/2018 - 19,000,000 218,555BRAZIL USD 20/06/2018 - 14,000,000 (402,396)CHINA USD 20/06/2018 (19,500,000) (19,500,000) (304,159)KOREA USD 20/06/2018 (6,000,000) (6,000,000) (93,587)KOREA USD 20/06/2018 - 19,500,000 224,306INDONESIA USD 20/06/2018 - 10,000,000 (539,464)RUSSIANFEDERATIONUSD 20/09/2018 - 30,000,000 (928,279)BRAZIL USD 20/09/2018 - 15,000,000 (650,916)RUSSIANFEDERATIONUSD 20/09/2018 - 39,000,000 (1,206,763)142

Notes to the Financial Statements (continued)11. Swaps (continued)GEM Debt Total Return (continued)As at 30 September 2013, the Company entered into the following Credit Default Swaps (continued):Counterparty Underlying Currency MaturityDateCommitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyCREDIT SUISSEFIRST BOSTON, INDONESIA USD 20/09/2018 - 5,300,000 (321,080)LONDONJ.P. MORGAN,LONDONBRAZIL USD 20/09/2018 - 7,000,000 (303,761)J.P. MORGAN,LONDONINDONESIA USD 20/09/2018 - 7,500,000 (454,359)BARCLAYS BANK,PLCBRAZIL USD 20/12/2018 - 12,000,000 (94,119)BNP PARIBAS,LONDONBRAZIL USD 20/12/2018 - 9,000,000 (61,972)DEUTSCHE BANK,LONDONBRAZIL USD 20/12/2018 - 27,000,000 (211,767)GOLDMAN SACHS BRAZIL USD 20/12/2018 - 40,000,000 (313,729)J.P. MORGAN,LONDONBRAZIL USD 20/12/2018 - 10,000,000 (64,075)USD (11,529,222)As at 30 September 2013, the Company entered into the following Interest Rate Swaps:Counterparty Underlying Currency MaturityDateCommitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyMSCI LIMITED,LONDONN/A MXN 17/09/2014 64,000,000 64,000,000 50,532BANK OF AMERICA N/A BRL 02/01/2015 263,003,959 263,003,959 (101,680)CREDIT SUISSEFIRST BOSTON, N/A BRL 02/01/2015 44,960,857 44,960,857 (12,136)LONDONGOLDMAN SACHS N/A BRL 02/01/2015 262,820,756 262,820,756 (26,643)J.P. MORGAN,LONDONN/A BRL 02/01/2015 75,521,947 75,521,947 (9,614)BARCLAYS BANK,PLCN/A BRL 02/01/2015 262,880,379 262,880,379 (313,288)BARCLAYS BANK,PLCN/A BRL 02/01/2015 121,378,869 121,378,869 (150,941)CREDIT SUISSEFIRST BOSTON, N/A MXN 09/09/2015 667,978,000 667,978,000 (113,526)LONDONBARCLAYS BANK,PLCN/A MXN 20/09/2018 438,000,000 438,000,000 49,174BARCLAYS BANK,PLCN/A MXN 20/09/2018 438,000,000 438,000,000 34,269STANDARDCHARTEREDN/A MXN 20/09/2018 438,000,000 438,000,000 49,174DEUTSCHE BANK,LONDONN/A BRL 12/05/2021 32,000,000 32,000,000 (2,151,586)DEUTSCHE BANK,LONDONN/A USD 07/06/2021 65,500,000 65,500,000 (3,676,048)143

Notes to the Financial Statements (continued)11. Swaps (continued)GEM Debt Total Return (continued)As at 30 September 2013, the Company entered into the following Interest Rate Swaps (continued):Counterparty Underlying Currency MaturityDateBARCLAYS BANK,PLCCREDIT SUISSEFIRST BOSTON,LONDONBARCLAYS BANK,PLCBARCLAYS BANK,PLCSTANDARDCHARTERED, BANKGlobal MacroCommitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyN/A USD 21/06/2021 66,000,000 66,000,000 (3,793,248)N/A MXN 23/12/2021 260,240,000 260,240,000 525,008N/A MXN 13/09/2023 165,000,000 165,000,000 (96,981)N/A MXN 14/09/2023 500,000,000 500,000,000 (175,127)N/A MXN 14/09/2023 250,000,000 250,000,000 (87,564)USD (10,000,225)As at 30 September 2013, the Company entered into the following Credit Default Swap:Counterparty Underlying Currency MaturityDateHSBC BANK PLC,LONDONMARKIT ITRX EURXOVER 12/18Commitmentin tradecurrencyNetnotionalamountUnrealised gain /(loss) in sub-fundcurrencyEUR 20/12/2018 - 11,135,000 14,073EUR 14,07312. Cash collateral informationSub-fund name Counterparty Instrument Type Currency CashCollateralEuro Credit BondJ.P Morgan, London Credit Default Swaps EUR 890,000Morgan Stanley, London Credit Default Swaps EUR 30,005Société Générale, Paris Credit Default Swaps EUR 1,540,000GEM Debt Total ReturnUBS Credit Default Swaps USD 820,000Bank Of America Credit Default Swaps, Interest Rate Swaps USD 260,000Barclays Bank, Plc Credit Default Swaps, Interest Rate Swaps USD 7,870,000Bnp Paribas, London Credit Default Swaps USD 740,000Citibank Credit Default Swaps USD 2,052,303Deutsche Bank, London Credit Default Swaps, Interest Rate Swaps USD 7,440,000J.P Morgan, London Credit Default Swaps, Interest Rate Swaps USD 1,320,000Morgan Stanley, LondonForward foreign exchange contracts, Credit DefaultSwaps, Interest Rate Swaps USD 950,000144

Notes to the Financial Statements (continued)12. Cash collateral information (continued)Sub-fund name Counterparty Instrument Type Currency CashCollateralGEM Inflation Linked BondBNP Paribas, London Credit Default Swaps, Interest Rate Swaps USD 260,000Global Emerging Markets BondBarclays Bank, Plc Credit Default Swaps USD 1,010,000Citibank Credit Default Swaps USD 1,464,031Credit Suisse First Boston,London Credit Default Swaps USD 450,000Deutsche Bank, London Credit Default Swaps USD 870,000Morgan Stanley, London Credit Default Swaps USD 400,000Global Emerging Markets Investment Grade BondBarclays Bank, Plc Interest Rate Swaps USD 130,000Goldman Sachs Interest Rate Swaps USD 10,000J.P Morgan, London Credit Default Swaps USD 50,000Global Emerging Markets Local DebtRoyal Bank of Scotland Forward foreign exchange contracts USD 590,000Barclays Bank, Plc Interest Rate Swaps USD 740,000BNP Paribas, London Interest Rate Swaps USD 290,000Citibank Forward foreign exchange contracts USD 447,890J.P Morgan, London Interest Rate Swaps USD 800,000Global High Income BondUBS Credit Default Swaps USD 2,649,999Barclays Bank, Plc Credit Default Swaps USD 670,000BNP Paribas, London Credit Default Swaps USD 210,000J.P Morgan, London Credit Default Swaps USD 12,150,000Société Générale, Paris Forward foreign exchange contracts EUR 60,000145

Notes to the Financial Statements (continued)12. Cash collateral information (continued)Sub-fund name Counterparty Instrument Type Currency CashCollateralGlobal High Yield BondUBS Interest Rate Swaps USD (1)Barclays Bank, Plc Credit Default Swaps, Interest Rate Swaps USD 620,000BNP Paribas, London Credit Default Swaps USD 60,000Société Générale, Paris Forward foreign exchange contracts EUR 50,000Société Générale, Paris Forward foreign exchange contracts USD 3,793,000Global Inflation Linked BondUBS Forward foreign exchange and Interest Rate Swaps EUR 280,022J.P Morgan, London Forward foreign exchange contracts USD 270,000Global MacroJ.P Morgan, London Forward foreign exchange options EUR 760,000Morgan Stanley, London Forward foreign exchange options EUR (790,000)Société Générale, Paris Forward foreign exchange options EUR 40,00013. OptionsAs at 30 September 2013, the Company had entered into the following option contracts:Purchased optionsSub-fund name Counterparty Quantitypurchased/(Written)Strike(in tradecurrency)TradecurrencyMaturitydateCommitment -(in tradecurrency)Unrealisedgain / (loss)in sub-fundcurrencyEuro BondPUT EURO BOBLHSBC Bank PLC,London140 123.8 EUR 25/10/2013 - 27,300EUR 27,300146

Notes to the Financial Statements (continued)13. Options (continued)Purchased and Written optionsSub-fund name Counterparty Quantitypurchased/(Written)Strike(in tradecurrency)TradecurrencyMaturitydateCommitment -(in tradecurrency)Unrealisedgain / (loss)in sub-fundcurrencyGlobal MacroPUT USD/CNYPUT USD/INRPUT USD/INRCALL BRL/MXNPUT BRL/MXNCALL USD/JPYPUT USD/JPYPUT USD/CNHPUT USD/CNYPUT USD/CNHCALL USD/CNHMorgan StanleyLimited, LondonHSBC Bank PLC,LondonHSBC Bank PLC,LondonMorgan Stanley DeanWitter, LondonMorgan Stanley DeanWitter, LondonSociete GeneraleSecurities Services UKLimited, LondonSociete GeneraleSecurities Services UKLimited, LondonHSBC Bank PLC,LondonMorgan StanleyLimited, LondonHSBC Bank PLC,LondonSociete GeneraleSecurities Services UKLimited, London15,000,000 6.3 USD 22/10/2013 - 187,9732,000,000 64.0 USD 26/11/2013 - 32,7303,000,000 64.0 USD 26/11/2013 - 49,09460,000,000 5.8 MXN 17/12/2013 - 11,856(60,000,000) 5.5 MXN 17/12/2013 (330,000,000) (4,484)2,500,000 100.0 USD 18/12/2013 - 24,239(2,500,000) 96.0 USD 18/12/2013 (240,000,000) (21,595)100,000 6.1 USD 20/12/2013 - 28,27110,000,000 6.3 USD 20/01/2014 - 119,1495,000,000 6.2 USD 19/02/2014 - 29,5615,000,000 6.4 USD 11/09/2014 - 20,295CALL USD/CNHSociete GeneraleSecurities Services UK (5,000,000) 6.7 USD 11/09/2014 (33,250,000) (12,630)Limited, LondonCALL USD/CNH UBS AG, London 5,000,000 6.4 USD 11/09/2015 - 63,367CALL USD/CNH UBS AG, London (5,000,000) 6.7 USD 11/09/2015 (33,500,000) (43,534)EUR 484,292147

Notes to the Financial Statements (continued)14. DividendsMost distributing fund share classes in issue as at 30 September 2013 have had UK Reporting Fund status, eitherfrom 1 April 2010 or from the launch of the fund share class concerned. It is the intention of the Company that allDistributing and Accumulating Share Classes have UK Reporting Fund status from 1 April 2013. As and when newfund share classes are launched, UK Reporting Fund applications shall be made to HM Revenue & Customsaccordingly. Details of the share classes that have UK Reporting Fund status can be found on the HM Revenue &Customs’ website (www.hmrc.gov.uk).At the date of this Report, the status can be found at http://www.hmrc.gov.uk/collective/rep-funds.xls.The Company publishes annual reportable income information report that shareholders require for their UK taxreturns at www.assetmanagement.hsbc.com/uk/advisers/gfc. If investors do not have access to the internet they canapply in writing at the registered office of the Company.The Company paid the following dividends during the period ended 30 September 2013:Sub- fundnameShareclass CurrencyDividendper share Ex-datePaymentdateNumber ofshares Total amount paidAsia ex Japan EquityAD USD 0.512866 11/07/2013 31/07/2013 3,418,898 1,753,436AD H EUR USD 0.220406 11/07/2013 31/07/2013 67,096 14,788BD GBP USD 0.032436 11/07/2013 31/07/2013 1,537 50ED USD 0.288842 11/07/2013 31/07/2013 2,692 778ID USD 0.953728 11/07/2013 31/07/2013 142,673 136,072ZD USD 1.234469 11/07/2013 31/07/2013 382,211 471,827USD 2,376,951Asia ex Japan Equity Smaller CompaniesAD USD 0.359739 11/07/2013 31/07/2013 908,741 326,909AD HKD USD 0.018318 11/07/2013 31/07/2013 23,680 434USD 327,343Asia Pacific ex Japan Equity High DividendAD USD 0.041269 11/07/2013 31/07/2013 3,592,294 148,251AM USD 0.028585 30/04/2013 13/05/2013 2,441,514 69,791AM USD 0.027196 31/05/2013 11/06/2013 2,919,599 79,401AM USD 0.025396 28/06/2013 11/07/2013 3,219,200 81,755AM USD 0.025712 31/07/2013 13/08/2013 3,396,865 87,340AM USD 0.025227 30/08/2013 11/09/2013 3,536,127 89,206AM USD 0.026550 30/09/2013 10/10/2013 3,208,156 85,177AM HKD USD 0.003676 30/04/2013 13/05/2013 9,171,748 33,715AM HKD USD 0.003498 31/05/2013 11/06/2013 8,901,494 31,137AM HKD USD 0.003266 28/06/2013 11/07/2013 10,169,007 33,212AM HKD USD 0.003306 31/07/2013 13/08/2013 10,909,748 36,068AM HKD USD 0.003245 30/08/2013 11/09/2013 11,812,260 38,331AM HKD USD 0.003415 30/09/2013 10/10/2013 10,873,571 37,133BD GBP USD 0.059718 11/07/2013 31/07/2013 1,212 72ZD USD 0.085853 11/07/2013 31/07/2013 1,145,620 98,355USD 948,944BRIC EquityAD USD 0.281867 11/07/2013 31/07/2013 112,804 31,796M2D USD 0.390455 11/07/2013 31/07/2013 5,147,172 2,009,739USD 2,041,535BRIC MarketsYD USD 0.402010 11/07/2013 31/07/2013 1 -USD -148

Notes to the Financial Statements (continued)14. Dividends (continued)Sub- fundnameShareclass CurrencyDividendper share Ex-datePaymentdateNumber ofshares Total amount paidBRIC Markets EquityAD USD 0.142150 11/07/2013 31/07/2013 7,659,520 1,088,801ED USD 0.074367 11/07/2013 31/07/2013 6,108 454USD 1,089,255CIVETS (liquidated as at 18 July 2013)AD USD 0.112826 11/07/2013 31/07/2013 40,002 4,513USD 4,513Climate ChangeAD USD 0.034779 11/07/2013 31/07/2013 1,827,336 63,553USD 63,553Emerging WealthAD USD 0.021608 11/07/2013 31/07/2013 1,177,275 25,439USD 25,439Euroland EquityAD EUR 0.359723 11/07/2013 31/07/2013 1,095,756 394,169ED EUR 0.244481 11/07/2013 31/07/2013 1,992 487ID EUR 0.009562 11/07/2013 31/07/2013 1,201,032 11,484ZD EUR 0.788494 11/07/2013 31/07/2013 751,661 592,680EUR 998,820Euroland Equity Smaller CompaniesAD EUR 0.164766 11/07/2013 31/07/2013 88,739 14,621EUR 14,621Euroland GrowthM1D EUR 0.181080 11/07/2013 31/07/2013 167,623 30,353EUR 30,353European EquityAD EUR 0.332869 11/07/2013 31/07/2013 13,632 4,538ED EUR 0.184992 11/07/2013 31/07/2013 495,253 91,618PD EUR 0.471137 11/07/2013 31/07/2013 1,785,437 841,185ZD EUR 0.805641 11/07/2013 31/07/2013 326,110 262,727EUR 1,200,068Frontier MarketsAD USD 0.375908 11/07/2013 31/07/2013 15,859 5,961ID USD 2.068824 11/07/2013 31/07/2013 51,490 106,524ZD USD 0.407590 11/07/2013 31/07/2013 535,942 218,445USD 330,930Global Emerging Markets EquityAD USD 0.185334 11/07/2013 31/07/2013 4,943,164 916,136AD GBP USD 0.194254 11/07/2013 31/07/2013 133 26BD GBP USD 0.022700 11/07/2013 31/07/2013 9,619 218ED USD 0.105912 11/07/2013 31/07/2013 10,950 1,160ID USD 0.059105 11/07/2013 31/07/2013 2,138 126PD USD 0.178621 11/07/2013 31/07/2013 869,027 155,227S1D USD 0.162133 11/07/2013 31/07/2013 535,620 86,842WD USD 0.483113 11/07/2013 31/07/2013 7,063,009 3,412,232ZD USD 0.434148 11/07/2013 31/07/2013 1,801,308 782,034USD 5,354,001149

Notes to the Financial Statements (continued)14. Dividends (continued)Sub- fundnameShareclass CurrencyDividendper share Ex-datePaymentdateNumber ofshares Total amount paidGlobal EquityAD USD 0.107175 11/07/2013 31/07/2013 672,041 72,026ZD USD 0.518233 11/07/2013 31/07/2013 1,257,460 651,657USD 723,683Latin American EquityAD USD 0.088527 11/07/2013 31/07/2013 855,660 75,749AD HKD USD 0.005450 11/07/2013 31/07/2013 398,905 2,174BD GBP USD 0.029966 11/07/2013 31/07/2013 300 9L1D USD 0.276880 11/07/2013 31/07/2013 2,632,274 728,824M1D USD 0.173632 11/07/2013 31/07/2013 1,157,488 200,977USD 1,007,733Brazil EquityAD USD 0.241909 11/07/2013 31/07/2013 16,284,095 3,939,269AD GBP USD 0.118022 11/07/2013 31/07/2013 11,262 1,329AD HKD USD 0.007814 11/07/2013 31/07/2013 2,407,737 18,814BD GBP USD 0.069847 11/07/2013 31/07/2013 2,285 160ED USD 0.087392 11/07/2013 31/07/2013 2,876 251ID USD 0.556056 11/07/2013 31/07/2013 723,911 402,535S3D USD 0.684042 11/07/2013 31/07/2013 885,695 605,853USD 4,968,211Chinese EquityAD USD 0.601474 11/07/2013 31/07/2013 20,015,117 12,038,574AD GBP USD 0.144413 11/07/2013 31/07/2013 259 37AD HKD USD 0.009416 11/07/2013 31/07/2013 9,507,590 89,523ED USD 0.259011 11/07/2013 31/07/2013 766 198ID USD 1.215561 11/07/2013 31/07/2013 337 409ZD USD 1.754181 11/07/2013 31/07/2013 963,718 1,690,536USD 13,819,277Hong Kong EquityAD USD 1.271754 11/07/2013 31/07/2013 21,619 27,494BD GBP USD 0.025514 11/07/2013 31/07/2013 679 17PD USD 1.753701 11/07/2013 31/07/2013 1,693,547 2,969,976ZD USD 3.017158 11/07/2013 31/07/2013 334,400 1,008,938USD 4,006,425Indian EquityID USD 0.612687 11/07/2013 31/07/2013 66,740 40,891ZD USD 1.666850 11/07/2013 31/07/2013 92,674 154,473USD 195,364Japanese EquityAD JPY 2.547203 11/07/2013 31/07/2013 175,001 445,763BD GBP JPY 10.744634 11/07/2013 31/07/2013 213 2,290ED JPY 2.400000 11/07/2013 31/07/2013 338 811PD JPY 5.867708 11/07/2013 31/07/2013 2,956,555 17,348,200ZD JPY 12.717901 11/07/2013 31/07/2013 138,127 1,756,686JPY 19,553,750150

Notes to the Financial Statements (continued)14. Dividends (continued)Sub- fundnameShareclass CurrencyDividendper share Ex-datePaymentdateNumber ofshares Total amount paidRussia EquityAD USD 0.038858 11/07/2013 31/07/2013 42,491,025 1,651,116AD GBP USD 0.093612 11/07/2013 31/07/2013 2,023 190AD HKD USD 0.005698 11/07/2013 31/07/2013 10,859,077 61,875USD 1,713,181Singapore EquityAD USD 0.721918 11/07/2013 31/07/2013 579,400 418,279PD USD 0.902282 11/07/2013 31/07/2013 472,132 425,996ZD USD 1.338296 11/07/2013 31/07/2013 500,279 669,521USD 1,513,796Taiwan EquityAD USD 0.094890 11/07/2013 31/07/2013 734,192 69,668USD 69,668Thai EquityAD USD 0.143057 11/07/2013 31/07/2013 5,702,831 815,830ID USD 0.053917 11/07/2013 31/07/2013 1,624,557 87,591USD 903,421UK EquityAD GBP 0.521777 11/07/2013 31/07/2013 864,567 451,111BD GBP GBP 0.056312 11/07/2013 31/07/2013 320 18ID GBP 0.802467 11/07/2013 31/07/2013 571 458GBP 451,587US EquityID USD 0.043789 11/07/2013 31/07/2013 6,578 288PD USD 0.027260 11/07/2013 31/07/2013 1,730,054 47,161YD USD 0.085282 11/07/2013 31/07/2013 1,491,619 127,208ZD USD 0.313488 11/07/2013 31/07/2013 265,919 83,363USD 258,020Asian Currencies BondAD USD 0.238271 11/07/2013 31/07/2013 2,053,275 489,236BD GBP USD 0.143500 11/07/2013 31/07/2013 300 43ID USD 0.316339 11/07/2013 31/07/2013 1,020,262 322,749ID EUR USD 0.438772 11/07/2013 31/07/2013 4,589,892 2,013,916USD 2,825,944Brazil BondAD USD 0.566878 11/07/2013 31/07/2013 202,172 114,607BD GBP USD 0.268633 11/07/2013 31/07/2013 300 81USD 114,688Euro BondAD EUR 0.490713 11/07/2013 31/07/2013 126,262 61,959EUR 61,959Euro Credit BondAD EUR 0.455125 11/07/2013 31/07/2013 635,937 289,431EUR 289,431151

Notes to the Financial Statements (continued)14. Dividends (continued)Sub- fundnameShareclass CurrencyDividendper share Ex-datePaymentdateNumber ofshares Total amount paidEuro High Yield BondAD EUR 1.007813 11/07/2013 31/07/2013 593,497 598,134ED EUR 1.144816 11/07/2013 31/07/2013 29,042 33,248ID EUR 1.781713 11/07/2013 31/07/2013 2,855,449 5,087,592S8D EUR 0.178880 11/07/2013 31/07/2013 20,761,936 3,713,895EUR 9,432,869GEM Inflation Linked BondBD GBP USD 0.124766 11/07/2013 31/07/2013 300 37USD 37Global BondAD USD 0.235272 11/07/2013 31/07/2013 1,525,692 358,953PD USD 0.221606 11/07/2013 31/07/2013 338,459 75,005WD USD 5.228635 11/07/2013 31/07/2013 59 310ZD USD 0.368742 11/07/2013 31/07/2013 7,832,143 2,888,040USD 3,322,308Global Emerging Markets BondAD USD 1.193084 11/07/2013 31/07/2013 1,395,971 1,665,511AD EUR USD 0.162343 11/07/2013 31/07/2013 3,537 574AD GBP USD 0.673320 11/07/2013 31/07/2013 92,084 62,002ADH EUR USD 0.736580 11/07/2013 31/07/2013 2,235,175 1,646,385AM USD 0.087272 30/04/2013 13/05/2013 13,100,909 1,143,343AM USD 0.081855 31/05/2013 11/06/2013 10,852,134 888,302AM USD 0.081329 28/06/2013 11/07/2013 9,958,394 809,906AM USD 0.100206 31/07/2013 13/08/2013 9,805,678 982,588AM USD 0.114659 30/08/2013 11/09/2013 7,378,587 846,021AM USD 0.115216 30/09/2013 10/10/2013 6,804,732 784,014AM HKD USD 0.004400 30/04/2013 13/05/2013 183,519,272 807,485AM HKD USD 0.004126 31/05/2013 11/06/2013 155,943,219 643,422AM HKD USD 0.004099 28/06/2013 11/07/2013 134,558,489 551,555AM HKD USD 0.005052 31/07/2013 13/08/2013 119,379,045 603,103AM HKD USD 0.005779 30/08/2013 11/09/2013 89,123,240 515,043AM HKD USD 0.005809 30/09/2013 10/10/2013 71,126,059 413,212AMH AUD USD 0.055767 30/04/2013 13/05/2013 9,108,900 507,976AMH AUD USD 0.048530 31/05/2013 11/06/2013 8,788,761 426,519AMH AUD USD 0.043760 28/06/2013 11/07/2013 8,021,446 351,018AMH AUD USD 0.049112 31/07/2013 13/08/2013 7,062,812 346,869AMH AUD USD 0.052251 30/08/2013 11/09/2013 5,368,259 280,497AMH AUD USD 0.054539 30/09/2013 10/10/2013 4,346,081 237,033AMH EUR USD 0.040468 30/04/2013 13/05/2013 2,097,068 84,864AMH EUR USD 0.041039 31/05/2013 11/06/2013 1,934,754 79,400AMH EUR USD 0.037986 28/06/2013 11/07/2013 1,900,831 72,205AMH EUR USD 0.046983 31/07/2013 13/08/2013 1,642,329 77,162AMH EUR USD 0.054022 30/08/2013 11/09/2013 1,531,388 82,729152

Notes to the Financial Statements (continued)14. Dividends (continued)Sub- fundnameShareclass CurrencyDividendper share Ex-datePaymentdateNumber ofshares Total amount paidGlobal Emerging Markets Bond (continued)AMH EUR USD 0.055461 30/09/2013 10/10/2013 1,398,750 77,577AMH SGD USD 0.024815 30/04/2013 13/05/2013 3,009,262 74,675AMH SGD USD 0.022726 31/05/2013 11/06/2013 3,022,283 68,684AMH SGD USD 0.022821 28/06/2013 11/07/2013 2,957,210 67,486AMH SGD USD 0.028107 31/07/2013 13/08/2013 2,975,829 83,642AMH SGD USD 0.032039 30/08/2013 11/09/2013 2,811,467 90,077AMH SGD USD 0.032745 30/09/2013 10/10/2013 2,734,015 89,526BD GBP USD 0.212292 11/07/2013 31/07/2013 31,355 6,656ED USD 0.894312 11/07/2013 31/07/2013 28,019 25,058ID USD 1.031080 11/07/2013 31/07/2013 8,612,104 8,879,768ID EUR USD 0.063827 11/07/2013 31/07/2013 6,990,515 446,184IDH EUR USD 0.948551 11/07/2013 31/07/2013 31,160,172 29,557,012PD USD 0.831800 11/07/2013 31/07/2013 7,940,474 6,604,887ZD USD 0.712476 11/07/2013 31/07/2013 1,573,614 1,121,162USD 62,101,132Global Emerging Markets Corporate DebtAD USD 0.106659 11/07/2013 31/07/2013 9,950 1,061USD 1,061Global Emerging Markets Investment Grade BondAD USD 0.265238 11/07/2013 31/07/2013 47,554 12,613ID EUR USD 6.085342 11/07/2013 31/07/2013 59,500 362,078USD 374,691Global Emerging Markets Local DebtAD USD 0.319022 11/07/2013 31/07/2013 3,579,230 1,141,853AD GBP USD 0.415419 11/07/2013 31/07/2013 16,325 6,782BD GBP USD 0.145666 11/07/2013 31/07/2013 6,204 904ID USD 0.423933 11/07/2013 31/07/2013 27,548,382 11,678,668ID EUR USD 0.435609 11/07/2013 31/07/2013 16,613,344 7,236,922J1M USD 0.018811 31/05/2013 11/06/2013 2,313,706 43,523J1M USD 0.031366 28/06/2013 11/07/2013 2,213,706 69,435J1M USD 0.041824 31/07/2013 13/08/2013 2,113,706 88,404J1M USD 0.040243 30/08/2013 11/09/2013 2,067,706 83,211J1M USD 0.041475 30/09/2013 10/10/2013 2,042,706 84,721XD USD 0.121505 11/07/2013 31/07/2013 7,778,611 945,140ZD USD 0.453510 11/07/2013 31/07/2013 12,734,589 5,775,264ZM USD 0.040673 30/04/2013 13/05/2013 3,417,587 139,003ZM USD 0.040273 31/05/2013 11/06/2013 3,428,212 138,064ZM USD 0.041014 28/06/2013 11/07/2013 3,407,492 139,755ZM USD 0.054719 31/07/2013 13/08/2013 3,417,883 187,023ZM USD 0.052677 30/08/2013 11/09/2013 3,417,883 180,044ZM USD 0.054311 30/09/2013 10/10/2013 3,417,883 185,629USD 28,124,345153

Notes to the Financial Statements (continued)14. Dividends (continued)Sub- fundnameShareclass CurrencyDividendper share Ex-datePaymentdateNumber ofshares Total amount paidGlobal High Income BondAD USD 0.420968 11/07/2013 31/07/2013 1,033,825 435,208AMD USD 0.042500 30/04/2013 13/05/2013 115,742,219 4,919,044AMD USD 0.040000 31/05/2013 11/06/2013 116,089,739 4,643,590AMD USD 0.040000 28/06/2013 11/07/2013 116,247,857 4,649,914AMD USD 0.040000 31/07/2013 13/08/2013 117,212,677 4,688,507AMD USD 0.040000 30/08/2013 11/09/2013 115,865,950 4,634,638AMD USD 0.040000 30/09/2013 10/10/2013 110,583,185 4,423,328AMH AUD USD 0.069838 30/04/2013 13/05/2013 28,834,955 2,013,776AMH AUD USD 0.062697 31/05/2013 11/06/2013 43,758,535 2,743,529AMH AUD USD 0.058355 28/06/2013 11/07/2013 46,706,836 2,725,577AMH AUD USD 0.057909 31/07/2013 13/08/2013 47,946,953 2,776,560AMH AUD USD 0.055341 30/08/2013 11/09/2013 50,229,908 2,779,773AMH AUD USD 0.056824 30/09/2013 10/10/2013 47,924,983 2,723,316AMH EUR USD 0.052400 30/04/2013 13/05/2013 2,985,113 156,420AMH EUR USD 0.049346 31/05/2013 11/06/2013 3,722,992 183,715AMH EUR USD 0.049801 28/06/2013 11/07/2013 3,934,427 195,938AMH EUR USD 0.050883 31/07/2013 13/08/2013 4,028,041 204,959AMH EUR USD 0.051707 30/08/2013 11/09/2013 4,011,147 207,404AMH EUR USD 0.053759 30/09/2013 10/10/2013 3,904,842 209,923AMH SGD USD 0.034204 30/04/2013 13/05/2013 898,457 30,731AMH SGD USD 0.031652 31/05/2013 11/06/2013 1,053,693 33,352AMH SGD USD 0.031581 28/06/2013 11/07/2013 1,115,710 35,235AMH SGD USD 0.030933 31/07/2013 13/08/2013 1,097,675 33,954AMH SGD USD 0.031133 30/08/2013 11/09/2013 1,150,494 35,818AMH SGD USD 0.031859 30/09/2013 10/10/2013 1,118,871 35,647USD 45,519,856Global High Yield BondAM USD 0.052500 30/04/2013 13/05/2013 48,862,543 2,565,284AM USD 0.051500 31/05/2013 11/06/2013 43,130,354 2,221,213AM USD 0.051500 28/06/2013 11/07/2013 39,328,667 2,025,426AM USD 0.051500 31/07/2013 13/08/2013 38,227,920 1,968,738AM USD 0.051500 30/08/2013 11/09/2013 37,040,434 1,907,582AM USD 0.051500 30/09/2013 10/10/2013 36,192,450 1,863,911AM HKD USD 0.006764 30/04/2013 13/05/2013 402,094,469 2,719,767AM HKD USD 0.006632 31/05/2013 11/06/2013 355,691,825 2,358,948AM HKD USD 0.006638 28/06/2013 11/07/2013 342,150,631 2,271,196AM HKD USD 0.006640 31/07/2013 13/08/2013 335,073,986 2,224,891AM HKD USD 0.006640 30/08/2013 11/09/2013 324,178,596 2,152,546AM HKD USD 0.006641 30/09/2013 10/10/2013 320,378,703 2,127,792AMH AUD USD 0.079357 30/04/2013 13/05/2013 18,806,582 1,492,434AMH AUD USD 0.073453 31/05/2013 11/06/2013 21,325,388 1,566,413AMH AUD USD 0.068375 28/06/2013 11/07/2013 20,600,484 1,408,558154

Notes to the Financial Statements (continued)14. Dividends (continued)Sub- fundnameShareclass CurrencyDividendper share Ex-datePaymentdateNumber ofshares Total amount paidGlobal High Yield Bond (continued)AMH AUD USD 0.067878 31/07/2013 13/08/2013 20,749,724 1,408,450AMH AUD USD 0.065070 30/08/2013 11/09/2013 19,816,670 1,289,471AMH AUD USD 0.067910 30/09/2013 10/10/2013 19,427,048 1,319,291AMH EUR USD 0.065631 30/04/2013 13/05/2013 4,345,735 285,215AMH EUR USD 0.064489 31/05/2013 11/06/2013 4,277,869 275,876AMH EUR USD 0.064884 28/06/2013 11/07/2013 3,688,643 239,334AMH EUR USD 0.066255 31/07/2013 13/08/2013 3,514,972 232,884AMH EUR USD 0.067048 30/08/2013 11/09/2013 3,557,161 238,501AMH EUR USD 0.069332 30/09/2013 10/10/2013 3,375,800 234,053BD GBP USD 0.253266 11/07/2013 31/07/2013 300 76USD 36,397,850India Fixed IncomeAD USD 0.097360 11/07/2013 31/07/2013 116,119 11,305BD GBP USD 0.281909 11/07/2013 31/07/2013 20,897 5,891USD 17,196RMB Fixed IncomeAD USD 0.227564 11/07/2013 31/07/2013 1,459,085 332,035AD EUR USD 0.306837 11/07/2013 31/07/2013 335,589 102,971BD GBP USD 0.121916 11/07/2013 31/07/2013 300 37ID USD 0.052963 11/07/2013 31/07/2013 6,045 320YAD USD 0.032130 11/07/2013 31/07/2013 493,411 15,853ZD USD 0.093461 11/07/2013 31/07/2013 523,000 48,880USD 500,096US Dollar BondAD USD 0.153113 11/07/2013 31/07/2013 280,949 43,017BD GBP USD 0.109942 11/07/2013 31/07/2013 350 38ID USD 0.236731 11/07/2013 31/07/2013 4,427 1,048PD USD 0.179958 11/07/2013 31/07/2013 1,562,912 281,259WD USD 0.260743 11/07/2013 31/07/2013 90,028 23,474ZD USD 0.256720 11/07/2013 31/07/2013 5,001,405 1,283,961USD 1,632,797Global Emerging Markets Debt Total ReturnL1D USD 0.264893 11/07/2013 31/07/2013 6,669,216 1,766,629L1DH EUR USD 0.261167 11/07/2013 31/07/2013 73,035,200 19,074,384M1D USD 0.191397 11/07/2013 31/07/2013 13,921,170 2,664,470N1DH GBP USD 0.088257 11/07/2013 31/07/2013 65,179 5,752ZD USD 0.100501 11/07/2013 31/07/2013 1,660,000 166,832ZDH EUR USD 0.405021 11/07/2013 31/07/2013 14,324,679 5,801,796USD 29,479,863Managed Solutions - Asia Focused IncomeAM USD 0.034586 30/04/2013 13/05/2013 68,874,918 2,382,108AM USD 0.033407 31/05/2013 11/06/2013 67,406,710 2,251,856155

Notes to the Financial Statements (continued)14. Dividends (continued)Sub- fundnameShareclass CurrencyDividendper share Ex-datePaymentdateNumber ofshares Total amount paidManaged Solutions - Asia Focused Income (continued)AM USD 0.033972 28/06/2013 11/07/2013 65,124,373 2,212,405AM USD 0.036126 31/07/2013 13/08/2013 62,178,845 2,246,273AM USD 0.037397 30/08/2013 11/09/2013 53,702,626 2,008,317AM USD 0.038237 30/09/2013 10/10/2013 43,038,448 1,645,661AM HKD USD 0.004454 30/04/2013 13/05/2013 504,473,138 2,246,923AM HKD USD 0.004304 31/05/2013 11/06/2013 491,692,962 2,116,247AM HKD USD 0.004375 28/06/2013 11/07/2013 471,788,068 2,064,073AM HKD USD 0.004653 31/07/2013 13/08/2013 443,148,263 2,061,969AM HKD USD 0.004815 30/08/2013 11/09/2013 377,879,576 1,819,490AM HKD USD 0.004925 30/09/2013 10/10/2013 315,500,265 1,553,839AMH AUD USD 0.055424 30/04/2013 13/05/2013 10,458,052 579,627AMH AUD USD 0.048712 31/05/2013 11/06/2013 17,492,258 852,083AMH AUD USD 0.045324 28/06/2013 11/07/2013 18,252,140 827,260AMH AUD USD 0.047157 31/07/2013 13/08/2013 17,207,120 811,436AMH AUD USD 0.045872 30/08/2013 11/09/2013 13,697,143 628,315AMH AUD USD 0.048328 30/09/2013 10/10/2013 11,428,847 552,333AMH EUR USD 0.037875 30/04/2013 13/05/2013 1,779,954 67,416AMH EUR USD 0.036737 31/05/2013 11/06/2013 2,215,519 81,392AMH EUR USD 0.038095 28/06/2013 11/07/2013 2,178,718 82,998AMH EUR USD 0.041598 31/07/2013 13/08/2013 2,138,080 88,940AMH EUR USD 0.044921 30/08/2013 11/09/2013 1,935,799 86,958AMH EUR USD 0.046744 30/09/2013 10/10/2013 1,780,962 83,249AMH SGD USD 0.025623 30/04/2013 13/05/2013 757,721 19,415AMH SGD USD 0.024025 31/05/2013 11/06/2013 780,418 18,750AMH SGD USD 0.024443 28/06/2013 11/07/2013 794,293 19,415AMH SGD USD 0.025581 31/07/2013 13/08/2013 783,293 20,037AMH SGD USD 0.026739 30/08/2013 11/09/2013 733,297 19,608AMH SGD USD 0.027736 30/09/2013 10/10/2013 733,297 20,339USD 29,468,732156

Notes to the Financial Statements (continued)15. Securities lendingThe Company has entered into stock lending agreements for a number of equity and fixed income sub-funds. As at30 September 2013, the value of securities lent is as follows:Sub-fund Value of securities lent CurrencyAsia ex Japan Equity 2,525,738 USDAsia ex Japan Equity Smaller Companies 2,942,590 USDAsia Pacific ex Japan Equity High Dividend 861,900 USDBRIC Equity 65,943,820 USDBRIC Markets Equity 28,374,053 USDChinese Equity 67,123,285 USDEuroland Equity 25,878,865 EUREuroland Equity Smaller Companies 11,025,735 EUREuroland Growth 668,084 EURGlobal Emerging Markets Equity 33,313,270 USDGlobal Equity 1,576,414 USDHong Kong Equity 11,686,230 USDIndian Equity 8,600,128 USDJapanese Equity 130,537,802 JPYRussia Equity 75,811,836 USDSingapore Equity 1,978,069 USDThai Equity 14,658,039 USDTurkey Equity 11,601,448 EUR157

Notes to the Financial Statements (continued)15. Securities lending (continued)The counterparties linked to the Securities lending program are:DEUTSCHE BANK AGHSBC BANK PLCJ.P. MORGAN SECURITIES PLCNOMURA INTERNATIONAL PLCCITIGROUP GLOBAL MARKETSUBS AG, LONDON BRANCHMERRILL LYNCH INTERNATIONAL BANKIn return for making securities available for loan throughout the period, the sub-funds participating in the programsreceived fees which are reflected in the financial statements as "other income" for USD 5,204,983.With regards to the holding of collateral as at 30 September 2013, non-cash collateral was held forUSD 425,964,056.Since 5 October 2011, HSBC Bank PLC acts as the securities lending agent and fees received by this affiliate areincluded in the below table.Affiliate Company EarningsHSBC Bank PLC (Lending Agent)USDApr-13 155,925May-13 454,693Jun-13 148,730Jul-13 93,865Aug-13 134,767Sep-13 61,826As at 30 September 2013, no sub-fund was involved in a program where the level of the securities lent represented30% or more of its total net assets.158

Notes to the Financial Statements (continued)16. Transactions with connected persons and brokerage commission paid per sub-fundHGIF transactions with connected persons. All the figures are expressed in USD.Sub-FundTotal Aggregatevalue oftransactions forthe period withHSBC(USD)Total BrokerageCommissionpaid per subfund(USD)Average rate ofcommission(%)Percentage ofTransaction(%)Asia ex Japan Equity 11,505,149 23,439 0.20 2.67Asia ex Japan Equity Smaller Companies 8,548,998 18,617 0.22 6.77Asia Pacific ex Japan Equity High Dividend 3,460,395 7,215 0.21 11.99BRIC Equity 110,549,273 80,008 0.07 25.29BRIC Markets Equity 252,445,053 8,503 - 39.26China Consumer Opportunities 3,892,782 5,632 0.14 2.63CIVETS (liquidated as at 18 July 2013) 3,479,269 3,479 0.10 9.01Climate Change 297,277 154 0.05 1.57Euroland Equity 132,835,679 28,520 0.02 46.38Euroland Equity Smaller Companies 13,770,070 20,655 0.15 5.47Euroland Growth 31,194,266 4,375 0.01 45.87European Equity 7,210,981 4,328 0.06 8.49Frontier Markets 8,545,196 27,057 0.32 4.49Global Emerging Markets Equity 32,105,334 33,967 0.11 9.95Global Equity 36,907,768 111 - 10.60Latin American Equity 20,749,310 41,002 0.20 2.30Brazil Equity 149,955,931 289,738 0.19 19.18Chinese Equity 31,233,194 62,466 0.20 1.94Hong Kong Equity 2,437,527 4,875 0.20 3.23Korean Equity 156,907 1,340 0.85 0.35Mexico Equity 40,099,642 68,534 0.17 3.95Russia Equity 5,771,077 5,819 0.10 2.90Singapore Equity 109,989 101 0.09 13.59Thai Equity 865,625 6,480 0.75 92.27Turkey Equity 57,118,010 34,270 0.06 24.48UK Equity 5,600,847 4,679 0.08 7.32US Equity 42,563,786 68 - 7.92Asian Currencies Bond 22,706,402 - - 26.65Euro Bond 74,803,262 303 - 18.43Euro Credit Bond 2,604,153,209 8,386 - 47.43Euro High Yield Bond 81,891,270 - - 5.97Global Inflation Linked Bond 1,781,815 8 - 0.54RMB Fixed Income 69,172,915 - - 30.66Euro Reserve 4,190,826 0 - 1.20Economic Scale Index GEM Equity 10,052,415 6,031 0.06 99.93Global Macro 156,349,364 1,023 - 6.60Managed Solutions - Asia Focused Growth 3,969,162 2,425 0.06 2.85Managed Solutions - Asia Focused Income 87,765,391 18,805 0.02 8.68The investment adviser and its connected persons of the following sub-funds have entered into soft commissionarrangements with certain brokers, for which goods and services used to support the investment decision makingprocess were received by it or its connected persons:Asia ex Japan Equity,Asia ex Japan Equity Smaller Companies,Asia Pacific ex Japan Equity High Dividend,Chinese Equity,Hong Kong Equity,159

Notes to the Financial Statements (continued)16. Transactions with connected persons and brokerage commission paid per sub-fund (continued)Korean Equity,Taiwan Equity,Managed Solutions – Asia Focused Income,Managed Solutions – Asia Focused Growth,Managed Solutions – Asia Focused ConservativeThe investment adviser or its connected persons do not make direct payment for these services, but transact andagree an amount of business with brokers on behalf of the sub-funds concerned. All transactions were entered into inthe ordinary course of business and on normal commercial terms.Commissions were paid by the Company on these transactions. The goods and services utilized for the Companyinclude the following: research and advisory services; portfolio analysis, including valuation and performancemeasurement; market analysis, data and quotation services; computer hardware and software incidental to the abovegoods and services; clearing and depositary services and investment related publications.The Management Company is also entitled to a Performance Fee, which is payable annually in arrears after the endof each twelve month period.Performance Fees are disclosed in the Statement of Operations, whilst the Performance Fee calculation method isexplained on Page 107. Detailed Performance Fee information may also be found in the Prospectus dated January2013.17. List of movements in the investment portfolioThe detailed list of movements in the investment portfolio can be obtained free of charge upon request at theregistered office of the Company. The current Prospectus, the Articles of Incorporation, together with both the interimand audited annual reports are available free of charge upon request from the German payment and informationofficer from the Management Company.18. Pricing Adjustment Single - Swinging Prices (SSP)In the SSP method, the expenses resulting from subscriptions and redemptions above a pre-defined threshold, forthe acquisition and disposal of shares (price/offer margins, market-appropriate brokerages, commissions, chargesetc.) are included in the calculation of the net asset value. The net amount resulting from the difference betweensubscriptions and redemptions determines the adjustment of the portfolio and thus the resulting expenses. Thetransaction costs incurred on the day of trading for subscriptions and redemptions will be paid by the investors whocommission these transactions.If the subscriptions on a particular day of trading exceed the redemptions and the threshold for the application of anadjustment, then the fund management will add the transaction costs incurred by the excess of subscriptions at thecalculated "valuation net asset value". This amount is known as the "modified net asset value". On the other hand, ifthe redemptions on a particular valuation day exceed the subscriptions and the threshold for the application of anadjustment, then the transaction costs resulting from the excess of redemptions will be deducted from the "valuationnet asset value". The surcharge on or deduction from the transaction costs that is incurred by subscriptions iseffected at a flat rate, and is based on an average value from a previous period of a maximum of one year.If the fund has been on the market for less than one year, then depending on the fund's special features this factorwill be determined depending on the fund's portfolio of investments, so that a representative figure results.160

Notes to the Financial Statements (continued)18. Pricing Adjustment Single - Swinging Prices (SSP) (continued)The table below discloses the NAV per share before swing price adjustment (the "Un-swung NAV") and the NAV pershare after swing price adjustment (the "Swung NAV") for sub-funds which have been impacted by swing priceadjustment on 30 September 2013.Sub-Fund Un-swung NAV Swung NAV priceEuroland Equity EURAC 31.17 31.05AD 28.34 28.23EC 30.13 30.01ED 28.13 28.02IC 33.04 32.91ID 33.03 32.90ZC 36.92 36.78ZD 31.06 30.93Indian Equity USDAC 109.55 108.56AD 109.20 108.22AC GBP 12.23 12.12AD GBP 12.20 12.09BC GBP 12.08 11.97BD GBP 12.08 11.97AC EUR 10.44 10.35AD EUR 9.25 9.16EC 103.96 103.03ED 103.97 103.03IC EUR 11.16 11.06IC 119.86 118.78ID 116.34 115.30AD HKD 0.79 0.78XD 119.92 118.84ZD 115.54 114.50Managed Solutions - Asia Focused Income USDAMH EUR 12.69 12.63ACH GBP 16.32 16.24ACH SGD 7.88 7.84AMH SGD 7.59 7.55AMH AUD 8.72 8.68AC 9.91 9.86AM 10.38 10.33AM HKD 1.34 1.33India Fixed Income USDAC 9.20 9.14AD 8.43 8.37BC GBP 14.15 14.06BD GBP 13.89 13.80AC EUR 11.36 11.28EC 8.74 8.69IC EUR 11.25 11.18IC 9.27 9.21ID 9.21 9.15ZC 9.33 9.27161

Notes to the Financial Statements (continued)19. Disclosures requirements for Index-tracking UCITS: Economic Scale Index GEM Equity FundThe Economic Scale Index GEM Equity Fund is the sole index tracking sub-fund, but since it was only launched on20 March 2013, the tracking error information is included for the first time in this semi-annual report.The annualised tracking error for the period 20 March 2013 to 30 September 2013 is 0.32%. It should be noted thatas a full financial year of fund or benchmark data is not available, this tracking error is not correctly representative.162

Notes to the Financial Statements (continued)Charges and expensesOperating, Administration and Servicing Expenses (refer also to note 4.4)Sub-FundClass A, B, E,M, N, P, RClass I, J, L,S, Y, ZClass X(maximum %)Class WEQUITY SUB-FUNDSa) International and Regional sub-fundsAsia ex Japan Equity 0.35% 0.25% 0.20% 0.00%Asia ex Japan Equity Smaller Companies 0.35% 0.25% 0.20% 0.00%Asia Pacific ex Japan Equity High Dividend 0.35% 0.25%* 0.20% 0.00%BRIC Equity 0.40% 0.30% 0.25% 0.00%BRIC Markets - 0.35%** - 0.00%BRIC Markets Equity 0.35% 0.25% 0.20% 0.00%China Consumer Opportunities 0.40% 0.30% 0.25% 0.00%CIVETS (liquidated as at 18 July 2013) 0.40% 0.30% 0.25% 0.00%Climate Change 0.35% 0.25% 0.20% 0.00%Emerging Wealth 0.40% 0.25% 0.20% 0.00%Euroland Equity 0.35% 0.25% 0.20% 0.00%Euroland Equity Smaller Companies 0.35% 0.25% 0.20% 0.00%Euroland Growth 0.35% 0.25% 0.20% 0.00%European Equity 0.35% 0.25% 0.20% 0.00%Frontier Markets 0.40% 0.30% 0.25% 0.00%Global Emerging Markets Equity 0.40% 0.30% 0.20% 0.00%Global Equity 0.35% 0.25% 0.20% 0.00%Latin American Equity 0.40% 0.30%*** 0.25% 0.00%b) Market Specific sub-fundsBrazil Equity 0.40% 0.30% 0.20% 0.00%Chinese Equity 0.40% 0.30% 0.20% 0.00%Hong Kong Equity 0.35% 0.25% 0.20% 0.00%Indian Equity 0.40% 0.30%**** 0.20% 0.00%Japanese Equity 0.35% 0.25% 0.20% 0.00%Korean Equity 0.40% 0.30% 0.20% 0.00%Mexico Equity 0.40% 0.30% 0.25% 0.00%Russia Equity 0.40% 0.30% 0.20% 0.00%Singapore Equity 0.40% 0.30% 0.20% 0.00%Taiwan Equity 0.40% 0.30% 0.20% 0.00%Thai Equity 0.35% 0.25% 0.20% 0.00%Turkey Equity 0.40% 0.30% 0.20% 0.00%UK Equity 0.31% 0.25% 0.20% 0.00%US Equity 0.35% 0.25% 0.20% 0.00%* 0.30% for share class S** 0.25% for share class Z*** 0.25% for share class Z**** 0.40% for share class J163

Notes to the Financial Statements (continued)Charges and expenses (continued)Operating, Administration and Servicing Expenses (refer also to note 4.4) (continued)Sub-FundClass A, B, E,M, N, P, RClass I, J, L,S, Y, ZClass X(maximum %)Class WBOND SUB-FUNDSAsian Currencies Bond 0.35% 0.25% 0.20% 0.00%Brazil Bond 0.35% 0.25% 0.20% 0.00%Euro Bond 0.25% 0.15% 0.15% 0.00%Euro Credit Bond 0.25% 0.20% 0.15% 0.00%Euro High Yield Bond 0.25% 0.20%* 0.15% 0.00%GEM Inflation Linked Bond 0.30% 0.25%** 0.20% 0.00%Global Asset-Backed Bond (launched as at31 May 2013)0.25% 0.20% 0.15% 0.00%Global Asset-Backed High Yield Bond (launched as at 31May 2013)0.25% 0.20% 0.15% 0.00%Global Bond 0.25% 0.15% 0.15% 0.00%Global Emerging Markets Bond 0.35% 0.25%*** 0.20% 0.00%Global Emerging Markets Corporate Debt 0.35% 0.25% 0.20% 0.00%Global Emerging Markets Investment Grade Bond 0.35% 0.25% 0.20% 0.00%Global Emerging Markets Local Debt 0.35% 0.25% 0.20% 0.00%Global High Income Bond 0.25% 0.20% 0.15% 0.00%Global High Yield Bond 0.25% 0.20% 0.15% 0.00%Global Inflation Linked Bond 0.25% 0.20%**** 0.15% 0.00%Global Short Duration High Yield Bond (launched as at 12June 2013)0.25% 0.20% 0.15% 0.00%India Fixed Income 0.35% 0.25% 0.20% 0.00%Latin American Local Debt 0.35% 0.25% 0.20% 0.00%RMB Fixed Income 0.25% 0.20% 0.15% 0.00%US Dollar Bond 0.25% 0.15% 0.15% 0.00%RESERVE SUB-FUNDEuro Reserve 0.15% 0.10% - 0.00%INDEX SUB-FUNDEconomic Scale Index GEM Equity 0.35% 0.30% 0.20% 0.00%OTHER SUB-FUNDSGEM Debt Total Return 0.35% 0.25% - 0.00%Global Currency (liquidated as at 28 June 2013) 0.30% 0.20% - 0.00%Global Flex Allocation (liquidated as at 26 April 2013) 0.30% 0.20% - 0.00%Global Macro 0.30% 0.20% - 0.00%Managed Solutions - Asia Focused Conservative 0.35% 0.25% 0.20% 0.00%Managed Solutions - Asia Focused Growth 0.35% 0.25% 0.20% 0.00%Managed Solutions - Asia Focused Income 0.35% 0.25% 0.20% 0.00%* 0.15% for share class S** 0.20% for share class Z*** 0.10% for share class S**** 0.15% for share class Z164

Notes to the Financial Statements (continued)Charges and expenses (continued)Management Fee Percentages (refer also to note 4.2)Sub-FundClassAClassBClassEClassIClassMClassNClassPClassZClassJClassLClassRClassSClassWClassYClassXEQUITY SUB-FUNDSa) International and Regionalsub-fundsAsia ex Japan Equity 1.50 0.75 2.00 0.75 - - - 0.00 0.60 - - - 0.00 - 0.70Asia ex Japan EquitySmaller Companies1.50 0.75 2.00 0.75 - - - 0.00 0.60 - - - 0.00 - 0.70Asia Pacific ex JapanEquity High Dividend1.50 0.75 2.00 0.75 - - - 0.00 0.60 - - 0.40 0.00 - 0.70BRIC Equity 1.5 0.75 2.00 0.75 1.00 - - 0.00 0.60 0.50 - - 0.00 - 0.70BRIC Markets - - - - - - - 1.00 - - - - 0.00 1.50 -BRIC Markets Equity 1.50 0.75 2.00 0.75 - - - 0.00 0.60 - - - 0.00 - 0.60China ConsumerOpportunities1.50 0.750 2.00 0.750 - - - 0.00 - - - 0.40 0.00 - 0.70CIVETS (liquidated as at 18July 2013)1.75 0.88 2.25 0.88 - - - 0.00 - - - - 0.00 - 0.75Climate Change 1.50 0.75 2.00 0.75 - - - 0.00 0.60 - - - 0.00 - 0.60Emerging Wealth 1.50 0.75 2.00 0.75 - - - 0.00 0.60 - - - 0.00 - 0.60Euroland Equity 1.50 0.75 2.00 0.75 - - - 0.00 - - - - 0.00 - 0.60Euroland EquitySmaller Companies1.50 0.75 2.00 0.75 - - - 0.00 - - - - 0.00 - 0.70Euroland Growth 1.50 0.75 2.00 0.75 1.25 - - 0.00 - - - - 0.00 - 0.60European Equity 1.50 0.75 2.00 0.75 - - 1.00 0.00 - - - - 0.00 - 0.60Frontier Markets 1.75 1.25 2.25 1.25 - - - 0.00 - - - - 0.00 - 1.00Global EmergingMarkets Equity1.50 0.75 2.00 0.75 - - 1.00 0.00 0.60 - - 0.55 0.00 - 0.70Global Equity 1.50 0.75 2.00 0.75 - - - 0.00 0.60 - - - 0.00 - 0.60Latin American Equity 1.50 0.75 2.00 0.75 1.00 - - 0.00 - 0.50 - 1.75 0.00 - 0.70b) Market Specific Equity subfundsBrazil Equity 1.75 0.875 2.25 0.875 - - - 0.00 - - - 0.55 0.00 - 0.70Chinese Equity 1.50 0.75 2.00 0.75 - - - 0.00 0.60 - - - 0.00 - 0.70Hong Kong Equity 1.50 0.75 2.00 0.75 - - 1.00 0.00 0.60 - - - 0.00 - 0.70Indian Equity 1.50 0.75 2.00 0.75 - - - 0.00 0.60 - - - 0.00 - 0.70Japanese Equity 1.50 0.75 2.00 0.75 - - 1.00 0.00 - - - - 0.00 - 0.60Korean Equity 1.50 0.75 2.00 0.75 - - - 0.00 0.60 - - - 0.00 - 0.70Mexico Equity 1.75 0.875 2.25 0.875 - - - 0.00 0.60 - - - 0.00 - 0.75Russia Equity 1.75 0.875 2.25 0.875 - - - 0.00 - - - 0.45 0.00 - 0.70Singapore Equity 1.50 0.75 2.00 0.75 - - 1.00 0.00 0.60 - - - 0.00 - 0.70Taiwan Equity 1.50 0.75 2.00 0.75 - - - 0.00 0.60 - - - 0.00 - 0.70Thai Equity 1.50 0.75 2.00 0.75 - - - 0.00 0.60 - - - 0.00 - 0.70Turkey Equity 1.75 0.88 2.25 0.88 - - - 0.00 0.60 - - - 0.00 - 0.70UK Equity 1.50 0.75 2.00 0.75 - - - 0.00 - - - - 0.00 - 0.60US Equity 1.50 0.75 2.00 0.75 - - 1.00 0.00 - - - - 0.00 0.30 0.50165

Notes to the Financial Statements (continued)Charges and expenses (continued)Management Fee Percentages (refer also to note 4.2) (continued)Sub-FundClassAClassBClassEClassIClassMClassNClassPClassZClassJClassLClassRClassSClassWClassYClassXBOND SUB-FUNDSAsian Currencies Bond 1.25 0.625 1.55 0.625 - - - 0.00 0.60 - - - 0.00 - 0.60Brazil Bond 1.00 0.50 1.30 0.50 - - - 0.00 - - - - 0.00 - 0.50Euro Bond 0.75 0.375 1.05 0.375 - - 0.50 0.00 0.60 - - - 0.00 - 0.30Euro Credit Bond 0.85 0.425 1.15 0.425 - - - 0.00 0.60 - - - 0.00 - 0.35Euro High Yield Bond 1.10 0.55 1.40 0.55 - - - 0.00 0.60 - - 0.35 0.00 - 0.50GEM Inflation Linked Bond 1.00 0.50 1.25 0.50 - - - 0.00 - - - - 0.00 - 0.50Global Asset-Backed Bond(launched as at 31 May 2013)0.90 0.45 1.20 0.45 - - - 0.00 - - - - 0.00 - 0.45Global Asset-Backed HighYield Bond (launched as at 31May 2013)1.50 - 2.00 0.75 - - - 0.00 - - - - 0.00 - 0.70Global Bond 0.75 0.375 1.05 0.375 - - 0.50 0.00 0.60 - - - 0.00 - 0.35Global EmergingMarkets Bond1.25 0.625 1.55 0.50 - - 1.00 0.00 0.60 - - 0.60 0.00 - 0.50Global Emerging MarketsCorporate Debt1.50 0.75 1.80 0.75 - - - 0.00 0.60 - - - 0.00 - 0.70Global Emerging MarketsInvestment Grade Bond1.10 0.55 1.40 0.475 - - - 0.00 0.60 - - - 0.00 - 0.45Global EmergingMarkets Local Debt1.25 0.625 1.55 0.625 - - - 0.00 0.60 - - - 0.00 - 0.60Global High Income Bond 1.25 0.625 1.55 0.625 - - - 0.00 - - - - 0.00 - 0.50Global High Yield Bond 1.10 0.55 1.40 0.55 - - - 0.00 - - - - 0.00 - 0.50Global Inflation Linked Bond 0.70 0.35 1.00 0.35 - - - 0.00 - - - - 0.00 - 0.35Global Short Duration HighYield Bond (launched as at 12June 2013)0.90 0.45 1.30 0.45 - - - 0.00 0.60 - - - 0.00 - 0.40India Fixed Income 1.10 0.55 1.40 0.55 - - - 0.00 - - - - 0.00 - 0.50Latin American Local Debt 1.25 0.625 1.55 0.625 - - - 0.00 0.60 - - - 0.00 - 0.60RMB Fixed Income 0.75 0.375 1.05 0.375 - - - 0.00 - - - - 0.00 - 0.35US Dollar Bond 0.75 0.375 1.05 0.375 - - 0.50 0.00 - - - - 0.00 - 0.35166

Notes to the Financial Statements (continued)Charges and expenses (continued)Management fee percentages (refer also to note 4.2) (continued)Sub-FundClassAClassBClassEClassIClassMClassNClassPClassZClassJClassLClassRClassSClassWClassYClassXRESERVE SUB-FUNDEuro Reserve 0.50 - - 0.25 - - - 0.00 - - - - 0.00 - -INDEX SUB-FUNDEconomic Scale Index GEMEquity0.60 0.30 0.90 0.30 - - - 0.00 - - - - 0.00 - 0.30OTHER SUB-FUNDSGEM Debt Total Return - - - - 1.00 0.50 - 0.00 0.60 0.50 1.50 1.00 0.00 - -Global Currency (liquidatedas at 28 June 2013)- - - - 1.50 0.75 - 0.00 - 1.00 2.00 - 0.00 - -Global flex Allocation(liquidated as at 26 April 1.20 0.60 1.70 0.60 - - - 0.00 - - - - 0.00 - -2013)Global Macro - - - - 1.50 0.75 - 0.00 - 1.00 2.00 - 0.00 - -Managed Solutions - AsiaFocused Conservative0.70 0.50 1.00 0.50 - - 0.80 0.00 - - - - 0.00 - 0.45Managed Solutions - AsiaFocused Growth1.50 0.75 2.00 0.75 - - 1.25 0.00 - - - - 0.00 - 0.60Managed Solutions - AsiaFocused Income1.25 0.625 1.55 0.625 - - 1.00 0.00 - - - - 0.00 - 0.60167

Publication of TER (Total Expense Ratio) – Information concerning the SwissInvestorsSub-fund nameEQUITY SUB-FUNDSa) International and Regional sub-fundsShare classTER excluding theperformance fee (in %)Asia ex Japan Equity AC 1.86%AC EUR 1.86%ACH EUR 1.86%AD 1.86%ADH EUR 1.86%BC GBP 1.11%BD GBP 1.10%EC 2.36%ED 2.36%IC 1.00%ID 1.00%J1C 0.85%ZD 0.25%Asia ex Japan Equity Smaller Companies AC 1.87%AC EUR 1.85%AD 1.86%AD HKD 1.88%BC GBP 1.09%BD GBP 1.11%EC 2.36%IC 1.00%ID 1.01%Asia Pacific ex Japan Equity High Dividend AC 1.86%AD 1.86%AM 1.85%AM HKD 1.85%BC GBP 1.12%BD GBP 1.10%EC 2.36%IC 1.01%IC EUR 1.00%ZD 0.25%168

Publication of TER (Total Expense Ratio) – Information concerning the SwissInvestorsSub-FundTER excluding theShare class performance fee (in %)BRIC Equity AC 1.91%AC GBP 1.91%AC HKD 1.94%AD 1.92%AD GBP 1.74%BC GBP 1.16%BD GBP 1.16%EC 2.41%IC 1.08%IC EUR 1.12%ID 0.68%J1C 0.91%L1C 0.80%M1C 1.42%M2C 1.42%M2D 1.42%XC 0.95%BRIC Markets YC 1.90%YD 0.33%ZC 1.26%BRIC Markets Equity AC 1.87%AD 1.87%EC 2.39%ED 2.38%IC 0.79%J1C 0.86%China Consumer Opportunities AC 1.91%AC HKD 1.91%Climate Change AC 1.86%AD 1.86%EC 2.36%IC 0.99%Emerging Wealth AC 1.91%AD 1.91%169

Publication of TER (Total Expense Ratio) – Information concerning the SwissInvestorsSub-FundTER excluding theShare class performance fee (in %)Euroland Equity AC 1.86%AD 1.86%EC 2.34%ED 2.37%IC 1.00%ID 1.00%ZC 0.25%ZD 0.25%Euroland Equity Smaller Companies AC 1.86%AD 1.86%EC 2.38%IC 1.00%ZC 0.25%Euroland Growth AC 1.90%EC 2.47%IC 1.01%M1C 1.61%M1D 1.61%European Equity AC 1.86%AD 1.86%EC 2.36%ED 2.36%IC 1.00%PC 1.36%PD 1.36%ZD 0.26%Frontier Markets AC 2.17%AC EUR 2.17%AD 2.19%BC GBP 1.68%BD GBP 1.63%170

Publication of TER (Total Expense Ratio) – Information concerning the SwissInvestorsSub-FundTER excluding theShare class performance fee (in %)Frontier Markets (continued) EC 2.72%EC EUR 2.74%IC 1.58%IC EUR 1.58%IC GBP 1.55%ID 1.59%ID EUR 1.55%ZD 0.30%Global Emerging Markets Equity AC 1.94%AC EUR 1.94%AC GBP 1.93%AD 1.94%AD GBP 2.13%BC GBP 1.17%BD GBP 1.17%EC 2.44%ED 2.44%IC 1.08%ID 1.08%PC 1.44%PD 1.44%S1D 0.99%WD 0.03%ZC 0.32%ZD 0.34%Global Equity AC 1.87%AD 1.87%EC 2.36%IC 1.03%ZC 0.25%ZD 0.25%Latin American Equity AC 1.91%AC EUR 1.91%AC GBP 1.88%AD 1.92%AD GBP 1.17%171

Publication of TER (Total Expense Ratio) – Information concerning the SwissInvestorsSub-FundTER excluding theShare class performance fee (in %)Latin American Equity (continued) AD HKD 1.92%BC GBP 1.16%BD GBP 1.16%EC 2.43%IC 1.06%IC EUR 0.68%L1D 0.80%M1C 1.42%M1D 1.41%Brazil Equity AC 2.18%AC EUR 2.17%AC GBP 2.16%AD 2.17%AD GBP 2.14%AD HKD 2.16%BC GBP 1.28%BD GBP 1.27%EC 2.68%ED 2.70%IC 1.19%IC EUR 1.18%ID 1.17%S3D 0.86%XC 0.89%ZC 0.30%Chinese Equity AC 1.91%AC EUR 1.91%AC GBP 1.92%AD 1.91%AD GBP 1.92%AD HKD 1.91%BC GBP 1.28%BD GBP 1.29%EC 2.41%ED 2.42%IC 1.05%ID 1.02%172

Publication of TER (Total Expense Ratio) – Information concerning the SwissInvestorsSub-FundTER excluding theShare class performance fee (in %)Chinese Equity (continued) J1C 0.91%ZD 0.30%Hong Kong Equity AC 1.86%AD 1.85%BC GBP 1.12%BD GBP 1.10%EC 2.36%IC 1.00%J1C 0.86%PD 1.36%ZD 0.25%Indian Equity AC 1.94%AC EUR 1.87%AC GBP 1.92%AD 1.94%AD EUR 1.91%AD GBP 1.93%AD HKD 1.94%BC GBP 1.17%BD GBP 1.14%EC 2.44%ED 2.44%IC 1.08%IC EUR 0.82%ID 1.11%XD 0.90%ZD 0.32%Japanese Equity AC 1.88%AD 1.88%BC GBP 1.11%BD GBP 1.11%EC 2.35%ED 2.34%IC 1.02%PC 1.37%PD 1.38%ZD 0.25%173

Publication of TER (Total Expense Ratio) – Information concerning the SwissInvestorsSub-FundTER excluding theShare class performance fee (in %)Korean Equity AC 1.91%AD 1.91%EC 2.42%ED 2.43%IC 1.07%J1C 0.91%Mexico Equity AC 2.10%IC 1.19%IC EUR 1.17%JC 0.89%Russia Equity AC 2.19%AC EUR 2.18%AC GBP 2.29%AD 2.19%AD GBP 2.19%AD HKD 2.19%BC GBP 1.28%BD GBP 1.28%EC 2.70%IC 1.27%XC 0.83%Singapore Equity AC 1.91%AD 1.91%EC 2.41%IC 1.04%J1C 0.90%PD 1.41%ZD 0.30%Taiwan Equity AC 1.91%AD 1.91%EC 2.40%IC 1.05%174

Publication of TER (Total Expense Ratio) – Information concerning the SwissInvestorsSub-FundTER excluding theShare class performance fee (in %)Thai Equity AC 1.86%AD 1.86%EC 2.37%IC 1.00%ID 1.00%J1C 0.84%Turkey Equity AC 2.15%AC GBP 2.14%AD 2.15%AD GBP 2.13%BC GBP 1.28%BD GBP 1.28%EC 2.65%IC 1.18%J1C 0.54%UK Equity AC 1.82%AD 1.82%BC GBP 1.06%BD GBP 1.06%EC 2.33%ID 0.99%US Equity AC 1.86%ACH EUR 1.86%AD 1.85%ADH EUR 1.87%EC 2.37%ED 2.40%IC 1.02%ID 1.02%PD 1.36%YD 0.56%ZD 0.25%175

Publication of TER (Total Expense Ratio) – Information concerning the SwissInvestorsSub-FundBond Sub-FundsShare classTER excluding theperformance fee (in %)Asian Currencies Bond AC 1.61%AC EUR 1.60%AD 1.61%BC GBP 0.98%BD GBP 0.99%EC 1.91%ID 0.88%ID EUR 0.88%ZC 0.25%Brazil Bond AC 1.38%AD 1.36%BC GBP 0.87%BD GBP 0.87%EC 1.67%IC 0.75%Euro Bond AC 1.00%AD 1.00%EC 1.31%IC 0.53%Euro Credit Bond AC 1.11%AD 1.10%EC 1.42%IC 0.63%XCH JPY 0.51%ZD 0.20%Euro High Yield Bond AC 1.36%AD 1.35%EC 1.66%ED 1.63%IC 0.75%ID 0.75%S8D 0.50%XC 0.65%ZC 0.20%176

Publication of TER (Total Expense Ratio) – Information concerning the SwissInvestorsSub-FundTER excluding theShare class performance fee (in %)GEM Inflation Linked Bond AC 1.31%AC EUR 1.31%AC GBP 1.32%BC GBP 0.82%BD GBP 0.81%EC 1.56%IC 0.76%IC EUR 0.76%ZC 0.20%Global Bond AC 1.01%AD 1.01%BC GBP 0.62%BD GBP 0.79%EC 1.32%IC 0.52%PD 0.76%WD 0.00%ZC 0.15%ZD 0.15%Global Emerging Markets Bond AC 1.62%AC EUR 1.61%AC GBP 1.62%AC HKD 1.58%ACH CHF 1.64%ACH EUR 1.64%AD 1.62%AD EUR 1.62%AD GBP 1.61%ADH EUR 1.64%AM 1.63%AM HKD 1.64%177

Publication of TER (Total Expense Ratio) – Information concerning the SwissInvestorsSub-FundTER excluding theShare class performance fee (in %)Global Emerging Markets Bond (continued) AMH AUD 1.65%AMH EUR 1.64%AMH SGD 1.64%BC GBP 0.98%BD GBP 0.98%EC 1.93%ED 1.92%IC 0.76%IC EUR 0.76%ICH EUR 0.79%ID 0.75%ID EUR 0.74%IDH EUR 0.79%PC 1.37%PD 1.37%S6C 0.55%XC 0.61%ZD 0.25%Global Emerging Markets Corporate Debt AC 1.87%AC EUR 1.86%AD 1.90%IC 1.01%ZC 0.25%Global Emerging Markets Investment Grade Bond AC 1.47%AD 1.49%EC 1.76%IC 0.73%IC EUR 0.73%ID EUR 0.73%Global Emerging Markets Local Debt AC 1.62%AC EUR 1.61%AC GBP 1.62%AD 1.62%AD GBP 1.62%BC GBP 1.00%BD GBP 0.95%178

Publication of TER (Total Expense Ratio) – Information concerning the SwissInvestorsSub-FundTER excluding theShare class performance fee (in %)Global Emerging Markets Local Debt (continued) EC 1.92%IC 0.89%IC EUR 0.89%ID 0.89%ID EUR 0.88%J1D 0.85%J1M 0.86%XC 0.79%XC GBP 0.80%XD 0.78%ZD 0.25%ZM 0.25%Global High Income Bond AC 1.51%ACH EUR 1.54%ACH SGD 1.54%AD 1.51%AM 1.51%AMH AUD 1.53%AMH EUR 1.53%AMH SGD 1.53%EC 1.71%ECH EUR 1.84%IC 0.84%ICH EUR 0.87%ID 0.28%Global High Yield Bond AM 1.37%AM HKD 1.37%AMH AUD 1.39%AMH EUR 1.39%BC GBP 0.84%BD GBP 0.85%Global Inflation Linked Bond AC 0.96%ACH EUR 0.96%AD 0.95%EC 1.26%179

Publication of TER (Total Expense Ratio) – Information concerning the SwissInvestorsSub-FundTER excluding theShare class performance fee (in %)Global Inflation Linked Bond (continued) IC 0.56%ICH EUR 0.56%ICH GBP 0.56%ZC 0.15%Global Short Duration High Yield Bond (launchedas at 12 June 2013)AC 1.18%IC 0.67%ZC 0.20%India Fixed Income AC 1.42%AC EUR 1.38%AD 1.40%BC GBP 0.97%BD GBP 1.21%EC 1.31%IC 0.65%IC EUR 0.88%ID 0.86%ZC 0.29%Latin American Local Debt AC 1.63%IC 0.87%ZC 0.25%RMB Fixed Income AC 1.01%AC EUR 0.99%ACH EUR 1.02%AC RMB 0.98%AD EUR 1.00%AD RMB 0.99%AD 1.00%BC GBP 0.62%BD GBP 0.65%EC 1.31%ECH EUR 1.30%IC 0.57%ICH EUR 0.58%180

Publication of TER (Total Expense Ratio) – Information concerning the SwissInvestorsSub-FundTER excluding theShare class performance fee (in %)RMB Fixed Income (continued) ID 0.58%ZC 0.20%ZD 0.20%US Dollar Bond AC 1.01%AD 1.01%BC GBP 0.62%BD GBP 0.64%EC 1.32%IC 0.53%ID 0.53%PC 0.75%PD 0.76%WD 0.00%ZC 0.15%ZD 0.15%Reserve Sub-FundEuro Reserve AC 0.15%AD 0.15%IC 0.15%Index Sub-FundEconomic Scale Index GEM Equity AC 0.95%IC 0.60%ZC 0.30%ZD 0.30%Other Sub-FundsGEM Debt Total Return J1CH JPY 0.78%L1C 0.76%L1CH EUR 0.79%L1D 0.76%L1DH EUR 0.78%M1C 1.36%M1CH CHF 1.39%181

Publication of TER (Total Expense Ratio) – Information concerning the SwissInvestorsSub-FundTER excluding theShare class performance fee (in %)GEM Debt Total Return (continued) M1CH EUR 1.39%M1D 1.36%M1DH EUR 1.43%N1CH GBP 0.89%N1DH GBP 0.89%ZD 0.25%ZDH EUR 0.28%Global Macro L1C 1.21%L1CH GBP 1.20%L1CH SEK 1.20%L1CH USD 1.20%L1D 1.20%L1DH USD 1.20%M1C 1.80%M1CH CHF 1.80%M1CH GBP 1.80%M1CH NOK 1.80%M1CH SEK 1.80%M1CH USD 1.80%M1D 1.80%M1DH GBP 1.80%R1C 2.33%182

Publication of TER (Total Expense Ratio) – Information concerning the SwissInvestorsSub-FundTER including theShare class performance fee (in %)Global Macro L1C 1.21%L1CH GBP 1.20%L1CH SEK 1.20%L1CH USD 1.20%L1D 1.20%L1DH USD 1.20%M1C 1.80%M1CH CHF 1.80%M1CH GBP 1.80%M1CH NOK 2.70%M1CH SEK 1.80%M1CH USD 1.80%M1D 1.80%M1DH GBP 1.80%R1C 2.33%ZCH GBP 0.20%GEM Debt Total Return J1CH JPY 0.78%L1C 0.76%L1CH EUR 0.79%L1D 0.76%L1DH EUR 0.78%M1C 1.36%M1CH CHF 1.39%M1CH EUR 1.39%M1D 1.36%M1DH EUR 1.43%N1CH GBP 0.89%N1DH GBP 0.89%ZD 0.25%183

Publication of PTR (Portfolio Turnover Ratio) – Information concerning the SwissInvestorsSub-Fund %Asia ex Japan Equity 131.14Asia ex Japan Equity Smaller Companies 121.45Asia Pacific ex Japan Equity High Dividend 14.68BRIC Equity 87.25BRIC Markets 21.58BRIC Markets Equity 75.92China Consumer Opportunities 68.80Climate Change 50.66Emerging Wealth 224.20Euroland Equity (18.40)Euroland Equity Smaller Companies 160.43Euroland Growth 3.52European Equity 66.45Frontier Markets 39.22Global Emerging Markets Equity 82.20Global Equity 182.55Latin American Equity 72.44Brazil Equity 39.82Chinese Equity 154.77Hong Kong Equity 20.19Indian Equity 99.80Japanese Equity 9.99Korean Equity 31.02Mexico Equity 31.16Russia Equity 59.34Singapore Equity 83.51Taiwan Equity 124.03Thai Equity 85.93Turkey Equity (6.86)UK Equity 28.22US Equity 133.91Asian Currencies Bond 46.53Euro Bond 87.38Euro Credit Bond 381.61Euro High Yield Bond 26.25GEM Inflation Linked Bond 9.22184

Publication of PTR (Portfolio Turnover Ratio) – Information concerning the SwissInvestorsSub-Fund %Global Emerging Markets Bond 59.17Global Emerging Markets Corporate Debt 98.57Global Emerging Markets Investment Grade Bond 40.06Global Emerging Markets Local Debt 175.57Global High Income Bond 72.86Global High Yield Bond 41.74Global Inflation Linked Bond 103.60India Fixed Income 79.50Latin American Local Debt 188.66RMB Fixed Income (12.59)US Dollar Bond 713.65Euro Reserve 1,019.23Economic Scale Index GEM Equity 20.54GEM Debt Total 329.93Global Macro 478.62Managed Solutions - Asia Focused Income 14.88With reference to section 2.8 (2) of the Prospectus dated January 2013, adjustments related to swing pricingmethodology are included in the PTR figures.185

Publication of performance for sub-funds distributed in Switzerland – Informationconcerning the Swiss InvestorsSub-fund nameShare classShare classcurrencyCalendar Year Performance2012 2011 2010Asia ex Japan Equity AC USD 14.80% (23.26)% 21.18%Asia ex Japan Equity SmallerCompaniesAC USD 26.41% (24.75)% 29.04%Asia Pacific ex Japan EquityHigh DividendAC USD 18.69% (13.66)% 17.28%BRIC Equity AC USD 15.05% (28.44)% 12.43%BRIC Markets YC USD 13.97% (25.68)% 10.68%BRIC Markets Equity AC USD 13.41% (23.22)% 6.90%China Consumer Opportunities AC USD 6.16% N/A N/AClimate Change AC USD 18.63% (18.93)% 0.78%Emerging Wealth AC USD 10.24% (13.51)% 9.49%Euroland Equity AC EUR 17.36% (18.43)% 1.02% AC EUR 26.41% (22.52)% 27.78%Euroland Growth M1C EUR 20.13% (14.40)% (0.75)%European Equity AC EUR 18.91% (13.22)% 10.85%Frontier Markets AC USD 24.42% (1.27)% N/AGlobal Emerging MarketsEquityAC USD 20.73% (27.38)% 14.40%Global Equity AC USD 13.29% (6.75)% 7.67%Latin American Equity AC USD 12.25% (25.90)% 13.30%Brazil Equity AC USD 6.53% (25.76)% 13.87%Chinese Equity AC USD 19.23% (20.43)% 0.95%Hong Kong Equity AC USD 26.40% (22.89)% 8.20%Indian Equity AC USD 39.71% (45.82)% 13.00%Japanese Equity AC JPY 15.94% (18.49)% (0.94)%Korean Equity AC USD 10.62% (16.68)% 20.70%Russia Equity AC USD 6.54% (24.43)% 23.74%Singapore Equity AC USD 30.40% (18.37)% 16.05%Taiwan Equity AC USD 14.14% (21.29)% 21.61%186

Publication of performance for sub-funds distributed in Switzerland – Informationconcerning the Swiss InvestorsSub-fund nameShare classShare classcurrencyCalendar Year Performance2012 2011 2010Thai Equity AC USD 35.72% (4.50)% 50.27%Turkey Equity AC EUR 72.19% (32.62)% 37.65%UK Equity AC GBP 13.44% (6.26)% 12.99%US Equity AC USD 10.38% 2.58% 9.14%Asian Currencies Bond AC USD 10.59% N/A N/ABrazil Bond AC USD 7.37% (0.15)% 13.01%Euro Bond AC EUR 12.96% 2.90% 3.34%Euro Credit Bond AC EUR 18.24% 0.87% 4.80%Euro High Yield Bond AC EUR 26.16% (2.34)% 12.87%GEM Inflation Linked Bond AC USD 19.70% N/A N/AGlobal Bond AC USD 4.55% 7.57% 3.38%Global Emerging Markets Bond EC USD 17.54% 6.31% 11.82%Global Emerging Markets CorporateDebtGlobal Emerging Markets InvestmentGrade BondAC USD 17.67% (0.09)% N/AAC USD 15.35% 1.83% N/AGlobal Emerging Markets Local Debt AC USD 12.34% (3.99)% 12.69%Global High Income Bond AC USD 18.36% 2.25% N/AGlobal High Yield Bond* AM USD 5.90% N/A N/AGlobal Inflation Linked Bond AC USD 5.90% 11.04% N/AIndia Fixed Income* AC USD 4.80% N/A N/ALatin American Local Debt AC USD 11.68% N/A N/ARMB Fixed Income AC USD 4.60% N/A N/AUS Dollar Bond AC USD 3.10% 7.27% 3.83%Euro Reserve AC EUR 0.08% 0.45% 0.27%GEM Debt Total Return M1C USD 10.37% (1.47)% 8.60%Global Macro M1C EUR 0.50% (6.31)% 1.19%*These sub-funds were launched during the calendar year, so these figures are not for the whole 12 month period.187

Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Asia ex Japan EquityUSDNet Asset Value per ShareAC 49.90 50.04 47.10AC EUR N/A 13.70 12.89ACH EUR 21.70 20.88 20.65AD 46.16 45.95 42.73ADH EUR 21.17 20.21 19.75BC GBP N/A 16.44 15.53BD GBP N/A 16.44 15.50EC 45.67 45.58 42.79ED 45.24 45.08 42.03IC 50.48 51.05 48.26ID 49.94 49.65 45.97J1C 10.67 10.81 10.23WD 9.75 N/A N/AZD 47.28 46.96 43.31Total Net Assets 632,596,218 578,399,436 424,392,985Asia ex Japan Equity Smaller CompaniesUSDNet Asset Value per ShareAC 35.15 43.44 44.27AC EUR N/A N/A 12.14AD 33.45 40.85 41.27AD HKD 1.09 1.35 1.35BC GBP N/A 18.78 19.21BD GBP N/A 18.78 19.21EC 34.31 42.19 42.89IC 36.02 44.89 45.95ID N/A N/A 14.57Total Net Assets 46,581,203 77,779,019 84,285,096188

Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Asia Pacific ex Japan Equity High DividendUSDNet Asset Value per ShareAC 18.79 21.06 20.37AD 15.75 17.32 16.71AM 8.95 9.70 9.22AM HKD 1.15 1.25 1.19BC GBP N/A 17.12 16.62BD GBP N/A 17.12 16.56EC 18.39 20.51 19.79IC 16.98 19.20 18.65IC EUR 13.13 14.84 14.41ZD 16.00 17.62 17.09Total Net Assets 179,969,407 181,316,096 169,728,130BRIC EquityUSDNet Asset Value per ShareAC 21.95 20.13 18.78AC GBP 16.16 14.82 13.82AC HKD 1.05 0.96 0.90AD 22.02 20.12 18.47AD GBP 16.33 20.12 18.77BC GBP N/A 16.00 14.98BD GBP N/A 16.00 14.98EC 21.37 19.50 18.14IC 22.38 20.71 19.40IC EUR 12.65 11.70 10.96ID 22.79 20.99 N/AJ1C 16.80 15.56 14.59L1C 22.31 20.69 19.41M1C 23.37 21.54 20.14M2C 22.47 20.72 19.37M2D 22.50 20.54 18.79XC 22.42 20.76 19.46Total Net Assets 1,461,706,477 1,088,733,979 815,543,349189

Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013BRIC MarketsUSDNet Asset Value per ShareYC 25.91 24.68 24.09YD 25.91 24.65 23.81ZC 26.69 25.57 25.05Total Net Assets 17,471,546 16,699,343 7,750,714BRIC Markets EquityUSDNet Asset Value per ShareAC 14.15 13.74 13.42AD 14.09 13.55 13.08EC 13.75 13.29 12.94ED 13.75 13.23 12.81IC 14.83 14.52 14.25J1C 14.99 14.70 14.43Total Net Assets 507,848,965 438,104,655 366,421,750China Consumer OpportunitiesUSDNet Asset Value per ShareAC 12.46 13.23 14.25AC HKD 1.60 1.70 1.83Total Net Assets 81,040,170 99,282,833 155,948,476CIVETS (liquidated as at 18 July 2013)USDNet Asset Value per ShareAC 9.82 11.21 N/AAC EUR 13.92 15.89 N/AAD 9.82 11.21 N/AEC 9.94 11.29 N/AIC 9.90 11.42 N/AIC EUR 14.04 16.18 N/AZC 9.98 11.61 N/ATotal Net Assets 22,602,458 33,751,147 N/A190

Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Climate ChangeUSDNet Asset Value per ShareAC 5.93 6.65 7.22AD 5.86 6.48 7.00EC 5.80 6.47 7.02IC 6.16 6.96 7.59Total Net Assets 29,888,905 27,782,887 27,211,035Emerging WealthUSDNet Asset Value per ShareAC 8.24 8.40 8.69AD 8.11 8.23 8.49EC 8.24 N/A N/ATotal Net Assets 22,944,964 19,482,361 18,739,227Euroland EquityEURNet Asset Value per ShareAC 23.61 26.60 31.05AD 22.25 24.52 28.23EC 23.00 25.78 30.01ED 22.03 24.30 28.02IC 24.71 28.07 32.91ID N/A 28.07 32.90ZC 27.30 31.25 36.78ZD 24.56 27.02 30.93Total Net Assets 595,918,907 544,812,966 657,104,837Euroland Equity Smaller CompaniesEURNet Asset Value per ShareAC 39.18 42.93 47.96AD 37.81 41.31 45.98EC 38.20 41.64 46.40IC 41.12 45.44 50.99ZC 45.19 50.31 56.66Total Net Assets 61,383,787 128,093,393 158,670,678191

Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Euroland GrowthEURNet Asset Value per ShareAC 10.18 11.23 12.41EC N/A N/A 10.58IC 10.38 11.55 12.82M1C 10.23 11.31 12.52M1D 9.54 10.31 11.21Total Net Assets 72,275,014 88,286,202 89,387,800European EquityEURNet Asset Value per ShareAC 30.73 34.84 37.36AD 28.05 31.50 33.45EC 28.82 32.52 34.78ED 27.65 31.05 33.03IC 31.82 36.39 39.19PC 32.16 36.64 39.40PD 27.76 31.17 33.03WD 16.95 N/A N/AZD 28.54 32.03 33.81Total Net Assets 89,984,483 117,926,468 118,947,019Frontier MarketsUSDNet Asset Value per ShareAC 65.13 79.06 84.03AC EUR N/A 15.01 15.96AD N/A 79.06 83.66BC GBP N/A 15.51 16.53BD GBP N/A 17.23 N/AEC N/A 10.78 11.43EC EUR N/A N/A 12.93IC 92.40 112.84 120.30IC EUR N/A 13.87 14.79IC GBP N/A 17.15 18.28ID 92.40 111.63 116.94ID EUR N/A N/A 12.78ZD 11.51 14.03 14.64Total Net Assets 69,184,372 122,834,838 226,123,911192

Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Global Emerging Markets EquityUSDNet Asset Value per ShareAC 16.31 16.06 15.17AC EUR 15.43 15.20 14.36AC GBP 16.40 16.15 15.26AD 15.92 15.56 14.50AD GBP 16.51 16.27 15.16BC GBP N/A 16.30 15.46BD GBP N/A 16.30 15.43EC 15.34 15.03 14.17ED 15.24 14.90 13.93IC 16.93 16.82 15.96ID N/A 16.96 16.03PC 11.15 11.03 10.45PD 10.93 10.67 9.92S1D 7.89 7.69 7.13WD 16.44 16.02 14.76ZC N/A 9.47 9.02ZD 16.32 15.91 14.69Total Net Assets 637,693,053 597,325,743 473,590,198Global EquityUSDNet Asset Value per ShareAC 24.09 26.36 28.34AD 23.64 25.77 27.60EC 23.72 25.82 27.69IC 25.14 27.74 29.95ZC 26.71 29.69 32.18ZD 25.73 28.04 29.87Total Net Assets 67,087,168 68,671,483 104,001,366193

Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Latin American EquityUSDNet Asset Value per ShareAC 18.35 18.33 16.61AC EUR N/A 13.80 12.51AC GBP 16.73 16.71 15.14AD 18.33 18.07 16.28AD GBP 16.64 N/A 13.41AD HKD 1.13 1.12 1.01BC GBP N/A 17.44 15.86BD GBP N/A 17.44 15.83EC 18.16 18.05 16.32IC 18.76 18.90 17.20IC EUR 13.33 N/A 11.63L1D 18.55 18.27 16.35M1C 18.61 18.68 16.97M1D 18.40 18.13 16.28Total Net Assets 185,181,046 207,155,361 172,376,449Brazil EquityUSDNet Asset Value per ShareAC 35.17 32.46 28.17AC EUR 13.01 12.01 10.42AC GBP 17.49 16.14 14.01AD 34.79 31.66 27.21AD GBP 16.96 15.47 13.29AD HKD 1.12 1.03 0.88BC GBP N/A 17.32 15.10BD GBP N/A 17.32 15.02EC 34.11 31.32 27.12ED 34.11 31.07 26.80IC 37.32 34.77 30.33IC EUR N/A 13.03 11.36ID 35.96 32.66 27.86S3D 37.21 34.07 29.00XC 37.53 35.07 30.64ZC 40.42 37.99 33.29ZD 36.68 N/A N/ATotal Net Assets 1,967,144,853 1,790,862,992 1,055,260,420194

Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Chinese EquityUSDNet Asset Value per ShareAC 68.69 73.13 77.01AC EUR 12.35 13.14 13.84AC GBP 16.16 17.20 18.12AD 66.86 70.55 73.63AD GBP 16.13 17.17 17.92AD HKD 1.06 1.12 1.17BC GBP N/A 15.95 16.85BD GBP N/A 15.95 16.85EC 66.31 70.24 73.79ED 66.23 69.92 73.16IC 72.70 78.06 82.56ID 69.00 72.74 75.59J1C 72.05 77.47 82.00ZD 69.72 73.44 76.03Total Net Assets 2,119,742,079 2,080,946,949 1,981,546,791Hong Kong EquityUSDNet Asset Value per ShareAC 105.93 119.66 123.65AD 98.62 109.95 112.25BC GBP N/A 14.86 N/ABD GBP N/A 14.88 15.40EC 103.38 116.19 119.76IC 110.25 125.58 130.33J1C 7.22 8.24 8.56PD 97.37 108.51 110.53ZD 103.33 115.04 116.58Total Net Assets 323,515,651 258,976,707 233,729,037195

Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Indian EquityUSDNet Asset Value per ShareAC 138.67 136.89 108.56AC EUR N/A 13.05 10.35AC GBP 15.48 15.28 12.12AD 138.23 136.45 108.22AD EUR 11.70 11.55 9.16AD GBP 15.44 15.24 12.09AD HKD 1.00 0.99 0.78BC GBP N/A 15.03 11.97BD GBP N/A 15.03 11.97EC 132.59 130.24 103.03ED 132.59 130.25 103.03IC 149.80 149.13 118.78IC EUR 12.99 N/A 11.06ID 146.43 145.45 115.30XD N/A N/A 118.84ZD 146.28 145.10 114.50Total Net Assets 3,995,712,797 3,271,502,077 2,243,623,216Japanese EquityJPYNet Asset Value per ShareAC 4,547.46 5,399.99 6,114.18AD 673.19 796.14 898.90BC GBP N/A 1,559.63 1,772.68BD GBP N/A 1,547.33 1,747.99EC 646.24 763.60 862.40ED 646.02 777.20 876.40IC 4,780.24 5,725.54 6,510.38PC 4,657.51 5,558.24 6,309.46PD 696.23 823.28 928.71WD 6,255.74 N/A N/AZD 682.30 806.58 908.08Total Net Assets 6,183,910,521 6,024,606,356 7,055,563,156196

Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Korean EquityUSDNet Asset Value per ShareAC 15.12 14.60 15.49AD 15.12 14.60 15.49EC 14.76 14.19 15.00ED 14.77 14.19 15.01IC 15.94 15.53 16.53J1C 15.56 15.18 16.18Total Net Assets 112,002,210 77,579,190 91,475,122Mexico EquityUSDNet Asset Value per ShareAC N/A 10.61 9.60IC N/A N/A 10.09IC EUR N/A N/A 12.05JC N/A 10.62 9.67ZC N/A 10.62 N/ATotal Net Assets N/A 181,035,388 930,588,466Russia EquityUSDNet Asset Value per ShareAC 7.15 6.30 6.40AC EUR 12.79 11.28 11.46AC GBP 16.19 14.40 14.62AD 7.15 6.30 6.36AD GBP 17.23 15.20 15.34AD HKD 1.05 0.93 0.93BC GBP N/A 15.88 16.20BD GBP N/A 15.88 16.20EC 7.01 6.15 6.23IC 7.45 6.64 6.77XC 7.47 6.67 6.82ZD 7.34 N/A N/ATotal Net Assets 622,638,698 417,322,616 324,632,544197

Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Singapore EquityUSDNet Asset Value per ShareAC 43.11 46.93 44.79AD 36.77 38.97 36.47EC 41.96 45.45 43.27IC N/A 47.73 45.75J1C 37.62 41.36 39.68PD 36.85 39.05 36.46ZD 37.77 40.91 38.03Total Net Assets 74,031,235 80,251,602 67,608,333Taiwan EquityUSDNet Asset Value per ShareAC 11.97 11.86 12.52AD 11.86 11.64 12.19EC 11.83 11.66 12.28IC N/A N/A 14.10Total Net Assets 20,630,000 11,364,799 9,935,179Thai EquityUSDNet Asset Value per ShareAC 17.30 21.81 18.73AD 15.41 18.95 16.13EC 16.85 21.13 18.10IC 18.24 23.18 20.00ID N/A 10.40 N/AJ1C 18.25 23.24 20.06Total Net Assets 143,850,038 179,440,336 117,476,987198

Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Turkey EquityEURNet Asset Value per ShareAC 20.62 31.63 23.06AC GBP 13.05 20.03 14.60AD 15.52 23.76 17.33AD GBP 13.12 20.12 14.67BC GBP N/A 14.54 10.65BD GBP N/A 14.54 10.65EC 20.14 30.74 22.36IC 21.39 33.14 24.28ID 15.81 N/A N/AJ1C 8.33 12.95 13.93Total Net Assets 119,516,423 274,635,266 166,400,277UK EquityGBPNet Asset Value per ShareAC 28.09 32.64 33.77AD 24.27 27.74 28.19BC GBP N/A 11.31 11.75BD GBP N/A 11.31 11.69EC 27.67 31.99 33.01ID 27.08 30.97 31.38Total Net Assets 78,082,149 70,720,441 77,529,906199

Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013US EquityUSDNet Asset Value per ShareAC 22.70 25.23 27.18ACH EUR 25.64 27.22 30.86AD 25.40 28.24 30.42ADH EUR 26.55 28.12 31.81EC 22.12 24.46 26.29ED 24.56 27.16 29.19IC 23.44 26.27 28.42ID 9.60 10.72 11.56PD 26.16 29.23 31.54WD 150.18 N/A N/AYD 9.41 10.52 11.32ZD 25.99 29.05 31.24Total Net Assets 181,631,614 190,304,259 211,663,410Asian Currencies BondUSDNet Asset Value per ShareAC 10.25 11.01 10.34AC EUR 13.73 14.73 13.84AD 10.25 10.81 9.91BC GBP N/A 16.15 15.22BD GBP N/A 16.15 15.08EC N/A 10.60 9.95IC 10.35 N/A N/AID 10.35 10.91 9.97ID EUR 14.29 15.15 13.85ZC 10.38 11.29 10.68Total Net Assets 81,243,101 104,374,087 115,140,699200

Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Brazil BondUSDNet Asset Value per ShareAC 22.56 21.54 19.23AD 14.39 13.54 11.50BC GBP N/A 15.92 14.24BD GBP N/A 15.92 13.97EC 22.20 21.13 18.83IC 23.11 22.20 19.88Total Net Assets 59,043,559 51,353,137 46,106,177Euro BondEURNet Asset Value per ShareAC 21.67 23.37 23.62AD 17.73 18.59 18.29EC 21.34 22.94 23.15IC 22.62 24.51 24.83Total Net Assets 87,803,289 100,214,473 97,957,887Euro Credit BondEURNet Asset Value per ShareAC 20.95 23.11 23.45AD 15.51 16.52 16.31EC 20.64 22.69 22.99IC 22.08 24.47 24.89XCH JPY N/A N/A 76.12ZD 17.40 N/A 18.31Total Net Assets 447,349,327 559,870,355 501,686,973201

Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Euro High Yield BondEURNet Asset Value per ShareAC 28.84 32.95 34.17AD 19.67 21.33 21.09EC 28.38 32.33 33.48ED 23.17 25.20 24.93IC 30.67 35.26 36.67ID 30.78 33.84 33.37S8D N/A 10.27 10.51XC 30.83 35.48 36.92ZC 31.63 36.57 38.14Total Net Assets 649,963,800 1,324,439,338 1,426,394,543GEM Inflation Linked BondUSDNet Asset Value per ShareAC 97.91 109.07 96.89AC EUR 9.79 10.91 9.69AC GBP 9.79 10.91 9.69BC GBP N/A 16.80 14.96BD GBP N/A 16.80 14.84EC N/A 10.88 9.66IC 98.31 110.13 98.10IC EUR 9.83 11.01 9.81ZC N/A 10.89 9.73Total Net Assets 139,181,512 203,237,802 162,904,316202

Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Global Asset-Backed Bond (launched as at 31 May 2013)USDNet Asset Value per ShareZC N/A N/A 121.29Total Net Assets N/A N/A 32,603,125Global Asset-Backed High Yield Bond (launched as at 31May 2013)USDNet Asset Value per ShareZC N/A N/A 133.38Total Net Assets N/A N/A 21,011,721Global BondUSDNet Asset Value per ShareAC 17.18 17.25 17.20AD 14.49 14.34 14.06BC GBP N/A N/A 15.15BD GBP N/A N/A 15.13EC 13.22 13.24 13.18IC 17.60 17.75 17.75PD 11.84 11.71 11.47WD 199.82 197.70 192.79ZC 16.07 16.28 16.30ZD 14.96 14.80 14.44Total Net Assets 186,228,573 204,191,802 209,233,003203

Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Global Emerging Markets BondUSDNet Asset Value per ShareAC 30.80 33.78 31.79AC EUR N/A 13.51 12.71AC GBP 16.80 18.43 17.34AC HKD N/A 1.29 1.21ACH CHF N/A 10.77 10.59ACH EUR N/A 12.49 12.36AD 30.52 32.01 28.92AD EUR N/A 12.70 11.78AD GBP 16.86 18.21 16.45ADH EUR 19.65 19.64 18.65AM 26.24 27.40 25.21AM HKD N/A 1.38 1.27AMH AUD N/A 10.34 8.52AMH EUR N/A 12.54 12.13AMH SGD N/A 7.94 7.21BC GBP N/A 15.85 14.97BD GBP N/A 15.85 14.75EC 30.31 33.14 31.14ECH EUR N/A N/A 13.47ED 24.82 26.02 23.54IC 32.04 35.43 33.49IC EUR 13.49 14.92 14.10ICH EUR N/A 21.91 21.81ID 21.60 22.65 20.36ID EUR N/A 13.29 12.50IDH EUR 20.74 20.70 19.56PC 30.90 33.97 32.01PD 19.98 20.94 18.89S6C N/A 9.90 9.36XC 32.05 35.52 33.59ZD N/A 22.72 20.81ZM 26.23 N/A N/ATotal Net Assets 2,327,280,001 4,014,032,969 2,664,441,431204

Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Global Emerging Markets Corporate DebtUSDNet Asset Value per ShareAC 10.61 11.76 11.19AC EUR N/A 13.38 12.74AD N/A 10.13 9.53IC 10.73 11.99 11.46ZC 10.83 12.19 11.70Total Net Assets 11,026,609 12,559,642 12,059,365Global Emerging Markets Investment Grade BondUSDNet Asset Value per ShareAC 10.95 11.75 10.98AD N/A 11.75 10.72EC 10.95 11.70 10.93IC 11.06 11.94 11.20IC EUR 147.49 159.28 149.49ID EUR 144.93 152.21 136.70Total Net Assets 124,329,337 90,441,498 106,928,918205

Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Global Emerging Markets Local DebtUSDNet Asset Value per ShareAC 14.52 15.20 14.43AC EUR 13.16 13.78 13.08AC GBP 16.35 17.12 16.25AD 12.74 12.91 11.93AD GBP 16.35 16.90 15.63BC GBP N/A 16.26 15.49BD GBP N/A 16.26 15.34EC 14.39 15.02 14.23IC 15.01 15.83 15.08IC EUR N/A 13.10 12.48ID 13.19 13.37 12.31ID EUR 13.21 13.87 12.77J1D N/A N/A 9.37J1M N/A N/A 9.20XC 15.02 N/A 9.61XC GBP N/A N/A 15.63XD N/A 10.14 9.54ZD 12.49 12.77 11.76ZM 12.63 12.90 12.04Total Net Assets 917,570,608 1,374,063,519 1,232,627,276Global High Income BondUSDNet Asset Value per ShareAC 11.34 12.61 12.48ACH EUR N/A 12.79 13.32ACH SGD 8.50 9.56 9.35AD N/A 12.61 12.05AM 10.35 10.93 10.58AMH AUD N/A 10.64 9.21AMH EUR N/A 13.08 13.31AMH SGD 8.44 9.03 8.64EC N/A 9.99 9.88ECH EUR N/A 12.88 13.39IC N/A 10.33 10.26ICH EUR N/A 13.18 13.76ID N/A 12.52 N/ATotal Net Assets 614,258,342 1,466,180,913 1,756,377,370206

Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Global High Yield BondUSDNet Asset Value per ShareAM N/A 10.54 10.27AM HKD N/A 1.36 1.32AMH AUD N/A 11.02 9.63AMH EUR N/A 13.51 13.88BC GBP N/A 16.54 16.66BD GBP N/A 16.54 N/ATotal Net AssetsGlobal Inflation Linked BondUSDNet Asset Value per ShareN/A1,414,435,965 1,029,734,246AC 113.88 120.66 114.32ACH EUR 152.69 155.26 154.81AD N/A N/A 9.38EC 113.65 120.06 113.57IC 114.68 121.99 115.82ICH EUR 154.22 157.44 157.36ICH GBP 185.52 187.36 189.83ZC 115.49 123.34 117.33Total Net Assets 38,965,081 34,156,213 31,641,885Global Short Duration High Yield Bond (launched as at 12June 2013)USDNet Asset Value per ShareAC N/A N/A 10.13IC N/A N/A 10.15ZC N/A N/A 10.16Total Net Assets N/A N/A 20,305,489207

Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013India Fixed IncomeUSDNet Asset Value per ShareAC N/A 10.75 9.14AC EUR N/A 13.27 11.28AD N/A 9.95 8.37BC GBP N/A 16.48 14.06BD GBP N/A 16.48 13.80EC N/A 10.23 8.69IC N/A 10.79 9.21IC EUR N/A 13.10 11.18ID N/A N/A 9.15ZC N/A 10.83 9.27Total Net Assets N/A 33,428,259 39,406,622Latin American Local DebtUSDNet Asset Value per ShareAC 9.67 10.30 9.21IC 9.73 10.44 9.37ZC 9.78 10.56 9.50Total Net Assets 20,433,501 21,407,882 19,705,877208

Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013RMB Fixed IncomeUSDNet Asset Value per ShareAC 10.21 10.74 10.95AC EUR 13.39 14.10 14.36AC RMB 1.59 1.67 1.71ACH EUR N/A 13.25 14.21AD 10.14 10.64 10.61AD EUR 13.69 14.34 14.30AD RMB N/A 1.66 1.66BC GBP N/A 16.33 16.68BD GBP N/A 16.33 16.55EC 10.16 10.67 10.85ECH EUR N/A 13.07 14.00IC 10.23 10.81 11.04ICH EUR N/A 13.17 14.16ID N/A 10.14 10.30ZC 10.25 10.87 11.12ZD N/A 10.87 11.03Total Net Assets 83,631,812 379,838,071 345,340,585US Dollar BondUSDNet Asset Value per ShareAC 14.78 15.11 14.83AD 10.58 10.69 10.34BC GBP N/A 15.94 15.69BD GBP N/A 15.94 15.57EC 14.54 14.83 14.53IC 14.96 15.37 15.13ID N/A 15.37 14.89PC N/A 9.94 N/APD 10.61 10.72 10.36WD 10.67 10.79 10.38ZC 15.65 16.13 15.91ZD 11.19 11.31 10.90Total Net Assets 137,451,375 109,956,228 87,236,449209

Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Euro ReserveEURNet Asset Value per ShareAC 17.35 17.36 17.35AD 15.47 15.45 15.45IC 17.37 17.38 17.37Total Net Assets 139,368,188 125,133,484 97,446,498Economic Scale Index GEM EquityUSDNet Asset Value per ShareAC N/A 10.00 9.75IC N/A 9.99 9.76ZC N/A 9.99 9.78ZD N/A N/A 10.25Total Net Assets N/A 49,948,915 48,978,560GEM Debt Total ReturnUSDNet Asset Value per ShareJ1CH JPY 121.34 111.37 104.92L1C 13.54 14.25 14.04L1CH EUR 12.54 12.68 13.14L1D 12.53 12.66 12.20L1DH EUR 12.09 11.75 11.90M1C 13.60 14.22 13.96M1CH CHF N/A N/A 10.80M1CH EUR N/A 12.83 13.25M1D 12.32 12.42 12.00M1DH EUR N/A N/A 13.51N1CH GBP N/A 15.21 15.98N1DH GBP N/A 15.21 15.89ZD N/A 13.80 13.53ZDH EUR 13.79 13.53 13.63Total Net Assets 1,129,434,604 1,712,908,513 2,362,887,678210

Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Global Currency (liquidated as at 28 June 2013)USDNet Asset Value per ShareL1C 10.32 10.23 N/AL1CH CHF 10.64 9.93 N/AL1CH EUR 14.26 13.52 N/AL1CH GBP 15.59 14.62 N/AL1CH JPY 117.30 100.90 N/AL1CH SEK 1.51 N/A N/AM1C 9.54 9.40 N/AM1CH EUR 12.78 12.05 N/AM1CH GBP 15.92 14.84 N/AM1CH JPY N/A N/A N/AM1D 10.26 10.11 N/AM1H GBP N/A N/A N/ATotal Net Assets 62,284,768 52,265,223 N/A211

Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Global Flex Allocation (liquidated as at 26 April 2013)EURNet Asset Value per ShareAC N/A 105.32 N/AEC N/A 104.16 N/AIC N/A 107.05 N/AL1C 106.90 N/A N/AM1C 105.90 N/A N/AR1C 105.23 N/A N/AZC 107.73 108.54 N/ATotal Net Assets 19,264,150 18,960,758 N/AGlobal MacroEURNet Asset Value per ShareL1C 112.50 113.42 114.90L1CH GBP 122.18 121.72 125.13L1CH SEK 124.83 135.12 132.66L1CH USD 125.85 132.58 127.44L1D 113.12 114.04 115.53L1DH GBP 120.97 120.86 N/AL1DH USD 98.77 104.05 100.13M1C 109.98 110.19 111.29M1CH CHF 78.02 76.94 77.53M1CH GBP 113.21 112.20 115.09M1CH NOK 113.54 117.04 109.64M1CH SEK 122.43 131.85 129.01M1CH USD 108.79 114.05 109.36M1D 110.12 110.33 111.43M1DH GBP 113.30 112.27 115.16R1C 93.79 93.54 94.23ZCH GBP 101.75 102.61 N/ATotal Net Assets 211,900,604 78,677,955 76,814,227212

Comparative Table of Net AssetsSub-Fund at 31 March 2012 at 31 March 2013 at 30 September 2013Managed Solutions - Asia Focused ConservativeUSDNet Asset Value per ShareAC N/A 10.00 9.66AC HKD N/A 1.29 1.25ACH AUD N/A 10.44 9.16ACH EUR N/A 12.84 13.06ACH GBP N/A N/A 16.32ACH SGD N/A 8.06 7.69ZC N/A 10.01 9.71Total Net Assets N/A 43,350,522 36,563,460Managed Solutions - Asia Focused GrowthUSDNet Asset Value per ShareAC N/A 10.06 9.49AC HKD N/A 1.30 1.22ACH AUD N/A 10.49 8.98ACH EUR N/A 12.91 12.82ACH GBP N/A N/A 16.08ACH SGD N/A 8.11 7.56Total Net Assets N/A 135,417,297 72,715,802Managed Solutions - Asia Focused IncomeUSDNet Asset Value per ShareAC N/A 10.39 9.86ACH GBP N/A N/A 16.24ACH SGD N/A 8.37 7.84AM N/A 11.11 10.33AM HKD N/A 1.43 1.33AMH AUD N/A 10.41 8.68AMH EUR N/A 12.90 12.63AMH SGD N/A 8.23 7.55Total Net Assets N/A 1,439,510,040 998,810,386213

Portfolio of Investments and Other Net Assets as at 30 September 2013Asia ex Japan EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueINVESTMENTSINDONESIABANK MANDIRI 3,933,000 IDR 2,700,248 0.64TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK BANK RAKYAT INDONESIA 6,612,000 IDR 4,139,839 0.98EXCHANGE LISTINGTELEKOMUNIKASI INDONESIAPERSERO "B" 23,219,500 IDR 4,210,996 0.99SHARES 11,051,083 2.61MALAYSIABERMUDA ISLANDS AIRASIA 3,743,900 MYR 2,940,451 0.69HAIER ELECTRONICS GROUP 2,766,000 HKD 5,357,144 1.26 2,940,451 0.695,357,144 1.26 SINGAPORECAYMAN ISLANDS DBS GROUP 609,000 SGD 7,969,545 1.88AAC TECHNOLOGIES EZION HOLDINGS 2,519,000 SGD 4,416,659 1.04HOLDINGS 1,132,500 HKD 5,147,645 1.21 VARD HOLDINGS 6,115,000 SGD 4,239,931 1.00GREENTOWN CHINA 16,626,135 3.92HOLDINGS 1,999,000 HKD 3,758,214 0.89 SOUTH KOREALONGFOR PROPERTIES 2,607,500 HKD 4,135,620 0.97 BS FINANCIAL GROUP 441,850 KRW 6,602,366 1.56MGM CHINA HOLDINGS 663,200 HKD 2,202,080 0.52 DAELIM INDUSTRIAL 64,844 KRW 5,855,867 1.38TENCENT HOLDINGS 56,700 HKD 2,974,235 0.70 DONGBU INSURANCE 72,882 KRW 3,134,815 0.74TPK HOLDING 311,000 TWD 2,824,172 0.67 HANKOOK TIRE 91,760 KRW 5,245,314 1.2421,041,966 4.96 HYUNDAI HOME SHOPPINGCHINA NETWORK CORP 25,744 KRW 3,786,891 0.89BANK OF CHINA "H" 12,205,000 HKD 5,571,245 1.31 HYUNDAI MARINE & FIRECHINA CONSTRUCTION INSURANCE 197,360 KRW 5,374,458 1.27BANK "H" 15,156,810 HKD 11,667,919 2.75 HYUNDAI MOBIS 26,031 KRW 6,931,170 1.63CHINA OILFIELD SERVICES "H" 1,944,000 HKD 4,873,083 1.15 HYUNDAI MOTOR 59,914 KRW 14,000,763 3.30CHINA PETROLEUM & SAMSUNG ELECTRONICS 20,597 KRW 26,213,328 6.18CHEMICAL "H" 9,317,200 HKD 7,292,650 1.72 SAMSUNG ELECTRONICS 9,711 KRW 7,919,864 1.87GREAT WALL SK HYNIX INC 152,500 KRW 4,294,819 1.01AUTOMOBILES "H" 813,500 HKD 4,410,977 1.04 SK TELECOM 37,745 KRW 7,678,220 1.81HUANENG POWER 97,037,875 22.88INTERNATIONAL "H" 6,292,000 HKD 6,279,729 1.48 TAIWANINDUSTRIAL & COMMERCIAL ASUSTEK COMPUTER INC 556,000 TWD 4,428,454 1.04BANK OF CHINA "H" 13,838,235 HKD 9,653,598 2.27 CHENG SHIN RUBBERSHIMAO PROPERTY INDUSTRIES 1,483,500 TWD 3,883,425 0.92HOLDINGS 1,863,500 HKD 4,286,822 1.01 HON HAI PRECISION54,036,023 12.73 INDUSTRIES 3,753,136 TWD 9,634,353 2.27HONG KONG QUANTA COMPUTER INC 1,729,000 TWD 3,748,344 0.88AIA GROUP 1,775,200 HKD 8,343,650 1.97 RADIANT OPTO ELECTRONICSBOC HONG KONG HOLDINGS 2,702,500 HKD 8,677,134 2.04 CORP 1,690,466 TWD 6,031,778 1.42CHEUNG KONG HOLDINGS 492,000 HKD 7,492,491 1.77 TAIWAN SEMICONDUCTORCHINA MOBILE 1,477,000 HKD 16,502,902 3.89 MANUFACTURING 6,239,849 TWD 21,209,313 5.00CHINA OVERSEAS LAND &ZHEN DING TECHNOLOGYINVESTMENT 2,040,000 HKD 6,010,735 1.42 HOLDING 929,900 TWD 2,210,945 0.52CNOOC 4,821,000 HKD 9,809,692 2.31 51,146,612 12.05WHARF HOLDINGS 707,425 HKD 6,130,006 1.44 THAILAND62,966,610 14.84 KASIKORNBANK 1,362,300 THB 7,686,816 1.81KRUNG THAI BANK 8,433,400 THB 5,176,461 1.22214

Portfolio of Investments and Other Net Assets as at 30 September 2013Asia ex Japan EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevaluePTT GLOBAL CHEMICAL 2,107,912 THB 5,020,394 1.18 GDR (Global Depositary Receipt)PTT PUBLIC COMPANY 621,900 THB 6,282,561 1.48SANSIRI PCL 13,925,000 THB 1,023,887 0.24 INDIASHIN CORP 776,300 THB 2,047,447 0.48 RELIANCE INDUSTRIES GDR 211,980 USD 5,569,279 1.3127,237,566 6.41 5,569,279 1.31TOTAL SHARES 349,441,465 82.35 TOTAL GDR (Global Depositary Receipt) 5,569,279 1.31WARRANTS / EQUITY LINKED SECURITIESADR (American Depositary Receipt)GERMANYCAYMAN ISLANDSCAIRN INDIA WARRANTS NETEASE INC ADR 60,371 USD 4,409,498 1.0423/01/2017 1,342,175 USD 6,835,756 1.61 4,409,498 1.046,835,756 1.61 INDONESIAGREAT BRITAINTELEKOMUNIKASI INDONESIAAXIS BANK WARRANTS ADR 31,382 USD 1,155,799 0.2706/07/2022 360,367 USD 5,801,388 1.37 1,155,799 0.27CANADA BANK WARRANTS TOTAL ADR (American Depositary Receipt) 5,565,297 1.3124/12/2017 674,000 USD 2,384,111 0.56 TOTAL TRANSFERABLE SECURITIESYES BANK WARRANTS ADMITTED TO AN OFFICIAL STOCK 408,082,186 96.1612/08/2018 689,300 USD 3,163,811 0.75 EXCHANGE LISTING11,349,310 2.68 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDINDIAMARKETRELIANCE INDUSTRIES PARTI-CIPATORY NOTE 17/04/2018 184,106 USD 2,418,477 0.57 SHARES2,418,477 0.57NETHERLANDSSOUTH KOREAINDIABULLS HOUSING FINANCE CJ HOME SHOPPING 14,897 KRW 4,858,348 1.14P. NOTE 06/08/2018 1,280,566 USD 3,740,140 0.88 4,858,348 1.14JP MORGAN STRUCTURE 0% TOTAL SHARES 4,858,348 1.1415/01/2018 306,006 USD 6,528,992 1.54 TOTAL TRANSFERABLE SECURITIES4,858,348 1.14JP MORGAN STRUCTURETRADED ON ANOTHER REGULATED MARKET08/09/2014 395,418 USD 2,100,095 0.49JP MORGAN STRUCTUREOTHER TRANSFERABLE SECURITIES08/02/2017 1,124,872 USD 4,814,452 1.13JP MORGAN STRUCTURESHARES16/02/2017 928,428 USD 4,930,953 1.16JP MORGAN STRUCTURECAYMAN ISLANDS09/01/2028 830,316 USD 1,594,207 0.38 CHINA METAL RECYCLING 640,600 HKD - 0.0023,708,839 5.58 - 0.00UNITED STATES TOTAL SHARES - 0.00NMDC WARRANTS TOTAL OTHER TRANSFERABLE SECURITIES - 0.0028/02/2014 1,664,285 USD 3,193,763 0.75 TOTAL INVESTMENTS 412,940,534 97.303,193,763 0.75 OTHER NET ASSETS LESS LIABILITIES 11,452,451 2.70TOTAL WARRANTS / EQUITY LINKED47,506,145 11.19TOTAL NET ASSETS 424,392,985 100.00SECURITIES215

Portfolio of Investments and Other Net Assets as at 30 September 2013Asia ex Japan Equity Smaller CompaniesStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTSCHINABEIJING JINGNENG CLEANTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK ENERGY "H" 4,700,000 HKD 1,775,730 2.10EXCHANGE LISTINGCHINA RAILWAYCONSTRUCTION "H" 1,408,000 HKD 1,488,770 1.77SHARES 3,264,500 3.87HONG KONGBERMUDA ISLANDS DAH SING BANKING GROUP 480,000 HKD 854,145 1.01CHINA SINGES SOLAR SINOMEDIA HOLDING 1,711,000 HKD 1,487,035 1.77TECHNOLOGIES 1,551,000 HKD 1,725,972 2.05 2,341,180 2.78FUTURE BRIGHT HOLDINGS 5,292,000 HKD 1,746,912 2.07 INDONESIALUNG KEE (BERMUDA)BEKASI FAJAR INDUSTRIALHOLDINGS 1,678,000 HKD 627,482 0.74 ESTA 8,400,000 IDR 344,576 0.41MAN WAH HOLDINGS 1,262,800 HKD 1,976,808 2.35 PAKUWON JATI 48,402,000 IDR 1,191,300 1.41NAM CHEONG 10,848,000 SGD 2,420,754 2.87 PANIN FINANCIAL 26,140,500 IDR 386,031 0.46SAS DRAGON HOLDINGS 2,176,000 HKD 1,074,655 1.28 1,921,907 2.28SMARTONE TELECOM 596,000 HKD 790,043 0.94 MALAYSIASTELUX HOLDINGS BENALEC HOLDINGS 1,193,800 MYR 439,504 0.52INTERNATIONAL 2,630,000 HKD 932,609 1.11 CAHYA MATA SARAWAK 260,900 MYR 406,619 0.48VARITRONIX INTERNATIONAL 2,639,000 HKD 2,276,548 2.70 MAH SING GROUP 829,939 MYR 562,715 0.6713,571,783 16.11 MUHIBBAH ENGINEERING 1,342,100 MYR 963,496 1.14CAYMAN ISLANDS NAIM HOLDINGS 661,400 MYR 730,494 0.87AAC TECHNOLOGIES PRESTARIANG 672,800 MYR 421,081 0.50HOLDINGS 99,000 HKD 449,993 0.53 3,523,909 4.18EVA PRECISION INDUSTRIALPHILIPPINESHOLDING 3,236,000 HKD 438,136 0.52 BELLE 7,778,100 PHP 875,334 1.04FAR EAST CONSORTIUM 3,382,000 HKD 1,068,442 1.27 CENTURY PROPERTIES GROUPFAR EAST GLOBAL GROUP 2,582,000 HKD 669,212 0.79 INC 47,986,000 PHP 1,697,226 2.01INTERNATIONAL HOUSEWARES 2,572,560 3.05RETAIL COMPANY 2,059,000 HKD 754,025 0.89 SINGAPOREKA SHUI INTERNATIONAL EZION HOLDINGS 791,000 SGD 1,386,891 1.65HOLDINGS 1,226,000 HKD 431,583 0.51 1,386,891 1.65KAISA GROUP HOLDINGS 2,679,000 HKD 746,170 0.89 SOUTH KOREAKINGDOM HOLDINGS 4,746,000 HKD 826,176 0.98 BS FINANCIAL GROUP 75,150 KRW 1,122,933 1.33KWG PROPERTY HOLDINGS 3,033,000 HKD 1,912,460 2.27 CJ HELLOVISION 60,470 KRW 948,614 1.13LUEN THAI HOLDINGS 5,507,000 HKD 2,094,827 2.49 FILA KOREA 17,919 KRW 1,167,781 1.39SAMSON HOLDING CORP 2,768,000 HKD 364,064 0.43 HYUNDAI DEVELOPMENT 72,760 KRW 1,629,136 1.92TCL COMMUNICATIONS KOH YOUNG TECHNOLOGY 17,707 KRW 520,933 0.62TECHNOLOGY HOLDINGS 1,681,000 HKD 1,083,800 1.29 MANDO 8,635 KRW 1,024,996 1.22TEXHONG TEXTILE GROUP 768,000 HKD 1,384,458 1.64 MERITZ FIRE & MARINETONGDA GROUP 20,370,000 HKD 1,155,726 1.37 INSURANCE 70,130 KRW 901,016 1.07XINCHEN CHINA POWER OPTRON-TEC INC 129,401 KRW 1,596,258 1.89HOLDINGS 3,319,000 HKD 1,403,758 1.67 SEAH BESTEEL 30,940 KRW 875,676 1.04XINGDA INTERNATIONAL SHINSEGAE 4,684 KRW 1,007,346 1.20HOLDINGS 3,673,000 HKD 1,723,985 2.05YIP'S CHEMICAL HOLDINGS 488,000 HKD 424,122 0.5016,930,937 20.09216

Portfolio of Investments and Other Net Assets as at 30 September 2013Asia ex Japan Equity Smaller CompaniesStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsSUNG KWANG BEND 84,498 KRW 2,399,364 2.84 PETRONET LNG WARRANTS13,194,053 15.65 05/05/2015 391,300 USD 741,911 0.88TAIWAN 2,673,285 3.17CHAUN-CHOUNG TECHNOLOGYTOTAL WARRANTS / EQUITY LINKEDCORP 264,000 TWD 553,582 0.66 SECURITIES 3,163,871 3.75CLEANAWAY COMPANY 89,000 TWD 517,732 0.61 TOTAL TRANSFERABLE SECURITIESE SUN FINANCIAL HOLDINGS 2,307,015 TWD 1,494,189 1.77 ADMITTED TO AN OFFICIAL STOCK 77,778,851 92.28FLEXIUM INTERCONNECT 459,017 TWD 1,583,491 1.88 EXCHANGE LISTINGHUAKU DEVELOPMENT 383,280 TWD 1,122,588 1.33KINDOM CONSTRUCTION 884,000 TWD 1,083,794 1.29 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDKING VUAN ELECTRONICSMARKETCOMPANY 1,992,000 TWD 1,371,009 1.63RADIANT OPTO ELECTRONICS 345,235 TWD 1,231,838 1.46 SHARESUDE CORP 506,000 TWD 1,317,734 1.56WT MICROELECTRONICS 1,287,468 TWD 1,480,477 1.76 SOUTH KOREA11,756,434 13.95 GS HOME SHOPPING 4,686 KRW 1,085,431 1.28THAILAND SFA ENGINEERING CORP 15,224 KRW 628,597 0.75BANGCHAK PETROLEUM 1,169,400 THB 1,186,959 1.40 1,714,028 2.03DELTA ELECTRONICS 570,500 THB 898,237 1.07 TAIWANHEMARAJ LAND AND CHIPBOND TECHNOLOGY 775,000 TWD 1,596,266 1.90DEVELOPMENT 10,872,600 THB 1,077,517 1.28 VANGUARD INTERNATIONAL3,162,713 3.75 SEMICONDUCTORS 400,000 TWD 437,644 0.52VIRGIN ISLANDS 2,033,910 2.42HOLLYSIS AUTOMATION TOTAL SHARES 3,747,938 4.45TECHNOLOGIES 66,900 USD 988,113 1.17 TOTAL TRANSFERABLE SECURITIES3,747,938 4.45988,113 1.17 TRADED ON ANOTHER REGULATED MARKETTOTAL SHARES 74,614,980 88.53OTHER TRANSFERABLE SECURITIESWARRANTS / EQUITY LINKED SECURITIESSHARESGREAT BRITAINCAYMAN ISLANDSPURAVANKARA PROJECTS REAL GOLD MINING 324,000 HKD - 0.00WARRANTS 24/05/2016 423,922 USD 490,586 0.58 - 0.00490,586 0.58 TOTAL SHARES - 0.00NETHERLANDS TOTAL OTHER TRANSFERABLE SECURITIES - 0.00BNP PARIBAS INDIABULLS TOTAL INVESTMENTS 81,526,789 96.73WARRANTS 05/05/2015 281,945 USD 823,475 0.98 OTHER NET ASSETS LESS LIABILITIES 2,758,307 3.27JP MORGAN STRUCTURE TOTAL NET ASSETS 84,285,096 100.00WARRANTS 15/09/2014 20,070 USD 348,536 0.41JP MORGAN STRUCTUREWARRANTS 06/10/2014 79,546 USD 85,639 0.10JP MORGAN STRUCTUREWARRANTS 07/02/2017 491,265 USD 528,891 0.63JP MORGAN STRUCTUREWARRANTS 16/02/2017 8,340 USD 144,833 0.17217

Portfolio of Investments and Other Net Assets as at 30 September 2013Asia Pacific ex Japan Equity High DividendStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueINVESTMENTSCHINA PETROLEUM &CHEMICAL "H" 2,220,600 HKD 1,738,082 1.02TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKGREAT WALL AUTOMOBILESEXCHANGE LISTING "H" 269,500 HKD 1,461,289 0.86HUANENG POWERSHARES INTERNATIONAL "H" 1,798,000 HKD 1,794,494 1.06INDUSTRIAL & COMMERCIALAUSTRALIA BANK OF CHINA "H" 4,573,955 HKD 3,190,806 1.88AUSTRALIA & NZ BANKING JIANGSU EXPRESSWAY "H" 1,178,000 HKD 1,389,881 0.82GROUP 171,029 AUD 4,922,358 2.90 PETROCHINA "H" 1,790,000 HKD 1,975,778 1.16BHP BILLITON 189,534 AUD 6,333,977 3.72 ZHEJIANG EXPRESSWAY "H" 1,918,000 HKD 1,765,867 1.04CHALLENGER 303,690 AUD 1,561,809 0.92 19,404,016 11.43COMMONWEALTH BANK OFHONG KONGAUSTRALIA 92,877 AUD 6,184,207 3.64 AIA GROUP 563,600 HKD 2,648,987 1.56FLIGHT CENTRE 35,214 AUD 1,590,367 0.94 CHEUNG KONG HOLDINGS 150,000 HKD 2,284,296 1.35GOODMAN GROUP 350,596 AUD 1,599,785 0.94 CHINA MOBILE 382,500 HKD 4,273,771 2.51INCITEC PIVOT 410,999 AUD 1,033,779 0.61 CHINA OVERSEAS LAND &INSURANCE AUSTRALIA INVESTMENT 540,000 HKD 1,591,077 0.94GROUP 266,395 AUD 1,462,174 0.86 CNOOC 1,312,000 HKD 2,669,636 1.57LEIGHTON HOLDINGS 62,055 AUD 1,116,972 0.66 COSCO PACIFIC 848,000 HKD 1,296,856 0.76LEND LEASE GROUP 135,227 AUD 1,284,671 0.76 HSBC HOLDINGS 146,400 HKD 1,592,346 0.94METCASH 372,306 AUD 1,113,999 0.66 SJM HOLDINGS 650,000 HKD 1,827,179 1.08MINERAL RESOURCES 102,537 AUD 1,045,062 0.62 SWIRE PACIFIC "A" 136,000 HKD 1,629,168 0.96NATIONAL AUSTRALIA BANK 154,608 AUD 4,961,512 2.92 19,813,316 11.67RIO TINTO 37,862 AUD 2,185,773 1.29 INDIATELSTRA CORP 530,580 AUD 2,465,711 1.45 NMDC 55,109 INR 105,719 0.06WESTPAC BANKING CORP 110,439 AUD 3,379,896 1.99 105,719 0.06WOOLWORTHS 101,435 AUD 3,319,638 1.96 INDONESIA45,561,690 26.84 BANK RAKYAT INDONESIA 2,050,000 IDR 1,283,526 0.76BERMUDA ISLANDS INDO TAMBANGRAYA MEGAH 301,000 IDR 683,652 0.40CHEUNG KONGTELEKOMUNIKASIINFRASTRUCTURE 249,000 HKD 1,725,795 1.01 INDONESIA PERSERO "B" 8,358,500 IDR 1,515,863 0.89GIORDANO INTERNATIONAL 910,000 HKD 829,606 0.49 3,483,041 2.05VTECH HOLDINGS SHS 128,400 HKD 1,658,991 0.98 MALAYSIA4,214,392 2.48 CIMB GROUP HOLDINGS 683,400 MYR 1,576,676 0.93CAYMAN ISLANDS MALAYAN BANKING 575,600 MYR 1,737,663 1.02BOSIDENG INTERNATIONAL TENAGA NASIONAL 638,400 MYR 1,768,603 1.05HOLDINGS 3,178,000 HKD 766,314 0.45 UMW HOLDINGS 398,500 MYR 1,445,092 0.85CHAILEASE HOLDING 493,900 TWD 1,159,271 0.68 6,528,034 3.85COUNTRY GARDENSINGAPOREHOLDINGS 2,089,000 HKD 1,336,077 0.79 DBS GROUP 193,000 SGD 2,525,651 1.49KWG PROPERTY HOLDINGS 1,456,500 HKD 918,397 0.54 JARDINE CYCLE &XINYI GLASS 1,782,000 HKD 1,640,654 0.97 CARRIAGE 43,000 SGD 1,307,393 0.775,820,713 3.43 KEPPEL CORP 198,000 SGD 1,644,281 0.97CHINA KEPPEL LAND 509,000 SGD 1,436,032 0.85BANK OF CHINA "H" 5,760,500 HKD 2,629,509 1.55 SEMBCORP INDUSTRIES 356,000 SGD 1,500,890 0.88CHINA CONSTRUCTION UNITED OVERSEAS BANK 142,000 SGD 2,339,224 1.38BANK "H" 4,492,400 HKD 3,458,310 2.04 10,753,471 6.34218

Portfolio of Investments and Other Net Assets as at 30 September 2013Asia Pacific ex Japan Equity High DividendStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueSOUTH KOREANETHERLANDSBS FINANCIAL GROUP 132,840 KRW 1,984,968 1.17 INDIABULLS HOUSINGHYUNDAI MARINE & FIRE INS 39,290 KRW 1,069,935 0.63 FINANCE P. NOTE 06/08/2018 394,319 USD 1,151,685 0.68HYUNDAI MOTOR 8,211 KRW 1,918,755 1.13 JP MORGAN STRUCTUREKT & G 29,331 KRW 2,102,651 1.24 08/02/2017 77,751 USD 332,774 0.20KT CORP 47,770 KRW 1,598,836 0.94 JP MORGAN STRUCTURESAMSUNG ELECTRONICS 5,044 KRW 6,419,384 3.79 09/01/2028 381,000 USD 731,520 0.43SK TELECOM 10,296 KRW 2,094,448 1.23 JP MORGAN STRUCTURE17,188,977 10.13 15/09/2014 90,200 USD 1,566,416 0.92TAIWANJP MORGAN STRUCTUREASUSTEK COMPUTER 138,280 TWD 1,101,379 0.65 25/08/2014 261,947 USD 1,120,717 0.66CATCHER TECHNOLOGY 187,000 TWD 989,788 0.58 4,903,112 2.89CHENG SHIN RUBBERTOTAL WARRANTS / EQUITY LINKED6,020,674 3.55INDUSTRIES 447,350 TWD 1,171,048 0.69 SECURITIESFUBON FINANCIAL HOLDING 1,211,000 TWD 1,675,151 0.99HUAKU DEVELOPMENT 384,000 TWD 1,124,697 0.66 ADR (American Depositary Receipt)LITE-ON TECHNOLOGY 1,045,179 TWD 1,781,590 1.05MEGA FINANCIAL HOLDING 2,074,000 TWD 1,701,010 1.00 CAYMAN ISLANDSQUANTA COMPUTER 468,000 TWD 1,014,589 0.60 GIANT INTERACTIVE GROUPRADIANT OPTO ADR 143,902 USD 1,303,752 0.77ELECTRONICS 376,980 TWD 1,345,108 0.79 NETEASE INC ADR 17,934 USD 1,309,899 0.77TAIWAN SEMICONDUCTOR 2,613,651 1.54MANUFACTURING 1,546,161 TWD 5,255,418 3.10 TOTAL ADR (American Depositary Receipt) 2,613,651 1.54WISTRON CORP 962,319 TWD 932,460 0.55 TOTAL TRANSFERABLE SECURITIES18,092,238 10.66 ADMITTED TO AN OFFICIAL STOCK 167,089,513 98.44THAILANDEXCHANGE LISTINGKRUNG THAI BANK 1,976,800 THB 1,213,369 0.71PTT GLOBAL CHEMICAL 614,700 THB 1,464,025 0.86 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDPTT PUBLIC COMPANY 170,100 THB 1,718,386 1.02 MARKETSANSIRI PCL 9,072,000 THB 667,052 0.39SHIN CORP 570,100 THB 1,503,606 0.89 WARRANTS / EQUITY LINKED SECURITIESTHAI UNION FROZENPRODUCTS 566,200 THB 923,143 0.54 GREAT BRITAIN7,489,581 4.41 BJAUT IN WARRANTSTOTAL SHARES 158,455,188 93.35 12/11/2019 41,970 USD 1,332,374 0.791,332,374 0.79WARRANTS / EQUITY LINKED SECURITIESTOTAL WARRANTS / EQUITY LINKEDSECURITIES1,332,374 0.79GREAT BRITAINTOTAL TRANSFERABLE SECURITIES1,332,374 0.79AXIS BANK WARRANTSTRADED ON ANOTHER REGULATED MARKET06/07/2022 69,420 USD 1,117,562 0.66 TOTAL INVESTMENTS 168,421,887 99.231,117,562 0.66 OTHER NET ASSETS LESS LIABILITIES 1,306,243 0.77TOTAL NET ASSETS 169,728,130 100.00219

Portfolio of Investments and Other Net Assets as at 30 September 2013BRIC EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueINVESTMENTSDATANG INTERNATIONALPOWER GENERATION "H" 13,422,000 HKD 5,919,085 0.73TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK DONG FENG MOTOR "H" 5,038,000 HKD 7,652,700 0.94EXCHANGE LISTINGHUADIAN FUXIN ENERGYCORP "H" 8,370,000 HKD 2,460,773 0.30SHARESINDUSTRIAL & COMMERCIALBANK OF CHINA "H" 25,129,595 HKD 17,530,488 2.15BERMUDA ISLANDS PETROCHINA "H" 5,640,000 HKD 6,225,355 0.76CHINA SINGES SOLARPICC PROPERTY & CASUALTYTECHNOLOGIES 1,209,000 HKD 1,345,390 0.16 "H" 6,630,320 HKD 8,994,178 1.10CHOW SANG HOLDINGS 828,000 HKD 2,402,283 0.30 PING AN INSURANCE "H" 645,000 HKD 4,794,797 0.593,747,673 0.46 SINOPEC SHANGHAIBRAZIL PETROCHEMICAL "H" 6,336,000 HKD 2,361,154 0.29BANCO DO BRASIL 1,187,077 BRL 13,848,914 1.70 146,752,959 17.98MRV ENGENHARIA 2,581,400 BRL 10,517,862 1.29 FEDERATION OF RUSSIAPETROBRAS 1,320,194 BRL 10,354,923 1.27 GAZPROM 9,903,932 USD 43,970,279 5.39PETROBRAS (PREFERRED) 1,867,800 BRL 15,799,582 1.93 MMC NORILSK NICKEL 22,545 USD 3,248,539 0.40VALE S.A. 279,670 BRL 4,379,637 0.54 SBERBANK 13,844,053 USD 41,732,925 5.1254,900,918 6.73 88,951,743 10.91CAYMAN ISLANDSHONG KONGCOUNTRY GARDEN CHINA EVERBRIGHT 2,738,000 HKD 3,572,936 0.44HOLDINGS 4,636,000 HKD 2,965,080 0.36 CHINA MOBILE 742,500 HKD 8,296,144 1.02HILONG HOLDING 3,846,000 HKD 2,236,645 0.27 CHINA POWER INTERNATIONALKWG PROPERTY HOLDINGS 11,606,000 HKD 7,318,173 0.90 DEVELOPMENT 19,460,000 HKD 7,352,274 0.90SUNAC CHINA HOLDINGS 14,897,000 HKD 9,662,245 1.18 CNOOC 5,515,000 HKD 11,221,831 1.37TENCENT HOLDINGS 244,100 HKD 12,804,421 1.58 COSCO PACIFIC 1,418,000 HKD 2,168,564 0.27XINGDA INTERNATIONALFRANSHION PROPERTIESHOLDINGS 5,488,000 HKD 2,575,887 0.32 CHINA 22,362,000 HKD 7,352,958 0.9037,562,451 4.61 MMG 20,580,000 HKD 4,617,489 0.57CHINA 44,582,196 5.47BANK OF CHINA "H" 43,581,800 HKD 19,893,887 2.43 INDIABBMG CORP "H" 12,270,000 HKD 8,211,513 1.01 BANK OF BARODA 690,391 INR 5,443,231 0.67CHINA COMMUNICATIONS CAIRN INDIA 1,348,861 INR 6,869,737 0.84CONSTRUCTION "H" 5,934,000 HKD 4,682,850 0.57 CANARA BANK 843,155 INR 2,982,425 0.37CHINA CONSTRUCTIONINDIABULLS HOUSINGBANK "H" 25,426,640 HKD 19,573,772 2.39 FINANCE 1,996,270 INR 5,830,432 0.71CHINA MINSHENG BANKING INDIABULLS POWER 9,254,764 INR 946,089 0.12"H" 8,204,000 HKD 9,806,559 1.20 IRB INFRASTRUCTURE 1,800,676 INR 2,155,727 0.26CHINA OILFIELD SERVICES "H" 1,644,000 HKD 4,121,064 0.51 JINDAL STEEL & POWER 1,472,083 INR 5,537,449 0.68CHINA PACIFIC INSURANCE LIC HOUSING FINANCE 1,573,501 INR 4,723,847 0.58GROUP "H" 879,600 HKD 3,153,126 0.39 MARUTI SUZUKI INDIA 376,727 INR 8,175,021 1.00CHINA PETROLEUM & NMDC 7,252,896 INR 13,913,646 1.71CHEMICAL "H" 9,032,400 HKD 7,069,734 0.87 NTPC 2,856,990 INR 6,728,837 0.83CHINA RAILWAY OIL & NATURAL GAS 4,523,257 INR 19,352,158 2.37CONSTRUCTION "H" 8,050,500 HKD 8,512,320 1.04 OIL INDIA 22,965 INR 160,447 0.02CHINA SUNTIEN GREENRURAL ELECTRIFICATIONENERGY "H" 19,106,000 HKD 5,789,604 0.71 CORP 79,289 INR 238,162 0.03SESA GOA 5,479,946 INR 15,821,260 1.94220

Portfolio of Investments and Other Net Assets as at 30 September 2013BRIC EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueTATA MOTORS 229,988 INR 1,221,471 0.15 JP MORGAN STRUCTURETATA MOTORS "A" 7,530,455 INR 19,690,485 2.40 WARRANTS 31/07/2017 14,290,600 USD 650,565 0.08TECH MAHINDRA 389,708 INR 8,314,784 1.02 3,867,596 0.47128,105,208 15.70 UNITED STATESJERSEY NMDC WARRANTS 28/02/2014 2,807,832 USD 5,388,230 0.66UNITED COMPANY RUSAL 7,024,000 HKD 2,155,622 0.26 5,388,230 0.662,155,622 0.26 TOTAL WARRANTS / EQUITY LINKEDTOTAL SHARES 506,758,770 62.12 SECURITIES62,099,216 7.61WARRANTS / EQUITY LINKED SECURITIESSADR (Sponsored American Depositary Receipt)CAYMAN ISLANDSBRAZILSESA GOA WARRANTS PETROBRAS ON ADS 174,290 USD 2,745,068 0.3410/9/2018 3,711,995 USD 10,718,014 1.31 VALE S.A. ADR 603,616 USD 9,512,988 1.1610,718,014 1.31 12,258,056 1.50GERMANYFEDERATION OF RUSSIATECH MAHINDRA WARRANTS LUKOIL ADR 615,586 USD 39,028,152 4.7820/10/2020 60,585 USD 1,292,654 0.16 MOBILE TELESYSTEMS ADR 322,577 USD 7,238,628 0.891,292,654 0.16 NORILSK NICKEL ADR 667,486 USD 9,631,823 1.18GREAT BRITAIN OAO GAZPROM SPON ADR 1,828,516 USD 16,109,226 1.98CANADA BANK WARRANTS 72,007,829 8.8324/12/2017 1,578,814 USD 5,584,671 0.69 TOTAL SADR (Sponsored American DepositaryJINDAL STEEL & POWER LEPOReceipt)84,265,885 10.3325/11/2019 1,385,804 USD 5,212,951 0.64JINDAL STEEL & POWERGDR (Global Depositary Receipt)WARRANTS 06/07/2013 1,329,866 USD 5,002,530 0.61LIC HOUSING FINANCECYPRUSWARRANTS 06/07/2020 696,826 USD 2,091,980 0.26 GLOBALTRANS INVESTMENTOIL & NATURAL GAS LEPO GDR 629,295 USD 9,124,778 1.1212/11/2019 803,938 USD 3,439,578 0.42 9,124,778 1.12RURAL ELECTRIFICATIONFEDERATION OF RUSSIACORP WARRANTS 12/05/2020 719,652 USD 2,156,077 0.26 AFK SISTEMA GDR 417,248 USD 10,793,955 1.3223,487,787 2.88 CHERKIZOVO GROUP GDR 396,975 USD 4,030,078 0.49INDIA OJSC LSR GROUP GDR 859,637 USD 3,649,159 0.45COAL INDIA PARTICIPATORY ROSNEFT OIL GDR 2,173,315 USD 17,590,150 2.16NOTE 02/11/2020 1 USD 5 0.00 TATNEFT GDR 424,605 USD 16,623,286 2.04INDIABULLS HOUSING VTB BANK GDR 916,454 USD 2,419,439 0.30WARRANTS 23/07/2018 2,121,749 USD 6,196,977 0.76 55,106,067 6.76OIL INDIA WARRANTSINDIA07/07/2023 1,595,605 USD 11,147,953 1.37 FINANCIAL TECHNOLOGIES17,344,935 2.13 GDR 3 USD 1 0.00NETHERLANDS 1 0.00JP POWER VENTURES TOTAL GDR (Global Depositary Receipt) 64,230,846 7.88WARRANTS 20/02/2015 11,699,513 USD 2,859,233 0.35JP MORGAN STRUCTUREWARRANTS 13/10/2014 3,500,000 USD 357,798 0.04221

Portfolio of Investments and Other Net Assets as at 30 September 2013BRIC EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevaluePREFERENTIAL SHARESBRAZILBANCO ESTRADO RIO GRANDE(PREFERRED) 1,571,622 BRL 10,978,509 1.35BRADESPAR S.A. BRASIL(PREFERRED) 1,105,900 BRL 12,280,873 1.50CIA ENERGETICA MINAS(PREFERRED) 1,279,331 BRL 10,930,960 1.34ITAU UNIBANCO BANCOTOTAL WARRANTS / EQUITY LINKEDSECURITIES 595,988 0.07TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET11,912,053 1.46OTHER TRANSFERABLE SECURITIESINVESTMENT FUNDSSINGAPOREMULTIPLO S.A. (PREFERRED) 583,720 BRL 8,301,955 1.02 INDIABULLS PROPERTIESVALE S.A. (PREFERRED) "A" 683,906 BRL 9,754,500 1.20 INVESTMENT TRUST 19,571,000 SGD 1,388,181 0.1752,246,797 6.41 1,388,181 0.17TOTAL PREFERENTIAL SHARES 52,246,797 6.41 TOTAL INVESTMENT FUNDS 1,388,181 0.17ADR (American Depositary Receipt)WARRANTS / EQUITY LINKED SECURITIESBRAZILCAYMAN ISLANDSITAU UNIBANCO HOLDINGBANK OF BARODAADR 1,328,799 USD 18,882,234 2.32 WARRANTS 12/11/2014 198,139 USD 1,562,040 0.1918,882,234 2.32 1,562,040 0.19TOTAL ADR (American Depositary Receipt) 18,882,234 2.32 GREAT BRITAINTOTAL TRANSFERABLE SECURITIESIRB INFRASTRUCTUREADMITTED TO AN OFFICIAL STOCK 788,483,748 96.67 WARRANTS 27/05/2020 4,120,923 USD 4,896,893 0.61EXCHANGE LISTING 4,896,893 0.61NETHERLANDSTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDJINDAL STEEL & POWERMARKET WARRANTS 01/04/2015 126,310 USD 475,138 0.06475,138 0.06SHARESTOTAL WARRANTS / EQUITY LINKEDSECURITIES 6,934,071 0.86FEDERATION OF RUSSIA TOTAL OTHER TRANSFERABLE SECURITIES 8,322,252 1.03AEROFLOT RUSSIAN TOTAL INVESTMENTS 808,718,053 99.16AIRLINES 3,874,902 USD 6,533,891 0.80 OTHER NET ASSETS LESS LIABILITIES 6,825,296 0.84FEDERAL TOTAL NET ASSETS 815,543,349 100.00HYDROGENERATING 9 USD - 0.00TNK BP HOLDINGS 1,873,820 USD 3,667,855 0.45VTB BANK 848,681,828 USD 1,114,319 0.1411,316,065 1.39TOTAL SHARES 11,316,065 1.39WARRANTS / EQUITY LINKED SECURITIESGREAT BRITAINCAIRN INDIA WARRANTS27/08/2019 117,020 USD 595,988 0.07595,988 0.07222

Portfolio of Investments and Other Net Assets as at 30 September 2013BRIC MarketsStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueINVESTMENTSMETALURGICA GERDAU S.A.(PREFERRED) 1,300 BRL 12,409 0.16TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK MRV ENGENHARIA 2,400 BRL 9,785 0.13EXCHANGE LISTING NATURA COSMETICOS 700 BRL 15,560 0.20SOUZA CRUZ 1,600 BRL 18,832 0.24SHARES WEG S.A. 1,000 BRL 12,191 0.16612,185 7.90BERMUDA ISLANDSCAYMAN ISLANDSBRIILLIANCE CHINA ANTA SPORTS PRODUCTS 10,000 HKD 12,883 0.17AUTOMOTIVE 12,000 HKD 18,014 0.23 BELLE INTERNATIONALGOME ELECTRIC APPLIANCES 78,000 HKD 9,958 0.13 HOLDINGS 14,000 HKD 20,329 0.26KUNLUN ENERGY COMPANY 10,000 HKD 13,979 0.18 COUNTRY GARDEN41,951 0.54 HOLDINGS 17,963 HKD 11,490 0.15BRAZIL ENN ENERGY HOLDINGS 4,000 HKD 22,233 0.29ALL AMERICAN LATIN EVERGRANDE REAL ESTATE 19,000 HKD 7,939 0.10LOGISTICA 4,000 BRL 15,670 0.20 GCL POLY ENERGYBANCO BRADESCO 2,460 BRL 39,147 0.51 HOLDINGS 26,000 HKD 7,511 0.10BANCO DO BRASIL 2,400 BRL 28,110 0.36 HENGAN INTERNATIONALBB SEGURIDADE GROUP 2,000 HKD 23,394 0.30PARTICIPACOES 3,800 BRL 37,316 0.48 PARKSON RETAIL GROUP 12,500 HKD 5,255 0.07BM&F BOVESPA S.A. 8,200 BRL 45,604 0.59 SOHO CHINA 19,000 HKD 16,343 0.21BR MALLS TENCENT HOLDINGS 2,800 HKD 146,892 1.89PARTICIPACOES S.A. 1,700 BRL 15,444 0.20 TINGYI 6,000 HKD 15,901 0.21BR PROPERTIES 1,500 BRL 13,261 0.17 WANT WANT CHINABRF S.A. 2,600 BRL 63,887 0.82 HOLDINGS 15,000 HKD 22,787 0.29CCR S.A. 4,200 BRL 32,943 0.43 312,957 4.04CENTRAIS ELECTRICASCHINABRASILEIRAS 2,141 BRL 5,930 0.08 AGILE PROPERTYCENTRAIS ELECTRICAS HOLDINGS 12,000 HKD 13,216 0.17BRASILEIRAS (PREFERRED) "B 1,300 BRL 5,876 0.08 AGRICULTURALCIELO S.A. 1,834 BRL 49,414 0.64 BANK OF CHINA "H" 57,000 HKD 26,242 0.34COMPANHIA DE BEBIDAS AIR CHINA "H" 6,000 HKD 4,062 0.05DAS AMERICAS 600 BRL 23,278 0.30 ALUMINIUM CORPORATIONCOSAN S.A. INDUSTRIA OF CHINA "H" 32,000 HKD 11,885 0.15COMERCIO 500 BRL 9,523 0.12 ANHUI CONCH CEMENT "H" 3,500 HKD 11,239 0.15CPFL ENERGIA 1,000 BRL 8,619 0.11 BANK OF CHINA "H" 214,400 HKD 97,878 1.26CYRELA BRAZIL REALTY 2,200 BRL 16,398 0.21 BANK OF COMMUNICATIONSDURATEX S.A. 1,342 BRL 7,880 0.10 "H" 26,598 HKD 19,552 0.25ENERGIAS DO BRASIL S.A. 1,300 BRL 6,884 0.09 BEIJING CAP INTERNATIONALFIBRIA CELULOSE S.A. 1,100 BRL 13,020 0.17 AIRPORT "H" 6,000 HKD 3,931 0.05HYPERMARCAS S.A. 1,300 BRL 10,312 0.13 BYD COMPANY "H" 2,500 HKD 11,155 0.14ITAUSA INVESTIMENTOSCHANGSHA ZOOMLION HEAVYITAU (PREFERRED) 11,049 BRL 45,242 0.58 SCIENCE & TECHNOLOGY "H" 7,800 HKD 6,760 0.09JBS 3,700 BRL 12,625 0.16 CHINA CITIC BANK "H" 21,200 HKD 10,991 0.14KROTON EDUCATIONAL 1,200 BRL 17,017 0.22 CHINA COAL ENERGY "H" 12,000 HKD 7,181 0.09LOJAS RENNER S.A. 700 BRL 20,008 0.26223

Portfolio of Investments and Other Net Assets as at 30 September 2013BRIC MarketsStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueCHINA COMMUNICATIONS PETROCHINA "H" 59,200 HKD 65,351 0.84CONSTRUCTION "H" 10,000 HKD 7,892 0.10 PICC PROPERTY & CASUALTYCHINA COMMUNICATIONS "H" 9,978 HKD 13,537 0.17SERVICES "H" 8,800 HKD 5,141 0.07 PING AN INSURANCE "H" 5,300 HKD 39,403 0.51CHINA CONSTRUCTION BANKSHANGHAI ELECTRIC GROUP"H" 207,850 HKD 160,022 2.07 "H" 18,000 HKD 6,407 0.08CHINA COSCO HOLDINGS "H" 8,000 HKD 3,962 0.05 SHIMAO PROPERTY HOLDINGS 4,000 HKD 9,203 0.12CHINA LIFE INSURANCE "H" 21,000 HKD 54,434 0.70 SINOPHARM GROUP "H" 8,000 HKD 20,077 0.26CHINA MENGNIU DAIRY 4,000 HKD 17,926 0.23 TSINGTAO BREWERY "H" 2,000 HKD 15,217 0.20CHINA MERCHANTS BANK "H" 13,741 HKD 24,986 0.32 WEICHAI POWER "H" 1,600 HKD 6,252 0.08CHINA MINSHENG BANKING YANZHOU COAL MINING "H" 6,000 HKD 5,989 0.08"H" 15,000 HKD 17,932 0.23 ZHEJIANG EXPRESSWAY "H" 4,000 HKD 3,683 0.05CHINA NATIONAL BUILDINGS ZIJIN MINING GROUP "H" 62,000 HKD 14,872 0.19"H" 8,000 HKD 7,686 0.10 ZTE "H" 3,920 HKD 8,109 0.10CHINA OILFIELD SERVICES 1,175,819 15.16"H" 4,000 HKD 10,028 0.13 FEDERATION OF RUSSIACHINA PACIFIC INSURANCE SBERBANK 84,908 USD 256,582 3.31GROUP "H" 7,600 HKD 27,247 0.35 256,582 3.31CHINA PETROLEUM &HONG KONGCHEMICAL "H" 72,000 HKD 56,361 0.73 BEIJING ENTERPRISE 1,000 HKD 7,222 0.09CHINA RAILWAY CHINA EVERBRIGHT 4,000 HKD 5,220 0.07CONSTRUCTION "H" 6,000 HKD 6,345 0.08 CHINA MERCHANTSCHINA RAILWAY GROUP "H" 23,000 HKD 12,576 0.16 HOLDINGS 4,452 HKD 16,191 0.21CHINA RESOURCES LAND 6,000 HKD 17,062 0.22 CHINA MOBILE 16,900 HKD 188,848 2.45CHINA SHENHUA ENERGY "H" 9,500 HKD 28,913 0.37 CHINA OVERSEAS LAND &CHINA SHIPPING CONTAINER INVESTMENT 12,341 HKD 36,366 0.47LINES COMPANY "H" 11,100 HKD 2,906 0.04 CHINA RES ENTERPRISES 8,000 HKD 25,431 0.33CHINA SOUTH LOCOMOTIVE CHINA RESOURCES POWER 8,200 HKD 19,500 0.25"H" 4,800 HKD 3,349 0.04 CHINA TAIPING INSURANCECHINA SOUTHERN AIRLINES HOLDING 2,400 HKD 3,429 0.04"H" 10,000 HKD 3,727 0.05 CHINA UNICOM 12,486 HKD 19,484 0.25CHINA TELECOM CORP "H" 36,700 HKD 18,269 0.24 CITIC PACIFIC 11,000 HKD 14,271 0.18CITIC SECURITIES "H" 6,500 HKD 13,043 0.17 CNOOC 50,200 HKD 102,156 1.32DATANG INTERNATIONAL COSCO PACIFIC 6,226 HKD 9,523 0.12POWER GENERATION "H" 18,000 HKD 7,939 0.10 KINGBOARD CHEMICALS 1,800 HKD 4,629 0.06DONG FENG MOTOR "H" 12,000 HKD 18,230 0.24 LENOVO GROUP 18,000 HKD 18,826 0.24GUANGZHOU AUTOMOBILESHANGHAI INDUSTRIALGROUP "H" 11,374 HKD 12,336 0.16 HOLDING 3,000 HKD 9,943 0.13GUANGZHOU R&F 481,039 6.21PROPERTIES "H" 4,000 HKD 6,252 0.08 INDIAHUANENG POWER ACC 559 INR 9,854 0.13INTERNATIONAL "H" 12,000 HKD 11,978 0.15 ADANI ENTERPRISES 1,020 INR 2,298 0.03INDUSTRIAL & COMMERCIAL ADANI PORTS 3,000 INR 6,617 0.09BANK OF CHINA "H" 214,300 HKD 149,512 1.93 ADITYA BIRLA NUVO 250 INR 4,915 0.06INNER MONGOLIA YITAI COAL AMBUJA CEMENTS 3,700 INR 10,889 0.14"B" 2,900 USD 5,817 0.08 APOLLO HOSPITALSJIANGXI COPPER "H" 4,800 HKD 9,434 0.12 ENTERPRISE 600 INR 8,812 0.11NINE DRAGONS PAPER ASIAN PAINTS 1,500 INR 10,991 0.14HOLDINGS "H" 19,000 HKD 13,403 0.17 BAJAJ AUTO 630 INR 20,044 0.26PEOPLE S INSURANCE GROUP BANK OF BARODA 700 INR 5,465 0.07OF CHINA "H" 19,000 HKD 8,919 0.12224

Portfolio of Investments and Other Net Assets as at 30 September 2013BRIC MarketsStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueBHARAT HEAVY ELECTRICALS 4,395 INR 9,554 0.12 UNITED SPIRITS 669 INR 27,691 0.36BHARAT PETROLEUM 2,726 INR 14,324 0.18 ZEE ENTERTAINMENTBHARTI AIRTEL 5,000 INR 25,361 0.33 ENTERPRISES 3,364 INR 12,303 0.16CAIRN INDIA 3,500 INR 17,703 0.23 939,992 12.13CANARA BANK 900 INR 3,164 0.04 VIRGIN ISLANDSCIPLA 2,631 INR 18,227 0.24 SINO-OCEAN LANDCOAL INDIA 3,800 INR 17,818 0.23 HOLDINGS 26,061 HKD 15,325 0.20DLF 2,609 INR 5,327 0.07 15,325 0.20HCL TECHNOLOGIES 1,550 INR 27,023 0.35 TOTAL SHARES 3,835,850 49.49HERO MOTOCROP 482 INR 15,310 0.20HINDALCO INDUSTRIES 5,890 INR 10,433 0.13 EXCHANGE TRADED FUNDSHOUSING DEVELOPMENTFINANCE 10,215 INR 126,272 1.63 IRELANDIDEA CELLULAR 3,000 INR 8,106 0.10 HSBC MSCI BRAZIL 2,000 USD 47,810 0.62ITC 16,510 INR 89,246 1.15 HSBC MSCI CHINA 8,000 USD 49,520 0.63JAIPRAKASH ASSOCIATES 7,085 INR 3,939 0.05 HSBC MSCI RUSSIA CAPPED 2,000 USD 27,030 0.35JINDAL STEEL & POWER 2,014 INR 7,476 0.10 124,360 1.60JSW STEEL 1,034 INR 11,882 0.15 TOTAL EXCHANGE TRADED FUNDS 124,360 1.60KOTAK MAHINDRA BANK 1,996 INR 21,493 0.28LIC HOUSING FINANCE 2,200 INR 6,567 0.08 WARRANTS / EQUITY LINKED SECURITIESLUPIN 600 INR 8,249 0.11MAHINDRA & MAHINDRA 2,194 INR 28,564 0.37 GREAT BRITAINMAHINDRA & MAHINDRA DEUTSCHE BANK LN 30.01.17FINANCIAL SERVICES 1,800 INR 7,423 0.10 WRT /HIND.LEV 7,000 USD 70,142 0.90NTPC 7,883 INR 18,190 0.23 IPATH MSCI INDIA INDEX ETF 3,100 USD 157,480 2.04OIL & NATURAL GAS 5,286 INR 22,301 0.29 227,622 2.94PIRAMAL HEALTHCARE 584 INR 5,514 0.07 TOTAL WARRANTS / EQUITY LINKED SECURITIES 227,622 2.94POWER GRID CORPORATIONOF INDIA 7,500 INR 11,633 0.15 UNIT SHARESRELIANCE CAPITAL 1,671 INR 8,381 0.11RELIANCE COMMUNICATIONBRAZILVENTURES 6,412 INR 14,836 0.19 BANCO SANTANDER BRASILRELIANCE ENERGY 959 INR 5,680 0.07 UNITS 4,000 BRL 27,475 0.35RELIANCE POWER 5,000 INR 5,365 0.07 27,475 0.35RURAL ELECTRIFICATION TOTAL - UNIT SHARES 27,475 0.35CORP 4,100 INR 12,242 0.16SEIMENS INDIA 769 INR 5,844 0.08 SADR (Sponsored American Depositary Receipt)SESA GOA 4,837 INR 14,054 0.18SHRIRAM TRANSPORTBRAZILFINANCE 1,000 INR 9,203 0.12 BANCO BRADESCO ADR 8,190 USD 115,315 1.49SUN PHARMACEUTICALS 4,370 INR 41,572 0.54 BRASIL TELECOM ADR 1,674 USD 3,281 0.04TATA CONSULTANCY CEMIG PN ADR 2,217 USD 19,022 0.25SERVICE 3,380 INR 104,861 1.35 CIA SANEAMENTO BASICOTATA POWER 6,730 INR 8,613 0.11 ADR 800 USD 7,952 0.10TATA STEEL 3,704 INR 15,803 0.20 CIA SIDERURGICA NACL ADR 3,500 USD 15,260 0.20TITAN INDUSTRIES 1,600 INR 5,956 0.08 COPEL PNB ADR 514 USD 7,150 0.09ULTRATECH CEMENT 450 INR 13,052 0.17 EMBRAER ADR 700 USD 23,331 0.30UNITECH 26,100 INR 6,519 0.08 GERDAU S.A. ADR 3,700 USD 27,898 0.36UNITED BREWERIES 500 INR 7,033 0.09 PETROBRAS ON ADS 5,800 USD 89,320 1.15225

Portfolio of Investments and Other Net Assets as at 30 September 2013BRIC MarketsStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevaluePETROBRAS PN ADR 8,200 USD 135,053 1.74 PREFERENTIAL SHARESTIM PARTICIPACOES S.A. ADR 808 USD 18,657 0.24TRACTEBEL ENERGIA S.A.BRAZILADR 700 USD 11,774 0.15 AES TIETE S.A. (PREFERRED) 600 BRL 5,775 0.07ULTRAPAR PARTICIPACOESBRADESPAR S.A. BRASILADR 1,200 USD 29,424 0.38 (PREFERRED) 1,100 BRL 12,284 0.16USINAS SIDERURGICAS DECIA ENERGETICA DEMINAS ADR 1,800 USD 8,370 0.11 SAO PAULO (PREFERRED) "B" 700 BRL 7,234 0.09VALE S.A. "A" ADR 7,550 USD 106,833 1.38 LOJAS AMERICANAS S.A.VALE S.A. ADR 5,200 USD 81,120 1.05 (PREFERRED) 1,961 BRL 14,347 0.19699,760 9.03 TELEF BRASIL (PREFERRED) 1,210 BRL 26,987 0.35FEDERATION OF RUSSIA 66,627 0.86LUKOIL ADR 3,320 USD 214,140 2.77 TOTAL PREFERENTIAL SHARES 66,627 0.86MOBILE TELESYSTEMS ADR 5,533 USD 123,220 1.59NORILSK NICKEL ADR 5,600 USD 82,463 1.06 ADR (American Depositary Receipt)OAO GAZPROM SPON ADR 49,460 USD 446,130 5.76ROSTELECOM ADR 2,040 USD 38,923 0.50 BRAZILSURGUTNEFTEGAZ ADR 7,950 USD 69,176 0.89 COMPANHIA BRASILEIRA DESURGUTNEFTEGAZ SP ADR 7,700 USD 55,286 0.71 DISTRIBUICAO ADR 650 USD 30,277 0.391,029,338 13.28 COMPANHIA DE BEBIDAS DASINDIA ADR 2,670 USD 103,222 1.33ICICI BANK ADR 810 USD 25,175 0.32 ITAU UNIBANCO HOLDINGINFOSYS ADR 3,230 USD 157,042 2.03 ADR 9,894 USD 141,484 1.83WIPRO ADR 4,203 USD 43,249 0.56 274,983 3.55225,466 2.91 INDIATOTAL SADR (Sponsored AmericanDR REDDYS LABORATORIESDepositary Receipt) 1,954,564 25.22 ADR 650 USD 24,713 0.32HDFC BANK ADR 3,650 USD 114,428 1.47GDR (Global Depositary Receipt) TATA MOTORS ADR 1,100 USD 29,920 0.39169,061 2.18FEDERATION OF RUSSIA TOTAL ADR (American Depositary Receipt) 444,044 5.73AFK SISTEMA GDR 1,327 USD 34,051 0.44 TOTAL TRANSFERABLE SECURITIESMAGNIT GDR 2,800 USD 173,320 2.23 ADMITTED TO AN OFFICIAL STOCKMEGAFON WI GDR 1,000 USD 35,540 0.46 EXCHANGE LISTING 7,605,457 98.12NOVATEK OAO GDR 992 USD 132,333 1.71OJSC LSR GROUP GDR 1,700 USD 7,310 0.09 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDROSNEFT OIL GDR 12,300 USD 99,901 1.29 MARKETSEVERSTAL GDR 2,100 USD 18,322 0.24TATNEFT GDR 2,550 USD 101,592 1.31 SHARESTMK GDR 832 USD 10,816 0.14URALKALIY GDR 2,910 USD 76,155 0.98 FEDERATION OF RUSSIAVTB BANK GDR 16,553 USD 43,915 0.57 FEDERAL GRID 3,245,900 USD 10,156 0.13733,255 9.46 FEDERALINDIA HYDROGENERATING 30,008 RUB 501 0.01GAIL INDIA GDR 370 USD 11,548 0.15 FEDERALLARSEN & TOUBRO GDR 2,255 USD 28,300 0.36 HYDROGENERATING 30,008 RUB 18,557 0.24RANBAXY LABORATORIES INTER RAO UES 20,567,500 USD 7,260 0.09GDR 1,300 USD 6,870 0.09 36,474 0.47RELIANCE INDUSTRIES GDR 4,526 USD 119,633 1.54 TOTAL SHARES 36,474 0.47STATE BANK OF INDIA GDR 490 USD 25,309 0.33191,660 2.47TOTAL GDR (Global Depositary Receipt) 924,915 11.93226

Portfolio of Investments and Other Net Assets as at 30 September 2013BRIC MarketsStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvaluePREFERENTIAL SHARESFEDERATION OF RUSSIASBERBANK (PREFERRED) 10,800 USD 25,065 0.32TRANSNEFT (PREFERRED) 18 USD 46,832 0.6171,897 0.93TOTAL PREFERENTIAL SHARES 71,897 0.93TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET 108,371 1.40OTHER TRANSFERABLE SECURITIESSHARESCHINACHAODA MODERNAGRICULTURE 26,000 HKD - 0.00- 0.00- 0.00TOTAL SHARES - 0.00TOTAL OTHER TRANSFERABLE SECURITIES - 0.00TOTAL INVESTMENTS 7,713,828 99.52OTHER NET ASSETS LESS LIABILITIES 36,886 0.48TOTAL NET ASSETS 7,750,714 100.00227

Portfolio of Investments and Other Net Assets as at 30 September 2013BRIC Markets EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTS TENCENT HOLDINGS 183,700 HKD 9,636,069 2.62WANT WANT CHINATRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK HOLDINGS 2,577,000 HKD 3,914,439 1.07EXCHANGE LISTING 23,540,822 6.42CHINASHARESAGRICULTURAL BANK OFCHINA "H" 7,220,000 HKD 3,323,649 0.91BRAZIL ANHUI CONCH CEMENT "H" 500 HKD 1,605 0.00BANCO BRADESCO 50,160 BRL 794,971 0.22 BANK OF CHINA "H" 19,730,000 HKD 9,006,170 2.46BANCO BRADESCOBANK OF COMMUNICATIONS(PREFERRED) 422,559 BRL 5,888,357 1.60 "H" 100 HKD 74 0.00BANCO DO BRASIL 330,400 BRL 3,854,580 1.05 CHINA COMMUNICATIONSCCR S.A. 289,600 BRL 2,305,300 0.63 CONSTRUCTION "H" 3,613,000 HKD 2,851,210 0.78CETIP S.A. MERCADOSCHINA COMMUNICATIONSORGANIZADO 160,700 BRL 1,685,652 0.46 SERVICES "H" 1,000,000 HKD 584,128 0.16CIELO S.A. 20 BRL 541 0.00 CHINA CONSTRUCTION BANKCOMPANHIA DE BEBIDAS "H" 12,920,000 HKD 9,945,958 2.70DAS AMERICAS 75,900 BRL 2,927,847 0.80 CHINA LIFE INSURANCE "H" 593,000 HKD 1,536,953 0.42COSAN S.A. INDUSTRIA CHINA MERCHANTS BANK "H" 1,936,000 HKD 3,519,932 0.96COMERCIO 53,300 BRL 1,017,849 0.28 CHINA OILFIELD SERVICES "H" 940,000 HKD 2,356,318 0.64CYRELA BRAZIL REALTY 399,300 BRL 2,932,798 0.80 CHINA PETROLEUM &EMBRAER 237,700 BRL 1,927,398 0.53 CHEMICAL "H" 9,414,600 HKD 7,368,861 2.01ESTACIO PARTICIPACOES 160,100 BRL 1,244,235 0.34 CHINA RAILWAYITAUSA INVESTIMENTOS CONSTRUCTION "H" 1,767,000 HKD 1,868,358 0.51ITAU (PREFERRED) 352,473 BRL 1,431,395 0.39 CHINA RAILWAY GROUP "H" 3,254,000 HKD 1,779,071 0.49LOCALIZA RENT A CAR 161,585 BRL 2,436,061 0.66 CHONGQING RURALM DIAS BRANCO S.A. "E" 26,800 BRL 1,235,349 0.34 COMMERCIAL BANK "H" 2,470,000 HKD 1,191,183 0.33NATURA COSMETICOS 119,100 BRL 2,662,301 0.73 DONG FENG MOTOR "H" 1,746,000 HKD 2,652,158 0.72PETROBRAS 602,941 BRL 4,729,161 1.29 GREAT WALL AUTOMOBILESPETROBRAS (PREFERRED) 524,931 BRL 4,440,354 1.21 "H" 599,000 HKD 3,247,900 0.89PORTO SEGURO S.A. 118,100 BRL 1,463,219 0.40 GUANGZHOU R&FTIM PARTICIPAOES S.A. 790,526 BRL 3,696,851 1.01 PROPERTIES "H" 974,800 HKD 1,523,449 0.42TRACTEBEL ENERGIA S.A. 108,800 BRL 1,822,579 0.50 HUANENG POWERVALE S.A. 255,700 BRL 4,004,269 1.09 INTERNATIONAL "H" 3,128,000 HKD 3,121,889 0.8552,501,067 14.33 INDUSTRIAL & COMMERCIALCAYMAN ISLANDS BANK OF CHINA "H" 16,738,000 HKD 11,676,445 3.18CHINA STATE CONSTRUCTION PETROCHINA "H" 2,064,000 HKD 2,278,207 0.62INTERNATIONAL 1,242,000 HKD 1,998,692 0.55 PICC PROPERTY &COUNTRY GARDEN CASUALTY "H" 1,816,000 HKD 2,463,437 0.67HOLDINGS 3,380,570 HKD 2,162,128 0.59 PING AN INSURANCE "H" 733,000 HKD 5,448,953 1.49GEELY AUTOMOBILES 2,910,000 HKD 1,497,186 0.41 SHIMAO PROPERTYGREENTOWN CHINA HOLDINGS 1,250,500 HKD 2,876,659 0.79HOLDINGS 702,500 HKD 1,320,729 0.36 TSINGTAO BREWERY "H" 190,000 HKD 1,445,491 0.39HENGAN INTERNATIONAL WEICHAI POWER "H" 528,000 HKD 2,062,939 0.56GROUP 257,500 HKD 3,011,579 0.82228

Portfolio of Investments and Other Net Assets as at 30 September 2013BRIC Markets EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsZHEJIANG EXPRESSWAY "H" 1,060,000 HKD 975,919 0.27 INVESTMENT FUNDSZIJIN MINING GROUP "H" 6,972,000 HKD 1,672,169 0.4686,779,085 23.68 LUXEMBOURGHONG KONGHSBC SPECIALIST FUNDCHINA MOBILE 1,408,500 HKD 15,737,481 4.29 CHINA "A" 300 USD 2,752,721 0.75CHINA OVERSEAS LAND & 2,752,721 0.75INVESTMENT 1,202,000 HKD 3,541,608 0.97 TOTAL INVESTMENT FUNDS 2,752,721 0.75CHINA RESOURCES POWER 768,000 HKD 1,826,131 0.50CNOOC 5,102,000 HKD 10,381,432 2.83 EXCHANGE TRADED FUNDSDAH CHONG HONGHOLDINGS 185,000 HKD 150,526 0.04 IRELANDLENOVO GROUP 4,158,000 HKD 4,348,256 1.19 HSBC MSCI BRAZIL 56,500 USD 1,348,373 0.3735,985,434 9.82 1,348,373 0.37INDIAUNITED STATESADANI PORTS 43 INR 95 0.00 ISHARES MSCI BRAZILCAIRN INDIA 408,300 INR 2,079,490 0.57 CAPPED INDEX FUND 135,909 USD 6,533,145 1.78COAL INDIA 234,600 INR 1,103,394 0.30 6,533,145 1.78DR REDDYS LABORATORIES 66,600 INR 2,533,098 0.69 TOTAL EXCHANGE TRADED FUNDS 7,881,518 2.15HCL TECHNOLOGIES 167,600 INR 2,910,546 0.79HDFC BANK 185,100 INR 1,753,431 0.48 SADR (Sponsored American Dep. Receipt)HOUSING DEVELOPMENTFINANCE 334,000 INR 4,077,302 1.11 FEDERATION OF RUSSIAICICI BANK 95,600 INR 1,349,364 0.37 LUKOIL ADR 163,304 USD 10,392,435 2.84INFOSYS 123,700 INR 5,953,329 1.63 MOBILE TELESYSTEMS ADR 149,700 USD 3,359,268 0.92ITC 910,800 INR 4,952,261 1.36 NORILSK NICKEL ADR 126,983 USD 1,834,981 0.50JSW STEEL 175,800 INR 2,048,917 0.56 OAO GAZPROM SPON ADR 1,579,908 USD 13,918,989 3.80LIC HOUSING FINANCE 414,300 INR 1,243,793 0.34 SBERBANK ADR 690,131 USD 8,261,006 2.25LUPIN 91,900 INR 1,256,331 0.34 SURGUTNEFTEGAZ ADR 302,610 USD 2,614,520 0.71MAHINDRA & MAHINDRA 40,381,199 11.02FINANCIAL SERVICES 275,200 INR 1,132,582 0.31 TOTAL SADR (Sponsored American Dep.40,381,199 11.02OIL & NATURAL GAS 567,400 INR 2,427,571 0.66 Receipt)OIL INDIA 115,000 INR 803,466 0.22POWER FINANCIAL 386,200 INR 807,501 0.22 GDR (Global Depositary Receipt)RELIANCE INDUSTRIES 159,600 INR 2,096,558 0.57RURAL ELECTRIFICATIONFEDERATION OF RUSSIACORP 319,500 INR 959,699 0.26 AFK SISTEMA GDR 37,650 USD 973,983 0.27SHRIRAM TRANSPORT MAGNIT GDR 55,500 USD 3,439,955 0.94FINANCE 126,500 INR 1,159,524 0.32 NOVATEK OAO GDR 33,966 USD 4,500,467 1.23SUN PHARMACEUTICALS 197,100 INR 1,867,893 0.51 ROSNEFT OIL GDR 499,044 USD 4,042,256 1.10TATA MOTORS 475,700 INR 2,526,480 0.69 SEVERSTAL GDR 47,140 USD 405,800 0.11WIPRO 210,200 INR 1,588,293 0.43 TATNEFT GDR 65,033 USD 2,546,042 0.6946,630,918 12.73 URALKALIY GDR 52,080 USD 1,357,647 0.37TOTAL SHARES 245,437,326 66.98 VTB BANK GDR 354,900 USD 936,936 0.2618,203,086 4.97TOTAL GDR (Global Depositary Receipt) 18,203,086 4.97229

Portfolio of Investments and Other Net Assets as at 30 September 2013BRIC Markets EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsPREFERENTIAL SHARESBRAZILAMBEV (PREFERRED) 155,725 BRL 6,000,804 1.64BANCO ESTRADO RIOGRANDE (PREFERRED) 101,400 BRL 708,326 0.19BRADESPAR S.A. BRASIL(PREFERRED) 180,800 BRL 2,007,761 0.55CIA ENERGETICA MINAS(PREFERRED) 447,466 BRL 3,823,276 1.04COMPANHIA BRASILEIRA DEDISTRIBUICAO "A" 69,100 BRL 3,185,792 0.87ITAU UNIBANCO BANCOMULTIPLO S.A. (PREFERRED) 399,370 BRL 5,680,041 1.55KLABIN (PREFERRED) 479,800 BRL 2,467,919 0.67LOJAS AMERICANAS S.A.(PREFERRED) 16 BRL 119 0.00OI S.A. (PREFERRED) 1,245,700 BRL 2,355,921 0.64VALE S.A. (PREFERRED) "A" 565,900 BRL 8,071,393 2.2134,301,352 9.36TOTAL PREFERENTIAL SHARES 34,301,352 9.36TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGTOTAL INVESTMENTS348,957,202348,957,20295.2395.23OTHER NET ASSETS LESS LIABILITIES 17,464,548 4.77TOTAL NET ASSETS 366,421,750 100.00230

Portfolio of Investments and Other Net Assets as at 30 September 2013China Consumer OpportunitiesStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTSLUXEMBOURGL'OCCITANE INTERNATIONAL 693,750 HKD 1,807,031 1.16TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK SAMSONITE INTERNATIONAL 1,370,100 HKD 3,824,912 2.45EXCHANGE LISTING 5,631,943 3.61SOUTH KOREASHARES HYUNDAI MOTOR 16,257 KRW 3,798,952 2.44SAMSUNG ELECTRONICS 3,503 KRW 4,458,188 2.85BERMUDA ISLANDS 8,257,140 5.29HAIER ELECTRONICS GROUP 999,000 HKD 1,934,847 1.24 SWITZERLAND1,934,847 1.24 CIE FINANCIERE RICHEMONTCAYMAN ISLANDS S.A. "A" 52,705 CHF 5,274,872 3.38ANTA SPORTS PRODUCTS 1,504,000 HKD 1,937,424 1.24 NESTLE "R" 60,564 CHF 4,226,253 2.71CHOW TAI FOOK JEWELLERY THE SWATCH GROUP "B" 8,743 CHF 5,622,400 3.61COMPANY 1,517,800 HKD 2,172,445 1.39 15,123,525 9.70HENGDELI HOLDINGS 8,340,000 HKD 2,000,277 1.28 UNITED STATESSANDS CHINA 582,400 HKD 3,600,984 2.32 APPLE CORP 12,078 USD 5,799,009 3.739,711,130 6.23 COACH CORP 85,492 USD 4,655,038 2.98CHINA INTEL CORP 156,487 USD 3,586,682 2.3DONG FENG MOTOR "H" 862,000 HKD 1,309,374 0.84 KIMBERLY-CLARK CORP 40,630 USD 3,833,847 2.46PRINCE FROG INTERNATIONALMEAD JOHNSON NUTRITIONHOLDINGS 2,800,000 HKD 1,956,900 1.25 "A" 40,985 USD 3,068,957 1.973,266,274 2.09 NIKE CORP "B" 67,470 USD 4,917,213 3.15FRANCE QUALCOMM CORP 53,878 USD 3,635,149 2.33CHRISTIAN DIOR 21,767 EUR 4,260,624 2.73 RALPH LAUREN CORP 23,571 USD 3,877,901 2.49KERING 17,238 EUR 3,850,146 2.47 SOTHEBYS HOLDINGS "A"L'OREAL 22,592 EUR 3,876,226 2.49 CORP 80,020 USD 3,916,979 2.51LVMH 22,584 EUR 4,438,885 2.84 STARBUCKS CORP 50,253 USD 3,854,908 2.4716,425,881 10.53 STARWOOD HOTELS &GERMANY RESORTS CORP 66,690 USD 4,436,886 2.85ADIDAS AG 35,703 EUR 3,876,982 2.49 YUM BRANDS CORP 50,115 USD 3,590,239 2.30BMW 44,084 EUR 4,727,996 3.03 49,172,808 31.54HUGO BOSS AG 31,505 EUR 4,073,190 2.61 TOTAL SHARES 147,408,505 94.5212,678,168 8.13GREAT BRITAINPREFERENTIAL SHARESBURBERRY GROUP 186,327 GBP 4,891,926 3.14DIAGEO 126,411 GBP 4,018,457 2.58 GERMANYINTERCONTINENTAL HOTELS VOLKSWAGEN (PREFERRED) 16,488 EUR 3,866,763 2.48GROUP 176,421 GBP 5,145,389 3.29 3,866,763 2.48UNILEVER 99,248 GBP 3,910,371 2.51 TOTAL PREFERENTIAL SHARES 3,866,763 2.4817,966,143 11.52 TOTAL TRANSFERABLE SECURITIESHONG KONG ADMITTED TO AN OFFICIAL STOCK 151,275,268 97.00SJM HOLDINGS 1,392,000 HKD 3,912,974 2.51 EXCHANGE LISTING3,912,974 2.51 TOTAL INVESTMENTS 151,275,268 97.00ITALY OTHER NET ASSETS LESS LIABILITIES 4,673,208 3.00PRADA 343,400 HKD 3,327,672 2.13 TOTAL NET ASSETS 155,948,476 100.003,327,672 2.13231

Portfolio of Investments and Other Net Assets as at 30 September 2013Climate ChangeStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTSSWITZERLANDCREDIT SUISSE GROUP 22,843 CHF 699,500 2.57TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK ROCHE HOLDING 2,577 CHF 695,370 2.56EXCHANGE LISTING 1,394,870 5.13UNITED STATESSHARES AMERICAN EXPRESS CORP 8,463 USD 638,449 2.35CHEVRON CORP 5,343 USD 650,243 2.39AUSTRALIA CITIGROUP CORP 13,388 USD 650,657 2.39BHP BILLITON 20,601 AUD 688,458 2.53 CUMMINS INC 5,394 USD 719,236 2.64688,458 2.53 EXXON MOBIL CORP 7,645 USD 657,546 2.42CANADA FEDEX CORP 6,077 USD 692,170 2.54AGRIUM 7,694 USD 648,604 2.38 GRAINGER W W CORP 2,499 USD 654,513 2.41648,604 2.38 INTERNATIONAL BUSINESSFRANCE MACHINES 3,554 USD 661,151 2.43ALSTOM 19,139 EUR 678,777 2.49 JOHNSON & JOHNSON CORP 7,611 USD 659,189 2.42LEGRAND PROMESSES 12,640 EUR 701,430 2.58 JP MORGAN CHASE 12,752 USD 662,339 2.431,380,207 5.07 MACY'S CORP 15,386 USD 662,060 2.43GERMANY MICROSOFT CORP 19,990 USD 657,471 2.42ALLIANZ 4,496 EUR 706,586 2.60 OMNICOM CORP 10,553 USD 673,070 2.47BASF 7,099 EUR 678,723 2.49 PFIZER CORP 23,009 USD 660,588 2.431,385,309 5.09 ROCKWELL AUTOMATIONGREAT BRITAIN CORP 6,613 USD 707,922 2.60BG GROUP 37,097 GBP 706,180 2.60 STATE STREET CORP 9,614 USD 633,274 2.33BT GROUP 129,269 GBP 716,159 2.62 TJX COS NEW CORP 12,395 USD 698,458 2.57GLAXOSMITHKLINE 26,526 GBP 668,828 2.46 WAL MART STORES CORP 9,171 USD 680,121 2.50HSBC HOLDINGS 60,639 GBP 655,281 2.41 12,018,457 44.17KINGFISHER 107,068 GBP 668,229 2.46 TOTAL SHARES 26,317,212 96.713,414,677 12.55JAPANPREFERENTIAL SHARESKDDI 13,000 JPY 667,720 2.45NTT DOCOMO INC 41,800 JPY 678,171 2.49 BRAZILSUMITOMO MITSUI FINANCIAL 13,200 JPY 638,308 2.35 ITAU UNIBANCO BANCO1,984,199 7.29 MULTIPLO S.A. (PREFERRED) 48,200 BRL 685,524 2.52NETHERLANDS 685,524 2.52UNILEVER 17,897 EUR 695,779 2.56 TOTAL PREFERENTIAL SHARES 685,524 2.52695,779 2.56 TOTAL TRANSFERABLE SECURITIESSOUTH AFRICA ADMITTED TO AN OFFICIAL STOCK 27,002,736 99.23SASOL 13,947 ZAR 664,983 2.44 EXCHANGE LISTING664,983 2.44 TOTAL INVESTMENTS 27,002,736 99.23SOUTH KOREA OTHER NET ASSETS LESS LIABILITIES 208,299 0.77DGB FINANCIAL GROUP 44,890 KRW 677,040 2.49 TOTAL NET ASSETS 27,211,035 100.00HYUNDAI MOTOR 2,975 KRW 695,201 2.55SAMSUNG ELECTRONICS 526 KRW 669,428 2.462,041,669 7.50232

Portfolio of Investments and Other Net Assets as at 30 September 2013Emerging WealthStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTSSOUTH KOREAHYUNDAI MOTOR 1,346 KRW 314,535 1.68TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK SAMSUNG ELECTRONICS 367 KRW 467,072 2.49EXCHANGE LISTING 781,607 4.17SWITZERLANDSHARES NESTLE "R" 7,007 CHF 488,960 2.61ROCHE HOLDING 1,910 CHF 515,388 2.75CAYMAN ISLANDS THE SWATCH GROUP "B" 594 CHF 381,986 2.04CHOW TAI FOOK JEWELLERY 214,400 HKD 306,873 1.64 1,386,334 7.40SANDS CHINA 76,400 HKD 472,382 2.52 THAILAND779,255 4.16 KRUNG THAI BANK 158,000 THB 96,981 0.52CHINA 96,981 0.52CHINA CONSTRUCTION BANKUNITED STATES"H" 257,200 HKD 197,996 1.06 AMGEN CORP 3,856 USD 433,607 2.31DONG FENG MOTOR "H" 196,000 HKD 297,723 1.59 APPLE CORP 952 USD 457,084 2.44INTIME RETAIL GROUP 206,000 HKD 225,786 1.20 BLACKSTONE GROUP CORP 16,609 USD 410,242 2.19PRINCE FROG CHEVRON CORP 3,785 USD 460,635 2.46INTERNATIONAL HOLDINGS 144,000 HKD 100,641 0.54 CITIGROUP CORP 9,168 USD 445,565 2.38822,146 4.39 COACH CORP 8,156 USD 444,094 2.37FRANCE DIRECTV CORP 3,144 USD 188,074 1.00LVMH 2,575 EUR 506,116 2.70 GOOGLE "A" 252 USD 221,507 1.18SAFRAN S.A. 6,971 EUR 428,408 2.29 HALLIBURTON CORP 4,581 USD 221,537 1.18934,524 4.99 JP MORGAN CHASE 6,094 USD 316,522 1.69GERMANY KIMBERLY-CLARK CORP 4,871 USD 459,628 2.45ADIDAS 2,566 EUR 278,641 1.49 NIKE CORP "B" 6,871 USD 500,758 2.68278,641 1.49 PFIZER CORP 16,390 USD 470,557 2.51GREAT BRITAIN QUALCOMM CORP 6,762 USD 456,232 2.43BARCLAYS 90,821 GBP 390,486 2.08 ROCKWELL AUTOMATIONDIAGEO 11,822 GBP 375,807 2.01 CORP 4,414 USD 472,519 2.52HSBC HOLDINGS 35,144 GBP 379,775 2.03 SOTHEBYS HOLDINGS AINTERCONTINENTAL HOTELS CORP 6,320 USD 309,364 1.65GROUP 14,578 GBP 425,173 2.27 STARBUCKS CORP 6,775 USD 519,711 2.78PRUDENTIAL 21,037 GBP 391,433 2.09 STARWOOD HOTELS &UNILEVER 11,746 GBP 462,793 2.46 RESORTS CORP 5,840 USD 388,535 2.072,425,467 12.94 YUM BRANDS CORP 6,453 USD 462,293 2.47HONG KONG 7,638,464 40.76CNOOC 137,000 HKD 278,765 1.49 TOTAL SHARES 16,982,759 90.64SJM HOLDINGS 198,000 HKD 556,587 2.97835,352 4.46 SADR (Sponsored American DepositaryJERSEYReceipt)DELPHI AUTOMOTIVE CORP 8,224 USD 479,706 2.56479,706 2.56 FEDERATION OF RUSSIALUXEMBOURG SBERBANK ADR 24,318 USD 291,086 1.55SAMSONITE INTERNATIONAL 187,800 HKD 524,282 2.80 291,086 1.55524,282 2.80 TOTAL SADR (Sponsored AmericanDepositary Receipt)291,086 1.55233

Portfolio of Investments and Other Net Assets as at 30 September 2013Emerging WealthStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsGDR (Global Depositary Receipt)CYPRUSGLOBALTRANS INVESTMENTGDR 19,535 USD 283,258 1.51283,258 1.51FEDERATION OF RUSSIAAFK SISTEMA GDR 13,313 USD 344,399 1.84344,399 1.84TOTAL GDR (Global Depositary Receipt) 627,657 3.35PREFERENTIAL SHARESGERMANYVOLKSWAGEN (PREFERRED) 1,953 EUR 458,017 2.44458,017 2.44TOTAL PREFERENTIAL SHARES 458,017 2.44ADR (American Depositary Receipt)BRAZILITAU UNIBANCO HOLDINGADR 16,813 USD 238,913 1.27238,913 1.27TOTAL ADR (American Depositary Receipt) 238,913 1.27TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING18,598,432 99.25TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETSHARESGREAT BRITAINBARCLAYS 10,510 GBP 45,188 0.2445,188 0.24TOTAL SHARES 45,188 0.24TOTAL TRANSFERABLE SECURITIES45,188 0.24TRADED ON ANOTHER REGULATED MARKETTOTAL INVESTMENTS 18,643,620 99.49OTHER NET ASSETS LESS LIABILITIES 95,607 0.51TOTAL NET ASSETS 18,739,227 100.00234

Portfolio of Investments and Other Net Assets as at 30 September 2013Euroland EquityStatement of investments as at 30 September 2013(expressed in EUR)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTS GEA GROUP 188,762 EUR 5,702,500 0.87HEIDELBERG ZEMENT 144,883 EUR 8,239,496 1.25TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK HENKEL (PREFERRED) 135,000 EUR 10,247,850 1.56EXCHANGE LISTING LUFTHANSA 505,204 EUR 7,272,412 1.11MUENCHENER RUECK AG 63,969 EUR 9,227,528 1.40SHARES SIEMENS 162,846 EUR 14,499,808 2.21155,241,735 23.64AUSTRIAIRELANDOMV AG 197,931 EUR 7,226,461 1.10 KERRY GROUP "A" 155,000 EUR 6,913,000 1.057,226,461 1.10 6,913,000 1.05BELGIUMITALYDELHAIZE GROUP 116,531 EUR 5,432,675 0.83 AUTOGRILL 398,498 EUR 5,140,624 0.785,432,675 0.83 BUZZI UNICEM 461,855 EUR 5,320,570 0.81FRANCE PRYSMIAN 380,254 EUR 6,890,202 1.05ALSTOM 319,146 EUR 8,361,625 1.27 UNICREDIT 2,749,702 EUR 12,973,094 1.97AXA 974,642 EUR 16,666,378 2.54 30,324,490 4.61BNP PARIBAS 432,056 EUR 21,591,999 3.29 LUXEMBOURGCAP GEMINI 254,164 EUR 11,192,112 1.70 ARCELORMITTAL 449,462 EUR 4,544,061 0.69CARREFOUR 381,295 EUR 9,698,238 1.48 4,544,061 0.69CIE GENERALE DENETHERLANDSGEOPHYSIQUE VERITAS 542,943 EUR 9,213,743 1.40 HEINEKEN 159,923 EUR 8,327,191 1.27GDF SUEZ 699,455 EUR 13,002,868 1.98 ING GROEP CERTS 2,023,953 EUR 16,843,337 2.56MICHELIN 168,278 EUR 13,817,307 2.10 KONINKLIJKE DSM 185,199 EUR 10,343,364 1.57NATIXIS BANQUES KONINKLIJKE PHILIPS 563,253 EUR 13,363,177 2.03POPULAIRES 2,621,859 EUR 9,284,003 1.41 KPN KON 4,043,450 EUR 9,522,325 1.45PEUGEOT S.A. 953,835 EUR 11,617,710 1.77 RANDSTAD HOLDING 261,116 EUR 10,836,314 1.65SAFRAN S.A. 217,825 EUR 9,889,255 1.50 REED ELSEVIER 705,000 EUR 10,455,150 1.59SAINT GOBAIN 332,492 EUR 12,152,583 1.85 UNILEVER 493,395 EUR 14,170,304 2.16SANOFI 400,864 EUR 29,968,592 4.57 93,861,162 14.28SOCIETE GENERALE 532,154 EUR 19,567,303 2.98 SPAINTOTAL S.A. 477,817 EUR 20,414,731 3.11 ACTIV DE CONSTR Y SERVICE 416,606 EUR 9,783,992 1.49VALLOUREC S.A. 135,136 EUR 5,993,282 0.91 BANCO SANTANDER S.A. 3,803,124 EUR 22,970,869 3.49VEOLIA ENVIRONNEMENT 803,230 EUR 10,160,860 1.55 FERROVIAL S.A. 100,000 EUR 1,326,000 0.20VIVENDI 600,232 EUR 10,200,943 1.55 GAS NATURAL SDG 272,656 EUR 4,201,629 0.64ZODIAC 50,613 EUR 5,929,313 0.90 GRIFOLS "B" 323,982 EUR 7,367,351 1.12248,722,845 37.86 MEDIASET ESPANAGERMANY COMUNICACION S.A. 783,180 EUR 6,660,163 1.01ALLIANZ 174,720 EUR 20,284,992 3.09 REPSOL 888,121 EUR 16,217,089 2.47BAYER 245,229 EUR 21,366,802 3.26 TELEFONICA XMCE 1,574,232 EUR 18,111,539 2.76DAIMLER AG 333,818 EUR 19,247,946 2.93 86,638,632 13.18DEUTSCHE BOERSE AG 95,531 EUR 5,293,373 0.81DEUTSCHE POST 684,000 EUR 16,751,160 2.55DEUTSCHE TELEKOM 1,100,000 EUR 11,775,500 1.79FRESENIUS MEDICAL CARE 111,091 EUR 5,332,368 0.81235

Portfolio of Investments and Other Net Assets as at 30 September 2013Euroland EquityStatement of investments as at 30 September 2013(expressed in EUR)Description Quantity Currency Evaluation % netassetsSWITZERLANDARYZTA 125,924 CHF 6,249,710 0.956,249,710 0.95TOTAL SHARES 645,154,771 98.19TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCK 645,154,771 98.19EXCHANGE LISTINGTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETSHARESFRANCESR TELEPERFORMANCE 105,000 EUR 3,771,600 0.573,771,600 0.57TOTAL SHARES 3,771,600 0.57TOTAL TRANSFERABLE SECURITIES3,771,600 0.57TRADED ON ANOTHER REGULATED MARKETTOTAL INVESTMENTS 648,926,371 98.76OTHER NET ASSETS LESS LIABILITIES 8,178,466 1.24TOTAL NET ASSETS 657,104,837 100.00236

Portfolio of Investments and Other Net Assets as at 30 September 2013Euroland Equity Smaller CompaniesStatement of investments as at 30 September 2013(expressed in EUR)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTSGREAT BRITAINDIALOG SEMICONDUCTOR 100,000 EUR 1,416,000 0.89TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK JAZZTEL 440,000 EUR 3,545,960 2.24EXCHANGE LISTING 4,961,960 3.13ITALYSHARES BCA PPO MILANO 2,000,000 EUR 832,000 0.52DANIELI RNC 214,855 EUR 3,085,318 1.94BELGIUM PRYSMIAN SPA 170,325 EUR 3,086,289 1.95ACKERMANS 13,971 EUR 1,054,811 0.66 7,003,607 4.41DELHAIZE GROUP 60,000 EUR 2,797,200 1.76 LUXEMBOURGKINEPOLIS GROUP 27,712 EUR 2,852,396 1.80 GAGFAH S.A. 150,000 EUR 1,438,350 0.91THROMBOGENICS 40,000 EUR 771,600 0.49 1,438,350 0.917,476,007 4.71 NETHERLANDSFINLAND AALBERTS INDUSTRIES 160,000 EUR 3,156,000 1.99NESTE OIL OYG 100,000 EUR 1,633,000 1.03 ARCADIS 123,223 EUR 2,579,057 1.63POHJOLA BANK 112,000 EUR 1,372,000 0.86 GEMALTO 40,000 EUR 3,164,001 1.99SPONDA OYJ 1,055,427 EUR 4,021,177 2.54 SBM OFFSHORE 185,000 EUR 2,714,875 1.717,026,177 4.43 UNIT 4 AGRESSO 58,853 EUR 1,702,617 1.07FRANCE VOPAK KON 36,338 EUR 1,533,282 0.97AIR FRANCE - KLM 423,000 EUR 3,106,511 1.96 14,849,832 9.36ALCATEL "A" 1,100,000 EUR 2,891,900 1.82 SPAINATOS 52,392 EUR 3,036,115 1.92 BANKINTER "R" 450,000 EUR 1,770,750 1.12BIC 31,868 EUR 2,730,769 1.72 DISTRIBUIDORA INTERNACIONALCIE GENERALE DE DE ALIMENTACION S.A. 472,207 EUR 3,040,069 1.91GEOPHYSIQUE VERITAS 150,000 EUR 2,545,500 1.60 OBRASCON HUARTE LAIN S.A. 104,367 EUR 2,911,839 1.83INGENICO 54,437 EUR 2,893,327 1.82 TECNICAS REUNIDAS S.A. 69,741 EUR 2,359,338 1.49ORPEA 80,323 EUR 2,979,582 1.88 10,081,996 6.35PEUGEOT S.A. 200,000 EUR 2,436,000 1.54 TOTAL SHARES 115,029,926 72.50RALLYE S.A. 92,107 EUR 2,488,271 1.57 TOTAL TRANSFERABLE SECURITIESTECHNIP COFLEXIP 25,000 EUR 2,163,750 1.36 ADMITTED TO AN OFFICIAL STOCK 115,029,926 72.50VALEO S.A. 25,000 EUR 1,572,750 0.99 EXCHANGE LISTINGVALLOUREC S.A. 44,245 EUR 1,962,266 1.24ZODIAC 25,000 EUR 2,928,750 1.85 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED33,735,491 21.27 MARKETGERMANYAIXTRON 130,000 EUR 1,619,800 1.02 SHARESAURUBIS AG 70,000 EUR 3,137,750 1.98AXEL SPRINGER AG 80,000 EUR 3,289,600 2.07 AUSTRIABRENTAG 25,500 EUR 3,130,125 1.97 RAIFFEISEN BANKGEA GROUP 97,977 EUR 2,959,885 1.87 INTERNATIONAL 60,000 EUR 1,453,800 0.92GILDEMEISTER 100,000 EUR 2,009,500 1.27 1,453,800 0.92LUFTHANSA 220,000 EUR 3,166,900 2.00 BELGIUMTAKKT 210,000 EUR 2,910,600 1.83 COMPAGNIE MARITIMEWINCOR NIXDORF 63,436 EUR 2,918,690 1.84 BELGE S.A. 66,631 EUR 1,367,268 0.86WIRECARD 131,651 EUR 3,313,656 2.08 1,367,268 0.8628,456,506 17.93237

Portfolio of Investments and Other Net Assets as at 30 September 2013Euroland Equity Smaller CompaniesStatement of investments as at 30 September 2013(expressed in EUR)Description Quantity Currency Evaluation % netassetsFINLANDKCI KONECRANES OYJ 115,000 EUR 2,852,000 1.802,852,000 1.80FRANCEBOURBON 136,000 EUR 2,622,760 1.65EIFFAGE 40,000 EUR 1,609,000 1.01MEDICA S.A. 56,001 EUR 1,027,618 0.65REXEL S.A. 150,000 EUR 2,808,750 1.77SR TELEPERFORMANCE 80,000 EUR 2,873,600 1.8110,941,728 6.89ITALYBANCA GENERALI 86,000 EUR 1,438,780 0.91BANCA POPOLARE SPA 1,800,000 EUR 1,971,000 1.24PIRELLI & CO 230,000 EUR 2,222,950 1.40SORIN SPA 750,000 EUR 1,513,500 0.957,146,230 4.50PORTUGALZON OPTIMUS SGPS S.A. 440,000 EUR 1,923,240 1.211,923,240 1.21SPAINBANCO POPULAR ESPANOLS.A. 144,000 EUR 570,096 0.36GRUPO CATALANAOCCIDENTE 140,000 EUR 3,136,000 1.983,706,096 2.34TOTAL SHARES 29,390,362 18.52TOTAL TRANSFERABLE SECURITIES29,390,362 18.52TRADED ON ANOTHER REGULATED MARKETOTHER TRANSFERABLE SECURITIESSTRIP VVPRBELGIUMNYRSTAR STRIP VVPR 77,607 EUR 78 0.0078 0.00TOTAL STRIP VVPR 78 0.00TOTAL OTHER TRANSFERABLE SECURITIES 78 0.00TOTAL INVESTMENTS 144,420,366 91.02OTHER NET ASSETS LESS LIABILITIES 14,250,312 8.98TOTAL NET ASSETS 158,670,678 100.00238

Portfolio of Investments and Other Net Assets as at 30 September 2013Euroland GrowthStatement of investments as at 30 September 2013(expressed in EUR)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTS DEUTSCHE POST 41,327 EUR 1,012,098 1.13E. ON 72,166 EUR 944,653 1.06TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK GEA GROUP 31,921 EUR 964,333 1.08EXCHANGE LISTING MUENCHENER RUECK AG 10,000 EUR 1,442,500 1.61RWE 16,859 EUR 422,992 0.47SHARES SAP 49,279 EUR 2,688,662 3.01SIEMENS 46,110 EUR 4,105,634 4.60AUSTRIA WIRECARD 36,850 EUR 927,515 1.04VOESTALPINE 13,680 EUR 482,904 0.54 22,487,717 25.16482,904 0.54 GREAT BRITAINBELGIUM DIALOG SEMICONDUCTOR 17,670 EUR 250,207 0.28ANHEUSER-BUSCH INBEV 55,276 EUR 4,071,077 4.55 250,207 0.28UMICORE S.A. 16,735 EUR 597,691 0.67 IRELAND4,668,768 5.22 KERRY GROUP "A" 44,221 EUR 1,972,257 2.21FINLAND 1,972,257 2.21KONE "B" 15,602 EUR 1,026,612 1.15 ITALYSAMPO OYJ "A" 66,035 EUR 2,095,951 2.34 DIASORIN 22,532 EUR 720,573 0.813,122,563 3.49 TERNA SPA 414,569 EUR 1,378,856 1.54FRANCE UNICREDIT 337,651 EUR 1,593,038 1.78AIR LIQUIDE 26,770 EUR 2,746,602 3.07 3,692,467 4.13AXA 121,372 EUR 2,075,461 2.32 NETHERLANDSBNP PARIBAS 65,919 EUR 3,294,302 3.69 ASML HOLDING 17,530 EUR 1,277,586 1.43DANONE 25,237 EUR 1,399,644 1.57 GEMALTO 18,543 EUR 1,466,751 1.64ESSILOR INTERNATIONAL 8,640 EUR 685,757 0.77 ING GROEP CERTS 224,030 EUR 1,864,379 2.09GDF SUEZ 88,821 EUR 1,651,182 1.85 KPN KON 190,682 EUR 449,056 0.50IPSOS 15,539 EUR 431,207 0.48 UNILEVER 53,481 EUR 1,535,974 1.72L'OREAL 7,124 EUR 902,967 1.01 6,593,746 7.38LVMH 12,423 EUR 1,803,820 2.02 SPAINMICHELIN 18,580 EUR 1,525,604 1.71 BANCO BILBAO VIZCAYASANOFI 56,642 EUR 4,234,555 4.73 ARG 320,062 EUR 2,640,512 2.95SCHNEIDER ELTE S.A. 50,142 EUR 3,128,861 3.50 BANCO BILBAO VIZCAYASOCIETE GENERALE 53,410 EUR 1,963,886 2.20 ARG RIGHTS 320,062 EUR 32,006 0.04TECHNIP COFLEXIP 9,630 EUR 833,477 0.93 BANCO SANTANDER S.A. 153,592 EUR 927,696 1.04TOTAL S.A. 103,094 EUR 4,404,690 4.92 GRIFOLS "B" 36,891 EUR 1,118,535 1.25VIVENDI 24,500 EUR 416,378 0.47 GRIFOLS "B" 1,846 EUR 41,978 0.0531,498,393 35.24 INDITEX 22,561 EUR 2,568,570 2.87GERMANY TELEFONICA XMCE 272,785 EUR 3,138,391 3.51ALLIANZ 23,955 EUR 2,781,176 3.11 10,467,688 11.71BASF 42,453 EUR 2,998,455 3.35 SWEDENBAYER 20,697 EUR 1,803,330 2.02 ELEKTA AB "B" 43,379 SEK 517,377 0.58BRENTAG 4,560 EUR 559,740 0.63 517,377 0.58DEUTSCHE BANK 54,306 EUR 1,836,629 2.05 TOTAL SHARES 85,754,087 95.94239

Portfolio of Investments and Other Net Assets as at 30 September 2013Euroland GrowthStatement of investments as at 30 September 2013(expressed in EUR)Description Quantity Currency Evaluation % netassetsPREFERENTIAL SHARESGERMANYVOLKSWAGEN (PREFERRED) 5,508 EUR 954,261 1.07954,261 1.07TOTAL PREFERENTIAL SHARES 954,261 1.07TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING86,708,348 97.01TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETSHARESGREAT BRITAININTERTEK GROUP 24,977 GBP 987,551 1.10987,551 1.10TOTAL SHARES 987,551 1.10TOTAL TRANSFERABLE SECURITIES987,551 1.10TRADED ON ANOTHER REGULATED MARKETTOTAL INVESTMENTS 87,695,899 98.11OTHER NET ASSETS LESS LIABILITIES 1,691,901 1.89TOTAL NET ASSETS 89,387,800 100.00240

Portfolio of Investments and Other Net Assets as at 30 September 2013European EquityStatement of investments as at 31 March 2013(expressed in EUR)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTSJERSEYWOLSELEY 58,104 GBP 2,231,999 1.88TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 2,231,999 1.88EXCHANGE LISTINGNETHERLANDSING GROEP CERTS 549,095 EUR 4,569,569 3.84SHARES 4,569,569 3.84SPAINBERMUDA ISLANDSAMADEUS IT HOLDINGS S.A.SIGNET JEWELERS 88,396 GBP 4,611,757 3.88 "A" 178,763 EUR 4,672,865 3.934,611,757 3.88 REPSOL 254,674 EUR 4,650,347 3.91CANADA 9,323,212 7.84ITHACA ENERGY 1,351,704 GBP 2,401,352 2.02 SWITZERLAND2,401,352 2.02 JULIUS BAER GROUP 131,043 CHF 4,513,564 3.79FRANCE ROCHE HOLDING 23,713 CHF 4,726,955 3.98BNP PARIBAS 91,087 EUR 4,552,073 3.83 9,240,519 7.77CIE GENERALE DE TOTAL SHARES 107,000,087 89.95GEOPHYSIQUE VERITAS 115,187 EUR 1,954,723 1.64LEGRAND PROMESSES 110,884 EUR 4,545,690 3.82 PREFERENTIAL SHARESPUBLICIS GROUPE 77,788 EUR 4,574,712 3.85SAFRAN S.A. 105,876 EUR 4,806,770 4.03 GERMANYSEB 38,812 EUR 2,515,794 2.12 VOLKSWAGEN (PREFERRED) 26,632 EUR 4,613,994 3.8822,949,762 19.29 4,613,994 3.88GERMANY TOTAL PREFERENTIAL SHARES 4,613,994 3.88BRENTAG 37,447 EUR 4,596,619 3.86 TOTAL TRANSFERABLE SECURITIESFRESENIUS MEDICAL CARE 49,299 EUR 2,366,352 1.99 ADMITTED TO AN OFFICIAL STOCK 111,614,081 93.83SOFTWARE AG 86,250 EUR 2,257,163 1.90 EXCHANGE LISTING9,220,134 7.75GREAT BRITAINTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED MARKETBHP BILLITON 207,757 GBP 4,529,716 3.81BRITISH AMERICAN TOBACCO 116,382 GBP 4,566,054 3.84 SHARESCENTRICA 1,009,522 GBP 4,452,836 3.74COMPASS GROUP 464,419 GBP 4,714,216 3.96 GREAT BRITAINGLAXOSMITHKLINE 128,347 GBP 2,390,683 2.01 JOHN WOOD GROUP 242,249 GBP 2,327,155 1.96HSBC HOLDINGS 567,503 GBP 4,530,405 3.81 REXAM 64,439 GBP 369,568 0.31PETROFAC 166,273 GBP 2,778,855 2.34 2,696,723 2.27PRUDENTIAL 330,770 GBP 4,546,675 3.82 TOTAL SHARES 2,696,723 2.27UNILEVER 151,850 GBP 4,419,821 3.72 TOTAL TRANSFERABLE SECURITIES2,696,723 2.2736,929,261 31.04 TRADED ON ANOTHER REGULATED MARKETIRELAND TOTAL INVESTMENTS 114,310,804 96.10PROVIDENCE RESOURCES 233,682 GBP 880,806 0.74 OTHER NET ASSETS LESS LIABILITIES 4,636,215 3.90RYANAIR HOLDING 734,565 EUR 4,641,716 3.90 TOTAL NET ASSETS 118,947,019 100.005,522,522 4.64241

Portfolio of Investments and Other Net Assets as at 30 September 2013Frontier MarketsStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueINVESTMENTSOMANBANK MUSCAT SAOG 3,356,471 OMR 5,344,200 2.36TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 5,344,200 2.36EXCHANGE LISTINGPAKISTANDG KHAN CEMENT 5,138,748 PKR 3,338,977 1.48SHARES ENGRO CORP 3,562,484 PKR 4,591,859 2.037,930,836 3.51BANGLADESHPANAMAPRIME BANK 572,250 BDT 128,945 0.06 COPA HOLDINGS S.A. "A" 33,431 USD 4,656,938 2.06128,945 0.06 4,656,938 2.06BERMUDA ISLANDSPHILIPPINESCREDICORP 46,794 USD 5,958,280 2.63 CEBU AIR 1,898,846 PHP 2,289,567 1.015,958,280 2.63 SECURITY BANK 910,944 PHP 2,742,828 1.21CANADA SM INVESTMENTS CORP 153,449 PHP 2,748,926 1.22EASTCOAL INC 1,017,677 GBP 69,431 0.03 7,781,321 3.44EASTCOAL INC 137,900 CAD 9,391 0.00 QATAR78,822 0.03 DOHA BANK 244,491 QAR 3,612,496 1.60CAYMAN ISLANDSQATAR ELECTRICITY &NAGACORP 2,815,782 HKD 2,374,587 1.05 WATER 63,854 QAR 2,767,307 1.222,374,587 1.05 QATAR INDUSTRIES 159,177 QAR 6,553,060 2.90COLOMBIA QATAR ISLAMIC BANK 91,923 QAR 1,734,376 0.77ECOPETROL S.A. 456,140 COP 1,053,683 0.47 QATAR NATIONAL BANK 168,567 QAR 7,722,018 3.411,053,683 0.47 22,389,257 9.90ESTONIASAUDI ARABIATALLINK GROUP 2,540,111 EUR 3,266,500 1.44 NATIONAL BANK OF KUWAIT 772,823 KWD 2,513,246 1.113,266,500 1.44 2,513,246 1.11GREAT BRITAINSRI LANKABANK OF GEORGIA JOHN KEELLS HOLDINGS 1,743,591 LKR 2,866,450 1.27HOLDINGS 216,998 GBP 6,729,436 2.98 2,866,450 1.27NMC HEALTH 684,234 GBP 3,628,859 1.60 UNITED ARAB EMIRATES10,358,295 4.58 DP WORLD 285,866 USD 4,616,736 2.04IRELAND EMAAR PROPERTIES 5,888,201 AED 9,346,233 4.14DRAGON OIL 359,751 GBP 3,384,794 1.50 FIRST GULF BANK 1,286,709 AED 5,797,807 2.563,384,794 1.50 NATIONAL BANK OF ABUJERSEY DHABI 1,357,523 AED 4,712,407 2.08CENTAMIN 2,040,943 GBP 1,463,169 0.65 UNION NATIONAL BANK 2,441,561 AED 3,390,183 1.501,463,169 0.65 27,863,366 12.32KENYA TOTAL SHARES 123,422,609 54.58SAFARICOM 23,387,531 KES 2,363,118 1.052,363,118 1.05 INVESTMENT FUNDSKUWAITKUWAIT PROJECTS 2,440,412 KWD 5,003,319 2.22 ROMANIAMABANEE 872,186 KWD 3,514,641 1.55 SIF 5 OLTENIA CRAIOVA 5,266,100 RON 2,570,818 1.14MOBILE 2,570,818 1.14TELECOMMUNICATIONS 1,229,374 KWD 3,128,842 1.38 TOTAL INVESTMENT FUNDS 2,570,818 1.1411,646,802 5.15242

Portfolio of Investments and Other Net Assets as at 30 September 2013Frontier MarketsStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueWARRANTS / EQUITY LINKED SECURITIESLEBANONBANQUE AUDI SAL 96,098 USD 586,198 0.26UNITED STATES 586,198 0.26CITIGP HOLDINGS 13/02/2015NIGERIACERTUNE 90,013 USD 2,856,978 1.26 DANGOTE CEMENT 2,783,451 NGN 3,273,617 1.45CITIGROUP GM 20/01/2015 DIAMOND BANK NIGERIA 70,230,084 NGN 2,651,818 1.17CW/PVD 1,459,552 USD 4,539,207 2.01 FBN HOLDINGS 50,443,523 NGN 5,130,191 2.27VIETNAM DAIRY WARRANTS GUARANTY TRUST BANK 23,641,266 NGN 3,673,120 1.6220/01/2015 711,038 USD 4,760,400 2.11 NESTLE FOODS NIGERIA 506,514 NGN 2,962,879 1.3112,156,585 5.38 NIGERIAN BREWERIES 3,585,560 NGN 3,662,112 1.62TOTAL WARRANTS / EQUITY LINKED12,156,585 5.38ZENITH BANK 34,897,262 NGN 4,315,960 1.91SECURITIES 25,669,697 11.35OMANCONVERTIBLE BONDS RENAISSANCE SERVICES 1,987,544 OMR 3,396,894 1.503,396,894 1.50OMANPAKISTANBANK MUSCAT 4.5% HUB POWER 6,435,377 PKR 3,918,238 1.7320/03/2016 273,661 OMR 73,299 0.03 MCB BANK 884,308 PKR 2,197,535 0.9773,299 0.03 PAKISTAN PETROLEUM 1,983,281 PKR 3,596,386 1.59TOTAL CONVERTIBLE BONDS 73,299 5.41 UNITED BANK 4,078,969 PKR 5,125,025 2.2714,837,184 6.56GDR (Global Depositary Receipt)QATARGULF INTERNATIONALROMANIA SERVICES 204,443 QAR 2,813,016 1.24KAZMUNAIGAS DOBYCHA K OOREDOO QSC 169,999 QAR 6,527,032 2.89GDR 307,293 USD 4,563,301 2.02 9,340,048 4.134,563,301 2.02 UNITED ARAB EMIRATESTOTAL GDR (Global Depositary Receipt) 4,563,301 2.02 AL NOOR HOSPITALS GROUP 90,211 GBP 1,190,615 0.531,190,615 0.53PREFERENTIAL SHARES TOTAL SHARES 56,505,080 24.99COLOMBIACONVERTIBLE BONDSBANCO DAVIVIENDA(PREFERRRED) 312,481 COP 4,183,340 1.85 OMANBANCOLOMBIA S.A. BANK MUSCAT 7%(PREFERRRED) 82,917 COP 1,191,890 0.53 20/03/2014 4,106 OMR (221) 0.005,375,230 2.38 (221) 0.00TOTAL PREFERENTIAL SHARES 5,375,230 2.38 TOTAL CONVERTIBLE BONDS (221) 0.00TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCK 148,161,842 65.53 GDR (Global Depositary Receipt)EXCHANGE LISTINGEGYPTTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED GLOBAL TELECOM GDR 355,204 USD 1,103,690 0.49MARKET 1,103,690 0.49TOTAL GDR (Global Depositary Receipt) 1,103,690 0.49SHARESCROATIAHRVATSKI TELEKOM 47,901 HRK 1,484,444 0.661,484,444 0.66243

Portfolio of Investments and Other Net Assets as at 30 September 2013Frontier MarketsStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueWARRANTS / EQUITY LINKED SECURITIESUNITED STATESSAUDI DAIRY & FOODSTUFFP.NOTE 30/04/2015 145,485 USD 3,598,185 1.593,598,185 1.59TOTAL WARRANTS / EQUITY LINKEDSECURITIESTOTAL TRANSFERABLE SECURITIES3,598,18561,206,7341.5927.07TRADED ON ANOTHER REGULATED MARKETOTHER TRANSFERABLE SECURITIESCONVERTIBLE BONDSOMANRENAISSANCE SERVICESSAO 3.75% 25/07/2017 575,721 OMR 154,024 0.07154,024 0.07TOTAL CONVERTIBLE BONDS 154,024 0.07WARRANTS / EQUITY LINKED SECURITIESCANADAEASTCOAL WARRANTS31/05/2015 137,900 CAD - 0.00- 0.00GREAT BRITAINETIHAD ETISALATWARRANTS 27/09/2016 150,398 USD 3,388,738 1.50SAMBA FINANCIAL GROUPWARRANTS 27/09/2016 432,951 USD 6,032,046 2.66YANBU NATIONAL PETROCHEM-ICAL WARRANTS 27/09/2016 237,271 USD 3,922,612 1.7313,343,396 5.89TOTAL WARRANTS / EQUITY LINKEDSECURITIES13,343,396 5.89TOTAL OTHER TRANSFERABLE SECURITIES 13,497,420 5.96TOTAL INVESTMENTS 222,865,996 98.56OTHER NET ASSETS LESS LIABILITIES 3,257,915 1.44TOTAL NET ASSETS 226,123,911 100.00244

Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTSINDIAAXIS BANK 281,985 INR 4,539,504 0.96TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK BANK OF INDIA 1,031,025 INR 2,601,209 0.55EXCHANGE LISTING CAIRN INDIA 971,129 INR 4,945,951 1.04CANARA BANK 762,962 INR 2,698,765 0.57SHARES JINDAL STEEL & POWER 878,046 INR 3,302,894 0.70LIC HOUSING FINANCE 1,845,367 INR 5,540,023 1.17BRAZIL OIL & NATURAL GAS 1,210,502 INR 5,178,973 1.09BANCO DO BRASIL 551,163 BRL 6,430,087 1.36 POWER FINANCIAL 1,984,787 INR 4,149,923 0.88MRV ENGENHARIA 1,313,600 BRL 5,352,237 1.13 SESA GOA 1,739,118 INR 5,021,042 1.0611,782,324 2.49 SHRIRAM TRANSPORTCAYMAN ISLANDS FINANCE 500,907 INR 4,591,367 0.97CHINA SHANSHUI CEMENT 12,167,000 HKD 4,691,005 0.99 TATA MOTORS 1,081,077 INR 5,741,625 1.21TPK HOLDING 301,204 TWD 2,735,215 0.58 TECH MAHINDRA 221,500 INR 4,725,910 1.007,426,220 1.57 53,037,186 11.20CHINAINDONESIAAGRICULTURAL BANK OF BANK RAKYAT INDONESIA 8,998,500 IDR 5,634,051 1.19CHINA "H" 13,756,000 HKD 6,332,448 1.34 5,634,051 1.19BANK OF CHINA "H" 9,262,500 HKD 4,228,075 0.89 MEXICOBANK OF COMMUNICATIONS OHL MEXICO 599,100 MXN 1,572,868 0.33"H" 7,767,300 HKD 5,708,949 1.21 1,572,868 0.33BBMG CORP "H" 6,621,000 HKD 4,431,004 0.94 POLANDCHINA COMMUNICATIONS KGHM POLSKA MIEDZ 131,012 PLN 5,191,797 1.10CONSTRUCTION "H" 6,558,000 HKD 5,175,283 1.09 5,191,797 1.10CHINA CONSTRUCTIONSOUTH AFRICABANK "H" 14,983,470 HKD 11,534,480 2.44 AFRICAN BANK INVESTMENTS 2,104,593 ZAR 3,502,879 0.74CHINA MINSHENG BANKING "H 4,853,000 HKD 5,800,979 1.22 ANGLOGOLD HOLDINGS 298,671 ZAR 3,961,722 0.84CHINA NATIONAL BUILDINGS EXXARO RESOURCES 283,110 ZAR 4,636,119 0.98"H" 3,070,000 HKD 2,949,211 0.62 NEDBANK GROUP 194,744 ZAR 3,953,629 0.83CHINA PETROLEUM & CHEMICAL SASOL 169,542 ZAR 8,083,638 1.71"H" 9,251,400 HKD 7,241,147 1.53 STEINHOFF INTERNATIONALCHINA SHENHUA ENERGY "H" 2,045,500 HKD 6,224,762 1.31 HOLDINGS 1,793,045 ZAR 6,353,524 1.34DONG FENG MOTOR "H" 3,628,000 HKD 5,510,916 1.16 30,491,511 6.44GREAT WALL AUTOMOBILESSOUTH KOREA"H" 1,018,500 HKD 5,522,532 1.17 BS FINANCIAL GROUP 182,480 KRW 2,726,717 0.58INDUSTRIAL & COMMERCIAL DGB FINANCIAL GROUP 150,950 KRW 2,276,658 0.48BANK OF CHINA "H" 15,840,955 HKD 11,050,702 2.33 GS HOLDINGS 105,940 KRW 5,562,740 1.17YANTAI CHANGYU HANKOOK TIRE 92,394 KRW 5,281,555 1.12PIONEER "B" 715,456 HKD 2,442,014 0.52 HYUNDAI MOBIS 25,554 KRW 6,804,161 1.4484,152,502 17.77 HYUNDAI MOTOR 43,876 KRW 10,252,989 2.16FEDERATION OF RUSSIA KIA MOTORS 121,720 KRW 7,399,882 1.56GAZPROM 348,347 USD 1,546,549 0.33 LG CORP 92,571 KRW 5,705,354 1.20SBERBANK 2,904,568 USD 8,755,826 1.85 SAMSUNG ELECTRONICS 19,170 KRW 24,397,219 5.1510,302,375 2.18 SAMSUNG HEAVYHONG KONG INDUSTRIES 167,340 KRW 6,699,122 1.41CHINA OVERSEAS LAND SK CORP 30,723 KRW 5,549,004 1.17& INVESTMENT 2,074,000 HKD 6,110,914 1.29 SK HYNIX INC 230,520 KRW 6,492,077 1.37CNOOC 4,652,000 HKD 9,465,814 2.00 89,147,478 18.8115,576,728 3.29245

Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsTAIWANPREFERENTIAL SHARESFARGLORY LANDDEVELOPMENT 2,637,000 TWD 4,905,229 1.04 BRAZILHON HAI PREC INDUSTRIES 3,284,930 TWD 8,432,461 1.77RADIANT OPTO ELECTRONICS 1,583,285 TWD 5,649,344 1.19 BANCO ESTRADO RIO GRANDETAISHIN FINANCIAL 7,336,841 TWD 3,387,101 0.72 (PREFERRED) 646,826 BRL 4,518,380 0.95WISTRON CORP 4,864,809 TWD 4,713,862 1.00 CIA ENERGETICA MINASZHEN DING TECHNOLOGY (PREFERRED) 515,621 BRL 4,405,609 0.93HOLDING 2,093,700 TWD 4,978,015 1.05 ITAU UNIBANCO BANCO32,066,012 6.77 MULTIPLO S.A. (PREFERRED) 771,080 BRL 10,966,682 2.32THAILAND 19,890,671 4.20KASIKORNBANK (NVDR) 1,035,700 THB 5,794,301 1.23 TOTAL PREFERENTIAL SHARES 19,890,671 4.20PTT PUBLIC (FOREIGN) 381,000 THB 3,848,940 0.81PTT PUBLIC COMPANY 178,700 THB 1,805,264 0.38 ADR (American Depository Receipt)11,448,505 2.42TURKEYMEXICOKARDEMIR KARABUK DEMIR 8,955,893 TRY 5,002,921 1.06 AMERICA MOVIL ADR 71,086 USD 1,423,853 0.30TURK HAVA YOLLARI 1,283,126 TRY 4,884,232 1.03 1,423,853 0.30TURKIYE HALK BANKASI 762,882 TRY 5,581,558 1.18 TOTAL ADR (American Depository Receipt) 1,423,853 0.30TURKIYE IS BANKASI "C" 2,033,135 TRY 5,367,150 1.13 TOTAL TRANSFERABLE SECURITIES20,835,861 4.40 ADMITTED TO AN OFFICIAL STOCK466,799,767 98.57TOTAL SHARES 378,665,418 79.96 EXCHANGE LISTINGTOTAL INVESTMENTS 466,799,767 98.57SADR (Sponsored American Depository Receipt) OTHER NET ASSETS LESS LIABILITIES 6,790,431 1.43TOTAL NET ASSETS 473,590,198 100.00BRAZILPETROBRAS ON ADS 283,001 USD 4,457,266 0.94PETROBRAS PN ADR 171,317 USD 2,922,668 0.62VALE S.A. "A" ADR 537,847 USD 7,658,941 1.61VALE S.A. ADR 275,068 USD 4,335,072 0.9219,373,947 4.09FEDERATION OF RUSSIALUKOIL ADR 128,881 USD 8,171,056 1.73MOBILE TELESYSTEMS ADR 261,294 USD 5,863,437 1.24NORILSK NICKEL ADR 369,966 USD 5,338,609 1.13OAO GAZPROM SPON ADR 1,195,461 USD 10,532,012 2.2229,905,114 6.32TOTAL SADR (Sponsored AmericanDepository Receipt)49,279,061 10.41GDR (Global Depositary Receipt)FEDERATION OF RUSSIAAFK SISTEMA GDR 219,369 USD 5,674,944 1.20ROSNEFT OIL GDR 772,601 USD 6,253,198 1.31TATNEFT GDR 143,362 USD 5,612,622 1.1917,540,764 3.70TOTAL GDR (Global Depositary Receipt) 17,540,764 3.70246

Portfolio of Investments and Other Net Assets as at 30 September 2013Global EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTS LUFTHANSA 18,458 EUR 359,669 0.35MUENCHENER RUECK AG 2,806 EUR 547,911 0.53TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK SUEDZUCKER 10,024 EUR 294,515 0.28EXCHANGE LISTING 3,261,002 3.14GREAT BRITAINSHARES ADMIRAL GROUP 26,484 GBP 529,240 0.51ANTOFAGASTA 74,142 GBP 983,336 0.94AUSTRALIA BP 118,130 GBP 827,838 0.80ASCIANO 72,211 AUD 393,647 0.38 BT GROUP 76,386 GBP 423,183 0.41COMMONWEALTH BANK OF CENTRICA 77,031 GBP 459,931 0.44AUSTRALIA 11,119 AUD 740,357 0.71 DIAGEO 21,457 GBP 682,092 0.66FLIGHT CENTRE 18,299 AUD 826,436 0.79 ITV 264,444 GBP 750,277 0.72LEND LEASE GROUP 76,128 AUD 723,224 0.70 PETROFAC 17,862 GBP 404,092 0.39TELSTRA CORP 145,438 AUD 675,879 0.65 RECKITT BENCKISER 13,547 GBP 987,430 0.943,359,543 3.23 TATE & LYLE 49,746 GBP 591,703 0.57BELGIUM 6,639,122 6.38BELGACOM S.A. 17,024 EUR 451,442 0.43 HONG KONGCOLRUYT 7,664 EUR 423,742 0.41 HANG SENG BANK 31,200 HKD 508,926 0.49875,184 0.84 WHARF HOLDINGS 52,000 HKD 450,591 0.43CANADA 959,517 0.92AGRIUM 4,538 CAD 382,589 0.37 IRELANDCANADIAN IMPERIAL BANK 18,377 CAD 1,477,990 1.42 ACCENTURE CORP 6,514 USD 480,929 0.46IMPERIAL OIL 18,309 CAD 809,379 0.78 SEAGATE TECHNOLOGY 10,240 USD 444,518 0.43ROYAL BANK OF CANADA 9,075 CAD 590,286 0.57 925,447 0.89SUNCOR ENERGY 16,830 CAD 604,826 0.58 ITALY3,865,070 3.72 TERNA SPA 94,188 EUR 424,057 0.41DENMARK 424,057 0.41NOVO NORDISK "B" 3,476 DKK 590,516 0.57 JAPAN590,516 0.57 CHIYODA CORP 35,000 JPY 420,892 0.40FINLAND DAIHATSU MOTOR 27,000 JPY 522,803 0.50NESTE OIL OYG 20,791 EUR 459,587 0.44 FUJI HEAVY INDUSTRIES 17,000 JPY 469,503 0.45459,587 0.44 JAPAN TOBACCO 26,379 JPY 948,972 0.92FRANCE MARUBENI 64,300 JPY 505,881 0.49ALSTOM 9,151 EUR 324,546 0.31 MITSUBISHI MATERIALS 116,000 JPY 478,777 0.46BNP PARIBAS 19,622 EUR 1,327,403 1.27 NITORI HOLDINGS 4,100 JPY 376,051 0.36IMERYS 6,193 EUR 431,900 0.42 OTSUKA HOLDINGS KK 28,700 JPY 832,410 0.80SAFRAN S.A. 7,646 EUR 469,891 0.45 RESONA 128,900 JPY 659,443 0.63TOTAL S.A. 19,197 EUR 1,110,253 1.07 SUMITOMO MITSUI FINANCIAL 8,500 JPY 411,032 0.403,663,993 3.52 TOKYO GAS 72,000 JPY 394,762 0.38GERMANY TOTO 73,000 JPY 1,022,185 0.99CONTINENTAL 4,295 EUR 728,776 0.70 TOYOTA MOTOR 14,400 JPY 920,132 0.88HANNOVER RUECKVERSICHERUNG 7,962,843 7.66SE 7,278 EUR 533,774 0.51 NETHERLANDSHENKEL (PREFERRED) 7,750 EUR 796,357 0.77 ASML HOLDING 4,627 EUR 456,472 0.44456,472 0.44247

Portfolio of Investments and Other Net Assets as at 30 September 2013Global EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsNORWAYDISCOVER FINANCIALYARA INTERNATIONAL 9,676 NOK 399,476 0.38 SERVICES 11,766 USD 594,771 0.57399,476 0.38 EXXON MOBIL CORP 27,455 USD 2,361,406 2.27SINGAPORE FIFTH THIRD BANCORP 30,416 USD 548,705 0.53COMFORTDELGRO CORP 261,000 SGD 409,779 0.39 FRANK RESOURCES CORP 8,351 USD 421,809 0.41409,779 0.39 GAP CORP 12,345 USD 500,837 0.48SPAIN HALLIBURTON CORP 11,103 USD 536,941 0.52ACTIV DE CONSTRY SERVICE 17,438 EUR 554,362 0.53 HEWLETT-PACKARD CORP 32,039 USD 669,935 0.64RED ELECTRICA CORP S.A. 6,572 EUR 372,884 0.36 HOME DEPOT CORP 10,622 USD 804,617 0.77927,246 0.89 INTERNATIONAL BUSINESSSWITZERLAND MACHINES 7,386 USD 1,374,018 1.32CIE FINANCIERE RICHEMONT INTERNATIONAL PAPER CORP 13,098 USD 587,707 0.57S.A. "A" 4,607 CHF 461,082 0.44 JP MORGAN CHASE 21,123 USD 1,097,129 1.05ROCHE HOLDING GSH 7,335 CHF 1,979,254 1.91 KRAFT FOODS GROUP INC 14,456 USD 757,205 0.73SWISS REINSURANCE RE 4,934 CHF 408,143 0.39 KROGER CORP 16,883 USD 681,904 0.66SYNGENTA 1,283 CHF 522,564 0.50 LIBERTY MEDIA CORP "A" 3,177 USD 467,940 0.45THE SWATCH GROUP "B" 640 CHF 411,568 0.40 LORILLARD CORP 15,662 USD 701,971 0.673,782,611 3.64 MACY'S CORP 22,722 USD 977,728 0.94UNITED STATESMARATHON PETROLEUMABBVIE INC 30,745 USD 1,359,544 1.31 CORP 10,029 USD 641,455 0.62AMERICAN INTERNATIONAL MASTERCARD CORP 1,826 USD 1,231,546 1.18GROUP CORP 11,228 USD 547,028 0.53 MICROSOFT CORP 28,054 USD 922,696 0.89AMERICAN TOWER CORP 5,089 USD 377,960 0.36 PACCAR CORP 21,530 USD 1,189,748 1.14AMERISOURCEBERGEN 10,635 USD 649,160 0.62 PHILIP MORRISAMGEN CORP 14,573 USD 1,638,734 1.58 INTERNATIONAL 11,440 USD 994,250 0.96APPLE CORP 4,634 USD 2,224,922 2.14 PPL CORP 16,582 USD 504,259 0.48BAXTER INTERNATIONAL RAYONIER INC 59,478 USD 526,531 0.51CORP 13,393 USD 884,072 0.85 RAYTHEON CORP 8,647 USD 668,413 0.64BED BATH & BEYOND CORP 5,409 USD 418,008 0.40 SIMON PROPERTY GROUP 5,857 USD 873,220 0.84BOEING CORP 5,079 USD 597,189 0.57 SLM CORP 23,107 USD 577,444 0.56CATERPILLAR CORP 9,441 USD 789,645 0.76 STARBUCKS CORP 9,289 USD 712,559 0.69CELGENE CORP 6,339 USD 985,334 0.95 UNION PACIFIC CORP 3,191 USD 500,891 0.48CF INDUSTRIES HOLDINGS UNITEDHEALTH GP CORP 10,781 USD 767,607 0.74CORP 1,824 USD 386,688 0.37 VALERO EN NEW CORP 12,487 USD 424,446 0.41CHEVRON CORP 9,247 USD 1,125,360 1.08 VERIZON COMMUNICATIONS 29,980 USD 1,397,068 1.34CISCO SYSTEMS CORP 48,165 USD 1,126,098 1.08 WAL MART STORES CORP 10,752 USD 797,368 0.77CITIGROUP CORP 15,934 USD 774,392 0.74 WELLS FARGO CORP 25,683 USD 1,063,019 1.02COACH CORP 8,271 USD 450,356 0.43 WISCONSIN ENERGY CORP 13,913 USD 557,772 0.54COCA COLA ENTERPRISES YAHOO CORP 18,864 USD 628,831 0.60CORP 11,011 USD 446,606 0.43 45,068,093 43.33CORPCAST CORP 26,940 USD 1,212,974 1.17 TOTAL SHARES 84,029,558 80.79CROWN CASTLEINTERNATIONAL 5,977 USD 434,707 0.42DEERE & COMPANY CORP 7,026 USD 575,570 0.55248

Portfolio of Investments and Other Net Assets as at 30 September 2013Global EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsPREFERENTIAL SHARESGERMANYPORSCHE (PREFERRED) 5,901 EUR 515,139 0.50515,139 0.50TOTAL PREFERENTIAL SHARES 515,139 0.50TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCK 84,544,697 81.29EXCHANGE LISTINGTRANSFERABLE SECURITIES TRADED ON ANOTHERREGULATED MARKETSHARESGREAT BRITAINABERDEEN ASSETMANAGEMENT 81,684 GBP 500,941 0.48WEIR GROUP 11,294 GBP 424,133 0.41925,074 0.89SWEDENNORDEA 32,550 SEK 391,982 0.38SWEDBANK "A" 17,615 SEK 408,351 0.39800,333 0.77TOTAL SHARES 1,725,407 1.66TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKETTOTAL INVESTMENTS1,725,40786,270,1041.6682.95OTHER NET ASSETS LESS LIABILITIES 17,731,262 17.05TOTAL NET ASSETS 104,001,366 100.00249

Portfolio of Investments and Other Net Assets as at 30 September 2013Latin American EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTSCANADAPACIFIC RUBIALES ENERGY 108,797 CAD 2,160,274 1.25TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 2,160,274 1.25EXCHANGE LISTINGCHILEAES GENER S.A. 867,786 CLP 512,114 0.30SHARES BANCO DE CHILE 16,014,036 CLP 2,386,492 1.38CRUZ BLANCA SALUD 1,123,031 CLP 845,702 0.49BERMUDA ISLANDS SACI FALABELLA S.A. 300,611 CLP 2,902,947 1.69COSAN "A" 44,500 USD 675,065 0.39 SONDA S.A. 316,017 CLP 844,560 0.49CREDICORP 26,985 USD 3,436,000 1.99 7,491,815 4.354,111,065 2.38 MEXICOBRAZIL ALFA "A" 1,515,482 MXN 4,200,915 2.44ANHANGUERA EDUCACIONAL AMERICA MOVIL S.A. 4,000,200 MXN 4,017,283 2.33PARTICIPACOES S.A. 278,700 BRL 1,655,135 0.96 ARCA CONTINENTAL S.A. 331,900 MXN 2,095,210 1.22AREZZO INDUSTRIA E CEMEX S.A. 2,290,124 MXN 2,569,560 1.49COMERCIO 138,100 BRL 2,398,393 1.39 CORP INMOBILIARIA VESTA 636,600 MXN 1,170,311 0.68BANCO BRADESCO 42,680 BRL 676,422 0.39 EL PUERTO DE LIVERPOOL 120,211 MXN 1,319,749 0.77BANCO BRADESCOFOMENTO ECONOMICO(PREFERRED) 346,692 BRL 4,831,150 2.80 MEXICANO 508,900 MXN 4,969,240 2.87BANCO DO BRASIL 112,826 BRL 1,316,273 0.76 GRUMA S.A. "B" 423,100 MXN 2,339,880 1.36BB SEGURIDADEGRUPO AEROPORTUARIO DEPARTICIPACOES 77,600 BRL 758,552 0.44 SUR "B" 154,254 MXN 1,702,634 0.99BR MALLS PARTICIPACOESGRUPO AEROPORTUARIOS.A. 91,862 BRL 832,764 0.48 DEL CENTRO NORTE 101,000 MXN 337,363 0.20BRF S.A. 240,229 BRL 5,920,333 3.43 GRUPO FINANCIEROCCR S.A. 973,848 BRL 7,752,106 4.51 BANORTE "O" 578,200 MXN 3,579,769 2.08CIELO S.A. 73,600 BRL 1,989,072 1.15 GRUPO MEXICO "B" 1,864,200 MXN 5,670,297 3.28DURATEX S.A. 476,191 BRL 2,798,039 1.62 GRUPO SANBORNS 514,518 MXN 1,057,664 0.61ECORODOVIAS INFRAESTRU- GRUPO TELEVISA 249,401 MXN 1,401,814 0.81TURA E LOGISTICA 386,200 BRL 2,697,786 1.57 MEXICHEM S.A. 240,786 MXN 1,070,056 0.62GERDAU S.A. (PREFERRED) 202,114 BRL 1,502,655 0.87 OHL MEXICO 493,860 MXN 1,296,573 0.75ITAUSA INVESTIMENTOS ITAUPROMOTORA Y OPERADORA(PREFERRED) 1,011,042 BRL 4,105,845 2.38 DE INFRAESTRUCTURA 154,200 MXN 1,492,358 0.87KROTON EDUCATIONAL 79,800 BRL 1,133,521 0.66 TF ADMINISTRADORAMETALURGICA GERDAU S.A. INDUSTRIAL 694,300 MXN 1,344,951 0.78(PREFERRED) 76,200 BRL 717,140 0.42 41,635,627 24.15MILLS ESTRUTURAS EPANAMASEVICOS 139,100 BRL 1,907,114 1.11 COPA HOLDINGS S.A. "A" 46,994 USD 6,546,264 3.80MINERVA S.A. 106,200 BRL 469,922 0.27 6,546,264 3.80MPX MINERACAO E ENERGIA 8,790 BRL 21,047 0.01 PERUODONTOPREV S.A. 248,800 BRL 1,084,144 0.63 ALICORP S.A. 444,414 PEN 1,438,390 0.84PETROBRAS 1,355,279 BRL 10,630,111 6.18 ANDINO INVESTMENTQUALICORP S.A. 151,400 BRL 1,384,061 0.80 HOLDINGS 165,553 PEN 165,511 0.10SABESP ON 12,900 BRL 126,042 0.07 FERREYCORP S.A.A. 1,116,838 PEN 714,919 0.41SAO MARTINHO S.A. 88,728 BRL 1,140,364 0.66 GRANA Y MONTERO 147,109 PEN 587,230 0.34SOUZA CRUZ 21,164 BRL 249,380 0.14 2,906,050 1.69TOTVS S.A. 156,700 BRL 2,570,075 1.49 SPAINVALE S.A. 400,226 BRL 6,267,547 3.64 CEMEX LATAM HOLDINGS 229,193 COP 1,802,488 1.0566,934,993 38.83 1,802,488 1.05TOTAL SHARES 133,588,576 77.50250

Portfolio of Investments and Other Net Assets as at 30 September 2013Latin American EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsUNIT SHARESADR (American Depositary Receipt)BRAZILBRAZILCONTAX PARTICIPACOESITAU UNIBANCO HOLDINGS.A. UNIT 43,045 BRL 367,208 0.21 ADR 300,693 USD 4,272,848 2.48367,208 0.21 4,272,848 2.48TOTAL UNIT SHARES 367,208 0.21 TOTAL ADR (American Depositary Receipt) 4,272,848 2.48TOTAL TRANSFERABLE SECURITIESSADR (Sponsored American Depositary Receipt) ADMITTED TO AN OFFICIAL STOCK 166,741,416 96.73EXCHANGE LISTINGBELGIUM TOTAL INVESTMENTS 166,741,416 96.73ANHEUSER BUSCH ADR 25,779 USD 2,567,331 1.49 OTHER NET ASSETS LESS LIABILITIES 5,635,033 3.272,567,331 1.49 TOTAL NET ASSETS 172,376,449 100.00BRAZILBANCO BRADESCO ADR 50,970 USD 714,599 0.41PETROBRAS ON ADS 178,574 USD 2,812,540 1.63VALE S.A. ADR 91,695 USD 1,445,113 0.844,972,252 2.88MEXICOGRUPO FINANCIEROSANTANDER "B" ADR 106,052 USD 1,465,639 0.851,465,639 0.85PERUCEMENTOS PACASMAYOADR 63,960 USD 751,530 0.44GRANA Y MONTERO S.A.A.ADR 84,400 USD 1,688,000 0.982,439,530 1.42TOTAL SADR (Sponsored American DepositaryReceipt)11,444,752 6.64PREFERENTIAL SHARESBRAZILAMBEV (PREFERRED) 6,800 BRL 262,035 0.15BANCO DAYCOVAL(PREFERRED) 248,891 BRL 983,913 0.57BRADESPAR S.A. BRASIL(PREFERRED) 110,600 BRL 1,228,198 0.71COMPANHIA BRASILEIRA DIST-RIBUICAO "A" (PREFERRED) 57,678 BRL 2,659,190 1.54ITAU UNIBANCO BANCOMULTIPLO S.A. (PREFERRED) 610,440 BRL 8,681,981 5.05SARAIVA S.A. LIVREIROS(PREFERRED) 36,842 BRL 478,306 0.28TELEF BRASIL (PREFERRED) 22,805 BRL 508,030 0.29VALE S.A. (PREFERRED) "A" 158,900 BRL 2,266,379 1.3117,068,032 9.90TOTAL PREFERENTIAL SHARES 17,068,032 9.90251

Portfolio of Investments and Other Net Assets as at 30 September 2013Brazil EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTSUNIT SHARESTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGBRAZILCONTAX PARTICIPACOESS.A. UNIT 69,725 BRL 594,810 0.06SHARES 594,810 0.06TOTAL - UNIT SHARES 594,810 0.06BERMUDA ISLANDSCOSAN "A" 1,220,900 USD 18,521,053 1.76 SADR (Sponsored American Depositary Receipt)18,521,053 1.76BRAZILBRAZIL BANCO BRADESCO ADR 932,086 USD 13,067,846 1.24ANHANGUERA EDUCACIONAL PETROBRAS ON ADS 1,448,655 USD 22,816,316 2.16PART ICIPACOES S.A. 1,643,824 BRL 9,762,289 0.93 35,884,162 3.40AREZZO INDUSTRIA ETOTAL SADR (Sponsored American DepositaryCOMERCIO 1,605,900 BRL 27,889,789 2.64 Receipt) 35,884,162 3.40BANCO BRADESCO 540,810 BRL 8,571,132 0.81BANCO BRADESCOBDR (Bearer Depositary Receipt)(PREFERRED) 2,091,510 BRL 29,145,172 2.76BANCO DO BRASIL 172,839 BRL 2,016,409 0.19 BERMUDA ISLANDSBRF S.A. 3,248,671 BRL 80,061,996 7.59 GP INVESTMENTS 2,177,142 BRL 4,234,865 0.40CCR S.A. 11,619,106 BRL 92,491,391 8.77 4,234,865 0.40CIELO S.A. 779,500 BRL 21,066,327 2.00 TOTAL BDR (Bearer Depositary Receipt) 4,234,865 0.40CONTAX PARTICIPACOES S.A. 1,295,230 BRL 2,211,034 0.21DURATEX S.A. 4,676,771 BRL 27,480,127 2.60 PREFERENTIAL SHARESECORODOVIASINFRAESTRUTURA E LOGISTIC 6,593,908 BRL 46,061,509 4.36 BRAZILGERDAU S.A. (PREFERRED) 520,600 BRL 3,870,500 0.37 AMBEV (PREFERRED) 332,100 BRL 12,797,343 1.21IOCHPE MAXION S.A. 909,140 BRL 11,202,668 1.06 BANCO DAYCOVALITAUSA INVESTIMENTOS (PREFERRED) 2,302,100 BRL 9,100,636 0.86ITAU (PREFERRED) 13,040,757 BRL 52,958,554 5.02 BANCO ESTRADO RIOMETALFRIO SOLUTIONS S.A. 1,752,997 BRL 2,606,598 0.25 GRANDE (PREFERRED) 1,485,703 BRL 10,378,325 0.98METALURGICA GERDAUBRADESPAR S.A.S.A. (PREFERRED) 2,075,900 BRL 19,536,886 1.85 BRASIL (PREFERRED) 4,521,681 BRL 50,212,665 4.76MILLS ESTRUTURAS ECOMPANHIA BRASILEIRA DESEVICOS 2,838,800 BRL 38,921,020 3.69 DISTRIBUICAO "A" (PREFERRE 726,644 BRL 33,501,242 3.17MINERVA S.A. 1,185,100 BRL 5,243,921 0.50 ITAU UNIBANCO BANCOODONTOPREV S.A. 2,812,100 BRL 12,253,704 1.16 MULTIPLO S.A. (PREFERRED) 5,058,600 BRL 71,945,914 6.83PETROBRAS 8,078,100 BRL 63,360,464 6.00 SARAIVA S.A. LIVREIROSPETROBRAS (PREFERRED) 677,807 BRL 5,733,519 0.54 (PREFERRED) 508,556 BRL 6,602,395 0.63PROFARMA DISTRIBUIDORA 1,500,436 BRL 11,916,936 1.13 TELEF BRASIL (PREFERRED) 947,620 BRL 21,110,242 2.00QUALICORP S.A. 1,916,500 BRL 17,520,162 1.66 215,648,762 20.44SABESP ON 101,100 BRL 987,814 0.09 TOTAL PREFERENTIAL SHARES 215,648,762 20.44SAO CARLOSEMPREENDIMENTOES 1,604,584 BRL 26,309,961 2.49SAO MARTINHO S.A. 1,940,181 BRL 24,935,897 2.36SOUZA CRUZ 250,973 BRL 2,957,265 0.28TOTVS S.A. 2,273,102 BRL 37,281,694 3.53VALE S.A. 2,972,300 BRL 46,546,273 4.41VALID SOLUCOES S.A. 484,100 BRL 6,545,856 0.62737,446,867 69.87TOTAL SHARES 755,967,920 71.63252

Portfolio of Investments and Other Net Assets as at 30 September 2013Brazil EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueADR (American Depositary Receipt)BRAZILITAU UNIBANCO HOLDINGADR 1,192,419 USD 16,944,274 1.6116,944,274 1.61TOTAL ADR (American Depositary Receipt) 16,944,274 1.61TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING 1,029,274,793 97.54TOTAL INVESTMENTS 1,029,274,793 97.54OTHER NET ASSETS LESS LIABILITIES 25,985,627 2.46TOTAL NET ASSETS 1,055,260,420 100.00253

Portfolio of Investments and Other Net Assets as at 30 September 2013Chinese EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTSCHINA PETROLEUM &CHEMICAL "H" 60,551,000 HKD 47,393,770 2.39TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKCHINA RAILWAYEXCHANGE LISTING CONSTRUCTION "H" 42,599,000 HKD 45,042,709 2.27CHINA RAILWAY GROUP "H" 61,294,000 HKD 33,511,592 1.69SHARES CHINA RESOURCES LAND 5,944,000 HKD 16,900,464 0.85CHINA SUNTIEN GREENBERMUDA ISLANDS ENERGY "H" 13,023,000 HKD 3,946,300 0.20CHINA SINGES SOLARCHONGQING CHANGANTECHNOLOGIES 7,518,000 HKD 8,366,125 0.42 AUTOMOBILE "B" 39,928,228 HKD 60,959,723 3.08GEMDALE PROPERTIES ANDDATANG INTERNATIONALINVESTMENT CORP 78,502,000 HKD 9,312,790 0.47 POWER GENERATION "H" 53,192,000 HKD 23,457,605 1.18SINOPEC KANTONS DONG FENG MOTOR "H" 25,856,000 HKD 39,275,152 1.98HOLDINGS 21,242,000 HKD 18,269,745 0.92 GREAT WALL35,948,660 1.81 AUTOMOBILES "H" 8,647,250 HKD 46,887,304 2.37CAYMAN ISLANDS GUANGSHEN RAILWAY "H" 7,706,000 HKD 4,044,219 0.20CHINA MODERN DAIRYGUANGZHOU AUTOMOBILEHOLDINGS 20,288,000 HKD 7,926,713 0.40 GROUP "H" 6,202,000 HKD 6,725,723 0.34CHINA RESOURCESHUADIAN FUXIN ENERGYCEMENT 14,742,000 HKD 9,789,824 0.49 CORP "H" 24,434,000 HKD 7,183,575 0.36COUNTRY GARDENHUANENG RENEWABLESHOLDINGS 13,083,000 HKD 8,367,587 0.42 CORP "H" 67,022,000 HKD 23,679,863 1.20GCL POLY ENERGYINDUSTRIAL & COMMERCIALHOLDINGS 46,205,000 HKD 13,345,911 0.68 BANK OF CHINA "H" 225,798,175 HKD 157,517,546 7.96GEELY AUTOMOBILES 12,795,000 HKD 6,583,009 0.33 PETROCHINA "H" 22,456,000 HKD 24,786,626 1.25LONGFOR PROPERTIES 4,972,500 HKD 7,886,624 0.40 PICC PROPERTYSUNAC CHINA HOLDINGS 12,637,000 HKD 8,196,401 0.41 & CASUALTY "H" 8,978,000 HKD 12,178,858 0.61TENCENT HOLDINGS 3,044,700 HKD 159,711,686 8.07 PING AN INSURANCE "H" 5,990,000 HKD 44,528,429 2.25WISON ENGINEERINGSHIMAO PROPERTYSERVICES 25,208,000 HKD 6,435,982 0.32 HOLDINGS 10,705,500 HKD 24,627,087 1.24228,243,737 11.52 SINOPEC ENGINEERINGCHINA GROUP 3,386,500 HKD 4,144,084 0.21AGRICULTURAL BANKSINOPEC SHANGHAIOF CHINA "H" 162,427,000 HKD 74,771,774 3.77 PETROCHEMICAL "H" 12,996,000 HKD 4,843,048 0.24ANHUI CONCH CEMENT "H" 3,514,500 HKD 11,284,287 0.57 1,169,368,275 59.02BANK OF CHINA "H" 211,733,400 HKD 96,650,449 4.89 HONG KONGBBMG CORP "H" 36,796,500 HKD 24,625,503 1.24 AIA GROUP 7,299,600 HKD 34,308,982 1.73BEIJING JINGNENGCHINA MERCHANTSCLEAN ENERGY "H" 38,356,000 HKD 14,491,461 0.73 HOLDINGS 1,438,000 HKD 5,229,007 0.26CHINA CITIC BANK "H" 13,878,000 HKD 7,193,896 0.36 CHINA MOBILE 14,292,000 HKD 159,688,196 8.07CHINA COMMUNICATIONSCHINA OVERSEAS LAND &CONSTRUCTION "H" 36,459,000 HKD 28,771,825 1.45 INVESTMENT 18,122,000 HKD 53,395,367 2.69CHINA CONSTRUCTIONCHINA POWER INTERNATIONALBANK "H" 228,966,480 HKD 176,261,509 8.91 DEVELOPMENT 24,298,000 HKD 9,180,142 0.46CHINA OILFIELD SERVICES "H" 30,588,000 HKD 76,675,847 3.87 CNOOC 67,480,000 HKD 137,307,201 6.93CHINA PACIFIC INSURANCE COSCO PACIFIC 13,688,000 HKD 20,933,215 1.06GROUP "H" 7,534,200 HKD 27,008,047 1.36 LENOVO GROUP 18,228,000 HKD 19,062,116 0.96254

Portfolio of Investments and Other Net Assets as at 30 September 2013Chinese EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsMELCO INTERNATIONALDEVELOPMENT 4,855,000 HKD 13,021,584 0.66NEW WORLD DEVELOPMENT 21,347,000 HKD 32,095,685 1.62WHARF HOLDINGS 531,000 HKD 4,601,242 0.23YUEXIU PROPERTY 104,968,000 HKD 28,830,208 1.45517,652,945 26.12TOTAL SHARES 1,951,213,617 98.47TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING 1,951,213,617 98.47OTHER TRANSFERABLE SECURITIESRIGHTSINDIAINDIABULLS HOUSINGFINANCE 266,837 HKD - 0.00- 0.00TOTAL RIGHTS - 0.00TOTAL OTHER TRANSFERABLE SECURITIES - 0.00TOTAL INVESTMENTS 1,951,213,617 98.47OTHER NET ASSETS LESS LIABILITIES 30,333,174 1.53TOTAL NET ASSETS 1,981,546,791 100.00255

Portfolio of Investments and Other Net Assets as at 30 September 2013Hong Kong EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTSCHINA RAILWAYCONSTRUCTION "H" 2,309,500 HKD 2,441,985 1.04TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK CHINA RESOURCES LAND 796,000 HKD 2,263,252 0.97EXCHANGE LISTING CHINA SHENHUA ENERGY "H" 781,500 HKD 2,378,221 1.02CHONGQING CHANGANSHARES AUTOMOBILE "B" 1,584,500 HKD 2,419,108 1.04DONG FENG MOTOR "H" 1,370,000 HKD 2,081,024 0.89BERMUDA ISLANDSGREAT WALL AUTOMOBILESEMPEROR INTERNATIONAL "H" 111,500 HKD 604,578 0.26HOLDINGS 3,642,000 HKD 1,028,479 0.44 HUANENG POWERHONG KONG LAND HOLDINGS 298,000 USD 1,966,800 0.85 INTERNATIONAL "H" 1,368,000 HKD 1,365,332 0.58K WAH INTERNATIONALINDUSTRIAL & COMMERCIALHOLDINGS 1,142,000 HKD 615,536 0.26 BANK OF CHINA "H" 19,574,015 HKD 13,654,897 5.84LI & FUNG 1,030,000 HKD 1,498,158 0.64 PETROCHINA "H" 3,760,000 HKD 4,150,237 1.78LUK FOOK HOLDINGSPICC PROPERTY & CASUALTYINTERNATIONAL 330,000 HKD 1,029,771 0.44 "H" 490,000 HKD 664,696 0.28ORIENT OVERSEAS PING AN INSURANCE "H" 352,000 HKD 2,616,696 1.12INTERNATIONAL 320,000 HKD 1,879,531 0.80 SHIMAO PROPERTY8,018,275 3.43 HOLDINGS 555,000 HKD 1,276,730 0.55CAYMAN ISLANDSSINOPEC ENGINEERINGAAC TECHNOLOGIES GROUP 1,208,000 HKD 1,478,238 0.63HOLDINGS 121,500 HKD 552,264 0.24 81,305,945 34.79GCL POLY ENERGYHONG KONGHOLDINGS 1,558,000 HKD 450,015 0.19 AIA GROUP 3,069,400 HKD 14,426,542 6.18HKT TRUST 2,383,000 HKD 2,237,004 0.96 BEIJING ENTERPRISE 81,000 HKD 584,904 0.25INTERNATIONAL HOUSEWARES BOC HONG KONG HOLDINGS 1,071,000 HKD 3,438,746 1.47RETAIL COMPANY 1,441,000 HKD 527,708 0.23 CATHAY PACIFIC 67,000 HKD 131,320 0.06SANDS CHINA 359,200 HKD 2,220,937 0.95 CHEUNG KONG HOLDINGS 438,000 HKD 6,670,144 2.85TENCENT HOLDINGS 159,800 HKD 8,382,410 3.58 CHINA EVERBRIGHT 452,000 HKD 589,835 0.2514,370,338 6.15 CHINA MOBILE 964,500 HKD 10,776,606 4.62CHINACHINA OVERSEAS GRANDAGILE PROPERTY OCEANS GROUP 1,389,000 HKD 1,690,774 0.72HOLDINGS 3,336,000 HKD 3,673,628 1.57 CHINA OVERSEAS LAND &AGRICULTURAL BANK OF INVESTMENT 1,200,000 HKD 3,535,727 1.51CHINA "H" 4,087,000 HKD 1,881,413 0.80 CHINA POWER INTERNATIONALBANK OF CHINA "H" 29,970,400 HKD 13,680,659 5.85 DEVELOPMENT 12,793,000 HKD 4,833,384 2.07BANK OF COMMUNICATIONS CHINA RESOURCES POWER 700,000 HKD 1,664,448 0.71"H" 1,081,260 HKD 794,724 0.34 CHINA UNICOM 1,644,000 HKD 2,565,065 1.10CHINA COAL ENERGY "H" 822,000 HKD 491,814 0.21 CITIC 1616 HOLDINGS 4,254,000 HKD 1,217,760 0.52CHINA COMMUNICATIONS CNOOC 3,587,000 HKD 7,298,768 3.12CONSTRUCTION "H" 4,075,000 HKD 3,215,809 1.38 COSCO PACIFIC 2,312,000 HKD 3,535,768 1.51CHINA CONSTRUCTIONDAH SING FINANCEBANK "H" 12,106,680 HKD 9,319,887 3.99 HOLDINGS 250,800 HKD 1,445,594 0.62CHINA LIFE INSURANCE "H" 1,167,000 HKD 3,024,671 1.29 EMPEROR WATCH &CHINA LONGYUAN POWER "H" 1,046,000 HKD 1,087,121 0.47 JEWELLERY 6,260,000 HKD 556,974 0.24CHINA NATIONAL BUILDINGSFRANSHION PROPERTIES"H" 550,000 HKD 528,360 0.23 CHINA 4,438,000 HKD 1,459,280 0.62CHINA OILFIELD SERVICES "H" 360,000 HKD 902,423 0.39 GALAXY ENTERTAINMENTCHINA PACIFIC INSURANCE GROUP 156,000 HKD 1,094,296 0.47GROUP "H" 426,800 HKD 1,529,961 0.65 HANG LUNG PROPERTIES 480,000 HKD 1,634,016 0.70CHINA PETROLEUM &CHEMICAL "H" 4,830,000 HKD 3,780,481 1.62256

Portfolio of Investments and Other Net Assets as at 30 September 2013Hong Kong EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsHK EXCHANGES & CLEARING 71,400 HKD 1,144,407 0.49HSBC HOLDINGS 1,944,143 HKD 21,145,819 9.06HUTCHISON WHAMPOA 416,261 HKD 4,986,464 2.13KINGBOARD CHEMICALS 2,045,100 HKD 5,258,368 2.25NEW WORLD DEVELOPMENT 2,801,187 HKD 4,211,646 1.80POWER ASSETS HOLDINGS 197,000 HKD 1,762,938 0.75SHUN TAK HOLDINGS 2,584,000 HKD 1,449,416 0.62SINGAMAS CONTAINERHOLDINGS 4,664,000 HKD 1,142,677 0.49SJM HOLDINGS 359,000 HKD 1,009,165 0.43SUN HUNG KAI PROPERTIES 146,242 HKD 1,989,463 0.85SWIRE PACIFIC "A" 139,000 HKD 1,665,106 0.71TECHTRONIC INDUSTRIES 196,500 HKD 511,829 0.22WHARF HOLDINGS 795,236 HKD 6,890,909 2.95WHEELOCK AND COMPANY 235,000 HKD 1,246,950 0.53YUEXIU PROPERTY 4,688,000 HKD 1,287,593 0.55124,852,701 53.42TOTAL SHARES 228,547,259 97.79INVESTMENT FUNDSHONG KONGTHE LINK REIT 221,365 HKD 1,086,113 0.461,086,113 0.46TOTAL INVESTMENT FUNDS 1,086,113 0.46TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCK 229,633,372 98.25EXCHANGE LISTINGOTHER TRANSFERABLE SECURITIESRIGHTSINDIAINDIABULLS HOUSINGFINANCE 35,014 HKD - 0.00- 0.00TOTAL SHARES - 0.00TOTAL OTHER TRANSFERABLE SECURITIES - 0.00TOTAL INVESTMENTS 229,633,372 98.25OTHER NET ASSETS LESS LIABILITIES 4,095,665 1.75TOTAL NET ASSETS 233,729,037 100.00257

Portfolio of Investments and Other Net Assets as at 30 September 2013Indian EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueINVESTMENTS LARSEN & TOUBRO 1,727,266 INR 21,761,313 0.97LIC HOUSING FINANCE 15,379,449 INR 46,171,034 2.06TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK MARUTI SUZUKI INDIA 3,992,996 INR 86,648,489 3.86EXCHANGE LISTING NMDC 36,608,148 INR 70,227,508 3.13NTPC 23,767,148 INR 55,976,835 2.49SHARES OIL & NATURAL GAS 29,803,653 INR 127,510,998 5.67OIL INDIA 1,552,714 INR 10,848,176 0.48INDIA OPTO CIRCUITS INDIA 16,592,408 INR 5,446,377 0.24ADITYA BIRLA NUVO 2,296,027 INR 45,556,988 2.03 PUNJAB NATIONAL BANK 1,000,000 INR 7,370,741 0.33AXIS BANK 2,552,501 INR 41,091,152 1.83 PURAVANKARA PROJECTS 7,357,222 INR 8,514,100 0.38BANK OF BARODA 3,914,235 INR 30,860,897 1.38 RADICO KHAITAN 10,980,961 INR 23,529,761 1.05BHARAT PETROLEUM 702,334 INR 3,716,089 0.17 RELIANCE INDUSTRIES 5,409,238 INR 71,056,806 3.17CAIRN INDIA 4,315,561 INR 21,979,114 0.98 RURAL ELECTRIFICATIONCANARA BANK 7,528,954 INR 26,631,573 1.19 CORP 19,309,846 INR 58,001,422 2.59CROMPTON GREAVES 17,493,103 INR 24,043,862 1.07 SESA GOA 23,593,067 INR 68,116,010 3.04FEDERAL BANK 1,426,849 INR 6,486,335 0.29 STATE BANK OF INDIA 2,061,716 INR 53,181,547 2.37GAMMON INDIA 4,839,659 INR 916,051 0.04 STRIDES ARCOLAB 2,764,867 INR 38,004,659 1.69GAMMON INFRASTRUCTURE TARA JEWELS 923,537 INR 1,263,479 0.06PROJECTS 15,507,549 INR 1,684,374 0.08 TATA MOTORS 1,654,645 INR 8,787,857 0.39GLENMARK TATA MOTORS "A" 30,825,680 INR 80,602,375 3.59PHARMACEUTICALS 9,092,095 INR 77,108,824 3.44 TECH MAHINDRA 4,619,977 INR 98,571,528 4.39GUJARAT NRE COKE 37,431,512 INR 7,473,669 0.33 TRIBHOVANDAS BHIMJIGUJARAT NRE COKE "B" 2,890,747 INR 270,117 0.01 ZAVERI 2,785,024 INR 5,553,976 0.25GVK POWER & INFRASTRUCTU 124,580,000 INR 12,436,977 0.55 UNITECH 129,168,147 INR 32,392,284 1.44HCL INFOSYSTEMS 18,450,000 INR 7,691,718 0.34 USHA MARTIN 8,078,453 INR 2,722,683 0.12HCL TECHNOLOGIES 4,728,466 INR 82,113,810 3.66 WIPRO 11,268,898 INR 85,148,105 3.80HINDUSTAN CONSTRUCTION 29,120,312 INR 4,604,874 0.21 1,971,858,669 87.88HOUSING DEVELOPMENT TOTAL SHARES 1,971,858,669 87.88FINANCE 4,024,365 INR 49,126,893 2.19ICICI BANK 7,335,955 INR 103,543,641 4.62 WARRANTS / EQUITY LINKED SECURITIESIDFC 26,323,162 INR 37,021,491 1.65 GREAT BRITAININDIA CEMENTS 18,044,850 INR 14,656,515 0.65 ADANI PORTSINDIABULLS HOUSING WARRANTS 05/06/2023 3,979,945 USD 8,776,156 0.39FINANCE 18,962,353 INR 55,382,644 2.46 JUST DIAL WARRANTSINDIABULLS 27/05/2016 400,000 USD 5,393,818 0.24INFRASTRUCTURE 91,694,287 INR 4,174,204 0.19 OPTO CIRCUITS INDIAINDIABULLS REAL ESTATE 28,401,059 INR 24,497,106 1.09 WARRANTS 20/09/2022 3,077,958 USD 1,010,337 0.05INDIAN BANK 10,257,393 INR 11,042,906 0.49 PURAVANKARA PROJECTSINFOSYS 1,019,942 INR 49,086,391 2.19 WARRANTS 24/05/2016 2,320,793 USD 2,685,752 0.12IRB INFRASTRUCTURE 18,943,052 INR 22,678,174 1.01 17,866,063 0.80IVRCL INFRASTRUCTURESINDIA& PROJECTS 13,865,919 INR 2,535,950 0.11 OIL INDIAJAIPRAKASH ASSOCIATES 72,707,028 INR 40,531,093 1.81 WARRANTS 07/07/2023 9,409,820 USD 65,743,232 2.93JAIPRAKASH POWER 65,743,232 2.93VENTURES 18,200,305 INR 4,447,916 0.20 NETHERLANDSJINDAL STEEL & POWER 22,817,985 INR 85,833,079 3.83 JP POWER VENTURESKALPATARU POWER WARRANTS 20/02/2015 47,853,752 USD 11,694,931 0.52TRANSMISSION 5,646,045 INR 5,226,179 0.23258

Portfolio of Investments and Other Net Assets as at 30 September 2013Indian EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueJP MORGANOTHER TRANSFERABLE SECURITIESSTRUCTURE 07/10/2014 8,969,020 USD 974,197 0.04JP MORGANSHARESSTRUCTURE 30/01/2018 329,744 USD 35,816 0.00JP MORGANINDIASTRUCTURE 31/07/2017 23,691,178 USD 1,078,517 0.05 KESORAM TEXTILE MILLS 1,014,882 INR - 0.0013,783,461 0.61 0 0.00TOTAL WARRANTS / EQUITY LINKED97,392,756 4.34TOTAL SHARES 0 0.00SECURITIESWARRANTS / EQUITY LINKED SECURITIESSADR (Sponsored American Dep. Receipt)GREAT BRITAININDIA HSBC BANK 02/11/2020ICICI BANK ADR 728,725 USD 22,065,793 0.98 WARRANTS 2,436,258 USD 797,387 0.04INFOSYS ADR 1,158,605 USD 56,180,756 2.51 797,387 0.04SESA GOA ADR 3,383,381 USD 38,841,214 1.73 TOTAL WARRANTS / EQUITY LINKED797,387 0.04117,087,763 5.22 SECURITIESTOTAL SADR (Sponsored American Dep.117,087,763 5.22TOTAL OTHER TRANSFERABLE SECURITIES 797,387 0.04Receipt) TOTAL INVESTMENTS 2,187,136,597 97.48OTHER NET ASSETS LESS LIABILITIES 56,486,619 2.52GDR (Global Depositary Receipt) TOTAL NET ASSETS 2,243,623,216 100.00INDIAFINANCIAL TECHNOLOGIESGDR 6 USD 2 0.00UNITED SPIRITS GDR 1 USD 20 0.0022 0.00TOTAL GDR (Global Depositary Receipt) 22 0.00TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING2,186,339,210 97.44259

Portfolio of Investments and Other Net Assets as at 30 September 2013Japanese EquityStatement of investments as at 30 September 2013(expressed in JPY)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTS GUNMA BANK 24,000 JPY 13,776,000 0.20HAKUHODO DY HOLDINGS 20,400 JPY 14,892,000 0.21TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK HANKYU 27,000 JPY 14,715,000 0.21EXCHANGE LISTING HINO MOTORS 14,000 JPY 20,216,000 0.29HIROSE ELECTRIC 700 JPY 10,542,000 0.15SHARES HITACHI 111,000 JPY 71,817,000 1.02HITACHI CHEMICAL 8,600 JPY 13,579,400 0.19JAPANHITACHI CONSTRUCTIONABC-MART 3,000 JPY 14,355,000 0.20 MACHINARY 2,400 JPY 5,268,000 0.07AEON 6,200 JPY 8,376,200 0.12 HITACHI METALS 15,000 JPY 18,060,000 0.26AISIN SEIKI 7,200 JPY 30,132,000 0.43 HOKURIKU ELECTRIC POWER 12,100 JPY 17,351,400 0.25AJINOMOTO 14,000 JPY 18,060,000 0.26 HONDA MOTOR 37,900 JPY 141,556,500 2.02ALFRESA HOLDINGS 2,700 JPY 13,662,000 0.19 HOYA 15,800 JPY 36,640,200 0.52ASAHI GLASS 42,000 JPY 25,578,000 0.36 IBIDEN 9,700 JPY 15,549,100 0.22ASAHI GROUP HOLDINGS 4,300 JPY 11,089,700 0.16 IDEMITSU KOSAN 2,000 JPY 17,000,000 0.24ASAHI KASEI 46,000 JPY 33,994,000 0.48 INPEX CORP 17,600 JPY 20,380,800 0.29ASTELLAS PHARMA 9,900 JPY 49,500,000 0.70 ISUZU MOTORS 28,000 JPY 18,088,000 0.26BANK OF YOKOHAMA 28,000 JPY 15,708,000 0.22 ITOCHU 44,000 JPY 52,888,000 0.75BENESSE 4,500 JPY 16,065,000 0.23 IYO BANK 13,000 JPY 13,364,000 0.19BRIDGESTONE 14,000 JPY 50,050,000 0.71 J FRONT RETAILING 27,000 JPY 21,438,000 0.30BROTHER INDUSTRIES 5,400 JPY 5,972,400 0.08 JAPAN EXCHANGE GROUP INC 9,300 JPY 20,208,900 0.29CANON 29,700 JPY 92,961,000 1.32 JAPAN PETROLEUMCENTRAL JAPAN RAILWAY 4,400 JPY 55,352,000 0.78 EXPLORATION 700 JPY 2,954,000 0.04CHIBA BANK 20,000 JPY 14,320,000 0.20 JAPAN TOBACCO 29,000 JPY 102,370,000 1.46CHIYODA CORP 13,000 JPY 15,340,000 0.22 JFE HOLDINGS 5,900 JPY 15,003,700 0.21CHUBU ELECTRIC POWER 23,700 JPY 31,900,200 0.45 JGC 5,000 JPY 17,700,000 0.25CHUGAI PHARMACEUTICAL 5,200 JPY 10,472,800 0.15 JX HOLDINGS 52,300 JPY 26,620,700 0.38CHUGOKU ELECTRIC POWER 6,900 JPY 10,764,000 0.15 KANEKA 24,000 JPY 15,360,000 0.22COCA-COLA WEST JAPAN 6,600 JPY 12,942,600 0.18 KANSAI ELECTRIC POWER 6,900 JPY 8,694,000 0.12DAI NIPPON PRINTING 23,000 JPY 23,874,000 0.34 KAO 15,800 JPY 48,348,000 0.69DAICEL CORP 21,000 JPY 18,585,000 0.26 KDDI 12,500 JPY 63,000,000 0.89DAIHATSU MOTOR 10,000 JPY 19,000,000 0.27 KEYENCE 700 JPY 26,075,000 0.37DAI-ICHI MUTUAL LIFE KINDEN 10,000 JPY 10,550,000 0.15INSURANCE 10,400 JPY 14,560,000 0.21 KINTETSU CORP 14,000 JPY 5,124,000 0.07DAIICHI S.A.NKYO COMPANY 15,600 JPY 27,736,800 0.39 KIRIN HOLDINGS 21,000 JPY 30,009,000 0.43DAIKIN INDUSTRIES 2,900 JPY 15,109,000 0.21 KOBE STEEL 119,000 JPY 21,658,000 0.31DAITO TRUST CONSTRUCTION 2,900 JPY 28,449,000 0.40 KOMATSU 21,600 JPY 52,682,400 0.75DAIWA HOUSE INDUSTRY 19,000 JPY 35,112,000 0.50 KONICA MINOLTA INC. 26,500 JPY 21,836,000 0.31DAIWA SECURITIES GROUP 53,000 JPY 46,640,000 0.66 KUBOTA 19,000 JPY 26,923,000 0.38DENA 8,600 JPY 17,182,800 0.24 KURARAY 8,000 JPY 9,400,000 0.13DENSO 11,300 JPY 51,754,000 0.73 KURITA WATER INDUSTRIES 7,900 JPY 16,455,700 0.23DENTSU 1,700 JPY 6,341,000 0.09 KYOCERA 5,200 JPY 27,092,000 0.38EAST JAPAN RAILWAY 8,100 JPY 68,364,000 0.97 KYUSHU ELECTRIC POWER 4,200 JPY 5,884,200 0.08EISAI 8,800 JPY 35,112,000 0.50 LAWSON INC 1,500 JPY 11,535,000 0.16ELECTRIC POWER LIXIL GROUP 1,400 JPY 2,826,600 0.04DEVELOPMENT 6,200 JPY 19,840,000 0.28 MAKITA 4,700 JPY 26,790,000 0.38FANUC CORP 3,700 JPY 59,977,000 0.85 MARUBENI 52,000 JPY 40,144,000 0.57FAST RETAILING 900 JPY 33,165,000 0.47 MARUICHI STEEL TUBE 5,800 JPY 14,140,400 0.20FUJI HEAVY INDUSTRIES 17,000 JPY 46,070,000 0.65 MAZDA MOTOR 32,000 JPY 13,984,000 0.20FUJI PHOTO FILM 16,300 JPY 38,370,200 0.54 MEDIPAL HOLDINGS CORP 9,500 JPY 11,504,500 0.16FUJITSU 17,000 JPY 6,222,000 0.09 MEIJI HOLDINGS 3,400 JPY 18,258,000 0.26260

Portfolio of Investments and Other Net Assets as at 30 September 2013Japanese EquityStatement of investments as at 30 September 2013(expressed in JPY)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsMIRACA HOLDINGS INC. 3,900 JPY 17,082,000 0.24 OTSUKA 1,300 JPY 16,276,000 0.23MITSUBISHI CHEMICAL OTSUKA HOLDINGS KK 12,000 JPY 34,152,000 0.48HOLDINGS 55,500 JPY 25,419,000 0.36 PANASONIC CORP 36,600 JPY 34,696,800 0.49MITSUBISHI CORP 32,700 JPY 64,942,200 0.92 RAKUTEN INC 8,700 JPY 12,919,500 0.18MITSUBISHI ELECTRIC 57,000 JPY 58,710,000 0.83 RESONA 69,600 JPY 34,939,200 0.50MITSUBISHI ESTATE 25,000 JPY 72,400,000 1.03 RICOH 15,000 JPY 16,965,000 0.24MITSUBISHI GAS CHEMICAL 24,000 JPY 19,776,000 0.28 ROHM 5,400 JPY 21,762,000 0.31MITSUBISHI HEAVY SANKYO 1,300 JPY 6,233,500 0.09INDUSTRIES 52,000 JPY 29,276,000 0.41 SANTEN PHARMACEUTICAL 1,700 JPY 8,100,500 0.11MITSUBISHI MATERIALS 57,000 JPY 23,085,000 0.33 SBI HOLDINGS 14,300 JPY 18,103,800 0.26MITSUBISHI TANABE PHARMA 13,000 JPY 17,901,000 0.25 SECOM 4,900 JPY 30,086,000 0.43MITSUBISHI UFJ FINANCIAL SEKISUI CHEMICAL 21,000 JPY 20,958,000 0.30GROUP 296,800 JPY 186,093,600 2.65 SEKISUI HOUSE 21,000 JPY 27,678,000 0.39MITSUI & COMPANY 49,400 JPY 70,444,400 1.00 SEVEN AND I HOLDINGS 17,800 JPY 63,724,000 0.90MITSUI FUDOSAN 16,000 JPY 52,720,000 0.75 SHIKOKU ELECTRIC POWER 4,200 JPY 7,001,400 0.10MIZUHO FINANCIAL GROUP 580,800 JPY 123,710,400 1.76 SHIMAMURA 1,500 JPY 14,655,000 0.21MS & AD INSURANCE GROUP 11,700 JPY 29,952,000 0.42 SHIMANO 500 JPY 4,385,000 0.06MURATA MANUFACTURING 3,900 JPY 29,211,000 0.41 SHIN-ETSU CHEMICAL 7,800 JPY 46,800,000 0.66NABTESCO 7,600 JPY 18,179,200 0.26 SHIONOGI 13,000 JPY 26,793,000 0.38NAMCO BANDAI HOLDINGS 10,500 JPY 19,267,500 0.27 SHISEIDO 8,300 JPY 14,641,200 0.21NGK INSULATORS 14,000 JPY 20,832,000 0.30 SHIZUOKA BANK 6,000 JPY 6,696,000 0.09NHK SPRING 14,300 JPY 14,357,200 0.20 SHOWA SHELL SEKIYU 14,200 JPY 15,591,600 0.22NIDEC 2,300 JPY 18,630,000 0.26 SMC 700 JPY 16,338,000 0.23NIKON 12,500 JPY 21,412,500 0.30 SOFTBANK CORP 20,400 JPY 138,516,000 1.97NINTENDO 1,500 JPY 16,695,000 0.24 SOJITZ HOLDINGS 72,000 JPY 13,824,000 0.20NIPPON CREDIT BANK 65,000 JPY 18,915,000 0.27 SONY 29,400 JPY 61,681,200 0.87NIPPON ELECTRIC GLASS 28,000 JPY 14,700,000 0.21 SONY FINANCIAL HOLDINGS 10,300 JPY 18,519,400 0.26NIPPON EXPRESS 44,000 JPY 21,648,000 0.31 STANLEY ELECTRIC 3,400 JPY 7,089,000 0.10NIPPON MEAT PACKERS 13,000 JPY 18,265,000 0.26 SUMCO 10,500 JPY 8,368,500 0.12NIPPON STEEL AND SUMITOMO SUMITOMO CORP 26,000 JPY 34,372,000 0.49METAL CORP 143,000 JPY 47,619,000 0.67 SUMITOMO ELECTRICNIPPON TEL & TEL 9,200 JPY 46,736,000 0.66 INDUSTRIES 17,600 JPY 25,027,200 0.35NIPPON YUSEN KK 37,000 JPY 11,470,000 0.16 SUMITOMO METAL MINING 21,000 JPY 29,106,000 0.41NISSAN MOTOR 58,000 JPY 57,072,000 0.81 SUMITOMO MITSUI FINANCIAL 31,900 JPY 151,365,500 2.16NITORI HOLDINGS 800 JPY 7,200,000 0.10 SUMITOMO MITSUI TRUSTNITTO DENKO 2,100 JPY 13,419,000 0.19 HOLDINGS 56,000 JPY 27,160,000 0.38NKSJ HOLDINGS 2,500 JPY 6,302,500 0.09 SUMITOMO REALTYNOK 8,900 JPY 13,599,200 0.19 & DEVELOPMENT 6,000 JPY 27,930,000 0.40NOMURA HOLDING INC. 70,100 JPY 53,626,500 0.76 SUMITOMO RUBBERNOMURA REAL ESTATE INDUSTRIES 11,200 JPY 16,923,200 0.24HOLDINGS 2,900 JPY 7,003,500 0.10 SURUGA BANK 5,000 JPY 8,435,000 0.12NOMURA RESEARCH INSTITUT 6,200 JPY 21,142,000 0.30 SUZUKEN 5,300 JPY 17,119,000 0.24NSK 23,000 JPY 23,023,000 0.33 SUZUKI MOTOR 4,200 JPY 9,878,400 0.14NTT DATA 5,500 JPY 18,177,500 0.26 T&D HOLDINGS 22,900 JPY 27,800,600 0.39NTT DOCOMO INC 30,700 JPY 48,874,400 0.69 TAIYO NIPPON S.A.NSO 21,000 JPY 13,818,000 0.20ODAKYU ELECTRIC RAILWAY 6,000 JPY 5,850,000 0.08 TAKEDA PHARMACEUTICALOJI HOLDINGS CORP 44,000 JPY 20,240,000 0.29 COMPANY 15,767 JPY 73,080,045 1.04OLYMPUS OPTICAL 2,000 JPY 5,966,000 0.08 TERUMO 1,300 JPY 6,539,000 0.09OMRON 7,800 JPY 27,651,000 0.39 THK 2,700 JPY 5,869,800 0.08ORIENTAL LAND 500 JPY 8,110,000 0.11 TOBU RAILWAY 24,000 JPY 12,432,000 0.18ORIX 35,900 JPY 57,260,500 0.81 TOHO 7,500 JPY 15,345,000 0.22OSAKA GAS 72,000 JPY 30,096,000 0.43 TOHO GAS 21,000 JPY 10,794,000 0.15261

Portfolio of Investments and Other Net Assets as at 30 September 2013Japanese EquityStatement of investments as at 30 September 2013(expressed in JPY)Description Quantity Currency Evaluation % netassetsTOKIO MARINE HOLDINGS 16,100 JPY 51,600,500 0.73TOKYO ELECTRIC POWER 33,700 JPY 20,590,700 0.29TOKYO ELECTRON 1,500 JPY 7,890,000 0.11TOKYO GAS 78,000 JPY 41,964,000 0.59TOKYU 27,000 JPY 18,900,000 0.27TOKYU LAND 12,000 JPY 12,252,000 0.17TORAY INDUSTRIES 35,000 JPY 22,575,000 0.32TOSHIBA 118,000 JPY 51,920,000 0.74TOTO 15,000 JPY 20,610,000 0.29TOYO SUISAN KAISHA 6,000 JPY 17,268,000 0.24TOYODA GOSEI 6,200 JPY 14,979,200 0.21TOYOTA INDUSTRIES CORP 1,400 JPY 5,922,000 0.08TOYOTA MOTOR 62,197 JPY 389,975,190 5.54TREND 2,400 JPY 8,772,000 0.12TSUMURA & CO 5,000 JPY 14,390,000 0.20UNI CHARM 1,000 JPY 5,730,000 0.08USS CO 13,000 JPY 18,473,000 0.26WEST JAPAN RAILWAY 5,400 JPY 22,707,000 0.32YAHOO JAPAN 11,000 JPY 6,127,000 0.09YAMAGUCHI FINANCIALGROUP 14,000 JPY 13,496,000 0.19YAMAHA 11,500 JPY 16,100,000 0.23YAMATO HOLDINGS 13,300 JPY 29,419,600 0.42YOKOHAMA RUBBER 5,000 JPY 4,840,000 0.076,029,362,835 85.44TOTAL SHARES 6,029,362,835 85.44INVESTMENT FUNDSJAPANJAPAN REAL ESTATEINVESTMENT 6 JPY 6,888,000 0.10JAPAN RETAIL FUND 49 JPY 9,907,800 0.14NIPPON BUILDING FUND 16 JPY 19,520,000 0.28NIPPON PROLOGIS REIT INC 17 JPY 16,677,000 0.24NOMURA REAL ESTATEOFFICE FUND 14 JPY 7,070,000 0.10UNITED URBAN INVESTMENT 139 JPY 20,850,000 0.3080,912,800 1.16TOTAL INVESTMENT FUND 80,912,800 1.16TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING 6,110,275,635 86.60TOTAL INVESTMENTS 6,110,275,635 86.60OTHER NET ASSETS LESS LIABILITIES 945,287,521 13.40TOTAL NET ASSETS 7,055,563,156 100.00262

Portfolio of Investments and Other Net Assets as at 30 September 2013Korean EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTSSAMSUNG HEAVYINDUSTRIES 58,490 KRW 2,341,530 2.56TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK SAMSUNG SDI 6,355 KRW 1,109,345 1.21EXCHANGE LISTING SEAH STEEL CORP 11,562 KRW 1,006,455 1.10SHINHAN FINANCIAL GROUP 103,497 KRW 4,205,927 4.60SHARES SK CORP 10,442 KRW 1,885,971 2.06SK HYNIX INC 123,460 KRW 3,476,973 3.80SOUTH KOREA SK INNOVATION 22,121 KRW 3,006,819 3.29BS FINANCIAL GROUP 93,560 KRW 1,398,025 1.53 SK TELECOM 14,648 KRW 2,979,747 3.26CJ CORP 2,800 KRW 302,389 0.33 YOUNGONE HOLDINGSDAELIM INDUSTRIAL 22,654 KRW 2,045,815 2.24 COMPANY 7,718 KRW 444,780 0.49DAEWOO SHIPBUILDING & 82,595,346 90.29MARINE ENGINEERING 38,550 KRW 1,241,796 1.36 TOTAL SHARES 82,595,346 90.29DONGBU INSURANCE 40,120 KRW 1,725,649 1.89DONGWON INDUSTRIES 876 KRW 229,987 0.25 EXCHANGE TRADED FUNDSE-MART 3,513 KRW 791,486 0.87FILA KOREA 13,358 KRW 870,541 0.95 UNITED STATESHANA FINANCIAL HOLDINGS 78,650 KRW 2,698,273 2.95 ISHARES MSCI SOUTH KOREAHANKOOK TIRE 24,521 KRW 1,401,704 1.53 CAPPED INDEX FUND 42,712 USD 2,634,049 2.88HYUNDAI DEPARTMENT 2,634,049 2.88STORE 4,077 KRW 611,106 0.67 TOTAL EXCHANGE TRADED FUNDS 2,634,049 2.88HYUNDAI DEVELOPMENT 18,200 KRW 407,508 0.45 TOTAL TRANSFERABLE SECURITIESHYUNDAI HOME SHOPPING ADMITTED TO AN OFFICIAL STOCK 85,229,395 93.17NETWORK CORP 5,859 KRW 861,847 0.94 EXCHANGE LISTINGHYUNDAI MOBIS 17,838 KRW 4,749,653 5.19HYUNDAI MOTOR 38,076 KRW 8,897,638 9.72 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDHYUNDAI STEEL 7,702 KRW 593,005 0.65 MARKETHYUNDAI WIA CORP 2,569 KRW 405,400 0.44KB FINANCIAL GROUP 89,860 KRW 3,145,603 3.44 SHARESKIA MOTORS 76,468 KRW 4,648,819 5.08KOREA ELECTRIC POWER 20,220 KRW 565,686 0.62 SOUTH KOREAKOREA INVESTMENT CJ HOME SHOPPING 1,489 KRW 485,607 0.53HOLDINGS 26,660 KRW 1,028,808 1.12 SFA ENGINEERING CORP 7,259 KRW 299,723 0.33KOREA ZINC 702 KRW 212,408 0.23 785,330 0.86LG CHEMICAL 12,374 KRW 3,542,460 3.87 TOTAL SHARES 785,330 0.86LG CORP 29,251 KRW 1,802,803 1.97 TOTAL TRANSFERABLE SECURITIES785,330 0.86LG DISPLAY 28,350 KRW 684,920 0.75 TRADED ON ANOTHER REGULATED MARKETLG ELECTRONICS 10,110 KRW 670,164 0.73 TOTAL INVESTMENTS 86,014,725 94.03LG INTERNATIONAL 12,620 KRW 380,087 0.42 OTHER NET ASSETS LESS LIABILITIES 5,460,397 5.97LS CABLE 13,242 KRW 955,443 1.04 TOTAL NET ASSETS 91,475,122 100.00NAVER CORP 5,565 KRW 2,885,825 3.15NHN ENTERTAINMENT CORP 1,374 KRW 150,945 0.17POHANG IRON STEEL(POSCO) 8,122 KRW 2,415,925 2.64SAMSUNG ELECTRONICS 5,591 KRW 7,115,537 7.78SAMSUNG ELECTRONICS PF 270 KRW 220,200 0.24SAMSUNG FIRE & MARINEINSURANCE 10,808 KRW 2,480,344 2.71263

Portfolio of Investments and Other Net Assets as at 30 September 2013Mexico EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTSTF ADMINISTRADORAINDUSTRIAL 8,711,700 MXN 16,875,722 1.81TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK WALMART DE MEXICO S.A. 13,457,800 MXN 35,219,449 3.78EXCHANGE LISTING 714,843,131 76.81TOTAL SHARES 714,843,131 76.81SHARESSADR (Sponsored American Depositary Receipt)MEXICOALFA "A" 27,961,352 MXN 77,508,850 8.33 MEXICOALSEA S.A. 5,766,600 MXN 15,761,598 1.69 CEMEX S.A. ADR 456,811 USD 5,116,283 0.55AMERICA MOVIL S.A. 61,710,770 MXN 61,974,308 6.66 GRUPO AEROPORTUARIOARCA CONTINENTAL S.A. 6,267,200 MXN 39,563,421 4.25 DEL SURESTE ADR 290,864 USD 32,035,761 3.44BIMBO "A" 2,082,667 MXN 6,380,685 0.69 GRUPO FINANCIEROBOLSA MEXICANA DE SANTANDER "B" ADR 2,677,948 USD 37,009,242 3.98VALORES S.A. 1,987,900 MXN 4,741,802 0.51 74,161,286 7.97CEMEX S.A. 34,365,504 MXN 38,558,708 4.14 TOTAL SADR (Sponsored American Depositary74,161,286 7.97COCA-COLA FEMSA "L" 86,100 MXN 1,100,795 0.12 Receipt)COMPARTAMOS SAB DE CV 2,851,500 MXN 5,289,788 0.57CONCENTRADORA FIBRAADR (American Depositary Receipt)HOTELERA MEXICANA 651,586 MXN 1,046,396 0.11CORP INMOBILIARIA VESTA 6,847,775 MXN 12,588,793 1.35 MEXICOEL PUERTO DE LIVERPOOL 2,680,313 MXN 29,426,101 3.16 AMERICA MOVIL ADR 807,903 USD 16,182,297 1.74FIBRA UNO ADMINISTRATION 3,469,400 MXN 9,548,650 1.03 COCA-COLA FEMSA ADR 40,245 USD 5,151,762 0.55FOMENTO ECONOMICOFOMENTO ECONOMICOMEXICANO 3,428,542 MXN 33,478,580 3.6 MEXICANO ADR 518,104 USD 50,572,132 5.44GRUMA S.A. "B" 6,351,116 MXN 35,123,734 3.77 GRUPO TELEVISA ADR 1,324,049 USD 37,232,258 4.00GRUPO AEROPORTUARIO 109,138,449 11.73DE SUR "B" 22,900 MXN 252,767 0.03 TOTAL ADR (American Depositary Receipt) 109,138,449 11.73GRUPO AEROPORTUARIOTOTAL TRANSFERABLE SECURITIESDEL CENTRO NORTE 2,886,276 MXN 9,640,811 1.04 ADMITTED TO AN OFFICIAL STOCK898,142,866 96.51GRUPO COMERCIALEXCHANGE LISTINGCHEDRAUI S.A. 1,468,528 MXN 4,591,735 0.49 TOTAL INVESTMENTS 898,142,866 96.51GRUPO FINANCIERO OTHER NET ASSETS LESS LIABILITIES 32,445,600 3.49BANORTE "O" 9,379,471 MXN 58,070,453 6.24 TOTAL NET ASSETS 930,588,466 100.00GRUPO FINANCIEROSANTANDER "B" 1,869,100 MXN 5,182,564 0.56GRUPO KUOB "B" 1,189,000 MXN 2,306,864 0.25GRUPO MEXICO "B" 19,883,528 MXN 60,479,302 6.5GRUPO SANBORNS 6,784,843 MXN 13,947,194 1.5GRUPO TELEVISA 1,339,300 MXN 7,527,836 0.81INDUSTRIAS PENOLES 499,940 MXN 14,818,808 1.59INFRAESTRUCTURAENERGETICA NOVA 862,566 MXN 3,333,947 0.36KIMBER "A" 6,678,500 MXN 19,375,274 2.08MEXICHEM S.A. 9,751,560 MXN 43,336,040 4.66OHL MEXICO 10,427,600 MXN 27,376,464 2.94PROMOTORA Y OPERADORADE INFRAESTRUCTURA 2,109,480 MXN 20,415,692 2.19264

Portfolio of Investments and Other Net Assets as at 30 September 2013Russia EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTS TMK GDR 726,082 USD 9,395,501 2.89URALKALIY GDR 103,097 USD 2,687,584 0.83TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK VTB BANK GDR 3,368,019 USD 8,891,570 2.74EXCHANGE LISTING 152,289,850 46.91TOTAL GDR (Global Depositary Receipt) 159,042,051 48.99SHARESADR (American Depositary Receipt)FEDERATION OF RUSSIASBERBANK 10,244,166 USD 30,881,059 9.51 FEDERATION OF RUSSIA30,881,059 9.51 GAZPROM NEFT ADR 291,843 USD 6,405,954 1.97JERSEY 6,405,954 1.97UNITED COMPANY RUSAL 12,349,000 HKD 3,789,832 1.17 TOTAL ADR (American Depositary Receipt) 6,405,954 1.973,789,832 1.17 TOTAL TRANSFERABLE SECURITIESTOTAL SHARES 34,670,891 10.68 ADMITTED TO AN OFFICIAL STOCK 303,034,818 93.34EXCHANGE LISTINGSADR (Sponsored American Depositary Receipt)TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDFEDERATION OF RUSSIAMARKETFEDERAL HYDROGENERATINGADR 1,935,844 USD 3,039,275 0.94 SHARESLUKOIL ADR 511,625 USD 32,437,025 9.98MOBILE TELESYSTEMS ADR 676,670 USD 15,184,475 4.68 FEDERATION OF RUSSIANORILSK NICKEL ADR 984,666 USD 14,208,730 4.38 AEROFLOT RUSSIANOAO GAZPROM SPON ADR 3,550,555 USD 31,280,390 9.64 AIRLINES 3,014,363 USD 5,082,842 1.57SURGUTNEFTEGAZ ADR 788,122 USD 6,766,027 2.08 FEDERAL HYDROGENERATING 60 USD 1 0.00102,915,922 31.70 MOSCOW EXCHANGE MICEX 2,203,716 USD 4,215,687 1.30TOTAL SADR (Sponsored American102,915,922 31.70TNK BP HOLDINGS 2,061,057 USD 4,034,356 1.24Depositary Receipt) VTB BANK 3,167,457,398 USD 4,158,872 1.2817,491,758 5.39GDR (Global Depositary Receipt) TOTAL SHARES 17,491,758 5.39TOTAL TRANSFERABLE SECURITIES17,491,758 5.39CYPRUSTRADED ON ANOTHER REGULATED MARKETGLOBALTRANS INVESTMENTGDR 465,669 USD 6,752,201 2.08 OTHER TRANSFERABLE SECURITIES6,752,201 2.08FEDERATION OF RUSSIASHARESAFK SISTEMA GDR 396,408 USD 10,254,837 3.16CHERKIZOVO GROUP GDR 418,322 USD 4,246,792 1.31 FEDERATION OF RUSSIAMAGNIT GDR 398,995 USD 24,730,181 7.61 MAGNIT 100 RUB 25,336 0.01MEGAFON WI GDR 415,533 USD 14,646,749 4.51 25,336 0.01NOVATEK OAO GDR 111,169 USD 14,729,799 4.54 TOTAL SHARES 25,336 0.01NOVOLIPETSK STEEL OJSC TOTAL OTHER TRANSFERABLE SECURITIES 25,336 0.01GDR 125,431 USD 2,030,152 0.63 TOTAL INVESTMENTS 320,551,912 98.74OJSC LSR GROUP GDR 2,446,281 USD 10,384,463 3.20 OTHER NET ASSETS LESS LIABILITIES 4,080,632 1.26PHOSAGRO OAO GDR 531,576 USD 5,372,798 1.66 TOTAL NET ASSETS 324,632,544 100.00ROSNEFT OIL GDR 1,977,034 USD 16,001,512 4.93SEVERSTAL GDR 1,726,564 USD 15,010,618 4.62TATNEFT GDR 355,231 USD 13,907,294 4.28265

Portfolio of Investments and Other Net Assets as at 30 September 2013Singapore EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTS WILMAR INTERNATIONAL 926,000 SGD 2,339,448 3.46WING TAI HOLDINGS 302,068 SGD 493,516 0.73TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 58,701,988 86.83EXCHANGE LISTING TOTAL SHARES 63,968,864 94.62TOTAL TRANSFERABLE SECURITIESSHARES ADMITTED TO AN OFFICIAL STOCK 63,968,864 94.62EXCHANGE LISTINGBERMUDA ISLANDS TOTAL INVESTMENTS 63,968,864 94.62BIOSENSORS INTERNATIONAL OTHER NET ASSETS LESS LIABILITIES 3,639,469 5.38GROUP CORP 438,000 SGD 336,856 0.50 TOTAL NET ASSETS 67,608,333 100.00HONG KONG LAND HOLDINGS 81,000 USD 534,600 0.79NOBLE GROUP 3,517,000 SGD 2,606,744 3.853,478,200 5.14ISLE OF MANGENTING SINGAPORE 1,564,000 SGD 1,788,676 2.651,788,676 2.65SINGAPORECAPITALAND 1,080,000 SGD 2,659,655 3.93CITY DEVELOPMENTS 262,000 SGD 2,140,268 3.17DBS GROUP HOLDINGS 500,819 SGD 6,553,857 9.70EZION HOLDINGS 1,066,000 SGD 1,869,059 2.76EZRA HOLDINGS 1,000,000 SGD 912,533 1.35FIRST RESOURCES 650,000 SGD 989,441 1.46GLOBAL LOGISTICPROPERTIES 756,000 SGD 1,741,256 2.58HO BEE INVESTMENT 505,000 SGD 841,164 1.24HUTCHISON PORT HOLDINGS 667,000 USD 520,260 0.77JARDINE CYCLE & CARRIAGE 83,000 SGD 2,523,572 3.73KEPPEL CORP 377,000 SGD 3,130,777 4.63KEPPEL LAND 473,000 SGD 1,334,466 1.97OLAM INTERNATIONAL 1,135,000 SGD 1,383,982 2.05OSIM INTERNATIONAL 530,000 SGD 815,223 1.21OVERSEA-CHINESE BANKINGCORP 773,000 SGD 6,345,411 9.39SEMBCORP INDUSTRIES 797,000 SGD 3,360,138 4.97SEMBCORP MARINE 293,000 SGD 1,057,813 1.56SINGAPORE AIRLINES 65,000 SGD 540,825 0.80SINGAPORE EXCHANGE 172,000 SGD 995,195 1.47SINGAPORE PRESSHOLDINGS 212,000 SGD 694,418 1.03SINGAPORETELECOMMUNICATIONS 1,791,000 SGD 5,324,116 7.87UNITED OVERSEAS BANK 390,000 SGD 6,424,630 9.51UOL GROUP 364,000 SGD 1,784,102 2.64VARD HOLDINGS 2,779,000 SGD 1,926,863 2.85266

Portfolio of Investments and Other Net Assets as at 30 September 2013Taiwan EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTSTECO ELECTRIC &MACHINERY 232,000 TWD 245,595 2.47TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK TONG YANG INDUSTRY 145,475 TWD 218,207 2.20EXCHANGE LISTING TURVO INTERNATIONAL 34,100 TWD 142,432 1.43UNIMICRON TECHNOLOGY 135,000 TWD 115,059 1.16SHARESUNI-PRESIDENTENTERPRISES CORP 97,995 TWD 182,617 1.84TAIWAN UNITED MICRO ELECTRONICS 582,000 TWD 249,000 2.51ASUSTEK COMPUTER INC 18,760 TWD 149,421 1.50 WPG HOLDINGS 145,000 TWD 170,661 1.72CATHAY FINANCIAL 9,593,034 96.56HOLDING 294,456 TWD 419,265 4.21 TOTAL SHARES 9,593,034 96.56CHENG SHIN RUBBERTOTAL TRANSFERABLE SECURITIESINDUSTRIES 41,295 TWD 108,100 1.09 ADMITTED TO AN OFFICIAL STOCK9,593,034 96.56CHINA LIFE INSURANCE 131,815 TWD 118,809 1.20 EXCHANGE LISTINGCHINA STEEL 302,556 TWD 265,540 2.67CHUNGHWA TELECOM 92,194 TWD 295,283 2.97 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDCOMPAL ELECTRONICS 372,000 TWD 271,759 2.74 MARKETDELTA ELECTRONICSINDUSTRIAL 47,000 TWD 228,106 2.30 SHARESE SUN FINANCIAL HOLDINGS 411,073 TWD 266,241 2.68FORMOSA CHEMICAL & FIBER 73,500 TWD 195,387 1.97 TAIWANFORMOSA PETROCHEMICAL HU LANE ASSOCIATE INC 71,000 TWD 224,761 2.26CORP 15,000 TWD 39,418 0.40 224,761 2.26FORMOSA PLASTICS 108,160 TWD 279,111 2.81 TOTAL SHARES 224,761 2.26FOXCONN TECHNOLOGY 95,100 TWD 247,018 2.49 TOTAL TRANSFERABLE SECURITIES224,761 2.26FUBON FINANCIAL HOLDING 293,547 TWD 406,057 4.09 TRADED ON ANOTHER REGULATED MARKETHON HAI PREC INDUSTRIES 353,798 TWD 908,205 9.13 TOTAL INVESTMENTS 9,817,795 98.82INVENTEC 157,000 TWD 151,863 1.53 OTHER NET ASSETS LESS LIABILITIES 117,384 1.18KINSUS INTERCONNECT TOTAL NET ASSETS 9,935,179 100.00TECHNOLOGY 42,000 TWD 147,730 1.49LARGAN PRECISION 5,000 TWD 168,259 1.69LIAN HWA FOODS CORP 4,560 TWD 6,015 0.06LITE-ON TECHNOLOGY 185,821 TWD 316,746 3.19MEDIATEK INC 32,082 TWD 396,584 3.99MEGA FINANCIAL HOLDING 424,000 TWD 347,748 3.50NAN YA PLASTICS 118,170 TWD 248,590 2.50POU CHEN 148,000 TWD 172,440 1.74PRESIDENT CHAIN STORE 9,000 TWD 64,987 0.65RUENTEX DEVELOPMENT 136,000 TWD 278,739 2.81SINOPAC HOLDINGS 557,192 TWD 256,289 2.58SYNNEX TECHNOLOGYINTERNATIONAL 46,000 TWD 72,032 0.73TAINAN ENTERPRISES 49,000 TWD 56,677 0.57TAIWAN CEMENT 270,000 TWD 390,835 3.93TAIWAN MOBILE 28,000 TWD 99,434 1.00TAIWAN SEMICONDUCTORMANUFACTURING 263,834 TWD 896,775 9.02267

Portfolio of Investments and Other Net Assets as at 30 September 2013Thai EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTSOTHER TRANSFERABLE SECURITIESTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKSHARESEXCHANGE LISTINGTHAILANDSHARES STP & I 4,288,500 THB 2,550,042 2.172,550,042 2.17THAILAND TOTAL SHARES 2,550,042 2.17ADVANCED INFORMATION 1,061,900 THB 8,656,710 7.38 TOTAL OTHER TRANSFERABLE SECURITIES 2,550,042 2.17AIRPORTS OF THAILAND 228,700 THB 1,378,182 1.17 TOTAL INVESTMENTS 112,389,593 95.67AP (THAILAND) 10,839,900 THB 2,044,591 1.74 OTHER NET ASSETS LESS LIABILITIES 5,087,394 4.33BANGCHAK PETROLEUM 1,638,900 THB 1,663,509 1.42 TOTAL NET ASSETS 117,476,987 100.00BANGKOK BANK 1,331,300 THB 8,384,385 7.14BANGKOK BANK (NVDR) 388,200 THB 2,432,432 2.07BANK OF AYUDHYA 3,889,600 THB 4,694,085 4.00BANPU PUBLIC 4,504,000 THB 3,959,680 3.37BEC WORLD 1,111,800 THB 2,017,073 1.72CENTRAL PATTANA PUBLIC 1,144,600 THB 1,610,036 1.37CHAROEN POKPHAND FOODS 4,670,200 THB 3,583,239 3.05CP ALL 2,024,200 THB 2,281,086 1.94DELTA ELECTRONICS 1,180,200 THB 1,858,193 1.58DYNASTY CERAMIC 1,019,300 THB 1,816,670 1.55GLOW ENERGY 417,100 THB 870,061 0.74JASMINE INTERNATIONAL 4,877,300 THB 1,286,360 1.09KASIKORNBANK 148,400 THB 837,351 0.71KASIKORNBANK (NVDR) 1,877,400 THB 10,503,254 8.95KHON KAEN SUGAR 3,670,000 THB 1,407,915 1.2KRUNG THAI BANK 12,654,900 THB 7,767,638 6.61LPN DEVELOPMENT 1,958,600 THB 1,283,597 1.09PRUKSA REAL ESTATE 1,930,800 THB 1,203,652 1.02PTT EXPLORATION &PRODUCTION 1,015,691 THB 5,308,947 4.52PTT GLOBAL CHEMICAL 1,644,300 THB 3,916,214 3.33PTT PUBLIC COMPANY 711,100 THB 7,183,677 6.11SHIN CORP 689,200 THB 1,817,725 1.55SHIN CORP (NVDR) 447,900 THB 1,181,311 1.01SIAM CEMENT 319,700 THB 4,353,928 3.71SIAM COMMERCIAL BANK 1,165,500 THB 5,514,461 4.69SRIRACHA CONSTRUCTION 2,084,300 THB 2,282,180 1.94SUPALAI 2,452,900 THB 1,238,985 1.05THAI OIL 1,386,900 THB 2,560,508 2.18THAI VEGETABLE OIL 5,084,200 THB 2,941,916 2.5109,839,551 93.50TOTAL SHARES 109,839,551 93.50TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING109,839,551 93.50268

Portfolio of Investments and Other Net Assets as at 30 September 2013Turkey EquityStatement of investments as at 30 September 2013(expressed in EUR)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTS YAPI KREDI BANKASI 4,500,000 TRY 7,395,285 4.44151,948,944 91.31TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK TOTAL SHARES 153,907,206 92.49EXCHANGE LISTINGINVESTMENT FUNDSSHARESTURKEYAUSTRIASINPAS GAYRIMENKULDO & CO RESTAURANTS YATIRIM REIT 19,500,000 TRY 7,548,669 4.54& CATERING 58,603 TRY 1,958,262 1.18 7,548,669 4.541,958,262 1.18 TOTAL INVESTMENT FUNDS 7,548,669 4.54TURKEYTOTAL TRANSFERABLE SECURITIESAKBANK 5,550,000 TRY 15,079,809 9.06 ADMITTED TO AN OFFICIAL STOCK 161,455,875 97.03AKFEN GAYRIMENKULEXCHANGE LISTINGYATIRIM ORTAKLIGI A.S. 1,750,000 TRY 869,174 0.52 TOTAL INVESTMENTS 161,455,875 97.03ARCELIK 1,800,000 TRY 7,723,965 4.64 OTHER NET ASSETS LESS LIABILITIES 4,944,402 2.97ASYA KATILIM BANKASI 3,500,000 TRY 2,441,357 1.47 TOTAL NET ASSETS 166,400,277 100.00BANVIT BANDIRMA VITAMINLIYEM SANAYII TICARET 1,700,000 TRY 1,775,599 1.07BIM BIRLESIK MAGAZALAR A.S 260,000 TRY 3,949,995 2.37COCA COLA ICECEK 25,000 TRY 470,194 0.28EMLAK KONUT GAYRIMENKULYATOTA 3,000,000 TRY 2,990,982 1.80FORD OTOMOTIV SANAYI 200,000 TRY 2,030,508 1.22GARANTI BANKASI 5,150,000 TRY 14,970,979 9.00KARDEMIR KARABUK DEMIR 18,000,000 TRY 7,428,153 4.46KOC HOLDING A.S. 2,000,000 TRY 6,807,315 4.09KOZA ALTIN ISLETMELERI 50,000 TRY 586,145 0.35ODAS ELEKTRIK URETIM VES.A.NAYI TICARET 1,400,000 TRY 1,942,860 1.17SABANCI HOLDING 2,100,000 TRY 7,485,124 4.50TOFAS TURK OTOMOBILFABRIKASI 1,550,000 TRY 6,962,524 4.18TORUNLAR GAYRIMENKULYATIRIM ORTAKLIGI A.S. 2,100,000 TRY 2,599,854 1.56TRAKYA CAM SANAYII A.S. 8,250,000 TRY 7,230,946 4.35TURK HAVA YOLLARI 2,870,000 TRY 8,070,539 4.85TURKCELL ILETISMHIZMETLERI 765,000 TRY 3,324,592 2.00TURKIYE HALK BANKASI 2,850,000 TRY 15,404,105 9.26TURKIYE IS BANKASI "C" 8,050,000 TRY 15,698,821 9.44TURKIYE SINAI KALKINMABANK 1,477,272 TRY 965,703 0.58TURKIYE VAKIFLARBANKASI 4,600,000 TRY 7,744,416 4.65269

Portfolio of Investments and Other Net Assets as at 30 September 2013UK EquityStatement of investments as at 30 September 2013(expressed in GBP)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTSLUXEMBOURGAZ ELECTRONIC MATERIALS 256,561 GBP 753,007 0.97TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 753,007 0.97EXCHANGE LISTING TOTAL SHARES 67,694,511 87.31TOTAL TRANSFERABLE SECURITIESSHARES ADMITTED TO AN OFFICIAL STOCK 67,694,511 87.31EXCHANGE LISTINGBERMUDA ISLANDSSIGNET JEWELERS 69,893 GBP 3,048,034 3.93 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED3,048,034 3.93 MARKETCANADAITHACA ENERGY 1,037,862 GBP 1,541,225 1.99 SHARES1,541,225 1.99GREAT BRITAINGREAT BRITAINATKINS 138,192 GBP 1,608,555 2.07 BALFOUR BEATTY 389,314 GBP 1,104,289 1.42BARCLAYS 1,160,586 GBP 3,081,356 3.97 BARCLAYS 294,537 GBP 781,996 1.01BG GROUP 265,123 GBP 3,116,521 4.02 HOWDEN JOINERY GROUP 588,886 GBP 1,707,769 2.21BHP BILLITON 171,263 GBP 3,121,268 4.03 JOHN WOOD GROUP 176,923 GBP 1,420,692 1.83BP 727,469 GBP 3,148,078 4.06 LLOYDS BANK 2,229,171 GBP 1,634,651 2.11BRITISH AMERICAN TOBACCO 94,638 GBP 3,103,653 4.00 REXAM 98,634 GBP 472,851 0.61BT GROUP 939,777 GBP 3,215,033 4.15 SPECTRIS 70,498 GBP 1,557,301 2.01CENTRICA 858,554 GBP 3,165,489 4.08 8,679,549 11.20COMPASS GROUP 376,882 GBP 3,197,844 4.12 SWITZERLANDGLAXOSMITHKLINE 200,855 GBP 3,127,312 4.03 GLENCORE XSTRATA 143,645 GBP 482,432 0.62GREGGS 214,120 GBP 905,513 1.17 482,432 0.62HSBC HOLDINGS 702,962 GBP 4,690,865 6.06 TOTAL SHARES 9,161,981 11.82INMARSAT 219,474 GBP 1,553,876 2.00 TOTAL TRANSFERABLE SECURITIES9,161,981 11.82KINGFISHER 731,469 GBP 2,819,082 3.64 TRADED ON ANOTHER REGULATED MARKETPETROFAC 119,384 GBP 1,667,794 2.15 TOTAL INVESTMENTS 76,856,492 99.13PRUDENTIAL 268,774 GBP 3,088,213 3.98 OTHER NET ASSETS LESS LIABILITIES 673,414 0.87RECKITT BENCKISER 69,077 GBP 3,109,156 4.01 TOTAL NET ASSETS 77,529,906 100.00RIO TINTO 52,589 GBP 1,589,240 2.05UNILEVER 125,416 GBP 3,051,371 3.94VODAFONE GROUP 1,506,561 GBP 3,255,889 4.2055,616,108 71.73GUERNSEYRESOLUTION 1,003,534 GBP 3,184,213 4.113,184,213 4.11IRELANDPROVIDENCE RESOURCES 151,803 GBP 478,286 0.62RYANAIR HOLDING 581,905 EUR 3,073,638 3.963,551,924 4.58270

Portfolio of Investments and Other Net Assets as at 30 September 2013US EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTS GENERAL ELECTRIC CAPITAL 83,292 USD 2,000,674 0.95GENERAL MILLS 45,000 USD 2,151,900 1.02TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK GOODYEAR TIRE CORP 128,070 USD 2,879,014 1.36EXCHANGE LISTING GOOGLE "A" 2,094 USD 1,840,616 0.87HALLIBURTON CORP 62,113 USD 3,003,785 1.42SHARES INTEL CORP 90,000 USD 2,062,800 0.97INTERNATIONAL BUSINESSIRELAND MACHINES 27,609 USD 5,136,102 2.43ACCENTURE CORP 16,289 USD 1,202,617 0.57 INTERNATIONAL PAPER1,202,617 0.57 CORP 40,000 USD 1,794,800 0.85UNITED STATES JOHNSON & JOHNSON CORP 24,460 USD 2,118,481 1.00ABBVIE INC 54,000 USD 2,387,880 1.13 JP MORGAN CHASE 101,653 USD 5,279,857 2.49AFLAC CORP 22,176 USD 1,369,368 0.65 KOHLS CORP 32,127 USD 1,654,862 0.78AMGEN CORP 33,975 USD 3,820,489 1.80 KRAFT FOODS GROUP INC 30,000 USD 1,571,400 0.74APPLE CORP 16,956 USD 8,141,083 3.84 KROGER CORP 70,585 USD 2,850,928 1.35AT & T INC 31,177 USD 1,053,471 0.50 LORILLARD CORP 60,007 USD 2,689,514 1.27BALL CORP 60,330 USD 2,717,263 1.28 MACY'S CORP 44,469 USD 1,913,501 0.90BANK OF AMERICA 59,848 USD 830,092 0.39 MARATHON PETROLEUMBAXTER INTERNATIONAL CORP 14,267 USD 912,517 0.43CORP 45,504 USD 3,003,719 1.42 MCDONALDS 25,000 USD 2,410,000 1.14BERKSHIRE HATHAWAY MERCK & CO CORP 12,000 USD 568,320 0.27CORP "B" 22,804 USD 2,593,727 1.23 MICROSOFT CORP 76,815 USD 2,526,445 1.19CELGENE CORP 19,590 USD 3,045,070 1.44 MOTOROLA SOLUTIONS INC 40,428 USD 2,403,040 1.14CF INDUSTRIES HOLDINGS OCCIDENTAL PTL CORP 27,804 USD 2,589,665 1.22CORP 11,281 USD 2,391,572 1.13 PEPSICO CORP 6,000 USD 478,440 0.23CHEVRON CORP 47,155 USD 5,738,763 2.71 PFIZER CORP 39,000 USD 1,119,690 0.53CISCO SYSTEMS CORP 184,374 USD 4,310,664 2.04 PHILIP MORRISCITIGROUP CORP 55,038 USD 2,674,847 1.26 INTERNATIONAL 20,000 USD 1,738,200 0.82COACH CORP 27,807 USD 1,514,091 0.72 PHILLIPS 66 CORP 33,252 USD 1,909,995 0.90COCA COLA 16,319 USD 620,122 0.29 PROCTER & GAMBLE CORP 17,000 USD 1,301,860 0.62COCA COLA ENTERPRISES RAYTHEON CORP 25,398 USD 1,963,265 0.93CORP 47,656 USD 1,932,927 0.91 ROBERT HALFCOMPUTER ASSOC INTERNATIONAL CORP 57,253 USD 2,223,707 1.05INTERNATIONAL CORP 98,800 USD 2,942,264 1.39 ROCKWELL AUTOMATIONCORPCAST CORP 80,000 USD 3,602,000 1.70 CORP 26,986 USD 2,888,851 1.36CROWN CASTLE SIMON PROPERTY GROUP 16,457 USD 2,453,574 1.16INTERNATIONAL 22,178 USD 1,613,006 0.76 SLM CORP 80,156 USD 2,003,098 0.95CUMMINS INC 16,289 USD 2,171,975 1.03 SOUTHERN CORP 55,437 USD 2,276,798 1.08CVS CAREMARK CORP 50,000 USD 2,874,000 1.36 TIME WARNER CABLE 13,000 USD 1,456,130 0.69DEERE & COMPANY CORP 26,000 USD 2,129,920 1.01 TJX COS NEW CORP 56,125 USD 3,162,644 1.49DIRECTV CORP 16,000 USD 957,120 0.45 TRAVELERS COMPANIES 28,007 USD 2,374,714 1.12DISCOVER FINANCIAL UNION PACIFIC CORP 24,813 USD 3,894,897 1.84SERVICES 53,802 USD 2,719,691 1.28 UNITED TECHNOLOGIESDR PEPPER SNAPPLE GROUP CORP 13,726 USD 1,493,801 0.71INC 37,484 USD 1,675,535 0.79 UNITEDHEALTH GP CORP 53,181 USD 3,786,487 1.79ELI LILLY CORP 63,565 USD 3,204,312 1.51 US BANCORP DEL 53,145 USD 1,946,701 0.92ESTEE LAUDER CORP "A" 27,103 USD 1,917,537 0.91 VERIZON COMMUNICATIONS 20,671 USD 963,269 0.46EXXON MOBIL CORP 89,069 USD 7,660,824 3.61 WAL MART STORES CORP 4,000 USD 296,640 0.14FRANK RESOURCES CORP 50,000 USD 2,525,500 1.19 WELLS FARGO CORP 131,774 USD 5,454,125 2.58271

Portfolio of Investments and Other Net Assets as at 30 September 2013US EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsWESTERN UNION COMPANYCORP 152,377 USD 2,825,070 1.33WISCONSIN ENERGY CORP 78,087 USD 3,130,508 1.48WYNN RESORTS CORP 13,235 USD 2,095,762 0.99XCEL ENERGY 55,000 USD 1,519,650 0.72YAHOO CORP 114,234 USD 3,807,990 1.803M CO CORP 9,990 USD 1,196,003 0.57194,258,922 91.78TOTAL SHARES 195,461,539 92.35TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCK 195,461,539 92.35EXCHANGE LISTINGTOTAL INVESTMENTS 195,461,539 92.35OTHER NET ASSETS LESS LIABILITIES 16,201,871 7.65TOTAL NET ASSETS 211,663,410 100.00272

Portfolio of Investments and Other Net Assets as at 30 September 2013Asian Currencies BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsINVESTMENTS SINGAPORE (GOVT) 2.75%01/07/2023 1,000,000 SGD 825,715 0.72TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK SINGAPORE (GOVT) 3.125%EXCHANGE LISTING 01/09/2022 6,400,000 SGD 5,502,294 4.7813,385,380 11.62BONDSSOUTH KOREAKOREA (GOVT) 3.75%CAYMAN ISLANDS 10/06/2022 1,600,000,000 KRW 1,531,926 1.33CHINA SHANSHUI CEMENT 6.5% KOREA (GOVT) 4.0%22/07/2014 5,000,000 CNY 825,934 0.72 10/03/2016 7,000,000,000 KRW 6,694,980 5.82EVERGRANDE REAL ESTATE 8,226,906 7.157.5% 19/01/2014 6,500,000 CNY 1,064,603 0.93 THAILANDKAISA GROUP HOLDINGS THAILAND (GOVT) 3.625%6.875% 22/04/2016 4,500,000 CNY 729,867 0.63 16/06/2023 27,000,000 THB 844,359 0.732,620,404 2.28 THAILAND (GOVT) 3.65%INDIA 17/12/2021 78,500,000 THB 2,471,434 2.15IDBI BANK 3.65% 28/08/2015 750,000 SGD 599,149 0.52 3,315,793 2.88INDIAN OIL CORP 4.1%VIRGIN ISLANDS15/10/2022 500,000 SGD 357,430 0.31 CENTRAL PLAZA DEVELOP-956,579 0.83 MENT 7.6% 29/11/2015 2,500,000 CNY 428,764 0.37INDONESIA 428,764 0.37INDONESIA (GOVT) 5.625% TOTAL BONDS 43,145,934 37.4715/05/2023 28,780,000,000 IDR 2,032,494 1.76INDONESIA (GOVT) 7%FLOATING RATE BONDS15/05/2027 18,000,000,000 IDR 1,344,874 1.17INDONESIA (GOVT) 8.25%HONG KONG15/06/2032 12,000,000,000 IDR 976,322 0.85 DAH SING BANK 4.875% VRNPT BANK DANAMON 8.75% 09/02/2022 1,250,000 SGD 1,033,528 0.9009/12/2013 13,000,000,000 IDR 1,126,211 0.98 1,033,528 0.905,479,901 4.76 MALAYSIAMALAYSIAMALAYAN BANKING 3.8% VRNMALAYAN BANKING 6% VRN 28/04/2021 1,000,000 SGD 813,266 0.71PERP 1,000,000 SGD 846,954 0.74 813,266 0.71MALAYSIA (GOVT) 3.58%SINGAPORE28/09/2018 17,000,000 MYR 5,201,372 4.51 DBS BANK 3.3% VRN6,048,326 5.25 21/02/2022 2,750,000 SGD 2,235,957 1.94PHILIPPINESMAPLETREE TREASURYPETRON CORP 7% 10/11/2017 80,000,000 PHP 1,834,044 1.59 SERVICES 5.125% VRN PERP 500,000 SGD 400,578 0.35PHILIPPINES (GOVT) 4.95%UNITED OVERSEAS BANK15/01/2021 34,000,000 PHP 849,837 0.74 3.45% VRN 01/04/2021 1,250,000 SGD 1,015,591 0.882,683,881 2.33 3,652,126 3.17SINGAPORE TOTAL FLOATING RATE BONDS 5,498,920 4.78ICICI BANK 4.9% 21/09/2015 2,000,000 CNY 329,972 0.29 TOTAL TRANSFERABLE SECURITIESSINGAPORE (GOVT) 2.5% ADMITTED TO AN OFFICIAL STOCK 48,644,854 42.2501/06/2019 8,000,000 SGD 6,727,399 5.83 EXCHANGE LISTING273

Portfolio of Investments and Other Net Assets as at 30 September 2013Asian Currencies BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDTHAILANDMARKET THAILAND (GOVT) 3.25%16/06/2017 195,000,000 THB 6,226,100 5.41BONDS THAILAND (GOVT) 3.45%08/03/2019 198,000,000 THB 6,278,717 5.45INDONESIA 12,504,817 10.86INDONESIA (GOVT) 7% TOTAL BONDS 64,919,548 56.3815/05/2022 14,300,000,000 IDR 1,124,778 0.98 TOTAL TRANSFERABLE SECURITIESINDOSAT 10.2% 29/05/2014 3,000,000,000 IDR 264,526 0.23 TRADED ON ANOTHER REGULATED MARKET 64,919,548 56.381,389,304 1.21 TOTAL INVESTMENTS 113,564,402 98.63MALAYSIA OTHER NET ASSETS LESS LIABILITIES 1,576,297 1.37MALAYSIA (GOVT) 3.434% TOTAL NET ASSETS 115,140,699 100.0015/08/2014 7,500,000 MYR 2,309,852 2.01MALAYSIA (GOVT) 3.492%31/03/2020 23,250,000 MYR 7,040,278 6.11MALAYSIA (GOVT) 3.892%15/03/2027 500,000 MYR 148,703 0.13MALAYSIA (GOVT) 4.012%15/09/2017 9,000,000 MYR 2,809,816 2.44MALAYSIA (GOVT) 4.127%15/04/2032 1,500,000 MYR 448,664 0.39MALAYSIA (GOVT) 4.262%15/09/2016 2,300,000 MYR 722,502 0.6313,479,815 11.71PHILIPPINESPHILIPPINES (GOVT) 5%18/08/2018 120,000,000 PHP 2,995,953 2.60PHILIPPINES (GOVT)5.875% 31/01/2018 202,000,000 PHP 5,197,772 4.52PHILIPPINES (GOVT) 5.875%02/02/2032 20,000,000 PHP 501,328 0.44PHILIPPINES (GOVT) 5.875%01/03/2032 30,000,000 PHP 751,689 0.65PHILIPPINES (GOVT) 8%19/07/2031 17,000,000 PHP 530,628 0.469,977,370 8.67SINGAPORESINGAPORE (GOVT) 3.5%01/03/2027 4,600,000 SGD 3,937,177 3.41UNITED OVERSEAS BANK VRN03/09/2019 3,500,000 SGD 2,849,876 2.486,787,053 5.89SOUTH KOREAKOREA (GOVT) 4.25%10/06/2021 4,700,000,000 KRW 4,650,601 4.04KOREA (GOVT) 5% 10/06/2020 2,500,000,000 KRW 2,572,224 2.23KOREA (GOVT) 5.75%10/09/2018 13,000,000,000 KRW 13,558,364 11.7720,781,189 18.04274

Portfolio of Investments and Other Net Assets as at 30 September 2013Brazil BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETBONDSBONDSBRAZILBRAZIL (GOVT) 10%BRAZIL 01/01/2018 3,400 BRL 1,458,221 3.16BRAZIL (GOVT) 0% 01/04/2015 11,100 BRL 4,289,451 9.30 1,458,221 3.16BRAZIL (GOVT) 0% 01/07/2015 4,500 BRL 1,690,911 3.67 TOTAL BONDS 1,458,221 3.16BRAZIL (GOVT) 0% 01/07/2016 12,500 BRL 4,169,262 9.04 TOTAL TRANSFERABLE SECURITIES1,458,221 3.16BRAZIL (GOVT) 0% 01/01/2017 8,500 BRL 2,679,586 5.81 TRADED ON ANOTHER REGULATED MARKETBRAZIL (GOVT) 10% TOTAL INVESTMENTS 45,189,537 98.0101/01/2017 16,800 BRL 7,293,415 15.83 OTHER NET ASSETS LESS LIABILITIES 916,640 1.99BRAZIL (GOVT) 10% TOTAL NET ASSETS 46,106,177 100.0001/01/2019 100 BRL 43,445 0.09BRAZIL (GOVT) 10%01/01/2023 7,200 BRL 2,947,372 6.39BRAZIL (GOVT) 10.25%10/01/2028 1,000,000 BRL 449,226 0.97NOTA DO TESOURONACIONAL 10% 01/01/2021 7,650 BRL 3,185,411 6.9126,748,079 58.01TOTAL BONDS 26,748,079 58.01PLACEMENTSBRAZILBRAZIL (GOVT) 0% 01/01/2016 26,000 BRL 9,196,872 19.959,196,872 19.95TOTAL PLACEMENTS 9,196,872 19.95FLOATING RATE BONDSBRAZILBRAZIL (GOVT) 0% 01/01/2015 19,613 BRL 7,786,365 16.897,786,365 16.89TOTAL FLOATING RATE BONDS 7,786,365 16.89TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING43,731,316 94.85275

Portfolio of Investments and Other Net Assets as at 30 September 2013Euro BondStatement of investments as at 30 September 2013(expressed in EUR)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsINVESTMENTS GROUPE BPCE 9.25% PERP 400,000 EUR 424,500 0.43LA POSTE 2.75% 26/11/2024 500,000 EUR 500,685 0.51TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK RCI BANQUE S.A. 1.75%EXCHANGE LISTING 06/07/2016 400,000 EUR 402,048 0.41RESEAU FERRE DE FRANCEBONDS 4.375% 02/06/2022 1,000,000 EUR 1,166,269 1.19RTE EDF TRANSPORTAUSTRALIA 4.875% 06/05/2015 500,000 EUR 533,940 0.55TELSTRA CORP 3.75% SAGESS 2.625% 06/03/2025 1,100,000 EUR 1,087,405 1.1116/05/2022 400,000 EUR 440,020 0.45 SCOR 6.154% VRN PERP 250,000 EUR 257,860 0.26440,020 0.45 VIVENDI 4.125% 18/07/2017 300,000 EUR 323,912 0.33AUSTRIA 12,063,823 12.32AUSTRIA (GOVT) 3.5%GERMANY15/09/2021 2,500,000 EUR 2,816,063 2.87 ALLIANZ FINANCE 5.5%2,816,063 2.87 VRN PERP 1,000,000 EUR 1,005,200 1.03BELGIUM GERMANY (GOVT) 4%BELGIUM (GOVT) 3.75% 04/01/2037 2,500,000 EUR 3,113,800 3.1828/09/2020 1,500,000 EUR 1,679,970 1.71 GERMANY (GOVT) 5.5%BELGIUM (GOVT) 4% 04/01/2031 1,450,000 EUR 2,070,905 2.1128/03/2018 2,500,000 EUR 2,808,312 2.87 TALANX AG 3.125%BNP PARIBAS FORTIS S.A. 13/02/2023 700,000 EUR 722,638 0.744.625% VRN PERP 1,300,000 EUR 1,306,799 1.33 6,912,543 7.06BNP PARIBAS FORTIS S.A.GREAT BRITAIN5.757% 04/10/2017 500,000 EUR 566,798 0.58 AVIVA 5.25% 02/10/2023 350,000 EUR 350,000 0.366,361,879 6.49 BARCLAYS BANK 4.75%FINLAND VRN PERP 500,000 EUR 396,875 0.40FINLAND (GOVT) 1.125% 746,875 0.7615/09/2018 1,500,000 EUR 1,507,673 1.54 HONG KONGSAMPO OYJ 4.25% 27/02/2017 875,000 EUR 948,618 0.97 HUTCHISON WHAMPOA2,456,291 2.51 3.625% 06/06/2022 700,000 EUR 745,910 0.76FRANCE 745,910 0.76AGENCE FRANCAISE 3.75%ITALY15/02/2027 1,000,000 EUR 1,092,295 1.12 ASSICURAZIONI GENERALIBANQUE FED CREDIT 1.625% 7.75% VRN 12/12/2042 200,000 EUR 216,763 0.2211/01/2018 600,000 EUR 597,618 0.61 BUONI POLIENNALI DEL TESBANQUE FED CREDIT 4.471% 5.75% 1/2/2033 1,800,000 EUR 1,965,842 2.01VRN PERP 500,000 EUR 505,365 0.52 ENI SPA 4.25% 03/02/2020 300,000 EUR 330,227 0.34BANQUE FED CREDIT 5% INTESA SANPAOLO 3.375%30/09/2015 550,000 EUR 587,925 0.6 24/01/2025 500,000 EUR 494,748 0.51BANQUE PSA FINANCE INTESA SANPAOLO 3.625%3.625% 29/04/2014 400,000 EUR 404,000 0.41 05/12/2022 600,000 EUR 620,061 0.63BPCE SFH 4% 23/03/2022 1,000,000 EUR 1,141,719 1.17 INTESA SANPAOLO 3.75%COMPAGNIE DE ST GOBAIN 25/09/2019 300,000 EUR 322,539 0.333.625% 28/03/2022 225,000 EUR 234,550 0.24 INTESA SANPAOLO 4.125%CREDIT AGRICOLE 3.875% 14/01/2016 500,000 EUR 517,483 0.5313/02/2019 700,000 EUR 765,223 0.78 INTESA SANPAOLO 4.375%FRANCE (GOVT) 4% 15/10/2019 500,000 EUR 516,033 0.5325/04/2055 1,000,000 EUR 1,107,905 1.13 ITALY (GOVT) 3.75%FRANCE (GOVT) 4.25% 01/03/2021 1,800,000 EUR 1,795,643 1.8325/10/2023 800,000 EUR 930,604 0.95276

Portfolio of Investments and Other Net Assets as at 30 September 2013Euro BondStatement of investments as at 30 September 2013(expressed in EUR)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsITALY (GOVT) 4% 01/02/2017 1,900,000 EUR 1,978,118 2.02 SPAIN (GOVT) 3% 30/04/2015 2,500,000 EUR 2,554,188 2.61ITALY (GOVT) 4.25% SPAIN (GOVT) 4.1%01/02/2015 1,000,000 EUR 1,037,164 1.06 30/07/2018 400,000 EUR 420,562 0.43ITALY (GOVT) 5.25% SPAIN (GOVT) 5.4%01/08/2017 4,100,000 EUR 4,432,161 4.52 31/01/2023 1,200,000 EUR 1,304,022 1.33SNAM SPA 3.5% 13/02/2020 300,000 EUR 307,989 0.31 SPAIN (GOVT) 5.5%SNAM SPA 3.875% 30/07/2017 3,000,000 EUR 3,308,324 3.3819/03/2018 500,000 EUR 531,408 0.54 TELEFONICA EMISIONESUNICREDIT 2.75% 31/01/2020 400,000 EUR 404,784 0.41 3.987% 23/01/2023 400,000 EUR 389,366 0.40UNICREDIT 4.25% 29/07/2016 1,000,000 EUR 1,078,675 1.10 13,290,965 13.57UNICREDIT 6.95% 31/10/2022 700,000 EUR 722,313 0.74 SWEDEN17,271,951 17.63 SKANDINAVISKA ENSKILDALUXEMBOURG 4% 12/09/2022 600,000 EUR 632,145 0.65EUROPEAN FINANCIAL STABILITY 632,145 0.65FAC 3.375% 05/07/2021 1,500,000 EUR 1,660,763 1.69 UNITED STATESEUROPEAN INVESTMENTBANK OF AMERICA 4% VRNBANK 2.75% 15/09/2025 1,000,000 EUR 1,024,935 1.05 28/03/2018 400,000 EUR 380,580 0.39EUROPEAN UNION 2.5% GOLDMAN SACHS 4.5%04/11/2027 500,000 EUR 496,405 0.51 09/05/2016 500,000 EUR 539,983 0.553,182,103 3.25 MICROSOFT CORP 2.625%NETHERLANDS 02/05/2033 450,000 EUR 412,009 0.42ABN AMRO BANK 4.125% MORGAN STANLEY 2.25%28/03/2022 600,000 EUR 664,032 0.68 12/03/2018 800,000 EUR 808,040 0.82CRH FINANCE 5% 25/01/2019 400,000 EUR 457,134 0.47 ORACLE CORP 3.125%HEINEKEN 2% 06/04/2021 1,000,000 EUR 975,840 1.00 10/07/2025 800,000 EUR 814,927 0.84ING BANK 1.875% 2,955,539 3.0227/02/2018 1,300,000 EUR 1,306,260 1.32 TOTAL BONDS 79,746,308 81.41ING BANK 4.50% 21/02/2022 800,000 EUR 906,704 0.93KBC IFIMA 4.5%FLOATING RATE BONDS17/09/2014 1,000,000 EUR 1,037,325 1.06NETHERLANDS (GOVT) 3.5%FRANCE15/07/2020 2,000,000 EUR 2,251,989 2.29 AXA S.A. 5.125% VRNRABOBANK NEDERLAND 04/07/2043 300,000 EUR 309,123 0.323.5% 17/10/2018 500,000 EUR 544,533 0.56 SUEZ ENVIRONMENT 4.82%8,143,817 8.31 VRN PERPETUAL 800,000 EUR 824,203 0.84NORWAY 1,133,326 1.16STATOIL ASA 2.875%GREAT BRITAIN10/09/2025 1,700,000 EUR 1,726,384 1.76 SSE 5.625% VRN PERP 750,000 EUR 788,925 0.811,726,384 1.76 788,925 0.81SPAINIRELANDABERTIS INFRAESTRUCTURASCLOVERIE SWISS REINS4.75% 25/10/2019 600,000 EUR 657,960 0.67 6.625% VRN 01/09/2042 250,000 EUR 296,798 0.30BANCO BILBAO VIZCAYA 296,798 0.30ARG S.A. 3.25% 24/01/2016 1,000,000 EUR 1,038,330 1.06 LUXEMBOURGBANCO SANTANDER S.A. HANNOVER FINANCE 5%4.375% 16/03/2015 1,500,000 EUR 1,568,985 1.60 VRN 30/06/2043 300,000 EUR 314,096 0.32GAS NATURAL CAPITAL 5% 314,096 0.3213/02/2018 500,000 EUR 555,850 0.57 NETHERLANDSIBERDROLA FINANZAS 4.75% ALLIANZ FINANCE 5.75%25/01/2016 600,000 EUR 646,074 0.66 08/07/2041 500,000 EUR 556,510 0.57SANTANDER INTERNATIONAL 556,510 0.57DEBT 4.625% 21/03/2016 800,000 EUR 847,304 0.86277

Portfolio of Investments and Other Net Assets as at 30 September 2013Euro BondStatement of investments as at 30 September 2013(expressed in EUR)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsSWEDENNETHERLANDSSWEDBANK 3% VRN ABN AMRO BANK 2.5%05/12/2022 600,000 EUR 608,649 0.62 29/11/2023 800,000 EUR 764,576 0.78608,649 0.62 IBERDROLA INTERNATIONALUNITED STATES 2.875% 11/11/2020 800,000 EUR 791,032 0.81GE CAPITAL TRUST 4.625% 1,555,608 1.5915/09/2066 500,000 EUR 500,218 0.51 SPAIN500,218 0.51 CAIXABANK 5.125%TOTAL FLOATING RATE BONDS 4,198,522 4.29 27/04/2016 400,000 EUR 432,278 0.44TOTAL TRANSFERABLE SECURITIES 432,278 0.44ADMITTED TO AN OFFICIAL STOCK 83,944,830 85.70 TOTAL BONDS 10,015,882 10.22EXCHANGE LISTINGFLOATING RATE BONDSTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETFRANCECARREFOUR BANQUE S.A.BONDS FRN 16/04/2016 250,000 EUR 251,955 0.26ELECTRICITE DE FRANCECANADA 4.25% VRN PERP 1,000,000 EUR 1,011,990 1.03ROYAL BANK OF CANADA 1,263,945 1.291.625% 04/08/2020 500,000 EUR 496,483 0.51 NETHERLANDS496,483 0.51 ALLIANDER 4.875%FRANCE VRN PERPETUAL 300,000 EUR 310,028 0.32BPCE S.A. 4.625% 18/07/2023 1,100,000 EUR 1,099,714 1.12 310,028 0.32CREDIT MUTUEL CIC HOME TOTAL FLOATING RATE BONDS 1,573,973 1.61LOAN SFH 2.5% 11/09/2023 1,500,000 EUR 1,512,254 1.53 TOTAL TRANSFERABLE SECURITIES11,589,855 11.83ORANGE S.A. 3.125%TRADED ON ANOTHER REGULATED MARKET09/01/2024 1,100,000 EUR 1,102,118 1.13 TOTAL INVESTMENTS 95,534,685 97.53SOCIETE GENERALE 4% OTHER NET ASSETS LESS LIABILITIES 2,423,202 2.4707/06/2023 500,000 EUR 480,330 0.49 TOTAL NET ASSETS 97,957,887 100.004,194,416 4.27GERMANYVIER GAS TRANSPORT 2%12/06/2020 600,000 EUR 600,630 0.61600,630 0.61GREAT BRITAINBARCLAYS BANK 4.125%15/03/2016 500,000 EUR 537,800 0.55537,800 0.55IRELANDCRH FINANCE 3.125%03/04/2023 400,000 EUR 398,930 0.41398,930 0.41ITALYINTESA SANPAOLO 2.25%24/09/2018 1,000,000 EUR 999,925 1.02999,925 1.02MEXICOAMERICA MOVIL 5.125% VRN06/09/2073 800,000 EUR 799,812 0.82799,812 0.82278

Portfolio of Investments and Other Net Assets as at 30 September 2013Euro Credit BondStatement of investments as at 30 September 2013(expressed in EUR)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsINVESTMENTS LLOYDS BANK 5.875%08/07/2014 3,000,000 EUR 3,099,150 0.62TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 14,934,453 2.98EXCHANGE LISTINGHONG KONGHUTCHISON WHAMPOA 3.625%BONDS 06/06/2022 6,000,000 EUR 6,393,510 1.276,393,510 1.27AUSTRIAITALYOMV AG 2.625% 27/09/2022 3,800,000 EUR 3,871,896 0.77 ENI 4.875% 11/10/2017 7,000,000 EUR 7,816,865 1.56OMV AG 4.25% 12/10/2021 1,850,000 EUR 2,116,798 0.42 INTESA SANPAOLO 4.125%5,988,694 1.19 19/09/2016 7,000,000 EUR 7,246,365 1.44BELGIUM 15,063,230 3.00ANHEUSER BUSCHMEXICO2.875% 25/09/2024 7,000,000 EUR 7,076,685 1.41 AMERICA MOVIL 6.375%BNP PARIBAS FORTIS S.A. VRN 06/09/2073 7,000,000 EUR 6,954,885 1.394.625% VRN PERP 9,700,000 EUR 9,750,731 1.94 6,954,885 1.3916,827,416 3.35 NETHERLANDSCAYMAN ISLANDSDEUTSCHE ANN FINANCEHUTCHISON WHAMPOA 3.125% 25/07/2019 7,000,000 EUR 7,099,960 1.423.75% VRN PERP 7,000,000 EUR 6,646,360 1.32 HIT FINANCE 5.75% 09/03/2018 7,000,000 EUR 8,026,900 1.606,646,360 1.32 IBERDROLA INTERNATIONALDENMARK 5.75% VRN PERP 6,000,000 EUR 6,062,940 1.21CARLSBERG BREWERIES ING BANK 2.125%2.625% 15/11/2022 7,100,000 EUR 6,998,257 1.39 10/07/2015 10,750,000 EUR 10,996,120 2.196,998,257 1.39 RABOBANK NEDERLANDFRANCE 6.875% 19/03/2020 4,500,000 EUR 4,978,553 0.99BANQUE FED CREDIT 4.471% 37,164,473 7.41VRN PERP 7,000,000 EUR 7,075,110 1.41 NORWAYBPCE 6.117% VRN PERP 6,000,000 EUR 6,093,750 1.21 DNB BANK 4.25%CASINO GUICHARD PERRACHON 18/01/2022 5,000,000 EUR 5,595,525 1.12S.A. 3.311% 25/01/2023 1,800,000 EUR 1,774,674 0.35 DNB BANK 4.75% VRNORANGE S.A. 3.625% 08/03/2022 7,300,000 EUR 7,825,929 1.5614/10/2015 7,000,000 EUR 7,399,945 1.48 STATOIL ASA 2.875%RCI BANQUE S.A. 4.25% 10/09/2025 5,000,000 EUR 5,077,600 1.0127/04/2017 6,000,000 EUR 6,450,630 1.29 18,499,054 3.69VALEO S.A. 4.875%SPAIN11/05/2018 5,000,000 EUR 5,611,150 1.12 BBVA SENIOR FINANCE S.A.34,405,259 6.86 3.25% 21/03/2016 6,000,000 EUR 6,157,740 1.23GERMANYTELEFONICA EMISIONESCOMMERZBANK AG 7.75% 5.431% 03/02/2014 6,000,000 EUR 6,094,440 1.2116/03/2021 6,000,000 EUR 6,412,500 1.28 12,252,180 2.44MUNICH 5.767% VRN PERP 6,000,000 EUR 6,306,000 1.26 SWITZERLAND12,718,500 2.54 CREDIT SUISSE AG 5.75% VRNGREAT BRITAIN 18/09/2025 8,000,000 EUR 7,976,680 1.59AVIVA 5.25% 02/10/2023 3,100,000 EUR 3,100,000 0.62 7,976,680 1.59FCE BANK 1.875%UNITED STATES12/05/2016 4,700,000 EUR 4,765,918 0.95 GOLDMAN SACHS 4.375%FCE BANK 2.875% 16/03/2017 4,000,000 EUR 4,360,360 0.8703/10/2017 3,800,000 EUR 3,969,385 0.79279

Portfolio of Investments and Other Net Assets as at 30 September 2013Euro Credit BondStatement of investments as at 30 September 2013(expressed in EUR)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsMICROSOFT CORP 2.625%TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED02/05/2033 6,650,000 EUR 6,088,574 1.21 MARKETMORGAN STANLEY 5.375%10/08/2020 7,000,000 EUR 8,109,920 1.62 BONDSORACLE CORP 3.125%10/07/2025 8,000,000 EUR 8,149,279 1.63 AUSTRIASIMON PROPERTY GROUPERSTE GROUP BANK AG2.375% 02/10/2020 3,700,000 EUR 3,721,294 0.74 7.125% 10/10/2022 6,000,000 EUR 6,798,390 1.3630,429,427 6.07 6,798,390 1.36TOTAL BONDS 233,252,378 46.49 CZECH REPUBLICCEZ AS 3% 05/06/2028 3,800,000 EUR 3,611,121 0.72FLOATING RATE BONDS 3,611,121 0.72DENMARKFRANCE DANSKE BANK 3.875%SUEZ ENVIRONMENT 4.82% VRN 04/10/2023 6,000,000 EUR 6,019,770 1.20VRN PERPETUAL 6,000,000 EUR 6,181,530 1.23 6,019,770 1.206,181,530 1.23 FRANCEGERMANY GDF SUEZ 2.25% 01/06/2018 5,000,000 EUR 5,207,900 1.04ALLIANZ SE 5.625% VRN ICADE 2.25% 30/01/2019 2,600,000 EUR 2,608,827 0.5217/10/42 10,000,000 EUR 11,049,650 2.20 KERING 2.5% 15/07/2020 1,400,000 EUR 1,408,246 0.2811,049,650 2.20 RCI BANQUE S.A. 3.25%IRELAND 17/01/2014 2,000,000 EUR 2,014,270 0.40AQUARIUS AND INVESTMENTSSCHNEIDER ELECTRIC S.A.ZURICH 4.25% VRN 02/10/2043 7,000,000 EUR 6,920,585 1.38 2.5% 06/09/2021 2,100,000 EUR 2,126,649 0.42CLOVERIE SWISS REINS SOCIETE GENERALE 4%6.625% VRN 01/09/2042 6,000,000 EUR 7,123,140 1.42 07/06/2023 6,000,000 EUR 5,763,960 1.1514,043,725 2.80 19,129,852 3.81JERSEYGERMANYUBS FUNDING 4.28% VRNVIER GAS TRANSPORTPERP 6,000,000 EUR 6,060,000 1.21 3.125% 10/07/2023 2,300,000 EUR 2,382,041 0.476,060,000 1.21 2,382,041 0.47SPAINGREAT BRITAINMAPFRE S.A. 5.921% VRN BARCLAYS BANK 6.625%24/07/2037 5,000,000 EUR 4,756,250 0.95 30/03/2022 7,000,000 EUR 8,040,095 1.614,756,250 0.95 FCE BANK 1.75%SWEDEN 21/05/2018 2,200,000 EUR 2,179,793 0.43NORDEA BANK 4.625% HSBC HOLDINGS 3.375%VRN 15/02/2022 8,000,000 EUR 8,560,240 1.71 VRN 10/01/2024 5,400,000 EUR 5,461,128 1.09SWEDBANK 3% VRNMORRISON SUPERMARKETS05/12/2022 7,000,000 EUR 7,100,905 1.42 2.25% 19/06/2020 3,300,000 EUR 3,279,656 0.6515,661,145 3.13 18,960,672 3.78UNITED STATESITALYGE CAPITAL TRUST 4.625% TELECOM ITALIA 4.5%15/09/2066 10,000,000 EUR 10,004,350 1.99 20/09/2017 6,000,000 EUR 6,060,456 1.2110,004,350 1.99 6,060,456 1.21TOTAL FLOATING RATE BONDS 67,756,650 13.51 LUXEMBOURGTOTAL TRANSFERABLE SECURITIES FIAT INDUSTRIAL 6.25%ADMITTED TO AN OFFICIAL STOCK 301,009,028 60.00 09/03/2018 7,000,000 EUR 7,739,375 1.54EXCHANGE LISTING 7,739,375 1.54280

Portfolio of Investments and Other Net Assets as at 30 September 2013Euro Credit BondStatement of investments as at 30 September 2013(expressed in EUR)Description Face Value Currency Evaluation % netassetsNETHERLANDSENBW INTERNATIONAL FINANCE6.125% 07/07/2039 5,000,000 EUR 6,646,374 1.32REPSOL INTERNATIONALFINANCE 3.625% 07/10/2021 5,700,000 EUR 5,723,997 1.14SUEDZUCKER INTERNATIONALFINANCE 4.125% 29/03/2018 3,050,000 EUR 3,388,260 0.68VOLKSWAGEN INTERNATIONALFINANCE 3.875% VRN PERP 6,400,000 EUR 6,423,776 1.2822,182,407 4.42SPAINFERROVIAL EMISIONES3.375% 07/06/2021 7,000,000 EUR 6,930,735 1.38GAS NATURAL CAPITAL6% 27/01/2020 6,000,000 EUR 6,920,070 1.38RED ELECTRICA FINANCES.A. 2.375% 31/5/2019 6,000,000 EUR 5,905,590 1.18RED ELECTRICA FINANCES.A. 3.875% 25/01/2022 2,000,000 EUR 2,048,340 0.4121,804,735 4.35SWEDENPGNIG FINANCE 4% 14/02/2017 8,689,000 EUR 9,196,742 1.839,196,742 1.83UNITED STATESGOLDMAN SACHS2.625% 19/08/2020 7,000,000 EUR 7,021,070 1.407,021,070 1.40TOTAL BONDS 130,906,631 26.09TOTAL TRANSFERABLE SECURITIES130,906,631 26.09TRADED ON ANOTHER REGULATED MARKETOTHER TRANSFERABLE SECURITIESBONDSGREAT BRITAINLEHMAN BOTHERS 4.625%VRN 14/03/2019 900,000.00 EUR 90 0.0090 0.00TOTAL BONDS 90 0.00TOTAL OTHER TRANSFERABLE SECURITIES 90 0.00TOTAL INVESTMENTS 431,915,749 86.09OTHER NET ASSETS LESS LIABILITIES 69,771,224 13.91TOTAL NET ASSETS 501,686,973 100.00281

Portfolio of Investments and Other Net Assets as at 30 September 2013Euro High Yield BondStatement of investments as at 30 September 2013(expressed in EUR)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsINVESTMENTSGERMANYCOMMERZBANK AGTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 7.75% 16/03/2021 17,000,000 EUR 18,168,750 1.27EXCHANGE LISTINGKABEL DEUTSCHLANDHOLDING AG 6.5% 31/07/2017 10,000,000 EUR 10,812,500 0.76BONDSKABEL DEUTSCHLAND V&S6.5% 29/06/2018 12,000,000 EUR 12,795,000 0.90BELGIUM MUNICH 5.767% VRN PERP 19,500,000 EUR 20,494,500 1.44BNP PARIBAS FORTISTECHEM ENERGY MET SERVS.A. 4.625% VRN PERP 30,500,000 EUR 30,659,515 2.15 7.875% 01/10/2020 4,500,000 EUR 4,972,500 0.35KBC BANK 8% PERP 21,000,000 EUR 21,774,375 1.53 UNITYMEDIA GMBH52,433,890 3.68 9.625% 01/12/2019 5,500,000 EUR 6,105,000 0.43CAYMAN ISLANDSUNITYMEDIA KABELBW GMBHHUTCHISON WHAMPOA 9.5% 15/03/2021 7,550,000 EUR 8,616,438 0.603.75% VRN PERP 18,000,000 EUR 17,090,640 1.20 81,964,688 5.7517,090,640 1.20 GREAT BRITAINDENMARK BARCLAYS BANK 4.75%ISS A/S 8.875% 15/05/2016 13,500,000 EUR 9,018,176 0.63 VRN PERP 26,500,000 EUR 21,034,375 1.479,018,176 0.63 GKN HOLDINGS 5.375%FRANCE 19/09/2022 9,250,000 GBP 11,425,614 0.80AXA S.A. 5.777% VRN PERP 7,800,000 EUR 8,066,682 0.57 LLOYDS BANKBANQUE FED CREDIT 11.875% 16/12/2021 17,000,000 EUR 20,943,490 1.474.471% VRN PERP 7,000,000 EUR 7,075,110 0.50 NGG FINANCEBPCE 6.117% VRN PERP 6,000,000 EUR 6,093,750 0.43 4.25% VRN 18/06/2076 25,000,000 EUR 24,770,500 1.74CAISSE NAT EPARG 5.25%REXAM 6.75% VRNPERP 4,500,000 EUR 4,516,875 0.32 29/06/2067 20,000,000 EUR 20,850,000 1.46CROWN EURO HOLDINGS 99,023,979 6.947.125% 15/08/2018 26,250,000 EUR 28,054,688 1.97 HUNGARYGROUPE BPCE VRN PERP 10,250,000 EUR 10,205,156 0.72 MOL HUNGARIAN OIL & GASLABCO SAS 8.5% 15/01/2018 6,000,000 EUR 6,390,000 0.45 5.875% 20/04/2017 12,250,000 EUR 13,030,938 0.91LAFARGE 5.5% 16/12/2019 40,500,000 EUR 44,600,624 3.12 13,030,938 0.91LOXAM S.A.S 7.375%IRELAND24/01/2020 2,000,000 EUR 2,066,250 0.14 SMURFIT KAPPA 7.25%RENAULT S.A. 15/11/2017 18,500,000 EUR 19,320,938 1.354.625% 25/05/2016 4,000,000 EUR 4,225,000 0.30 SMURFIT KAPPA 7.75%RENAULT S.A. 15/11/2019 9,700,000 EUR 10,548,750 0.744.625% 18/09/2017 9,000,000 EUR 9,511,875 0.67 29,869,688 2.09RENAULT S.A.ITALY5.625% 30/06/2015 5,000,000 EUR 5,312,500 0.37 CIR 5.75% 16/12/2024 1,000,000 EUR 986,875 0.07REXEL S.A. 7% 17/12/2018 7,000,000 EUR 7,647,500 0.54 986,875 0.07SOCIETE GENERALEJAPAN4.196% VRN PERP 3,450,000 EUR 3,432,750 0.24 SOFTBANK CORPSPCM S.A. 5.5% 15/06/2020 5,000,000 EUR 5,312,500 0.37 4.625% 15/04/2020 10,000,000 EUR 10,162,500 0.71TEREOS EUROPE 10,162,500 0.716.375% 15/04/2014 7,855,000 EUR 8,056,284 0.56 LUXEMBOURGTEREOS FINANCE GROUPFIAT FINANCEI 4.25% 04/03/2020 1,000,000 EUR 988,750 0.07 7.625% 15/09/2014 7,500,000 EUR 7,865,625 0.55VINCI S.A. 6.25% VRN PERP 5,350,000 EUR 5,646,470 0.40 FMC FINANCE VIIIWENDEL S.A. S.A. 6.5% 15/09/2018 6,000,000 EUR 6,963,750 0.495.875% 17/09/2019 29,000,000 EUR 31,501,250 2.20 GRIEF LUXEMBOURGWENDEL S.A. FINANCE 7.375% 15/07/2021 6,975,000 EUR 7,899,188 0.556.75% 20/04/2018 6,000,000 EUR 6,768,750 0.47205,472,764 14.41282

Portfolio of Investments and Other Net Assets as at 30 September 2013Euro High Yield BondStatement of investments as at 30 September 2013(expressed in EUR)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsHEIDELBERG CEMENT 7.5%SPAIN03/04/2020 13,500,000 EUR 16,048,125 1.13 ENCE ENERGIA Y CELULOSAHEIDELBERG CEMENT 8.5% 7.25% 15/02/2020 5,000,000 EUR 5,262,500 0.3731/10/2019 23,000,000 EUR 28,606,249 2.01 5,262,500 0.37HEIDELBERG CEMENT 9.5%SWITZERLAND15/12/2018 6,750,000 EUR 8,580,938 0.60 CREDIT SUISSE AG 5.75%KION FINANCE S.A. 6.75% VRN 18/09/2025 9,000,000 EUR 8,973,765 0.6315/02/2020 9,000,000 EUR 9,742,500 0.68 8,973,765 0.63SPIE BONDCO 3 SCA 11%UNITED STATES15/08/2019 3,250,000 EUR 3,676,563 0.26 AVIS BUDGET FINANCE89,382,938 6.27 6% 01/03/2021 2,000,000 EUR 2,031,250 0.14MEXICO BELDEN INC 5.5% 15/04/2023 5,000,000 EUR 4,859,375 0.34AMERICA MOVIL 6.375% CEMEX FINANCE 9.625%VRN 06/09/2073 6,000,000 EUR 5,961,330 0.42 14/12/2017 1,000,000 EUR 1,061,250 0.075,961,330 0.42 FRESENIUS 8.75% 15/07/2015 16,250,000 EUR 18,342,188 1.29NETHERLANDSGENERAL ELECTRIC CAPITALABN AMRO BANK 5.5% VRN 15/09/2067 17,500,000 EUR 18,088,350 1.277.125% 06/07/2022 3,250,000 EUR 3,759,600 0.26 44,382,413 3.11CARLSON WAGONLIT 7.5%VIRGIN ISLANDS15/06/2019 5,000,000 EUR 5,243,750 0.37 C10-EUR CAPITAL 6.277%CONTI-GUMMI FINANCE VRN 09/05/2049 4,355,000 EUR 3,187,316 0.227.125% 15/10/2018 48,700,000 EUR 50,708,874 3.56 3,187,316 0.22ELM BV 5.252% VRN PERP 35,000,000 EUR 36,067,500 2.53 TOTAL BONDS 946,122,209 66.33GMAC INTERNATIONALFINANCE 7.5% 21/04/2015 17,500,000 EUR 18,790,625 1.32 FLOATING RATE BONDSIBERDROLA INTERNATIONAL5.75% VRN PERP 16,000,000 EUR 16,167,840 1.13 AUSTRIAING GROEP 8% PERP 8,750,000 EUR 9,089,063 0.64 OMV AG 6.75% VRN PERP 21,500,000 EUR 23,766,208 1.67NOKIA SIEMENS NETWORKS 23,766,208 1.67FINANCE 7.125% 15/04/2020 13,000,000 EUR 14,454,375 1.01 FRANCEOI EUROPEAN GROUPAXA S.A. 5.125% VRN4.875% 31/03/2021 4,000,000 EUR 4,095,000 0.29 04/07/2043 3,000,000 EUR 3,091,230 0.22RABOBANK NEDERLAND AXA S.A. 6.211% VRN PERP 4,000,000 EUR 4,145,040 0.296.875% 19/03/2020 36,000,000 EUR 39,828,419 2.79 BPCE 12.5% VRN PERP 10,000,000 EUR 12,637,500 0.89REPSOL INTERNATIONAL CREDIT AGRICOLE 7.875%FINANCE 4.875% 19/02/2019 6,000,000 EUR 6,601,200 0.46 VRN PERP 17,000,000 EUR 18,901,875 1.33SCHAEFFLER FINANCE CREDIT LOGEMENT 4.604%7.75% 15/02/2017 10,000,000 EUR 11,268,750 0.79 VRN PERP 5,750,000 EUR 4,468,296 0.31SCHAEFFLER FINANCE GROUPE BPCE VRN PERP 10,250,000 EUR 5,833,438 0.418.75% 15/02/2019 9,000,000 EUR 10,181,250 0.71 SOCIETE GENERALE 9.375%ZIGGO BOND 8% 15/05/2018 24,750,000 EUR 26,451,563 1.85 VRN PERP 17,500,000 EUR 20,146,874 1.40252,707,809 17.71 69,224,253 4.85POLANDGERMANYCYFROWY POLSAT FINANCEENBW ENERGIE BADEN-WU7.125% 20/05/2018 16,000,000 EUR 17,210,000 1.21 7.375% VRN 02/04/2072 6,000,000 EUR 6,563,460 0.4617,210,000 1.21 6,563,460 0.46283

Portfolio of Investments and Other Net Assets as at 30 September 2013Euro High Yield BondStatement of investments as at 30 September 2013(expressed in EUR)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsGREAT BRITAINTOTAL TRANSFERABLE SECURITIESBG ENERGY CAPITAL VRN ADMITTED TO AN OFFICIAL STOCK 1,221,937,184 85.6730/11/2072 7,000,000 EUR 7,733,460 0.54 EXCHANGE LISTINGHELLERMANNTYTONFINANCE FRN 15/12/2017 2,100,000 EUR 2,140,992 0.15 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDROYAL BANK OF SCOTLANDMARKET10.5% VRN 16/03/2022 12,000,000 EUR 14,378,040 1.01SSE 5.625% VRN PERP 14,000,000 EUR 14,726,600 1.03 BONDS38,979,092 2.73IRELANDDENMARKCLOVERIE SWISS REINS DANSKE BANK 3.875%6.625% VRN 01/09/2042 3,200,000 EUR 3,799,008 0.27 VRN 04/10/2023 2,650,000 EUR 2,658,732 0.193,799,008 0.27 DONG ENERGY A/S 6.25%JERSEY VRN 26/06/3013 10,000,000 EUR 10,262,050 0.72UBS FUNDING 4.28% VRN 12,920,782 0.91PERP 35,000,000 EUR 35,350,000 2.48 FRANCE35,350,000 2.48 LAFARGE 4.75% 30/09/2020 3,000,000 EUR 3,033,750 0.21LUXEMBOURG LAFARGE 7.625% 27/05/2014 3,715,000 EUR 3,891,463 0.27CALCIPAR S.A. FRN NOVALIS 6% 15/06/2018 6,750,000 EUR 7,020,000 0.5001/07/2014 1,480,000 EUR 1,468,900 0.10 13,945,213 0.98TALANX FINANZ AG 8.36%GERMANY15/06/2042 17,000,000 EUR 20,794,145 1.46 TRIONISTA TOPCO GMBH22,263,045 1.56 6.875% 30/04/2021 2,500,000 EUR 2,578,125 0.18NETHERLANDS UNITYMEDIA HESSEN 5.625%ABN AMRO BANK 4.31% 15/04/2023 6,000,000 EUR 5,913,750 0.41VRN PERP 4,000,000 EUR 3,840,000 0.27 WEPA HYGIENERPRODUKTEALLIANZ FIN 5.75% GMB 6.5% 15/05/2020 800,000 EUR 840,000 0.0608/07/2041 16,000,000 EUR 17,808,320 1.25 9,331,875 0.65KONINKLIJKE KPNGREAT BRITAIN6.125% VRN PERP 16,000,000 EUR 16,433,200 1.15 AVIVA 6.125% VRN38,081,520 2.67 05/07/2043 7,000,000 EUR 7,353,885 0.52SPAIN BARCLAYS BANK 6.625%MAPFRE S.A. 5.921% 30/03/2022 1,550,000 EUR 1,780,307 0.12VRN 24/07/2037 9,000,000 EUR 8,561,250 0.60 9,134,192 0.648,561,250 0.60 IRELANDUNITED STATES SMURFIT KAPPA 4.125%GE CAPITAL TRUST 4.625% 30/01/2020 6,000,000 EUR 5,940,000 0.4215/09/2066 22,500,000 EUR 22,509,788 1.58 5,940,000 0.4222,509,788 1.58 LUXEMBOURGTOTAL FLOATING RATE BONDS 269,097,624 18.87 CEMEX ESPANA 9.875%30/04/2019 5,600,000 EUR 6,289,500 0.44ASSET BACKED SECURITIES FIAT INDUSTRIAL 6.25%09/03/2018 17,000,000 EUR 18,795,624 1.32GERMANY TELENET FINANCE 6.25%UNITYMEDIA HESSEN 8.125% 15/08/2022 4,000,000 EUR 4,095,000 0.2901/12/2017 16,500,000 EUR 6,717,351 0.47 29,180,124 2.056,717,351 0.47TOTAL ASSET BACKED SECURITIES 6,717,351 0.47284

Portfolio of Investments and Other Net Assets as at 30 September 2013Euro High Yield BondStatement of investments as at 30 September 2013(expressed in EUR)Description Face Value Currency Evaluation % netassetsNETHERLANDSHERTZ HOLDINGS 8.5%31/07/2015 13,000,000 EUR 13,609,310 0.95INTERXION HOLDING 6%15/07/2020 2,700,000 EUR 2,770,875 0.19SCHAEFFLER FINANCE 4.25%15/05/2018 5,500,000 EUR 5,565,313 0.39SCHAEFFLER FINANCE6.875% 15/08/2018 4,200,000 EUR 4,420,500 0.31TELEFONICA EUROPE7.625% VRN PERP 8,000,000 EUR 8,179,920 0.57UPC HOLDING 8.375%15/08/2020 16,000,000 EUR 17,449,999 1.23VOLKSWAGEN INTL FINANCE3.875% VRN PERP 3,350,000 EUR 3,362,445 0.24VOLKSWAGEN INTL FINANCE5.125% VRN PERP 2,100,000 EUR 2,160,942 0.1557,519,304 4.03UNITED STATESMPT OPERATING PARTNERSHIP5.75% 01/10/2020 900,000 EUR 915,188 0.06915,188 0.06TOTAL BONDS 138,886,678 9.74FLOATING RATE BONDSFRANCEELECTRICITE DE FRANCE4.25% VRN PERP 6,000,000 EUR 6,071,940 0.436,071,940 0.43GREAT BRITAINOLD MUTUAL 5%VRN PERP 8,000,000 EUR 7,808,600 0.547,808,600 0.54TOTAL FLOATING RATE BONDS 13,880,540 0.97TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET 152,767,218 10.71TOTAL INVESTMENTS 1,374,704,402 96.38OTHER NET ASSETS LESS LIABILITIES 51,690,141 3.62TOTAL NET ASSETS 1,426,394,543 100.00285

Portfolio of Investments and Other Net Assets as at 30 September 2013GEM Inflation Linked BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsINVESTMENTSSOUTH AFRICASOUTH AFRICA (GOVT) 5.5%TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 07/12/2023 51,300,000 ZAR 13,918,548 8.54EXCHANGE LISTING 13,918,548 8.54TURKEYBONDS TURKEY (GOVT) 2.5%04/05/2016 5,000,000 TRY 3,009,632 1.85BRAZIL TURKEY (GOVT) 3%BRAZIL (GOVT) 6% 15/08/2016 6,239 BRL 6,656,049 4.09 06/01/2021 17,380,000 TRY 10,395,858 6.38BRAZIL (GOVT) 6% 15/05/2045 10,350 BRL 10,891,699 6.69 TURKEY (GOVT) 3%BRAZIL (GOVT) 6% 15/08/2050 12,825 BRL 13,425,286 8.23 23/02/2022 6,982,000 TRY 3,772,011 2.3230,973,034 19.01 TURKEY (GOVT) 4%CHILE 29/04/2015 6,300,000 TRY 4,024,514 2.47BONO BCO CENT CHILE UF 21,202,015 13.023% 01/02/2016 100,000 CLP 4,666,347 2.86 TOTAL INFLATION INDEX BOND 42,195,999 25.90BONO BCO CENT CHILE UFTOTAL TRANSFERABLE SECURITIES3% 01/05/2028 25,000 CLP 1,216,608 0.75 ADMITTED TO AN OFFICIAL STOCK143,217,576 87.915,882,955 3.61 EXCHANGE LISTINGISRAELISRAEL CPI LINKED 2.75%TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED30/09/2022 52,250,000 ILS 17,101,280 10.50 MARKETISRAEL CPI LINKED 3.5%30/04/2018 19,200,000 ILS 7,367,475 4.52 TREASURY BONDS/NOTES - FIXED RATE24,468,755 15.02MEXICOSOUTH KOREAMEXICO (GOVT) 2% 09/06/2022 262,500 MXN 9,836,254 6.04 KOREA TREASURY 2.75%MEXICO (GOVT) 4% 13/06/2019 76,000 MXN 3,279,811 2.01 TREASURY NOTE 10/06/2020 2,100,000,000 KRW 2,308,840 1.42MEXICO (GOVT) 4% 15/11/2040 167,000 MXN 6,895,809 4.23 2,308,840 1.42MEXICO (GOVT) 4.5%TOTAL TREASURY BONDS/NOTES - FIXED2,308,840 1.4222/11/2035 240,000 MXN 10,679,887 6.56 RATE30,691,761 18.84TOTAL BONDS 92,016,505 56.48 INFLATION INDEX BONDTREASURY BONDS/NOTES - FIXED RATETHAILANDTHAILAND (GOVT) 1.2%SOUTH KOREA 14/07/2021 281,000,000 THB 8,890,549 5.46KOREA (GOVT) 1.5% 8,890,549 5.46TREASURY NOTE 10/06/2021 9,200,000,000 KRW 9,005,072 5.53 TOTAL INFLATION INDEX BOND 8,890,549 5.469,005,072 5.53TOTAL TREASURY BONDS/NOTES - FIXED9,005,072 5.53BONDSRATEBRAZILINFLATION INDEX BOND BRAZIL (GOVT) 6%15/08/2014 3,350 BRL 3,553,963 2.18POLAND 3,553,963 2.18POLAND (GOVT) 2.75% TOTAL BONDS 3,553,963 2.1825/08/2023 12,000,000 PLN 4,697,423 2.88 TOTAL TRANSFERABLE SECURITIES14,753,352 9.06POLAND (GOVT) 3%TRADED ON ANOTHER REGULATED MARKET24/08/2016 5,500,000 PLN 2,378,013 1.46 TOTAL INVESTMENTS 157,970,928 96.977,075,436 4.34 OTHER NET ASSETS LESS LIABILITIES 4,933,388 3.03TOTAL NET ASSETS 162,904,316 100.00286

Portfolio of Investments and Other Net Assets as at 30 September 2013Global Asset-Backed Bond (launched as at 31 May 2013)Statement of investments as at 30 September 2013(expressed in USD)Description Face Currency Evaluation % net Description Face Currency Evaluation % netvalue assets value assetsINVESTMENTSFIRST FLEXIBLE FRN01/06/2034 500,000 GBP 591,473 1.81TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKGRANITE MASTER FRNEXCHANGE LISTING 17/12/2054 1,500,000 USD 1,376,249 4.222,925,279 8.97BONDSUNITED STATESAIRE VALLEY MORTGAGESGREAT BRITAIN FRN 20/09/2066 750,000 EUR 837,571 2.57INTU (SGS) FINANCE PCL ALBA FRN 25/11/2042 926,000 GBP 918,181 2.823.875% 17/03/2023 500,000 GBP 808,251 2.48 BRUNTWOOD ALPHA FRN808,251 2.48 15/01/2019 450,000 GBP 540,644 1.66TOTAL BONDS 808,251 2.48 CANARY WHARF FRN22/10/2037 500,000 GBP 607,922 1.86FLOATING RATE BONDS DECO 17 - PAN EUROPEAN 7FRN 27/07/2020 500,000 EUR 535,783 1.64IRELAND DECO FRN 27/10/2019 2,500,000 EUR 415,728 1.28GERMAN RESIDENTIAL DECO FRN 27/10/2020 415,000 EUR 536,054 1.64FUNDING FRN 27/08/2024 350,000 EUR 478,850 1.47 EPIC (MORE LONDON) FRN478,850 1.47 15/07/2017 300,000 GBP 468,816 1.44TOTAL FLOATING RATE BONDS 478,850 1.47 EUROSAIL FRN 17/10/2040 1,110,000 EUR 758,577 2.33FOREST FINANCE FRNASSET BACKED SECURITIES 12/05/2018 500,000 EUR 492,512 1.51GREAT HALL MORTGAGESUNITED STATES FRN 18/03/2039 300,000 GBP 372,232 1.14APIDOS CINCO CDO FRNGS MORTGAGE SECURITIES20/01/2019 1,000,000 USD 940,000 2.88 5.400356% VRN 10/12/2043 500,000 USD 532,429 1.63BROADGATE FINANCING JP MORGAN CHASE 5.0747%5.098% 05/04/2035 350,000 GBP 547,205 1.68 VRN 15/11/2043 490,000 USD 531,248 1.63COUNTRYWIDE ASSETLEEK FINANCE FRNBACKED FRN 25/10/2035 685,000 USD 126,367 0.39 21/09/2038 500,000 EUR 644,082 1.98LAMBDA FINANCE BVMARBLE ARCH RESIDENTIALFRN 20/09/2031 7,000,000 USD 220,711 0.68 FRN 20/03/2040 500,000 GBP 693,944 2.13LIMEROCK CLO FRN MESDAG BV FRN 25/07/2016 295,000 EUR 328,110 1.0124/04/2023 1,500,000 USD 1,381,499 4.23 OPERA FINANCE FRNMITCHELLS AND BUTLERS 02/02/2017 1,000,000 GBP 1,582,964 4.86FINANCE FRN 15/12/2030 570,000 USD 444,601 1.36 OPERA GERMANY FRNSLM STUDENT LOAN TRUST 25/01/2022 500,000 EUR 629,447 1.93FRN 16/12/2019 1,000,000 USD 1,019,238 3.13 PARAGON MORTGAGES FRNSLMA 3.5% 15/06/2044 500,000 USD 466,094 1.43 15/01/2039 2,000,000 USD 1,058,892 3.255,145,715 15.78 PARAGON MORTGAGES FRNTOTAL ASSET BACKED SECURITIES 5,145,715 15.78 15/09/2039 772,500 USD 457,246 1.40PARAGON MORTGAGES FRNMORTGAGE BACKED SECURITIES 15/10/2041 2,372,000 EUR 1,355,058 4.16RESIDENTIAL MORTGAGEGREAT BRITAIN SECURITIES FRN 10/08/2038 1,750,000 GBP 1,831,713 5.62EDDYSTONE FINANCERESIDENTIAL MORTGAGEFRN 19/04/2021 700,000 GBP 957,557 2.94 SECURITIES FRN 14/02/2041 1,000,000 GBP 1,571,787 4.82287

Portfolio of Investments and Other Net Assets as at 30 September 2013Global Asset-Backed Bond (launched as at 31 May 2013)Statement of investments as at 30 September 2013(expressed in USD)Description Face Currency Evaluation % netvalueassetsSOUTHERN PACIFICFINANCING FRN 10/03/2044 2,410,000 GBP 2,212,409 6.78SOUTHERN PACIFICSECURITIES FRN 10/03/2044 1,250,000 GBP 1,843,359 5.65TAURUS CMBS FRN21/05/2024 500,000 EUR 677,660 2.0822,434,368 68.82TOTAL MORTGAGE BACKED SECURITIES 25,359,647 77.79TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCK 31,792,463 97.52EXCHANGE LISTINGTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETMORTGAGE BACKED SECURITIESGREAT BRITAINEDDYSTONE FINANCE FRN19/04/2021 500,000 GBP 742,653 2.28742,653 2.28TOTAL MORTGAGE BACKED SECURITIES 742,653 2.28TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET742,653 2.28OTHER TRANSFERABLE SECURITIESASSET BACKED SECURITIESUNITED STATESHLSS SERVICER ADVANCE4.94% 15/10/2045 500,000 USD 519,955 1.59519,955 1.59TOTAL ASSET BACKED SECURITIES 519,955 1.59TOTAL OTHER TRANSFERABLE SECURITIES 519,955 1.59TOTAL INVESTMENTS 33,055,071 101.39OTHER NET ASSETS LESS LIABILITIES (451,946) (1.39)TOTAL NET ASSETS 32,603,125 100.00288

Portfolio of Investments and Other Net Assets as at 30 September 2013Global Asset-Backed High Yield Bond (launched as at 31 May 2013)Statement of investments as at 30 September 2013(expressed in USD)Description Face value Currency Evaluation % net Description Face value Currency Evaluation % netassetsassetsINVESTMENTSTROPIC CDO CORP FRN15/07/2034 580,184 USD 219,820 1.05TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 2,089,428 9.94EXCHANGE LISTING TOTAL ASSET BACKED SECURITIES 2,784,418 13.25BONDSMORTGAGE BACKED SECURITIESJERSEYGREAT BRITAINCPUK FINANCE 11.625%AIRE VALLEY MORTGAGES28/02/2018 300,000 GBP 555,210 2.64 FRN 20/09/2066 750,000 EUR 837,571 3.99555,210 2.64 EDDYSTONE FINANCE FRNTOTAL BONDS 555,210 2.64 19/04/2021 300,000 GBP 410,381 1.951,247,952 5.94FLOATING RATE BONDSIRELANDFOREST FINANCE FRNGREAT BRITAIN 12/05/2018 500,000 EUR 632,831 3.01DECO 2007-C4X FRN 632,831 3.0127/01/2020 500,000 GBP 717,789 3.42 LUXEMBOURGTAURUS CMBS FRN 21/05/2024 300,000 EUR 403,558 1.92 EUROPROP FRN 30/04/2013 3,200,000 EUR 649,296 3.091,121,347 5.34 649,296 3.09IRELANDUNITED STATESDECO FRN 27/01/2018 1,000,000 EUR 767,449 3.65 DECO 15 - PAN 6 FRNGERMAN RESIDENTIAL 27/04/2018 600,000 EUR 465,226 2.21FUNDING FRN 27/08/2024 500,000 EUR 684,071 3.26 EUROSAIL FRN 17/10/2040 1,110,000 EUR 758,577 3.61TITAN EUROPE PLC FRN EUROSAIL FRN 13/03/2045 165,000 EUR 176,965 0.8423/04/2015 500,000 GBP 744,850 3.54 FLEET STREET FINANCE FRN2,196,370 10.45 26/07/2017 1,000,000 EUR 422,381 2.01NETHERLANDS MESDAG BV FRN 25/07/2016 300,000 EUR 333,671 1.59LAMBDA FINANCE BV FRN RMAC FRN 12/09/2037 2,000,000 EUR 1,246,644 5.9420/09/2031 750,000 EUR 773,948 3.68 RMAC FRN 12/06/2043 600,000 EUR 494,160 2.35773,948 3.68 SOUTHERN PACIFIC FINANCINGTOTAL FLOATING RATE BONDS 4,091,665 19.47 FRN 10/06/2043 500,000 GBP 304,382 1.45TAURUS CMBS FRN 22/04/2015 1,000,000 EUR 48,638 0.23ASSET BACKED SECURITIES TRITON FRN 25/10/2019 3,062,000 GBP 961,771 4.595,212,415 24.82GREAT BRITAIN TOTAL MORTGAGE BACKED SECURITIES 7,742,494 36.86MARSTONS ISSUER 5.641%TOTAL TRANSFERABLE SECURITIESVRN 15/07/2035 500,000 GBP 694,990 3.31 ADMITTED TO AN OFFICIAL STOCK15,173,787 72.22694,990 3.31 EXCHANGE LISTINGUNITED STATESGREENE KING FINANCETRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED5.702% 15/12/2034 567,000 GBP 771,287 3.66 MARKETLAMBDA FINANCE BV FRN20/09/2031 3,000,000 USD 94,591 0.45 ASSET BACKED SECURITIESMASTER ASSET BACKEDCAYMAN ISLANDSFRN 25/06/2035 640,177 USD 537,636 2.56 ATRIUM CDO CORP FRNSLMA 3.5% 15/06/2044 500,000 USD 466,094 2.22 20/07/2020 1,000,000 USD 914,500 4.36289

Portfolio of Investments and Other Net Assets as at 30 September 2013Global Asset-Backed High Yield Bond (launched as at 31 May 2013)Statement of investments as at 30 September 2013(expressed in USD)Description Face value Currency Evaluation % netassets914,500 4.36TOTAL ASSET BACKED SECURITIES 914,500 4.36FLOATING RATE BONDSGREAT BRITAINBROADGATE FINANCINGFRN 05/10/2023 1,500,000 GBP 457,007 2.18CANARY WHARF FINANCEFRN 22/10/2037 312,000 GBP 361,762 1.72818,769 3.90TOTAL FLOATING RATE BONDS 818,769 3.90MORTGAGE BACKED SECURITIESGREAT BRITAINBRUNTWOOD ALPHA FRN15/01/2017 700,000 GBP 786,336 3.74EPIC FRN 15/07/2017 600,000 GBP 903,990 4.301,690,326 8.04IRELANDEUROPEAN LOAN CONDUITFRN 15/05/2017 830,000 EUR 401,159 1.91SILENUS FRN 15/05/2019 100,000 EUR 103,731 0.49504,890 2.40TOTAL MORTGAGE BACKED SECURITIES 2,195,216 10.44TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET3,928,485 18.70OTHER TRANSFERABLE SECURITIESMORTGAGE BACKED SECURITIESUNITED STATESCOMMERCIAL MORTGAGEPASS VRN 15/08/2045 500,000 USD 454,671 2.16454,671 2.16TOTAL MORTGAGE BACKED SECURITIES 454,671 2.16TOTAL OTHER TRANSFERABLE SECURITIES 454,671 2.16TOTAL INVESTMENTS 19,556,943 93.08OTHER NET ASSETS LESS LIABILITIES 1,454,778 6.92TOTAL NET ASSETS 21,011,721 100.00290

Portfolio of Investments and Other Net Assets as at 30 September 2013Global BondStatement of investments as at 30 September 2013(expressed in USD)Description Face value Currency Evaluation % net Description Face value Currency Evaluation % netassetsassetsINVESTMENTSCO-OPERATIVE BANK2.375% 23/10/2015 800,000 EUR 988,722 0.47TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKCOVENTRY BUILDINGEXCHANGE LISTING SOCIETY 2.25% 04/12/2017 332,000 EUR 456,982 0.22IMPERIAL TOBACCO FINANCEBONDS 5% 02/12/2019 500,000 EUR 785,019 0.38UK (GOVT) 4.5% 07/12/2042 1,600,000 GBP 3,081,977 1.47AUSTRALIA 9,244,768 4.42AUSTRALIA (GOVT) 5.75%IRELAND15/05/2021 600,000 AUD 639,916 0.31 GE CAPITAL 5.375%639,916 0.31 23/01/2020 1,000,000 EUR 1,608,603 0.77AUSTRIA 1,608,603 0.77AUSTRIA (GOVT) 3.65%ITALY20/04/2022 800,000 EUR 1,229,629 0.59 ITALY (GOVT) 4% 01/02/2017 6,980,000 EUR 9,836,809 4.701,229,629 0.59 ITALY (GOVT) 5.5%BELGIUM 01/11/2022 5,250,000 EUR 7,684,612 3.67BELGIUM (GOVT) 4.25% 17,521,421 8.3728/09/2021 2,760,000 EUR 4,310,402 2.06 JAPAN4,310,402 2.06 JAPAN (GOVT) 0.3%BRAZIL 20/06/2015 900,000,000 JPY 9,207,056 4.41BRAZIL (GOVT) 5.875% JAPAN (GOVT) 0.6%15/01/2019 2,650,000 USD 3,008,611 1.44 20/03/2023 370,000,000 JPY 3,753,543 1.793,008,611 1.44 JAPAN (GOVT) 1.3%CAYMAN ISLANDS 20/09/2019 570,000,000 JPY 6,157,218 2.94HUTCHISON WHAMPOA JAPAN (GOVT) 1.7%3.75% VRN PERP 1,114,000 EUR 1,432,342 0.68 20/12/2016 700,000,000 JPY 7,492,655 3.581,432,342 0.68 JAPAN (GOVT) 1.9%FRANCE 20/06/2031 360,000,000 JPY 3,932,189 1.88AXA S.A. 5.5% PERP 800,000 USD 770,624 0.37 30,542,661 14.60FRANCE (GOVT) 3%LUXEMBOURG25/04/2022 1,920,000 EUR 2,787,502 1.33 EIB 0% 06/11/2026 1,300,000 USD 857,571 0.41FRANCE (GOVT) 4% GAZPROM 5.03% 25/02/2014 380,000 EUR 523,556 0.2525/04/2018 1,049,000 EUR 1,608,836 0.77 TELECOM ITALIA 6.175%FRANCE (GOVT) 5.75% 18/06/2014 700,000 USD 720,902 0.3425/10/2032 900,000 EUR 1,674,380 0.80 2,102,029 1.006,841,342 3.27 NETHERLANDSGERMANY ING BANK 5.375% 15/04/2021 500,000 GBP 916,933 0.44GERMANY (GOVT) 4.25%NETHERLANDS (GOVT)04/01/2014 2,200,000 EUR 3,010,193 1.44 2.25% 15/07/2022 1,200,000 EUR 1,661,984 0.79GERMANY (GOVT) 4.25%RABOBANK NEDERLAND04/07/2039 2,290,000 EUR 4,062,131 1.93 3.375% 19/01/2017 800,000 USD 849,528 0.41KFW 1.5% 04/04/2014 1,700,000 USD 1,711,305 0.82 3,428,445 1.64KFW 3.375% 18/01/2021 1,000,000 EUR 1,519,811 0.73 SPAIN10,303,440 4.92 BANCO BILBAO VIZCAYAGREAT BRITAIN ARG 3.5% 24/01/2021 600,000 EUR 841,368 0.40ANGLO AMERICAN 6.875%BONOS Y OBLIG DEL ESTADO01/05/2018 500,000 GBP 920,706 0.44 4.4% 31/10/2023 4,000,000 EUR 5,460,488 2.62BAT INTERNATIONAL SANTANDER US 3.724%FINANCE 8.125% 15/11/2013 500,000 USD 503,882 0.24 20/01/2015 400,000 USD 406,206 0.19BNP PARIBAS 2.7% 20/08/2018 1,000,000 USD 1,011,115 0.48 SPAIN (GOVT) 4.1%BRITISH TELECOM VRN 30/07/2018 2,931,000 EUR 4,172,274 1.9915/12/2030 1,000,000 USD 1,496,365 0.72 TELEFONICA 5.877%15/07/2019 500,000 USD 543,230 0.2611,423,566 5.46291

Portfolio of Investments and Other Net Assets as at 30 September 2013Global BondStatement of investments as at 30 September 2013(expressed in USD)Description Face value Currency Evaluation % net Description Face value Currency Evaluation % netassetsassetsSWEDENSWEDENNORDEA BANK 2.125%SWEDISH EXPORT CREDIT13/11/2019 783,000 GBP 1,233,032 0.58 FRN 14/08/2014 1,000,000 USD 1,006,530 0.49SWEDEN (GOVT) 5% 1,006,530 0.4901/12/2020 1,300,000 SEK 241,104 0.12 TOTAL FLOATING RATE BONDS 2,817,402 1.351,474,136 0.70SWITZERLANDTREASURY BONDS/NOTES - FIXED RATESWITZERLAND (GOVT) 2%28/04/2021 400,000 CHF 482,190 0.23 UNITED STATES482,190 0.23 US (GOVT) 2.125%UNITED STATES TREASURY NOTE 15/08/2021 6,300,000 USD 6,239,461 2.98BANK OF AMERICA 3.75% US (GOVT) 3.125%12/07/2016 1,000,000 USD 1,059,735 0.51 TREASURY BOND 15/05/2019 3,150,000 USD 3,409,383 1.63BURLINGTON NORTH 5.65% 9,648,844 4.6101/05/2017 500,000 USD 569,880 0.27 TOTAL TREASURY BONDS/NOTES - FIXEDCAPITAL ONE BANK 8.8% RATE 9,648,844 4.6115/07/2019 400,000 USD 514,090 0.25CITIGROUP INC 4.5%FHLMC14/01/2022 1,000,000 USD 1,048,785 0.50FANNIE MAE 1.25%UNITED STATES28/09/2016 2,000,000 USD 2,028,810 0.98 FHLMC (30YR) 3.5%FORD MOTOR CREDIT 5.75% 01/09/2043 1,420,000 USD 1,441,522 0.6901/02/2021 800,000 USD 884,148 0.42 FHLMC (30YR) 4% 01/10/2043 960,000 USD 1,003,650 0.48FREDDIE MAC 5.125% FHLMC (30YR) 4.5%17/11/2017 600,000 USD 692,931 0.33 01/10/2043 1,020,000 USD 1,086,300 0.52IBRD 1% 15/09/2016 2,000,000 USD 2,017,420 0.96 FHLMC (30YR) 5% 01/10/2043 1,350,000 USD 1,455,891 0.69JP MORGAN CHASE 4.625% 4,987,363 2.3810/05/2021 1,200,000 USD 1,282,794 0.61 TOTAL FHLMC 4,987,363 2.38MERRILL LYNCH 6.4%28/08/2017 450,000 USD 517,016 0.25 FNMAMORGAN STANLEY 6%28/04/2015 1,000,000 USD 1,072,070 0.51 UNITED STATESPFIZER 5.75% 03/06/2021 1,000,000 EUR 1,699,819 0.81 FNMA (15YR) 2.5%TIME WARNER CABLE 5.5% 01/10/2028 1,810,000 USD 1,819,262 0.8801/09/2041 250,000 USD 205,349 0.10 FNMA (15YR) 3% 01/10/2028 1,390,000 USD 1,437,890 0.69VERIZON COMMUNICATIONS FNMA (15YR) 3.5% 01/10/2028 1,100,000 USD 1,159,813 0.555.15% 15/09/2023 572,000 USD 613,181 0.29 FNMA (30YR) 3% 01/10/2043 2,680,000 USD 2,617,711 1.2514,206,028 6.79 FNMA (30YR) 3.5% 01/10/2043 1,740,000 USD 1,771,809 0.85TOTAL BONDS 119,799,529 57.25 FNMA (30YR) 4% 01/10/2043 940,000 USD 986,119 0.47FNMA (30YR) 4.5%FLOATING RATE BONDS 01/10/2043 1,020,000 USD 1,089,806 0.52FNMA (30YR) 5.5%FRANCE 01/10/2043 1,620,000 USD 1,767,066 0.84VEOLIA ENVIRONNEMENT 12,649,476 6.054.45% VRN PERP 600,000 EUR 796,397 0.38 TOTAL FNMA 12,649,476 6.05796,397 0.38GREAT BRITAINMORTGAGE BACKED SECURITIESSTANDARD CHARTERED 4%12/07/2022 1,000,000 USD 1,014,475 0.48 UNITED STATES1,014,475 0.48 GNMA (30YR) 4.5%01/10/2043 1,120,000 USD 1,207,675 0.58292

Portfolio of Investments and Other Net Assets as at 30 September 2013Global BondStatement of investments as at 30 September 2013(expressed in USD)Description Face value Currency Evaluation % net Description Face value Currency Evaluation % netassetsassetsGNMA (30YR) 5% 01/10/2043 990,000 USD 1,076,161 0.51 JAPANGNMA II (30YR) 3.5% JAPAN (GOVT) 2% 20/03/2027 613,000,000 JPY 7,048,858 3.3701/10/2043 1,510,000 USD 1,557,188 0.75 7,048,858 3.37GNMA II 4% 01/10/2043 1,130,000 USD 1,196,034 0.57 JERSEY5,037,058 2.41 HEATHROW FUNDING 2.5%TOTAL MORTGAGE BACKED SECURITIES 5,037,058 2.41 25/06/2015 500,000 USD 508,205 0.24TOTAL TRANSFERABLE SECURITIES154,939,672 74.05508,205 0.24TRADED ON ANOTHER REGULATED MARKETNETHERLANDSNETHERLANDS (GOVT)TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED 1.25% 15/01/2018 4,500,000 EUR 6,173,049 2.95MARKET TELEFONICA EUROPE 7.625%VRN PERP 700,000 EUR 969,496 0.46BONDSVOLKSWAGEN INTERNATIONALFINANCE 3.875% VRN PERP 750,000 EUR 1,019,283 0.49AUSTRALIA 8,161,828 3.90ANZ BANKING GROUP 2.4%QATAR23/11/2016 1,050,000 USD 1,090,115 0.52 STATE OF QATAR 4%MACQUARIE BANK 3.45% 20/01/2015 700,000 USD 728,641 0.3527/07/2015 950,000 USD 985,986 0.47 728,641 0.352,076,101 0.99 UNITED STATESCANADA ANHEUSER BUSCH 7.75%CANADA (GOVT) 2.75% 15/01/2019 1,200,000 USD 1,513,525 0.7301/06/2022 2,000,000 CAD 1,990,037 0.95 ENERGY TRANSFER PARTNERSCANADA (GOVT) 4% 5.2% 01/02/2022 1,000,000 USD 1,052,625 0.5001/06/2017 3,139,000 CAD 3,317,036 1.59 MET LIFE GLOBAL FUNDING5,307,073 2.54 I 5.125% 10/06/2014 1,300,000 USD 1,339,332 0.64CAYMAN ISLANDSMIDAMERICAN ENERGYHUTCHISON WHAMPOA 5.95% 15/07/2017 610,000 USD 708,027 0.345.75% 11/09/2019 1,000,000 USD 1,123,590 0.54 RABOBANK CAP 5.254%YORKSHIRE WATER 6.6011% VRN PERP 550,000 USD 562,790 0.2717/04/2031 700,000 GBP 1,448,024 0.69 WEA FINANCE 5.75%2,571,614 1.23 02/09/2015 350,000 USD 381,177 0.18FRANCE 5,557,476 2.66BNP PARIBAS HOME LOAN TOTAL BONDS 42,075,108 20.123.375% 12/01/2017 900,000 EUR 1,319,037 0.63GDF SUEZ 1.625% 10/10/2017 1,000,000 USD 994,850 0.48 TREASURY BONDS/NOTES - FIXED RATELVMH MOET HENNESSY1.625% 29/06/2017 313,000 USD 313,149 0.15 UNITED STATESRCI BANQUE S.A. 3.25%US (GOVT) 4.375% TREASURY25/04/2018 714,000 GBP 1,159,645 0.55 BOND 15/11/2039 3,725,000 USD 4,215,943 2.01SOCIETE GENERALE 3.1% 4,215,943 2.0114/09/2015 500,000 USD 519,254 0.25 TOTAL TREASURY BONDS/NOTES - FIXED4,215,943 2.014,305,935 2.06 RATEGREAT BRITAINHSBC HOLDINGS 3.375%MORTGAGE BACKED SECURITIESVRN 10/01/2024 750,000 EUR 1,027,400 0.49PRUDENTIAL 5.25% PERP 400,000 USD 380,114 0.18 GREAT BRITAINTESCO 2.7% 05/01/2017 300,000 USD 307,812 0.15 ARRAN RESIDENTIAL MTGUK (GOVT) 1.25% 22/07/2018 2,560,000 GBP 4,094,051 1.96 FRN 16/05/2047 1,000,000 USD 833,484 0.405,809,377 2.78 833,484 0.40293

Portfolio of Investments and Other Net Assets as at 30 September 2013Global BondStatement of investments as at 30 September 2013(expressed in USD)Description Face value Currency Evaluation % netassetsUNITED STATESJP MORGAN CHASE VRN15/04/2045 220,000 USD 242,156 0.11MORGAN STANLEY CAPITAL5.61% 15/04/2049 450,000 USD 119,187 0.06361,343 0.17TOTAL MORTGAGE BACKED SECURITIES 1,194,827 0.57TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET47,485,878 22.70OTHER TRANSFERABLE SECURITIESASSET BACKED SECURITIESUNITED STATESASSET BACKED FUNDING25/03/2033 7,500,000 USD 631,874 0.30TOTAL ASSET BACKED SECURITIES 631,874 0.30MORTGAGE BACKED SECURITIESUNITED STATESBANK OF AMERICA 5.634%10/07/2046 500,000 USD 549,188 0.26549,188 0.26TOTAL MORTGAGE BACKED SECURITIES 549,188 0.26TOTAL OTHER TRANSFERABLE SECURITIES 1,181,062 0.56TOTAL INVESTMENTS 203,606,612 97.31OTHER NET ASSETS LESS LIABILITIES 5,626,391 2.69TOTAL NET ASSETS 209,233,003 100.00294

Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsINVESTMENTSCANADAPTTEP CANADA INTLTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 5.692% 05/04/2021 2,100,000 USD 2,241,110 0.08EXCHANGE LISTING 2,241,110 0.08CAYMAN ISLANDSBONDS BANCO DO BRASIL 5.875%26/01/2022 18,720,000 USD 17,904,463 0.67AUSTRALIA GRUPO AVAL 5.25%CNOOC CURTIS FUNDING NO 01/02/2017 9,475,000 USD 9,841,825 0.374.5% 03/10/2023 5,600,000 USD 5,643,400 0.21 IPIC GMTN 5.5% 01/03/2022 550,000 USD 604,095 0.025,643,400 0.21 PETROBRAS INTERNATIONALBERMUDA ISLANDS FINANCE 5.75% 20/01/2020 12,160,000 USD 12,692,182 0.48CHINA RESOURCES GASPETROBRAS INTERNATIONAL4.5% 05/04/2022 2,600,000 USD 2,577,094 0.10 FINANCE 6.75% 27/01/2041 960,000 USD 932,798 0.042,577,094 0.10 PETROBRAS INTERNATIONALBRAZIL FINANCE 8.375% 10/12/2018 1,470,000 USD 1,756,158 0.07BANCO ABC-BRASIL 7.875% SINOPEC CAPITAL 201308/04/2020 5,405,000 USD 5,502,966 0.21 3.125% 24/04/2023 23,700,000 USD 21,548,633 0.80BANCO EST RIO GRANDE VALE OVERSEAS 6.875%7.375% 02/02/2022 4,560,000 USD 4,531,500 0.17 21/11/2036 3,170,000 USD 3,240,786 0.12BANCO NAC DESEN 6.369% 68,520,940 2.5716/06/2018 825,000 USD 899,762 0.03 CHILEBANCO VOTORANTIM 5.25%BANCO DEL ESTADO DE11/02/2016 7,260,000 USD 7,541,252 0.28 CHILE 3.875% 08/02/2022 6,062,000 USD 5,896,962 0.22BRASIL TELECOM 5.75% CODELCO INC 3% 17/07/2022 17,825,000 USD 16,348,554 0.6210/02/2022 25,530,000 USD 22,434,105 0.84 CODELCO INC 7.5%BRAZIL (GOVT) 10% 15/01/2019 510,000 USD 616,409 0.0201/01/2021 30 BRL 12,492 0.00 CORPBANCA S.A. 3.125%BRAZIL (GOVT) 2.625% 15/01/2018 12,200,000 USD 11,202,284 0.4205/01/2023 22,210,000 USD 19,452,406 0.73 EMPRESA NACIONAL DEBRAZIL (GOVT) 5.625% PETROLEO 4.75% 06/12/2021 8,080,000 USD 7,972,496 0.3007/01/2041 16,310,000 USD 16,275,504 0.61 EMPRESA NACIONAL DEBRAZIL (GOVT) 7.125% PETROLEO 5.25% 10/08/2020 1,900,000 USD 1,951,576 0.0720/01/2037 35,355,000 USD 41,636,345 1.57 43,988,281 1.65BRAZIL (GOVT) 8.25%COLOMBIA20/01/2034 2,310,000 USD 3,013,487 0.11 BANCO DE BOGOTA 5%BRAZIL (GOVT) 8.75% 15/01/2017 6,800,000 USD 7,080,024 0.2704/02/2025 7,250,000 USD 9,919,885 0.37 BANCOLOMBIA S.A. 6.125%CENT ELET BRASILEIRAS S.A. 26/07/2020 3,164,000 USD 3,252,988 0.125.75% 27/10/2021 14,775,000 USD 14,340,172 0.54 COLOMBIA (GOVT) 2.625%CENTRAIS ELECTRICAS 15/03/2023 944,000 USD 836,493 0.03BRASIL 6.875% 30/07/2019 10,140,000 USD 10,882,502 0.41 COLOMBIA (GOVT) 4.375%TELEMAR NORTE 5.5% 12/07/2021 36,070,000 USD 37,437,773 1.4123/10/2020 1,700,000 USD 1,502,783 0.06 COLOMBIA (GOVT) 6.125%VOTORANTIM CIMENTOS 18/01/2041 24,135,000 USD 26,474,285 0.997.25% 05/04/2041 3,000,000 USD 2,764,845 0.10 COLOMBIA (GOVT) 7.375%160,710,006 6.03 18/9/2037 8,290,000 USD 10,421,608 0.39295

Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsCOLOMBIA (GOVT) 8.125%HUNGARY21/05/2024 3,360,000 USD 4,362,994 0.16 HUNGARY (GOVT) 5.375%89,866,165 3.37 21/02/2023 5,250,000 USD 5,122,031 0.19COSTA RICA HUNGARY (GOVT) 6.25%COSTA RICA (GOVT) 4.25% 29/01/2020 3,345,000 USD 3,574,969 0.1326/01/2023 9,770,000 USD 8,774,681 0.33 HUNGARY (GOVT) 7.625%8,774,681 0.33 29/03/2041 14,850,000 USD 15,991,594 0.61CROATIA 24,688,594 0.93CROATIA (GOVT) 6.25%INDONESIA27/04/2017 14,330,000 USD 15,136,062 0.57 INDONESIA (GOVT) 3.375%CROATIA (GOVT) 6.375% 15/04/2023 12,550,000 USD 10,793,000 0.4124/03/2021 7,685,000 USD 7,968,384 0.30 INDONESIA (GOVT) 3.75%CROATIA (GOVT) 6.75% 25/04/2022 29,600,000 USD 26,806,500 1.0105/11/2019 12,660,000 USD 13,585,763 0.51 INDONESIA (GOVT) 4.875%36,690,209 1.38 05/05/2021 84,730,000 USD 84,359,306 3.17CYPRUS INDONESIA (GOVT) 5.25%ALFA MTN INSURANCE 8% 17/01/2042 9,000,000 USD 7,666,875 0.2918/03/2015 3,485,000 USD 3,733,306 0.14 INDONESIA (GOVT) 5.875%3,733,306 0.14 13/03/2020 31,265,000 USD 33,121,359 1.24EL SALVADOR INDONESIA (GOVT) 6.625%EL SALVADOR (GOVT) 17/02/2037 21,490,000 USD 21,946,663 0.827.375% 01/12/2019 3,865,000 USD 4,210,434 0.16 INDONESIA (GOVT) 6.875%EL SALVADOR (GOVT) 17/01/2018 20,690,000 USD 23,172,800 0.877.65% 15/06/2035 1,805,000 USD 1,830,947 0.07 INDONESIA (GOVT) 7.75%EL SALVADOR (GOVT) 17/01/2038 7,930,000 USD 9,064,981 0.347.75% 24/01/2023 3,705,000 USD 4,043,081 0.15 INDONESIA (GOVT) 8.5%EL SALVADOR (GOVT) 12/10/2035 8,040,000 USD 9,808,800 0.378.25% 10/04/2032 4,800,000 USD 5,193,001 0.19 MAJAPAHIT HOLDING 8%15,277,463 0.57 07/08/2019 5,230,000 USD 5,844,525 0.22GABON PERTAMINA 4.3% 20/05/2023 3,200,000 USD 2,760,000 0.10GABON (GOVT) 8.2% PERTAMINA 4.875%12/12/2017 5,290,000 USD 5,987,619 0.22 03/05/2022 3,120,000 USD 2,870,400 0.115,987,619 0.22 PERTAMINA 5.25% 23/05/2021 675,000 USD 647,156 0.02GEORGIA 238,862,365 8.97GEORGIA (GOVT) 6.875%IRELAND12/04/2021 1,050,000 USD 1,125,469 0.04 ALFA BANK 7.75%1,125,469 0.04 28/04/2021 1,075,000 USD 1,142,859 0.04GREAT BRITAIN ALFA BANK 7.875%UKREXIMBANK 8.375% 25/09/2017 11,800,000 USD 13,031,625 0.4827/04/2015 3,915,000 USD 3,499,031 0.14 RUSSIAN RAILWAYS 5.739%VEDANTA RESOURCES 03/04/2017 2,880,000 USD 3,087,072 0.126.75% 07/06/2016 2,200,000 USD 2,263,250 0.08 RZD CAPITAL 5.7%VEDANTA RESOURCES 05/04/2022 11,300,000 USD 11,574,477 0.439.5% 18/07/2018 2,000,000 USD 2,205,000 0.08 VEB FINANCE 6.902%7,967,281 0.30 09/07/2020 2,400,000 USD 2,642,460 0.10296

Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsVEB LEASING 5.125%MEXICO27/05/2016 4,735,000 USD 4,997,721 0.19 ALESTRA 11.75% 11/08/2014 900,000 USD 969,188 0.04VNESHECONOMBANK 6.025%COMISION FED ELECTRIC05/07/2022 8,500,000 USD 8,783,518 0.33 4.875% 26/05/2021 2,050,000 USD 2,116,687 0.08VNESHEKONOMBANK MEXICO (GOVT) 4.75%5.375% 13/02/2017 2,150,000 USD 2,284,042 0.09 08/03/2044 24,430,000 USD 22,221,894 0.8347,543,774 1.78 MEXICO (GOVT) 6.05%KAZAKHSTAN 11/01/2040 100,584,000 USD 110,861,169 4.16DEV BANK OF KAZAKHSTAN MEXICO (GOVT) 6.75%4.125% 10/12/2022 18,800,000 USD 17,355,126 0.65 27/09/2034 25,020,000 USD 29,870,002 1.12KAZMUNAIGAZ FINANCE 7% MEXICO (GOVT) 7.5%05/05/2020 1,225,000 USD 1,388,317 0.05 08/04/2033 7,085,000 USD 9,074,007 0.34KAZMUNAYGAZ FINANCEPETROLEOS MEXICANOS9.125% 02/07/2018 2,325,000 USD 2,846,102 0.11 5.5% 21/01/2021 27,090,000 USD 29,189,340 1.1021,589,545 0.81 PETROLEOS MEXICANOSLEBANON 6.5% 02/06/2041 6,440,000 USD 6,725,646 0.25LEBANON (GOVT) 8.25% 211,027,933 7.9212/04/2021 8,525,000 USD 9,238,969 0.35 NETHERLANDS9,238,969 0.35 KAZAKHSTAN TEMIR 6.95%LITHUANIA 10/07/2042 3,800,000 USD 3,863,346 0.14LITHUANIA (GOVT) 6.125% MAJAPAHIT HOLDING 7.75%09/03/2021 3,340,000 USD 3,823,014 0.14 20/01/2020 2,830,000 USD 3,135,994 0.12LITHUANIA (GOVT) 7.375% 6,999,340 0.2611/02/2020 11,665,000 USD 14,168,776 0.54 NIGERIA17,991,790 0.68 NIGERIA (GOVT) 6.75%LUXEMBOURG 28/01/2021 1,000,000 USD 1,081,250 0.04GAZ CAPITAL 9.25% 1,081,250 0.0423/04/2019 20,830,000 USD 25,633,085 0.96 PANAMAGAZPROM 6.51% 07/03/2022 5,620,000 USD 6,041,922 0.23 BANCO DE CREDITO DELGAZPROM 7.288% 16/08/2037 4,460,000 USD 4,834,060 0.18 5.375% 16/09/2020 6,330,000 USD 6,448,877 0.24GAZPROM CAPITAL 5.999% PANAMA (GOVT) 4.3%23/01/2021 9,000,000 USD 9,456,075 0.35 29/04/2053 2,050,000 USD 1,602,895 0.06OJSC RUSSIAN AGRI PANAMA (GOVT) 5.2%6.299% 15/05/2017 2,125,000 USD 2,273,113 0.09 30/01/2020 22,885,000 USD 25,087,338 0.94SBERBANK 4.95% 07/02/2017 11,600,000 USD 12,236,318 0.46 PANAMA (GOVT) 7.125%SBERBANK 5.18% 28/06/2019 5,360,000 USD 5,592,624 0.21 29/01/2026 12,190,000 USD 14,901,422 0.56SBERBANK 5.4% 24/03/2017 12,900,000 USD 13,771,910 0.52 48,040,532 1.80SBERBANK 5.717%PARAGUAY16/06/2021 2,000,000 USD 2,069,040 0.08 PARAGUAY (GOVT) 4.625%VTB CAPITAL 6% 12/04/2017 5,100,000 USD 5,378,843 0.20 25/01/2023 6,500,000 USD 5,963,750 0.2287,286,990 3.28 5,963,750 0.22MALAYSIAPERUPETRONAS CAPITAL 5.25%BANCO INTERNAC DEL PERU12/08/2019 5,980,000 USD 6,628,172 0.25 5.75% 07/10/2020 3,000,000 USD 2,981,070 0.11PETRONAS CAPITAL 7.875%CORP FINANCI DE DESARROL22/05/2022 500,000 USD 636,143 0.02 4.75% 08/02/2022 8,057,000 USD 7,855,253 0.297,264,315 0.27 PERU (GOVT) 5.625%18/11/2050 1,275,000 USD 1,321,773 0.05297

Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsPERU (GOVT) 6.55% SRI LANKA (GOVT) 6.25%14/03/2037 10,721,000 USD 12,629,767 0.47 04/10/2020 5,000,000 USD 4,875,000 0.18PERU (GOVT) 7.35% SRI LANKA (GOVT) 6.25%21/07/2025 7,865,000 USD 10,048,639 0.38 27/07/2021 5,375,000 USD 5,149,922 0.20PERU (GOVT) 8.75% 13,047,422 0.4921/11/2033 12,420,000 USD 17,873,559 0.68 THAILAND52,710,061 1.98 THAI OIL 3.625% 23/01/2023 1,950,000 USD 1,760,889 0.07PHILIPPINES 1,760,889 0.07PHILIPPINES (GOVT) 6.375%TURKEY15/01/2032 5,785,000 USD 6,793,759 0.25 AKBANK 5% 24/10/2022 4,350,000 USD 3,996,867 0.15PHILIPPINES (GOVT) 6.5% FINANSBANK 5.5%20/01/2020 8,563,000 USD 10,088,284 0.38 11/05/2016 2,725,000 USD 2,685,828 0.10PHILIPPINES (GOVT) 7.75% TURKEY (GOVT) 4.875%14/01/2031 2,000,000 USD 2,615,000 0.10 16/04/2043 9,250,000 USD 7,693,595 0.29PHILIPPINES (GOVT) 8.375% TURKEY (GOVT) 5.125%17/06/2019 11,030,000 USD 14,014,995 0.53 25/03/2022 33,910,000 USD 33,991,723 1.2833,512,038 1.26 TURKEY (GOVT) 5.625%POLAND 30/03/2021 53,845,000 USD 56,298,986 2.11POLAND (GOVT) 5% TURKEY (GOVT) 6%23/03/2022 22,490,000 USD 24,225,666 0.91 14/01/2041 8,660,000 USD 8,387,773 0.31POLAND (GOVT) 5.125% TURKEY (GOVT) 6.25%21/04/2021 10,095,000 USD 10,995,524 0.41 26/09/2022 17,470,000 USD 18,829,253 0.7135,221,190 1.32 TURKEY (GOVT) 6.75%ROMANIA 03/04/2018 7,275,000 USD 8,091,182 0.30ROMANIA (GOVT) 6.75% TURKEY (GOVT) 6.875%07/02/2022 12,006,000 USD 13,664,329 0.51 17/03/2036 12,570,000 USD 13,398,740 0.5013,664,329 0.51 TURKEY (GOVT) 7%SERBIA 11/03/2019 59,065,000 USD 66,723,072 2.51SERBIA (GOVT) 7.25% TURKEY (GOVT) 7%28/09/2021 14,725,000 USD 15,387,625 0.58 05/06/2020 10,585,000 USD 12,003,602 0.4515,387,625 0.58 TURKEY (GOVT) 7.375%SOUTH AFRICA 05/02/2025 72,470,000 USD 82,425,203 3.10SOUTH AFRICA (GOVT) TURKEY (GOVT) 7.5%4.665% 17/01/2024 55,275,000 USD 53,776,219 2.01 14/07/2017 9,965,000 USD 11,328,561 0.43SOUTH AFRICA (GOVT)TURKIYE HALK BANKASI5.5% 09/03/2020 13,550,000 USD 14,577,090 0.55 3.875% 05/02/2020 5,300,000 USD 4,757,466 0.18SOUTH AFRICA (GOVT)TURKIYE VAKIFLAR BANKASI5.875% 16/09/2025 8,200,000 USD 8,660,553 0.33 6% 01/11/2022 3,900,000 USD 3,507,563 0.13SOUTH AFRICA (GOVT) 334,119,414 12.555.875% 30/05/2022 925,000 USD 1,002,140 0.04 UNITED STATESSOUTH AFRICA (GOVT) PEMEX MASTER 6.625%6.875% 27/05/2019 39,915,000 USD 45,907,439 1.72 15/06/2035 14,515,000 USD 15,460,435 0.58123,923,441 4.65 15,460,435 0.58SRI LANKAURUGUAYBANK OF CEYLON 6.875% URUGUAY (GOVT) 4.5%03/05/2017 3,000,000 USD 3,022,500 0.11 14/08/2024 8,800,000 USD 8,964,208 0.348,964,208 0.34298

Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsVENEZUELAASSET BACKED SECURITIESPETROLEOS DE VENEZUELA5.375% 12/04/2027 9,485,000 USD 5,465,731 0.21 DOMINICAN REPUBLICVENEZUELA (GOVT) DOMINIC (GOVT) 7.5%6% 09/12/2020 17,600,000 USD 12,782,000 0.48 06/05/2021 3,790,000 USD 4,055,300 0.15VENEZUELA (GOVT) 7% 4,055,300 0.1531/03/2038 14,165,000 USD 9,269,222 0.35 FEDERATION OF RUSSIAVENEZUELA (GOVT) 7.65% RUSSIA (GOVT) 7.5%21/04/2025 1,770,000 USD 1,283,250 0.05 31/03/2030 267,855,000 USD 235,837,508 8.85VENEZUELA (GOVT) 7.75% 235,837,508 8.8513/10/2019 36,725,000 USD 30,619,469 1.15 IRAQVENEZUELA (GOVT) 8.25% IRAQ (GOVT) 5.8%13/10/2024 53,570,000 USD 40,579,275 1.52 15/01/2028 19,440,000 USD 16,570,559 0.62VENEZUELA (GOVT) 9% 16,570,559 0.6207/05/2023 14,260,000 USD 11,586,250 0.43 IVORY COASTVENEZUELA (GOVT) 9.25% VORY COAST 2.5%07/05/2028 59,565,000 USD 46,981,894 1.76 31/12/2032 5,975,000 USD 5,255,700 0.20VENEZUELA (GOVT) 9.375% 5,255,700 0.2013/01/2034 9,470,000 USD 7,499,056 0.28 PANAMA166,066,147 6.23 PANAMA (GOVT) 6.7%VIETNAM 26/01/2036 18,742,000 USD 21,570,730 0.81VIETNAM (GOVT) 6.875% 21,570,730 0.8115/01/2016 3,575,000 USD 3,827,484 0.14 SERBIA3,827,484 0.14 SERBIA (GOVT) 3.75%VIRGIN ISLANDS 01/11/2024 2,640,000 USD 1,019,326 0.04CNOOC FINANCE 3.875% 1,019,326 0.0402/05/2022 6,440,000 USD 6,280,996 0.24 URUGUAYCNPC GENERAL CAPITAL URUGUAY (GOVT) 6.875%3.4% 16/04/2023 2,900,000 USD 2,682,355 0.10 28/09/2025 1,774,832 USD 2,088,072 0.088,963,351 0.34 URUGUAY (GOVT) 7.625%TOTAL BONDS 2,007,310,205 75.34 21/03/2036 12,595,000 USD 15,977,135 0.6018,065,207 0.68PIK BONDSVENEZUELAPETROLEOS DE VENEZUELADOMINICAN REPUBLIC 9.75% 17/05/2035 11,700,000 USD 8,921,250 0.33DOMINIC (GOVT) 9.04% 8,921,250 0.3323/01/2018 1,300,000 USD 1,390,676 0.05 TOTAL ASSET BACKED SECURITIES 311,295,580 11.681,390,676 0.05URUGUAYTREASURY BONDS/NOTES - FIXED RATEURUGUAY (GOVT) 7.875%15/01/2033 3,235,000 USD 4,180,737 0.16 UNITED STATES4,180,737 0.16 US (GOVT) 2.5% TREASURYTOTAL PIK BONDS 5,571,413 0.21 NOTE 15/08/2023 38,225,000 USD 37,786,010 1.41299

Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsUS (GOVT) 2.875%MEXICOTREASURY BOND 15/05/2043 30,000,000 USD 25,464,258 0.96 MEXICO (GOVT) 4%US (GOVT) 3.125% 02/10/2023 17,990,000 USD 17,976,148 0.67TREASURY BOND 15/02/2043 38,000,000 USD 34,047,109 1.28 PETROLEOS MEXICANOS97,297,377 3.65 5.5% 27/06/2044 26,330,000 USD 24,145,531 0.91TOTAL TREASURY BONDS/NOTES - FIXED97,297,377 3.6542,121,679 1.58RATENETHERLANDSTOTAL TRANSFERABLE SECURITIES MAJAPAHIT HOLDING 7.25%ADMITTED TO AN OFFICIAL STOCK 2,421,474,575 90.88 28/06/2017 2,880,000 USD 3,186,000 0.12EXCHANGE LISTING 3,186,000 0.12NIGERIATRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED NIGERIA (GOVT) 6.375%MARKET 12/07/2023 8,875,000 USD 9,091,328 0.349,091,328 0.34BONDSPERUEL FONDO MIVIVIENDA S.A.BRAZIL 3.5% 31/01/2023 8,150,000 USD 7,106,963 0.27BANCO NAC DE DESEN 7,106,963 0.27ECONO 5.75% 26/09/2023 2,600,000 USD 2,610,270 0.10 SERBIACAIXA ECONOMICA FEDERAL SERBIA (GOVT) 5.25%4.5% 03/10/2018 4,400,000 USD 4,361,038 0.16 21/11/2017 2,400,000 USD 2,403,000 0.096,971,308 0.26 2,403,000 0.09CAYMAN ISLANDSSLOVENIAGRUPO AVAL 4.75% SLOVENIA (GOVT) 5.85%26/09/2022 14,375,000 USD 12,868,069 0.48 10/05/2023 19,650,000 USD 18,751,504 0.70PETROBRAS INTERNATIONAL 18,751,504 0.705.875% 01/03/2018 400,000 USD 430,466 0.02 SOUTH AFRICA13,298,535 0.50 ESKOM HOLDINGS 5.75%COLOMBIA 26/01/2021 4,300,000 USD 4,299,334 0.16BANKCOLOMBIA 5.95% ESKOM HOLDINGS 6.75%03/06/2021 7,350,000 USD 7,538,748 0.28 06/08/2023 4,450,000 USD 4,599,030 0.17COLOMBIA (GOVT) 4% 8,898,364 0.3326/02/2024 10,470,000 USD 10,249,502 0.39 TURKEY17,788,250 0.67 AKBANK 5.125% 22/07/2015 6,000,000 USD 6,168,150 0.23CROATIA 6,168,150 0.23CROATIA (GOVT) 6.625%VIRGIN ISLANDS14/07/2020 11,470,000 USD 12,129,525 0.46 MEGA ADVANCE12,129,525 0.46 INVESTMENTS 5% 12/05/2021 4,300,000 USD 4,489,329 0.17IRELAND 4,489,329 0.17VIMPELCOM 7.748% TOTAL BONDS 165,949,910 6.2302/02/2021 8,300,000 USD 8,953,625 0.34 TOTAL TRANSFERABLE SECURITIES165,949,910 6.238,953,625 0.34 TRADED ON ANOTHER REGULATED MARKETKAZAKHSTANKAZAGRO NATIONAL MGMTHOLDING 4.625% 24/05/2023 5,000,000 USD 4,592,350 0.174,592,350 0.17300

Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsOTHER TRANSFERABLE SECURITIESBONDSCAYMAN ISLANDSINDEPENDENCIAINTL 12% 30/12/2016 1,328,131 USD 1,328 0.001,328 0.00TOTAL BONDS 1,328 0.00TOTAL OTHER TRANSFERABLE SECURITIES 1,328 0.00TOTAL INVESTMENTS 2,587,425,813 97.11OTHER NET ASSETS LESS LIABILITIES 77,015,618 2.89TOTAL NET ASSETS 2,664,441,431 100.00301

Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets Corporate DebtStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsINVESTMENTSEMBOTELLADORA ANDINA5% 01/10/2023 200,000 USD 200,892 1.66TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK TELEFONICA 3.875%EXCHANGE LISTING 12/10/2022 200,000 USD 177,897 1.48701,848 5.82BONDSCOLOMBIABANCO DAVIVIENDA 2.95%AUSTRALIA 29/01/2018 200,000 USD 191,412 1.59CNOOC CURTIS FUNDING NO 191,412 1.594.5% 03/10/2023 200,000 USD 201,550 1.67 GREAT BRITAIN201,550 1.67 VEDANTA RESOURCES 8.25%BRAZIL 07/06/2021 200,000 USD 204,000 1.70BANCO EST RIO GRANDE VEDANTA RESOURCES 9.5%7.375% 02/02/2022 200,000 USD 198,750 1.64 18/07/2018 100,000 USD 110,250 0.91BRASIL TELECOM 5.75% 314,250 2.6110/02/2022 200,000 USD 175,747 1.46 IRELANDVOTORANTIM CIMENTOS ALFA BANK 7.875%7.25% 05/04/2041 200,000 USD 184,323 1.53 25/09/2017 100,000 USD 110,438 0.92558,820 4.63 SIBUR SECURITIES 3.914%CANADA 31/01/2018 200,000 USD 192,000 1.59HARVEST OPERATIONS CORP 302,438 2.512.125% 14/05/2018 200,000 USD 193,826 1.61 LUXEMBOURGPTTEP CANADA INTERNATIONAL GAZPROM 6.51% 07/03/2022 200,000 USD 215,015 1.785.692% 05/04/2021 200,000 USD 213,439 1.77 SBERBANK 5.717% 16/06/2021 200,000 USD 206,904 1.72407,265 3.38 421,919 3.50CAYMAN ISLANDSMEXICOBANCO BTG PACTUAL 4% AMERICA MOVIL 3.125%16/01/2020 200,000 USD 178,561 1.48 16/07/2022 200,000 USD 184,570 1.53COUNTRY GARDEN HOLDINGSBANCO SANTANDER S.A.11.25% 22/04/2017 100,000 USD 108,625 0.90 4.125% 09/11/2022 300,000 USD 279,026 2.31DP WORLD SUKUK 6.25%CONTROLADORA MABE02/07/2017 300,000 USD 329,554 2.73 7.875% 28/10/2019 100,000 USD 109,438 0.91HUTCHISON WHAMPOA GRUPO TELEVISA 6%4.625% 13/01/2022 200,000 USD 204,359 1.69 15/05/2018 100,000 USD 113,190 0.94SINOPEC CAPITAL 2013 686,224 5.693.125% 24/04/2023 200,000 USD 181,845 1.51 NETHERLANDSTRANSPRTDRA DE GAS INTL GTB FINANCE 7.5% 19/05/2016 200,000 USD 211,750 1.755.7% 20/03/2022 200,000 USD 203,081 1.68 HSBK EUROPE 7.25%VALE OVERSEAS 6.875% 03/05/2017 100,000 USD 106,000 0.8821/11/2036 100,000 USD 102,233 0.85 INDOSAT PALAPA 7.375%1,308,258 10.84 29/07/2020 100,000 USD 104,688 0.87CHILE 422,438 3.50BANCO SANTANDER CHILEPANAMA3.875% 20/9/2022 150,000 USD 139,415 1.16 BANCO DE CREDITO DELCORPBANCA S.A. 3.125% 5.375% 16/09/2020 100,000 USD 101,878 0.8415/01/2018 200,000 USD 183,644 1.52 101,878 0.84302

Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets Corporate DebtStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsPERUASSET BACKED SECURITIESBANCO INTERNAC DEL PERU5.75% 07/10/2020 200,000 USD 198,738 1.65 BRAZIL198,738 1.65 BANCO BMG 9.15% 15/01/2016 100,000 USD 62,370 0.52SOUTH KOREA 62,370 0.52KOREA WESTERN POWER TOTAL ASSET BACKED SECURITIES 62,370 0.523.125% 10/05/2017 200,000 USD 204,884 1.70204,884 1.70 TREASURY BONDS/NOTES - FIXED RATETHAILANDBANGKOK BANK 5%UNITED STATES03/10/2023 200,000 USD 202,000 1.68 US (GOVT) 2.875% TREASURY202,000 1.68 BOND 15/05/2043 200,000 USD 169,762 1.40TURKEYUS (GOVT) 3.125% TREASURYAKBANK 5% 24/10/2022 150,000 USD 137,823 1.14 BOND 15/02/2043 75,000 USD 67,198 0.56TURKIYE GARANTI BANKASI 236,960 1.96AS 5.25% 13/09/2022 200,000 USD 183,403 1.52 TOTAL TREASURY BONDS/NOTES - FIXED RATE 236,960 1.96TURKIYE VAKIFLAR BANKASITOTAL TRANSFERABLE SECURITIES5.75% 24/04/2017 200,000 USD 204,713 1.70 ADMITTED TO AN OFFICIAL STOCK 8,634,517 71.60YAPI VE KREDI BANKASI 4%EXCHANGE LISTING22/01/2020 200,000 USD 178,139 1.48704,078 5.84 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDUNITED ARAB EMIRATESMARKETNATIONAL BANK OF ABU DHABI3% 13/08/2019 200,000 USD 196,666 1.63 BONDS196,666 1.63UNITED STATESBRAZILSOUTHERN COPPER CORPBANCO NAC DE DESEN ECONO5.25% 08/11/2042 100,000 USD 81,329 0.67 5.75% 26/09/2023 200,000 USD 200,790 1.67SOUTHERN PERU COPPERCAIXA ECONOMICA FEDERAL6.75% 16/04/2040 100,000 USD 96,801 0.81 4.5% 03/10/2018 150,000 USD 148,672 1.23178,130 1.48 349,462 2.90VIRGIN ISLANDSCAYMAN ISLANDSCNPC GENERAL CAPITALALLIANCE GLOBAL GROUP3.4% 16/04/2023 200,000 USD 184,990 1.53 6.5% 18/08/2017 100,000 USD 105,411 0.87CNPC GENERAL CAPITAL GRUPO AVAL 4.75%3.95% 19/04/2022 200,000 USD 195,250 1.62 26/09/2022 200,000 USD 179,034 1.49GERDAU TRADE 5.75% KUWAIT PROJECTS 9.375%30/01/2021 100,000 USD 98,192 0.81 15/07/2020 100,000 USD 118,352 0.98GOLD FIELDS OROGEN HOLDINGS 402,797 3.344.875% 07/10/2020 200,000 USD 159,375 1.32 COLOMBIASINOPEC GRP OVERSEA 3.9% BANCO DE BOGOTA 5.375%17/05/2022 200,000 USD 195,616 1.63 19/02/2023 200,000 USD 186,390 1.55TALENT YIELD 4.5% BANCOLOMBIA 5.95%25/04/2022 200,000 USD 198,968 1.65 03/06/2021 200,000 USD 205,136 1.701,032,391 8.56 391,526 3.25TOTAL BONDS 8,335,187 69.12303

Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets Corporate DebtStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsINDONESIAADARO INDONESIA 7.625%22/10/2019 100,000 USD 104,750 0.87104,750 0.87IRELANDBW GROUP 6.625% 28/06/2017 100,000 USD 102,813 0.85MTS INTERNATIONAL FUNDING8.625% 22/06/2020 100,000 USD 117,125 0.97VIMPELCOM 7.748%02/02/2021 200,000 USD 215,749 1.79435,687 3.61MEXICOALPEK S.A. 4.5% 20/11/2022 200,000 USD 186,483 1.55186,483 1.55PERUBANCO DE CREDITO DEL PER4.25% 01/04/2023 200,000 USD 178,156 1.48BBVA BANCO CONTINENTAL5% 26/08/2022 100,000 USD 96,203 0.80EL FONDO MIVIVIENDA S.A.3.5% 31/01/2023 150,000 USD 130,803 1.08405,162 3.36SOUTH AFRICAESKOM HOLDINGS 6.75%06/08/2023 200,000 USD 206,698 1.71206,698 1.71TURKEYCOCA COLA ICECEK URETIM4.75% 01/10/2018 200,000 USD 202,058 1.67TURKIYE IS BANKASI 3.75%10/10/2018 200,000 USD 186,686 1.55388,744 3.22UNITED STATESRELIANCE HOLDINGS 4.5%19/10/2020 250,000 USD 246,255 2.04246,255 2.04TOTAL BONDS 3,117,564 25.85TOTAL TRANSFERABLE SECURITIES TRADEDON ANOTHER REGULATED MARKETTOTAL INVESTMENTS3,117,56411,752,08125.8597.45OTHER NET ASSETS LESS LIABILITIES 307,284 2.55TOTAL NET ASSETS 12,059,365 100.00304

Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets Investment Grade BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsINVESTMENTSEMPRESA NACIONAL DEPETROLEO 5.25% 10/08/2020 150,000 USD 154,072 0.14TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 1,074,257 1.00EXCHANGE LISTINGCOLOMBIACOLOMBIA (GOVT) 2.625%BONDS 15/03/2023 200,000 USD 177,223 0.17COLOMBIA (GOVT) 4.375%AUSTRALIA 12/07/2021 1,510,000 USD 1,567,258 1.46CNOOC CURTIS FUNDING NO COLOMBIA (GOVT) 6.125%4.5% 03/10/2023 200,000 USD 201,550 0.19 18/01/2041 700,000 USD 767,848 0.71201,550 0.19 COLOMBIA (GOVT) 12%BRAZIL 22/10/2015 1,240,000,000 COP 743,467 0.70BANCO VOTORANTIM 5.25% 3,255,796 3.0411/02/2016 600,000 USD 623,244 0.58 FEDERATION OF RUSSIABRAZIL (GOVT) 2.625% RUSSIA (GOVT) 7.6%05/01/2023 2,800,000 USD 2,452,351 2.30 20/07/2022 45,002,000 RUB 1,430,571 1.34BRAZIL (GOVT) 5.625% 1,430,571 1.3407/01/2041 500,000 USD 498,943 0.47 INDONESIABRAZIL (GOVT) 7.125% INDONESIA (GOVT) 3.375%20/01/2037 300,000 USD 353,300 0.33 15/04/2023 1,500,000 USD 1,290,000 1.21BRAZIL (GOVT) 10% INDONESIA (GOVT) 4.875%01/01/2017 5,000 BRL 2,170,658 2.03 05/05/2021 1,670,000 USD 1,662,694 1.55CENT ELET BRASILEIRAS S.A. INDONESIA (GOVT) 5.875%5.75% 27/10/2021 550,000 USD 533,814 0.50 13/03/2020 3,000,000 USD 3,178,125 2.97ITAU UNIBANCO HOLDINGS INDONESIA (GOVT) 6.625%6.2% 21/12/2021 250,000 USD 251,013 0.23 17/02/2037 100,000 USD 102,125 0.10VOTORANTIM CIMENTOS INDONESIA (GOVT) 8.5%7.25% 05/04/2041 200,000 USD 184,323 0.17 12/10/2035 100,000 USD 122,000 0.117,067,646 6.61 INDONESIA (GOVT) 11.625%CAYMAN ISLANDS 04/03/2019 600,000 USD 801,375 0.75PETROBRAS INTERNATIONAL PERTAMINA 4.3% 20/05/2023 200,000 USD 172,500 0.16FINANCE 7.875% 15/03/2019 575,000 USD 664,528 0.62 7,328,819 6.85SINOPEC CAPITAL 2013KAZAKHSTAN3.125% 24/04/2023 650,000 USD 590,996 0.55 DEVELOPMENT BANK OF KAZ-SINOPEC CAPITAL 2013 AKHSTAN 4.125% 10/12/2022 450,000 USD 415,415 0.393.125% 24/04/2023 200,000 USD 181,845 0.17 415,415 0.39VOTO-VOTORANTIM 6.625%LUXEMBOURG25/09/2019 750,000 USD 830,565 0.78 GAZ CAPITAL 9.25%2,267,934 2.12 23/04/2019 600,000 USD 738,351 0.69CHILE GAZPROM 6.51% 07/03/2022 100,000 USD 107,508 0.10BANCO DEL ESTADO DEOJSC RUSSIAN AGRICULTURALCHILE 3.875% 08/02/2022 250,000 USD 243,194 0.23 6.299% 15/05/2017 800,000 USD 855,760 0.80CORPBANCA S.A. 1,701,619 1.593.125% 15/01/2018 200,000 USD 183,644 0.17 MALAYSIAEMPRESA NACIONAL DE PETRONAS CAPITAL 5.25%PETROLEO 4.75% 06/12/2021 500,000 USD 493,347 0.46 12/08/2019 300,000 USD 332,517 0.31332,517 0.31305

Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets Investment Grade BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsMEXICOPHILIPPINESBANCO SANTANDER S.A. PHILIPPINES (GOVT) 4%4.125% 09/11/2022 150,000 USD 139,513 0.13 15/01/2021 1,100,000 USD 1,142,625 1.07MEX BONOS DESARR FIX RT PSALM 7.25% 27/05/2019 1,650,000 USD 1,952,156 1.827.75% 13/11/2042 17,000 MXN 138,046 0.13 3,094,781 2.89MEXICO (GOVT) 2%POLAND09/06/2022 14,500 MXN 543,336 0.51 POLAND (GOVT) 5.125%MEXICO (GOVT) 4.75% 21/04/2021 940,000 USD 1,023,853 0.9608/03/2044 80,000 USD 72,769 0.07 POLAND (GOVT) 5.25%MEXICO (GOVT) 6.05% 25/10/2020 9,212,000 PLN 3,129,777 2.9411/01/2040 1,910,000 USD 2,105,154 1.97 POLAND (GOVT) 5.5%MEXICO (GOVT) 6.5% 25/04/2015 5,050,000 PLN 1,678,642 1.5709/06/2022 30,000 MXN 236,100 0.22 POLAND (GOVT) 5.75%MEXICO (GOVT) 7.5% 23/09/2022 2,270,000 PLN 796,522 0.7408/04/2033 400,000 USD 512,294 0.48 POLAND (GOVT) 6.375%MEXICO (GOVT) 8% 15/07/2019 850,000 USD 992,243 0.9307/12/2023 159,000 MXN 1,383,613 1.29 7,621,037 7.14MEXICO (GOVT) 8.5%ROMANIA13/12/2018 145,000 MXN 1,279,701 1.20 ROMANIA (GOVT) 6.75%MEXICO (GOVT) 10% 07/02/2022 280,000 USD 318,675 0.3005/12/2024 132,400 MXN 1,328,023 1.24 318,675 0.30PETROLEOS MEXICANOSSOUTH AFRICA4.875% 24/01/2022 2,885,000 USD 2,958,351 2.77 SOUTH AFRICA (GOVT)10,696,900 10.01 4.665% 17/01/2024 100,000 USD 97,289 0.09NETHERLANDSSOUTH AFRICA (GOVT)KAZAKHSTAN TEMIR 5.875% 30/05/2022 1,350,000 USD 1,462,583 1.377% 11/05/2016 550,000 USD 606,111 0.57 SOUTH AFRICA (GOVT)606,111 0.57 6.875% 27/05/2019 900,000 USD 1,035,117 0.97PANAMASOUTH AFRICA (GOVT)PANAMA (GOVT) 5.2% 7% 28/02/2031 19,400,000 ZAR 1,665,426 1.5530/01/2020 1,630,000 USD 1,786,863 1.67 SOUTH AFRICA (GOVT)PANAMA (GOVT) 7.125% 7.75% 28/02/2023 13,500,000 ZAR 1,358,444 1.2729/01/2026 300,000 USD 366,729 0.34 SOUTH AFRICA (GOVT) 8%2,153,592 2.01 21/12/2018 3,250,000 ZAR 337,487 0.32PERUSOUTH AFRICA (GOVT)BANCO INTERNAC DEL PERU 8.25% 15/09/2017 5,350,000 ZAR 558,635 0.525.75% 07/10/2020 700,000 USD 695,583 0.65 SOUTH AFRICA (GOVT)PERU (GOVT) 7.35% 10.5% 21/12/2026 8,700,000 ZAR 1,044,653 0.9821/07/2025 310,000 USD 396,068 0.37 7,559,634 7.07PERU (GOVT) 8.75%21/11/2033 300,000 USD 431,729 0.401,523,380 1.42306

Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets Investment Grade BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsTHAILANDTREASURY BONDS/NOTES - FIXED RATETHAILAND (GOVT) 3.58%17/12/2027 14,000,000 THB 420,808 0.39 UNITED STATESTHAILAND (GOVT) 3.65%US (GOVT) 1.75% TREASURY17/12/2021 21,150,000 THB 665,573 0.62 NOTE 15/05/2023 1,250,000 USD 1,156,616 1.08THAILAND (GOVT) 5.25%US (GOVT) 3.125% TREASURY12/05/2014 141,000,000 THB 4,577,789 4.29 BOND 15/02/2043 1,065,000 USD 954,215 0.895,664,170 5.30 2,110,831 1.97TURKEY TOTAL TREASURY BONDS/NOTES - FIXED RATE 2,110,831 1.97TURKEY (GOVT) 5.125%TOTAL TRANSFERABLE SECURITIES25/03/2022 2,750,000 USD 2,756,627 2.57 ADMITTED TO AN OFFICIAL STOCK 80,994,899 75.75TURKEY (GOVT) 6%EXCHANGE LISTING14/01/2041 340,000 USD 329,312 0.31TURKEY (GOVT) 6.25%TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED26/09/2022 700,000 USD 754,464 0.71 MARKETTURKEY (GOVT) 6.75%30/05/2040 1,150,000 USD 1,210,887 1.13 BONDSTURKEY (GOVT) 7.1%08/03/2023 2,650,000 TRY 1,152,515 1.08 BRAZILTURKEY (GOVT) 7.375%BANCO NAC DE DESEN05/02/2025 120,000 USD 136,484 0.13 ECONO 5.75% 26/09/2023 200,000 USD 200,790 0.19TURKEY (GOVT) 9%CAIXA ECONOMICA FEDERAL08/03/2017 5,400,000 TRY 2,700,841 2.53 4.5% 03/10/2018 150,000 USD 148,672 0.14TURKIYE HALK BANKASI 349,462 0.333.875% 05/02/2020 200,000 USD 179,527 0.17 COLOMBIA9,220,657 8.63 COLOMBIA (GOVT) 9.85%UNITED STATES 28/06/2027 330,000,000 COP 229,374 0.21PEMEX MASTER 6.625% 229,374 0.2115/06/2035 1,400,000 USD 1,491,189 1.39 FEDERATION OF RUSSIA1,491,189 1.39 RUSSIA (GOVT) 7.4%TOTAL BONDS 75,026,250 70.17 14/06/2017 89,500,000 RUB 2,833,777 2.65RUSSIA (GOVT) 7.5%ASSET BACKED SECURITIES 27/02/2019 45,000,000 RUB 1,435,461 1.344,269,238 3.99FEDERATION OF RUSSIAKAZAKHSTANRUSSIA (GOVT) 7.5% KAZMUNAIGAZ 6.375%31/03/2030 3,690,000 USD 3,248,924 3.04 09/04/2021 200,000 USD 219,697 0.213,248,924 3.04 219,697 0.21URUGUAYMALAYSIAURUGUAY (GOVT) 7.625% MALAYSIA (GOVT) 3.314%21/03/2036 480,000 USD 608,894 0.57 31/10/2017 3,800,000 MYR 1,156,340 1.08608,894 0.57 MALAYSIA (GOVT) 3.418%TOTAL ASSET BACKED SECURITIES 3,857,818 3.61 15/08/2022 2,500,000 MYR 747,135 0.70MALAYSIA (GOVT) 3.492%31/03/2020 3,000,000 MYR 910,152 0.85307

Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets Investment Grade BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsMALAYSIA (GOVT) 3.835%VIRGIN ISLANDS12/08/2015 1,200,000 MYR 372,587 0.35 MEGA ADVANCEMALAYSIA (GOVT) 4.16% INVESTMENTS 5% 12/05/2021 200,000 USD 208,806 0.2015/07/2021 2,990,000 MYR 943,196 0.88 208,806 0.20MALAYSIA (GOVT) 4.24% TOTAL BONDS 16,065,211 15.0207/02/2018 2,240,000 MYR 706,495 0.66 TOTAL TRANSFERABLE SECURITIES16,065,211 15.024,835,905 4.52 TRADED ON ANOTHER REGULATED MARKETMEXICO TOTAL INVESTMENTS 97,060,110 90.77UNITED MEXICO STATES 4% OTHER NET ASSETS LESS LIABILITIES 9,868,808 9.2302/10/2023 110,000 USD 109,915 0.10 TOTAL NET ASSETS 106,928,918 100.00109,915 0.10PERUBANCO DE CREDITO DEL PER4.25% 01/04/2023 150,000 USD 133,618 0.12EL FONDO MIVIVIENDA S.A.3.5% 31/01/2023 150,000 USD 130,803 0.12PERU (GOVT) 6.95%12/08/2031 251,000 PEN 96,438 0.09PERU (GOVT) 7.84%12/08/2020 3,520,000 PEN 1,467,040 1.381,827,899 1.71POLANDPOLAND (GOVT) 2.5%25/07/2018 1,411,000 PLN 425,413 0.40POLAND (GOVT) 3.75%25/04/2018 2,800,000 PLN 895,960 0.841,321,373 1.24SOUTH AFRICAESKOM HOLDINGS 5.75%26/01/2021 600,000 USD 599,907 0.56ESKOM HOLDINGS 6.75%06/08/2023 200,000 USD 206,698 0.19806,605 0.75THAILANDTHAILAND (GOVT) 2.8%10/10/2017 21,500,000 THB 673,466 0.63673,466 0.63TURKEYTURKEY (GOVT) 3.25%23/03/2023 1,400,000 USD 1,213,471 1.131,213,471 1.13308

Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets Local DebtStatement of investments as at 30 September 2013(expressed in USD)Description Face Currency Evaluation % net Description Face Currency Evaluation % netValue assets Value assetsINVESTMENTS INDONESIA (GOVT) 11.5%15/09/2019 FR0036 18,500,000,000 IDR 1,852,197 0.15TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 27,630,313 2.25EXCHANGE LISTINGLUXEMBOURGGAZ CAPITAL 8.125%BONDS 31/07/2014 6,000,000 USD 6,346,530 0.516,346,530 0.51BRAZILMEXICOBANCO NAC DE DESEN MEXICO (GOVT) 2% 09/06/2022 390,900 MXN 14,647,587 1.19ECONO 3.375% 26/09/2016 4,000,000 USD 4,027,940 0.33 MEXICO (GOVT) 4% 13/06/2019 45 MXN 1,942 0.00BANCO SAFRA 3.5% MEXICO (GOVT) 4.5%16/05/2014 620,000 USD 627,130 0.05 04/12/2025 99,885 MXN 4,768,738 0.39BRAZIL (GOVT) 0% 01/01/2017 19,000 BRL 5,989,461 0.49 MEXICO (GOVT) 6.5%BRAZIL (GOVT) 6% 15/05/2017 2,425 BRL 2,595,292 0.21 10/6/2021 250,000 MXN 1,991,121 0.16BRAZIL (GOVT) 10% 01/01/2017 164,500 BRL 71,414,685 5.79 MEXICO (GOVT) 7% 19/06/2014 64 MXN 498 0.0084,654,508 6.87 MEXICO (GOVT) 8% 19/12/2013 78 MXN 598 0.00CHILE MEXICO (GOVT) 8% 07/12/2023 7,703,000 MXN 67,031,241 5.44CHILE (GOVT) 5.5% 05/08/2020 425,000,000 CLP 863,856 0.07 88,441,725 7.18863,856 0.07 NETHERLANDSCHINAPETROBRAS GLOBAL FINANCEEXPORT-IMPORT BANK OF 2% 20/05/2016 6,350,000 USD 6,315,266 0.51CHINA 5.25% 29/07/2014 4,650,000 USD 4,811,030 0.39 6,315,266 0.514,811,030 0.39 PERUCOLOMBIA PERU (GOVT) 6.9% 12/08/2037 14,850,000 PEN 5,539,685 0.45COLOMBIA (GOVT) 8.25% PERU (GOVT) 7.84%22/12/2014 7,800,000 USD 8,480,940 0.69 12/8/2020 18,267,000 PEN 7,620,184 0.628,480,940 0.69 PERU (GOVT) 9.91%CYPRUS 05/05/2015 2,000,000 PEN 784,263 0.06ALFA MTN INSURANCE 8% 13,944,132 1.1318/03/2015 1,925,000 USD 2,062,156 0.17 POLAND2,062,156 0.17 POLAND (GOVT) 5% 25/04/2016 53,500,000 PLN 17,832,219 1.44FEDERATION OF RUSSIA POLAND (GOVT) 5.25%RUSSIA (GOVT) 7.6% 25/10/2020 10,050,000 PLN 3,414,489 0.2820/07/2022 500,006,000 RUB 15,894,721 1.29 POLAND (GOVT) 5.5%15,894,721 1.29 25/04/2015 35,500,000 PLN 11,800,352 0.96INDONESIA POLAND (GOVT) 5.75%INDONESIA (GOVT) 6.625% 25/04/2014 3,500,000 PLN 1,140,855 0.0915/05/2033 189,750,000,000 IDR 13,026,878 1.06 POLAND (GOVT) 5.75%INDONESIA (GOVT) 7.375% 25/10/2021 7,200,000 PLN 2,522,699 0.2015/09/2016 9,806,000,000 IDR 844,688 0.07 POLAND (GOVT) 5.75%INDONESIA (GOVT) 8.375% 23/09/2022 46,300,000 PLN 16,246,235 1.3215/03/2024 75,000,000,000 IDR 6,456,444 0.52 POLAND (GOVT) 6.25%INDONESIA (GOVT) 8.375% 24/10/2015 10,000,000 PLN 3,398,094 0.2815/09/2026 43,598,000,000 IDR 3,691,994 0.30 56,354,943 4.57INDONESIA (GOVT) 10%15/09/2024 10,000,000,000 IDR 955,311 0.08INDONESIA (GOVT) 11%15/09/2025 7,870,000,000 IDR 802,801 0.07309

Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets Local DebtStatement of investments as at 30 September 2013(expressed in USD)Description Face Currency Evaluation % net Description Face Currency Evaluation % netValue assets Value assetsSOUTH AFRICA TURKEY (GOVT) 10.5%SOUTH AFRICA (GOVT) 15/01/2020 9,950,000 TRY 5,291,894 0.436.25% 31/03/2036 160,600,000 ZAR 12,146,315 0.99 99,685,546 8.08SOUTH AFRICA (GOVT)VIRGIN ISLANDS6.5% 28/02/2041 72,000,000 ZAR 5,432,651 0.44 CNOOC FINANCE 2013 1.125%SOUTH AFRICA (GOVT) 09/05/2016 1,900,000 USD 1,883,945 0.157% 28/02/2031 24,000,000 ZAR 2,060,321 0.17 1,883,945 0.15SOUTH AFRICA (GOVT) TOTAL BONDS 540,292,665 43.837.5% 15/01/2014 70,000,000 ZAR 6,994,853 0.57SOUTH AFRICA (GOVT)FLOATING RATE BONDS8.25% 15/09/2017 379,210,000 ZAR 39,596,288 3.21SOUTH AFRICA (GOVT)BRAZIL8.75% 21/12/2014 95,250,000 ZAR 9,848,833 0.79 BRAZIL (GOVT) 0% 01/01/2015 11,628 BRL 4,616,319 0.38SOUTH AFRICA (GOVT) 4,616,319 0.3810.5% 21/12/2026 63,850,000 ZAR 7,666,790 0.62 MEXICO83,746,051 6.79 MEXICO (GOVT) 5% 16/06/2016 15,281 MXN 646,592 0.05THAILAND 646,592 0.05THAILAND (GOVT) 3.625% TOTAL FLOATING RATE BONDS 5,262,911 0.4322/05/2015 230,000,000 THB 7,440,000 0.60THAILAND (GOVT) 3.625%INFLATION INDEX BOND16/06/2023 74,000,000 THB 2,314,215 0.19THAILAND (GOVT) 3.875%POLAND13/06/2019 338,000,000 THB 10,968,413 0.89 POLAND (GOVT) 3% 24/08/2016 14,565,000 PLN 6,297,411 0.50THAILAND (GOVT) 4.125% 6,297,411 0.5018/11/2016 340,000,000 THB 11,178,696 0.91THAILAND (GOVT) 5.125%TURKEY13/03/2018 62,000,000 THB 2,114,472 0.17 TURKEY (GOVT) 3% 06/01/2021 10,460,000 TRY 6,256,656 0.51THAILAND (GOVT) 5.25% TURKEY (GOVT) 9% 21/05/2014 1,500,000 TRY 1,071,002 0.0912/5/2014 65,000,000 THB 2,110,328 0.17 7,327,658 0.60THAILAND (GOVT) 5.4% TOTAL INFLATION INDEX BOND 13,625,069 1.1027/07/2016 90,000,000 THB 3,050,879 0.2539,177,003 3.18 TREASURY BONDS/NOTES - FIXED RATETURKEYTURKEY (GOVT) 6.3%UNITED STATES14/02/2018 28,500,000 TRY 12,876,601 1.04 US (GOVT) 3.125% TREASURYTURKEY (GOVT) 7% BOND 15/02/2043 12,070,000 USD 10,814,437 0.8826/09/2016 23,960,000 USD 26,671,674 2.16 10,814,437 0.88TURKEY (GOVT) 7.1%TOTAL TREASURY BONDS/NOTES - FIXED08/03/2023 22,200,000 TRY 9,655,027 0.78 RATE 10,814,437 0.88TURKEY (GOVT) 8%TOTAL TRANSFERABLE SECURITIES09/10/2013 7,660,000 TRY 3,787,077 0.31 ADMITTED TO AN OFFICIAL STOCK 569,995,082 46.24TURKEY (GOVT) 9%EXCHANGE LISTING08/03/2017 22,989,000 TRY 11,498,080 0.93TURKEY (GOVT) 9.5%TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED12/01/2022 9,000,000 TRY 4,574,101 0.37 MARKETTURKEY (GOVT) 10%17/06/2015 50,000,000 TRY 25,331,092 2.06 BONDSBRAZILBRAZIL (GOVT) 6% 15/08/2014 19,210 BRL 20,379,590 1.6520,379,590 1.65310

Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets Local DebtStatement of investments as at 30 September 2013(expressed in USD)Description Face Currency Evaluation % net Description Face Currency Evaluation % netValue assets Value assetsCOLOMBIAMALAYSIACOLOMBIA (GOVT) 9.85% MALAYSIA (GOVT) 3.418%28/06/2027 11,350,000,000 COP 7,889,063 0.64 15/08/2022 35,000,000 MYR 10,459,894 0.857,889,063 0.64 MALAYSIA (GOVT) 3.835%FEDERATION OF RUSSIA 12/8/2015 36,500,000 MYR 11,332,861 0.92RUSSIA (GOVT) 7.35% MALAYSIA (GOVT) 4.012%20/01/2016 50,000 RUB 1,577 0.00 15/09/2017 56,695,000 MYR 17,711,382 1.43RUSSIA (GOVT) 7.4% MALAYSIA (GOVT) 4.16%19/04/2017 200,000,000 RUB 6,328,697 0.51 15/07/2021 29,000,000 MYR 9,148,056 0.74RUSSIA (GOVT) 7.4% MALAYSIA (GOVT) 4.378%14/06/2017 490,000,000 RUB 15,514,536 1.26 29/11/2019 38,500,000 MYR 12,274,643 1.00RUSSIA (GOVT) 7.5% MALAYSIA (GOVT) 5.094%15/03/2018 289,001,000 RUB 9,218,658 0.75 30/04/2014 39,500,000 MYR 12,270,328 1.00RUSSIA (GOVT) 7.6% 73,197,164 5.9414/04/2021 200,000,000 RUB 6,381,432 0.52 PERU37,444,900 3.04 PERU (GOVT) 6.95% 12/08/2031 28,499,000 PEN 10,949,778 0.89INDONESIA 10,949,778 0.89INDONESIA (GOVT) 10%POLAND15/07/2017 7,000,000,000 IDR 649,449 0.05 POLAND (GOVT) 2.5%INDONESIA (GOVT) 10.25% 25/07/2018 73,731,000 PLN 22,229,725 1.8015/07/2022 30,000,000,000 IDR 2,867,552 0.23 22,229,725 1.80INDONESIA (GOVT) 10.75%THAILAND15/05/2016 20,000,000,000 IDR 1,863,126 0.15 THAILAND (GOVT) 2.8%INDONESIA (GOVT) 11% 10/10/2017 417,000,000 THB 13,062,111 1.0615/10/2014 5,000,000,000 IDR 449,050 0.04 THAILAND (GOVT) 4.5%INDONESIA (GOVT) 11% 09/04/2024 150,000,000 THB 4,998,194 0.4115/11/2020 55,500,000,000 IDR 5,511,658 0.45 18,060,305 1.47INDONESIA (GOVT) 12.9% TOTAL BONDS 223,762,670 18.1615/06/2022 5,000,000,000 IDR 547,820 0.04INDONESIA (GOVT) 8.25%TREASURY BONDS/NOTES - FIXED RATE15/07/2021 29,000,000,000 IDR 2,488,666 0.20INDONESIA (GOVT) 9.5%BRAZIL15/06/2015 71,500,000,000 IDR 6,405,980 0.53 BRAZIL (GOVT) 10%20,783,301 1.69 TREASURY NOTE 01/01/2014 49,528 BRL 22,241,214 1.80LUXEMBOURG 22,241,214 1.80SBERBANK 5.499% 07/07/2015 12,100,000 USD 12,828,844 1.04 TOTAL TREASURY BONDS/NOTES - FIXED 22,241,214 1.8012,828,844 1.04 RATETOTAL TRANSFERABLE SECURITIES 246,003,884 19.96TRADED ON ANOTHER REGULATED MARKET311

Portfolio of Investments and Other Net Assets as at 30 September 2013Global Emerging Markets Local DebtStatement of investments as at 30 September 2013(expressed in USD)Description Face Currency Evaluation % netValueassetsOTHER TRANSFERABLE SECURITIESBONDSMALAYSIAMALAYSIA (GOVT) 3.48%15/03/2023 7,500,000 MYR 2,254,901 0.182,254,901 0.18TOTAL BONDS 2,254,901 0.18TOTAL OTHER TRANSFERABLE SECURITIES 2,254,901 0.18FINANCIAL INSTRUMENTSTREASURY BILLSUNITED STATESUS (GOVT) 0% TREASURYBILL 03/10/2013 25,000,000 USD 24,999,925 2.03US (GOVT) 0% TREASURYBILL 12/12/2013 25,000,000 USD 24,999,325 2.03US (GOVT) 0% TREASURYBILL 20/03/2014 50,000,000 USD 49,994,079 4.06US (GOVT) 0% TREASURYBILL 26/06/2014 94,250,000 USD 94,211,812 7.64194,205,141 15.76TOTAL TREASURY BILLS 194,205,141 15.76TOTAL FINANCIAL INSTRUMENTS 194,205,141 15.76TOTAL INVESTMENTS 1,012,459,008 82.14OTHER NET ASSETS LESS LIABILITIES 220,168,268 17.86TOTAL NET ASSETS 1,232,627,276 100.00312

Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Income BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsINVESTMENTSCENTRAIS ELECTRICAS BRASIL6.875% 30/07/2019 100,000 USD 107,323 0.01TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKCIA SANEAMENTO BASICOEXCHANGE LISTING 6.25% 16/12/2020 300,000 USD 302,438 0.02ITAU UNIBANCO HOLDINGSBONDS 6.2% 21/12/2021 1,900,000 USD 1,907,695 0.11VOTORANTIM CIMENTOSAUSTRALIA 7.25% 05/04/2041 300,000 USD 276,485 0.02CNOOC CURTIS FUNDINGVOTO-VOTORANTIMNO 4.5% 03/10/2023 1,300,000 USD 1,310,075 0.07 6.75% 05/04/2021 2,700,000 USD 2,916,149 0.171,310,075 0.07 56,082,856 3.20AUSTRIACANADAERSTE GROUP BANK AGBARRICK GOLD CORP6.375% VRN 28/03/2023 1,000,000 USD 1,043,045 0.06 2.5% 01/05/2018 1,000,000 USD 955,065 0.051,043,045 0.06 BARRICK GOLD CORPBELGIUM 4.1% 01/05/2023 1,000,000 USD 881,115 0.05BNP PARIBAS FORTIS S.A.HARVEST OPERATIONS4.625% VRN PERP 8,550,000 EUR 11,634,244 0.66 CORP 2.125% 14/05/2018 3,400,000 USD 3,295,042 0.19KBC BANK 8% PERP 1,650,000 EUR 2,315,885 0.13 HARVEST OPERATIONS13,950,129 0.79 CORP 2.125% 14/05/2018 500,000 USD 484,565 0.03BERMUDA ISLANDSVPII ESCROW CORPCHINA RESOURCES GAS 7.5% 15/07/2021 150,000 USD 162,563 0.014.5% 05/04/2022 550,000 USD 545,155 0.03 5,778,350 0.33545,155 0.03 CAYMAN ISLANDSBRAZIL BANCO BTG PACTUAL 4%BANCO ABC-BRASIL 7.875% 16/01/2020 4,300,000 USD 3,839,062 0.2208/04/2020 1,350,000 USD 1,374,469 0.08 BANCO BTG PACTUAL 4%BANCO EST RIO GRANDE 16/01/2020 1,000,000 USD 892,805 0.057.375% 02/02/2022 2,650,000 USD 2,633,438 0.15 BANCO DO BRASIL 5.875%BANCO NAC DE DESEN 5.50% 26/01/2022 2,900,000 USD 2,773,662 0.1612/07/2020 1,400,000 USD 1,441,615 0.08 CONTINENTAL 5.75%BANCO SANTANDER S.A. 18/01/2017 2,300,000 USD 2,468,751 0.14BRASIL 4.625% 13/02/2017 2,500,000 USD 2,587,525 0.15 EMBRAER OVERSEASBANCO VOTORANTIM 5.25% 5.696% 16/09/2023 1,398,000 USD 1,382,461 0.0811/02/2016 625,000 USD 649,213 0.04 GRUPO AVAL 5.25%BFF INTERNATIONAL 7.25% 01/02/2017 2,000,000 USD 2,077,430 0.1228/01/2020 1,200,000 USD 1,324,338 0.08 HUTCHISON WHAMPOABRASIL TELECOM 5.75% 3.75% VRN PERP 12,400,000 EUR 15,937,276 0.9110/02/2022 4,200,000 USD 3,690,687 0.21 IPIC GMTN 5% 15/11/2020 1,250,000 USD 1,356,994 0.08BRAZIL (GOVT) 2.625% IPIC GMTN 5.5% 01/03/2022 3,200,000 USD 3,514,736 0.2005/01/2023 17,330,000 USD 15,178,306 0.85 LONGFOR PROPERTIES 6.75%BRAZIL (GOVT) 5.625% 29/01/2023 1,600,000 USD 1,498,000 0.0907/01/2041 3,495,000 USD 3,487,608 0.20 PETROBRAS INTERNATIONALBRAZIL (GOVT) 5.875% FINANCE 5.375% 27/01/2021 3,800,000 USD 3,818,753 0.2215/01/2019 1,100,000 USD 1,248,698 0.07 PETROBRAS INTERNATIONALBRAZIL (GOVT) 7.125% FINANCE 5.75% 20/01/2020 5,450,000 USD 5,688,519 0.3220/01/2037 7,020,000 USD 8,267,207 0.46 PETROBRAS INTERNATIONALCAIXA ECONOMICA FEDERAL FINANCE 7.875% 15/03/2019 350,000 USD 404,495 0.022.375% 06/11/2017 3,700,000 USD 3,448,585 0.20 PETROBRAS INTERNATIONALCENT ELET BRASILEIRAS S.A. FINANCE 8.375% 10/12/2018 1,700,000 USD 2,030,931 0.125.75% 27/10/2021 5,400,000 USD 5,241,077 0.30 SINOPEC CAPITAL 20133.125% 24/04/2023 7,600,000 USD 6,910,109 0.39313

Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Income BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsSINOPEC CAPITAL 2013EL SALVADOR3.125% 24/04/2023 400,000 USD 363,690 0.02 EL SALVADOR (GOVT)VALE OVERSEAS 4.375% 8.25% 10/04/2032 1,300,000 USD 1,406,438 0.0811/01/2022 1,000,000 USD 964,350 0.05 1,406,438 0.08VALE OVERSEAS 6.875%FEDERATION OF RUSSIA21/11/2036 1,000,000 USD 1,022,330 0.06 RUSSIA (GOVT) 3.25%VOTO-VOTORANTIM 6.625% 04/04/2017 200,000 USD 208,255 0.0125/09/2019 1,400,000 USD 1,550,388 0.09 208,255 0.0158,494,742 3.34 FRANCECHILE BPCE 6.117% VRN PERP 4,000,000 EUR 5,499,206 0.31BANCO SANTANDER S.A. CHILE BPCE S.A. 1.7% 25/04/2016 1,250,000 USD 1,255,919 0.073.875% 20/9/2022 3,100,000 USD 2,881,233 0.16 CASINO GUICHARD PERRACHONCODELCO INC 3% 17/07/2022 345,000 USD 316,424 0.02 S.A. 3.311% 25/01/2023 1,100,000 EUR 1,468,065 0.08CODELCO INC 3.75%CREDIT AGRICOLE S.A.04/11/2020 4,100,000 USD 4,097,622 0.23 8.125% VRN 19/09/2033 1,400,000 USD 1,396,416 0.08CODELCO INC 3.875%CROWN EURO HOLDINGS03/11/2021 1,945,000 USD 1,920,007 0.11 7.125% 15/08/2018 5,000,000 EUR 7,233,571 0.41CODELCO INC 4.25% GECINA 4.75% 11/04/2019 1,000,000 EUR 1,513,997 0.0917/07/2042 1,200,000 USD 1,002,330 0.06 GROUPE BPCE VRN PERP 2,000,000 EUR 2,695,457 0.15CORPBANCA S.A. NEXANS 5.75% 02/05/2017 1,350,000 EUR 1,951,922 0.113.125% 15/01/2018 5,000,000 USD 4,591,099 0.27 RENAULT S.A. 4.625%EMBOTELLADORA ANDINA 18/09/2017 2,000,000 EUR 2,861,279 0.165% 01/10/2023 1,800,000 USD 1,808,037 0.10 REXEL S.A. 7% 17/12/2018 2,200,000 EUR 3,253,500 0.19EMPRESA NACIONAL DE VINCI S.A. 6.25% VRN PERP 2,750,000 EUR 3,928,824 0.22PETROLEO 4.75% 06/12/2021 567,000 USD 559,456 0.03 WENDEL S.A. 5.875%17,176,208 0.98 17/09/2019 5,000,000 EUR 7,352,016 0.43COLOMBIA WENDEL S.A. 6.75% 20/04/2018 2,100,000 EUR 3,206,883 0.18BANCO DAVIVIENDA 43,617,055 2.482.95% 29/01/2018 3,300,000 USD 3,158,298 0.18 GABONBANCO DE BOGOTA 5% GABON (GOVT) 8.2%15/01/2017 2,400,000 USD 2,498,832 0.14 12/12/2017 600,000 USD 679,125 0.04COLOMBIA (GOVT) 2.625% 679,125 0.0415/03/2023 8,900,000 USD 7,886,423 0.45 GEORGIACOLOMBIA (GOVT) 4.375% GEORGIA (GOVT) 6.875%12/07/2021 2,350,000 USD 2,439,112 0.14 12/04/2021 550,000 USD 589,531 0.03COLOMBIA (GOVT) 6.125% 589,531 0.0318/01/2041 3,000,000 USD 3,290,775 0.19 GERMANYCOLOMBIA (GOVT) 8.125% COMMERZBANK AG 7.75%21/05/2024 1,350,000 USD 1,752,989 0.10 16/03/2021 6,000,000 EUR 8,680,286 0.4921,026,429 1.20 HENKEL 5.375% VRNCOSTA RICA 25/11/2104 1,500,000 EUR 2,149,503 0.12COSTA RICA (GOVT) 4.25% MUNICH 5.767% VRN PERP 6,000,000 EUR 8,536,121 0.4926/01/2023 1,910,000 USD 1,715,419 0.10 UNITYMEDIA HESSEN 5.125%1,715,419 0.10 21/01/2023 1,300,000 EUR 1,693,755 0.10CROATIA UNITYMEDIA HESSEN 5.5%CROATIA (GOVT) 6.25% 15/01/2023 4,500,000 USD 4,280,625 0.2427/04/2017 800,000 USD 845,000 0.05 25,340,290 1.44CROATIA (GOVT) 6.375%GREAT BRITAIN24/03/2021 4,250,000 USD 4,406,719 0.25 BARCLAYS BANK 2.75%CROATIA (GOVT) 6.75% 23/02/2015 1,000,000 USD 1,026,265 0.0605/11/2019 800,000 USD 858,500 0.05 BARCLAYS BANK 4.75%6,110,219 0.35 VRN PERP 5,000,000 EUR 5,372,301 0.30314

Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Income BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsBARCLAYS BANK 7.434% INDONESIA (GOVT) 4.875%VRN PERP 750,000 USD 817,031 0.05 05/05/2021 4,750,000 USD 4,729,219 0.27BARCLAYS BANK 7.625% INDONESIA (GOVT) 5.375%21/11/2022 500,000 USD 496,403 0.03 17/10/2023 3,000,000 USD 2,996,250 0.17BRITISH TELECOM 2% INDONESIA (GOVT) 5.875%22/06/2015 1,000,000 USD 1,017,675 0.06 13/03/2020 6,950,000 USD 7,362,656 0.42HSBC HOLDING 6% 10/06/2019 1,000,000 EUR 1,564,827 0.09 INDONESIA (GOVT) 6.625%INEOS FINANCE 7.5% 17/02/2037 4,345,000 USD 4,437,331 0.2501/05/2020 500,000 USD 537,813 0.03 INDONESIA (GOVT) 6.875%INEOS FINANCE 8.375% 17/01/2018 3,100,000 USD 3,472,000 0.2015/02/2019 1,500,000 USD 1,656,563 0.09 INDONESIA (GOVT) 7.75%LLOYDS BANK 11.875% 17/01/2038 860,000 USD 983,088 0.0616/12/2021 4,000,000 EUR 6,670,627 0.37 INDONESIA (GOVT) 8.5%NGG FINANCE 4.25% VRN 12/10/2035 400,000 USD 488,000 0.0318/06/2076 3,900,000 EUR 5,230,774 0.30 INDONESIA (GOVT) 11.625%REXAM 6.75% VRN 29/06/2067 1,750,000 EUR 2,469,567 0.14 04/03/2019 2,000,000 USD 2,671,250 0.15ROYAL BANK OF SCOTLAND PERTAMINA 4.3% 20/05/2023 450,000 USD 388,125 0.022.55% 18/09/2015 500,000 USD 510,605 0.03 PERTAMINA 5.25% 23/05/2021 600,000 USD 575,250 0.03UKREXIMBANK 8.375% PERTAMINA 5.625%27/04/2015 2,950,000 USD 2,636,563 0.15 20/05/2043 1,200,000 USD 946,500 0.05VEDANTA RESOURCES 37,742,638 2.158.25% 07/06/2021 1,800,000 USD 1,836,000 0.10 IRELANDVEDANTA RESOURCES 6% ALFA BANK 7.75% 28/04/2021 2,600,000 USD 2,764,125 0.1631/01/2019 1,300,000 USD 1,243,125 0.07 ALFA BANK 7.875% 25/09/2017 3,200,000 USD 3,533,999 0.20VEDANTA RESOURCES 6.75% GAZPROMBANK 6.25%07/06/2016 600,000 USD 617,250 0.04 15/12/2014 1,700,000 USD 1,780,419 0.10VEDANTA RESOURCES 9.5% NOVATEK FINANCE 4.422%18/07/2018 600,000 USD 661,500 0.04 13/12/2022 1,000,000 USD 923,965 0.05VODAFONE GROUP 1.5% NOVATEK FINANCE 6.604%19/02/2018 1,000,000 USD 972,715 0.06 03/02/2021 800,000 USD 868,852 0.05VODAFONE GROUP 2.95%PHOSAGRO BOND FUNDING19/02/2023 1,000,000 USD 920,275 0.05 4.204% 13/02/2018 3,300,000 USD 3,260,813 0.1936,257,879 2.06 ROSNEFT INTERNATIONALHONG KONG FINANCE 3.149% 06/03/2017 2,000,000 USD 2,002,600 0.11YUEXIU PROPERTY 4.5% RUSSIAN RAILWAYS 5.739%24/01/2023 3,000,000 USD 2,673,840 0.15 03/04/2017 2,400,000 USD 2,572,560 0.152,673,840 0.15 RZD CAPITAL 5.7% 05/04/2022 2,800,000 USD 2,868,012 0.16HUNGARY SIBUR SECURITIES 3.914%HUNGARY (GOVT) 7.625% 31/01/2018 3,000,000 USD 2,880,000 0.1629/03/2041 1,260,000 USD 1,356,863 0.08 STEEL FUNDING 4.45%MOL HUNGARIAN OIL & GAS 19/02/2018 2,000,000 USD 1,968,750 0.115.875% 20/04/2017 1,000,000 EUR 1,439,945 0.08 VIMPELCOM 9.125%2,796,808 0.16 30/04/2018 900,000 USD 1,048,500 0.06INDIA VNESHEKONOMBANK 5.375%ICICI BANK 4.7% 21/02/2018 1,600,000 USD 1,600,328 0.09 13/02/2017 1,600,000 USD 1,699,752 0.101,600,328 0.09 VNESHECONOMBANK 6.025%INDONESIA 05/07/2022 1,500,000 USD 1,550,033 0.09INDONESIA (GOVT) 3.375% 29,722,380 1.6915/04/2023 3,000,000 USD 2,580,000 0.15 ITALYINDONESIA (GOVT) 3.75% ENEL 8.75% VRN 24/09/2073 500,000 USD 511,448 0.0325/04/2022 6,750,000 USD 6,112,969 0.35 IFIL 5.375% 12/06/2017 2,200,000 EUR 3,239,577 0.18315

Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Income BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsINTESA SANPAOLO 4.125%OJSC RUSSIAN AGRICULTURAL19/09/2016 5,000,000 EUR 7,006,462 0.40 6.299% 15/05/2017 1,300,000 USD 1,390,610 0.0810,757,487 0.61 SBERBANK 5.4% 24/03/2017 5,000,000 USD 5,337,950 0.30JAPAN TELECOM ITALIA 6.175%SOFTBANK CORP 4.5% 18/06/2014 975,000 USD 1,004,387 0.0615/04/2020 3,000,000 USD 2,895,000 0.16 UNICREDIT 5.1875%SOFTBANK CORP 4.5% 13/10/2015 700,000 USD 715,344 0.0415/04/2020 200,000 USD 193,000 0.01 VTB CAPITAL 6% 12/04/2017 500,000 USD 527,338 0.03SOFTBANK CORP 4.625% VTB CAPITAL 6.875%15/04/2020 1,000,000 EUR 1,375,648 0.08 29/05/2018 2,850,000 USD 3,063,194 0.174,463,648 0.25 38,910,377 2.22JERSEYMEXICOCPUK FINANCE 11.625% AMERICA MOVIL 5%28/02/2018 6,500,000 GBP 11,976,643 0.68 30/03/2020 2,200,000 USD 2,363,757 0.13PROSECURE FUNDING 4.668%AMERICA MOVIL 6.375% VRN30/06/2016 4,000,000 EUR 5,633,569 0.32 06/09/2073 4,400,000 EUR 5,917,676 0.3417,610,212 1.00 BANCO SANTANDER S.A.KAZAKHSTAN 4.125% 09/11/2022 5,100,000 USD 4,743,434 0.27DEVELOPMENT BANK OF KAZ-COMISION FED ELECTRICAKHSTAN 4.125% 10/12/2022 3,400,000 USD 3,138,693 0.18 5.75% 14/02/2042 2,000,000 USD 1,872,090 0.113,138,693 0.18 MEXICO (GOVT) 4.75%LEBANON 08/03/2044 2,200,000 USD 2,001,153 0.11LEBANON (GOVT) 8.25% MEXICO (GOVT) 6.05%12/04/2021 3,050,000 USD 3,305,438 0.19 11/01/2040 10,400,000 USD 11,462,619 0.663,305,438 0.19 PETROLEOS MEXICANOSLITHUANIA 3.5% 30/01/2023 1,000,000 USD 912,420 0.05LITHUANIA (GOVT) 5.125%PETROLEOS MEXICANOS14/09/2017 1,500,000 USD 1,642,838 0.09 4.875% 24/01/2022 3,150,000 USD 3,230,089 0.181,642,838 0.09 PETROLEOS MEXICANOSLUXEMBOURG 5.5% 21/01/2021 6,500,000 USD 7,003,718 0.40ARCELORMITTAL 3.75%PETROLEOS MEXICANOS25/02/2015 1,000,000 USD 1,030,000 0.06 6.5% 02/06/2041 1,700,000 USD 1,775,404 0.10ARCELORMITTAL 5.25%PETROLEOS MEXICANOS05/08/2020 4,250,000 USD 4,380,156 0.25 8% 03/05/2019 500,000 USD 606,570 0.03ARCELORMITTAL 6.75% 41,888,930 2.3825/02/2022 1,000,000 USD 1,053,125 0.06 NAMIBIAARCELORMITTAL 6.75%NAMIBIA INTERNATIONAL01/03/2041 1,000,000 USD 920,625 0.05 5.5% 03/11/2021 1,800,000 USD 1,829,178 0.10ARCELORMITTAL 7% 1,829,178 0.1015/10/2039 1,400,000 USD 1,330,000 0.08 NETHERLANDSGAZ CAPITAL 4.95% ABN AMRO BANK 7.125%23/05/2016 1,000,000 USD 1,060,140 0.06 06/07/2022 5,000,000 EUR 7,829,515 0.45GAZ CAPITAL 9.25% ACHMEA 5.125% VRN PERP 1,500,000 EUR 2,037,390 0.1223/04/2019 1,800,000 USD 2,215,053 0.13 DEUTSCHE TELEKOM FINANCEGAZPROM 6.51% 07/03/2022 1,400,000 USD 1,505,105 0.09 2.25% 06/03/2017 1,000,000 USD 1,015,155 0.06GAZPROM 7.288% 16/08/2037 630,000 USD 682,838 0.04 ELM BV 5.252% VRN PERP 7,000,000 EUR 9,764,559 0.56GAZPROM CAPITAL 6.212%GMAC INTERNATIONAL FINANCE22/11/2016 1,300,000 USD 1,429,324 0.08 7.5% 21/04/2015 2,500,000 EUR 3,633,706 0.21GAZPROM CAPITAL 8.146% HIT FINANCE 5.75% 09/03/2018 2,000,000 EUR 3,104,463 0.1811/04/2018 1,000,000 USD 1,163,570 0.07 IBERDROLA INTERNATIONALHEIDELBERG CEMENT 5.75% VRN PERP 7,000,000 EUR 9,574,953 0.558.5% 31/10/2019 6,000,000 EUR 10,101,618 0.57 ING BANK 5.8% 25/09/2023 650,000 USD 657,573 0.04316

Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Income BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsKAZAKHSTAN TEMIR 6.375%ROMANIA06/10/2020 675,000 USD 743,182 0.04 ROMANIA (GOVT) 6.75%KONINKLIJKE KPN 7% VRN 07/02/2022 3,880,000 USD 4,415,925 0.2528/03/2073 3,200,000 USD 3,210,064 0.18 4,415,925 0.25LINDE FINANCE 7.375%SERBIAVRN 14/07/2066 1,500,000 EUR 2,275,423 0.13 SERBIA (GOVT) 7.25%MAJAPAHIT HOLDING 7.75% 28/09/2021 1,205,000 USD 1,259,225 0.0720/01/2020 1,000,000 USD 1,108,125 0.06 1,259,225 0.07OI EUROPEAN GROUP 4.875%SINGAPORE31/03/2021 5,000,000 EUR 6,928,999 0.39 FLEXTRONICS INTERNATIONALPETROBRAS GLOBAL 5% 15/02/2023 1,000,000 USD 1,288,406 0.07FINANCE 4.375% 20/05/2023 1,000,000 USD 915,255 0.05 1,288,406 0.07RABOBANK NEDERLANDSOUTH AFRICA6.875% 19/03/2020 4,000,000 EUR 5,990,418 0.34 SOUTH AFRICA (GOVT)REPSOL INTERNATIONAL 4.665% 17/01/2024 5,800,000 USD 5,642,733 0.32FINANCE 4.875% 19/02/2019 1,000,000 EUR 1,489,287 0.08 SOUTH AFRICA (GOVT)SOLVAY FINANCE 5.5% 09/03/2020 5,300,000 USD 5,701,740 0.326.375% VRN PERP 1,500,000 EUR 2,172,366 0.12 SOUTH AFRICA (GOVT)SUDZUCKER 5.25% VRN PERP 1,650,000 EUR 2,280,986 0.13 5.875% 30/05/2022 2,100,000 USD 2,275,130 0.13VIMPELCOM HOLDINGS 5.2%SOUTH AFRICA (GOVT)13/02/2019 3,000,000 USD 2,985,000 0.17 5.875% 16/09/2025 5,250,000 USD 5,544,866 0.32ZIGGO BOND 8% 15/05/2018 3,000,000 EUR 4,340,143 0.25 SOUTH AFRICA (GOVT)72,056,562 4.11 6.875% 27/05/2019 8,350,000 USD 9,603,585 0.55PANAMA 28,768,054 1.64BANCO DE CREDITO DELSOUTH KOREA5.375% 16/09/2020 2,500,000 USD 2,546,950 0.15 KOREA WESTERN POWERPANAMA (GOVT) 5.2% 3.125% 10/05/2017 3,400,000 USD 3,483,028 0.2030/01/2020 530,000 USD 581,005 0.03 3,483,028 0.20PANAMA (GOVT) 7.125%SPAIN29/01/2026 3,600,000 USD 4,400,748 0.25 ABERTIS INFRAESTRUCTURAS7,528,703 0.43 3.75% 20/06/2023 4,800,000 EUR 6,424,784 0.37PARAGUAYBBVA SENIOR FINANCE S.A.PARAGUAY (GOVT) 4.625% 3.25% 21/03/2016 4,200,000 EUR 5,834,800 0.3325/01/2023 2,500,000 USD 2,293,750 0.13 BBVA SENIOR FINANCE S.A.2,293,750 0.13 3.75% 17/01/2018 4,000,000 EUR 5,602,408 0.32PERU CAIXABANK 3.125% 14/05/2018 5,400,000 EUR 7,328,025 0.42BANCO INTERNAC DEL PERU CAIXABANK 3.25% 22/01/2016 2,900,000 EUR 4,025,277 0.235.75% 07/10/2020 1,550,000 USD 1,540,220 0.09 ENCE ENERGIA Y CELULOSACORP FINANCI DE DESARROL 7.25% 15/02/2020 2,000,000 EUR 2,849,435 0.164.75% 08/02/2022 3,765,000 USD 3,670,724 0.21 FERROVIAL EMISIONESPERU (GOVT) 6.55% 3.375% 30/01/2018 2,000,000 EUR 2,806,335 0.1614/03/2037 470,000 USD 553,679 0.03 GAS NATURAL CAPITAL 5%PERU (GOVT) 7.35% 13/02/2018 5,000,000 EUR 7,524,267 0.4321/07/2025 1,400,000 USD 1,788,696 0.10 SANTANDER INTERNATIONAL7,553,319 0.43 DEBT 4% 24/01/2020 3,000,000 EUR 4,278,924 0.24PHILIPPINESSANTANDER INTERNATIONALPHILIPPINES (GOVT) 6.375% DEBT 4.625% 21/03/2016 4,000,000 EUR 5,734,768 0.3315/01/2032 1,000,000 USD 1,174,375 0.07 TELEFONICA EMISIONESPHILIPPINES (GOVT) 7.75% 3.192% 27/04/2018 1,750,000 USD 1,731,328 0.1014/01/2031 1,000,000 USD 1,307,500 0.07 TELEFONICA EMISIONES2,481,875 0.14 3.961% 26/03/2021 4,000,000 EUR 5,416,633 0.31317

Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Income BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsTELEFONICA EMISIONESYAPI VE KREDI BANKASI3.987% 23/01/2023 2,000,000 EUR 2,635,328 0.15 6.75% 08/02/2017 1,200,000 USD 1,263,390 0.0762,192,312 3.55 47,875,793 2.73SRI LANKAUNITED ARAB EMIRATESBANK OF CEYLON 6.875%NATIONAL BANK OF ABU DHABI03/05/2017 200,000 USD 201,500 0.01 3% 13/08/2019 8,000,000 USD 7,866,640 0.45SRI LANKA (GOVT) 6.25% 7,866,640 0.4527/07/2021 900,000 USD 862,313 0.05 UNITED STATES1,063,813 0.06 ACCESS MIDSTREAMSWEDEN PARTNERS 4.875% 15/05/2023 2,000,000 USD 1,895,000 0.11SKANDINAVISKA ENSKILDA 4%ALEXANDRIA REAL ESTATE12/09/2022 2,500,000 EUR 3,565,431 0.20 3.9% 15/06/2023 1,000,000 USD 944,305 0.053,565,431 0.20 ALTRIA GROUP INCSWITZERLAND 4.5% 02/05/2043 2,500,000 USD 2,178,925 0.12CREDIT SUISSE AG 5.75%AMERICAN AXLE & MFG INCVRN 18/09/2025 5,000,000 EUR 6,748,524 0.38 6.25% 15/03/2021 1,000,000 USD 1,036,250 0.066,748,524 0.38 AMERICAN TOWER 5%THAILAND 15/02/2024 1,000,000 USD 982,215 0.06BANGKOK BANK 5% ASHLAND INC 3% 15/03/2016 1,000,000 USD 1,016,250 0.0603/10/2023 3,300,000 USD 3,333,000 0.19 ATLAS PIPELINE FINANCETHAI OIL 3.625% 23/01/2023 900,000 USD 812,718 0.05 4.75% 15/11/2021 2,500,000 USD 2,257,813 0.134,145,718 0.24 AUDATEX NORTH AMERICATURKEY INC 6% 15/06/2021 1,500,000 USD 1,533,750 0.09AKBANK 5% 24/10/2022 550,000 USD 505,351 0.03 AUTOZONE INC 3.125%FINANSBANK 5.5% 11/05/2016 800,000 USD 788,500 0.04 15/07/2023 1,000,000 USD 926,530 0.05TURKEY (GOVT) 5.125% AVIS BUDGET FINANCE 5.5%25/03/2022 2,135,000 USD 2,140,145 0.12 01/04/2023 1,000,000 USD 931,875 0.05TURKEY (GOVT) 5.625%BOISE CASCADE COMPANY30/03/2021 5,800,000 USD 6,064,335 0.35 6.375% 01/11/2020 1,500,000 USD 1,543,125 0.09TURKEY (GOVT) 6% 14/01/2041 5,160,000 USD 4,997,795 0.28 BOSTON SCIENTIFIC CORPTURKEY (GOVT) 6.75% 2.65% 01/10/2018 400,000 USD 399,426 0.0230/05/2040 2,000,000 USD 2,105,890 0.12 BRUNSWICK CORP 4.625%TURKEY (GOVT) 6.875% 15/05/2021 3,000,000 USD 2,791,874 0.1617/03/2036 1,675,000 USD 1,785,433 0.10 BUCKEYE PARTNERS LPTURKEY (GOVT) 7% 11/03/2019 1,800,000 USD 2,033,379 0.12 4.15% 01/07/2023 2,000,000 USD 1,950,420 0.11TURKEY (GOVT) 7% 05/06/2020 1,000,000 USD 1,134,020 0.06 BURLINGTON NORTH 3.85%TURKEY (GOVT) 7.25% 01/09/2023 1,000,000 USD 1,001,955 0.0615/03/2015 1,100,000 USD 1,179,354 0.07 BURLINGTON NORTH 6.15%TURKEY (GOVT) 7.375% 01/05/2037 500,000 USD 572,833 0.0305/02/2025 11,125,000 USD 12,653,241 0.73 CHEMTURA CORP 5.75%TURKIYE GARANTI BANKASI AS 15/07/2021 800,000 USD 802,500 0.055.25% 13/09/2022 4,000,000 USD 3,668,060 0.21 CHESAPEAKE ENERGY CORPTURKIYE HALK BANKASI 5.75% 15/03/2023 1,000,000 USD 1,011,250 0.063.875% 05/02/2020 1,900,000 USD 1,705,507 0.10 CINEMARK USA INC 4.875%TURKIYE IS BANKASI 3.875% 01/06/2023 1,000,000 USD 928,750 0.0511/07/2017 1,300,000 USD 1,250,028 0.07 CITIGROUP 4.875% 07/05/2015 1,000,000 USD 1,056,110 0.06TURKIYE VAKIFLAR BANKASI CITIGROUP INC 5.5%5.75% 24/04/2017 2,600,000 USD 2,661,282 0.15 13/09/2025 250,000 USD 257,533 0.01TURKIYE VAKIFLAR BANKASI CITIGROUP INC 6.675%6% 01/11/2022 325,000 USD 292,297 0.02 13/09/2043 250,000 USD 270,861 0.02YAPI VE KREDI BANKASICLEAN HARBORS INC4% 22/01/2020 1,850,000 USD 1,647,786 0.09 5.125% 01/06/2021 1,750,000 USD 1,696,406 0.10318

Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Income BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsCOMCAST CORP 6.4% LIMITED BRANDS 6.95%15/05/2038 1,000,000 USD 1,181,150 0.07 01/03/2033 1,750,000 USD 1,721,563 0.10COMMERCIAL METALS 4.875% MACK-CALI REALTY LP 3.15%15/05/2023 2,000,000 USD 1,805,000 0.10 15/05/2023 1,000,000 USD 883,065 0.05COX COMMUNICATIONS INCMACYS RETAIL HOLDINGS2.95% 30/06/2023 1,000,000 USD 864,685 0.05 4.375% 01/09/2023 1,000,000 USD 1,010,410 0.06DANA HOLDING 5.375% MARKWEST ENERGY 6.25%15/09/2021 2,000,000 USD 1,977,500 0.11 15/06/2022 1,000,000 USD 1,055,000 0.06DIRECTV HOLDINGS FINANCING MORGAN STANLEY 1.75%INC 1.75% 15/01/2018 2,000,000 USD 1,925,450 0.11 25/02/2016 250,000 USD 251,150 0.01DISH DBS CORP MORGAN STANLEY 2.125%5.125% 01/05/2020 6,750,000 USD 6,724,687 0.38 25/04/2018 1,000,000 USD 977,740 0.06DOW CHEMICAL 3% MORGAN STANLEY 4.75%15/11/2022 2,000,000 USD 1,841,030 0.10 22/03/2017 800,000 USD 869,556 0.05EASTMAN CHEMICALS 4.8%NATIONAL CINEMEDIA LLC01/09/2042 1,000,000 USD 951,225 0.05 6% 15/04/2022 1,500,000 USD 1,535,625 0.09ENERGY TRANSFER PARTNERS NCR CORP 5% 15/07/2022 2,000,000 USD 1,873,750 0.114.15% 01/10/2020 1,000,000 USD 1,029,190 0.06 NORTHROP GRUMMAN CORPFIDELITY NATIONAL INFORMATION 3.25% 01/08/2023 1,000,000 USD 947,825 0.05SERVICES 3.5% 15/04/2023 1,000,000 USD 901,815 0.05 NORTHROP GRUMMAN CORPFIRST QUALITY FINANCE CORP 4.75% 01/06/2043 1,000,000 USD 946,300 0.054.625% 15/05/2021 2,300,000 USD 2,075,750 0.12 OASIS PETROLEUM INCFORD MOTOR 4.75% 15/1/2043 1,000,000 USD 901,120 0.05 6.875% 15/03/2022 950,000 USD 1,005,813 0.06FORD MOTOR CREDIT 1.7%ONEOK PARTNERS LP09/05/2016 500,000 USD 499,893 0.03 5% 15/09/2023 600,000 USD 616,677 0.04FORD MOTOR CREDIT 2.375% PBF HOLDING 8.25%16/01/2018 1,000,000 USD 992,995 0.06 15/02/2020 2,750,000 USD 2,866,874 0.16FORD MOTOR CREDIT 4.375% PEMEX MASTER 6.625%06/08/2023 1,000,000 USD 1,005,085 0.06 15/06/2035 680,000 USD 724,292 0.04FORD MOTOR CREDIT 5.875%PEMEX PROJECT FUNDING02/08/2021 1,000,000 USD 1,114,475 0.06 MASTER 5.75% 01/03/2018 1,732,000 USD 1,925,655 0.11FREEPORT MCMORAN COPPERPPL CAPITAL FUNDING1.4% 13/02/2015 1,250,000 USD 1,253,913 0.07 3.4% 01/06/2023 1,000,000 USD 933,430 0.05FRESENIUS 8.75% 15/07/2015 3,750,000 EUR 5,729,749 0.33 PRUDENTIAL FINANCIAL INCGANNETT INC 7.125% 5.1% 15/08/2043 1,000,000 USD 997,995 0.0601/09/2018 1,000,000 USD 1,073,125 0.06 QVC INC 4.375% 15/03/2023 1,000,000 USD 929,375 0.05GERDAU HOLDINGS 7% QWEST CORP 6.75% 01/12/2021 1,000,000 USD 1,075,425 0.0620/01/2020 1,500,000 USD 1,608,653 0.09 REALTY INCOME CORP 4.65%HYUNDAI CAPITAL AMERICA 01/08/2023 750,000 USD 764,715 0.041.875% 09/08/2016 1,000,000 USD 1,005,845 0.06 REGENCY ENERGY PARTNERSIAC INTERACTIVE CORP 4.75% 4.5% 01/11/2023 2,500,000 USD 2,264,063 0.1315/12/2022 1,000,000 USD 926,875 0.05 RELIANCE HOLDINGS 5.4%INTERNATIONAL LEASE FINANCE 14/02/2022 1,450,000 USD 1,444,526 0.084.625% 15/04/2021 4,300,000 USD 3,988,249 0.23 RELIANCE HOLDINGS 5.4%JP MORGAN CHASE 3.769% 14/02/2022 1,000,000 USD 996,225 0.0615/06/2043 3,955,000 USD 3,228,616 0.18 RESOLUTE ENERGY CORPKINDER MORGAN ENERGY 8.5% 01/05/2020 1,000,000 USD 1,032,500 0.06PARTNERS 2.65% 01/02/2019 550,000 USD 545,980 0.03 ROCK-TENN 4% 01/03/2023 1,000,000 USD 966,875 0.06KROGER 5.15% 01/08/2043 500,000 USD 487,330 0.03 SBA TELECOMMUNICATIONSLIBERTY MUTUAL GROUP INC 5.75% 15/07/2020 1,000,000 USD 999,375 0.064.25% 15/06/2023 2,000,000 USD 1,955,770 0.11319

Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Income BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsSEMGROUP LP 7.5% VENEZUELA (GOVT) 9.25%15/06/2021 700,000 USD 724,063 0.04 07/05/2028 2,070,000 USD 1,632,713 0.09SERVICE CORP INTERNATIONAL VENEZUELA (GOVT) 9.375%5.375% 15/01/2022 800,000 USD 764,000 0.04 13/01/2034 3,490,000 USD 2,763,643 0.15SIRIUS XM RADIO INC 15,867,544 0.904.25% 15/05/2020 1,750,000 USD 1,632,969 0.09 VIRGIN ISLANDSSLM CORP 6% 25/01/2017 1,000,000 USD 1,061,250 0.06 CNPC GENERAL CAPITAL 3.4%SLM CORP 7.25% 25/01/2022 500,000 USD 510,000 0.03 16/04/2023 3,100,000 USD 2,867,345 0.16SM ENERGY 5% 15/01/2024 1,425,000 USD 1,319,906 0.08 GERDAU TRADE 5.75%SOUTHERN 2.45% 01/09/2018 1,000,000 USD 1,011,290 0.06 30/01/2021 1,900,000 USD 1,865,648 0.11SPRINT COMMUNICATIONS INCSINOPEC GRP OVERSEA6% 15/11/2022 1,000,000 USD 931,250 0.05 3.9% 17/05/2022 5,700,000 USD 5,575,056 0.32SPRINT CORP 7.25% 10,308,049 0.5915/09/2021 1,250,000 USD 1,266,406 0.07 TOTAL BONDS 916,989,505 52.21SPRINT CORP 7.875%15/09/2023 1,250,000 USD 1,281,250 0.07 FLOATING RATE BONDSSUN MERGER SUB INC 5.25%01/08/2018 1,000,000 USD 1,026,250 0.06 AUSTRIATARGA RESOURCES PARTNERS OMV AG 6.75% VRN PERP 2,500,000 EUR 3,740,831 0.214.25% 15/11/2023 3,000,000 USD 2,739,374 0.16 3,740,831 0.21VERIZON COMMUNICATIONSFRANCE4.5% 15/09/2020 2,500,000 USD 2,659,388 0.15 AXA S.A. 5.125% VRNVERIZON COMMUNICATIONS 04/07/2043 6,000,000 EUR 8,368,891 0.485.15% 15/09/2023 4,150,000 USD 4,447,139 0.25 BANQUE PSA FINANCE FRNVERIZON COMMUNICATIONS 04/04/2014 200,000 USD 199,750 0.016.55% 15/09/2043 1,500,000 USD 1,693,568 0.10 CREDIT AGRICOLE 7.875%VIACOM INC 4.25% 01/09/2023 1,000,000 USD 1,001,190 0.06 VRN PERP 4,100,000 EUR 6,170,871 0.35WINDSTREAM CORP 6.375% GROUPE BPCE VRN PERP 2,000,000 EUR 2,871,432 0.1601/08/2023 400,000 USD 366,750 0.02 SUEZ ENVIRONMENT 4.82%131,632,953 7.50 VRN PERPETUAL 7,000,000 EUR 9,762,238 0.56URUGUAY 27,373,182 1.56URUGUAY (GOVT) 4.5%GERMANY14/08/2024 5,085,000 USD 5,179,886 0.29 ALLIANZ SE 5.625% VRN5,179,886 0.29 17/10/2042 1,000,000 EUR 1,495,737 0.09VENEZUELAMUNICH RE 6.25% VRNPETROLEOS DE VENEZUELA 26/05/2042 1,000,000 EUR 1,578,702 0.095% 28/10/2015 3,000,000 USD 2,645,625 0.15 RWE 4.625% PERP 3,250,000 EUR 4,459,548 0.25VENEZUELA (GOVT) 6% RWE 7% VRN 12/10/2072 1,000,000 USD 1,066,135 0.0609/12/2020 500,000 USD 363,125 0.02 8,600,122 0.49VENEZUELA (GOVT) 7%GREAT BRITAIN01/12/2018 2,000,000 USD 1,680,000 0.10 DECO 2007-C4X FRNVENEZUELA (GOVT) 7% 27/01/2020 500,000 GBP 717,788 0.0431/03/2038 2,500,000 USD 1,635,938 0.09 DEUTSCHE BANK AG 4.296%VENEZUELA (GOVT) 7.65% VRN 24/05/2028 800,000 USD 725,816 0.0421/04/2025 2,050,000 USD 1,486,250 0.08 GREENE KING FINANCE FRNVENEZUELA (GOVT) 7.75% 15/03/2036 1,505,000 GBP 1,511,061 0.0913/10/2019 1,400,000 USD 1,167,250 0.07 SSE 5.625% VRN PERP 1,000,000 USD 1,036,150 0.06VENEZUELA (GOVT) 8.25%TAURUS CMBS FRN13/10/2024 2,000,000 USD 1,515,000 0.09 21/05/2024 4,000,000 EUR 5,380,779 0.30VENEZUALA (GOVT) 9.25% 9,371,594 0.5315/09/2027 1,200,000 USD 978,000 0.06320

Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Income BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsIRELAND GE CAPITAL TRUST 4.625%AQUARIUS AND INVESTMENTS 15/09/2066 7,000,000 EUR 9,479,677 0.55ZURICH 4.25% VRN 02/10/2043 6,000,000 EUR 8,029,760 0.45 JP MORGAN CHASECLOVERIE SWISS REINS 4.38404% VRN 15/04/2046 4,500,000 USD 3,732,336 0.216.625% VRN 01/09/2042 2,500,000 EUR 4,017,602 0.23 JP MORGAN CHASE 5.15%DECO FRN 27/01/2018 2,000,000 EUR 1,534,902 0.09 VRN PERP 3,250,000 USD 2,863,559 0.16GERMAN RESIDENTIALPRUDENTIAL FINANCIALFUNDING FRN 27/08/2024 4,650,000 EUR 6,261,398 0.36 INC VRN 5.875% 15/09/2042 1,000,000 USD 983,970 0.06TITAN EUROPE PLC FRNWFRBS COMMERCIAL TRUST23/04/2015 2,539,000 GBP 3,783,935 0.22 4.2791% VRN 15/05/2045 4,500,000 USD 3,757,680 0.2123,627,597 1.35 29,384,135 1.68ITALY TOTAL FLOATING RATE BONDS 157,886,578 8.99ASSICURAZIONI GENERALIVRN 10/07/2042 4,000,000 EUR 6,561,091 0.37 ASSET BACKED SECURITIES6,561,091 0.37JERSEYDOMINICAN REPUBLICUBS FUNDING 4.28% VRN DOMINIC (GOVT) 7.5%PERP 6,000,000 EUR 8,203,123 0.47 06/05/2021 550,000 USD 588,500 0.038,203,123 0.47 588,500 0.03LUXEMBOURGFEDERATION OF RUSSIAHANNOVER FINANCE 5% RUSSIA (GOVT) 7.5%VRN 30/06/2043 3,000,000 EUR 4,251,756 0.24 31/03/2030 33,495,000 USD 29,491,245 1.69TALANX FINANZ AG 8.36% 29,491,245 1.6915/06/2042 5,000,000 EUR 8,278,826 0.47 GERMANY12,530,582 0.71 UNITYMEDIA HESSEN 8.125%NETHERLANDS 01/12/2017 1,250,000 EUR 688,860 0.04ABN AMRO BANK 4.31% 688,860 0.04VRN PERP 1,490,000 EUR 1,936,262 0.11 GREAT BRITAINALLIANZ FIN 5.75% 08/07/2041 3,800,000 EUR 5,725,234 0.32 LONGSTONE FINANCE 4.774%KONINKLIJKE KPN 6.125% 19/04/2036 2,000,000 GBP 3,162,265 0.18VRN PERP 3,000,000 EUR 4,170,902 0.24 MARSTONS ISSUER 5.641% VRNLAMBDA FINANCE FRN 15/07/2035 720,000 GBP 1,000,785 0.0620/09/2031 2,250,000 EUR 2,357,449 0.13 MITCHELLS & BUTLERS 1.40313%PETROBRAS GLOBAL 15/09/2034 579,000 GBP 543,827 0.03FINANCE FRN 20/05/2016 1,000,000 USD 1,000,355 0.06 MITCHELLS & BUTLERS FRN15,190,202 0.86 15/06/2036 6,120,000 GBP 6,689,737 0.38SPAIN 11,396,614 0.65MAPFRE S.A. 5.921% VRNIRAQ24/07/2037 5,000,000 EUR 6,438,301 0.37 IRAQ (GOVT) 5.8% 15/01/2028 4,800,000 USD 4,091,496 0.236,438,301 0.37 4,091,496 0.23SWEDENIRELANDSWEDBANK 3% VRNFOREST FINANCE FRN05/12/2022 5,000,000 EUR 6,865,818 0.39 12/05/2018 500,000 EUR 575,103 0.036,865,818 0.39 575,103 0.03UNITED STATESPANAMACOMM MORTGAGE TRUST PANAMA (GOVT) 6.7%VRN 10/07/2046 3,000,000 USD 3,128,033 0.18 26/01/2036 680,000 USD 782,632 0.04COMMERCIAL MORTGAGE 782,632 0.04TRUST 3.971% VRN 10/06/2046 3,000,000 USD 2,453,310 0.14 URUGUAYFIFTH THIRD CAPITAL URUGUAY (GOVT) 7.625%TRUST 6.5% VRN 15/04/2037 3,000,000 USD 2,985,570 0.17 21/03/2036 1,100,000 USD 1,395,383 0.081,395,383 0.08TOTAL ASSET BACKED SECURITIES 49,009,833 2.79321

Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Income BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsCONVERTIBLE BONDSFOREST FINANCE FRN12/05/2018 150,000 EUR 189,896 0.01UNITED STATES 1,772,887 0.10BANK OF AMERICA 5.2% TOTAL MORTGAGE BACKED SECURITIES 20,595,162 1.17VRN PERP 1,000,000 USD 878,125 0.05 TRANSFERABLE SECURITIES ADMITTED TO1,175,742,221 66.94BANK OF NEW YORK MELLONAN OFFICIAL STOCK EXCHANGE LISTING4.5% VRN PERP 600,000 USD 528,651 0.03FIFTH THIRD BANCORP 5.1%TRANSFERABLE SECURITIES TRADED ONVRN PERP 2,500,000 USD 2,206,250 0.13 ANOTHER REGULATED MARKETGENERAL ELECTRIC CAPITALVRN PERP 2,000,000 USD 1,853,780 0.11 BONDSJP MORGAN CHASE 6% VRNPERP 850,000 USD 796,998 0.05 AUSTRALIAPNC FINANCIAL SERVICES 4.85% FMG RESOURCES AUG 2006VRN PERP 1,600,000 USD 2,866,809 0.15 6.875% 01/04/2022 1,750,000 USD 1,760,937 0.099,130,613 0.52 FMG RESOURCES AUG 2006 8.25%TOTAL CONVERTIBLE BONDS 9,130,613 0.52 01/11/2019 250,000 USD 271,094 0.02WESFARMERS 1.874%TREASURY BONDS/NOTES - FIXED RATE 20/03/2018 500,000 USD 492,068 0.032,524,099 0.14UNITED STATESAUSTRIAUS (GOVT) 1.75% TREASURY SAPPI PAPIER 8.375%NOTE 15/05/2023 20,400,000 USD 18,875,977 1.08 15/06/2019 500,000 USD 526,250 0.03US (GOVT) 2.5% TREASURY 526,250 0.03NOTE 15/08/2023 2,531,000 USD 2,501,933 0.14 BAHRAINUS (GOVT) 3.125% TREASURY BAHRAIN (GOVT) 6.125%BOND 15/02/2043 840,000 USD 752,620 0.04 01/08/2023 2,000,000 USD 2,008,550 0.1122,130,530 1.26 2,008,550 0.11TOTAL TREASURY BONDS/NOTES - FIXED22,130,530 1.26BERMUDA ISLANDSRATE AIRCASTLE 6.25% 01/12/2019 1,500,000 USD 1,590,000 0.09AIRCASTLE 7.625% 15/04/2020 1,000,000 USD 1,111,250 0.06MORTGAGE BACKED SECURITIES 2,701,250 0.15BRAZILGREAT BRITAINBANCO NAC DE DESENDECO 15 - PAN FRN 27/04/2018 3,622,613 EUR 2,774,338 0.16 ECONO 5.75% 26/09/2023 600,000 USD 602,370 0.03EDDYSTONE FINANCE FRNCAIXA ECONOMICA19/04/2021 250,000 GBP 342,015 0.02 FEDERAL 4.5% 03/10/2018 1,000,000 USD 991,145 0.06GRANITE MASTER FRN 1,593,515 0.0917/12/2054 2,632,000 USD 2,369,583 0.13 CANADAGRANITE MASTER FRN BOMBARDIER INC 5.75%20/12/2054 3,000,000 EUR 3,673,131 0.21 15/03/2022 1,000,000 USD 1,994,999 0.12GRANITE MASTER FRN BOMBARDIER INC 6.125%20/12/2054 2,000,000 USD 1,835,000 0.10 15/01/2023 535,000 USD 536,338 0.03HERCULES FRN 25/10/2018 3,750,000 GBP 5,318,194 0.31 BOMBARDIER INC 7.5%LONDON AND REGIONAL DEBT 15/03/2018 1,500,000 USD 1,692,188 0.10SECUR FRN 15/10/2017 2,000,000 GBP 2,510,014 0.14 IAMGOLD CORP 6.75%18,822,275 1.07 01/10/2020 500,000 USD 436,250 0.02IRELAND INMET MINING CORP 8.75%FLEET STREET FINANCE FRN 01/06/2020 500,000 USD 537,813 0.0325/10/2016 4,000,000 EUR 1,582,991 0.09 NOVA CHEMICALS 8.625%11/01/2019 1,000,000 USD 1,105,625 0.06322

Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Income BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsTECK RESOURCES 3.85%GERMANY15/08/2017 1,000,000 USD 1,042,895 0.06 UNITYMEDIA HESSEN 5.625%XSTRATA CANADA FINANCIAL 15/04/2023 3,000,000 EUR 4,002,576 0.23CORP 6% 15/11/2041 1,000,000 USD 933,315 0.05 4,002,576 0.238,279,423 0.47 GREAT BRITAINCAYMAN ISLANDS BARCLAYS BANK 6.625%BANCO DO BRASIL 3.875% 30/03/2022 3,000,000 EUR 4,664,349 0.2610/10/2022 3,200,000 USD 2,780,128 0.16 FCE BANK 1.75% 21/05/2018 1,800,000 EUR 2,414,191 0.14COUNTRY GARDEN HOLDINGSIMPERIAL TOBACCO7.5% 10/01/2023 5,600,000 USD 5,417,999 0.31 FINANCE 3.5% 11/02/2023 2,000,000 USD 1,884,860 0.11GRUPO AVAL 4.75% 8,963,400 0.5126/09/2022 4,500,000 USD 4,028,265 0.23 IRELANDHUTCHISON WHAMPOA 2%ARDAGH PACKAGING08/11/2017 750,000 USD 742,935 0.04 FINANCE 7.375% 15/10/2017 1,000,000 USD 1,073,750 0.06UPCB FINANCE VI 6.875% VIMPELCOM 7.748%15/01/2022 2,500,000 USD 2,660,938 0.15 02/02/2021 1,800,000 USD 1,941,750 0.1115,630,265 0.89 3,015,500 0.17COLOMBIAISRAELBANCO DE BOGOTA 5.375% STATE OF ISRAEL 4.5%19/02/2023 2,000,000 USD 1,863,900 0.11 30/01/2043 3,300,000 USD 2,970,083 0.17BANCOLOMBIA 5.95% 2,970,083 0.1703/06/2021 6,700,000 USD 6,872,056 0.38 ITALYCOLOMBIA (GOVT) 4% INTESA SANPAOLO 3.125%26/02/2024 3,150,000 USD 3,083,661 0.18 15/01/2016 1,000,000 USD 1,000,875 0.0611,819,617 0.67 TELECOM ITALIA 4.5%CROATIA 20/09/2017 5,000,000 EUR 6,836,451 0.39CROATIA (GOVT) 6.625% 7,837,326 0.4514/07/2020 1,290,000 USD 1,364,175 0.08 KAZAKHSTAN1,364,175 0.08 KAZAGRO NATIONAL MGMTDENMARK HOLDING 4.625% 24/05/2023 2,440,000 USD 2,241,067 0.13DANSKE BANK 3.875% VRN 2,241,067 0.1304/10/2023 6,000,000 EUR 8,148,666 0.46 LUXEMBOURGDONG ENERGY A/S 6.25% FIAT INDUSTRIAL 6.25%VRN 26/06/3013 4,000,000 EUR 5,556,493 0.32 09/03/2018 7,000,000 EUR 10,476,411 0.5913,705,159 0.78 INTELSAT JACKSON HOLDINGSFEDERATION OF RUSSIA 7.25% 15/10/2020 750,000 USD 802,031 0.05RUSSIA (GOVT) 4.875%RUSSIAN AGRICULTURAL16/09/2023 7,600,000 USD 7,800,944 0.44 BANK 5.1% 25/07/2018 2,000,000 USD 2,041,480 0.127,800,944 0.44 13,319,922 0.76FRANCEMEXICOBANQUE PSA FINANCE MEXICO (GOVT) 4%5.75% 04/04/2021 520,000 USD 773,369 0.04 02/10/2023 4,090,000 USD 4,086,850 0.23LAFARGE 5.375% 29/11/2018 3,050,000 EUR 4,556,981 0.26 PETROLEOS MEXICANOSNOVALIS 6% 15/06/2018 1,500,000 EUR 2,111,695 0.12 3.5% 18/07/2018 500,000 USD 508,878 0.03PERNOD RICARD 5.5%PETROLEOS MEXICANOS15/01/2042 1,000,000 USD 1,023,575 0.06 5.5% 27/06/2044 970,000 USD 889,524 0.05PEUGEOT S.A. 6.5% 18/01/2019 2,300,000 EUR 3,226,257 0.18 5,485,252 0.31REXEL S.A. 5.125% 15/06/2020 5,000,000 EUR 6,954,380 0.40 NETHERLANDSSOCIETE GENERALE 4% ABN AMRO BANK 1.375%07/06/2023 6,000,000 EUR 7,802,388 0.45 22/01/2016 1,000,000 USD 1,001,680 0.0626,448,645 1.51 ING BANK 3.75% 07/03/2017 1,000,000 USD 1,053,445 0.06323

Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Income BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsLEASEPLAN CORP 3% TURKIYE IS BANKASI 3.75%23/10/2017 1,000,000 USD 1,009,135 0.06 10/10/2018 2,600,000 USD 2,426,918 0.14LYONDELLBASELL INDUSTRIESTURKIYE VAKIFLAR BANKASI5.75% 15/04/2024 1,750,000 USD 1,957,856 0.11 3.75% 15/04/2018 1,200,000 USD 1,119,474 0.06REPSOL INTERNATIONAL 9,117,334 0.52FINANCE 3.625% 07/10/2021 4,400,000 EUR 5,981,138 0.34 UNITED STATESSCHAEFFLER FINANCE 4.25%ALEXANDRIA REAL ESTATE15/05/2018 5,000,000 EUR 6,848,627 0.39 4.6% 01/04/2022 400,000 USD 405,256 0.02SCHAEFFLER FINANCE 4.75%ALTA MESA HOLDINGS15/05/2021 1,000,000 USD 970,625 0.06 9.625% 15/10/2018 1,000,000 USD 1,057,500 0.06UPC HOLDING 8.375%AMERICAN AXLE & MFG INC15/08/2020 1,000,000 EUR 1,476,325 0.08 6.625% 15/10/2022 1,000,000 USD 1,030,625 0.06VOLKSWAGEN INTERNATIONAL AT&T INC 0.9% 12/02/2016 600,000 USD 597,456 0.03FINANCE 3.875% VRN PERP 5,300,000 EUR 7,201,001 0.41 AUTOZONE INC 2.875%27,499,832 1.57 15/01/2023 350,000 USD 319,190 0.02NIGERIA BANK OF AMERICA 2%NIGERIA (GOVT) 6.375% 11/01/2018 2,500,000 USD 2,460,250 0.1412/07/2023 1,500,000 USD 1,536,563 0.09 BANK OF AMERICA 8%1,536,563 0.09 VRN PERP 500,000 USD 544,573 0.03PERU BERRY PETROLEUM 6.375%BANCO DE CREDITO DEL 15/09/2022 3,250,000 USD 3,268,280 0.19PER 4.25% 01/04/2023 7,010,000 USD 6,244,403 0.35 BRANDYWINE OPERBBVA BANCO PARTNERS 3.95% 15/02/2023 2,000,000 USD 1,886,500 0.11CONTINENTAL 5% 26/08/2022 1,000,000 USD 962,025 0.05 BROCADE COMMUNICATIONSBBVA BANCO CONTINENTAL SYSTEMS 4.625% 15/01/2023 1,250,000 USD 1,148,438 0.07S.A. 3.25% 08/04/2018 1,000,000 USD 980,440 0.06 BURLINGTON NORTH 4.45%EL FONDO MIVIVIENDA S.A. 15/03/2043 1,000,000 USD 915,730 0.053.5% 31/01/2023 3,800,000 USD 3,313,676 0.19 CCO HOLDINGS CORP 5.125%11,500,544 0.65 15/02/2023 500,000 USD 463,750 0.03SERBIA CCO HOLDINGS CORP 5.25%SERBIA (GOVT) 4.875% 30/09/22 4,250,000 USD 3,941,874 0.2225/02/2020 1,200,000 USD 1,123,500 0.06 CCO HOLDINGS CORP 5.75%1,123,500 0.06 01/09/2023 2,000,000 USD 1,903,750 0.11SLOVENIA CENTURYLINK 5.625%SLOVENIA (GOVT) 5.85% 01/04/2020 2,525,000 USD 2,488,678 0.1410/05/2023 3,600,000 USD 3,435,390 0.20 CENTURYLINK 5.8%3,435,390 0.20 15/03/2022 2,500,000 USD 2,363,525 0.13SOUTH AFRICA CENTURYLINK 7.65%ESKOM HOLDINGS 6.75% 15/03/2042 2,000,000 USD 1,770,250 0.1006/08/2023 2,450,000 USD 2,532,051 0.14 CHAPARRAL ENERGY INC2,532,051 0.14 7.625% 15/11/2022 1,000,000 USD 1,023,125 0.06SPAIN CHRYSLER GROUP 8.25%ABERTIS INFRAESTRUCTURAS 15/06/2021 500,000 USD 563,125 0.034.625% 14/10/2016 4,250,000 EUR 6,222,433 0.35 CIMAREX ENERGY 5.875%FERROVIAL EMISIONES 3.375% 01/05/2022 2,000,000 USD 2,036,250 0.1207/06/2021 3,800,000 EUR 5,092,974 0.29 CIT GROUP INC 5%11,315,407 0.64 15/08/2022 3,500,000 USD 3,443,124 0.20TURKEY CIT GROUP INC 5.5%AKBANK 3.875% 24/10/2017 3,600,000 USD 3,521,232 0.20 15/02/2019 3,000,000 USD 3,159,374 0.18AKBANK 6.5% 09/03/2018 600,000 USD 635,304 0.04 CITIGROUP INC 1.7%COCA COLA ICECEK URETIM 25/07/2016 750,000 USD 753,514 0.044.75% 01/10/2018 1,400,000 USD 1,414,406 0.08324

Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Income BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsCLEAN HARBORS INC 5.25%GENERAL MOTORS01/08/2020 1,500,000 USD 1,492,500 0.08 FINANCE 4.75% 15/08/2017 700,000 USD 728,000 0.04COMSTOCK 7.75% 01/04/2019 1,100,000 USD 1,137,813 0.06 HAWK ACQUISITION SUB INCCONCHO RESOURCES 5.5% 4.25% 15/10/2020 5,500,000 USD 5,266,249 0.3001/04/2023 2,000,000 USD 1,978,750 0.11 HCA INC 4.75% 01/05/2023 6,750,000 USD 6,382,968 0.37CON'L RUBBER CRP HEALTH CARE 3.75%AMERICA 4.5% 15/09/2019 1,500,000 USD 1,573,125 0.09 15/03/2023 600,000 USD 569,988 0.03CROWN AMERICAS CORP IV HEALTH CARE 5.125%4.5% 15/01/2023 2,500,000 USD 2,317,188 0.13 15/03/2043 1,000,000 USD 898,425 0.05CROWN CASTLE INTERNATIONAL HERTZ CORP 5.875%CORP 5.25% 15/01/2023 1,000,000 USD 927,500 0.05 15/10/2020 1,000,000 USD 1,031,875 0.06DAIMLER FINANCE 1.65%HOST HOTELS AND RESORTS10/04/2015 750,000 USD 758,730 0.04 INC 3.75% 15/10/2023 1,000,000 USD 932,150 0.05DANA HOLDING 6.75 %HOST HOTELS AND RESORTS05/02/2021 500,000 USD 532,813 0.03 INC 6% 01/11/2020 1,100,000 USD 1,199,886 0.07DCP MIDSTREAM 3.875%INTERNATIONAL LEASE FINANCE15/03/2023 650,000 USD 594,191 0.03 5.875% 01/04/2019 1,000,000 USD 1,048,125 0.06DCP MIDSTREAM 4.75%INTERNATIONAL LEASE FINANCE30/09/2021 1,000,000 USD 1,008,680 0.06 5.875% 15/08/2022 750,000 USD 741,094 0.04DCP MIDSTREAM 4.95%INTERNATIONAL LEASE FINANCE01/04/2022 1,000,000 USD 996,890 0.06 6.25% 15/05/2019 500,000 USD 527,813 0.03DELPHI CORP 6.125%INTERNATIONAL LEASE FINANCE15/05/2021 1,600,000 USD 1,757,000 0.10 8.25% 15/12/2020 2,000,000 USD 2,291,250 0.13DENBURY RESOURCES INC JARDEN CORP 6.125%4.625% 15/07/2023 3,110,000 USD 2,849,538 0.16 15/11/2022 1,000,000 USD 1,039,375 0.06DISCOVERY COMMS 3.3% JBS USA 7.25% 01/06/2021 1,250,000 USD 1,263,281 0.0715/05/2022 1,000,000 USD 954,975 0.05 KAISER ALUMINUM CORPDRESDNER BANK 7.25% 8.25% 01/06/2020 500,000 USD 561,563 0.0315/09/2015 1,250,000 USD 2,136,250 0.12 KILROY REALTY LP 3.8%EAGLE SPINCO INC 4.625% 15/01/2023 1,000,000 USD 937,365 0.0515/02/2021 2,000,000 USD 1,932,500 0.11 KIMCO REALTY 4.3%EL PASO PIPELINE 4.7% 01/02/2018 1,000,000 USD 1,076,015 0.0601/11/2042 1,000,000 USD 864,375 0.05 KINDER MORGAN ENERGYEL PASO PIPELINE 5% PARTNERS 3.5% 01/09/2023 1,250,000 USD 1,167,025 0.0701/10/2021 1,000,000 USD 1,057,500 0.06 KINDER MORGAN ENERGYENERGY TRANSFER PARTNERS PARTNERS 5% 01/03/2043 1,000,000 USD 906,610 0.053.6% 01/02/2023 1,000,000 USD 934,970 0.05 LEAR CORP 4.75% 15/01/2023 3,500,000 USD 3,257,187 0.19ENERGY TRANSFER PARTNERS LG&E & KU ENERGY 4.375%5.15% 01/02/2043 1,000,000 USD 895,680 0.05 01/10/2021 1,000,000 USD 1,029,735 0.06ENTERPRISE PRODUCTS LIMITED BRANDS 5.625%OPERATING 3.35% 15/03/2023 650,000 USD 615,570 0.04 15/02/2022 3,605,000 USD 3,701,883 0.21EXELON GENERATION 5.75%LOUISIANA PACIFIC CORP01/10/2041 1,000,000 USD 987,940 0.06 7.5% 01/06/2020 750,000 USD 817,031 0.05FIDELITY NATIONAL INFORMATIONMACK-CALI REALITY LPSERVICES 5% 15/03/2022 2,500,000 USD 2,551,488 0.15 2.5% 15/12/2017 800,000 USD 792,888 0.05FOREST OIL CORP 7.25%MACYS RETAIL HOLDINGS15/06/2019 1,000,000 USD 1,006,250 0.06 2.875% 15/02/2023 1,000,000 USD 901,540 0.05FRONTIER COMMUNICATIONS MARKWEST ENERGY 4.5%7.125% 15/01/2023 3,250,000 USD 3,233,749 0.18 15/07/2023 1,000,000 USD 945,000 0.05FRONTIER COMMUNICATIONS METROPCS WIRELESS 6.625%8.25% 15/04/2017 2,000,000 USD 2,273,750 0.13 01/04/2023 1,900,000 USD 1,908,313 0.11325

Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Income BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsMETROPCS WIRELESS WEX INC 4.75% 01/02/2023 1,850,000 USD 1,705,469 0.107.875% 01/09/2018 1,000,000 USD 1,085,000 0.06 WILLIAMS COMPANIES INCNASDAQ OMX GROUP INC 3.7% 15/01/2023 2,000,000 USD 1,808,030 0.103.875% 07/06/2021 1,000,000 EUR 1,398,457 0.08 WINDSTREAM CORP 7.75%NEWFIELD EXPLORATION 15/10/2020 2,500,000 USD 2,596,875 0.155.625% 01/07/2024 2,500,000 USD 2,915,624 0.17 WPX ENERGY 6% 15/01/2022 1,500,000 USD 1,527,188 0.09NEWS AMERICA 6.9%WYNDHAM WORLDWIDE15/08/2039 1,000,000 USD 1,166,375 0.07 3.9% 01/03/2023 2,000,000 USD 1,890,370 0.11NORTHERN TIER ENERGYWYNN LAS VEGAS CORPLLC 7.125% 15/11/2020 600,000 USD 603,000 0.03 5.375% 15/03/2022 500,000 USD 505,313 0.03OASIS PETROLEUM INC 162,149,836 9.246.875% 15/01/2023 1,000,000 USD 1,066,875 0.06 VENEZUELAO'REILLY AUTOMOTIVE INCPETROLEOS DE VENEZUELA3.8% 01/09/2022 1,000,000 USD 981,890 0.06 5.25% 12/04/2017 2,800,000 USD 2,241,750 0.13OWENS CORNING 4.2% 2,241,750 0.1315/12/2022 1,000,000 USD 975,000 0.06 TOTAL BONDS 374,689,225 21.33PENSKE TRUCK LEASING 2.5%15/03/2016 1,000,000 USD 1,020,845 0.06 FLOATING RATE BONDSPH GLATFELTER 5.375%15/10/2020 1,000,000 USD 992,500 0.06 FRANCEPOST HOLDINGS INC 7.375%ELECTRICITE DE FRANCE15/02/2022 1,000,000 USD 1,060,000 0.06 4.25% VRN PERP 4,000,000 EUR 5,479,524 0.31PPL CAPITAL FUNDING 3.5%ELECTRICITE DE FRANCE01/12/2022 500,000 USD 472,028 0.03 5.25% VRN PERP 3,000,000 USD 4,736,825 0.27PROLOGIS 4.5% 15/08/2017 1,000,000 USD 1,079,235 0.06 10,216,349 0.58QEP RESOURCES INC 5.25%GREAT BRITAIN01/05/2023 1,000,000 USD 936,250 0.05 BROADGATE FINANCINGRABOBANK CAP 5.254% FRN 05/10/2023 4,000,000 GBP 1,218,685 0.07VRN PERP 1,000,000 USD 1,023,360 0.06 CANARY WHARF FINANCERAIN CII CARBON 8.25% FRN 22/10/2037 500,000 GBP 579,747 0.0315/01/2021 2,050,000 USD 2,093,563 0.12 1,798,432 0.10RELIANCE HOLDINGS 4.5%UNITED STATES19/10/2020 900,000 USD 886,518 0.05 BANK OF AMERICA 8.125%REYNOLDS GROUP 6.875% VRN PERP 2,000,000 USD 2,205,000 0.1315/02/2021 2,500,000 USD 2,684,375 0.15 CITIGROUP INC 5.95% VRNROCK-TENN 4.45% 01/03/2019 500,000 USD 531,875 0.03 PERP 4,500,000 USD 4,213,125 0.24SANDRIDGE ENERGY 8.75%DOMINION RESOURCES15/01/2020 2,300,000 USD 2,443,750 0.14 6.3% VRN 30/09/2066 1,750,000 USD 1,622,591 0.09SLM CORP 3.875% 10/09/2015 500,000 USD 513,750 0.03 ENTERPRISE 7.034% VRNSLM CORP 4.625% 25/09/2017 500,000 USD 507,500 0.03 15/01/2068 3,150,000 USD 3,480,057 0.20SPIRIT AEROSYSTEMS INCPPL CAPITAL FUNDING6.75% 15/12/2020 1,000,000 USD 1,051,250 0.06 6.7% VRN 30/03/2067 3,027,000 USD 4,112,574 0.23SWIFT ENERGY 7.875% 15,633,347 0.8901/03/2022 1,000,000 USD 981,875 0.06 TOTAL FLOATING RATE BONDS 27,648,128 1.57TARGA RESOURCESPARTNERS 6.875% 01/02/2021 2,500,000 USD 2,678,125 0.15 ASSET BACKED SECURITIESTENNECO 6.875% 15/12/2020 1,000,000 USD 1,090,625 0.06VENTAS REALTY LP 2.7%CAYMAN ISLANDS01/04/2020 1,000,000 USD 955,460 0.05 CLYDESDALE CLO FRNVPI ESCROW CORP 6.375% 06/12/2017 4,500,000 USD 4,261,500 0.2415/10/2020 2,000,000 USD 2,085,000 0.12 4,261,500 0.24326

Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Income BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsGREAT BRITAINMORGAN STANLEY BAMLBROADGATE FINANCING TRUST VRN 15/10/2030 3,000,000 USD 2,593,404 0.15FRN 05/01/2022 3,000,000 GBP 2,531,819 0.14 12,038,302 0.692,531,819 0.14 TOTAL MORTGAGE BACKED SECURITIES 27,511,682 1.57UNITED STATESTOTAL TRANSFERABLE SECURITIES455,077,412 25.91ACE SECURITIES FRNTRADED ON ANOTHER REGULATED MARKET25/05/2035 2,750,000 USD 2,246,626 0.13HOME EQUITY ASSETOTHER TRANSFERABLE SECURITIESTRUST FRN 25/01/2035 2,000,000 USD 1,854,782 0.11HOME EQUITY MORTGAGEBONDSTRUST 5.363% 25/06/2035 2,000,000 USD 2,049,185 0.126,150,593 0.36 LUXEMBOURGTOTAL ASSET BACKED SECURITIES 12,943,912 0.74 SES S.A. 3.6% 04/04/2023 1,000,000 USD 944,160 0.05944,160 0.05TREASURY BONDS/NOTES - FIXED RATEUNITED STATESBELDEN INC 5.5% 01/09/2022 1,875,000 USD 1,819,921 0.10UNITED STATESSPRINT COMMUNICATIONSUS (GOVT) 1.625% TREASURY INC 7% 01/03/2020 1,500,000 USD 1,619,063 0.10NOTE 15/08/2022 1,300,000 USD 1,209,508 0.07 3,438,984 0.20US (GOVT) 1.625% TREASURY TOTAL BONDS 4,383,144 0.25NOTE 15/11/2022 5,600,000 USD 5,177,813 0.29US (GOVT) 2% TREASURYASSET BACKED SECURITIESNOTE 15/02/2023 6,200,000 USD 5,897,144 0.3412,284,465 0.70 CAYMAN ISLANDSTOTAL TREASURY BONDS/NOTES - FIXED12,284,465 0.70ATRIUM CDO CORP FRNRATE 20/07/2020 3,500,000 USD 3,278,907 0.19CENT CDO FRN 18/11/2018 1,250,000 USD 1,076,625 0.06MORTGAGE BACKED SECURITIESGULF STREAM COMPASSCLO FRN 28/10/2019 4,000,000 USD 3,899,320 0.22GREAT BRITAINSILVERADO CLO FRNBRUNTWOOD ALPHA FRN 16/10/2020 2,250,000 USD 2,102,175 0.1215/01/2017 5,000,000 GBP 5,765,392 0.33 10,357,027 0.59EPIC FRN 15/07/2017 4,650,000 GBP 7,007,307 0.40GREAT HALL MORTGAGESUNITED STATESFRN 18/03/2039 2,000,000 EUR 1,761,831 0.10 HLSS SERVICER ADVANCE14,534,530 0.83 3.2282% 16/01/2046 750,000 USD 752,378 0.04IRELANDHLSS SERVICER ADVANCESILENUS FRN 15/05/2019 922,000 EUR 938,850 0.05 4.94% 15/10/2045 650,000 USD 675,942 0.04938,850 0.05 MORGAN STANLEY CAPITALUNITED STATES I TRUST VRN 05/02/2035 7,100,000 USD 4,813,018 0.28DBUBS MORTGAGE TRUST 6,241,338 0.36VRN 10/01/2021 3,000,000 USD 2,993,268 0.17 TOTAL ASSET BACKED SECURITIES 16,598,365 0.95GE COMMERCIAL MORTGAGETRUST 5.296474% 10/3/2044 2,500,000 USD 2,429,739 0.14 MORTGAGE BACKED SECURITIESGS MORTGAGE SECURITIES5.622% 10/11/2039 2,500,000 USD 2,405,126 0.14 UNITED STATESJP MORGAN CHASE VRNCITIGROUP CMT FRN15/01/2049 1,600,000 USD 1,616,765 0.09 10/08/2022 3,000,000 USD 2,691,563 0.15COMMERCIAL MORTGAGEPASS VRN 15/08/2045 3,695,000 USD 3,360,021 0.19327

Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Income BondStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsGS MORTGAGE SECURITIESFRN 10/12/2020 5,000,000 USD 4,831,460 0.28JP MORGAN CHASE FRN05/07/2022 300,000 USD 293,811 0.02JP MORGAN CHASE VRN15/11/2043 5,000,000 USD 5,207,570 0.30JP MORGAN CHASE VRN15/02/2046 5,000,000 USD 4,922,567 0.27MORGAN STANLEY 5.35733%VRN 15/09/2021 2,500,000 USD 2,382,374 0.14MORGAN STANLEY BAMLTRUST 4.30557% 15/02/2046 2,000,000 USD 1,680,818 0.10MORGAN STANLEYCAPITAL VRN 15/02/2021 5,225,000 USD 5,347,716 0.29WTC7 DEPOSITOR TRUST5.9649% 13/03/2019 2,000,000 USD 2,074,658 0.1232,792,558 1.86TOTAL MORTGAGE BACKED SECURITIES 32,792,558 1.86TOTAL OTHER TRANSFERABLE SECURITIES 53,774,067 3.06TOTAL INVESTMENTS 1,684,593,700 95.91OTHER NET ASSETS LESS LIABILITIES 71,783,670 4.09TOTAL NET ASSETS 1,756,377,370 100.00328

Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Yield BondStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsValueValueINVESTMENTS CONTINENTAL 5.75%18/01/2017 500,000 USD 536,685 0.05TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKCOUNTRY GARDEN HOLDINGSEXCHANGE LISTING 11.25% 22/04/2017 400,000 USD 434,500 0.04DP WORLD SUKUK 6.25%BONDS 02/07/2017 670,000 USD 736,005 0.07EMBRAER OVERSEAS 5.696%BELGIUM 16/09/2023 838,000 USD 828,686 0.08BNP PARIBAS FORTIS S.A.EVERGRANDE REAL ESTATE4.625% VRN PERP 3,000,000 EUR 4,082,191 0.40 13% 27/01/2015 1,500,000 USD 1,618,125 0.16KBC BANK 8% PERP 2,000,000 EUR 2,807,133 0.27 FIBRIA OVERSEAS FINANCE6,889,324 0.67 6.75% 03/03/2021 1,500,000 USD 1,608,750 0.16BRAZILFIBRIA OVERSEAS FINANCEBANCO ABC-BRASIL 7.875% 7.5% 04/05/2020 336,000 USD 366,450 0.0408/04/2020 1,500,000 USD 1,527,188 0.15 FUFENG GROUP 7.625%BANCO BMG 8% 15/04/2018 2,000,000 USD 1,982,760 0.19 13/04/2016 500,000 USD 509,063 0.05BANCO EST RIO GRANDE GRUPO AVAL 5.25%7.375% 02/02/2022 800,000 USD 795,000 0.08 01/02/2017 500,000 USD 519,358 0.05BRASIL TELECOM 5.75% HUTCHISON WHAMPOA 3.75%10/02/2022 1,840,000 USD 1,616,872 0.16 VRN PERP 1,000,000 EUR 1,285,264 0.12CENTRAIS ELECTRICASKAISA GROUP HOLDINGSBRASIL 6.875% 30/07/2019 1,000,000 USD 1,073,225 0.10 12.875% 18/09/2017 500,000 USD 565,313 0.05CIA SANEAMENTO BASICOLONGFOR PROPERTIES6.25% 16/12/2020 1,450,000 USD 1,461,781 0.14 6.75% 29/01/2023 2,000,000 USD 1,872,499 0.19VOTORANTIM CIMENTOSTRANSPRTDRA DE GAS INTL7.25% 05/04/2041 400,000 USD 368,646 0.04 5.7% 20/03/2022 1,350,000 USD 1,370,797 0.13VOTO-VOTORANTIM 6.75% 16,954,178 1.6505/04/2021 400,000 USD 432,022 0.04 CHILE9,257,494 0.90 CORPBANCA S.A. 3.125%CANADA 15/01/2018 1,000,000 USD 918,220 0.09VPII ESCROW CORP 7.5% 918,220 0.0915/07/2021 1,150,000 USD 1,246,313 0.12 COLOMBIA1,246,313 0.12 BANCO DAVIVIENDA 5.875%CAYMAN ISLANDS 09/07/2022 2,000,000 USD 1,907,500 0.19AGILE PROPERTY HOLDINGS BANCOLOMBIA S.A. 6.125%9.875% 20/03/2017 1,000,000 USD 1,085,625 0.11 26/07/2020 250,000 USD 257,031 0.02BANCO BTG PACTUAL 4% 2,164,531 0.2116/01/2020 800,000 USD 714,244 0.07 CROATIABANCO BTG PACTUAL 5.75% AGROKOR D.D 8.875%28/09/2022 700,000 USD 635,250 0.06 01/02/2020 1,000,000 USD 1,606,875 0.16BANCO DO BRASIL 5.875% 1,606,875 0.1626/01/2022 1,700,000 USD 1,625,939 0.16 DENMARKBANCO DO BRAZIL 9.25% ISS A/S 8.875% 15/05/2016 2,500,000 EUR 2,260,641 0.22PERP 600,000 USD 641,625 0.06 2,260,641 0.22329

Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Yield BondStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsValueValueFRANCE GKN HOLDINGS 5.375%CREDIT AGRICOLE S.A. 19/09/2022 950,000 GBP 1,588,428 0.158.125% VRN 19/09/2033 4,600,000 USD 4,588,224 0.45 INEOS FINANCE 8.375%CROWN EURO HOLDINGS 15/02/2019 6,000,000 USD 6,626,249 0.657.125% 15/08/2018 4,400,000 EUR 6,365,543 0.61 LLOYDS BANK 11.875%GROUPE BPCE VRN PERP 2,500,000 EUR 3,369,321 0.33 16/12/2021 2,000,000 EUR 3,335,314 0.32LABCO SAS 8.5% 15/01/2018 800,000 EUR 1,153,310 0.11 REXAM 6.75% VRNLAFARGE 5.5% 16/12/2019 4,000,000 EUR 5,962,831 0.58 29/06/2067 2,000,000 EUR 2,822,362 0.27LOXAM SAS 7.375%VEDANTA RESOURCES24/01/2020 350,000 EUR 489,472 0.05 8.25% 07/06/2021 600,000 USD 612,000 0.06RENAULT S.A. 4.625% VEDANTA RESOURCES 9.5%25/05/2016 2,500,000 EUR 3,574,484 0.35 18/07/2018 2,550,000 USD 2,811,375 0.27RENAULT S.A. 4.625% VTB BANK 6.315% 22/02/2018 1,675,000 USD 1,770,023 0.1718/09/2017 1,000,000 EUR 1,430,640 0.14 27,150,361 2.63REXEL S.A. 7% 17/12/2018 1,000,000 EUR 1,478,863 0.14 HUNGARYSPCM S.A. 5.5% 15/06/2020 1,100,000 EUR 1,582,079 0.15 MOL HUNGARIAN OIL & GASTEREOS FINANCE GROUP I 5.875% 20/04/2017 2,500,000 EUR 3,599,865 0.354.25% 04/03/2020 400,000 EUR 535,369 0.05 3,599,865 0.35WENDEL S.A. 5.875%INDIA17/09/2019 3,000,000 EUR 4,411,209 0.43 ICICI BANK 4.7% 21/02/2018 1,000,000 USD 1,000,205 0.10WENDEL S.A. 6.75% 1,000,205 0.1020/04/2018 1,100,000 EUR 1,679,796 0.16 INDONESIA36,621,141 3.55 PERUSAHAAN LISTRIKGEORGIA NEGARA 5.5% 22/11/2021 2,100,000 USD 2,023,875 0.20GEORGIAN RAILWAY JSC 2,023,875 0.207.75% 11/07/2022 700,000 USD 738,938 0.07 IRELAND738,938 0.07 ALFA BANK 7.75% 28/04/2021 2,200,000 USD 2,338,875 0.23GERMANY ALFA BANK 7.875%KABEL DEUTSCHLAND V&S 25/09/2017 700,000 USD 773,063 0.086.5% 29/06/2018 1,000,000 EUR 1,443,330 0.14 CBOM FINANCE 7.7%MUNICH 5.767% VRN PERP 1,500,000 EUR 2,134,030 0.21 01/02/2018 800,000 USD 827,500 0.08TECHEM ENERGY MET SERV GAZPROMBANK 5.625%7.875% 01/10/2020 200,000 EUR 299,157 0.03 17/05/2017 1,350,000 USD 1,425,411 0.14UNITYMEDIA GMBH 9.625%PHOSAGRO BOND FUNDING01/12/2019 1,000,000 EUR 1,502,552 0.15 4.204% 13/02/2018 1,500,000 USD 1,482,188 0.14UNITYMEDIA HESSEN 5.5% SCF CAPITAL 5.375%15/01/2023 7,000,000 USD 6,658,751 0.64 27/10/2017 1,000,000 USD 1,015,000 0.10UNITYMEDIA HESSEN 5.75% SIBUR SECURITIES 3.914%15/01/2023 450,000 EUR 609,904 0.06 31/01/2018 900,000 USD 864,000 0.0812,647,724 1.23 SMURFIT KAPPA 7.25%GREAT BRITAIN 15/11/2017 2,000,000 EUR 2,827,437 0.27BARCLAYS BANK 4.75% SMURFIT KAPPA 7.75%VRN PERP 2,750,000 EUR 2,954,766 0.29 15/11/2019 1,000,000 EUR 1,472,095 0.14BARCLAYS BANK 7.434% 13,025,569 1.26VRN PERP 4,250,000 USD 4,629,844 0.45330

Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Yield BondStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsValueValueISRAELMEXICOISRAEL ELECTRIC CORPBANCO SANTANDER S.A.9.375% 28/01/2020 1,800,000 USD 2,167,875 0.21 4.125% 09/11/2022 250,000 USD 232,521 0.022,167,875 0.21 CONTROLADORA MABEITALY 7.875% 28/10/2019 1,000,000 USD 1,094,375 0.11ENEL 8.75% VRN 24/09/2073 500,000 USD 511,448 0.05 1,326,896 0.13511,448 0.05 NETHERLANDSJAPAN ABN AMRO BANK 7.125%SOFTBANK CORP 4.625% 06/07/2022 1,000,000 EUR 1,565,903 0.1515/04/2020 400,000 EUR 550,259 0.05 CARLSON WAGONLIT 7.5%550,259 0.05 15/06/2019 500,000 EUR 709,821 0.07LUXEMBOURGCONTI-GUMMI FINANCEARCELORMITTAL 5.25% 7.125% 15/10/2018 3,000,000 EUR 4,228,466 0.4105/08/2020 4,750,000 USD 4,895,469 0.48 ELM BV 5.252% VRN PERP 2,500,000 EUR 3,487,343 0.34ARCELORMITTAL 6.75%GMAC INTERNATIONAL01/03/2041 1,000,000 USD 920,625 0.09 FINANCE 7.5% 21/04/2015 2,500,000 EUR 3,633,706 0.35ARCELORMITTAL 7% GTB FINANCE 7.5%15/10/2039 1,600,000 USD 1,520,000 0.15 19/05/2016 1,000,000 USD 1,058,750 0.10CEMEX ESPANA 9.875% HSBK EUROPE 7.25%30/04/2019 1,500,000 USD 1,684,688 0.16 03/05/2017 1,400,000 USD 1,484,000 0.14FIAT FINANCE 7.625%IBERDROLA INTERNATIONAL15/09/2014 750,000 EUR 1,064,731 0.10 5.75% VRN PERP 1,500,000 EUR 2,051,776 0.20FMC FINANCE VIII S.A. 6.5% INDO ENERGY FINANCE 7%15/09/2018 500,000 EUR 785,540 0.08 07/05/2018 700,000 USD 683,375 0.07GAZPROM CAPITAL 5.999% ING GROEP 8% PERP 2,000,000 EUR 2,812,209 0.2723/01/2021 500,000 USD 525,338 0.05 INTERGAS 6.375% 14/05/2017 400,000 USD 434,250 0.04GAZPROM CAPITAL 6.212% KONINKLIJKE KPN 7%22/11/2016 1,000,000 USD 1,099,480 0.11 VRN 28/03/2073 4,800,000 USD 4,815,095 0.47GRIEF LUXEMBOURG FINANCELBC TANK TERMINALS7.375% 15/07/2021 550,000 EUR 843,155 0.08 HOLDING 6.875% 15/05/2023 3,500,000 USD 3,517,500 0.34HEIDELBERGCEMENT 7.5%NOKIA SIEMENS NETWORKS03/04/2020 4,000,000 EUR 6,436,608 0.63 FINANCE 7.125% 15/04/2020 300,000 EUR 451,527 0.04INTELSAT JACKSON HOLDINGSOI EUROPEAN GROUP6.625% 15/12/2022 3,000,000 USD 2,975,625 0.29 4.875% 31/03/2021 200,000 EUR 277,160 0.03KION FINANCE S.A. 6.75%RABOBANK NEDERLAND15/02/2020 650,000 EUR 952,462 0.09 6.875% 19/03/2020 3,000,000 EUR 4,492,814 0.44MINERVA LUXEMBOURG S.A.SCHAEFFLER FINANCE7.75% 31/01/2023 750,000 USD 713,438 0.07 7.75% 15/02/2017 1,750,000 EUR 2,669,442 0.26RUSSIAN STANDARD BANK VIMPELCOM HOLDINGS 5.2%9.25% 11/07/2017 1,000,000 USD 1,058,750 0.10 13/02/2019 2,000,000 USD 1,990,000 0.19SISTEMA INTERNATIONALVIMPLECOM HOLDINGSFUNDING 6.95% 17/05/2019 700,000 USD 741,563 0.07 7.5043% 01/03/2022 2,500,000 USD 2,642,188 0.26SPIE BONDCO 3 SCA 11% ZIGGO BOND 8% 15/05/2018 4,000,000 EUR 5,786,856 0.5615/08/2019 150,000 EUR 229,698 0.02 48,792,181 4.73UNICREDIT 5.1875%13/10/2015 300,000 USD 306,576 0.0326,753,746 2.60331

Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Yield BondStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsValueValuePANAMA YAPI VE KREDI BANKASI 4%BANCO DE CREDITO DEL 22/01/2020 450,000 USD 400,813 0.045.375% 16/09/2020 1,000,000 USD 1,018,780 0.10 YAPI VE KREDI BANKASI 6.75%1,018,780 0.10 08/02/2017 675,000 USD 710,657 0.07PARAGUAY 6,573,557 0.64PARAGUAY (GOVT) 4.625%UNITED STATES25/01/2023 300,000 USD 275,250 0.03 ACCO BRANDS CORP 6.75%275,250 0.03 30/04/2020 4,000,000 USD 4,015,000 0.39PERU ALOROSA FINANCE 7.75%BANCO INTERNAC DEL PERU 03/11/2020 700,000 USD 777,000 0.085.75% 07/10/2020 650,000 USD 645,899 0.06 AMERICAN AXLE 7.75%645,899 0.06 15/11/2019 1,133,000 USD 1,262,587 0.12POLAND AVIS BUDGET FINANCE 5.5%CYFROWY POLSAT FINANCE 01/04/2023 2,000,000 USD 1,863,750 0.187.125% 20/05/2018 2,750,000 EUR 4,004,057 0.39 AVIS BUDGET FINANCE 6%4,004,057 0.39 01/03/2021 100,000 EUR 137,480 0.01SINGAPORE BELDEN INC 5.5% 15/04/2023 300,000 EUR 394,674 0.04FLEXTRONICS INTERNATIONALBOISE CASCADE COMPANY5% 15/02/2023 1,850,000 USD 1,765,594 0.18 6.375% 01/11/2020 5,000,000 USD 5,143,750 0.50THETA CAPITAL 6.125%CAESARS ENTERTAINMENT14/11/2020 500,000 USD 459,375 0.04 11.25% 01/06/2017 3,500,000 USD 3,556,875 0.352,224,969 0.22 CEMEX FINANCE 9.375%SPAIN 12/10/2022 1,500,000 USD 1,651,875 0.16ENCE ENERGIA Y CELULOSA CEMEX FINANCE 9.5%7.25% 15/02/2020 650,000 EUR 926,066 0.09 14/12/2016 231,000 USD 245,149 0.02926,066 0.09 CENTURYLINK 6.45%SRI LANKA 15/06/2021 5,000,000 USD 4,984,375 0.48BANK OF CEYLON 6.875% CHEMTURA CORP 5.75%03/05/2017 350,000 USD 352,625 0.03 15/07/2021 4,200,000 USD 4,213,125 0.41352,625 0.03 COMMERCIAL METALS 4.875%SWITZERLAND 15/05/2023 1,000,000 USD 902,500 0.09CREDIT SUISSE AG 5.75%CROSSTEX ENERGY LPVRN 18/09/2025 600,000 EUR 809,823 0.08 7.125% 01/06/2022 2,720,000 USD 2,803,300 0.27809,823 0.08 DISH DBS CORP 5.125%TURKEY 01/05/2020 6,250,000 USD 6,226,562 0.60AKBANK 5% 24/10/2022 400,000 USD 367,528 0.04 FELCOR LODGING LP 5.625%FINANSBANK 5.15% 01/03/2023 3,000,000 USD 2,812,500 0.2701/11/2017 1,000,000 USD 946,875 0.09 FIRST QUALITY FINANCE CORPFINANSBANK 5.5% 11/05/2016 1,000,000 USD 985,625 0.10 4.625% 15/05/2021 700,000 USD 631,750 0.06TURKIYE GARANTI BANKASI FRESENIUS 8.75% 15/07/2015 1,000,000 EUR 1,527,933 0.15AS 5.25% 13/09/2022 1,000,000 USD 917,015 0.09 FRONTIER COMMUNICATIONSTURKIYE HALK BANKASI 7.625% 15/04/2024 3,000,000 USD 3,009,375 0.293.875% 05/02/2020 1,950,000 USD 1,750,388 0.16 FRONTIER COMMUNICATIONSTURKIYE VAKIFLAR BANKASI 9% 15/08/2031 1,000,000 USD 973,125 0.096% 01/11/2022 550,000 USD 494,656 0.05332

Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Yield BondStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsValueValueHALCON RESOURCES CORPSERVICE CORP INTERNATIONAL8.875% 15/05/2021 1,000,000 USD 1,036,250 0.10 5.375% 15/01/2022 1,200,000 USD 1,146,000 0.11HALCON RESOURCES CORP SINCLAIR TELEVISION 6.125%9.25% 15/02/2022 1,000,000 USD 1,040,625 0.10 01/10/2022 4,000,000 USD 3,982,500 0.39INTERNATIONAL LEASE FINANCE SIRIUS XM RADIO INC 5.75%4.625% 15/04/2021 500,000 USD 463,750 0.05 01/08/2021 2,000,000 USD 1,991,250 0.19JACK COOPER HOLDINGS SIRIUS XM RADIO INC 5.875%CORP 9.25% 01/06/2020 2,500,000 USD 2,639,063 0.26 01/10/2020 4,000,000 USD 4,032,500 0.39LIMITED BRANDS 6.95% SLM CORP 7.25% 25/01/2022 5,160,000 USD 5,263,200 0.5101/03/2033 7,750,000 USD 7,624,062 0.74 SPRINT COMMUNICATIONS INCLIMITED BRANDS 7.6% 7% 15/08/2020 8,500,000 USD 8,675,312 0.8515/07/2037 950,000 USD 955,344 0.09 SPRINT CORP 7.25%LSB INDUSTRIES 7.75% 15/09/2021 1,750,000 USD 1,772,969 0.1701/08/2019 2,000,000 USD 2,090,000 0.20 SPRINT CORP 7.875%MGM RESORTS INTERNATIONAL 15/09/2023 1,750,000 USD 1,793,750 0.176.75% 01/10/2020 2,000,000 USD 2,120,000 0.21 SUN MERGER SUB INC 5.25%MGM RESORTS INTERNATIONAL 01/08/2018 1,000,000 USD 1,026,250 0.107.75% 15/03/2022 4,500,000 USD 4,899,375 0.48 TENET HEALTHCARE CORPMIDSTATES PETROLEUM 4.375% 01/10/2021 2,000,000 USD 1,860,000 0.189.25% 01/06/2021 1,000,000 USD 1,000,625 0.10 TENET HEALTHCARE CORPMRT MID PART/MRT MID 6% 01/10/2020 250,000 USD 256,250 0.02FINANCE 7.25% 15/02/2021 5,000,000 USD 5,084,375 0.49 TRANSDIGM INC 5.5%OASIS PETROLEUM INC 15/10/2020 2,250,000 USD 2,223,281 0.226.875% 15/03/2022 2,050,000 USD 2,170,438 0.21 WINDSTREAM CORP 6.375%PBF HOLDING 8.25% 01/08/2023 1,600,000 USD 1,467,000 0.1415/02/2020 5,000,000 USD 5,212,500 0.51 159,380,520 15.47PEABODY ENERGY CORPVENEZUELA6% 15/11/2018 7,000,000 USD 6,956,249 0.68 PETROLEOS DE VENEZUELAPENN VIRGINIA RESOURCE 5% 28/10/2015 2,400,000 USD 2,116,499 0.206.5% 15/05/2021 3,000,000 USD 2,844,375 0.28 VENEZUELA (GOVT) 7.65%PENSKE AUTO GROUP INC 21/04/2025 1,500,000 USD 1,087,500 0.115.75% 01/10/2022 4,909,000 USD 4,844,569 0.47 VENEZUELA (GOVT) 7.75%PLASTIPAK HOLDINGS INC 13/10/2019 1,250,000 USD 1,042,188 0.106.5% 01/10/2021 5,000,000 USD 5,081,250 0.49 VENEZUELA (GOVT) 9.25%PNK FINANCE CORP 6.375% 07/05/2028 1,550,000 USD 1,222,563 0.1201/08/2021 5,000,000 USD 5,125,000 0.50 VENEZUELA (GOVT) 9.375%POST HOLDINGS INC 7.375% 13/01/2034 1,940,000 USD 1,536,238 0.1515/02/2022 250,000 USD 262,969 0.03 VENEZUELA (GOVT)RESOLUTE ENERGY CORP 12.75% 23/08/2022 1,000,000 USD 996,250 0.108.5% 01/05/2020 5,500,000 USD 5,678,749 0.55 8,001,238 0.78SBA TELECOMMUNICATIONSVIRGIN ISLANDS5.75% 15/07/2020 1,594,000 USD 1,593,004 0.15 FRANSHION INVESTMENTSELECT MEDICAL CORP 4.7% 26/10/2017 1,000,000 USD 998,125 0.106.375% 01/06/2021 4,500,000 USD 4,277,813 0.42 GOLD FIELDS OROGENSEMGROUP LP 7.5% HOLDINGS 4.875% 07/10/2020 700,000 USD 557,813 0.0515/06/2021 1,300,000 USD 1,344,688 0.13 1,555,938 0.15SEMINOLE HARD ROCK ENT TOTAL BONDS 403,976,381 39.225.875% 15/05/2021 2,500,000 USD 2,412,500 0.23333

Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Yield BondStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsValueValueINVESTMENT FUNDS KONINKLIJKE KPN 6.125%VRN PERP 1,000,000 EUR 1,390,301 0.14LUXEMBOURG 4,429,964 0.43HGIF GEM LOCAL DEBT "ZM" 317,435 USD 3,822,554 0.37 SPAINHGIF GLOBAL ASSET BACKEDMAPFRE S.A. 5.921% VRNHIGH YIELD "ZC" 57,534 USD 7,673,855 0.75 24/07/2037 250,000 EUR 321,915 0.0311,496,409 1.12 321,915 0.03TOTAL INVESTMENT FUNDS 11,496,409 1.12 UNITED STATESFIFTH THIRD CAPITAL TRUSTFLOATING RATE BONDS 6.5% VRN 15/04/2037 7,595,000 USD 7,558,468 0.74GE CAPITAL TRUST 4.625%AUSTRIA 15/09/2066 3,250,000 EUR 4,401,279 0.43OMV AG 6.75% VRN PERP 1,500,000 EUR 2,244,498 0.22 JP MORGAN CHASE 5.15%2,244,498 0.22 VRN PERP 1,250,000 USD 1,101,369 0.11FRANCE 13,061,116 1.28AXA S.A. 5.125% VRN TOTAL FLOATING RATE BONDS 38,377,551 3.7304/07/2043 600,000 EUR 836,889 0.08AXA S.A. 6.211% VRN PERP 1,000,000 EUR 1,402,734 0.14 ASSET BACKED SECURITIESCREDIT AGRICOLE 7.875%VRN PERP 2,000,000 EUR 3,010,181 0.29 BRAZILSOCIETE GENERALE 9.375% BANCO BMG 9.15%VRN PERP 2,000,000 EUR 3,116,781 0.30 15/01/2016 500,000 USD 311,849 0.038,366,585 0.81 311,849 0.03GREAT BRITAINGERMANYBG ENERGY CAPITAL VRN UNITYMEDIA HESSEN 8.125%30/11/2072 500,000 EUR 747,743 0.07 01/12/2017 2,500,000 EUR 1,377,718 0.14HELLERMANNTYTON FINANCE 1,377,718 0.14FRN 15/12/2017 300,000 EUR 414,022 0.04 IRAQROYAL BANK OF SCOTLAND IRAQ (GOVT) 5.8%10.5% VRN 16/03/2022 500,000 EUR 810,952 0.08 15/01/2028 1,500,000 USD 1,278,593 0.12SSE 5.625% VRN PERP 500,000 EUR 711,953 0.07 1,278,593 0.122,684,670 0.26 TOTAL ASSET BACKED SECURITIES 2,968,160 0.29JERSEYUBS FUNDING 4.28% VRNCONVERTIBLE BONDSPERP 3,500,000 EUR 4,785,155 0.464,785,155 0.46 SPAINLUXEMBOURGBANCO BILBAO VIZCAYATALANX FINANZ AG 8.36% ARG 9% VRN 2,000,000 USD 10,906,280 1.0615/06/2042 1,500,000 EUR 2,483,648 0.24 10,906,280 1.062,483,648 0.24NETHERLANDSABN AMRO BANK 4.31%VRN PERP 600,000 EUR 779,703 0.08ALLIANZ FIN 5.75% 08/07/2041 1,500,000 EUR 2,259,960 0.21334

Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Yield BondStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsValueValueUNITED STATES IAMGOLD CORP 6.75%FIFTH THIRD BANCORP 5.1% 01/10/2020 4,000,000 USD 3,490,000 0.34VRN PERP 2,500,000 USD 2,206,250 0.21 INMET MINING CORP 7.5%JP MORGAN CHASE 6% 01/06/2021 500,000 USD 515,938 0.05VRN PERP 2,150,000 USD 2,015,937 0.20 INMET MINING CORP 8.75%4,222,187 0.41 01/06/2020 1,250,000 USD 1,344,531 0.13TOTAL CONVERTIBLE BONDS 15,128,467 1.47 9,347,969 0.91TOTAL TRANSFERABLE SECURITIESCAYMAN ISLANDSADMITTED TO AN OFFICIAL STOCK 471,946,968 45.83 CHINA SHANSHUI CEMENTEXCHANGE LISTING 10.5% 27/04/2017 600,000 USD 643,500 0.06COUNTRY GARDEN HOLDINGSTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED 7.5% 10/01/2023 1,100,000 USD 1,064,250 0.10MARKETCOUNTRY GARDEN HOLDINGS11.125% 23/02/2018 2,000,000 USD 2,239,999 0.22BONDS GRUPO AVAL 4.75%26/09/2022 1,441,000 USD 1,289,940 0.13AUSTRALIA JBS FINANCE 8.25%FMG RESOURCES AUG 2006 29/01/2018 1,200,000 USD 1,241,250 0.126.875% 01/04/2022 4,250,000 USD 4,276,563 0.42 KAISA GROUP HOLDINGSFMG RESOURCES AUG 2006 8.875% 19/03/2018 1,000,000 USD 1,016,875 0.108.25% 01/11/2019 4,250,000 USD 4,608,593 0.44 LONGFOR PROPERTIES 9.5%8,885,156 0.86 07/04/2016 400,000 USD 429,000 0.04AUSTRIA MIE HOLDINGS 9.75%ESAL GMBH 6.25% 12/05/2016 1,000,000 USD 1,030,000 0.1005/02/2023 1,500,000 USD 1,326,563 0.13 UPCB FINANCE VI 6.875%SAPPI PAPIER 8.375% 15/01/2022 3,500,000 USD 3,725,312 0.3615/06/2019 1,000,000 USD 1,052,500 0.10 12,680,126 1.232,379,063 0.23 COLOMBIABERMUDA ISLANDS BANCO DE BOGOTA 5.375%AIRCASTLE 6.25% 19/02/2023 1,800,000 USD 1,677,510 0.1601/12/2019 5,000,000 USD 5,300,000 0.51 BANKCOLOMBIA 5.95%5,300,000 0.51 03/06/2021 900,000 USD 923,112 0.09BRAZIL 2,600,622 0.25BANCO DAYCOVAL 6.25%CROATIA28/01/2016 500,000 USD 520,000 0.05 AGROKOR 8.875%BRAZIL (GOVT) 10% 01/02/2020 5,000,000 USD 5,356,250 0.5201/01/2018 20,000 BRL 8,577,772 0.83 5,356,250 0.52CAIXA ECONOMICA FEDERALFRANCE4.5% 03/10/2018 425,000 USD 421,237 0.04 BANQUE PSA FINANCE 5.75%9,519,009 0.92 04/04/2021 1,925,000 USD 1,933,422 0.19CANADA NOVALIS 6% 15/06/2018 400,000 EUR 563,119 0.05BOMBARDIER INC 5.75% 2,496,541 0.2415/03/2022 2,500,000 USD 2,493,750 0.24 GERMANYBOMBARDIER INC 6.125%WEPA HYGIENERPRODUKTE15/01/2023 1,500,000 USD 1,503,750 0.15 GMB 6.5% 15/05/2020 200,000 EUR 284,267 0.03284,267 0.03335

Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Yield BondStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsValueValueGREAT BRITAIN SCHAEFFLER FINANCE 4.75%AVIVA 6.125% VRN 15/05/2021 2,000,000 USD 1,941,250 0.1905/07/2043 1,000,000 EUR 1,422,085 0.14 SCHAEFFLER FINANCE 6.875%1,422,085 0.14 15/08/2018 700,000 EUR 997,302 0.10INDONESIA SCHAEFFLER FINANCE 6.875%ADARO INDONESIA 7.625% 15/08/2018 1,000,000 USD 1,053,750 0.1022/10/2019 500,000 USD 523,750 0.05 TELEFONICA EUROPE 7.625%PERUSAHAAN LISTRIK NEGARA VRN PERP 600,000 EUR 830,457 0.085.25% 24/10/2042 650,000 USD 491,969 0.05 UPC HOLDING 8.375%1,015,719 0.10 15/08/2020 1,500,000 EUR 2,214,488 0.22IRELANDVOLKSWAGEN INTERNATIONALARDAGH PACKAGING FINANCE FINANCE 3.875% VRN PERP 300,000 EUR 407,604 0.047% 15/11/2020 7,000,000 USD 6,741,875 0.66 VOLKSWAGEN INTERNATIONALBW GROUP 6.625% FINANCE 5.125% VRN PERP 300,000 EUR 417,880 0.0428/06/2017 700,000 USD 719,688 0.07 16,543,541 1.61MTS INTERNATIONAL FUNDINGPERU8.625% 22/06/2020 900,000 USD 1,054,125 0.10 BANCO DE CREDITO DEL PER8,515,688 0.83 4.25% 01/04/2023 1,100,000 USD 979,864 0.10LUXEMBOURGBBVA BANCO CONTINENTALCEMEX ESPANA 9.25% 5% 26/08/2022 1,000,000 USD 962,025 0.0912/05/2020 400,000 USD 433,000 0.04 1,941,889 0.19CEMEX ESPANA 9.875%SLOVENIA30/04/2019 1,127,000 EUR 1,713,399 0.17 SLOVENIA (GOVT) 5.85%FIAT INDUSTRIAL 6.25% 10/05/2023 900,000 USD 858,848 0.0809/03/2018 2,000,000 EUR 2,993,260 0.29 858,848 0.08INTELSAT JACKSON HOLDINGSSOUTH AFRICA7.25% 15/10/2020 5,750,000 USD 6,148,906 0.60 ESKOM HOLDINGS 6.75%11,288,565 1.10 06/08/2023 200,000 USD 206,698 0.02MEXICO 206,698 0.02ALPEK S.A. 4.5% 20/11/2022 850,000 USD 792,553 0.07 TURKEYBBVA BANCOMER 6.75% AKBANK 5.125% 22/07/2015 360,000 USD 370,089 0.0430/09/2022 600,000 USD 623,511 0.06 COCA COLA ICECEK URETIMTENEDORA NEMAK S.A. 4.75% 01/10/2018 400,000 USD 404,116 0.045.5% 28/02/2023 500,000 USD 475,000 0.05 TUPRAS-TURKIYE PETROL1,891,064 0.18 4.125% 02/05/2018 500,000 USD 468,750 0.05NETHERLANDS TURKIYE IS BANKASI 3.75%BHARTI AIRTEL 5.125% 10/10/2018 1,400,000 USD 1,306,802 0.1211/03/2023 1,000,000 USD 895,000 0.09 2,549,757 0.25CARLSON WAGONLITUNITED ARAB EMIRATES6.875% 15/06/2019 3,675,000 USD 3,725,530 0.36 DUBAI ELECTRIC & WATERHERTZ HOLDINGS 8.5% 7.375% 21/10/2020 1,875,000 USD 2,200,116 0.2131/07/2015 2,500,000 EUR 3,542,741 0.34 2,200,116 0.21INTERXION HOLDING 6%UNITED STATES15/07/2020 200,000 EUR 277,837 0.03 ALLY FINANCIAL 7.5%SCHAEFFLER FINANCE 4.25% 15/09/2020 4,500,000 USD 5,087,813 0.4915/05/2018 175,000 EUR 239,702 0.02 ALLY FINANCIAL 8%15/03/2020 1,000,000 USD 1,155,000 0.11336

Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Yield BondStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsValueValueALLY FINANCIAL 8%COMMUNITY HEALTH SYSTEM01/11/2031 2,500,000 USD 2,839,063 0.28 7.125% 15/07/2020 9,000,000 USD 9,101,249 0.89ALPHA NATURAL RESOURCESCOMSTOCK RESOURCES INC9.75% 15/04/2018 4,000,000 USD 4,107,500 0.40 9.5% 15/06/2020 1,859,000 USD 2,035,605 0.20ALTA MESA HOLDINGS COMSTOCK 7.75%9.625% 15/10/2018 7,000,000 USD 7,402,500 0.72 01/04/2019 6,000,000 USD 6,206,250 0.60AMERICAN AXLE & MFG INCCROWN CASTLE INTERNATIONAL6.625% 15/10/2022 7,500,000 USD 7,729,687 0.75 CORP 5.25% 15/01/2023 4,500,000 USD 4,173,750 0.41ATLAS PIPE ESCROW 6.625% DANA HOLDING 6.75%01/10/2020 1,000,000 USD 1,014,375 0.10 05/02/2021 4,000,000 USD 4,262,500 0.41ATLAS PIPELINE FINANCEEAGLE ROCK ENERGY6.625% 01/10/2020 3,000,000 USD 3,065,625 0.30 8.375% 01/06/2019 5,000,000 USD 5,037,500 0.49BC MOUNTAIN LLC 7%EXTERRAN PARTNERS CORP01/02/2021 3,350,000 USD 3,423,281 0.33 6% 01/04/2021 2,000,000 USD 1,947,500 0.19BERRY PETROLEUM 6.375% FIRST DATA CORP 6.75%15/09/2022 3,250,000 USD 3,268,281 0.32 01/11/2020 5,500,000 USD 5,682,188 0.55BREITBURN ENERGY PARTNERSFLASH DUTCH 2 BV&US7.875% 15/04/2022 4,000,000 USD 4,007,500 0.39 7.375% 01/05/2021 4,000,000 USD 4,197,500 0.41BROCADE COMMUNICATIONS FOREST OIL CORP 7.25%SYSTEMS 4.625% 15/01/2023 3,750,000 USD 3,445,313 0.33 15/06/2019 5,000,000 USD 5,031,250 0.49CARMIKE CINEMAS INC 7.375%FRONTIER COMMUNICATIONS15/05/2019 2,500,000 USD 2,709,375 0.26 7.125% 15/01/2023 7,500,000 USD 7,462,500 0.72CARRIZO OIL & GAS 7.5%GENERAL MOTORS FINANCE15/09/2020 4,700,000 USD 4,996,688 0.49 4.75% 15/08/2017 2,800,000 USD 2,912,000 0.28CCO HOLDINGS CORP 5.25% HCA INC 5.875% 01/05/2023 5,000,000 USD 4,950,000 0.4830/09/2022 6,750,000 USD 6,260,625 0.61 HCA INC 8% 01/10/2018 6,500,000 USD 7,511,563 0.73CCO HOLDINGS LLC 6.5% HEALTHSOUTH 5.75%30/04/2021 1,230,000 USD 1,259,981 0.12 01/11/2024 2,000,000 USD 1,928,750 0.19CENTURYLINK 5.625% HERTZ CORP 7.375%01/04/2020 975,000 USD 960,975 0.09 15/01/2021 4,000,000 USD 4,327,500 0.42CENTURYLINK 7.65%INTERNATIONAL LEASE15/03/2042 5,500,000 USD 4,868,188 0.47 FINANCE 5.875% 15/08/2022 15,250,000 USD 15,068,905 1.47CHAPARRAL ENERGY INC JBS USA 7.25% 01/06/2021 1,750,000 USD 1,768,594 0.177.625% 15/11/2022 5,000,000 USD 5,115,625 0.50 KB HOME 7.5% 15/09/2022 1,035,000 USD 1,080,928 0.10CHRYSLER GROUP 8.25% LEAR CORP 4.75% 15/01/2023 6,000,000 USD 5,583,750 0.5415/06/2021 7,500,000 USD 8,446,874 0.83 LYNX II CORP 6.375%CINCINNATI BELL 8.25% 15/04/2023 3,000,000 USD 2,992,500 0.2915/10/2017 4,250,000 USD 4,433,281 0.43 MAGNUM HUNTER RESOURCESCINCINNATI BELL 8.375% CORP 9.75% 15/05/2020 3,500,000 USD 3,624,688 0.3515/10/2020 1,011,000 USD 1,079,243 0.10 MANITOWOC COMPANYCIT GROUP INC 5.37% 5.875% 15/10/2022 1,000,000 USD 981,250 0.1015/05/2020 5,000,000 USD 5,190,625 0.50 MANITOWOC COMPANYCLAYTON WILLIAMS ENERGY 8.5% 01/11/2020 4,000,000 USD 4,467,500 0.437.75% 01/04/2019 5,000,000 USD 5,043,750 0.49 METROPCS WIRELESSCLEAN HARBORS INC 5.25% 6.625% 01/04/2023 2,100,000 USD 2,109,188 0.2001/08/2020 5,500,000 USD 5,472,500 0.53 MPT OPERATING PARTNERSHIP5.75% 01/10/2020 100,000 EUR 137,649 0.01337

Portfolio of Investments and Other Net Assets as at 30 September 2013Global High Yield BondStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsValueValueNEWFIELD EXPLORATIONVIRGIN ISLANDS5.625% 01/07/2024 2,659,000 USD 2,584,216 0.25 STAR ENERGY GEOTHERMALNORTHERN TIER ENERGY 6.125% 27/03/2020 1,000,000 USD 940,000 0.09LLC 7.125% 15/11/2020 1,000,000 USD 1,005,000 0.10 940,000 0.09OASIS PETROLEUM INC TOTAL BONDS 406,616,743 39.496.875% 15/01/2023 6,177,000 USD 6,590,087 0.64PH GLATFELTER 5.375%INVESTMENT FUNDS15/10/2020 5,000,000 USD 4,962,500 0.48POST HOLDINGS INC 7.375%LUXEMBOURG15/02/2022 2,000,000 USD 2,120,000 0.21 HSBC GLOBAL INVEST FUNDS -QR ENERGY LP FINANCE EURO HYBOND "Z ACC" 310,859 EUR 16,047,823 1.569.25% 01/08/2020 5,000,000 USD 5,112,500 0.50 16,047,823 1.56RAIN CII CARBON 8.25% TOTAL INVESTMENT FUNDS 16,047,823 1.5615/01/2021 4,200,000 USD 4,289,250 0.42REYNOLDS GROUP 6.875%FLOATING RATE BONDS15/02/2021 2,000,000 USD 2,147,500 0.21REYNOLDS GROUP 9.875%FRANCE15/08/2019 4,000,000 USD 4,360,000 0.42 ELECTRICITE DE FRANCESANDRIDGE ENERGY 7.5% 5.25% VRN PERP 7,465,000 USD 7,072,080 0.6915/03/2021 2,000,000 USD 2,050,000 0.20 7,072,080 0.69SANDRIDGE ENERGY 7.5%UNITED STATES15/02/2023 3,750,000 USD 3,771,094 0.37 BANK OF AMERICA 8.125%SANDRIDGE ENERGY 8.125% VRN PERP 5,000,000 USD 5,512,500 0.5415/10/2022 5,750,000 USD 5,890,156 0.57 CITIGROUP INC 5.95%SPECTRUM BRANDS ESCROW VRN PERP 6,500,000 USD 6,085,625 0.58CORP 6.625% 15/11/2022 5,000,000 USD 5,200,000 0.50 PPL CAPITAL FUNDING 6.7%SWIFT ENERGY 7.875% VRN 30/03/2067 3,000,000 USD 3,063,750 0.3001/03/2022 8,440,000 USD 8,287,024 0.81 14,661,875 1.42UNIVISION COMMUNICATIONS TOTAL FLOATING RATE BONDS 21,733,955 2.116.75% 15/09/2022 3,000,000 USD 3,174,375 0.31 TOTAL TRANSFERABLE SECURITIES444,398,521 43.16UNIVISION COMMUNICATIONSTRADED ON ANOTHER REGULATED MARKET6.875% 15/05/2019 1,500,000 USD 1,601,250 0.16VPI ESCROW CORP 6.375%OTHER TRANSFERABLE SECURITIES15/10/2020 8,000,000 USD 8,339,999 0.82WEX INC 4.75% 01/02/2023 2,650,000 USD 2,442,969 0.24 BONDSWINDSTREAM CORP 7.5%01/06/2022 3,800,000 USD 3,816,625 0.37 UNITED STATESWINDSTREAM CORP 7.5%SPRINT COMMUNICATIONS INC01/04/2023 2,000,000 USD 2,003,750 0.19 7% 01/03/2020 1,000,000 USD 1,079,375 0.10WINDSTREAM CORP 7.75% 1,079,375 0.1015/10/2020 1,000,000 USD 1,038,750 0.10 TOTAL BONDS 1,079,375 0.10297,753,270 28.93 TOTAL OTHER TRANSFERABLE SECURITIES 1,079,375 0.10VENEZUELA TOTAL INVESTMENTS 917,424,864 89.09PETROLEOS DE VENEZUELA OTHER NET ASSETS LESS LIABILITIES 112,309,382 10.915.25% 12/04/2017 800,000 USD 640,500 0.06 TOTAL NET ASSETS 1,029,734,246 100.00640,500 0.06338

Portfolio of Investments and Other Net Assets as at 30 September 2013Global Inflation Linked BondStatement of investments as at 30 September 2013(expressed in USD)Description Face value Currency Evaluation % net Description Face value Currency Evaluation % netassetsassetsINVESTMENTSGERMANYGERMANY (GOVT) 0.1%TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 15/04/2023 150,000 EUR 208,029 0.66EXCHANGE LISTING GERMANY (GOVT) 0.75%15/04/2018 2,000,000 EUR 3,021,079 9.54BONDS GERMANY (GOVT) 1.75%15/04/2020 170,000 EUR 283,285 0.90AUSTRALIA 3,512,393 11.10AUSTRALIA (GOVT) 4%20/08/2020 250,000 AUD 428,751 1.36 ITALY428,751 1.36 ITALY (GOVT) 2.1% 15/09/2016 450,000 EUR 658,953 2.07CANADA ITALY (GOVT) 2.1% 15/09/2017 100,000 EUR 157,345 0.50CANADA (GOVT) 4.25% ITALY (GOVT) 2.1% 15/09/2021 300,000 EUR 414,041 1.3101/12/2021 150,000 CAD 279,192 0.88 ITALY (GOVT) 2.35% 15/09/2019 400,000 EUR 596,988 1.89279,192 0.88 ITALY (GOVT) 2.55% 15/09/2041 370,000 EUR 451,486 1.43FRANCE ITALY (GOVT) 2.6% 15/09/2023 400,000 EUR 591,033 1.87FRANCE (GOVT) 2.1% 2,869,846 9.0725/07/2023 120,000 EUR 204,127 0.65 TOTAL INFLATION INDEX BOND 8,928,173 28.22204,127 0.65GERMANYTREASURY BONDS/NOTES - FIXED RATEGERMANY (GOVT) 1.5%15/04/2016 30,000 EUR 49,532 0.16 GREAT BRITAIN49,532 0.16 UK (GOVT) 0.125%SWEDEN TREASURY NOTE 22/03/2029 350,000 GBP 606,238 1.92SWEDEN (GOVT) 3.5% UK (GOVT) 0.125%01/12/2028 2,000,000 SEK 510,167 1.61 TREASURY NOTE 22/03/2044 90,000 GBP 153,068 0.48SWEDEN (GOVT) 4% UK (GOVT) 0.375%01/12/2020 2,000,000 SEK 516,540 1.62 TREASURY NOTE 22/03/2062 200,000 GBP 402,398 1.271,026,707 3.23 UK (GOVT) 0.625%TOTAL BONDS 1,988,309 6.28 TREASURY NOTE 22/11/2042 100,000 GBP 224,124 0.71UK (GOVT) 0.75%INFLATION INDEX BOND TREASURY NOTE 22/11/2047 720,000 GBP 1,742,944 5.51UK (GOVT) 1.125%FRANCE TREASURY NOTE 22/11/2037 830,000 GBP 2,098,156 6.62FRANCE (GOVT) 0.25% UK (GOVT) 1.25%25/07/2018 400,000 EUR 573,109 1.82 TREASURY NOTE 22/11/2027 200,000 GBP 495,794 1.57FRANCE (GOVT) 1% UK (GOVT) 2.5%25/07/2017 150,000 EUR 243,631 0.77 TREASURY NOTE 26/07/2016 100,000 GBP 554,371 1.75FRANCE (GOVT) 1.1% UK (GOVT) 2.5%25/07/2022 350,000 EUR 538,590 1.70 TREASURY NOTE 16/04/2020 50,000 GBP 296,079 0.94FRANCE (GOVT) 1.8% UK (GOVT) 2.5%25/07/2040 100,000 EUR 174,816 0.55 TREASURY NOTE 17/07/2024 150,000 GBP 797,924 2.52FRANCE (GOVT) 2.25% 7,371,096 23.2925/7/2020 200,000 EUR 376,669 1.19 UNITED STATESFRANCE (GOVT) 3.15% US (GOVT) 0.375%25/07/2032 120,000 EUR 268,027 0.85 TREASURY NOTE 15/07/2023 300,000 USD 298,564 0.94FRANCE (GOVT) 3.4% US (GOVT) 0.625%25/07/2029 160,000 EUR 371,092 1.17 TREASURY NOTE 15/02/2043 500,000 USD 415,085 1.322,545,934 8.05339

Portfolio of Investments and Other Net Assets as at 30 September 2013Global Inflation Linked BondStatement of investments as at 30 September 2013(expressed in USD)Description Face value Currency Evaluation % net Description Face value Currency Evaluation % netassetsassetsUS (GOVT) 3.875% US (GOVT) 2.375%TREASURY NOTE 15/04/2029 100,000 USD 203,289 0.64 TREASURY NOTE 15/01/2017 200,000 USD 256,925 0.81916,938 2.90 US (GOVT) 2.375%TOTAL TREASURY BONDS/NOTES - FIXED8,288,034 26.19TREASURY NOTE 15/01/2025 670,000 USD 988,646 3.12RATE US (GOVT) 3.375%TOTAL TRANSFERABLE SECURITIES TREASURY NOTE 15/04/2032 250,000 USD 459,527 1.45ADMITTED TO AN OFFICIAL STOCK 19,204,516 60.69 8,201,500 25.92EXCHANGE LISTINGTOTAL TREASURY BONDS/NOTES - FIXEDRATE8,201,500 25.92TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDTOTAL TRANSFERABLE SECURITIES9,409,068 29.74MARKETTRADED ON ANOTHER REGULATED MARKETBONDSFINANCIAL INSTRUMENTSGREAT BRITAINTREASURY BILLSUK (GOVT) 1.875% 22/11/2022 250,000 GBP 600,896 1.90600,896 1.90 UNITED STATESTOTAL BONDS 600,896 1.90 US (GOVT) 1.125%TREASURY BILL 15/01/2021 1,000,000 USD 1,147,595 3.63INFLATION INDEX BOND US (GOVT) 1.625%TREASURY BILL 15/01/2018 600,000 USD 734,972 2.32CANADA 1,882,567 5.95CANADA (GOVT) 4% 01/12/2031 280,000 CAD 551,843 1.75 TOTAL TREASURY BILLS 1,882,567 5.95551,843 1.75 TOTAL FINANCIAL INSTRUMENTS 1,882,567 5.95TOTAL INVESTMENTS 30,496,151 96.38JAPAN OTHER NET ASSETS LESS LIABILITIES 1,145,734 3.62JAPAN (GOVT) 1.4% 10/03/2018 4,800,000 JPY 54,829 0.17 TOTAL NET ASSETS 31,641,885 100.0054,829 0.17TOTAL INFLATION INDEX BOND 606,672 1.92TREASURY BONDS/NOTES - FIXED RATEUNITED STATESUS (GOVT) 0.125%TREASURY NOTE 15/04/2017 650,000 USD 689,070 2.18US (GOVT) 0.125%TREASURY NOTE 15/01/2022 2,200,000 USD 2,237,027 7.07US (GOVT) 0.75%TREASURY NOTE 15/02/2042 770,000 USD 679,159 2.15US (GOVT) 2%TREASURY NOTE 15/01/2026 950,000 USD 1,287,183 4.07US (GOVT) 2.125%TREASURY NOTE 15/01/2019 1,300,000 USD 1,603,963 5.07340

Portfolio of Investments and Other Net Assets as at 30 September 2013Global Short Duration High Yield Bond (launched as at 12 June 2013)Statement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsINVESTMENTSJERSEYPROSECURE FUNDINGTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 4.668% 30/06/2016 200,000 EUR 281,678 1.39EXCHANGE LISTING 281,678 1.39LUXEMBOURGBONDSARCELORMITTAL3.75% 25/02/2015 200,000 USD 206,000 1.01AUSTRALIAFIAT FINANCE & TRADEFMG RESOURCES AUG 2006 6.375% 01/04/2016 200,000 EUR 285,113 1.407% 01/11/2015 400,000 USD 413,000 2.03 FIAT FINANCE & TRADE413,000 2.03 6.875% 13/02/2015 50,000 EUR 71,236 0.35CANADAFIAT INDUSTRIALBARRICK GOLD CORP 5.25% 11/03/2015 150,000 EUR 212,312 1.052.9% 30/05/2016 250,000 USD 253,306 1.25 INTELSAT JACKSONBOMBARDIER INC HOLDINGS 8.5% 01/11/2019 300,000 USD 326,999 1.624.25% 15/01/2016 250,000 USD 260,157 1.28 1,101,660 5.43513,463 2.53 NETHERLANDSCAYMAN ISLANDSNOKIA SIEMENS NETWORKSUPCB FINANCE FINANCE 7.125% 15/04/2020 100,000 EUR 150,509 0.747.625% 15/01/2020 200,000 EUR 292,389 1.44 SCHAEFFLER FINANCE292,389 1.44 8.75% 15/02/2019 200,000 EUR 306,264 1.51FRANCE 456,773 2.25BANQUE PSA FINANCESPAIN3.375% 04/04/2014 250,000 USD 251,719 1.24 MAPFRE S.A. 5.125%BANQUE PSA FINANCE 11/16/2015 100,000 EUR 143,402 0.714.875% 25/09/2015 260,000 EUR 366,687 1.80 TELEFONICA EMISIONESCROWN EURO HOLDINGS 3.992% 16/02/2016 250,000 USD 259,162 1.277.125% 15/08/2018 80,000 EUR 115,737 0.57 402,564 1.98FAURECIA 9.375%UNITED STATES12/15/2016 150,000 EUR 239,596 1.18 ALLY FINANCIALRENAULT S.A. 4.625% INC 8.3% 12/02/2015 250,000 USD 270,313 1.335/25/2016 250,000 EUR 357,448 1.76 AMC ENTERTAINMENTREXEL S.A. 7% 17/12/2018 100,000 EUR 147,886 0.73 8.75% 01/06/2019 250,000 USD 268,906 1.321,479,073 7.28 CAESARS ENTERTAINMENTGERMANY 11.25% 01/06/2017 250,000 USD 254,063 1.25KABEL DEUTSCHLANDCARRIZO OIL & GASHOLDING AG 6.5% 31/07/2017 100,000 EUR 146,363 0.72 8.625% 15/10/2018 250,000 USD 272,969 1.34UNITYMEDIA GMBHCCO HOLDINGS7.5% 15/03/2019 200,000 EUR 293,912 1.45 7.25% 30/10/2017 250,000 USD 265,000 1.31440,275 2.17 CENTURYLINK INCGREAT BRITAIN 6% 01/04/2017 293,000 USD 316,514 1.56INEOS FINANCECHRYSER GP/CG CO-ISSUER8.375% 15/02/2019 250,000 USD 276,094 1.36 8% 15/06/2019 300,000 USD 333,749 1.64LLOYDS BANKCIT GROUP INC11.875% 16/12/2021 200,000 EUR 333,531 1.64 5% 15/05/2017 250,000 USD 263,750 1.30609,625 3.00 CROSSTEX ENERGYIRELAND 8.875% 15/02/2018 250,000 USD 266,406 1.31ARDAGH PACKAGINGDISH DBS CORPFINANCE 7.375% 15/10/2017 100,000 EUR 144,079 0.71 6.625% 01/10/2014 250,000 USD 263,438 1.30SMURFIT KAPPA7.25% 15/11/2017 150,000 EUR 212,058 1.04356,137 1.75341

Portfolio of Investments and Other Net Assets as at 30 September 2013Global Short Duration High Yield Bond (launched as at 12 June 2013)Statement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsFRESENIUS 8.75% 15/07/2015 100,000 EUR 152,793 0.75 UNITED STATESGENERAL MOTORS FINANCIALGLENCORE FUNDINGINC 2.75% 15/05/2016 250,000 USD 249,844 1.23 LLC FRN 27/05/2016 250,000 USD 244,995 1.21GENON ENERGY INCINTERNATIONAL LEASE9.875% 15/10/2020 250,000 USD 277,344 1.37 FINANCE 15/06/2016 300,000 USD 298,125 1.46HCA INC 8.5% 15/04/2019 250,000 USD 269,219 1.33 543,120 2.67LIMITED BRANDS 6.9% TOTAL FLOATING RATE BONDS 867,501 4.277/15/2017 300,000 USD 339,374 1.67 TOTAL TRANSFERABLE SECURITIESLINN ENERGY 8.625%ADMITTED TO AN OFFICIAL STOCK14,857,758 73.174/15/2020 250,000 USD 260,938 1.29 EXCHANGE LISTINGMGM RESORT INTERNATIONAL6.625% 15/07/2015 250,000 USD 270,156 1.33 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDNEWFIELD EXPLORATIONMARKET6.875% 01/02/2020 250,000 USD 262,656 1.29NRG ENERGY INCBONDS7.625% 15/05/2019 250,000 USD 265,156 1.31PENN VIRGINIA RESOURCEAUSTRIA8.25% 15/04/2018 250,000 USD 261,250 1.29 SAPPI PAPIERREYNOLDS GROUP 7.75% 15/07/2017 200,000 USD 208,500 1.037.125% 15/04/2019 250,000 USD 266,719 1.31 208,500 1.03SLM CORP 5% 15/04/2015 300,000 USD 314,250 1.55 FRANCESPRINT COMMUNICATIONS LAFARGE 7.625%INC 8.375% 15/08/2017 250,000 USD 283,125 1.39 11/24/2016 250,000 EUR 397,212 1.96VALEANT PHARMACEUTICALSWENDEL INVESTMENT6.75% 01/10/2017 250,000 USD 267,813 1.32 4.875% 26/05/2016 250,000 EUR 358,294 1.76VANGUARD HLT 755,506 3.728% 01/02/2018 250,000 USD 265,313 1.31 GERMANYWHITING PETROLEUMUNITYMEDIA HESSENCORP 7% 01/02/2014 250,000 USD 255,000 1.26 7.5% 15/03/2019 250,000 USD 271,094 1.34WINDSTREAM CORP 8.125% 271,094 1.3401/09/2018 250,000 USD 269,688 1.33 GREAT BRITAINWYNN LAS VEGAS LLC OTE 7.25% 12/02/2015 150,000 EUR 211,804 1.047.75% 15/08/2020 300,000 USD 337,874 1.66 211,804 1.047,643,620 37.65 HUNGARYTOTAL BONDS 13,990,257 68.90 MOL HUNGARIAN OIL& GAS 3.875% 5/10/2015 150,000 EUR 206,474 1.02FLOATING RATE BONDS 206,474 1.02IRELANDGREAT BRITAINARDAGH PACKAGINGROYAL BANK OF SCOTLAND FINANCE 7.375% 15/10/2017 250,000 USD 268,438 1.3210.5% VRN 16/03/2022 200,000 EUR 324,381 1.60 268,438 1.32324,381 1.60 LUXEMBOURGARCELORMITTAL9.375% 03/06/2016 200,000 EUR 323,184 1.59323,184 1.59342

Portfolio of Investments and Other Net Assets as at 30 September 2013Global Short Duration High Yield Bond (launched as at 12 June 2013)Statement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsNETHERLANDSEDP FINANCE4.75% 26/09/2016 250,000 EUR 347,719 1.71THYSSENKRUPPFINANCE 8.5% 25/02/2016 100,000 EUR 152,751 0.75500,470 2.46SPAINOBRASCON HUARTE LAINS.A. 8.75% 15/03/2018 150,000 EUR 222,845 1.10222,845 1.10UNITED STATESALPHA NATURAL RESOURCES9.75% 15/04/2018 250,000 USD 256,719 1.26ASHLAND INC 3% 15/03/2016 250,000 USD 255,000 1.26CINCINNATI BELL 8.25%10/15/2017 250,000 USD 260,781 1.28FRONTIER COMMUNICATIONS8.25% 15/04/2017 250,000 USD 284,218 1.41LOUISIANA PACIFICCORP 7.5% 01/06/2020 250,000 USD 272,344 1.34UNIVISION COMMUNICATIONS6.875% 15/05/2019 250,000 USD 266,875 1.311,595,937 7.86TOTAL BONDS 4,564,252 22.48FLOATING RATE BONDSITALYGTECH 8.25%VRN 31/03/2066 100,000 EUR 145,771 0.72145,771 0.72TOTAL FLOATING RATE BONDS 145,771 0.72TOTAL TRANSFERABLE SECURITIES4,710,023 23.20TRADED ON ANOTHER REGULATED MARKETTOTAL INVESTMENTS 19,567,781 96.37OTHER NET ASSETS LESS LIABILITIES 737,708 3.63TOTAL NET ASSETS 20,305,489 100.00343

Portfolio of Investments and Other Net Assets as at 30 September 2013India Fixed IncomeStatement of investments as at 30 September 2013(expressed in USD)Description Face Currency Evaluation % net Description Face Currency Evaluation % netvalue assets value assetsINVESTMENTSPLACEMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGBONDSINDIAHOUSING DEVELOPMENTFINANCE 0% 06/02/2017 50,000,000 INR 920,800 2.34KOTAK MAHINDRA PRIME0% 04/03/2014 50,000,000 INR 763,154 1.94GREAT BRITAIN 1,683,954 4.28CANARA BANK LONDON PLACEMENTS 1,683,954 4.285.125% 09/09/2016 2,000,000 USD 2,059,429 5.23 TOTAL TRANSFERABLE SECURITIESSTATE BANK INDIA (LONDON) ADMITTED TO AN OFFICIAL STOCK 25,521,163 64.764.125% 01/08/2017 1,750,000 USD 1,741,994 4.42 EXCHANGE LISTING3,801,423 9.65INDIATRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDAXIS BANK 4.75% 02/05/2016 2,000,000 USD 2,037,560 5.16 MARKETBAJAJ FINANCE 10.05%8/11/2014 50,000,000 INR 790,596 2.01 BONDSBANK OF BARODA 4.75%10/7/2015 1,000,000 USD 1,027,715 2.61 GREAT BRITAINBANK OF BARODA 5%BANK OF INDIA/LONDON24/08/2016 1,750,000 USD 1,795,150 4.55 3.625% 21/09/2018 500,000 USD 475,613 1.21HDFC BANK 3% 06/03/2018 750,000 USD 717,638 1.82 475,613 1.21NETHERLANDSBHARTI AIRTEL 5.125%HOUSING DEVELOPMENT 11/3/2023 1,000,000 USD 896,105 2.27FINANCE 9.2% 08/10/2017 50,000,000 INR 774,155 1.96 896,105 2.27ICICI BANK 4.75% 25/11/2016 2,250,000 USD 2,298,565 5.82 TOTAL BONDS 1,371,718 3.48INDIA (GOVT) 8.12% TOTAL TRANSFERABLE SECURITIES 1,371,718 3.4812/10/2020 100,000,000 INR 1,516,373 3.85 TRADED ON ANOTHER REGULATED MARKETINDIAN RAILWAY FINANCE TOTAL INVESTMENTS 26,892,881 68.24CORP 8.83% 25/03/2023 100,000,000 INR 1,527,075 3.88 OTHER NET ASSETS LESS LIABILITIES 12,513,741 31.76LIC HOUSING FINANCE TOTAL NET ASSETS 39,406,622 100.009.56% 24/01/2017 100,000,000 INR 1,581,718 4.02NTPC 4.75% 03/10/2022 500,000 USD 459,095 1.17ONGC VIDESH 3.75%07/05/2023 500,000 USD 411,745 1.04POWER GRID CORP OF INDIA8.8% 13/03/2023 100,000,000 INR 1,511,317 3.84RURAL ELECTRIFICATIONCORP 8.82% 12/04/2023 100,000,000 INR 1,504,481 3.82SHRIRAM TRANSPORTFINANCE 10.1% 30/07/2014 50,000,000 INR 790,464 2.01SHRIRAM TRANSPORTFINANCE 10.35% 26/12/2014 50,000,000 INR 793,666 2.0119,537,313 49.57UNITED STATESRELIANCE HOLDINGS 5.4%14/02/2022 500,000 USD 498,473 1.26498,473 1.26TOTAL BONDS 23,837,209 60.48344

Portfolio of Investments and Other Net Assets as at 30 September 2013Latin American Local DebtStatement of investments as at 30 September 2013(expressed in USD)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsINVESTMENTS MEXICO (GOVT) 8.5%31/05/2029 44,143 MXN 392,248 1.99TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK MEXICO (GOVT) 9.5%EXCHANGE LISTING 18/12/2014 46,200 MXN 375,628 1.91MEXICO (GOVT) 10%BONDS 05/12/2024 48,595 MXN 487,427 2.47MEXICO (GOVT) 10%BRAZIL 20/11/2036 30,935 MXN 311,238 1.58BRAZIL (GOVT) 0% 01/04/2015 2,100 BRL 811,518 4.12 6,945,979 35.24BRAZIL (GOVT) 0% 01/07/2015 1,000 BRL 375,758 1.91 PERUBRAZIL (GOVT) 0% 01/07/2016 3,000 BRL 1,000,623 5.08 PERU (GOVT) 5.2% 12/09/2023 100,000 PEN 35,632 0.18BRAZIL (GOVT) 0% 01/01/2017 2,500 BRL 788,087 4.00 PERU (GOVT) 6.9% 12/08/2037 120,000 PEN 45,096 0.23BRAZIL (GOVT) 10% 01/01/2017 3,440 BRL 1,493,413 7.58 PERU (GOVT) 6.95%BRAZIL (GOVT) 10% 01/01/2019 300 BRL 130,334 0.66 12/08/2031 120,000 PEN 46,138 0.23BRAZIL (GOVT) 10% 01/01/2021 1,950 BRL 811,968 4.12 PERU (GOVT) 7.84%BRAZIL (GOVT) 10% 12/08/2020 560,000 PEN 233,607 1.1901/01/2023 1,700 BRL 695,907 3.53 PERU (GOVT) 8.2% 12/08/2026 230,000 PEN 101,224 0.51BRAZIL (GOVT) 10.25% PERU (GOVT) 8.6% 12/08/2017 70,000 PEN 29,213 0.1510/01/2028 300,000 BRL 134,768 0.68 490,910 2.496,242,376 31.68 TOTAL BONDS 14,309,027 72.61COLOMBIACOLOMBIA (GOVT) 11.25%FLOATING RATE BONDS24/10/2018 1,000,000,000 COP 629,762 3.20629,762 3.20 BRAZILMEXICO BRAZIL (GOVT) 0% 01/01/2015 5,092 BRL 2,021,525 10.26MEX BONOS DESARR FIX RT BRAZIL (GOVT) 0% 01/01/2016 6,650 BRL 2,352,277 11.947.75% 13/11/2042 30,872 MXN 250,691 1.27 4,373,802 22.20MEXICO (GOVT) 5% 15/06/2017 58,686 MXN 453,998 2.30 TOTAL FLOATING RATE BONDS 4,373,802 22.20MEXICO (GOVT) 6.25%16/06/2016 84,206 MXN 674,482 3.42 TOTAL TRANSFERABLE SECURITIESMEXICO (GOVT) 6.5% ADMITTED TO AN OFFICIAL STOCK 18,682,829 94.8110/06/2021 53,087 MXN 422,811 2.15 EXCHANGE LISTINGMEXICO (GOVT) 6.5%09/06/2022 54,740 MXN 430,803 2.19 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMEXICO (GOVT) 7.25%MARKET15/12/2016 38,029 MXN 314,144 1.59MEXICO (GOVT) 7.5%BONDS03/06/2027 43,685 MXN 365,233 1.85MEXICO (GOVT) 7.75%BRAZIL14/12/2017 37,048 MXN 314,990 1.60 BRAZIL (GOVT) 10% 01/01/2018 750 BRL 321,667 1.63MEXICO (GOVT) 7.75% 321,667 1.6329/05/2031 54,850 MXN 451,819 2.29 MEXICOMEXICO (GOVT) 8% 17/12/2015 58,916 MXN 486,532 2.47 MEXICO (GOVT) 6% 18/06/2015 41,070 MXN 323,497 1.64MEXICO (GOVT) 8% 11/06/2020 40,431 MXN 350,851 1.78 323,497 1.64MEXICO (GOVT) 8% 07/12/2023 25,849 MXN 224,937 1.14 TOTAL BONDS 645,164 3.27MEXICO (GOVT) 8.5%TOTAL TRANSFERABLE SECURITIES645,164 3.2713/12/2018 22,269 MXN 196,536 1.00 TRADED ON ANOTHER REGULATED MARKETMEXICO (GOVT) 8.5% TOTAL INVESTMENTS 19,327,993 98.0818/11/2038 50,340 MXN 441,611 2.24 OTHER NET ASSETS LESS LIABILITIES 377,884 1.92TOTAL NET ASSETS 19,705,877 100.00345

Portfolio of Investments and Other Net Assets as at 30 September 2013RMB Fixed IncomeStatement of investments as at 30 September 2013(expressed in USD)Description Face value Currency Evaluation % net Description Face value Currency Evaluation % netassetsassetsINVESTMENTSEASTERN AIR OVERSEASHK 3.875% 05/06/2016 35,000,000 CNY 5,717,590 1.66TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 46,936,448 13.59EXCHANGE LISTINGFRANCEAIR LIQUIDE 3% 19/09/2016 8,000,000 CNY 1,299,723 0.38BONDS RENAULT S.A. 5.625%10/10/2014 19,000,000 CNY 3,151,366 0.91BERMUDA ISLANDS SOCIETE GENERALE 4.15%NOBLE GROUP 4% 06/09/2014 5,000,000 CNY 823,871 0.2430/01/2016 45,000,000 CNY 7,340,528 2.13 TOTAL CAPITAL S.A. 3.75%7,340,528 2.13 24/09/2018 10,000,000 CNY 1,639,755 0.47CAYMAN ISLANDS 6,914,715 2.00BANCO BTG PACTUAL 4.1%GERMANY26/03/2016 10,000,000 CNY 1,580,396 0.46 BSH BOSCH UND SIEMENSDORSETT HOSPITALITY 3.375% 28/09/2016 10,000,000 CNY 1,636,505 0.47INTL 6% 03/04/2018 29,000,000 CNY 4,602,592 1.33 BSH BOSCH UND SIEMENSGREENTOWN CHINA 3.8% 24/07/2017 19,000,000 CNY 3,144,863 0.91HOLDINGS 5.625% 13/05/2016 31,700,000 CNY 5,136,612 1.48 4,781,368 1.38KAISA GROUP HOLDINGSGREAT BRITAIN6.875% 22/04/2016 20,200,000 CNY 3,276,291 0.95 STANDARD CHARTEREDLAI FUNG HOLDINGS 6.875% 2.625% 31/05/2016 27,000,000 CNY 4,346,057 1.2625/04/2018 32,000,000 CNY 5,004,368 1.45 4,346,057 1.26NEW WORLD CHINA LANDHONG KONG5.5% 06/02/2018 32,500,000 CNY 5,381,229 1.55 CHINA RESOURCES POWERNEW WORLD CHINA LAND 3.75% 12/11/2015 30,000,000 CNY 4,907,554 1.428.5% 11/04/2015 25,950,000 CNY 4,507,077 1.31 GALAXY ENTERTAINMENTSHUI ON DEVELOPMENT GROUP 4.625% 16/12/2013 5,460,000 CNY 892,979 0.26HOLDINGS 6.875% 23/12/2013 10,000,000 CNY 1,642,409 0.48 GEMDALE ASIA HOLDING31,130,974 9.01 5.625% 21/03/2018 27,500,000 CNY 4,254,676 1.23CHINAGEMDALE INTERNATIONALAGRICULTURAL DEVELOPMENT HOLDING 9.15% 26/07/2015 28,900,000 CNY 5,007,900 1.45BANK 3% 17/01/2014 15,000,000 CNY 2,448,056 0.71 LAFARGE SHUI ON CEMENTAGRICULTURAL DEVELOPMENT 9% 14/11/2014 48,000,000 CNY 8,241,760 2.39BANK 3.2% 17/1/2015 23,000,000 CNY 3,760,373 1.09 LOTTE SHOPPING BUSINESSBANK OF CHINA 3.1% MANAGEMENT 4% 09/02/2015 17,500,000 CNY 2,871,315 0.8323/07/2015 25,000,000 CNY 4,075,968 1.18 SK GLOBAL CHEMICALBAOSTEEL GROUP 3.125% IVST 4.125% 26/09/2016 27,000,000 CNY 4,427,758 1.2801/12/2013 14,000,000 CNY 2,288,545 0.66 YANLORD LAND HK 5.375%BAOSTEEL GROUP 4.15% 23/05/2016 31,300,000 CNY 5,002,571 1.4501/03/2017 11,000,000 CNY 1,819,821 0.53 35,606,513 10.31BAOSTEEL GROUP 4.375%INDIA01/12/2016 16,000,000 CNY 2,672,037 0.77 ICICI BANK 4% 25/06/2016 13,750,000 CNY 2,212,371 0.64CHINA DATANG CORP 3.6% 2,212,371 0.6425/04/2016 50,000,000 CNY 8,111,549 2.34 LUXEMBOURGCHINA DEVELOPMENT BANKOJSC RUSSIAN AGRICULTURAL2.95% 02/08/2015 4,000,000 CNY 648,607 0.19 3.6% 04/02/2016 45,000,000 CNY 7,247,397 2.10CHINA GANGDONGRUSSIAN STANDARD BANKNUCLEAR 3.75% 01/11/2015 45,000,000 CNY 7,364,601 2.13 8% 14/02/2015 3,000,000 CNY 489,011 0.14CHINA MINMETALS CORP VTB CAPITAL 4.5%3.65% 28/03/2016 40,000,000 CNY 6,485,091 1.88 30/10/2015 40,000,000 CNY 6,584,012 1.91EASTERN AIR OVERSEAS 14,320,420 4.15CORP 4% 08/08/2014 9,400,000 CNY 1,544,210 0.45346

Portfolio of Investments and Other Net Assets as at 30 September 2013RMB Fixed IncomeStatement of investments as at 30 September 2013(expressed in USD)Description Face value Currency Evaluation % net Description Face value Currency Evaluation % netassetsassetsMEXICO CHAILEASE FINANCE 5%AMERICA MOVIL 3.5% 05/04/2015 9,000,000 CNY 1,470,134 0.4308/02/2015 45,000,000 CNY 7,379,854 2.14 CNPC GOLDEN AUTUMN7,379,854 2.14 2.55% 26/10/2013 20,500,000 CNY 3,351,184 0.97NETHERLANDS RAINBOW DAYS 3%RABOBANK NEDERLAND 30/06/2016 25,000,000 CNY 3,984,679 1.153.25% 20/09/2015 20,000,000 CNY 3,295,061 0.95 RIGHT CENTURY 1.85%3,295,061 0.95 03/06/2014 22,000,000 CNY 3,551,563 1.03NEW ZEALAND ROAD KING INFRAST 6%FONTERRA COOPERATIVE 25/02/2014 16,300,000 CNY 2,682,133 0.78GROUP 1.1% 27/06/2014 4,000,000 CNY 645,879 0.19 SINOCHEM OFFSHORE 1.8%645,879 0.19 18/01/2014 63,000,000 CNY 10,240,619 2.97SINGAPORE 34,424,889 9.97DBS BANK 2.5% 07/06/2016 23,500,000 CNY 3,777,919 1.09 TOTAL BONDS 251,714,322 72.89GLOBAL LOGISTIC PROPERTIESTOTAL TRANSFERABLE SECURITIES3.375% 11/05/2016 21,000,000 CNY 3,401,242 0.98 ADMITTED TO AN OFFICIAL STOCK 251,714,322 72.89ICICI BANK 4.9% 21/09/2015 39,900,000 CNY 6,582,934 1.92 EXCHANGE LISTINGITNL OFFSHORE PTE 5.75%26/04/2015 15,000,000 CNY 2,496,116 0.72 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED16,258,211 4.71 MARKETSOUTH KOREAEXPORT-IMPORT BANK OFBONDSKOREA 3.25% 27/07/2015 38,000,000 CNY 6,233,583 1.80KOREA DEVELOPMENT BANKAUSTRALIA3.3% 14/11/2013 8,000,000 CNY 1,307,479 0.38 AUST AND NZ BANKINGKOREA DEVELOPMENT BANK GROUP 2.9% 14/08/2015 4,300,000 CNY 701,414 0.203.3% 21/06/2015 25,000,000 CNY 4,106,840 1.19 701,414 0.2011,647,902 3.37 CHINASWEDENAGRICULTURAL BANK OFSVENSKA HANDELSBANKEN CHINA 3.2% 28/11/2015 29,000,000 CNY 4,724,144 1.383% 15/01/2016 15,000,000 CNY 2,444,344 0.71 HUANENG POWER2,444,344 0.71 INTL 3.85% 05/02/2016 6,000,000 CNY 983,236 0.28UNITED STATES 5,707,380 1.66CATERPILLAR FINANCIALJAPAN3.35% 26/11/2014 24,000,000 CNY 3,945,585 1.14 HITACHI CAPITAL 3.75%CATERPILLAR FINANCIAL 22/03/2015 12,500,000 CNY 2,050,092 0.59SERVICES 3.25% 26/06/2015 15,000,000 CNY 2,459,498 0.71 MITSUBISHI UFJ LEASE &FORD MOTOR 4.875% FINANCE 3.6% 02/03/2015 19,400,000 CNY 3,181,600 0.9226/03/2015 30,000,000 CNY 4,989,855 1.45 5,231,692 1.51IBRD 2% 17/06/2014 30,000,000 CNY 4,882,072 1.41 SINGAPORE16,277,010 4.71 UNITED OVERSEAS BANKVENEZUELA 2.5% 24/06/2016 42,500,000 CNY 6,834,385 1.98CORP ANDINA DE FOMENTO 6,834,385 1.983.55% 12/12/2015 35,000,000 CNY 5,751,778 1.67 VIRGIN ISLANDS5,751,778 1.67 VALUE SUCCESS INTERNATIONALVIRGIN ISLANDS 2.075% 09/06/2014 15,800,000 CNY 2,551,674 0.74BIG WILL INVESTMENT 7% 2,551,674 0.7429/04/2014 17,000,000 CNY 2,811,881 0.81 TOTAL BONDS 21,026,545 6.09BITRONIC 4% 12/12/2015 23,000,000 CNY 3,760,110 1.09 TOTAL TRANSFERABLE SECURITIES21,026,545 6.09CENTRAL PLAZA DEVELOPMENTTRADED ON ANOTHER REGULATED MARKET7.6% 29/11/2015 15,000,000 CNY 2,572,586 0.74347

Portfolio of Investments and Other Net Assets as at 30 September 2013RMB Fixed IncomeStatement of investments as at 30 September 2013(expressed in USD)Description Face value Currency Evaluation % net Description Face value Currency Evaluation % netassetsassetsOTHER TRANSFERABLE SECURITIES TOTAL FINANCIAL INSTRUMENTS 44,078,612 12.76TOTAL INVESTMENTS 335,511,607 97.15BONDS OTHER NET ASSETS LESS LIABILITIES 9,828,978 2.85TOTAL NET ASSETS 345,340,585 100.00CAYMAN ISLANDSBANCO BRADESCO 3.7%18/01/2016 30,000,000 CNY 4,857,717 1.41BANCO BRADESCO 3.9%12/12/2014 35,000,000 CNY 5,704,297 1.6510,562,014 3.06INDIAIDBI BANK 3.5% 15/03/2014 40,000,000 CNY 6,504,660 1.88IDBI BANK 3.5% 28/03/2014 10,000,000 CNY 1,625,454 0.478,130,114 2.35TOTAL BONDS 18,692,128 5.41TOTAL OTHER TRANSFERABLE SECURITIES 18,692,128 5.41FINANCIAL INSTRUMENTSCERTIFICATE OF DEPOSITCHINACHINA DEVELOPMENT BANK2.9% 25/06/2012 - 25/06/2014 30,000,000 CNY 4,891,699 1.42ICBC 2.6%28/05/2013 - 28/05/2014 25,000,000 CNY 4,080,749 1.188,972,448 2.60HONG KONGAGRICULTURAL BANK OFCHINA 0% 08/04/2014 30,000,000 CNY 4,826,528 1.40AGRICULTURAL BANK OFCHINA 2.70% 30/05/2014 15,000,000 CNY 2,449,384 0.71BANK CHINA HK 3.1%08/10/2014 10,000,000 CNY 1,631,867 0.47BANK OF COMMUNICATIONS 50,000,000 CNY 8,156,439 2.36CHINA CONSTRUCTION BANK3% 10/01/2014 20,000,000 CNY 3,266,014 0.95CHINA CONSTRUCTION BANK3.45% 05/11/2013 10,000,000 CNY 1,633,401 0.47WING LUNG BANK 1.2%22/04/2014 15,000,000 CNY 2,421,265 0.70WING LUNG BANK 2.85%16/04/2014 40,000,000 CNY 6,526,924 1.8930,911,822 8.95JAPANSUMITOMO MITSUI BANKING1.1% 22/04/2014 26,000,000 CNY 4,194,342 1.214,194,342 1.21TOTAL CERTIFICATE OF DEPOSIT 44,078,612 12.76348

Portfolio of Investments and Other Net Assets as at 30 September 2013US Dollar BondStatement of investments as at 30 September 2013(expressed in USD)Description Face value Currency Evaluation % net Description Face value Currency Evaluation % netassetsassetsINVESTMENTS FORD MOTOR CREDIT 5.75%01/02/2021 500,000 USD 552,593 0.63TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK FREDDIE MAC 5.125%EXCHANGE LISTING 17/11/2017 3,000,000 USD 3,464,654 3.98IBRD 1% 15/09/2016 1,000,000 USD 1,008,709 1.17BONDS MERRILL LYNCH 6.4%28/08/17 400,000 USD 459,570 0.53BRAZIL MORGAN STANLEY 6%BRAZIL (GOVT) 5.875% 28/04/2015 500,000 USD 536,035 0.6115/01/2019 1,140,000 USD 1,294,271 1.48 UNION PACIFIC CORP 3.646%1,294,271 1.48 15/02/2024 370,000 USD 369,232 0.42FRANCEVERIZON COMMUNICATIONSAXA S.A. 5.5% PERP 400,000 USD 385,312 0.44 5.15% 15/09/2023 285,000 USD 305,519 0.35385,312 0.44 7,839,673 9.00GERMANY TOTAL BONDS 21,510,228 24.66KFW 4.125% 15/10/2014 3,000,000 USD 3,120,000 3.583,120,000 3.58 FLOATING RATE BONDSGREAT BRITAINBNP PARIBAS 2.7%FRANCE20/08/2018 500,000 USD 505,558 0.58 CAISSE D'AMORT DETTE SOCBRITISH TELECOM VRN FRN 02/07/2014 1,000,000 USD 1,002,620 1.1515/12/2030 1,000,000 USD 1,496,365 1.71 1,002,620 1.152,001,923 2.29 GERMANYITALY KFW FRN 05/08/2014 1,500,000 USD 1,501,950 1.73ITALY (GOVT) 3.125% 1,501,950 1.7326/01/2015 800,000 USD 820,552 0.94 GREAT BRITAIN820,552 0.94 STANDARD CHARTERED 4%LUXEMBOURG 12/07/2022 500,000 USD 507,238 0.58EIB 4.625% 05/05/2014 3,000,000 USD 3,082,199 3.53 507,238 0.58TELECOM ITALIA 6.175%SWEDEN18/06/2014 500,000 USD 514,930 0.59 SWEDISH EXPORT CREDIT3,597,129 4.12 FRN 14/08/2014 1,000,000 USD 1,006,530 1.15SOUTH AFRICA 1,006,530 1.15SOUTH AFRICA (GOVT) TOTAL FLOATING RATE BONDS 4,018,338 4.615.5% 09/03/2020 1,200,000 USD 1,291,734 1.481,291,734 1.48 TREASURY BONDS/NOTES - FIXED RATESPAINSANTANDER US 3.724%UNITED STATES20/01/2015 500,000 USD 507,758 0.58 US (GOVT) 1% TREASURYTELEFONICA 5.877% NOTE 15/01/2014 6,350,000 USD 6,367,859 7.3015/07/2019 600,000 USD 651,876 0.75 US (GOVT) 1% TREASURY1,159,634 1.33 NOTE 30/09/2016 4,080,000 USD 4,120,481 4.72UNITED STATESUS (GOVT) 1.75% TREASURYCAPITAL ONE BANK 8.8% NOTE 15/05/2023 1,400,000 USD 1,295,984 1.4915/07/2019 400,000 USD 514,090 0.59 US (GOVT) 2.375% TREASURYCITIGROUP INC 4.5% NOTE 31/10/2014 15,200,000 USD 15,567,235 17.8414/01/2022 600,000 USD 629,271 0.72349

Portfolio of Investments and Other Net Assets as at 30 September 2013US Dollar BondStatement of investments as at 30 September 2013(expressed in USD)Description Face value Currency Evaluation % net Description Face value Currency Evaluation % netassetsassetsUS (GOVT) 3.125% TREASURY GNMA II 4% 01/10/2043 1,280,000 USD 1,354,800 1.55NOTE 15/05/2021 4,600,000 USD 4,909,781 5.63 5,716,000 6.5532,261,340 36.98 TOTAL MORTGAGE BACKED SECURITIES 5,716,000 6.55TOTAL TREASURY BONDS/NOTES - FIXED32,261,340 36.98TOTAL TRANSFERABLE SECURITIESRATE ADMITTED TO AN OFFICIAL STOCK 83,573,515 95.80EXCHANGE LISTINGFHLMCTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDUNITED STATESMARKETFHLMC (30YR) 3.5%01/09/2043 1,620,000 USD 1,644,553 1.89 BONDSFHLMC (30YR) 4% 01/10/2043 1,090,000 USD 1,139,561 1.31FHLMC (30YR) 4.5%AUSTRALIA01/10/2043 1,160,000 USD 1,235,400 1.42 ANZ BANKING GROUP 2.4%FHLMC (30YR) 5% 01/10/2043 1,530,000 USD 1,650,010 1.88 23/11/2016 1,350,000 USD 1,401,577 1.615,669,524 6.50 MACQUARIE BANK 3.45%TOTAL FHLMC 5,669,524 6.50 27/07/2015 600,000 USD 622,728 0.712,024,305 2.32FNMACAYMAN ISLANDSHUTCHISON WHAMPOA 5.75%UNITED STATES 11/09/2019 350,000 USD 393,257 0.45FNMA (15YR) 2.5% 393,257 0.4501/10/2028 2,060,000 USD 2,070,541 2.37 FRANCEFNMA (15YR) 3% 01/10/2028 1,580,000 USD 1,634,436 1.87 GDF SUEZ 1.625% 10/10/2017 500,000 USD 497,425 0.57FNMA (15YR) 3.5%LVMH MOET HENNESSY01/10/2028 1,250,000 USD 1,317,969 1.51 1.625% 29/06/2017 187,000 USD 187,089 0.21FNMA (30YR) 3% 01/10/2043 3,050,000 USD 2,979,111 3.42 SOCIETE GENERALE 3.1%FNMA (30YR) 3.5% 14/09/2015 500,000 USD 519,254 0.6001/10/2043 1,980,000 USD 2,016,197 2.31 1,203,768 1.38FNMA (30YR) 4% 01/10/2043 1,070,000 USD 1,122,497 1.29 GREAT BRITAINFNMA (30YR) 4.5% PRUDENTIAL 5.25% PERP 200,000 USD 190,057 0.2201/10/2043 1,160,000 USD 1,239,388 1.42 TESCO 2.7% 05/01/2017 200,000 USD 205,208 0.23FNMA (30YR) 5.5% 395,265 0.4501/10/2043 1,850,000 USD 2,017,946 2.31 JERSEY14,398,085 16.50 HEATHROW FUNDING 2.5%TOTAL FNMA 14,398,085 16.50 25/06/2015 250,000 USD 254,103 0.29254,103 0.29MORTGAGE BACKED SECURITIESNETHERLANDSENEL FINANCE 3.875%UNITED STATES 07/10/2014 750,000 USD 769,421 0.88GNMA (30YR) 4.5% ENEL FINANCE 6% 07/10/2039 600,000 USD 551,658 0.6301/10/2043 1,270,000 USD 1,369,417 1.57 1,321,079 1.51GNMA (30YR) 5% 01/10/2043 1,130,000 USD 1,228,346 1.41 QATARGNMA II (30YR) 3.5% STATE OF QATAR 4%01/10/2043 1,710,000 USD 1,763,437 2.02 20/01/2015 700,000 USD 728,641 0.84728,641 0.84350

Portfolio of Investments and Other Net Assets as at 30 September 2013US Dollar BondStatement of investments as at 30 September 2013(expressed in USD)Description Face value Currency Evaluation % net Description Face value Currency Evaluation % netassetsassetsUNITED STATESUS (GOVT) 4.375% TREASURYANHEUSER BUSCH 7.75% BOND 15/02/2038 2,575,000 USD 2,914,176 3.3415/01/2019 600,000 USD 756,762 0.87 US (GOVT) 4.375% TREASURYBOSTON PROPERTIES 4.125% BOND 15/11/2039 2,150,000 USD 2,433,363 2.7915/05/2021 450,000 USD 462,251 0.53 7,699,839 8.83ENERGY TRANSFER PARTNERSTOTAL TREASURY BONDS/NOTES - FIXED7,699,839 8.835.2% 01/02/2022 480,000 USD 505,260 0.58 RATEMET LIFE GLOBAL FUNDINGI 5.125% 10/06/2014 700,000 USD 721,179 0.83 MORTGAGE BACKED SECURITIESMETLIFE 5.875% 06/02/2041 500,000 USD 568,370 0.65MIDAMERICAN ENERGYGREAT BRITAIN5.95% 15/07/2017 750,000 USD 870,525 1.00 ARRAN RESIDENTIAL MTGNEW YORK LIFE GLOBAL FRN 16/05/2047 1,000,000 USD 833,484 0.963% 04/05/2015 1,000,000 USD 1,037,170 1.19 833,484 0.96NEWS AMERICA 6.9%UNITED STATES15/08/2039 500,000 USD 583,430 0.67 CITIGROUP 5.205%RABOBANK CAP 5.254% 11/03/2012 900,000 USD 39,262 0.05VRN PERP 650,000 USD 665,116 0.76 MORGAN STANLEY CAPITALTIME WARNER ENTERTAINMENT 5.61% 15/04/2049 1,060,000 USD 280,751 0.328.375% 15/03/2023 525,000 USD 611,460 0.70 320,013 0.37WAL MART STORES CORP TOTAL MORTGAGE BACKED SECURITIES 1,153,497 1.336.5% 15/08/2037 750,000 USD 930,278 1.07 TOTAL TRANSFERABLE SECURITIES25,351,713 29.07WEA FINANCE 5.75%TRADED ON ANOTHER REGULATED MARKET02/09/2015 400,000 USD 435,631 0.50XTRA FINANCE 5.15%OTHER TRANSFERABLE SECURITIES01/04/2017 1,000,000 USD 1,119,349 1.279,266,781 10.62 ASSET BACKED SECURITIESTOTAL BONDS 15,587,199 17.86UNITED STATESASSET BACKED SECURITIESASSET BACKED FUNDING25/03/2033 2,425,000 USD 204,307 0.23UNITED STATES 204,307 0.23BNSF RAILWAY 4.83% TOTAL ASSET BACKED SECURITIES 204,307 0.2315/01/2023 700,000 USD 363,532 0.42SLM STUDENT LOAN TRUSTMORTGAGE BACKED SECURITIESFRN 26/04/2021 380,000 USD 119,969 0.14UNION PACIFIC CORP 5.082%UNITED STATES02/01/2029 500,000 USD 427,677 0.49 WAMU COMMERCIAL MORTGAGE911,178 1.05 SECURITIES FRN 23/11/2043 700,000 USD 192,223 0.22TOTAL ASSET BACKED SECURITIES 911,178 1.05 192,223 0.22TOTAL MORTGAGE BACKED SECURITIES 192,223 0.22TREASURY BONDS/NOTES - FIXED RATE TOTAL OTHER TRANSFERABLE SECURITIES 396,530 0.45TOTAL INVESTMENTS 109,321,758 125.32UNITED STATES OTHER NET LIABILITIES LESS ASSETS (22,085,309) (25.32)US (GOVT) 2% TREASURY TOTAL NET ASSETS 87,236,449 100.00NOTE 15/02/2023 1,500,000 USD 1,427,109 1.64US (GOVT) 3.75% TREASURYNOTE 15/11/2018 830,000 USD 925,191 1.06351

Portfolio of Investments and Other Net Assets as at 30 September 2013Euro ReserveStatement of investments as at 30 September 2013(expressed in EUR)Description Face Value Currency Evaluation % net Description Face Value Currency Evaluation % netassetsassetsINVESTMENTS HSBC 0.03% 03/10/2013 2,000,000 EUR 2,000,000 2.05LA BANQUE POSTALE 0.06%TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 14/10/2013 2,000,000 EUR 2,000,000 2.05EXCHANGE LISTING NATB 0.05% 17/10/2013 1,500,000 EUR 1,500,000 1.54OSEO 0.04% 17/10/2013 1,000,000 EUR 1,000,000 1.03BONDS SOCGEN 0.05% 04/10/2013 2,000,000 EUR 2,000,000 2.0521,000,000 21.55LUXEMBOURGGREAT BRITAINEUROPEAN FINANCIAL MITT EUR 0% 05/11/2013 1,500,000 EUR 1,499,783 1.53STABILITY 0.125% 03/12/2013 1,000,000 EUR 1,000,040 1.03 MITT EUR 0% 12/11/2013 1,000,000 EUR 999,833 1.031,000,040 1.03 MIZU EUR 0% 13/11/2013 1,500,000 EUR 1,499,725 1.54TOTAL BONDS 1,000,040 1.03 3,999,341 4.10SWEDENOPCVM French - General vocation NORD EUR 0% 21/11/2013 3,000,000 EUR 2,999,480 3.082,999,480 3.08FRANCEUNITED STATESHSBC MONETAIRE ETAT CACIB 0.06 05/11/2013 1,500,000 EUR 1,500,000 1.54"R EURO ACC" 1 EUR 1,012 0.00 1,500,000 1.541,012 0.00 TOTAL CERTIFICATE OF DEPOSIT 29,498,821 30.27Total - OPCVM French - General vocation 1,012 0.00TOTAL TRANSFERABLE SECURITIESCOMMERCIAL PAPERADMITTED TO AN OFFICIAL STOCK 1,001,052 1.03EXCHANGE LISTINGAUSTRALIACHINA CONS 0% 12/12/2013 2,000,000 EUR 1,997,816 2.05TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED 1,997,816 2.05MARKETBELGIUMAGFB EUR 0% 17/12/2013 900,000 EUR 899,747 0.92BONDS OFFI 0% 31/10/2013 4,000,000 EUR 3,999,586 4.114,899,333 5.03FRANCEFINLANDSFEF 3.25% 16/01/2014 3,000,000 EUR 3,026,970 3.11 POHB 0% 29/10/2013 2,000,000 EUR 1,999,791 2.053,026,970 3.11 1,999,791 2.05TOTAL BONDS 3,026,970 3.11 FRANCETOTAL TRANSFERABLE SECURITIES3,026,970 3.11ANTA EUR 0% 12/11/2013 1,800,000 EUR 1,799,613 1.85TRADED ON ANOTHER REGULATED MARKET LMA 0% 11/10/2013 2,000,000 EUR 1,999,884 2.04OSEO 0.04% 25/11/2013 1,000,000 EUR 1,000,000 1.03FINANCIAL INSTRUMENTS UNED EUR 0% 13/01/2014 1,000,000 EUR 999,608 1.035,799,105 5.95CERTIFICATE OF DEPOSITGERMANYALLIANZ SE 0% 18/11/2013 1,000,000 EUR 999,864 1.03FRANCE DEUB 0% 30/12/2013 1,000,000 EUR 999,709 1.03ACOSS 0.01% 18/10/2013 5,000,000 EUR 5,000,000 5.13 DEUTSCHE BANK 0%AFD 0.04% 14/10/2013 3,000,000 EUR 3,000,000 3.08 10/10/2013 2,000,000 EUR 1,999,888 2.04BFCM 0.05% 01/10/2013 2,000,000 EUR 2,000,000 2.05 DEUTSCHE BANK 0%BNPP 0.12% 27/01/2014 1,500,000 EUR 1,500,000 1.54 10/01/2014 1,000,000 EUR 999,631 1.03GECE 0.01% 11/10/2013 1,000,000 EUR 1,000,000 1.03 DGZB EUR 0% 20/12/2013 1,500,000 EUR 1,499,608 1.536,498,700 6.66352

Portfolio of Investments and Other Net Assets as at 30 September 2013Euro ReserveStatement of investments as at 30 September 2013(expressed in EUR)Description Face Value Currency Evaluation % netassetsGREAT BRITAINCHINA EUR 0% 11/12/2013 2,000,000 EUR 1,998,402 2.05REGA EUR 0% 17/10/2013 1,900,000 EUR 1,899,913 1.953,898,315 4.00IRELANDMATC EUR 0% 15/11/2013 1,500,000 EUR 1,499,713 1.541,499,713 1.54NETHERLANDSINGB 0% 24/12/2013 1,000,000 EUR 999,618 1.03999,618 1.03UNITED STATESCP PROC EUR 0% 08/10/2013 2,000,000 EUR 1,999,960 2.051,999,960 2.05TOTAL COMMERCIAL PAPER 29,592,351 30.36TREASURY BILLSFRANCEFRANCE (GOVT) 0%TREASURY BILL 24/10/2013 500,000 EUR 499,983 0.51FRANCE (GOVT) 0%TREASURY BILL 07/11/2013 5,500,000 EUR 5,499,678 5.64FRANCE (GOVT) 0%TREASURY BILL 21/11/2013 6,000,000 EUR 5,999,376 6.16FRANCE (GOVT) 0%TREASURY BILL 05/12/2013 7,000,000 EUR 6,998,811 7.1918,997,848 19.50LUXEMBOURGESM 0% TREASURY BILL10/10/2013 5,000,000 EUR 4,999,916 5.13ESM 0% TREASURY BILL24/10/2013 2,000,000 EUR 1,999,891 2.056,999,807 7.18TOTAL TREASURY BILLS 25,997,655 26.68TOTAL FINANCIAL INSTRUMENTS 85,088,827 87.31TOTAL INVESTMENTS 89,116,849 91.45OTHER NET ASSETS LESS LIABILITIES 8,329,649 8.55TOTAL NET ASSETS 97,446,498 100.00353

Portfolio of Investments and Other Net Assets as at 30 September 2013Economic Scale Index GEM EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINVESTMENTSITAUSA INVESTIMENTOS ITAU(PREFERRED) 28,280 BRL 115,797 0.24TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK JBS 25,100 BRL 85,647 0.17EXCHANGE LISTING LOCALIZA RENT A CAR 400 BRL 5,974 0.01LOJAS RENNER S.A. 200 BRL 5,717 0.01SHARES M DIAS BRANCO S.A. "E" 200 BRL 9,129 0.02MARCOPOLO (PREFERRED) 2,400 BRL 6,913 0.01BERMUDA ISLANDSMETALURGICA GERDAU S.A.CREDICORP 300 USD 38,283 0.08 (PREFERRED) 16,800 BRL 160,362 0.33GOME ELECTRIC APPLIANCES 312,000 HKD 39,833 0.08 NATURA COSMETICOS 900 BRL 20,005 0.04HAIER ELECTRONICS GROUP 5,000 HKD 9,685 0.02 PDG REALTY 7,100 BRL 7,834 0.0287,801 0.18 PETROBRAS (PREFERRED) 35,000 BRL 286,936 0.59BRAZIL PORTO SEGURO S.A. 1,600 BRL 19,690 0.04ALL AMERICAN LATIN SABESP ON 4,300 BRL 42,550 0.09LOGISTICA 3,300 BRL 12,927 0.03 SOUZA CRUZ 3,700 BRL 43,549 0.09ALPARGATAS S.A. TIM PARTICIPACOES S.A. 21,500 BRL 98,706 0.20(PREFFERED) 1,210 BRL 7,748 0.02 TRACTEBEL ENERGIA S.A. 2,100 BRL 34,432 0.07ANHANGUERA EDUCACIONAL ULTRAPAR PARTICIPACOES 2,100 BRL 51,732 0.11PART ICIPACOES S.A. 2,400 BRL 14,198 0.03 USINAS SIDERURGICAS DEBANCO BRADESCO MINAS "A" 8,400 BRL 39,532 0.08(PREFERRED) 18,230 BRL 256,090 0.52 WEG S.A. 1,500 BRL 18,286 0.04BANCO DO BRASIL 34,600 BRL 405,247 0.82 2,389,580 4.88BM&F BOVESPA S.A. 4,600 BRL 25,583 0.05 CAYMAN ISLANDSBRF S.A. 2,400 BRL 58,974 0.12 AAC TECHNOLOGIESCCR S.A. 2,000 BRL 15,687 0.03 HOLDINGS 1,500 HKD 6,819 0.01CENTRAIS ELECTRICAS ANTA SPORTS PRODUCTS 13,000 HKD 16,748 0.03BRASILEIRAS 53,800 BRL 149,008 0.30 BELLE INTERNATIONALCIA PARANAENSE DE ENERGI HOLDINGS 28,000 HKD 40,659 0.08(PREFERRED) "B" 2,100 BRL 29,314 0.06 BIOSTIME INTERNATIONAL 1,000 HKD 7,564 0.02CIA SIDERURGICA NACIONAL 2,800 BRL 11,986 0.02 CHOW TAI FOOK JEWELLERYCIELO S.A. 1,600 BRL 43,109 0.09 COMPANY 7,400 HKD 10,593 0.02COMPANHIA DE SANEAMENTOCOUNTRY GARDENMINAS GERAIS 900 BRL 14,079 0.03 HOLDINGS 16,745 HKD 10,711 0.02COSAN S.A. INDUSTRIA ENN ENERGY HOLDINGS 2,000 HKD 11,116 0.02COMERCIO 800 BRL 15,237 0.03 EVERGRANDE REAL ESTATE 28,000 HKD 11,699 0.02CPFL ENERGIA 3,500 BRL 30,167 0.06 GEELY AUTOMOBILES 20,000 HKD 10,291 0.02DURATEX S.A. 1,500 BRL 8,808 0.02 GOLDEN EAGLE RETAILEMBRAER 2,700 BRL 22,255 0.05 GROUP 6,000 HKD 9,363 0.02ENERGIAS DO BRASIL S.A. 4,300 BRL 22,771 0.05 GREENTOWN CHINAEQUATORIAL ENERGIA S.A. 700 BRL 6,499 0.01 HOLDINGS 16,000 HKD 30,084 0.06ESTACIO PARTICIPACOES 800 BRL 6,179 0.01 MGM CHINA HOLDINGS 7,600 HKD 25,238 0.05FIBRIA CELULOSE S.A. 2,100 BRL 24,856 0.05 MSTAR SEMICONDUCTOR INC 3,000 TWD 27,691 0.06GERDAU S.A. (PREFERRED) 19,600 BRL 148,090 0.30 SANDS CHINA 6,000 HKD 37,102 0.08GRENDENE S.A. 900 BRL 7,977 0.02354

Portfolio of Investments and Other Net Assets as at 30 September 2013Economic Scale Index GEM EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsSOHO CHINA 13,500 HKD 11,612 0.02 BYD COMPANY "H" 10,500 HKD 46,852 0.10SUNAC CHINA HOLDINGS 8,000 HKD 5,189 0.01 CHINA CITIC BANK "H" 240,000 HKD 124,422 0.25TENCENT HOLDINGS 1,000 HKD 52,461 0.12 CHINA COAL ENERGY "H" 65,000 HKD 38,895 0.08TINGYI 16,000 HKD 42,402 0.09 CHINA COMMUNICATIONSTPK HOLDING 1,000 TWD 9,078 0.02 CONSTRUCTION "H" 70,000 HKD 55,247 0.11UNI-PRESIDENT CHINACHINA COMMUNICATIONSHOLDINGS 11,000 HKD 10,966 0.02 SERVICES "H" 140,000 HKD 81,787 0.17WANT WANT CHINACHINA CONSTRUCTIONHOLDINGS 16,000 HKD 24,307 0.05 BANK "H" 1,363,000 HKD 1,049,370 2.14WYNN MACAU 8,800 HKD 30,017 0.06 CHINA COSCO HOLDINGS "H" 108,500 HKD 53,730 0.11441,710 0.90 CHINA INTERNATIONAL MARINECHILE CONTAINERS GROUP "H" 12,000 HKD 21,511 0.04AES GENER S.A. 18,549 CLP 10,810 0.02 CHINA LIFE INSURANCE "H" 72,000 HKD 186,632 0.38AGUAS ANDINAS S.A. "A" 16,832 CLP 11,627 0.02 CHINA MENGNIU DAIRY 4,000 HKD 17,926 0.04BANCO DE CHILE 271,717 CLP 40,414 0.08 CHINA MERCHANTS BANK "H" 122,096 HKD 222,013 0.45BANCO SANTANDER CHILE 626,189 CLP 41,143 0.08 CHINA MERCHANTS PROPERTYCAP S.A. 524 CLP 12,014 0.02 DEVELOPMENT 4,000 HKD 12,267 0.03CENCOSUD S.A. 23,702 CLP 107,271 0.22 CHINA MINSHENGCOLBUN S.A. 43,577 CLP 11,538 0.02 BANKING "H" 107,500 HKD 128,513 0.26CORPBANCA 759,000 CLP 8,137 0.02 CHINA OILFIELD SERVICES "H" 14,000 HKD 35,098 0.07EMPRESA NACIONAL DECHINA PACIFIC INSURANCETELECOM 2,212 CLP 36,619 0.07 GROUP "H" 21,400 HKD 76,721 0.16ENDESA CHILE 37,714 CLP 53,377 0.11 CHINA PETROLEUM &ENERSIS S.A. 404,885 CLP 131,566 0.28 CHEMICAL "H" 1,113,800 HKD 871,875 1.78LATAM AIRLINES GROUP S.A. 716 CLP 10,972 0.02 CHINA RAILWAYRIPLEY CORP S.A. 24,404 CLP 22,332 0.05 CONSTRUCTION "H" 130,000 HKD 137,472 0.28SM CHILE S.A. "B" 75,000 CLP 27,394 0.06 CHINA RAILWAY GROUP "H" 226,000 HKD 123,576 0.25SONDA S.A. 3,463 CLP 9,345 0.02 CHINA RESOURCES LAND 8,000 HKD 22,749 0.05534,559 1.09 CHINA SHENHUA ENERGY "H" 116,000 HKD 353,044 0.72CHINACHINA SHIPPING CONTAINERAGILE PROPERTY HOLDINGS 10,000 HKD 11,013 0.02 LINES COMPANY "H" 48,000 HKD 12,566 0.03AGRICULTURAL BANK OFCHINA SOUTH LOCOMOTIVECHINA "H" 1,205,000 HKD 554,771 1.13 "H" 55,000 HKD 38,372 0.08AIR CHINA "H" 148,000 HKD 100,203 0.20 CHINA SOUTHERN AIRLINESALUMINIUM CORPORATION "H" 256,000 HKD 95,411 0.19OF CHINA "H" 46,000 HKD 17,085 0.03 CHINA TELECOM CORP "H" 1,630,000 HKD 811,397 1.66ANHUI CONCH CEMENT "H" 8,500 HKD 27,295 0.06 CHINA VANKE "B" 10,500 HKD 19,215 0.04AVICHINA INDUSTRY &CHONGQING CHANGANTECHNOLOGY "H" 24,000 HKD 12,256 0.03 AUTOMOBILE "B" 6,000 HKD 9,161 0.02BANK OF CHINA "H" 1,898,000 HKD 866,479 1.77 CHONGQING RURALBBMG CORP "H" 12,000 HKD 8,032 0.02 COMMERCIAL BANK "H" 42,000 HKD 20,257 0.04BEIJING CAP INTERNATIONAL CITIC SECURITIES "H" 31,000 HKD 62,206 0.13AIRPORT "H" 22,000 HKD 14,413 0.03355

Portfolio of Investments and Other Net Assets as at 30 September 2013Economic Scale Index GEM EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsDATANG INTERNATIONAL POWERCOLOMBIAGENERATION "H" 90,000 HKD 39,694 0.08 ALMACENES EXITO S.A. 1,180 COP 20,367 0.04DONG FENG MOTOR "H" 90,000 HKD 136,724 0.28 CEMENTOS ARGOS 2,970 COP 15,594 0.03GREAT WALL AUTOMOBILESCORPORACION FINANCIERA"H" 3,000 HKD 16,268 0.03 COLOMBIANA 400 COP 8,363 0.02GUANGZHOU AUTOMOBILE ECOPETROL S.A. 32,698 COP 75,817 0.15GROUP "H" 16,000 HKD 17,353 0.04 EMPRESA DE ENERGIAGUANGZHOU R&F DE BOGOTA 22,270 COP 18,088 0.04PROPERTIES "H" 12,000 HKD 18,756 0.04 138,229 0.28HAITONG SECURITIES CO 5,600 HKD 8,363 0.02 CZECH REPUBLICHUANENG POWER CEZ 4,472 CZK 115,943 0.24INTERNATIONAL "H" 100,000 HKD 99,816 0.20 KOMERCNI BANKA 179 CZK 39,623 0.08INDUSTRIAL & COMMERCIAL TELEFONICA 4,913 CZK 77,876 0.16BANK OF CHINA "H" 1,893,000 HKD 1,320,705 2.70 233,442 0.48INNER MONGOLIA YITAIEGYPTCOAL "B" 5,800 USD 11,635 0.02 COMMERCIAL INTERNATIONALJIANGSU EXPRESSWAY "H" 22,000 HKD 25,960 0.05 BANK 4,078 EGP 22,385 0.05JIANGSU FUTURE LAND "B" 8,000 USD 5,048 0.01 GLOBAL TELECOM 291,948 EGP 186,816 0.38JIANGXI COPPER "H" 9,000 HKD 17,688 0.04 209,201 0.43NEW CHINA LIFE INSURANCEFEDERATION OF RUSSIA"H" 2,400 HKD 6,887 0.01 GAZPROM 369,310 USD 1,647,705 3.36PEOPLE'S INSURANCE GROUP MMC NORILSK NICKEL 1,468 USD 213,606 0.44OF CHINA "H" 44,000 HKD 20,654 0.04 SBERBANK 109,330 USD 330,382 0.67PETROCHINA "H" 1,614,000 HKD 1,781,704 3.64 2,191,693 4.47PICC PROPERTY &HONG KONGCASUALTY "H" 47,280 HKD 64,143 0.13 BEIJING ENTERPRISE 1,000 HKD 7,222 0.01PING AN INSURANCE "H" 18,500 HKD 137,540 0.28 BOC HONG KONG HOLDINGS 29,000 HKD 93,123 0.19SHANGHAI ELECTRIC GROUPCHINA MERCHANTS"H" 148,000 HKD 52,678 0.11 HOLDINGS 4,082 HKD 14,845 0.03SHIMAO PROPERTY HOLDINGS 4,000 HKD 9,203 0.02 CHINA MOBILE 126,500 HKD 1,413,570 2.89SINOPEC SHANGHAICHINA OVERSEAS LAND &PETROCHEMICAL "H" 76,000 HKD 28,325 0.06 INVESTMENT 6,000 HKD 17,681 0.04SINOPHARM GROUP "H" 4,800 HKD 12,046 0.02 CHINA RES ENTERPRISES 20,000 HKD 63,578 0.13TSINGTAO BREWERY "H" 4,000 HKD 30,435 0.06 CHINA RESOURCES POWER 4,000 HKD 9,512 0.02WEICHAI POWER "H" 6,000 HKD 23,445 0.05 CHINA TAIPING INSURANCEYANTAI CHANGYU PIONEER HOLDING 10,800 HKD 15,432 0.03"B" 1,500 HKD 5,120 0.01 CHINA UNICOM 368,000 HKD 574,237 1.17YANZHOU COAL MINING "H" 64,000 HKD 63,882 0.13 CNOOC 185,000 HKD 376,475 0.77ZHEJIANG EXPRESSWAY "H" 32,000 HKD 29,465 0.06 CSPC PHARMACEUTICAL 12,000 HKD 6,407 0.01ZIJIN MINING GROUP "H" 92,000 HKD 22,068 0.05 DAH CHONG HONGZTE "H" 30,000 HKD 62,056 0.13 HOLDINGS 13,000 HKD 10,579 0.0210,407,493 21.26 GUANGDONG INVESTMENT 28,000 HKD 24,049 0.05LENOVO GROUP 74,000 HKD 77,395 0.16356

Portfolio of Investments and Other Net Assets as at 30 September 2013Economic Scale Index GEM EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsSEMICONDUCTOR MANUFACTURING ICICI BANK 4,739 INR 66,651 0.14INTERNATIONAL 552,000 HKD 37,017 0.08 IDEA CELLULAR 6,967 INR 18,825 0.04SHANGHAI INDUSTRIAL IDFC 2,244 INR 3,111 0.01HOLDING 3,000 HKD 9,943 0.02 INDIAN OIL CORP 51,488 INR 172,374 0.35SHOUGHAN FUSHAN RESOURCES INFOSYS 7,846 INR 378,686 0.77GROUP 28,000 HKD 9,424 0.02 ITC 18,768 INR 101,451 0.212,760,489 5.64 JINDAL STEEL & POWER 1,758 INR 6,526 0.01HUNGARY JSW STEEL 849 INR 9,756 0.02MAGYAR TELEKOM KOTAK MAHINDRA BANK 1,493 INR 16,077 0.03TELECOMMUNICATIONS 37,755 HUF 52,621 0.11 LUPIN 1,214 INR 16,691 0.03MOL HUNGARIAN OIL & GAS 1,287 HUF 92,386 0.19 MAHINDRA & MAHINDRA 3,829 INR 49,850 0.10OTP BANK 1,827 HUF 35,435 0.07 MARUTI SUZUKI INDIA 1,526 INR 32,776 0.07RICHTER GEDEON 1,110 HUF 19,181 0.04 NESTLE INDIA 243 INR 19,715 0.04199,623 0.41 NMDC 21,956 INR 42,140 0.09INDIA NTPC 32,932 INR 75,989 0.16ACC 1,456 INR 25,666 0.05 OIL & NATURAL GAS 151,188 INR 637,831 1.31AMBUJA CEMENTS 9,930 INR 29,224 0.06 OIL INDIA 3,925 INR 27,482 0.06ASHOK LEYLAND 30,532 INR 7,261 0.01 ORACLE FINANCIALASIAN PAINTS 2,240 INR 16,413 0.03 SERVICES 439 INR 21,335 0.04AXIS BANK 1,041 INR 16,661 0.03 PIRAMAL HEALTHCARE 4,306 INR 40,655 0.08BAJAJ AUTO 764 INR 24,307 0.05 POWER FINANCIAL 4,846 INR 10,080 0.02BANK OF BARODA 4,044 INR 31,574 0.06 PUNJAB NATIONAL BANK 6,218 INR 45,704 0.09BANK OF INDIA 9,623 INR 24,202 0.05 RANBAXY LABORATORIES 4,048 INR 21,354 0.04BHARAT HEAVYRELIANCE COMMUNICATIONELECTRICALS 34,465 INR 74,921 0.15 VENTURES 53,347 INR 123,435 0.25BHARAT PETROLEUM 9,254 INR 48,624 0.10 RELIANCE INDUSTRIES 15,164 INR 200,111 0.41BHARTI AIRTEL 16,877 INR 85,605 0.17 RURAL ELECTRIFICATIONCADILA HEALTHCARE 564 INR 6,128 0.01 CORP 2,980 INR 8,898 0.02CAIRN INDIA 2,798 INR 14,152 0.03 SEIMENS INDIA 2,538 INR 19,287 0.04CANARA BANK 1,176 INR 4,134 0.01 SESA GOA 18,583 INR 53,995 0.11CIPLA 1,348 INR 9,339 0.02 STATE BANK OF INDIA 8,500 INR 218,188 0.45COAL INDIA 72,253 INR 338,786 0.69 STEEL AUTHORITY OF INDIA 122,855 INR 97,035 0.20COLGATE-PALMOLIVE (INDIA) 346 INR 6,852 0.01 SUN PHARMACEUTICALS 2,504 INR 23,821 0.05CROMPTON GREAVES 13,797 INR 18,832 0.04 TATA CHEMICALS 3,372 INR 12,761 0.03DABUR INDIA 3,095 INR 8,459 0.02 TATA CONSULTANCYDLF 4,669 INR 9,533 0.02 SERVICE 11,418 INR 354,230 0.72DR REDDYS LABORATORIES 1,177 INR 44,894 0.09 TATA MOTORS 13,088 INR 69,644 0.14FEDERAL BANK 1,129 INR 5,154 0.01 TATA STEEL 39,669 INR 169,249 0.35GAIL INDIA 8,385 INR 43,411 0.09 TECH MAHINDRA 5,236 INR 111,852 0.23GRASIM INDUSTRIES 894 INR 37,567 0.08 TITAN INDUSTRIES 1,474 INR 5,487 0.01HCL TECHNOLOGIES 11,041 INR 192,493 0.39 ULTRATECH CEMENT 568 INR 16,475 0.03HDFC BANK 2,953 INR 28,186 0.06 UNITED SPIRITS 374 INR 15,481 0.03HERO MOTOCROP 1,186 INR 37,672 0.08 WIPRO 37,782 INR 290,691 0.59HINDALCO INDUSTRIES 37,661 INR 66,711 0.14 ZEE ENTERTAINMENTHINDUSTAN UNILEVER 7,249 INR 72,436 0.15 ENTERPRISES 2,683 INR 9,812 0.02HOUSING DEVELOPMENT 4,973,423 10.15FINANCE 2,323 INR 28,715 0.06357

Portfolio of Investments and Other Net Assets as at 30 September 2013Economic Scale Index GEM EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsINDONESIA DIGI COM 29,700 MYR 44,182 0.09ADARO ENERGY 192,000 IDR 14,857 0.03 FELDA GLOBAL VENTURESASTRA INTERNATIONAL 106,500 IDR 57,230 0.12 HOLDINGS 9,600 MYR 12,342 0.03BANK CENTRAL ASIA 45,000 IDR 38,691 0.08 GENTING 12,800 MYR 40,747 0.08BANK DANAMON 35,000 IDR 11,962 0.02 GENTING MALAYSIA 26,400 MYR 34,101 0.07BANK MANDIRI 52,000 IDR 35,991 0.07 IHH HEALTHCARE 16,500 MYR 20,960 0.04BANK NEGRA INDONESIA 60,000 IDR 21,409 0.04 IOI CORP 16,300 MYR 26,743 0.05BANK RAKYAT INDONESIA 82,500 IDR 51,427 0.10 KUALA LUMPUR KEPONG 3,600 MYR 24,904 0.05BUMI RESOURCES 115,000 IDR 4,499 0.01 LAFARGE MALAYAN CEMENT 3,400 MYR 9,803 0.02CHAROEN POKPHAND MALAYAN BANKING 19,512 MYR 58,769 0.12INDONESIA 14,500 IDR 4,363 0.01 MAXIS 28,500 MYR 61,065 0.12GLOBAL MEDIACOM 32,000 IDR 5,503 0.01 PETRONAS CHEMICAL GROUP 32,100 MYR 67,305 0.14GUDANG GARAM 4,500 IDR 13,581 0.03 PETRONAS DAGANGAN 2,200 MYR 19,529 0.04INDO TAMBANGRAYA PETRONAS GAS 4,900 MYR 32,997 0.07MEGAH 6,500 IDR 14,587 0.03 PPB GROUP 3,200 MYR 13,928 0.03INDOCEMENT TUNGGAL RHB CAPITAL 9,100 MYR 21,058 0.04PRAKARSA 6,500 IDR 10,227 0.02 SAPURAKENCANAINDOFOOD SUKSES MAKMUR 12,000 IDR 7,222 0.01 PETROLEUM 21,100 MYR 23,832 0.05JASA MARGA 10,500 IDR 4,920 0.01 SIME DARBY 33,100 MYR 96,249 0.20KALBE FARMA 71,000 IDR 7,570 0.02 TELEKOM MALAYSIA 45,000 MYR 72,176 0.15MNC INVESTAMA TBK PT 134,500 IDR 4,105 0.01 TENAGA NASIONAL 48,600 MYR 134,329 0.28PERUSAHAAN GAS NEGARA 61,000 IDR 27,797 0.06 UMW HOLDINGS 3,400 MYR 12,301 0.03SEMEN INDONESIA PERSERO YTL CORP 32,700 MYR 15,414 0.03TBK PT 9,500 IDR 10,700 0.02 YTL POWER INTERNATIONAL 26,800 MYR 14,602 0.03TAMBANG BATUBARA 1,038,023 2.12BUKIT ASAM 11,000 IDR 11,822 0.02 MEXICOTELEKOMUNIKASI INDONESIA ALFA "A" 19,900 MXN 55,309 0.11PERSERO "B" 785,000 IDR 143,426 0.30 ALPEK S.A. 14,000 MXN 30,705 0.06UNILEVER INDONESIA 9,000 IDR 23,602 0.05 AMERICA MOVIL S.A. 512,700 MXN 512,219 1.05UNITED TRACTOR TBK 15,000 IDR 21,087 0.04 BIMBO "A" 5,800 MXN 18,081 0.04XL AXIATA TBK 62,000 IDR 23,455 0.05 CEMEX S.A. 76,956 MXN 86,487 0.18570,033 1.16 COCA-COLA FEMSA "L" 3,300 MXN 42,483 0.09LUXEMBOURG COMPARTAMOS SAB DE CV 6,400 MXN 11,984 0.02KERNEL HOLDINGS 329 PLN 5,179 0.01 EL PUERTO DE LIVERPOOL 1,300 MXN 14,649 0.035,179 0.01 EMPRESAS ICA 3,800 MXN 8,334 0.02MALAYSIA FIBRA UNO ADMINISTRATION 11,200 MXN 30,756 0.06ALLIANCE FINANCIAL GROUP 4,600 MYR 7,054 0.01 FOMENTO ECONOMICOAMMB HOLDINGS 6,100 MYR 13,854 0.03 MEXICANO 8,200 MXN 79,988 0.16ASTRO MALAYSIAGENOMMA LABHOLDINGS 11,600 MYR 10,368 0.02 INTERNACIONAL "B" 7,200 MXN 15,791 0.03AXIATA GROUP 27,500 MYR 57,912 0.12 GRUPO AEROPORTUARIO "B" 1,700 MXN 8,754 0.02BERJAYA SPORTS TOTO 8,800 MYR 11,071 0.02 GRUPO AEROPORTUARIOBOUSTEAD HOLDINGS 6,000 MYR 9,532 0.02 DE SUR "B" 600 MXN 6,640 0.01CIMB GROUP HOLDINGS 30,800 MYR 70,896 0.14358

Portfolio of Investments and Other Net Assets as at 30 September 2013Economic Scale Index GEM EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsGRUPO COMERCIAL CHEDRAUI BRE BANK S.A. 94 PLN 14,085 0.03S.A. 2,000 MXN 6,368 0.01 CYFROWY POLSAT 1,100 PLN 7,594 0.02GRUPO ELEKTRA SAB EUROCASH 320 PLN 5,009 0.01DE CV 685 MXN 22,432 0.05 GRUPA LOTOS 580 PLN 6,819 0.01GRUPO FINANCIEROJASTRZEBSKA SPOLKABANORTE "O" 6,500 MXN 40,305 0.08 WEGLOWA 2,793 PLN 66,241 0.14GRUPO FINANCIERO KGHM POLSKA MIEDZ 2,411 PLN 95,058 0.19SANTANDER "B" 7,800 MXN 21,579 0.04 LUBELSKI WEGIELGRUPO MEXICO "B" 43,700 MXN 133,225 0.27 BOGDANKA S.A. 200 PLN 6,936 0.01GRUPO TELEVISA 7,900 MXN 43,884 0.09 PEKAO 1,053 PLN 60,196 0.12INDUSTRIAS PENOLES 1,250 MXN 37,465 0.08 PKO BANK POLSKI 5,100 PLN 60,787 0.12MACQUARIE MEXICO REAL POLISH OIL & GAS 21,781 PLN 42,189 0.09ESTATE 4,300 MXN 7,577 0.02 POLSKA GRUPAMEXICHEM S.A. 8,000 MXN 35,406 0.07 ENERGETYCZNA 24,185 PLN 130,642 0.26MINERA FRISCO 3,900 MXN 10,208 0.02 POLSKI KONCERN NAFTOWYPROMOTORA Y OPERADORA ORLEN 4,809 PLN 68,140 0.14DE INFRAESTRUCTURA 800 MXN 7,864 0.02 PZU GROUP 709 PLN 96,313 0.20WALMART DE MEXICO S.A. 38,700 MXN 102,147 0.21 TAURON POLSKA ENERGIA1,390,640 2.84 S.A. 40,370 PLN 61,292 0.13PHILIPPINESTELEKOMUNIKACJAABOITIZ POWER 14,000 PHP 10,132 0.02 POLSKA S.A. 48,900 PLN 128,322 0.26ABS CBN HOLDINGS PDR 13,600 PHP 10,936 0.02 900,109 1.84AYALA CORP 1,580 PHP 21,944 0.04 SOUTH AFRICABANK OF THE PHILIPPINES ADCOCK INGRAM HOLDINGS 991 ZAR 6,705 0.01ISLANDS 10,720 PHP 23,743 0.05 AECI 1,400 ZAR 16,449 0.03BDO UNIBANK 6,280 PHP 10,821 0.02 AFRICAN BANKBLOOMBERRY RESORTS INVESTMENTS 3,348 ZAR 5,580 0.01CORP 25,300 PHP 5,824 0.01 AFRICAN RAINBOWENERGY DEVELOPMENT MINERALS 1,675 ZAR 31,742 0.06CORP 74,100 PHP 9,278 0.02 ANGLO AMERICAN PLATINUM 3,080 ZAR 132,955 0.27GLOBE TELECOM 1,180 PHP 43,377 0.09 ANGLOGOLD HOLDINGS 3,611 ZAR 48,146 0.10GT CAPITAL HOLDINGS 360 PHP 6,286 0.01 ASSORE 521 ZAR 21,915 0.04JOLLIBEE FOODS 5,000 PHP 19,356 0.04 AVENG 23,919 ZAR 59,750 0.12MANILA ELECTRIC 3,430 PHP 22,538 0.05 AVI 2,325 ZAR 13,737 0.03METROPOLITAN BANK & BARCLAYS AFRICA GROUP 8,030 ZAR 117,241 0.24TRUST 8,125 PHP 15,494 0.03 BARLOWORLD 6,262 ZAR 57,802 0.12PHILIPPINE LONG DISTANCE BIDVEST GROUP 4,120 ZAR 103,393 0.21TELECOM 1,730 PHP 118,366 0.25 CLICKS GROUP 2,347 ZAR 12,510 0.03UNIVERSAL ROBINA 4,470 PHP 12,632 0.03 DATATEC 3,250 ZAR 19,157 0.04330,727 0.68 DISCOVERY 2,351 ZAR 19,058 0.04POLAND EXXARO RESOURCES 2,501 ZAR 40,721 0.08ASSECO POLAND 1,789 PLN 27,705 0.06 FIRSTRAND 40,848 ZAR 137,850 0.28BANK HANDLOWY W GOLD FIELDS 13,244 ZAR 61,491 0.13WARSZAWIE 645 PLN 22,781 0.05 GRINDROD 4,068 ZAR 9,977 0.02359

Portfolio of Investments and Other Net Assets as at 30 September 2013Economic Scale Index GEM EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsHARMONY GOLD MINING 10,927 ZAR 38,470 0.08 BS FINANCIAL GROUP 530 KRW 7,920 0.02IMPALA PLATINUM 8,660 ZAR 105,695 0.22 CHEIL INDUSTRIES 172 KRW 14,684 0.03IMPERIAL HOLDINGS 3,310 ZAR 71,552 0.15 CJ CHEILJEDANG 62 KRW 15,960 0.03KUMBA IRON ORE 2,113 ZAR 96,903 0.20 CJ CORP 283 KRW 30,563 0.06LIBERTY 2,392 ZAR 27,340 0.06 COWAY 300 KRW 16,618 0.03LIFE HEALTHCARE 8,069 ZAR 28,575 0.06 DAELIM INDUSTRIAL 195 KRW 17,610 0.04MASSMART HOLDINGS 1,644 ZAR 26,785 0.05 DAEWOO ENGINEERING &MEDI CLINIC 7,583 ZAR 55,944 0.11 CONSTRUCTION 1,010 KRW 8,171 0.02MMI HOLDINGS 8,995 ZAR 21,662 0.04 DAEWOO INTERNATIONAL 250 KRW 8,833 0.02MONDI 5,584 ZAR 93,677 0.19 DAEWOO SECURITIES 1,790 KRW 16,398 0.03MR PRICE GROUP 1,059 ZAR 14,618 0.03 DAEWOO SHIPBUILDING &MTN GROUP 13,164 ZAR 256,513 0.52 MARINE ENGINEERING 610 KRW 19,650 0.04NAMPAK 8,370 ZAR 26,249 0.05 DGB FINANCIAL GROUP 760 KRW 11,462 0.02NASPERS "N" 688 ZAR 63,271 0.13 DONGBU INSURANCE 280 KRW 12,043 0.02NEDBANK GROUP 4,405 ZAR 89,055 0.18 DOOSAN HEAVY INDUSTRIES 1,510 KRW 64,878 0.13NETCARE 21,829 ZAR 51,644 0.11 DOOSAN INFRACORE 1,600 KRW 23,387 0.05NORTHAM PLATINUM 4,281 ZAR 17,609 0.04 E-MART 159 KRW 35,823 0.07PCC 5,105 ZAR 15,415 0.03 GS ENGINEERING ANDPICK N PAY STORES 9,651 ZAR 40,697 0.08 CONSTRUCTION 303 KRW 10,564 0.02REMGRO 1,262 ZAR 24,049 0.05 HALLA VISTEON CLIMATEREUNERT 2,354 ZAR 16,754 0.03 CONTROL 420 KRW 15,934 0.03RMB HOLDINGS 2,658 ZAR 12,323 0.03 HANA FINANCIAL HOLDINGS 3,608 KRW 123,781 0.25RMI HOLDINGS 2,421 ZAR 6,375 0.01 HANJIN KAL CORP 1,054 KRW 16,682 0.03SANLAM 14,143 ZAR 66,697 0.14 HANKOOK TIRE 480 KRW 27,438 0.06SANTAM 700 ZAR 13,051 0.03 HANWHA CHEMICAL 570 KRW 11,038 0.02SASOL 5,821 ZAR 275,293 0.56 HANWHA LIFE INSURANCE 2,780 KRW 17,988 0.04SHOPRITE HOLDINGS 2,170 ZAR 35,608 0.07 HYOSUND 254 KRW 16,955 0.03SPAR GROUP 1,009 ZAR 12,176 0.02 HYUDAI GLOVIS CO 40 KRW 7,839 0.02STANDARD BANK 16,045 ZAR 191,145 0.39 HYUNDAI DEPARTMENTSTEINHOFF INTERNATIONAL STORE 65 KRW 9,743 0.02HOLDINGS 16,458 ZAR 56,434 0.12 HYUNDAI DEVELOPMENT 260 KRW 5,822 0.01THE FOSCHINI GROUP 1,514 ZAR 15,352 0.03 HYUNDAI ENGINEERING &TIGER BRANDS 866 ZAR 25,100 0.05 CONSTRUCTION 532 KRW 30,609 0.06TRUWORTHS HYUNDAI HEAVY INDUSTRIES 456 KRW 112,078 0.23INTERNATIONAL 1,813 ZAR 16,056 0.03 HYUNDAI HOME SHOPPINGTUNGAAT HULETT 628 ZAR 7,406 0.02 NETWORK CORP 60 KRW 8,826 0.02VODACOM GROUP 9,348 ZAR 115,678 0.24 HYUNDAI HYSCO 320 KRW 13,719 0.03WILSON BAYLYHYUNDAI MARINE & FIREHOLMES-OVCON 1,258 ZAR 19,734 0.04 INSURANCE 550 KRW 14,977 0.03WOOLWORTHS HOLDINGS 4,517 ZAR 32,607 0.07 HYUNDAI MIPO DOCKYARD 124 KRW 18,125 0.042,999,691 6.12 HYUNDAI MOBIS 260 KRW 69,229 0.14SOUTH KOREA HYUNDAI MOTOR 736 KRW 171,989 0.36AMOREPACIFIC CORP 12 KRW 10,111 0.02 HYUNDAI SECURITIES 1,710 KRW 10,651 0.02AMOREPACIFIC GROUP 52 KRW 19,050 0.04 HYUNDAI STEEL 340 KRW 26,178 0.05KANGWON LAND 800 KRW 21,227 0.04360

Portfolio of Investments and Other Net Assets as at 30 September 2013Economic Scale Index GEM EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsKB FINANCIAL GROUP 2,310 KRW 80,863 0.17 SAMSUNG ENGINEERING 375 KRW 28,838 0.06KCC CORP 77 KRW 32,403 0.07 SAMSUNG FIRE & MARINEKEPCO ENGINEERING & INSURANCE 164 KRW 37,637 0.08CONSTRUCTION 100 KRW 6,787 0.01 SAMSUNG HEAVYKIA MOTORS 2,445 KRW 148,642 0.30 INDUSTRIES 1,050 KRW 42,035 0.09KOREA AEROSPACE SAMSUNG LIFE INSURANCE 420 KRW 40,862 0.08INDUSTRIES 230 KRW 5,739 0.01 SAMSUNG SDI 202 KRW 35,262 0.07KOREA ELECTRIC POWER 3,130 KRW 87,567 0.18 SAMSUNG SECURITIES 439 KRW 19,230 0.04KOREA INVESTMENT SAMSUNG TECHWIN 160 KRW 9,087 0.02HOLDINGS 380 KRW 14,664 0.03 SHINHAN FINANCIAL GROUP 3,890 KRW 158,082 0.32KOREA ZINC 66 KRW 19,970 0.04 SHINSEGAE 54 KRW 11,613 0.02KOREAN AIRLINES 2,182 KRW 76,687 0.16 SK C&C 1,233 KRW 132,011 0.27KT & G 675 KRW 48,389 0.10 SK CORP 1,114 KRW 201,204 0.42KT CORP 6,140 KRW 205,501 0.43 SK HYNIX INC 4,030 KRW 113,496 0.23KUMHO PETRO CHEMICAL 170 KRW 16,064 0.03 SK INNOVATION 459 KRW 62,390 0.13LG CHEMICAL 292 KRW 83,594 0.17 SK NETWORKS 3,600 KRW 21,886 0.04LG CORP 2,525 KRW 155,621 0.32 SK TELECOM 747 KRW 151,957 0.31LG DISPLAY 5,980 KRW 144,474 0.29 S-OIL CORP 491 KRW 35,610 0.07LG ELECTRONICS 2,590 KRW 171,684 0.36 WOORI FINANCE HOLDINGS 10,360 KRW 120,565 0.25LG HOUSEHOLD &WOORI INVESTMENT &HEALTHCARE 23 KRW 11,670 0.02 SECURITIES 2,010 KRW 21,707 0.04LG INNOTEK 120 KRW 9,597 0.02 4,817,781 9.84LG INSURANCE 490 KRW 11,131 0.02 TAIWANLG UPLUS CORP 3,400 KRW 36,560 0.07 ACER INC 54,000 TWD 37,520 0.08LOTTE CHEMICAL CORP 77 KRW 14,230 0.03 ADVANCED SEMICONDUCTORLOTTE CHILSUNG BEVERAGE 8 KRW 12,639 0.03 ENGINEERING 109,000 TWD 105,034 0.21LOTTE CONFECTIONERY 6 KRW 9,524 0.02 ADVANTECH 3,000 TWD 16,787 0.03LS CABLE 135 KRW 9,741 0.02 ASIA CEMENT 13,260 TWD 16,768 0.03MACQUARIE KOREA INFRA ASIA PACIFIC TELECOM 28,216 TWD 16,743 0.03FUND 2,320 KRW 14,277 0.03 ASUSTEK COMPUTER 8,000 TWD 63,700 0.13MANDO 158 KRW 18,755 0.04 AU OPTRONICS 455,000 TWD 170,761 0.35MIRAE ASSET SECURITIES 300 KRW 10,278 0.02 CATCHER TECHNOLOGY 2,000 TWD 10,583 0.02N C SOFT 64 KRW 11,381 0.02 CATHAY FINANCIALNAVER CORP 60 KRW 31,114 0.06 HOLDING 61,588 TWD 87,667 0.18NHN ENTERTAINMENT CORP 27 KRW 2,966 0.01 CHANG HWA COMMERCIALOCI COMPANY 181 KRW 29,068 0.06 BANK 39,590 TWD 23,090 0.05ORION CORP 17 KRW 15,083 0.03 CHENG SHIN RUBBERPOHANG IRON STEEL INDUSTRIES 8,050 TWD 21,067 0.04(POSCO) 369 KRW 109,761 0.22 CHEUNG UEI PRECISIONS1 CORP 204 KRW 12,288 0.03 INDUSTRY 12,000 TWD 24,019 0.05SAMSUNG CARD 590 KRW 21,972 0.04 CHICONY ELECTRONICS 6,060 TWD 15,101 0.03SAMSUNG CORP 449 KRW 26,126 0.05 CHINA AIR LINES 142,000 TWD 53,293 0.11SAMSUNG ELECTROCHINA DEVELOPMENTMECHANICS 467 KRW 37,521 0.08 FINANCIAL 67,000 TWD 19,255 0.04SAMSUNG ELECTRONICS 570 KRW 725,425 1.49 CHINA MOTOR CO 12,000 TWD 10,833 0.02CHINA PETROCHEMICALDEVELOPMENT 26,000 TWD 12,791 0.03361

Portfolio of Investments and Other Net Assets as at 30 September 2013Economic Scale Index GEM EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsCHINA STEEL 92,920 TWD 81,528 0.17 MEGA FINANCIAL HOLDINGCHINATRUST FINANCIAL CO 45,000 TWD 36,896 0.08HOLDING 48,150 TWD 31,420 0.06 NAN YA PLASTICS 55,550 TWD 116,824 0.24CHUNGHWA TELECOM 76,000 TWD 243,344 0.50 NOVATEKCOMPAL ELECTRONICS 103,000 TWD 75,223 0.15 MICROELECTRONICS 3,000 TWD 12,426 0.03CTCI CORP 9,000 TWD 14,545 0.03 PEGATRON CORP 34,000 TWD 48,512 0.10DELTA ELECTRONICS POU CHEN 108,000 TWD 125,796 0.26INDUSTRIAL CO 13,000 TWD 63,074 0.13 POWERTECH TECHNOLOGY 13,000 TWD 24,439 0.05E SUN FINANCIAL HOLDINGS 12,100 TWD 7,835 0.02 PRESIDENT CHAIN STORE 7,000 TWD 50,531 0.10EPISTAR CORP 5,000 TWD 9,467 0.02 QUANTA COMPUTER 42,000 TWD 91,026 0.19EVERGREEN MAR CORP 19,000 TWD 11,242 0.02 RADIANT OPTO ELECTRONICS 4,120 TWD 14,696 0.03EVERLIGHT ELECTRONICS 3,000 TWD 5,488 0.01 REALTEK SEMICONDUCTOR 4,040 TWD 9,862 0.02FAR EASTERN DEPARTMENTSHIN KONG FINANCIALSTORES 12,360 TWD 12,997 0.03 HOLDING 40,087 TWD 13,554 0.03FAR EASTERN NEW CENTURY 60,180 TWD 66,333 0.14 SILICONWARE PRECISION 39,000 TWD 45,559 0.09FAR EASTONE SINOPAC HOLDINGS 28,070 TWD 12,907 0.03TELECOMMUNICATIONS 21,000 TWD 52,329 0.11 ST SHINE OPTICAL 1,000 TWD 27,522 0.06FIRST FINANCIAL HOLDING 37,275 TWD 22,307 0.05 SYNNEX TECHNOLOGYFORMOSA CHEMICAL & FIBER 43,260 TWD 114,965 0.23 INTERNATIONAL 6,000 TWD 9,393 0.02FORMOSA PETROCHEMICAL TAISHIN FINANCIAL 72,969 TWD 33,677 0.07CORP 41,000 TWD 107,712 0.22 TAIWAN BUSINESS BANK 20,800 TWD 6,217 0.01FORMOSA PLASTICS 38,480 TWD 99,270 0.20 TAIWAN CEMENT 27,000 TWD 39,072 0.08FORMOSA TAFFETA 22,000 TWD 21,423 0.04 TAIWAN COOPERATIVEFOXCONN TECHNOLOGY 15,750 TWD 40,898 0.08 HOLDINGS 33,920 TWD 18,637 0.04FUBON FINANCIAL HOLDING 38,000 TWD 52,549 0.11 TAIWAN FERTILIZER 3,000 TWD 7,070 0.01GIANT MANUFACTURING 2,000 TWD 13,626 0.03 TAIWAN GLASS 13,000 TWD 13,208 0.03HON HAI PRECISION TAIWAN MOBILE 14,000 TWD 49,702 0.10INDUSTRIES 162,800 TWD 417,785 0.84 TAIWAN SECOM 6,000 TWD 14,363 0.03HTC 11,000 TWD 49,094 0.10 TAIWAN SEMICONDUCTERHUA NAN FINANCIAL MANUFACTURING 110,000 TWD 373,780 0.75HOLDINGS 36,750 TWD 20,999 0.04 TECO ELECTRIC &INNOLUX CORP 318,000 TWD 152,676 0.31 MACHINERY 19,000 TWD 20,107 0.04INOTERA MEMORIES INC 119,000 TWD 66,388 0.14 TRANSCEND INFORMATION 2,000 TWD 6,296 0.01INVENTEC 88,000 TWD 85,096 0.17 TRIPOD TECHNOLOGY 10,000 TWD 19,475 0.04KENDA RUBBER 3,120 TWD 6,256 0.01 TSRC CORP 5,000 TWD 8,926 0.02KING VUAN ELECTRONICS U-MING MARINE TRANSPORT 7,000 TWD 12,710 0.03COMPANY 28,000 TWD 19,266 0.04 UNIMICRON TECHNOLOGY 27,000 TWD 23,005 0.05KINSUS INTERCONNECT UNI-PRESIDENT ENTERPRISES 51,940 TWD 96,764 0.20TECHNOLOGY 3,000 TWD 10,549 0.02 UNITED MICRO ELECTRONICS 237,000 TWD 101,367 0.21LARGAN PRECISION 1,000 TWD 33,642 0.07 WALSIN LIHWA 36,000 TWD 10,991 0.02LITE-ON TECHNOLOGY 41,204 TWD 70,215 0.14 WINBOND ELECTRONICS 113,000 TWD 30,565 0.06MACRONIX INTERNATIONAL WINTEK CORP 46,000 TWD 18,975 0.04CO 76,000 TWD 18,501 0.04 WISTRON CORP 40,950 TWD 39,668 0.08MAKALOT INDUSTRIAL 1,000 TWD 5,021 0.01 WPG HOLDINGS 14,000 TWD 16,473 0.03MEDIATEK INC 6,000 TWD 74,148 0.15 YANG MING MARINE 28,000 TWD 12,828 0.03362

Portfolio of Investments and Other Net Assets as at 30 September 2013Economic Scale Index GEM EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsYULON MOTOR COMPANY 12,000 TWD 20,084 0.04 FORD OTOMOTIV SANAYI 1,720 TRY 23,175 0.05YUNGTAY ENGINEERING 3,000 TWD 7,881 0.02 GARANTI BANKASI 12,341 TRY 48,251 0.10ZHEN DING TECHNOLOGY KOC HOLDING AS 16,153 TRY 75,344 0.16HOLDING 2,100 TWD 4,992 0.01 MIGROS TICARET 1,455 TRY 12,119 0.024,528,999 9.24 SABANCI HOLDING 10,161 TRY 48,988 0.10THAILAND TAV HAVALIMANLARI 3,000 TRY 19,549 0.04ADVANCED INFORMATIONTOFAS TURK OTOMOBILSERVICES 11,200 THB 91,157 0.19 FABRIKASI 1,860 TRY 11,118 0.02BANGKOK DUSIT MEDICALTORUNLAR GAYRIMENKULSERVICES 3,500 THB 14,188 0.03 YATIRIM ORTAKLIGI AS 3,470 TRY 5,713 0.01BANPU PUBLIC 51,000 THB 45,172 0.09 TUPRAS-TURKIYE PETROLBIG C SUPERCENTER 1,800 THB 11,778 0.02 RAFINE 998 TRY 21,075 0.04CHAROEN POKPHAND FOODS 39,500 THB 31,015 0.06 TURK HAVA YOLLARI 19,624 TRY 72,689 0.15CP ALL 26,400 THB 29,703 0.06 TURK SISE VE CAMELECTRICITY GENERATING 2,400 THB 9,461 0.02 FABRIKALARI 12,473 TRY 17,111 0.03ENERGY ABSOLUTE PCL 26,400 THB 5,646 0.01 TURK TELEKOMUNIKASYON 35,809 TRY 119,306 0.25INDORAMA VENTURES 15,100 THB 10,507 0.02 TURKCELL ILETISMIRPC PUBLIC COMPANY 117,000 THB 11,801 0.02 HIZMETLERI 10,880 TRY 63,169 0.13MINOR INTERNATIONAL 8,900 THB 6,903 0.01 TURKIYE HALK BANKASI 4,114 TRY 29,630 0.06PTT EXPLORATION TURKIYE IS BANKASI "C" 25,397 TRY 66,697 0.14& PRODUCTION 13,800 THB 72,457 0.15 TURKIYE VAKIFLAR BANKASI 10,589 TRY 23,814 0.05PTT GLOBAL CHEMICAL 32,500 THB 75,207 0.15 YAPI KREDI BK 13,042 TRY 28,947 0.06PTT PUBLIC COMPANY 12,600 THB 128,290 0.26 869,826 1.78SHIN CORP 10,900 THB 28,615 0.06 UNITED STATESSIAM CEMENT 5,600 THB 76,654 0.16 SOUTHERN COPPER CORP 2,800 USD 77,952 0.16SIAM GLOBAL HOUSE 18,300 THB 10,455 0.02 77,952 0.16THAI AIRWAYSVIRGIN ISLANDSINTERNATIONAL 98,000 THB 61,934 0.13 SINO-OCEAN LANDTHAI OIL 12,300 THB 22,868 0.05 HOLDINGS 12,000 HKD 7,057 0.01THAI UNION FROZEN 7,057 0.01PRODUCTS 7,800 THB 12,697 0.03 TOTAL SHARES 42,906,557 87.61TOTAL ACCESSCOMMUNICATIONS 13,700 THB 46,789 0.10 INVESTMENT FUNDS803,297 1.64TURKEYMALAYSIAAKBANK 11,138 TRY 40,928 0.08 KLCC PROPERTY HOLDINGSARCELIK 3,445 TRY 19,917 0.04 REIT 3,400 MYR 6,692 0.01ASYA KATILIM BANKASI 6,030 TRY 5,613 0.01 SOUTH AFRICABIM BIRLESIKFOUNTAINHEAD PROPERTYMAGAZALAR AS 668 TRY 13,779 0.03 TRUST 7,853 ZAR 6,041 0.01COCA COLA ICECEK 290 TRY 7,317 0.01 12,733 0.02DOGAN YAYIN HOLDING 39,970 TRY 13,121 0.03 TOTAL INVESTMENT FUNDS 12,733 0.02ENKA INSAAT 15,225 TRY 43,862 0.09EREGLI DEMIR VE CELIKFABRIK 31,258 TRY 38,594 0.08363

Portfolio of Investments and Other Net Assets as at 30 September 2013Economic Scale Index GEM EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsUNIT SHARESGUERNSEYETALON GROUP GDR 1,832 USD 8,885 0.02BRAZIL 8,885 0.02BANCO SANTANDER BRASIL TOTAL GDR (Global Depositary Receipt) 212,741 0.43UNITS 14,300 BRL 98,223 0.19SUL AMERICA UNITS 2,543 BRL 17,884 0.04 PREFERENTIAL SHARESTRANSMISSORA ALIANCADE ENERGIA ELETRICA S.A. 2,400 BRL 23,143 0.05 BRAZIL139,250 0.28 AES TIETE S.A. (PREFERRED) 2,500 BRL 24,063 0.05MEXICO AMBEV (PREFERRED) 5,500 BRL 212,532 0.43CONTROLADORA COMMERCIALBANCO ESTRADO RIOMEXICANA 3,500 MXN 14,691 0.03 GRANDE (PREFERRED) 3,700 BRL 25,988 0.05TV AZTECA SAB DE CV 12,900 MXN 7,483 0.02 BRADESPAR S.A. BRASIL22,174 0.05 (PREFERRED) 1,200 BRL 13,401 0.03SOUTH AFRICABRASKEM S.A. (PREFERRED)HYPROP INVESTMENTS 1,530 ZAR 11,143 0.02 "A" 3,300 BRL 26,089 0.0511,143 0.02 CIA DE GAS DE SAOTHAILAND PAULO (PREFERRED) 500 BRL 12,851 0.03AIRPORTS OF THAILAND 5,600 THB 32,799 0.07 CIA DE TRANSMISSAOBEC WORLD (UNITS) 6,000 THB 10,724 0.02 DE ENERGIA 900 BRL 13,788 0.03TRUE CORP PCL 121,300 THB 29,425 0.06 CIA ENERGETICA DE SAO72,948 0.15 PAULO (PREFERRED) "B" 3,700 BRL 38,236 0.08TOTAL UNIT SHARES 245,515 0.50 CIA ENERGETICA MINAS(PREFERRED) 5,781 BRL 49,443 0.10SADR (Sponsored American Depository Receipt)COMPANHIA BRASILEIRA DEDISTRIBUICAO "A" 800 BRL 37,224 0.08CAYMAN ISLANDSITAU UNIBANCO BANCO MULTIPLOVIPSHOP HOLDINGS ADR 300 USD 17,397 0.04 S.A. (PREFERRED) 22,520 BRL 321,544 0.6617,397 0.04 KLABIN (PREFERRED) 3,500 BRL 17,868 0.04FEDERATION OF RUSSIALOJAS AMERICANAS S.A.SURGUTNEFTEGAZ ADR 22,800 USD 198,391 0.40 (PREFERRED) 1,200 BRL 8,780 0.02198,391 0.40 OI S.A. (PREFERRED) 167,000 BRL 338,943 0.68PERU TELEF BRASIL (PREFERRED) 8,800 BRL 196,271 0.40CIA DE BUENAVENTUR ADR 800 USD 9,512 0.02 VALE S.A. (PREFERRED) "A" 19,700 BRL 280,581 0.579,512 0.02 1,617,602 3.30TOTAL SADR (Sponsored AmericanCHILEDepository Receipt) 225,300 0.46 COCA COLA EMBONORS.A. "B" (PREFERRED) 2,200 CLP 5,262 0.01GDR (Global Depositary Receipt)EMBOTELLADORA ANDINA"B" (PREFERRED) 1,410 CLP 7,690 0.02FEDERATION OF RUSSIASOCIEDAD QUIMICA Y MINERAAFK SISTEMA GDR 648 USD 16,628 0.03 DE CHILE (PREFERRED) 173 CLP 5,347 0.01MEGAFON WI GDR 4,170 USD 148,202 0.30 18,299 0.04OJSC LSR GROUP GDR 3,224 USD 13,863 0.03PHARMSTANDARD GDR 404 USD 5,858 0.01TMK GDR 1,485 USD 19,305 0.04203,856 0.41364

Portfolio of Investments and Other Net Assets as at 30 September 2013Economic Scale Index GEM EquityStatement of investments as at 30 September 2013(expressed in USD)Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % netassetsassetsCOLOMBIA NOVATEK OAO 1,430 USD 16,963 0.03BANCO DAVIVIENDA NOVOLIPETSK IRON & STEEL 6,660 USD 10,929 0.02(PREFERRRED) 640 COP 8,585 0.02 ROSNEFT OIL 11,120 USD 90,317 0.18BANCOLOMBIA S.A. ROSTELECOM 21,270 USD 67,915 0.14(PREFERRRED) 3,207 COP 46,112 0.09 RUSSIAN GRIDS OAO 4,818,000 USD 147,094 0.30GRUPO AVAL ACCIONES TATNEFT 10,360 USD 69,102 0.14(PREFERRED) 11,760 COP 8,566 0.02 URALKALIY CLS 4,730 USD 24,855 0.05GRUPO DE INVERSION VTB BANK 68,610,000 USD 90,634 0.19SURAMERICANA 731 COP 14,900 0.03 1,393,380 2.8478,163 0.16 SOUTH KOREATOTAL PREFERENTIAL SHARES 1,714,064 3.50 CJ HOME SHOPPING 20 KRW 6,523 0.01INDUSTRIAL BANK OF KOREA 4,190 KRW 46,420 0.10ADR (American Depositary Receipt) 52,943 0.11TAIWANBERMUDA ISLANDS CHIPBOND TECHNOLOGY 4,000 TWD 8,236 0.02VIMPELCOM ADR 1,300 USD 14,638 0.03 SIMPLO TECHNOLOGY 2,000 TWD 9,704 0.0214,638 0.03 VANGUARD INTERNATIONALCAYMAN ISLANDS SEMICONDUCTORS 13,000 TWD 14,219 0.03SOUFUN HOLDINGS ADR 300 USD 14,844 0.03 32,159 0.0714,844 0.03 TOTAL SHARES 1,478,482 3.02TOTAL ADR (American Depositary Receipt) 29,482 0.06GDR (Global Depositary Receipt)MALAYSIAN SHARESFEDERATION OF RUSSIAMALAYSIA MAIL.RU GROUP GDR 550 USD 20,906 0.04HONG LEONG BANK 2,700 MYR 11,554 0.02 20,906 0.0411,554 0.02 Total GDR (Global Depositary Receipt) 20,906 0.04TOTAL MALAYSIAN SHARES 11,554 0.02TOTAL TRANSFERABLE SECURITIESPREFERENTIAL SHARESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING45,357,946 92.60FEDERATION OF RUSSIATRANSNEFT (PREFERRED) 64 USD 166,515 0.34TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED 166,515 0.34MARKET TOTAL PREFERENTIAL SHARES 166,515 0.34TOTAL TRANSFERABLE SECURITIES1,665,903 3.40SHARESTRADED ON ANOTHER REGULATED MARKETFEDERATION OF RUSSIAOTHER TRANSFERABLE SECURITIESAEROFLOT RUSSIANAIRLINES 21,600 USD 36,023 0.07 SHARESCHEREPOVETS MKSERVERSTAL 19,100 USD 166,646 0.34 FEDERATION OF RUSSIAE ON RUSSIA 187,000 USD 14,361 0.03 MAGNIT 119 USD 30,147 0.07FEDERAL GRID 2,070,000 USD 6,477 0.01 30,147 0.07FEDERAL TOTAL SHARES 30,147 0.07HYDROGENERATING 916,390 USD 15,295 0.03 TOTAL OTHER TRANSFERABLE SECURITIES 30,147 0.07INTER RAO UES 132,890,000 USD 46,910 0.10 TOTAL INVESTMENTS 47,053,996 96.07LUKOIL 5,384 USD 344,318 0.71 OTHER NET ASSETS LESS LIABILITIES 1,924,564 3.93MECHEL 8,389 USD 26,438 0.05 TOTAL NET ASSETS 48,978,560 100.00MOBILE TELESYSTEMS 22,180 USD 219,103 0.45365

Portfolio of Investments and Other Net Assets as at 30 September 2013GEM Debt Total ReturnStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueINVESTMENTSVOTORANTIM CIMENTOS7.25% 05/04/2041 4,000,000 USD 3,686,460 0.16TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK VOTO-VOTORANTIM 6.75%EXCHANGE LISTING 05/04/2021 1,100,000 USD 1,188,061 0.05136,864,494 5.79SHARESCANADAHARVEST OPERATIONS CORPISLE OF MAN 2.125% 14/05/2018 3,800,000 USD 3,682,694 0.16CAMBRIA AFRICA 1,050,000 GBP 140,280 0.01 3,682,694 0.16140,280 0.01 CAYMAN ISLANDSTOTAL SHARES 140,280 0.01 CONTINENTAL 5.75%18/01/2017 2,000,000 USD 2,146,740 0.09BONDS GRUPO AVAL 5.25%01/02/2017 5,190,000 USD 5,390,931 0.23AUSTRALIA IPIC GMTN 3.125% 15/11/2015 7,225,000 USD 7,486,834 0.32CNOOC CURTIS FUNDING NO IPIC GMTN 5.5% 01/03/2022 1,000,000 USD 1,098,355 0.054.5% 03/10/2023 5,050,000 USD 5,089,138 0.22 PETROBRAS INTERNATIONAL5,089,138 0.22 FINANCE 5.375% 27/01/2021 7,700,000 USD 7,738,000 0.33BERMUDA ISLANDSPETROBRAS INTERNATIONALCHINA RESOURCES GAS FINANCE 5.75% 20/01/2020 8,050,000 USD 8,402,308 0.364.5% 05/04/2022 5,100,000 USD 5,055,069 0.21 VALE OVERSEAS 6.875%5,055,069 0.21 21/11/2036 8,650,000 USD 8,843,154 0.36BRAZIL 41,106,322 1.74BANCO ABC-BRASIL 7.875%CHILE08/04/2020 13,200,000 USD 13,439,250 0.57 BANCO DEL ESTADO DEBANCO BRADESCO 4.1% CHILE 2% 09/11/2017 8,850,000 USD 8,668,841 0.3723/03/2015 6,600,000 USD 6,809,418 0.29 BANCO DEL ESTADO DEBANCO EST RIO GRANDE CHILE 3.875% 08/02/2022 2,100,000 USD 2,042,828 0.097.375% 02/02/2022 4,900,000 USD 4,869,375 0.21 CORPBANCA S.A. 3.125%BANCO SAFRA 3.5% 15/01/2018 7,200,000 USD 6,611,184 0.2816/05/2014 13,250,000 USD 13,402,375 0.57 EMPRESA NACIONAL DEBANCO VOTORANTIM 5.25% PETROLEO 4.75% 06/12/2021 9,125,000 USD 9,003,591 0.3711/02/2016 11,900,000 USD 12,361,006 0.52 26,326,444 1.11BRASIL TELECOM 5.75%COLOMBIA10/02/2022 6,400,000 USD 5,623,904 0.24 BANCO DE BOGOTA 5%BRAZIL (GOVT) 2.625% 15/01/2017 8,750,000 USD 9,110,325 0.3905/01/2023 23,075,000 USD 20,210,007 0.85 BANCOLOMBIA S.A. 6.125%BRAZIL (GOVT) 5.875% 26/07/2020 6,550,000 USD 6,734,219 0.2815/01/2019 5,000,000 USD 5,675,900 0.24 COLOMBIA (GOVT) 2.625%BRAZIL (GOVT) 6% 15/03/2023 8,000,000 USD 7,088,920 0.3017/01/2017 19,360,000 USD 21,682,231 0.91 COLOMBIA (GOVT) 4.375%BRAZIL (GOVT) 11% 12/07/2021 22,730,000 USD 23,591,921 1.0017/08/2040 2,900,000 USD 3,397,394 0.14 COLOMBIA (GOVT) 6.125%CAIXA ECONOMICA FEDERAL 18/01/2041 4,500,000 USD 4,936,163 0.212.375% 06/11/2017 13,250,000 USD 12,349,663 0.52 COLOMBIA (GOVT) 7.375%CENT ELET BRASILEIRAS S.A. 27/01/2017 72,435,000 USD 84,514,984 3.585.75% 27/10/2021 9,000,000 USD 8,735,130 0.37 COLOMBIA (GOVT) 7.375%CENTRAIS ELECTRICAS 18/03/2019 37,475,000 USD 45,483,219 1.92BRASIL 6.875% 30/07/2019 3,200,000 USD 3,434,320 0.15366

Portfolio of Investments and Other Net Assets as at 30 September 2013GEM Debt Total ReturnStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueCOLOMBIA (GOVT) 8.125%IRELAND21/05/2024 9,450,000 USD 12,270,920 0.52 ALFA BANK 7.75% 28/04/2021 2,925,000 USD 3,109,641 0.13COLOMBIA (GOVT) 8.25% ALFA BANK 7.875% 25/09/2017 1,500,000 USD 1,656,563 0.0722/12/2014 3,200,000 USD 3,479,360 0.15 SIBUR SECURITIES 3.914%197,210,031 8.35 31/01/2018 3,000,000 USD 2,880,000 0.12COSTA RICA VEB LEASING 5.125%COSTA RICA (GOVT) 4.25% 27/05/2016 525,000 USD 554,130 0.0226/01/2023 4,940,000 USD 4,436,738 0.19 VNESHEKONOMBANK 5.375%4,436,738 0.19 13/02/2017 7,950,000 USD 8,445,642 0.36CROATIA 16,645,976 0.70CROATIA (GOVT) 6.25%KAZAKHSTAN27/04/2017 4,170,000 USD 4,404,563 0.19 DEVELOPMENT BANK OF KAZ-CROATIA (GOVT) 6.375% AKHSTAN 4.125% 10/12/2022 800,000 USD 738,516 0.0324/03/2021 7,500,000 USD 7,776,562 0.32 KAZMUNAIGAZ FINANCECROATIA (GOVT) 6.75% 11.75% 23/01/2015 38,234,000 USD 42,846,550 1.8105/11/2019 4,740,000 USD 5,086,613 0.22 43,585,066 1.8417,267,738 0.73 LUXEMBOURGCYPRUS GAZ CAPITAL 4.95%ALFA MTN INSURANCE 8% 23/05/2016 6,720,000 USD 7,124,141 0.3018/03/2015 6,500,000 USD 6,963,125 0.29 GAZ CAPITAL 5.092%6,963,125 0.29 29/11/2015 600,000 USD 636,246 0.03FEDERATION OF RUSSIA GAZ CAPITAL 8.125%RUSSIA (GOVT) 3.25% 31/07/2014 19,738,000 USD 20,877,967 0.8704/04/2017 4,000,000 USD 4,165,100 0.18 GAZ CAPITAL 9.25%4,165,100 0.18 23/04/2019 5,700,000 USD 7,014,335 0.30GABON GAZPROM 6.51% 07/03/2022 8,700,000 USD 9,353,153 0.40GABON (GOVT) 8.2% GAZPROM CAPITAL 5.999%12/12/2017 1,600,000 USD 1,811,000 0.08 23/01/2021 1,800,000 USD 1,891,215 0.081,811,000 0.08 GAZPROM CAPITAL 6.212%INDONESIA 22/11/2016 3,600,000 USD 3,958,128 0.17INDONESIA (GOVT) 3.375% RSHB CAPITAL 7.125%15/04/2023 11,550,000 USD 9,933,000 0.42 14/01/2014 1,593,000 USD 1,620,447 0.07INDONESIA (GOVT) 3.75% SBERBANK 5.18% 28/06/2019 5,990,000 USD 6,249,966 0.2625/04/2022 8,650,000 USD 7,833,656 0.33 SBERBANK 5.4% 24/03/2017 5,100,000 USD 5,444,709 0.23INDONESIA (GOVT) 4.875% SBERBANK 5.717% 16/06/2021 900,000 USD 931,068 0.0405/05/2021 12,850,000 USD 12,793,781 0.54 VTB CAPITAL 6% 12/04/2017 5,500,000 USD 5,800,713 0.25INDONESIA (GOVT) 5.375% VTB BANK 6.465% 04/03/2015 4,050,000 USD 4,282,409 0.1817/10/2023 25,000,000 USD 24,968,751 1.07 75,184,497 3.18INDONESIA (GOVT) 7.25%MEXICO20/04/2015 14,898,000 USD 16,061,906 0.68 ALESTRA 11.75% 11/08/2014 1,325,000 USD 1,426,859 0.06INDONESIA (GOVT) 7.5%BANCO SANTANDER S.A.15/01/2016 8,815,000 USD 9,757,103 0.41 4.125% 09/11/2022 4,500,000 USD 4,185,383 0.18PERTAMINA 4.3% 20/05/2023 4,400,000 USD 3,795,000 0.16 MEXICO (GOVT) 4.75%PERTAMINA 4.875% 08/03/2044 4,670,000 USD 4,247,902 0.1803/05/2022 1,586,000 USD 1,459,120 0.06 MEXICO (GOVT) 5.625%86,602,317 3.67 15/01/2017 7,410,000 USD 8,292,790 0.35367

Portfolio of Investments and Other Net Assets as at 30 September 2013GEM Debt Total ReturnStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueMEXICO (GOVT) 6.05% TURKEY (GOVT) 5.625%11/01/2040 40,660,000 USD 44,814,436 1.90 30/03/2021 10,530,000 USD 11,009,905 0.47MEXICO (GOVT) 10% TURKEY (GOVT) 6.25%05/12/2024 7,000,000 MXN 70,212,705 2.97 26/09/2022 26,460,000 USD 28,518,720 1.21133,180,075 5.64 TURKEY (GOVT) 7% 11/03/2019 7,000,000 USD 7,907,585 0.33NAMIBIA TURKEY (GOVT) 7.25%NAMIBIA INTERNATIONAL 5.5% 15/03/2015 59,921,000 USD 64,243,700 2.7103/11/2021 10,000,000 USD 10,162,100 0.43 TURKEY (GOVT) 7.5%10,162,100 0.43 14/07/2017 13,050,000 USD 14,835,697 0.63NETHERLANDS TURKEY (GOVT) 9% 08/03/2017 100,007,000 TRY 50,019,073 2.12PETROBRAS GLOBAL FINANCE TURKEY (GOVT) 9.5%2% 20/05/2016 15,500,000 USD 15,415,215 0.65 15/01/2014 2,869,000 USD 2,940,782 0.12WHITE NIGHTS 10.5%TURKIYE HALK BANKASI25/03/2014 3,650,000 USD 3,816,787 0.16 3.875% 05/02/2020 5,000,000 USD 4,488,175 0.1919,232,002 0.81 TURKIYE VAKIFLAR BANKASIPANAMA 6% 01/11/2022 2,600,000 USD 2,338,375 0.10BANCO DE CREDITO DEL YAPI VE KREDI BANKASI 6.75%5.375% 16/09/2020 1,210,000 USD 1,232,724 0.05 08/02/2017 4,600,000 USD 4,842,995 0.20PANAMA (GOVT) 5.2% 200,227,507 8.4730/01/2020 9,750,000 USD 10,688,291 0.45 UNITED STATESPANAMA (GOVT) 7.125%PEMEX PROJECT FUNDING29/01/2026 3,100,000 USD 3,789,533 0.16 MASTER 5.75% 01/03/2018 19,795,000 USD 22,008,279 0.9315,710,548 0.66 22,008,279 0.93PERUURUGUAYCORP FINANCI DE DESARROL URUGUAY (GOVT) 4.5%4.75% 08/02/2022 2,200,000 USD 2,144,912 0.09 14/08/2024 5,670,000 USD 5,775,802 0.24PERU (GOVT) 7.35% 21/07/2025 10,000,000 USD 12,776,400 0.54 5,775,802 0.2414,921,312 0.63 VIRGIN ISLANDSSOUTH AFRICA CNOOC FINANCE 2013 1.125%SOUTH AFRICA (GOVT) 4.665% 09/05/2016 4,700,000 USD 4,660,285 0.2017/01/2024 2,277,000 USD 2,215,259 0.09 CNPC GENERAL CAPITAL 1.45%SOUTH AFRICA (GOVT) 5.5% 16/04/2016 3,000,000 USD 2,980,020 0.1309/03/2020 38,230,000 USD 41,127,834 1.74 CNPC GENERAL CAPITAL 2.75%SOUTH AFRICA (GOVT) 5.875% 19/04/2017 18,000,000 USD 18,319,860 0.7730/05/2022 4,925,000 USD 5,335,720 0.23 SINOPEC CAPITAL 2013 1.25%SOUTH AFRICA (GOVT) 5.875% 24/04/2016 11,900,000 USD 11,825,804 0.5016/09/2025 4,150,000 USD 4,383,085 0.19 SINOPEC GRP OVERSEA 3.9%SOUTH AFRICA (GOVT) 6.875% 17/05/2022 12,150,000 USD 11,883,672 0.5027/05/2019 32,350,000 USD 37,206,706 1.57 49,669,641 2.10SOUTH AFRICA (GOVT) 8.25% TOTAL BONDS 1,248,105,735 52.8115/09/2017 128,074,000 ZAR 13,373,210 0.57103,641,814 4.39 FLOATING RATE BONDSSRI LANKASRI LANKA (GOVT) 6.25%MEXICO27/07/2021 1,650,000 USD 1,580,906 0.07 MEXICO (GOVT) 5% 16/06/2016 22 MXN 931 0.001,580,906 0.07 931 0.00TURKEY TOTAL FLOATING RATE BONDS 931 0.00AKBANK 5% 24/10/2022 3,050,000 USD 2,802,401 0.12TURKEY (GOVT) 5.125%25/03/2022 6,265,000 USD 6,280,099 0.27368

Portfolio of Investments and Other Net Assets as at 30 September 2013GEM Debt Total ReturnStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueASSET BACKED SECURITIESCOLOMBIABANCOLOMBIA 5.95%DOMINICAN REPUBLIC 03/06/2021 3,050,000 USD 3,128,324 0.13DOMINIC (GOVT) 7.5% 3,128,324 0.1306/05/2021 5,075,000 USD 5,430,250 0.23 CROATIA5,430,250 0.23 CROATIA (GOVT) 6.625%FEDERATION OF RUSSIA 14/07/2020 2,100,000 USD 2,220,750 0.09RUSSIA (GOVT) 7.5% 2,220,750 0.0931/03/2030 51,860,000 USD 45,661,023 1.93 FEDERATION OF RUSSIA45,661,023 1.93 RUSSIA (GOVT) 4.875%IRAQ 16/09/2023 4,200,000 USD 4,311,048 0.18IRAQ (GOVT) 5.8% 15/01/2028 9,586,000 USD 8,171,058 0.35 4,311,048 0.188,171,058 0.35 INDONESIAURUGUAY INDONESIA (GOVT) 6.875%URUGUAY (GOVT) 6.875% 09/03/2017 5,765,000 USD 6,427,975 0.2728/09/2025 985,000 USD 1,158,843 0.05 6,427,975 0.271,158,843 0.05 KAZAKHSTANTOTAL ASSET BACKED SECURITIES 60,421,174 2.56 DEVELOPMENT BANK OFKAZAKHSTAN 5.5% 20/12/2015 3,391,000 USD 3,579,828 0.15TREASURY BONDS/NOTES - FIXED RATE 3,579,828 0.15MEXICOUNITED STATES MEXICO (GOVT) 4%US (GOVT) 1.75% TREASURY 02/10/2023 12,710,000 USD 12,700,213 0.54NOTE 15/05/2023 318,600,000 USD 294,798,340 12.48 12,700,213 0.54US (GOVT) 3.125% TREASURYPERUBOND 15/02/2043 58,295,000 USD 52,230,954 2.21 EL FONDO MIVIVIENDA S.A.347,029,294 14.69 3.5% 31/01/2023 3,150,000 USD 2,746,863 0.12TOTAL TREASURY BONDS/NOTES - FIXED347,029,294 14.69PERU (GOVT) 8.375%RATE 03/05/2016 13,136,000 USD 15,267,185 0.65TOTAL TRANSFERABLE SECURITIES 18,014,048 0.77ADMITTED TO AN OFFICIAL STOCK1,655,697,414 70.07 POLANDEXCHANGE LISTING POLAND (GOVT) 2.5%25/07/2018 335,946,000 PLN 101,286,939 4.28TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED 101,286,939 4.28MARKETSERBIASERBIA (GOVT) 5.25%BONDS 21/11/2017 1,160,000 USD 1,161,450 0.051,161,450 0.05BRAZILSLOVENIABANCO NAC DE DESEN ECONO SLOVENIA (GOVT) 5.85%5.75% 26/09/2023 7,600,000 USD 7,630,020 0.32 10/05/2023 11,800,000 USD 11,260,445 0.48BRAZIL (GOVT) 6% 15/08/2020 25,367 BRL 27,193,054 1.15 11,260,445 0.48CAIXA ECONOMICA FEDERALSOUTH AFRICA4.5% 03/10/2018 7,800,000 USD 7,730,931 0.33 ESKOM HOLDINGS 6.75%42,554,005 1.80 06/08/2023 15,000,000 USD 15,502,350 0.66CAYMAN ISLANDS TRANSNET 4.5% 10/02/2016 3,000,000 USD 3,114,615 0.13GRUPO AVAL 4.75% 26/09/2022 8,200,000 USD 7,340,394 0.31 18,616,965 0.797,340,394 0.31369

Portfolio of Investments and Other Net Assets as at 30 September 2013GEM Debt Total ReturnStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueTURKEYUNITED STATESAKBANK 5.125% 22/07/2015 31,425,000 USD 32,305,686 1.37 US (GOVT) 0% TREASURY BILLTURKEY (GOVT) 3.25% 03/10/2013 25,000,000 USD 24,999,925 1.0623/03/2023 10,600,000 USD 9,187,709 0.39 24,999,925 1.0641,493,395 1.76 TOTAL TREASURY BILLS 106,649,607 4.51TOTAL BONDS 274,095,779 11.60 TOTAL FINANCIAL INSTRUMENTS 106,649,607 4.51TOTAL INVESTMENTS 2,042,000,838 86.42TREASURY BONDS/NOTES - FIXED RATE OTHER NET ASSETS LESS LIABILITIES 320,886,840 13.58TOTAL NET ASSETS 2,362,887,678 100.00UNITED STATESUS (GOVT) 2.75% TREASURYBOND 15/08/2042 6,700,000 USD 5,553,672 0.245,553,672 0.24TOTAL TREASURY BONDS/NOTES - FIXEDRATETOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET5,553,672279,649,4510.2411.84OTHER TRANSFERABLE SECURITIESSHARESUKRAINEXXI CENTURY INVESTMENTS 5,069 USD 152 0.00152 0.00TOTAL SHARES 152 0.00BONDSCAYMAN ISLANDSINDEPENDENCIA INTERNATIONAL12% 30/12/2016 4,214,406 USD 4,214 0.004,214 0.00TOTAL BONDS 4,214 0.00TOTAL OTHER TRANSFERABLE SECURITIES 4,366 0.00FINANCIAL INSTRUMENTSTREASURY BILLSMEXICOMEXICO (GOVT) 0% TREASURYBILLS 14/11/2013 108,000,000 MXN 81,649,682 3.4581,649,682 3.45370

Portfolio of Investments and Other Net Assets as at 30 September 2013Global MacroStatement of investments as at 30 September 2013(expressed in EUR)Description Quantity/ Currency Evaluation % netFaceassetsvalueINVESTMENTSFINANCIAL INSTRUMENTSTREASURY BILLSFRANCEFRANCE (GOVT) 0%TREASURY BILL 10/10/2013 6,000,000 EUR 5,999,921 7.81FRANCE (GOVT) 0%TREASURY BILL 17/10/2013 12,000,000 EUR 11,999,751 15.62FRANCE (GOVT) 0%TREASURY BILL 24/10/2013 7,200,000 EUR 7,199,784 9.37FRANCE (GOVT) 0%TREASURY BILL 14/11/2013 5,000,000 EUR 12,199,005 15.89FRANCE (GOVT) 0%TREASURY BILL 21/11/2013 5,000,000 EUR 4,999,487 6.51FRANCE (GOVT) 0%TREASURY BILL 28/11/2013 3,000,000 EUR 8,698,980 11.32FRANCE (GOVT) 0%TREASURY BILL 05/12/2013 4,600,000 EUR 4,599,342 5.99FRANCE (GOVT) 0%TREASURY BILL 19/12/2013 1,000,000 EUR 999,903 1.30FRANCE (GOVT) 0%TREASURY BILL 27/12/2013 5,200,000 EUR 5,199,386 6.7761,895,559 80.58TOTAL TREASURY BILLS 61,895,559 80.58TOTAL FINANCIAL INSTRUMENTS 61,895,559 80.58TOTAL INVESTMENTS 61,895,559 80.58OTHER NET ASSETS LESS LIABILITIES 14,918,668 19.42TOTAL NET ASSETS 76,814,227 100.00371

Portfolio of Investments and Other Net Assets as at 30 September 2013Managed Solutions - Asia Focused ConservativeStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueINVESTMENTS CHINA MOBILE 16,500 HKD 184,358 0.50CHINA OVERSEAS LANDTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK & INVESTMENT 24,000 HKD 70,715 0.19EXCHANGE LISTING CNOOC 47,000 HKD 95,635 0.26WHARF HOLDINGS 7,000 HKD 60,657 0.17SHARES 683,939 1.87INDONESIAAUSTRALIA BANK MANDIRI 59,000 IDR 40,507 0.11AUSTRALIA & NZ BANKINGTELEKOMUNIKASI INDONESIAGROUP 6,021 AUD 173,289 0.47 PERSERO "B" 305,000 IDR 55,314 0.15BHP BILLITON 7,046 AUD 235,469 0.65 95,821 0.26COMMONWEALTH BANK OFMALAYSIAAUSTRALIA 2,934 AUD 195,360 0.53 AIRASIA 39,600 MYR 31,102 0.09GOODMAN GROUP 15,979 AUD 72,913 0.20 31,102 0.09INSURANCE AUSTRALIASINGAPOREGROUP 12,070 AUD 66,249 0.18 DBS GROUP 5,000 SGD 65,431 0.19LEIGHTON HOLDINGS 2,149 AUD 38,681 0.11 EZION HOLDINGS 34,000 SGD 59,614 0.16NATIONAL AUSTRALIA BANK 6,282 AUD 201,595 0.55 VARD HOLDINGS 76,000 SGD 52,696 0.14RIO TINTO 1,008 AUD 58,192 0.16 177,741 0.49TELSTRA CORP 22,334 AUD 103,791 0.28 SOUTH KOREAWESFARMERS 2,762 AUD 106,223 0.29 BS FINANCIAL GROUP 5,710 KRW 85,322 0.23WESTPAC BANKING CORP 2,983 AUD 91,292 0.25 DAELIM INDUSTRIAL 647 KRW 58,429 0.16WOOLWORTHS 2,912 AUD 95,300 0.26 DONGBU INSURANCE 720 KRW 30,969 0.081,438,354 3.93 HANKOOK TIRE 919 KRW 52,533 0.14BERMUDA ISLANDSHYUNDAI HOME SHOPPINGHAIER ELECTRONICS GROUP 40,000 HKD 77,471 0.21 NETWORK CORP 258 KRW 37,951 0.1077,471 0.21 HYUNDAI MOBIS 383 KRW 101,980 0.28CAYMAN ISLANDS HYUNDAI MOTOR 701 KRW 163,810 0.45AAC TECHNOLOGIES SAMSUNG ELECTRONICS 288 KRW 366,531 1.01HOLDINGS 13,000 HKD 59,090 0.17 SAMSUNG ELECTRONICS PF 97 KRW 79,109 0.22LONGFOR PROPERTIES 25,000 HKD 39,651 0.11 SK HYNIX INC 2,170 KRW 61,113 0.17MGM CHINA HOLDINGS 10,400 HKD 34,532 0.09 SK TELECOM 376 KRW 76,487 0.21TPK HOLDING 3,000 TWD 27,243 0.07 1,114,234 3.05160,516 0.44 TAIWANCHINA ASUSTEK COMPUTER 4,000 TWD 31,859 0.09BANK OF CHINA "H" 115,000 HKD 52,494 0.14 CHENG SHIN RUBBERCHINA CONSTRUCTION INDUSTRIES 14,950 TWD 39,135 0.11BANK "H" 142,000 HKD 109,315 0.30 HON HAI PREC INDUSTRIESCHINA OILFIELD SERVICES "H" 22,000 HKD 55,148 0.15 CO 37,400 TWD 96,006 0.26CHINA PETROLEUM RADIANT OPTO ELECTRONICS 16,480 TWD 58,803 0.16& CHEMICAL "H" 117,200 HKD 91,733 0.25 TAIWAN SEMICONDUCTORGREAT WALL MANUFACTURING 71,000 TWD 241,331 0.66AUTOMOBILES "H" 8,000 HKD 43,378 0.12 ZHEN DING TECHNOLOGYHUANENG POWER HOLDING 650 TWD 1,545 0.00INTERNATIONAL "H" 68,000 HKD 67,867 0.19 468,679 1.28INDUSTRIAL & COMMERCIALTHAILANDBANK OF CHINA "H" 130,000 HKD 90,688 0.25 KASIKORNBANK (NVDR) 9,900 THB 55,386 0.15510,623 1.40 KRUNG THAI BANK 99,100 THB 60,828 0.17HONG KONG PTT GLOBAL CHEMICAL 28,200 THB 67,164 0.18AIA GROUP 16,000 HKD 75,202 0.21 PTT PUBLIC COMPANY 6,900 THB 69,705 0.19BOC HONG KONG HOLDINGS 42,500 HKD 136,457 0.37 253,083 0.69CHEUNG KONG HOLDINGS 4,000 HKD 60,915 0.17 TOTAL SHARES 5,011,563 13.71372

Portfolio of Investments and Other Net Assets as at 30 September 2013Managed Solutions - Asia Focused ConservativeStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueBONDSCOMPETITION TEAM TECHNOLOGY2.125% 13/12/2017 700,000 USD 678,941 1.86BERMUDA ISLANDS OCBC 3.15% VRN 11/03/2023 500,000 USD 500,148 1.37NOBLE GROUP 3.625% 1,863,902 5.1020/03/2018 600,000 USD 581,721 1.59 VIRGIN ISLANDSSHENZHEN INTERNATIONAL AGEAS CAPITAL ASIA 4.125%HOLDINGS 4.375% 20/04/2017 700,000 USD 724,185 1.98 25/04/2023 500,000 USD 438,115 1.201,305,906 3.57 PCCW HKT CAPITAL 5 3.75%CAYMAN ISLANDS 08/03/2023 700,000 USD 634,739 1.74CHINA STATE CONSTRUCTIONPOLY REAL ESTATE FINANCEFINANCE 3.125% 02/04/2018 600,000 USD 574,566 1.57 4.5% 06/08/2018 200,000 USD 198,063 0.54574,566 1.57 1,270,917 3.48CHINA TOTAL BONDS 17,667,142 48.32BESTGAIN REAL ESTATE2.625% 13/03/2018 450,000 USD 420,674 1.15 FLOATING RATE BONDS420,674 1.15GREAT BRITAINBERMUDA ISLANDSSTATE BANK INDIA (LONDON) LI & FUNG 6% VRN PERP 700,000 USD 708,211 1.944.125% 01/08/2017 500,000 USD 497,713 1.36 708,211 1.94497,713 1.36 CAYMAN ISLANDSHONG KONG HUTCHISON WHAMPOA 6%CHINATRUST 5.625% VRN VRN PERP 500,000 USD 527,608 1.44PERP 500,000 USD 503,385 1.38 527,608 1.44HONG KONG (GOVT) 0.53%HONG KONG19/03/2018 42,800,000 HKD 5,407,890 14.80 CITIC BANK VRN 28/09/2022 500,000 USD 481,283 1.32WING LUNG BANK 3.5% 481,283 1.3207/11/2022 500,000 USD 476,740 1.30 JAPANYANCOAL INTERNATIONAL DAI-ICHI MUTUAL LIFE 7.25%4.461% 16/05/2017 500,000 USD 483,958 1.32 VRN PERP 500,000 USD 555,199 1.51YANCOAL INTERNATIONALMITSUI SUMITOMO INSURANCE5.73% 16/05/2022 500,000 USD 456,570 1.25 7% VRN 15/03/2072 500,000 USD 551,710 1.51YUEXIU PROPERTY 3.25% 1,106,909 3.0224/01/2018 900,000 USD 845,747 2.31 TOTAL FLOATING RATE BONDS 2,824,011 7.728,174,290 22.36INDIAWARRANTS / EQUITY LINKED SECURITIESBANK OF BARODA 5%24/08/2016 300,000 USD 307,740 0.84 GERMANYICICI BANK 4.7% 21/02/2018 500,000 USD 499,473 1.37 CAIRN INDIA WARRANTSONGC VIDESH 3.75% 23/01/2017 20,222 USD 102,992 0.2807/05/2023 200,000 USD 164,698 0.45 102,992 0.28RELIANCE INDUSTRIES 5.875% 500,000 USD 407,510 1.11 GREAT BRITAIN1,379,421 3.77 CANADA BANK WARRANTSINDONESIA 24/12/2017 11,959 USD 42,302 0.12BANK NEGARA INDONES NTPC WARRANTS 06/02/20174.125% 27/04/2017 850,000 USD 850,271 2.32 (DEUTSCHE BANK) 32,009 USD 75,389 0.20INDONESIA EXIMBANK 3.75%OIL & NATURAL GAS WARRANTS26/04/2017 700,000 USD 690,105 1.89 17/01/2017 14,350 USD 61,395 0.17PERTAMINA 4.875%YES BANK WARRANTS03/05/2022 700,000 USD 639,377 1.75 12/08/2018 11,633 USD 53,394 0.152,179,753 5.96 232,480 0.64SINGAPOREBOC AVIATION 2.875%10/10/2017 700,000 USD 684,813 1.87373

Portfolio of Investments and Other Net Assets as at 30 September 2013Managed Solutions - Asia Focused ConservativeStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueNETHERLANDSINDONESIAJP MORGAN STRUCTURE 0%BANK RAKYAT INDONESIA15/01/2018 3,589 USD 76,575 0.21 2.95% 28/03/2018 700,000 USD 656,550 1.79JP MORGAN STRUCTUREPERUSAHAAN LISTRIK NEGARA09/01/2028 54,902 USD 105,412 0.29 5.25% 24/10/2042 500,000 USD 375,628 1.03181,987 0.50 1,032,178 2.82TOTAL WARRANTS / EQUITY LINKEDJAPANSECURITIES 517,459 1.42 SOMPO JAPAN INSURANCE5.325% VRN 28/03/2073 600,000 USD 585,368 1.60GDR (Global Depositary Receipt) 585,368 1.60TOTAL BONDS 3,160,937 8.64INDIARELIANCE INDUSTRIES GDR 2,870 USD 75,403 0.21 TREASURY BONDS/NOTES - FIXED RATE75,403 0.21TOTAL GDR (Global Depositary Receipt) 75,403 0.21 UNITED STATESUS (GOVT) 2% TREASURYADR (American Depositary Receipt) NOTE 15/02/2023 2,500,000 USD 2,378,516 6.512,378,516 6.51INDIATOTAL TREASURY BONDS/NOTES - FIXEDTATA MOTORS ADR 2,666 USD 71,129 0.19 RATE 2,378,516 6.5171,129 0.19 TOTAL TRANSFERABLE SECURITIESTOTAL ADR (American Depositary Receipt) 71,129 0.19 TRADED ON ANOTHER REGULATED MARKET5,584,459 15.27TOTAL TRANSFERABLE SECURITIES ADMITTED TOTAL INVESTMENTS 31,751,166 86.84TO AN OFFICIAL STOCK EXCHANGE LISTING 26,166,707 71.57 OTHER NET ASSETS LESS LIABILITIES 4,812,294 13.16TOTAL NET ASSETS 36,563,460 100.00TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKETSHARESSOUTH KOREACJ HOME SHOPPING 138 KRW 45,006 0.1245,006 0.12TOTAL SHARES 45,006 0.12BONDSCANADAPTTEP CANADA INTERNATIONAL6.35% 12/06/2042 500,000 USD 519,518 1.42519,518 1.42CAYMAN ISLANDSUOB CAYMAN 5.796%VRN PERP 500,000 USD 520,498 1.42520,498 1.42HONG KONGWING HANG BANK 6% VRNPERP 500,000 USD 503,375 1.38503,375 1.38374

Portfolio of Investments and Other Net Assets as at 30 September 2013Managed Solutions - Asia Focused GrowthStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueINVESTMENTSSHIMAO PROPERTYHOLDINGS 251,500 HKD 578,554 0.80TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK 5,429,063 7.47EXCHANGE LISTINGHONG KONGAIA GROUP 184,200 HKD 865,762 1.19SHARES BOC HONG KONG HOLDINGS 234,500 HKD 752,928 1.04CHEUNG KONG HOLDINGS 60,000 HKD 913,718 1.26AUSTRALIA CHINA MOBILE 151,500 HKD 1,692,749 2.32AUSTRALIA & NZ BANKINGCHINA OVERSEASGROUP 63,192 AUD 1,818,719 2.50 LAND & INVESTMENT 220,000 HKD 648,217 0.89BHP BILLITON 71,463 AUD 2,388,199 3.28 CNOOC 511,000 HKD 1,039,774 1.43COMMONWEALTH BANK OF WHARF HOLDINGS 89,000 HKD 771,206 1.06AUSTRALIA 30,173 AUD 2,009,067 2.76 6,684,354 9.19GOODMAN GROUP 172,417 AUD 786,746 1.08 INDONESIAINSURANCE AUSTRALIA BANK MANDIRI 512,000 IDR 351,520 0.48GROUP 133,680 AUD 733,735 1.01 TELEKOMUNIKASI INDONESIANATIONAL AUSTRALIA BANK 55,539 AUD 1,782,297 2.45 PERSERO "B" 3,527,500 IDR 639,733 0.88RIO TINTO 17,134 AUD 989,146 1.36 991,253 1.36TELSTRA CORP 226,799 AUD 1,053,980 1.45 MALAYSIAWESFARMERS 14,175 AUD 545,151 0.75 AIRASIA 436,500 MYR 342,826 0.47WESTPAC BANKING CORP 30,907 AUD 945,884 1.30 342,826 0.47WOOLWORTHS 17,005 AUD 556,518 0.77 SINGAPORE13,609,442 18.71 DBS GROUP 40,000 SGD 523,451 0.73BERMUDA ISLANDS EZION HOLDINGS 271,000 SGD 475,155 0.65HAIER ELECTRONICS GROUP 297,000 HKD 575,225 0.79 VARD HOLDINGS 684,000 SGD 474,262 0.65575,225 0.79 1,472,868 2.03CAYMAN ISLANDSSOUTH KOREAAAC TECHNOLOGIES BS FINANCIAL GROUP 45,270 KRW 676,449 0.93HOLDINGS 139,000 HKD 631,808 0.87 DAELIM INDUSTRIAL 6,492 KRW 586,273 0.81LONGFOR PROPERTIES 295,500 HKD 468,677 0.64 DONGBU INSURANCE 7,367 KRW 316,871 0.44MGM CHINA HOLDINGS 124,800 HKD 414,384 0.57 HANKOOK TIRE 8,234 KRW 470,683 0.65TPK HOLDING 36,000 TWD 326,914 0.45 HYUNDAI HOME SHOPPING1,841,783 2.53 NETWORK CORP 2,278 KRW 335,089 0.46CHINA HYUNDAI MOBIS 2,969 KRW 790,544 1.09BANK OF CHINA "H" 1,220,000 HKD 556,896 0.77 HYUNDAI MOTOR 6,339 KRW 1,481,304 2.03CHINA CONSTRUCTION SAMSUNG ELECTRONICS 2,272 KRW 2,891,522 3.97BANK "H" 1,256,000 HKD 966,887 1.33 SAMSUNG ELECTRONICSCHINA OILFIELD SERVICES "H" 258,000 HKD 646,736 0.89 (PREFERRED) 976 KRW 795,983 1.09CHINA PETROLEUM & SK HYNIX INC 21,130 KRW 595,079 0.82CHEMICAL "H" 819,800 HKD 641,664 0.88 SK TELECOM 2,952 KRW 600,506 0.83GREAT WALL AUTOMOBILES 9,540,303 13.12"H" 92,000 HKD 498,844 0.69 TAIWANHUANENG POWER ASUSTEK COMPUTER INC 56,000 TWD 446,031 0.61INTERNATIONAL "H" 724,000 HKD 722,588 0.99 CHENG SHIN RUBBERINDUSTRIAL & COMMERCIAL INDUSTRIES 147,650 TWD 386,510 0.53BANK OF CHINA "H" 1,171,000 HKD 816,894 1.12375

Portfolio of Investments and Other Net Assets as at 30 September 2013Managed Solutions - Asia Focused GrowthStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueHON HAI PRECISION INDONESIA (GOVT) 8.25%INDUSTRIES 270,600 TWD 694,634 0.96 15/06/2032 300,000,000 IDR 24,408 0.03RADIANT OPTO ELECTRONICS PERTAMINA 4.875%CORP 168,730 TWD 602,048 0.83 03/05/2022 300,000 USD 274,019 0.38TAIWAN SEMICONDUCTOR 1,229,426 1.69MANUFACTURING 656,000 TWD 2,229,752 3.07 MALAYSIAZHEN DING TECHNOLOGY MALAYSIA (GOVT) 3.58%HOLDING 7,500 TWD 17,832 0.02 28/09/2018 1,500,000 MYR 458,945 0.634,376,807 6.02 458,945 0.63THAILANDSINGAPOREKASIKORNBANK (NVDR) 119,200 THB 666,873 0.92 COMPETITION TEAMKRUNG THAI BANK 916,400 THB 562,491 0.77 TECH 2.125% 13/12/2017 300,000 USD 290,975 0.40PTT PUBLIC COMPANY 67,100 THB 677,858 0.93 SINGAPORE (GOVT) 2.5%1,907,222 2.62 01/06/2019 900,000 SGD 756,832 1.04TOTAL SHARES 46,771,146 64.31 SINGAPORE (GOVT) 2.75%01/07/2023 100,000 SGD 82,571 0.11BONDS SINGAPORE (GOVT) 3.125%01/09/2022 1,300,000 SGD 1,117,653 1.55BERMUDA ISLANDS 2,248,031 3.10SHENZHEN INTERNATIONALSOUTH KOREAHOLDINGS 4.375% 20/04/2017 200,000 USD 206,910 0.28 KOREA (GOVT) 3.75%206,910 0.28 10/06/2022 850,000,000 KRW 813,836 1.12CHINA KOREA (GOVT) 4.0%BESTGAIN REAL ESTATE 10/03/2016 1,250,000,000 KRW 1,195,532 1.642.625% 13/03/2018 200,000 USD 186,966 0.26 2,009,368 2.76186,966 0.26 THAILANDHONG KONG THAILAND (GOVT) 3.58%YANCOAL INTERNATIONAL 17/12/2027 6,000,000 THB 179,679 0.255.73% 16/05/2022 300,000 USD 273,942 0.37 THAILAND (GOVT) 3.65%YUEXIU PROPERTY 3.25% 17/12/2021 8,000,000 THB 251,866 0.3424/01/2018 275,000 USD 258,423 0.36 431,545 0.59532,365 0.73 VIRGIN ISLANDSINDIA AGEAS CAPITAL ASIA 4.125%EXPORT-IMPORT BANK OF 25/04/2023 300,000 USD 262,869 0.36INDIA 3.375% 18/09/2017 250,000 SGD 193,648 0.27 PCCW HKT CAPITAL 5 3.75%IDBI BANK 3.65% 28/08/2015 250,000 SGD 199,716 0.27 08/03/2023 300,000 USD 272,031 0.37RELIANCE INDUSTRIES 5.875% 300,000 USD 244,506 0.34 POLY REAL ESTATE FINANCE637,870 0.88 4.5% 06/08/2018 300,000 USD 297,095 0.41INDONESIA 831,995 1.14BANK NEGARA INDONES TOTAL BONDS 8,773,421 12.064.125% 27/04/2017 200,000 USD 200,064 0.28INDONESIA (GOVT) 5.625%15/05/2023 10,350,000,000 IDR 730,935 1.00376

Portfolio of Investments and Other Net Assets as at 30 September 2013Managed Solutions - Asia Focused GrowthStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueWARRANTS / EQUITY LINKED SECURITIESADR (American Depositary Receipt)GERMANYINDIACAIRN INDIA WARRANTS TATA MOTORS ADR 26,677 USD 711,742 0.9823/01/2017 162,001 USD 825,078 1.13 711,742 0.98825,078 1.13 TOTAL ADR (American Depositary Receipt) 711,742 0.98GREAT BRITAINTOTAL TRANSFERABLE SECURITIESCANADA BANK WARRANTS ADMITTED TO AN OFFICIAL STOCK 61,718,613 84.8724/12/2017 69,138 USD 244,559 0.34 EXCHANGE LISTINGOIL & NATURAL GASWARRANTS 17/01/2017 164,666 USD 704,507 0.98 TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDYES BANK WARRANTSMARKET12/08/2018 133,495 USD 612,727 0.841,561,793 2.16 SHARESNETHERLANDSJP MORGAN STRUCTURESOUTH KOREA0% 15/01/2018 30,242 USD 645,248 0.89 CJ HOME SHOPPING 1,267 KRW 413,206 0.57JP MORGAN STRUCTURE 413,206 0.57WARRANTS 09/01/2028 437,806 USD 840,588 1.15 TOTAL SHARES 413,206 0.571,485,836 2.04TOTAL WARRANTS / EQUITY LINKED3,872,707 5.33BONDSSECURITIESINDONESIAFLOATING RATE BONDSBANK RAKYAT INDONESIA2.95% 28/03/2018 300,000 USD 281,379 0.39CAYMAN ISLANDS INDONESIA (GOVT) 11%HUTCHISON WHAMPOA 15/10/2014 1,000,000,000 IDR 89,903 0.126% VRN PERP 200,000 USD 211,043 0.29 371,282 0.51211,043 0.29 MALAYSIAHONG KONG MALAYSIA (GOVT) 3.434%CITIC BANK VRN 28/09/2022 200,000 USD 192,513 0.26 15/08/2014 1,000,000 MYR 307,980 0.42192,513 0.26 MALAYSIA (GOVT) 3.492%SINGAPORE 31/03/2020 4,000,000 MYR 1,211,231 1.67DBS BANK 3.3% VRN MALAYSIA (GOVT) 4.012%21/02/2022 250,000 SGD 203,269 0.28 15/09/2017 1,400,000 MYR 437,082 0.60MAPLETREE TREASURY 1,956,293 2.69SERVICES 5.125% VRN PERP 250,000 SGD 200,289 0.28 PHILIPPINESUNITED OVERSEAS BANK PHILIPPINES (GOVT) 5%3.45% VRN 01/04/2021 250,000 SGD 203,118 0.28 18/08/2018 4,000,000 PHP 99,865 0.14606,676 0.84 PHILIPPINES (GOVT) 5.875%TOTAL FLOATING RATE BONDS 1,010,232 1.39 02/02/2032 9,000,000 PHP 225,598 0.31PHILIPPINES (GOVT) 5.875%GDR (Global Depositary Receipt) 31/01/2018 46,000,000 PHP 1,183,651 1.631,509,114 2.08INDIARELIANCE INDUSTRIES GDR 22,052 USD 579,365 0.80579,365 0.80TOTAL GDR (Global Depositary Receipt) 579,365 0.80377

Portfolio of Investments and Other Net Assets as at 30 September 2013Managed Solutions - Asia Focused GrowthStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueSINGAPORESINGAPORE (GOVT) 3.5%01/03/2027 400,000 SGD 342,363 0.47342,363 0.47SOUTH KOREAKOREA (GOVT) 5.75%10/09/2018 2,000,000,000 KRW 2,085,902 2.872,085,902 2.87THAILANDTHAILAND (GOVT) 3.25%16/06/2017 30,000,000 THB 957,862 1.32THAILAND (GOVT) 3.45%08/03/2019 18,000,000 THB 570,792 0.781,528,654 2.10TOTAL BONDS 7,793,608 10.72TOTAL TRANSFERABLE SECURITIESREGULATED MARKETTOTAL INVESTMENTS8,206,81469,925,42711.2996.16OTHER NET ASSETS LESS LIABILITIES 2,790,375 3.84TOTAL NET ASSETS 72,715,802 100.00378

Portfolio of Investments and Other Net Assets as at 30 September 2013Managed Solutions - Asia Focused IncomeStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueINVESTMENTSHONG KONGCHEUNG KONG HOLDINGS 347,000 HKD 5,284,338 0.53TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK CHINA MOBILE 513,500 HKD 5,737,468 0.57EXCHANGE LISTING HSBC HOLDINGS 494,858 HKD 5,382,412 0.54SJM HOLDINGS 2,075,000 HKD 5,832,917 0.59SHARES 22,237,135 2.23INDONESIAAUSTRALIA BANK RAKYAT INDONESIA 7,747,500 IDR 4,850,787 0.49AUSTRALIA & NZ BANKING INDO TAMBANGRAYA MEGAH 1,297,000 IDR 2,945,835 0.29GROUP 211,654 AUD 6,091,580 0.61 TELEKOMUNIKASI INDONESIABHP BILLITON 182,970 AUD 6,114,617 0.61 PERSERO "B" 25,892,500 IDR 4,695,760 0.47COMMONWEALTH BANK OF 12,492,382 1.25AUSTRALIA 92,461 AUD 6,156,507 0.62 MALAYSIAGOODMAN GROUP 1,314,140 AUD 5,996,479 0.60 MALAYAN BANKING 1,719,500 MYR 5,190,952 0.52INSURANCE AUSTRALIA UMW HOLDINGS 1,235,800 MYR 4,481,417 0.45GROUP 1,051,962 AUD 5,773,950 0.58 9,672,369 0.97LEIGHTON HOLDINGS 251,067 AUD 4,519,134 0.45 SINGAPORENATIONAL AUSTRALIA BANK 201,208 AUD 6,456,948 0.64 DBS GROUP 430,000 SGD 5,627,101 0.56TELSTRA CORP 1,304,706 AUD 6,063,228 0.61 KEPPEL CORP 683,000 SGD 5,671,938 0.57WESTPAC BANKING CORP 188,051 AUD 5,755,148 0.58 11,299,039 1.13WOOLWORTHS 176,300 AUD 5,769,726 0.58 SOUTH KOREA58,697,317 5.88 HALLA VISTEON CLIMATEBERMUDA ISLANDS CONTROL 81,580 KRW 3,095,002 0.31CHEUNG KONG KT & G 104,628 KRW 7,500,468 0.75INFRASTRUCTURE 775,000 HKD 5,371,448 0.54 KT CORP 210,700 KRW 7,052,013 0.715,371,448 0.54 17,647,483 1.77CAYMAN ISLANDSTAIWANCHAILEASE HOLDING 2,134,300 TWD 5,009,581 0.50 ASUSTEK COMPUTER 634,000 TWD 5,049,712 0.51KWG PROPERTY HOLDINGS 8,295,500 HKD 5,230,734 0.52 LITE-ON TECHNOLOGY 3,220,088 TWD 5,488,892 0.55XINYI GLASS 4,212,000 HKD 3,877,911 0.39 TAIWAN SEMICONDUCTOR14,118,226 1.41 MANUFACTURING 2,291,000 TWD 7,787,134 0.77CHINA 18,325,738 1.83BANK OF CHINA "H" 11,403,000 HKD 5,205,155 0.52 THAILANDCHINA CONSTRUCTION BANK KRUNG THAI BANK 8,421,825 THB 5,169,357 0.52"H" 6,621,000 HKD 5,096,936 0.51 PTT GLOBAL CHEMICAL 2,403,300 THB 5,723,916 0.57GREAT WALL AUTOMOBILES 10,893,273 1.09"H" 1,020,500 HKD 5,533,376 0.55 TOTAL SHARES 217,421,056 21.77HUANENG POWERINTERNATIONAL "H" 5,162,000 HKD 5,151,933 0.52 BONDSINDUSTRIAL & COMMERCIALBANK OF CHINA "H" 7,280,000 HKD 5,078,552 0.51 BAHRAINJIANGSU EXPRESSWAY "H" 4,990,000 HKD 5,887,526 0.59 ICICI BANK 5.5% 25/03/2015 4,000,000 USD 4,148,920 0.42PETROCHINA "H" 4,270,000 HKD 4,713,168 0.47 4,148,920 0.4236,666,646 3.67379

Portfolio of Investments and Other Net Assets as at 30 September 2013Managed Solutions - Asia Focused IncomeStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueBERMUDA ISLANDSEVERGRANDE REAL ESTATELI & FUNG 5.25% 13/05/2020 1,870,000 USD 1,973,990 0.19 7.5% 19/01/2014 10,000,000 CNY 1,637,852 0.16NOBLE GROUP 3.625%EVERGRANDE REAL ESTATE20/03/2018 1,700,000 USD 1,648,210 0.17 13% 27/01/2015 1,000,000 USD 1,075,245 0.11QTEL INTERNATIONAL FINANCEFANTASIA HOLDINGS GROUP3.875% 31/01/2028 1,250,000 USD 1,096,813 0.11 10.75% 22/01/2020 1,000,000 USD 942,495 0.09ROAD KING INFRASTRUCTUREFANTASIA HOLDINGS GROUP9.875% 18/09/2017 1,000,000 USD 1,083,770 0.11 13.75% 27/09/2017 2,627,000 USD 2,872,808 0.295,802,783 0.58 GLOBAL A&T ELECTRONICSCANADA 10% 01/02/2019 2,000,000 USD 1,730,670 0.17HARVEST OPERATIONS CORPGREENTOWN CHINA HOLDINGS2.125% 14/05/2018 3,750,000 USD 3,640,425 0.36 5.625% 13/05/2016 13,300,000 CNY 2,155,109 0.22PTTEP CANADA INTERNATIONALGREENTOWN CHINA HOLDINGS5.692% 05/04/2021 3,000,000 USD 3,200,340 0.32 8% 24/03/2019 500,000 USD 505,368 0.056,840,765 0.68 GREENTOWN CHINA HOLDINGSCAYMAN ISLANDS 8.5% 04/02/2018 830,000 USD 861,922 0.09ADCB FINANCE CAYMAN 2.5%KAISA GROUP HOLDINGS06/03/2018 1,000,000 USD 980,960 0.10 6.875% 22/04/2016 9,300,000 CNY 1,508,391 0.15AGILE PROPERTY HOLDINGSKAISA GROUP HOLDINGS9.875% 20/03/2017 2,000,000 USD 2,173,100 0.22 12.875% 18/09/2017 500,000 USD 565,970 0.06CENTRAL CHINA REAL ESTATEKWG PROPERTY HOLDINGS8% 28/01/2020 770,000 USD 737,290 0.07 12.75% 30/03/2016 1,000,000 USD 1,094,075 0.11CENTRAL CHINA REAL ESTATEKWG PROPERTY HOLDINGS10.75% 18/04/2016 1,500,000 SGD 1,316,869 0.13 13.25% 22/03/2017 1,000,000 USD 1,146,035 0.11CHAMPION MTN 3.75% LAI FUNG HOLDINGS 6.875%17/01/2023 200,000 USD 172,508 0.02 25/04/2018 18,300,000 CNY 2,861,873 0.29CHINA LESSO GROUP HOLDINGS LONGFOR PROPERTIES 6.75%7.875% 13/05/2016 1,000,000 USD 1,047,925 0.10 29/01/2023 1,100,000 USD 1,029,782 0.10CHINA OVERSEAS FINANCEMETROPOLITAN LIGHT INTERN-3.95% 15/11/2022 2,000,000 USD 1,803,350 0.18 ATIONAL 5.25% 17/1/2018 1,200,000 USD 1,191,900 0.12CHINA OVERSEAS FINANCE MIE HOLDINGS 6.875%4.875% 15/02/2017 1,000,000 USD 1,064,480 0.11 06/02/2018 2,390,000 USD 2,177,493 0.22CHINA OVERSEAS FINANCEMONGOLIAN MINING CORP5.35% 15/11/2042 300,000 USD 267,678 0.03 8.875% 29/03/2017 400,000 USD 304,146 0.03CHINA OVERSEAS FINANCEPOWERLONG REAL ESTATE5.5% 10/11/2020 3,000,000 USD 3,105,525 0.32 HOLDINGS 11.25% 25/01/2018 1,500,000 USD 1,444,103 0.14CHINA RESOURCES CEMENTSHUI ON DEVELOPMENT2.125% 05/10/2017 2,250,000 USD 2,199,161 0.22 HOLDINGS 10.125% VRN PERP 1,900,000 USD 1,929,545 0.19CHINA SHANSHUI CEMENT SINOPEC CAPITAL 3.125%8.5% 25/05/2016 2,100,000 USD 2,155,230 0.22 24/04/2023 3,000,000 USD 2,732,460 0.27CHINA STATE CONSTRUCTIONSUN HUNG KAI PROPERTIESFINANCE 3.125% 02/04/2018 3,870,000 USD 3,705,950 0.38 3.625% 16/01/2023 1,000,000 USD 943,250 0.09CIFI HOLDINGS GROUP 12.25%SUN HUNG KAI PROPERTIES15/04/2018 2,000,000 USD 2,147,080 0.21 4.5% 14/02/2022 2,000,000 USD 2,027,230 0.20COUNT GARD 7.25% 04/04/2021 1,410,000 USD 1,392,911 0.14 TEXHONG TEXTILE GROUPCOUNTRY GARDEN HOLDINGS 6.5% 18/01/2019 4,190,000 USD 4,153,001 0.4211.25% 22/04/2017 1,000,000 USD 1,086,225 0.11 TEXHONG TEXTILE GROUPDORSETT HOSPITALITY INTER- 7.625% 19/01/2016 2,000,000 USD 2,078,420 0.21NATIONAL 6% 03/04/2018 18,500,000 CNY 2,936,137 0.30 YUZHOU PROP 8.75%04/10/2018 1,270,000 USD 1,270,000 0.13380

Portfolio of Investments and Other Net Assets as at 30 September 2013Managed Solutions - Asia Focused IncomeStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueYUZHOU PROPERTIES 13.5%YANCOAL INTERNATIONAL15/12/2015 1,685,000 USD 1,826,043 0.18 4.461% 16/05/2017 4,000,000 USD 3,871,660 0.3970,357,565 7.06 YANCOAL INTERNATIONALCHINA 5.73% 16/05/2022 1,500,000 USD 1,369,710 0.14BESTGAIN REAL ESTATE YANLORD LAND HK 5.375%2.625% 13/03/2018 8,100,000 USD 7,572,123 0.76 23/05/2016 17,800,000 CNY 2,844,913 0.28CHINA RAILWAY RESOURCES YUEXIU PROPERTY 3.25%3.85% 05/02/2023 2,100,000 USD 1,945,314 0.19 24/01/2018 6,000,000 USD 5,638,319 0.57CHINA URANIUM 3.5% YUEXIU PROPERTY 4.5%08/10/2018 923,000 USD 917,019 0.09 24/01/2023 3,000,000 USD 2,674,935 0.27COSCO FINANCE 4% 43,830,869 4.3903/12/2022 5,300,000 USD 4,779,858 0.48 INDIA15,214,314 1.52 AXIS BANK 5.125% 05/09/2017 2,000,000 USD 2,042,570 0.20GREAT BRITAIN BANK OF BARODA 5%STATE BANK INDIA (LONDON) 24/08/2016 6,000,000 USD 6,154,800 0.624.125% 01/08/2017 4,000,000 USD 3,981,700 0.39 BHARAT PETROLEUM 2012VEDANTA RESOURCES 8.25% 4.625 25/10/2022 1,050,000 USD 936,206 0.0907/06/2021 500,000 USD 508,143 0.05 EXPORT-IMPORT BANK OF INDIAVEDANTA RESOURCES 9.5% 3.375% 18/09/2017 2,000,000 SGD 1,549,186 0.1618/07/2018 500,000 USD 551,120 0.06 EXPORT-IMPORT BANK OF INDIA5,040,963 0.50 4% 07/08/2017 3,000,000 USD 3,017,340 0.30HONG KONG HDFC BANK 3% 06/03/2018 2,500,000 USD 2,392,125 0.24BANGKOK BANK 2.75% ICICI BANK 4.7% 21/02/2018 2,960,000 USD 2,956,877 0.3027/03/2018 430,000 USD 424,436 0.04 IDBI BANK 3.65% 28/08/2015 2,000,000 SGD 1,597,730 0.16BANGKOK BANK 3.875% INDIAN OIL CORP 4.1%27/09/2022 535,000 USD 506,789 0.05 15/10/2022 1,250,000 SGD 893,575 0.09BANGKOK BANK 4.8% INDIAN OIL CORP 5.75%18/10/2020 2,500,000 USD 2,595,950 0.26 01/08/2023 2,550,000 USD 2,463,007 0.25BRIGHT FOOD HONG KONG 3% NTPC 4.75% 03/10/2022 3,200,000 USD 2,938,208 0.2921/05/2018 3,600,000 USD 3,431,934 0.34 ONGC VIDESH 2.5% 07/05/2018 2,000,000 USD 1,860,920 0.19CHINATRUST 5.625% VRN PER 5,000,000 USD 5,033,849 0.50 ONGC VIDESH 3.75%CITIC PACIFIC 6.8% 17/1/2023 2,500,000 USD 2,323,488 0.23 07/05/2023 3,000,000 USD 2,470,470 0.24CRCC YUXIANG 3.5%RELIANCE INDUSTRIES16/05/2023 1,200,000 USD 1,088,544 0.11 5.875% 6,000,000 USD 4,890,120 0.49FIRST PACIFIC 4.5% 16/04/2023 768,000 USD 652,170 0.07 36,163,134 3.62GEMDALE INTERNATIONAL INV-INDONESIAESTMENT 7.125% 16/11/2017 500,000 USD 516,935 0.05 BANK NEGARA INDONESHYSAN MTN 3.5% 16/01/2023 2,710,000 USD 2,572,644 0.26 4.125% 27/04/2017 7,350,000 USD 7,352,353 0.75ICBC ASIA 5.125% 30/11/2020 1,500,000 USD 1,590,098 0.16 BERAU COAL ENERGY 7.25%LS FINANCE 2017 5.25% 13/03/2017 3,000,000 USD 2,825,115 0.2826/01/2017 750,000 USD 803,824 0.08 GAJAH TUNGGAL 7.75%PACNET 9.25% 09/11/2015 1,500,000 USD 1,517,348 0.15 06/02/2018 1,250,000 USD 1,209,931 0.12SWIRE PROPERTIES MTN FINAN- INDONESIA (GOVT) 5.625%CING 4.75% 18/06/2022 1,000,000 USD 1,007,460 0.10 15/05/2023 72,000,000,000 IDR 5,084,766 0.51WHEELOCK FINANCE 3% INDONESIA (GOVT) 7%19/03/2018 900,000 USD 886,815 0.09 15/05/2027 6,000,000,000 IDR 448,291 0.04WING LUNG BANK 3.5% INDONESIA (GOVT) 8.25%07/11/2022 2,600,000 USD 2,479,048 0.25 15/06/2032 6,000,000,000 IDR 488,161 0.05381

Portfolio of Investments and Other Net Assets as at 30 September 2013Managed Solutions - Asia Focused IncomeStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueINDONESIA (GOVT) 9%SINGAPORE15/09/2018 5,000,000,000 IDR 449,823 0.05 ALAM SUTERA INTERNATIONALINDONESIA EXIMBANK 3.75% 10.75% 27/03/2017 867,000 USD 920,711 0.0926/04/2017 4,000,000 USD 3,943,460 0.39 ALAM SYNERGY 6.95%PERTAMINA 4.3% 20/05/2023 600,000 USD 518,007 0.05 27/03/2020 1,600,000 USD 1,438,080 0.14PERTAMINA 4.875% 03/05/2022 8,000,000 USD 7,307,161 0.73 BERAU CAPITAL RESOURCESPERTAMINA 5.625% 20/05/2043 2,000,000 USD 1,576,510 0.16 12.5% 08/07/2015 1,000,000 USD 1,051,760 0.11PERTAMINA 6% 03/05/2042 1,000,000 USD 815,300 0.08 BOC AVIATION 2.875%PT BANK DANAMON 8.75% 10/10/2017 1,750,000 USD 1,712,034 0.1709/12/2013 4,000,000,000 IDR 346,526 0.03 CAPITALAND TREASURY32,365,404 3.24 4.076% 20/09/2022 1,250,000 USD 1,183,844 0.12JAPANCOMPETITION TEAM TECHNOL-FUKOKU MUTUAL LIFE OGY 2.125% 13/12/2017 2,100,000 USD 2,036,822 0.20INSURANCE 6.5% VRN 2,200,000 USD 2,180,497 0.22 HENDERSON LAND MTN SRESONA BANK 5.85% VRN 3.865% 11/11/2016 2,000,000 SGD 1,651,270 0.17PERP 2,000,000 USD 2,152,470 0.22 OCBC 3.15% VRN 11/03/2023 4,000,000 USD 4,001,180 0.404,332,967 0.44 OLAM INTERNATIONAL 6.75%JERSEY 29/01/2018 2,900,000 USD 2,793,367 0.28WEST CHINA CEMENT 7.5% OTTAWA HOLDINGS 5.875%25/01/2016 2,118,000 USD 2,129,109 0.21 16/05/2018 1,750,000 USD 1,396,990 0.142,129,109 0.21 PACIFIC EMERALD PTE 9.75%MALAYSIA 25/07/2018 2,000,000 USD 1,928,730 0.19IOI INVESTMENT 4.375% SINGAPORE (GOVT) 2.5%27/06/2022 7,250,000 USD 6,842,441 0.69 01/06/2019 10,000,000 SGD 8,409,249 0.84MALAYAN BANKING 6% VRN SINGAPORE (GOVT) 2.75%PERP 250,000 SGD 211,739 0.02 01/07/2023 2,000,000 SGD 1,651,430 0.17MALAYSIA (GOVT) 3.58% SINGAPORE (GOVT) 3.125%28/09/2018 9,000,000 MYR 2,753,667 0.28 01/09/2022 5,500,000 SGD 4,728,534 0.47RHB BANK 3.25% 11/05/2017 2,500,000 USD 2,527,275 0.25 SOUND GLOBAL 11.875%SSG RESOURCES 4.25% 10/08/2017 2,200,000 USD 2,359,764 0.2404/10/2022 3,000,000 USD 2,846,055 0.28 THETA CAPITAL 7% 16/05/2019 2,360,000 USD 2,329,615 0.2315,181,177 1.52 YANLORD LAND GROUP 9.5%NETHERLANDS 04/05/2017 1,000,000 USD 1,065,305 0.11ICTSI TREASURY 4.625% 40,658,685 4.0716/01/2023 650,000 USD 602,729 0.06 SOUTH KOREAINDO ENERGY FINANCE 7% DAEGU BANK 2.25%07/05/2018 2,300,000 USD 2,234,968 0.22 29/04/2018 2,750,000 USD 2,669,040 0.27INDO INTEGR ENERGY 9.75%EXPORT-IMPORT BANK OF05/11/2016 2,500,000 USD 2,625,862 0.26 KOREA 2.875% 17/09/2018 2,180,000 USD 2,194,748 0.22INDOSAT PALAPA 7.375% KOREA (GOVT) 3.75%29/07/2020 1,500,000 USD 1,577,970 0.16 10/06/2022 7,500,000,000 KRW 7,181,096 0.72LISTRINDO CAPITAL 6.95% KOREA (GOVT) 4.0%21/02/2019 2,500,000 USD 2,560,437 0.26 10/03/2016 23,200,000,000 KRW 22,189,177 2.219,601,966 0.96 KOREA EXCHANGE BANK 2%PHILIPPINES 02/04/2018 2,500,000 USD 2,421,700 0.24PETRON CORP 7% 10/11/2017 43,000,000 PHP 985,798 0.10 KOREA GAS CORP 2.875%PHILIPPINES (GOVT) 4.95% 29/07/2018 875,000 USD 875,739 0.0915/01/2021 72,000,000 PHP 1,799,656 0.18 KOREA RESOURCES CORP2,785,454 0.28 2.125% 02/05/2018 5,000,000 USD 4,842,600 0.48382

Portfolio of Investments and Other Net Assets as at 30 September 2013Managed Solutions - Asia Focused IncomeStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueKOREA SOUTHERN POWER CNPC GENERAL CAPITAL 2.75%1.875% 05/02/2018 3,750,000 USD 3,614,194 0.36 19/04/2017 2,000,000 USD 2,035,510 0.20KT CORP 3.875% 20/01/2017 1,200,000 USD 1,260,696 0.13 CNPC GENERAL CAPITAL 3.4%NONGHYUP BANK 2.25% 16/04/2023 470,000 USD 434,762 0.0419/09/2017 2,000,000 USD 1,986,150 0.20 COSL FINANCE BVI 3.25%SHINHAN BANK 4.375% 06/09/2022 3,000,000 USD 2,723,985 0.2727/07/2017 2,500,000 USD 2,698,238 0.27 IFC DEVELOPMENT CORPSK INNOVATION 3.625% 2.375% 21/05/19 2,000,000 USD 1,884,670 0.1914/08/2018 1,540,000 USD 1,572,979 0.16 JOYOUS GLORY GROUP 5.7%53,506,357 5.35 07/03/2020 1,980,000 USD 2,005,285 0.20SRI LANKALAI SUN INTERNATIONALSRI LANKA (GOVT) 5.875% FINANCE 5.7% 18/01/2018 727,000 USD 700,541 0.0725/07/2022 1,200,000 USD 1,104,312 0.11 LS FINANCE 4.25% 16/10/2022 3,100,000 USD 2,823,449 0.281,104,312 0.11 NAN FUNG TREASURY 4.5%THAILAND 20/09/2022 4,640,000 USD 4,322,577 0.44KASIKORNBANK 3% NAN FUNG TREASURY 5.25%20/03/2018 2,000,000 USD 2,000,680 0.20 20/01/2017 3,912,000 USD 4,181,614 0.43KRUNG THAI BANK 2.25% PCCW HKT CAPITAL 5 3.75%11/09/2018 3,000,000 USD 2,829,420 0.28 08/03/2023 2,790,000 USD 2,529,888 0.25PTT GLOBAL CHEMICAL 4.25%POLY REAL ESTATE FINANCE19/09/2022 3,500,000 USD 3,332,665 0.33 4.5% 06/08/2018 3,935,000 USD 3,896,890 0.39SIAM COMMERCIAL BANKSINO-OCEAN LAND PERPETUAL3.375% 19/09/2017 2,866,000 USD 2,922,747 0.29 FINANCE 10.25% VRN PERP 2,500,000 USD 2,695,288 0.27THAI OIL 4.875% 23/01/2043 850,000 USD 700,885 0.07 SMARTFONE FINANCE 3.875%THAILAND (GOVT) 3.65% 08/04/2023 1,000,000 USD 869,400 0.0917/12/2021 132,000,000 THB 4,155,787 0.42 TALENT YIELD 4.5% 25/04/2022 2,000,000 USD 1,986,110 0.20THAILAND (GOVT) 3.875% WISEYEAR 5.875% 06/04/2021 2,465,000 USD 2,607,317 0.2613/06/2019 135,000,000 THB 4,383,162 0.44 YUEXIU 3.1% 14/05/2018 2,250,000 USD 2,117,115 0.2120,325,346 2.03 50,866,506 5.09UNITED STATES TOTAL BONDS 425,611,057 42.61HYUNDAI CAPITAL AMERICA4% 08/06/2017 2,000,000 USD 2,114,390 0.21 WARRANTS / EQUITY LINKED SECURITIESRELIANCE HOLDINGS 5.4%14/02/2022 3,250,000 USD 3,240,071 0.33 GERMANY5,354,461 0.54 INDIABULLS HOUSING FINANCEVIRGIN ISLANDS WARRANTS 07/08/2023 1,419,841 USD 4,146,920 0.42AGEAS CAPITAL ASIA 4.125% 4,146,920 0.4225/04/2023 4,000,000 USD 3,504,920 0.35 GREAT BRITAINCAIFU HOLDINGS 8.75%OIL & NATURAL GAS24/01/2020 3,000,000 USD 2,914,260 0.29 WARRANTS 17/01/2017 1,221,165 USD 5,224,632 0.52CITIC SECURITIES FINANCE 2.5% 5,224,632 0.5203/05/2018 2,450,000 USD 2,323,347 0.23 TOTAL WARRANTS / EQUITY LINKEDCLP POWER HK FINANCE SECURITIES 9,371,552 0.943.375% 26/10/2027 3,500,000 USD 3,044,598 0.30CNOOC FINANCE 3.875%FLOATING RATE BONDS02/05/2022 1,000,000 USD 972,420 0.10CNPC GENERAL CAPITAL 1.95%BERMUDA ISLANDS16/04/2018 300,000 USD 292,560 0.03 LI & FUNG 6% VRN PERP 4,000,000 USD 4,046,920 0.414,046,920 0.41383

Portfolio of Investments and Other Net Assets as at 30 September 2013Managed Solutions - Asia Focused IncomeStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueCAYMAN ISLANDSTOTAL TRANSFERABLE SECURITIESHUTCHISON WHAMPOA 6% ADMITTED TO AN OFFICIAL STOCK 704,263,805 70.51VRN PERP 2,000,000 USD 2,110,430 0.21 EXCHANGE LISTING2,110,430 0.21HONG KONGTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDBANK OF EAST ASIA 6.375%MARKET04/05/2022 6,000,000 USD 6,530,700 0.66CITIC BANK VRN 28/09/2022 4,900,000 USD 4,716,569 0.47 BONDSDAH SING BANK 4.875% VRN09/02/2022 250,000 SGD 206,706 0.02 BERMUDA ISLANDSHERO ASIA INVESTMENT 5.25% NOBLE GROUP 6.625%VRN PERP 3,400,000 USD 3,439,100 0.34 05/08/2020 2,488,000 USD 2,546,754 0.2514,893,075 1.49 2,546,754 0.25JAPANCANADADAI-ICHI MUTUAL LIFE 7.25%PTTEP CANADA INTERNATIO-VRN PERP 6,000,000 USD 6,662,400 0.67 NAL 6.35% 12/06/2042 1,300,000 USD 1,350,746 0.14MITSUI SUMITOMO INSURANCE 1,350,746 0.147% VRN 15/03/2072 3,000,000 USD 3,310,260 0.33 CAYMAN ISLANDS9,972,660 1.00 BAIDU INC 3.5% 28/11/2022 4,000,000 USD 3,667,319 0.37MALAYSIACHINA SCE PROPERTYMALAYAN BANKING 3.25% HOLDINGS 11.5% 14/11/2017 600,000 USD 651,696 0.0720/09/2022 2,000,000 USD 1,956,760 0.20 CHINA SHANSHUI CEMENTMALAYAN BANKING 3.8% VRN 10.5% 27/04/2017 3,000,000 USD 3,217,620 0.3228/04/2021 1,000,000 SGD 813,266 0.08 COUNTRY GARDEN HOLDINGS2,770,026 0.28 7.5% 10/01/2023 1,000,000 USD 969,875 0.10PHILIPPINESKAISA GROUP HOLDINGSROYAL CAPITAL 8.375% VRN 10.25% 08/01/2020 1,110,000 USD 1,121,966 0.11PERP 1,560,000 USD 1,620,707 0.16 LONGFOR PROPERTIES 6.875%1,620,707 0.16 18/10/2019 500,000 USD 504,500 0.05SINGAPORE LONKING HOLDINGS 8.5%DBS BANK 3.3% VRN 03/06/2016 2,000,000 USD 2,049,410 0.2121/02/2022 5,000,000 SGD 4,065,374 0.41 MCE FINANCE 5% 15/02/2021 2,000,000 USD 1,937,140 0.19MAPLETREE TREASURY MIE HOLDINGS 9.75%SERVICES 5.125% VRN PERP 2,000,000 SGD 1,602,312 0.16 12/05/2016 800,000 USD 823,848 0.08UNITED OVERSEAS BANK 3.45%SHIMAO PROPERTY HOLDINGSVRN 01/04/2021 1,500,000 SGD 1,218,710 0.12 9.65% 03/08/2017 2,000,000 USD 2,163,880 0.22UNITED OVERSEAS BANK VRNUOB CAYMAN 5.796% VRN11/07/2022 3,000,000 SGD 2,421,328 0.24 PERP 3,300,000 USD 3,435,284 0.349,307,724 0.93 20,542,538 2.06SOUTH KOREACHINADOOSAN INFRACORE 3.25%ZIJIN INTERNATIONAL FINANCEVRN 05/10/2042 6,250,000 USD 6,092,313 0.61 4.25% 30/06/2016 2,000,000 USD 2,074,520 0.216,092,313 0.61 2,074,520 0.21TOTAL FLOATING RATE BONDS 50,813,855 5.09 HONG KONGHAINAN AIRLINES HONG KONGASSET BACKED SECURITIES 3.625% 07/02/2020 5,000,000 USD 4,813,550 0.49SINOCHEM CORP 5% VRN 1,600,000 USD 1,492,304 0.15NETHERLANDSSWIRE PROPERTIES MTN FINAN-JABABEKA INTERNATIONAL CING 2.75% 7/03/2020 1,000,000 USD 945,175 0.0911.75% 26/07/2017 1,000,000 USD 1,046,285 0.10 WING HANG BANK 6% VRN1,046,285 0.10 PERP 3,000,000 USD 3,020,250 0.30TOTAL ASSET BACKED SECURITIES 1,046,285 0.10 10,271,279 1.03384

Portfolio of Investments and Other Net Assets as at 30 September 2013Managed Solutions - Asia Focused IncomeStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % net Description Quantity/ Currency Evaluation % netFace assets Face assetsvaluevalueINDONESIAPETRON CORP 7.5% VRNADARO INDONESIA 7.625% PERP 3,000,000 USD 2,890,245 0.2922/10/2019 1,000,000 USD 1,047,675 0.10 PHILIPPINES (GOVT) 5%BANK RAKYAT INDONESIA 18/08/2018 117,000,000 PHP 2,921,054 0.292.95% 28/03/2018 7,350,000 USD 6,893,786 0.70 PHILIPPINES (GOVT) 5.875%INDONESIA (GOVT) 7% 31/01/2018 355,000,000 PHP 9,134,696 0.9215/05/2022 21,600,000,000 IDR 1,698,966 0.17 PHILIPPINES (GOVT) 5.875%INDOSAT 10.2% 29/05/2014 5,000,000,000 IDR 440,876 0.04 01/03/2032 80,000,000 PHP 2,004,505 0.20PERUSAHAAN LISTRIK NEGARA SM INVESTMENTS CORP 4.25%5.25% 24/10/2042 3,200,000 USD 2,404,016 0.24 17/10/2019 1,430,000 USD 1,361,653 0.1412,485,319 1.25 SMC GLOBAL POWERIRELAND HOLDINGS CORP 7% 28/01/201 476,000 USD 490,854 0.05BW GROUP 6.625% 28/06/2017 2,500,000 USD 2,568,225 0.26 20,342,346 2.042,568,225 0.26 SINGAPOREJAPAN DBS BANK 3.625% 21/09/2022 3,000,000 USD 3,074,100 0.31SOMPO JAPAN INSURANCE SINGAPORE (GOVT) 3.5%5.325% VRN 28/03/2073 3,800,000 USD 3,707,337 0.37 01/03/2027 4,500,000 SGD 3,851,586 0.383,707,337 0.37 6,925,686 0.69MALAYSIASOUTH KOREA1MDB ENERGY 5.99% KOREA (GOVT) 4.25%11/05/2022 2,500,000 USD 2,729,375 0.27 10/06/2021 2,000,000,000 KRW 1,978,979 0.20AXIATA SPV1 5.375% KOREA (GOVT) 5% 10/06/2020 500,000,000 KRW 514,445 0.0528/04/2020 3,400,000 USD 3,617,447 0.36 KOREA (GOVT) 5.75%MALAYSIA (GOVT) 3.434% 10/09/2018 11,500,000,000 KRW 11,993,937 1.1915/08/2014 5,000,000 MYR 1,539,901 0.15 KOREA EXCHANGE BANKMALAYSIA (GOVT) 3.492% 3.125% 26/06/2017 4,500,000 USD 4,632,390 0.4631/03/2020 37,000,000 MYR 11,203,883 1.12 KOREA EXPRESSWAY CORPMALAYSIA (GOVT) 4.012% 1.875% 22/10/2017 3,000,000 USD 2,934,195 0.2915/09/2017 7,000,000 MYR 2,185,412 0.22 SHINHAN BANK 1.875%MALAYSIA (GOVT) 4.262% 30/07/2018 2,600,000 USD 2,504,008 0.2515/09/2016 13,000,000 MYR 4,083,709 0.41 SK TELECOM 2.125%MALAYSIA (GOVT) 4.378% 01/05/2018 2,400,000 USD 2,347,896 0.2429/11/2019 11,000,000 MYR 3,498,221 0.35 WOORI BANK 5.875%28,857,948 2.88 13/04/2021 2,791,000 USD 3,089,274 0.31NETHERLANDS 29,995,124 2.99BHARTI AIRTEL 5.125%THAILAND11/03/2023 350,000 USD 313,637 0.03 THAILAND (GOVT) 3.25%HYVA GLOBAL 8.625% 16/06/2017 240,000,000 THB 7,662,893 0.7724/03/2016 1,500,000 USD 1,468,748 0.15 THAILAND (GOVT) 3.45%INDO ENERGY FINANCE II 6.375% 08/03/2019 135,000,000 THB 4,280,943 0.4324/01/2023 3,000,000 USD 2,561,624 0.25 11,943,836 1.204,344,009 0.43 VIETNAMOMAN VIETINBANK 8% 17/05/2017 450,000 USD 458,260 0.05BANK MUSCAT S.A.OG 2.5% 458,260 0.0526/03/2018 1,100,000 USD 1,080,151 0.11 VIRGIN ISLANDS1,080,151 0.11 MEGA ADVANCE INVESTMENTSPHILIPPINES 5% 12/05/2021 1,000,000 USD 1,044,745 0.10FILINVST DVP CAY ISLANDS4.25% 02/04/2020 1,670,000 USD 1,539,339 0.15385

Portfolio of Investments and Other Net Assets as at 30 September 2013Managed Solutions - Asia Focused IncomeStatement of investments as at 30 September 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueSTAR ENERGY GEOTHERMAL6.125% 27/03/2020 4,900,000 USD 4,606,368 0.475,651,113 0.57TOTAL BONDS 165,145,191 16.53INVESTMENT FUNDSLUXEMBOURGHSBC INV GLOBAL EMMARKETS FUND INC 8,428,239 USD 99,090,804 9.9299,090,804 9.92TOTAL INVESTMENT FUNDS 99,090,804 9.92FLOATING RATE BONDSCAYMAN ISLANDSHUTCHISON WHAMPOA 6%VRN PERP 2,000,000 USD 2,111,580 0.212,111,580 0.21HONG KONGSTANDARD CHARTERED HKFRN 27/10/2021 2,250,000 SGD 1,854,102 0.191,854,102 0.19TOTAL FLOATING RATE BONDS 3,965,682 0.40TOTAL TRANSFERABLE SECURITIES268,201,677 26.85TRADED ON ANOTHER REGULATED MARKETTOTAL INVESTMENTS 972,465,482 97.36OTHER NET ASSETS LESS LIABILITIES 26,344,904 2.64TOTAL NET ASSETS 998,810,386 100.00386

Currency Conversion TableTo help shareholders to calculate the performance of their individual investment, in the relevant reference currency,we have produced the following table. It shows the value of one US Dollar against various currencies (as at the givendates).30 September 2013 27 March 2013 28 March 2013USD USD USDAUD 1.0695 0.9584 0.9592CAD 1.0279 1.0169 1.016HKD 7.7751 7.7633 7.7626JPY 98.1258 94.37 94.02GBP 0.6175 0.6617 0.6586SGD 1.2547 1.2433 1.2406CHF 0.9042 0.9534 0.9469EUR 0.7387 0.7824 0.7788387

Dealing Days of the FundDealing for Shares in the Company will take place on any Business Day (other than days during a period ofsuspension of dealing in Shares) and which is also for each sub-fund, a day where stock exchanges and regulatedmarkets in countries where the sub-fund is materially invested are open for normal trading.The Business Days which are not Dealing Days will be listed in the annual report and semi-annual reports andavailable at the registered office of the Company. Any amendments to such lists are also available at the registeredoffice of the Company.Shareholders who deal through the Company's local distributor or representative should note that there will be nodealing for the Shares of the Company in the jurisdiction in which such distributor or representative operates on a daywhich is not a Business Day in such jurisdiction. Shareholders in such jurisdictions can however deal via the TransferAgent in Luxembourg.The Company will determine the dealing/non-dealing calendar according to the latest market information obtained bythe Company from time to time. Shareholders can obtain the latest dealing/non-dealing calendar of the Companyfrom the registered office of the Company or from the Company's local distributor or representative.388

HSBC Global Investment Funds (“HGIF”)Fund Holiday Calendar for 2014NOTE: THIS CALENDAR IS INDICATIVE AS DATES IN SOME COUNTRIES HAVEYET TO BE CONFIRMED * AND/OR DATES ARE SUBJECT TO CHANGEAll HGIF sub-funds will have no NAV calculated on the following days:• all Saturdays and Sundays• and on the following dates:01-Jan Luxembourg18-Apr Luxembourg21-Apr Luxembourg01-May Luxembourg29-May Luxembourg09-Jun Luxembourg23-Jun Luxembourg15-Aug Luxembourg25-Dec Luxembourg26-Dec LuxembourgIn addition, the following funds will have no NAV calculated on the following dates:Asian Currencies Bond(Hong Kong, Malaysia, Singapore, South Korea, Thailand)14-Jan Malaysia30-Jan South Korea31-Jan Hong Kong, Malaysia, Singapore, South Korea03-Feb Hong Kong14-Feb Thailand07-Apr Thailand14-Apr Thailand15-Apr Thailand05-May South Korea, Thailand06-May Hong Kong, South Korea08-May South Korea13-May Malaysia, Singapore, Thailand02-Jun Hong Kong06-Jun South Korea01-JulHong Kong, Thailand11-JulThailand17-JulSouth Korea28-JulMalaysia, Singapore29-JulMalaysia12-Aug Thailand08-Sep South Korea09-Sep Hong Kong, South Korea16-Sep Malaysia01-Oct Hong Kong, South Korea02-Oct Hong Kong03-Oct South Korea09-Oct South Korea389

Asian Currencies Bond (continued)(Hong Kong, Malaysia, Singapore, South Korea, Thailand)23-Oct Malaysia, Singapore, Thailand05-Dec Thailand10-Dec Thailand24-Dec South Korea31-Dec South Korea, ThailandAsia ex Japan Equity(Hong Kong, South Korea)30-Jan South Korea31-Jan Hong Kong, South Korea03-Feb Hong Kong05-May South Korea06-May Hong Kong, South Korea08-May South Korea02-Jun Hong Kong06-Jun South Korea01-JulHong Kong17-JulSouth Korea08-Sep South Korea09-Sep Hong Kong, South Korea01-Oct Hong Kong, South Korea02-Oct Hong Kong03-Oct South Korea09-Oct South Korea24-Dec South Korea31-Dec South KoreaAsia ex Japan Equity Smaller Companies(Hong Kong, Taiwan)28-Jan Taiwan29-Jan Taiwan30-Jan Taiwan31-Jan Hong Kong, Taiwan03-Feb Hong Kong, Taiwan04-Feb Taiwan28-Feb Taiwan04-Apr Taiwan06-May Hong Kong02-Jun Hong Kong, Taiwan01-JulHong Kong08-Sep Taiwan09-Sep Hong Kong01-Oct Hong Kong02-Oct Hong Kong10-Oct Taiwan390

Asia Pacific ex Japan Equity High Dividend(Australia, Hong Kong)27-Jan Australia31-Jan Hong Kong03-Feb Hong Kong25-Apr Australia06-May Hong Kong02-Jun Hong Kong01-JulHong Kong09-Sep Hong Kong01-Oct Hong Kong02-Oct Hong KongBrazil Bond(Brazil)03-Mar04-Mar19-Jun09-Jul20-Nov24-Dec31-DecBrazilBrazilBrazilBrazilBrazilBrazilBrazilBrazil Equity(Brazil, US)20-Jan17-Feb03-Mar04-Mar26-May19-Jun04-Jul09-Jul01-Sep20-Nov27-Nov24-Dec31-DecUSUSBrazilBrazilUSBrazilUSBrazilUSBrazilUSBrazilBrazilBRIC Equity, BRIC Markets Equity, BRIC Markets(Brazil, Hong Kong, India, UK, US)14-Jan India20-Jan US31-Jan Hong Kong03-Feb Hong Kong17-Feb US03-Mar Brazil04-Mar Brazil17-Mar India14-Apr India05-May UK391

BRIC Equity, BRIC Markets Equity, BRIC Markets (continued)(Brazil, Hong Kong, India, UK, US)06-May Hong Kong14-May India26-May UK, US02-Jun Hong Kong19-Jun Brazil01-JulHong Kong04-JulUS09-JulBrazil29-JulIndia25-Aug UK01-Sep US09-Sep Hong Kong01-Oct Hong Kong02-Oct Hong Kong, India06-Oct India03-Nov India20-Nov Brazil27-Nov US24-Dec Brazil31-Dec BrazilChinese Equity(Hong Kong)31-Jan Hong Kong03-Feb Hong Kong06-May Hong Kong02-Jun Hong Kong01-JulHong Kong09-Sep Hong Kong01-Oct Hong Kong02-Oct Hong KongChina Consumer Opportunities(France, Hong Kong, UK, US) (NB. All French holidays coincide with Luxembourg holidays already detailedabove)20-Jan US31-Jan Hong Kong03-Feb Hong Kong17-Feb US05-May UK06-May Hong Kong26-May UK, US02-Jun Hong Kong01-JulHong Kong04-JulUS25-Aug UK01-Sep US09-Sep Hong Kong01-Oct Hong Kong02-Oct Hong Kong27-Nov US392

Climate Change(UK, US)20-Jan US17-Feb US05-May UK26-May UK, US04-JulUS25-Aug UK01-Sep US27-Nov USEconomic Scale Index GEM Equity(Hong Kong, UK)31-Jan Hong Kong03-Feb Hong Kong05-May UK06-May Hong Kong26-May UK02-Jun Hong Kong01-JulHong Kong09-Sep Hong Kong25-Aug UK01-Oct Hong Kong02-Oct Hong KongEuro Bond, Euro Credit Bond, Euro High Yield Bond(UK)05-May UK26-May UK25-Aug UKEmerging Wealth(UK, US)20-Jan US17-Feb US05-May UK26-May UK, US04-JulUS25-Aug UK01-Sep US27-Nov USEuropean Equity(UK, France) (NB. All French holidays coincide with Luxembourg holidays already detailed above)05-May UK26-May UK25-Aug UK393

Frontier Markets (Note: Fund does not deal on a Friday)(Qatar, UK)11-Feb Qatar05-May UK26-May UK28-JulQatar29-JulQatar25-Aug UK06-Oct Qatar07-Oct Qatar08-Oct Qatar18-Dec QatarGlobal Asset Backed Bond *Global Asset Backed High Yield Bond *(Australia, France, Germany, Italy, UK, US) (NB. All French holidays coincide with Luxembourg holidaysalready detailed above)15-Aug Italy31-Dec Germany, Italy* Note: NAV is calculated on the 15th of each calendar month (or on the immediately following business day if the15th is not a business day) and on the last business day of the month.Global Emerging Markets Equity(Hong Kong, South Korea, UK, Other*)30-Jan South Korea, Other31-Jan Hong Kong, South Korea, Other03-Feb Hong Kong05-May South Korea, UK, Other06-May Hong Kong, South Korea08-May South Korea26-May UK02-Jun Hong Kong06-Jun South Korea01-JulHong Kong17-JulSouth Korea25-Aug UK08-Sep South Korea, Other09-Sep Hong Kong, South Korea01-Oct Hong Kong, South Korea02-Oct Hong Kong03-Oct South Korea09-Oct South Korea03-Nov Other24-Dec South Korea, Other31-Dec South Korea, Other* These dates are holidays in other markets which in combination represent a material exposure to the fund andtherefore a Fund Holiday will be observed.394

395GEM Inflation Linked Bond(Brazil, US)20-JanUS17-FebUS03-MarBrazil04-MarBrazil26-MayUS19-JunBrazil04-JulUS09-JulBrazil01-SepUS20-NovBrazil27-NovUS24-DecBrazil31-DecBrazilGlobal Bond(Japan, US)02-JanJapan03-JanJapan13-JanJapan20-JanUS11-FebJapan17-FebUS21-MarJapan29-AprJapan05-MayJapan06-MayJapan26-MayUS04-JulUS21-JulJapan01-SepUS15-SepJapan23-SepJapan13-OctJapan03-NovJapan24-NovJapan27-NovUS23-DecJapan31-DecJapan

Global Emerging Markets BondGlobal Emerging Markets Corporate DebtGlobal Emerging Markets Local DebtGlobal Emerging Markets Investment Grade BondGlobal High Income BondGlobal High Yield BondGEM Debt Total Return(UK, US)20-Jan US17-Feb US05-May UK26-May UK, US04-JulUS25-Aug UK01-Sep US27-Nov USGlobal Equity(France, Japan, UK, US) (NB. All French holidays coincide with Luxembourg holidays already detailed above)02-Jan Japan03-Jan Japan13-Jan Japan20-Jan US11-Feb Japan17-Feb US21-Mar Japan29-Apr Japan05-May Japan, UK06-May Japan26-May UK, US04-JulUS21-JulJapan25-Aug UK01-Sep US15-Sep Japan23-Sep Japan13-Oct Japan03-Nov Japan24-Nov Japan27-Nov US23-Dec Japan31-Dec Japan396

Global Inflation Linked Bond(France, Germany, Italy, UK, US) (NB. All French holidays coincide with Luxembourg holidays alreadydetailed above)20-Jan US17-Feb US05-May UK26-May UK, US04-JulUS15-Aug Italy25-Aug UK01-Sep US27-Nov US24-Dec Germany, Italy31-Dec Germany, ItalyGlobal Macro(Germany, Japan, UK, US)02-Jan Japan03-Jan Japan13-Jan Japan20-Jan US11-Feb Japan17-Feb US21-Mar Japan29-Apr Japan05-May Japan, UK06-May Japan26-May UK, US04-JulUS21-JulJapan25-Aug UK01-Sep US15-Sep Japan23-Sep Japan13-Oct Japan03-Nov Japan24-Nov Japan27-Nov US23-Dec Japan24-Dec Germany31-Dec Germany, JapanGlobal Short Duration High Yield Bond(France, UK, US) (NB. All French holidays coincide with Luxembourg holidays already detailed above)20-Jan17-Feb05-May26-May04-Jul25-Aug01-Sep27-NovUSUSUKUK, USUSUKUSUS397

Hong Kong Equity(Hong Kong)31-Jan Hong Kong03-Feb Hong Kong06-May Hong Kong02-Jun Hong Kong01-JulHong Kong09-Sep Hong Kong01-Oct Hong Kong02-Oct Hong KongIndia Fixed Income(Hong Kong, India)14-Jan India31-Jan Hong Kong03-Feb Hong Kong17-Mar India14-Apr India06-May Hong Kong14-May India02-Jun Hong Kong01-JulHong Kong29-JulIndia09-Sep Hong Kong01-Oct Hong Kong02-Oct Hong Kong, India06-Oct India03-Nov IndiaIndian Equity(Hong Kong, India)14-Jan India31-Jan Hong Kong03-Feb Hong Kong17-Mar India14-Apr India06-May Hong Kong14-May India02-Jun Hong Kong01-JulHong Kong29-JulIndia09-Sep Hong Kong01-Oct Hong Kong02-Oct Hong Kong, India06-Oct India03-Nov India398

Japanese Equity(Japan, UK)02-Jan Japan03-Jan Japan13-Jan Japan11-Feb Japan21-Mar Japan29-Apr Japan05-May Japan, UK06-May Japan26-May UK21-JulJapan25-Aug UK15-Sep Japan23-Sep Japan13-Oct Japan03-Nov Japan24-Nov Japan23-Dec Japan31-Dec JapanKorean Equity(Hong Kong, South Korea)30-Jan South Korea31-Jan Hong Kong, South Korea03-Feb Hong Kong05-May South Korea06-May Hong Kong, South Korea08-May South Korea02-Jun Hong Kong06-Jun South Korea01-JulHong Kong17-JulSouth Korea08-Sep South Korea09-Sep Hong Kong, South Korea01-Oct Hong Kong, South Korea02-Oct Hong Kong03-Oct South Korea09-Oct South Korea24-Dec South Korea31-Dec South Korea399

Latin American Equity(Brazil, Mexico, US)20-Jan US17-Feb US02-Mar Mexico03-Mar Brazil04-Mar Brazil17-Mar Mexico17-Apr Mexico26-May US19-Jun Brazil04-JulUS09-JulBrazil01-Sep US16-Sep Mexico17-Nov Mexico20-Nov Brazil27-Nov US12-Dec Mexico24-Dec Brazil31-Dec BrazilLatin American Local Debt(Brazil, Mexico)02-Mar Mexico03-Mar Brazil04-Mar Brazil17-Mar Mexico17-Apr Mexico19-Jun Brazil09-JulBrazil16-Sep Mexico17-Nov Mexico20-Nov Brazil12-Dec Mexico24-Dec Brazil31-Dec BrazilManaged Solutions – Asia Focused ConservativeManaged Solutions – Asia Focused GrowthManaged Solutions – Asia Focused Income(Hong Kong, UK)31-Jan Hong Kong03-Feb Hong Kong05-May UK06-May Hong Kong26-May UK02-Jun Hong Kong01-JulHong Kong09-Sep Hong Kong25-Aug UK01-Oct Hong Kong02-Oct Hong Kong400

Mexico Equity(Brazil, Mexico)02-Mar Mexico03-Mar Brazil04-Mar Brazil17-Mar Mexico17-Apr Mexico19-Jun Brazil09-JulBrazil16-Sep Mexico17-Nov Mexico20-Nov Brazil12-Dec Mexico24-Dec Brazil31-Dec BrazilRMB Fixed Income(China, Hong Kong, UK, US)02-Jan Shanghai03-Jan Shanghai20-Jan US30-Jan Shanghai31-Jan Hong Kong, Shanghai03-Feb Hong Kong, Shanghai04-Feb Shanghai05-Feb Shanghai06-Feb Shanghai07-Feb Shanghai17-Feb US04-Apr Shanghai02-May Shanghai05-May UK06-May Hong Kong26-May UK, US02-Jun Hong Kong, Shanghai01-JulHong Kong04-JulUS25-Aug UK01-Sep US08-Sep Shanghai09-Sep Hong Kong01-Oct Hong Kong, Shanghai02-Oct Hong Kong, Shanghai03-Oct Shanghai06-Oct Shanghai07-Oct Shanghai27-Nov USRussia Equity(UK)05-May UK26-May UK25-Aug UK401

Singapore Equity(Hong Kong, Singapore)31-Jan03-Feb06-May13-May02-Jun01-Jul28-Jul09-Sep01-Oct02-Oct23-OctHong Kong, SingaporeHong KongHong KongSingaporeHong KongHong KongSingaporeHong KongHong KongHong KongSingaporeTaiwan Equity(Hong Kong, Taiwan)28-Jan Taiwan29-Jan Taiwan30-Jan Taiwan31-Jan Hong Kong, Taiwan03-Feb Hong Kong, Taiwan04-Feb Taiwan28-Feb Taiwan04-Apr Taiwan06-May Hong Kong02-Jun Hong Kong, Taiwan01-JulHong Kong08-Sep Taiwan09-Sep Hong Kong01-Oct Hong Kong02-Oct Hong Kong10-Oct TaiwanThai Equity(Hong Kong, Thailand)31-Jan Hong Kong03-Feb Hong Kong14-Feb Thailand07-Apr Thailand14-Apr Thailand15-Apr Thailand05-May Thailand06-May Hong Kong13-May Thailand02-Jun Hong Kong01-JulHong Kong, Thailand11-JulThailand12-Aug Thailand09-Sep Hong Kong01-Oct Hong Kong02-Oct Hong Kong23-Oct Thailand402

Thai Equity (Continued)(Hong Kong, Thailand)05-Dec Thailand10-Dec Thailand31-Dec ThailandTurkey Equity(Turkey)23-Apr Turkey19-May Turkey28-JulTurkey29-JulTurkey30-JulTurkey06-Oct Turkey07-Oct Turkey29-Oct TurkeyUK Equity(UK)05-May26-May25-AugUKUKUKUS Equity(US)20-Jan17-Feb26-May04-Jul01-Sep27-NovUSUSUSUSUSUSUS Dollar Bond(US)20-Jan US17-Feb US26-May US04-JulUS01-Sep US27-Nov US403

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Issued by HSBC Global Asset Management (Hong Kong) LimitedHGIF0913I Printed in the Hong Kong SAR

HSBC Global Investment FundsAnnual Report 2013

ContentsHSBC Global Investment Funds 1-435PageAdditional notes for Hong Kong residents in relation to HSBC Global Investment Funds.The following sub-funds of HSBC Global Investment Funds referred to in this document are not authorized in Hong Kong andnot available to Hong Kong residents:HSBC Global Investment Funds sub-funds:Asian Currencies BondBrazil BondCIVETSEconomic Scale Index GEM EquityEuro BondEuro Credit BondEuro ReserveEuroland GrowthEuropean Equity Absolute ReturnFrontier MarketsGEM Debt Total ReturnGEM Equity Absolute ReturnGEM Inflation Linked BondGlobal Credit BondGlobal CurrencyGlobal Emerging Markets Corporate DebtGlobal Emerging Markets Investment Grade BondGlobal Emerging Markets Local DebtGlobal Flex AllocationGlobal Inflation Linked BondGlobal MarcoGlobal Marco IIIndia Fixed IncomeLatin American Local DebtMexico EquityMiddle East and North Africa EquityRMB Fixed IncomeTurkey Equity

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Audited report for the year from 1 April 2012 to 31 March 2013Société d’Investissement à Capital Variable (SICAV), Luxembourg1

Information concerning the distribution of shares of HSBC Global Investment Funds in or from Switzerland.HSBC Private Bank (Suisse) SA, Quai du Général Guisan 2, case postale 3580, CH-1211 Geneva 3 is the Company’spaying agent in Switzerland and has been the legal representative of the Company in Switzerland until 30 September2012. Since 1 October 2012, ACOLIN Fund Services AG, Stadelhoferstrasse 18, CH-8001 Zurich is the legalrepresentative of the Company in Switzerland. The Prospectus, Articles and annual and semi-annual reports of theCompany may be obtained free of charge upon request from ACOLIN Fund Services AG. A breakdown of alltransactions carried out on behalf of each sub-fund of HSBC Global Investment Funds for the period under review canbe obtained, free of charge, from the Company’s representative in Switzerland.No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of thecurrent Prospectus accompanied by the latest annual and the most recent semi-annual report, if published thereafter.Audited report for the year from 1 April 2012 to 31 March 20132

Table of ContentsGeneral Information 4Board of Directors 16Management and Administration 17Directors’ Report 20Report of the Réviseur d’Entreprises Agréé 26Statement of Net Assets as at 31 March 2013 28Key Figures as at 31 March 2013 40Statement of Operations and Changes in Net Assetsfor the year ended 31 March 2013 104Notes to the Financial Statements 118Comparative Table of Net Assets 209Portfolio of Investments and Other Net Assets as at31 March 2013237Currency Conversion Table 421Dealing Days of the Fund 422Fund Holiday Calendar for 2013 4233

General InformationGeneralHSBC Investment Funds (Luxembourg) S.A. (the “Management Company”) uses a risk managementprocess that allows monitoring the risk of the portfolio positions and their share of the overall riskprofile of the portfolios on the managed funds at any time. In accordance with the Law of 17 December2010 and the applicable regulatory requirements of the Commission de Surveillance du SecteurFinancier ("CSSF") the Management Company reports to the CSSF on a regular basis on the riskmanagement process. The Management Company assures, on the basis of appropriate andreasonable methods, that the overall risk, associated with derivatives, does not exceed the net assetvalue of the portfolio. The Management Company uses the following methods:Commitment ApproachThe "Commitment Approach" is based on the positions of Financial Derivative Instruments (“FDI”)converted into their corresponding underlying equivalents using the delta approach. Netting andHedging might be considered for FDI and their underlying assets providing that the approach complieswith the regulations. The sum of these underlying equivalents must not exceed the net asset value ofthe fund.Value-at-Risk (“VaR”) is a mathematical approach used to estimate the potential loss of a portfolioover a specified holding period within a given confidence level. VaR can be calculated on either anabsolute or a relative basis.Absolute VaR approachIn the absolute VaR approach the VaR (99% confidence level, 20-day holding period) of the fundcannot exceed 20% of the fund net assets.Relative VaR approachRelative VaR is calculated in relation to a suitable benchmark or reference portfolio. Using thisapproach, the relative VaR cannot exceed the VaR of a reference portfolio by more than a maximumof twice (200%). The reference portfolio is a matching portfolio in comparison to the Fund'sinvestment policy.The Management Company has delegated the VaR monitoring to the following Global RiskManagement teams:HSBC Global Asset Management (UK) LimitedFor the HGIF European Equity Absolute Return, the HGIF GEM Equity Absolute Return and HGIFRMB Fixed Income Funds, the VaR has been calculated using the BarraOne risk engine which uses aparametric approach with the following parameters:- One tailed confidence interval of 99%.- Holding period equivalent to 1-month.- Effective observation period of at least 250 days.- Daily data set updates.- Daily VaR calculation.For the HGIF Global Currency Fund the VaR has been calculated using a historic simulation approachwith the following parameters:- One tailed confidence interval of 99%.- Holding period equivalent to 1-day but rescaled to the regulatory holding period (1-month).- Effective observation period of at least 250 days.- Daily data set updates.- Daily VaR calculation.4

General Information (continued)HSBC Global Asset Management Limited (AMGB)The VaR has been calculated using the Algorithmics risk engine which uses a historic simulationapproach using the following parameters:- One tailed confidence interval of 99%.- Holding period equivalent to 1-month.- Effective observation period of at least 250 days.- Daily data set updates.- Daily VaR calculation.HSBC Global Asset Management (France)The VaR has been calculated using a parametrical approach (variance-covariance matrix) with thefollowing parameters:- One tailed confidence interval of 99%.- Holding period equivalent to 1-day but rescaled to the regulatory holding period (1-month).- Effective observation period of at least 250 days.- Daily data set updates are used for:o HGIF – Global Inflation Linked Bond- Weekly data set updates are used foro all other sub-funds managed by HSBC Global Asset Management (France).- Daily VaR calculation.HSBC Bank Brasil S.A – Banco MúltiploThe VaR has been calculated using a parametrical approach (variance-covariance matrix) with thefollowing parameters:- One tailed confidence interval of 99%.- Holding period equivalent to 1-day but rescaled to the regulatory holding period (1-month)- Effective observation period of at least 250 days.- Weekly data set updates.- Daily VaR calculation.5

General Information (continued)Sub-FundEntity in charge ofCommitment / VaRmonitoringStartingperiodEndingperiodMarket RiskCalculationLowestfund VaRutilisationHighestfund VaRutilisationAveragefund VaRutilisationVaRutilisationlimit(internallimit)Reference Portfolio(if any)1) Reserve Sub-FundsHSBC Global Asset01/04/2012 30/06/2012 Absolute VaR 0.03% 0.07% 0.05% 15% N/AManagement (France)HGIF – Euro ReserveHSBC Global Asset01/07/2012 31/03/2013 Commitment N/A N/A N/A N/A N/AManagement (France)2) Bond Sub-FundsHGIF - Asian Currencies BondHSBC Global AssetManagement Limited (AMGB)01/04/2012 31/03/2013 Relative VaR 73.9% 117.8% 96.2% 123.8%HGIF - Brazil Bond HSBC Bank Brazil SA 01/04/2012 31/03/2013 Absolute VaR 0.27%* 0.78%* 0.43%* 2% N/AHGIF – Euro BondHGIF – Euro Credit BondHGIF – Euro High Yield BondHGIF- GEM Inflation Linked Bond(formerly Emerging Inflation LinkedBond)HGIF - Global BondHGIF - Global Credit Bond(liquidated as at 21 August 2012)HGIF - Global Emerging MarketsBondHGIF - Global Emerging MarketsCorporate DebtHSBC Global AssetManagement (France)HSBC Global AssetManagement (France)HSBC Global AssetManagement (France)HSBC Global AssetManagement (France)HSBC Global AssetManagement (France)HSBC Global AssetManagement (France)HSBC Global AssetManagement (France)HSBC Global AssetManagement Limited (AMGB)HSBC Global AssetManagement Limited (AMGB)HSBC Global AssetManagement (France)HSBC Global AssetManagement (France)HSBC Global AssetManagement Limited (AMGB)HSBC Global AssetManagement Limited (AMGB)01/04/2012 30/06/2012 Relative VaR 93% 103% 100% 140%01/07/2012 31/03/2013 Commitment N/A N/A N/A N/A N/AMARKIT iBOXX ABFPan-Asia ex China exHKBarclays Capital EuroAggregate Index01/04/2012 30/06/2012 Relative VaR 87% 104% 94% 150% Iboxx Euro Corp Index01/07/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 30/06/2012 Relative VaR 72% 94% 86% 120%01/07/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 09/09/2012 Commitment N/A N/A N/A N/A N/A10/09/2012 31/03/2013 Relative VaR 72.6% 96.8% 90.3% 113.7%01/04/2012 31/03/2013 Relative VaR 39.4% 134.4% 101.9% 161%01/04/2012 30/06/2012 Relative VaR 105% 137% 113% 150%01/07/2012 21/08/2012 Commitment N/A N/A N/A N/A N/AMerrill Lynch EHY BB-BCONSTBarclays EM TradableGovernment Inflation-Linked Bond (EMTIL) IndexBarclays Capital GlobalAggregate50% ML US Corporate 1-10years + 50% ML EuroCorporate (US hedged)01/04/2012 31/03/2013 Relative VaR 86.8% 119.1% 100.3% 131% JP Morgan EMBI Global01/04/2012 31/03/2013 Relative VaR 75.9% 102.1% 89.4% 117% JP Morgan CEMBI Diversified6

General Information (continued)Sub-FundEntity in charge ofCommitment / VaRmonitoringHSBC Global AssetManagement Limited (AMGB)HGIF - Global Emerging MarketsInvestment Grade Bond HSBC Global AssetManagement Limited (AMGB)HGIF - Global Emerging MarketsLocal DebtHGIF- Global High Income BondHSBC Global AssetManagement Limited (AMGB)HSBC Global AssetManagement Limited (AMGB)HGIF- Global High Yield Bond(launched as at 20 July 2012)HSBC Global AssetManagement Limited (AMGB)HGIF – Global Inflation LinkedBondHGIF- India Fixed Income(launched as at 20 August 2012)HGIF – Latin American Local DebtHGIF – RMB Fixed IncomeHGIF – US Dollar Bond3) Equity Sub-FundsHGIF – Asia ex Japan EquityHGIF – Asia ex Japan EquitySmaller CompaniesHGIF – Asia Pacific ex JapanEquity High DividendHGIF - BRIC EquityHGIF - BRIC MarketsHGIF - BRIC Markets EquityHGIF – China ConsumerOpportunitiesHGIF – CIVETSHSBC Global AssetManagement (France)HSBC Global AssetManagement Limited (AMGB)HSBC Global AssetManagement Limited (AMGB)HSBC Global AssetManagement Limited (AMGB)HSBC Global AssetManagement Limited (AMGB)HSBC Global AssetManagement (Hong Kong)HSBC Global AssetManagement (Hong Kong)HSBC Global AssetManagement (Hong Kong)HSBC GlobalAssetManagement (UK)LimitedHSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (France)HSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (UK) LimitedStartingperiodEndingperiodMarket RiskCalculationLowestfund VaRutilisationHighestfund VaRutilisationAveragefund VaRutilisationVaRutilisationlimit(internallimit)Reference Portfolio(if any)01/04/2012 30/08/2012 Absolute VaR 8.21% 10.73% 9.71% 15.7% N/A31/08/2012 31/03/2013 Relative VaR 70.7% 101.1% 88.5% 128.1%01/04/2012 31/03/2013 Relative VaR 69.9% 97.3% 78.8% 124%50% JPM EMBI IG,50% JPM GBI EMGlobal Diversified IG15 CappedJP Morgan GBI-EM GlobalDiversified01/04/2012 31/03/2013 Relative VaR 37.6% 68.8% 59.5% 110% GHI Aggregate Benchmark20/07/2012 31/03/2013 Relative VaR 98.8% 126.4% 112.6% 156.7%01/04/2012 31/03/2013 Relative VaR 81.71% 101.54% 93.21% 200%Merrill Lynch GlobalHigh Yield BB-BConstrained USDhedgedBarclays World Inflation LinkedBond index20/08/2012 31/03/2013 Absolute VaR 5.4% 8.6% 6.9% 9.5% N/A01/04/2012 31/03/2013 Relative VaR 94.9% 117.1% 100.9% 131%JP Morgan GBI-EM GlobalLatin America01/04/2012 31/03/2013 Absolute VaR 1.1% 5.8% 2.8% 6.2% N/A01/04/2012 31/03/2013 Relative VaR 65.6% 120.1% 100.8% 121.9%Barclays Capital USAggregate01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A7

General Information (continued)Sub-FundHGIF - Climate ChangeHGIF - Emerging WealthHGIF - Euroland EquityEntity in charge ofCommitment / VaRmonitoringHSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (France)HSBC Global AssetManagement (France)HSBC Global AssetHGIF - Euroland Equity Smaller Management (France)Companies HSBC Global AssetHGIF - Euroland GrowthHGIF - European EquityHGIF –Frontier MarketsHGIF - Global Emerging MarketsEquityHGIF - Global EquityManagement (France)HSBC Global AssetManagement (France)HSBC Global AssetManagement (France)HSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (France)StartingperiodEndingperiodMarket RiskCalculationLowestfund VaRutilisationHighestfund VaRutilisationAveragefund VaRutilisationVaRutilisationlimit(internallimit)01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/AReference Portfolio(if any)01/04/2012 30/06/2012 Relative VaR 103.33% 111.27% 106.82% 200% MSCI EMU (NR)01/07/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 30/06/2012 Relative VaR 98.26% 103.74% 99.9% 200%01/07/2012 31/03/2013 Commitment N/A N/A N/A N/A N/AMSCI EMU SMALL CAPSEUR (NR) Index01/04/2012 30/06/2012 Relative VaR 94.74% 121.03% 105.17% 200% MSCI EMU (NR)01/07/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/AHGIF - Latin American Equity HSBC Bank Brazil SA 01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/AHGIF - Middle East & North AfricaEquity (liquidated as at 31 July2012)HSBC Global AssetManagement (UK) Limited01/04/2012 31/07/2012 Commitment N/A N/A N/A N/A N/AHGIF - Brazil Equity HSBC Bank Brazil SA 01/04/2012 31/03/2013 Relative VaR 0.52% 2.27% 1.32% 4.33% MSCI Brazil 10 / 40HGIF - Chinese EquityHGIF - Hong Kong EquityHGIF - Indian EquityHGIF - Japanese EquityHGIF - Korean EquityHGIF – Mexico Equity (launched asat 28 February 2013)HSBC Global AssetManagement (Hong Kong)HSBC Global AssetManagement (Hong Kong)HSBC Global AssetManagement (Hong Kong)HSBC Global AssetManagement (France)HSBC Global AssetManagement (UK) Limited01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/AHSBC Bank Brazil SA 28/02/2013 31/03/2013 Commitment N/A N/A N/A N/A N/A8

General Information (continued)Sub-FundEntity in charge ofCommitment / VaRmonitoringHGIF - Russia EquityHGIF - Singapore EquityHGIF - Taiwan EquityHGIF - Thai EquityHGIF - Turkey EquityHGIF - UK EquityHGIF - US EquityHSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (Hong Kong)HSBC Global AssetManagement (Hong Kong)HSBC Global AssetManagement (Hong Kong)HSBC PortfoyYonetimi A.S.HSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (France)4) Index Sub-FundsHGIF – Economic ScaleIndex GEM Equity(launched as at 20March 2013)HSBC Global AssetManagement (UK) Limited5) Other Sub-FundsHGIF - European Equity AbsoluteReturn (liquidated as at 17December 2012)HGIF - GEM Debt Total ReturnHGIF - GEM Equity AbsoluteReturn (liquidated as at 17December 2012)HGIF - Global CurrencyHSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement Limited (AMGB)HSBC Global AssetManagement (UK) LimitedHSBC Global AssetManagement (UK) LimitedHGIF - Global Flex AllocationHSBC Global AssetManagement (France)HGIF - Global MacroHGIF - Global Macro II (liquidatedas at 29 May 2012)HGIF - Managed Solutions - AsiaFocused Conservative (launched asat 15 March 2013)HSBC Global AssetManagement (France)HSBC Global AssetManagement (France)HSBC Global AssetManagement (Hong Kong)StartingperiodEndingperiodMarket RiskCalculationLowestfund VaRutilisationHighestfund VaRutilisationAveragefund VaRutilisationVaRutilisationlimit(internallimit)Reference Portfolio(if any)01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A21/03/2013 31/03/2013 Commitment N/A N/A N/A N/A N/A01/04/2012 17/12/2012 Absolute VaR 0.2% 5.6% 3.5% 8.0% N/A01/04/2012 31/03/2013 Absolute VaR 0.6% 6.3% 2.1% 9.0% N/A01/04/2012 17/12/2012 Absolute VaR 0.1% 8.0% 6.6% 13.0% N/A01/04/2012 31/03/2013 Absolute VaR 0.02% 1.11% 0.50% 4.00% N/A01/04/2012 31/03/2013 Absolute VaR 1.83% 7.36% 3.27% 10.46%40% MSCI World (NR) EUR +60% CitiGroup EMU GvtBonds Index01/04/2012 31/03/2013 Absolute VaR 2.50% 6.95% 4.13% 11.00% EUR 1 month EURIBOR01/04/2012 29/05/2012 Absolute VaR 0.18% 9.49% 6.53% 20% N/A15/03/2013 31/03/2013 Commitment N/A N/A N/A N/A N/A9

General Information (continued)Sub-FundHGIF - Managed Solutions - AsiaFocused Growth (launched as at 15March 2013)HGIF - Managed Solutions - AsiaFocused Income (launched as at 25May 2012)Entity in charge ofCommitment / VaRmonitoringHSBC Global AssetManagement (Hong Kong)HSBC Global AssetManagement (Hong Kong)StartingperiodEndingperiodMarket RiskCalculationLowestfund VaRutilisationHighestfund VaRutilisationAveragefund VaRutilisationVaRutilisationlimit(internallimit)15/03/2013 31/03/2013 Commitment N/A N/A N/A N/A N/A25/05/2012 31/03/2013 Commitment N/A N/A N/A N/A N/A* HGIF - Brazil Bond: VaR utilisation as a percentage of the sub-fund Assets Under Management10Reference Portfolio(if any)

General Information (continued)LeverageFor Sub-funds measuring and monitoring the global risk on derivatives via VaR approach, theManagement Company has delegated the leverage monitoring to the respective Sub-Funds’Investment Advisers who determine the sum of the notional values of all the relevant FDI andestimate in this regard a degree of the expected average value (leverage). This level of leverage can,depending on the respective market conditions, derive from the actual value at the reporting date.Furthermore, the published expected/ level of leverage is explicitly not understood as an investmentlimit.Some sub-funds, during the whole period, have either used the sum of notionals method or thecommitment method without any netting (which is the same than the sum of notionals). For these subfunds,the leverage has been calculated using the sum of notionals for the entire period.For other sub-funds the leverage figures have been split, taking into account the following:Up to 30 September 2012, the leverage is measured as net leverage, which means that the leverageincurred through the use of derivatives will take into account hedging or netting arrangements. This isalso known as the commitment approach.As from 1 October 2012, the leverage is calculated through an assessment of the sum of all notionalsof all FDI, irrespective of whether or not these are used for investment or efficient portfoliomanagement purposes. In respect of hedge share classes, when applying the prescribedmethodology, it is recognised that leverage may be up to 100% larger than the master fund due to theforward foreign currency exchange contracts that are employed to hedge from base currency into therespective hedged share class currency.11

General Information (continued)Sub-FundStartingperiodEndingperiodLeveragemethodologyMaximumexpected levelof leverage(net leverage)Realisedaveragelevelof leverage1) Reserve Sub-FundsHGIF – Euro Reserve01/04/2012 30/06/2012 Sum of Notionals all period 0% 0%01/07/2012 31/03/2013 N/A N/A N/A2) Bond Sub-FundsHGIF - Asian Currencies Bond 01/04/2012 31/03/2013 Sum of Notionals all period 100% 17.54%HGIF - Brazil Bond 01/04/2012 31/03/2013 Sum of Notionals all period 50% 17%HGIF – Euro Bond01/04/2012 30/06/2012 Sum of Notionals all period 100% 17%01/07/2012 31/03/2013 N/A N/A N/AHGIF – Euro Credit Bond**01/04/2012 30/06/2012 Sum of Notionals all period 100% 39%01/07/2012 31/03/2013 N/A N/A N/AHGIF – Euro High Yield Bond**01/04/2012 30/06/2012 Sum of Notionals all period 100% 4%01/07/2012 31/03/2013 N/A N/A N/A01/04/2012 31/07/2012 N/A N/A N/AHGIF- GEM Inflation LinkedBond (formerly EmergingInflation Linked Bond)01/08/2012 31/09/2012 Net Leverage - 17%01/10/2012 31/03/2013 Sum of Notionals 400% 23%10/09/2012 31/03/2013 Sum of Notionals all period 400% 22%01/04/2012 30/09/2012 Net Leverage 100% 19.20%HGIF - Global Bond01/10/2012 31/03/2013 Sum of Notionals 200% 43.90%01/04/2012 31/03/2013 Sum of Notionals all period 200% 43%HGIF - Global Credit Bond (liquidated as at 21 August01/04/2012 30/06/2012 Sum of Notionals all period 100% 0%2012) 01/07/2012 21/08/2012 N/A N/A N/A12

General Information (continued)Sub-FundHGIF - Global EmergingMarkets Bond**StartingperiodEndingperiodLeveragemethodologyMaximumexpected levelof leverage(net leverage)Realisedaveragelevelof leverage01/04/2012 30/09/2012 Net Leverage 200% 7%01/10/2012 31/03/2013 Sum of Notionals 400% 6%01/04/2012 31/03/2013 Sum of Notionals all period 400% 10%HGIF - Global EmergingMarkets Corporate Debt01/04/2012 30/09/2012 Net Leverage 200% 0%01/10/2012 31/03/2013 Sum of Notionals 400% 0%01/04/2012 31/03/2013 Sum of Notionals all period 400% 0%HGIF - Global EmergingMarkets Investment Grade Bond01/04/2012 30/09/2012 Net Leverage 250% 88%01/10/2012 31/03/2013 Sum of Notionals 400% 72%01/04/2012 31/03/2013 Sum of Notionals all period 400% 100%HGIF - Global EmergingMarkets Local Debt01/04/2012 30/09/2012 Net Leverage 300% 49%01/10/2012 31/03/2013 Sum of Notionals 400% 59%01/04/2012 31/03/2013 Sum of Notionals all period 400% 81%HGIF- Global High IncomeBond**01/04/2012 30/09/2012 Net Leverage 100% 3%01/10/2012 31/03/2013 Sum of Notionals 200% 38%01/04/2012 31/03/2013 Sum of Notionals all period 200% 35%HGIF- Global High Yield Bond(launched as at 20 July 2012)HGIF – Global Inflation LinkedBond**HGIF- India Fixed Income(launched as at 20 August2012)HGIF – Latin American LocalDebt20/07/2012 30/09/2012 Net Leverage - 0%01/10/2012 31/03/2013 Sum of Notionals 200% 29%20/07/2012 31/03/2013 Sum of Notionals all period 200% 28%01/04/2012 31/03/2013 Sum of Notionals all period 400% 168.04%20/08/2012 31/03/2013 Sum of Notionals all period 100% 43.22%01/04/2012 31/03/2013 Sum of Notionals all period 50% 11%HGIF – RMB Fixed Income** 01/04/2012 31/03/2013 Sum of Notionals all period 100% 12.93%13

General Information (continued)Sub-FundStartingperiodEndingperiodLeveragemethodologyMaximumexpected levelof leverage(net leverage)Realisedaveragelevelof leverage01/04/2012 30/09/2012 Net Leverage 100% 31.30%HGIF – US Dollar Bond01/10/2012 31/03/2013 Sum of Notionals 200% 35.80%01/04/2012 31/03/2013 Sum of Notionals all period 200% 35.9%3) Equity Sub-FundsHGIF – Brazil Equity 01/04/2012 31/03/2013 Sum of Notionals all period 10% 0%HGIF - Euroland Equity01/04/2012 30/06/2012 Sum of Notionals all period 10% 0.25%01/07/2012 31/03/2013 N/A N/A N/AHGIF - Euroland Equity SmallerCompanies01/04/2012 30/06/2012 Sum of Notionals all period 10% 0%01/07/2012 31/03/2013 N/A N/A N/AHGIF - Euroland Growth01/04/2012 30/06/2012 Sum of Notionals all period 10% 3.42%01/07/2012 31/03/2013 N/A N/A N/A4) Other Sub-FundsHGIF - European EquityAbsolute Return (liquidated asat 17 December 2012)HGIF - GEM Debt TotalReturn**HGIF - GEM Equity AbsoluteReturn (liquidated as at 17December 2012)01/04/2012 17/12/2012 Sum of Notionals all period 220% 140.9%01/04/2012 30/09/2012 Net Leverage 400% 64%01/10/2012 31/03/2013 Sum of Notionals 400% 77%01/04/2012 31/03/2013 Sum of Notionals all period 400% 104%01/04/2012 17/12/2012 Sum of Notionals all period 200% 68.4%HGIF - Global Currency** 01/04/2012 31/03/2013 Sum of Notionals all period 2700% 184.90%HGIF - Global Flex Allocation 01/04/2012 31/03/2013 Sum of Notionals all period 200% 151.19%HGIF - Global Macro** 01/04/2012 31/03/2013 Sum of Notionals all period 1,200% 458.47%HGIF - Global Macro II01/04/2012 29/05/2012 Sum of Notionals all period 2,400% 983%(liquidated as at 29 May 2012)**** Indicates a fund with hedged share class portfolios where it is recognised that leverage may be up to 100% larger than the master fund due to the forward foreigncurrency exchange contracts that are employed to hedge from base currency into the respective hedged share class currency.14

General Information (continued)Agents of the CompanyAs detailed in letters to Shareholders dated 29 June 2012 and 12 October 2012, the Board intends toappoint HSBC Securities Services (Luxembourg) S.A. as Administration Agent, Depositary Bank,Registrar and Transfer Agent and Central Paying Agent. The transition date will be notified toShareholders as soon as possible. RBC Investor Services Bank S.A. will continue to provide theseservices until further notice.15

Board of DirectorsBOARD OF DIRECTORS OF THE COMPANYDidier Deleage (Chairman), Chief Operating Officer, HSBC Global Asset Management (France)Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France.Dr. Michael Boehm, Chief Operating Officer, HSBC Global Asset Management (Deutschland) GmbHKönigsallee 21/23, 40212 Düsseldorf, Germany.James Boucher, Managing Director, HSBC Bank (Mauritius) Limited6th Floor, HSBC Centre, 18 CyberCity, Ebene, Mauritius.Thies Clemenz, Chief Executive Officer, HSBC Trinkaus Investment Managers S.A.8, rue Lou Hemmer, L-1748 Luxembourg-Findel, Grand Duchy of Luxembourg (until November 2012),HSBC Bank Armenia CJSC HBAM, Main Office66 Teryan Street, Yerevan 0009, Republic of Armenia (from November 2012)George Efthimiou, Global Chief Operating Officer, HSBC Global Asset Management Limited8 Canada Square, London E14 5HQ, United Kingdom.Edgar K M Ng, Head of Business Support Asia Pacific, HSBC Global Asset Management (Hong Kong) LimitedHSBC Main Building, 1 Queen's Road Central, Hong Kong.David Silvester, Head of Product Management - Global Funds, HSBC Global Asset Management Limited8, Canada Square, London E14 5HQ, United Kingdom.Sylvie Vigneaux, Head of Regulatory and Wealth Engineering, HSBC Global Asset Management (France)Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France.16

Management and AdministrationRegistered Office16, boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg.R.C.S. Luxembourg N° B-25087Management CompanyHSBC Investment Funds (Luxembourg) S.A.16, boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg.Depositary Bank, Administration Agent, Registrar and Transfer Agent and Central Paying AgentRBC Investor Services Bank S.A. (formerly RBC Dexia Investor Services Bank S.A.)14, Porte de France, L- 4360 Esch-sur-Alzette, Grand Duchy of Luxembourg.Domiciliary AgentHSBC Securities Services (Luxembourg) S.A.16, boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg.Investment AdvisersHSBC Global Asset Management (France)Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, FranceHSBC Global Asset Management (Hong Kong) LimitedLevel 22, HSBC Main Building, 1 Queen's Road Central, Hong KongHSBC Global Asset Management (Singapore) Limited21 Collyer Quay, #10-01 HSBC Building, Singapore 049320, SingaporeHSBC Global Asset Management (UK) Limited8, Canada Square, London E14 5HQ, United KingdomHSBC Global Asset Management (USA) Inc.452 Fifth Avenue, 7th Floor, New York, NY 10018, USAHSBC Bank Brasil S.A. – Banco MúltiploTravessa Oliviera Belo, 11-B, 80020-030 Curitiba, BrazilHSBC Portfoy Yonetimi A.S.Esentepe Mahallesi, Büyükdere Caddesi, No:128, 34394 Sisli, Istanbul, Turkey17

Management and Administration (Continued)Share DistributorsGlobal DistributorHSBC Investment Funds (Luxembourg) S.A., 16, boulevard d’Avranches, L-1160 Luxembourg, Grand Duchy ofLuxembourg.Austria, Eastern Europe and Germany DistributorHSBC Trinkaus & Burkhardt AG, Königsallee 21/23, D-40212 Düsseldorf, Germany.Hong Kong Representative and DistributorHSBC Investment Funds (Hong Kong) Limited, HSBC Main Building, 1 Queen's Road Central, Hong Kong.United Kingdom Representative and DistributorHSBC Global Asset Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom.Republic of Ireland DistributorHSBC Global Asset Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom.Republic of Ireland RepresentativeHSBC Securities Services (Ireland) Limited, HSBC House, 1 Grand Canal Square, Grand Canal Harbour, Dublin 2, Ireland.Jersey Representative and DistributorHSBC Global Asset Management (International) Limited, HSBC House, Esplanade, St Helier, Jersey, JE1 1HS ChannelIslands.Singapore Representative and DistributorHSBC Global Asset Management (Singapore) Limited, 21, Collyer Quay, #06-01 HSBC Building, Singapore 049320,Singapore.Swiss RepresentativeUntil 30 September 2012HSBC Private Bank (Suisse) S.A., Quai du Général Guisan 2, Case postale 3580, CH-1211 Geneva 3, Switzerland.From 1 October 2012ACOLIN Fund Services AG, Stadelhoferstrasse 18, CH-8001 Zurich, Switzerland.Paying Agent in SwitzerlandHSBC Private Bank (Suisse) S.A., Quai du Général Guisan 2, Case postale 3580, CH-1211 Geneva 3, Switzerland.Korea Representative and DistributorHSBC Korea Ltd, HSBC Building #25, 1-Ka, Bongrae-Dong, Chung-Ku, Seoul, Korea.Distributor for Continental EuropeHSBC Global Asset Management (France), Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800Puteaux, France.18

Management and Administration (Continued)Paying Agent in Hong KongThe HongKong and Shanghai Banking Corporation Limited, HSBC Main Building, 1 Queen’s Road Central,Hong Kong.Representative and Paying Agent in PolandHSBC Bank Polska S.A., Kraków Business Park 200, Ul. Krakowska 280, 32-080 Zabierzów, Poland.Réviseur d'Entreprises AgrééKPMG Luxembourg S.à r.l.9, allée Scheffer, L-2520 Luxembourg, Grand Duchy of Luxembourg.Legal AdviserElvinger, Hoss & Prussen, 2, place Winston Churchill, L - 1340 Luxembourg, Grand Duchy of Luxembourg.19

Directors’ ReportDirectors’ CommentsThe Board of Directors present the Audited Annual Report and Accounts for HSBC Global Investment Funds (the“Company”) for the year ending 31 March 2013.The CompanyThe Company is a variable capital investment company, incorporated under the laws of the Grand Duchy ofLuxembourg and is organized as an “umbrella” with a number of sub-funds, each of which has their own investmentpolicies and restrictions. At present, the Company has issued shares in 59 sub-funds. During the year, the total netassets of the Company increased from USD 23 billion to USD 29.5 billion at year end.The Company qualifies as an Undertaking for Collective Investments in Transferable Securities under the amended ECDirective 2009/65/EC of 13 July 2009 and may therefore be offered for sale in European Union Member States, subjectto registration in countries other than the Grand Duchy of Luxembourg. In addition, applications to register the Companyand its sub-funds may be made in other non-European countries. The Company and its sub-funds are currentlyregistered for offer and distribution in the Grand Duchy of Luxembourg and in the following jurisdictions: Austria,Bahrain, Belgium, Brunei, Chile, Colombia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, HongKong, Hungary, Ireland, Italy, Japan, Jersey, Jordan, Korea, Lebanon, Macau, Malta, Mauritius, Netherlands, Norway,Oman, Panama, Poland, Portugal, Qatar, Singapore, Slovakia, Spain, Sweden, Switzerland, Taiwan, United ArabEmirates and United Kingdom.Responsibility of the DirectorsThe responsibility of the Directors of the Company is governed exclusively by Luxembourg law. With respect to thesefinancial statements, the duties of the Directors are governed by general corporate law and the law of 19 December2002 on, inter alia, the accounting and annual accounts of undertakings and by the law of 17 December 2010 relating toundertakings for collective investments (the “2010 Law”). Since 1 July 2011, the Company is governed by Part I of the2010 Law implementing the directive 2009/65/EC into Luxembourg Law.Annual General MeetingThe next Annual General Meeting of the Company will be held on Friday, 26 July 2013.Market OverviewGlobal EquitiesThe reporting period began with a renewal of risk aversion for financial markets. Equity markets weakened in April 2012,as attention was focused on Spain and the size of its deficit. The decline continued in May 2012 following the increasedsupport for anti-austerity groups after the indecisive result of Greek election which was unable to form a coalitiongovernment. This uncertainty fuelled talk of a Greek exit from the euro. The outcome of the European Union’s (EU)summit bolstered equity markets at the tail-end of the quarter, namely the establishment of a single supervisoryauthority for eurozone banks with the capacity to give direct financial support to eurozone banks. Markets were furtherboosted in June 2012 after some major central banks’ policy announcements. By September 2012, risk appetiteincreased following monetary policy actions in Europe, the US and Japan. Similarly in the US, despite the weakemployment data and signs of slowing economic activity, the Federal Reserve’s decision to launch another quantitativeeasing programme was well received by markets. The fourth quarter of 2012 saw global markets mainly focused onongoing discussions by US politicians to reach an agreement on the US fiscal budget before the 31 December 2012deadline. In addition, the economic impact of Hurricane Sandy in the US weighed on market sentiment whilst the reelectionof Presidential Barack Obama lifted markets. In Europe, the level of policy progress by European leaders overthe final quarter of 2012 to stabilise the eurozone situation further lifted market sentiment and lowered investors’concerns. Meanwhile, Asian markets were buoyed by the improvement in economic signals in China and suggestionsof further monetary policy actions in Japan. Global equities had a strong start to the new year with solid gains in January2013, supported by the resolution to the US budget ‘fiscal cliff’ situation and the positive outlook to global growth, whichlifted investor sentiment.20

Directors’ Report (continued)Global Equities (continued)However, the second half of the first quarter of 2013 saw a rise in uncertainty surrounding the outcome of the Italianelection in February 2013 and the Republic of Cyprus’ request for financial assistance in March 2013, which dampenedinvestors’ demand for risk assets. Whilst an international bailout agreement was reached, investors remained cautiousof the probable consequences of the bank resolution deal for Cyprus. Meanwhile in Asia, Japanese markets surged in2013 on expectations of aggressive monetary policy whilst Chinese stocks were lower on concerns authorities maytighten policy measures to contain the rate of growth in property prices.US EquitiesThe beginning of the reporting period saw US equities decline in April and May 2012 amid disappointing economic dataand uncertainty over Europe’s debt problems, which overshadowed better-than-forecasted corporate earnings from UScompanies. By June 2012, weaker-than-expected employment data further weighed on investors’ sentiment. However,in late June 2012, US equities were supported by the positive developments relating to the eurozone debt situation andthe late release of improved US economic figures, in addition to the Federal Reserve’s announcement of the extensionof ‘Operation Twist’, a bond-buying programme, until the end of 2012. The market was disappointed by the minutes ofthe Federal Open Market Committee meeting in June which revealed that further quantitative easing measures werenot necessarily imminent. However, in September 2012, the announcement of the much anticipated third round ofquantitative easing had a positive impact on the share market. Market confidence increased further following the ECB’sdecision to implement a new bond-buying programme. During the fourth quarter of 2012, markets were primarily drivenby the ongoing discussions by US politicians and the uncertainty on whether the US Senate and Congress would reachan agreement on the US fiscal budget before the 31 December 2012 deadline. In addition, the economic impact ofHurricane Sandy weighed on market sentiment whilst the re-election of Presidential Barack Obama was seen aspositive by the markets. Meanwhile, the Federal Reserve announced its third phase quantitative easing programme,totalling USD 85 billion each month. Equity markets rose strongly following the agreement by US politicians on the‘fiscal cliff’ situation in early January 2013. The US corporate earnings season had a positive start in January 2013, whichfurther encouraged investors’ confidence. In addition, stronger-than-expected economic data releases in the US andChina, further boosted market sentiment. However, markets initially fell after the second estimate for economic activityfor the fourth quarter of 2012 was revised up to 0.4% quarter-on-quarter annualised pace, which was less thanexpected. Meanwhile, the minutes to the Federal Open Market Committee meeting revealed officials remained dividedon continuation of the asset-purchase programme, worth USD 85 billion each month. However, the market wasencouraged by Federal Reserve Chairman Ben Bernanke’s reaffirmation of his support for monetary policy. US non-farmpayrolls grew at the slowest pace in nine months while the unemployment rate fell to 7.6% in March 2013. Meanwhile,the Dow Jones industrial average index reached a series of record highs in March 2013, led by gains in cyclical stocks.Europe ex-UK EquitiesThe period began with debt worries in Spain, the possibility of a Greek exit from the euro union, along with concerns ofslowing growth in China led European equities to fluctuate throughout April and May 2012. However by June 2012,earlier concerns surrounding the outcome of the second Greek election were met with a positive outcome in the formof a ‘pro-austerity’ coalition government. Elsewhere, Spanish bond yields again rose in June as eurozone debt fearsintensified, notably after Spain formally requested up to EUR 100 billion in assistance to support its financial system.Meanwhile, the outcome of the EU summit in late June exceeded market expectations, namely the establishment of asingle supervisory authority for eurozone banks with the capacity to give financial support directly to banks. Equitymarkets were further buoyed in July following comments by the ECB President Mario Draghi implying that the ECBwould do “whatever it take”’ to add stability and may intervene in the eurozone bond markets. The ECB further boostedinvestor confidence with the decision to lower interest rates to record low of 0.75% in July 2012. Whilst regionaleconomic data continued to disappoint during August 2012, the announcement of the ECB’s new bond-buyingprogramme further boosted risk appetite. Market sentiment was further supported by the monetary policy actions inEurope, the US and Japan in September. In the fourth quarter of 2012, the main concerns were over Spain’s delay inrequesting financial aid followed by the initial setback to provide Greece with its next tranche of bailout funds. Europeanleaders eventually agreed on a reduction in interest rates for Greece, an extension of maturities, interest payments onsome bilateral loan agreements and a possible debt buy back. The markets then focused on the ongoing negotiationsconcerning the US fiscal budget situation as concerns rose that US politicians may not reach an agreement before the31 December 2012 deadline.21

Directors’ Report (continued)Europe ex-UK Equities (continued)In January 2013, European markets rose following the resolution to the US budget ‘fiscal cliff’ whilst the level of policyprogress made by European leaders over the final quarter of 2012 to stabilise the eurozone situation boosted marketconfidence. However by February 2013, European markets fell, primarily over the uncertainty surrounding the Italianelection, which dampened investors’ demand for risk assets. Meanwhile, economic growth in the eurozone contractedby 0.6% in the final quarter of 2012 as a result of falls in consumer consumption, investment and government spending.In March 2013, the Cypriot government’s request for financial assistance raised concerns about the stability of theEuropean banking system led markets lower. The initial bailout agreement, which included a levy on bank deposit, wasinitially rejected before reaching a tentative agreement on an international bailout.UK EquitiesThe start of the reporting period begun with a poor run of economic data. The subdued UK economic outlook increasedexpectations that the Bank of England (BoE) would extend its quantitative easing asset purchases. Market sentimentgradually declined by April 2012 and led UK equities lower over the second quarter of 2012 amid the uncertainty inEurope and lacklustre domestic growth. UK equities were further affected by news that the country had entered adouble-dip recession, the first since the 1970s. Revised data in May indicated that the UK economy shrank by 0.3% inthe first quarter of 2012, more than the initial figure of 0.2%. In June 2012, UK equities rose amid the improvedconfidence in Europe after the conclusion of the European Union (EU) summit. Meanwhile, the BoE announced newplans to help support the UK economy by announcing two new lending facilities to banks. Risk appetite increasedfollowing the monetary policy actions in Europe, the US and Japan during September. This led UK equities to rise overthe remainder of 2012 despite a volatile period. Meanwhile, economic growth in the UK during the second quarter of2012 was disappointing, initially contracting by 0.7% over the period. However, there was a notable improvement insentiment in regards to the pace of global growth during the fourth quarter of 2012. In addition, the policy progressmade by European leaders to stabilise the eurozone situation and the positive conclusion to the US budget ‘fiscal cliff’ inlate December supported the UK equity market towards the end of 2012. The rally continued into January and February2013, buoyed by the rise in risk appetite following the agreement to the US ‘fiscal cliff’ and the improving outlook for theglobal economy. Meanwhile, economic growth fell by 0.3% over the fourth quarter of 2012. However, upward revisionsto growth in the first and third quarter of 2012 led annual growth to rise to 0.3% year-on-year, from 0.2%. The BoE keptits asset purchasing programme at GBP 375 billion and maintained its interest rates unchanged at 0.5%. Meanwhile,the next BoE Governor, Mark Carney, who will succeed Mervyn King in June 2013, reiterated his support for flexibleinflation targeting.Japanese EquitiesIn April 2012, amid a falling equity market, the Bank of Japan (BoJ) attempted to boost its bond-buying programmehaving failed to stimulate lasting confidence among investors in light of the fragile economy. Japanese equities werefurther weakened by concerns surrounding the slowdown in Chinese growth and renewed concerns about Europe’sdebt crisis. However by June 2012, the Japanese market had a strong rebound, strengthened by the final estimate forgrowth in the first quarter of 2012, which was above expectations. Japan also benefited from expectations of a weakerJapanese yen following the US central bank’s decision to extend its quantitative easing programme. In July 2012, theBoJ maintained its interest rates unchanged and asset purchase programme at JPY 70 trillion, despite the businessoutlook remaining weak. During the third quarter of 2012, market sentiment in the region continued to be affected byconcerns surrounding the eurozone crisis situation and the slowdown in global growth. Tensions over the Senkakus/Diaoyu island dispute rose between Japan and China, its largest export market, threatened commercial relationshipsbetween the two countries. The additional liquidity measures announced in September 2012 by the BoJ had littleimpact on market confidence or the local currency. Over the final quarter of 2012, the market rose sharply followingspeculation that the BoJ would apply aggressive policy measures to overcome deflation and attempt to manage theJapanese yen. In addition, Japan’s cabinet approval of an economic stimulus package further bolstered investorsentiment. The December 2012 election of the Liberal Democratic Party (LDP) buoyed markets given the LDP’s electionpromises of substantial monetary policy easing for Japan in 2013. Despite weak economic data readings, the signs offurther monetary easing in Japan significantly helped Japanese equities to strongly outperform other developed marketsover the fourth quarter of 2012. In January 2013, the BoJ raised its inflation target to 2% from 1%. In addition, the BoJ’sannounced an open-ended quantitative easing programme, due to commence in January 2014.22

Directors’ Report (continued)Japanese Equities (continued)Japanese equities continued to performed strongly over the reporting period despite the first estimate of economicgrowth contracting by 0.4% quarter-on-quarter annualised during the fourth quarter of 2012. Meanwhile, Japan’s tradedeficit reached a record high for January 2012, driven by the increase in fuel imports as most of Japan’s nuclear reactorsremain closed. Meanwhile, the lower house of Parliament approved Haruhiko Kuroda as the new governor of the BoJ.This decision led markets higher on speculation of aggressive monetary policy may be applied in the near term. Inaddition, the Japanese yen depreciated sharply against the US dollar towards the end of the reporting period, furthersupported the equities market and investor sentiment.Asia ex Japan EquitiesAsia ex Japan equities had a lacklustre start to the reporting period in April 2012 as equity markets remained focused onconcerns surrounding the persisting eurozone debt crisis and the potential slowdown in global growth. In June 2012,Asian ex Japan equities were again affected by the turmoil in Europe. Markets recovered somewhat, bolstered by apositive outcome to the EU summit in late June and policy actions by several central banks. Asian markets were mostlyhigher in July 2012 and continued to be driven by the sentiment in the US and Europe amid speculation the FederalReserve and ECB had signalled moves in order to bolster economic growth. During the third quarter of 2012, Asianequities were unaffected by the economic slowdown in China and the continuing eurozone debt situation. In India,markets rose following reforms allowing foreign firms to access certain sectors of the economy, which should promotegrowth and competition in the medium term. Towards the end of September 2012, Asian equity markets were alsosupported by the monetary policy actions in Europe, the US and Japan. Asian equities continued to rise over the fourthquarter of 2012, supported by the continuation of quantitative easing by the Federal Reserve, BoJ and ECB in addition tothe initial signs of growth stabilisation in China. Overall, Chinese equities had a strong fourth quarter in 2012, althoughmarkets initially fell on the announcement of China’s new leader, President Xi Jinping, on concerns that economicreform may not be accelerated. However, in December 2012, Jinping pledged to continue economic and urbanisationreforms which buoyed investor sentiment. The Australian equity market made robust gains, supported by the ReserveBank of Australia’s decision to lower the cash rate twice over the final quarter of 2012 from 3.5% to 3.0%. Asianmarkets broadly had modest gains in January 2013, driven by the agreement by US Congress to avoid the ‘fiscal cliff’.Chinese data releases were generally better-than-expected as export accelerated in December 2012 to a seven-monthhigh of 14.0% annual growth. Growth in China expanded by 7.9% on annual terms over the fourth quarter of 2012,further boosted optimism surrounding the outlook for the global economy. In late January 2013, the central bank of Indialowered its interest rate for the first time in nine months in an effort to encourage growth. In China, trade growth strongin February 2013 with both export and imports buoyed by consumer spending during the Chinese Lunar New Year.Meanwhile in March, Chinese officials at the 12th National People’s Congress confirmed growth target rate of 7.5% for2013 whilst lowering the inflation target rate from 4.0% to 3.5%. However, markets were weighed down by concernsthat the Chinese authorities may tighten monetary policy and the possible outbreak of bird flu. Thai stocks rose afterFitch upgraded the country’s credit rating from ‘BBB’ to ‘BBB+’. In South Korea, markets speculated on furthergovernment stimulus measures after posting a weaker-than-expected economic growth over the final quarter of 2012.Meanwhile, the continuing tensions between South Korea and North Korea had a negative impact on the local equitymarket.23

Directors’ Report (continued)Emerging Market EquitiesEmerging Markets equities fell over the second quarter of 2012 on renewed risk aversion. The European sovereign debtcrisis once again dominated market news as the Greek elections added to fears of a breakup of the eurozone. Alongsidethis, the performance of the Chinese economy weakened further with growth slowing to a three-year low of 7.6% overthe second quarter of 2012. This warranted the aggressive monetary policy easing in China in the form of twoconsecutive interest rate cuts in June and July, coupled with infrastructure investment and consumer spendinginitiatives. Emerging market equities were boosted during the last days in June 2012 following the positive conclusionof the EU summit, which announced a series of measures to resolve the debt crisis. Meanwhile, global news flowcontinued to dominate market sentiment in July 2012. In the third quarter of 2012, emerging markets outperformedtheir developed market peer, despite the slowdown in China and concerns surrounding the eurozone debt situation.Indian equities rose strongly in September 2012 following the introduction of new government reforms allowing foreignfirms to access certain sectors of the economy. Chinese equities were amongst the worst performers over the sameperiod, following constant concerns surrounding the slowing pace of growth in China. Meanwhile, Egyptian stocks roseas the political situation continued to improve. Asian emerging markets had a solid fourth quarter of 2012, led by signsof growth stabilisation in China. Although Chinese equities initially fell following the announcement of China’s newleader, President Xi Jinping, on concerns that economic reform may not be accelerated. However, in December 2012,the new leader pledged to continue economic and urbanisation reforms which buoyed investor sentiment. Towards theend of the final quarter of 2012, markets were further boosted by the signs of economic recovery in China. Indian themarkets rose robustly in December 2012 to its highest level since April 2011 following the government approval of keyeconomic reforms despite the moderation in economic data. The Turkish market performed strongly, mainly driven bythe country’s upgraded credit rating. During the first quarter of 2013, the Chinese equity market was affected byspeculation that the Chinese government may tighten monetary policy in order to control the rise in property prices.Meanwhile, Brazil’s central bank left its interest rate unchanged though suggested that the interest rate may be raisedat the next meeting. Indian equities fell on concerns about political instability and the impact of economic reform.Meanwhile, the Reserve Bank of India lowered its policy rate for the second time in 2013 to 7.5% in an effort to revivegrowth and investment. The cash reserve ratio remained unchanged at 4.0%. The Russian equity market was affectedby the Cyprus bailout announcement in March 2013 on concerns about the costs involved for Russian investors giventhey are amongst the largest depositors in Cyprian banks. Russia’ central bank left policy rates unchanged as expected,citing interest levels were appropriate for the time being.UK BondsGilts made strong gains at the beginning of the reporting period in April 2012 through to June 2012, amid the unfoldingeurozone crisis which led investors to seek perceived ‘safe haven’ assets. At the beginning of June, 10-year gilt yieldsreached a record low. However, by the end of June 2012, global investors reacted positively to the conclusion of the EUsummit, which led the demand for perceived ‘safe haven’ assets to fall and gilt yields rose as risk appetite improved.The BoE increased the asset purchase programme target by GBP 50 billion to a total of GBP 375 billion in early July. Bylate July 2012, the 10-year gilt yield reach a new low as investors sought perceived ‘safe haven’ assets as the situationsurrounding the eurozone sovereign debt intensified. However, gilt yields then rose strongly during September as riskappetite improved, supported by the announcement that the US Federal Reserve was launching a third round ofquantitative easing, the European Central Bank’s new monetary policy programme and the Bank of Japan unexpectedlyincreasing its asset purchase programme. The 10-year gilt yield rose towards 1.8% during September 2012, a fourmonthhigh at the time. However, this was short lived as investors turned their focus towards concerns surrounding theslowing global economy, which resulted in yields moderating towards the end of the September. Gilt yields fell inNovember following the Bank of England’s plans to transfer coupon payments received from gilt holdings purchasedthrough the Asset Purchase Facility, worth GBP 375 billion, in order to lower the nation’s debt. Gilt yields then rose onspeculation of further asset purchases given the weakness in domestic growth. Towards the end of 2012, gilts weremainly influenced by the ongoing negotiations concerning the US fiscal budget situation which led the 10-year gilt yieldto reach 1.95% during December, nearly a three-month high at the time. Gilt prices fell in January 2013, primarily drivenby the agreement reached over the US budget ’fiscal cliff’ and the general improvement market confidence surroundingthe eurozone debt situation. Gilts benefited from its perceived ‘safe haven’ status in February 2013 as gilt prices rosefollowing the increased tensions over the political uncertainty in Italy. In March 2013, gilts continued to gain from itsperceived ‘safe haven’ status following concerns surrounding the implications of the bailout agreement with Cyprus.24

Directors’ Report (continued)UK Bonds (continued)Meanwhile, there was little reaction to Moody’s downgrade of the UK’s bond rating from ‘AAA’ to ‘Aa1’ in February, asgilts continued to advance from its perceived ‘safe haven’ status with gilt prices rising further in March followingconcerns surrounding the implications of the bailout agreement with Cyprus. The market were unconcerned about thewarning by Fitch, a credit-rating agency, that it may downgrade Britain’s ‘AAA’ rating, citing high government debt levelsand the weak outlook for growth. The Bank of England kept the official interest rate constant at 0.5% and the assetpurchase programme at GBP 375 billion. In the 2013 Budget Statement, the UK Chancellor lowered the growth forecast2013 and 2014 whilst suggesting borrowing costs and overall debt levels will be higher in the near term.Global BondsGlobal bond prices broadly rose over the first half of 2012 as tensions eased in financial markets following the EuropeanCentral Bank’s (ECB) decision to launch its second long-term refinancing operation and the success of the Greek debtswapagreement. In late June 2012, the Spanish government requested a bailout ahead of the positive outcome fromthe EU summit which briefly unsettled market sentiment. Meanwhile, the ECB reduced the refinancing rate by 0.25%to 0.75% in July 2012, a record low. Elsewhere, the central bank of China made two interest rate cuts in June and Julyin an attempt to promote growth. In September 2012, the Federal Reserve commenced a third round of quantitativeeasing. In addition, the ECB announced a new bond-buying programme. In December 2012, the Federal Reserveannounced a new programme worth USD 45 billion of longer-dated Treasuries purchases while continuing to purchaseUSD 40 billion in mortgage-backed securities each month. Over the fourth quarter of 2012, the Bank of Japan increasedits asset purchase programme by JPY 21 trillion, to a total of JPY 101 trillion while the election of a new government inDecember suggested substantial monetary policy easing for Japan in 2013. In January 2013, perceived ‘safe haven’bond prices fell following the agreement by US politicians which avoided the ‘fiscal cliff’, in addition to the overallimprovement in risk appetite and a decline in demand for bonds assets. Towards the end of February 2013, Greek andItalian government bonds yields rose sharply following the uncertainty of the outcome of the Italian election. The yieldson US 10-year Treasury bonds at first rose on speculation that the Federal Reserve may consider scaling back its bondbuyingpurchase programming. US government bonds and German Bunds yields initially advanced in March 2013 onbetter-than-expected economic data. However, perceived ‘safe haven’ 10-year government bond yields fell in March,primarily driven by the uncertainty surrounding the Cyprus bailout package. Greek government bond yields reachedabove 12.0% on fears of contagion during March 2013.25

Report of the Réviseur d’Entreprises AgrééTo the Shareholders ofHSBC Global Investment Funds16, Boulevard d’AvranchesL-1160 LuxembourgGrand Duchy of LuxembourgREPORT OF THE RÉVISEUR D'ENTREPRISES AGRÉÉFollowing our appointment by the Annual General Meeting of the shareholders dated 27 July 2012, we have audited theaccompanying financial statements of HSBC Global Investment Funds (“the Company”) and each of its sub-funds, whichcomprise the statement of net assets and the portfolio of investments and other net assets as at 31 March 2013 and thestatement of operations and changes in net assets for the year then ended, and a summary of significant accounting policies andother explanatory information.Board of Directors of the Company responsibility for the financial statementsThe Board of Directors of the Company is responsible for the preparation and fair presentation of these financial statements inaccordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements, and forsuch internal control as the Board of Directors of the Company determines is necessary to enable the preparation of financialstatements that are free from material misstatement, whether due to fraud or error.Responsibility of the Réviseur d'Entreprises agrééOur responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit inaccordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du SecteurFinancier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the financial statements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.The procedures selected depend on the judgment of the Réviseur d'Entreprises agréé, including the assessment of the risks ofmaterial misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Réviseurd'Entreprises agréé considers internal control relevant to the entity's preparation and fair presentation of the financial statementsin order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion onthe effectiveness of the entity's internal control.An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimatesmade by the Board of Directors of the Company, as well as evaluating the overall presentation of the financial statements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.OpinionIn our opinion, the financial statements give a true and fair view of the financial position of HSBC Global Investment Funds andeach of its sub-funds as of 31 March 2013, and of the results of their operations and changes in their net assets for the year thenended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.Other matterSupplementary information included in the annual report has been reviewed in the context of our mandate but has not beensubject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express noopinion on such information. However, we have no observation to make concerning such information in the context of thefinancial statements taken as a whole.Luxembourg, 12 July 2013KPMG Luxembourg S.à r.l.Cabinet de révision agrééR. Beegun26

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Statement of Net Assets as at 31 March 2013CONSOLIDATEDUSDInternational andRegional EquitySub-FundsAsia ex JapanEquityUSDAsia ex JapanEquity SmallerCompaniesUSDAsia Pacific exJapan EquityHigh DividendUSDPortfolio at Cost*Unrealised Appreciation/(Depreciation)*Portfolio at Market ValueCash at BankBank OverdraftReceivable from BrokersPayable to BrokersReceivable from ShareholdersPayable to ShareholdersOther Assets (note 19)Other Liabilities (note 19)Total Net Assets28,111,772,110(178,855,578)27,932,916,5321,687,791,066(3,581,892)338,355,335(557,537,882)333,414,759(223,870,094)289,342,662(265,477,579)29,531,352,907518,193,84455,762,277573,956,1212,955,848-4,359,874-203,819(1,569,077)2,113,589(3,620,738)578,399,43664,994,42910,760,17475,754,6033,128,710-738,010(814,421)483,965(1,391,638)82,531(202,741)77,779,019148,358,75628,361,291176,720,0472,945,310---1,164,847(1,320,200)2,256,588(450,496)181,316,096*amounts including transaction fees.The accompanying notes form an integral part of these financial statements.28

Statement of Net Assets as at 31 March 2013BRIC EquityUSDBRIC MarketsUSDBRIC MarketsEquityUSDChina ConsumerOpportunitiesUSDCIVETSUSDClimate ChangeUSD1,210,841,809(130,284,061)1,080,557,74811,692,003-2,308,870(1,912,641)393,312(3,576,740)453,351(1,181,924)1,088,733,97915,659,3191,026,79716,686,1165,001-----24,700(16,474)16,699,343400,448,33117,569,774418,018,10521,216,038---333,638(1,454,675)561,763(570,214)438,104,65585,021,72013,710,78198,732,501-(125,966)1,284,096-366,077(1,020,218)196,469(150,126)99,282,83330,426,2692,698,32533,124,594540,331-405,000(498,862)94,601(7,523)111,447(18,441)33,751,14721,536,3454,652,25726,188,60236,172-4,312,253(1,398,875)15,523(1,416,035)90,418(45,171)27,782,88729

Statement of Net Assets as at 31 March 2013Emerging WealthUSDEuroland EquityEUREuroland EquitySmallerCompaniesEUREuroland GrowthEURPortfolio at Cost*Unrealised Appreciation/(Depreciation)*Portfolio at Market ValueCash at BankBank OverdraftReceivable from BrokersPayable to BrokersReceivable from ShareholdersPayable to ShareholdersOther Assets (note 19)Other Liabilities (note 19)Total Net Assets16,586,5562,206,35118,792,907149,924-491,190-37,602(2,037)49,117(36,342)19,482,361586,624,682(49,351,743)537,272,9394,765,650-1,420,112(1,511,349)3,551,288(1,185,032)1,200,990(701,632)544,812,966116,025,7427,925,467123,951,2095,552,067--(1,568,647)131,712(149,883)303,767(126,832)128,093,39390,191,850(3,248,888)86,942,9621,318,729---2,352(21,329)143,465(99,977)88,286,202*amounts including transaction fees.The accompanying notes form an integral part of these financial statements.30

Statement of Net Assets as at 31 March 2013European EquityEURFrontier MarketsUSDGlobal EmergingMarkets EquityUSDGlobal EquityUSDLatin AmericanEquityUSDMarket SpecificEquity Sub-FundsBrazil EquityUSD102,187,58315,147,075117,334,658580,288-613,077(784,254)101,234(283,412)510,523(145,646)117,926,468100,851,77217,719,532118,571,3043,046,504-420,374(62,510)1,324,311(1,157,127)845,260(153,278)122,834,838611,348,963(27,493,298)583,855,66511,543,430-3,153,435(601,000)1,481,706(3,103,248)1,955,718(959,963)597,325,74355,954,9305,039,82660,994,7565,775,356(1,345,065)--3,106,246(167,674)353,620(45,756)68,671,483194,344,13210,953,254205,297,3862,111,292-1,644,580(2,595,254)1,028,322(402,870)260,515(188,610)207,155,3611,748,157,30024,838,3091,772,995,60936,266,535-13,569,444-2,835,611(37,219,994)4,797,288(2,381,501)1,790,862,99231

Statement of Net Assets as at 31 March 2013Chinese EquityUSDHong KongEquityUSDIndian EquityUSDJapanese EquityJPYPortfolio at Cost*Unrealised Appreciation/(Depreciation)*Portfolio at Market ValueCash at BankBank OverdraftReceivable from BrokersPayable to BrokersReceivable from ShareholdersPayable to ShareholdersOther Assets (note 19)Other Liabilities (note 19)Total Net Assets1,933,013,641104,691,0842,037,704,72525,285,870-34,641,252(4,591,488)4,063,200(13,528,207)329,996(2,958,399)2,080,946,949225,454,17231,812,956257,267,1281,807,619-759,553(880,259)1,054,667(1,300,785)512,541(243,757)258,976,7074,191,008,236(891,061,038)3,299,947,19890,296,837-93,020,656(149,718,727)1,087,163(15,864,640)15,241,448(62,507,858)3,271,502,0774,470,121,283739,271,0225,209,392,305957,279,263---70,597,298(272,567,733)66,332,944(6,427,721)6,024,606,356*amounts including transaction fees.The accompanying notes form an integral part of these financial statements.32

Statement of Net Assets as at 31 March 2013Korean Equity Mexico EquityUSD (launched as at 28February 2013)USDRussia EquityUSDSingapore EquityUSDTaiwan EquityUSDThai EquityUSD70,997,1264,098,36275,095,4881,490,532-1,370,948(631,027)126,271(432,015)668,811(109,818)77,579,190159,660,0803,310,693162,970,773479,532--(96,822,685)113,202,810-1,448,875(243,917)181,035,388470,946,695(67,499,056)403,447,6393,985,972-11,280,453-1,737,289(2,632,669)190,908(686,976)417,322,61665,713,28510,699,97776,413,2623,593,664-2,382,819(1,998,996)44,939(118,967)19,152(84,271)80,251,60210,928,741372,41911,301,160149,593---8,684(77,080)-(17,558)11,364,799145,582,29927,956,318173,538,6179,734,139-6,460,744(1,367,941)2,692,817(12,695,654)1,327,642(250,028)179,440,33633

Statement of Net Assets as at 31 March 2013Turkey EquityEURUK EquityGBPUS EquityUSDBond Sub-FundsAsian CurrenciesBondUSDPortfolio at Cost*Unrealised Appreciation/(Depreciation)*Portfolio at Market ValueCash at BankBank OverdraftReceivable from BrokersPayable to BrokersReceivable from ShareholdersPayable to ShareholdersOther Assets (note 19)Other Liabilities (note 19)Total Net Assets223,720,82043,276,733266,997,5534,518,150-162,459(342,169)6,947,652(3,292,659)34,537(390,257)274,635,26657,683,29011,462,59769,145,8871,476,474-292,143(520,246)117,256(165,707)473,606(98,972)70,720,441135,505,71421,951,230157,456,94433,990,849---1,930,547(1,549,281)582,275(2,107,075)190,304,259100,453,5534,243,211104,696,7641,158,491--(2,709,675)403,025(89)914,796(89,225)104,374,087*amounts including transaction fees.The accompanying notes form an integral part of these financial statements.34

Statement of Net Assets as at 31 March 2013Brazil BondUSDEuro BondEUREuro Credit BondEUREuro High YieldBondEURGEM InflationLinked Bond(FormerlyEmergingInflation LinkedBond)USDGlobal BondUSD50,224,266452,64350,676,909119,392---420,397(208,113)400,265(55,713)51,353,13792,995,1614,099,56597,094,7266,479,352-908,530(5,323,009)19,162(161,628)1,385,218(187,878)100,214,473511,381,97916,385,592527,767,5716,815,799-46,525,956(27,791,522)1,128,424(1,789,925)10,128,591(2,914,539)559,870,3551,195,900,54071,256,4451,267,156,98526,120,445-9,847,899(11,501,869)13,227,526(5,310,095)32,608,134(7,709,687)1,324,439,338176,662,25011,499,356188,161,60611,796,309-18,655,439(18,655,439)1,412,315(209,492)2,247,113(170,049)203,237,802218,877,619(1,124,565)217,753,0547,537,599-329,841(23,332,032)106,234(829,007)2,705,289(79,176)204,191,80235

Statement of Net Assets as at 31 March 2013Global EmergingMarkets BondUSDGlobal Emerging Global EmergingMarketsMarketsCorporate Debt Investment GradeUSDBondUSDGlobal EmergingMarkets LocalDebtUSDPortfolio at Cost*Unrealised Appreciation/(Depreciation)*Portfolio at Market ValueCash at BankBank OverdraftReceivable from BrokersPayable to BrokersReceivable from ShareholdersPayable to ShareholdersOther Assets (note 19)Other Liabilities (note 19)Total Net Assets3,634,004,038186,241,1573,820,245,195175,030,855-24,560,213(17,830,833)30,274,096(40,970,036)56,418,334(33,694,855)4,014,032,96911,089,464539,79511,629,259999,356--(199,999)-(28,313)162,296(2,957)12,559,64277,976,7961,322,99279,299,7887,515,025-2,165,628(565,609)318,193(78,910)1,863,951(76,568)90,441,4981,094,074,40414,224,9831,108,299,387255,479,228---6,491,335(3,311,767)12,458,847(5,353,511)1,374,063,519*amounts including transaction fees.The accompanying notes form an integral part of these financial statements.36

Statement of Net Assets as at 31 March 2013Global HighIncome BondUSDGlobal High YieldBond (launchedas at 20 July2012)USDGlobal InflationLinked BondUSDIndia FixedIncome (launchedas at 20 August2012)USDLatin AmericanLocal DebtUSDRMB FixedIncomeUSD1,252,678,19838,531,5941,291,209,792140,456,120(726)3,511,026(17,128,283)34,123,395(14,715,043)40,020,856(11,296,224)1,466,180,9131,233,359,02537,114,7961,270,473,821125,979,605(499)12,877,365(14,718,033)9,246,786(13,817,625)43,693,835(19,299,290)1,414,435,96530,826,2432,435,52833,261,771482,946(32)---(140,265)587,121(35,328)34,156,21332,086,628343,77832,430,406910,773----(353,209)490,777(50,488)33,428,25920,090,972872,46420,963,436120,420---73,050(14,196)269,398(4,226)21,407,882238,770,5734,226,759242,997,332178,142,380--(11,436,850)17,673,732(8,154,253)3,365,612(42,749,882)379,838,07137

Statement of Net Assets as at 31 March 2013US Dollar BondUSDReserve Sub-Fund Index Sub-FundEuro Reserve Economic ScaleEUR Index GEM Equity(launched as at 20March 2013)USDOther Sub-FundsGEM Debt TotalReturnUSDPortfolio at Cost*Unrealised Appreciation/(Depreciation)*Portfolio at Market ValueCash at BankBank OverdraftReceivable from BrokersPayable to BrokersReceivable from ShareholdersPayable to ShareholdersOther Assets (note 19)Other Liabilities (note 19)Total Net Assets127,340,3324,018,278131,358,61010,080,204--(32,114,608)196,408(381,161)869,164(52,389)109,956,228107,568,00617,010107,585,01616,737,048-4,499,972(9,999,252)6,637,849(314,285)979(13,843)125,133,48449,413,697(31,143)49,382,5543,928,833--(3,402,748)5,000(5,000)43,545(3,269)49,948,9151,483,939,2959,000,2721,492,939,567244,503,295-7,790,535-12,562,418(5,911,389)8,393,385(47,369,298)1,712,908,513*amounts including transaction fees.The accompanying notes form an integral part of these financial statements.38

Statement of Net Assets as at 31 March 2013Global CurrencyUSDGlobal FlexAllocationEURGlobal MacroEURManagedSolutions - AsiaFocusedConservative(launched as at 15March 2013)USDManagedSolutions - AsiaFocused Growth(launched as at 15March 2013)USDManagedSolutions - AsiaFocused Income(launched as at 25May 2012)USD43,974,85713,67843,988,5359,544,887---26,012(86,680)181(1,207,712)52,265,22314,175,272942,48615,117,7583,554,035(17,832)-(6,720)-(61,206)377,709(2,986)18,960,75866,252,800159,32766,412,12712,332,797(1,625,035)1,644,749(43,768)341,809(53,174)1,130,076(1,461,626)78,677,95535,811,17016,18935,827,35916,869,219-28,240(10,346,152)784,520(26,062)224,813(11,415)43,350,522130,106,169604,717130,710,88614,501,196-418,466(14,448,334)5,918,203(2,144,744)624,804(163,180)135,417,2971,313,614,61760,578,4311,374,193,04883,989,140-705,250(50,366,381)32,427,261(11,117,026)16,278,816(6,600,068)1,439,510,04039

Key Figures as at 31 March 2013International andRegional EquitySub-FundsAsia ex JapanEquityUSDAsia ex JapanEquity SmallerCompaniesUSDAsia Pacific exJapan EquityHigh DividendUSDBRIC EquityUSDClass AC Number of Shares OutstandingNet Asset Value per ShareClass AC EUR Number of Shares OutstandingNet Asset Value per ShareClass AC GBP Number of Shares OutstandingNet Asset Value per ShareClass AC HKD Number of Shares OutstandingNet Asset Value per ShareClass AC RMB Number of Shares OutstandingNet Asset Value per ShareClass ACH AUD Number of Shares OutstandingNet Asset Value per ShareClass ACH CHF Number of Shares OutstandingNet Asset Value per ShareClass ACH EUR Number of Shares OutstandingNet Asset Value per ShareClass ACH SGD Number of Shares OutstandingNet Asset Value per ShareClass AD Number of Shares OutstandingNet Asset Value per ShareClass AD EUR Number of Shares OutstandingNet Asset Value per ShareClass AD GBP Number of Shares OutstandingNet Asset Value per ShareClass AD HKD Number of Shares OutstandingNet Asset Value per ShareClass AD RMB Number of Shares OutstandingNet Asset Value per ShareClass ADH EUR Number of Shares OutstandingNet Asset Value per ShareClass AM Number of Shares OutstandingNet Asset Value per ShareClass AM HKD Number of Shares OutstandingNet Asset Value per ShareClass AMD Number of Shares OutstandingNet Asset Value per ShareClass AMH AUD Number of Shares OutstandingNet Asset Value per ShareClass AMH EUR Number of Shares OutstandingNet Asset Value per ShareClass AMH SGD Number of Shares OutstandingNet Asset Value per ShareClass BC GBP Number of Shares OutstandingNet Asset Value per ShareClass BD GBP Number of Shares OutstandingNet Asset Value per ShareClass EC Number of Shares OutstandingNet Asset Value per ShareClass ECH EUR Number of Shares OutstandingNet Asset Value per Share2,333,986.55150.041,000.00013.70N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A3,449,112.64420.88N/AN/A3,770,463.58145.95N/AN/AN/AN/AN/AN/AN/AN/A71,998.34220.21N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A300.00016.441,537.14116.44117,221.17845.58N/AN/A515,119.10443.44N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A806,988.82040.85N/AN/AN/AN/A99.9001.35N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1,734.65918.78300.00018.78127,691.15442.19N/AN/A1,455,395.15521.06N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A3,763,316.03017.32N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1,987,534.7699.7011,389,294.6021.25N/AN/AN/AN/AN/AN/AN/AN/A300.00017.121,211.85717.1248,851.51220.51N/AN/A8,158,365.39320.13N/AN/A5,884.44014.823,585,046.3770.96N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A142,134.26620.12N/AN/A586.22920.12N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A300.00016.00300.00016.00130,699.21919.50N/AN/A40The accompanying notes form an integral part of these financial statements.

Key Figures as at 31 March 2013International andRegional EquitySub-FundsAsia ex JapanEquityUSDAsia ex JapanEquity SmallerCompaniesUSDAsia Pacific exJapan EquityHigh DividendUSDBRIC EquityUSDClass EDClass ICClass IC EURClass IC GBPClass ICHEURClass ICHGBPClass IDClass ID EURClass IDHEURClass J1CClass J1CHJPYClass JCClass L1CClass L1CHCHFClass L1CHEURClass L1CHGBPClass L1CHJPYClass L1CHSEKClass L1CHUSDClass L1DClass L1DHEURClass L1DHGBPClass L1DHUSDClass M1CClass M1CHCHFClass M1CHEURNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per Share2,938.62945.082,603,953.75051.05N/AN/AN/AN/AN/AN/AN/AN/A142,673.20649.65N/AN/AN/AN/A4,876,563.98710.81N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A379,045.94744.89N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1,563,787.95719.2027,211.84614.84N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A5,084,207.03720.71135,486.02811.70N/AN/AN/AN/AN/AN/A55,000.00020.99N/AN/AN/AN/A13,115,646.18915.56N/AN/AN/AN/A4,055.00020.69N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A939,378.00321.54N/AN/AN/AN/AThe accompanying notes form an integral part of these financial statements.41

Key Figures as at 31 March 2013International andRegional EquitySub-FundsAsia ex JapanEquityUSDAsia ex JapanEquity SmallerCompaniesUSDAsia Pacific exJapan EquityHigh DividendUSDBRIC EquityUSDClass M1CHGBPClass M1CHJPYClass M1CHNOKClass M1CHSEKClass M1CHUSDClass M1DClass M1HGBPClass M1DHSEKClass M2CClass M2DClass N1CHGBPClass N1DHGBPClass PCClass PDClass R1CClass S1DClass S3DClass S6CClass S8Class WDClass XCClass XDClass YCClass YDClass ZCClass ZCHGBPNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A22,597,995.88920.725,594,565.52220.54N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A443.25520.76N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A42The accompanying notes form an integral part of these financial statements.

Key Figures as at 31 March 2013International andRegional EquitySub-FundsAsia ex JapanEquityUSDAsia ex JapanEquity SmallerCompaniesUSDAsia Pacific exJapan EquityHigh DividendUSDBRIC EquityUSDClass ZDClass ZDHEURClass Z1DHGBPClass ZMNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per Share354,360.78646.96N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1,165,450.62117.62N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AThe accompanying notes form an integral part of these financial statements.43

Key Figures as at 31 March 2013International andRegional EquitySub-FundsBRIC MarketsUSDBRIC MarketsEquityUSDChina ConsumerOpportunitiesUSDCIVETSUSDClass AC Number of Shares OutstandingNet Asset Value per ShareClass AC EUR Number of Shares OutstandingNet Asset Value per ShareClass AC GBP Number of Shares OutstandingNet Asset Value per ShareClass AC HKD Number of Shares OutstandingNet Asset Value per ShareClass AC RMB Number of Shares OutstandingNet Asset Value per ShareClass ACH AUD Number of Shares OutstandingNet Asset Value per ShareClass ACH CHF Number of Shares OutstandingNet Asset Value per ShareClass ACH EUR Number of Shares OutstandingNet Asset Value per ShareClass ACH SGD Number of Shares OutstandingNet Asset Value per ShareClass AD Number of Shares OutstandingNet Asset Value per ShareClass AD EUR Number of Shares OutstandingNet Asset Value per ShareClass AD GBP Number of Shares OutstandingNet Asset Value per ShareClass AD HKD Number of Shares OutstandingNet Asset Value per ShareClass AD RMB Number of Shares OutstandingNet Asset Value per ShareClass ADH EUR Number of Shares OutstandingNet Asset Value per ShareClass AM Number of Shares OutstandingNet Asset Value per ShareClass AM HKD Number of Shares OutstandingNet Asset Value per ShareClass AMD Number of Shares OutstandingNet Asset Value per ShareClass AMH AUD Number of Shares OutstandingNet Asset Value per ShareClass AMH EUR Number of Shares OutstandingNet Asset Value per ShareClass AMH SGD Number of Shares OutstandingNet Asset Value per ShareClass BC GBP Number of Shares OutstandingNet Asset Value per ShareClass BD GBP Number of Shares OutstandingNet Asset Value per ShareClass EC Number of Shares OutstandingNet Asset Value per ShareClass ECH EUR Number of Shares OutstandingNet Asset Value per ShareN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A9,931,729.16313.74N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A8,301,377.78313.55N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1,600,414.16713.29N/AN/A5,499,628.08513.23N/AN/AN/AN/A15,632,769.1981.70N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A211,320.92211.2189,058.38715.89N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A61,855.88611.21N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A55,473.90311.29N/AN/A44The accompanying notes form an integral part of these financial statements.

Key Figures as at 31 March 2013International andRegional EquitySub-FundsBRIC MarketsUSDBRIC MarketsEquityUSDChina ConsumerOpportunitiesUSDCIVETSUSDClass EDClass ICClass IC EURClass IC GBPClass ICHEURClass ICHGBPClass IDClass ID EURClass IDHEURClass J1CClass J1CHJPYClass JCClass L1CClass L1CHCHFClass L1CHEURClass L1CHGBPClass L1CHJPYClass L1CHSEKClass L1CHUSDClass L1DClass L1DHEURClass L1DHGBPClass L1DHUSDClass M1CClass M1CHCHFClass M1CHEURNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A7,127.88313.231,495,775.91114.52N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A9,935,649.67214.70N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A422,623.73411.4239,326.45016.18N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AThe accompanying notes form an integral part of these financial statements.45

Key Figures as at 31 March 2013International andRegional EquitySub-FundsBRIC MarketsUSDBRIC MarketsEquityUSDChina ConsumerOpportunitiesUSDCIVETSUSDClass M1CHGBPClass M1CHJPYClass M1CHNOKClass M1CHSEKClass M1CHUSDClass M1DClass M1HGBPClass M1DHSEKClass M2CClass M2DClass N1CHGBPClass N1DHGBPClass PCClass PDClass R1CClass S1DClass S3DClass S6CClass S8Class WDClass XCClass XDClass YCClass YDClass ZCClass ZCHGBPNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A4,075.00024.680.99524.65649,085.00025.57N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1,998,000.00011.61N/AN/A46The accompanying notes form an integral part of these financial statements.

Key Figures as at 31 March 2013International andRegional EquitySub-FundsBRIC MarketsUSDBRIC MarketsEquityUSDChina ConsumerOpportunitiesUSDCIVETSUSDClass ZDClass ZDHEURClass Z1DHGBPClass ZMNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AThe accompanying notes form an integral part of these financial statements.47

Key Figures as at 31 March 2013International andRegional EquitySub-FundsClimate ChangeUSDEmerging WealthUSDEuroland EquityEUREuroland EquitySmallerCompaniesEURClass AC Number of Shares OutstandingNet Asset Value per ShareClass AC EUR Number of Shares OutstandingNet Asset Value per ShareClass AC GBP Number of Shares OutstandingNet Asset Value per ShareClass AC HKD Number of Shares OutstandingNet Asset Value per ShareClass AC RMB Number of Shares OutstandingNet Asset Value per ShareClass ACH AUD Number of Shares OutstandingNet Asset Value per ShareClass ACH CHF Number of Shares OutstandingNet Asset Value per ShareClass ACH EUR Number of Shares OutstandingNet Asset Value per ShareClass ACH SGD Number of Shares OutstandingNet Asset Value per ShareClass AD Number of Shares OutstandingNet Asset Value per ShareClass AD EUR Number of Shares OutstandingNet Asset Value per ShareClass AD GBP Number of Shares OutstandingNet Asset Value per ShareClass AD HKD Number of Shares OutstandingNet Asset Value per ShareClass AD RMB Number of Shares OutstandingNet Asset Value per ShareClass ADH EUR Number of Shares OutstandingNet Asset Value per ShareClass AM Number of Shares OutstandingNet Asset Value per ShareClass AM HKD Number of Shares OutstandingNet Asset Value per ShareClass AMD Number of Shares OutstandingNet Asset Value per ShareClass AMH AUD Number of Shares OutstandingNet Asset Value per ShareClass AMH EUR Number of Shares OutstandingNet Asset Value per ShareClass AMH SGD Number of Shares OutstandingNet Asset Value per ShareClass BC GBP Number of Shares OutstandingNet Asset Value per ShareClass BD GBP Number of Shares OutstandingNet Asset Value per ShareClass EC Number of Shares OutstandingNet Asset Value per ShareClass ECH EUR Number of Shares OutstandingNet Asset Value per Share1,633,472.2126.65N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1,858,493.3916.48N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A381,165.8646.47N/AN/A1,078,915.7478.40N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1,265,557.3748.23N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A6,927,027.21126.60N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1,152,614.17124.52N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A30,420.46025.78N/AN/A936,533.87742.93N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A96,484.51841.31N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A17,726.05141.64N/AN/A48The accompanying notes form an integral part of these financial statements.

Key Figures as at 31 March 2013International andRegional EquitySub-FundsClimate ChangeUSDEmerging WealthUSDEuroland EquityEUREuroland EquitySmallerCompaniesEURClass EDClass ICClass IC EURClass IC GBPClass ICHEURClass ICHGBPClass IDClass ID EURClass IDHEURClass J1CClass J1CHJPYClass JCClass L1CClass L1CHCHFClass L1CHEURClass L1CHGBPClass L1CHJPYClass L1CHSEKClass L1CHUSDClass L1DClass L1DHEURClass L1DHGBPClass L1DHUSDClass M1CClass M1CHCHFClass M1CHEURNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/A347,798.3396.96N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A2,711.53224.309,990,448.65528.07N/AN/AN/AN/AN/AN/AN/AN/A1,041,032.00028.07N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1,785,137.30945.44N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AThe accompanying notes form an integral part of these financial statements.49

Key Figures as at 31 March 2013International andRegional EquitySub-FundsClimate ChangeUSDEmerging WealthUSDEuroland EquityEUREuroland EquitySmallerCompaniesEURClass M1CHGBPClass M1CHJPYClass M1CHNOKClass M1CHSEKClass M1CHUSDClass M1DClass M1HGBPClass M1DHSEKClass M2CClass M2DClass N1CHGBPClass N1DHGBPClass PCClass PDClass R1CClass S1DClass S3DClass S6CClass S8Class WDClass XCClass XDClass YCClass YDClass ZCClass ZCHGBPNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A47,600.00031.25N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A40,792.04450.31N/AN/A50The accompanying notes form an integral part of these financial statements.

Key Figures as at 31 March 2013International andRegional EquitySub-FundsClimate ChangeUSDEmerging WealthUSDEuroland EquityEUREuroland EquitySmallerCompaniesEURClass ZDClass ZDHEURClass Z1DHGBPClass ZMNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A751,660.93027.02N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AThe accompanying notes form an integral part of these financial statements.51

Key Figures as at 31 March 2013International andRegional EquitySub-FundsEuroland GrowthEUREuropean EquityEURFrontier MarketsUSDGlobal EmergingMarkets EquityUSDClass AC Number of Shares OutstandingNet Asset Value per ShareClass AC EUR Number of Shares OutstandingNet Asset Value per ShareClass AC GBP Number of Shares OutstandingNet Asset Value per ShareClass AC HKD Number of Shares OutstandingNet Asset Value per ShareClass AC RMB Number of Shares OutstandingNet Asset Value per ShareClass ACH AUD Number of Shares OutstandingNet Asset Value per ShareClass ACH CHF Number of Shares OutstandingNet Asset Value per ShareClass ACH EUR Number of Shares OutstandingNet Asset Value per ShareClass ACH SGD Number of Shares OutstandingNet Asset Value per ShareClass AD Number of Shares OutstandingNet Asset Value per ShareClass AD EUR Number of Shares OutstandingNet Asset Value per ShareClass AD GBP Number of Shares OutstandingNet Asset Value per ShareClass AD HKD Number of Shares OutstandingNet Asset Value per ShareClass AD RMB Number of Shares OutstandingNet Asset Value per ShareClass ADH EUR Number of Shares OutstandingNet Asset Value per ShareClass AM Number of Shares OutstandingNet Asset Value per ShareClass AM HKD Number of Shares OutstandingNet Asset Value per ShareClass AMD Number of Shares OutstandingNet Asset Value per ShareClass AMH AUD Number of Shares OutstandingNet Asset Value per ShareClass AMH EUR Number of Shares OutstandingNet Asset Value per ShareClass AMH SGD Number of Shares OutstandingNet Asset Value per ShareClass BC GBP Number of Shares OutstandingNet Asset Value per ShareClass BD GBP Number of Shares OutstandingNet Asset Value per ShareClass EC Number of Shares OutstandingNet Asset Value per ShareClass ECH EUR Number of Shares OutstandingNet Asset Value per Share2,253.06411.23N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1,128,998.22334.84N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A11,593.47831.50N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A7,790.78232.52N/AN/A741,730.79279.0633,631.34115.01N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A13,900.00079.06N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A2,780.63315.515,000.00017.2312,446.14410.78N/AN/A2,729,411.84416.061,018,402.00015.201,499.35816.15N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A5,010,378.21915.56N/AN/A118.24716.27N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A300.00016.30300.00016.30689,043.36815.03N/AN/A52The accompanying notes form an integral part of these financial statements.

Key Figures as at 31 March 2013International andRegional EquitySub-FundsEuroland GrowthEUREuropean EquityEURFrontier MarketsUSDGlobal EmergingMarkets EquityUSDClass EDClass ICClass IC EURClass IC GBPClass ICHEURClass ICHGBPClass IDClass ID EURClass IDHEURClass J1CClass J1CHJPYClass JCClass L1CClass L1CHCHFClass L1CHEURClass L1CHGBPClass L1CHJPYClass L1CHSEKClass L1CHUSDClass L1DClass L1DHEURClass L1DHGBPClass L1DHUSDClass M1CClass M1CHCHFClass M1CHEURNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/A7,410,354.61811.55N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A79,491.90711.31N/AN/AN/AN/A474,350.23531.0524,669.83736.39N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A203,370.893112.841,939,001.99613.87252,577.82017.15N/AN/AN/AN/A5,740.318111.63N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A11,996.18814.904,731,573.50416.82N/AN/AN/AN/AN/AN/AN/AN/A2,138.04316.96N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AThe accompanying notes form an integral part of these financial statements.53

Key Figures as at 31 March 2013International andRegional EquitySub-FundsEuroland GrowthEUREuropean EquityEURFrontier MarketsUSDGlobal EmergingMarkets EquityUSDClass M1CHGBPClass M1CHJPYClass M1CHNOKClass M1CHSEKClass M1CHUSDClass M1DClass M1HGBPClass M1DHSEKClass M2CClass M2DClass N1CHGBPClass N1DHGBPClass PCClass PDClass R1CClass S1DClass S3DClass S6CClass S8Class WDClass XCClass XDClass YCClass YDClass ZCClass ZCHGBPNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A171,742.15010.31N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A4,519.00036.641,845,558.33631.17N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A14,054,370.10211.03940,284.09410.67N/AN/A445,508.4047.69N/AN/AN/AN/AN/AN/A7,000,036.31816.02N/AN/AN/AN/AN/AN/AN/AN/A15,487.0009.47N/AN/A54The accompanying notes form an integral part of these financial statements.

Key Figures as at 31 March 2013International andRegional EquitySub-FundsEuroland GrowthEUREuropean EquityEURFrontier MarketsUSDGlobal EmergingMarkets EquityUSDClass ZDClass ZDHEURClass Z1DHGBPClass ZMNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/AN/AN/AN/AN/AN/AN/A145,551.73832.03N/AN/AN/AN/AN/AN/A535,942.16014.03N/AN/AN/AN/AN/AN/A5,602,292.60015.91N/AN/AN/AN/AN/AN/AThe accompanying notes form an integral part of these financial statements.55

Key Figures as at 31 March 2013International andRegional EquitySub-FundsGlobal EquityUSDLatin AmericanEquityUSDMarket SpecificEquity Sub-FundsBrazil EquityUSDClass AC Number of Shares OutstandingNet Asset Value per ShareClass AC EUR Number of Shares OutstandingNet Asset Value per ShareClass AC GBP Number of Shares OutstandingNet Asset Value per ShareClass AC HKD Number of Shares OutstandingNet Asset Value per ShareClass AC RMB Number of Shares OutstandingNet Asset Value per ShareClass ACH AUD Number of Shares OutstandingNet Asset Value per ShareClass ACH CHF Number of Shares OutstandingNet Asset Value per ShareClass ACH EUR Number of Shares OutstandingNet Asset Value per ShareClass ACH SGD Number of Shares OutstandingNet Asset Value per ShareClass AD Number of Shares OutstandingNet Asset Value per ShareClass AD EUR Number of Shares OutstandingNet Asset Value per ShareClass AD GBP Number of Shares OutstandingNet Asset Value per ShareClass AD HKD Number of Shares OutstandingNet Asset Value per ShareClass AD RMB Number of Shares OutstandingNet Asset Value per ShareClass ADH EUR Number of Shares OutstandingNet Asset Value per ShareClass AM Number of Shares OutstandingNet Asset Value per ShareClass AM HKD Number of Shares OutstandingNet Asset Value per ShareClass AMD Number of Shares OutstandingNet Asset Value per ShareClass AMH AUD Number of Shares OutstandingNet Asset Value per ShareClass AMH EUR Number of Shares OutstandingNet Asset Value per ShareClass AMH SGD Number of Shares OutstandingNet Asset Value per ShareClass BC GBP Number of Shares OutstandingNet Asset Value per ShareClass BD GBP Number of Shares OutstandingNet Asset Value per ShareClass EC Number of Shares OutstandingNet Asset Value per ShareClass ECH EUR Number of Shares OutstandingNet Asset Value per Share171,410.20426.36N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A683,857.23725.77N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A9,221.36825.82N/AN/A371,793.17418.331,000.00013.801,945.46616.71N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A875,808.43218.07N/AN/AN/AN/A414,273.4731.12N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A300.00017.44300.00017.4480,803.39218.05N/AN/A12,356,545.09832.4674,617.90612.0113,067.48816.14N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A17,566,326.91631.66N/AN/A9,596.82215.472,579,957.9961.03N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A300.00017.322,285.12817.321,098,722.96231.32N/AN/A56The accompanying notes form an integral part of these financial statements.

Key Figures as at 31 March 2013International andRegional EquitySub-FundsGlobal EquityUSDLatin AmericanEquityUSDMarket SpecificEquity Sub-FundsBrazil EquityUSDClass EDClass ICClass IC EURClass IC GBPClass ICHEURClass ICHGBPClass IDClass ID EURClass IDHEURClass J1CClass J1CHJPYClass JCClass L1CClass L1CHCHFClass L1CHEURClass L1CHGBPClass L1CHJPYClass L1CHSEKClass L1CHUSDClass L1DClass L1DHEURClass L1DHGBPClass L1DHUSDClass M1CClass M1CHCHFClass M1CHEURNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/A275,212.45627.74N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A4,039,509.45218.90N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A2,632,273.56218.27N/AN/AN/AN/AN/AN/A1,927,172.42518.68N/AN/AN/AN/A3,184.35631.073,855,649.04634.7780,000.00013.03N/AN/AN/AN/AN/AN/A724,111.15032.66N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AThe accompanying notes form an integral part of these financial statements.57

Key Figures as at 31 March 2013International andRegional EquitySub-FundsGlobal EquityUSDLatin AmericanEquityUSDMarket SpecificEquity Sub-FundsBrazil EquityUSDClass M1CHGBPClass M1CHJPYClass M1CHNOKClass M1CHSEKClass M1CHUSDClass M1DClass M1HGBPClass M1DHSEKClass M2CClass M2DClass N1CHGBPClass N1DHGBPClass PCClass PDClass R1CClass S1DClass S3DClass S6CClass S8Class WDClass XCClass XDClass YCClass YDClass ZCClass ZCHGBPNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A2,134.88729.69N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1,219,704.96718.13N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A982,877.46534.07N/AN/AN/AN/AN/AN/A17,188,762.65035.07N/AN/AN/AN/AN/AN/A3,132.85537.99N/AN/A58The accompanying notes form an integral part of these financial statements.

Key Figures as at 31 March 2013International andRegional EquitySub-FundsGlobal EquityUSDLatin AmericanEquityUSDMarket SpecificEquity Sub-FundsBrazil EquityUSDClass ZDClass ZDHEURClass Z1DHGBPClass ZMNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per Share1,376,277.69728.04N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AThe accompanying notes form an integral part of these financial statements.59

Key Figures as at 31 March 2013Market SpecificEquity Sub-FundsChinese EquityUSDHong KongEquityUSDIndian EquityUSDJapanese EquityJPYClass AC Number of Shares OutstandingNet Asset Value per ShareClass AC EUR Number of Shares OutstandingNet Asset Value per ShareClass AC GBP Number of Shares OutstandingNet Asset Value per ShareClass AC HKD Number of Shares OutstandingNet Asset Value per ShareClass AC RMB Number of Shares OutstandingNet Asset Value per ShareClass ACH AUD Number of Shares OutstandingNet Asset Value per ShareClass ACH CHF Number of Shares OutstandingNet Asset Value per ShareClass ACH EUR Number of Shares OutstandingNet Asset Value per ShareClass ACH SGD Number of Shares OutstandingNet Asset Value per ShareClass AD Number of Shares OutstandingNet Asset Value per ShareClass AD EUR Number of Shares OutstandingNet Asset Value per ShareClass AD GBP Number of Shares OutstandingNet Asset Value per ShareClass AD HKD Number of Shares OutstandingNet Asset Value per ShareClass AD RMB Number of Shares OutstandingNet Asset Value per ShareClass ADH EUR Number of Shares OutstandingNet Asset Value per ShareClass AM Number of Shares OutstandingNet Asset Value per ShareClass AM HKD Number of Shares OutstandingNet Asset Value per ShareClass AMD Number of Shares OutstandingNet Asset Value per ShareClass AMH AUD Number of Shares OutstandingNet Asset Value per ShareClass AMH EUR Number of Shares OutstandingNet Asset Value per ShareClass AMH SGD Number of Shares OutstandingNet Asset Value per ShareClass BC GBP Number of Shares OutstandingNet Asset Value per ShareClass BD GBP Number of Shares OutstandingNet Asset Value per ShareClass EC Number of Shares OutstandingNet Asset Value per ShareClass ECH EUR Number of Shares OutstandingNet Asset Value per Share5,209,656.04173.1358,027.00013.144,065.49417.20N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A21,220,409.84970.55N/AN/A489.42817.179,636,115.2401.12N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A975.25715.951,458.75015.95274,756.07270.24N/AN/A64,818.067119.66N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A22,756.024109.95N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A8,260.56214.86678.83014.8810,533.170116.19N/AN/A6,155,348.974136.895,850.00013.0541,090.70515.28N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A15,482,498.161136.4589,512.53711.554,158.54015.24582,022.0470.99N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A3,051.10315.03305.00015.03265,265.855130.24N/AN/A203,551.6125,399.99N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A160,346.626796.14N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A623.6991,559.63213.1381,547.33182,523.863763.60N/AN/A60The accompanying notes form an integral part of these financial statements.

Key Figures as at 31 March 2013Market SpecificEquity Sub-FundsChinese EquityUSDHong KongEquityUSDIndian EquityUSDJapanese EquityJPYClass EDClass ICClass IC EURClass IC GBPClass ICHEURClass ICHGBPClass IDClass ID EURClass IDHEURClass J1CClass J1CHJPYClass JCClass L1CClass L1CHCHFClass L1CHEURClass L1CHGBPClass L1CHJPYClass L1CHSEKClass L1CHUSDClass L1DClass L1DHEURClass L1DHGBPClass L1DHUSDClass M1CClass M1CHCHFClass M1CHEURNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per Share994.66869.921,176,302.90978.06N/AN/AN/AN/AN/AN/AN/AN/A336.72572.74N/AN/AN/AN/A60,146.86077.47N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A19.428125.58N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A393,904.5948.24N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A584.000130.251,702,732.611149.13N/AN/AN/AN/AN/AN/AN/AN/A81,227.540145.45N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0.050777.20351,991.5705,725.54N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AThe accompanying notes form an integral part of these financial statements.61

Key Figures as at 31 March 2013Market SpecificEquity Sub-FundsChinese EquityUSDHong KongEquityUSDIndian EquityUSDJapanese EquityJPYClass M1CHGBPClass M1CHJPYClass M1CHNOKClass M1CHSEKClass M1CHUSDClass M1DClass M1HGBPClass M1DHSEKClass M2CClass M2DClass N1CHGBPClass N1DHGBPClass PCClass PDClass R1CClass S1DClass S3DClass S6CClass S8Class WDClass XCClass XDClass YCClass YDClass ZCClass ZCHGBPNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1,889,612.605108.51N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1,741.3815,558.243,052,711.425823.28N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A62The accompanying notes form an integral part of these financial statements.

Key Figures as at 31 March 2013Market SpecificEquity Sub-FundsChinese EquityUSDHong KongEquityUSDIndian EquityUSDJapanese EquityJPYClass ZDClass ZDHEURClass Z1DHGBPClass ZMNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per Share1,025,305.05073.44N/AN/AN/AN/AN/AN/A339,615.799115.04N/AN/AN/AN/AN/AN/A92,673.755145.10N/AN/AN/AN/AN/AN/A147,322.981806.58N/AN/AN/AN/AN/AN/AThe accompanying notes form an integral part of these financial statements.63

Key Figures as at 31 March 2013Market SpecificEquity Sub-FundsKorean Equity Mexico EquityUSD (launched as at 28February 2013)USDRussia EquityUSDSingapore EquityUSDClass AC Number of Shares OutstandingNet Asset Value per ShareClass AC EUR Number of Shares OutstandingNet Asset Value per ShareClass AC GBP Number of Shares OutstandingNet Asset Value per ShareClass AC HKD Number of Shares OutstandingNet Asset Value per ShareClass AC RMB Number of Shares OutstandingNet Asset Value per ShareClass ACH AUD Number of Shares OutstandingNet Asset Value per ShareClass ACH CHF Number of Shares OutstandingNet Asset Value per ShareClass ACH EUR Number of Shares OutstandingNet Asset Value per ShareClass ACH SGD Number of Shares OutstandingNet Asset Value per ShareClass AD Number of Shares OutstandingNet Asset Value per ShareClass AD EUR Number of Shares OutstandingNet Asset Value per ShareClass AD GBP Number of Shares OutstandingNet Asset Value per ShareClass AD HKD Number of Shares OutstandingNet Asset Value per ShareClass AD RMB Number of Shares OutstandingNet Asset Value per ShareClass ADH EUR Number of Shares OutstandingNet Asset Value per ShareClass AM Number of Shares OutstandingNet Asset Value per ShareClass AM HKD Number of Shares OutstandingNet Asset Value per ShareClass AMD Number of Shares OutstandingNet Asset Value per ShareClass AMH AUD Number of Shares OutstandingNet Asset Value per ShareClass AMH EUR Number of Shares OutstandingNet Asset Value per ShareClass AMH SGD Number of Shares OutstandingNet Asset Value per ShareClass BC GBP Number of Shares OutstandingNet Asset Value per ShareClass BD GBP Number of Shares OutstandingNet Asset Value per ShareClass EC Number of Shares OutstandingNet Asset Value per ShareClass ECH EUR Number of Shares OutstandingNet Asset Value per Share1,353,864.12714.60N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A2,834,240.20014.60N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A241,325.48114.19N/AN/A10,500.00010.61N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A10,790,690.6426.3017,256.43811.2876.01714.40N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A43,876,487.4746.30N/AN/A2,523.48415.209,559,888.9920.93N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A300.00015.88300.00015.881,875,201.3426.15N/AN/A244,730.03546.93N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A610,595.50138.97N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A60,339.36245.45N/AN/A64The accompanying notes form an integral part of these financial statements.

Key Figures as at 31 March 2013Market SpecificEquity Sub-FundsKorean Equity Mexico EquityUSD (launched as at 28February 2013)USDRussia EquityUSDSingapore EquityUSDClass EDClass ICClass IC EURClass IC GBPClass ICHEURClass ICHGBPClass IDClass ID EURClass IDHEURClass J1CClass J1CHJPYClass JCClass L1CClass L1CHCHFClass L1CHEURClass L1CHGBPClass L1CHJPYClass L1CHSEKClass L1CHUSDClass L1DClass L1DHEURClass L1DHGBPClass L1DHUSDClass M1CClass M1CHCHFClass M1CHEURNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per Share2,540.70014.19567,097.31315.53N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A273,414.84615.18N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A16,540,757.13410.62N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A700,774.0926.64N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A11,844.37347.73N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A21,682.60041.36N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AThe accompanying notes form an integral part of these financial statements.65

Key Figures as at 31 March 2013Market SpecificEquity Sub-FundsKorean Equity Mexico EquityUSD (launched as at 28February 2013)USDRussia EquityUSDSingapore EquityUSDClass M1CHGBPClass M1CHJPYClass M1CHNOKClass M1CHSEKClass M1CHUSDClass M1DClass M1HGBPClass M1DHSEKClass M2CClass M2DClass N1CHGBPClass N1DHGBPClass PCClass PDClass R1CClass S1DClass S3DClass S6CClass S8Class WDClass XCClass XDClass YCClass YDClass ZCClass ZCHGBPNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A499,500.00010.62N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A7,116,751.8856.67N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A530,242.01739.05N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A66The accompanying notes form an integral part of these financial statements.

Key Figures as at 31 March 2013Market SpecificEquity Sub-FundsKorean Equity Mexico EquityUSD (launched as at 28February 2013)USDRussia EquityUSDSingapore EquityUSDClass ZDClass ZDHEURClass Z1DHGBPClass ZMNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A490,335.90040.91N/AN/AN/AN/AN/AN/AThe accompanying notes form an integral part of these financial statements.67

Key Figures as at 31 March 2013Market SpecificEquity Sub-FundsTaiwan EquityUSDThai EquityUSDTurkey EquityEURUK EquityGBPClass AC Number of Shares OutstandingNet Asset Value per ShareClass AC EUR Number of Shares OutstandingNet Asset Value per ShareClass AC GBP Number of Shares OutstandingNet Asset Value per ShareClass AC HKD Number of Shares OutstandingNet Asset Value per ShareClass AC RMB Number of Shares OutstandingNet Asset Value per ShareClass ACH AUD Number of Shares OutstandingNet Asset Value per ShareClass ACH CHF Number of Shares OutstandingNet Asset Value per ShareClass ACH EUR Number of Shares OutstandingNet Asset Value per ShareClass ACH SGD Number of Shares OutstandingNet Asset Value per ShareClass AD Number of Shares OutstandingNet Asset Value per ShareClass AD EUR Number of Shares OutstandingNet Asset Value per ShareClass AD GBP Number of Shares OutstandingNet Asset Value per ShareClass AD HKD Number of Shares OutstandingNet Asset Value per ShareClass AD RMB Number of Shares OutstandingNet Asset Value per ShareClass ADH EUR Number of Shares OutstandingNet Asset Value per ShareClass AM Number of Shares OutstandingNet Asset Value per ShareClass AM HKD Number of Shares OutstandingNet Asset Value per ShareClass AMD Number of Shares OutstandingNet Asset Value per ShareClass AMH AUD Number of Shares OutstandingNet Asset Value per ShareClass AMH EUR Number of Shares OutstandingNet Asset Value per ShareClass AMH SGD Number of Shares OutstandingNet Asset Value per ShareClass BC GBP Number of Shares OutstandingNet Asset Value per ShareClass BD GBP Number of Shares OutstandingNet Asset Value per ShareClass EC Number of Shares OutstandingNet Asset Value per ShareClass ECH EUR Number of Shares OutstandingNet Asset Value per Share142,567.90211.86N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A801,411.58211.64N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A29,879.75011.66N/AN/A1,155,929.19221.81N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A5,654,002.65918.95N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A860,575.35821.13N/AN/A4,446,551.89931.63N/AN/A93,291.89520.03N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1,871,347.63223.76N/AN/A13,929.97620.12N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A300.00014.54300.00014.541,141,388.89230.74N/AN/A1,380,687.50732.64N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A916,758.96927.74N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A4,351.68711.31320.00011.314,897.99031.99N/AN/A68The accompanying notes form an integral part of these financial statements.

Key Figures as at 31 March 2013Market SpecificEquity Sub-FundsTaiwan EquityUSDThai EquityUSDTurkey EquityEURUK EquityGBPClass EDClass ICClass IC EURClass IC GBPClass ICHEURClass ICHGBPClass IDClass ID EURClass IDHEURClass J1CClass J1CHJPYClass JCClass L1CClass L1CHCHFClass L1CHEURClass L1CHGBPClass L1CHJPYClass L1CHSEKClass L1CHUSDClass L1DClass L1DHEURClass L1DHGBPClass L1DHUSDClass M1CClass M1CHCHFClass M1CHEURNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A629,906.77523.18N/AN/AN/AN/AN/AN/AN/AN/A1,280,089.18210.40N/AN/AN/AN/A42,422.86523.24N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1,538,816.93533.14N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A99,000.00012.95N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A571.00130.97N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AThe accompanying notes form an integral part of these financial statements.69

Key Figures as at 31 March 2013Market SpecificEquity Sub-FundsTaiwan EquityUSDThai EquityUSDTurkey EquityEURUK EquityGBPClass M1CHGBPClass M1CHJPYClass M1CHNOKClass M1CHSEKClass M1CHUSDClass M1DClass M1HGBPClass M1DHSEKClass M2CClass M2DClass N1CHGBPClass N1DHGBPClass PCClass PDClass R1CClass S1DClass S3DClass S6CClass S8Class WDClass XCClass XDClass YCClass YDClass ZCClass ZCHGBPNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A70The accompanying notes form an integral part of these financial statements.

Key Figures as at 31 March 2013Market SpecificEquity Sub-FundsTaiwan EquityUSDThai EquityUSDTurkey EquityEURUK EquityGBPClass ZDClass ZDHEURClass Z1DHGBPClass ZMNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AThe accompanying notes form an integral part of these financial statements.71

Key Figures as at 31 March 2013Market SpecificEquity Sub-FundsBond Sub-FundsUS EquityUSDAsian CurrenciesBondUSDBrazil BondUSDEuro BondEURClass AC Number of Shares OutstandingNet Asset Value per ShareClass AC EUR Number of Shares OutstandingNet Asset Value per ShareClass AC GBP Number of Shares OutstandingNet Asset Value per ShareClass AC HKD Number of Shares OutstandingNet Asset Value per ShareClass AC RMB Number of Shares OutstandingNet Asset Value per ShareClass ACH AUD Number of Shares OutstandingNet Asset Value per ShareClass ACH CHF Number of Shares OutstandingNet Asset Value per ShareClass ACH EUR Number of Shares OutstandingNet Asset Value per ShareClass ACH SGD Number of Shares OutstandingNet Asset Value per ShareClass AD Number of Shares OutstandingNet Asset Value per ShareClass AD EUR Number of Shares OutstandingNet Asset Value per ShareClass AD GBP Number of Shares OutstandingNet Asset Value per ShareClass AD HKD Number of Shares OutstandingNet Asset Value per ShareClass AD RMB Number of Shares OutstandingNet Asset Value per ShareClass ADH EUR Number of Shares OutstandingNet Asset Value per ShareClass AM Number of Shares OutstandingNet Asset Value per ShareClass AM HKD Number of Shares OutstandingNet Asset Value per ShareClass AMD Number of Shares OutstandingNet Asset Value per ShareClass AMH AUD Number of Shares OutstandingNet Asset Value per ShareClass AMH EUR Number of Shares OutstandingNet Asset Value per ShareClass AMH SGD Number of Shares OutstandingNet Asset Value per ShareClass BC GBP Number of Shares OutstandingNet Asset Value per ShareClass BD GBP Number of Shares OutstandingNet Asset Value per ShareClass EC Number of Shares OutstandingNet Asset Value per ShareClass ECH EUR Number of Shares OutstandingNet Asset Value per Share2,312,185.49325.23N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1,290,450.82727.22N/AN/A115,768.18228.24N/AN/AN/AN/AN/AN/AN/AN/A16,300.63528.12N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A196,635.13724.46N/AN/A857,440.30311.011,070,070.73814.73N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1,752,335.64610.81N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A300.00016.15300.00016.1529,256.13310.60N/AN/A1,607,063.00921.54N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A190,932.43813.54N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A300.00015.92300.00015.92502,778.88521.13N/AN/A238,301.73123.37N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A100,575.03818.59N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A214,620.58222.94N/AN/A72The accompanying notes form an integral part of these financial statements.

Key Figures as at 31 March 2013Market SpecificEquity Sub-FundsBond Sub-FundsUS EquityUSDAsian CurrenciesBondUSDBrazil BondUSDEuro BondEURClass EDClass ICClass IC EURClass IC GBPClass ICHEURClass ICHGBPClass IDClass ID EURClass IDHEURClass J1CClass J1CHJPYClass JCClass L1CClass L1CHCHFClass L1CHEURClass L1CHGBPClass L1CHJPYClass L1CHSEKClass L1CHUSDClass L1DClass L1DHEURClass L1DHGBPClass L1DHUSDClass M1CClass M1CHCHFClass M1CHEURNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per Share152.86327.16622,935.50626.27N/AN/AN/AN/AN/AN/AN/AN/A6,998.97810.72N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1,020,192.00010.912,409,845.18815.15N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A158,162.00022.20N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A3,584,597.56924.51N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AThe accompanying notes form an integral part of these financial statements.73

Key Figures as at 31 March 2013Market SpecificEquity Sub-FundsBond Sub-FundsUS EquityUSDAsian CurrenciesBondUSDBrazil BondUSDEuro BondEURClass M1CHGBPClass M1CHJPYClass M1CHNOKClass M1CHSEKClass M1CHUSDClass M1DClass M1HGBPClass M1DHSEKClass M2CClass M2DClass N1CHGBPClass N1DHGBPClass PCClass PDClass R1CClass S1DClass S3DClass S6CClass S8Class WDClass XCClass XDClass YCClass YDClass ZCClass ZCHGBPNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1,636,282.23729.23N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1,569,501.30010.52N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1,086,756.19011.29N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A74The accompanying notes form an integral part of these financial statements.

Key Figures as at 31 March 2013Market SpecificEquity Sub-FundsBond Sub-FundsUS EquityUSDAsian CurrenciesBondUSDBrazil BondUSDEuro BondEURClass ZDClass ZDHEURClass Z1DHGBPClass ZMNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per Share259,395.29229.05N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AThe accompanying notes form an integral part of these financial statements.75

Key Figures as at 31 March 2013Bond Sub-FundsEuro Credit BondEUREuro High YieldBondEURGEM InflationLinked Bond(FormerlyEmergingInflation LinkedBond)USDGlobal BondUSDClass AC Number of Shares OutstandingNet Asset Value per ShareClass AC EUR Number of Shares OutstandingNet Asset Value per ShareClass AC GBP Number of Shares OutstandingNet Asset Value per ShareClass AC HKD Number of Shares OutstandingNet Asset Value per ShareClass AC RMB Number of Shares OutstandingNet Asset Value per ShareClass ACH AUD Number of Shares OutstandingNet Asset Value per ShareClass ACH CHF Number of Shares OutstandingNet Asset Value per ShareClass ACH EUR Number of Shares OutstandingNet Asset Value per ShareClass ACH SGD Number of Shares OutstandingNet Asset Value per ShareClass AD Number of Shares OutstandingNet Asset Value per ShareClass AD EUR Number of Shares OutstandingNet Asset Value per ShareClass AD GBP Number of Shares OutstandingNet Asset Value per ShareClass AD HKD Number of Shares OutstandingNet Asset Value per ShareClass AD RMB Number of Shares OutstandingNet Asset Value per ShareClass ADH EUR Number of Shares OutstandingNet Asset Value per ShareClass AM Number of Shares OutstandingNet Asset Value per ShareClass AM HKD Number of Shares OutstandingNet Asset Value per ShareClass AMD Number of Shares OutstandingNet Asset Value per ShareClass AMH AUD Number of Shares OutstandingNet Asset Value per ShareClass AMH EUR Number of Shares OutstandingNet Asset Value per ShareClass AMH SGD Number of Shares OutstandingNet Asset Value per ShareClass BC GBP Number of Shares OutstandingNet Asset Value per ShareClass BD GBP Number of Shares OutstandingNet Asset Value per ShareClass EC Number of Shares OutstandingNet Asset Value per ShareClass ECH EUR Number of Shares OutstandingNet Asset Value per Share8,670,396.68323.11N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A532,711.20816.52N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A182,202.87222.69N/AN/A8,522,822.61932.95N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A500,992.72721.33N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A340,374.20632.33N/AN/A767,537.701109.074,726,199.41210.9135,404.06510.91N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A300.00016.80300.00016.80339,865.91810.88N/AN/A967,958.28117.25N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1,723,119.73014.34N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A143,324.89913.24N/AN/A76The accompanying notes form an integral part of these financial statements.

Key Figures as at 31 March 2013Bond Sub-FundsEuro Credit BondEUREuro High YieldBondEURGEM InflationLinked Bond(FormerlyEmergingInflation LinkedBond)USDGlobal BondUSDClass EDClass ICClass IC EURClass IC GBPClass ICHEURClass ICHGBPClass IDClass ID EURClass IDHEURClass J1CClass J1CHJPYClass JCClass L1CClass L1CHCHFClass L1CHEURClass L1CHGBPClass L1CHJPYClass L1CHSEKClass L1CHUSDClass L1DClass L1DHEURClass L1DHGBPClass L1DHUSDClass M1CClass M1CHCHFClass M1CHEURNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/A14,163,336.85724.47N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A11,016.42225.2018,610,429.33935.26N/AN/AN/AN/AN/AN/AN/AN/A2,186,161.36733.84N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A171,948.047110.133,678,747.68011.01N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A627,167.85017.75N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AThe accompanying notes form an integral part of these financial statements.77

Key Figures as at 31 March 2013Bond Sub-FundsEuro Credit BondEUREuro High YieldBondEURGEM InflationLinked Bond(FormerlyEmergingInflation LinkedBond)USDGlobal BondUSDClass M1CHGBPClass M1CHJPYClass M1CHNOKClass M1CHSEKClass M1CHUSDClass M1DClass M1HGBPClass M1DHSEKClass M2CClass M2DClass N1CHGBPClass N1DHGBPClass PCClass PDClass R1CClass S1DClass S3DClass S6CClass S8Class WDClass XCClass XDClass YCClass YDClass ZCClass ZCHGBPNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A17,210,614.64310.27N/AN/A2,052,740.69335.48N/AN/AN/AN/AN/AN/A1,147,930.61436.57N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A406,282.10010.89N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A377,620.96711.71N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A59.352197.70N/AN/AN/AN/AN/AN/AN/AN/A554,322.81716.28N/AN/A78The accompanying notes form an integral part of these financial statements.

Key Figures as at 31 March 2013Bond Sub-FundsEuro Credit BondEUREuro High YieldBondEURGEM InflationLinked Bond(FormerlyEmergingInflation LinkedBond)USDGlobal BondUSDClass ZDClass ZDHEURClass Z1DHGBPClass ZMNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A9,210,801.04914.80N/AN/AN/AN/AN/AN/AThe accompanying notes form an integral part of these financial statements.79

Key Figures as at 31 March 2013Bond Sub-FundsGlobal EmergingMarkets BondUSDGlobal Emerging Global EmergingMarketsMarketsCorporate Debt Investment GradeUSDBondUSDClass AC Number of Shares OutstandingNet Asset Value per ShareClass AC EUR Number of Shares OutstandingNet Asset Value per ShareClass AC GBP Number of Shares OutstandingNet Asset Value per ShareClass AC HKD Number of Shares OutstandingNet Asset Value per ShareClass AC RMB Number of Shares OutstandingNet Asset Value per ShareClass ACH AUD Number of Shares OutstandingNet Asset Value per ShareClass ACH CHF Number of Shares OutstandingNet Asset Value per ShareClass ACH EUR Number of Shares OutstandingNet Asset Value per ShareClass ACH SGD Number of Shares OutstandingNet Asset Value per ShareClass AD Number of Shares OutstandingNet Asset Value per ShareClass AD EUR Number of Shares OutstandingNet Asset Value per ShareClass AD GBP Number of Shares OutstandingNet Asset Value per ShareClass AD HKD Number of Shares OutstandingNet Asset Value per ShareClass AD RMB Number of Shares OutstandingNet Asset Value per ShareClass ADH EUR Number of Shares OutstandingNet Asset Value per ShareClass AM Number of Shares OutstandingNet Asset Value per ShareClass AM HKD Number of Shares OutstandingNet Asset Value per ShareClass AMD Number of Shares OutstandingNet Asset Value per ShareClass AMH AUD Number of Shares OutstandingNet Asset Value per ShareClass AMH EUR Number of Shares OutstandingNet Asset Value per ShareClass AMH SGD Number of Shares OutstandingNet Asset Value per ShareClass BC GBP Number of Shares OutstandingNet Asset Value per ShareClass BD GBP Number of Shares OutstandingNet Asset Value per ShareClass EC Number of Shares OutstandingNet Asset Value per ShareClass ECH EUR Number of Shares OutstandingNet Asset Value per Share5,884,534.38333.7851,923.62213.5129,218.87718.435,000.0001.29N/AN/AN/AN/A1,492,087.59610.77112,009.48512.49N/AN/A1,528,499.04132.013,536.81312.7076,519.21218.21N/AN/AN/AN/A2,555,078.75219.6414,479,094.44427.40223,821,040.1351.38N/AN/A10,336,364.83110.342,251,387.78512.542,962,114.8967.9485,320.00015.8535,955.00015.851,293,087.65933.14N/AN/A22,301.93511.76398.00013.38N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A9,950.00010.13N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A393,335.19111.75N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A197,512.61211.75N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A126,661.07211.70N/AN/A80The accompanying notes form an integral part of these financial statements.

Key Figures as at 31 March 2013Bond Sub-FundsGlobal EmergingMarkets BondUSDGlobal Emerging Global EmergingMarketsMarketsCorporate Debt Investment GradeUSDBondUSDClass EDClass ICClass IC EURClass IC GBPClass ICHEURClass ICHGBPClass IDClass ID EURClass IDHEURClass J1CClass J1CHJPYClass JCClass L1CClass L1CHCHFClass L1CHEURClass L1CHGBPClass L1CHJPYClass L1CHSEKClass L1CHUSDClass L1DClass L1DHEURClass L1DHGBPClass L1DHUSDClass M1CClass M1CHCHFClass M1CHEURNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per Share26,850.32926.0228,488,867.95135.43187,110.00914.92N/AN/A6,479,487.40221.91N/AN/A7,293,234.53222.651,096,631.70413.2936,371,368.08620.70N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1,150.00011.99N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A2,135,788.65211.94302,267.098159.28N/AN/AN/AN/AN/AN/AN/AN/A55,000.000152.21N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AThe accompanying notes form an integral part of these financial statements.81

Key Figures as at 31 March 2013Bond Sub-FundsGlobal EmergingMarkets BondUSDGlobal Emerging Global EmergingMarketsMarketsCorporate Debt Investment GradeUSDBondUSDClass M1CHGBPClass M1CHJPYClass M1CHNOKClass M1CHSEKClass M1CHUSDClass M1DClass M1HGBPClass M1DHSEKClass M2CClass M2DClass N1CHGBPClass N1DHGBPClass PCClass PDClass R1CClass S1DClass S3DClass S6CClass S8Class WDClass XCClass XDClass YCClass YDClass ZCClass ZCHGBPNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A11,031,033.27133.979,597,773.46320.94N/AN/AN/AN/AN/AN/A5,421,192.8919.90N/AN/AN/AN/A1,040,514.70835.52N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A999,000.00012.19N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A82The accompanying notes form an integral part of these financial statements.

Key Figures as at 31 March 2013Bond Sub-FundsGlobal EmergingMarkets BondUSDGlobal Emerging Global EmergingMarketsMarketsCorporate Debt Investment GradeUSDBondUSDClass ZDClass ZDHEURClass Z1DHGBPClass ZMNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per Share1,451,967.18922.72N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AThe accompanying notes form an integral part of these financial statements.83

Key Figures as at 31 March 2013Bond Sub-FundsGlobal EmergingMarkets LocalDebtUSDGlobal HighIncome BondUSDGlobal High YieldBond (launchedas at 20 July2012)USDGlobal InflationLinked BondUSDClass AC Number of Shares OutstandingNet Asset Value per ShareClass AC EUR Number of Shares OutstandingNet Asset Value per ShareClass AC GBP Number of Shares OutstandingNet Asset Value per ShareClass AC HKD Number of Shares OutstandingNet Asset Value per ShareClass AC RMB Number of Shares OutstandingNet Asset Value per ShareClass ACH AUD Number of Shares OutstandingNet Asset Value per ShareClass ACH CHF Number of Shares OutstandingNet Asset Value per ShareClass ACH EUR Number of Shares OutstandingNet Asset Value per ShareClass ACH SGD Number of Shares OutstandingNet Asset Value per ShareClass AD Number of Shares OutstandingNet Asset Value per ShareClass AD EUR Number of Shares OutstandingNet Asset Value per ShareClass AD GBP Number of Shares OutstandingNet Asset Value per ShareClass AD HKD Number of Shares OutstandingNet Asset Value per ShareClass AD RMB Number of Shares OutstandingNet Asset Value per ShareClass ADH EUR Number of Shares OutstandingNet Asset Value per ShareClass AM Number of Shares OutstandingNet Asset Value per ShareClass AM HKD Number of Shares OutstandingNet Asset Value per ShareClass AMD Number of Shares OutstandingNet Asset Value per ShareClass AMH AUD Number of Shares OutstandingNet Asset Value per ShareClass AMH EUR Number of Shares OutstandingNet Asset Value per ShareClass AMH SGD Number of Shares OutstandingNet Asset Value per ShareClass BC GBP Number of Shares OutstandingNet Asset Value per ShareClass BD GBP Number of Shares OutstandingNet Asset Value per ShareClass EC Number of Shares OutstandingNet Asset Value per ShareClass ECH EUR Number of Shares OutstandingNet Asset Value per Share8,416,264.54915.2092,060.39413.7818,490.81317.12N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A3,678,370.24212.91N/AN/A16,371.22316.90N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A300.00016.26300.00016.261,432,868.83215.02N/AN/A3,541,517.61012.61N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A22,265.60412.79116,217.3189.561,089,907.86312.61N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A99,169,009.57710.9324,101,478.98110.642,341,311.17713.08710,431.8959.03N/AN/AN/AN/A1,933.3029.9912,642.72612.88N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A52,062,581.10010.54427,422,300.0641.36N/AN/A20,377,242.41411.024,519,947.78113.51N/AN/A300.00016.54300.00016.54N/AN/AN/AN/A17,147.697120.66N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A21,306.918155.26N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A28,033.447120.06N/AN/A84The accompanying notes form an integral part of these financial statements.

Key Figures as at 31 March 2013Bond Sub-FundsGlobal EmergingMarkets LocalDebtUSDGlobal HighIncome BondUSDGlobal High YieldBond (launchedas at 20 July2012)USDGlobal InflationLinked BondUSDClass EDClass ICClass IC EURClass IC GBPClass ICHEURClass ICHGBPClass IDClass ID EURClass IDHEURClass J1CClass J1CHJPYClass JCClass L1CClass L1CHCHFClass L1CHEURClass L1CHGBPClass L1CHJPYClass L1CHSEKClass L1CHUSDClass L1DClass L1DHEURClass L1DHGBPClass L1DHUSDClass M1CClass M1CHCHFClass M1CHEURNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/A7,382,120.46615.83236,709.59313.10N/AN/AN/AN/AN/AN/A42,830,262.86213.3715,030,867.88213.87N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A317,994.73610.33N/AN/AN/AN/A1,828,697.40613.18N/AN/A84,573.74812.52N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A10,000.000121.99N/AN/AN/AN/A32,280.741157.4416,662.928187.36N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AThe accompanying notes form an integral part of these financial statements.85

Key Figures as at 31 March 2013Bond Sub-FundsGlobal EmergingMarkets LocalDebtUSDGlobal HighIncome BondUSDGlobal High YieldBond (launchedas at 20 July2012)USDGlobal InflationLinked BondUSDClass M1CHGBPClass M1CHJPYClass M1CHNOKClass M1CHSEKClass M1CHUSDClass M1DClass M1HGBPClass M1DHSEKClass M2CClass M2DClass N1CHGBPClass N1DHGBPClass PCClass PDClass R1CClass S1DClass S3DClass S6CClass S8Class WDClass XCClass XDClass YCClass YDClass ZCClass ZCHGBPNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A7,778,611.00210.14N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A129,639.336123.34N/AN/A86The accompanying notes form an integral part of these financial statements.

Key Figures as at 31 March 2013Bond Sub-FundsGlobal EmergingMarkets LocalDebtUSDGlobal HighIncome BondUSDGlobal High YieldBond (launchedas at 20 July2012)USDGlobal InflationLinked BondUSDClass ZDClass ZDHEURClass Z1DHGBPClass ZMNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per Share11,860,368.91012.77N/AN/AN/AN/A3,409,572.51612.90N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AThe accompanying notes form an integral part of these financial statements.87

Key Figures as at 31 March 2013Bond Sub-FundsIndia FixedIncome (launchedas at 20 August2012)USDLatin AmericanLocal DebtUSDRMB FixedIncomeUSDUS Dollar BondUSDClass AC Number of Shares OutstandingNet Asset Value per ShareClass AC EUR Number of Shares OutstandingNet Asset Value per ShareClass AC GBP Number of Shares OutstandingNet Asset Value per ShareClass AC HKD Number of Shares OutstandingNet Asset Value per ShareClass AC RMB Number of Shares OutstandingNet Asset Value per ShareClass ACH AUD Number of Shares OutstandingNet Asset Value per ShareClass ACH CHF Number of Shares OutstandingNet Asset Value per ShareClass ACH EUR Number of Shares OutstandingNet Asset Value per ShareClass ACH SGD Number of Shares OutstandingNet Asset Value per ShareClass AD Number of Shares OutstandingNet Asset Value per ShareClass AD EUR Number of Shares OutstandingNet Asset Value per ShareClass AD GBP Number of Shares OutstandingNet Asset Value per ShareClass AD HKD Number of Shares OutstandingNet Asset Value per ShareClass AD RMB Number of Shares OutstandingNet Asset Value per ShareClass ADH EUR Number of Shares OutstandingNet Asset Value per ShareClass AM Number of Shares OutstandingNet Asset Value per ShareClass AM HKD Number of Shares OutstandingNet Asset Value per ShareClass AMD Number of Shares OutstandingNet Asset Value per ShareClass AMH AUD Number of Shares OutstandingNet Asset Value per ShareClass AMH EUR Number of Shares OutstandingNet Asset Value per ShareClass AMH SGD Number of Shares OutstandingNet Asset Value per ShareClass BC GBP Number of Shares OutstandingNet Asset Value per ShareClass BD GBP Number of Shares OutstandingNet Asset Value per ShareClass EC Number of Shares OutstandingNet Asset Value per ShareClass ECH EUR Number of Shares OutstandingNet Asset Value per Share871,917.10410.75108,281.05213.27N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A101,958.8069.95N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A300.00016.4823,416.31416.48117,665.43810.23N/AN/A28,817.50510.30N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A4,798,219.11410.74567,220.78414.10N/AN/AN/AN/A1,837,203.5341.67N/AN/AN/AN/A6,221,522.33213.25N/AN/A2,358,650.82310.64293,414.62014.34N/AN/AN/AN/A493,411.2961.66N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A300.00016.333,970.00016.332,148,675.95510.67271,907.47513.07220,901.03315.11N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A595,784.96210.69N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A350.00015.94350.00015.94140,989.82514.83N/AN/A88The accompanying notes form an integral part of these financial statements.

Key Figures as at 31 March 2013Bond Sub-FundsIndia FixedIncome (launchedas at 20 August2012)USDLatin AmericanLocal DebtUSDRMB FixedIncomeUSDUS Dollar BondUSDClass EDClass ICClass IC EURClass IC GBPClass ICHEURClass ICHGBPClass IDClass ID EURClass IDHEURClass J1CClass J1CHJPYClass JCClass L1CClass L1CHCHFClass L1CHEURClass L1CHGBPClass L1CHJPYClass L1CHSEKClass L1CHUSDClass L1DClass L1DHEURClass L1DHGBPClass L1DHUSDClass M1CClass M1CHCHFClass M1CHEURNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/A587,439.51310.7999,750.70013.10N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A500.00010.44N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A10,205,668.30710.81N/AN/AN/AN/A4,697,714.39713.17N/AN/A15,699.00010.14N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A417,514.53715.37N/AN/AN/AN/AN/AN/AN/AN/A4,426.54315.37N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AThe accompanying notes form an integral part of these financial statements.89

Key Figures as at 31 March 2013Bond Sub-FundsIndia FixedIncome (launchedas at 20 August2012)USDLatin AmericanLocal DebtUSDRMB FixedIncomeUSDUS Dollar BondUSDClass M1CHGBPClass M1CHJPYClass M1CHNOKClass M1CHSEKClass M1CHUSDClass M1DClass M1HGBPClass M1DHSEKClass M2CClass M2DClass N1CHGBPClass N1DHGBPClass PCClass PDClass R1CClass S1DClass S3DClass S6CClass S8Class WDClass XCClass XDClass YCClass YDClass ZCClass ZCHGBPNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1,141,561.10810.83N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1,998,995.21110.56N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A9,000.00010.87N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A65,000.0009.942,481,885.72110.72N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A90,462.29110.79N/AN/AN/AN/AN/AN/AN/AN/A283,750.51916.13N/AN/A90The accompanying notes form an integral part of these financial statements.

Key Figures as at 31 March 2013Bond Sub-FundsIndia FixedIncome (launchedas at 20 August2012)USDLatin AmericanLocal DebtUSDRMB FixedIncomeUSDUS Dollar BondUSDClass ZDClass ZDHEURClass Z1DHGBPClass ZMNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A523,000.00010.87N/AN/AN/AN/AN/AN/A5,202,639.36111.31N/AN/AN/AN/AN/AN/AThe accompanying notes form an integral part of these financial statements.91

Key Figures as at 31 March 2013Reserve Sub-FundIndex Sub-FundOther Sub-FundsEuro Reserve Economic ScaleEUR Index GEM Equity(launched as at 20March 2013)USDGEM Debt TotalReturnUSDClass AC Number of Shares OutstandingNet Asset Value per ShareClass AC EUR Number of Shares OutstandingNet Asset Value per ShareClass AC GBP Number of Shares OutstandingNet Asset Value per ShareClass AC HKD Number of Shares OutstandingNet Asset Value per ShareClass AC RMB Number of Shares OutstandingNet Asset Value per ShareClass ACH AUD Number of Shares OutstandingNet Asset Value per ShareClass ACH CHF Number of Shares OutstandingNet Asset Value per ShareClass ACH EUR Number of Shares OutstandingNet Asset Value per ShareClass ACH SGD Number of Shares OutstandingNet Asset Value per ShareClass AD Number of Shares OutstandingNet Asset Value per ShareClass AD EUR Number of Shares OutstandingNet Asset Value per ShareClass AD GBP Number of Shares OutstandingNet Asset Value per ShareClass AD HKD Number of Shares OutstandingNet Asset Value per ShareClass AD RMB Number of Shares OutstandingNet Asset Value per ShareClass ADH EUR Number of Shares OutstandingNet Asset Value per ShareClass AM Number of Shares OutstandingNet Asset Value per ShareClass AM HKD Number of Shares OutstandingNet Asset Value per ShareClass AMD Number of Shares OutstandingNet Asset Value per ShareClass AMH AUD Number of Shares OutstandingNet Asset Value per ShareClass AMH EUR Number of Shares OutstandingNet Asset Value per ShareClass AMH SGD Number of Shares OutstandingNet Asset Value per ShareClass BC GBP Number of Shares OutstandingNet Asset Value per ShareClass BD GBP Number of Shares OutstandingNet Asset Value per ShareClass EC Number of Shares OutstandingNet Asset Value per ShareClass ECH EUR Number of Shares OutstandingNet Asset Value per Share5,341,010.64617.36N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A15,931.79115.45N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A500.00010.00N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A92The accompanying notes form an integral part of these financial statements.

Key Figures as at 31 March 2013Reserve Sub-FundIndex Sub-FundOther Sub-FundsEuro Reserve Economic ScaleEUR Index GEM Equity(launched as at 20March 2013)USDGEM Debt TotalReturnUSDClass EDClass ICClass IC EURClass IC GBPClass ICHEURClass ICHGBPClass IDClass ID EURClass IDHEURClass J1CClass J1CHJPYClass JCClass L1CClass L1CHCHFClass L1CHEURClass L1CHGBPClass L1CHJPYClass L1CHSEKClass L1CHUSDClass L1DClass L1DHEURClass L1DHGBPClass L1DHUSDClass M1CClass M1CHCHFClass M1CHEURNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/A1,852,471.11317.38N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A500.0009.99N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A681,083.000111.37N/AN/A18,489,736.75014.25N/AN/A9,161,890.16112.68N/AN/AN/AN/AN/AN/AN/AN/A6,664,868.89112.6646,006,185.27311.75N/AN/AN/AN/A16,447,896.35414.22N/AN/A455,248.39612.83The accompanying notes form an integral part of these financial statements.93

Key Figures as at 31 March 2013Reserve Sub-FundIndex Sub-FundOther Sub-FundsEuro Reserve Economic ScaleEUR Index GEM Equity(launched as at 20March 2013)USDGEM Debt TotalReturnUSDClass M1CHGBPClass M1CHJPYClass M1CHNOKClass M1CHSEKClass M1CHUSDClass M1DClass M1HGBPClass M1DHSEKClass M2CClass M2DClass N1CHGBPClass N1DHGBPClass PCClass PDClass R1CClass S1DClass S3DClass S6CClass S8Class WDClass XCClass XDClass YCClass YDClass ZCClass ZCHGBPNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A4,998,999.5509.99N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A14,183,960.82512.42N/AN/AN/AN/AN/AN/AN/AN/A350.00015.21350.00015.21N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A94The accompanying notes form an integral part of these financial statements.

Key Figures as at 31 March 2013Reserve Sub-FundIndex Sub-FundOther Sub-FundsEuro Reserve Economic ScaleEUR Index GEM Equity(launched as at 20March 2013)USDGEM Debt TotalReturnUSDClass ZDClass ZDHEURClass Z1DHGBPClass ZMNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1,660,000.00013.8014,324,678.87413.53N/AN/AN/AN/AThe accompanying notes form an integral part of these financial statements.95

Key Figures as at 31 March 2013Other Sub-FundsGlobal CurrencyUSDGlobal FlexAllocationEURGlobal MacroEURClass AC Number of Shares OutstandingNet Asset Value per ShareClass AC EUR Number of Shares OutstandingNet Asset Value per ShareClass AC GBP Number of Shares OutstandingNet Asset Value per ShareClass AC HKD Number of Shares OutstandingNet Asset Value per ShareClass AC RMB Number of Shares OutstandingNet Asset Value per ShareClass ACH AUD Number of Shares OutstandingNet Asset Value per ShareClass ACH CHF Number of Shares OutstandingNet Asset Value per ShareClass ACH EUR Number of Shares OutstandingNet Asset Value per ShareClass ACH SGD Number of Shares OutstandingNet Asset Value per ShareClass AD Number of Shares OutstandingNet Asset Value per ShareClass AD EUR Number of Shares OutstandingNet Asset Value per ShareClass AD GBP Number of Shares OutstandingNet Asset Value per ShareClass AD HKD Number of Shares OutstandingNet Asset Value per ShareClass AD RMB Number of Shares OutstandingNet Asset Value per ShareClass ADH EUR Number of Shares OutstandingNet Asset Value per ShareClass AM Number of Shares OutstandingNet Asset Value per ShareClass AM HKD Number of Shares OutstandingNet Asset Value per ShareClass AMD Number of Shares OutstandingNet Asset Value per ShareClass AMH AUD Number of Shares OutstandingNet Asset Value per ShareClass AMH EUR Number of Shares OutstandingNet Asset Value per ShareClass AMH SGD Number of Shares OutstandingNet Asset Value per ShareClass BC GBP Number of Shares OutstandingNet Asset Value per ShareClass BD GBP Number of Shares OutstandingNet Asset Value per ShareClass EC Number of Shares OutstandingNet Asset Value per ShareClass ECH EUR Number of Shares OutstandingNet Asset Value per ShareN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A846.632105.32N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A50.000104.16N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A96The accompanying notes form an integral part of these financial statements.

Key Figures as at 31 March 2013Other Sub-FundsGlobal CurrencyUSDGlobal FlexAllocationEURGlobal MacroEURClass EDClass ICClass IC EURClass IC GBPClass ICHEURClass ICHGBPClass IDClass ID EURClass IDHEURClass J1CClass J1CHJPYClass JCClass L1CClass L1CHCHFClass L1CHEURClass L1CHGBPClass L1CHJPYClass L1CHSEKClass L1CHUSDClass L1DClass L1DHEURClass L1DHGBPClass L1DHUSDClass M1CClass M1CHCHFClass M1CHEURNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A250,000.00010.23259,050.1809.93498,571.23513.52154,453.81414.62313,393.532100.90N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A95,104.5239.40N/AN/A2,577.23412.05N/AN/A24,306.000107.05N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A218,157.439113.42N/AN/AN/AN/A92,882.671121.72N/AN/A1,564.738135.1259,112.265132.5828,333.909114.04N/AN/A135.378120.86705.241104.05130,623.713110.1918,135.72976.94N/AN/AThe accompanying notes form an integral part of these financial statements.97

Key Figures as at 31 March 2013Other Sub-FundsGlobal CurrencyUSDGlobal FlexAllocationEURGlobal MacroEURClass M1CHGBPClass M1CHJPYClass M1CHNOKClass M1CHSEKClass M1CHUSDClass M1DClass M1HGBPClass M1DHSEKClass M2CClass M2DClass N1CHGBPClass N1DHGBPClass PCClass PDClass R1CClass S1DClass S3DClass S6CClass S8Class WDClass XCClass XDClass YCClass YDClass ZCClass ZCHGBPNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per Share27,370.56614.84N/AN/AN/AN/AN/AN/AN/AN/A512,854.92410.11N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A149,850.000108.54N/AN/A501.042112.20N/AN/A7,281.739117.0476,442.721131.851,554.492114.0524,821.042110.3313,142.354112.27N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A675.70193.54N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A291.849102.6198The accompanying notes form an integral part of these financial statements.

Key Figures as at 31 March 2013Other Sub-FundsGlobal CurrencyUSDGlobal FlexAllocationEURGlobal MacroEURClass ZDClass ZDHEURClass Z1DHGBPClass ZMNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AThe accompanying notes form an integral part of these financial statements.99

Key Figures as at 31 March 2013Other Sub-FundsManagedSolutions - AsiaFocusedConservative(launched as at 15March 2013)USDManagedSolutions - AsiaFocused Growth(launched as at 15March 2013)USDManagedSolutions - AsiaFocused Income(launched as at 25May 2012)USDClass AC Number of Shares OutstandingNet Asset Value per ShareClass AC EUR Number of Shares OutstandingNet Asset Value per ShareClass AC GBP Number of Shares OutstandingNet Asset Value per ShareClass AC HKD Number of Shares OutstandingNet Asset Value per ShareClass AC RMB Number of Shares OutstandingNet Asset Value per ShareClass ACH AUD Number of Shares OutstandingNet Asset Value per ShareClass ACH CHF Number of Shares OutstandingNet Asset Value per ShareClass ACH EUR Number of Shares OutstandingNet Asset Value per ShareClass ACH SGD Number of Shares OutstandingNet Asset Value per ShareClass AD Number of Shares OutstandingNet Asset Value per ShareClass AD EUR Number of Shares OutstandingNet Asset Value per ShareClass AD GBP Number of Shares OutstandingNet Asset Value per ShareClass AD HKD Number of Shares OutstandingNet Asset Value per ShareClass AD RMB Number of Shares OutstandingNet Asset Value per ShareClass ADH EUR Number of Shares OutstandingNet Asset Value per ShareClass AM Number of Shares OutstandingNet Asset Value per ShareClass AM HKD Number of Shares OutstandingNet Asset Value per ShareClass AMD Number of Shares OutstandingNet Asset Value per ShareClass AMH AUD Number of Shares OutstandingNet Asset Value per ShareClass AMH EUR Number of Shares OutstandingNet Asset Value per ShareClass AMH SGD Number of Shares OutstandingNet Asset Value per ShareClass BC GBP Number of Shares OutstandingNet Asset Value per ShareClass BD GBP Number of Shares OutstandingNet Asset Value per ShareClass EC Number of Shares OutstandingNet Asset Value per ShareClass ECH EUR Number of Shares OutstandingNet Asset Value per Share891,351.02310.00N/AN/AN/AN/A8,029,437.8151.29N/AN/A360,537.36210.44N/AN/A24,119.85112.84100.0008.06N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A5,679,266.74110.06N/AN/AN/AN/A38,483,827.6541.30N/AN/A1,689,159.39710.49N/AN/A795,173.72612.9156,195.9978.11N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A234,633.85410.39N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A345,022.3748.37N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A62,526,438.78611.11460,257,616.5331.43N/AN/A6,022,497.97210.41941,617.26012.90749,452.7928.23N/AN/AN/AN/AN/AN/AN/AN/A100The accompanying notes form an integral part of these financial statements.

Key Figures as at 31 March 2013Other Sub-FundsManagedSolutions - AsiaFocusedConservative(launched as at 15March 2013)USDManagedSolutions - AsiaFocused Growth(launched as at 15March 2013)USDManagedSolutions - AsiaFocused Income(launched as at 25May 2012)USDClass EDClass ICClass IC EURClass IC GBPClass ICHEURClass ICHGBPClass IDClass ID EURClass IDHEURClass J1CClass J1CHJPYClass JCClass L1CClass L1CHCHFClass L1CHEURClass L1CHGBPClass L1CHJPYClass L1CHSEKClass L1CHUSDClass L1DClass L1DHEURClass L1DHGBPClass L1DHUSDClass M1CClass M1CHCHFClass M1CHEURNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AThe accompanying notes form an integral part of these financial statements.101

Key Figures as at 31 March 2013Other Sub-FundsManagedSolutions - AsiaFocusedConservative(launched as at 15March 2013)USDManagedSolutions - AsiaFocused Growth(launched as at 15March 2013)USDManagedSolutions - AsiaFocused Income(launched as at 25May 2012)USDClass M1CHGBPClass M1CHJPYClass M1CHNOKClass M1CHSEKClass M1CHUSDClass M1DClass M1HGBPClass M1DHSEKClass M2CClass M2DClass N1CHGBPClass N1DHGBPClass PCClass PDClass R1CClass S1DClass S3DClass S6CClass S8Class WDClass XCClass XDClass YCClass YDClass ZCClass ZCHGBPNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1,999,900.00010.01N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A102The accompanying notes form an integral part of these financial statements.

Key Figures as at 31 March 2013Other Sub-FundsManagedSolutions - AsiaFocusedConservative(launched as at 15March 2013)USDManagedSolutions - AsiaFocused Growth(launched as at 15March 2013)USDManagedSolutions - AsiaFocused Income(launched as at 25May 2012)USDClass ZDClass ZDHEURClass Z1DHGBPClass ZMNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareNumber of Shares OutstandingNet Asset Value per ShareN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AThe accompanying notes form an integral part of these financial statements.103

Statement of Operations and Changes in Net Assetsfor the year ended 31 March 2013CONSOLIDATEDUSDInternational andRegional EquitySub-FundsAsia ex JapanEquityUSDAsia ex JapanEquity SmallerCompaniesUSDAsia Pacific exJapan Equity HighDividendUSDNet Assets at the Beginning of the YearINCOMEInvestment IncomeBank InterestOther Income (note 16)Total IncomeEXPENSESManagement Fees (note 4.2)Performance Fees (note 4.3)Transaction feesOperating, Administrative and ServicingFees (note 4)Other feesInterest PaidTotal ExpensesNet Investment Profit/(Loss)Realised Profit/(Loss) on Sale ofInvestmentsRealised Profit/(Loss) for the yearProfit/(Loss) on Foreign CurrencyChange in unrealisedappreciation/(depreciation) ofInvestments, futures, forward foreignexchange contracts, CFD and swapsChange in Total Net Assetsas a Result of OperationsProceeds on Issue of SharesPayments on Redemption of SharesDividends Paid (note 14)Currency TranslationNet Assets as at 31 March 201323,075,860,503890,747,8171,753,60010,212,227902,713,644(259,955,622)(3,519,948)(39,004,513)(79,651,564)(247,745)(29,050,652)(411,430,044)491,283,600(67,433,584)423,850,016(12,785,763)509,112,030920,176,28320,248,447,709(14,252,112,837)(318,511,446)(142,507,305)29,531,352,907632,596,21816,642,0983561,47117,203,572(6,835,771)-(2,114,285)(1,783,648)(5,702)(131)(10,739,537)6,464,035(46,319,195)(39,855,160)(580,379)38,503,392(1,932,147)81,567,079(132,178,833)(1,652,881)-578,399,43646,581,2031,299,5667948,3921,348,037(706,306)-(337,649)(166,764)-(81)(1,210,800)137,2371,891,8802,029,117(48,511)9,544,36711,524,97352,194,898(32,194,845)(327,210)-77,779,019179,969,4076,496,91348999,4106,596,812(2,027,272)-(307,087)(536,500)-(85)(2,870,944)3,725,8683,284,7637,010,631(194,245)8,127,50014,943,88687,802,936(98,592,155)(2,807,978)-181,316,096104The accompanying notes form an integral part of these financial statements.

Statement of Operations and Changes in Net Assetsfor the year ended 31 March 2013BRIC EquityUSDBRIC MarketsUSDBRIC MarketsEquityUSDChina ConsumerOpportunitiesUSDCIVETSUSDClimate ChangeUSD1,461,706,47717,471,546507,848,96581,040,17022,602,45829,888,90542,148,89090757,37742,906,357452,362-5,678458,04013,509,3907,484434,64613,951,5202,282,28733-2,282,320797,5953077,976805,878634,6941720,327655,038(11,964,522)-(4,256,098)(4,595,235)(163,971)-(1,852)(40,965)(5,438,770)-(471,791)(1,571,795)(1,730,823)-(591,582)(461,569)(72,476)-(96,661)(80,544)(397,490)-(55,947)(91,012)-(1,943)(20,817,798)22,088,559(103,599,931)-(16)(206,804)251,236(67,949)(35,533)(9,504)(7,527,393)6,424,127(15,056,768)-(79)(2,784,053)(501,733)1,080,046-(190)(249,871)556,007662,110-(129)(544,578)110,4603,296,980(81,511,372)(1,905,225)(32,814,462)183,287(8,254)(907,450)(8,632,641)(1,294,994)(4,910,273)578,313(108,969)6,233,9291,218,117(37,327)2,695,9183,407,4401,404(492,676)(116,231,059)(732,417)(14,837,908)6,703,2733,876,7082,916,168157,332,334(412,694,579)(1,379,194)-1,088,733,979-(39,456)(330)-16,699,34364,684,316(118,405,164)(1,185,554)-438,104,655159,132,270(147,592,880)--99,282,83310,255,415(2,983,434)--33,751,14710,369,583(15,210,163)(181,606)-27,782,887The accompanying notes form an integral part of these financial statements.105

Statement of Operations and Changes in Net Assetsfor the year ended 31 March 2013Emerging WealthUSDEuroland EquityEUREuroland EquitySmallerCompaniesEUREuroland GrowthEURNet Assets at the Beginning of the YearINCOMEInvestment IncomeBank InterestOther Income (note 16)Total IncomeEXPENSESManagement Fees (note 4.2)Performance Fees (note 4.3)Transaction feesOperating, Administrative and ServicingFees (note 4)Other feesInterest PaidTotal ExpensesNet Investment Profit/(Loss)Realised Profit/(Loss) on Sale ofInvestmentsRealised Profit/(Loss) for the yearProfit/(Loss) on Foreign CurrencyChange in unrealisedappreciation/(depreciation) ofInvestments, futures, forward foreignexchange contracts, CFD and swapsChange in Total Net Assetsas a Result of OperationsProceeds on Issue of SharesPayments on Redemption of SharesDividends Paid (note 14)Currency TranslationNet Assets as at 31 March 201322,944,964416,787819,294436,089(295,970)-(91,651)(78,965)-(42)(466,628)(30,539)46,07815,539(20,006)199,920195,4532,850,495(6,456,561)(51,990)-19,482,361595,918,90716,383,729322,061,53618,445,297(5,404,124)-(319,025)(1,529,075)(2,303)(1,197)(7,255,724)11,189,573(50,351,126)(39,161,553)(91,979)97,968,26658,714,734174,268,000(282,610,332)(1,478,343)-544,812,96661,383,7871,246,13016151,6001,397,746(774,581)-(342,383)(200,342)-(177)(1,317,483)80,2631,292,3711,372,634(14,521)1,971,9513,330,064113,705,612(50,315,288)(10,782)-128,093,39372,275,0142,383,73052298,3512,682,133(621,828)-(68,205)(207,837)(537)(382)(898,789)1,783,344(3,273,093)(1,489,749)(6,887)10,845,4159,348,77922,978,488(16,281,264)(34,815)-88,286,202106The accompanying notes form an integral part of these financial statements.

Statement of Operations and Changes in Net Assetsfor the year ended 31 March 2013European EquityEURFrontier MarketsUSDGlobal EmergingMarkets EquityUSDGlobal EquityUSDLatin AmericanEquityUSDMiddle East andNorth Africa Equity(liquidated as at 31July 2012)USD89,984,48369,184,372637,693,05367,087,168185,181,0469,133,8152,798,32627253,8163,052,1692,809,89823202,809,94118,412,4382,760784,70419,199,9021,428,3538,39761,1781,497,9284,382,727905644,383,381208,35460-208,414(1,208,120)-(217,928)(353,641)(1,034,327)-(523,725)(263,796)(4,574,538)-(1,760,672)(1,972,194)(349,577)-(126,170)(194,065)(1,622,243)-(444,565)(637,419)(15,794)-(22,844)(9,324)-(6)(1,779,695)1,272,474776,264-(1,487)(1,823,335)986,6062,263,483-(3,753)(8,311,157)10,888,745(35,096,978)(5,163)(2,507)(677,482)820,4464,840,943-(202)(2,704,429)1,678,952(1,203,685)--(47,962)160,452(817,319)2,048,73844,97211,954,0253,250,089(300,653)10,931,480(24,208,233)(556,539)17,886,4875,661,389(41,262)759,155475,267(477,760)3,133,689(656,867)(11,356)(77,710)14,047,73513,880,916(6,878,285)6,379,2823,131,196(745,933)40,213,228(25,354,650)(964,328)-117,926,46865,831,321(25,970,631)(91,140)-122,834,838193,379,437(220,713,097)(6,155,365)-597,325,74319,181,859(23,200,909)(775,917)-68,671,48375,963,797(55,648,253)(1,472,425)-207,155,361700,706(9,075,967)(12,621)--The accompanying notes form an integral part of these financial statements.107

Statement of Operations and Changes in Net Assetsfor the year ended 31 March 2013Market SpecificEquity Sub-FundsBrazil EquityUSDChinese EquityUSDHong Kong EquityUSDIndian EquityUSDNet Assets at the Beginning of the YearINCOME1,967,144,8532,119,742,079323,515,6513,995,712,797Investment IncomeBank InterestOther Income (note 16)Total IncomeEXPENSES50,343,59350722,66050,366,76055,967,561132,135,23858,102,8129,276,480-332,2249,608,70452,614,031431446,04753,060,509Management Fees (note 4.2)Performance Fees (note 4.3)Transaction feesOperating, Administrative and ServicingFees (note 4)Other feesInterest PaidTotal ExpensesNet Investment Profit/(Loss)Realised Profit/(Loss) on Sale ofInvestmentsRealised Profit/(Loss) for the yearProfit/(Loss) on Foreign CurrencyChange in unrealisedappreciation/(depreciation) ofInvestments, futures, forward foreignexchange contracts, CFD and swapsChange in Total Net Assetsas a Result of OperationsProceeds on Issue of SharesPayments on Redemption of SharesDividends Paid (note 14)Currency TranslationNet Assets as at 31 March 2013(23,009,571)-(3,582,670)(5,521,608)-(884)(32,114,733)18,252,027(53,479,255)(35,227,228)(7,610,989)(111,751,148)(154,589,365)744,016,235(756,780,654)(8,928,077)-1,790,862,992(28,970,492)-(8,542,775)(8,042,610)--(45,555,877)12,546,93560,983,91973,530,854(236,057)49,225,897122,520,694454,716,335(601,089,005)(14,943,154)-2,080,946,949(2,573,021)-(792,107)(989,029)--(4,354,157)5,254,5479,011,49014,266,037(80,600)23,625,57237,811,009101,697,748(198,441,927)(5,605,774)-258,976,707(50,429,325)-(10,241,205)(14,622,185)(74,434)(32,307)(75,399,456)(22,338,947)(4,142,188)(26,481,135)(7,336,948)(2,007,617)(35,825,700)214,719,128(902,942,330)(161,818)-3,271,502,077108The accompanying notes form an integral part of these financial statements.

Statement of Operations and Changes in Net Assetsfor the year ended 31 March 2013Japanese EquityJPYKorean EquityUSDMexico Equity(launched as at 28February 2013)USDRussia EquityUSDSingapore EquityUSDTaiwan EquityUSD6,183,910,521112,002,210-622,638,69874,031,23520,630,00095,103,06712173,53095,176,718973,2487445,488 *1,018,81020,638--20,63814,828,06359455,74415,283,8663,120,535-37,8093,158,344507,557--507,557(42,954,897)-(3,288,887)(13,918,207)(1,203,522)-(311,902)(328,526)(23,013)-(173,223)(12,633)(8,088,366)-(778,855)(1,940,928)(862,564)-(349,411)(303,299)(235,969)-(84,628)(61,991)(280,020)(379,696)(60,821,707)34,355,011(326,774,669)-(34)(1,843,984)(825,174)73,783-(2)(208,871)(188,233)(2,818)--(10,808,149)4,475,717(69,839,521)(962)(22)(1,516,258)1,642,08649,436-(167)(382,755)124,802(932,027)(292,419,658)2,900,303956,639,032(751,391)(195,098)(3,871,360)(191,051)(43,095)3,479,935(65,363,804)12,971(3,856,085)1,691,522(27,276)4,419,693(807,225)(10,698)252,199667,119,677(4,817,849)3,245,789(69,206,918)6,083,939(565,724)3,359,204,364(4,165,818,376)(19,809,830)-6,024,606,35623,556,950(53,162,121)--77,579,190177,789,599---181,035,388187,709,565(323,815,128)(3,601)-417,322,61659,817,308(58,206,488)(1,474,392)-80,251,6023,609,283(12,153,908)(154,852)-11,364,799* Please refer to note 7 related to the Korean Withholding Tax.The accompanying notes form an integral part of these financial statements.109

Statement of Operations and Changes in Net Assetsfor the year ended 31 March 2013Thai EquityUSDTurkey EquityEURUK EquityGBPUS EquityUSDNet Assets at the Beginning of the YearINCOME143,850,038119,516,42378,082,149181,631,614Investment IncomeBank InterestOther Income (note 16)Total IncomeEXPENSES3,838,41313018,4353,856,9782,055,12524,662175,0262,254,8132,804,0001,28518,8922,824,1772,351,9386,0874,1342,362,159Management Fees (note 4.2)Performance Fees (note 4.3)Transaction feesOperating, Administrative and ServicingFees (note 4)Other feesInterest PaidTotal ExpensesNet Investment Profit/(Loss)Realised Profit/(Loss) on Sale ofInvestmentsRealised Profit/(Loss) for the yearProfit/(Loss) on Foreign CurrencyChange in unrealisedappreciation/(depreciation) ofInvestments, futures, forward foreignexchange contracts, CFD and swapsChange in Total Net Assetsas a Result of OperationsProceeds on Issue of SharesPayments on Redemption of SharesDividends Paid (note 14)Currency TranslationNet Assets as at 31 March 2013(1,965,483)-(441,800)(465,215)(6,119)(663)(2,879,280)977,69821,202,40022,180,098(207,828)5,458,46727,430,737175,481,681(165,313,607)(2,008,513)-179,440,336(2,691,582)-(321,866)(619,342)-(672)(3,633,462)(1,378,649)11,152,0059,773,356(223,066)50,438,60359,988,893355,563,850(260,394,385)(39,515)-274,635,266(1,040,210)-(125,063)(214,950)--(1,380,223)1,443,9541,910,8123,354,766(55,164)5,956,0399,255,64122,388,003(38,614,868)(390,484)-70,720,441(1,902,233)-(111,273)(545,605)(1,053)(1,522)(2,561,686)(199,527)18,413,22718,213,700(378,479)(3,349,978)14,485,24399,967,767(105,592,939)(187,426)-190,304,259110The accompanying notes form an integral part of these financial statements.

Statement of Operations and Changes in Net Assetsfor the year ended 31 March 2013Bond Sub-FundsAsian CurrenciesBondUSDBrazil BondUSDEuro BondEUREuro Credit BondEUREuro High YieldBondEURGEM InflationLinked Bond(FormerlyEmerging InflationLinked Bond)USD81,243,10159,043,55987,803,289447,349,327649,963,800139,181,5123,619,466191183,619,6752,914,890419-2,915,3093,685,69526-3,685,72123,177,3843,765-23,181,14956,883,5075,3601,50056,890,3674,724,46115,014-4,739,475(734,663)-(23,767)(270,207)(539,338)--(177,879)(410,137)--(157,825)(2,849,455)--(1,113,104)(6,159,789)--(1,874,534)(1,208,572)-(217)(410,995)-(349)(1,028,986)2,590,689661,424-(24)(717,241)2,198,068(2,171,812)(958)(92,980)(661,900)3,023,8211,975,348(7,449)(3,393,896)(7,363,904)15,817,24523,474,414-(333,759)(8,368,082)48,522,28516,220,221-(10,104)(1,629,888)3,109,5879,485,1293,252,113(143,366)4,132,37026,256(55,984)(301,203)4,999,169(2,598)2,254,88139,291,659(38,024)9,056,05264,742,506(443,967)54,840,60412,594,716(329,721)2,317,5507,241,117(330,931)7,251,45248,309,687119,139,14314,582,54538,850,166(21,947,889)(1,012,408)-104,374,08718,078,350(25,396,063)(41,778)-51,353,13780,962,082(75,772,418)(29,932)-100,214,473365,262,234(300,941,001)(109,892)-559,870,3551,373,663,151(812,851,601)(5,475,155)-1,324,439,33897,229,801(47,756,056)--203,237,802The accompanying notes form an integral part of these financial statements.111

Statement of Operations and Changes in Net Assetsfor the year ended 31 March 2013Global BondUSDGlobal Credit Bond(liquidated as at 21August 2012)USDGlobal EmergingMarkets BondUSDGlobal EmergingMarkets CorporateDebtUSDNet Assets at the Beginning of the YearINCOMEInvestment IncomeBank InterestOther Income (note 16)Total IncomeEXPENSESManagement Fees (note 4.2)Performance Fees (note 4.3)Transaction feesOperating, Administrative and ServicingFees (note 4)Other feesInterest PaidTotal ExpensesNet Investment Profit/(Loss)Realised Profit/(Loss) on Sale ofInvestmentsRealised Profit/(Loss) for the yearProfit/(Loss) on Foreign CurrencyChange in unrealisedappreciation/(depreciation) ofInvestments, futures, forward foreignexchange contracts, CFD and swapsChange in Total Net Assetsas a Result of OperationsProceeds on Issue of SharesPayments on Redemption of SharesDividends Paid (note 14)Currency TranslationNet Assets as at 31 March 2013186,228,5735,361,42213,426-5,374,848(415,882)-(1)(355,212)(478)(386)(771,959)4,602,8891,986,3986,589,287(251,453)(4,873,535)1,464,29995,795,838(75,896,006)(3,400,902)-204,191,80221,337,913364,913170-365,083(10,823)--(16,603)(15)(85)(27,526)337,55753,253390,810(55,864)186,691521,637138,322(21,997,872)---2,327,280,001189,044,9939,778-189,054,771(26,622,476)-(5)(10,022,518)-(3,369,403)(40,014,402)149,040,36985,743,348234,783,717(850,244)31,549,474265,482,9474,258,013,852(2,751,941,753)(84,802,078)-4,014,032,96911,026,609660,143--660,143(10,650)-(1)(31,312)--(41,963)618,180435,9491,054,129(15,439)400,8221,439,5123,081,696(2,988,175)--12,559,642112The accompanying notes form an integral part of these financial statements.

Statement of Operations and Changes in Net Assetsfor the year ended 31 March 2013Global Emerging Global EmergingMarkets Markets Local DebtInvestment GradeUSDBondUSDGlobal HighIncome BondUSDGlobal High YieldBond (launched asat 20 July 2012)USDGlobal InflationLinked BondUSDIndia Fixed Income(launched as at 20August 2012)USD124,329,337917,570,608614,258,342-38,965,081-5,201,2776,334-5,207,61147,994,241140,60932,46348,167,31339,347,6603,874-39,351,53442,780,6438,52630,45642,819,625536,523903-537,426914,1761,235-915,411(520,705)--(258,858)(6,868,547)-(9)(2,733,083)(9,810,097)-(1)(1,972,882)(7,911,364)-(43)(1,806,544)(102,096)-(46)(68,689)(55,567)--(45,739)-(313,798)(1,093,361)4,114,2501,941,698-(5,139,428)(14,741,067)33,426,24620,623,143(148)(278,584)(12,061,712)27,289,822(1,547,871)-(2,135,839)(11,853,790)30,965,835(6,286,513)(933)(13,091)(184,855)352,5714,715,311--(101,306)814,105462,2016,055,948(416,045)997,31254,049,389(656,626)(3,571,849)25,741,9515,389,23041,070,80624,679,3225,616,26755,618,7995,067,88225,416(3,297,876)1,276,306(179,995)315,0776,637,21549,820,91472,201,98785,914,3881,795,4221,411,38869,279,387(109,673,224)(131,217)-90,441,498856,552,521(430,356,987)(19,523,537)-1,374,063,5191,500,543,341(679,486,343)(41,336,414)-1,466,180,9132,477,101,164(1,102,477,143)(46,102,444)-1,414,435,9657,650,381(14,254,671)--34,156,21337,119,603(5,102,732)--33,428,259The accompanying notes form an integral part of these financial statements.113

Statement of Operations and Changes in Net Assetsfor the year ended 31 March 2013Latin AmericanLocal DebtUSDRMB Fixed IncomeUSDUS Dollar BondUSDReserve Sub-FundEuro ReserveEURNet Assets at the Beginning of the YearINCOMEInvestment IncomeBank InterestOther Income (note 16)Total IncomeEXPENSESManagement Fees (note 4.2)Performance Fees (note 4.3)Transaction feesOperating, Administrative and ServicingFees (note 4)Other feesInterest PaidTotal ExpensesNet Investment Profit/(Loss)Realised Profit/(Loss) on Sale ofInvestmentsRealised Profit/(Loss) for the yearProfit/(Loss) on Foreign CurrencyChange in unrealisedappreciation/(depreciation) ofInvestments, futures, forward foreignexchange contracts, CFD and swapsChange in Total Net Assetsas a Result of OperationsProceeds on Issue of SharesPayments on Redemption of SharesDividends Paid (note 14)Currency TranslationNet Assets as at 31 March 201320,433,501959,43979-959,518(4,802)-(2,847)(50,474)--(58,123)901,395(157,000)744,395(17,997)828,1151,554,513213,207(793,339)--21,407,88283,631,8124,851,9131,260,779-6,112,692(1,110,100)--(423,163)-(1,993)(1,535,256)4,577,436(421,954)4,155,482378,51177,1704,611,163369,211,438(77,559,745)(56,597)-379,838,071137,451,3752,820,28016,343-2,836,623(293,691)-(1)(219,261)(208)(9)(513,170)2,323,453(212,817)2,110,636(22,601)1,352,1233,440,15847,804,437(76,924,275)(1,815,467)-109,956,228139,368,188258,01843,285195301,498(141,177)-(5)(164,464)-(2,209)(307,855)(6,357)88,20581,848(1,616)(22,814)57,418144,663,800(158,955,262)(660)-125,133,484114The accompanying notes form an integral part of these financial statements.

Statement of Operations and Changes in Net Assetsfor the year ended 31 March 2013Index Sub-FundOther Sub-FundsEconomic Scale European EquityIndex GEM Equity Absolute Return(launched as at 20 (liquidated as at 17March 2013) December 2012)USDEURGEM Debt TotalReturnUSDGEM EquityAbsolute Return(liquidated as at 17December 2012)USDGlobal CurrencyUSDGlobal FlexAllocationEUR-18,417,7901,129,434,60424,893,94862,284,76819,264,15036,7172,096-38,813152,6775,05015,018172,74556,334,04630,856-56,364,902249,8411,0949,516260,451-13,321-13,321564,1744,28111,176579,631--(78,866)(3,303)(9,923)-(29,947)(36,352)(7,569,854)(3,519,051)(38)(3,742,075)(18,535)-(48,022)(65,180)(622,754)-(3,954)(127,196)(18,999)-(5,611)(46,414)--(82,169)(43,356)(30)(347)(60,368)(136,937)35,808(912,917)-(12,401,204)(27,232,222)29,132,68023,536,761-(264,683)(396,420)(135,969)(1,206,366)--(753,904)(740,583)(6,231,029)(5,631)(1,690)(78,345)501,286(1,646,844)(43,386)(59,877)52,178(877,109)(5,289)(231,011)52,669,441759,562(29,463,155)(1,342,335)34,132654,419(6,971,612)601,555472,586(1,145,558)(20,729)1,275,504(51,085)(1,113,409)23,965,848(653,784)(5,897,471)109,21750,005,000(5,000)--49,948,9151,641,850(18,946,231)---813,643,957(225,079,174)(29,056,722)-1,712,908,51385,295(24,325,459)---5,962,773(10,084,847)--52,265,2232,872,347(3,284,956)--18,960,758The accompanying notes form an integral part of these financial statements.115

Statement of Operations and Changes in Net Assetsfor the year ended 31 March 2013Global MacroEURGlobal Macro II(liquidated as at 29May 2012)EURManaged Solutions- Asia FocusedConservative(launched as at 15March 2013)USDManaged Solutions- Asia FocusedGrowth (launchedas at 15 March2013)USDNet Assets at the Beginning of the YearINCOMEInvestment IncomeBank InterestOther Income (note 16)Total IncomeEXPENSESManagement Fees (note 4.2)Performance Fees (note 4.3)Transaction feesOperating, Administrative and ServicingFees (note 4)Other feesInterest PaidTotal ExpensesNet Investment Profit/(Loss)Realised Profit/(Loss) on Sale ofInvestmentsRealised Profit/(Loss) for the yearProfit/(Loss) on Foreign CurrencyChange in unrealisedappreciation/(depreciation) ofInvestments, futures, forward foreignexchange contracts, CFD and swapsChange in Total Net Assetsas a Result of OperationsProceeds on Issue of SharesPayments on Redemption of SharesDividends Paid (note 14)Currency TranslationNet Assets as at 31 March 2013211,900,604883,16064,493-947,653(1,525,548)(699)-(348,074)(70,344)(51,632)(1,996,297)(1,048,644)(2,285,818)(3,334,462)697,226583,884(2,053,352)53,518,219(184,687,516)--78,677,9558,927,05219,4481,167-20,615(2,482)--(2,846)(1,221)(3,004)(9,553)11,062(743,843)(732,781)108,17969,544(555,058)1,963(8,373,957)----8,598--8,598(5,482)-(7,242)(4,523)--(17,247)(8,649)(2,466)(11,115)1,95029,27720,11243,818,568(488,158)--43,350,522-46,897--46,897(63,302)-(39,302)(14,770)--(117,374)(70,477)(36,783)(107,260)(73,275)568,423387,888137,219,570(2,190,161)--135,417,297116The accompanying notes form an integral part of these financial statements.

Statement of Operations and Changes in Net Assetsfor the year ended 31 March 2013Managed Solutions- Asia FocusedIncome (launchedas at 25 May 2012)USD-29,059,9933,998-29,063,991(8,910,372)-(287,128)(2,495,041)--(11,692,541)17,371,45010,665,56128,037,011(714,991)60,864,46388,186,4832,522,284,274(1,140,551,254)(30,409,463)-1,439,510,040The accompanying notes form an integral part of these financial statements.117

Notes to the Financial Statements1. Basis of presentationHSBC Global Investment Funds (the “Company”) is incorporated under the laws of the Grand Duchy of Luxembourg asan investment company with variable capital (Société d’Investissement à Capital Variable or “SICAV”). The capitalcomprises various Classes of Shares each relating to a separate portfolio (a “sub-fund”) consisting of securities, cashand other sundry assets and liabilities. The accompanying financial statements present the assets and liabilities of theindividual sub-funds and of the Company taken as a whole. The financial statements of each individual sub-fund areexpressed in the currency designated in the Prospectus for that particular sub-fund and the financial statements of theCompany are expressed in United States Dollars (USD). The financial statements have been prepared in accordancewith the format prescribed by the Luxembourg authorities for Luxembourg investment companies.The Company is an officially registered investment fund under part I of the Luxembourg law of 17 December 2010 onundertakings for collective investment (the “2010 Law”) and has been certified as a UCITS fund under the Europeandirective 2009/65/EC.Certain sub-funds of the Company are authorised by the Hong Kong Securities and Futures Commission under Section104 of the “Securities and Futures Ordinance”.In the Prospectus and in the various reports, the short names of the sub-funds are used. The complete name of eachsub-fund consists of “HSBC Global Investment Funds” plus the short name of the sub-fund.From 1 April 2012 to 31 March 2013:1) The following sub-funds have been liquidated:• Global Macro II on 29 May 2012• Middle East and North Africa Equity on 31 July 2012• Global Credit Bond on 21 August 2012• European Equity Absolute Return on 17 December 2012• GEM Equity Absolute Return on 17 December 20122) The following sub-funds have been opened:• Managed Solutions - Asia Focused Income on 25 May 2012• Global High Yield Bond on 20 July 2012• India Fixed Income on 20 August 2012• Mexico Equity on 28 February 2013• Managed Solutions - Asia Focused Conservative on 15 March 2013• Managed Solutions - Asia Focused Growth on 15 March 2013• Economic Scale Index GEM Equity on 20 March 20133) The following sub-fund has changed its name:Emerging Inflation Linked Bond has changed its name to GEM Inflation Linked Bond on 1 August 2012.4) The following investment adviser changes have occurred during the year:GEM Inflation Linked Bond (formerly Emerging Inflation Linked Bond)Until 31 July 2012: HSBC Global Asset Management (France)From 1 August 2012: HSBC Global Asset Management (USA) Inc.Global High Income Bond:Until 2 September 2012: HSBC Global Asset Management (UK) LimitedFrom 3 September 2012: HSBC Global Asset Management (USA) Inc.118

Notes to the Financial Statements (continued)1. Basis of presentation (continued)Global Macro:The Investment Adviser, HSBC Global Asset Management (France) has entered into an agreement with HSBCGlobal Asset Management (UK) Limited to provide discretionary investment management services until31 October 2012 and non-binding investment advice from 1 November 2012 in respect of a part of the subfund'sportfolio.5) The following sub-investment adviser change has occurred during the year:Global High Income Bond:Until 2 September 2012: HSBC Global Asset Management (USA) Inc.From 3 September 2012: HSBC Global Asset Management (UK) LimitedHSBC Global Asset Management (France) remains sub-investment adviser.2. Accounting PoliciesThe following accounting policies have been used consistently in dealing with items which are consideredmaterial in relation to the Company’s financial statements.a) Accounting conventionThe financial statements have been prepared under the historical cost convention modified by the revaluation ofinvestments.b) Assets and portfolio securities valuationPortfolio securities and/or financial derivative instruments which are listed on an official stock exchange are valued at thelast available price on the principal market on which such securities are traded. Securities traded on other organisedmarkets are valued at the last available price or yield equivalents obtained from one or more dealers in such organisedmarkets at the time of valuation. If such prices are not representative of their fair value, all such securities and all otherpermitted assets shall be valued at their fair value at which it is expected they may be resold as determined in good faithby or under the direction of the Directors.The assets of each share class within most of the sub-funds are valued using prices available at different times duringthe day of 28 March 2013, being the last business day of the reporting year (29, 30 and 31 March 2013 were notbusiness days).The assets of each share class of Latin American Equity, Latin American Local Debt and Mexico Equity are valued usingprices available at different times during the day of 27 March 2013, as 28 March 2013 was not open for normal tradingin Mexico, country where these sub-funds are materially invested.If the Company had calculated the net asset values solely with a view to publication, the market prices used to value thenet assets would have been the closing prices on 29 March 2013. However, these net asset values would not havebeen significantly different from those shown in these financial statements, except for the following sub-funds, forwhich the following variations would have been observed:Sub-Fund Currency % difference(in % of NAV)Latin American Equity USD 1.04%Taiwan Equity USD 0.65%Thai Equity USD 0.75%Turkey Equity EUR 0.76%119

Notes to the Financial Statements (continued)2. Accounting Policies (continued)b) Assets and portfolio securities valuation (continued)The financial derivative instruments which are not listed on any official stock exchange or traded on any other organisedmarket are valued in accordance with market practice. Shares or units in underlying open-ended investment sub-fundsare valued at their last available net asset value reduced by any applicable charges.The Company uses the amortized cost method of valuation in valuing its portfolio of financial instruments in the form ofshort term debt (such as commercial paper, certificate of deposit, treasury bills).c) Income and ExpensesInterest is accrued on a day-to-day basis. Dividends are accounted for on an ex-dividend basis.d) Foreign ExchangeThe cost of investments, income and expenses in currencies other than the sub-funds’ relevant reporting currency havebeen recorded at the rate of exchange ruling at the time of the transaction. The market value of investments and otherassets and liabilities in currencies other than the relevant reporting currency have been converted at the rates ofexchange ruling at 28 March 2013, except for Latin American Equity, Latin American Local Debt and Mexico Equity, at27 March 2013.e) Realised Profit/(Loss) on Sale of InvestmentsRealised profit/(loss) on sale of investments is the difference between the historical average cost of the investment andthe sale proceeds.f) Segregated LiabilityThe Company has segregated liability between its sub-funds; meaning, the assets of a sub-fund are exclusivelyavailable to satisfy the rights of shareholders in relation to that sub-fund and the rights of creditors whose claimshave arisen in connection with the creation, operation and liquidation of that sub-fund.3. Share capitalThe Company has issued either A, B, E, I, J, L, M, N, P, R, S, W, X, Y and Z Shares to investors in one or several subfundsas detailed below.Within each Share Class of a sub-fund, the Company shall be entitled to create different sub-classes, distinguished bytheir distribution policy (Capital-Accumulation (C), Distribution (D) and Monthly Distribution (M) Shares), their referencecurrency, their hedging activity (H) and/or by any other criteria stipulated by the Board of Directors.All share classes are available as both ‘Capital Accumulation’ and ‘Distribution’ shares.Class Description Minimum InitialInvestmentMinimum HoldingClass A A Shares are available to all investors. USD 5,000Class BB Shares are available in the United Kingdom and Jerseythrough specific distributors selected by the Distributor. BShares may be available in other countries through specificdistributors selected by the Distributor on application to theCompany.USD 5,000120

Notes to the Financial Statements (continued)3. Share capital (continued)Class Description Minimum InitialInvestmentMinimum HoldingClass E E Shares are available in certain countries, subject to therelevant regulatory approval, through specific distributorsselected by the Distributor. E Shares shall incur annualmanagement fee, equivalent to that of the Class A Shares plus0.3% to 0.5% per annum of the Net Asset Value of Class EShares, which may be payable to specific distributors in certaincountries.USD 5,000Class IClass JClass LI Shares are available through specific distributors selected bythe Distributor on application to the Company.J Shares are available for investment by funds of fundsmanaged by the HSBC Group or managed by specific entitiesselected by the Distributor.L Shares are available through specific distributors selected bythe Distributor, provided that such investors qualify asinstitutional investors within the meaning of article 174 of the2010 Law.USD 1,000,000USD 100,000USD 1,000,000Class M M Shares are available to all investors. USD 5,000Unless otherwiseprovided in the Sub-Fund characteristicsof the ProspectusClass N N Shares are available in the United Kingdom and Jerseythrough specific distributors selected by the Distributor. NShares may be available in other countries through specificdistributors selected by the Distributor on application to theCompany.USD 5,000Class PClass RP Shares are available for subscription in certain jurisdictions orthrough certain distributors selected by the Distributor onapplication to the Company.R Shares are available in certain countries, subject to therelevant regulatory approval, through specific distributorsselected by the Distributor. R Shares shall incur annualmanagement fees equivalent to that of the Class M sharesplus 0.3% to 0.5% per annum of the Net Asset Value of ClassR Shares, which may be payable to specific distributors incertain countries.USD 50,000Unless otherwiseprovided in the Sub-Fund characteristicsof the ProspectusUSD 5,000Unless otherwiseprovided in the Sub-Fund characteristicsof the Prospectus121

Notes to the Financial Statements (continued)3. Share capital (continued)Class Description Minimum InitialInvestmentMinimum HoldingClass S S Shares are available in certain jurisdictions or through certaindistributors selected by the Distributor provided that suchinvestors qualify as institutional investors within the meaningof article 174 of the 2010 Law.USD 100,000Class WClass XClass YClass ZW Shares are available through specific distributors that shallalso be members or affiliated entities of the HSBC Group asselected by the Distributor provided that such investors qualifyas institutional investors within the meaning of article 174 ofthe 2010 Law. No Operating, Administrative and ServicingExpenses shall be charged to Class W Shares. All fees andcharges allocated to this class shall be paid directly bymembers or affiliated entities of the HSBC Group.X Shares are available through specific distributors selected bythe Distributor, provided that such investors qualify asinstitutional investors within the meaning of article 174 of the2010 Law and fall into one of the following categories:companies or company pension funds, insurance companiesor registered charities or funds managed or advised by anHSBC Group entity and other such institutional investors, asagreed by the Board of Directors.Y Shares are available in certain jurisdictions through specificdistributors appointed by the Distributor.Z Shares are available to investors having entered into adiscretionary management agreement with an HSBC Groupentity and to investors subscribing via distributors selected bythe Distributor, provided that such investors qualify asinstitutional investors within the meaning of article 174 of the2010 Law.USD 100,000USD 10,000,000Unless otherwiseprovided in the Sub-Fund characteristicsof the ProspectusUSD 1,000USD 1,000,000122

Notes to the Financial Statements (continued)3. Share capital (continued)The Board of Directors of the Company is authorised to issue different Classes of Shares in one or more sub-funds.Details of the characteristics of such Share Classes offered shall be determined at the sole discretion of the Board ofDirectors. In case of the creation of any additional Classes of Shares, the Prospectus shall be updated.The subscription proceeds of all Shares in a sub-fund are invested in one common underlying portfolio of investments.All Shares of the same Class have equal rights and privileges. Each Share is, upon issue, entitled to participate equally inassets of the relevant class of the sub-fund to which it relates on liquidation and in dividends and other distributions asdeclared for such sub-fund. The Shares shall carry no preferential or pre-emptive rights and each whole Share shall beentitled to one vote at all meetings of shareholders.The minimum initial investment amount may be waived or reduced at the discretion of the Company.Share Class Denominations and Successive Classes:The Share Classes issued in the different sub-funds are designated by their class name, followed by their distributioncharacteristics and, if applicable, their specific hedging policy and the currency into which the Base Currency is hedged.This means that for example Shares issued in Class A which are distributing income and applying a hedging policy toEuro, as defined above, would be identified as ADHEUR whereas Class I Shares accumulating income would beidentified as IC.Distribution Shares are identifiable by a "D" following the sub-fund and Class names (e.g.: Class AD), with the exceptionof Monthly Distribution Shares which are identifiable by an "M" following the sub-fund and Class names (e.g.: Class AM).Successive Classes J, L, M and R in a given sub-fund are numbered 1, 2, 3… and shall be referred to as J1, J2, J3, (…),L1, L2, L3 (…), M1, M2, M3 (…) etc.Successive Classes S Shares shall be issued in different sub-funds, and numbered 1, 2, 3 etc. and shall be referred to asS1, S2, S3, etc. for the S Class launched in the first sub-fund, S Class launched in the second sub-fund and S Classlaunched in the third sub-fund, respectively and as disclosed in the relevant sub-fund characteristics (see Section 3.2. ofthe Prospectus).Within each Share Class of a sub-fund, separate currency hedged classes may be issued (suffixed by “H” and thecurrency into which the Base Currency is hedged or the currency into which the currency the sub-fund total assets areprimarily invested in, is hedged. These currency hedged share classes shall be named : "ACHEUR" or "ACHGBP" for aCapital-Accumulation Share Class hedged into Euro or Pound Sterling). Any fees of the Administrator relating to theexecution of the currency hedging policy shall be borne by the relevant currency hedged class. These fees are inaddition to the operating, administrative and servicing expenses detailed below. Any gains or losses shall also accrue tothe relevant currency hedged class.4. Charges and Expenses1. Explanation of the Charging StructureInvestment in the Company is generally offered via charging structures, as represented by the A, E, I, J, L, M, P, R, S,W, X, Y and Z Classes of Shares.The Management Company is entitled, in respect of each Class of Shares, to a management fee to cover all investmentmanagement, investment advisory and distribution services provided in relation to the relevant class (see paragraph (2)headed “Management Fee” below).In addition, the Company pays to the Management Company a fee to cover operating, administrative and servicingexpenses. To safeguard shareholders from fluctuations in a sub-fund’s operating, administrative and servicing expenses,the Company has agreed with the Management Company that the fee charged to cover such operating, administrativeand servicing expenses is fixed at an annual rate.123

Notes to the Financial Statements (continued)4. Charges and Expenses (continued)1. Explanation of the Charging Structure (continued)The potential excess of such expenses above such annual rate shall be borne directly by the Management Company(see paragraph (4) headed “Operating, Administrative and Servicing Expenses / Operating Currency Hedging Fees”below).2. Management FeeThe Company pays to the Management Company an annual management fee calculated as a percentage of the NetAsset Value of each sub-fund or share class (“Management Fee”). The Management Fee is accrued daily and payablemonthly in arrears at the rates specified in the table on page 175.The maximum rate for Class E, I, J, L, M and N Shares is 3.5%.The maximum rate for Class A, B, P, R, S, X, Y and Z Shares is as stated in the Prospectus.No Management Fee is currently charged for Class W Shares.The Management Fee covers management and distribution services provided in relation to the relevant sub-fund of theCompany by the Management Company, the Investment Advisers and the Share Distributors. The ManagementCompany is responsible for discharging, out of such fee, the fees of the Investment Advisers and the Share Distributorsand may pay part of such fee to recognised intermediaries or such other person as the Management Company maydetermine, at its discretion.The Management Company may instruct the Company to pay a portion of the Management Fee directly out of theassets of the Company to any of such service providers. In such case, the Management Fee due to the ManagementCompany is reduced accordingly.3. Performance FeeUntil 30 November 2012Unless otherwise provided in the Prospectus, for sub-funds issuing Class J Shares, L Shares, M Shares and R Shares,the Management Company is also entitled to a Performance Fee, payable annually in arrears after the end of eachtwelve month period.Each Dealing Day, the Performance Fee accrual shall be calculated as 20% of the difference between the change in theNet Asset Value per share of the relevant Class of the sub-fund since the previous Dealing Day (net of all other fees andexpenses and excluding the effect of subscriptions and redemptions) and the simple daily equivalent of the percentagedefined in the Prospectus for the relevant sub-funds (hereafter the "Percentage") provided that on such Dealing Day theNet Asset Value per Share of the relevant Class of the sub-fund is higher than the Low Tide Mark (as defined below).On a Dealing Day when the Net Asset Value exceeds the Low Tide Mark but immediately follows a Dealing Day whenthe Net Asset Value per share was below the Low Tide Mark, no accrual is made. On the first issue of the relevantClass of Shares in a sub-fund, the Low Tide Mark shall equal the initial offer price of the relevant Class of Shares of thesub-fund. The Low Tide Mark shall not be set at a level below the initial offer price of the relevant Class of Shares of thesub-fund.The cumulative Performance Fee accrual from the beginning of the twelve month period shall be included in thecalculation of the Net Asset Value per Share.124

Notes to the Financial Statements (continued)4. Charges and Expenses (continued)3. Performance Fee (continued)In the event of any change in the Net Asset Value per Share of the relevant Class of the sub-fund being less than thesimple daily equivalent of the Percentage, the daily Performance Fee accrual shall be negative and shall reduce thecumulative Performance Fee accrual until the accrual reaches a minimum level of zero. If the cumulative PerformanceFee accrual reaches zero, the Net Asset Value per Share on the previous day shall be set as the ‘Low Tide Mark’. Nofurther daily Performance Fee accrual shall be made until the Net Asset Value per Share exceeds the Low Tide Mark.At the end of the twelve month period, the positive balance (if any) of the Performance Fee accrual shall becomepayable to the Management Company and the Performance Fee accrual in the Net Asset Value per Share of therelevant Class of Shares shall be reset to zero and the Net Asset Value per Share on that day shall be set as the HighWater Mark. When there is a positive Performance Fee accrual during a period of significant new subscriptions into asub-fund with the relevant Class of Shares, followed by a period of negative performance, all shareholders shallparticipate (in proportion with their shareholding) in the reduction in the cumulative Performance Fee accrual, regardlessof their actual contribution to the cumulative Performance Fee accrual. Also, if the Net Asset Value per Share is risingbut is still below the Low Tide Mark, the Management Company shall not benefit from any Performance Fee accrualson any relevant Class of Shares of the sub-fund, including Shares that are newly issued and which only experiencepositive performance.The detailed Performance Fee information can be found in the Prospectus dated October 2012.If there is a positive balance of the Performance Fee, it shall become payable to the Management Company and shall beincluded in the “performance fees” balance from the statement of operations. If there was a positive balance of thePerformance Fees accrued as at 31 March 2012 but no performance fees paid during the year ended 31 March 2013 orpayable as at 31 March 2013, the 31 March 2012 accrual reversal is included in the “other income” balance from thestatement of operations.With effect from 1 June 2011, the Board of Directors has decided to bring into line the Performance Period starting onthe first issue of each relevant Class of Shares and used for the calculation of the Performance Fee payable annually.The positive balance (if any) of the Performance Fee accrual shall therefore become payable to the ManagementCompany each year on the last Business Day of November.The first date on which Performance Fees were paid simultaneously for all relevant Class of Shares was on 30November 2011.In relation to performance fees, the following sub-funds stopped paying performance fees compared to last year:- BRIC Equity- Euroland Growth- GEM EquitySince 1 December 2012SummaryFor certain sub-funds and Share Classes, the Management Company is entitled to receive from the net assets of aShare Class, in addition to other fees and expenses mentioned in the Prospectus dated January 2013, an annualperformance fee.A performance fee shall normally be applied at Share Class level to any sub-fund issuing Class L Shares, M Shares, NShares and R Shares. For Class J Shares the performance fee shall be charged only if provided for in Section 3.2. "Sub-Fund Details", of the Prospectus.125

Notes to the Financial Statements (continued)4. Charges and Expenses (continued)3. Performance Fee (continued)A separate performance fee calculation shall be carried out for each Share Class within a sub-fund.The performance fee shall be calculated and accrued at each valuation of the sub-fund and payable at the end of thePerformance Period, or on the net redemptions and/or conversions of Shares, if earlier.If the Company invests in shares or units of UCITS (including other sub-funds of the Company) and other UCIs that aremanaged directly or indirectly by the Management Company itself or a company with which it is linked by way ofcommon management or control or by way of a direct or indirect stake of more than 10% of the capital or votes, thenno duplication of performance fees shall occur.The avoidance of a double-charge of the performance fee is achieved by either i) where a sub-fund invests in shares orunits of such UCITS and other UCIs, and these UCITS and/or UCIs charge performance fees, the sub-fund shall notcharge a performance fee, or ii) where a sub-fund charges a performance fee, it shall not invest in share classes thatcharge a performance fee.For the avoidance of doubt, it is clarified that the performance fee is calculated for each Share Class on the basis of theunadjusted Net Asset Value per Share, e.g. before any pricing adjustment that might be applied to the Net Asset Valueper Share to mitigate the effects of transaction costs.The performance fee calculations ensure that the Management Company cannot earn a performance fee until anyunderperformance against the Hurdle Rate has been recovered.Calculation MethodThe High Water Mark defines a reference point for the Net Asset Value per Share above which, after adjustment fordividend distributions if any, a performance fee becomes payable.A sub-fund may only accrue a performance fee in the event that both of the conditions below are met:1. The Net Asset Value per Share Return of the relevant Share Class outperforms the relevant Hurdle Rate over thePerformance Period and;2. The Current Day NAV is higher than the High Water Mark.Where the Current Day NAV, decreases below the High Water Mark and/or the Net Asset Value per Share Returnunderperforms the relevant Hurdle Rate, no performance fee shall be accrued until such a decrease orunderperformance has been recovered in the course of any one Performance Period.If, at the end of the Performance Period, the Net Asset Value per Share is below the relevant Hurdle Rate and theperformance fee is not paid, then the High Water Mark for the following Performance Period shall be the past year'sHigh Water Mark plus the Hurdle Rate.Performance Fee AccrualAt each valuation of the sub-fund:• The cumulative "Excess Return" since the beginning of the Performance Period is calculated as the differencebetween the cumulative Net Asset Value per Share Return and the cumulative Hurdle Rate since the beginning ofthe Performance Period.126

Notes to the Financial Statements (continued)4. Charges and Expenses (continued)3. Performance Fee (continued)• The cumulative performance fee per Share is equal to the cumulative "Excess Return" multiplied by the PerformanceRate.• The daily performance fee per Share is calculated as the difference between the cumulative performance fee perShare on the valuation and the cumulative performance fee per Share at the previous valuation.• The daily performance fee accrual for the Share Class is equal to the performance fee accrual per Share on thevaluation multiplied by the outstanding number of Shares on the valuation for that Share Class.• The cumulative performance fee accrual before crystallisations for the Share Class is calculated as the sum of thecumulative performance fee accrual before crystallisations at the previous valuation and the performance fee accrualof that Share Class at the valuation.• Any performance fee accrued on net redeemed and/or converted Shares is crystallised (by taking the proportion ofnet redeemed and/or converted Shares to the number of Shares in issue). The daily and total performance feeaccruals since the beginning of the Performance Period are adjusted accordingly.The daily performance fee accrual can be positive or negative however the cumulative performance fee accrual shallnever be reduced to below zero.The cumulative performance fee accruals from the beginning of the Performance Period shall be, at each valuation,included in the ongoing calculation of the Net Asset Value per Share of which subscriptions, redemptions andconversions may be accepted.CrystallisationCrystallisation of the performance fee occurs on the last valuation of each Performance Period. Any performance feedue is payable out of the sub-fund to the Management Company in arrears after the end of the Performance Period.Accordingly, once the performance fee has crystallised, no refund shall be made in respect of any performance fee paidout at that point in subsequent Performance Periods.If there is a net redemption and/or conversion of Shares at any valuation before the end of the Performance Period, anyaccrued performance fee with respect to such redeemed Shares shall crystallise on that valuation and shall thenbecome payable to the Management Company.Computation of Performance FeesPerformance fees are calculated by the Administration Agent.The Auditors of the Company shall audit the calculations of the performance fees paid out on an annual basis.The Board of Directors shall ensure that the accrual represents fairly and accurately the performance fee liability thatmay eventually be payable by the sub-fund or Share Class to the Management Company.127

Notes to the Financial Statements (continued)4. Charges and Expenses (continued)3. Performance Fee (continued)Annual Payment of Performance FeesAt the end of a Performance Period the positive balance (if any) of the performance fee accrual shall become payable tothe Management Company and the performance fee accrual in the Net Asset Value per Share of the relevant ShareClass shall be reset to zero and a new High Water Mark set.The performance fee, if applicable, is payable yearly immediately following the end of each Performance Period.Performance fees payable to the Management Company in any financial year are not refundable in any subsequentaccounting years.Pursuant to the provisions of the relevant Investment Advisory Agreement, the Investment Adviser may be entitled toreceive from the Management Company the whole or part of the performance fee.In the case of liquidation or merger of a sub-fund or Share Class to which a performance fee is applicable, theperformance fee shall be paid on the last valuation day before its liquidation or merger.4. Operating, Administrative and Servicing Expenses / Operating Currency Hedging FeesThe Company pays to the Management Company a fee to cover certain Operating, Administrative and ServicingExpenses. The Management Company is responsible for discharging out of this fee, the expenses described below,inter alia, payable to the Depositary Bank, Administration Agent, Registrar and Transfer Agent.This fee is set, for each sub-fund and/or Class, at a fixed percentage of the Net Asset Value of the relevant sub-fund orclass specified in the Company’s Prospectus (as specified in the table on page 173). Such fee is accrued daily andpayable monthly in arrears.No Operating, Administrative and Servicing Expenses shall be charged to Class W Shares. All the fees and chargesallocated to such Class of Shares shall be paid directly by a member or an affiliated entity of HSBC Group.The maximum rate for class A, B, E, I, J, L, M, N, P, R, S, X, Y and Z Shares is 1.0% (but not including the fees of theAdministration Agent relating to the execution of the currency hedging for the currency hedged Share Classes).However, the Board of Directors reserves the right to amend the fixed level of the Operating, Administrative andServicing Expenses applicable to each Class of Shares. In the event of an increase of such expenses, the concernedshareholders shall be given at least three months prior notice of such increase. During this three months notice, suchshareholders may request the redemption of their Shares, free of charge.Operating, Administrative and Servicing Expenses cover the ongoing custody/depositary fees and safekeeping chargespayable to the Depositary Bank and its correspondent banks, fees for fund accounting and administration services(including domiciliary services) payable to the Administrative Agent and transfer agency fees for registrar and transferagency services payable to the Registrar and Transfer Agent.Operating, Administrative and Servicing Expenses also cover expenses relating to the creation of new sub-funds; thecosts of the Subsidiaries (see paragraph (6) below); the Luxembourg asset-based taxe d’abonnement, at the ratereferred to under Section “Taxation” of the Company’s Prospectus; attendance fees and reasonable out-of-pocketexpenses incurred by the Board of Directors; legal and auditing fees and expenses; ongoing registration and listing fees,including translation expenses; the costs and expenses of preparing, printing, and distributing the Company’sProspectus, Key Investor Information Documents, financial reports, statements and other documents made availabledirectly or through intermediaries to its shareholders.The Company pays to the Management Company a fee to cover the expense of the Administration Agent relating tothe execution of the hedged Share Classes launched on or after 1 December 2008.128

Notes to the Financial Statements (continued)4. Charges and Expenses (continued)4. Operating, Administrative and Servicing Expenses / Operating Currency Hedging Fees (continued)The Management Company may instruct the Company to pay a portion of the aforesaid fees directly out of the assetsof the Company to any of the aforementioned service providers. In such case the fee due to the ManagementCompany is reduced accordingly.5. Transaction expenses and extraordinary expensesTransaction expenses linked to security dealing are written off against the realised profit/loss from the sale ofinvestments.Each sub-fund bears the costs and expenses of buying and selling portfolio securities and financial instruments,brokerage fees and commissions, interest or taxes payable, and other transaction related expenses. These transactionfees are accounted for on a cash basis and are paid when incurred or invoiced from the net assets of the sub-fund towhich they are attributable. Transaction fees are allocated across each sub-fund’s Share Classes.The Company bears any extraordinary expenses including, without limitation, litigation expenses and the full amount ofany tax, levy, duty or similar charge and any unforeseen charges imposed on the Company or its assets.6. Indian Equity and Global Emerging Markets EquityThe Company's wholly owned subsidiaries in Mauritius, HSBC GIF Mauritius Limited (effective 8th August 2012 -change of name from HSBC Global Investment Funds Mauritius Limited) ("HSBC Mauritius") and HSBC GIF MauritiusNo. 2 Limited ("HSBC Mauritius No. 2"), (each a Subsidiary or collectively, the Subsidiaries") are located at Rogers House,5 President John Kennedy Street, Port Louis, Mauritius. HSBC Mauritius manages the Indian Equity sub-fundsinvestments in India, whilst HSBC Mauritius No. 2 manages the Global Emerging Markets Equity sub-fund’sinvestments in India.HSBC Mauritius was incorporated in Mauritius on 3 October 1995. The accounts of the Indian Equity sub-fund and ofHSBC Mauritius are consolidated.HSBC Mauritius No. 2 was incorporated in Mauritius on 21 November 2007. The accounts of the Global EmergingMarkets Equity sub-fund and of HSBC Mauritius No. 2 are consolidated.The Subsidiaries have appointed CIM Fund Services Ltd, Rogers House, 5 President John Kennedy Street, Port Louis,Mauritius, to provide administrative services to the Subsidiaries in Mauritius, including maintenance of its accounts,books and records.The Subsidiaries have appointed KPMG Mauritius, KPMG Centre, 30 St George Street, Port Louis, Mauritius, as auditorsof the Subsidiaries in Mauritius to perform the auditor’s duties required by Mauritius law.7. Taxation of the CompanyThe following summary is based on the Company’s understanding of the law and practice currently in force in the GrandDuchy of Luxembourg and in other jurisdictions and is subject to changes therein.BelgiumThe Belgian government has enacted a law which charges an annual net asset value tax on foreign investment fundsregistered with the Belgian Banking and Finance Commission. An annual tax of 0.08% is charged on the netoutstanding amounts of sub-funds placed in Belgium through Belgian financial intermediaries, or where that figure is notsubstantially documented, the tax authorities may calculate the tax on the total asset of those sub-funds.To date as the amounts are small, the Management Company has paid this tax cost on behalf of the Company out ofthe Operating, Administrative and Servicing Expenses it receives. However, should the cost become substantial or longterm, the Management Company may require the sub-funds concerned to bear that tax charge for future periods.129

Notes to the Financial Statements (continued)7. Taxation of the Company (continued)ChinaWhere the Company invests in shares and securities issued by companies tax resident (or with their primary activity) inthe People's Republic of China ("PRC"), securities issued by government agencies in the PRC or other permissible PRCinvestments, the Company may be subject to withholding and other taxes imposed in the PRC. The tax laws,regulations and practice in the PRC are constantly changing, and they may be changed with retrospective effect. Inparticular, there is uncertainty as to whether and how capital gains are to be taxed. Therefore any provision for PRC taxliabilities that the Company may hold is likely to be excessive or inadequate to meet final PRC tax liabilities, and inparticular (but not exclusively) in relation to gains derived from the disposal of PRC investments.Consequently, the Company and shareholders may be disadvantaged depending upon the final outcome of how PRCinvestment returns shall be taxed.Hong KongThe Company may be subject to Hong Kong profits tax in relation to a particular sub-fund if it is treated as carrying on atrade or business in Hong Kong either on its own account or through the agency of the investment adviser of that subfund.If the Company is treated as carrying on business in Hong Kong, a liability to profits tax, the rate of which iscurrently 16.5%, shall only exist in respect of any profits of the relevant sub-funds which arise in or are derived fromHong Kong from that trade or business, and which are not capital profits. Such amounts may include, but not be limitedto, profits arising from the disposal of securities (except those held as capital assets) listed on the Hong Kong StockExchange, unlisted securities where the purchase or sale contracts are effected in Hong Kong and interest incomearising from certain debt instruments where the loan funds were first made available to the issuer in Hong Kong.Under the Revenue (Profits Tax Exemption for Offshore Funds) Ordinance 2006, funds resident outside Hong Kong(“Offshore Funds”) are exempted from Hong Kong profits tax providing certain conditions are met. It is intended thataffairs of the Company shall be conducted as far as possible to comply with the conditions for exemption from profitstax.IndiaOn the basis that they are Mauritian tax residents, the Subsidiaries shall benefit from the tax advantages available tothem under the India-Mauritius double taxation treaty, which became effective on 1 July 1983. The Subsidiaries shallfile, through their Custodian, a declaration of Mauritian residency with the registrar of each Indian company in which itinvests. Until 31 March 2013, capital gains resulting from the purchase and sale by the Subsidiaries of stocks on theIndian stock exchanges have been exempt from tax on the basis that the Subsidiaries are able to benefit from theprovisions of the India-Mauritius double taxation treaty.Interest on certain notified securities and bonds and on deposits in foreign currency with scheduled banks is exemptfrom income tax. The sale and purchase of stocks and securities is exempt from Indian Sales tax.The above-stated tax treatment under the India-Mauritius tax treaty shall be available provided that the Subsidiariesneither have a permanent establishment nor their effective management and control in India. No guarantee or warrantycan be given or should be assumed that the tax benefits of the said treaty shall continue to be available to the IndianEquity and in Global Emerging Markets Equity sub-funds in future periods due to, among others, changes in theregulatory environment in Mauritius, India or the European Union.Dividends paid by the Indian companies are exempt from tax in the hands of the recipients if the said company pays adividend distribution tax at the prescribed tax rate on dividends declared, distributed or paid by them on or after 1 April2003.India-Mauritius tax treaty benefits shall now be subject to fulfillment of the conditions prescribed under the General Anti-Avoidance Rule (“GAAR”).The foresaid rules i.e. GAAR have been introduced in the Indian Income Tax Act Finance Bill 2013 and shall be effectivefrom financial year 2015.130

Notes to the Financial Statements (continued)7. Taxation of the Company (continued)South KoreaIn 2011, the South Korean tax authorities issued a "clarification" that the S.Korean/Luxembourg double taxationagreement was not applicable to Luxembourg SICAVs and that they would be looking to recover amounts theyconsidered as owing back to 2006 (including penalties). In anticipation of these claims, a provision has beenbooked for HGIF Korean Equity corresponding to the withholding tax on dividends. This provision being higherthan the dividend income for the year, the net amount has been booked under the caption “Other fees”.LuxembourgThe Company is not liable to any Luxembourg tax on profits or income. The Company is however liable in Luxembourgto a tax of 0.05% per annum of its net asset value, such tax being payable quarterly on the basis of the value of the netassets of the Company at the end of the relevant calendar quarter. The tax rate is reduced to 0.01% per annum for theEuro Reserve sub-fund and Classes J, L, S, W, X and Z Shares in the relevant sub-funds. No stamp duty or other tax ispayable in Luxembourg on the issue of shares.The classes/sub-funds may be exempted from this 0.01% tax if they comply with the requirements of the articles 174and 175 of the Luxembourg law of 17 December 2010 which include: (i) the shares of the class/sub-fund must bereserved to institutional investors; (ii) the exclusive object of the class/sub-fund’s portfolio must be the investment inmoney market instruments and/or deposits with credit institutions; (iii) the remaining average maturity of the class/subfund’sportfolio must be less than 90 days; and (iv) the class/sub-fund must benefit from the highest possible rating of arecognized rating agency.No Luxembourg tax is payable on the realised or unrealised capital appreciation of the assets of the Company.Are also exempt from this tax:a) sub-funds/Classes whose Shares are reserved for (i) institutions for occupational retirement pension or similarinvestment vehicles, set up on one or more employers' initiative for the benefit of their employees and (ii) companies ofone or more employers investing funds they hold, to provide retirement benefits to their employees;b) sub-funds whose main objective is the investment in microfinance institutions;c) sub-funds/Classes of Shares whose Shares are listed or traded on at least one stock exchange or another regulatedmarket operating regularly, recognised and open to the public and whose exclusive object is to replicate theperformance of one or more indices.Also exempt from the tax are the value of assets represented by units/shares held in other UCIs provided that suchunits/shares have already been subject of this tax provided for by Article 174 of the 2010 Law or by the Law of13 February 2007 as amended.MauritiusThe Subsidiaries are registered with the Financial Services Commission in Mauritius as offshore companies. As a resultthey are subject to a reduced rate of Mauritian income tax on their income. In addition, no Mauritian capital gains taxshall be payable in respect of the Subsidiaries investments in India and any dividends and redemption proceeds paid bythe Subsidiaries to the Indian Equity or Global Emerging Markets Equity sub-funds shall be exempt from Mauritianwithholding tax. A certificate of Mauritian tax residence has been granted to the Subsidiaries by the Mauritius RevenueAuthority. On the basis that they are Mauritian tax residents, the Subsidiaries have to date qualified for certain reliefsfrom Indian tax as set out in the Indian tax paragraph above.131

Notes to the Financial Statements (continued)7. Taxation of the Company (continued)United KingdomIt is the intention of the Board of Directors to conduct the affairs of the Company so that it does not become resident inthe United Kingdom. On the basis that the Company is not resident in the United Kingdom for tax purposes it should notbe subject to United Kingdom corporation tax on its income and capital gains.FranceFor the purpose of eligibility requirements of Article L-221-31 of the French Monetary and Financial Code, the followingsub-funds have invested in excess of 75% of equity or equity equivalent securities, which have their registered office ina country which is a member of the EU or the European Economic Area.General% of holdings in sharesEuroland Equity 98.62Euroland Equity Smaller Companies 96.77Euroland Growth 98.48European Equity 90.81UK Equity 90.04In many markets the Company, as a foreign investment fund, may be subject to non-recoverable tax on income andgains (either by withholding or direct assessment) in relation to the investment returns it realizes from its holdings ofshares and securities in those markets. Where practicable the Company shall make claims under the relevant double taxtreaties and domestic law of the countries concerned in order to minimize the impact of local taxation on the investmentreturn and to obtain the best return for its shareholders. Those claims shall be made on the basis of the Company’sunderstanding of the validity of such claims given the information available from the Company’s depositaries, externaladvisers and other sources as to the interpretation and application of the relevant legal provisions by the tax authoritiesin the country concerned.The Company shall seek to provide for tax on capital gains where it considers that it is more likely than not that the taxshall be payable, given the advice and information available to the Company at the date concerned. However, anyprovision held may be insufficient to cover, or be in excess of, any final liability.The Company shall seek to claim concessionary tax treatment and account for tax on a best’s efforts basis, given thetax law and practice at that date. Any change in tax law or practice in any country where the Company is registered,marketed or invested could affect the value of the Company’s investments in the affected country. In particular, whereretrospective changes to tax law or practice are applied by the legislature or tax authorities in a particular country thesemay result in a loss for current Shareholders in the affected sub fund. The Company does not offer any warranty as tothe tax position of returns from investments held in a particular market nor of the risk of a retrospective assessment totax in a particular market or country.8. Public and bank holidays in Hong KongHSBC Investment Funds (Hong Kong) Limited has been appointed by the Company as its Representative and ShareDistributor in Hong Kong. There shall be no dealing for the shares of the Company in Hong Kong on a day which is apublic or bank holiday in Hong Kong.132

Notes to the Financial Statements (continued)9. Forward foreign exchange contractsAs at 31 March 2013, the Company had entered into various forward foreign currency contracts, for the purpose ofhedging the portfolio, which obliges the Company to deliver currencies at specified dates. Open contracts are asfollows:Contracts with a settlement date of 28 March 2013 still appear because they were open at the time of the preparationand publication of the net asset value 31 March 2013.SubfundsIn exchangeforSettlementContract todeliverCounterpartyUnrealisedGain /(Loss) bySub-FundAsia ex Japan EquityEUR 63,721,000 28/03/2013 USD 84,516,574 RBC Investor Services Bank (2,692,438)USD 83,048,480 28/03/2013 EUR 63,721,000 RBC Investor Services Bank 1,224,344EUR 54,378,000 28/06/2013 USD 70,812,968 RBC Investor Services Bank (938,434)USD (2,406,528)CIVETSZAR 861,142 02/04/2013 USD 92,351 HSBC Bank London 1,454USD 1,454Japanese EquityJPY 61,992,526 02/04/2013 USD 662,000 HSBC Bank London (247,053)JPY (247,053)Mexico Equity (launched as at 28 February 2013)MXN 8,630,151 01/04/2013 USD 699,588 HSBC Bank London (2,643)USD (2,643)US EquityEUR 304,500 10/04/2013 USD 395,077 Société Générale Paris (4,036)EUR 303,000 10/04/2013 USD 408,272 HSBC Paris (19,157)EUR 423,500 10/04/2013 USD 552,731Crédit Suisse InternationalLondon (8,869)EUR 515,500 10/04/2013 USD 674,821 JP Morgan Chase, London (12,812)EUR 26,446,600 10/04/2013 USD 35,821,076 UBS Limited London (1,858,167)USD 5,342 10/04/2013 EUR 4,000 Royal Bank of Canada London 205USD 28,667 10/04/2013 EUR 21,500 Société Générale Paris 1,056Crédit Suisse InternationalUSD 276,818 10/04/2013 EUR 211,500London 5,208133

Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundsIn exchangeforSettlementContract todeliverCounterpartyUnrealisedGain /(Loss) bySub-FundUS Equity (continued)USD 381,263 10/04/2013 EUR 295,100 UBS Limited London 2,294USD (1,894,278)Asian Currencies BondUSD 2,000,000 22/04/2013 THB 59,320,000KRW 1,103,100,000 30/07/2013 USD 1,000,000KRW 1,679,550,000 30/07/2013 USD 1,500,000MYR 5,055,200 30/07/2013 USD 1,600,000SGD 4,689,409 30/07/2013 USD 3,750,000USD 2,800,000 30/07/2013 PHP 113,722,000INR 83,805,000 23/09/2013 USD 1,500,000HongKong & ShanghaiBank, Hong Kong (22,432)State Street Bank andTrust CO., Hong Kong (16,035)Westpac Banking CorpSydney (1,841)Westpac Banking CorpSydney 26,101State Street Bank andTrust CO., Hong Kong 31,131HongKong & ShanghaiBank, Hong Kong 8,565HongKong & ShanghaiBank, Hong Kong (10,785)USD 14,704Euro High Yield BondEUR 21,002,275 04/04/2013 GBP 18,000,000 Société Générale Paris (281,020)EUR (281,020)GEM Inflation Linked Bond (formerly Emerging Inflation Linked Bond)BRL 3,557,700 02/04/2013 USD 1,800,000 Standard Chartered Bank (36,334)Banque Nationale de Paris,BRL 9,114,940 02/04/2013 USD 4,640,000Paris (121,433)USD 1,984,455 02/04/2013 BRL 3,891,020 Barclays Bank Wholesale 55,575USD 4,453,312 02/04/2013 BRL 8,781,620 Standard Chartered Bank 100,025HUF 94,414,680 03/04/2013 USD 400,000Banque Nationale de Paris,Paris (2,026)HUF 1,199,610,300 03/04/2013 USD 5,110,000 Barclays Bank Wholesale (53,439)USD 5,231 03/04/2013 HUF 1,239,730Banque Nationale de Paris,Paris 5USD 400,000 03/04/2013 HUF 93,665,920JPMorgan Chase BankNew York 5,186134

Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundsIn exchangeforSettlementContract todeliverCounterpartyUnrealisedGain /(Loss) bySub-FundGEM Inflation Linked Bond (formerly Emerging Inflation Linked Bond) (continued)Barclays BankUSD 900,000 03/04/2013 HUF 197,195,130 Wholesale 68,838USD 4,511,209 03/04/2013 HUF 1,001,924,200JP Morgan Chase BankNew York 288,134TRY 3,248,668 04/04/2013 USD 1,808,234Standard CharteredBank (13,540)TRY 5,737,052 04/04/2013 USD 3,170,000JPMorgan Chase BankNew York (623)TRY 7,667,693 04/04/2013 USD 4,300,000Banque Nationale deParis, Paris (64,060)USD 2,382,118 04/04/2013 TRY 4,287,455JP Morgan Chase BankNew York 13,561USD 6,825,824 04/04/2013 TRY 12,365,958Standard CharteredBank (5,628)RUB 66,150 11/04/2013 USD 2,137JPMorgan Chase BankNew York (12)RUB 49,032,000 11/04/2013 USD 1,600,000Barclays BankWholesale (25,043)USD 1,620,000 11/04/2013 RUB 49,098,150Standard CharteredBank 42,984CLP 1,043,136,000 15/04/2013 USD 2,200,743Standard CharteredBank 4,446COP 11,740,000 15/04/2013 USD 6,416Banque Nationale deParis, Paris (6)COP 5,500,060,000 15/04/2013 USD 3,064,217Standard CharteredBank (61,184)USD 2,183,663 15/04/2013 CLP 1,043,136,000Standard CharteredBank (21,587)USD 3,100,000 15/04/2013 COP 5,511,800,000JP Morgan Chase BankNew York 90,723SGD 3,250,344 17/04/2013 USD 2,650,000Barclays BankWholesale (29,927)USD 2,679,238 17/04/2013 SGD 3,282,415Standard CharteredBank 33,312BRL 606,017 03/05/2013 USD 303,312Standard CharteredBank (3,889)PLN 1,503,953 08/05/2013 USD 470,000JPMorgan Chase BankNew York (9,133)USD 2,760,000 08/05/2013 PLN 8,867,604Barclays BankWholesale 42,781KRW 741,472,000 22/05/2013 USD 680,000Standard CharteredBank (16,383)KRW 1,867,510,000 22/05/2013 USD 1,707,516Banque Nationale deParis, Paris (36,094)KRW 3,832,020,000 22/05/2013 USD 3,490,000Barclays BankWholesale (60,342)135

Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundsIn exchangeforSettlementContract todeliverCounterpartyUnrealisedGain /(Loss) bySub-FundGEM Inflation Linked Bond (formerly Emerging Inflation Linked Bond) (continued)Standard CharteredUSD 10,072,000 22/05/2013 KRW 11,075,695,200 Bank 159,965MXN 31,491,805 28/05/2013 USD 2,444,181Standard CharteredBank 92,767MXN 42,438,903 28/05/2013 USD 3,375,000Barclays BankWholesale 43,836USD 2,193,283 28/05/2013 MXN 27,672,781Standard CharteredBank (36,225)USD 3,989,580 28/05/2013 MXN 49,822,835JPMorgan ChaseBank New York (24,242)USD 1,855,171 28/05/2013 ZAR 17,456,825JPMorgan ChaseBank New York (32,022)USD 6,150,000 28/05/2013 ZAR 55,922,440Barclays BankWholesale 106,171ZAR 4,941,713 28/05/2013 USD 550,000Banque Nationale deParis, Paris (15,845)ZAR 5,564,554 28/05/2013 USD 600,000Barclays BankWholesale 1,478ZAR 40,962,423 28/05/2013 USD 4,553,758Standard CharteredBank (126,089)IDR 31,850,200,000 30/05/2013 USD 3,260,000Barclays BankWholesale (13,828)MYR 4,187,500 30/05/2013 USD 1,340,000Barclays BankWholesale 11,537USD 3,194,120 30/05/2013 IDR 31,749,550,000Standard CharteredBank (42,200)USD 1,341,589 30/05/2013 MYR 4,162,280Standard CharteredBank (1,809)PHP 2,314,200 03/06/2013 USD 57,084Standard CharteredBank (315)TWD 90,746,000 03/06/2013 USD 3,085,025Standard CharteredBank (42,674)USD 3,080,000 03/06/2013 TWD 91,460,600Standard CharteredBank 13,658ILS 3,708,178 10/06/2013 USD 1,000,000Barclays BankWholesale 17,609ILS 4,335,500 10/06/2013 USD 1,180,000JPMorgan ChaseBank New York 9,761ILS 7,995,341 10/06/2013 USD 2,137,392Standard CharteredBank 56,714USD 2,010,879 10/06/2013 ILS 7,421,050Barclays BankWholesale (25,696)USD 1,504,695 10/06/2013 ZAR 13,837,478JPMorgan ChaseBank New York 11,736136

Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundsIn exchangeforSettlementContract todeliverCounterpartyUnrealisedGain /(Loss) bySub-FundGEM Inflation Linked Bond (formerly Emerging Inflation Linked Bond) (continued)ZAR 13,182,855 10/06/2013 USD 1,434,229 Barclays Bank Wholesale (11,785)USD 361,367 11/06/2013 PLN 1,153,789 Banque Nationale de Paris, Paris 8,768THB 38,634,440 14/06/2013 USD 1,300,000 Standard Chartered Bank 12,914CNY 23,474,315 19/06/2013 USD 3,731,497 Standard Chartered Bank 5,238TRY 9,863,840 29/07/2013 USD 5,334,833 Standard Chartered Bank 28,314USD 1,616,346 31/07/2013 CLP 777,220,000 Standard Chartered Bank (3,439)USD 389,184Global BondUSD 327,969 02/04/2013 EUR 256,866 JP Morgan Chase, London (1,882)CAD 164,000 08/04/2013 USD 158,767 JP Morgan Chase, London 2,620EUR 257,000 08/04/2013 USD 328,154 JP Morgan Chase, London 1,883EUR 5,288,347 08/04/2013 USD 6,852,111 Royal Bank of Scotland PLC (60,868)GBP 2,235,000 08/04/2013 USD 3,355,198 Royal Bank of Scotland PLC 38,330JPY 582,000,000 08/04/2013 USD 6,261,269 Royal Bank of Scotland PLC (70,687)USD 29,788,845 08/04/2013 EUR 22,927,000 JP Morgan Chase, London 346,196USD 4,098,718 08/04/2013 JPY 386,000,000 Royal Bank of Scotland PLC (7,064)EUR 4,633,528 09/04/2013 CHF 5,668,000 Citibank NA (35,989)AUD 2,307,000 15/05/2013 USD 2,363,951 JP Morgan Chase, London 32,480CHF 736,000 15/05/2013 USD 773,825 HSBC Bank Plc London 3,883DKK 4,104,000 15/05/2013 USD 716,553 Royal Bank of Scotland PLC (9,151)KRW 2,260,000,000 15/05/2013 USD 2,053,612 JP Morgan Chase, London (30,912)MXN 8,787,000 15/05/2013 USD 696,786 Citibank NA 12,009PLN 3,327,000 15/05/2013 USD 1,039,415 UBS AG (20,484)SEK 5,289,000 15/05/2013 USD 824,415State Street Bank and TrustCompany (11,823)SGD 1,614,000 15/05/2013 USD 1,293,763State Street Bank and TrustCompany 7,351USD 6,842,317 15/05/2013 SEK 44,200,000 Royal Bank of Scotland PLC 51,571ZAR 4,658,000 15/05/2013 USD 503,935 Royal Bank of Scotland PLC 461USD 247,924137

Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundsIn exchangeforSettlementContract todeliverCounterpartyUnrealisedGain /(Loss) bySub-FundGlobal Emerging Markets BondAUD 107,802,024 28/03/2013 USD 110,310,679CHF 15,743,133 28/03/2013 USD 16,938,805EUR 769,271,902 28/03/2013 USD 1,017,064,061HKD 209,312,640 28/03/2013 USD 26,980,232SGD 27,714,280 28/03/2013 USD 22,358,887USD 112,445,573 28/03/2013 AUD 107,739,394USD 16,652,378 28/03/2013 CHF 15,745,823USD 1,001,002,678 28/03/2013 EUR 774,408,047RBC Investor Services BankLuxembourg 2,078,321RBC Investor Services BankLuxembourg (313,709)RBC Investor Services BankLuxembourg (29,242,010)Crédit Suisse InternationalLondon (16,159)RBC Investor Services BankLuxembourg (19,459)RBC Investor Services BankLuxembourg 121,868RBC Investor Services BankLuxembourg 24,442RBC Investor Services BankLuxembourg 6,585,305USD 27,016,798 28/03/2013 HKD 209,312,640 Standard Chartered Bank 52,725USD 22,245,625 28/03/2013 SGD 27,781,242RBC Investor Services BankLuxembourg (147,779)AUD 167,645 02/04/2013 USD 175,853RBC Investor Services BankLuxembourg (1,135)CHF 3,353 02/04/2013 USD 3,533RBC Investor Services BankLuxembourg 8EUR 3,096,143 02/04/2013 USD 3,982,947RBC Investor Services BankLuxembourg (7,075)USD 68,439 02/04/2013 EUR 53,201RBC Investor Services BankLuxembourg 122USD 99,050 02/04/2013 SGD 123,103RBC Investor Services BankLuxembourg (180)USD 30,028,110 15/04/2013 EUR 23,000,000 Standard Chartered Bank 490,279AUD 103,490,731 30/04/2013 USD 107,771,832RBC Investor Services BankLuxembourg (143,749)CHF 15,226,911 30/04/2013 USD 16,111,446RBC Investor Services BankLuxembourg (24,823)EUR 766,581,028 30/04/2013 USD 991,169,694RBC Investor Services BankLuxembourg (6,584,520)SGD 29,271,800 30/04/2013 USD 23,447,845RBC Investor Services BankLuxembourg 148,534USD 11,677,249 30/04/2013 EUR 9,076,368RBC Investor Services BankLuxembourg 19,694MXN 188,000 28/05/2013 USD 15,106 Morgan Stanley, London 40USD 585,962 28/05/2013 MXN 7,549,771 Standard Chartered Bank (22,373)Crédit Suisse InternationalUSD 26,990,704 18/06/2013 HKD 209,312,640London 15,950USD (26,985,683)138

Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundsIn exchangeforSettlementContract todeliverCounterpartyUnrealisedGain /(Loss) bySub-FundGlobal Emerging Markets Investment Grade BondBRL 8,767,749 02/04/2013 USD 4,471,630 Barclays Bank Wholesale (125,176)BRL 14,645,700 02/04/2013 USD 7,412,643 Standard Chartered Bank (152,300)USD 11,811,413 02/04/2013 BRL 23,413,449 Standard Chartered Bank 204,705PEN 2,057,303 08/04/2013 USD 795,093 Standard Chartered Bank (1,040)USD 216,919 08/04/2013 PEN 555,282 Morgen Stanley, London 2,599USD 588,221 08/04/2013 PEN 1,502,022 Standard Chartered Bank 8,491RUB 15,328,000 11/04/2013 USD 500,000 Morgen Stanley, London (7,649)RUB 99,593,069 11/04/2013 USD 3,215,792 Standard Chartered Bank (16,763)USD 500,000 11/04/2013 RUB 15,199,600 Morgen Stanley, London 11,791USD 4,201,391 11/04/2013 RUB 128,597,969 Standard Chartered Bank 70,803CLP 66,381,000 15/04/2013 USD 140,000 Morgen Stanley, London 329CLP 602,556,150 15/04/2013 USD 1,272,021 Standard Chartered Bank 1,783COP 2,586,059,623 15/04/2013 USD 1,445,596 Standard Chartered Bank (33,607)USD 1,400,329 15/04/2013 CLP 668,937,150 Standard Chartered Bank (13,843)USD 74,791 15/04/2013 COP 132,847,500 Standard Chartered Bank 2,260USD 368,422 15/04/2013 COP 674,212,123 UBS AG 302USD 1,000,000 15/04/2013 COP 1,779,000,000 Citibank, New York 28,718USD 198,034 15/04/2013 EUR 151,684 Standard Chartered Bank 3,233USD 500,000 15/04/2013 EUR 374,080 Barclays Bank Wholesale 19,585SGD 1,226,545 17/04/2013 USD 1,000,000 Barclays Bank Wholesale (11,293)USD 1,011,040 17/04/2013 SGD 1,238,656 Standard Chartered Bank 12,571BRL 6,865,280 30/04/2013 USD 3,400,000 Standard Chartered Bank (6,842)USD 7,300,000 30/04/2013 BRL 14,352,070 Standard Chartered Bank 207,213BRL 450,068 03/05/2013 USD 225,000 Morgen Stanley, London (2,629)BRL 7,854,963 03/05/2013 USD 3,931,413 Standard Chartered Bank (50,401)USD 12,600 03/05/2013 BRL 25,500 Standard Chartered Bank 1KRW 1,076,040,000 22/05/2013 USD 980,000 Barclays Bank Wholesale (16,944)USD 1,000,000 22/05/2013 KRW 1,076,600,000 Standard Chartered Bank 36,606MXN 4,100,000 28/05/2013 USD 329,212 Merrill Lynch International Bank 1,080MXN 76,104,229 28/05/2013 USD 5,906,696 Standard Chartered Bank 224,185USD 1,910,000 28/05/2013 ZAR 17,338,906 Barclays Bank Wholesale 36,121ZAR 9,025,270 28/05/2013 USD 1,003,678 Morgen Stanley, London (28,127)IDR 9,770,000,000 30/05/2013 USD 1,000,000 Barclays Bank Wholesale (4,242)MYR 706,864 30/05/2013 USD 227,837 Standard Chartered Bank 307139

Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundsIn exchangeforSettlementContract todeliverCounterpartyUnrealisedGain /(Loss) bySub-FundGlobal Emerging Markets Investment Grade Bond (continued)MYR 1,500,000 30/05/2013 USD 480,000 Barclays Bank Wholesale 4,133USD 977,993 30/05/2013 IDR 9,721,250,000 Standard Chartered Bank (12,921)USD 159,545 30/05/2013 MYR 494,080 Merrill Lynch International Bank 79USD 470,000 30/05/2013 MYR 1,469,970 Morgen Stanley, London (4,443)TWD 29,478,000 03/06/2013 USD 1,002,142 Standard Chartered Bank (13,862)USD 1,000,000 03/06/2013 TWD 29,695,000 Standard Chartered Bank 4,434ZAR 1,758,026 10/06/2013 USD 191,264 Barclays Bank Wholesale (1,572)ZAR 20,727,301 10/06/2013 USD 2,231,670 Morgen Stanley, London 4,827PLN 2,244,200 11/06/2013 USD 700,000 Crédit Suisse Int. London (14,069)USD 57,989 11/06/2013 PLN 185,206 Standard Chartered Bank 1,390USD 400,000 11/06/2013 PLN 1,305,714 Merrill Lynch International Bank 919THB 7,104,200 14/06/2013 USD 229,634 UBS AG 11,788THB 7,761,150 14/06/2013 USD 251,089 Merrill Lynch International Bank 12,659JP Morgan Chase Bank NewTHB 9,177,000 14/06/2013 USD 300,000York 11,862THB 35,742,280 14/06/2013 USD 1,156,147 Standard Chartered Bank 58,483THB 51,206,400 14/06/2013 USD 1,656,629 Credit Suisse First Boston 83,518USD 480,000 14/06/2013 THB 14,802,384 Standard Chartered Bank (23,141)JP Morgan Chase Bank NewUSD 848,573 14/06/2013 THB 26,243,908York (43,482)USD 1,952,113 14/06/2013 THB 60,359,340 Barclays Bank Wholesale (99,556)USD 3,485,582 14/06/2013 THB 107,484,400 Morgen Stanley, London (167,866)CNY 6,377,533 19/06/2013 USD 1,013,916 Morgen Stanley, London 1,285USD 110,000 19/06/2013 CNY 691,020 Morgen Stanley, London 1USD 793,560 27/06/2013 PEN 2,057,303 Standard Chartered Bank 961COP 674,212,123 02/07/2013 USD 366,121 UBS AG (24)USD 3,158,226 29/07/2013 RUB 99,593,069 Standard Chartered Bank 19,343USD 1,253,106 31/07/2013 CLP 602,556,150 Standard Chartered Bank (2,666)USD 233,907Global Emerging Markets Local DebtHKD 13,173,470 28/03/2013 USD 1,700,000 Merrill Lynch International Bank (2,967)HKD 25,574,637 28/03/2013 USD 3,300,000 Citibank, New York (5,424)HKD 38,751,600 28/03/2013 USD 5,000,000 Morgan Stanley, London (7,941)140

Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundsIn exchangeforSettlementContract todeliverCounterpartyUnrealisedGain /(Loss) bySub-FundGlobal Emerging Markets Local Debt (continued)HKD 425,917,056 28/03/2013 USD 54,974,773 Standard Chartered Bank (107,286)Crédit Suisse InternationalUSD 64,890,018 28/03/2013 HKD 503,416,763London 38,864BRL 12,132,900 02/04/2013 USD 6,100,000 Royal Bank of Scotland PLC (85,333)BRL 19,768,979 02/04/2013 USD 10,082,356 Barclays Bank Wholesale (282,240)BRL 24,484,521 02/04/2013 USD 12,294,512 Standard Chartered Bank (156,752)USD 10,000,000 02/04/2013 BRL 19,705,000 Deutsche Bank 231,700USD 18,620,000 02/04/2013 BRL 36,681,400 Merrill Lynch International Bank 436,044HUF 399,262,500 03/04/2013 USD 1,690,000 Barclays Bank Wholesale (7,041)HUF 2,362,800,000 03/04/2013 USD 10,000,000 UBS AG (40,396)Banque Nationale de Paris,HUF 2,383,970,670 03/04/2013 USD 10,100,000Paris (51,158)HUF 2,399,713,921 03/04/2013 USD 10,803,634 Standard Chartered Bank (688,432)HUF 3,947,782,300 03/04/2013 USD 16,940,000 Morgan Stanley, London (299,426)USD 48,410,115 03/04/2013 HUF 11,493,529,391JPMorgan Chase Bank NewYork (37,092)TRY 2,145,293 04/04/2013 USD 1,200,000 Crédit Suisse First Boston (14,854)TRY 3,403,474 04/04/2013 USD 1,914,861 Standard Chartered Bank (34,646)TRY 14,027,738 04/04/2013 USD 7,800,000 Merrill Lynch International Bank (50,516)TRY 18,038,735 04/04/2013 USD 10,015,399 Royal Bank of Scotland PLC (50,080)TRY 34,467,989 04/04/2013 USD 19,210,610 Citibank, New York (169,114)TRY 37,436,805 04/04/2013 USD 20,790,838JPMorgan Chase Bank NewYork (109,250)USD 39,382,172 04/04/2013 MXN 500,000,000 Merrill Lynch International Bank (1,113,556)USD 58,750,264 04/04/2013 MXN 750,000,000Crédit Suisse InternationalLondon (1,993,539)USD 4,016,743 04/04/2013 TRY 7,293,602 Citibank, New York (12,539)USD 15,420,000 04/04/2013 TRY 27,362,651 Merrill Lynch International Bank 303,886JPMorgan Chase Bank NewUSD 41,100,071 04/04/2013 TRY 74,863,780York (257,768)PEN 10,196,054 08/04/2013 USD 3,996,505 Royal Bank of Scotland PLC (61,154)Banque Nationale de Paris,USD 3,940,352 08/04/2013 PEN 10,196,054Paris 5,003RUB 28,193,400 11/04/2013 USD 920,000 Barclays Bank Wholesale (14,400)Crédit Suisse InternationalRUB 153,312,500 11/04/2013 USD 5,000,000London (75,449)RUB 303,800,000 11/04/2013 USD 10,000,000 Merrill Lynch International Bank (241,640)RUB 367,872,000 11/04/2013 USD 12,000,000 Morgan Stanley, London (183,584)141

Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundsIn exchangeforSettlementContract todeliverCounterpartyUnrealisedGain /(Loss) bySub-FundGlobal Emerging Markets Local Debt (continued)RUB 748,229,654 11/04/2013 USD 24,379,124 Royal Bank of Scotland PLC (345,239)USD 9,570,000 11/04/2013 RUB 290,042,775 Royal Bank of Scotland PLC 253,923USD 10,000,000 11/04/2013 RUB 303,100,000 UBS AG 264,528USD 32,556,176 11/04/2013 RUB 1,008,264,779 Standard Chartered Bank 169,962CLP 14,238,426,000 15/04/2013 USD 30,057,897 UBS AG 42,135COP 49,301,500,000 15/04/2013 USD 27,500,000 Royal Bank of Scotland PLC (581,381)COP 52,711,830,083 15/04/2013 USD 29,612,589 Standard Chartered Bank (831,930)Crédit Suisse InternationalUSD 3,400,000 15/04/2013 CLP 1,615,510,000London (15,231)USD 26,424,358 15/04/2013 CLP 12,622,916,000 Standard Chartered Bank (261,225)USD 12,000,000 15/04/2013 COP 21,330,000,000 UBS AG 354,468USD 12,000,000 15/04/2013 COP 21,348,000,000 Citibank, New York 344,622USD 32,379,443 15/04/2013 COP 59,335,330,083 Morgan Stanley, London (17,679)USD 39,350,480 15/04/2013 EUR 30,140,460 Standard Chartered Bank 642,489SGD 1,238,379 17/04/2013 USD 1,000,000 Citibank, New York (1,754)SGD 4,328,219 17/04/2013 USD 3,500,000 Royal Bank of Scotland PLC (11,062)SGD 29,908,692 17/04/2013 USD 24,412,070 Standard Chartered Bank (302,943)SGD 31,890,170 17/04/2013 USD 26,000,000Crédit Suisse InternationalLondon (293,621)USD 12,294,512 03/05/2013 BRL 24,564,435 Standard Chartered Bank 158,212PLN 9,599,700 08/05/2013 USD 3,000,000JPMorgan Chase Bank NewYork (58,297)USD 9,000,000 08/05/2013 PLN 28,951,200Crédit Suisse InternationalLondon 128,710USD 10,000,000 08/05/2013 PLN 32,169,600 Royal Bank of Scotland PLC 142,519USD 4,800,000 15/05/2013 EUR 3,594,159 Citibank, New York 183,125USD 27,766,438 15/05/2013 TRY 50,000,000 Standard Chartered Bank 304,236KRW 10,980,000,000 22/05/2013 USD 10,000,000 Royal Bank of Scotland PLC (172,900)KRW 16,470,000,000 22/05/2013 USD 15,000,000 Deutsche Bank (259,350)JPMorgan Chase Bank NewUSD 25,460,000 22/05/2013 KRW 27,417,874,000York 925,119MXN 422,000 28/05/2013 USD 33,907 Morgan Stanley, London 89MXN 595,519,503 28/05/2013 USD 46,318,021 Royal Bank of Scotland PLC 1,656,434USD 13,235,000 28/05/2013 ZAR 121,596,563 Royal Bank of Scotland PLC 92,274USD 20,830,000 28/05/2013 ZAR 186,788,859 Barclays Bank Wholesale 645,174Crédit Suisse InternationalUSD 31,059,439 28/05/2013 ZAR 285,560,044London 194,587142

Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundsIn exchangeforSettlementContract todeliverCounterpartyUnrealisedGain /(Loss) bySub-FundGlobal Emerging Markets Local Debt (continued)ZAR 415,095,308 28/05/2013 USD 46,160,424 Royal Bank of Scotland PLC (1,292,357)IDR 83,531,190,000 30/05/2013 USD 8,403,540 Standard Chartered Bank 109,958IDR 94,538,500,000 30/05/2013 USD 9,700,000 Royal Bank of Scotland PLC (64,636)Crédit Suisse InternationalIDR 281,525,000,000 30/05/2013 USD 28,830,000London (136,977)MYR 9,369,810 30/05/2013 USD 3,000,000 Royal Bank of Scotland PLC 24,153MYR 9,333,000 30/05/2013 USD 3,000,000JPMorgan Chase Bank NewYork 12,272MYR 39,793,980 30/05/2013 USD 12,730,000Crédit Suisse InternationalLondon 113,706USD 18,970,375 30/05/2013 MYR 59,139,787 Standard Chartered Bank (117,356)INR 2,961,633,230 03/06/2013 USD 54,375,658Crédit Suisse InternationalLondon (778,981)PHP 476,242,210 03/06/2013 USD 11,747,464 Standard Chartered Bank (64,767)TWD 2,124,545,700 03/06/2013 USD 72,226,609 Standard Chartered Bank (999,090)USD 32,330,000 03/06/2013 TWD 960,039,350 Standard Chartered Bank 143,361CZK 373,745,611 10/06/2013 USD 19,011,715 Deutsche Bank (372,648)ILS 33,914,277 10/06/2013 USD 9,066,292 Standard Chartered Bank 240,566ZAR 60,938,127 10/06/2013 USD 6,624,790 Royal Bank of Scotland PLC (49,505)PLN 3,473,942 11/06/2013 USD 1,087,714 Standard Chartered Bank (25,918)THB 100,896,440 14/06/2013 USD 3,263,145 Barclays Bank Wholesale 165,619THB 163,690,880 14/06/2013 USD 5,297,439 Royal Bank of Scotland PLC 265,268THB 244,050,000 14/06/2013 USD 7,895,503Merrill Lynch InternationalBank 398,048THB 319,135,910 14/06/2013 USD 10,324,682 Crédit Suisse First Boston 520,514THB 359,403,908 14/06/2013 USD 11,630,453JPMorgan Chase Bank NewYork 583,170THB 351,637,840 14/06/2013 USD 11,800,000 Standard Chartered Bank 149,709USD 131,598 14/06/2013 THB 4,069,000 Morgan Stanley, London (6,711)USD 660,000 14/06/2013 THB 20,248,800Crédit Suisse InternationalLondon (28,251)USD 849,317 14/06/2013 THB 26,243,908JPMorgan Chase Bank NewYork (42,735)USD 1,112,090 14/06/2013 THB 34,402,500 Citibank, New York (57,285)USD 10,593,387 14/06/2013 THB 327,727,600 UBS AG (546,405)USD 20,679,104 14/06/2013 THB 627,887,500 Standard Chartered Bank (661,574)RON 42,556,636 17/06/2013 USD 12,387,319JPMorgan Chase Bank NewYork (139,137)HKD 503,416,763 18/06/2013 USD 64,915,205Crédit Suisse InternationalLondon (38,376)143

Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundsIn exchangeforSettlementContract todeliverCounterpartyUnrealisedGain /(Loss) bySub-FundGlobal Emerging Markets Local Debt (continued)CNY 16,944,660 19/06/2013 USD 2,698,409 Standard Chartered Bank (1,090)CNY 582,402,776 19/06/2013 USD 92,569,781 Royal Bank of Scotland PLC 139,423PEN 10,196,054 27/06/2013 USD 3,931,994 Banque Nationale de Paris, Paris (3,842)JPMorgan Chase Bank NewHUF 11,493,529,391 28/06/2013 USD 47,970,656York 23,909COP 59,335,330,083 02/07/2013 USD 32,173,149 Morgan Stanley, London 45,935RUB 1,008,264,779 29/07/2013 USD 31,973,387 Standard Chartered Bank (191,873)TRY 7,293,602 29/07/2013 USD 3,956,620 Citibank, New York 9,043JPMorgan Chase Bank NewTRY 74,863,780 29/07/2013 USD 40,469,096York 235,689USD 29,614,031 31/07/2013 CLP 14,238,426,000 UBS AG (59,866)USD (4,287,123)Global High Income BondAUD 248,725,336 28/03/2013 USD 254,594,645 UBS AG 4,713,955EUR 45,093,722 28/03/2013 USD 59,396,820 UBS AG (1,491,971)SGD 9,207,981 28/03/2013 USD 7,422,043 UBS AG 160USD 259,616,700 28/03/2013 AUD 248,725,336 UBS AG 308,101USD 58,292,192 28/03/2013 EUR 45,093,722 UBS AG 387,343USD 7,373,534 28/03/2013 SGD 9,207,981 UBS AG (48,669)EUR 5,000,000 04/04/2013 USD 6,781,420 JP Morgan Chase, London (360,645)EUR 15,000,000 04/04/2013 USD 20,360,580 Barclays Bank Wholesale (1,098,255)USD 19,537,515 04/04/2013 EUR 15,000,000 Barclays Bank Wholesale 275,178USD 24,313,062 04/04/2013 EUR 18,000,000 UBS AG 1,198,221USD 42,594,086 04/04/2013 EUR 32,000,000 Société Générale Paris 1,501,062USD 352,775,624 04/04/2013 EUR 262,000,000 JP Morgan Chase, London 16,326,315USD 18,390,424 08/04/2013 EUR 14,167,000 JP Morgan Chase, London 197,290USD 6,296,293 08/04/2013 GBP 4,168,000 UBS AG (32,221)USD 35,868,673 08/04/2013 GBP 23,879,000 JP Morgan Chase, London (388,197)AUD 249,096,252 30/04/2013 USD 259,390,590 UBS AG (335,968)EUR 43,430,599 30/04/2013 USD 56,145,157 UBS AG (363,548)SGD 9,376,067 30/04/2013 USD 7,509,089 UBS AG 49,080USD 1,597,934 30/04/2013 AUD 1,532,542 UBS AG 4,134USD 413,394 30/04/2013 EUR 321,419 UBS AG 568USD 20,841,933144

Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundsIn exchangeforSettlementContract todeliverCounterpartyUnrealisedGain /(Loss) bySub-FundGlobal High Yield Bond (launched as at 20 July 2012)AUD 232,190,598 28/03/2013 USD 237,572,637 UBS AG 4,497,671EUR 50,809,981 28/03/2013 USD 67,058,735 UBS AG (1,813,637)USD 242,313,009 28/03/2013 AUD 232,190,598 UBS AG 242,702USD 65,694,493 28/03/2013 EUR 50,809,981 UBS AG 449,396USD 972,983 02/04/2013 EUR 750,000 Standard Chartered Bank 9,879USD 67,380,746 02/04/2013 EUR 51,500,000 Barclays Bank Wholesale 1,247,655EUR 1,000,000 04/04/2013 USD 1,351,769 Barclays Bank Wholesale (67,614)EUR 2,000,000 04/04/2013 USD 2,588,742 Banque Nationale de Paris, Paris (20,432)EUR 4,000,000 04/04/2013 USD 5,275,170 JP Morgan Chase, London (138,550)USD 1,293,490 04/04/2013 EUR 1,000,000 JP Morgan Chase, London 9,335USD 5,995,802 04/04/2013 EUR 4,500,000 JP Morgan Chase, London 217,095USD 27,506,588 04/04/2013 EUR 20,500,000 Barclays Bank Wholesale 1,181,360USD 234,069,498 04/04/2013 EUR 174,000,000 Société Générale Paris 10,626,073USD 3,069,945 04/04/2013 GBP 1,950,000 Barclays Bank Wholesale 109,089AUD 222,487,308 30/04/2013 USD 231,697,351 UBS AG (315,446)EUR 48,240,328 30/04/2013 USD 62,362,995 UBS AG (403,841)USD 4,931,773 30/04/2013 AUD 4,727,903 UBS AG 14,894USD 251,791 30/04/2013 EUR 195,296 UBS AG 956USD 15,846,585Global Inflation Linked BondEUR 26,910 12/04/2013 USD 34,614 UBS Limited London (56)EUR 6,615,357 12/04/2013 USD 8,621,537 JP Morgan Chase, London (125,930)GBP 12,140 12/04/2013 USD 18,400 Crédit Suisse Int. London 33GBP 2,033,900 12/04/2013 USD 3,067,996 JP Morgan Chase, London 20,123USD 15,734 12/04/2013 EUR 12,140 Société Générale Paris 143USD 23,398 12/04/2013 EUR 18,100 Banque Nationale de Paris, Paris 154USD 62,060 12/04/2013 EUR 48,100 JP Morgan Chase, London 289USD 80,563 12/04/2013 EUR 61,897 Crédit Suisse Int. London 1,074EUR 75,059 08/05/2013 USD 97,086 UBS Limited London (676)EUR 321,383 08/05/2013 USD 420,553 Société Générale Paris (7,748)GBP 83,154 08/05/2013 USD 125,942 JP Morgan Chase, London 294USD 489,775 08/05/2013 AUD 477,760 JP Morgan Chase, London (6,796)USD 613,852 08/05/2013 CAD 621,000 Royal Bank of Canada London 3,164145

Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundsIn exchangeforSettlementContract todeliverCounterpartyUnrealisedGain /(Loss) bySub-FundGlobal Inflation Linked Bond (continued)USD 10,406,521 08/05/2013 EUR 7,791,400 Royal Bank of Canada London 398,643USD 293,950 08/05/2013 GBP 194,100 Royal Bank of Canada London (715)USD 633,948 08/05/2013 GBP 421,709 Crédit Suisse Int. London (6,254)USD 8,089,442 08/05/2013 GBP 5,229,200 UBS Limited London 150,985USD 345,567 08/05/2013 JPY 32,439,440 Société Générale Paris 443USD 457,276 08/05/2013 SEK 2,908,000 Crédit Suisse Int. London 10,440USD 437,610India Fixed Income (launched as at 20 August 2012)INR 84,155,000 22/08/2013 USD 1,500,000 HSBC Bank PLC, London 3,008INR 558,135,000 22/08/2013 USD 10,000,000State Street Bank and Trust Co,Hong Kong (31,709)USD (28,701)RMB Fixed IncomeEUR 111,798,103 28/03/2013 USD 147,510,268 UBS AG (3,950,324)USD 144,568,912 28/03/2013 EUR 111,798,103 UBS AG 1,008,968EUR 120,015,231 30/04/2013 USD 155,092,672 UBS AG (946,909)USD 6,861,031 30/04/2013 EUR 5,323,244 UBS AG 23,931USD (3,864,334)GEM Debt Total ReturnEUR 663,068,656 28/03/2013 USD 876,539,512 UBS AG (25,093,050)GBP 7,005 28/03/2013 USD 10,684 UBS AG (47)JPY 7,123,635,000 28/03/2013 USD 76,701,691 UBS AG (934,496)USD 856,036,932 28/03/2013 EUR 663,068,656 UBS AG 4,590,470USD 10,632 28/03/2013 GBP 7,005 UBS AG (4)USD 74,942,244 28/03/2013 JPY 7,123,635,000 UBS AG (824,952)BRL 42,291,925 02/04/2013 USD 21,236,216 Standard Chartered Bank (270,756)BRL 194,985,839 02/04/2013 USD 98,032,096Crédit Suisse InternationalLondon (1,371,376)USD 121,013,777 02/04/2013 BRL 237,277,764 Barclays Bank Wholesale 3,389,059TRY 3,104,857 04/04/2013 USD 1,746,853 Standard Chartered Bank (31,606)TRY 5,105,600 04/04/2013 USD 2,836,681JPMorgan Chase Bank NewYork (16,143)USD 86,540,920 04/04/2013 MXN 1,100,000,000Crédit Suisse InternationalLondon (2,549,747)146

Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundsIn exchangeforSettlementContract todeliverCounterpartyUnrealisedGain /(Loss) bySub-FundGEM Debt Total Return (continued)USD 4,508,020 04/04/2013 TRY 8,210,457 Standard Chartered Bank (27,775)RUB 1,276,160,000 11/04/2013 USD 41,206,329 Standard Chartered Bank (214,793)USD 3,000,000 11/04/2013 RUB 91,155,000 Barclays Bank Wholesale 72,120USD 19,000,000 11/04/2013 RUB 577,505,000 Goldmann Sachs International 450,648USD 20,000,000 11/04/2013 RUB 607,500,000 Merrill Lynch International Bank 487,235USD 8,600,000 15/04/2013 EUR 6,427,557 Barclays Bank Wholesale 345,363USD 75,776,536 15/04/2013 EUR 58,040,960 Standard Chartered Bank 1,237,230EUR 666,137,719 30/04/2013 USD 860,200,767 UBS AG (4,623,473)GBP 7,005 30/04/2013 USD 10,631 UBS AG 3JPY 7,123,635,000 30/04/2013 USD 74,959,199 UBS AG 824,595USD 8,751 30/04/2013 EUR 6,769 UBS AG 57USD 21,236,216 03/05/2013 BRL 42,429,960 Standard Chartered Bank 273,278USD 97,712,773 03/05/2013 BRL 194,985,839Crédit Suisse InternationalLondon 1,378,566USD 69,026,451 15/05/2013 TRY 125,000,000 Standard Chartered Bank 368,565USD 72,788,354 15/05/2013 TRY 130,000,000 Merrill Lynch International Bank 1,390,272KRW 41,716,400,000 22/05/2013 USD 38,000,000 Morgan Stanley, London (663,822)USD 19,000,000 22/05/2013 KRW 20,463,000,000 UBS AG 688,679USD 20,000,000 22/05/2013 KRW 21,530,000,000Crédit Suisse InternationalLondon 733,915USD 68,854,896 23/05/2013 MXN 880,000,000JPMorgan Chase Bank NewYork (2,083,639)MXN 775,000 28/05/2013 USD 62,270 Morgan Stanley, London 163USD 85,439,207 28/05/2013 MXN 1,100,884,183 Royal Bank of Scotland PLC (3,266,429)Crédit Suisse InternationalCNY 473,853,080 19/06/2013 USD 75,340,342London 89,487TRY 8,210,457 29/07/2013 USD 4,440,605 Standard Chartered Bank 23,568USD 40,468,693 29/07/2013 RUB 1,276,160,000 Standard Chartered Bank 247,854USD (25,380,981)Global CurrencyCHF 2,483,971 28/03/2013 USD 2,665,277 UBS AG (58,392)EUR 5,399,783 28/03/2013 USD 7,113,043 UBS AG (199,970)GBP 1,784,278 28/03/2013 USD 2,717,687 UBS AG (18,967)JPY 3,022,007,582 28/03/2013 USD 32,480,834 UBS AG (428,998)USD 2,625,561 28/03/2013 CHF 2,483,971 UBS AG 18,675USD 6,973,061 28/03/2013 EUR 5,399,783 UBS AG 59,988USD 2,712,501 28/03/2013 GBP 1,784,278 UBS AG 13,781147

Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundsIn exchangeforSettlementContract todeliverCounterpartyUnrealisedGain /(Loss) bySub-FundGlobal Currency (continued)USD 31,759,203 28/03/2013 JPY 3,022,007,583 UBS AG (292,632)AUD 33 02/04/2013 USD 34 UBS AG 0EUR 30 02/04/2013 USD 39 UBS AG 0USD 34 02/04/2013 AUD 33 UBS AG (1)USD 40 02/04/2013 EUR 30 UBS AG 2AUD 9,685,924 26/04/2013 USD 9,947,946 UBS AG 118,576CHF 3,576,058 26/04/2013 USD 3,784,915 UBS AG (30,591)CZK 32,061,522 26/04/2013 USD 1,620,939 UBS AG (26,872)EUR 2,403,401 26/04/2013 USD 3,111,864 UBS AG (34,318)GBP 11,612,802 26/04/2013 USD 17,628,511 UBS AG (67,295)HUF 1,198,613,329 26/04/2013 USD 5,061,439 UBS AG (39,189)INR 612,499,669 26/04/2013 USD 11,161,100 UBS AG 23,756JPY 431,411,075 26/04/2013 USD 4,526,019 UBS AG 50,225MXN 94,087,896 26/04/2013 USD 7,564,823 UBS AG 34,469MYR 34,061,694 26/04/2013 USD 10,880,892 UBS AG 87,790NOK 56,356,434 26/04/2013 USD 9,764,782 UBS AG (158,320)NZD 374,496 26/04/2013 USD 310,884 UBS AG 2,118PLN 32,430,025 26/04/2013 USD 10,087,669 UBS AG (188,274)RUB 518,091,381 26/04/2013 USD 16,688,871 UBS AG (64,873)TRY 28,959,134 26/04/2013 USD 15,902,087 UBS AG (21,594)USD 11,145,536 26/04/2013 CAD 11,410,853 UBS AG (80,798)USD 15,996,405 26/04/2013 CHF 15,197,841 UBS AG 40,937USD 8,186,198 26/04/2013 CZK 162,143,939 UBS AG 124,553USD 14,108,353 26/04/2013 EUR 10,889,538 UBS AG 164,312USD 8,827,955 26/04/2013 GBP 5,917,772 UBS AG (121,093)USD 10,603,314 26/04/2013 ILS 39,005,689 UBS AG (73,252)USD 10,592,416 26/04/2013 KRW 11,814,287,249 UBS AG (5,010)USD 14,497,123 26/04/2013 MXN 180,282,546 UBS AG (64,124)USD 7,104,155 26/04/2013 NZD 8,639,046 UBS AG (116,546)USD 7,238,904 26/04/2013 SEK 46,678,069 UBS AG 79,985USD 14,475,878 26/04/2013 SGD 18,094,791 UBS AG (98,073)USD 2,993,308 26/04/2013 TRY 5,454,294 UBS AG 2,315ZAR 74,302,953 26/04/2013 USD 7,990,827 UBS AG 22,078USD 34 29/04/2013 AUD 33 UBS AG 0148

Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundsIn exchangeforSettlementContract todeliverCounterpartyUnrealisedGain /(Loss) bySub-FundGlobal Currency (continued)USD 39 29/04/2013 EUR 30 UBS AG 0CHF 2,458,104 30/04/2013 USD 2,599,119 UBS AG (18,312)EUR 5,304,885 30/04/2013 USD 6,850,745 UBS AG (57,580)GBP 1,765,876 30/04/2013 USD 2,684,160 UBS AG (13,779)JPY 2,989,153,334 30/04/2013 USD 31,423,293 UBS AG 285,526USD 947 30/04/2013 EUR 736 UBS AG 5USD 3,325 30/04/2013 JPY 315,115 UBS AG (18)USD (1,149,780)Global Flex AllocationAUD 1,037,639 19/04/2013 EUR 792,000 Royal Bank of Scotland PLC 48,947CAD 1,284,237 19/04/2013 EUR 973,000 Banque Nationale de Paris, Paris 10,797EUR 792,000 19/04/2013 AUD 1,008,999 Royal Bank of Canada, London (25,782)EUR 1,276,500 19/04/2013 GBP 1,063,579 Société Générale Paris 19,156EUR 200,000 19/04/2013 JPY 23,830,260 Royal Bank of Canada, London 2,618EUR 520,000 19/04/2013 SEK 4,492,796 Banque Nationale de Paris, Paris (17,781)GBP 1,098,991 19/04/2013 EUR 1,276,500 Royal Bank of Canada, London 22,713HKD 1,977,369 19/04/2013 EUR 191,000 UBS Limited London 7,367NOK 2,959,378 19/04/2013 EUR 400,000 JP Morgan Chase London (5,264)USD 2,404,890 19/04/2013 EUR 1,800,000 UBS Limited London 72,550USD 532,631 19/04/2013 EUR 400,000 Royal Bank of Canada, London 14,730USD 665,265 19/04/2013 EUR 500,000 Société Générale Paris 18,003EUR 168,054Global MacroAUD 11,883,319 10/04/2013 EUR 9,180,000 UBS Limited London 477,521CAD 1,893,941 10/04/2013 EUR 1,400,000 Royal Bank of Canada London 55,811CAD 2,141,298 10/04/2013 EUR 1,600,000 Royal Bank of Scotland PLC 45,947CAD 2,258,102 10/04/2013 EUR 1,690,000 UBS Limited London 45,731CHF 2,616,802 10/04/2013 EUR 2,130,000 Royal Bank of Canada London 15,247CHF 3,321,702 10/04/2013 EUR 2,700,000 UBS Limited London 23,122CHF 3,395,700 10/04/2013 EUR 2,730,982 Société Générale Paris 52,803CZK 48,175,134 10/04/2013 USD 2,450,000 UBS Limited London (42,939)EUR 620,000 10/04/2013 AUD 789,837 Royal Bank of Scotland PLC (21,920)149

Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundsIn exchangeforSettlementContract todeliverCounterpartyUnrealisedGain /(Loss) bySub-FundGlobal Macro (continued)150EUR 1,100,000 10/04/2013 AUD 1,447,129 UBS Limited London (76,156)EUR 10,940,000 10/04/2013 CAD 14,888,716 Morgan Stanley, London (504,662)EUR 1,381,414 10/04/2013 CHF 1,700,000 Société Générale Paris (12,240)EUR 10,600,000 10/04/2013 CHF 13,222,513 JP Morgan Chase, London (239,764)EUR 58,385 10/04/2013 GBP 50,500 JPMorgan Chase London (1,266)EUR 820,000 10/04/2013 GBP 697,782 Société Générale Paris (4,229)EUR 1,500,000 10/04/2013 GBP 1,310,502 JP Morgan Chase, London (47,987)EUR 2,316,064 10/04/2013 GBP 1,985,493 Morgan Stanley, London (29,227)EUR 2,350,000 10/04/2013 GBP 2,022,417Crédit Suisse InternationalLondon (38,908)EUR 6,110,000 10/04/2013 JPY 746,880,290 Royal Bank of Canada London (77,341)EUR 2,000,000 10/04/2013 NOK 15,091,808 Morgan Stanley, London (10,455)EUR 291,058 10/04/2013 SEK 2,500,000 JP Morgan Chase, London (8,513)EUR 420,000 10/04/2013 SEK 3,548,188 Royal Bank of Canada London (5,170)EUR 2,300,000 10/04/2013 SEK 19,753,173 UBS Limited London (66,986)EUR 4,550,000 10/04/2013 SEK 39,446,575 Morgan Stanley, London (176,825)EUR 214,062 10/04/2013 USD 280,240 Royal Bank of Scotland PLC (4,822)EUR 1,050,000 10/04/2013 USD 1,352,800 UBS Limited London (6,618)EUR 1,500,000 10/04/2013 USD 2,010,711 JP Morgan Chase, London (70,489)EUR 1,700,000 10/04/2013 USD 2,209,403 Société Générale Paris (25,677)EUR 1,800,000 10/04/2013 USD 2,357,006 Royal Bank of Canada London (40,965)GBP 220,285 10/04/2013 EUR 253,880 Morgan Stanley, London 6,323Crédit Suisse InternationalGBP 386,000 10/04/2013 EUR 451,935London 4,012GBP 1,684,405 10/04/2013 EUR 1,953,161 JP Morgan Chase, London 36,477GBP 10,499,564 10/04/2013 EUR 12,254,017 Royal Bank of Scotland PLC 148,184JPY 174,776,560 10/04/2013 EUR 1,400,000 Société Générale Paris 47,892NOK 330,000 10/04/2013 EUR 44,281 JP Morgan Chase, London (321)NOK 97,089,399 10/04/2013 EUR 13,041,560 Royal Bank of Scotland PLC (107,839)PLN 13,833,437 10/04/2013 USD 4,400,000 UBS Limited London (134,373)SEK 90,275,500 10/04/2013 EUR 10,426,972 Royal Bank of Canada London 390,460SGD 619,298 10/04/2013 USD 500,000 Royal Bank of Scotland PLC (965)SGD 18,668,885 10/04/2013 USD 15,100,000 Société Générale Paris (50,461)USD 15,500,000 10/04/2013 CZK 295,462,860 JP Morgan Chase, London 633,520USD 3,360 10/04/2013 EUR 2,546Crédit Suisse InternationalLondon 78USD 28,971,992 10/04/2013 EUR 21,522,856 Royal Bank of Scotland PLC 1,105,997

Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundsIn exchangeforSettlementContract todeliverCounterpartyUnrealisedGain /(Loss) bySub-FundGlobal Macro (continued)USD 1,260,000 10/04/2013 MXN 15,961,719 Morgan Stanley, London (24,409)Crédit Suisse InternationalUSD 2,430,000 10/04/2013 MXN 31,167,425London (71,378)USD 1,890,000 10/04/2013 PLN 6,047,403 UBS Limited London 32,614USD 820,000 10/04/2013 SGD 1,024,504 Royal Bank of Canada London (3,989)USD 2,900,000 10/04/2013 ZAR 26,630,674 Royal Bank of Canada London 16,839ZAR 8,962,639 10/04/2013 USD 1,000,000 UBS Limited London (24,399)RUB 475,361,682 11/04/2013 USD 15,600,000 Royal Bank of Scotland PLC (243,247)USD 630,000 11/04/2013 RUB 19,492,239 JP Morgan Chase, London 2,420BRL 3,171,218 12/04/2013 USD 1,580,000 Société Générale Paris (7,912)BRL 8,334,500 12/04/2013 USD 4,250,000 Morgan Stanley, London (96,945)CLP 359,338,640 12/04/2013 USD 760,000 Société Générale Paris 282Banque Nationale de Paris,KRW 1,516,978,800 12/04/2013 USD 1,380,000Paris (13,867)KRW 4,346,800,000 12/04/2013 USD 4,000,000 Société Générale Paris (75,433)TWD 23,625,600 12/04/2013 USD 800,000 Société Générale Paris (7,651)TWD 441,750,000 12/04/2013 USD 15,000,000 Royal Bank of Scotland PLC (175,581)USD 1,600,000 12/04/2013 CLP 761,600,000 JPMorgan Chase London (9,035)USD 10,400,000 12/04/2013 CLP 4,962,360,000 Société Générale Paris (78,534)USD 4,000,000 12/04/2013 KRW 4,335,400,000 Société Générale Paris 83,523USD 980,000 12/04/2013 TWD 29,101,100 JP Morgan Chase, London 5,200EUR 3,000,000 15/08/2013 CHF 3,660,423 Société Générale Paris (3,581)SGD 1,874,604 15/08/2013 USD 1,500,000 UBS Limited London 8,608USD 3,000,000 15/08/2013 JPY 285,596,400 JP Morgan Chase, London (25,575)USD 1,500,000 15/08/2013 NZD 1,837,756 Royal Bank of Scotland PLC (19,283)KRW 1,681,827,000 19/08/2013 USD 1,500,000 Royal Bank of Scotland PLC 148MYR 4,727,535 19/08/2013 USD 1,500,000 Royal Bank of Scotland PLC 7,577EUR 558,399Managed Solutions - Asia Focused Conservative (launched as at 15 March 2013)AUD 3,631,988 28/03/2013 USD 3,775,638 UBS AG 10,891EUR 231,478 28/03/2013 USD 302,399 UBS AG (5,157)SGD 1,000 28/03/2013 USD 801 UBS AG 5USD 3,791,430 28/03/2013 AUD 3,631,988 UBS AG 4,900USD 299,211 28/03/2013 EUR 231,478 UBS AG 1,970USD 801 28/03/2013 SGD 1,000 UBS AG (5)151

Notes to the Financial Statements (continued)9. Forward foreign exchange contracts (continued)SubfundsIn exchangeforSettlementContract todeliverCounterpartyUnrealisedGain /(Loss) bySub-FundManaged Solutions - Asia Focused Conservative (launched as at 15 March 2013) (continued)AUD 3,625,298 30/04/2013 USD 3,775,012 UBS AG (4,782)EUR 240,935 30/04/2013 USD 311,449 UBS AG (1,996)SGD 999 30/04/2013 USD 800 UBS AG 5USD 26,048 30/04/2013 AUD 24,998 UBS AG 50USD 5,881Managed Solutions - Asia Focused Growth (launched as at 15 March 2013)AUD 16,482,814 28/03/2013 USD 17,114,475 UBS AG 69,683EUR 7,769,793 28/03/2013 USD 10,122,652 UBS AG (145,462)SGD 312,400 28/03/2013 USD 250,037 UBS AG 1,777USD 17,206,360 28/03/2013 AUD 16,482,814 UBS AG 22,202USD 10,043,693 28/03/2013 EUR 7,769,793 UBS AG 66,502USD 250,128 28/03/2013 SGD 312,400 UBS AG (1,686)AUD 16,860,553 30/04/2013 USD 17,556,878 UBS AG (22,274)EUR 7,968,926 30/04/2013 USD 10,304,124 UBS AG (68,955)SGD 560,822 30/04/2013 USD 449,040 UBS AG 3,046USD 2,405 30/04/2013 AUD 2,310 UBS AG 3USD 39,254 30/04/2013 EUR 30,359 UBS AG 262USD (74,902)Managed Solutions - Asia Focused Income (launched as at 25 May 2012)AUD 53,269,809 28/03/2013 USD 54,730,169 UBS AG 806,271EUR 8,107,339 28/03/2013 USD 10,521,649 UBS AG (111,015)SGD 11,000,517 28/03/2013 USD 8,868,122 UBS AG (1,024)USD 55,606,493 28/03/2013 AUD 53,269,809 UBS AG 70,053USD 10,477,995 28/03/2013 EUR 8,107,339 UBS AG 67,361USD 8,808,236 28/03/2013 SGD 11,000,517 UBS AG (58,863)AUD 60,200,034 30/04/2013 USD 62,705,903 UBS AG (99,193)EUR 9,461,709 30/04/2013 USD 12,229,253 UBS AG (76,776)SGD 11,216,435 30/04/2013 USD 8,982,551 UBS AG 59,163USD 5,525 30/04/2013 AUD 5,307 UBS AG 6USD 5,069 30/04/2013 EUR 3,927 UBS AG 25USD 4,500,000 30/07/2013 PHP 182,475,000 HSBC Bank PLC, London 20,933USD 676,941152

Notes to the Financial Statements (continued)10. FuturesAs at 31 March 2013, the Company had entered into the following outstanding futures contracts:Sub-fundsNumberofcontractsCurrency Commitments MaturityDateUnrealisedgain / (loss) insub-fundcurrencyBRIC Markets EquityHSCEI - HKD CHINA ENT 310 HKD 168,717,500 29/04/2013 (70,024)SGX S&P NIFTY INDEX 203 USD 2,323,132 25/04/2013 20,664USD (49,360)Euroland EquityEURO STOXX 50 PR 213 EUR 5,474,100 21/06/2013 (134,190)EUR (134,190)Euroland GrowthEURO STOXX 50 PR 45 EUR 1,156,500 21/06/2013 (30,210)EUR (30,210)Global Emerging Markets EquityMSEMI - MSCI EMER MKTS INDEX 121 USD 6,184,915 21/06/2013 (138,545)USD (138,545)Global EquityAEX 4 EUR 278,960 19/04/2013 (1,798)CAC 40 (41) EUR (1,535,450) 19/04/2013 38,960DAX-INDEX 3 EUR 587,363 21/06/2013 (12,568)FTSE MIB INDEX 3 EUR 226,800 21/06/2013 (7,319)HONG KONG HANG SENG INDICES 12 HKD 13,389,600 29/04/2013 10,125IBEX-35 INDICES BOLSA ESPANOL. (4) EUR (316,040) 19/04/2013 26,247S&P / ASX 200 INDEX (11) AUD (1,365,925) 20/06/2013 28,774S&P 500 INDICES 17 USD 6,634,250 20/06/2013 78,175S&P INDICES S&P/TSX 60 INDEX (1) CAD (144,900) 20/06/2013 2,274SIMSCI MSCI SINGAPORE FREE 3 SGD 223,680 29/04/2013 2,225153

Notes to the Financial Statements (continued)10. Futures (continued)Sub-fundsNumberofcontractsCurrency Commitments MaturityDateUnrealisedgain / (loss) insub-fundcurrencyGlobal Equity (continued)SMI INDEX/OHNE DIVIDENDENKORR. (23) CHF (1,775,140) 21/06/2013 (13,844)SWED OPTI OMX STOCKHOLM 30 IDX 10 SEK 1,190,000 19/04/2013 1,615TOPIX INDEX (TOKYO) 13 JPY 135,265,000 13/06/2013 41,342UKX FTSE 100 INDEX 19 GBP 1,211,725 21/06/2013 4,069USD 198,277Japanese EquityTOPIX INDEX (TOKYO) 79 JPY 821,995,000 13/06/2013 14,595,457JPY 14,595,457Singapore EquitySIMSCI MSCI SINGAPORE FREE 40 SGD 2,982,400 29/04/2013 19,152USD 19,152Thai EquityTHAI SET 50 INDEX (SET50) 166 THB 167,759,600 27/06/2013 89,578USD 89,578US EquityS&P 500 INDICES 84 USD 32,781,000 20/06/2013 435,450USD 435,450Euro BondEURO BOBL (35) EUR (4,432,750) 06/06/2013 (29,850)EURO BUND (55) EUR (7,996,450) 06/06/2013 (107,480)EURO SCHATZ (13) EUR (1,440,465) 06/06/2013 (2,405)EUR (139,735)154

Notes to the Financial Statements (continued)10. Futures (continued)Sub-fundsNumberofcontractsCurrency Commitments MaturityDateUnrealisedgain / (loss)in sub-fundcurrencyEuro Credit BondEURO BOBL (218) EUR (27,609,700) 06/06/2013 (168,540)EURO BUND (185) EUR (26,897,150) 06/06/2013 (159,100)EURO OAT FUTURES (250) EUR (34,010,000) 06/06/2013 (205,230)Global BondEUR (532,870)10Y TREASURY NOTES USA (133) USD (17,558,078) 19/06/2013 (41,562)EURO BOBL 22 EUR 2,786,300 06/06/2013 20,905USD (20,657)Global High Income Bond10Y TREASURY NOTES USA 150 USD 19,802,344 19/06/2013 67,969EURO BOBL (207) EUR (26,216,550) 06/06/2013 (207,331)EURO BUND (80) EUR (11,631,200) 06/06/2013 (190,496)USD (329,858)Global High Yield Bond10Y TREASURY NOTES USA (765) USD (100,991,953) 19/06/2013 (339,830)EURO SCHATZ (1) EUR (110,805) 06/06/2013 (180)USD (340,010)Global Inflation Linked Bond10Y BTP ITALIAN BOND (2) EUR (217,000) 06/06/2013 (2,003)10Y TREASURY NOTES USA 9 USD 1,188,141 19/06/2013 3,5862Y TREASURY NOTES USA 17 USD 3,747,438 28/06/2013 (531)30Y TREASURY NOTES USA (2) USD (315,813) 19/06/2013 3,1885Y TREASURY NOTES USA (28) USD (3,474,625) 28/06/2013 (3,063)EURO BOBL (78) EUR (9,878,700) 06/06/2013 (76,121)EURO BUND 15 EUR 2,180,850 06/06/2013 39,152EURO SCHATZ 80 EUR 8,864,400 06/06/2013 13,868USD (21,924)155

Notes to the Financial Statements (continued)10. Futures (continued)Sub-fundsNumberofcontractsCurrency Commitments MaturityDateUnrealisedgain / (loss) insub-fundcurrencyLatin American Local DebtBRL/MXN SPOT - CROSS RATES 5 MXN 612,399 28/03/2013 0USD 0US Dollar Bond10Y TREASURY NOTES USA (54) USD (7,128,844) 19/06/2013 (16,875)USD (16,875)Economic Scale Index GEM Equity (launched as at 20 March 2013)MSEMI - MSCI EMER MKTS INDEX 11 USD 564,355 21/06/2013 4,455USD 4,455Global Flex Allocation2Y TREASURY NOTES USA (5) USD (1,102,188) 28/06/2013 1835Y TREASURY NOTES USA 4 USD 496,375 28/06/2013 414DAX-INDEX (3) EUR (587,363) 21/06/2013 9,750EURO BOBL (17) EUR (2,153,050) 06/06/2013 (5,760)EURO SCHATZ 14 EUR 1,551,270 06/06/2013 1,050EURO STOXX 50 PR (118) EUR (3,032,600) 21/06/2013 73,160EURO-BUXL-FUTURES 2 EUR 270,600 06/06/2013 2,840S&P 500 INDICES (2) USD (780,500) 20/06/2013 (9,034)S&P INDICES S&P/TSX 60 INDEX 2 CAD 289,800 20/06/2013 (3,546)SMI INDEX/OHNEDIVIDENDENKORR. (3) CHF (231,540) 21/06/2013 (1,406)SWED OPTI OMX STOCKHOLM 30IDX (5) SEK (595,000) 19/04/2013 (644)TOPIX INDEX (TOKYO) 4 JPY 41,620,000 13/06/2013 16,201UKX FTSE 100 INDEX (16) GBP (1,020,400) 21/06/2013 2,743EUR 85,951156

Notes to the Financial Statements (continued)10. Futures (continued)Sub-fundsNumberofcontractsCurrency Commitments MaturityDateUnrealisedgain / (loss)in sub-fundcurrencyGlobal Macro10Y TREASURY NOTES USA 168 USD 22,194,375 19/06/2013 133,109CAC 40 Total (28) EUR (1,042,160) 19/04/2013 27,160EURO BUND (309) EUR (45,005,850) 06/06/2013 (755,700)EURO STOXX 50 PR 40 EUR 1,024,000 21/06/2013 (29,200)HONG KONG HANG SENG INDICES 10 HKD 11,158,000 29/04/2013 6,590HSCEI - HKD CHINA ENT 17 HKD 9,252,250 29/04/2013 (2,999)JP 10Y MINI GV BDS (44) JPY (641,652,000) 10/06/2013 (34,993)KOREA KOSPI 200 INDEX 11 KRW 1,451,450,000 13/06/2013 (13,711)LONG GILT STERLING FUTURES 60 GBP 7,138,800 26/06/2013 202,116NIKKEI 225 INDICES D l 1 JPY 6,200,000 13/06/2013 (30,404)S&P / ASX 200 INDEX (11) AUD (1,365,925) 20/06/2013 30,874S&P 500 EMINI INDEX 19 USD 1,480,575 21/06/2013 8,719S&P INDICES S&P/TSX 60 INDEX 6 CAD 869,400 20/06/2013 (10,669)SMI INDEX/OHNEDIVIDENDENKORR. 11 CHF 847,660 21/06/2013 3,967TREASURY BONDS USA (5) USD (722,656) 19/06/2013 244UKX FTSE 100 INDEX 5 GBP 318,875 21/06/2013 (886)11. SwapsEuro BondAs at 31 March 2013, the Company entered into the following CDS swaps:EUR (465,783)Counterparty Underlying Currency MaturityDateCommitmentNetnotionalamountUnrealisedgain / (loss) inEURJ.P MORGANCHASE LONDON KERING (Ex PPR) EUR 20/09/2013 11,464 1,000,000 11,006BNP PARIBASPARISCREDIT SUISSE GPFIN EUR EUR 20/09/2015 13,537 2,000,000 13,148J.P MORGANLONDONENEL SOCIETA PERAZ EUR 20/12/2015 (25,925) 1,000,000 (26,119)SOCIETEGENERALE PARIS ALSTOM EUR 20/12/2015 (148) 1,000,000 (342)EUR (2,307)157

Notes to the Financial Statements (continued)11. Swaps (continued)Euro Credit BondAs at 31 March 2013, the Company entered into the following CDS swaps:Counterparty Underlying Currency MaturityDate158CommitmentNetnotionalamountUnrealisedgain / (loss)in EURMORGANSTANLEY LONDON GERMANY USD 20/09/2014 5,895 3,000,000 4,477MORGANSTANLEY LONDON SWEDEN USD 20/09/2014 (42,127) 3,000,000 (32,353)BNP PARIBASLONDON LAFARGE EUR 20/12/2014 14,740 10,000,000 16,684BNP PARIBASLONDON LAFARGE EUR 20/12/2017 (319,418) 5,000,000 (320,390)HSBC LONDON TELECOM IT EUR 20/03/2018 (943,129) 8,000,000 (944,685)BNP PARIBASLONDONADECCOFINANCIAL EUR 20/06/2018 141,564 7,000,000 142,925J.P MORGANLONDON EDF EUR 20/06/2018 7,461 6,000,000 8,628J.P MORGANLONDON NEXT PLC EUR 20/06/2018 17,810 5,000,000 18,782J.P MORGANLONDON TELIASONERA EUR 20/06/2018 (245,430) 10,000,000 (243,486)J.P MORGANLONDONMARKIT ITRXEUR XOVER 06/ EUR 20/06/2018 (86,559) 15,000,000 (71,976)J.P MORGANLONDONERICSSON LMEUR SEN EUR 20/06/2018 9,106 6,000,000 10,273MORGANSTANLEY LONDON ANGLO AMER EUR 20/06/2018 224,722 6,000,000 225,889SOCIETEGENERALE PARISEuro High Yield BondMARKIT ITRXEUR XOVER 06/ EUR 20/06/2018 (115,255) 25,000,000 (90,949)EUR (1,276,181)As at 31 March 2013, the Company entered into the following CDS swaps:Counterparty Underlying Currency MaturityDateCommitmentNetnotionalamountUnrealisedgain / (loss)in EURHSBC LONDON KERING EUR 20/06/2013 4,841 1,000,000 4,452HSBC LONDON CR AGR EUR 20/06/2013 996 1,000,000 656HSBC LONDON ALSTOM EUR 20/12/2013 20,903 1,000,000 20,300J.P MORGANLONDON ARCELORMIT EUR 20/03/2014 40,171 1,000,000 39,198

Notes to the Financial Statements (continued)11. Swaps (continued)Euro High Yield Bond (continued)As at 31 March 2013, the Company entered into the following CDS swaps:Counterparty Underlying Currency MaturityDateCommitmentNetnotionalamountUnrealisedgain / (loss) inEURJ.P MORGANLONDONHOLCIM FINANCELUXE EUR 20/03/2014 60,856 1,000,000 59,629SOCIETEGENERALE PARIS LAFARGE EUR 20/03/2014 66,719 1,000,000 65,290MORGAN STANLEYLONDON BP PLC EUR 20/06/2015 14,538 1,000,000 14,344SOCIETEGENERALE PARIS TOTAL SA EUR 20/06/2015 35,234 2,000,000 34,846J.P MORGANLONDON SANOFI EUR 20/09/2015 39,003 2,000,000 38,614MORGAN STANLEYLONDONRENAULT S.A. EURSEN EUR 20/12/2016 (60,361) 1,500,000 (60,653)SOCIETEGENERALE PARIS UPM KYMMENE EUR 20/12/2016 176,795 2,000,000 174,850UBS AG LONDON UPM KYMMENE EUR 20/03/2017 87,711 1,000,000 86,739CREDIT SUISSEFIRST BOSTONLONDONGlobal Emerging Markets BondITRAXX EUR SNRFIN S8 10Y EUR 20/12/2017 (149,791) 2,000,000 (150,005)As at 31 March 2013, the Company entered into the following CDS swaps:EUR 328,260Counterparty Underlying Currency MaturityDateCommitmentNetnotionalamountUnrealisedgain / (loss)in USDBANK OF AMERICANEW YORK PERU USD 20/09/2016 148,476 15,000,000 145,560BANK OF AMERICANEW YORKREPUBLIC OFCHINA USD 20/09/2016 195,166 10,000,000 193,222DEUTSCHE BANKLONDON PERU USD 20/09/2016 108,883 11,000,000 106,744159

Notes to the Financial Statements (continued)11. Swaps (continued)Global Emerging Markets Bond (continued)As at 31 March 2013, the Company entered into the following CDS swaps (continued):Counterparty Underlying Currency MaturityDate160CommitmentNetnotionalamountUnrealisedgain / (loss)in USDJ.P MORGANLONDONREPUBLIC OFCHINA USD 20/09/2016 380,574 19,500,000 376,782J.P MORGANLONDONREPUBLIC OFCHINA USD 20/09/2016 214,683 11,000,000 212,543BARCLAYS BANKPLC BRAZIL USD 20/03/2017 (102,517) 13,150,000 (105,074)BARCLAYS BANKPLC BRAZIL USD 20/06/2017 (203,775) 20,000,000 (207,664)DEUTSCHE BANKLONDON BRAZIL USD 20/06/2017 (252,749) 25,000,000 (257,610)MORGANSTANLEY LONDONKAZAKHSTANGOVERNMENT USD 20/06/2017 (285,702) 15,000,000 (288,619)Global Emerging Markets Investment Grade BondAs at 31 March 2013, the Company entered into the following CDS swaps:Counterparty Underlying Currency MaturityDateMORGAN STANLEYLONDONCommitmentUSD 175,884NetnotionalamountUnrealisedgain / (loss)in USDRUSSIANFEDERATION USD 20/06/2017 (111,759) 6,000,000 (112,926)USD (112,926)As at 31 March 2013, the Company entered into the following interest rate swaps:Counterparty Underlying Currency MaturityDateCommitmentNetnotionalamountUnrealisedgain / (loss) inUSDUBS LONDON N/A BRL 01/07/2013 (58,704) 33,911,154 (29,114)UBS LONDON N/A BRL 02/01/2015 1,013,526 12,298,364 502,654UBS LONDON N/A BRL 04/01/2021 163,763 1,616,805 81,217CREDIT SUISSEFIRST BOSTONLONDON N/A MXN 23/12/2021 1,073,538 11,200,000 85,715CREDIT SUISSEFIRST BOSTONNEW YORK N/A MXN 01/07/2022 528,814 55,000,000 42,063USD 682,535

Notes to the Financial Statements (continued)11. Swaps (continued)Global Emerging Markets Local DebtAs at 31 March 2013, the Company entered into the following interest rate swaps:Counterparty Underlying Currency MaturityDateCommitmentNetnotionalamountUnrealisedgain / (loss) inUSDCREDIT SUISSEFIRST BOSTONNEW YORK N/A BRL 02/01/2015 126,736 9,085,791 62,854CREDIT SUISSEFIRST BOSTONLONDON N/A MXN 23/12/2021 8,488,616 88,560,000 677,764Global High Income BondAs at 31 March 2013, the Company entered into the following CDS swaps:Counterparty Underlying Currency MaturityDateJ.P MORGANLONDONJ.P MORGANLONDONUBS LONDONUBS LONDONCommitmentUSD 740,618NetnotionalamountUnrealisedgain / (loss) inUSDMARKITCDX.NA.HY.2006/18 USD 20/06/2018 404,514 12,500,000 392,360MARKITCDX.NA.IG.2006/18 USD 20/06/2018 29,577 7,500,000 28,119MARKITCMBX.NA.BBB-.6USD USD 11/05/2063 (345,626) 5,000,000 (346,459)MARKITCMBX.NA.BBB-.6USD USD 11/05/2063 (691,252) 10,000,000 (692,919)Global High Yield Bond (launched as at 20 July 2012)As at 31 March 2013, the Company entered into the following CDS swaps:Counterparty Underlying Currency MaturityDateBARCLAYS BANKPLCCommitmentUSD (618,899)NetnotionalamountUnrealisedgain / (loss)in USDMARKITCDX.EM.EX-EU5Y US USD 20/12/2017 409,375 4,000,000 405,486161

Notes to the Financial Statements (continued)11. Swaps (continued)Global High Yield Bond (continued) (launched as at 20 July 2012)As at 31 March 2013, the Company entered into the following CDS swaps (continued):Counterparty Underlying Currency MaturityDateBNP PARIBASLONDONBNP PARIBASLONDONBNP PARIBASLONDONBNP PARIBASLONDONBNP PARIBASLONDONBNP PARIBASLONDONJ.P MORGANLONDONGlobal Inflation Linked BondCommitmentNetnotionalamountUnrealisedgain / (loss)in USDMARKITCDX.EM.EX-EU5Y US USD 20/12/2017 409,375 4,000,000 405,486INTESASANPAOLO SPAEUR S EUR 20/03/2018 (164,776) 5,000,000 (217,831)BANCO BILBAOVizcaya Arge EUR 20/03/2018 (32,674) 5,000,000 (48,199)MARKIT ITRXEUR SUB FIN 0 EUR 20/06/2018 1,703,016 20,000,000 2,161,875MARKITCDX.NA.HY.2006/18 USD 20/06/2018 (640,222) 20,000,000 (620,778)INTESASANPAOLO SPAEUR S EUR 20/06/2018 (141,918) 4,000,000 (187,231)MARKITCDX.NA.HY.2006/18 USD 20/06/2018 1,132,639 35,000,000 1,098,611USD 2,997,419As at 31 March 2013, the Company entered into the following interest rate swaps:Counterparty Underlying Currency MaturityDateCommitmentNetnotionalamountUnrealisedgain / (loss)in USDUBS LONDON N/A GBP 14/03/2023 (3,382) 1,000,000 (5,136)CREDIT SUISSEINTERNATIONALLONDON N/A EUR 20/03/2023 (5,512) 700,000 7,079UBS LONDON N/A yi USD 18/03/2023 3,923 800,000 3,923USD 5,866162

Notes to the Financial Statements (continued)11. Swaps (continued)GEM Debt Total ReturnAs at 31 March 2013, the Company entered into the following CDS swaps:Counterparty Underlying Currency MaturityDateCommitmentNetnotionalamountUnrealisedgain / (loss) inUSDCREDIT SUISSEFIRST BOSTONLONDON BRAZIL USD 20/06/2013 62,974 50,000,000 53,251CREDIT SUISSEFIRST BOSTONLONDON BRAZIL USD 20/06/2013 47,860 38,000,000 40,471BARCLAYS BANKPLCREPUBLIC OFHUNGARY USD 20/06/2015 214,573 5,000,000 215,545BANK OF AMERICANEW YORKREPUBLIC OFHUNGARY USD 20/06/2015 214,573 5,000,000 215,545STANDARDLONDON PHILIPPINES USD 20/09/2015 (206,010) 15,000,000 (203,094)STANDARDLONDON PHILIPPINES USD 20/09/2015 (137,340) 10,000,000 (135,396)STANDARDLONDON PHILIPPINES USD 20/03/2016 (40,769) 3,000,000 (40,185)DEUTSCHE BANKLONDON PERU USD 20/09/2016 79,187 8,000,000 77,633STANDARDLONDONSTATE OF QATARUSD SEN USD 20/12/2016 (193,373) 10,000,000 (191,429)STANDARDLONDONSTATE OF QATARUSD SEN USD 20/12/2016 (193,373) 10,000,000 (191,429)BANK OFAMERICA NEWYORKSTATE OF QATARUSD SEN USD 20/03/2017 (191,842) 10,000,000 (189,897)DEUTSCHE BANKLONDONSTATE OF QATARUSD SEN USD 20/03/2017 (153,473) 8,000,000 (151,918)J.P MORGANLONDONSTATE OF QATARUSD SEN USD 20/03/2017 (76,737) 4,000,000 (75,959)UBS LONDONSTATE OF QATARUSD SEN USD 20/03/2017 (153,473) 8,000,000 (151,918)J.P MORGANLONDON PERU USD 20/06/2017 130,813 19,900,000 126,944UBS LONDONREPUBLIC OFINDONESIA USD USD 20/06/2017 (272,527) 22,000,000 (276,805)J.P MORGANLONDONREPUBLIC OFKOREA USD SEN USD 20/09/2017 (227,240) 14,400,000 (224,440)J.P MORGANLONDONREPUBLIC OFKOREA USD SEN USD 20/09/2017 (236,708) 15,000,000 (233,791)163

Notes to the Financial Statements (continued)11. Swaps (continued)GEM Debt Total Return (continued)As at 31 March 2013, the Company entered into the following CDS swaps (continued):Counterparty Underlying Currency MaturityDateMORGAN STANLEYLONDON164CommitmentNetnotionalamountUnrealisedgain / (loss) inUSDREPUBLIC OFKOREA USD 20/09/2017 (181,476) 11,500,000 (179,240)BARCLAYS BANK PLC TURKEY USD 20/12/2017 276,203 16,000,000 279,314BARCLAYS BANK PLCREPUBLIC OFSOUTH AFRICA USD 20/12/2017 (530,730) 16,000,000 (533,841)BNP PARIBASLONDON TURKEY USD 20/12/2017 276,203 16,000,000 279,314J.P MORGANLONDONREPUBLIC OFSOUTH AFRICA USD 20/12/2017 (530,730) 16,000,000 (533,841)BARCLAYS BANK PLC BRAZIL USD 20/06/2018 (293,189) 14,000,000 (295,911)J.P MORGANLONDON BRAZIL USD 20/06/2018 (293,189) 14,000,000 (295,911)USD (2,616,988)As at 31 March 2013, the Company entered into the following interest rate swaps:Counterparty Underlying Currency MaturityDateCommitmentNetnotionalamountUnrealisedgain / (loss) inUSDMORGAN STANLEYLONDON N/A MXN 17/09/2014 301,903 64,000,000 24,467DEUTSCHE BANKLONDON N/A USD 12/05/2021 (4,294,294) 32,000,000 (3,917,450)DEUTSCHE BANKLONDON N/A yi USD 06/06/2021 (7,893,467) 65,500,000 (7,275,385)BARCLAYS BANKPLC N/A USD 21/06/2021 (7,882,560) 66,000,000 (7,337,203)CREDIT SUISSEFIRST BOSTONLONDON N/A MXN 23/12/2021 24,944,416 260,240,000 1,991,658USD (16,513,913)Global MacroAs at 31 March 2013, the Company entered into the following CDS swaps:Counterparty Underlying Currency MaturityDateHSBC LONDONCommitmentNetnotionalamountUnrealisedgain / (loss) inEURMARKIT ITRXEUROPE 06/18 EUR 20/06/2018 (535,026) 42,270,000 (543,245)EUR (543,245)

Notes to the Financial Statements (continued)12. Cash Collateral InformationSub-Funds Counterparty Instrument type Currency CashCollateralEuro Credit BondMorgan Stanley Credit Default Swaps EUR 30,005GEM Inflation Linked BondBnp Paribas Fx and Swap contracts USD 260,000Global Emerging Markets BondDeutsche Bank Credit Default Swaps USD 20,000Morgan Stanley Credit Default Swaps USD 130,000Global Emerging Markets Investment Grade BondBarclays Fx and Swap contracts USD 130,000Credit Suisse Interest Rate Swaps USD 50,000Goldman Sachs Fx and Swap contracts USD 10,000JP Morgan Chase Fx and Swap contracts USD 10,000Morgan Stanley Credit Default Swaps USD 300,000Global Emerging Markets Local DebtCredit Suisse Interest Rate Swaps USD 1,550,000Standard Chartered Fx and Swap contracts USD 2,830,000Morgan Stanley Fx and Swap contracts USD 490,000RBS Fx and Swap contracts USD 750,000Global High Income BondBarclays Fx and Swap contracts EUR 699,519UBS CMBX USD 980,000GEM Debt Total ReturnGlobal CurrencyBarclays Credit Default Swaps, Interest Rate Swaps USD 1,910,000Deutsche Bank Credit Default Swaps, Interest Rate Swaps USD 12,200,000UBS - FX Hedging Fx and Swap contracts USD 5,831,392165

Notes to the Financial Statements (continued)12. Cash Collateral Information (continued)Sub-Funds Counterparty Instrument type Currency CashCollateralGlobal MacroMorgan Stanley Fx and Swap contracts EUR 630,000JP Morgan Chase Fx and Swap contracts EUR 760,000Managed Solutions - Asia Focused IncomeUBS - FX Hedging Fx and Swap contracts USD 195,13613. OptionsAs at 31 March 2013, the Company had entered into the following written options contracts:Sub-funds Counterparty Quantity Strike(in Tradecurrency)TradecurrencyMaturityDateCommitment(in Tradecurrency)UnrealisedGain /(Loss)Euro CreditBondPUT EURO BUND HSBC Bank Plc (600) 142.5 EUR 26/04/2013 (85,500,000) 15,000EUR 15,000Global Emerging Markets Investment Grade BondPUT USD/BRLSPOT CROSSRBC InvestorServices Bank (9,000,000) 2 USD 26/04/2013 (180,000) 0USD 0Global MacroCALL NIKKEI 225INDICES D HSBC Bank Plc (50) 12,500 JPY 12/04/2013 (625,000,000) (48,119)PUT NIKKEI 225INDICES D HSBC Bank Plc (50) 10,500 JPY 12/04/2013 (525,000,000) 50,525PUT HSCEI - HKDCHINA ENT HSBC Bank Plc (40) 10,400 HKD 27/06/2013 (20,800,000) (27,655)EUR (25,249)166

Notes to the Financial Statements (continued)14. DividendsMost distributing fund share classes in issue as at 31 March 2013 have UK Reporting Fund status, either from 1 April 2010or from the launch of the fund share class concerned. It is the intention of the Company that all Distributing andAccumulating Share Classes will have UK Reporting Fund status from 1 April 2013. As and when new fund share classesare launched, UK Reporting Fund applications shall be made to HM Revenue & Customs accordingly. Details of the shareclasses that have UK Reporting Fund status can be found on the HM Revenue & Customs’ website (www.hmrc.gov.uk).At the date of this Report, the status can be found at http://www.hmrc.gov.uk/collective/rep-funds.xls.The Company shall make available to Shareholders the reportable income information that they required for their UK taxreturns at www.assetmanagement.hsbc.com/uk/advisers/gfc by 30 September 2013. If investors do not have access tothe internet they can apply in writing at the registered office of the Company.The Company paid the following dividends during the year ended 31 March 2013:Sub-FundShareclassCurrencyDividendper shareEx-datePaymentdateNumber ofsharesTotal amountpaidAsia ex Japan EquityAD USD 0.303992 03/07/2012 24/07/2012 4,107,219 1,248,562ADH EUR USD 0.157881 03/07/2012 24/07/2012 80,002 12,631ED USD 0.065812 03/07/2012 24/07/2012 3,661 241ID USD 0.763830 03/07/2012 24/07/2012 142,661 108,969ZD USD 1.085187 03/07/2012 24/07/2012 260,304 282,478USD 1,652,881Asia ex Japan Equity Smaller CompaniesAD USD 0.359308 03/07/2012 24/07/2012 910,664 327,209AD HKD USD 0.011211 03/07/2012 24/07/2012 100 1USD 327,210Asia Pacific ex Japan Equity High DividendAD USD 0.042962 03/07/2012 24/07/2012 4,679,060 201,022AD USD 0.281708 31/01/2013 13/02/2013 3,866,752 1,089,295AM USD 0.022284 30/04/2012 11/05/2012 1,428,056 31,823AM USD 0.019957 31/05/2012 14/06/2012 1,546,368 30,861AM USD 0.020555 29/06/2012 12/07/2012 1,652,409 33,965AM USD 0.024943 31/07/2012 10/08/2012 1,540,469 38,424AM USD 0.024575 31/08/2012 12/09/2012 1,571,992 38,632AM USD 0.025812 28/09/2012 10/10/2012 1,686,284 43,526AM USD 0.026050 31/10/2012 12/11/2012 1,602,858 41,754AM USD 0.026515 30/11/2012 11/12/2012 1,755,856 46,557AM USD 0.027075 31/12/2012 10/01/2013 1,602,627 43,391AM USD 0.028062 31/01/2013 13/02/2013 1,558,111 43,724AM USD 0.028117 28/02/2013 11/03/2013 1,769,491 49,753AM USD 0.027706 28/03/2013 11/04/2013 1,987,535 55,067AM HKD USD 0.002865 30/04/2012 11/05/2012 7,867,537 22,540AM HKD USD 0.002566 31/05/2012 14/06/2012 8,869,643 22,760AM HKD USD 0.002645 29/06/2012 12/07/2012 9,583,907 25,349AM HKD USD 0.003208 31/07/2012 10/08/2012 8,514,618 27,315AM HKD USD 0.003159 31/08/2012 12/09/2012 7,671,488 24,234167

Notes to the Financial Statements (continued)14. Dividends (continued)Sub- ShareDividendPayment Number of Total amountFund class Currency per share Ex-date datesharespaidAsia Pacific ex Japan Equity High Dividend (continued)AM HKD USD 0.003320 28/09/2012 10/10/2012 8,100,204 26,893AM HKD USD 0.003352 31/10/2012 12/11/2012 7,787,605 26,104AM HKD USD 0.003409 30/11/2012 11/12/2012 8,331,148 28,401AM HKD USD 0.003484 31/12/2012 10/01/2013 7,676,776 26,746AM HKD USD 0.003610 31/01/2013 13/02/2013 10,869,426 39,239AM HKD USD 0.003616 28/02/2013 11/03/2013 10,650,356 38,511AM HKD USD 0.003564 28/03/2013 11/04/2013 11,389,295 40,591ZD USD 0.081361 03/07/2012 24/07/2012 1,201,675 97,769ZD USD 0.501864 31/01/2013 13/02/2013 1,143,202 573,732USD 2,807,978BRIC EquityAD USD 0.070492 03/07/2012 24/07/2012 124,439 8,772AD GBP USD 0.042870 03/07/2012 24/07/2012 124 5ID USD 0.093710 03/07/2012 24/07/2012 55,000 5,154M2D USD 0.188659 03/07/2012 24/07/2012 7,236,670 1,365,263USD 1,379,194BRIC MarketsYD USD 0.196333 03/07/2012 24/07/2012 1,680 330USD 330BRIC Markets EquityAD USD 0.124818 03/07/2012 24/07/2012 9,495,341 1,185,189ED USD 0.051178 03/07/2012 24/07/2012 7,128 365USD 1,185,554Climate ChangeAD USD 0.080868 03/07/2012 24/07/2012 2,245,712 181,606USD 181,606Emerging WealthAD USD 0.033012 03/07/2012 24/07/2012 1,574,869 51,990USD 51,990Euroland EquityAD EUR 0.451802 03/07/2012 24/07/2012 1,587,623 717,291ED EUR 0.333561 03/07/2012 24/07/2012 4,080 1,361ZD EUR 0.904709 03/07/2012 24/07/2012 839,708 759,691EUR 1,478,343Euroland Equity Smaller CompaniesAD EUR 0.099050 03/07/2012 24/07/2012 108,854 10,782EUR 10,782Euroland GrowthM1D EUR 0.208846 03/07/2012 24/07/2012 166,703 34,815EUR 34,815168

Notes to the Financial Statements (continued)14. Dividends (continued)Sub-FundShareclassCurrencyDividendper shareEx-datePaymentdateNumber ofsharesTotal amountpaidEuropean EquityAD EUR 0.257712 03/07/2012 24/07/2012 12,943 3,336ED EUR 0.119835 03/07/2012 24/07/2012 83,199 9,970PD EUR 0.392204 03/07/2012 24/07/2012 2,120,509 831,672ZD EUR 0.711554 03/07/2012 24/07/2012 167,732 119,350EUR 964,328Frontier MarketsID USD 0.949327 03/07/2012 24/07/2012 5,709 5,420ZD USD 0.159944 03/07/2012 24/07/2012 535,942 85,720USD 91,140Global Emerging Markets EquityAD USD 0.112022 03/07/2012 24/07/2012 5,899,491 660,873ED USD 0.028373 03/07/2012 24/07/2012 18,720 531PD USD 0.132964 03/07/2012 24/07/2012 1,126,435 149,775S1D USD 0.138598 03/07/2012 24/07/2012 833,505 115,522WD USD 0.435833 03/07/2012 24/07/2012 8,040,006 3,504,100ZD USD 0.381982 03/07/2012 24/07/2012 4,514,778 1,724,564USD 6,155,365Global EquityAD USD 0.080524 03/07/2012 24/07/2012 740,249 59,608ZD USD 0.474546 03/07/2012 24/07/2012 1,509,463 716,309USD 775,917Latin American EquityAD USD 0.208267 03/07/2012 24/07/2012 883,379 183,980AD GBP USD 0.073216 03/07/2012 24/07/2012 93 7AD HKD USD 0.006379 03/07/2012 24/07/2012 314,967 2,009L1D USD 0.414937 03/07/2012 24/07/2012 2,030,794 842,651M1D USD 0.301016 03/07/2012 24/07/2012 1,474,269 443,778USD 1,472,425Middle East and North Africa Equity (liquidated as at 31 July 2012)AD USD 0.224911 03/07/2012 24/07/2012 56,117 12,621USD 12,621Brazil EquityAD USD 0.416706 03/07/2012 24/07/2012 18,004,671 7,502,654AD GBP USD 0.172806 03/07/2012 24/07/2012 4,597 794AD HKD USD 0.007287 03/07/2012 24/07/2012 2,017,981 14,705ED USD 0.237632 03/07/2012 24/07/2012 5,292 1,258ID USD 0.781446 03/07/2012 24/07/2012 501,462 391,867S3D USD 0.656038 03/07/2012 24/07/2012 1,549,909 1,016,799USD 8,928,077169

Notes to the Financial Statements (continued)14. Dividends (continued)Sub-FundShareclassCurrencyDividendper shareEx-datePaymentdateNumber ofsharesTotal amountpaidChinese EquityAD USD 0.569199 03/07/2012 24/07/2012 22,409,493 12,755,461AD HKD USD 0.000685 03/07/2012 24/07/2012 5,697,343 3,903ED USD 0.215787 03/07/2012 24/07/2012 1,562 337ID USD 1.207058 03/07/2012 24/07/2012 337 405ZD USD 1.768388 03/07/2012 24/07/2012 1,234,485 2,183,048USD 14,943,154Hong Kong EquityAD USD 1.226691 03/07/2012 24/07/2012 24,783 30,401PD USD 1.711843 03/07/2012 24/07/2012 2,463,893 4,217,797ZD USD 2.980199 03/07/2012 24/07/2012 455,532 1,357,576USD 5,605,774Indian EquityID USD 0.299632 03/07/2012 24/07/2012 212,827 63,770ZD USD 1.465948 03/07/2012 24/07/2012 66,884 98,048USD 161,818Japanese EquityAD JPY 2.479995 03/07/2012 24/07/2012 163,239 404,831PD JPY 5.762049 03/07/2012 24/07/2012 3,044,170 17,540,655ZD JPY 12.532190 03/07/2012 24/07/2012 148,764 1,864,344JPY 19,809,830Russia EquityZD USD 0.106835 03/07/2012 24/07/2012 33,711 3,601USD 3,601Singapore EquityAD USD 0.929947 03/07/2012 24/07/2012 668,762 621,913PD USD 1.102585 03/07/2012 24/07/2012 616,999 680,294ZD USD 0.746270 03/07/2012 24/07/2012 230,727 172,185USD 1,474,392Taiwan EquityAD USD 0.108361 03/07/2012 24/07/2012 1,429,041 154,852USD 154,852Thai EquityAD USD 0.359428 03/07/2012 24/07/2012 5,588,082 2,008,513USD 2,008,513Turkey EquityAD EUR 0.032742 03/07/2012 24/07/2012 1,206,845 39,515EUR 39,515170

Notes to the Financial Statements (continued)14. Dividends (continued)Sub- ShareDividendPayment Number of Total amountFund class Currency per share Ex-date datesharespaidUK EquityAD GBP 0.370423 03/07/2012 24/07/2012 1,046,278 387,565ID GBP 0.607745 03/07/2012 24/07/2012 4,803 2,919GBP 390,484US EquityID USD 0.030447 03/07/2012 24/07/2012 7,464 227PD USD 0.000230 03/07/2012 24/07/2012 1,671,305 385YD USD 0.068618 03/07/2012 24/07/2012 1,676,430 115,033ZD USD 0.260320 03/07/2012 24/07/2012 275,741 71,781USD 187,426Asian Currencies BondAD USD 0.189053 03/07/2012 24/07/2012 525,010 99,255ID USD 0.256609 03/07/2012 24/07/2012 1,019,992 261,738ID EUR USD 0.282068 03/07/2012 24/07/2012 2,309,424 651,415USD 1,012,408Brazil BondAD USD 0.200206 03/07/2012 24/07/2012 208,677 41,778USD 41,778Euro BondAD EUR 0.498804 03/07/2012 24/07/2012 60,007 29,932EUR 29,932Euro Credit BondAD EUR 0.541154 03/07/2012 24/07/2012 185,186 100,215ZD EUR 0.756777 03/07/2012 24/07/2012 12,788 9,677EUR 109,892Euro High Yield BondAD EUR 1.016754 03/07/2012 24/07/2012 343,619 349,376ED EUR 1.095890 03/07/2012 24/07/2012 830 909ID EUR 1.369157 03/07/2012 24/07/2012 3,743,084 5,124,870EUR 5,475,155Global BondAD USD 0.213870 03/07/2012 24/07/2012 1,915,537 409,676PD USD 0.203849 03/07/2012 24/07/2012 449,515 91,633WD USD 4.919838 03/07/2012 24/07/2012 3,242 15,950ZD USD 0.346141 03/07/2012 24/07/2012 8,330,834 2,883,643USD 3,400,902Global Emerging Markets BondAD USD 1.370275 03/07/2012 24/07/2012 799,553 1,095,607AD GBP USD 0.265863 03/07/2012 24/07/2012 6,791 1,805ADH EUR USD 0.912237 03/07/2012 24/07/2012 690,645 630,032AM USD 0.118955 30/04/2012 11/05/2012 6,021,292 716,263171

Notes to the Financial Statements (continued)14. Dividends (continued)Sub-FundShareclassCurrencyDividendper shareEx-datePaymentdateNumber ofsharesTotalamount paidGlobal Emerging Markets Bond (continued)AM USD 0.115174 31/05/2012 14/06/2012 7,922,969 912,520AM USD 0.118401 29/06/2012 12/07/2012 8,390,933 993,495AM USD 0.125711 31/07/2012 10/08/2012 9,762,303 1,227,229AM USD 0.118990 31/08/2012 12/09/2012 11,448,383 1,362,243AM USD 0.116088 28/09/2012 10/10/2012 15,426,971 1,790,886AM USD 0.113886 31/10/2012 12/11/2012 18,447,456 2,100,907AM USD 0.113633 30/11/2012 11/12/2012 19,331,904 2,196,742AM USD 0.104239 31/12/2012 10/01/2013 19,086,783 1,989,587AM USD 0.098458 31/01/2013 13/02/2013 17,714,220 1,744,107AM USD 0.098868 28/02/2013 11/03/2013 16,445,064 1,625,890AM USD 0.095139 28/03/2013 11/04/2013 14,479,094 1,377,526AM HKD USD 0.005967 29/06/2012 12/07/2012 21,702,885 129,501AM HKD USD 0.006338 31/07/2012 10/08/2012 52,178,975 330,710AM HKD USD 0.005999 31/08/2012 12/09/2012 114,337,532 685,911AM HKD USD 0.005853 28/09/2012 10/10/2012 191,828,461 1,122,772AM HKD USD 0.005742 31/10/2012 12/11/2012 272,835,763 1,566,623AM HKD USD 0.005728 30/11/2012 11/12/2012 327,017,243 1,873,155AM HKD USD 0.005255 31/12/2012 10/01/2013 310,497,933 1,631,667AM HKD USD 0.004963 31/01/2013 13/02/2013 284,810,371 1,413,514AM HKD USD 0.004984 28/02/2013 11/03/2013 258,078,974 1,286,266AM HKD USD 0.004795 28/03/2013 11/04/2013 223,821,040 1,073,222AMH AUD USD 0.071426 28/09/2012 10/10/2012 1,756,956 125,492AMH AUD USD 0.069564 31/10/2012 12/11/2012 8,618,350 599,527AMH AUD USD 0.068083 30/11/2012 11/12/2012 10,770,228 733,269AMH AUD USD 0.065331 31/12/2012 10/01/2013 10,103,754 660,088AMH AUD USD 0.061459 31/01/2013 13/02/2013 10,122,785 622,136AMH AUD USD 0.059626 28/02/2013 11/03/2013 10,761,483 641,664AMH AUD USD 0.058037 28/03/2013 11/04/2013 10,336,365 599,892AMH EUR USD 0.052230 28/09/2012 10/10/2012 711,743 37,174AMH EUR USD 0.051646 31/10/2012 12/11/2012 1,565,141 80,833AMH EUR USD 0.051712 30/11/2012 11/12/2012 2,146,248 110,987AMH EUR USD 0.047970 31/12/2012 10/01/2013 2,262,997 108,556AMH EUR USD 0.046450 31/01/2013 13/02/2013 2,380,217 110,561AMH EUR USD 0.045185 28/02/2013 11/03/2013 2,284,428 103,222AMH EUR USD 0.046068 28/03/2013 11/04/2013 2,251,388 103,717AMH SGD USD 0.033926 28/09/2012 10/10/2012 159,454 5,410AMH SGD USD 0.033792 31/10/2012 12/11/2012 766,502 25,902AMH SGD USD 0.033478 30/11/2012 11/12/2012 1,866,755 62,495AMH SGD USD 0.031013 31/12/2012 10/01/2013 2,279,390 70,691AMH SGD USD 0.028843 31/01/2013 13/02/2013 2,578,844 74,382172

Notes to the Financial Statements (continued)14. Dividends (continued)Sub- ShareDividendPayment Number of Total amountFund class Currency per share Ex-date datesharespaidGlobal Emerging Markets Bond (continued)AMH SGD USD 0.029202 28/02/2013 11/03/2013 2,671,168 78,003AMH SGD USD 0.027011 28/03/2013 11/04/2013 2,962,115 80,010ED USD 1.055093 03/07/2012 24/07/2012 26,037 27,472ID USD 1.152485 03/07/2012 24/07/2012 8,582,664 9,891,392IDH EUR USD 1.142267 03/07/2012 24/07/2012 25,448,106 29,068,532PD USD 0.953699 03/07/2012 24/07/2012 9,297,900 8,867,398ZM USD 0.119040 30/04/2012 11/05/2012 4,405,687 524,453ZM USD 0.115388 31/05/2012 14/06/2012 4,425,418 510,640USD 84,802,078Global Emerging Markets Investment Grade BondID EUR USD 4.037441 03/07/2012 24/07/2012 32,500 131,217USD 131,217Global Emerging Markets Local DebtAD USD 0.400678 03/07/2012 24/07/2012 3,232,580 1,295,224AD GBP USD 0.200541 03/07/2012 24/07/2012 16,270 3,263ID USD 0.509801 03/07/2012 24/07/2012 27,413,730 13,975,546ID EUR USD 0.061536 03/07/2012 24/07/2012 4,482,687 275,847ZD USD 0.424657 03/07/2012 24/07/2012 3,428,074 1,455,756ZM USD 0.037174 30/04/2012 11/05/2012 8,684,504 322,838ZM USD 0.038307 31/05/2012 14/06/2012 8,710,408 333,670ZM USD 0.041733 29/06/2012 12/07/2012 8,738,064 364,666ZM USD 0.051943 31/07/2012 10/08/2012 8,767,791 455,424ZM USD 0.047338 31/08/2012 12/09/2012 2,868,704 135,799ZM USD 0.043068 28/09/2012 10/10/2012 2,997,516 129,097ZM USD 0.039213 31/10/2012 12/11/2012 3,357,739 131,667ZM USD 0.043729 30/11/2012 11/12/2012 3,368,099 147,283ZM USD 0.040035 31/12/2012 10/01/2013 3,379,489 135,298ZM USD 0.041611 31/01/2013 13/02/2013 3,389,859 141,055ZM USD 0.034037 28/02/2013 11/03/2013 3,400,639 115,748ZM USD 0.030900 28/03/2013 11/04/2013 3,409,573 105,356USD 19,523,537Global High Income BondAMD USD 0.047500 30/04/2012 11/05/2012 57,054,127 2,710,071AMD USD 0.047500 31/05/2012 14/06/2012 54,956,554 2,610,436AMD USD 0.047500 29/06/2012 12/07/2012 53,928,530 2,561,605AMD USD 0.045000 31/07/2012 10/08/2012 53,548,251 2,409,671AMD USD 0.045000 31/08/2012 12/09/2012 55,838,427 2,512,729AMD USD 0.045000 28/09/2012 10/10/2012 58,220,731 2,619,934AMD USD 0.045000 31/10/2012 12/11/2012 61,231,846 2,755,433AMD USD 0.045000 30/11/2012 11/12/2012 63,830,090 2,872,354173

Notes to the Financial Statements (continued)14. Dividends (continued)Sub- ShareDividendPayment Number of Total amountFund class Currency per share Ex-date datesharespaidGlobal High Income Bond (continued)AMD USD 0.045000 31/12/2012 10/01/2013 64,663,984 2,909,879AMD USD 0.045000 31/01/2013 13/02/2013 75,315,486 3,389,197AMD USD 0.042500 28/02/2013 11/03/2013 87,055,204 3,699,846AMD USD 0.042500 28/03/2013 11/04/2013 99,169,010 4,214,683AMH AUD USD 0.077082 28/09/2012 10/10/2012 1,884,748 145,280AMH AUD USD 0.075697 31/10/2012 12/11/2012 5,096,470 385,787AMH AUD USD 0.074138 30/11/2012 11/12/2012 7,432,233 551,011AMH AUD USD 0.074746 31/12/2012 10/01/2013 8,696,531 650,031AMH AUD USD 0.072985 31/01/2013 13/02/2013 11,999,099 875,754AMH AUD USD 0.068900 28/02/2013 11/03/2013 17,755,608 1,223,361AMH AUD USD 0.070432 28/03/2013 11/04/2013 24,101,479 1,697,515AMH EUR USD 0.032153 28/09/2012 10/10/2012 97,285 3,128AMH EUR USD 0.054507 31/10/2012 12/11/2012 566,322 30,869AMH EUR USD 0.054509 30/11/2012 11/12/2012 833,796 45,449AMH EUR USD 0.055528 31/12/2012 10/01/2013 876,441 48,667AMH EUR USD 0.055634 31/01/2013 13/02/2013 1,409,085 78,393AMH EUR USD 0.052698 28/02/2013 11/03/2013 1,818,673 95,841AMH EUR USD 0.051507 28/03/2013 11/04/2013 2,341,311 120,594AMH SGD USD 0.038329 30/04/2012 11/05/2012 90,712 3,477AMH SGD USD 0.037071 31/05/2012 14/06/2012 90,680 3,362AMH SGD USD 0.037136 29/06/2012 12/07/2012 137,534 5,107AMH SGD USD 0.036080 31/07/2012 10/08/2012 147,472 5,321AMH SGD USD 0.035882 31/08/2012 12/09/2012 142,896 5,127AMH SGD USD 0.036643 28/09/2012 10/10/2012 144,643 5,300AMH SGD USD 0.036915 31/10/2012 12/11/2012 189,398 6,992AMH SGD USD 0.036868 30/11/2012 11/12/2012 335,648 12,375AMH SGD USD 0.036791 31/12/2012 10/01/2013 348,827 12,834AMH SGD USD 0.035631 31/01/2013 13/02/2013 452,047 16,107AMH SGD USD 0.034498 28/02/2013 11/03/2013 541,126 18,668AMH SGD USD 0.034101 28/03/2013 11/04/2013 710,432 24,226USD 41,336,414Global High Yield Bond (launched as at 20 July 2012)AM USD 0.055000 28/09/2012 10/10/2012 38,051,436 2,092,829AM USD 0.055000 31/10/2012 12/11/2012 43,883,709 2,413,604AM USD 0.055000 30/11/2012 11/12/2012 45,065,081 2,478,579AM USD 0.055000 31/12/2012 10/01/2013 42,700,740 2,348,541AM USD 0.055000 31/01/2013 13/02/2013 51,556,181 2,835,590AM USD 0.052500 28/02/2013 11/03/2013 55,303,302 2,903,423AM USD 0.052500 28/03/2013 11/04/2013 52,062,581 2,733,286AM HKD USD 0.007093 28/09/2012 10/10/2012 295,268,961 2,094,342174

Notes to the Financial Statements (continued)14. Dividends (continued)Sub- ShareDividendPayment Number of Total amountFund class Currency per share Ex-date datesharespaidGlobal High Yield Bond (launched as at 20 July 2012) (continued)AM HKD USD 0.007096 31/10/2012 12/11/2012 337,417,742 2,394,316AM HKD USD 0.007096 30/11/2012 11/12/2012 354,930,165 2,518,584AM HKD USD 0.007095 31/12/2012 10/01/2013 353,872,702 2,510,727AM HKD USD 0.007088 31/01/2013 13/02/2013 407,848,985 2,890,834AM HKD USD 0.006768 28/02/2013 11/03/2013 444,599,362 3,009,048AM HKD USD 0.006762 28/03/2013 11/04/2013 427,422,300 2,890,230AMH AUD USD 0.087498 28/09/2012 10/10/2012 7,421,112 649,333AMH AUD USD 0.085029 31/10/2012 12/11/2012 13,034,580 1,108,317AMH AUD USD 0.083536 30/11/2012 11/12/2012 12,966,808 1,083,195AMH AUD USD 0.084090 31/12/2012 10/01/2013 12,334,327 1,037,194AMH AUD USD 0.082369 31/01/2013 13/02/2013 14,365,643 1,183,284AMH AUD USD 0.078189 28/02/2013 11/03/2013 20,424,291 1,596,955AMH AUD USD 0.079928 28/03/2013 11/04/2013 20,377,242 1,628,712AMH EUR USD 0.066879 28/09/2012 10/10/2012 2,859,159 191,218AMH EUR USD 0.067485 31/10/2012 12/11/2012 2,972,205 200,579AMH EUR USD 0.067488 30/11/2012 11/12/2012 3,551,831 239,706AMH EUR USD 0.068749 31/12/2012 10/01/2013 3,320,063 228,251AMH EUR USD 0.069204 31/01/2013 13/02/2013 3,901,878 270,026AMH EUR USD 0.065807 28/02/2013 11/03/2013 4,272,541 281,163AMH EUR USD 0.064288 28/03/2013 11/04/2013 4,519,948 290,578USD 46,102,444RMB Fixed IncomeAD USD 0.039760 03/07/2012 24/07/2012 1,135,433 45,145AD EUR USD 0.062867 03/07/2012 24/07/2012 182,169 11,452USD 56,597US Dollar BondAD USD 0.124417 03/07/2012 24/07/2012 1,098,976 136,731PD USD 0.150899 03/07/2012 24/07/2012 2,804,130 423,140WD USD 0.230585 03/07/2012 24/07/2012 121,008 27,903ZD USD 0.225309 03/07/2012 24/07/2012 5,448,928 1,227,693USD 1,815,467Euro ReserveAD EUR 0.024595 03/07/2012 24/07/2012 26,835 660EUR 660GEM Debt Total ReturnL1D USD 0.517559 03/07/2012 24/07/2012 6,208,482 3,213,256L1DH EUR USD 0.461840 03/07/2012 24/07/2012 33,859,508 15,637,675M1D USD 0.437297 03/07/2012 24/07/2012 10,075,659 4,406,056ZDH EUR USD 0.504146 03/07/2012 24/07/2012 11,504,079 5,799,735USD 29,056,722175

Notes to the Financial Statements (continued)14. Dividends (continued)Sub-FundShareclassCurrencyDividendper shareEx-datePaymentdateNumber ofsharesTotal amountpaidManaged Solutions - Asia Focused Income (launched as at 25 May 2012)AM USD 0.040836 31/07/2012 10/08/2012 25,641,332 1,047,089AM USD 0.040843 31/08/2012 12/09/2012 35,821,048 1,463,039AM USD 0.041830 28/09/2012 10/10/2012 42,967,516 1,797,332AM USD 0.037767 31/10/2012 12/11/2012 46,589,349 1,759,540AM USD 0.035901 30/11/2012 11/12/2012 45,337,039 1,627,645AM USD 0.036140 31/12/2012 10/01/2013 42,860,306 1,548,971AM USD 0.036319 31/01/2013 13/02/2013 52,347,037 1,901,192AM USD 0.036503 28/02/2013 11/03/2013 56,427,969 2,059,790AM USD 0.034126 28/03/2013 11/04/2013 62,526,439 2,133,777AM HKD USD 0.005259 31/07/2012 10/08/2012 192,334,939 1,011,489AM HKD USD 0.005259 31/08/2012 12/09/2012 248,881,921 1,308,870AM HKD USD 0.005387 28/09/2012 10/10/2012 302,238,821 1,628,161AM HKD USD 0.004864 31/10/2012 12/11/2012 341,380,584 1,660,475AM HKD USD 0.004623 30/11/2012 11/12/2012 345,393,757 1,596,755AM HKD USD 0.004653 31/12/2012 10/01/2013 333,257,202 1,550,646AM HKD USD 0.004679 31/01/2013 13/02/2013 399,854,516 1,870,919AM HKD USD 0.004702 28/02/2013 11/03/2013 430,710,459 2,025,201AM HKD USD 0.004396 28/03/2013 11/04/2013 460,257,617 2,023,292AMH AUD USD 0.048309 28/03/2013 11/04/2013 6,022,498 290,941AMH EUR USD 0.032586 28/02/2013 11/03/2013 1,520 50AMH EUR USD 0.034324 28/03/2013 11/04/2013 941,617 32,320AMH SGD USD 0.027191 30/11/2012 11/12/2012 323,177 8,788AMH SGD USD 0.027509 31/12/2012 10/01/2013 423,393 11,647AMH SGD USD 0.027284 31/01/2013 13/02/2013 505,121 13,782AMH SGD USD 0.027585 28/02/2013 11/03/2013 682,126 18,816AMH SGD USD 0.025266 28/03/2013 11/04/2013 749,453 18,936USD 30,409,463176

Notes to the Financial Statements (continued)15. Equalisation received/(paid)Equalisation received reflects the amounts received by a sub-fund in respect of undistributed income on the sharesissued during the accounting period. Equalisation paid reflects the amounts paid by a sub-fund in respect ofundistributed income on shares purchased during the year.Sub-fund Currency Total amountreceived / (paid)Asia ex Japan Equity USD (316,127)Asia ex Japan Equity Smaller Companies USD 302,495Asia Pacific ex Japan Equity High Dividend USD (136,448)BRIC Equity USD (5,307,475)BRIC Markets USD (481)BRIC Markets Equity USD (876,545)China Consumer Opportunities USD (62,674)CIVETS USD 113,383Climate Change USD (8,685)Emerging Wealth USD (10,054)Euroland Equity EUR (1,707,481)Euroland Equity Smaller Companies EUR 745,361Euroland Growth EUR 134,311European Equity EUR 22,149Frontier Markets USD 212,407Global Emerging Markets Equity USD (739,846)Global Equity USD (51,165)Latin American Equity USD 249,189Middle East and North Africa Equity (liquidated as at 31 July 2012) USD (11,785)Brazil Equity USD 728,558Chinese Equity USD (1,579,343)Hong Kong Equity USD (1,515,924)Indian Equity USD 1,085,861Japanese Equity JPY 6,228,642Korean Equity USD 81,802Mexico Equity (launched as at 28 February 2013) USD (31,193)Russia Equity USD (2,044,612)Singapore Equity USD (133,131)Taiwan Equity USD (118,338)Thai Equity USD (67,144)Turkey Equity EUR 254,687UK Equity GBP (246,024)US Equity USD 29,884Asian Currencies Bond USD 167,541Brazil Bond USD (64,687)Euro Bond EUR (13,719)Euro Credit Bond EUR 1,008,090Euro High Yield Bond EUR 12,900,338GEM Inflation Linked Bond (formerly Emerging Inflation Linked Bond) USD 881,961Global Bond USD 40,042Global Credit Bond (liquidated as at 21 August 2012) USD (56,866)Global Emerging Markets Bond USD 12,440,310Global Emerging Markets Corporate Debt USD (15,293)Global Emerging Markets Investment Grade Bond USD (606,004)177

Notes to the Financial Statements (continued)15. Equalisation received/(paid) (continued)Sub-fund Currency Total amountreceived / (paid)Global Emerging Markets Local Debt USD 9,406,324Global High Income Bond USD 18,153,028Global High Yield Bond (launched as at 20 July 2012) USD 9,936,415Global Inflation Linked Bond USD (16,498)India Fixed Income (launched as at 20 August 2012) USD 161,921Latin American Local Debt USD (3,125)RMB Fixed Income USD 2,445,759US Dollar Bond USD (123,540)Euro Reserve EUR (4,792)Economic Scale Index GEM Equity (launched as at 20 March 2013) USD (3)European Equity Absolute Return (liquidated as at 17 December 2012) EUR 816GEM Debt Total Return USD 7,283,191GEM Equity Absolute Return (liquidated as at 17 December 2012) USD (9,050)Global Currency USD 25,548Global Flex Allocation EUR (5,480)Global Macro EUR 413,919Global Macro II (liquidated as at 29 May 2012) EUR 25Managed Solutions - Asia Focused Conservative (launched as at 15 March 2013) USD (959)Managed Solutions - Asia Focused Growth (launched as at 15 March 2013) USD (10,585)Managed Solutions - Asia Focused Income (launched as at 25 May 2013) USD 14,357,48916. Securities lendingThe Company has entered into stock lending agreements for a number of equity and fixed income sub-funds. Asat 31 March 2013, the value of securities lent is as follows:Sub-fund Value of securities lent CurrencyAsia ex Japan Equity 7,565,191 USDAsia ex Japan Equity Smaller Companies 2,521,042 USDAsia Pacific ex Japan Equity High Dividend 5,691,652 USDBRIC Equity 86,400,054 USDBRIC Markets Equity 7,177,606 USDCIVETS 650,999 USDEmerging Wealth 232,549 USDEuroland Equity 28,126,148 EUREuroland Equity Smaller Companies 8,614,348 EUREuroland Growth 1,452,532 EUREuropean Equity 2,107,572 EURGlobal Emerging Markets Equity 22,528,189 USDGlobal Equity 386,783 USDChinese Equity 78,217,785 USDHong Kong Equity 16,180,017 USDIndian Equity 48,301,872 USDJapanese Equity 65,803,901 JPYKorean Equity 471,653 USDRussia Equity 58,035,735 USDSingapore Equity 1,516,558 USDTurkey Equity 547,482 EURUK Equity 1,149,355 GBP178

Notes to the Financial Statements (continued)16. Securities lending (continued)The counterparties linked to the Securities lending program are:DEUTSCHE BANK AG - INTLHSBC BANK PLC (UK FREE OF PAYMENT)JP MORGAN SECURITIES LTD - INTERNATIONALNOMURA INTERNATIONAL PLC (INTERNATIONAL)CITIGROUP GLOBAL MARKETS (INTERNATIONAL)UBS AG, LONDON BRANCH (INTERNATIONAL)BANK OF NEW YORK MELLON BRUXELLESIn return for making securities available for loan throughout the year, the sub-funds participating in the programsreceived fees which are reflected in the financial statements as "other income" for USD 9,106,720.41.With regards to the holding of collateral as at 31 March 2013, non-cash collateral was held for USD 450,060,145.As per Prospectus, HSBC Investment Funds (Luxembourg) S.A. (the "Management Company") is entitled tocollect a fee of up to 10% of the stock lending gross fee payable to the Company to cover the administrationwork associated with the monitoring and oversight of this activity. With effect from 1 August 2012 theManagement Company no longer collects this fee.Since 5 October 2011, HSBC Bank plc acts as the securities lending agent and fees received by this affiliate,together with the fees earned by the Management Company, are included in the below table.Affiliate Company EarningsHSBC Bank PLC (Lending Agent)HSBC Investment Funds Luxembourg(Management Company)USDApr-12 212,509 139,701May-12 208,258 133,536Jun-12 120,352 85,497Jul-12 127,262 93,865Aug-12 126,317 N/ASep-12 117,110 N/AOct-12 45,115 N/ANov-12 48,519 N/ADec-12 57,548 N/AJan-13 72,084 N/AFeb-13 53,130 N/AMarch-13 63,296 N/AAs at 31 March 2013, no sub-fund was involved in a program where the level of the securities lent represented30% or more of its total net assets.USD179

Notes to the Financial Statements (continued)17. Transactions with connected persons and Brokerage Commission paid per sub-fundHGIF transactions with connected persons. All the figures are expressed in USD.NameTotal Aggregatevalue oftransactions forthe period withHSBC(USD)Total BrokerageCommissionpaid per subfund(USD)Average rate ofcommission(%)Percentage ofTransaction(%)Asia ex Japan Equity 30,375,198 63,457 0.21 3.51Asia ex Japan Equity Smaller Companies 11,059,539 18,009 0.16 9.56Asia Pacific ex Japan Equity High Dividend 35,650,606 18,905 0.05 19.99BRIC Equity 165,200,207 154,893 0.09 9.43BRIC Markets Equity 863,338,927 203,314 0.02 56.43China Consumer Opportunities 7,123,109 4,992 0.07 2.36CIVETS 4,727,106 7,189 0.15 13.98Climate Change 1,882,823 1,770 0.09 5.45Emerging Wealth 980,086 666 0.07 2.01Euroland Equity 274,776,213 417,233 0.15 45.09Euroland Equity Smaller Companies 19,752,184 463,471 2.35 6.35Euroland Growth 69,355,838 82,911 0.12 53.73European Equity 11,071,754 8,006 0.07 8.93Frontier Markets 5,390,104 20,082 0.37 5.29Global Emerging Markets Equity 70,501,425 93,552 0.13 9.69Global Equity 97,362,565 88,844 0.09 17.36Latin American Equity 47,356,959 91,331 0.19 1.75Middle East and North Africa Equity (liquidated as at31 July 2012) 2,124,614 4,550 0.21 20.67Brazil Equity 461,187,019 879,229 0.19 28.28Chinese Equity 139,833,300 157,957 0.11 3.44Hong Kong Equity 28,278,018 26,902 0.10 7.88Indian Equity 328,603,283 392,608 0.12 7.43Korean Equity 2,966,016 5,913 0.20 2.92Russia Equity 23,849,846 23,572 0.10 4.50Singapore Equity 303,887 741 0.24 0.20Taiwan Equity 2,540,287 2,856 0.11 7.80Thai Equity 2,992,448 18,127 0.61 1.12Turkey Equity 108,420,639 514,417 0.47 17.37UK Equity 10,874,854 7,493 0.07 12.25US Equity 185,278,327 124,293 0.07 23.79Asian Currencies Bond 35,953,980 0 0.00 21.39Euro Bond 278,079,386 419 0.00 33.80Euro Credit Bond 4,542,770,149 2,711 0.00 48.20Euro High Yield Bond 109,063,358 0 0.00 6.57Global Credit Bond (liquidated as at 21 August 2012) 6,099,018 5 0.00 36.02Global High Income Bond 25,610,123 40 0.00 3.65Global High Yield Bond (launched as at 20 July 2012) 1,319,474 0 0.00 0.42180

Notes to the Financial Statements (continued)17. Transactions with connected persons and Brokerage Commission paid per sub-fund (continued)NameTotal Aggregatevalue oftransactions forthe period withHSBC(USD)Total BrokerageCommissionpaid per subfund(USD)Average rate ofcommission(%)Percentage ofTransaction(%)Global Inflation Linked Bond 16,320,570 844 0.01 3.05RMB Fixed Income 45,073,215 0 0.00 15.31Euro Reserve 28,246,403 0 0.00 2.43Economic Scale Index GEM Equity (launched as at 20March 2013) 44,186,883 44,051 0.10 90.42European Equity Absolute Return (liquidated as at 17December 2012) 2,176,550,042 21,801 0.00 46.52GEM Equity Absolute Return (liquidated as at17 December 2012) 1,906,122,569 916 0.00 42.48Global Flex Allocation 211,502,779 21,081 0.01 48.71Global Macro 392,255,828 5,686 0.00 11.80Global Macro II (liquidated as at 29 May 2012) 23,898,860 131 0.00 24.62Managed Solutions – Asia Focused Growth (launchedas at 15 March 2013) 8,647,955 1,640 0.02 6.55Managed Solutions – Asia Focused Income (launchedas at 25 May 2012) 189,263,028 29,292 0.02 10.35The investment adviser and its connected persons of the following sub-funds have entered into soft commissionarrangements with certain brokers, for which goods and services used to support the investment decisionmaking process were received by it or its connected persons:Asia ex Japan EquityAsia ex Japan Equity Smaller CompaniesAsia Pacific ex Japan Equity High DividendChinese EquityHong Kong EquityKorean EquityTaiwan EquityManaged Solutions – Asia Focused IncomeThe investment adviser or its connected persons do not make direct payment for these services, but transactand agree an amount of business with brokers on behalf of the sub-funds concerned. All transactions wereentered into in the ordinary course of business and on normal commercial terms.Commissions were paid by the Company on these transactions. The goods and services utilized for theCompany include the following: research and advisory services; portfolio analysis, including valuation andperformance measurement; market analysis, data and quotation services; computer hardware and softwareincidental to the above goods and services; clearing and depositary services and investment related publications.The Management Company is also entitled to a Performance Fee, which is payable annually in arrears after theend of each twelve month period.Performance Fees are disclosed in the Statement of Operations, whilst the Performance Fee calculation methodis explained on Page 124. Detailed Performance Fee information may also be found in the Prospectus datedJanuary 2013.181

Notes to the Financial Statements (continued)18. List of movements in the investment portfolioThe detailed list of movements in the investment portfolio can be obtained free of charge upon request at theregistered office of the Company. The current Prospectus, the Articles of Incorporation, together with both theinterim and audited annual reports are available free of charge upon request from the German payment andinformation officer from the Management Company.19. Pricing Adjustment Single - Swinging Prices (SSP)In the SSP method, the expenses resulting from subscriptions and redemptions above a pre-defined threshold,for the acquisition and disposal of shares (price/offer margins, market-appropriate brokerages, commissions,charges etc.) are included in the calculation of the net asset value. The net amount resulting from the differencebetween subscriptions and redemptions determines the adjustment of the portfolio and thus the resultingexpenses. The transaction costs incurred on the day of trading for subscriptions and redemptions will be paid bythe investors who commission these transactions.If the subscriptions on a particular day of trading exceed the redemptions and the threshold for the application ofan adjustment, then the fund management will add the transaction costs incurred by the excess of subscriptionsat the calculated "valuation net asset value". This amount is known as the "modified net asset value". On theother hand, if the redemptions on a particular valuation day exceed the subscriptions and the threshold for theapplication of an adjustment, then the transaction costs resulting from the excess of redemptions will bededucted from the "valuation net asset value". The surcharge on or deduction from the transaction costs that isincurred by subscriptions is effected at a flat rate, and is based on an average value from a previous period of amaximum of one year.If the fund has been on the market launched for less than one year, then depending on the fund's specialfeatures this factor will be determined depending on the fund's portfolio of investments, so that a representativefigure results.The following Single Swinging Price values were posted on 31 March 2013:Asia Pacific ex Japan Equity High Dividend USD 1,439,017 Other assetsIndian Equity USD (29,710,917) Other liabilitiesMexico Equity (launched as at 28 February 2013) USD 1,436,789 Other assetsEuro High Yield Bond EUR (6,655,474) Other liabilitiesGlobal Bond USD 203,988 Other assetsGlobal High Yield Bond USD (5,680,466) Other liabilitiesRMB Fixed Income USD 1,513,299 Other assetsManaged Solutions - Asia Focused Growth USD 337,699 Other assetsManaged Solutions - Asia Focused Income USD 3,589,801 Other assetsThe amounts shall be booked on the following day after capital has been definitively booked.20. Disclosures requirements for Index-tracking UCITS: Economic Scale Index GEM Equity FundThe Economic Scale Index GEM Equity Fund is the sole index tracking sub-fund, but since it only launched on 20March 2013, the tracking error information will be included for the first time in the semi-annual report.182

Notes to the Financial Statements (continued)21. Subsequent EventsThe sub-fund Global Flex Allocation has been liquidated as at 26 April 2013.The sub-funds Global Asset-Backed Bond and Global Asset-Backed High Yield Bond opened on 31 May 2013.The sub-fund Global Currency has been liquidated as at 28 June 2013.The liquidation of the sub-fund CIVETS has been planned on 18 July 2013.183

Notes to the Financial Statements (continued)Charges and ExpensesOperating, Administration and Servicing Expenses (refer also to note 4.4)Sub-fund Class A, B, E,M, N, P, RClass I, J, L,S, Y, ZClass X(maximum %)Class WRESERVE SUB-FUNDEuro Reserve 0.15% 0.10% - 0.00%BOND SUB-FUNDSAsian Currencies Bond 0.35% 0.25% 0.20% 0.00%Brazil Bond 0.35% 0.25% 0.20% 0.00%Euro Bond 0.25% 0.15% 0.15% 0.00%Euro Credit Bond 0.25% 0.20% 0.15% 0.00%Euro High Yield Bond 0.25% 0.20%* 0.15% 0.00%GEM Inflation Linked Bond (formerly Emerging0.30% 0.25%** 0.20% 0.00%Inflation Linked Bond)Global Bond 0.25% 0.15% 0.15% 0.00%Global Credit Bond (liquidated as at 21 August 2012) 0.25% 0.20% 0.15% 0.00%Global Emerging Markets Bond 0.35% 0.25%*** 0.20% 0.00%Global Emerging Markets Corporate Debt 0.35% 0.25% 0.20% 0.00%Global Emerging Markets Investment Grade Bond 0.35% 0.25% 0.20% 0.00%Global Emerging Markets Local Debt 0.35% 0.25% 0.20% 0.00%Global High Income Bond 0.25% 0.20% 0.15% 0.00%Global High Yield Bond (launched as at 20 July 2012) 0.25% 0.20% 0.15% 0.00%Global Inflation Linked Bond 0.25% 0.20%**** 0.15% 0.00%India Fixed Income (launched as at 20 August 2012) 0.35% 0.25% 0.20% 0.00%Latin American Local Debt 0.35% 0.25% 0.20% 0.00%RMB Fixed Income 0.25% 0.20% 0.15% 0.00%US Dollar Bond 0.25% 0.15% 0.15% 0.00%EQUITY SUB-FUNDSa) International and Regional sub-fundsAsia ex Japan Equity 0.35% 0.25% 0.20% 0.00%Asia ex Japan Equity Smaller Companies 0.35% 0.25% 0.20% 0.00%Asia Pacific ex Japan Equity High Dividend 0.35% 0.25%***** 0.20% 0.00%BRIC Equity 0.40% 0.30% 0.25% 0.00%BRIC Markets - 0.35%****** - 0.00%BRIC Markets Equity 0.35% 0.25% 0.20% 0.00%China Consumer Opportunities 0.40% 0.30% 0.25% 0.00%CIVETS 0.40% 0.30% 0.25% 0.00%Climate Change 0.35% 0.25% 0.20% 0.00%Emerging Wealth 0.40% 0.25% 0.20% 0.00%Euroland Equity 0.35% 0.25% 0.20% 0.00%Euroland Equity Smaller Companies 0.35% 0.25% 0.20% 0.00%Euroland Growth 0.35% 0.25% 0.20% 0.00%* 0.15% for share class S ***** 0.30% for share class S** 0.20% for share class Z ****** 0.25% for share class Z*** 0.10% for share class S**** 0.15% for share class Z184

Notes to the Financial Statements (continued)Charges and Expenses (continued)Operating, Administration and Servicing Expenses (refer also to note 4.4) (continued)Sub-fund Class A, B, E,M, N, P, RClass I, J, L, S,Y, ZClass X(maximum %)Class WEuropean Equity 0.35% 0.25% 0.20% 0.00%Frontier Markets 0.40% 0.30% 0.25% 0.00%Global Emerging Markets Equity 0.40% 0.30% 0.20% 0.00%Global Equity 0.35% 0.25% 0.20% 0.00%Latin American Equity 0.40% 0.30%* 0.25% 0.00%Middle East and North Africa Equity0.40% 0.30%** 0.25% 0.00%(liquidated as at 31 July 2012)b) Market Specific sub-fundsBrazil Equity 0.40% 0.30% 0.20% 0.00%Chinese Equity 0.40% 0.30% 0.20% 0.00%Hong Kong Equity 0.35% 0.25% 0.20% 0.00%Indian Equity 0.40% 0.30%*** 0.20% 0.00%Japanese Equity 0.35% 0.25% 0.20% 0.00%Korean Equity 0.40% 0.30% 0.20% 0.00%Mexico Equity (launched as at 28 February 0.40% 0.30% 0.25% 0.00%2013)Russia Equity 0.40% 0.30% 0.20% 0.00%Singapore Equity 0.40% 0.30% 0.20% 0.00%Taiwan Equity 0.40% 0.30% 0.20% 0.00%Thai Equity 0.35% 0.25% 0.20% 0.00%Turkey Equity 0.40% 0.30% 0.20% 0.00%UK Equity 0.31% 0.25% 0.20% 0.00%US Equity 0.35% 0.25% 0.20% 0.00%INDEX SUB-FUNDEconomic Scale Index GEM Equity0.35% 0.30% 0.20% 0.00%(launched as at 20 March 2013)OTHER SUB-FUNDSEuropean Equity Absolute Return0.40% 0.30% - 0.00%(liquidated as at 17 December 2012)GEM Debt Total Return 0.35% 0.25% - 0.00%GEM Equity Absolute Return0.50% 0.40% - 0.00%(liquidated as at 17 December 2012)Global Currency 0.30% 0.20% - 0.00%Global Flex Allocation 0.30% 0.20% - 0.00%Global Macro 0.30% 0.20% - 0.00%Global Macro II (liquidated as at 29 May 2012) 0.30% 0.20% - 0.00%Managed Solutions - Asia Focused0.35% 0.25% 0.20% 0.00%Conservative (launched as at 15 March 2013)Managed Solutions - Asia Focused Growth0.35% 0.25% 0.20% 0.00%(launched as at 15 March 2013)Managed Solutions - Asia Focused Income0.35% 0.25% 0.20% 0.00%(launched as at 25 May 2012)* 0.25% for class Z ** 0.25% for class J *** 0.40% for class J185

Notes to the Financial Statements (continued)Charges and Expenses (continued)Management Fee Percentages (refer also to note 4.2)Class Class Class Class Class Class Class Class Class Class Class Class Class Class ClassSub-Fund A B E I M N P Z J L R S W Y XRESERVE SUB-FUNDEuro Reserve 0.50 - - 0.25 - - - 0.00 - - - - 0.00 - -BOND SUB-FUNDSAsian Currencies Bond 1.25 0.625 1.55 0.625 - - - 0.00 0.60 - - - 0.00 - 0.60Brazil Bond 1.00 0.50 1.30 0.50 - - - 0.00 - - - - 0.00 - 0.50Euro Bond 0.75 0.375 1.05 0.375 - - 0.50 0.00 0.60 - - - 0.00 - 0.30Euro Credit Bond 0.85 0.425 1.15 0.425 - - - 0.00 0.60 - - - 0.00 - 0.35Euro High Yield Bond 1.10 0.55 1.40 0.55 - - - 0.00 0.60 - - - 0.00 - 0.50GEM Inflation Linked Bond(formerly Emerging 1.00 0.50 1.25 0.50 - - - 0.00 - - - - 0.00 - 0.50Inflation Linked Bond)Global Bond 0.75 0.375 1.05 0.375 - - 0.50 0.00 0.60 - - - 0.00 - 0.35Global Credit Bond(liquidated as at1.00 - 1.30 0.50 - - - 0.00 - - - - 0.00 - 0.3521 August 2012)Global EmergingMarkets Bond1.25 0.625 1.55 0.50 - - 1.00 0.00 0.60 - - - 0.00 - 0.50Global Emerging MarketsCorporate Debt1.50 0.75 1.80 0.75 - - - 0.00 0.60 - - - 0.00 - 0.70Global Emerging MarketsInvestment Grade Bond1.10 0.55 1.40 0.475 - - - 0.00 0.60 - - - 0.00 - 0.45Global EmergingMarkets Local Debt1.25 0.625 1.55 0.625 - - - 0.00 0.60 - - - 0.00 - 0.60Global High Income Bond 1.25 0.625 1.55 0.625 - - - 0.00 - - - - 0.00 - 0.50Global High Yield Bond(launched as at1.10 0.55 1.40 0.55 - - - 0.00 - - - - 0.00 - 0.5020 July 2012)Global Inflation Linked Bond 0.70 0.35 1.00 0.35 - - - 0.00 - - - - 0.00 - 0.35India Fixed Income(launched as at1.10 0.55 1.40 0.55 - - - 0.00 - - - - 0.00 - 0.5020 August 2012)Latin American Local Debt 1.25 0.625 1.55 0.625 - - - 0.00 0.60 - - - 0.00 - 0.60RMB Fixed Income 0.75 0.375 1.05 0.375 - - - 0.00 - - - - 0.00 - 0.35US Dollar Bond 0.75 0.375 1.05 0.375 - - 0.50 0.00 - - - - 0.00 - 0.35EQUITY SUB-FUNDSa) International andRegional sub-fundsAsia ex Japan Equity 1.50 0.75 2.00 0.75 - - - 0.00 0.60 - - - 0.00 - 0.70Asia ex Japan EquitySmaller Companies1.50 0.75 2.00 0.75 - - - 0.00 0.60 - - - 0.00 - 0.70Asia Pacific ex JapanEquity High Dividend1.50 0.75 2.00 0.75 - - - 0.00 0.60 - - 0.40 0.00 - 0.70BRIC Equity 1.50 0.75 2.00 0.75 1.00 - - 0.00 0.60 0.50 - - 0.00 - 0.70186

Notes to the Financial Statements (continued)Charges and Expenses (continued)Management Fee Percentages (refer also to note 4.2) (continued)Class Class Class Class Class Class Class Class Class Class Class Class Class Class ClassSub-Fund A B E I M N P Z J L R S W Y XBRIC Markets - - - - - - - 1.00 - - - - 0.00 1.50 -BRIC Markets Equity 1.50 0.75 2.00 0.75 - - - 0.00 0.60 - - - 0.00 - 0.60China ConsumerOpportunities1.50 0.75 2.00 0.75 - - - 0.00 - - - 0.40 0.00 - 0.70CIVETS 1.75 0.875 2.25 0.875 - - - 0.00 - - - - 0.00 - 0.75Climate Change 1.50 0.75 2.00 0.75 - - - 0.00 0.60 - - - 0.00 - 0.60Emerging Wealth 1.50 0.75 2.00 0.75 - - - 0.00 0.60 - - - 0.00 - 0.60Euroland Equity 1.50 0.75 2.00 0.75 - - - 0.00 - - - - 0.00 - 0.60Euroland EquitySmaller Companies1.50 0.75 2.00 0.75 - - - 0.00 - - - - 0.00 - 0.70Euroland Growth 1.50 0.75 2.00 0.75 1.25 - - 0.00 - - - - 0.00 - 0.60European Equity 1.50 0.75 2.00 0.75 - - 1.00 0.00 - - - - 0.00 - 0.60Frontier Markets 1.75 1.25 2.25 1.25 - - - 0.00 - - - - 0.00 - 1.00Global EmergingMarkets Equity1.50 0.75 2.00 0.75 - - 1.00 0.00 0.60 - - 0.55 0.00 - 0.70Global Equity 1.50 0.75 2.00 0.75 - - - 0.00 0.60 - - - 0.00 - 0.60Latin American Equity 1.50 0.75 2.00 0.75 1.00 - - 0.00 - 0.50 - 1.75 0.00 - 0.70Middle East and NorthAfrica Equity(liquidated as at1.50 - 2.00 0.75 - - - 0.00 0.60 - - - 0.00 - 0.7031 July 2012)b) Market SpecificEquity sub-fundsBrazil Equity 1.75 0.875 2.25 0.875 - - - 0.00 - - - 0.55 0.00 - 0.70Chinese Equity 1.50 0.75 2.00 0.75 - - - 0.00 0.60 - - - 0.00 - 0.70Hong Kong Equity 1.50 0.75 2.00 0.75 - - 1.00 0.00 0.60 - - - 0.00 - 0.70Indian Equity 1.50 0.75 2.00 0.75 - - - 0.00 0.60 - - - 0.00 - 0.70Japanese Equity 1.50 0.75 2.00 0.75 - - 1.00 0.00 - - - - 0.00 - 0.60Korean Equity 1.50 0.75 2.00 0.75 - - - 0.00 0.60 - - - 0.00 - 0.70Mexico Equity(launched as at 1.75 0.875 2.25 0.875 - - - 0.00 0.60 - - - 0.00 - 0.7528 February 2013)Russia Equity 1.75 0.875 2.25 0.875 - - - 0.00 - - - 0.45 0.00 - 0.70Singapore Equity 1.50 0.75 2.00 0.75 - - 1.00 0.00 0.60 - - - 0.00 - 0.70Taiwan Equity 1.50 0.75 2.00 0.75 - - - 0.00 0.60 - - - 0.00 - 0.70Thai Equity 1.50 0.75 2.00 0.75 - - - 0.00 0.60 - - - 0.00 - 0.70Turkey Equity 1.75 0.875 2.25 0.875 - - - 0.00 0.60 - - - 0.00 - 0.70UK Equity 1.50 0.75 2.00 0.75 - - - 0.00 - - - - 0.00 - 0.60US Equity 1.50 0.75 2.00 0.75 - - 1.00 0.00 - - - - 0.00 0.30 0.50187

Notes to the Financial Statements (continued)Charges and Expenses (continued)Management Fee Percentages (refer also to note 4.2) (continued)Class Class Class Class Class Class Class Class Class Class Class Class Class Class ClassSub-Fund A B E I M N P Z J L R S W Y XINDEX SUB-FUNDEconomic Scale Index GEMEquity (launched as at 20 0.60 0.30 0.90 0.30 - - - 0.00 - - - - 0.00 - 0.30March 2013)OTHER SUB-FUNDSEuropean Equity AbsoluteReturn (liquidated as at 17 - - - - 1.50 - - 0.00 - 1.00 2.00 - 0.00 - -December 2012)GEM Debt Total Return - - - - 1.00 0.50 - 0.00 0.60 0.50 1.50 1.00 0.00 - -GEM Equity Absolute Return(liquidated as at 17- - - - 1.50 - - 0.00 - 1.00 2.00 - 0.00 - -December 2012)Global Currency - - - - 1.50 0.75 - 0.00 - 1.00 2.00 - 0.00 - -Global Flex Allocation 1.20 0.60 1.70 0.60 - - - 0.00 - - - - 0.00 - -Global Macro - - - - 1.50 0.75 - 0.00 - 1.00 2.00 - 0.00 - -Global Macro II (liquidated asat 29 May 2012)- - - - 1.50 - - 0.00 - 1.00 2.00 - 0.00 - -Managed Solutions - AsiaFocused Conservative(launched as at 15 March0.70 0.50 1.00 0.50 - - 0.80 0.00 - - - - 0.00 - 0.452013)Managed Solutions - AsiaFocused Growth (launched as 1.50 0.75 2.00 0.75 - - 1.25 0.00 - - - - 0.00 - 0.60at 15 March 2013)Managed Solutions - AsiaFocused Income (launched asat 25 May 2012)1.25 0.625 1.55 0.625 - - 1.00 0.00 - - - - 0.00 - 0.60188

Publication of TER (Total Expense Ratio) – Information concerning the Swiss InvestorsSub-FundEQUITY SUB-FUNDSa) International and Regional sub-fundsShare classTER excluding theperformance fee (in %)Asia ex Japan Equity AC 1.84%AC EUR 1.85%ACH EUR 1.84%AD 1.84%ADH EUR 1.84%BC GBP 1.13%BD GBP 1.07%EC 2.34%ED 2.33%IC 0.99%ID 0.99%J1C 0.85%WD 0.00%ZD 0.25%Asia ex Japan Equity Smaller Companies AC 1.88%AD 1.84%AD HKD 1.21%BC GBP 1.04%BD GBP 1.12%EC 2.34%IC 1.01%Asia Pacific ex Japan Equity High Dividend AC 1.84%AD 1.84%AM 1.83%AM HKD 1.83%BC GBP 1.14%BD GBP 1.09%EC 2.38%IC 0.99%IC EUR 0.99%ZD 0.25%BRIC Equity AC 1.89%AC GBP 1.88%AC HKD 1.89%AD 1.89%AD GBP 1.06%189

Publication of TER (Total Expense Ratio) – Information concerning the Swiss InvestorsSub-FundTER excluding theShare class performance fee (in %)BRIC Equity (continued) BC GBP 1.17%BD GBP 1.17%EC 2.38%IC 1.05%IC EUR 1.06%ID 1.04%J1C 0.90%L1C 0.79%M1C 1.39%M2C 1.39%M2D 1.39%XC 0.98%BRIC Markets YC 1.84%YD 1.79%ZC 1.24%BRIC Markets Equity AC 1.84%AD 1.84%EC 2.34%ED 2.34%IC 1.00%J1C 0.85%China Consumer Opportunities AC 1.88%AC HKD 1.88%CIVETS AC 2.12%AC EUR 2.09%AD 2.12%EC 2.57%IC 1.10%IC EUR 1.12%ZC 0.30%Climate Change AC 1.83%AD 1.84%EC 2.33%IC 0.98%Emerging Wealth AC 1.88%AD 1.89%EC 2.51%190

Publication of TER (Total Expense Ratio) – Information concerning the Swiss InvestorsSub-FundTER excluding theShare class performance fee (in %)Euroland Equity AC 1.85%AD 1.85%EC 2.34%ED 2.36%IC 1.00%ID 1.03%ZC 0.25%ZD 0.25%Euroland Equity Smaller Companies AC 1.84%AD 1.84%EC 2.36%IC 0.99%ZC 0.25%Euroland Growth AC 1.76%IC 0.99%M1C 1.59%M1D 1.60%European Equity AC 1.82%AD 1.84%EC 2.32%ED 2.29%IC 0.99%PC 1.34%PD 1.35%WD 0.00%ZD 0.25%Frontier Markets AC 2.14%AC EUR 2.05%AD 2.11%BC GBP 1.66%BD GBP 1.61%191

Publication of TER (Total Expense Ratio) – Information concerning the Swiss InvestorsSub-FundTER excluding theShare class performance fee (in %)Frontier Markets (continued) EC 2.60%IC 1.50%IC EUR 1.57%IC GBP 1.52%ID 1.54%ZD 0.31%Global Emerging Markets Equity AC 1.92%AC EUR 1.89%AC GBP 1.92%AD 1.92%AD GBP 2.15%BC GBP 1.21%BD GBP 1.21%EC 2.41%ED 2.42%IC 1.06%ID 1.09%PC 1.42%PD 1.42%S1D 0.85%WD 0.03%ZC 0.34%ZD 0.33%Global Equity AC 1.83%AD 1.83%EC 2.33%IC 0.98%ZC 0.25%ZD 0.25%Latin American Equity AC 1.89%AC EUR 1.90%AC GBP 1.89%AD 1.89%AD GBP 1.99%AD HKD 1.86%BC GBP 1.17%BD GBP 1.17%EC 2.37%192

Publication of TER (Total Expense Ratio) – Information concerning the Swiss InvestorsSub-FundTER excluding theShare class performance fee (in %)Latin American Equity (continued) IC 1.04%IC EUR 1.04%L1D 0.79%M1C 1.39%M1D 1.39%Brazil Equity AC 2.14%AC EUR 2.16%AC GBP 2.14%AD 2.13%AD GBP 2.14%AD HKD 2.13%BC GBP 1.28%BD GBP 1.24%EC 2.63%ED 2.63%IC 1.17%IC EUR 1.18%ID 1.16%S3D 0.84%XC 0.88%ZC 0.30%ZD 0.37%Chinese Equity AC 1.89%AC EUR 1.88%AC GBP 1.89%AD 1.89%AD GBP 1.85%AD HKD 1.86%BC GBP 1.22%BD GBP 1.23%EC 2.39%ED 2.40%IC 1.04%ID 1.03%J1C 0.89%ZD 0.30%Hong Kong Equity AC 1.84%AD 1.84%BC GBP 1.16%193

Publication of TER (Total Expense Ratio) – Information concerning the Swiss InvestorsSub-FundTER excluding theShare class performance fee (in %)Hong Kong Equity (continued) BD GBP 1.11%EC 2.34%IC 1.01%J1C 0.85%PD 1.35%ZD 0.25%Indian Equity AC 1.91%AC EUR 1.84%AC GBP 1.91%AD 1.91%AD EUR 1.88%AD GBP 1.91%AD HKD 1.93%BC GBP 1.17%BD GBP 1.18%EC 2.41%ED 2.41%IC 1.07%IC EUR 1.02%ID 1.08%ZD 0.32%Japanese Equity AC 1.86%AD 1.83%BC GBP 1.11%BD GBP 1.11%EC 2.35%ED 2.35%IC 1.00%PC 1.35%PD 1.35%WD 0.00%ZD 0.25%Korean Equity AC 1.89%AD 1.89%EC 2.39%ED 2.38%IC 1.06%J1C 0.89%194

Publication of TER (Total Expense Ratio) – Information concerning the Swiss InvestorsSub-FundTER excluding theShare class performance fee (in %)Mexico Equity AC 2.15%(launched as at 28 February 2013) JC 0.86%ZC 0.29%Russia Equity AC 2.15%AC EUR 2.14%AC GBP 2.13%AD 2.16%AD GBP 2.17%AD HKD 2.16%BC GBP 1.30%BD GBP 1.30%EC 2.65%IC 1.20%XC 0.84%ZD 0.29%Singapore Equity AC 1.89%AD 1.89%EC 2.39%IC 1.00%J1C 0.89%PD 1.39%ZD 0.30%Taiwan Equity AC 1.87%AD 1.88%EC 2.38%Thai Equity AC 1.82%AD 1.83%EC 2.32%IC 1.02%ID 1.00%J1C 0.84%Turkey Equity AC 2.11%AC GBP 2.08%AD 2.12%AD GBP 2.11%BC GBP 1.30%BD GBP 1.30%195

Publication of TER (Total Expense Ratio) – Information concerning the Swiss InvestorsSub-FundTER excluding theShare class performance fee (in %)Turkey Equity (continued) EC 2.62%IC 1.17%ID 0.00%J1C 0.90%UK Equity AC 1.81%AD 1.81%BC GBP 1.05%BD GBP 1.07%EC 2.32%ID 1.06%US Equity AC 1.83%ACH EUR 1.84%AD 1.83%ADH EUR 1.84%EC 2.33%ED 2.34%IC 1.00%ID 0.99%PC 1.34%PD 1.34%WD 0.00%YD 0.55%ZD 0.25%Bond Sub-FundsAsian Currencies Bond AC 1.59%AC EUR 1.58%AD 1.59%BC GBP 0.99%BD GBP 0.99%EC 1.91%IC 0.84%ID 0.87%ID EUR 0.87%ZC 0.25%Brazil Bond AC 1.34%AD 1.34%BC GBP 0.86%BD GBP 0.86%EC 1.64%IC 0.74%196

Publication of TER (Total Expense Ratio) – Information concerning the Swiss InvestorsSub-FundTER excluding theShare class performance fee (in %)Euro Bond AC 0.99%AD 0.99%EC 1.28%IC 0.52%Euro Credit Bond AC 1.09%AD 1.08%EC 1.38%IC 0.62%ZD 0.13%Euro High Yield Bond AC 1.34%AD 1.34%EC 1.63%ED 1.58%IC 0.74%ID 0.75%S8 0.50%XC 0.64%ZC 0.19%GEM Inflation Linked Bond (formerlyEmerging Inflation Linked Bond) AC 1.29%AC EUR 1.29%AC GBP 1.30%BC GBP 0.81%BD GBP 0.79%EC 1.54%IC 0.74%IC EUR 0.74%XC 0.70%ZC 0.20%Global Bond AC 0.99%AD 0.99%EC 1.29%IC 0.52%PD 0.74%WD 0.00%ZC 0.15%ZD 0.15%Global Emerging Markets Bond AC 1.57%AC EUR 1.56%AC GBP 1.58%197

Publication of TER (Total Expense Ratio) – Information concerning the Swiss InvestorsSub-FundTER excluding theShare class performance fee (in %)Global Emerging Markets Bond(continued) AC HKD 1.60%ACH CHF 1.56%ACH EUR 1.57%AD 1.58%AD EUR 1.62%AD GBP 1.57%ADH EUR 1.57%AM 1.58%AM HKD 1.62%AMH AUD 1.62%AMH EUR 1.60%AMH SGD 1.59%BC GBP 0.96%BD GBP 0.95%EC 1.87%ED 1.88%IC 0.74%IC EUR 0.73%ICH EUR 0.75%ID 0.75%ID EUR 0.75%IDH EUR 0.74%PC 1.33%PD 1.34%S6C 0.52%XC 0.54%ZD 0.16%ZM 0.26%Global Emerging Markets Corporate Debt AC 1.84%AC EUR 2.21%AD 1.90%IC 0.99%ZC 0.25%Global Emerging Markets InvestmentGrade Bond AC 1.40%AD 1.46%EC 1.72%IC 0.72%IC EUR 0.73%ID EUR 0.72%198

Publication of TER (Total Expense Ratio) – Information concerning the Swiss InvestorsSub-FundTER excluding theperformance feeShare class(in %)Global Emerging Markets Local Debt AC 1.58%AC EUR 1.58%AC GBP 1.57%AD 1.59%AD GBP 1.59%BC GBP 0.99%BD GBP 0.99%EC 1.88%IC 0.87%IC EUR 0.88%ID 0.86%ID EUR 0.86%XC 0.75%XD 0.78%ZD 0.24%ZM 0.25%Global High Income Bond AC 1.47%ACH EUR 1.50%ACH SGD 1.49%AD 1.49%AMD 1.48%AMH AUD 1.47%AMH EUR 1.47%AMH SGD 1.47%EC 1.80%ECH EUR 1.76%IC 0.81%ICH EUR 0.78%ID 0.82%Global High Yield Bond (launched as at 20 July 2012) AM 1.35%AM HKD 1.34%AMH AUD 1.34%AMH EUR 1.34%BC GBP 0.81%BD GBP 0.81%Global Inflation Linked Bond AC 0.94%ACH EUR 0.94%EC 1.24%199

Publication of TER (Total Expense Ratio) – Information concerning the Swiss InvestorsSub-FundTER excluding theperformance feeShare class(in %)Global Inflation Linked Bond (continued) IC 0.55%ICH EUR 0.55%ICH GBP 0.55%ZC 0.15%India Fixed Income (launched as at 20 August 2012) AC 1.54%AC EUR 1.54%AD 1.54%BC GBP 0.98%BD GBP 0.95%EC 1.83%IC 0.87%IC EUR 0.89%ZC 0.28%Latin American Local Debt AC 1.56%EC 1.89%IC 0.87%ZC 0.25%RMB Fixed Income AC 0.98%AC EUR 0.98%ACH EUR 1.01%AC RMB 0.99%AD EUR 0.99%AD RMB 1.00%AD 0.99%BC GBP 0.63%BD GBP 0.57%EC 1.29%ECH EUR 1.32%IC 0.57%ICH EUR 0.57%ID 0.57%ZC 0.20%ZD 0.20%US Dollar Bond AC 0.99%AD 0.99%BC GBP 0.63%BD GBP 0.63%200

Publication of TER (Total Expense Ratio) – Information concerning the Swiss InvestorsSub-FundTER excluding theperformance feeShare class(in %)US Dollar Bond (continued) EC 1.29%IC 0.52%ID 0.52%PC 0.75%PD 0.74%WD 0.00%ZC 0.15%ZD 0.15%Reserve Sub-FundEuro Reserve AC 0.18%AD 0.20%IC 0.19%Index Sub-FundEconomic Scale Index GEM Equity (launched as at20 March 2013) AC 0.95%IC 0.52%ZC 0.27%Other Sub-FundsGEM Debt Total Return J1CH JPY 0.76%L1C 0.74%L1CH EUR 0.73%L1D 0.74%L1DH EUR 0.74%M1C 1.33%M1CH EUR 1.29%M1D 1.34%N1CH GBP 0.86%N1DH GBP 0.86%ZD 0.25%ZDH EUR 0.25%201

Publication of TER (Total Expense Ratio) – Information concerning the Swiss InvestorsSub-FundTER excluding theperformance feeShare class(in %)Global Currency L1C 1.19%L1CH CHF 1.19%L1CH EUR 1.18%L1CH GBP 1.19%L1CH JPY 1.19%L1CH SEK 1.20%M1C 1.78%M1CH EUR 1.88%M1CH GBP 1.79%M1D 1.80%Global Flex Allocation AC 1.52%EC 1.99%IC 0.80%L1C 0.81%M1C 1.52%R1C 1.95%ZC 0.20%Global Macro L1C 1.21%L1CH GBP 1.20%L1CH SEK 1.22%L1CH USD 1.20%L1D 1.20%L1DH GBP 1.22%L1DH USD 1.19%M1C 1.81%M1CH CHF 1.82%M1CH GBP 1.82%M1CH NOK 1.81%M1CH SEK 1.84%M1CH USD 1.83%M1D 1.81%M1H GBP 1.83%R1C 2.33%ZCH GBP 0.20%202

Publication of TER (Total Expense Ratio) – Information concerning the Swiss InvestorsSub-FundShare classTER excluding theperformance fee(in %)Managed Solutions - Asia Focused Conservative(launched as at 15 March 2013) AC 0.97%AC HKD 0.98%ACH AUD 0.97%ACH EUR 0.98%ACH SGD 1.14%ZC 0.23%Managed Solutions - Asia Focused Growth(launched as at 15 March 2013 AC 1.85%AC HKD 1.85%ACH AUD 1.84%ACH EUR 1.86%ACH SGD 1.76%Managed Solutions - Asia Focused Income(launched as at 25 May 2012) AC 1.61%ACH SGD 1.62%AM 1.60%AM HKD 1.60%AMH AUD 1.64%AMH EUR 1.57%AMH SGD 1.62%203

Publication of TER (Total Expense Ratio) – Information concerning the Swiss InvestorsSub-FundShare classTER including theperformance fee(in %)Global Macro L1C 1.21%L1CH GBP 1.20%L1CH SEK 1.22%L1CH USD 1.20%L1D 1.20%L1DH GBP 1.22%L1DH USD 1.19%M1C 1.81%M1CH CHF 1.82%M1CH GBP 1.82%M1CH NOK 1.92%M1CH SEK 1.84%M1CH USD 1.83%M1D 1.81%M1H GBP 1.83%R1C 2.33%ZCH GBP 0.20%GEM Debt Total Return L1C 1.04%J1CH JPY 1.10%L1CH EUR 1.01%L1D 1.16%L1DH EUR 1.00%M1C 1.60%M1CH EUR 1.29%M1D 1.66%N1CH GBP 0.86%N1DH GBP 0.86%ZD 0.25%ZDH EUR 0.25%204

Publication of PTR (Portfolio Turnover Ratio) – Information concerning the SwissInvestorsSub-Fund%Asia ex Japan Equity 127.68Asia ex Japan Equity Smaller Companies 115.80Asia Pacific ex Japan Equity High Dividend 51.86BRIC Equity 109.62BRIC Markets 11.55BRIC Markets Equity 68.73CIVETS 83.14Climate Change 40.53Emerging Wealth 204.80Euroland Equity (18.33)Euroland Equity Smaller Companies 93.37Euroland Growth (0.85)European Equity 47.19Frontier Markets 33.66Global Emerging Markets Equity 72.19Global Equity 261.18Latin American Equity 66.89Brazil Equity 45.18Chinese Equity 174.00Hong Kong Equity 58.18Indian Equity 102.88Japanese Equity 90.43Korean Equity 55.68Russia Equity 42.82Singapore Equity 71.85Taiwan Equity 124.45Thai Equity 41.08Turkey Equity 9.89UK Equity 14.80US Equity 112.77Asian Currencies Bond 119.75Brazil Bond 198.98Euro Bond 73.67Euro Credit Bond 302.74Euro High Yield Bond (0.81)GEM Inflation Linked Bond (formerly Emerging InflationLinked Bond) 56.53Global Bond 318.65205

Publication of PTR (Portfolio Turnover Ratio) – Information concerning the SwissInvestorsSub-Fund%Global Emerging Markets Bond 31.09Global Emerging Markets Corporate Debt 16.83Global Emerging Markets Investment Grade Bond 125.62Global Emerging Markets Local Debt 157.05Global High Yield Bond (launched as at 20 July 2012) 10.78India Fixed Income (launched as at 20 August 2012) 76.25Latin American Local Debt 218.11RMB Fixed Income (37.60)US Dollar Bond 730.18Euro Reserve 2,053.16GEM Debt Total Return 407.18Global Currency 299.68Global Macro 622.66With reference to section 2.8 (2) of the Prospectus dated January 2013, adjustments related to swing pricingmethodology are included in the PTR figures.206

Publication of performance for sub-funds distributed in Switzerland – Informationconcerning the Swiss InvestorsCalendar Year PerformanceSub-fund nameShare classShare classcurrency2012 2011 2010Asia ex Japan Equity AC USD 14.80% -23.26% 21.18%Asia ex Japan Equity SmallerCompaniesAsia Pacific ex Japan EquityHigh DividendAC USD 26.41% -24.75% 29.04%AC USD 18.69% -13.66% 17.28%BRIC Equity AC USD 15.05% -28.44% 12.43%BRIC Markets YC USD 13.97% -25.68% 10.68%BRIC Markets Equity AC USD 13.41% -23.22% 6.90%CIVETS AC USD 32.70% N/A N/AClimate Change AC USD 18.63% -18.93% 0.78%Emerging Wealth AC USD 10.24% -13.51% 9.49%Euroland Equity AC EUR 17.36% -18.43% 1.02%Euroland Equity SmallerCompaniesAC EUR 26.41% -22.52% 27.78%Euroland Growth M1C EUR 20.13% -14.40% -0.75%European Equity AC EUR 18.91% -13.22% 10.85%Frontier Markets AC USD 24.42% -1.27% N/AGlobal Emerging MarketsEquityAC USD 20.73% -27.38% 14.40%Global Equity AC USD 13.29% -6.75% 7.67%Latin American Equity AC USD 12.25% -25.90% 13.30%Brazil Equity AC USD 6.53% -25.76% 13.87%Chinese Equity AC USD 19.23% -20.43% 0.95%Hong Kong Equity AC USD 26.40% -22.89% 8.20%Indian Equity AC USD 39.71% -45.82% 13.00%Japanese Equity AC JPY 15.94% -18.49% -0.94%Korean Equity AC USD 10.62% -16.68% 20.70%Russia Equity AC USD 6.54% -24.43% 23.74%Singapore Equity AC USD 30.40% -18.37% 16.05%Taiwan Equity AC USD 14.14% -21.29% 21.61%207

Publication of performance for sub-funds distributed in Switzerland – Informationconcerning the Swiss InvestorsCalendar Year PerformanceSub-fund nameShare classShare classcurrency2012 2011 2010Thai Equity AC USD 35.72% -4.50% 50.27%Turkey Equity AC EUR 72.19% -32.62% 37.65%UK Equity AC GBP 13.44% -6.26% 12.99%US Equity AC USD 10.38% 2.58% 9.14%Asian Currencies Bond AC USD 10.59% N/A N/ABrazil Bond AC USD 7.37% -0.15% 13.01%Euro Bond AC EUR 12.96% 2.90% 3.34%Euro Credit Bond AC EUR 18.24% 0.87% 4.80%Euro High Yield Bond AC EUR 26.16% -2.34% 12.87%GEM Inflation Linked Bond(previously Emerging Inflation AC USD 19.70% N/A N/ALinked Bond)Global Bond AC USD 4.55% 7.57% 3.38%Global Emerging Markets Bond EC USD 17.54% 6.31% 11.82%Global Emerging MarketsCorporate DebtAC USD 17.67% -0.09% N/AGlobal Emerging MarketsInvestment Grade BondAC USD 15.35% 1.83% N/AGlobal Emerging Markets LocalDebtAC USD 12.34% -3.99% 12.69%Global High Yield Bond* AM USD 5.90% N/A N/AIndia Fixed Income* AC USD 4.80% N/A N/ALatin American Local Debt AC USD 11.68% N/A N/ARMB Fixed Income AC USD 4.60% N/A N/AUS Dollar Bond AC USD 3.10% 7.27% 3.83%Euro Reserve AC EUR 0.08% 0.45% 0.27%GEM Debt Total Return M1C USD 10.37% -1.47% 8.60%Global Currency M1C USD 0.50% -2.13% N/AGlobal Macro M1C EUR 0.50% -6.31% 1.19%*These sub-funds launched during the calendar year, so these figures are not for the whole 12 month period.208

Comparative Table of Net Assetsat 31 March 2011 at 31 March 2012 at 31 March 2013Asia ex Japan EquityUSDNet Asset Value per ShareAC 57.8349.9050.04AC EUR N/AN/A13.70ACH EUR 26.9421.7020.88AD 53.5746.1645.95ADH EUR 26.2821.1720.21BC GBP N/AN/A16.44BD GBP N/AN/A16.44EC 53.1945.6745.58ED 52.7045.2445.08IC 58.0050.4851.05ID 57.9049.9449.65J1C 12.2410.6710.81WD11.299.75ZD 54.7847.2846.96N/ATotal Net Assets 776,006,555 632,596,218 578,399,436Asia ex Japan Equity Smaller CompaniesUSDNet Asset Value per ShareAC 38.8835.1543.44AD 37.0233.4540.85AD HKD N/A1.091.35BC GBP N/AN/A18.78BD GBP N/AN/A18.78EC 38.1434.3142.19IC 39.5136.0244.89Total Net Assets 73,130,192 46,581,203 77,779,019209

Comparative Table of Net AssetsAsia Pacific ex Japan Equity High DividendUSDNet Asset Value per ShareAC 20.0318.7921.06AD 17.1015.7517.32AM N/A8.959.70AM HKD N/A1.151.25BC GBP N/AN/A17.12BD GBP N/AN/A17.12EC 19.7018.3920.51IC 17.9516.9819.20IC EUR N/A13.1314.84ZCat 31 March 2011 at 31 March 2012 at 31 March 201318.15ZD 17.3816.0017.62Total Net Assets 163,544,153 179,969,407 181,316,096N/AN/ABRIC EquityUSDNet Asset Value per ShareAC 27.7121.9520.13AC GBP N/A16.1614.82AC HKD N/A1.050.96AD 27.8222.0220.12AD GBP N/A16.3320.12BC GBP N/AN/A16.00BD GBP N/AN/A16.00EC 27.1121.3719.50IC 28.0222.3820.71IC EUR N/A12.6511.70ID N/A22.7920.99J1C 21.0016.8015.56L1C 27.8622.3120.69M1C 29.3523.3721.54M2C 28.2222.4720.72M2D 28.3122.5020.54XC 28.0422.4220.76Total Net Assets 2,077,032,912 1,461,706,477 1,088,733,979210

Comparative Table of Net Assetsat 31 March 2011 at 31 March 2012 at 31 March 2013BRIC MarketsUSDNet Asset Value per ShareYC 31.5325.9124.68YD 31.5325.9124.65ZC 32.2926.6925.57Total Net Assets 41,955,053 17,471,546 16,699,343BRIC Markets EquityUSDNet Asset Value per ShareAC 16.9814.1513.74AD 16.9314.0913.55EC 16.5813.7513.29ED 16.5813.7513.23IC 17.6414.8314.52J1C 17.8014.9914.70Total Net Assets 706,821,539 507,848,965 438,104,655China Consumer OpportunitiesUSDNet Asset Value per ShareAC N/A12.4613.23AC HKD N/A1.601.70Total Net Assets N/A 81,040,170 99,282,833CIVETSUSDNet Asset Value per ShareAC N/A9.8211.21AC EUR N/A13.9215.89AD N/A9.8211.21EC N/A9.9411.29IC N/A9.9011.42IC EUR N/A14.0416.18ZC N/A9.9811.61Total Net Assets N/A 22,602,458 33,751,147211

Comparative Table of Net Assetsat 31 March 2011 at 31 March 2012 at 31 March 2013Climate ChangeUSDNet Asset Value per ShareAC 6.675.936.65AD 6.625.866.48EC 6.565.806.47IC 6.876.166.96Total Net Assets 40,866,614 29,888,905 27,782,887Emerging WealthUSDNet Asset Value per ShareAC 8.778.248.40AD 8.658.118.23EC8.768.24N/ATotal Net Assets 31,479,904 22,944,964 19,482,361Euroland EquityEURNet Asset Value per ShareAC 28.1923.6126.60AD 26.8422.2524.52EC 27.5923.0025.78ED 26.5922.0324.30IC 29.2424.7128.07ID N/AN/A28.07ZC 32.0727.3031.25ZD 29.6124.5627.02Total Net Assets 1,012,399,563 595,918,907 544,812,966Euroland Equity Smaller CompaniesEURNet Asset Value per ShareAC 43.8239.1842.93AD 42.3337.8141.31EC 42.9338.2041.64IC 45.5941.1245.44ZC 49.7245.1950.31Total Net Assets 72,028,576 61,383,787 128,093,393212

Comparative Table of Net Assetsat 31 March 2011 at 31 March 2012 at 31 March 2013Euroland GrowthEURNet Asset Value per ShareAC 11.2610.1811.23IC 11.3910.3811.55M1C 11.2910.2311.31M1D 10.699.5410.31Total Net Assets 90,492,275 72,275,014 88,286,202European EquityEURNet Asset Value per ShareAC 33.2430.7334.84AD 30.7428.0531.50EC 31.3428.8232.52ED 30.3127.6531.05IC 34.1431.8236.39PC 34.6132.1636.64PD 30.4027.7631.17WD18.5516.95ZD 31.2428.5432.03N/ATotal Net Assets 120,600,765 89,984,483 117,926,468Frontier MarketsUSDNet Asset Value per ShareAC N/A65.1379.06AC EUR N/AN/A15.01AD N/AN/A79.06BC GBP N/AN/A15.51BD GBP N/AN/A17.23EC N/AN/A10.78IC N/A92.40112.84IC EUR N/AN/A13.87IC GBP N/AN/A17.15ID N/A92.40111.63ZD N/A11.5114.03Total Net Assets N/A 69,184,372 122,834,838213

Comparative Table of Net Assetsat 31 March 2011 at 31 March 2012 at 31 March 2013Global Emerging Markets EquityUSDNet Asset Value per ShareAC 19.6016.3116.06AC EUR N/A15.4315.20AC GBP N/A16.4016.15AD 19.1815.9215.56AD GBP N/A16.5116.27BC GBP N/AN/A16.30BD GBP N/AN/A16.30EC 18.5315.3415.03ED 18.4115.2414.90IC 20.1816.9316.82ID N/AN/A16.96PC 13.3311.1511.03PD 13.1610.9310.67S1D 9.457.897.69WD 19.7716.4416.02ZC N/AN/A9.47ZD 19.6316.3215.91Total Net Assets 720,215,938 637,693,053 597,325,743Global EquityUSDNet Asset Value per ShareAC 24.1724.0926.36AD 23.7723.6425.77EC 23.9223.7225.82IC 25.0225.1427.74ZC 26.3826.7129.69ZD 25.8225.7328.04Total Net Assets 88,167,851 67,087,168 68,671,483214

Comparative Table of Net Assetsat 31 March 2011 at 31 March 2012 at 31 March 2013Latin American EquityUSDNet Asset Value per ShareAC 21.3018.3518.33AC EUR N/AN/A13.80AC GBP N/A16.7316.71AD 21.3018.3318.07AD GBPN/A16.64AD HKD N/A1.131.12BC GBP N/AN/A17.44BD GBP N/AN/A17.44EC 21.1918.1618.05IC 21.6018.7618.90IC EURN/A13.33L1D 21.5418.5518.27M1C 21.4918.6118.68M1D 21.3718.4018.13N/AN/ATotal Net Assets 337,454,578 185,181,046 207,155,361Middle East and North Africa Equity (liquidated as at 31July 2012)USDNet Asset Value per ShareACADECICZC9.529.459.479.649.769.659.419.569.8610.05N/AN/AN/AN/AN/ATotal Net Assets 10,333,463 9,133,815 N/A215

Comparative Table of Net Assetsat 31 March 2011 at 31 March 2012 at 31 March 2013Brazil EquityUSDNet Asset Value per ShareAC 40.8435.1732.46AC EUR N/A13.0112.01AC GBP N/A17.4916.14AD 40.5034.7931.66AD GBP N/A16.9615.47AD HKD N/A1.121.03BC GBP N/AN/A17.32BD GBP N/AN/A17.32EC 39.8134.1131.32ED 39.8134.1131.07IC 42.9237.3234.77IC EUR N/AN/A13.03ID 41.8335.9632.66S3D N/A37.2134.07XC 43.0437.5335.07ZC 46.0840.4237.99ZDN/A36.68N/ATotal Net Assets 2,543,613,754 1,967,144,853 1,790,862,992216

Comparative Table of Net Assetsat 31 March 2011 at 31 March 2012 at 31 March 2013Chinese EquityUSDNet Asset Value per ShareAC 82.2868.6973.13AC EUR N/A12.3513.14AC GBP N/A16.1617.20AD 80.2666.8670.55AD GBP N/A16.1317.17AD HKD N/A1.061.12BC GBP N/AN/A15.95BD GBP N/AN/A15.95EC 79.8366.3170.24ED 79.7366.2369.92IC 86.3572.7078.06ID 82.8169.0072.74J1C 85.4572.0577.47ZD 83.6469.7273.44Total Net Assets 2,954,044,156 2,119,742,079 2,080,946,949Hong Kong EquityUSDNet Asset Value per ShareAC 123.55105.93119.66AD 115.7698.62109.95BC GBP N/AN/A14.86BD GBP N/AN/A14.88EC 121.17103.38116.19IC 127.50110.25125.58J1C 8.347.228.24PD 114.2897.37108.51ZC123.80ZD 121.24103.33115.04N/AN/ATotal Net Assets 437,909,828 323,515,651 258,976,707217

Comparative Table of Net Assetsat 31 March 2011 at 31 March 2012 at 31 March 2013Indian EquityUSDNet Asset Value per ShareAC 182.85138.67136.89AC EUR N/AN/A13.05AC GBP N/A15.4815.28AD 182.26138.23136.45AD EUR N/A11.7011.55AD GBP N/A15.4415.24AD HKD N/A1.000.99BC GBP N/AN/A15.03BD GBP N/AN/A15.03EC 175.71132.59130.24ED 175.71132.59130.25IC 195.84149.80149.13IC EURN/A12.99ID 191.44146.43145.45ZD 190.79146.28145.10N/ATotal Net Assets 5,917,782,756 3,995,712,797 3,271,502,077Japanese EquityJPYNet Asset Value per ShareAC 4,659.374,547.465,399.99AD 691.15673.19796.14BC GBP N/AN/A1,559.63BD GBP N/AN/A1,547.33EC 665.44646.24763.60ED 665.31646.02777.20IC 4,856.654,780.245,725.54PC 4,748.484,657.515,558.24PD 714.87696.23823.28WD6,424.356,255.74ZD 700.70682.30806.58N/ATotal Net Assets 5,247,366,135 6,183,910,521 6,024,606,356218

Comparative Table of Net Assetsat 31 March 2011 at 31 March 2012 at 31 March 2013Korean EquityUSDNet Asset Value per ShareAC 18.0715.1214.60AD 18.0715.1214.60EC 17.7214.7614.19ED 17.7314.7714.19IC 18.8815.9415.53J1C 18.4015.5615.18Total Net Assets 153,459,927 112,002,210 77,579,190Mexico Equity (launched as at 28 February 2013)USDNet Asset Value per ShareAC N/AN/A10.61JC N/AN/A10.62ZC N/AN/A10.62Total Net Assets N/A N/A 181,035,388Russia EquityUSDNet Asset Value per ShareAC 9.397.156.30AC EUR N/A12.7911.28AC GBP N/A16.1914.40AD 9.397.156.30AD GBP N/A17.2315.20AD HKD N/A1.050.93BC GBP N/AN/A15.88BD GBP N/AN/A15.88EC 9.257.016.15IC 9.697.456.64XC N/A7.476.67ZD9.477.34N/ATotal Net Assets 503,883,135 622,638,698 417,322,616219

Comparative Table of Net Assetsat 31 March 2011 at 31 March 2012 at 31 March 2013Singapore EquityUSDNet Asset Value per ShareAC 41.9243.1146.93AD 36.1536.7738.97EC 41.0141.9645.45IC 36.23N/A47.73J1C N/A37.6241.36PD 36.2036.8539.05ZD N/A37.7740.91Total Net Assets 72,779,560 74,031,235 80,251,602Taiwan EquityUSDNet Asset Value per ShareAC 12.8711.9711.86AD 12.8311.8611.64EC 12.7811.8311.66Total Net Assets 35,195,281 20,630,000 11,364,799Thai EquityUSDNet Asset Value per ShareAC 15.4317.3021.81AD 13.9615.4118.95EC 15.1016.8521.13IC 16.1218.2423.18ID N/AN/A10.40J1C N/A18.2523.24Total Net Assets 136,229,473 143,850,038 179,440,336220

Comparative Table of Net Assetsat 31 March 2011 at 31 March 2012 at 31 March 2013Turkey EquityEURNet Asset Value per ShareAC 22.3020.6231.63AC GBP N/A13.0520.03AD 16.8415.5223.76AD GBP N/A13.1220.12BC GBP N/AN/A14.54BD GBP N/AN/A14.54EC 21.8920.1430.74IC 22.9121.3933.14ID16.9315.81J1C 8.908.3312.95N/ATotal Net Assets 142,715,776 119,516,423 274,635,266UK EquityGBPNet Asset Value per ShareAC 28.1528.0932.64AD 24.5824.2727.74BC GBP N/AN/A11.31BD GBP N/AN/A11.31EC 27.8627.6731.99IC28.60ID 27.4327.0830.97N/AN/ATotal Net Assets 48,624,419 78,082,149 70,720,441221

Comparative Table of Net Assetsat 31 March 2011 at 31 March 2012 at 31 March 2013US EquityUSDNet Asset Value per ShareAC 21.5322.7025.23ACH EUR 26.2225.6427.22AD 24.1025.4028.24ADH EUR 27.1526.5528.12EC 21.0922.1224.46ED 23.4224.5627.16IC 22.0423.4426.27ID 9.049.6010.72PD 24.6926.1629.23WD141.35150.18YD 8.879.4110.52ZD 24.4725.9929.05N/ATotal Net Assets 170,599,436 181,631,614 190,304,259Asian Currencies BondUSDNet Asset Value per ShareAC N/A10.2511.01AC EUR N/A13.7314.73AD N/A10.2510.81BC GBP N/AN/A16.15BD GBP N/AN/A16.15EC N/AN/A10.60ICN/A10.35ID N/A10.3510.91ID EUR N/A14.2915.15ZC N/A10.3811.29N/ATotal Net Assets N/A 81,243,101 104,374,087222

Comparative Table of Net Assetsat 31 March 2011 at 31 March 2012 at 31 March 2013Brazil BondUSDNet Asset Value per ShareAC 22.0722.5621.54AD 15.4014.3913.54BC GBP N/AN/A15.92BD GBP N/AN/A15.92EC 21.7822.2021.13IC 22.4723.1122.20ID18.65N/AN/ATotal Net Assets 60,309,377 59,043,559 51,353,137Euro BondEURNet Asset Value per ShareAC 20.1421.6723.37AD 16.9817.7318.59EC 19.8921.3422.94IC 20.9222.6224.51Total Net Assets 78,001,894 87,803,289 100,214,473Euro Credit BondEURNet Asset Value per ShareAC 19.6120.9523.11AD 15.0415.5116.52EC 19.3720.6422.69IC 20.5722.0824.47ZD16.9017.40N/ATotal Net Assets 409,950,506 447,349,327 559,870,355223

Comparative Table of Net Assetsat 31 March 2011 at 31 March 2012 at 31 March 2013Euro High Yield BondEURNet Asset Value per ShareAC 27.5628.8432.95AD 19.7319.6721.33EC 27.2028.3832.33ED 23.2823.1725.20IC 29.1430.6735.26ID N/A30.7833.84S8 N/AN/A10.27XC N/A30.8335.48ZC 29.8831.6336.57Total Net Assets 528,034,276 649,963,800 1,324,439,338GEM Inflation Linked Bond (Formerly EmergingInflation Linked Bond)USDNet Asset Value per ShareAC N/A97.91109.07AC EUR N/A9.7910.91AC GBP N/A9.7910.91BC GBP N/AN/A16.80BD GBP N/AN/A16.80EC N/AN/A10.88IC N/A98.31110.13IC EUR N/A9.8311.01ZC N/AN/A10.89Total Net Assets N/A 139,181,512 203,237,802224

Comparative Table of Net Assetsat 31 March 2011 at 31 March 2012 at 31 March 2013Global BondUSDNet Asset Value per ShareAC 16.1817.1817.25AD 14.0714.4914.34EC 12.4913.2213.24IC 16.5017.6017.75PD 11.4911.8411.71WD 193.89199.82197.70ZC 15.0116.0716.28ZD 14.5114.9614.80Total Net Assets 112,015,501 186,228,573 204,191,802Global Credit Bond (liquidated as at 21 August 2012)USDNet Asset Value per ShareACACH EURICICH EURXCZC106.42149.14107.27150.06107.63108.00111.12146.37112.63148.18113.23113.96N/AN/AN/AN/AN/AN/ATotal Net Assets 20,622,837 21,337,913 N/A225

Comparative Table of Net Assetsat 31 March 2011 at 31 March 2012 at 31 March 2013Global Emerging Markets BondUSDNet Asset Value per ShareAC 27.6230.8033.78AC EUR N/AN/A13.51AC GBP N/A16.8018.43AC HKD N/AN/A1.29ACH CHF N/AN/A10.77ACH EUR N/AN/A12.49AD 27.6230.5232.01AD EUR N/AN/A12.70AD GBP N/A16.8618.21ADH EUR 19.0619.6519.64AM 24.7426.2427.40AM HKD N/AN/A1.38AMH AUD N/AN/A10.34AMH EUR N/AN/A12.54AMH SGD N/AN/A7.94BC GBP N/AN/A15.85BD GBP N/AN/A15.85EC 27.2730.3133.14ED 23.4024.8226.02IC 28.4932.0435.43IC EUR N/A13.4914.92ICH EUR N/AN/A21.91ID 20.3221.6022.65ID EUR N/AN/A13.29IDH EUR 20.6420.7420.70PC 27.6430.9033.97PD 18.8419.9820.94S6C N/AN/A9.90XC 28.4832.0535.52ZD 25.14N/A22.72ZM24.6326.23N/ATotal Net Assets 1,331,154,117 2,327,280,001 4,014,032,969226

Comparative Table of Net AssetsGlobal Emerging Markets Corporate DebtUSDNet Asset Value per ShareAC 10.1310.6111.76AC EUR N/AN/A13.38AD N/AN/A10.13IC 10.1510.7311.99ZC 10.1710.8312.19Total Net Assets 10,178,686 11,026,609 12,559,642Global Emerging Markets Investment Grade BondUSDNet Asset Value per ShareAC 10.2510.9511.75AD N/AN/A11.75EC N/A10.9511.70IC 10.2711.0611.94IC EUR N/A147.49159.28ID EUR N/A144.93152.21ZCat 31 March 2011 at 31 March 2012 at 31 March 2013Total Net Assets 22,612,739 124,329,337 90,441,49810.28N/AN/A227

Comparative Table of Net Assetsat 31 March 2011 at 31 March 2012 at 31 March 2013Global Emerging Markets Local DebtUSDNet Asset Value per ShareAC 14.3814.5215.20AC EUR N/A13.1613.78AC GBP N/A16.3517.12AD 13.1012.7412.91AD GBP N/A16.3516.90BC GBP N/AN/A16.26BD GBP N/AN/A16.26EC 14.2914.3915.02IC 14.7515.0115.83IC EUR N/AN/A13.10ID 13.5613.1913.37ID EUR N/A13.2113.87XCN/A15.02XD N/AN/A10.14ZD 13.1212.4912.77ZM 12.8912.6312.90N/ATotal Net Assets 668,552,245 917,570,608 1,374,063,519Global High Income BondUSDNet Asset Value per ShareAC 10.5711.3412.61ACH EUR N/AN/A12.79ACH SGD N/A8.509.56AD N/AN/A12.61AMD 10.2110.3510.93AMH AUD N/AN/A10.64AMH EUR N/AN/A13.08AMH SGD N/A8.449.03EC N/AN/A9.99ECH EUR N/AN/A12.88IC N/AN/A10.33ICH EUR N/AN/A13.18ID N/AN/A12.52Total Net Assets 1,210,337,809 614,258,342 1,466,180,913228

Comparative Table of Net AssetsGlobal High Yield Bond (launched as at 20 July 2012)USDNet Asset Value per Shareat 31 March 2011 at 31 March 2012 at 31 March 2013AM N/AN/A10.54AM HKD N/AN/A1.36AMH AUD N/AN/A11.02AMH EUR N/AN/A13.51BC GBP N/AN/A16.54BD GBP N/AN/A16.54Total Net Assets N/A N/A 1,414,435,965Global Inflation Linked BondUSDNet Asset Value per ShareAC 103.39113.88120.66ACH EUR 146.96152.69155.26EC N/A113.65120.06IC 103.70114.68121.99ICH EUR 147.63154.22157.44ICH GBP 167.84185.52187.36ZC 104.01115.49123.34Total Net Assets 38,820,270 38,965,081 34,156,213India Fixed Income (launched as at 20 August 2012)USDNet Asset Value per ShareAC N/AN/A10.75AC EUR N/AN/A13.27AD N/AN/A9.95BC GBP N/AN/A16.48BD GBP N/AN/A16.48EC N/AN/A10.23IC N/AN/A10.79IC EUR N/AN/A13.10ZC N/AN/A10.83Total Net Assets N/A N/A 33,428,259229

Comparative Table of Net Assetsat 31 March 2011 at 31 March 2012 at 31 March 2013Latin American Local DebtUSDNet Asset Value per ShareAC N/A9.6710.30IC N/A9.7310.44ZC N/A9.7810.56Total Net Assets N/A 20,433,501 21,407,882RMB Fixed IncomeUSDNet Asset Value per ShareAC N/A10.2110.74AC EUR N/A13.3914.10AC RMB N/A1.591.67ACH EUR N/AN/A13.25AD N/A10.1410.64AD EUR N/A13.6914.34AD RMB N/AN/A1.66BC GBP N/AN/A16.33BD GBP N/AN/A16.33EC N/A10.1610.67ECH EUR N/AN/A13.07IC N/A10.2310.81ICH EUR N/AN/A13.17ID N/AN/A10.14ZC N/A10.2510.87ZD N/AN/A10.87Total Net Assets N/A 83,631,812 379,838,071230

Comparative Table of Net Assetsat 31 March 2011 at 31 March 2012 at 31 March 2013US Dollar BondUSDNet Asset Value per ShareAC 13.8014.7815.11AD 10.2810.5810.69BC GBP N/AN/A15.94BD GBP N/AN/A15.94EC 13.6314.5414.83IC 13.9114.9615.37ID N/AN/A15.37PC N/AN/A9.94PD 10.3210.6110.72WD 10.3710.6710.79ZC 14.4915.6516.13ZD 10.8811.1911.31Total Net Assets 95,003,755 137,451,375 109,956,228Euro ReserveEURNet Asset Value per ShareAC 17.2817.3517.36AD 15.4115.4715.45IC 17.2817.3717.38Total Net Assets 22,008,155 139,368,188 125,133,484Economic Scale Index GEM Equity (launched as at 20March 2013)USDNet Asset Value per ShareAC N/AN/A10.00IC N/AN/A9.99ZC N/AN/A9.99Total Net Assets N/A N/A 49,948,915231

Comparative Table of Net Assetsat 31 March 2011 at 31 March 2012 at 31 March 2013European Equity Absolute Return (liquidated as at 17December 2012)EURNet Asset Value per ShareL1CL1CH USDM1CM1CH GBPM1CH USDZC9.736.489.718.916.449.8710.407.3510.2710.057.2710.65N/AN/AN/AN/AN/AN/ATotal Net Assets 18,769,159 18,417,790 N/AGEM Debt Total ReturnUSDNet Asset Value per ShareJ1CH JPY N/A121.34111.37L1C 12.9913.5414.25L1CH EUR 12.8112.5412.68L1D 12.3912.5312.66L1DH EUR 12.8312.0911.75M1C 13.1113.6014.22M1CH EUR N/AN/A12.83M1D 12.2512.3212.42N1CH GBP N/AN/A15.21N1DH GBP N/AN/A15.21ZD 12.53N/A13.80ZDH EUR N/A13.7913.53Total Net Assets 1,098,763,853 1,129,434,604 1,712,908,513232

Comparative Table of Net Assetsat 31 March 2011 at 31 March 2012 at 31 March 2013GEM Equity Absolute Return (liquidated as at 17December 2012)USDNet Asset Value per ShareL1CL1CH EURM1CM1CH EURM1CH GBPM1DZC10.6815.5210.6215.3818.12N/A10.9110.2513.9510.1213.8217.5710.1210.57N/AN/AN/AN/AN/AN/AN/ATotal Net Assets 30,096,792 24,893,948 N/AGlobal CurrencyUSDNet Asset Value per ShareL1C 10.1910.3210.23L1CH CHF 10.4210.649.93L1CH EUR 14.9514.2613.52L1CH GBP 15.4315.5914.62L1CH JPY 115.12117.30100.90L1CH SEK1.541.51N/AM1C 9.489.549.40M1CH EUR 13.5112.7812.05M1CH GBP 15.8615.9214.84M1CH JPY114.25N/AN/AM1D 10.2010.2610.11M1H GBP15.32N/AN/ATotal Net Assets 84,761,711 62,284,768 52,265,223233

Comparative Table of Net Assetsat 31 March 2011 at 31 March 2012 at 31 March 2013Global Flex AllocationEURNet Asset Value per ShareAC N/AN/A105.32EC N/AN/A104.16IC N/AN/A107.05L1CM1CR1C99.2999.0798.95106.90105.90105.23ZC 99.48107.73108.54N/AN/AN/ATotal Net Assets 14,921,457 19,264,150 18,960,758Global MacroEURNet Asset Value per ShareL1C 118.97112.50113.42L1CH GBP 121.87122.18121.72L1CH SEK 129.06124.83135.12L1CH USD 125.18125.85132.58L1D 119.63113.12114.04L1DH GBP 121.98120.97120.86L1DH USD 98.1798.77104.05M1C 117.01109.98110.19M1CH CHF 77.4178.0276.94M1CH GBP 113.76113.21112.20M1CH NOK N/A113.54117.04M1CH SEK 127.41122.43131.85M1CH USD 109.02108.79114.05M1D 117.16110.12110.33M1H GBP 113.75113.30112.27M1DH SEK128.14R1C 100.2993.7993.54ZCH GBP 100.49101.75102.61Z1DH GBP115.63N/AN/AN/AN/ATotal Net Assets 630,916,883 211,900,604 78,677,955234

Comparative Table of Net Assetsat 31 March 2011 at 31 March 2012 at 31 March 2013Global Macro II (liquidated as at 29 May 2012)EURNet Asset Value per ShareL1CL1DL1DH GBPM1CM1DZC103.42N/A114.70103.08100.77103.9292.0892.07108.5091.1989.1593.48N/AN/AN/AN/AN/AN/ATotal Net Assets 32,182,463 8,927,052 N/AManaged Solutions - Asia Focused Conservative(launched as at 15 March 2013)USDNet Asset Value per ShareAC N/AN/A10.00AC HKD N/AN/A1.29ACH AUD N/AN/A10.44ACH EUR N/AN/A12.84ACH SGD N/AN/A8.06ZC N/AN/A10.01Total Net Assets N/A N/A 43,350,522Managed Solutions - Asia Focused Growth (launchedas at 15 March 2013)USDNet Asset Value per ShareAC N/AN/A10.06AC HKD N/AN/A1.30ACH AUD N/AN/A10.49ACH EUR N/AN/A12.91ACH SGD N/AN/A8.11Total Net Assets N/A N/A 135,417,297235

Comparative Table of Net AssetsManaged Solutions - Asia Focused Income (launchedas at 25 May 2012)USDNet Asset Value per Shareat 31 March 2011 at 31 March 2012 at 31 March 2013AC N/AN/A10.39ACH SGD N/AN/A8.37AM N/AN/A11.11AM HKD N/AN/A1.43AMH AUD N/AN/A10.41AMH EUR N/AN/A12.90AMH SGD N/AN/A8.23Total Net Assets N/A N/A 1,439,510,040236

Portfolio of Investments and Other Net Assets as at 31 March 2013Asia ex Japan EquityStatement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGSHARESBERMUDA ISLANDSDIGITAL CHINA HLD LTD 2,150,000 HKD 2,908,157 0.50HAIER ELECTRONICSGROUP CO. LTD 956,000 HKD 1,524,644 0.26LUK FOOK HOLDINGS (INT)LTD 1,324,000 HKD 4,246,952 0.73NOBLE GROUP LTD 6,360,000 SGD 6,228,764 1.09SKYWORTH DIGITAL HLDLTD 7,912,215 HKD 5,310,383 0.92YUE YUEN IND HLD LTD 1,053,000 HKD 3,431,934 0.5923,650,834 4.09CAYMAN ISLANDSAAC TECHNOLOGIE SHS 719,500 HKD 3,457,241 0.60CHAILEASE 1,159,000 TWD 3,217,020 0.56CHINA METAL RECYCLINGHOLDINGS 4,892,400 HKD 4,279,389 0.74CHINA SHANSHUI CEMENTGRP LTD 4,563,000 HKD 2,621,654 0.45GREENTOWN CHINAHOLDINGS LTD 2,339,500 HKD 4,400,134 0.76LONGFOR PPT 2,864,500 HKD 4,738,096 0.82MGM CHINA 2,168,400 HKD 4,637,005 0.80TPK HOLDINGS CO. 391,000 TWD 7,767,039 1.3435,117,578 6.07CHINABANK OF CHINA LTD -H- 26,009,000 HKD 12,061,913 2.09CHINA COMMUNICATIONSCONSTRUCTION -H- 4,520,000 HKD 4,204,029 0.73CHINA CONSTRUCTIONBANK CO. -H- 22,689,810 HKD 18,531,481 3.19CHINA NATIONAL BUILDINGMATERIAL -H- 3,710,000 HKD 4,669,372 0.81CHINA OILFIELD SERVICES -H- 1,788,000 HKD 3,745,227 0.65CHINA PETROLEUM & CHEMCORP. -H- 9,990,000 HKD 11,762,556 2.03CHONGQING RURAL SHS -H- 5,310,000 HKD 2,838,786 0.49GREAT WALL MOTOR CO.LTD -H- 968,500 HKD 3,281,296 0.57HUANENG POWERINTERNATIONAL -H- 5,116,000 HKD 5,456,962 0.94Description Quantity/ Currency Evaluation % netFaceassetsvalueIND & COM BOC -H- 22,009,235 HKD 15,423,889 2.67PICC PROPERTY &CASUALTY -H- 1,698,000 HKD 2,180,835 0.38SHIMAO PROPERTYHOLDING LTD -H- 2,640,000 HKD 5,067,342 0.8889,223,688 15.43HONG KONGAIA GROUP 2,278,000 HKD 9,977,522 1.73CHEUNG KONG HOLDINGS 634,000 HKD 9,359,743 1.62CHINA MOBILE LTD 1,655,500 HKD 17,530,368 3.03CHINA OVERSEASLAND&INVESTMENT 2,842,000 HKD 7,834,799 1.35CNOOC LTD 6,321,000 HKD 12,149,115 2.10THE WHARF HOLDING 1,026,425 HKD 9,150,048 1.5866,001,595 11.41INDONESIAPERUSAHAAN GAS NEGA -B- 7,768,000 IDR 4,756,459 0.82PT ALAM SUTERA REALTYTBK 51,527,104 IDR 5,673,840 0.98PT BANK MANDIRI PERSEROTBK 4,798,000 IDR 4,937,622 0.85PT BANK RAKYATINDONESIA 10,997,500 IDR 9,902,836 1.7225,270,757 4.37MALAYSIAAIRASIA BHD 3,743,900 MYR 3,457,951 0.60RHB CAPITAL BHD 2,437,640 MYR 6,793,740 1.1710,251,691 1.77SINGAPOREEZION HOLDINGS LTD 4,093,000 SGD 7,159,290 1.23STX OSV HOLDINGS 5,814,000 SGD 5,717,462 0.99UTD OVERSEAS BANK/LOCAL 199,000 SGD 3,269,081 0.5716,145,833 2.79SOUTH KOREABS FINL SHS 568,930 KRW 7,723,168 1.34DONGBU INSURANCE CO.LTD 72,882 KRW 3,108,968 0.54GRAND KOREA LEISURE CO.LTD 143,170 KRW 4,215,247 0.73HANKOOK TIRE CO. LTD 91,760 KRW 3,963,752 0.69HYUNDAI FIRE & MARINE INSCO. 197,360 KRW 5,651,038 0.98237

Portfolio of Investments and Other Net Assets as at 31 March 2013Asia ex Japan EquityStatement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueHYUNDAI HOME SHOPPINGNETWORK 25,744 KRW 3,205,424 0.55HYUNDAI MOTOR CO. LTD 61,135 KRW 12,283,641 2.11HYUNDAI WIA CORP. 29,349 KRW 4,353,484 0.75KIA MOTORS CORP. 117,351 KRW 5,918,469 1.02KOREA ZINC CO. LTD 16,287 KRW 5,190,594 0.90KT CORPORATION 95,100 KRW 3,000,871 0.52LG DISPLAY CO. LTD 150,630 KRW 4,373,949 0.76SAMSUNG ELECTRONICSCO. LTD 26,528 KRW 36,011,494 6.22SAMSUNG ELECTRONICSPREF. NON-VOT. 9,711 KRW 7,577,804 1.31SAMSUNG ENGINEERINGCO. LTD 46,656 KRW 5,368,799 0.93SK TELECOM CO. LTD 46,567 KRW 7,556,404 1.31S-OIL CORP. 79,094 KRW 6,641,254 1.15126,144,360 21.81TAIWANASUSTEK COMPUTER INC. 556,000 TWD 6,610,079 1.14CHENG SHIN RUBBERINDUSTRY CO 2,491,000 TWD 7,080,842 1.22HON HAI PRECISIONINDUSTRY CO. LTD 3,663,760 TWD 10,132,690 1.75QUANTA COMPUTER INC. 1,729,000 TWD 3,804,636 0.66RADIANT OPTOELECTRONICS CORP. 1,641,230 TWD 6,476,550 1.12TAIWAN SEMICONDUCTORMANUFACTURING 4,848,849 TWD 16,215,521 2.8150,320,318 8.70THAILANDKASIKORNBANK PUBLICCOMPANY FOR. REG 1,454,400 THB 10,379,649 1.79KRUNG THAI BANK/FOREIGN. REG. 10,052,800 THB 8,513,169 1.47PTT EXPLOR.& PROD./NON-VOT. 1,083,200 THB 5,492,723 0.95PTT GLOBAL PUBLIC COFOREI REG 2,684,112 THB 6,369,979 1.10PTT PLC CO. LTD /FOREIGNREG 663,100 THB 7,336,292 1.27THAI UNIONFROZEN/FOREIGN REG. 2,608,400 THB 5,655,884 0.9843,747,696 7.56TOTAL SHARES485,874,350 84.00Description Quantity/ Currency Evaluation % netFaceassetsvalueWARRANTS / EQUITY LINKED SECURITIESGERMANYDEUTSCHE BANK AG 07-02.01.17 WRT /CARN INDIA 640,000 USD 3,212,084 0.563,212,084 0.56GREAT BRITAINDB LN 07-06.11.17 /PNB 95,000 USD 1,262,902 0.22DB LN 08-12.08.18 CW/YESBK 689,300 USD 5,446,086 0.94DB LN 08-19.03.18CERT/RECL IN 1,113,852 USD 4,277,101 0.74DB LN 24.01.17 CW/CANADABK 674,000 USD 4,768,346 0.8215,754,435 2.72NETHERLANDSBNPP AR 05.05.15 CW/ARBP 1,356,500 USD 3,647,070 0.63JP MORGAN STRUCTURE08.09.14 CERT/TTMT 699,965 USD 3,470,491 0.60JPM STR 0% 15.01.18PNOTE/TMHAF 224,000 USD 4,365,760 0.75JPM STR 12-16.02.17CERT/HCLT 494,303 USD 7,239,034 1.26JPM STR 12-16.02.17/TTMT 565,035 USD 2,799,748 0.48JPM STR 13-18.01.18/GRASIM 86,173 USD 4,459,022 0.77JPM STR 16.01.18 /STERLITEIND 2,852,600 USD 4,906,472 0.85JPM STR 23.01.18CERT/TECHM 86,395 USD 1,686,202 0.29J.P.MORGAN SP 12-02.09.17/IBLFF 1,142,004 USD 5,704,310 0.99J.P.MORGAN SP 13-08.02.17/ONGC 654,200 USD 3,755,108 0.6542,033,217 7.27UNITED STATESCITIGP HLDG CW/NMDC 2,016,000 USD 5,092,416 0.88TOTAL WARRANTS / EQUITY LINKEDSECURITIES5,092,416 0.8866,092,15211.43238

Portfolio of Investments and Other Net Assets as at 31 March 2013Asia ex Japan EquityStatement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueGDR (Global Depositary Receipt)INDIAGRASIM INDUSTRIES /GDR144A 19,000 USD 984,668 0.17TOTAL GDR (Global Depositary Receipt)ADR (American Depositary Receipt)CAYMAN ISLANDS984,668 0.17984,6680.17NETEASE COM INC. / ADR 85,244 USD 4,670,519 0.81TOTAL ADR (American Depositary Receipt)TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING4,670,519 0.814,670,519557,621,6890.8196.41TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETSHARESSOUTH KOREACJ O SHOPPING CO LTD 14,897 KRW 3,946,741 0.68TOTAL SHARESTOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKETOTHER TRANSFERABLE SECURITIESWARRANTS / EQUITY LINKED SECURITIESGREAT BRITAIN3,946,741 0.683,946,7413,946,7410.680.68HSBC 12-06.07.22 CW /AXSB 360,367 USD 8,634,602 1.498,634,602 1.49TOTAL WARRANTS / EQUITY LINKEDSECURITIESGDR (Global Depositary Receipt)INDIA8,634,602 1.49RELIANCE INDUSTRIES /GDR2 SHS 144A 131,800 USD 3,753,089 0.653,753,089 0.65TOTAL GDR (Global Depositary Receipt)3,753,089 0.65TOTAL OTHER TRANSFERABLE SECURITIES 12,387,691 2.14TOTAL INVESTMENTS 573,956,121 99.23OTHER NET ASSETS LESS LIABILITIES 4,443,315 0.77Description Quantity/ Currency Evaluation % netFaceassetsvalueTOTAL NET ASSETS 578,399,436 100.00239

Portfolio of Investments and Other Net Assets as at 31 March 2013Asia ex Japan Equity Smaller CompaniesStatement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGSHARESBERMUDA ISLANDSCHINA SINGYES SOLARTECHN HO 800,000 HKD 665,752 0.86EMPEROR INTL HOLDINGSLTD 2,528,000 HKD 687,147 0.88FUJIKON INDUSTRIALHOLDINGS 964,000 HKD 449,548 0.58FUTURE BRIGHT HOLDINGS 7,566,000 HKD 2,348,947 3.01GEMDALE PROP AND INVCORP. LTD 8,380,000 HKD 831,237 1.07HSIN CHONGCONSTR.GROUP LTD 2,640,000 HKD 391,104 0.50MAN WAH HOLDINGS 1,552,800 HKD 1,484,258 1.91STELUX HOLDINGS INTL LTD 1,802,000 HKD 675,519 0.87VARITRONIX INTL LTD 698,000 HKD 403,731 0.527,937,243 10.20CAYMAN ISLANDSAAC TECHNOLOGIE SHS 194,500 HKD 934,584 1.20CHINA METAL RECYCLINGHOLDINGS 898,200 HKD 785,657 1.01CIMC ENRIC HOLDING 1,190,000 HKD 1,281,573 1.65FAR EAST CONSORTIUMINTL LTD 3,584,000 HKD 1,195,798 1.54FAR EAST GLOBAL GROUPLTD 2,504,000 HKD 780,620 1.00KINGBOARD LAMINATESHLDGS LTD 2,306,000 HKD 1,015,957 1.31LAI FUNG HOLDINGS 32,052,000 HKD 858,833 1.10LUEN THAI HOLDINGS LTD 9,110,000 HKD 2,840,035 3.64SAMSON HOLDING LTD 5,815,000 HKD 1,108,668 1.43TEXHONG TEXTILE GROUPLTD 2,126,000 HKD 2,023,940 2.59TONGDA GROUP HOLDINGSLTD 12,150,000 HKD 798,246 1.03TOP SPRING INTL -SHS- 763,000 HKD 564,191 0.73TRIGIANT GROUP 1,566,000 HKD 427,679 0.55VST HOLDINGS LTD 3,724,000 HKD 969,061 1.25XINCHEN CHINA POWERHOLDINGS 4,302,000 HKD 1,241,391 1.6016,826,233 21.63Description Quantity/ Currency Evaluation % netFaceassetsvalueCHINABJ JINGNENG -H- 4,850,000 HKD 1,493,240 1.91CHINA RAILWAYCONSTRUCTION CORP. -H- 685,000 HKD 649,469 0.842,142,709 2.75HONG KONGBEIJING DEVELOPMENT LTD 2,875,000 HKD 685,172 0.88CHINA POWER INTLDEVELOP.LTD 5,662,000 HKD 1,823,475 2.352,508,647 3.23INDONESIAPAKUWON JATI TBK PT 50,655,500 IDR 2,006,988 2.59PT ERAJAYA TBK 4,585,000 IDR 1,604,264 2.06PT HARUM ENERGY TBK 540,500 IDR 266,990 0.343,878,242 4.99MALAYSIAAIRASIA BHD 327,300 MYR 302,302 0.39BENALEC HOLDINGS BHD 1,688,100 MYR 654,196 0.84MAH SING GROUP BHD 2,242,966 MYR 1,680,503 2.162,637,001 3.39PHILIPPINESALLIANCE GLOBAL GROUPINC. 1,162,600 PHP 602,529 0.77BELLE CORPORATION 5,982,500 PHP 835,593 1.07CENTURY PROPERTIESGROUP INC. 22,882,000 PHP 1,188,685 1.53SEMIRARA MINING CORP. 183,780 PHP 1,204,194 1.563,831,001 4.93SINGAPOREEZION HOLDINGS LTD 1,502,000 SGD 2,627,230 3.38SOUTH KOREA2,627,230 3.38BS FINL SHS 53,330 KRW 723,949 0.93CJ HELLOVISION CO LTD 89,740 KRW 1,230,313 1.58FILA KOREA LTD 7,651 KRW 440,208 0.57GRAND KOREA LEISURE CO.LTD 49,490 KRW 1,457,097 1.88HYUNDAI DEVELOPMENTCO. ENGINEERING &CONSTRUCTION 36,600 KRW 812,714 1.04HYUNDAI HYSCO 9,210 KRW 282,755 0.36240

Portfolio of Investments and Other Net Assets as at 31 March 2013Asia ex Japan Equity Smaller CompaniesStatement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueKIWOOM SECURITIES CO.LTD 7,030 KRW 427,230 0.55KOH YOUNG TECHNOLOGYINC 47,483 KRW 1,391,603 1.79MERITZ FIRE & MARINEINSURANCE CO. 54,210 KRW 592,128 0.76SEAH BESTEEL CORP 21,520 KRW 636,499 0.827,994,496 10.28TAIWANCLEANAWAY COMPANYLIMITED 162,000 TWD 1,213,544 1.57E SUN FINANCIAL HOLDINGLTD 1,648,105 TWD 994,842 1.28FLEXIUM INTERCONNECTINC. 366,288 TWD 1,212,691 1.56HUAKU DEVELOPMENT CO.LTD 444,280 TWD 1,111,349 1.43PRINCE HOUSINGDEVELOPMENT CO. 1,225,103 TWD 866,513 1.11RADIANT OPTOELECTRONICS CORP. 302,170 TWD 1,192,410 1.53WT MICROELECTRO 702,468 TWD 819,869 1.057,411,218 9.53THAILANDANANDA DEVELOPMENTPCL-FOREIGN 10,123,000 THB 1,520,948 1.96ASIAN PROPERTYDEVELOPMENT PUBLIC /FOREIGN 3,683,480 THB 1,182,330 1.52BANGCHAK PETROLEUMPCL 584,600 THB 718,644 0.92ESSO THAILAND PUBLIC CO.LTD 1,904,500 THB 611,310 0.79SUPALAI PUBLIC CO. LTD/FOREIGN 822,000 THB 583,832 0.754,617,064 5.94VIRGIN ISLANDSHOLLYSYS AUTOM 58,600 USD 714,920 0.92TOTAL SHARESEXCHANGE TRADED FUNDSSINGAPORE714,920 0.9263,126,00481.17ISHARES MSCI INDIA ETF 160,200 USD 985,230 1.27985,230 1.27Description Quantity/ Currency Evaluation % netFaceassetsvalueUNITED STATESISHARES /MSCI ALL C AS EX-JP 15,743 USD 927,420 1.18ISHARES /MSCI INDO INVMKT IDX 20,259 USD 704,203 0.91ISHARES/MSCISINGAP.(FREE)IDX 41,109 USD 572,443 0.742,204,066 2.83TOTAL EXCHANGE TRADED FUNDS3,189,296 4.10WARRANTS / EQUITY LINKED SECURITIESMALAYSIAMAH SING 12 CW/MAH SING 306,039 MYR 46,452 0.0646,452 0.06NETHERLANDSBNP PARIBAS AR 05.05.15CW/INDIABULLS 281,945 USD 1,411,672 1.81BNPP AR 12-05.05.15CW/PLNG IN 391,300 USD 976,718 1.26BNPP AR 13-20.02.15CW/JPVL 1,321,000 USD 635,132 0.82JP MORGAN STRUCTURECW 07.02.17/INBK 199,743 USD 648,148 0.83JP MORGAN STRUCTURE06.10.14 CERT /INBK 79,546 USD 258,120 0.33JP MORGAN STRUCTURE15.09.14 CERT/HCLT 68,068 USD 996,851 1.28JPM STR 12-16.02.17CERT/HCLT 8,340 USD 122,139 0.165,048,780 6.49TOTAL WARRANTS / EQUITY LINKEDSECURITIESSADR (Sponsored American Dep. Receipt)CAYMAN ISLANDS5,095,232 6.55NQ MOBILE/A SPONS.ADR 5SHS A 88,000 USD 771,760 0.99TOTAL SADR (Sponsored American Dep.Receipt)TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING771,760 0.99771,76072,182,2920.9992.81241

Portfolio of Investments and Other Net Assets as at 31 March 2013Asia ex Japan Equity Smaller CompaniesStatement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETSHARESSOUTH KOREAGS HOME SHOPPING INC. 4,686 KRW 823,165 1.06SFA ENGINEERING CORP. 14,926 KRW 806,450 1.041,629,615 2.10TAIWANCHIPBOND TECHNOLOGY 695,000 TWD 1,573,496 2.02VANGUARD INTL.SEMICONDUCT 400,000 TWD 369,200 0.471,942,696 2.49TOTAL SHARES3,572,311 4.59TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET3,572,311 4.59OTHER TRANSFERABLE SECURITIESSHARESCAYMAN ISLANDSREAL GOLD MINING 527,500 HKD- 0.00- 0.00TOTAL SHARES- 0.00TOTAL OTHER TRANSFERABLE SECURITIES - 0.00TOTAL INVESTMENTS 75,754,603 97.40OTHER NET ASSETS LESS LIABILITIES 2,024,416 2.60TOTAL NET ASSETS 77,779,019 100.00242

Portfolio of Investments and Other Net Assets as at 31 March 2013Asia Pacific ex Japan Equity High DividendStatement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGSHARESAUSTRALIAANZ BANKING GROUP 171,029 AUD 5,087,078 2.81BHP BILLITON LTD 189,534 AUD 6,473,333 3.57CHALLENGER LTD 294,405 AUD 1,181,688 0.65CWTHBK OF AUSTRALIA 92,877 AUD 6,585,336 3.63FLIGHT CENTRE LIMITED 34,138 AUD 1,195,843 0.66GOODMAN GROUP 339,876 AUD 1,693,734 0.93INCITEC PIVOT LTD 429,496 AUD 1,383,613 0.76INSURANCE AUSTRALIAGROUP LTD 258,250 AUD 1,537,352 0.85LEIGHTON HLD LTD 67,413 AUD 1,443,580 0.80LEND LEASE GROUP 161,276 AUD 1,715,011 0.95METCASH LTD / DEFERREDDELIVERY 360,923 AUD 1,557,800 0.86MINERAL RESOURCES LTD 99,402 AUD 1,097,458 0.61NATIONAL AUSTRALIA BANKLTD 154,608 AUD 4,970,994 2.74RIO TINTO LIMITED 36,705 AUD 2,188,861 1.21TELSTRA CORPORATIONLTD 514,357 AUD 2,418,455 1.33WESTPAC BANKING CORP. 107,063 AUD 3,433,386 1.89WOOLWORTHS 100,733 AUD 3,548,598 1.9647,512,120 26.21BERMUDA ISLANDSCHEUNG KONGINFRASTRUCTURE HLD 241,000 HKD 1,653,205 0.90DIGITAL CHINA HLD LTD 666,000 HKD 900,852 0.50GIORDANO INTL LTD 882,000 HKD 879,427 0.49LUK FOOK HOLDINGS (INT)LTD 366,000 HKD 1,174,006 0.65SKYWORTH DIGITAL HLDLTD 1,563,489 HKD 1,049,355 0.58VTECH HLDGS SHS 124,500 HKD 1,518,029 0.847,174,874 3.96CAYMAN ISLANDSBOSIDENG INTERNATION.HLDG LTD 3,178,000 HKD 986,645 0.54CHAILEASE 449,000 TWD 1,246,284 0.69COUNTRY GARDENHOLDINGS 2,025,000 HKD 1,012,154 0.56Description Quantity/ Currency Evaluation % netFaceassetsvalueKWG PORPERTY HOLDINGLTD 1,412,000 HKD 884,018 0.49TPK HOLDINGS CO. 51,000 TWD 1,013,092 0.56XINYI GLASS HOLDING CO.LTD 1,728,000 HKD 1,219,872 0.676,362,065 3.51CHINABANK OF CHINA LTD -H- 5,997,500 HKD 2,781,396 1.53CHINA COMMUNICATIONSCONSTRUCTION -H- 689,000 HKD 640,835 0.35CHINA CONSTRUCTIONBANK CO. -H- 4,843,400 HKD 3,955,758 2.19CHINA PETROLEUM & CHEMCORP. -H- 2,022,000 HKD 2,380,770 1.31HUANENG POWERINTERNATIONAL -H- 1,384,000 HKD 1,476,238 0.81IND & COM BOC -H- 4,708,955 HKD 3,299,996 1.82JIANGSU EXPRESSWAY CO.H 1,142,000 HKD 1,143,081 0.63PETROCHINA CO. LTD /-H- 1,736,000 HKD 2,276,604 1.26ZHEJIANG EXPRESSWAYCO. LTD -H- 1,860,000 HKD 1,468,803 0.8119,423,481 10.71HONG KONGAIA GROUP 546,400 HKD 2,393,204 1.32CHEUNG KONG HOLDINGS 145,000 HKD 2,140,635 1.18CHINA MOBILE LTD 416,500 HKD 4,410,388 2.44CHINA OVERSEASLAND&INVESTMENT 522,000 HKD 1,439,045 0.79CNOOC LTD 1,272,000 HKD 2,444,815 1.35COSCO PACIFIC LTD 822,000 HKD 1,185,987 0.65HSBC HOLDINGS PLC 154,586 HKD 1,632,954 0.90SJM HOLDINGS LTD 823,000 HKD 2,054,677 1.13SWIRE PACIFIC LTD A 132,000 HKD 1,682,596 0.9319,384,301 10.69INDIARURAL ELECTRIFICATIONCORP LTD 235,757 INR 904,192 0.50904,192 0.50INDONESIAINDO TAMBANGRAYAMEGAH (ITM) 291,500 IDR 1,064,938 0.59PERUSAHAAN GAS NEGA -B- 2,937,500 IDR 1,798,674 0.99243

Portfolio of Investments and Other Net Assets as at 31 March 2013Asia Pacific ex Japan Equity High DividendStatement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueTELKOM INDONESIA S -B- 1,983,500 IDR 2,245,342 1.245,108,954 2.82MALAYSIABUMIPUTRA-COMMERCEHOLDINGS 662,600 MYR 1,636,973 0.90MALAYAN BANKING BERHAD 558,000 MYR 1,693,911 0.93UMW HOLDINGS 398,500 MYR 1,724,494 0.965,055,378 2.79SINGAPOREDBS GROUP HOLDINGS LTD 187,000 SGD 2,411,737 1.33JARDINE CYCLE &CARRIAGE LTD 42,000 SGD 1,730,986 0.95KEPPEL CORP. LTD 192,000 SGD 1,733,356 0.96KEPPEL LAND LTD 493,000 SGD 1,565,711 0.86SEMBCORP INDUSTRIESLTD 345,000 SGD 1,443,294 0.80UTD OVERSEAS BANK/LOCAL 138,000 SGD 2,267,001 1.2511,152,085 6.15SOUTH KOREABS FINL SHS 128,780 KRW 1,748,176 0.96GRAND KOREA LEISURE CO.LTD 43,770 KRW 1,288,687 0.71HYUNDAI FIRE & MARINE INSCO. 38,090 KRW 1,090,637 0.60HYUNDAI MOTOR CO. LTD 7,960 KRW 1,599,375 0.88KT CORPORATION 46,310 KRW 1,461,307 0.81KT&G CORPORATION 28,435 KRW 1,930,011 1.07SAMSUNG ELECTRONICSCO. LTD 4,890 KRW 6,638,127 3.67SK TELECOM CO. LTD 9,981 KRW 1,619,612 0.89S-OIL CORP. 14,094 KRW 1,183,425 0.6518,559,357 10.24TAIWANASUSTEK COMPUTER INC. 138,280 TWD 1,643,960 0.91CHENG SHIN RUBBERINDUSTRY CO 377,000 TWD 1,071,649 0.59FUBON FINANCIAL HOLDINGCO. LTD 1,174,000 TWD 1,678,404 0.93HUAKU DEVELOPMENT CO.LTD 372,000 TWD 930,544 0.51LITE-ON TECHNOLOGYCORP. 1,109,000 TWD 1,798,728 0.99Description Quantity/ Currency Evaluation % netFaceassetsvalueMEGA FINANCIAL HOLDINGCOMPANY 2,011,000 TWD 1,624,132 0.90QUANTA COMPUTER INC. 453,000 TWD 996,819 0.55RADIANT OPTOELECTRONICS CORP. 355,000 TWD 1,400,885 0.77TAIWAN SEMICONDUCTORMANUFACTURING 1,546,161 TWD 5,170,672 2.84WISTRON CORP. 888,495 TWD 971,617 0.5417,287,410 9.53THAILANDKRUNG THAI BANK/FOREIGN. REG. 1,916,400 THB 1,622,895 0.90PTT GLOBAL PUBLIC COFOREI REG 596,000 THB 1,414,437 0.78PTT PLC CO. LTD /FOREIGNREG 164,900 THB 1,824,392 1.01SHIN CORP.PUBLIC /NVDR 677,600 THB 1,839,472 1.00THAI UNION FROZEN/NVDEP.REC. 399,600 THB 866,466 0.487,567,662 4.17TOTAL SHARES165,491,879 91.28WARRANTS / EQUITY LINKED SECURITIESNETHERLANDSJP MORGAN STRUCTURE08.02.17 CW/ONGC 67,365 USD 386,001 0.21JP MORGAN STRUCTURE 11-18.01.16 CERT/CBK 144,826 USD 1,024,600 0.57JP MORGAN STRUCTURE15.09.14 CERT/HCLT 129,405 USD 1,895,128 1.04JP MORGAN STRUCTURE25.08.14 CERT/ONGC 261,947 USD 1,500,956 0.83JPM STR 0% 16.02.17PNOTE/CBL 39,240 USD 277,611 0.15JPM STR 09.01.28PNOTE/NMCD 408,000 USD 1,028,160 0.57J.P.MORGAN SP 12-02.09.17/IBLFF 347,501 USD 1,735,768 0.967,848,224 4.33TOTAL WARRANTS / EQUITY LINKEDSECURITIES7,848,224 4.33244

Portfolio of Investments and Other Net Assets as at 31 March 2013Asia Pacific ex Japan Equity High DividendStatement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueADR (American Depositary Receipt)CAYMAN ISLANDSNETEASE COM INC. / ADR 17,934 USD 982,604 0.54TOTAL ADR (American Depositary Receipt)TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGOTHER TRANSFERABLE SECURITIESWARRANTS / EQUITY LINKED SECURITIESGREAT BRITAIN982,604 0.54982,604174,322,7070.5496.15HSBC 12-06.07.22 CW /AXSB 99,087 USD 2,374,181 1.312,374,181 1.31TOTAL WARRANTS / EQUITY LINKEDSECURITIESRIGHTSTAIWAN2,374,181 1.31RIGHTS CHINATRUST FIN2013 247,321 TWD 23,159 0.0123,159 0.01TOTAL RIGHTS23,159 0.01TOTAL OTHER TRANSFERABLE SECURITIES 2,397,340 1.32TOTAL INVESTMENTS 176,720,047 97.47OTHER NET ASSETS LESS LIABILITIES 4,596,049 2.53TOTAL NET ASSETS 181,316,096 100.00245

Portfolio of Investments and Other Net Assets as at 31 March 2013BRIC EquityStatement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGSHARESBERMUDA ISLANDSCHINA SINGYES SOLARTECHN HO 3,453,000 HKD 2,873,552 0.262,873,552 0.26BRAZILBANCO DO BRASIL SA 1,179,277 BRL 16,019,253 1.47MRV ENGHENHARIA 2,524,200 BRL 10,465,607 0.96PDG REALTY SA 7,172,100 BRL 11,062,190 1.02PETROBRAS PETROLEOBRASILEIRO 1,093,994 BRL 9,055,359 0.83PETROLEO BRASILEIRO/PREF. 1,867,800 BRL 16,961,065 1.56VALE RIO DOCE /NAM. 496,670 BRL 8,584,304 0.7972,147,778 6.63CAYMAN ISLANDSKWG PORPERTY HOLDINGLTD 11,666,000 HKD 7,303,790 0.67SUNAC CHINA HOLDINGSLTD 18,397,000 HKD 12,963,563 1.19TENCENT HOLDINGS 456,300 HKD 14,507,268 1.33WISON ENGINEERINGSERVICES LTD 1,406,000 HKD 661,102 0.0635,435,723 3.25CHINABANK OF CHINA LTD -H- 52,849,800 HKD 24,509,581 2.25BBMG -H- 13,408,000 HKD 10,933,463 1.00CHINA CITIC BANK -H- 6,311,000 HKD 3,788,560 0.35CHINA COMMUNICATIONSCONSTRUCTION -H- 9,031,000 HKD 8,399,687 0.77CHINA COMMUNICATIONSSERVICES -H- 17,392,000 HKD 11,224,766 1.03CHINA CONSTRUCTIONBANK CO. -H- 42,303,640 HKD 34,550,715 3.18CHINA MINSHENG BK -H- 6,872,500 HKD 8,755,906 0.80CHINA NATIONAL BUILDINGMATERIAL -H- 4,430,000 HKD 5,575,558 0.51CHINA OILFIELD SERVICES -H- 4,530,000 HKD 9,488,745 0.87CHINA PETROLEUM & CHEMCORP. -H- 19,742,000 HKD 23,244,884 2.14Description Quantity/ Currency Evaluation % netFaceassetsvalueCHINA RAILWAYCONSTRUCTION CORP. -H- 8,050,500 HKD 7,632,920 0.70CHINA RAILWAY GROUPLTD-H- 19,291,000 HKD 9,816,166 0.90CHINA SOUTHERN AIRLINES-H- 11,524,000 HKD 6,576,533 0.60CHINA SUNTIEN -H- 25,754,000 HKD 7,033,485 0.65DATANG INT. POWERGENERATION -H- 11,396,000 HKD 5,035,430 0.46DONGFENG MOTOR -H- 5,038,000 HKD 7,074,157 0.65IND & COM BOC -H- 33,656,595 HKD 23,586,262 2.17PETROCHINA CO. LTD /-H- 10,746,000 HKD 14,092,390 1.29PICC PROPERTY &CASUALTY -H- 6,912,000 HKD 8,877,464 0.82ZIJIN MINING GROUP -H- 6,526,000 HKD 2,152,172 0.20232,348,844 21.34FEDERATION OF RUSSIAAK SBEREGATELNY BANKSBERBANK 18,814,710 USD 59,731,454 5.49GAZPROM OAO 9,903,932 USD 42,461,653 3.90MMC NORILSK NICKEL 22,545 USD 3,800,015 0.35105,993,122 9.74HONG KONGCHINA MOBILE LTD 1,576,000 HKD 16,688,528 1.53CHINA POWER INTLDEVELOP.LTD 36,704,000 HKD 11,820,707 1.09CNOOC LTD 5,515,000 HKD 10,599,964 0.97FRANSHION PROP. 22,142,000 HKD 7,245,037 0.67KINGBOARD CHEMICALSHOLDINGS 1,876,000 HKD 5,340,909 0.49MINMETALS RESOURCES 15,508,000 HKD 5,693,649 0.5257,388,794 5.27INDIABANK OF BARODA /DEMAT. 640,391 INR 7,986,215 0.73CANARA BANK /DEMAT. 843,155 INR 5,957,848 0.55INDIABULLS POWER 9,254,764 INR 1,404,797 0.13IRB INFRASTRUCTUREDEVELOPERS 1,800,676 INR 3,758,671 0.35JINDAL STEEL & POWER/DEMAT. 1,211,810 INR 7,753,466 0.71LIC HSG FINANCE 1,538,501 INR 6,366,217 0.58MARUTI SUZUKI INDIA LTD 452,196 INR 10,659,525 0.98NMDC 6,634,165 INR 16,734,700 1.54246

Portfolio of Investments and Other Net Assets as at 31 March 2013BRIC EquityStatement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueOIL & NATURAL GAS CORP.LTD 3,989,427 INR 22,857,218 2.10STERLITE IND(INDIA) SHS 10,413,896 INR 17,953,414 1.65TATA MOTORS LTD -A- 7,376,534 INR 20,731,360 1.90TECH MAHINDRA LTD/DEMAT. 527,919 INR 10,291,116 0.95132,454,547 12.17JERSEYUNITED COMPANY RUSALPLC 7,024,000 HKD 3,519,850 0.32TOTAL SHARESWARRANTS / EQUITY LINKED SECURITIES3,519,850 0.32642,162,21058.98CAYMAN ISLANDSMOR ST AS 09-15.04.14CW/STLT IN 7,918,161 USD 13,667,340 1.25MOR ST AS 11-26.04.16CW/IBULL 2,121,749 USD 10,643,966 0.9824,311,306 2.23GERMANYDT BK AG 07-17.01.17WRT/SATYAM 585,344 USD 1,385,334 0.131,385,334 0.13GREAT BRITAINDB LN 24.01.17 CW/CANADABK 1,819,328 USD 12,871,195 1.19DEUT.BK LDN 06.02.17WRT/NTPC 1,814,900 USD 4,745,787 0.44HSBC BANK 13.07.20CW/LICHF 1,871,582 USD 7,753,869 0.71HSBC 09-02.12.19 CW/JSP 884,331 USD 5,665,029 0.52HSBC 09-19.11.19 CERT/FGB 1,222,187 USD 7,010,943 0.64RBS 12-09.07.15 CERT / JSP 1,329,866 USD 8,519,128 0.7846,565,951 4.28NETHERLANDSBNPP AR 13-20.02.15CW/JPVL 11,252,475 USD 5,410,145 0.49JP MORGAN STRUCTURE08.02.17 CW/ONGC 882,126 USD 5,054,582 0.46JP MORGAN STRUCTURE13.10.14 WRT/IBPOW 6,203,912 USD 942,846 0.09JP MORGAN STRUCTURE25.08.14 CERT/ONGC 284,433 USD 1,629,801 0.15Description Quantity/ Currency Evaluation % netFaceassetsvalueJPM STR 0% 15.01.18PNOTE/TMHAF 223,852 USD 4,362,875 0.40JPM STR 12-31.07.17CERT/INIP 10,447,463 USD 835,797 0.08JPM STR 23.01.18CERT/TECHM 87,265 USD 1,703,183 0.1619,939,229 1.83UNITED STATESCITIGP HLDG CW/NMDC 3,219,885 USD 8,133,430 0.758,133,430 0.75TOTAL WARRANTS / EQUITY LINKEDSECURITIESSADR (Sponsored American Dep. Receipt)BRAZILPETROLEO BRASILEIRO100,335,250 9.22/SADR 378,050 USD 6,249,167 0.57VALE /SADR 755,334 USD 13,052,171 1.2019,301,338 1.77FEDERATION OF RUSSIAGAZPROM OAO /SADR REGS 2,987,081 USD 25,539,543 2.35LUKOIL /SADR (REP.1 SHS.) 843,667 USD 54,332,154 4.98MMC NORILSK NICKEL/SADR 836,377 USD 14,126,408 1.30MOBILE TELESYSTEMSOJS/SADR 906,139 USD 18,702,709 1.72112,700,814 10.35NETHERLANDSNORD GOLD NV /SADR 2,099,385 USD 8,143,514 0.758,143,514 0.75TOTAL SADR (Sponsored American Dep.Receipt)GDR (Global Depositary Receipt)CYPRUS140,145,666 12.87GLOBALTRANS INVESTMENTPLC GDR 629,295 USD 9,968,033 0.92FEDERATION OF RUSSIA9,968,033 0.92AFK SISTEMA / SGDR 609,482 USD 11,190,090 1.03CHERKIZOVO GROUP /SGDR 396,975 USD 4,545,364 0.42OAO TATFNEFT /SGDR REPG REG.S 491,207 USD 19,441,973 1.79ROSNEFT OIL COMPANYOJSC /SGDR 3,312,750 USD 25,267,754 2.31247

Portfolio of Investments and Other Net Assets as at 31 March 2013BRIC EquityStatement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueVNESHTORGBANK SGDR 1,775,537 USD 5,550,027 0.5165,995,208 6.06INDIAFINANCIAL TECHNOLOGIES/GDR 3 USD6 0.00TOTAL GDR (Global Depositary Receipt)PREFERENTIAL SHARESBRAZIL75,963,2476 0.006.98BANRISUL PNB -B- /PREF 1,238,322 BRL 10,710,616 0.98BRADESPAR SABRASIL/PREF. 1,105,900 BRL 14,336,920 1.31CIA ENERGET. MIN. GERAIS/PRIV. 1,167,900 BRL 13,571,015 1.25CIA VALE DO RIO DOCE A/PREF. 616,906 BRL 10,203,501 0.94ITAU HOLDING /PREF 449,900 BRL 7,914,283 0.7356,736,335 5.21TOTAL PREFERENTIAL SHARES56,736,335 5.21ADR (American Depositary Receipt)BRAZILITAU HOLDING ITAU / PFD. /SADR 1,074,912 USD 18,918,451 1.74TOTAL ADR (American Depositary Receipt)TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING18,918,451 1.7418,918,4511,034,261,1591.7495.00TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETSHARESFEDERATION OF RUSSIAAEROFLOT MOSCOW 3,874,902 USD 6,509,177 0.60RUSHYDRO OJSC 9 USD- 0.00TNK-BP HOLDING 2,189,563 USD 2,656,754 0.249,165,931 0.84TOTAL SHARES9,165,931 0.84TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET9,165,931 0.84Description Quantity/ Currency Evaluation % netFaceassetsvalueOTHER TRANSFERABLE SECURITIESSHARESINDIAINDIABULLS HOUSINGFINANCE LTD 1,805,606 INR 9,029,562 0.839,029,562 0.83TOTAL SHARESINVESTMENT FUNDSSINGAPOREINDIABULLS PROPERTIES9,029,562 0.83INVESTMENT TRUST 19,571,000 SGD 1,719,523 0.161,719,523 0.16TOTAL INVESTMENT FUNDS1,719,523 0.16WARRANTS / EQUITY LINKED SECURITIESCAYMAN ISLANDSMOR ST AS 12.11.14CW/BKBAF 62,677 USD 779,811 0.07779,811 0.07GREAT BRITAINHSBC 01.02.23 CW/OIL INDIA 1,853,338 USD 17,437,457 1.60HSBC 10-27.05.20 CW/IRB 3,610,459 USD 7,567,522 0.7025,004,979 2.30NETHERLANDSBNPP AR 01.04.15 CW/NJSP 93,160 USD 596,783 0.05596,783 0.05TOTAL WARRANTS / EQUITY LINKEDSECURITIES26,381,573 2.42TOTAL OTHER TRANSFERABLE SECURITIES 37,130,658 3.41TOTAL INVESTMENTS 1,080,557,748 99.25OTHER NET ASSETS LESS LIABILITIES 8,176,231 0.75TOTAL NET ASSETS 1,088,733,979 100.00248

Portfolio of Investments and Other Net Assets as at 31 March 2013BRIC MarketsStatement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGSHARESBERMUDA ISLANDSBRILLIANCE CHINAAUTOMOTIVE 22,000 HKD 25,846 0.15GOME ELECTRICALAPPLIANCE HOLDING 131,000 HKD 14,344 0.09HUABA0 INTERNATIONAL 25,000 HKD 10,853 0.06KUNLUN ENERGY COMPANYLTD 16,000 HKD 34,008 0.2185,051 0.51BRAZILALL AMERICA /CONV 7,100 BRL 35,363 0.21AMBEV CIA DE BEDIDAS DASAM 1,100 BRL 44,748 0.27BANCO BRADESCO SA 5,060 BRL 85,408 0.51BANCO DO BRASIL SA 4,700 BRL 62,783 0.38BM&F BOVESPA BOLSA DEVALORES 17,300 BRL 115,893 0.69BR MALLS PARTICIPAES SA 4,000 BRL 49,361 0.30BR PROPERTIES 1,500 BRL 17,058 0.10BRF FOODS 5,300 BRL 117,094 0.70CIA DE CONCESSOESRODOVIARIAS 10,000 BRL 99,615 0.60CIELO 2,695 BRL 78,545 0.47COSAN SA INDUSTRIA ECOMERCIO 1,400 BRL 32,105 0.19CPFL ENERGIA SA 1,900 BRL 19,719 0.12CYRELA BRAZIL REALTY SA 2,700 BRL 22,190 0.13DIAGNOST DA AMERICA SABRL 5,000 BRL 28,454 0.17DURATEX 3,220 BRL 25,584 0.15EDP-ENERGIAS DO BRASILSA 1,800 BRL 11,397 0.07ELETROBRAS. CENTR.ELETR. BRASIL 2,141 BRL 6,645 0.04ELETROBRAS. EL.BRASIL./PREF. -B- 1,900 BRL 10,313 0.06FIBRIA 1,700 BRL 19,881 0.12HYPERMARCAS SA 2,300 BRL 18,845 0.11INVESTIMENTOS ITAU/PREF. 21,227 BRL 108,783 0.65JBS AS 5,100 BRL 17,272 0.10Description Quantity/ Currency EvaluationFace% netassetsvalueLOJAS RENNER SA 1,200 BRL 45,193 0.27METALURGICA GERDAU/PREF. 2,400 BRL 23,085 0.14MRV ENGHENHARIA 2,400 BRL 10,118 0.06NATURA COSMETICOS SA 1,400 BRL 33,232 0.20OGX PETROLEO E GASPARTICIP SA 10,800 BRL 12,818 0.08OI 1,849 BRL 6,363 0.04PDG REALTY SA 9,100 BRL 14,144 0.08SOUZA CRUZ 3,300 BRL 47,622 0.29WEG 1,800 BRL 23,267 0.141,242,898 7.44CAYMAN ISLANDSANTA SPORTS PRODUCTSLTD 40,000 HKD 34,214 0.20BELLE INTERNATIONALHOLDING LTD 38,000 HKD 63,147 0.38COUNTRY GARDENHOLDINGS 57,701 HKD 28,840 0.17ENN ENERGY HOLDINGS 8,000 HKD 44,314 0.27EVERGRANDE REAL 50,000 HKD 20,160 0.12GCL-POLY ENERGYHOLDINGS LTD 76,000 HKD 15,469 0.09HENGAN INTL GROUP 6,000 HKD 58,703 0.35PARKSON RETAIL GROUPLTD 22,500 HKD 13,391 0.08SOHO CHINA LTD 24,000 HKD 20,034 0.12TENCENT HOLDINGS 6,500 HKD 206,651 1.24TINGYI HOLDING CORP. 14,000 HKD 36,520 0.22WANT WANT CHINAHOLDINGS LTD 42,000 HKD 64,384 0.39605,827 3.63CHINAAGILE PROPERTYHOLDINGS LTD 16,000 HKD 19,065 0.11AGRICULT BANK CHINA /-H-SHARES 130,000 HKD 62,297 0.37AIR CHINA LTD -H- 16,000 HKD 14,222 0.09ALUMINIUM CORP. OF CHINA-H- 36,000 HKD 13,866 0.08ANGANG STEEL COMPANYLTD -H- 14,000 HKD 7,665 0.05ANHUI CONCH CEMENT CO.-H- 12,000 HKD 39,805 0.24BANK OF CHINA LTD -H- 498,400 HKD 231,132 1.39249

Portfolio of Investments and Other Net Assets as at 31 March 2013BRIC MarketsStatement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueBANK OF COMMUNICATIONSCO. -H- 52,198 HKD 39,067 0.23BEIJING CAPITALINTERNATIONAL AIRPORT -H- 14,000 HKD 10,190 0.06BYD COMPANY LIMITED -H- 8,000 HKD 25,506 0.15CHINA CITIC BANK -H- 57,200 HKD 34,337 0.21CHINA COAL ENERGY CO.LTD -H- 30,000 HKD 26,743 0.16CHINA COMMUNICATIONSCONSTRUCTION -H- 37,000 HKD 34,413 0.21CHINA COMMUNICATIONSSERVICES -H- 16,800 HKD 10,842 0.06CHINA CONSTRUCTIONBANK CO. -H- 461,850 HKD 377,198 2.27CHINA COSCO HOLDINGS -H- 20,000 HKD 9,430 0.06CHINA LIFE INSURANCE CO.LTD -H- 52,000 HKD 134,642 0.81CHINA MENGNIU DAIRY CO.LTD -H- 10,000 HKD 28,727 0.17CHINA MERCHANTS BANK -H- 27,723 HKD 58,711 0.35CHINA MINSHENG BK -H- 28,000 HKD 35,673 0.21CHINA NATIONAL BUILDINGMATERIAL -H- 28,000 HKD 35,240 0.21CHINA OILFIELD SERVICES -H- 12,000 HKD 25,135 0.15CHINA PACI INSU (GROUP)LTD -H- 12,400 HKD 40,812 0.24CHINA PETROLEUM & CHEMCORP. -H- 112,000 HKD 131,869 0.79CHINA RAILWAYCONSTRUCTION CORP. -H- 18,000 HKD 17,066 0.10CHINA RAILWAY GROUPLTD-H- 43,000 HKD 21,880 0.13CHINA RESOURCES LAND -H- 18,000 HKD 50,317 0.30CHINA SHENHUA ENERGYCO. -H- 21,500 HKD 78,103 0.47CHINA SHIPPINGCONTAINER -H- 39,100 HKD 10,577 0.06CHINA SHIPPINGDEVELOPMENT -H- 12,000 HKD 5,828 0.03CHINA SOUTH LOCOMOTIVE-H- 14,800 HKD 10,505 0.06CHINA SOUTHERN AIRLINES-H- 20,000 HKD 11,413 0.07CHINA TELECOM CORP. LTD-H- 96,700 HKD 48,706 0.29Description Quantity/ Currency Evaluation % netFaceassetsvalueCITIC SECURITIES -H-SHARES 6,500 HKD 14,050 0.08DATANG INT. POWERGENERATION -H- 50,000 HKD 22,092 0.13DONGFENG MOTOR -H- 26,000 HKD 36,507 0.22GUANGZHOU AUTO -H- 23,374 HKD 19,782 0.12GUANGZHOU R&FPROPERTY -H- /NEW 12,000 HKD 20,127 0.12HUANENG POWERINTERNATIONAL -H- 34,000 HKD 36,265 0.22IND & COM BOC -H- 428,300 HKD 300,142 1.81INNER MONG. YITAI COALCO. B -H- 4,300 USD 24,970 0.15JIANGXI COPPER CO. LTD -H- 15,800 HKD 34,886 0.21NINE DRAGONS PAPERHOLDINGS LTD-H- 21,000 HKD 19,721 0.12PETROCHINA CO. LTD /-H- 139,200 HKD 182,544 1.09PICC GRP CN SHS -H- 25,000 HKD 13,301 0.08PICC PROPERTY &CASUALTY -H- 19,800 HKD 25,430 0.15PING AN INSURANCE GRPCO. -H- 11,800 HKD 91,508 0.55SHANGHAI ELECTRICGROUP CO. -H- 38,000 HKD 14,783 0.09SHIMAO PROPERTYHOLDING LTD -H- 11,500 HKD 22,073 0.13SINOPHARM GROUP CO. -H- 8,000 HKD 25,815 0.15TSINGTAO BREWERY CO.LTD -H- 2,000 HKD 12,753 0.08WEICHAI POWER CO LTD /-H- 3,600 HKD 11,988 0.07YANZHOU COAL MINING CO.-H- 14,000 HKD 18,864 0.11ZHEJIANG EXPRESSWAYCO. LTD -H- 12,000 HKD 9,476 0.06ZIJIN MINING GROUP -H- 68,000 HKD 22,425 0.13ZOOMLION HEAVY SHS -H- 12,800 HKD 15,450 0.09ZTE CORP. -H- 3,920 HKD 6,767 0.042,702,701 16.18FEDERATION OF RUSSIAAK SBEREGATELNY BANKSBERBANK 147,008 USD 462,850 2.77462,850 2.77HONG KONGBEIJING ENTERPRISESHOLDING LTD 4,500 HKD 34,665 0.21250

Portfolio of Investments and Other Net Assets as at 31 March 2013BRIC MarketsStatement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueCHINA EVERBRIGHT LTD 12,000 HKD 19,045 0.11CHINA INSURANCEINTERNATIONAL HOLDING 6,400 HKD 10,932 0.07CHINA MERCHANTSHOLDINGS 8,323 HKD 27,286 0.16CHINA MOBILE LTD 38,900 HKD 411,909 2.47CHINA OVERSEASLAND&INVESTMENT 26,341 HKD 72,615 0.43CHINA RESOURCESENTERPRISE LTD 12,000 HKD 35,554 0.21CHINA RESOURCES POWERHOLDINGS 14,200 HKD 42,530 0.25CHINA UNICO (HK) 32,486 HKD 43,522 0.26CITIC PACIFIC LTD 11,000 HKD 14,283 0.09CNOOC LTD 110,200 HKD 211,802 1.27COSCO PACIFIC LTD 12,226 HKD 17,639 0.11FUSHAN INTERNAT ENERGYGROUP 38,000 HKD 16,937 0.10KINGBOARD CHEMICALSHOLDINGS 4,000 HKD 11,388 0.07LENOVO GROUP LTD 44,000 HKD 43,701 0.26SHANGHAI INDUSTRIALHOLDINGS 6,000 HKD 18,859 0.111,032,667 6.18INDIAACC LTD /DEMAT. 809 INR 17,268 0.10ADANI ENTERPRISESLTD/DEMAT. 3,520 INR 13,139 0.08ADITYA BIRLA NUVO LTD /DEMATER. 700 INR 12,559 0.08AMBUJA CEMENTSLTD/DEMAT. 9,800 INR 31,377 0.19ASIAN PAINTS/DEMATERIALISED 500 INR 45,216 0.27AXIS BANK LTD/DEMAT. 4,185 INR 100,279 0.60BAJAJ AUTO LTD 1,400 INR 45,853 0.27BANK OF BARODA /DEMAT. 1,300 INR 16,180 0.10BHARAT HEAVY ELECTRICAL 9,895 INR 32,446 0.19BHARATPETROLEUM/DEMAT. 2,726 INR 18,861 0.11BHARTI AIRTEL LTD/DEMAT. 10,500 INR 56,417 0.34CAIRN INDIA LIMITED 7,500 INR 37,773 0.23CANARA BANK /DEMAT. 1,500 INR 10,558 0.06CIPLA LTD /DEMAT. 5,131 INR 35,968 0.22COAL INDIA 7,800 INR 44,350 0.27DLF LIMITED 6,709 INR 29,277 0.18Description Quantity/ Currency EvaluationFace% netassetsvalueGODREJ CONSUMER PR /DEMAT 3,000 INR 42,782 0.26HCL TECHNOLOGIES/DEMAT. 2,550 INR 37,545 0.22HERO HONDA MOTORS/DEMAT. 982 INR 27,846 0.17HINDALCO INDUSTRIES /DEMAT. 17,790 INR 29,969 0.18HOUSING DEVT FIN CORP. 22,215 INR 336,178 2.01INFRASTRUCTUREDEVELOPMENT FINANCE/DEMAT. 19,388 INR 51,141 0.31ITC LTD /DEMAT. 34,910 INR 198,976 1.19JAIPRAKASH ASSOCIATIONLTD 15,085 INR 18,279 0.11JINDAL STEEL & POWER/DEMAT. 6,364 INR 41,045 0.25JSW STEEL LTD / DEMAT. 1,434 INR 17,353 0.10KOTAK MAHIND 4,696 INR 56,686 0.34LIC HSG FINANCE 4,500 INR 18,660 0.11LUPIN LTD 2,200 INR 25,354 0.15MAHINDRA & MAHINDRA 4,194 INR 66,474 0.40NTPC LTD / DEMAT. 8,883 INR 23,178 0.14OIL & NATURAL GAS CORP.LTD 12,286 INR 70,592 0.42PIRAMAL HEALTHCARE LTD 1,184 INR 13,261 0.08POWER GRID CORP. OFINDIA LTD 17,400 INR 33,795 0.20RELIANCE CAPITAL LTD/DEMAT. 1,671 INR 9,624 0.06RELIANCECOMMUNICATIONS /DEMAT. 13,912 INR 14,144 0.08RELIANCEINFRASTRUCTURE LTD 1,759 INR 10,542 0.06RELIANCE POWER LTD 9,000 INR 10,235 0.06RURAL ELECTRIFICATIONCORP LTD 4,600 INR 17,881 0.11SESA GOA LTD /DEMAT. 5,837 INR 16,734 0.10SHRIRAM TRANSPORTFINANCE 2,000 INR 25,576 0.15SIEMENS LTD /DEMAT. 769 INR 7,783 0.05SUN PHARMACEUTICAL SHS 4,735 INR 71,446 0.43TATA CONSULTANCYSERVICES /DEMAT. 7,580 INR 219,519 1.31TATA POWER CO LTD 15,430 INR 27,257 0.16TATA STEEL LTD /DEMAT. 4,864 INR 27,952 0.17ULTRA TECH CEMENT LTD 650 INR 22,534 0.13251

Portfolio of Investments and Other Net Assets as at 31 March 2013BRIC MarketsStatement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueUNITECH LTD /DEMAT. 26,100 INR 11,382 0.07UNITED SPIRITS LIMITED/DEMAT. 1,369 INR 47,873 0.29ZEE ENTERTAINMENTENTERPRISE LTD /DEMAT. 6,964 INR 27,039 0.162,224,156 13.32VIRGIN ISLANDSSINO-OCEAN LANDHOLDINGS LTD 33,061 HKD 19,932 0.12TOTAL SHARESEXCHANGE TRADED FUNDSIRELAND19,932 0.128,376,08250.15HSBC MSCI CHINA USD 13,000 USD 78,260 0.47HSBC MSCI RUS C USD/DISETF 12,000 USD 158,580 0.95236,840 1.42TOTAL EXCHANGE TRADED FUNDS236,840 1.42WARRANTS / EQUITY LINKED SECURITIESGREAT BRITAINBARCLAYS BANK 6-36-A-WRT/MSCI INC. 2,000 USD 113,740 0.68DEUTSCHE BANK LN30.01.17 WRT /HIND.LEV 15,300 USD 131,422 0.79245,162 1.47TOTAL WARRANTS / EQUITY LINKEDSECURITIES245,162 1.47UNIT SHARESBRAZILSANTANDERBR/UNITS(55SH+50PFD) 6,000 BRL 42,875 0.26TOTAL - UNIT SHARESSADR (Sponsored American Dep. Receipt)BRAZIL42,875 0.2642,8750.26BANCO BRADESCO /SADR 16,990 USD 282,884 1.69BRASIL TELECOM SA ADR 6,774 USD 20,322 0.12CEMIG /SADR 4,003 USD 46,475 0.28CIA SIDER. NAC/SADR(REP.1SH) 6,600 USD 29,832 0.18COPEL /SADR (1000 PREF.B) 1,114 USD 16,833 0.10Description Quantity/ Currency EvaluationFace% netassetsvalueEMBRAER SA /SADR 1,100 USD 38,786 0.23GERDAU SA SADR PREF.SHS 6,900 USD 53,544 0.32OI SADR 375 USD 1,275 0.01PETROBRAS /SADR 16,700 USD 305,776 1.83PETROLEO BRASILEIRO/SADR 12,100 USD 202,675 1.21SABESP /SADR 1,000 USD 47,010 0.28TIM PARTICIPACOES SASADR 808 USD 17,639 0.11TRACTEBEL ENERGIA SA/SADR 1,500 USD 24,855 0.15ULTRAPAR PARTICIPATION/SADR PREF. 2,800 USD 70,504 0.42USIMINAS -A- SADR (10000PREF. REGS) 4,000 USD 21,000 0.13VALE / -A- /SADR 16,050 USD 266,430 1.60VALE /SADR 10,400 USD 180,960 1.081,626,800 9.74FEDERATION OF RUSSIAGAZPROM OAO /SADR REGS 84,460 USD 737,335 4.41JSC SURGUTNEFTEGAZ/SADR 16,150 USD 141,427 0.85JSC SURGUTNEFTEGAZ/SADR PREF. 14,900 USD 102,512 0.61LUKOIL /SADR (REP.1 SHS.) 8,620 USD 545,106 3.26MMC NORILSK NICKEL/SADR 10,800 USD 177,911 1.07MOBILE TELESYSTEMSOJS/SADR 11,233 USD 232,748 1.39ROSTELECOM /SADR REP. 6SHS 4,840 USD 115,144 0.692,052,183 12.28INDIAICICI BANK /SADR 3,410 USD 140,356 0.84INFOSYS TECHNOLOGIES /SADR 6,830 USD 360,146 2.16WIPRO LTD /SADR 7,500 USD 73,575 0.44574,077 3.44TOTAL SADR (Sponsored American Dep.Receipt)GDR (Global Depositary Receipt)FEDERATION OF RUSSIA4,253,060 25.46AFK SISTEMA / SGDR 2,927 USD 52,745 0.32252

Portfolio of Investments and Other Net Assets as at 31 March 2013BRIC MarketsStatement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueGROUPE LSR /SGDR REPR.SREG S 7,600 USD 31,076 0.19MAGNIT JSC 5,950 USD 258,289 1.55MEGAFON OJSC /GDR 2,200 USD 68,134 0.41NOVATEK OAO /SGDR 2,062 USD 220,428 1.32NOVOLIPETSK STEEL REGS/GDR 1,490 USD 23,170 0.14OAO TATFNEFT /SGDR REPG REG.S 5,330 USD 208,764 1.25ROSNEFT OIL COMPANYOJSC /SGDR 30,300 USD 230,812 1.38SEVERSTAL CHEREPOVETSMET/SGDR 4,600 USD 40,573 0.24TRUBNAYA METALL. KOMP./SGDR REG 1,432 USD 16,969 0.10URALKALITY /GDR 6,310 USD 232,902 1.39VNESHTORGBANK SGDR 28,853 USD 89,040 0.531,472,902 8.82INDIAGAIL INDIA LTD /GDR REGS 970 USD 33,842 0.20LARSEN TOUBRO /GDRREPR.1 SHS 3,670 USD 92,383 0.56RANBAXY LABORATORY/GDR (EQ.SHS) 1,900 USD 15,451 0.09STATE BANK OF INDIA /GDRREGS 1,030 USD 84,821 0.51226,497 1.36TOTAL GDR (Global Depositary Receipt)1,699,399 10.18PREFERENTIAL SHARESBRAZILAES TIETE SA /PFD 800 BRL 7,647 0.05BRADESPAR SABRASIL/PREF. 2,100 BRL 27,583 0.17CIE ENERGY SAO PAULO/PREF. -B- 1,300 BRL 13,053 0.08ELETROPAULOELETRICIDADE PREF 900 BRL 4,492 0.03LOJAS AMERICANAS SA/PRIV. 4,861 BRL 41,881 0.25OI RED PFD -B- 1,849 BRL 91 0.00TELECOM SAO PAULO / PFD 2,610 BRL 69,225 0.40163,972 0.98TOTAL PREFERENTIAL SHARES163,972 0.98Description Quantity/ Currency Evaluation % netFaceassetsvalueADR (American Depositary Receipt)BRAZILAMBEV CIA DE BEBIDAS/ADR 6,000 USD 251,100 1.50BRASIL DISTRIBUTION PAO/ADR 850 USD 45,339 0.27ITAU HOLDING ITAU / PFD. /SADR 18,140 USD 319,083 1.91615,522 3.68FEDERATION OF RUSSIAMECHEL OJSC /ADR 3,109 USD 15,918 0.1015,918 0.10INDIADR REDDY SLABORATORIES/ADR 1,550 USD 49,941 0.30HOUSING DEVT FIN CORP. 8,250 USD 303,600 1.82STERLITE INDUSTRIES(INDIA) /ADR 5,940 USD 40,570 0.24TATA MOTORS LTD /ADR 2,500 USD 63,000 0.38457,111 2.74TOTAL ADR (American Depositary Receipt)TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCK1,088,55116,105,9416.5296.44EXCHANGE LISTINGTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETSHARESFEDERATION OF RUSSIAFED HYDROGENE CO-RUSHYDRO OJSC 30,008 RUB 585 0.00FSK EES 7,138,000 USD 35,754 0.21IDGC HOLDING 380,000 USD 20,450 0.12INTER RAO UES JSC 44,967,500 USD 26,216 0.16RUSHYDRO OJSC 2,861,826 USD 55,798 0.34138,803 0.83TOTAL SHARES138,803 0.83PREFERENTIAL SHARESFEDERATION OF RUSSIASBERBANK /PREF. 24,400 USD 57,637 0.35253

Portfolio of Investments and Other Net Assets as at 31 March 2013BRIC MarketsStatement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueTRANSNEFT OJSC MOSCOW 34 USD 72,259 0.43129,896 0.78TOTAL PREFERENTIAL SHARES129,896 0.78TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET268,699 1.61OTHER TRANSFERABLE SECURITIESSHARESCHINACHAODA MODERNAGRICULTURE HOLDING -H- 26,000 HKD 1,507 0.01TOTAL SHARESGDR (Global Depositary Receipt)1,507 0.011,5070.01INDIARELIANCE INDUSTRIES /GDR2 SHS 144A 10,826 USD 309,969 1.86309,969 1.86TOTAL GDR (Global Depositary Receipt)309,969 1.86TOTAL OTHER TRANSFERABLE SECURITIES 311,476 1.87TOTAL INVESTMENTS 16,686,116 99.92OTHER NET ASSETS LESS LIABILITIES 13,227 0.08TOTAL NET ASSETS 16,699,343 100.00254

Portfolio of Investments and Other Net Assets as at 31 March 2013BRIC Markets EquityStatement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsDescription Quantity Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGSHARESBERMUDA ISLANDSHAIER ELECTRONICSGROUP CO. LTD 841,000 HKD 1,341,241 0.311,341,241 0.31BRAZILAMBEV CIA DE BEDIDAS DASAM 33,300 BRL 1,357,863 0.31ARTERIS 129,400 BRL 1,452,290 0.33BANCO BRADESCO SA 50,160 BRL 855,508 0.20BANCO BRADESCO SA/PREF. 502,159 BRL 8,412,698 1.91BANCO DO BRASIL SA 348,200 BRL 4,729,935 1.08CIA DE CONCESSOESRODOVIARIAS 289,600 BRL 2,925,661 0.67CIELO 105,400 BRL 3,108,658 0.71COSAN SA INDUSTRIA ECOMERCIO 169,700 BRL 3,780,559 0.86ELETROBRAS. EL.BRASIL./PREF. -B- 143,882 BRL 904,816 0.21INVESTIMENTOS ITAU/PREF. 320,430 BRL 1,646,370 0.38LOCALIZA RENTA A CAR 115,700 BRL 2,071,452 0.47LOJAS RENNER SA 49,000 BRL 1,834,266 0.42MRV ENGHENHARIA 327,300 BRL 1,357,021 0.31NATURA COSMETICOS SA 174,500 BRL 4,146,255 0.95OI 14,451 BRL 49,595 0.01PETROBRAS PETROLEOBRASILEIRO 705,641 BRL 5,840,830 1.33PETROLEO BRASILEIRO/PREF. 642,531 BRL 5,834,677 1.33PORTO SEGURO SA 118,100 BRL 1,647,608 0.38SABESP. CIA SANEAM. BAS.ESTADO 28,418 BRL 1,333,273 0.30TIM PARTICIPACOES SA 790,526 BRL 3,450,112 0.79VALE RIO DOCE /NAM. 345,200 BRL 5,966,339 1.36WEG 95,400 BRL 1,218,789 0.2863,924,575 14.59CAYMAN ISLANDSCHINA STATECONSTRUCTIONINTERNATIONAL HOLDINGLTD 1,152,000 HKD 1,576,039 0.36COUNTRY GARDENHOLDINGS 4,968,570 HKD 2,483,437 0.57ENN ENERGY HOLDINGS 402,000 HKD 2,226,817 0.51EVERGRANDE REAL 4,746,000 HKD 1,913,648 0.44GEELY AUTOMOBILE HLDLTD 2,910,000 HKD 1,413,268 0.32LONGFOR PPT 1,263,000 HKD 2,089,096 0.48TENCENT HOLDINGS 183,700 HKD 5,840,424 1.32WANT WANT CHINAHOLDINGS LTD 1,907,000 HKD 2,923,396 0.6720,466,125 4.67CHINAAGILE PROPERTYHOLDINGS LTD 1,552,000 HKD 1,849,369 0.42AGRICULT BANK CHINA /-H-SHARES 12,766,000 HKD 6,117,695 1.40ANHUI CONCH CEMENT CO.-H- 500 HKD 1,659 0.00BANK OF CHINA LTD -H- 25,413,000 HKD 11,785,512 2.69BANK OF COMMUNICATIONSCO. -H- 100 HKD 75 0.00CHINA COMMUNICATIONSCONSTRUCTION -H- 5,104,000 HKD 4,747,204 1.08CHINA CONSTRUCTIONBANK CO. -H- 13,755,000 HKD 11,234,142 2.56CHINA LIFE INSURANCE CO.LTD -H- 593,000 HKD 1,535,468 0.35CHINA MENGNIU DAIRY CO.LTD -H- 910,000 HKD 2,614,185 0.60CHINA MERCHANTS BANK -H- 1,804,500 HKD 3,821,631 0.87CHINA MINSHENG BK -H- 4,233,000 HKD 5,393,052 1.23CHINA NATIONAL BUILDINGMATERIAL -H- 3,048,000 HKD 3,836,185 0.88CHINA PETROLEUM & CHEMCORP. -H- 7,242,000 HKD 8,526,970 1.95CHINA RAILWAYCONSTRUCTION CORP. -H- 2,637,000 HKD 2,500,219 0.57DATANG INT. POWERGENERATION -H- 2,538,000 HKD 1,121,439 0.26DONGFENG MOTOR -H- 1,746,000 HKD 2,451,663 0.56GREAT WALL MOTOR CO.LTD -H- 838,000 HKD 2,839,160 0.65255

Portfolio of Investments and Other Net Assets as at 31 March 2013BRIC Markets EquityStatement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsGUANGZHOU R&FPROPERTY -H- /NEW 974,800 HKD 1,634,995 0.37IND & COM BOC -H- 17,025,000 HKD 11,930,977 2.73JIANGXI COPPER CO. LTD -H- 1,052,000 HKD 2,322,826 0.53PETROCHINA CO. LTD /-H- 2,592,000 HKD 3,399,169 0.78PICC PROPERTY &CASUALTY -H- 1,816,000 HKD 2,332,389 0.53PING AN INSURANCE GRPCO. -H- 733,000 HKD 5,684,477 1.30SINOPHARM GROUP CO. -H- 490,400 HKD 1,582,516 0.36ZHEJIANG EXPRESSWAYCO. LTD -H- 1,060,000 HKD 837,060 0.19ZIJIN MINING GROUP -H- 6,972,000 HKD 2,299,256 0.52ZOOMLION HEAVY SHS -H- 3,058,800 HKD 3,692,162 0.84106,091,455 24.22HONG KONGCHINA MOBILE LTD 1,756,000 HKD 18,594,579 4.24CHINA OVERSEASLAND&INVESTMENT 1,202,000 HKD 3,313,663 0.76CNOOC LTD 6,629,000 HKD 12,741,099 2.91DAH CHONG HONGHOLDINGS LTD 185,000 HKD 175,166 0.04LENOVO GROUP LTD 5,116,000 HKD 5,081,301 1.1639,905,808 9.11INDIAAXIS BANK LTD/DEMAT. 57,500 INR 1,376,066 0.31CAIRN INDIA LIMITED 628,100 INR 3,148,544 0.72COAL INDIA 234,600 INR 1,334,201 0.30DR REDDY SLABORATORIES/DEMAT. 83,300 INR 2,707,403 0.62GAIL (INDIA) LTD /DEMAT. 245,000 INR 1,434,593 0.33HCL TECHNOLOGIES/DEMAT. 259,300 INR 3,792,834 0.87HDFC BANK LTD 344,900 INR 3,968,355 0.91HOUSING DEVT FIN CORP. 258,400 INR 3,928,242 0.90INFOSYS TECHNOLOGIESLTD /DEMAT. 74,200 INR 3,944,557 0.90INFRASTRUCTUREDEVELOPMENT FINANCE/DEMAT. 887,000 INR 2,343,540 0.53ITC LTD /DEMAT. 1,271,100 INR 7,237,098 1.66MUNDRA PORT 43 INR 110 0.00OIL & NATURAL GAS CORP.LTD 567,400 INR 3,250,889 0.74Description Quantity Currency Evaluation % netassetsPOWER FINANCECORPORATION LTD 386,200 INR 1,283,999 0.29RELIANCE INDUSTRIES/DEMAT. 159,600 INR 2,269,606 0.52RURAL ELECTRIFICATIONCORP LTD 319,500 INR 1,225,369 0.28SATYAM COMPUTERSERVICES 1,121,704 INR 2,649,949 0.60ST.BK OFINDIA/DEMATERIALISED 80,500 INR 3,069,990 0.70STERLITE IND(INDIA) SHS 1,355,100 INR 2,336,174 0.53SUN PHARMACEUTICAL SHS 197,100 INR 2,969,875 0.68TATA MOTORS 817,300 INR 4,047,344 0.92TITAN INDUSTRIES 265,900 INR 1,254,384 0.2959,573,122 13.60TOTAL SHARES291,302,326 66.50INVESTMENT FUNDSLUXEMBOURGHALBIS FD-CHINA A SHARE-X 300 USD 2,697,341 0.62TOTAL INVESTMENT FUNDSEXCHANGE TRADED FUNDSIRELAND2,697,341 0.622,697,3410.62HSBC MSCI BRAZIL ETF 56,500 USD 1,498,380 0.341,498,380 0.34UNITED STATESISHARES MSCI BRAZIL/INDEX FD 70,909 USD 3,845,395 0.88TOTAL EXCHANGE TRADED FUNDSSADR (Sponsored American Dep. Receipt)FEDERATION OF RUSSIA3,845,395 0.885,343,7751.22GAZPROM OAO /SADR REGS 1,645,908 USD 14,072,514 3.21JSC SURGUTNEFTEGAZ/SADR 400,010 USD 3,576,089 0.82LUKOIL /SADR (REP.1 SHS.) 170,504 USD 10,980,458 2.51MMC NORILSK NICKEL/SADR 151,383 USD 2,556,859 0.58MOBILE TELESYSTEMSOJS/SADR 168,700 USD 3,481,968 0.79256

Portfolio of Investments and Other Net Assets as at 31 March 2013BRIC Markets EquityStatement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsDescription Quantity Currency Evaluation % netassetsSBERBANK OF RUSSIAOJSC/SADR 752,331 USD 9,644,883 2.2044,312,771 10.11TOTAL SADR (Sponsored American Dep.Receipt)GDR (Global Depositary Receipt)FEDERATION OF RUSSIA44,312,771 10.11AFK SISTEMA / SGDR 55,750 USD 1,023,570 0.23MAGNIT JSC 61,800 USD 2,790,270 0.64NOVATEK OAO /SGDR 42,966 USD 4,631,735 1.06NOVOLIPETSK STEEL REGS/GDR 45,210 USD 712,962 0.16OAO TATFNEFT /SGDR REPG REG.S 75,133 USD 2,973,764 0.68ROSNEFT OIL COMPANYOJSC /SGDR 611,544 USD 4,664,507 1.06SEVERSTAL CHEREPOVETSMET/SGDR 103,140 USD 921,908 0.21URALKALITY /GDR 62,580 USD 2,315,560 0.53VNESHTORGBANK SGDR 476,400 USD 1,489,145 0.3421,523,421 4.91TOTAL GDR (Global Depositary Receipt)21,523,421 4.91PREFERENTIAL SHARESADR (American Depositary Receipt)FEDERATION OF RUSSIAMECHEL OJSC /ADR 70,020 USD 352,901 0.08TOTAL ADR (American Depositary Receipt)TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING352,901 0.08352,901416,469,7900.0895.07TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETSHARESFEDERATION OF RUSSIAAO TATNEFT 235,000 USD 1,548,315 0.351,548,315 0.35TOTAL SHARES1,548,315 0.35TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET1,548,315 0.35TOTAL INVESTMENTS 418,018,105 95.42OTHER NET ASSETS LESS LIABILITIES 20,086,550 4.58TOTAL NET ASSETS 438,104,655 100.00BRAZILAMBEV CIA DEBEDIDAS/PREF. 270,525 BRL 11,271,268 2.57BANRISUL PNB -B- /PREF 143,700 BRL 1,242,904 0.28BRADESPAR SABRASIL/PREF. 180,800 BRL 2,343,896 0.54CIA BRASILEIRA /PFD 69,100 BRL 3,660,707 0.84CIA ENERGET. MIN. GERAIS/PRIV. 301,685 BRL 3,505,584 0.80CIA VALE DO RIO DOCE A/PREF. 722,100 BRL 11,943,390 2.73ITAU HOLDING /PREF 649,500 BRL 11,425,488 2.61KLABIN RIOCELL SA /PREF. 479,800 BRL 3,290,916 0.75LOJAS AMERICANAS SA/PRIV. 16 BRL 139 0.00OI RED PFD -B- 14,451 BRL 710 0.00TELECOM SAO PAULO / PFD 84,600 BRL 2,252,253 0.5150,937,255 11.63TOTAL PREFERENTIAL SHARES50,937,25511.63257

Portfolio of Investments and Other Net Assets as at 31 March 2013China Consumer OpportunitiesStatement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsDescription Quantity Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGSHARESBERMUDA ISLANDSLUK FOOK HOLDINGS (INT)LTD 310,000 HKD 994,377 1.00994,377 1.00CANADAHARRY WINSTON DIAMONDCORP. 139,958 CAD 2,289,582 2.312,289,582 2.31CAYMAN ISLANDSBOSIDENG INTERNATION.HLDG LTD 4,202,000 HKD 1,304,557 1.31CHOW TAI FOOKJEWELLERY GROUP 819,400 HKD 1,118,902 1.13HENGDELI 3,200,000 HKD 894,540 0.90INTIME DEPT. STORE(GROUP) CO LTD 1,219,000 HKD 1,385,040 1.40SANDS CHINA /IPO 656,800 HKD 3,405,564 3.438,108,603 8.17CHINADONGFENG MOTOR -H- 376,000 HKD 527,964 0.53527,964 0.53FRANCECHRISTIAN DIOR SA 21,389 EUR 3,565,037 3.59L'OREAL 25,347 EUR 4,039,217 4.07LVMH MOET HENNESSY 24,137 EUR 4,154,790 4.19PERNOD-RICARD 32,311 EUR 4,037,861 4.07PPR SA 17,588 EUR 3,890,223 3.9219,687,128 19.84GERMANYADIDAS AG 37,608 EUR 3,902,994 3.93BMW-BAYERISCHEMOTOREN WERKE 16,806 EUR 1,459,711 1.47HUGO BOSS 33,035 EUR 3,713,892 3.74INTERCONTINENTALHOTELS GROUP 119,496 GBP 3,648,933 3.68UNILEVER PLC 97,336 GBP 4,139,875 4.1715,316,518 15.43HONG KONGDAH CHONG HONGHOLDINGS LTD 1,093,000 HKD 1,034,898 1.041,034,898 1.04ITALYPRADA SHS 312,400 HKD 3,179,275 3.203,179,275 3.20JAPANNISSAN MOTOR CO. LTD 201,100 JPY 1,939,987 1.951,939,987 1.95LUXEMBOURGL OCCITANEINTERNATIONAL SA 462,750 HKD 1,406,852 1.42SAMSONITE INTERNATIONAL 1,286,700 HKD 3,215,652 3.244,622,504 4.66SOUTH KOREAHYUNDAI MOTOR CO. LTD 6,185 KRW 1,242,730 1.25SAMSUNG ELECTRONICSCO. LTD 2,296 KRW 3,116,797 3.144,359,527 4.39SWITZERLANDCIE FINANCIERERICHEMONT SA 47,054 CHF 3,721,785 3.75NESTLE 54,090 CHF 3,924,160 3.95THE SWATCH GROUP AG 7,071 CHF 4,129,324 4.1611,775,269 11.86UNITED STATESCOACH INC. 66,973 USD 3,339,944 3.36MEAD JOHNSON NUTRITIONCO 29,597 USD 2,284,000 2.30NIKE INC. -B- 66,748 USD 3,923,448 3.95POLO RALPH LAUREN 18,056 USD 3,047,492 3.079,076,597 9.14GREAT BRITAINBURBERRY GROUP PLC 177,153 GBP 3,566,913 3.59DIAGEO PLC 125,376 GBP 3,960,797 3.99258

Portfolio of Investments and Other Net Assets as at 31 March 2013China Consumer OpportunitiesStatement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsSOTHEBYS 87,055 USD 3,225,388 3.2515,820,272 15.93TOTAL SHARES98,732,501 99.45TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING98,732,50199.45TOTAL INVESTMENTS 98,732,501 99.45OTHER NET ASSETS LESS LIABILITIES 550,332 0.55TOTAL NET ASSETS 99,282,833 100.00259

Portfolio of Investments and Other Net Assets as at 31 March 2013CIVETSStatement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGSHARESEGYPTCOMMERCIALINTERNATIONAL BANK LTD 209,928 EGP 935,304 2.77935,304 2.77INDONESIAPT ASTRA INTERNATIONALTBK 1,801,000 IDR 1,464,193 4.34PT BANK MANDIRI PERSEROTBK 1,750,000 IDR 1,800,925 5.34PT BANK RAKYATINDONESIA 1,938,500 IDR 1,745,547 5.17TAMBANG BATUBARA /S.-B- 365,000 IDR 540,895 1.60TELKOM INDONESIA S -B- 1,590,000 IDR 1,799,896 5.337,351,456 21.78SOUTH AFRICAABSA GROUP LTD 39,888 ZAR 673,852 2.00AFRICAN BANKINVESTMENTS 213,030 ZAR 701,239 2.08AFRICAN RAINBOWMINERALS LTD 26,666 ZAR 549,278 1.63ANGLOGOLD ASHANTI LTD 24,405 ZAR 572,160 1.70EXXARO RESOURCESLIMITED 27,509 ZAR 489,643 1.45FIRSTRAND LTD / NEW 243,427 ZAR 853,568 2.53IMPERIAL HOLDINGS LTD 30,496 ZAR 694,683 2.06MTN GROUP LTD 20,778 ZAR 366,597 1.09NASPERS LTD N 11,010 ZAR 687,603 2.04NEDBANK GROUP 23,641 ZAR 490,962 1.45SASOL LTD /REG 27,437 ZAR 1,218,183 3.60STEINHOFF INTERNATIONALHOLDING LTD 238,799 ZAR 650,976 1.93THE FOSCHINI GROUP 64,039 ZAR 787,916 2.338,736,660 25.89TURKEYFORD OTOMOTIV SANAYI AS 63,339 TRY 910,094 2.70KOC HOLDING AS 190,657 TRY 1,106,327 3.28TUPRAS TURKIYE PETROLRAFINEL 31,174 TRY 938,924 2.78TURK HAVA YOLLARI AO 192,868 TRY 788,739 2.34Description Quantity/ Currency Evaluation % netFaceassetsvalueTURK TELEKOMUNIKASYON 172,123 TRY 762,878 2.26TURKIYE GARANTI BANKASI 333,294 TRY 1,768,235 5.23TURKIYE HALK BANKASI AS 138,424 TRY 1,480,246 4.39TURKIYE IS BANKASI AS C 359,575 TRY 1,367,160 4.05TURKIYE VAKIFLAR BANKASITAO 252,173 TRY 808,292 2.39YAPI KREDI BANKASA 311,156 TRY 962,959 2.8510,893,854 32.27TOTAL SHARES27,917,274 82.71EXCHANGE TRADED FUNDSLUXEMBOURGDB X-TRACK FTSE VIETNAMETF 11,416 USD 288,518 0.85TOTAL EXCHANGE TRADED FUNDSWARRANTS / EQUITY LINKED SECURITIES288,518 0.85288,5180.85UNITED STATESCITIGROUP GM 20.01.15CW/PVD 80,733 USD 163,807 0.49CITIGROUP HLDG 20.01.15CW/VNM 49,680 USD 273,340 0.81437,147 1.30TOTAL WARRANTS / EQUITY LINKEDSECURITIES437,147 1.30ADR (American Depositary Receipt)COLOMBIABANCOLOMBIA SA / ADR 30,536 USD 1,920,104 5.69ECOPETROL SA/ADR 46,684 USD 2,561,551 7.594,481,655 13.28TOTAL ADR (American Depositary Receipt) 4,481,655 13.28TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING33,124,59498.14TOTAL INVESTMENTS 33,124,594 98.14OTHER NET ASSETS LESS LIABILITIES 626,553 1.86TOTAL NET ASSETS 33,751,147 100.00260

Portfolio of Investments and Other Net Assets as at 31 March 2013Climate ChangeStatement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsDescription Quantity Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGSHARESAUSTRALIABHP BILLITON LTD 20,305 AUD 693,496 2.50693,496 2.50BRAZILNATURA COSMETICOS SA 28,400 BRL 674,806 2.43674,806 2.43CANADAAGRIUM INC. 6,682 USD 657,776 2.37657,776 2.37FRANCEALSTOM 16,133 EUR 663,442 2.39LEGRAND HOLDING ACT.PROV. OPO 15,281 EUR 665,590 2.391,329,032 4.78GERMANYALLIANZ SE /NAMEN.VINKULIERT 4,882 EUR 666,705 2.40BASF 7,424 EUR 653,689 2.351,320,394 4.75GREAT BRITAINBG GROUP PLC 39,078 GBP 674,673 2.43GLAXOSMITHKLINE PLC 30,413 GBP 713,491 2.57HSBC HOLDINGS PLC 64,050 GBP 684,997 2.47KINGFISHER PLC 163,550 GBP 714,232 2.562,787,393 10.03JAPANKDDI CORP. 17,800 JPY 743,086 2.67NTT DOCOMO INC. 444 JPY 659,247 2.37SUMITOMO MITSUIFINANCIAL GROUP 16,500 JPY 673,899 2.432,076,232 7.47NETHERLANDSUNILEVER CERT.OF SHS 16,758 EUR 691,296 2.49691,296 2.49SOUTH AFRICASASOL LTD /REG 15,441 ZAR 685,569 2.47685,569 2.47SOUTH KOREASAMSUNG ELECTRONICSCO. LTD 522 KRW 708,610 2.55708,610 2.55SWITZERLANDCREDIT SUISSE GROUP/NOM. 25,376 CHF 673,156 2.42ROCHE HOLDING AG/GENUSSSCHEIN 3,231 CHF 755,760 2.721,428,916 5.14UNITED STATESAMERICAN EXPRESS CO. 10,418 USD 699,881 2.52CHEVRON CORPORATION 5,745 USD 692,847 2.49CITIGROUP INC. 15,157 USD 670,091 2.41CONOCOPHILLIPS 11,327 USD 684,491 2.46CUMMINS INC. 5,914 USD 678,218 2.44GRAINGER INC..WW 3,109 USD 693,742 2.50INTEL CORP. 31,934 USD 697,119 2.51JOHNSON & JOHNSON 8,597 USD 700,913 2.52JP MORGAN 14,093 USD 668,290 2.41MACY S 16,978 USD 705,606 2.54MICROSOFT CORP. 24,187 USD 690,660 2.49ORACLE CORP. 20,820 USD 671,653 2.42PEPSICO INC. 8,807 USD 694,256 2.50PFIZER INC. 24,302 USD 700,870 2.52PHILLIPS 66 - SHS 10,213 USD 706,127 2.54ROCKWELL AUTOMATION 8,160 USD 702,494 2.53STATE STREET CORP. 11,631 USD 691,928 2.49TJX COS INC. 14,782 USD 691,206 2.49WAL-MART STORES INC. 9,296 USD 694,690 2.5013,135,082 47.28TOTAL SHARES26,188,602 94.26TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING26,188,60294.26TOTAL INVESTMENTS 26,188,602 94.26OTHER NET ASSETS LESS LIABILITIES 1,594,285 5.74TOTAL NET ASSETS 27,782,887 100.00261

Portfolio of Investments and Other Net Assets as at 31 March 2013Emerging WealthStatement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsDescription Quantity Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGSHARESBERMUDA ISLANDSLUK FOOK HOLDINGS (INT)LTD 74,000 HKD 237,367 1.22237,367 1.22CAYMAN ISLANDSCHOW TAI FOOKJEWELLERY GROUP 182,000 HKD 248,523 1.28HENGDELI 624,000 HKD 174,435 0.90INTIME DEPT. STORE(GROUP) CO LTD 247,500 HKD 281,212 1.44SANDS CHINA /IPO 73,200 HKD 379,549 1.941,083,719 5.56CHINACHINA CONSTRUCTIONBANK CO. -H- 365,200 HKD 298,271 1.54DONGFENG MOTOR -H- 70,000 HKD 98,291 0.50396,562 2.04FRANCELVMH MOET HENNESSY 2,280 EUR 392,465 2.01PERNOD-RICARD 3,204 EUR 400,399 2.06792,864 4.07GERMANYADIDAS AG 3,663 EUR 380,150 1.96BMW-BAYERISCHEMOTOREN WERKE 2,590 EUR 224,958 1.15605,108 3.11GREAT BRITAINBARCLAYS PLC 86,453 GBP 383,322 1.97DIAGEO PLC 13,036 GBP 411,825 2.11HSBC HOLDINGS PLC 50,113 GBP 535,944 2.75INTERCONTINENTALHOTELS GROUP 14,578 GBP 445,154 2.28PRUDENTIAL PLC 20,991 GBP 342,006 1.76UNILEVER PLC 9,950 GBP 423,191 2.172,541,442 13.04HONG KONGBOC HONG KONG HOLDINGSLTD 84,300 HKD 281,266 1.44281,266 1.44INDONESIAPT BANK MANDIRI PERSEROTBK 195,500 IDR 201,189 1.03PT BANK RAKYATINDONESIA 260,500 IDR 234,571 1.21435,760 2.24ITALYPRADA SHS 29,900 HKD 304,290 1.56304,290 1.56JAPANKEYENCE CORP. 1,400 JPY 428,845 2.20NISSAN MOTOR CO. LTD 29,800 JPY 287,477 1.48716,322 3.68LUXEMBOURGSAMSONITE INTERNATIONAL 174,600 HKD 436,351 2.24SOUTH KOREA436,351 2.24HYUNDAI MOTOR CO. LTD 1,535 KRW 308,422 1.58SAMSUNG ELECTRONICSCO. LTD 346 KRW 469,692 2.41778,114 3.99SWITZERLANDNESTLE 5,608 CHF 406,853 2.09ROCHE HOLDING AG/GENUSSSCHEIN 1,743 CHF 407,703 2.09THE SWATCH GROUP AG 825 CHF 481,784 2.471,296,340 6.65THAILANDKRUNG THAI BANK/FOREIGN. REG. 217,100 THB 183,850 0.94UNITED STATES183,850 0.94AMGEN INC. 4,064 USD 412,252 2.12APPLE INC. 442 USD 196,469 1.01CITIGROUP INC. 11,679 USD 516,329 2.66COACH INC. 8,277 USD 412,774 2.12DIREC TV 7,817 USD 446,742 2.29262

Portfolio of Investments and Other Net Assets as at 31 March 2013Emerging WealthStatement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsDescription Quantity Currency Evaluation % netassetsELI LILLY & CO. 5,629 USD 319,896 1.64EXXON MOBIL CORP. 3,297 USD 299,038 1.53GOOGLE INC. -A- 520 USD 413,962 2.12JOY GLOBAL INC. 6,246 USD 374,260 1.92JP MORGAN 12,707 USD 602,566 3.10MEAD JOHNSON NUTRITIONCO 4,337 USD 334,686 1.72MOSAIC CO. 6,795 USD 408,380 2.10NIKE INC. -B- 7,189 USD 422,569 2.17ORACLE CORP. 11,679 USD 376,765 1.93PFIZER INC. 15,516 USD 447,481 2.30PHILIP MORRISINTERNATIONAL 4,371 USD 405,935 2.08QUALCOMM INC. 7,448 USD 497,750 2.55SOTHEBYS 7,774 USD 288,027 1.487,175,881 36.84TOTAL SHARES17,265,236 88.62SADR (Sponsored American Dep. Receipt)FEDERATION OF RUSSIASBERBANK OF RUSSIAOJSC/SADR 20,117 USD 257,900 1.32PREFERENTIAL SHARESGERMANYVOLKSWAGEN AG /VORZUG. 1,194 EUR 238,338 1.22TOTAL PREFERENTIAL SHARESADR (American Depositary Receipt)238,338 1.22238,3381.22BRAZILITAU HOLDING ITAU / PFD. /SADR 13,247 USD 233,147 1.20TOTAL ADR (American Depositary Receipt)TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING233,147 1.20233,14718,792,9071.2096.46TOTAL INVESTMENTS 18,792,907 96.46OTHER NET ASSETS LESS LIABILITIES 689,454 3.54TOTAL NET ASSETS 19,482,361 100.00257,900 1.32TAIWANTAIWAN SEMICONDUCTORMANUFACTURING/SADR 16,734 USD 287,155 1.48TOTAL SADR (Sponsored American Dep.Receipt)GDR (Global Depositary Receipt)287,155 1.48545,0552.80CYPRUSGLOBALTRANS INVESTMENTPLC GDR 15,900 USD 251,856 1.29INDIA251,856 1.29AXIS BANK LTD /SGDR 10,705 USD 259,275 1.33259,275 1.33TOTAL GDR (Global Depositary Receipt)511,1312.62263

Portfolio of Investments and Other Net Assets as at 31 March 2013Euroland EquityStatement of investments as at 31 March 2013(expressed in EUR)Description Quantity Currency Evaluation % netassetsDescription Quantity Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGSHARESAUSTRIAOMV AG 188,743 EUR 6,301,185 1.16BELGIUM6,301,185 1.16DELHAIZE GROUP 126,122 EUR 5,402,436 0.99FRANCE5,402,436 0.99ALSTOM 284,332 EUR 9,105,732 1.67AXA 964,399 EUR 13,038,674 2.39BNP PARIBAS 433,833 EUR 17,539,869 3.22BOUYGUES 115,750 EUR 2,463,160 0.45CAP GEMINI SA 254,164 EUR 9,077,467 1.67CARREFOUR SA 303,874 EUR 6,524,175 1.20CIE GEN.GEOPHYSIQUE /VERITAS 487,740 EUR 8,598,856 1.58GAZ DE FRANCE 569,986 EUR 8,601,089 1.58MICHELIN B /NOM. 148,084 EUR 9,680,251 1.78NATIXIS 2,500,151 EUR 7,457,950 1.37PEUGEOT SA 793,835 EUR 4,509,777 0.83SAFRAN SA 207,714 EUR 7,242,987 1.33SAINT-GOBAIN 297,058 EUR 8,631,020 1.58SANOFI-AVENTIS 384,256 EUR 30,406,178 5.57SOCIETE GENERALE PARIS -A- 518,349 EUR 13,381,180 2.46TOTAL SA 437,817 EUR 16,426,895 3.02VALLOUREC 107,039 EUR 4,013,427 0.74VEOLIA ENVIRONNEMENT 657,731 EUR 6,518,114 1.20VIVENDI 572,369 EUR 9,303,858 1.71ZODIAC AEROSPACE 48,264 EUR 4,377,062 0.80196,897,721 36.15GERMANYALLIANZ SE /NAMEN.VINKULIERT 170,610 EUR 18,144,373 3.33BAYER 233,846 EUR 18,885,402 3.47DAIMLER CHRYSLER 318,322 EUR 13,504,811 2.48DEUTSCHE BOERSE AG 133,097 EUR 6,322,108 1.16DEUTSCHE LUFTHANSA 561,753 EUR 8,583,586 1.58DEUTSCHE POST AG BONN 652,249 EUR 11,763,311 2.16FRESENIUS MEDICAL CAREAG 146,091 EUR 7,701,918 1.41HEIDELBERGCEMENT AG 140,158 EUR 7,902,108 1.45HENKEL / VORZUG 135,000 EUR 10,154,700 1.86MUENCHENER RUECKVERS 80,000 EUR 11,728,000 2.15SIEMENS AG 115,287 EUR 9,707,165 1.78124,397,482 22.83IRELANDKERRY GROUP A 181,513 EUR 8,467,581 1.558,467,581 1.55ITALYAUTOGRILL SPA 550,000 EUR 5,084,750 0.93BUZZI UNICEM 440,416 EUR 5,337,842 0.98PRYSMIAN SPA 337,603 EUR 5,425,280 1.00UNICREDIT AZ 2,737,060 EUR 9,185,573 1.6825,033,445 4.59LUXEMBOURGARCELORMITTAL SA REG 419,462 EUR 4,247,053 0.784,247,053 0.78NETHERLANDSHEINEKEN NV 171,954 EUR 10,122,932 1.86ING GROEP NV/CERT.OFSHS 1,600,000 EUR 8,976,000 1.65KONINKLIJKE DSM NV 196,199 EUR 8,905,473 1.63KONINKLIJKE KPN NV 1,201,917 EUR 3,159,840 0.58RANDSTAD HOLDING 275,995 EUR 8,830,460 1.62REED ELSEVIER NV 735,000 EUR 9,801,225 1.80ROYAL PHILIPSELECTRONICS 500,000 EUR 11,547,500 2.12UNILEVER CERT.OF SHS 515,492 EUR 16,560,180 3.0477,903,610 14.30SPAINACS 385,832 EUR 6,950,763 1.28BANCO SANTANDERCENTRAL HISPANO/REG 3,589,917 EUR 18,940,403 3.48FERROVIAL SA 400,000 EUR 4,958,000 0.91GAS NATURAL SDG /SPLITISSUE 405,124 EUR 5,637,300 1.03GESTEVISION TELECINCOSA 919,504 EUR 5,192,439 0.95GRIFOLS -B- 320,000 EUR 7,180,800 1.32264

Portfolio of Investments and Other Net Assets as at 31 March 2013Euroland EquityStatement of investments as at 31 March 2013(expressed in EUR)Description Quantity Currency Evaluation % netassetsREPSOL YPF SA. MADRID 876,894 EUR 14,052,226 2.58TELEFONICA SA 1,424,232 EUR 14,997,163 2.7577,909,094 14.30SWEDENSVENSKA CELLUL. -B- 276,373 SEK 5,561,085 1.02SWITZERLAND5,561,085 1.02ARYZTA AG / NAM. 112,579 CHF 5,152,247 0.95TOTAL SHARESTOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING5,152,247 0.95537,272,939537,272,93998.6298.62TOTAL INVESTMENTS 537,272,939 98.62OTHER NET ASSETS LESS LIABILITIES 7,540,027 1.38TOTAL NET ASSETS 544,812,966 100.00265

Portfolio of Investments and Other Net Assets as at 31 March 2013Euroland Equity Smaller CompaniesStatement of investments as at 31 March 2013(expressed in EUR)Description Quantity Currency Evaluation % netassetsDescription Quantity Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGSHARESBELGIUMACKERMANS & VAN HAARENSA 36,465 EUR 2,400,491 1.87AGEAS NV 109,654 EUR 2,908,572 2.28EXMAR SA 232,612 EUR 1,809,721 1.41GALAPAGOS GENOMICS NV 28,284 EUR 542,770 0.42KINEPOLIS GROUP 27,712 EUR 2,707,740 2.12THROMBOGENICS NV 61,787 EUR 2,337,093 1.8212,706,387 9.92FINLANDNESTE OIL OYJ 236,197 EUR 2,617,063 2.04NOKIAN TYRES PLC 66,238 EUR 2,298,459 1.79POHJOLA BANK PLC A 192,300 EUR 2,186,451 1.71SPONDA OYJ HELSINKI 617,427 EUR 2,247,434 1.75YIT OYJ 124,443 EUR 2,018,465 1.5811,367,872 8.87FRANCEAIR FRANCE - KLM 211,545 EUR 1,555,067 1.21ALCATEL-LUCENT 1,177,077 EUR 1,237,108 0.97ATOS ORIGIN 47,392 EUR 2,538,789 1.98BIC 27,868 EUR 2,528,742 1.97BIOMERIEUX 23,181 EUR 1,724,203 1.35CIE GEN.GEOPHYSIQUE /VERITAS 84,467 EUR 1,489,153 1.16CNP ASSURANCES 117,707 EUR 1,265,350 0.99ETABLISSEMENT MAUREL &PROM 90,344 EUR 1,241,778 0.97INGENICO.IND.FIN.ING. 54,437 EUR 2,527,782 1.97ORPEA 80,323 EUR 2,606,481 2.03RALLYE SA 92,107 EUR 2,639,788 2.06VALEO 70,624 EUR 2,976,096 2.33VALLOUREC 44,245 EUR 1,658,966 1.30ZODIAC AEROSPACE 16,479 EUR 1,494,481 1.1727,483,784 21.46GERMANYAXEL SPRINGER AG 52,791 EUR 1,791,199 1.40GEA GROUP AG 97,977 EUR 2,518,009 1.97HOCHTIEF AG 52,968 EUR 2,697,660 2.11KLOECKNER & CO AG / N 126,096 EUR 1,399,035 1.09LANXESS AG 20,692 EUR 1,150,558 0.90NORDDEUTSCHE AFFINERIEAG 46,655 EUR 2,316,421 1.81SUEDZUCKER AG 80,355 EUR 2,655,733 2.07WINCOR NIXDORF AG 63,436 EUR 2,456,559 1.92WIRECARD AG/APRESRED.CAP 131,651 EUR 2,838,395 2.2119,823,569 15.48GREAT BRITAINDIALOG SEMICONDUCTOR 90,634 EUR 958,908 0.75JAZZTEL 455,212 EUR 2,705,780 2.113,664,688 2.86GREECEMOTOR OIL SA 58,728 EUR 445,158 0.35445,158 0.35ITALYBANCA POPOLARE DIMILANO 4,604,891 EUR 2,212,190 1.73BENI STABILI SPA 3,498,739 EUR 1,627,264 1.27DANIELI +C./RISP.N-CV 204,277 EUR 2,637,216 2.06FONDIARIA - SAI NPV SHS 1,973,656 EUR 2,549,964 1.99MEDIOLANUM SPA 563,900 EUR 2,429,281 1.90PRYSMIAN SPA 170,325 EUR 2,737,123 2.14SALVATORE FERRAGAMOSPA 128,286 EUR 2,777,391 2.16UNIONE DI BANCHEITALIANE SCPA 310,144 EUR 898,177 0.7017,868,606 13.95NETHERLANDSAALBERTS INDUSTRIES NV 158,881 EUR 2,780,418 2.17ARCADIS NV 123,223 EUR 2,681,332 2.09CORIO NV / EUR 10 31,645 EUR 1,150,929 0.90DELTA LLOYD 183,266 EUR 2,464,928 1.92GEMALTO 37,828 EUR 2,570,413 2.01KONINKLIJKE VOPAK 36,338 EUR 1,712,973 1.34SBM OFFSHORE NV 100,000 EUR 1,294,500 1.01UNIT4 N.V. 58,853 EUR 1,496,043 1.17ZIGGO 99,232 EUR 2,693,156 2.1018,844,692 14.71266

Portfolio of Investments and Other Net Assets as at 31 March 2013Euroland Equity Smaller CompaniesStatement of investments as at 31 March 2013(expressed in EUR)Description Quantity Currency Evaluation % netassetsPORTUGALBANCO ESPIRITO SANTO SA/REG. 2,423,956 EUR 1,956,132 1.53SPAIN1,956,132 1.53BANKINTER SA 524,574 EUR 1,991,807 1.55DIA 472,207 EUR 2,549,918 1.99OBRASCON HUARTE LAINSA 104,367 EUR 2,685,885 2.10TECNICAS REUNIDAS SA 69,741 EUR 2,562,633 2.009,790,243 7.64TOTAL SHARES123,951,131 96.77TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGOTHER TRANSFERABLE SECURITIESSTRIP VVPRBELGIUM123,951,13196.77NYRSTAR NV/STRIP VVPR 77,607 EUR 78 0.0078 0.00TOTAL STRIP VVPR780.00TOTAL OTHER TRANSFERABLE SECURITIES 78TOTAL INVESTMENTS 123,951,209OTHER NET ASSETS LESS LIABILITIES 4,142,1840.0096.773.23TOTAL NET ASSETS 128,093,393 100.00267

Portfolio of Investments and Other Net Assets as at 31 March 2013Euroland GrowthStatement of investments as at 31 March 2013(expressed in EUR)Description Quantity Currency Evaluation % netassetsDescription Quantity Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGSHARESAUSTRIAVOESTALPINE AG 14,207 EUR 341,536 0.39341,536 0.39BELGIUMANHEUSER-BUSH INBEV SA 57,407 EUR 4,456,506 5.05UMICORE SA 17,380 EUR 638,628 0.725,095,134 5.77FINLANDKONE OYJ -B- 16,203 EUR 994,864 1.13NOKIA OY 124,410 EUR 316,748 0.36SAMPO PLC -A- 68,581 EUR 2,058,802 2.333,370,414 3.82FRANCEAIR LIQUIDE 27,802 EUR 2,641,468 2.99ALSTOM 21,136 EUR 676,880 0.77AXA 126,052 EUR 1,704,223 1.93BNP PARIBAS 68,461 EUR 2,767,878 3.14GAZ DE FRANCE 92,246 EUR 1,391,992 1.58GROUPE DANONE 26,211 EUR 1,431,907 1.62IPSOS SA PARIS 16,138 EUR 441,616 0.50L'OREAL 7,397 EUR 917,968 1.04LVMH MOET HENNESSY 12,901 EUR 1,729,379 1.96MICHELIN B /NOM. 18,500 EUR 1,209,345 1.37SANOFI-AVENTIS 58,827 EUR 4,654,981 5.26SCHNEIDER ELECTRIC SA 52,075 EUR 2,976,086 3.37SEB SA 7,976 EUR 429,348 0.49SOCIETE GENERALE PARIS -A- 54,513 EUR 1,407,253 1.59TECHNIP 10,000 EUR 800,500 0.91TOTAL SA 140,715 EUR 5,279,627 5.97VEOLIA ENVIRONNEMENT 48,116 EUR 476,830 0.54VIVENDI 54,471 EUR 885,426 1.0031,822,707 36.03GERMANYALLIANZ SE /NAMEN.VINKULIERT 24,877 EUR 2,645,669 3.00BASF 44,090 EUR 3,023,251 3.42BAYER 21,494 EUR 1,735,855 1.97BRENNTAG 4,735 EUR 576,013 0.65DEUTSCHE BANK AG 56,400 EUR 1,730,352 1.96DEUTSCHE BOERSE AG 13,764 EUR 653,790 0.74E.ON 74,949 EUR 1,028,675 1.17FRESENIUS MEDICAL CAREAG 16,004 EUR 843,731 0.96GEA GROUP AG 33,152 EUR 852,006 0.97MUENCHENER RUECKVERS 10,384 EUR 1,522,294 1.72RWE AG (NEU). ESSEN A 17,508 EUR 512,284 0.58SAP AG 51,178 EUR 3,199,649 3.62SIEMENS AG 47,888 EUR 4,032,170 4.57WIRECARD AG/APRESRED.CAP 38,271 EUR 825,123 0.9323,180,862 26.26GREAT BRITAINDIALOG SEMICONDUCTOR 18,350 EUR 194,143 0.22194,143 0.22IRELANDKERRY GROUP A 45,925 EUR 2,142,401 2.432,142,401 2.43ITALYDIASORIN AZ 23,400 EUR 636,948 0.72TERNA- RETE ELETTRICANAZIONAL 430,561 EUR 1,388,129 1.58UNICREDIT AZ 350,675 EUR 1,176,865 1.333,201,942 3.63NETHERLANDSASML HOLDING NV 18,205 EUR 956,491 1.08GEMALTO 23,678 EUR 1,608,920 1.82ING GROEP NV/CERT.OFSHS 232,672 EUR 1,305,290 1.48KONINKLIJKE KPN NV 211,595 EUR 556,283 0.63UNILEVER CERT.OF SHS 55,542 EUR 1,784,287 2.036,211,271 7.04SPAINBANCO BILBAO VIZCAYAARGENTARIA/NAM. 332,407 EUR 2,258,041 2.56BANCO SANTANDERCENTRAL HISPANO/REG 159,515 EUR 841,601 0.95GRIFOLS -B- 1,915 EUR 42,973 0.05GRIFOLS SA -A- 38,313 EUR 1,103,798 1.25268

Portfolio of Investments and Other Net Assets as at 31 March 2013Euroland GrowthStatement of investments as at 31 March 2013(expressed in EUR)Description Quantity Currency Evaluation % netassetsINDITEX /REG 23,431 EUR 2,434,481 2.76TELEFONICA SA 283,306 EUR 2,983,211 3.389,664,105 10.95SWEDENELEKTA AB 45,051 SEK 533,918 0.60TOTAL SHARESPREFERENTIAL SHARESGERMANY533,918 0.6085,758,43397.14VOLKSWAGEN AG /VORZUG. 7,620 EUR 1,184,529 1.34TOTAL PREFERENTIAL SHARESTOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING1,184,529 1.341,184,52986,942,9621.3498.48TOTAL INVESTMENTS 86,942,962 98.48OTHER NET ASSETS LESS LIABILITIES 1,343,240 1.52TOTAL NET ASSETS 88,286,202 100.00269

Portfolio of Investments and Other Net Assets as at 31 March 2013European EquityStatement of investments as at 31 March 2013(expressed in EUR)Description Quantity Currency Evaluation % netassetsDescription Quantity Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGSHARESBERMUDA ISLANDSSIGNET JEWELERS LTD 102,296 GBP 5,376,900 4.565,376,900 4.56CANADAITHACA ENERGY INC EQGBP 1,576,392 GBP 2,106,416 1.792,106,416 1.79FRANCEALSTOM 137,879 EUR 4,415,575 3.74BNP PARIBAS 110,406 EUR 4,463,715 3.79CIE GEN.GEOPHYSIQUE /VERITAS 115,187 EUR 2,030,747 1.72PUBLICIS GROUPE SA 92,109 EUR 4,824,669 4.09SAFRAN SA 130,234 EUR 4,541,260 3.85SEB SA 76,480 EUR 4,116,918 3.4924,392,884 20.68GERMANYBRENNTAG 6,466 EUR 786,589 0.67FRESENIUS MEDICAL CAREAG 89,372 EUR 4,711,692 4.00INFINEON TECHNOLOGIES/NAMEN 699,721 EUR 4,317,978 3.66SOFTWARE AG 74,749 EUR 2,255,551 1.9112,071,810 10.24GREAT BRITAINBHP BILLITON PLC 92,931 GBP 2,117,050 1.80BRITISH AMERICANTOBACCO 124,253 GBP 5,213,786 4.42CENTRICA PLC 1,085,263 GBP 4,732,901 4.01HSBC HOLDINGS PLC 585,609 GBP 4,877,285 4.14PETROFAC LTD 269,212 GBP 4,561,862 3.87PRUDENTIAL PLC 362,545 GBP 4,600,056 3.90UNILEVER PLC 156,524 GBP 5,184,365 4.40XSTRATA PLC 189,605 GBP 2,428,174 2.06RYANAIR HOLDINGS PLC 801,553 EUR 4,786,875 4.066,588,541 5.59JERSEYWOLSELEY 58,306 GBP 2,255,943 1.912,255,943 1.91NETHERLANDSING GROEP NV/CERT.OFSHS 660,966 EUR 3,708,019 3.143,708,019 3.14SPAINAMADEUS IT HOLDING SR. A 231,570 EUR 4,868,759 4.12REPSOL YPF SA. MADRID 299,900 EUR 4,805,898 4.089,674,657 8.20SWITZERLANDJULIUS BAER GRP 171,272 CHF 5,207,268 4.42ROCHE HOLDING AG/GENUSSSCHEIN 27,382 CHF 4,987,846 4.2310,195,114 8.65UNITED STATESVIRGIN MEDIA INC 72,788 GBP 2,764,629 2.34TOTAL SHARESPREFERENTIAL SHARESGERMANY2,764,629 2.34112,850,39295.70VOLKSWAGEN AG /VORZUG. 28,847 EUR 4,484,266 3.80TOTAL PREFERENTIAL SHARESTOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING4,484,266 3.804,484,266117,334,6583.8099.50TOTAL INVESTMENTS 117,334,658 99.50OTHER NET ASSETS LESS LIABILITIES 591,810 0.50TOTAL NET ASSETS 117,926,468 100.0033,715,479 28.60IRELANDPROVIDENCE RES 233,682 GBP 1,801,666 1.53270

Portfolio of Investments and Other Net Assets as at 31 March 2013Frontier MarketsStatement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGSHARESBANGLADESHPRIME BANK 2,059,157 BDT 880,881 0.72880,881 0.72BERMUDA ISLANDSCREDICORP. 20,694 USD 3,401,887 2.773,401,887 2.77CANADAEASTCOAL INC 3,018,644 GBP 148,598 0.12EASTCOAL INC 1,379,000 CAD 67,867 0.06216,465 0.18CAYMAN ISLANDSNAGACORP LTD 2,275,416 HKD 1,919,960 1.561,919,960 1.56COLOMBIAECOPETROL SA 747,649 COP 2,065,268 1.682,065,268 1.68EGYPTCOMMERCIALINTERNATIONAL BANK LTD 180,734 EGP 805,235 0.66ORASCOM TELECOMHOLDING 1,861,340 EGP 1,187,441 0.961,992,676 1.62ESTONIATALLINK GROUP AS 984,529 EUR 1,314,803 1.071,314,803 1.07GREAT BRITAINBANK OF GEORGIAHOLDINGS PLC 101,540 GBP 2,374,424 1.93NMC HEALTH PLC 422,211 GBP 2,102,829 1.714,477,253 3.64IRELANDDRAGON OIL PLC 167,161 GBP 1,666,365 1.361,666,365 1.36Description Quantity/ Currency Evaluation % netFaceassetsvalueJERSEYCENTAMIN SHS 541,716 GBP 411,811 0.34411,811 0.34KUWAITKUWAIT INVES PROJECT 1,118,930 KWD 1,705,746 1.39MABANEE CO. 383,102 KWD 1,611,082 1.31MOBILETELECOMMUNICATIONS CO. 448,978 KWD 1,211,540 0.994,528,368 3.69OMANBANKMUSCAT 1,842,653 OMR 2,943,459 2.402,943,459 2.40PANAMACOPA HOLDINGS -A- 15,959 USD 1,909,814 1.551,909,814 1.55PHILIPPINESCEBU AIR 597,170 PHP 995,048 0.81SECURITY BANK CORP. 412,878 PHP 1,841,324 1.50SM INVESTMENTSCORPORATIONS 107,703 PHP 2,942,656 2.395,779,028 4.70QATARCOMMERCIAL BANK OFQATAR 44,051 QAR 797,310 0.65INDUSTRIES OF QATAR 57,066 QAR 2,520,284 2.05QATAR ELECT & WATER 35,414 QAR 1,347,134 1.10QATAR ISLAMIC BANK 27,036 QAR 526,471 0.43QATAR NATIONAL BANK 90,345 QAR 3,325,024 2.708,516,223 6.93SAUDI ARABIANATL BANK OF KUWAIT 443,148 KWD 1,397,698 1.14SLOVENIA1,397,698 1.14KRKA D.D. 29,811 EUR 1,775,058 1.45SRI LANKA1,775,058 1.45JOHN KEELLS HLDG PLC 983,499 LKR 1,916,672 1.561,916,672 1.56271

Portfolio of Investments and Other Net Assets as at 31 March 2013Frontier MarketsStatement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueUNITED ARAB EMIRATESDP WORLD 76,296 USD 1,070,433 0.87EMAAR PROPERTIES 3,587,073 AED 5,088,116 4.14FIRST GULF BANK 1,098,246 AED 4,141,221 3.37NATIONAL BANK OF ABUDHABI 962,165 AED 2,881,518 2.35UNION NATIONAL BANK 1,197,560 AED 1,238,968 1.0114,420,256 11.74TOTAL SHARES61,533,945 50.10INVESTMENT FUNDSROUMANIASIF 5 OLTENIA SA 2,714,570 RON 1,128,721 0.92TOTAL INVESTMENT FUNDSWARRANTS / EQUITY LINKED SECURITIES1,128,721 0.921,128,7210.92UNITED STATESCITIGP HLDG 13.02.15CERT/UN E 45,741 USD 1,501,832 1.22CITIGROUP GM 20.01.15CW/PVD 729,109 USD 1,479,362 1.20CITIGROUP HLDG 20.01.15CW/VNM 287,147 USD 1,579,883 1.294,561,077 3.71TOTAL WARRANTS / EQUITY LINKEDSECURITIES4,561,077 3.71SADR (Sponsored American Dep. Receipt)LEBANONLEBANESE CO FOR-A/SADR10SHS-S 31,128 USD 382,563 0.31382,563 0.31PERUBUENAVENTURA / SADR(1SHS) 30,122 USD 775,039 0.63775,039 0.63TOTAL SADR (Sponsored American Dep.Receipt)GDR (Global Depositary Receipt)KAZAKHSTAN1,157,602 0.94KAZMUNAIGASEXPL.PR/REGS/GDR 232,392 USD 4,451,578 3.62TOTAL GDR (Global Depositary Receipt)4,451,578 3.624,451,5783.62Description Quantity/ Currency Evaluation % netFaceassetsvaluePREFERENTIAL SHARESCOLOMBIABANCACOLOMBIA SA/CONV.PREF 158,968 COP 2,521,709 2.06BANCO DAVIVIENDA/PFD 144,225 COP 2,051,168 1.674,572,877 3.73TOTAL PREFERENTIAL SHARES4,572,877 3.73TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCK77,405,800 63.02EXCHANGE LISTINGTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETSHARESCROATIACROATIAN TELEKOM INC 28,812 HRK 1,052,618 0.861,052,618 0.86KENYAKENYA COMMERCIAL BANK 4,525,968 KES 2,196,832 1.792,196,832 1.79LEBANONBANK AUDI SAL AUDISARADAR 69,456 USD 468,828 0.39SOLIDERE -A- 4,400 USD 53,636 0.04522,464 0.43NIGERIADANGOTE CEMENT PLC 1,936,194 NGN 1,813,419 1.48DIAMOND BANK NIGERIAPLC 30,229,611 NGN 1,334,607 1.09FBN HOLDINGS PLC 23,850,872 NGN 2,985,985 2.43GUARANTY TRUST BANK 19,697,003 NGN 3,229,955 2.62NESTLE FOODS NIGERIAPLC 302,609 NGN 1,797,859 1.46NIGERIAN BREWERIES PLC 2,901,983 NGN 2,987,201 2.43ZENITH BANK 22,814,191 NGN 3,064,838 2.5017,213,864 14.01OMANRENAISSANCE SERVICESSAOG 620,600 OMR 862,392 0.70PAKISTAN862,392 0.70HUB POWER CO LTD 4,911,122 PKR 2,505,569 2.04272

Portfolio of Investments and Other Net Assets as at 31 March 2013Frontier MarketsStatement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueMCB BANK LTD 853,244 PKR 1,655,393 1.35PAKISTAN PETROLEUM LTD 976,899 PKR 1,736,347 1.41UNITED BANK LTD 2,315,847 PKR 1,965,252 1.607,862,561 6.40QATARGULF INTERNATIONALSERVICES 117,332 QAR 1,129,511 0.92QATAR TELECOM (Q-TELL) 99,375 QAR 3,111,486 2.534,240,997 3.45UNITED ARAB EMIRATESABU DHABI COMMERCIALBANK 580,292 AED 663,552 0.54TOTAL SHARESCONVERTIBLE BONDS663,552 0.5434,615,28028.18OMANBANKMUSCAT 7% 09-20.3.14CV 4,106 OMR (213) 0.00TOTAL CONVERTIBLE BONDSTOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKETOTHER TRANSFERABLE SECURITIESSHARESKENYA(213) 0.00(213)34,615,0670.0028.18SAFARICOM 23,324,646 KES 1,691,391 1.38TOTAL SHARESWARRANTS / EQUITY LINKED SECURITIESCANADA1,691,391 1.381,691,3911.38EASTCOAL WT 31MAY15 1,379,000 CAD- 0.00GREAT BRITAIN- 0.00DB LN 12-13.09.16 CW 109,055 USD 1,562,758 1.27DB LN 12-13.09.16 CW 98,732 USD 1,171,949 0.95DB LN 12-13.09.16 CW/EEC 90,879 USD 1,974,801 1.614,709,508 3.83TOTAL WARRANTS / EQUITY LINKEDSECURITIES4,709,508 3.83Description Quantity/ Currency Evaluation % netFaceassetsvalueCONVERTIBLE BONDSOMANBANKMUSCAT 4.5% 13-31.12.16 CV 276,397 OMR- 0.00RENAIS SERV 3.75% 12-25.7.17CV 575,721 OMR 149,538 0.12149,538 0.12TOTAL CONVERTIBLE BONDS149,538 0.12TOTAL OTHER TRANSFERABLE SECURITIES 6,550,437 5.33TOTAL INVESTMENTS 118,571,304 96.53OTHER NET ASSETS LESS LIABILITIES 4,263,534 3.47TOTAL NET ASSETS 122,834,838 100.00273

Portfolio of Investments and Other Net Assets as at 31 March 2013Global Emerging Markets EquityStatement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsDescription Quantity Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGSHARESBRAZILBANCO DO BRASIL SA 642,163 BRL 8,723,117 1.46MRV ENGHENHARIA 1,044,800 BRL 4,331,854 0.73PDG REALTY SA 4,304,733 BRL 6,639,586 1.1119,694,557 3.30CAYMAN ISLANDSCHINA SHANSHUI CEMENTGRP LTD 9,353,000 HKD 5,373,730 0.90TPK HOLDINGS CO. 361,204 TWD 7,175,154 1.2012,548,884 2.10CHINAAGRICULT BANK CHINA /-H-SHARES 15,547,000 HKD 7,450,400 1.25BANK OF CHINA LTD -H- 26,294,500 HKD 12,194,316 2.04BANK OF COMMUNICATIONSCO. -H- 9,393,300 HKD 7,030,470 1.18BBMG -H- 7,113,000 HKD 5,800,248 0.97CHINA COMMUNICATIONSCONSTRUCTION -H- 7,311,000 HKD 6,799,923 1.14CHINA CONSTRUCTIONBANK CO. -H- 19,846,470 HKD 16,209,238 2.71CHINA MINSHENG BK -H- 4,984,500 HKD 6,350,500 1.06CHINA NATIONAL BUILDINGMATERIAL -H- 5,030,000 HKD 6,330,712 1.06CHINA PETROLEUM & CHEMCORP. -H- 8,268,000 HKD 9,735,017 1.63DONGFENG MOTOR -H- 4,656,000 HKD 6,537,768 1.09GREAT WALL MOTOR CO.LTD -H- 1,903,000 HKD 6,447,399 1.08IND & COM BOC -H- 19,734,955 HKD 13,830,092 2.32104,716,083 17.53FEDERATION OF RUSSIAAK SBEREGATELNY BANKSBERBANK 3,831,965 USD 12,165,419 2.04GAZPROM OAO 348,347 USD 1,493,487 0.2513,658,906 2.29HONG KONGCNOOC LTD 5,767,000 HKD 11,084,314 1.8611,084,314 1.86INDIAAXIS BANK LTD/DEMAT. 288,036 INR 6,893,157 1.15BANK OF INDIA /DEMATERIALISED 920,070 INR 5,126,756 0.86CAIRN INDIA LIMITED 1,140,864 INR 5,718,932 0.96CANARA BANK /DEMAT. 678,788 INR 4,796,408 0.80JINDAL STEEL & POWER/DEMAT. 868,802 INR 5,558,814 0.93OIL & NATURAL GAS CORP.LTD 1,184,538 INR 6,786,750 1.14POWER FINANCECORPORATION LTD 1,640,864 INR 5,455,379 0.91RURAL ELECTRIFICATIONCORP LTD 1,526,483 INR 5,854,477 0.98SESA GOA LTD /DEMAT. 1,938,684 INR 5,546,661 0.93SHRIRAM TRANSPORTFINANCE 519,239 INR 6,634,413 1.11TATA MOTORS 1,321,076 INR 6,542,088 1.10TECH MAHINDRA LTD/DEMAT. 325,576 INR 6,346,694 1.0671,260,529 11.93INDONESIAPT BANK RAKYATINDONESIA 9,593,500 IDR 8,638,587 1.458,638,587 1.45POLANDKGHM POLSKA MIEDZ SA 126,572 PLN 6,234,336 1.046,234,336 1.04SOUTH AFRICAAFRICAN BANKINVESTMENTS 1,956,927 ZAR 6,441,694 1.08ANGLOGOLD ASHANTI LTD 317,517 ZAR 7,443,989 1.25EXXARO RESOURCESLIMITED 339,148 ZAR 6,036,622 1.01SASOL LTD /REG 221,065 ZAR 9,815,120 1.64STEINHOFF INTERNATIONALHOLDING LTD 2,209,511 ZAR 6,023,215 1.0135,760,640 5.99SOUTH KOREABS FINL SHS 487,020 KRW 6,611,248 1.11DGB FINANCIAL GROUP 466,240 KRW 7,041,716 1.18GS HOLDINGS CORP. 99,318 KRW 5,776,861 0.97HANKOOK TIRE CO. LTD 153,940 KRW 6,649,738 1.11HYUNDAI MOBIS 35,863 KRW 10,026,900 1.68274

Portfolio of Investments and Other Net Assets as at 31 March 2013Global Emerging Markets EquityStatement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsHYUNDAI MOTOR CO. LTD 60,881 KRW 12,232,607 2.05KIA MOTORS CORP. 165,959 KRW 8,369,960 1.40LG CORP. 121,436 KRW 7,052,444 1.18SAMSUNG ELECTRONICSCO. LTD 24,202 KRW 32,853,974 5.49SAMSUNG ENGINEERINGCO. LTD 51,516 KRW 5,928,049 0.99SK HOLDINGS CO. LTD 44,200 KRW 6,695,482 1.12SK TELECOM CO. LTD 11,028 KRW 1,789,508 0.30S-OIL CORP. 82,531 KRW 6,929,847 1.16117,958,334 19.74TAIWANFARGLORY LANDDEVELOPMENT CO 3,233,000 TWD 5,924,866 0.99HON HAI PRECISIONINDUSTRY CO. LTD 3,883,300 TWD 10,739,861 1.79RADIANT OPTOELECTRONICS CORP. 1,820,170 TWD 7,182,675 1.20TAISHIN FINANCIALHOLDINGS CO. 8,268,670 TWD 3,442,685 0.58WISTRON CORP. 5,165,152 TWD 5,648,370 0.9532,938,457 5.51THAILANDKRUNG THAI BANK/FOREIGN. REG. 3,092,425 THB 2,618,807 0.44KRUNG THAI BKPUBL.CO/NVDR 1,629,325 THB 1,379,787 0.23PTT PLC CO. LTD /FOREIGNREG 551,100 THB 6,097,165 1.02PTT PUBLIC /NON-VOTINGDEP.REC 178,700 THB 1,977,070 0.3312,072,829 2.02TURKEYFORD OTOMOTIV SANAYI AS 444,336 TRY 6,384,492 1.07TURK HAVA YOLLARI AO 1,634,501 TRY 6,684,339 1.12TURKIYE HALK BANKASI AS 734,449 TRY 7,853,879 1.31TURKIYE IS BANKASI AS C 1,931,740 TRY 7,344,777 1.23TURKIYE VAKIFLAR BANKASITAO 2,104,877 TRY 6,746,775 1.13Description Quantity Currency Evaluation % netassetsPETROLEO BRASILEIRO/SADR 372,946 USD 6,164,797 1.03VALE / -A- /SADR 537,847 USD 8,863,719 1.49VALE /SADR 418,847 USD 7,237,676 1.2126,105,002 4.37FEDERATION OF RUSSIAGAZPROM OAO /SADR REGS 1,396,437 USD 11,939,536 1.99LUKOIL /SADR (REP.1 SHS.) 178,905 USD 11,521,482 1.93MMC NORILSK NICKEL/SADR 412,420 USD 6,965,774 1.1730,426,792 5.09NETHERLANDSNORD GOLD NV /SADR 969,626 USD 3,761,179 0.633,761,179 0.63TOTAL SADR (Sponsored American Dep.Receipt)GDR (Global Depositary Receipt)FEDERATION OF RUSSIA60,292,973 10.09AFK SISTEMA / SGDR 327,377 USD 6,010,642 1.01OAO TATFNEFT /SGDR REPG REG.S 177,409 USD 7,021,848 1.18ROSNEFT OIL COMPANYOJSC /SGDR 969,338 USD 7,393,554 1.2320,426,044 3.42TOTAL GDR (Global Depositary Receipt)20,426,044 3.42PREFERENTIAL SHARESBRAZILBANRISUL PNB -B- /PREF 935,926 BRL 8,095,103 1.35CIA ENERGET. MIN. GERAIS/PRIV. 615,500 BRL 7,152,119 1.2015,247,222 2.55TOTAL PREFERENTIAL SHARES15,247,222 2.55TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING577,546,95796.6835,014,262 5.86TOTAL SHARESSADR (Sponsored American Dep. Receipt)481,580,71880.62BRAZILPETROBRAS /SADR 211,738 USD 3,838,810 0.64275

Portfolio of Investments and Other Net Assets as at 31 March 2013Global Emerging Markets EquityStatement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETSHARESSOUTH KOREAINDUSTRIAL BANK OFKOREA 550,390 KRW 6,308,708 1.066,308,708 1.06TOTAL SHARESTOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET6,308,7086,308,7081.061.06TOTAL INVESTMENTS 583,855,665OTHER NET ASSETS LESS LIABILITIES 13,470,07897.742.26TOTAL NET ASSETS 597,325,743 100.00276

Portfolio of Investments and Other Net Assets as at 31 March 2013Global EquityStatement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsDescription Quantity Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGSHARESAUSTRALIAASCIANO LTD 54,080 AUD 315,170 0.46FLIGHT CENTRE LIMITED 13,594 AUD 476,193 0.69LEND LEASE GROUP 64,274 AUD 683,490 1.00SP AUSNET STAPLED SEC 255,975 AUD 318,906 0.46WESTPAC BANKING CORP. 27,028 AUD 866,758 1.26WOOLWORTHS 8,357 AUD 294,398 0.432,954,915 4.30BELGIUMANHEUSER-BUSH INBEV SA 6,778 EUR 675,663 0.98675,663 0.98CANADAAGRIUM INC 3,252 CAD 319,998 0.47CANADA IMPER. BANK OFCOMMERCE 5,744 CAD 448,291 0.65IMPERIAL OIL LTD 14,109 CAD 578,554 0.84NATIONAL BANK OF CANADA 5,522 CAD 403,789 0.59ROYAL BANK OF CANADA 5,039 CAD 300,718 0.44SUNCOR ENERGY 13,067 CAD 393,958 0.572,445,308 3.56DENMARKNOVO-NORDISK A/S -B- 2,721 DKK 442,914 0.64FRANCE442,914 0.64ALSTOM 6,743 EUR 277,294 0.40BNP PARIBAS 12,094 EUR 627,874 0.91IMERYS 4,738 EUR 309,131 0.45TOTAL SA 22,518 EUR 1,084,905 1.592,299,204 3.35GERMANYBMW-BAYERISCHEMOTOREN WERKE 3,712 EUR 322,411 0.47DEUTSCHE LUFTHANSA 14,079 EUR 276,245 0.40HENKEL / VORZUG 6,105 EUR 589,682 0.86LANXESS AG 4,668 EUR 333,300 0.49SUEDZUCKER AG 13,315 EUR 565,082 0.822,086,720 3.04GREAT BRITAINADMIRAL GROUP PLC 18,465 GBP 374,590 0.55ANTOFAGASTA PLC 21,244 GBP 318,709 0.46ASTRAZENECA PLC 22,487 GBP 1,123,042 1.64BABCOCK INTERNATIONALGROUP 18,800 GBP 309,733 0.45BARCLAYS PLC 128,175 GBP 568,312 0.83BHP BILLITON PLC 19,876 GBP 581,431 0.85HSBC HOLDINGS PLC 20,754 GBP 221,958 0.32ITV PLC 301,745 GBP 590,600 0.86J.SAINSBURY PLC 112,651 GBP 648,640 0.94PETROFAC LTD 12,400 GBP 269,816 0.39PRUDENTIAL PLC 18,598 GBP 303,017 0.44TATE + LYLE PLC 35,890 GBP 465,406 0.685,775,254 8.41HONG KONGHANG SENG BANK LTD 22,100 HKD 354,447 0.52PCCW LTD 561,000 HKD 260,169 0.38WHEELOCK & CO 84,000 HKD 447,451 0.651,062,067 1.55IRELANDACCENTURE PLC 7,347 USD 553,670 0.81ITALY553,670 0.81ATLANTIA SPA 17,293 EUR 275,354 0.40JAPAN275,354 0.40CHIYODA CORP 27,000 JPY 301,531 0.44DAIHATSU MOTOR CO. 24,000 JPY 497,256 0.72HITACHI LTD 63,000 JPY 365,858 0.53ISUZU MOTORS LTD 59,000 JPY 355,807 0.52JAPAN TOBACCO INC. 19,979 JPY 638,554 0.94MARUBENI CORP. 50,300 JPY 383,054 0.56MITSUBISHI UFJ FINANCIALGROUP 102,400 JPY 614,269 0.89NITORI CO. LTD 3,200 JPY 246,756 0.36OSAKA GAS CO. LTD 80,000 JPY 349,713 0.51OTSUKA HOLDINGS CO LTD 15,000 JPY 520,900 0.76SOFTBANK 13,800 JPY 634,078 0.92277

Portfolio of Investments and Other Net Assets as at 31 March 2013Global EquityStatement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsDescription Quantity Currency Evaluation % netassetsTOYOTA MOTOR CORP. 9,800 JPY 502,925 0.735,410,701 7.88NETHERLANDSAEGON NV 47,732 EUR 288,688 0.42288,688 0.42NORWAYYARA INTERNATIONAL ASA 7,000 NOK 317,565 0.46317,565 0.46SINGAPORECOMFORTDELGROCORPORATION LTD 202,000 SGD 310,995 0.45310,995 0.45SPAINACS 14,613 EUR 338,043 0.50RED ELECTRICACORPORACION SA 6,572 EUR 332,248 0.48670,291 0.98SWEDENATLAS COPCO AB A 12,648 SEK 359,871 0.52SVENSKA HANDELSBANKENA 9,245 SEK 395,991 0.58755,862 1.10SWITZERLANDARYZTA AG / NAM. 6,435 CHF 378,170 0.55ROCHE HOLDING AG/GENUSSSCHEIN 5,809 CHF 1,358,776 1.98SWISS RE-NAMEN 3,669 CHF 299,890 0.44SYNGENTA AG 998 CHF 420,510 0.612,457,346 3.58UNITED STATESACTAVIS 3,500 USD 321,405 0.47AFLAC INC. 13,174 USD 683,862 1.00AMERICAN TOWER CORP. 3,929 USD 300,726 0.44AMGEN INC. 11,399 USD 1,156,314 1.68APACHE CORP. 3,357 USD 261,812 0.38APPLE INC. 3,421 USD 1,520,634 2.21BAXTER INTERNATIONALINC. 9,947 USD 719,367 1.05BED BATH & BEYOND INC. 6,686 USD 431,180 0.63BMC SOFTWARE INC. 15,258 USD 703,852 1.02CAMPBELL SOUP CO. 9,691 USD 437,355 0.64CARDINAL HEALTH INC. 9,478 USD 394,948 0.58CAREMARK GROUP 19,925 USD 1,095,874 1.60CATERPILLAR INC. 7,140 USD 621,823 0.91CF INDUSTRIES HOLDINGSINC. 1,437 USD 276,723 0.40CHEVRON CORPORATION 8,766 USD 1,057,180 1.54CISCO SYSTEMS INC. 39,933 USD 835,598 1.22CITIGROUP INC. 9,290 USD 410,711 0.60COACH INC. 6,363 USD 317,323 0.46COMCAST CORP. -A- 11,963 USD 499,455 0.73CUMMINS INC. 2,660 USD 305,049 0.44DEERE & CO. 4,080 USD 356,429 0.52DISCOVER FIN SVC 9,260 USD 415,311 0.60DTE ENERGY COMPANY 5,081 USD 344,797 0.50EASTMAN CHEMICAL CO. 5,229 USD 365,036 0.53ELI LILLY & CO. 9,388 USD 533,520 0.78EXXON MOBIL CORP. 20,209 USD 1,832,955 2.67FIFTH THIRD BANCORP. 21,978 USD 357,472 0.52GRAINGER INC..WW 1,600 USD 357,024 0.52HALLIBURTON CO. 8,871 USD 359,187 0.52HESS CORP. 7,789 USD 564,469 0.82HOME DEPOT INC. 7,834 USD 545,951 0.80HORMEL FOODSCORPORATION 18,780 USD 763,219 1.11IBM CORP. 1,416 USD 301,070 0.44INTERNATIONAL PAPER CO. 9,843 USD 457,503 0.67JP MORGAN 21,757 USD 1,031,717 1.50MACY S 21,419 USD 890,174 1.30MASTERCARD INC. SHS -A- 1,996 USD 1,078,539 1.57MCDONALD S CORP. 5,545 USD 552,337 0.80METROPCSCOMMUNICATIONS INC. 29,300 USD 319,956 0.47MICROSOFT CORP. 29,175 USD 833,092 1.21NORFOLK SOUTHERN CORP. 3,309 USD 255,852 0.37NORTHROP GRUMMANCORP. 8,882 USD 619,342 0.90ORACLE CORP. 15,331 USD 494,578 0.72PACCAR INC. 13,936 USD 701,817 1.02PHILIP MORRISINTERNATIONAL 7,925 USD 735,995 1.07RAYONIER INC REIT 7,373 USD 438,104 0.64RAYTHEON COMPANY 6,351 USD 372,994 0.54SCANA CORPORATION 7,644 USD 387,627 0.56278

Portfolio of Investments and Other Net Assets as at 31 March 2013Global EquityStatement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsSIMON PROPERTY /PAIREDSHS 3,557 USD 564,852 0.82SLM CORP. 16,556 USD 334,266 0.49STRYKER CORP. 5,125 USD 333,330 0.49SUNTRUST BANKS INC. 12,572 USD 358,931 0.52TARGET CORP. 4,521 USD 309,869 0.45TIME WARNER CABLE 8,739 USD 837,371 1.22VERIZON COMMUNICATIONS-I- 6,523 USD 319,497 0.47WAL-MART STORES INC. 3,201 USD 239,211 0.3531,914,585 46.48TOTAL SHARES60,697,102 88.39PREFERENTIAL SHARESGERMANYVOLKSWAGEN AG /VORZUG. 1,491 EUR 297,624 0.43TOTAL PREFERENTIAL SHARESTOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGOTHER TRANSFERABLE SECURITIESSHARESUNITED STATES297,624 0.43297,62460,994,7260.4388.82RAYONIER INC. REIT 50,000 USD 30 0.0030 0.00TOTAL SHARES300.00TOTAL OTHER TRANSFERABLE SECURITIES 30TOTAL INVESTMENTS 60,994,756OTHER NET ASSETS LESS LIABILITIES 7,676,7270.0088.8211.18TOTAL NET ASSETS 68,671,483 100.00279

Portfolio of Investments and Other Net Assets as at 31 March 2013Latin American EquityStatement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGSHARESBERMUDA ISLANDSCOSAN LTD -A- 40,300 USD 783,029 0.38CREDICORP. 24,585 USD 3,942,451 1.904,725,480 2.28BRAZILANHANGUERAEDUCACIONAL PART 96,800 BRL 1,617,741 0.78AREZZO INDUSTRIA ECOMERCIO 117,900 BRL 2,312,915 1.12BANCO BRADESCO SA 42,680 BRL 714,761 0.35BANCO BRADESCO SA/PREF. 409,192 BRL 6,696,244 3.23BANCO DO BRASIL SA 124,444 BRL 1,666,877 0.80BR MALLS PARTICIPAES SA 258,562 BRL 3,170,549 1.53BRF FOODS 257,829 BRL 5,696,956 2.75CIA DE CONCESSOESRODOVIARIAS 1,016,548 BRL 10,198,304 4.93CIA HERING 107,200 BRL 1,982,682 0.96DURATEX 628,083 BRL 4,972,262 2.40ECORODOVIAS*OPR* 454,400 BRL 3,863,588 1.87GERDAU /PREF. 111,714 BRL 853,876 0.41INVESTIMENTOS ITAU/PREF. 509,493 BRL 2,583,525 1.25IOCHPE MAXION SA 112,200 BRL 1,437,677 0.69KROTON EDUCACIONAL7-OPEN/CV 100,200 BRL 1,251,568 0.60LOCALIZA RENTA A CAR 43,300 BRL 790,304 0.38MARCOPOLO POMO /PREF. 96,584 BRL 672,035 0.32METALURGICA GERDAU/PREF. 76,200 BRL 729,643 0.35MILLS ESTRUTUR ESERVICOS 147,400 BRL 2,318,431 1.12MINERVA SA 106,200 BRL 681,453 0.33MPX ENERGIA SA 41,000 BRL 200,571 0.10MRV ENGHENHARIA 62,790 BRL 268,811 0.13NATURA COSMETICOS SA 67,000 BRL 1,590,898 0.77ODONTOPREV SA 263,100 BRL 1,173,399 0.57OGX PETROLEO E GASPARTICIP SA 285,400 BRL 334,514 0.16Description Quantity Currency Evaluation % netassetsPETROBRAS PETROLEOBRASILEIRO 623,479 BRL 5,220,692 2.52QUALICORP SA 124,300 BRL 1,217,382 0.59SAO MARTINHO SA 114,328 BRL 1,600,650 0.77SID NACIONAL 90,100 BRL 404,969 0.20TOTVS SA 197,100 BRL 4,065,343 1.96TRACTEBEL (BRESIL) 28,200 BRL 486,690 0.23VALE RIO DOCE /NAM. 282,126 BRL 4,856,466 2.3475,631,776 36.51CANADAPACIFIC RUB SHS 161,874 CAD 3,404,776 1.643,404,776 1.64CHILEBANCO DE CHILE 10,497,405 CLP 1,640,058 0.79BANCO DE CHILE -T- SHS 5,615,703 CLP 846,457 0.41CRUZ BLANCA SALUD 1,605,155 CLP 2,008,285 0.97FALABELLA SA COMERC.EINDUST. 574,674 CLP 6,837,085 3.30SONDA SA 182,029 CLP 642,773 0.3111,974,658 5.78GREAT BRITAINANTOFAGASTA PLC 118,238 GBP 1,829,878 0.88MEXICO1,829,878 0.88ALSEA SAB DE CV 874,000 MXN 2,490,369 1.20AMERICA MOVIL SAB DE CV -L- 5,739,900 MXN 6,074,666 2.93ARCA CONTINENTAL SAB DECV 312,900 MXN 2,335,487 1.13EL PUERTO LIVERP.SAB DECV 227,011 MXN 2,748,214 1.33FIBRA UNO ADMNSTRCIONSA DE CV 711,500 MXN 2,345,211 1.13FOMENTO ECONOMICOMEXICANO SAB /UNITS 660,600 MXN 7,428,902 3.59GRUMA SA DE CV -B- 304,400 MXN 1,351,815 0.65GRUPO AEROPORT.CENTRONORTE -B- 411,600 MXN 1,645,991 0.79GRUPO FINANCIEROBANORTE SA DE CV -O- 705,200 MXN 5,635,071 2.72GRUPO TELEVISA SA / CERT.PAR. 618,401 MXN 3,284,829 1.59INFRAESTRUCTURAENERGETICA NOV 609,800 MXN 1,933,633 0.93280

Portfolio of Investments and Other Net Assets as at 31 March 2013Latin American EquityStatement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsDescription Quantity Currency Evaluation % netassetsMEXICHEM SAB DE CV 325,831 MXN 1,755,497 0.85OHL MEXICO SAB DE CV 1,015,424 MXN 2,812,948 1.36PROMOTORA Y OPERADORADE INFRA 277,600 MXN 2,221,594 1.07VESTA SHS 611,400 MXN 1,339,559 0.6545,403,786 21.92PANAMACOPA HOLDINGS -A- 60,051 USD 7,100,430 3.437,100,430 3.43PERUALICORP SA 733,511 PEN 2,693,837 1.30ANDINO INVESTMENT 165,553 PEN 194,994 0.09GRANA Y MONTERO SAGRAMON 246,816 PEN 1,075,144 0.523,963,975 1.91UNITED STATESSOUTHERN COPPER CORP. 54,435 USD 1,980,345 0.96TOTAL SHARESSADR (Sponsored American Dep. Receipt)BELGIUM1,980,345 0.96156,015,10475.31ANHEUSER-BUSH INBEV SA 49,058 USD 4,771,872 2.30BRAZIL4,771,872 2.30BANCO BRADESCO /SADR 113,683 USD 1,873,496 0.90CIA SIDER. NAC/SADR(REP.1SH) 87,000 USD 387,150 0.19PETROLEO BRASILEIRO/SADR 255,305 USD 4,266,146 2.06VALE / -A- /SADR 51,316 USD 843,122 0.41VALE /SADR 214,181 USD 3,686,055 1.7811,055,969 5.34MEXICOGRUPO FIN -B- RECE REP 5/SADR 195,604 USD 2,920,368 1.412,920,368 1.41CEMENTOS PACASMAYO/SADR 107,382 USD 1,579,589 0.762,887,435 1.39TOTAL SADR (Sponsored American Dep.Receipt)BDR (Bearer Depositary Receipt)BERMUDA ISLANDS21,635,644 10.44GP INVESTMENTS LTD /BDR 123,579 BRL 300,739 0.15TOTAL BDR (Bearer Depositary Receipt)PREFERENTIAL SHARES300,739 0.15300,7390.15BRAZILBANCO DAYCOVAL SA/PREF. 299,691 BRL 1,824,790 0.88BANRISUL PNB -B- /PREF 134,413 BRL 1,150,205 0.56BRADESPAR SABRASIL/PREF. 110,600 BRL 1,433,654 0.69CIA BRASILEIRA /PFD 64,800 BRL 3,393,032 1.64CIA VALE DO RIO DOCE A/PREF. 158,900 BRL 2,615,322 1.26CONTAXPARTICIPACOES/PREF. SHS 44,645 BRL 583,146 0.28ITAU HOLDING /PREF 462,600 BRL 8,068,797 3.89SARAIVA SA LIVREIROS EDIT/PREF. 36,842 BRL 501,352 0.24TELECOM SAO PAULO / PFD 41,805 BRL 1,109,333 0.5420,679,631 9.98TOTAL PREFERENTIAL SHARES20,679,631 9.98ADR (American Depositary Receipt)BRAZILITAU HOLDING ITAU / PFD. /SADR 273,357 USD 4,761,879 2.30TOTAL ADR (American Depositary Receipt)TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING4,761,879 2.304,761,879203,392,9972.3098.18PERUBUENAVENTURA / SADR(1SHS) 51,490 USD 1,307,846 0.63281

Portfolio of Investments and Other Net Assets as at 31 March 2013Latin American EquityStatement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsOTHER TRANSFERABLE SECURITIESSHARESSPAINCEMEX LATAM HOLDINGSSA 249,849 COP 1,904,389 0.921,904,389 0.92TOTAL SHARES1,904,3890.92TOTAL OTHER TRANSFERABLE SECURITIES 1,904,389TOTAL INVESTMENTS 205,297,386OTHER NET ASSETS LESS LIABILITIES 1,857,9750.9299.100.90TOTAL NET ASSETS 207,155,361 100.00282

Portfolio of Investments and Other Net Assets as at 31 March 2013Brazil EquityStatement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsDescription Quantity Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGSHARESBERMUDA ISLANDSCOSAN LTD -A- 1,320,700 USD 25,463,096 1.4225,463,096 1.42BRAZILANHANGUERAEDUCACIONAL PART 814,608 BRL 13,429,012 0.75AREZZO INDUSTRIA ECOMERCIO 1,635,000 BRL 32,564,608 1.82BANCO BRADESCO SA 646,910 BRL 11,033,427 0.62BANCO BRADESCO SA/PREF. 5,618,310 BRL 94,123,861 5.26BANCO DO BRASIL SA 2,696,300 BRL 36,626,434 2.05BR MALLS PARTICIPAES SA 5,063,069 BRL 63,277,422 3.53BRF FOODS 4,848,616 BRL 106,574,164 5.95CIA DE CONCESSOESRODOVIARIAS 17,139,824 BRL 173,153,700 9.68CIA HERING 1,372,871 BRL 24,763,238 1.38CONTAX PARTICIPACOES SA 303,100 BRL 4,057,170 0.23DURATEX 6,774,974 BRL 53,659,539 3.00ECORODOVIAS*OPR* 8,689,214 BRL 73,733,508 4.12GERDAU /PREF. 2,528,134 BRL 19,409,102 1.08INVESTIMENTOS ITAU/PREF. 16,946,598 BRL 87,071,630 4.86IOCHPE MAXION SA 2,261,940 BRL 29,413,599 1.64LOCALIZA RENTA A CAR 436,900 BRL 7,822,105 0.44MARCOPOLO POMO /PREF. 1,233,158 BRL 8,678,317 0.48METALFRIO SOLUTIONS SA 1,752,997 BRL 3,242,832 0.18METALURGICA GERDAU/PREF. 2,691,200 BRL 25,879,637 1.45MILLS ESTRUTUR ESERVICOS 3,330,200 BRL 53,016,340 2.96MINERVA SA 1,514,100 BRL 9,724,308 0.54MPX ENERGIA SA 1,547,500 BRL 7,291,026 0.41MRV ENGHENHARIA 1,286,779 BRL 5,335,125 0.30NATURA COSMETICOS SA 481,200 BRL 11,433,684 0.64ODONTOPREV SA 2,849,900 BRL 12,932,578 0.72PDG REALTY SA 4,761,700 BRL 7,344,408 0.41PETROBRAS PETROLEOBRASILEIRO 8,294,500 BRL 68,656,386 3.83PETROLEO BRASILEIRO/PREF. 1,801,707 BRL 16,360,889 0.91PROFAMA SA 1,543,200 BRL 17,036,554 0.95QUALICORP SA 1,894,800 BRL 18,972,916 1.06SAO CARLOSEMPREENDIMENTOS 1,652,784 BRL 38,009,100 2.12SAO MARTINHO SA 1,995,981 BRL 28,152,722 1.57SID NACIONAL 1,833,700 BRL 8,293,876 0.46TOTVS SA 2,606,100 BRL 53,754,446 3.00TRACTEBEL (BRESIL) 454,600 BRL 7,816,596 0.44VALE RIO DOCE /NAM. 3,961,900 BRL 68,476,363 3.821,301,120,622 72.66TOTAL SHARES1,326,583,718 74.08UNIT SHARESBRAZILTAESA (1 SH +2 PFD SH) 207,900 BRL 2,329,191 0.13TOTAL - UNIT SHARESSADR (Sponsored American Dep. Receipt)BRAZIL2,329,191 0.132,329,1910.13BANCO BRADESCO /SADR 1,772,483 USD 29,937,238 1.67PETROLEO BRASILEIRO/SADR 2,181,760 USD 36,064,493 2.01TELEF BRASIL /SADR 381,998 USD 10,145,867 0.5776,147,598 4.25TOTAL SADR (Sponsored American Dep.Receipt)76,147,598 4.25BDR (Bearer Depositary Receipt)BERMUDA ISLANDSGP INVESTMENTS LTD /BDR 2,177,142 BRL 5,452,712 0.30TOTAL BDR (Bearer Depositary Receipt)PREFERENTIAL SHARES5,452,712 0.305,452,7120.30BRAZILAMBEV CIA DEBEDIDAS/PREF. 638,100 BRL 26,586,069 1.48BANCO DAYCOVAL SA/PREF. 4,539,400 BRL 27,533,366 1.54BANRISUL PNB -B- /PREF 2,511,503 BRL 21,722,738 1.21BRADESPAR SABRASIL/PREF. 5,711,781 BRL 74,047,691 4.14CIA BRASILEIRA /PFD 924,300 BRL 48,966,596 2.73283

Portfolio of Investments and Other Net Assets as at 31 March 2013Brazil EquityStatement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsCIA ENERGET. MIN. GERAIS/PRIV. 356,100 BRL 4,137,887 0.23CONTAXPARTICIPACOES/PREF. SHS 144,100 BRL 1,860,970 0.10ITAU HOLDING /PREF 4,918,000 BRL 86,513,545 4.84SARAIVA SA LIVREIROS EDIT/PREF. 745,556 BRL 10,397,525 0.58TELECOM SAO PAULO / PFD 1,131,820 BRL 30,131,744 1.68331,898,131 18.53TOTAL PREFERENTIAL SHARESADR (American Depositary Receipt)331,898,13118.53BRAZILITAU HOLDING ITAU / PFD. /SADR 1,737,742 USD 30,584,259 1.7130,584,259 1.71TOTAL ADR (American Depositary Receipt)TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING30,584,2591,772,995,6091.7199.00TOTAL INVESTMENTS 1,772,995,609OTHER NET ASSETS LESS LIABILITIES 17,867,38399.001.00TOTAL NET ASSETS 1,790,862,992 100.00284

Portfolio of Investments and Other Net Assets as at 31 March 2013Chinese EquityStatement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsDescription Quantity Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGSHARESBERMUDA ISLANDSBRILLIANCE CHINAAUTOMOTIVE 20,554,000 HKD 24,148,004 1.16CHINA SINGYES SOLARTECHN HO 6,772,000 HKD 5,635,591 0.27GEMDALE PROP AND INVCORP. LTD 99,708,000 HKD 9,890,330 0.48LUK FOOK HOLDINGS (INT)LTD 2,266,000 HKD 7,268,575 0.3546,942,500 2.26CAYMAN ISLANDSCHINA STATECONSTRUCTIONINTERNATIONAL HOLDINGLTD 22,924,000 HKD 31,362,087 1.51GEELY AUTOMOBILE HLDLTD 60,790,000 HKD 29,523,207 1.42HONGHUA GROUP LTD 22,170,000 HKD 10,310,101 0.50SUNAC CHINA HOLDINGSLTD 20,653,000 HKD 14,553,267 0.70TENCENT HOLDINGS 2,167,700 HKD 68,918,271 3.30WISON ENGINEERINGSERVICES LTD 9,579,000 HKD 4,504,049 0.22159,170,982 7.65CHINAAGILE PROPERTYHOLDINGS LTD 4,366,000 HKD 5,202,541 0.25AGRICULT BANK CHINA /-H-SHARES 125,506,000 HKD 60,144,714 2.89AIR CHINA LTD -H- 12,572,000 HKD 11,174,896 0.54BANK OF CHINA LTD -H- 270,128,400 HKD 125,274,531 6.02BBMG -H- 39,415,500 HKD 32,141,104 1.54BJ JINGNENG -H- 40,224,000 HKD 12,384,349 0.60CHINA CITIC BANK -H- 59,458,000 HKD 35,693,263 1.72CHINA COMMUNICATIONSCONSTRUCTION -H- 49,410,000 HKD 45,955,986 2.21CHINA CONSTRUCTIONBANK CO. -H- 251,496,480 HKD 205,405,092 9.86CHINA LIFE INSURANCE CO.LTD -H- 3,504,000 HKD 9,072,985 0.44CHINA MINSHENG BK -H- 16,882,500 HKD 21,509,142 1.03CHINA NATIONAL BUILDINGMATERIAL -H- 24,412,000 HKD 30,724,722 1.48CHINA OILFIELD SERVICES -H- 25,064,000 HKD 52,500,200 2.52CHINA PACI INSU (GROUP)LTD -H- 8,071,200 HKD 26,565,565 1.28CHINA PETROLEUM & CHEMCORP. -H- 117,132,000 HKD 137,915,092 6.62CHINA RAILWAYCONSTRUCTION CORP. -H- 34,968,000 HKD 33,154,207 1.59CHINA RAILWAY GROUPLTD-H- 61,294,000 HKD 31,189,262 1.50CHINA RESOURCES LAND -H- 10,214,000 HKD 28,552,598 1.37CHINA SHENHUA ENERGYCO. -H- 2,101,500 HKD 7,634,288 0.37CHINA SOUTHERN AIRLINES-H- 26,060,000 HKD 14,871,959 0.71CHINA SUNTIEN -H- 10,654,000 HKD 2,909,636 0.14CHONG QING CHANGANAUT. -B- 27,984,651 HKD 27,866,949 1.34DATANG INT. POWERGENERATION -H- 37,474,000 HKD 16,558,241 0.80DONGFENG MOTOR -H- 12,112,000 HKD 17,007,184 0.82GREAT WALL MOTOR CO.LTD -H- 14,689,250 HKD 49,767,452 2.39HUANENG POWERINTERNATIONAL -H- 56,184,000 HKD 59,928,448 2.88IND & COM BOC -H- 256,006,175 HKD 179,406,997 8.61JIANGXI COPPER CO. LTD -H- 4,494,000 HKD 9,922,793 0.48PETROCHINA CO. LTD /-H- 48,040,000 HKD 63,000,038 3.03PICC PROPERTY &CASUALTY -H- 8,548,000 HKD 10,978,669 0.53PING AN INSURANCE GRPCO. -H- 6,030,500 HKD 46,767,036 2.25SHIMAO PROPERTYHOLDING LTD -H- 16,272,500 HKD 31,234,214 1.501,442,414,153 69.31HONG KONGAIA GROUP 13,975,600 HKD 61,212,401 2.94CHINA MOBILE LTD 8,798,500 HKD 93,168,798 4.48CHINA RESOURCES POWERHOLDINGS 6,246,000 HKD 18,707,466 0.90CNOOC LTD 51,135,000 HKD 98,282,710 4.71COSCO PACIFIC LTD 5,312,000 HKD 7,664,188 0.37GUANGZHOU INVESTMENTCO. LTD 104,968,000 HKD 30,289,700 1.46285

Portfolio of Investments and Other Net Assets as at 31 March 2013Chinese EquityStatement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsKINGBOARD CHEMICALSHOLDINGS 3,323,000 HKD 9,460,469 0.45MELCO INTL DVPT LTD 19,786,000 HKD 34,256,841 1.65NEW WORLD DEVELOPMENTCO. LTD 21,347,000 HKD 36,134,517 1.74389,177,090 18.70TOTAL SHARESTOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING2,037,704,7252,037,704,72597.9297.92TOTAL INVESTMENTS 2,037,704,725OTHER NET ASSETS LESS LIABILITIES 43,242,22497.922.08TOTAL NET ASSETS 2,080,946,949 100.00286

Portfolio of Investments and Other Net Assets as at 31 March 2013Hong Kong EquityStatement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsDescription Quantity Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGSHARESBERMUDA ISLANDSEMPEROR INTL HOLDINGSLTD 3,642,000 HKD 989,948 0.38HONGKONG LAND HLDS LTD 231,000 USD 1,711,710 0.66K WAH INTERNATIONALHOLDINGS 3,504,000 HKD 1,968,071 0.76LI & FUNG LTD 676,000 HKD 931,795 0.36LUK FOOK HOLDINGS (INT)LTD 545,000 HKD 1,748,179 0.68ORIENT OVERSEASINTERNATIONAL 200,000 HKD 1,352,631 0.528,702,334 3.36CAYMAN ISLANDSBAOXIN AUTO GROUP LTD 146,000 HKD 112,848 0.04CHINA METAL RECYCLINGHOLDINGS 908,400 HKD 794,579 0.31HKT LTD - STAPLED 4,727,000 HKD 4,731,476 1.83TENCENT HOLDINGS 128,000 HKD 4,069,539 1.579,708,442 3.75CHINAAGILE PROPERTYHOLDINGS LTD 3,996,000 HKD 4,761,648 1.84AGRICULT BANK CHINA /-H-SHARES 4,087,000 HKD 1,958,563 0.76BANK OF CHINA LTD -H- 29,970,400 HKD 13,899,049 5.37BANK OF COMMUNICATIONSCO. -H- 1,081,260 HKD 809,275 0.31CHINA COAL ENERGY CO.LTD -H- 822,000 HKD 732,770 0.28CHINA COMMUNICATIONSCONSTRUCTION -H- 4,628,000 HKD 4,304,479 1.66CHINA CONSTRUCTIONBANK CO. -H- 13,118,680 HKD 10,714,439 4.14CHINA LG PWR -H 1,046,000 HKD 948,625 0.37CHINA LIFE INSURANCE CO.LTD -H- 1,497,000 HKD 3,876,215 1.50CHINA NATIONAL BUILDINGMATERIAL -H- 1,748,000 HKD 2,200,017 0.85CHINA OILFIELD SERVICES -H- 360,000 HKD 754,072 0.29CHINA PACI INSU (GROUP)LTD -H- 426,800 HKD 1,404,770 0.54CHINA PETROLEUM & CHEMCORP. -H- 6,890,000 HKD 8,112,514 3.13CHINA RAILWAYCONSTRUCTION CORP. -H- 2,309,500 HKD 2,189,706 0.85CHINA RESOURCES LAND -H- 756,000 HKD 2,113,351 0.82CHINA SHENHUA ENERGYCO. -H- 332,000 HKD 1,206,083 0.47CHINA SOUTHERN AIRLINES-H- 2,506,000 HKD 1,430,128 0.55CHONG QING CHANGANAUT. -B- 1,584,500 HKD 1,577,836 0.61DONGFENG MOTOR -H- 1,604,000 HKD 2,252,272 0.87HUANENG POWERINTERNATIONAL -H- 1,306,000 HKD 1,393,040 0.54IND & COM BOC -H- 22,187,015 HKD 15,548,476 5.99PETROCHINA CO. LTD /-H- 3,048,000 HKD 3,997,171 1.54PICC PROPERTY &CASUALTY -H- 684,000 HKD 878,499 0.34PING AN INSURANCE GRPCO. -H- 352,000 HKD 2,729,790 1.05SHIMAO PROPERTYHOLDING LTD -H- 1,108,000 HKD 2,126,748 0.82ZIJIN MINING GROUP -H- 11,790,000 HKD 3,888,157 1.5095,807,693 36.99HONG KONGAIA GROUP 3,654,600 HKD 16,006,958 6.18BEIJING ENTERPRISESHOLDING LTD 153,000 HKD 1,178,644 0.46BOC HONG KONG HOLDINGSLTD 1,322,000 HKD 4,410,840 1.70CHEUNG KONG HOLDINGS 574,000 HKD 8,473,963 3.27CHINA EVERBRIGHT LTD 452,000 HKD 717,363 0.28CHINA MOBILE LTD 985,500 HKD 10,435,625 4.03CHINA OVERSEAS GRANDOCEANS 3,640,000 HKD 4,801,660 1.85CHINA OVERSEASLAND&INVESTMENT 636,000 HKD 1,753,319 0.68CHINA POWER INTLDEVELOP.LTD 11,528,000 HKD 3,712,650 1.43CHINA RESOURCES POWERHOLDINGS 866,000 HKD 2,593,767 1.00CHINA UNICO (HK) 2,272,000 HKD 3,043,909 1.18CLP HOLDINGS LTD 99,500 HKD 871,610 0.34CNOOC LTD 3,587,000 HKD 6,894,301 2.66COSCO PACIFIC LTD 1,616,000 HKD 2,331,575 0.90287

Portfolio of Investments and Other Net Assets as at 31 March 2013Hong Kong EquityStatement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsDescription Quantity Currency Evaluation % netassetsDAH SING FINANCIAL HLDSLTD 250,800 HKD 1,313,343 0.51EMPEROR WATCH &JEWELLERY LTD 6,260,000 HKD 637,076 0.25FRANSHION PROP. 4,438,000 HKD 1,452,149 0.56GALAXY ENTERTAINMENTGROUP 156,000 HKD 651,118 0.25GUANGZHOU INVESTMENTCO. LTD 4,688,000 HKD 1,352,775 0.52HANG LUNG PROPERTIESLTD 480,000 HKD 1,793,202 0.69H.K.EXCHANGES ANDCLEARING LTD 71,400 HKD 1,215,961 0.47HONGKONG ELECTRICHOLDINGS LTD 500,000 HKD 4,718,106 1.82HSBC HOLDINGS PLC 2,324,439 HKD 24,553,987 9.48HUTCHISON WHAMP 454,261 HKD 4,734,172 1.83KINGBOARD CHEMICALSHOLDINGS 1,365,500 HKD 3,887,532 1.50MELCO INTL DVPT LTD 697,000 HKD 1,206,763 0.47NEW WORLD DEVELOPMENTCO. LTD 2,773,823 HKD 4,695,309 1.81SHUN TAK HOLDINGS LTD 1,730,000 HKD 931,563 0.36SINGAMAS CONTAINERHLDS LTD 4,664,000 HKD 1,213,668 0.47SJM HOLDINGS LTD 359,000 HKD 896,269 0.35SUN HUNG KAI PROPERTIESLTD 211,242 HKD 2,846,440 1.10SWIRE PACIFIC LTD A 139,000 HKD 1,771,824 0.68THE WHARF HOLDING 1,115,236 HKD 9,941,752 3.84WHEELOCK & CO 235,000 HKD 1,251,796 0.48ADR (American Depositary Receipt)CAYMAN ISLANDSMELCO CROWN ENT /ADR 152,749 USD 3,551,414 1.37TOTAL ADR (American Depositary Receipt)TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING3,551,414 1.373,551,414257,267,1281.3799.34TOTAL INVESTMENTS 257,267,128 99.34OTHER NET ASSETS LESS LIABILITIES 1,709,579 0.66TOTAL NET ASSETS 258,976,707 100.00138,290,989 53.40TOTAL SHARESINVESTMENT FUNDS252,509,45897.50HONG KONGTHE LINK REIT 221,365 HKD 1,206,256 0.471,206,256 0.47TOTAL INVESTMENT FUNDS1,206,2560.47288

Portfolio of Investments and Other Net Assets as at 31 March 2013Indian EquityStatement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGSHARESGREAT BRITAINCAIRN ENERGY 20,139,114 GBP 83,759,271 2.5683,759,271 2.56INDIAADITYA BIRLA NUVO LTD /DEMATER. 4,552,369 INR 81,711,129 2.50AXIS BANK LTD/DEMAT. 2,416,819 INR 57,838,296 1.77BANK OF BARODA /DEMAT. 2,984,960 INR 37,224,965 1.14BHARATPETROLEUM/DEMAT. 710,505 INR 4,937,514 0.15BHARTI AIRTEL LTD/DEMAT. 1,953,932 INR 10,488,528 0.32CAIRN INDIA LIMITED 7,031,379 INR 35,246,950 1.08CANARA BANK /DEMAT. 7,689,120 INR 54,332,367 1.66CROMPTON GREAVESLTD/DEMAT. 19,505,863 INR 33,663,729 1.03FEDERAL BANK LIMITED 1,426,849 INR 12,618,310 0.39GAMMON INDIA LTD /DEMAT. 4,874,659 INR 2,067,328 0.06GAMMON INFRASTR 15,507,549 INR 3,281,219 0.10GLENMARKPHARMACEUTICALS 14,197,660 INR 120,920,009 3.70GUJARAT NRE COKE LTD 37,431,512 INR 11,535,765 0.35GUJARAT NRE COKE LTD 2,890,747 INR 460,066 0.01GVK POWERINFRASTRUCTURE 126,250,000 INR 21,254,295 0.65HCL INFOSYSTEMS LTD/DEMAT. 18,450,000 INR 12,746,781 0.39HCL TECHNOLOGIES/DEMAT. 6,180,125 INR 90,397,955 2.76HINDALCO INDUSTRIES /DEMAT. 11,030,362 INR 18,590,003 0.57HINDUSTAN CONSTR. LTD/DEMAT. 32,257,988 INR 8,101,476 0.25HOUSING DEVT FIN CORP. 4,299,674 INR 65,364,391 2.00ICICI BANK LTD /DEMAT. 7,335,955 INR 141,075,071 4.31INDIA CEMENTS LTD/DEMAT. 17,779,117 INR 27,363,419 0.84INDIABULLS INFR ANDPOWER 91,694,287 INR 7,591,874 0.23INDIABULLS REAL ESTATE/DEMAT. 30,973,718 INR 31,087,251 0.95INDIAN BANK LTD 9,066,029 INR 29,382,854 0.90Description Quantity/ Currency EvaluationFace% netassetsvalueINFOSYS TECHNOLOGIESLTD /DEMAT. 945,920 INR 50,286,196 1.54INFRASTRUCTUREDEVELOPMENT FINANCE/DEMAT. 20,314,926 INR 53,673,993 1.64IRB INFRASTRUCTUREDEVELOPERS 19,347,274 INR 40,384,853 1.23IVRCL INFRASTRUCTURESAND PROJECTS 14,588,381 INR 5,166,924 0.16JAIPRAKASH ASSOCIATIONLTD 70,437,027 INR 84,821,293 2.59JAIPRAKASH POWERVENTURES LTD 146,628 INR 70,413 0.00JINDAL STEEL & POWER/DEMAT. 21,378,372 INR 136,784,216 4.18KALPATARU POWER 5,646,045 INR 8,518,290 0.26LARSEN & TOUBRO LTD /DEMAT. 1,284,016 INR 32,275,943 0.99LIC HSG FINANCE 15,996,760 INR 66,193,555 2.02MARUTI SUZUKI INDIA LTD 5,927,515 INR 139,728,117 4.27NMDC 35,681,826 INR 90,007,510 2.75NTPC LTD / DEMAT. 28,150,985 INR 73,522,999 2.25OIL & NATURAL GAS CORP.LTD 29,272,198 INR 167,713,553 5.12OIL INDIA 945,147 INR 8,881,820 0.27OPTO CIRCUITS INDIALTD/DEMAT. 16,592,408 INR 18,301,759 0.56PETRONET LNG LTD 4,669,093 INR 11,640,350 0.36PURAVANKARA PROJECTSLTD 7,357,222 INR 12,216,739 0.37RADICO KHAITAN LTD/DEMAT. 11,124,125 INR 26,586,994 0.81RELIANCE INDUSTRIES/DEMAT. 5,002,708 INR 71,141,445 2.17RURAL ELECTRIFICATIONCORP LTD 20,478,199 INR 78,539,454 2.40SATYAM COMPUTERSERVICES 1,117,641 INR 2,640,350 0.08ST.BK OFINDIA/DEMATERIALISED 3,327,855 INR 126,912,832 3.88STERLITE IND(INDIA) SHS 55,104,756 INR 94,999,844 2.90STRIDES ARCOLAB LTD 2,767,994 INR 44,409,496 1.36TARA JEWELS LTD /IPO 923,537 INR 3,141,000 0.10TATA MOTORS 3,349,013 INR 16,584,617 0.51TATA MOTORS LTD -A- 30,825,680 INR 86,633,948 2.65TECH MAHINDRA LTD/DEMAT. 5,843,938 INR 113,920,211 3.48289

Portfolio of Investments and Other Net Assets as at 31 March 2013Indian EquityStatement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueTRIBHOVANDAS BHIMJIZAVERI/IPO 2,641,843 INR 11,109,191 0.34UNITECH LTD /DEMAT. 155,640,753 INR 67,438,586 2.06UNITED SPIRITS LIMITED/DEMAT. 188,336 INR 6,580,923 0.20USHA MARTIN LTD 13,546,176 INR 5,495,656 0.17WIPRO LTD /DEMAT. 8,306,386 INR 66,809,283 2.042,742,413,898 83.82TOTAL SHARES2,826,173,169 86.38WARRANTS / EQUITY LINKED SECURITIESGREAT BRITAINHSBC 20.09.22 CW/OPTO CIR 3,705,875 USD 4,092,609 0.134,092,609 0.13NETHERLANDSBNPP AR 13-20.02.15CW/JPVL 66,820,259 USD 32,126,914 0.98JP MORGAN STRUCTURE07.10.14 CERT/GISP 8,969,020 USD 1,900,042 0.06JPM STR 12-31.07.17CERT/INIP 23,691,178 USD 1,895,294 0.06JPM STR 13-30.01.18 329,743 USD 69,246 0.0035,991,496 1.10TOTAL WARRANTS / EQUITY LINKEDSECURITIESSADR (Sponsored American Dep. Receipt)INDIA40,084,105 1.23ICICI BANK /SADR 1,545,926 USD 65,701,855 2.01INFOSYS TECHNOLOGIES /SADR 1,716,025 USD 91,378,331 2.79157,080,186 4.80TOTAL SADR (Sponsored American Dep.Receipt)GDR (Global Depositary Receipt)INDIA157,080,186 4.80FINANCIAL TECHNOLOGIES/GDR 6 USD 11 0.00UNITED SPIRITS LTD / GDR 1 USD 18 0.0029 0.00TOTAL GDR (Global Depositary Receipt)29 0.00ADR (American Depositary Receipt)INDIADR REDDY SLABORATORIES/ADR 649,278 USD 21,036,607 0.64Description Quantity/ Currency Evaluation % netFaceassetsvalueSTERLITE INDUSTRIES(INDIA) /ADR 7,175,412 USD 49,940,867 1.53TATA MOTORS LTD /ADR 147,828 USD 3,593,699 0.1174,571,173 2.28TOTAL ADR (American Depositary Receipt)TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCK74,571,1733,097,908,6622.2894.69EXCHANGE LISTINGOTHER TRANSFERABLE SECURITIESSHARESINDIAINDIABULLS HOUSINGFINANCE LTD 18,962,353 INR 94,827,849 2.90KESORAM TEXT.MILLSLTD/DM 1,014,882 INR- 0.0094,827,849 2.90JERSEYYATRA CAPITAL LTD 157,980 EUR 659,302 0.02TOTAL SHARESWARRANTS / EQUITY LINKED SECURITIESGREAT BRITAIN659,302 0.0295,487,1512.92HSBC 01.02.23 CW/OIL INDIA 11,236,832 USD 105,723,711 3.23HSBC 02.11.20 CW 745,652 USD 827,674 0.03106,551,385 3.26TOTAL WARRANTS / EQUITY LINKEDSECURITIES106,551,385 3.26TOTAL OTHER TRANSFERABLE SECURITIES 202,038,536 6.18TOTAL INVESTMENTS 3,299,947,198 100.87OTHER NET ASSETS LESS LIABILITIES (28,445,121) (0.87)TOTAL NET ASSETS 3,271,502,077 100.00290

Portfolio of Investments and Other Net Assets as at 31 March 2013Japanese EquityStatement of investments as at 31 March 2013(expressed in JPY)Description Quantity Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGSHARESJAPANABC MART INC. 10,600 JPY 38,001,000 0.63AEON CREDIT SERVICE LTD 10,600 JPY 28,217,200 0.47AIR WATER INC OSAKA 10,000 JPY 13,080,000 0.22AJINOMOTO CO. INC. 39,000 JPY 53,859,000 0.89AOZORA BANK LTD 142,000 JPY 37,630,000 0.62ASAHI KASEI CORP. 84,000 JPY 53,172,000 0.88ASTELLAS PHARMA INC. 18,200 JPY 92,092,000 1.53BENESSE CORP. 4,100 JPY 16,400,000 0.27BRIDGESTONE CORP. 4,400 JPY 13,860,000 0.23BROTHER INDUSTRIES LTD 31,400 JPY 30,363,800 0.50CANON INC. 35,300 JPY 121,785,000 2.03CENTRAL JAPAN RAILWAYCO. 7,800 JPY 77,376,000 1.28CHUBU ELECTRIC POWER -C- 26,300 JPY 30,087,200 0.50COCA-COLA WEST 6,200 JPY 10,155,600 0.17DAI NIPPON PRINTING CO.LTD 50,000 JPY 44,750,000 0.74DAIHATSU MOTOR CO. 21,000 JPY 40,908,000 0.68DAI-ICHI LIFE INSURANCECO. LTD 134 JPY 16,803,600 0.28DAIICHI SANKYO CO. LTD 15,600 JPY 28,236,000 0.47DAITO TRUSTCONSTRUCTION 5,500 JPY 44,330,000 0.74DAIWA HOUSE INDUSTRYCO. LTD 34,000 JPY 62,390,000 1.04DENA CO. LTD TOKYO 8,200 JPY 20,992,000 0.35DENKI KAGAKU KOGYO KK 68,000 JPY 22,984,000 0.38DENSO CORP. 3,300 JPY 13,117,500 0.22EAST JAPAN RAILWAY CO. 13,100 JPY 101,263,000 1.68ELECTRIC POWERDEVELOPMENT CO. 10,000 JPY 23,930,000 0.40FAMILYMART CO. LTD 5,800 JPY 24,911,000 0.41FANUC LTD 2,900 JPY 41,731,000 0.69FUJI HEAVY INDUSTRIESLTD 14,000 JPY 20,776,000 0.34FUJIFILM HOLDINGS CORP. 27,100 JPY 50,243,400 0.83FUJITSU LTD 119,000 JPY 46,529,000 0.77Description Quantity Currency Evaluation % netassetsHAKUHODO DY HOLDINGINC. 4,130 JPY 29,818,600 0.49HINO MOTORS LTD 38,000 JPY 38,608,000 0.64HITACHI CHEMICAL CO. 24,500 JPY 35,133,000 0.58HITACHI LTD 107,000 JPY 58,422,000 0.97HONDA MOTOR CO. LTD 28,200 JPY 101,520,000 1.69IBIDEN CO. LTD 15,000 JPY 21,990,000 0.37IHI CORP. 149,000 JPY 42,465,000 0.70ISUZU MOTORS LTD 87,000 JPY 49,329,000 0.82ITOCHU CORP. 60,500 JPY 69,514,500 1.15JAPAN STEEL WORKS LTD 34,000 JPY 16,864,000 0.28JAPAN TOBACCO INC. 20,700 JPY 62,203,500 1.03JGC CORP. 13,000 JPY 31,278,000 0.52JOYO BANK LTD 29,000 JPY 15,167,000 0.25JSR CORP. TOKYO 14,200 JPY 27,264,000 0.45KANEKA CORP. 46,000 JPY 24,932,000 0.41KAO CORP. 22,700 JPY 69,008,000 1.15KDDI CORP. 14,400 JPY 56,520,000 0.94KIRIN HOLDINGS CO. LTD 20,000 JPY 30,220,000 0.50KOMATSU LTD 35,500 JPY 79,271,500 1.32KONICA MINOLTA HOLDINGSINC. 52,500 JPY 35,962,500 0.60KURITA WATER IND.LTD 19,900 JPY 41,451,700 0.69MAKITA CORP. 10,200 JPY 42,534,000 0.71MARUBENI CORP. 38,000 JPY 27,208,000 0.45MARUICHI STEEL TUBE 11,600 JPY 25,392,400 0.42MEDICEO PALTACHOLDINGS CO. LTD 6,700 JPY 8,823,900 0.15MIRACA HOLDINGS INC. 3,000 JPY 13,530,000 0.22MITSUBISHI CORP. 18,300 JPY 32,208,000 0.53MITSUBISHI ESTATE CO. 10,000 JPY 26,510,000 0.44MITSUBISHI GAS CHEMICAL 60,000 JPY 37,200,000 0.62MITSUBISHI MOTOR CORP. 155,000 JPY 15,190,000 0.25MITSUBISHI UFJ FINANCIALGROUP 266,700 JPY 150,418,800 2.51MITSUBISHI UFJ LEASE &FINANCE 54,200 JPY 26,612,200 0.44MITSUI & CO. LTD 63,700 JPY 83,956,600 1.39MITSUI FUDOSAN CO. 19,000 JPY 50,768,000 0.84MIZUHO FINANCIAL GROUPINC. 652,200 JPY 131,092,200 2.19MURATA MANUFACTURINGCO. LTD 3,800 JPY 26,904,000 0.45NAMCO BANDAI HOLDING 28,900 JPY 47,974,000 0.80291

Portfolio of Investments and Other Net Assets as at 31 March 2013Japanese EquityStatement of investments as at 31 March 2013(expressed in JPY)Description Quantity Currency Evaluation % netassetsNIPPON STEEL CORP. 55,000 JPY 13,090,000 0.22NIPPON TEL&TEL 10,300 JPY 42,230,000 0.70NISHI NIPPON CITY BK 32,000 JPY 9,280,000 0.15NISSAN MOTOR CO. LTD 26,000 JPY 23,582,000 0.39NITTO DENKO CORP. 9,800 JPY 55,174,000 0.92NOMURA HOLDINGS INC. 39,200 JPY 22,736,000 0.38NOMURA RESEARCHINSTITUTE LTD 8,600 JPY 20,880,800 0.35NTT DOCOMO INC. 368 JPY 51,372,800 0.85ORIENTAL LAND CO. LTD 2,600 JPY 40,040,000 0.66ORIX CORP. 58,600 JPY 70,085,600 1.16OSAKA GAS CO. LTD 123,000 JPY 50,553,000 0.84OTSUKA CORP. 2,600 JPY 26,598,000 0.44OTSUKA HOLDINGS CO LTD 20,000 JPY 65,300,000 1.08RESONA HOLDINGS INC. 116,600 JPY 57,717,000 0.96ROHM CO. LTD 6,600 JPY 21,483,000 0.36SANKYO 9,200 JPY 40,480,000 0.67SANTEN PHARMACEUTICAL 5,000 JPY 21,775,000 0.36SBI HOLDINGS INC. 16,700 JPY 13,861,000 0.23SECOM LTD 4,800 JPY 23,256,000 0.39SEKISUI CHEMICAL CO. LTD 45,000 JPY 46,620,000 0.77SEVEN & I HOLDINGS CO.LTD 7,600 JPY 23,674,000 0.39SHIN-ETSU CHEMICAL CO. 2,400 JPY 14,904,000 0.25SHIONOGI & CO. LTD 23,900 JPY 45,433,900 0.75SHOWA SHELL SEKIYU KK 36,800 JPY 24,472,000 0.41SOFTBANK 14,500 JPY 62,640,000 1.04SONY CORP. 33,200 JPY 53,950,000 0.90SONY FINANCIAL HOLDINGINC. 23,700 JPY 33,180,000 0.55SUMCO CORP. 35,400 JPY 37,524,000 0.62SUMITOMO CORP. 12,900 JPY 15,260,700 0.25SUMITOMO METAL MININGCO. LTD 36,000 JPY 47,808,000 0.79SUMITOMO MITSUIFINANCIAL GROUP 39,600 JPY 152,064,000 2.53SUMITOMO RUBBERINDUSTRIES 16,300 JPY 25,591,000 0.42SUZUKEN CO. 8,000 JPY 27,240,000 0.45SUZUKI MOTOR CORP. 21,400 JPY 44,918,600 0.75TAKEDA PHARMACEUTICALCO. LTD 17,267 JPY 88,752,380 1.47TERUMO CORP. 7,800 JPY 31,395,000 0.52TOHO GAS CO LTD 51,000 JPY 30,498,000 0.51Description Quantity Currency Evaluation % netassetsTOKIO MARINE HOLDINGSINC. 4,800 JPY 12,979,200 0.22TOKYO GAS CO. LTD 109,000 JPY 55,372,000 0.92TOKYU CORP. 26,000 JPY 18,070,000 0.30TOKYU LAND CORP. 20,000 JPY 17,640,000 0.29TONENGENERAL SEKIYU KKTOKYO 42,000 JPY 39,102,000 0.65TOSHIBA CORP. 177,000 JPY 84,252,000 1.40TOTO LTD 29,000 JPY 24,418,000 0.41TOYO SUISAN KAISHA 14,000 JPY 40,600,000 0.67TOYODA GOSEI CO. LTD 17,100 JPY 38,492,100 0.64TOYOTA BOSHOKU CORP. 16,100 JPY 21,316,400 0.35TOYOTA MOTOR CORP. 61,497 JPY 296,723,025 4.94TOYOTA TSUSHO CORP. 20,700 JPY 49,638,600 0.82TSUMURA & CO. 11,300 JPY 38,815,500 0.64USS CO. LTD TOKAI 2,520 JPY 27,216,000 0.45WEST JAPAN RAILWAY CO. 11,900 JPY 53,788,000 0.89YAMAHA CORP. 13,500 JPY 12,312,000 0.205,209,392,305 86.47TOTAL SHARES5,209,392,305 86.47TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING5,209,392,30586.47TOTAL INVESTMENTS 5,209,392,305 86.47OTHER NET ASSETS LESS LIABILITIES 815,214,051 13.53TOTAL NET ASSETS 6,024,606,356 100.00292

Portfolio of Investments and Other Net Assets as at 31 March 2013Korean EquityStatement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGSHARESSOUTH KOREAABLE C&C 746 KRW 58,213 0.08BS FINL SHS 77,580 KRW 1,053,141 1.36CELLTRION INC. 12,767 KRW 610,605 0.79DAELIM INDUSTRIAL CO. LTD 13,279 KRW 1,087,535 1.40DAEWOO SHIPBUILDING &MARINE ENGINEERING CO. 50,530 KRW 1,244,685 1.60DONGBU INSURANCE CO.LTD 29,580 KRW 1,261,810 1.63FILA KOREA LTD 10,450 KRW 601,251 0.78GRAND KOREA LEISURE CO.LTD 8,000 KRW 235,538 0.30HANA FINANCIAL GROUPINC. 87,740 KRW 3,092,028 3.99HANKOOK TIRE CO. LTD 25,040 KRW 1,081,652 1.39HONAM PETROCHEMICALCO. LTD 1,759 KRW 312,315 0.40HYNIX SEMICONDUCTORINC 94,880 KRW 2,494,941 3.22HYUNDAI DEPARTMENTSTORE CO. 2,985 KRW 437,413 0.56HYUNDAI DEVELOPMENTCO. ENGINEERING &CONSTRUCTION 10,640 KRW 236,264 0.30HYUNDAI FIRE & MARINE INSCO. 13,900 KRW 398,001 0.51HYUNDAI HEAVYINDUSTRIES 3,236 KRW 622,561 0.80HYUNDAI HOME SHOPPINGNETWORK 10,165 KRW 1,265,659 1.63HYUNDAI MOBIS 20,892 KRW 5,841,173 7.53HYUNDAI MOTOR CO. LTD 37,400 KRW 7,514,651 9.70HYUNDAI STEEL CO. 13,008 KRW 949,568 1.22KB FINANCIAL GROUP INC. 72,400 KRW 2,408,241 3.10KIA MOTORS CORP. 44,729 KRW 2,255,858 2.91KIWOOM SECURITIES CO.LTD 5,157 KRW 313,403 0.40KOREA INVESTMENTHOLDINGS CO. 17,910 KRW 714,083 0.92KOREA ZINC CO. LTD 3,587 KRW 1,143,161 1.47KOREAN AIR 7,650 KRW 279,220 0.36LG CHEMICAL LTD 9,450 KRW 2,251,321 2.90Description Quantity Currency Evaluation % netassetsLG CORP. 27,470 KRW 1,595,331 2.06LG DISPLAY CO. LTD 25,940 KRW 753,238 0.97LG INTERNATIONAL CORP. 15,650 KRW 592,320 0.76LS CORP. 16,450 KRW 1,304,350 1.68NCSOFT CORPORATION 3,150 KRW 438,937 0.57POSCO 6,543 KRW 1,923,465 2.48SAMSUNG ELECTRONICSCO. LTD 5,520 KRW 7,493,345 9.67SAMSUNG ELECTRONICSPREF. NON-VOT. 270 KRW 210,690 0.27SAMSUNG ENGINEERINGCO. LTD 9,800 KRW 1,127,706 1.45SAMSUNG FIRE&MARINEINSURANCE 13,069 KRW 2,555,414 3.29SAMSUNG HEAVYINDUSTRIES 45,450 KRW 1,432,127 1.85SAMSUNG SDI CO. LTD 6,900 KRW 871,536 1.12SEAH STEEL CORPORATION 10,578 KRW 945,256 1.22SHINHAN FINANCIAL GROUP 80,637 KRW 2,888,833 3.72SK ENERGY 17,475 KRW 2,552,879 3.29SK HOLDINGS CO. LTD 7,316 KRW 1,108,239 1.43SK TELECOM CO. LTD 13,614 KRW 2,209,137 2.85S-OIL CORP. 13,990 KRW 1,174,693 1.51YOUNGONE HOLDINGS 15,748 KRW 1,067,472 1.3872,009,259 92.82TOTAL SHARES72,009,259 92.82EXCHANGE TRADED FUNDSUNITED STATESISHARES/MSCI SOUTHKOREA IND 34,700 USD 2,061,527 2.66TOTAL EXCHANGE TRADED FUNDSTOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING2,061,527 2.662,061,52774,070,7862.6695.48TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETSHARESSOUTH KOREACJ O SHOPPING CO LTD 2,042 KRW 540,998 0.70293

Portfolio of Investments and Other Net Assets as at 31 March 2013Korean EquityStatement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsS.M. ENTERTAINMENT COLTD 11,460 KRW 483,704 0.621,024,702 1.32TOTAL SHARES1,024,702 1.32TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET1,024,702 1.32TOTAL INVESTMENTS 75,095,488 96.80OTHER NET ASSETS LESS LIABILITIES 2,483,702 3.20TOTAL NET ASSETS 77,579,190 100.00294

Portfolio of Investments and Other Net Assets as at 31 March 2013Mexico Equity (launched as at 28 February 2013)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsDescription Quantity Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGSHARESMEXICOAEROMEXICO 90,800 MXN 133,947 0.07ALFA SAB DE CV -A- 2,700,600 MXN 6,512,556 3.60ALPEK 188,700 MXN 446,974 0.25ALSEA SAB DE CV 1,432,200 MXN 4,080,900 2.25AMERICA MOVIL SAB DE CV -L- 10,731,700 MXN 11,357,603 6.27ARCA CONTINENTAL SAB DECV 758,500 MXN 5,661,447 3.13BKNY MELLON MEX -13- 1,121,200 MXN 2,509,052 1.39BOLSA MEXICANA SHS A 189,000 MXN 541,894 0.30CEMEX SAB DE CV 6,108,200 MXN 7,377,365 4.08COCA-COLA FEMSA 86,100 MXN 1,395,830 0.77COMPARTAMOS SAB DE CV 325,500 MXN 604,819 0.33EL PUERTO LIVERP.SAB DECV 342,500 MXN 4,146,333 2.29EMPRESAS ICA SAB DE CV 272,100 MXN 912,490 0.50FIBRA UNO ADMNSTRCIONSA DE CV 997,800 MXN 3,288,899 1.82FOMENTO ECONOMICOMEXICANO SAB /UNITS 630,742 MXN 7,093,129 3.92GENOMMA LABINTERNACION. SA 615,600 MXN 1,491,993 0.82GRUMA SA DE CV -B- 653,700 MXN 2,903,027 1.60GRUPO AEROPORT.CENTRONORTE -B- 589,700 MXN 2,358,214 1.30GRUPO AEROPORT.DELPACIFICO B 201,600 MXN 1,188,941 0.66GRUPO AEROPORTUARIO -B- 30,300 MXN 413,006 0.23GRUPO BIMBO SAB DE CV -A- 541,700 MXN 1,711,128 0.95GRUPO FINANC -B- 737,000 MXN 2,208,367 1.22GRUPO FINANCIEROBANORTE SA DE CV -O- 1,181,071 MXN 9,437,633 5.21GRUPO FIN.I.SAB DE CV -O- 251,800 MXN 719,104 0.40GRUPO MEXICO SAB DE CV/-B- 2,972,700 MXN 11,767,765 6.49GRUPO MODELO SAB DE CVC 701,400 MXN 6,373,079 3.52GRUPO SIMEC SA DE CV -B- 59,100 MXN 281,174 0.16GRUPO TELEVISA SA / CERT.PAR. 1,353,300 MXN 7,188,474 3.97GSANBOR -B1- 1,264,100 MXN 2,859,475 1.58INDUSTRIAS CH SAB DE CVB 111,400 MXN 954,157 0.53INDUSTRIAS PENOLES SABDE CV 115,340 MXN 5,321,746 2.94INFRAESTRUCTURAENERGETICA NOV 679,000 MXN 2,153,061 1.19KIMBERLY CLARK MEX.SABCV -A- 1,361,500 MXN 4,558,104 2.52MEXICHEM SAB DE CV 1,104,100 MXN 5,948,617 3.29MINERA FRIS A1 106,400 MXN 460,565 0.25OHL MEXICO SAB DE CV 1,304,500 MXN 3,613,753 2.00PROMOTORA Y OPERADORADE INFRA 366,183 MXN 2,930,511 1.62URBI DESARROLLOSURBANOS SAB 362,000 MXN 93,585 0.05VESTA SHS 617,900 MXN 1,353,801 0.75WAL-MART STORES INC. 4,072,300 MXN 13,123,529 7.24147,476,047 81.46TOTAL SHARES147,476,047 81.46UNIT SHARESMEXICOCONTROLADORA COM.SAB 127,600 MXN 469,864 0.26TOTAL - UNIT SHARESSADR (Sponsored American Dep. Receipt)MEXICO469,864 0.26469,8640.26CEMEX /ADR 81,885 USD 985,896 0.54GRUPO FIN -B- RECE REP 5/SADR 63,810 USD 952,683 0.531,938,579 1.07TOTAL SADR (Sponsored American Dep.Receipt)1,938,579 1.07ADR (American Depositary Receipt)MEXICOAMERICA MOVIL SAB /ADR -L- 250,000 USD 5,275,001 2.91COCA COLA FEMSA 27,827 USD 4,501,017 2.49295

Portfolio of Investments and Other Net Assets as at 31 March 2013Mexico Equity (launched as at 28 February 2013)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsFOMENTO ECONOMICOMEXICANO / ADR 29,456 USD 3,310,265 1.8313,086,283 7.23TOTAL ADR (American Depositary Receipt) 13,086,283 7.23TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING162,970,77390.02TOTAL INVESTMENTS 162,970,773 90.02OTHER NET ASSETS LESS LIABILITIES 18,064,615 9.98TOTAL NET ASSETS 181,035,388 100.00296

Portfolio of Investments and Other Net Assets as at 31 March 2013Russia EquityStatement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsDescription Quantity Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGSHARESFEDERATION OF RUSSIAAK SBEREGATELNY BANKSBERBANK 12,913,766 USD 40,997,605 9.8340,997,605 9.83JERSEYUNITED COMPANY RUSALPLC 14,173,000 HKD 7,102,339 1.707,102,339 1.70TOTAL SHARES48,099,944 11.53SADR (Sponsored American Dep. Receipt)FEDERATION OF RUSSIAGAZPROM OAO /SADR REGS 4,573,543 USD 39,103,792 9.38JSC SURGUTNEFTEGAZ/SADR 1,478,455 USD 13,217,388 3.17LUKOIL /SADR (REP.1 SHS.) 327,422 USD 21,085,976 5.05MMC NORILSK NICKEL/SADR 1,082,920 USD 18,290,519 4.38MOBILE TELESYSTEMSOJS/SADR 964,116 USD 19,899,354 4.77RUSHYDRO OJSC /SADR 1,935,844 USD 3,765,217 0.90115,362,246 27.65NETHERLANDSNORD GOLD NV /SADR 2,445,598 USD 9,486,475 2.279,486,475 2.27TOTAL SADR (Sponsored American Dep.Receipt)GDR (Global Depositary Receipt)CYPRUS124,848,721 29.92GLOBALTRANS INVESTMENTPLC GDR 748,416 USD 11,854,910 2.84NOVOLIPETSK STEEL REGS/GDR 163,042 USD 2,571,172 0.62OAO TATFNEFT /SGDR REPG REG.S 473,151 USD 18,727,317 4.49PHOSAGRO OJSC /SGDR 733,777 USD 10,228,851 2.45ROSNEFT OIL COMPANYOJSC /SGDR 3,826,518 USD 29,186,484 6.98SEVERSTAL CHEREPOVETSMET/SGDR 918,627 USD 8,211,068 1.97TRUBNAYA METALL. KOMP./SGDR REG 846,897 USD 10,029,725 2.40URALKALITY /GDR 245,126 USD 9,070,054 2.17VNESHTORGBANK SGDR 7,650,580 USD 23,914,412 5.73187,103,595 44.83TOTAL GDR (Global Depositary Receipt)198,958,505 47.67ADR (American Depositary Receipt)FEDERATION OF RUSSIAGAZPROM NEFT OJSC /ADR 291,843 USD 6,157,887 1.48TOTAL ADR (American Depositary Receipt)TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING6,157,887 1.486,157,887378,065,0571.4890.60TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETSHARESFEDERATION OF RUSSIAAEROFLOT MOSCOW 3,014,363 USD 5,063,617 1.21FSK EES 381,609,642 USD 1,935,524 0.46IDGC HOLDING 181,487,830 USD 9,935,915 2.39MOSCOW EXCHANGE 1,963,465 USD 3,096,504 0.74RUSHYDRO OJSC 60 USD1 0.00TNK-BP HOLDING 4,410,042 USD 5,351,021 1.2825,382,582 6.0811,854,910 2.84TOTAL SHARES25,382,5826.08FEDERATION OF RUSSIAAFK SISTEMA / SGDR 964,924 USD 17,716,005 4.25CHERKIZOVO GROUP /SGDR 418,322 USD 4,789,787 1.15MAGNIT JSC 387,363 USD 17,489,439 4.19MEGAFON OJSC /GDR 522,478 USD 16,146,138 3.87NOVATEK OAO /SGDR 176,467 USD 19,023,143 4.56TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET25,382,582 6.08TOTAL INVESTMENTS 403,447,639 96.68OTHER NET ASSETS LESS LIABILITIES 13,874,977 3.32TOTAL NET ASSETS 417,322,616 100.00297

Portfolio of Investments and Other Net Assets as at 31 March 2013Singapore EquityStatement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsDescription Quantity Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGSHARESBERMUDA ISLANDSNOBLE GROUP LTD 3,788,000 SGD 3,709,836 4.62ISLE OF MAN3,709,836 4.62GENTING SINGAPORE PLC 506,000 SGD 609,762 0.76609,762 0.76WING TAI HOLDINGS 1,680,068 SGD 2,579,825 3.2172,093,664 89.84TOTAL SHARES76,413,262 95.22TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING76,413,26295.22TOTAL INVESTMENTS 76,413,262 95.22OTHER NET ASSETS LESS LIABILITIES 3,838,340 4.78TOTAL NET ASSETS 80,251,602 100.00SINGAPORECAPITALAND LTD 350,000 SGD 995,890 1.24CITY DEVELOPMENTS LTD 179,000 SGD 1,634,750 2.04DBS GROUP HOLDINGS LTD 609,819 SGD 7,864,830 9.81EZION HOLDINGS LTD 1,984,000 SGD 3,470,323 4.32EZRA HOLDINGS LTD 1,542,000 SGD 1,435,604 1.79FIRST RESSOURCES LTD 1,768,000 SGD 2,607,965 3.25HO BEE INVESTMENT LTD 1,058,000 SGD 1,645,930 2.05JARDINE CYCLE &CARRIAGE LTD 84,000 SGD 3,461,972 4.31KEPPEL CORP. LTD 477,000 SGD 4,306,306 5.37KEPPEL LAND LTD 444,000 SGD 1,410,093 1.76MOBILEONE LTD 688,000 SGD 1,641,529 2.05OSIM INTERNATIONAL LTD 1,289,000 SGD 2,072,833 2.58OVERSEA-CHINESE BANKCORP. 802,000 SGD 6,884,817 8.58SEMBCORP INDUSTRIESLTD 857,000 SGD 3,585,227 4.47SEMBCORP MARINE LTD 165,000 SGD 589,191 0.73SINGAPORE TELECOM/BOARD LOT 1000 1,691,000 SGD 4,893,353 6.10STX OSV HOLDINGS 3,264,000 SGD 3,209,803 4.00SWIBER HOLDINGS LTD 3,063,000 SGD 1,654,209 2.06TAT HONG HOLDINGSLIMITED 349,000 SGD 429,006 0.53UOL GROUP LTD 593,000 SGD 3,336,403 4.16UTD OVERSEAS BANK/LOCAL 476,000 SGD 7,819,511 9.74VENTURE CORPORATIONLTD 226,000 SGD 1,577,592 1.97WILMAR INTERNATIONALLTD 1,074,000 SGD 2,986,702 3.72298

Portfolio of Investments and Other Net Assets as at 31 March 2013Taiwan EquityStatement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGSHARESCAYMAN ISLANDSCHAILEASE 61,000 TWD 169,317 1.49TPK HOLDINGS CO. 24,367 TWD 484,039 4.26653,356 5.75TAIWANADVANCEDSEMICONDUCTOR ENG. INC. 283,172 TWD 229,170 2.02ASUSTEK COMPUTER INC. 49,760 TWD 591,578 5.21CATHAY FINANCIALHOLDING 330,456 TWD 453,648 3.99CHENG SHIN RUBBERINDUSTRY CO 81,300 TWD 231,101 2.03CHI MEI MATERIALSTECHNOLOGY C 103,000 TWD 121,592 1.07CHINA LIFE INSURANCE CO.LTD 288,628 TWD 286,673 2.52CHINA MOTOR CO LTD 167,000 TWD 154,420 1.36CHINA STEEL 256,244 TWD 222,374 1.96CHUNGHWA TELECOM CO.LTD 108,194 TWD 333,600 2.94DELTA ELECTRONICINDUSTRIAL 49,000 TWD 204,832 1.80E SUN FINANCIAL HOLDINGLTD 411,885 TWD 248,625 2.19EVERGREEN MARINE CORP.(TAIWAN) 45,000 TWD 26,712 0.24FAR EASTERN TEXTILE LTD 170,070 TWD 174,321 1.53FORMOSA CHEMICALS &FIBER CO. 84,000 TWD 187,931 1.65FORMOSA PETROCHEMICALCORP. 23,000 TWD 60,380 0.53FORMOSA PLASTICS 104,000 TWD 245,545 2.16FUBON FINANCIAL HOLDINGCO. LTD 342,547 TWD 489,721 4.31HON HAI PRECISIONINDUSTRY CO. LTD 338,726 TWD 936,799 8.25HTC CORP. 15,191 TWD 123,956 1.09INNOLUX DISPLAY CORP. 111,000 TWD 68,302 0.60KINSUS INTERCONNECTTECHN.CORP 78,000 TWD 240,762 2.12LARGAN PRECISION CO. LTD 9,000 TWD 234,763 2.07Description Quantity Currency Evaluation % netassetsLITE-ON TECHNOLOGYCORP. 165,000 TWD 267,620 2.35MEDIA TEK INCORPORATION 36,082 TWD 410,262 3.61MEGA FINANCIAL HOLDINGCOMPANY 244,446 TWD 197,421 1.74NAN YA PLASTICS CORP. 117,000 TWD 205,809 1.81PRESIDENT CHAIN STORECORP. 15,000 TWD 82,267 0.72QUANTA COMPUTER INC. 87,000 TWD 191,442 1.68RADIANT OPTOELECTRONICS CORP. 57,250 TWD 225,917 1.99RUNTEX DEVELOPMENT COLTD 166,000 TWD 338,079 2.97SINOPAC HOLDINGS 532,000 TWD 252,634 2.22SONIX TECHNOLOGY COLTD 92,000 TWD 132,604 1.17TAIWAN CEMENT CORP. 295,000 TWD 363,046 3.19TAIWAN MOBILE CORP. 37,000 TWD 124,973 1.10TAIWAN SEMICONDUCTORMANUFACTURING 240,834 TWD 805,397 7.09TECO ELECTRIC ANDMACHINERY CO 79,000 TWD 62,746 0.55TONG YANG INDUSTRY CO.LTD 128,000 TWD 116,218 1.02TSRC CORPORATION 58,000 TWD 112,499 0.99UNI-PRESIDENTENTERPRISES CORP. 127,090 TWD 240,983 2.12UPC TECHNOLOGYCORPORATION 241,000 TWD 127,340 1.12WISTRON CORP. 192,600 TWD 210,618 1.8510,334,680 90.93TOTAL SHARES10,988,036 96.68TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING10,988,03696.68TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETSHARESTAIWANHU LANE ASSOCIATE INC 58,000 TWD 114,051 1.00PHISON ELECTRONICSCORP 10,000 TWD 80,930 0.71299

Portfolio of Investments and Other Net Assets as at 31 March 2013Taiwan EquityStatement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsVANGUARD INTL.SEMICONDUCT 128,000 TWD 118,143 1.05313,124 2.76TOTAL SHARES313,124 2.76TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET313,124 2.76TOTAL INVESTMENTS 11,301,160 99.44OTHER NET ASSETS LESS LIABILITIES 63,639 0.56TOTAL NET ASSETS 11,364,799 100.00300

Portfolio of Investments and Other Net Assets as at 31 March 2013Thai EquityStatement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGSHARESTHAILANDADVANCED INFO SERVICEPUB./ FOR. RG 1,036,200 THB 8,350,417 4.65AIRPORTS OF THAILANDPUB. -F- 455,200 THB 1,904,105 1.06ASIAN PROPERTYDEVELOPMENT PUBLIC /FOREIGN 13,210,500 THB 4,240,330 2.36BANGCHAK PETROLEUMPCL 4,156,900 THB 5,110,044 2.85BANGKOK BANK PUBLIC/FOREIGN 1,906,800 THB 14,715,200 8.21BANGKOK BANK PUBLIC/ NVDEP. RECEIPT 63,500 THB 481,370 0.27BANPU PUBLIC CO.LTD/FOR. REG 661,000 THB 8,509,330 4.74CHAROEN POK /FOREIGNREG 5,983,400 THB 6,742,400 3.76DELTA ELECTRONICSPUB./FOR.RG 1,389,700 THB 1,743,938 0.97DYNASTYCERAMIC/FOREIGN REG. 1,383,200 THB 2,940,200 1.64GLOW ENERGY PUBLIC CO.LTD 534,200 THB 1,354,419 0.75INDORAMA VENTURES/FOREIGN REG 3,191,200 THB 2,484,514 1.38JASMINE INT PUBLIC -F- 6,560,300 THB 1,467,295 0.82JASMINE INTL - NVDR 1,877,900 THB 420,016 0.23KASIKORNBANK PUBLICCOMPANY FOR. REG 930,300 THB 6,639,293 3.70KASIKORNBANK PUBLICCOMPANY LTD /NVDR 1,447,000 THB 10,277,427 5.73KHON KAEN SUGARINDUSTRY -NVDR 1,125,200 THB 507,173 0.28KHON KAENSUG.IND.PUB/FOREIGN 5,366,300 THB 2,418,808 1.35KRUNG THAI BANK/FOREIGN. REG. 13,272,800 THB 11,240,012 6.26LPN DEVELOPMENT PUB. /FOR. REG 2,306,200 THB 1,988,433 1.11PTT EXPL. PROD.PUBLIC/FOR. REG 1,713,191 THB 8,687,299 4.84PTT GLOBAL PUBLIC COFOREI REG 3,339,900 THB 7,926,306 4.42Description Quantity Currency Evaluation % netassetsPTT PLC CO. LTD /FOREIGNREG 899,000 THB 9,946,202 5.54SHIN CORP /FOREIGN REG. 1,278,600 THB 3,470,998 1.93SHIN CORP.PUBLIC /NVDR 251,300 THB 682,201 0.38SIAM CEMENT PUBLIC/NVDR 285,700 THB 4,682,783 2.61SIAM COMMERC.BANKPUBL./FOR.REG 2,845,600 THB 17,247,446 9.62SUPALAI PUBLIC CO. LTD/FOREIGN 2,663,400 THB 1,891,700 1.05THAI OIL PUBLIC CO. /FOR.REG. 2,922,200 THB 6,386,199 3.56THAI UNIONFROZEN/FOREIGN REG. 1,982,300 THB 4,298,289 2.40THAIVEGETABL.OIL/FOREIGNREG. 7,012,000 THB 5,722,586 3.19164,476,733 91.66TOTAL SHARES164,476,733 91.66EXCHANGE TRADED FUNDSUNITED STATESISHS MSCI THAI INMK 91 USD 8,284 0.00TOTAL EXCHANGE TRADED FUNDSUNIT SHARES8,284 0.008,2840.00THAILANDBANK OF AYUDHYA /NON-VOT DEP. RECEIPT 7,321,600 THB 8,625,368 4.81GLOW ENERGY PUBL UNITS 168,900 THB 428,232 0.249,053,600 5.05TOTAL - UNIT SHARES9,053,600 5.05TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING173,538,61796.71TOTAL INVESTMENTS 173,538,617 96.71OTHER NET ASSETS LESS LIABILITIES 5,901,719 3.29TOTAL NET ASSETS 179,440,336 100.00301

Portfolio of Investments and Other Net Assets as at 31 March 2013Turkey EquityStatement of investments as at 31 March 2013(expressed in EUR)Description Quantity Currency Evaluation % netassetsDescription Quantity Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGSHARESTURKEYAKBANK 6,500,000 TRY 26,575,391 9.69AKFEN GAYRIMENKULYATIRIM ORTA 1,750,000 TRY 1,212,569 0.44ANADOLU EFES BIRACILIKVE MALT 111,800 TRY 1,395,348 0.51ANEL ELEKTRIK A.S 1,750,000 TRY 1,506,297 0.55ARCELIK AS 2,469,377 TRY 13,603,168 4.95ASYA KATILIM BANKASI A.S 9,050,000 TRY 9,308,703 3.39BIM BIRLESIK MAGAZALARAS 125,000 TRY 4,747,527 1.73COCA COLA ICECEK SANAYI 34,600 TRY 763,155 0.28EMLAK KONUT GAYR.REIT/IPO 5,000,000 TRY 6,218,856 2.26ENKA INSAAT VE SANAYI AS 195,000 TRY 469,965 0.17FORD OTOMOTIV SANAYI AS 170,000 TRY 1,902,238 0.69KARDEMIR KARABUK -D- 16,000,000 TRY 11,155,208 4.06KOC HOLDING AS 2,450,000 TRY 11,071,286 4.03KOZA ALTIN ISLETMELE A.S 135,000 TRY 2,457,632 0.89SABANCI HOLDING 2,250,000 TRY 10,361,174 3.77SINPAS GAYRIM YATITIM 20,000,000 TRY 12,308,602 4.48TOFAS TURK OTOMOBILFABRIKASI 500,000 TRY 2,808,169 1.02TORUNLAR GAYRIMENKULYATIRIM 2,500,000 TRY 4,034,725 1.47TRAKYA CAN SANAYII AS 10,000,000 TRY 12,179,490 4.43TURCAS PETROL AS 2,600,000 TRY 4,151,356 1.51TURK HAVA YOLLARI AO 4,000,000 TRY 12,738,972 4.64TURK TELEKOMUNIKASYON 250,000 TRY 862,893 0.31TURKCELL ILETISIM HIZMET 1,650,000 TRY 8,627,856 3.14TURKIYE GARANTI BANKASI 6,400,000 TRY 26,441,976 9.64TURKIYE HALK BANKASI AS 3,100,000 TRY 25,815,786 9.40TURKIYE IS BANKASI AS C 8,850,000 TRY 26,204,410 9.55TURKIYE SINAI KALKINMABANKASI 1,600,000 TRY 1,714,597 0.62TURKIYE VAKIFLAR BANKASITAO 5,250,000 TRY 13,104,787 4.77YAPI KREDI BANKASA 5,500,000 TRY 13,255,417 4.83266,997,553 97.22TOTAL SHARES266,997,553 97.22TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING266,997,55397.22TOTAL INVESTMENTS 266,997,553 97.22OTHER NET ASSETS LESS LIABILITIES 7,637,713 2.78TOTAL NET ASSETS 274,635,266 100.00302

Portfolio of Investments and Other Net Assets as at 31 March 2013UK EquityStatement of investments as at 31 March 2013(expressed in GBP)Description Quantity Currency Evaluation % netassetsDescription Quantity Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGSHARESBERMUDA ISLANDSSIGNET JEWELERS LTD 68,102 GBP 3,027,134 4.283,027,134 4.28CANADAITHACA ENERGY INC EQGBP 1,074,495 GBP 1,214,179 1.72GREAT BRITAIN1,214,179 1.72BARCLAYS PLC 936,601 GBP 2,734,875 3.87BG GROUP PLC 242,574 GBP 2,758,066 3.90BHP BILLITON PLC 144,368 GBP 2,781,250 3.93BP PLC 590,735 GBP 2,731,263 3.86BRITISH AMERICANTOBACCO 81,053 GBP 2,876,166 4.07BT GROUP PLC 652,806 GBP 1,821,342 2.58CAPITA GRP 170,150 GBP 1,527,096 2.16CENTRICA PLC 801,702 GBP 2,956,677 4.18COMPASS GROUP PLC 367,444 GBP 3,090,499 4.36GLAXOSMITHKLINE PLC 185,808 GBP 2,870,734 4.06GREGGS PLC 261,590 GBP 1,245,953 1.76HSBC HOLDINGS PLC 757,171 GBP 5,332,894 7.53INMARSAT PLC 218,001 GBP 1,526,072 2.16KINGFISHER PLC 952,944 GBP 2,740,667 3.88PETROFAC LTD 173,913 GBP 2,492,173 3.52PRUDENTIAL PLC 212,607 GBP 2,281,273 3.23RECKITT BENCKISERGROUP PLC 60,236 GBP 2,855,186 4.04RIO TINTO PLC /REG 46,554 GBP 1,446,433 2.05UNILEVER PLC 107,304 GBP 3,005,585 4.24VODAFONE GROUP PLC 1,508,825 GBP 2,820,748 3.99WM MORRISONSUPERMARKETS PLC 431,270 GBP 1,194,485 1.69WS ATKINS PLC 158,110 GBP 1,444,335 2.04XSTRATA PLC 112,027 GBP 1,213,252 1.72GUERNSEYRESOLUTION 1,118,368 GBP 3,055,068 4.323,055,068 4.32IRELANDPROVIDENCE RES 159,604 GBP 1,040,618 1.47RYANAIR HOLDINGS PLC 542,242 EUR 2,738,491 3.873,779,109 5.34LUXEMBOURGAZ ELECTRONIC MATERIALS 288,829 GBP 1,101,046 1.56UNITED STATES1,101,046 1.56VIRGIN MEDIA INC 38,055 GBP 1,222,327 1.73TOTAL SHARESTOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING1,222,327 1.7369,145,88769,145,88797.7797.77TOTAL INVESTMENTS 69,145,887 97.77OTHER NET ASSETS LESS LIABILITIES 1,574,554 2.23TOTAL NET ASSETS 70,720,441 100.0055,747,024 78.82303

Portfolio of Investments and Other Net Assets as at 31 March 2013US EquityStatement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsDescription Quantity Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGSHARESNETHERLANDSLYONDELLBASELL IND NV -A- 13,000 USD 826,800 0.43UNITED STATES826,800 0.43ABBVIE INC 44,869 USD 1,807,772 0.95AFLAC INC. 30,000 USD 1,557,300 0.82AGILENT TECHNOLOGIES 30,000 USD 1,260,000 0.66AMERICAN EXPRESS CO. 26,000 USD 1,746,680 0.92AMERICAN TOWER CORP. 21,383 USD 1,636,655 0.86AMERISOURCEBERGENCORP. 22,000 USD 1,127,500 0.59AMGEN INC. 33,732 USD 3,421,774 1.80APPLE INC. 12,595 USD 5,598,478 2.95ASSURANT INC. 22,609 USD 1,007,909 0.53AT & T 38,985 USD 1,429,970 0.75BALL CORP. 20,000 USD 949,600 0.50BAXTER INTERNATIONALINC. 25,000 USD 1,808,000 0.95BERKSHIRE HATHAWAY -B- 20,261 USD 2,090,327 1.10BMC SOFTWARE INC. 32,543 USD 1,501,209 0.79CAMPBELL SOUP CO. 54,276 USD 2,449,476 1.29CELGENE CORP. 11,000 USD 1,276,220 0.67CF INDUSTRIES HOLDINGSINC. 7,664 USD 1,475,856 0.78CHEVRON CORPORATION 27,057 USD 3,263,074 1.71CISCO SYSTEMS INC. 126,320 USD 2,643,246 1.39CITIGROUP INC. 39,517 USD 1,747,047 0.92COCA-COLA CO. 23,245 USD 940,725 0.49COCA-COLA ENTERPRISESINC. 53,392 USD 1,974,436 1.04COLGATE-PALMOLIVE CO. 20,037 USD 2,356,351 1.24COMCAST CORP. -A- 85,000 USD 3,548,750 1.86CROWN CASTLE INTL CORP. 12,416 USD 866,016 0.46CUMMINS INC. 12,785 USD 1,466,184 0.77DARDEN RESTAURANTS 17,000 USD 879,410 0.46DEERE & CO. 27,129 USD 2,369,989 1.25DELL INC. 92,982 USD 1,328,248 0.70DISCOVER FIN SVC 38,000 USD 1,704,300 0.90DR PEPPER SNAPPLEGROUP INC. 18,042 USD 844,907 0.44ELI LILLY & CO. 25,000 USD 1,420,750 0.75EXXON MOBIL CORP. 66,607 USD 6,041,256 3.18FORD MOTOR CO. 40,000 USD 526,000 0.28FRANKLIN RESOURCES INC. 6,500 USD 975,195 0.51FREEPORT MCMO.COPP&GOLD -B- 43,560 USD 1,444,885 0.76GENERAL ELECTRIC CO. 74,932 USD 1,733,926 0.91GOOGLE INC. -A- 1,897 USD 1,510,164 0.79HALLIBURTON CO. 44,616 USD 1,806,502 0.95IBM CORP. 11,000 USD 2,338,820 1.23INTEL CORP. 120,558 USD 2,631,781 1.38JOHNSON & JOHNSON 20,083 USD 1,637,367 0.86JP MORGAN 77,000 USD 3,651,340 1.92KLA TENCOR CORPORATION 25,570 USD 1,333,987 0.70KROGER CO. 35,000 USD 1,162,000 0.61MACY S 47,218 USD 1,962,380 1.03MARATHON PETROLEUMCORP 23,727 USD 2,140,887 1.12MARSH & MC-LENNAN COSINC. 24,833 USD 939,929 0.49MATTEL INC. 38,405 USD 1,673,690 0.88MCDONALD S CORP. 7,966 USD 793,493 0.42MERCK 11,623 USD 511,993 0.27METROPCSCOMMUNICATIONS INC. 86,918 USD 949,145 0.50MICROSOFT CORP. 128,727 USD 3,675,799 1.93MOODY S CORP. 29,056 USD 1,525,149 0.80MYLAN INC. 40,975 USD 1,178,441 0.62NATIONAL OILWELL VARCOINC. 38,000 USD 2,707,120 1.42NEXTERA ENERGY 20,732 USD 1,606,523 0.84OCCIDENTAL PETROLEUMCORP. 29,754 USD 2,334,796 1.23ORACLE CORP. 82,171 USD 2,650,836 1.39PEPSICO INC. 20,000 USD 1,576,600 0.83PFIZER INC. 52,302 USD 1,508,390 0.79PHILIP MORRISINTERNATIONAL 18,523 USD 1,720,231 0.90PPL CORP. 55,680 USD 1,729,421 0.91PROCTER & GAMBLE CO. 20,521 USD 1,581,143 0.83PUBLIC SERVICESENTERPRISE 33,682 USD 1,143,841 0.60RAYTHEON COMPANY 33,525 USD 1,968,923 1.03304

Portfolio of Investments and Other Net Assets as at 31 March 2013US EquityStatement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsROCKWELL AUTOMATION 17,658 USD 1,520,177 0.80SAFEWAY INC. 39,736 USD 1,041,878 0.55SIMON PROPERTY /PAIREDSHS 7,000 USD 1,111,600 0.58STARWOOD HOTELSRESORTS WW 10,000 USD 638,300 0.34TARGET CORP. 16,782 USD 1,150,238 0.60TIME WARNER CABLE 21,272 USD 2,038,283 1.07TJX COS INC. 57,601 USD 2,693,423 1.42TYSON FOODS INC. -A- 71,373 USD 1,739,360 0.91UNION PACIFIC CORP. 13,596 USD 1,938,246 1.02UNITEDHEALTH GROUP INC. 48,742 USD 2,777,807 1.46US BANCORP. 62,000 USD 2,101,800 1.10VERIZON COMMUNICATIONS-I- 14,250 USD 697,965 0.37WAL-MART STORES INC. 10,998 USD 821,881 0.43WALT DISNEY /DISNEY SER. 9,196 USD 522,057 0.27WELLS FARGO & CO. 87,115 USD 3,218,899 1.69WESTERN DIGITAL CORP. 24,833 USD 1,235,193 0.65WESTERN UNION COMPANY 80,180 USD 1,201,898 0.63WEYERHAEUSER CO. 38,558 USD 1,209,564 0.64WISCONSIN ENERGY CORP. 50,250 USD 2,124,068 1.12YAHOO INC. 110,000 USD 2,609,200 1.373M CO. 19,550 USD 2,068,195 1.09156,630,144 82.31TOTAL SHARESTOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING157,456,944157,456,94482.7482.74TOTAL INVESTMENTS 157,456,944OTHER NET ASSETS LESS LIABILITIES 32,847,31582.7417.26TOTAL NET ASSETS 190,304,259 100.00305

Portfolio of Investments and Other Net Assets as at 31 March 2013Asian Currencies BondStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGBONDSCAYMAN ISLANDSC SHASHU 6.5% 11-22.07.14 5,000,000 CNY 830,479 0.80EVERGRANDE 7.5% 11-19.01.14 9,000,000 CNY 1,469,474 1.40NWCL 8.5% 12-11.04.15 4,000,000 CNY 695,363 0.672,995,316 2.87INDIAIDBI 3.65% 12-28.08.15 EMTN 750,000 SGD 617,653 0.60INDIAN OIL 4.1% 12-15.10.22 500,000 SGD 401,802 0.381,019,455 0.98INDONESIABK DANAMON 8.75% 10-09.12.13 13,000,000,000 IDR 1,356,111 1.30GOV INDONESIA 7% 11-15.05.27 7,000,000,000 IDR 772,554 0.74INDONESIA 5.625%12-15.05.23 5,000,000,000 IDR 517,861 0.50INDONESIA 8.25% 11-15.06.32 17,000,000,000 IDR 2,083,112 1.994,729,638 4.53MALAYSIAMALAYAN BANKING 6%(FRN) 08-PERP 1,000,000 SGD 875,996 0.84MALAYSIA 3.58% 11-28.09.18 3,500,000 MYR 1,146,883 1.102,022,879 1.94PHILIPPINESPETRON 7% 10-10.11.17 80,000,000 PHP 2,073,686 1.98PHILIPPINES 4.95% 10-15.01.21 46,000,000 PHP 1,289,673 1.243,363,359 3.22SINGAPOREICICI BK SG 4.9% 12-21.09.15 2,000,000 CNY 333,001 0.32SINGAPORE 2.5% 09-01.06.19 1,000,000 SGD 887,918 0.85SINGAPORE 3.125% 07-01.09.22 7,000,000 SGD 6,432,092 6.167,653,011 7.33SOUTH KOREABANK OF KOREA 3.83% 11-02.04.13 3,000,000,000 KRW 2,689,413 2.58KOREA 3.75% 12-10.06.22 2,500,000,000 KRW 2,423,656 2.32KOREA 4%11-10.03.16 6,000,000,000 KRW 5,623,721 5.4010,736,790 10.30THAILANDTHAILAND GOV 3.58% 12-17.12.27 11,000,000 THB 368,144 0.35THAILAND GOV 3.625% 10-16.06.23 55,000,000 THB 1,905,824 1.83THAILAND GOV 3.65% 10-17.12.21 8,500,000 THB 295,834 0.28THAILAND GOV 5.25% 07-12.05.14 20,000,000 THB 701,892 0.673,271,694 3.13VIRGIN ISLANDSCENTRAL PLAZA 7.6% 12-29.11.15 2,500,000 CNY 430,201 0.41TOTAL BONDSFLOATING RATE BONDS430,201 0.4136,222,34334.71HONG KONGDAH SING BANK (FRN) 12-09.02.22 1,250,000 SGD 1,052,092 1.011,052,092 1.01MALAYSIAMALAYAN BANK 3.8% (FRN)11-28.04.21 1,000,000 SGD 829,329 0.79829,329 0.79SINGAPOREDBS BANK 3.3% FRN 12-21.02.22 2,750,000 SGD 2,285,055 2.19MAPLETREE FRN 2012 PERPEMTN 500,000 SGD 413,389 0.40UOBSP FRN 11-01.04.21 1,250,000 SGD 1,037,160 0.993,735,604 3.58TOTAL FLOATING RATE BONDS5,617,025 5.38TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING41,839,36840.09306

Portfolio of Investments and Other Net Assets as at 31 March 2013Asian Currencies BondStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETBONDSINDONESIAINDONESIA 7% 11-15.05.22 26,300,000,000 IDR 2,995,889 2.87PT INDOSAT TBK 10.2% 07-29.05.14 3,000,000,000 IDR 318,995 0.313,314,884 3.18MALAYSIABNM 3.492% 12-31.03.20 18,250,000 MYR 5,923,244 5.67MALAYSIA 3.434% 11-15.08.14 11,000,000 MYR 3,579,109 3.43MALAYSIA 4.012% 10-15.09.17 8,000,000 MYR 2,667,862 2.56MALAYSIA 4.127% 12-15.04.32 4,000,000 MYR 1,332,006 1.28MALAYSIA 4.26% 06-15.09.16 2,300,000 MYR 771,641 0.74MALAYSIA 4.392% 11-15.04.26 450,000 MYR 156,336 0.1514,430,198 13.83PHILIPPINESPHILIPPINES 5% 11-18.08.18 10,000,000 PHP 271,091 0.26PHILIPPINES 5.875% 08-31.01.18 185,000,000 PHP 5,181,176 4.96PHILIPPINES 5.875% 12-01.03.32 36,000,000 PHP 1,128,443 1.08PHILIPPINES 8% 11-19.07.31 43,000,000 PHP 1,644,208 1.58THAILAND GOV 3.45% 11-08.03.19 60,000,000 THB 2,070,599 1.9812,402,286 11.88TOTAL BONDS58,813,687 56.35INFLATION INDEX BONDTHAILANDTHAILAND GOV 1.2% 11-14.07.21 17,000,000 THB 625,930 0.60TOTAL INFLATION INDEX BONDTOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKETOTHER TRANSFERABLE SECURITIESBONDSSOUTH KOREA625,930 0.60625,93059,439,6170.6056.95KORMSBO 2.71% 13-09.02.14 3,800,000,000 KRW 3,417,779 3.273,417,779 3.27TOTAL BONDS3,417,779 3.27TOTAL OTHER TRANSFERABLE SECURITIES 3,417,779 3.27TOTAL INVESTMENTS 104,696,764 100.31OTHER NET ASSETS LESS LIABILITIES (322,677) (0.31)TOTAL NET ASSETS 104,374,087 100.008,224,918 7.88SINGAPORESINGAPORE 3.5% 07-01.03.27 5,250,000 SGD 4,902,993 4.70UNITED OVERS.BK 4.1% 04-03.09.19 1,250,000 SGD 1,037,402 0.995,940,395 5.69SOUTH KOREAKOREA 4.25% 11-10.06.21 5,200,000,000 KRW 5,195,363 4.98KOREA 5% 10-10.06.20 2,930,000,000 KRW 3,031,353 2.90KOREA 5.75% 08-10.09.18 6,010,000,000 KRW 6,274,290 6.0114,501,006 13.89THAILANDBOTB 3.22% 12-01.03.16 100,000,000 THB 3,440,754 3.30THAILAND GOV 3.25% 11-16.06.17 200,000,000 THB 6,890,933 6.60307

Portfolio of Investments and Other Net Assets as at 31 March 2013Brazil BondStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGOTHER NET ASSETS LESS LIABILITIES 676,228 1.32TOTAL NET ASSETS 51,353,137 100.00BONDSBRAZILBRAZIL 0% 12-01.04.15 /LFT 6,600 BRL 2,766,212 5.39BRAZIL 10% 07-01.01.17 15,300 BRL 7,762,613 15.11BRAZIL 10% 10-01.01.21 7,650 BRL 3,863,619 7.52BRAZIL 10% 12-01.01.23 6,200 BRL 3,112,622 6.06BRAZIL 10.25% 07-10.01.28 1,000,000 BRL 601,855 1.17LETRA TESOURO 0% 12-01.07.16 10,000 BRL 3,717,944 7.2421,824,865 42.49TOTAL BONDSPLACEMENTS21,824,86542.49BRAZILBRAZIL 0% 12-01.01.16LETRAS TES 25,000 BRL 9,751,216 18.99BRAZIL 0% 12-01.07.14 TB 10,950 BRL 4,921,158 9.5814,672,374 28.57PLACEMENTSFLOATING RATE BONDS14,672,37428.57BRAZILBRAZIL 0% 11-01.01.15 LTN 27,850 BRL 11,947,366 23.2711,947,366 23.27TOTAL FLOATING RATE BONDSTOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING11,947,36648,444,60523.2794.33TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETBONDSBRAZILBRAZIL 10% 12-01.01.18 4,400 BRL 2,232,304 4.352,232,304 4.35TOTAL BONDSTOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET2,232,3042,232,3044.354.35TOTAL INVESTMENTS 50,676,90998.68308

Portfolio of Investments and Other Net Assets as at 31 March 2013Euro BondStatement of investments as at 31 March 2013(expressed in EUR)Description Quantity/ Currency Evaluation % netFaceassetsvalueINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGBONDSAUSTRALIATELSTRA 3.75% 11-16.05.22 400,000 EUR 454,922 0.45AUSTRIA454,922 0.45AUSTRIA 3.5% 05-15.09.21 2,500,000 EUR 2,898,125 2.892,898,125 2.89BELGIUMBELGIUM 3.75% 10-28.09.20OLO 1,500,000 EUR 1,729,724 1.72BELGIUM 4% 08-28.03.18OLO 1,500,000 EUR 1,723,838 1.72FORTIS BANK 4.625% 04 -PERP. 800,000 EUR 750,508 0.75FORTIS BANK 5.757% 07-04.10.17 500,000 EUR 568,050 0.574,772,120 4.76FINLANDSAMPO BANK 4.25% 12-27.02.17 875,000 EUR 961,656 0.96FRANCE961,656 0.96AFD 3.75% 12-15.02.27 1,000,000 EUR 1,117,730 1.12BFCM 1.625% 13-11.01.18 600,000 EUR 597,126 0.60BFCM 3.25% 12-23.08.22 300,000 EUR 319,470 0.32BFCM 4.471% 05-PERP. 500,000 EUR 483,455 0.48BFCM 5% 03-30.09.15 EMTN 550,000 EUR 594,583 0.59BPCE SFH 4% 11-23.03.22 S6 1,000,000 EUR 1,167,320 1.16CA HOME LOAN 1.625% 13-11.03.20 2,000,000 EUR 2,008,159 2.00CARREFOUR 4.375% 06-02.11.16 800,000 EUR 886,824 0.88CCBP 9.25% 09-PERP 400,000 EUR 416,074 0.42CDC IXIS CAP.4.375% 03-24.07.18 1,000,000 EUR 989,940 0.99CR AGR 3.875% 12-13.02.19 700,000 EUR 765,531 0.76CRH 3.3% 10-23.09.22 600,000 EUR 671,901 0.67CRH 3.75%10-19.02.20 1,000,000 EUR 1,147,475 1.15FRANCE 3.75% 05-25.04.21OAT 800,000 EUR 928,280 0.93Description Quantity/ Currency Evaluation % netFaceassetsvalueFRANCE 4% 04-25.04.55 OAT 1,000,000 EUR 1,163,950 1.16FRANCE 4.25% 06-25.10.23 800,000 EUR 954,640 0.95LA POSTE 2.75% 12-26.11.24 1,000,000 EUR 1,028,510 1.03PSA FIN 3.625% 10-29.04.14 400,000 EUR 403,346 0.40RFF 4.375% 06-02.06.22 1,000,000 EUR 1,189,905 1.19SAGESS 2.625% 13-06.03.25 1,100,000 EUR 1,112,689 1.11SCOR ASSIST 6.154% 06-PERP. 250,000 EUR 252,191 0.25SOCGEN 3.75% 12-01.03.17 500,000 EUR 542,635 0.54ST GOBAIN 3.625% 12-28.03.22 225,000 EUR 238,791 0.24VIVENDI 4.125% 12-18.07.17 300,000 EUR 329,109 0.3319,309,634 19.27GERMANYDEUTSCHE BOERSE 2.37512-05.10.22 400,000 EUR 412,500 0.41GERMANY 3.75% 08-04.01.19 1,500,000 EUR 1,780,575 1.78GERMANY 4% 05-04.01.37 2,500,000 EUR 3,353,437 3.35GERMANY 5.50% 00-04.01.31 1,450,000 EUR 2,198,852 2.19TALANX AG 3.125% 13-13.02.23 700,000 EUR 734,857 0.738,480,221 8.46GREAT BRITAINBARCLAYS BANK 4.75% 05-PERP. 500,000 EUR 360,910 0.36CGNU PLC 5.25% 03-02.10.23 350,000 EUR 351,755 0.35HSBC 3.875% 11-24.10.18 550,000 EUR 619,545 0.62LLOYDS 4.625% 12-02.02.17 900,000 EUR 1,014,107 1.012,346,317 2.34HONG KONGHUTCHISON WH 3.625% 12-06.06.22 1,200,000 EUR 1,329,912 1.331,329,912 1.33ITALYASSGEN 7.75% 12-12.12.42/SUB 200,000 EUR 206,549 0.21ATLIM 4.375% 12-16.03.20 200,000 EUR 214,674 0.21ENI 4.25% 12-03.02.20 300,000 EUR 338,304 0.34INTESA SAN 3.375% 24.01.25EMTN 500,000 EUR 505,178 0.50INTESA SAN 3.625% 12-05.12.22 600,000 EUR 631,635 0.63INTESA SAN 3.75% 12-25.09.19 300,000 EUR 323,981 0.32309

Portfolio of Investments and Other Net Assets as at 31 March 2013Euro BondStatement of investments as at 31 March 2013(expressed in EUR)Description Quantity/ Currency Evaluation % netFaceassetsvalueINTESA SAN 4.125% 11-14.01.16 500,000 EUR 508,895 0.51INTESA SAN 4.375% 12-15.10.19 500,000 EUR 495,635 0.49ITALY 3.75% 10-01.03.21 BTP 1,800,000 EUR 1,762,965 1.76ITALY 4% 06-01.02.17 BTP 1,900,000 EUR 1,958,283 1.95ITALY 4.25% 04-01.02.15 BTP 1,000,000 EUR 1,039,400 1.04ITALY 5.25% 02-01.08.17 BTP 4,100,000 EUR 4,402,989 4.39ITALY 5.75% 02-01.02.33 BTP 2,300,000 EUR 2,467,094 2.46SNAM 3.5% 12-13.02.20 EMTN 300,000 EUR 309,573 0.31SNAM 3.875% 12-19.03.18EMTN 500,000 EUR 531,050 0.53TELECOM IT 6.125% 12-14.12.18 1,000,000 EUR 1,099,380 1.10UNICREDIT 2.75% 13-31.01.20 400,000 EUR 406,726 0.41UNICREDIT 6.95% 31.10.22EMTN 1,200,000 EUR 1,200,600 1.2018,402,911 18.36JERSEYAIG. SUN. III 4.75% 03-11.09.13 1,100,000 EUR 1,120,048 1.12LUXEMBOURG1,120,048 1.12BEI 4.75% 07-15.10.17 EMTN 1,300,000 EUR 1,532,765 1.53EFSF 3.375% 11-05.07.21 500,000 EUR 564,525 0.56EIB 2.75% 12-15.09.25 1,000,000 EUR 1,058,885 1.06EU 2.5% 12-04.11.27 1,000,000 EUR 1,021,975 1.02HANNOVER FIN 5.75% 04-26.02.24 500,000 EUR 515,493 0.514,693,643 4.68MEXICOAMER MOVIL 4.75% 10-28.06.22 500,000 EUR 586,483 0.59586,483 0.59NETHERLANDSABN AMRO 4.125% 12-28.03.22 600,000 EUR 679,563 0.68BNG 1.875% 12-06.06.19 700,000 EUR 725,036 0.72CRH FIN 5% 12-25.01.19 400,000 EUR 465,048 0.46HEINEKEN NV 2% 06.04.21EMTN 1,000,000 EUR 998,310 1.00ING NV 1.875% 13-27.02.18 1,300,000 EUR 1,302,092 1.30ING NV 4.5% 12-21.02.22 800,000 EUR 927,084 0.93KBC IFIMA 4.5% 09-17.09.14 1,000,000 EUR 1,051,700 1.05Description Quantity/ Currency Evaluation % netFaceassetsvalueNETHERLANDS 3.5% 10-15.07.20 3,000,000 EUR 3,480,824 3.47RABOBANK 3.5% 11-17.10.18 500,000 EUR 550,398 0.5510,180,055 10.16SPAINABERTIS 4.75% 12-25.10.19 600,000 EUR 647,013 0.65BBVA 3.25% 06-24.01.16 1,000,000 EUR 1,025,575 1.02BCO SANTAND.C.H. 3.5% 06-06.02.14 500,000 EUR 510,050 0.51GAS NCP 5% 12-13.02.18 500,000 EUR 552,078 0.55IBESM 4.75% 11-25.01.16 1,000,000 EUR 1,080,960 1.08SANT ID 4.625% 12-21.03.16 800,000 EUR 821,492 0.82SPAIN 3% 10-30.04.15 1,500,000 EUR 1,515,150 1.51SPAIN 4.1% 08-30.07.18 400,000 EUR 404,490 0.40SPAIN 5.4% 13-31.01.23 2,200,000 EUR 2,260,114 2.26SPAIN 5.5% 02-30.07.17 500,000 EUR 537,550 0.54TELEFONICA 3.987% 13-23.01.23 400,000 EUR 391,618 0.399,746,090 9.73SWEDENSEB 4% 12-12.09.22 600,000 EUR 639,927 0.64639,927 0.64UNITED STATESBANK AMERICA CORP 4% 05-23.03.15 500,000 EUR 529,708 0.53BOA 4% 06-28.03.18 400,000 EUR 374,986 0.37GECC 5.50% (TV) 07-15.09.67REGS 500,000 EUR 503,988 0.50MOR ST 2.25% 13-12.03.18 800,000 EUR 800,679 0.80ZURICH FIN.USA 5.75% 03-02.10.23 500,000 EUR 507,413 0.512,716,774 2.71TOTAL BONDSFLOATING RATE BONDSFRANCEAXA FRN 13-04.07.43 300,000 EUR88,638,838304,38088.450.30SUEZ ENV 4.82% (FRN) 10-PERP/SUB 800,000 EUR 820,228 0.831,124,608 1.13GERMANYRWE 4.625% (FRN) 10-PERP 500,000 EUR 510,255 0.51510,255 0.51310

Portfolio of Investments and Other Net Assets as at 31 March 2013Euro BondStatement of investments as at 31 March 2013(expressed in EUR)Description Quantity/ Currency Evaluation % netFaceassetsvalueGREAT BRITAINSSE FRN 2012 HYBRID PERP 750,000 EUR 796,223 0.79796,223 0.79IRELANDCLOVERIE 6.625% FRN 12-01.09.42 250,000 EUR 300,945 0.30300,945 0.30LUXEMBOURGHANNOVER FIN 5% FRN 12-30.06.43 300,000 EUR 321,456 0.32321,456 0.32NETHERLANDSALLIANZ FIN 5.75% 11-08.07.41 SUB 500,000 EUR 559,510 0.56559,510 0.56SPAINSANTANDER 5.435% (FRN)07-24.10.17 500,000 EUR 440,630 0.44440,630 0.44SWEDENSWEDBANK 3 FRN 12-05.12.22 EMTN 600,000 EUR 613,977 0.61TOTAL FLOATING RATE BONDSOPTIONSGERMANY613,977 0.614,667,6044.66PUT EURO BUND 80 EUR 27,200 0.03TOTAL OPTIONSTOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING27,200 0.0327,20093,333,6420.0393.14TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETBONDSFRANCECADES 3.25% 11-07.03.18 500,000 EUR 555,342 0.56555,342 0.56Description Quantity/ Currency Evaluation % netFaceassetsvalueGREAT BRITAINBARCLAYS 4.125% 11-15.03.16 500,000 EUR 544,823 0.54IRELAND544,823 0.54CRH FIN 3.125% 13-03.04.23 400,000 EUR 405,838 0.40SPAIN405,838 0.40LA CAIXA 5.125% 11-27.04.16 400,000 EUR 430,918 0.43TOTAL BONDSFLOATING RATE BONDS430,918 0.431,936,9211.93NETHERLANDSALLIANDER 4.875% (FRN) 10-29.11.49 700,000 EUR 742,238 0.74TOTAL FLOATING RATE BONDSTOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKETOTHER TRANSFERABLE SECURITIESBONDSITALY742,238 0.74742,2382,679,1590.742.67UNICREDIT 4.25% 09-29.07.16 1,000,000 EUR 1,081,925 1.081,081,925 1.08TOTAL BONDS1,081,925 1.08TOTAL OTHER TRANSFERABLE SECURITIES 1,081,925 1.08TOTAL INVESTMENTS 97,094,726 96.89OTHER NET ASSETS LESS LIABILITIES 3,119,747 3.11TOTAL NET ASSETS 100,214,473 100.00311

Portfolio of Investments and Other Net Assets as at 31 March 2013Euro Credit BondStatement of investments as at 31 March 2013(expressed in EUR)Description Quantity/ Currency Evaluation % netFaceassetsvalueINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGBONDSAUSTRIAOMV 2.625% 12-27.09.22 3,800,000 EUR 3,946,585 0.71OMV 4.25% 11-12.10.21 1,850,000 EUR 2,190,178 0.396,136,763 1.10BELGIUMANHEUSER-BUSH INBEV SA2.875% 12-25.09.24 8,000,000 EUR 8,344,200 1.49BELGIUM 3.5% 11-28.06.17OLO 13,000,000 EUR 14,455,350 2.59FORTIS BANK 4.625% 04 -PERP. 7,000,000 EUR 6,566,945 1.1729,366,495 5.25DENMARKCARLS BREW 2.625% 12-15.11.22 3,700,000 EUR 3,751,800 0.673,751,800 0.67FRANCEBFCM 3.25% 12-23.08.22 3,500,000 EUR 3,727,150 0.67BFCM 4.125% 10-20.07.20 2,500,000 EUR 2,828,538 0.51BFCM 4.471% 05-PERP. 7,000,000 EUR 6,768,370 1.21BPCE 4.5% 12-10.02.22 4,700,000 EUR 5,469,531 0.98CASINO GP 3.311% 13-25.01.23 1,800,000 EUR 1,864,818 0.33FRANCE TELECOM 8.125%03-28.01.33 6,075,000 EUR 9,461,781 1.68LAFARGE 5.5% 09-16.12.19ST-UP 6,130,000 EUR 7,086,219 1.27VALEO SA 4.875% 11-11.05.18 5,000,000 EUR 5,623,050 1.0042,829,457 7.65GREAT BRITAINCGNU PLC 5.25% 03-02.10.23 3,100,000 EUR 3,115,547 0.56FCE BK 1.875% 13-12.05.16 4,700,000 EUR 4,756,706 0.85FCE BK 2.875% 12-03.10.17 3,800,000 EUR 3,983,065 0.71LLOYDS BK 5.875% 02-08.07.14 3,000,000 EUR 3,147,615 0.56LLOYDS 11.875% 11-16.12.21 5,000,000 EUR 6,190,224 1.1121,193,157 3.79Description Quantity/ Currency EvaluationFace% netassetsvalueHONG KONGHUTCHISON WH 3.625% 12-06.06.22 11,000,000 EUR 12,190,860 2.1812,190,860 2.18IRELANDBOGAEIS 3.625% 12-04.12.17 10,000,000 EUR 10,574,200 1.89GE CAP EUR 4.25% 10-01.03.17 11,000,000 EUR 12,279,190 2.1922,853,390 4.08ITALYENI 4.25% 12-03.02.20 2,000,000 EUR 2,255,360 0.40ENI 4.875% 11-11.10.17 12,000,000 EUR 13,558,500 2.41INTESA SAN 4.125% 12-19.09.16 5,000,000 EUR 5,077,450 0.91INTESA SAN 4.375% 12-15.10.19 5,000,000 EUR 4,956,350 0.89SNAM 3.5% 12-13.02.20 EMTN 2,800,000 EUR 2,889,348 0.52SNAM 5.25% 12-19.09.22 5,000,000 EUR 5,631,725 1.0134,368,733 6.14JERSEYPROSECURE FUND 4.668%06-30.06.16 5,000,000 EUR 5,007,150 0.895,007,150 0.89MEXICOAMER MOVIL 3% 12-12.07.21 8,000,000 EUR 8,350,080 1.498,350,080 1.49NETHERLANDSDEUT TEL IF 2.125% 13-18.01.21 10,700,000 EUR 10,845,948 1.94HIT FIN BV 5.75% 11-09.03.18 9,000,000 EUR 10,187,370 1.82IBERDROLA 5.75% FRN 13-PERP 6,000,000 EUR 5,898,450 1.05ING NV 2.125% 12-10.07.15EMTN 3,750,000 EUR 3,839,700 0.69KBC IFIMA 4.5% 12-27.03.17 5,817,000 EUR 6,458,150 1.15RABOBANK 4.128% 11-12.01.21 10,000,000 EUR 11,396,350 2.03SIEMENS FIN 2.875% 13-10.03.28 3,500,000 EUR 3,561,355 0.64ZIGGO 8% 10-15.05.18 5,000,000 EUR 5,408,275 0.9757,595,598 10.29NORWAYDNB 4.25% 12-18.01.22 5,000,000 EUR 5,792,825 1.03312

Portfolio of Investments and Other Net Assets as at 31 March 2013Euro Credit BondStatement of investments as at 31 March 2013(expressed in EUR)Description Quantity/ Currency Evaluation % netFaceassetsvalueDNB 4.75% 12-08.03.22/SUB 7,300,000 EUR 7,936,597 1.4213,729,422 2.45SPAINBBVASM 3.25% 13-21.03.16 7,000,000 EUR 6,944,420 1.24BBVASM 3.75% 13-17.01.18 7,000,000 EUR 6,913,795 1.23GAS NCP 5.125% 09-02.11.21 8,000,000 EUR 8,874,000 1.59SANT ID 4% 13-24.01.20 6,000,000 EUR 5,843,910 1.04SANT ID 4.625% 12-21.03.16 10,000,000 EUR 10,268,650 1.83SPAIN 4% 10-30.04.20 14,000,000 EUR 13,674,150 2.45TELEFONICA 3.961% 13-26.03.21 7,000,000 EUR 7,013,405 1.25TELEFONICA 5.431% 09-03.02.14 6,000,000 EUR 6,219,840 1.1165,752,170 11.74SWEDENNORDEA 4% 12-11.07.19 4,250,000 EUR 4,868,928 0.87UNITED STATES4,868,928 0.87BOA 4% 06-28.03.18 11,000,000 EUR 10,312,115 1.84BOA 4.625% 10-07.08.17 7,000,000 EUR 7,843,745 1.40GECC 5.50% (TV) 07-15.09.67REGS 14,000,000 EUR 14,111,650 2.52GS 4.375% 10-16.03.17 13,000,000 EUR 14,259,570 2.55JPM CHASE CO 2.75% 12-24.08.22 17,700,000 EUR 18,099,488 3.23MOR ST 2.25% 13-12.03.18 5,400,000 EUR 5,404,590 0.9770,031,158 12.51TOTAL BONDS398,025,161 71.10FLOATING RATE BONDSAUSTRIAOMV 6.75%(FRN) 11-29.04.49/SUB 7,000,000 EUR 7,846,930 1.40FRANCE7,846,930 1.40AXA FRN 13-04.07.43 8,000,000 EUR 8,116,799 1.44BPCE FRN 09-PERP 4,000,000 EUR 4,943,340 0.88CR AGR 7.825% FRN 09-PERP 5,550,000 EUR 5,935,309 1.06CREDIT AGRICO FRN 08-PERP 1,700,000 EUR 1,853,434 0.33GRPE BPCE FRN 10-PERP/SUB 2,000,000 EUR 2,103,680 0.38Description Quantity/ Currency Evaluation % netFaceassetsvalueSUEZ ENV 4.82% (FRN) 10-PERP/SUB 5,000,000 EUR 5,126,425 0.9228,078,987 5.01GERMANYALLIANZ SE 5.625% FRN 12-17.10.42 3,000,000 EUR 3,303,255 0.59RWE 4.625% (FRN) 10-PERP 10,000,000 EUR 10,205,100 1.8213,508,355 2.41GREAT BRITAINSSE FRN 2012 HYBRID PERP 11,050,000 EUR 11,731,012 2.1011,731,012 2.10IRELANDAQUARIUS+ INV4.25% FRN13-02.10.43 5,000,000 EUR 5,021,475 0.90CLOVERIE 6.625% FRN 12-01.09.42 8,000,000 EUR 9,630,240 1.7214,651,715 2.62LUXEMBOURGTALANZ FI FRN 12-15.06.42 9,000,000 EUR 10,918,125 1.9510,918,125 1.95NETHERLANDSALLIANZ FIN 5.75% 11-08.07.41 SUB 8,200,000 EUR 9,175,964 1.64ELM BV 5.252% FRN 06-PERP. 5,000,000 EUR 5,050,200 0.9014,226,164 2.54SWEDENNORDEA 4.625% (FRN)12-15.02.22 9,000,000 EUR 9,749,565 1.74SWEDBANK 3 FRN 12-05.12.22 EMTN 11,960,000 EUR 12,238,608 2.1921,988,173 3.93TOTAL FLOATING RATE BONDS122,949,461 21.96OPTIONSGERMANYPUT EURO BUND 600 EUR 144,000 0.02313

Portfolio of Investments and Other Net Assets as at 31 March 2013Euro Credit BondStatement of investments as at 31 March 2013(expressed in EUR)Description Quantity/ Currency Evaluation % netFaceassetsvaluePUT EURO BUND (600) EUR (72,000) (0.01)72,000 0.01TOTAL OPTIONSTOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCK72,000521,046,6220.0193.07EXCHANGE LISTINGTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETBONDSFRANCERCI BQ 3.25% 11-17.01.14 2,000,000 EUR 2,032,750 0.362,032,750 0.36IRELANDCRH FIN 3.125% 13-03.04.23 1,200,000 EUR 1,217,514 0.221,217,514 0.22NETHERLANDSSUEDZ FIN 4.125% 11-29.03.18 3,050,000 EUR 3,470,595 0.623,470,595 0.62TOTAL BONDS6,720,859 1.20TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET6,720,859 1.20OTHER TRANSFERABLE SECURITIESBONDSGREAT BRITAINLEHMAN 4.625% 07-14.03.19DEFLT 900,000 EUR 90 0.0090 0.00TOTAL BONDS90 0.00TOTAL OTHER TRANSFERABLE SECURITIES 90 0.00TOTAL INVESTMENTS 527,767,571 94.27OTHER NET ASSETS LESS LIABILITIES 32,102,784 5.73TOTAL NET ASSETS 559,870,355 100.00314

Portfolio of Investments and Other Net Assets as at 31 March 2013Euro High Yield BondStatement of investments as at 31 March 2013(expressed in EUR)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGBONDSBELGIUMFORTIS BANK 4.625% 04 -PERP. 29,200,000 EUR 27,393,542 2.07KBC BANK 8% 08-PERP. 15,300,000 EUR 15,550,002 1.1742,943,544 3.24CAYMAN ISLANDSUPCB FIN 7.625%10-15.01.20REGS 1,300,000 EUR 1,414,270 0.111,414,270 0.11DENMARKFS FUNDING 8.875% 06-15.05.16 REG 13,500,000 EUR 13,912,763 1.05FRANCE13,912,763 1.05AXA SA 5.777% 06-PERP 8,550,000 EUR 8,500,709 0.64BFCM 4.471% 05-PERP. 6,500,000 EUR 6,284,915 0.47BPCE 6.117% 07-PERP EMTN 5,600,000 EUR 5,215,616 0.39CDEE 4.625% 04-PERP. 10,250,000 EUR 9,434,869 0.71CNCEP 5.25% 03-PERP EMTN 2,000,000 EUR 1,875,660 0.14CROWN EU HOLDING 7.125%15.08.18 REGS 23,000,000 EUR 25,041,480 1.90LABCO 8.5% 11-15.01.18 10,100,000 EUR 10,715,595 0.81LAFARGE 5.5% 09-16.12.19ST-UP 37,000,000 EUR 42,771,629 3.24LOXAM 7.375% 13-24.01.20REGS 9,000,000 EUR 9,254,115 0.70RENAULT 4.625% 11-25.05.16 5,000,000 EUR 5,272,275 0.40RENAULT 4.625% 12-18.09.17 8,000,000 EUR 8,405,680 0.63RENAULT 5.625% 10-30.06.15 13,000,000 EUR 13,936,390 1.05REXEL 7% 11-17.12.18 9,136,000 EUR 10,086,144 0.76REXEL 8.25% 09-15.12.16(RTA) 5,750,000 EUR 6,276,815 0.47SCOR ASSIST 6.154% 06-PERP. 3,600,000 EUR 3,631,554 0.27SOCIETE GENERALE 4.196%05-PERP 3,450,000 EUR 3,126,459 0.24SPCM SA 5.5% 12-15.06.20 6,000,000 EUR 6,431,760 0.49TEREOS EUROPE 6.375% 07-15.04.14 REGS 7,855,000 EUR 8,197,282 0.62TEREOS FIN 4.25% 13-04.03.20 3,500,000 EUR 3,490,690 0.26VINCI 6.25% 06-PERP 5,350,000 EUR 5,699,489 0.43WENDEL INVESTMENT4.375% 05-09.08.17 850,000 EUR 873,260 0.07WENDEL 5.875% 12-17.09.19 18,800,000 EUR 20,303,812 1.53WENDEL 6.75% 11-20.04.18 1,400,000 EUR 1,587,082 0.12216,413,280 16.34GERMANYKABEL D HOLD 6.5% 12-31.07.17 7,000,000 EUR 7,555,695 0.57KABEL DEUTS 6.5% 11-29.06.18 2,500,000 EUR 2,676,025 0.20MUNICH RE 5.767% 07-26.06.49 14,500,000 EUR 15,115,888 1.14UNITYM NRW 5.125% 13-21.01.23 6,000,000 EUR 5,835,840 0.44UNITYM NRW 5.75% 12-15.01.23 6,000,000 EUR 6,083,520 0.46UNITYMEDIA 9.5% 12-15.03.21 7,550,000 EUR 8,671,326 0.65UPC GER 9.625% 09-01.12.19 16,000,000 EUR 17,881,520 1.3663,819,814 4.82GREAT BRITAINALBA GROUP 8% 11-15.05.18 2,150,000 EUR 2,322,086 0.18BARCLAYS BANK 4.75% 05-PERP. 26,000,000 EUR 18,767,320 1.42GKN HDG 5.375% 12-19.09.22 6,750,000 GBP 8,460,356 0.64LLOYDS 11.875% 11-16.12.21 12,250,000 EUR 15,166,051 1.15NGG FIN 4.25% FRN 13-18.06.76 6,300,000 EUR 6,279,462 0.47REXAM PLC 6.75% 07-29.06.67 24,000,000 EUR 25,202,760 1.8976,198,035 5.75HUNGARYMOL HU O&G 5.875% 10-20.04.17 13,250,000 EUR 13,897,064 1.0513,897,064 1.05IRELANDBANK OF IRELAND 4.625%09-08.04.13 4,500,000 EUR 4,501,350 0.34SMURFIT KAP ACQ 7.25% 09-15.11.17 11,750,000 EUR 12,516,100 0.95315

Portfolio of Investments and Other Net Assets as at 31 March 2013Euro High Yield BondStatement of investments as at 31 March 2013(expressed in EUR)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsSMURFIT KAP ACQ 7.75% 09-15.11.19 8,000,000 EUR 8,764,600 0.6625,782,050 1.95ITALYCIRINT 5.75% 04-16.12.24 3,550,000 EUR 3,175,262 0.243,175,262 0.24JERSEYPROSECURE FUND 4.668%06-30.06.16 15,442,000 EUR 15,464,082 1.1715,464,082 1.17LUXEMBOURGCLARIANT FIN 5.625% 12-24.01.17 3,100,000 EUR 3,488,616 0.26FIAT FINANCE 7.625% 09-15.09.14 7,500,000 EUR 7,941,038 0.60FIAT FT 6.625% 13-15.03.18 6,000,000 EUR 6,087,930 0.46FMC FIN 6.5% 11-15.09.18 2,400,000 EUR 2,795,136 0.21GREIF LUX 7.375% 11-15.07.21 6,525,000 EUR 7,405,875 0.56HEIDEL FIN 9.5% 11-15.12.18 8,000,000 EUR 10,366,600 0.78HEIDLRG 8.5% 09-31.10.19 23,000,000 EUR 29,077,059 2.20KION FIN 6.75% 13-15.02.20REGS 3,250,000 EUR 3,483,188 0.26SPIE BONDCO3 11% 12-15.08.19 3,750,000 EUR 4,183,669 0.3274,829,111 5.65NETHERLANDSABN AMRO 7.125% 12-06.07.22 5,250,000 EUR 5,993,558 0.45BRENNTAG FIN 5.5% 11-19.07.18 1,050,000 EUR 1,190,490 0.09CARLSON WAGONLIT 7.5%15.06.19 6,750,000 EUR 7,175,959 0.54CONGR 7.125% 10-15.10.18 46,000,000 EUR 48,801,629 3.67ELM BV 5.252% FRN 06-PERP. 26,500,000 EUR 26,766,059 2.02EUREKO 5.125% 05-29.06.49 9,000,000 EUR 8,818,290 0.67GMAC INTL 7.5% 10-21.04.15 17,500,000 EUR 19,102,213 1.44IBERDROLA 5.75% FRN 13-PERP 9,500,000 EUR 9,339,213 0.71ING GP NV 8% 08-PERP 8,750,000 EUR 8,906,800 0.67INTERXION 9.5% 10-12.02.17 2,350,000 EUR 2,585,294 0.20NOKIA SIEMEN 7.125% 13-15.04.20 5,200,000 EUR 5,289,700 0.40OI EUROPEAN 4.875%31.03.21 REGS 2,300,000 EUR 2,325,553 0.18RABOBANK 6.875% 10-19.03.20 32,500,000 EUR 36,581,512 2.75REPSM 4.875% 12-19.02.19 8,300,000 EUR 9,225,243 0.70SCHAEFF FIN 7.75% 12-15.02.17 9,300,000 EUR 10,506,582 0.79SCHAEFFLER FIN 8.75%15.02.19 2,000,000 EUR 2,273,700 0.17SUEDZUCK.INTERNATIONAL5.25% 05-PERP 2,500,000 EUR 2,592,550 0.20UPC HOLD 6.75% 13-15.03.23 2,600,000 EUR 2,593,227 0.20UPC 9.75% 09-15.04.18 21,500,000 EUR 22,678,200 1.71ZIGGO 8% 10-15.05.18 24,750,000 EUR 26,770,960 2.02259,516,732 19.58NORWAYEKSPORTFINANS 4.75% 08-11.06.13 7,500,000 EUR 7,539,413 0.577,539,413 0.57POLANDCYFROWY PL 7.125% 11-20.05.18 13,000,000 EUR 14,136,850 1.0714,136,850 1.07SPAINENCE ENER 7.25% 13-15.02.20 3,000,000 EUR 3,049,230 0.23UNITED STATES3,049,230 0.23AVIS BUD 6% 13-01.03.21 1,500,000 EUR 1,534,365 0.12BELDEN INC 5.5% 13-15.04.23 3,000,000 EUR 2,989,620 0.23CEMEX FIN 9.625% 09-14.12.17 1,000,000 EUR 1,091,450 0.08FRESENIUS FINANCE II8.75% 09-15.07.15 16,250,000 EUR 18,735,763 1.41GECC 5.50% (TV) 07-15.09.67REGS 50,250,000 EUR 50,650,743 3.8275,001,941 5.66TOTAL BONDS907,093,441 68.48FLOATING RATE BONDSAUSTRALIAORIGIN EN FRN 11-16.06.71/SUB 2,750,000 EUR 2,872,265 0.22316

Portfolio of Investments and Other Net Assets as at 31 March 2013Euro High Yield BondStatement of investments as at 31 March 2013(expressed in EUR)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsSANTOS FIN 8.25% (FRN) 10-22.09.70 15,000,000 EUR 16,665,000 1.2619,537,265 1.48AUSTRIAOMV 6.75%(FRN) 11-29.04.49/SUB 19,000,000 EUR 21,298,810 1.61FRANCE21,298,810 1.61AXA FRN 13-04.07.43 2,600,000 EUR 2,637,960 0.20AXA SA FRN 07-PERP 4,000,000 EUR 3,973,600 0.30BPCE FRN 09-PERP 10,000,000 EUR 12,358,349 0.94CNP ASSURANCE FRN 06-PERP. 6,600,000 EUR 5,704,710 0.43CR AGR 7.825% FRN 09-PERP 8,550,000 EUR 9,143,584 0.69CREDIT LOGEMENT FRN 04-PERP. 782,000 EUR 558,055 0.04CREDIT LOG.FRN 06-PERP 5,750,000 EUR 3,636,760 0.27GRPE BPCE FRN 10-PERP/SUB 2,000,000 EUR 2,103,680 0.16SOCGEN FRN 09-PERP 10,000,000 EUR 11,399,050 0.87SUEZ ENV 4.82% (FRN) 10-PERP/SUB 10,650,000 EUR 10,919,285 0.8262,435,033 4.72GERMANYENBW 7.375%(FRN) 11-02.04.72/SUB 10,800,000 EUR 12,054,366 0.91MUNICH RE FRN (6.25%) 12-26.05.42 2,000,000 EUR 2,363,600 0.18RWE 4.625% (FRN) 10-PERP 9,000,000 EUR 9,184,590 0.6923,602,556 1.78GREAT BRITAINBG ENERGY 6.5% FRN 12-30.11.72 8,250,000 EUR 9,256,954 0.70HELLERMAN FRN 12-15.12.17 2,100,000 EUR 2,138,556 0.16RBS 10.5%(FRN) 12-16.03.22 10,500,000 EUR 12,493,898 0.94SSE FRN 2012 HYBRID PERP 16,000,000 EUR 16,986,079 1.2940,875,487 3.09JERSEYUBS PREF. FD FRN 05-PERP 25,500,000 EUR 25,351,335 1.9125,351,335 1.91LUXEMBOURGCALCIPAR FRN 07-01.07.14REGS 1,480,000 EUR 1,465,348 0.11HANNOVER FIN 5% FRN 12-30.06.43 800,000 EUR 857,216 0.06TALANZ FI FRN 12-15.06.42 17,000,000 EUR 20,623,125 1.5622,945,689 1.73NETHERLANDSABN AMRO BANK FRN 06-PERP. 11,400,000 EUR 10,147,368 0.77ALLIANZ FIN 5.75% 11-08.07.41 SUB 9,200,000 EUR 10,294,984 0.78DELTA LLOYD FRN 12-29.08.42 FTF 3,500,000 EUR 3,867,220 0.2924,309,572 1.84SWEDENSWEDBANK 3 FRN 12-05.12.22 EMTN 2,500,000 EUR 2,558,238 0.19UNITED STATES2,558,238 0.19CITIGP 4.75% 07-31.05.17 1,500,000 EUR 1,424,708 0.11RBS CAP TR A 6.467% 02-PERP 8,250,000 EUR 5,647,661 0.427,072,369 0.53TOTAL FLOATING RATE BONDS253,838,450 19.17ASSET BACKED SECURITIESGERMANYUNITYMEDIA 8.125% 09-01.12.17 16,500,000 EUR 6,856,206 0.52LUXEMBOURG6,856,206 0.52OXEA FIN 9.625% 10-15.07.17 6,535,000 EUR 6,140,604 0.466,140,604 0.46IRELANDCLOVERIE 6.625% FRN 12-01.09.42 3,200,000 EUR 3,852,096 0.293,852,096 0.29TOTAL ASSET BACKED SECURITIESTOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING12,996,8101,173,928,7010.9888.63317

Portfolio of Investments and Other Net Assets as at 31 March 2013Euro High Yield BondStatement of investments as at 31 March 2013(expressed in EUR)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETTOTAL NET ASSETS 1,324,439,338 100.00BONDSFRANCEREXEL 5.125% 13-15.06.20REGS 2,850,000 EUR 2,895,743 0.222,895,743 0.22GREAT BRITAINBARCLAYS 6.625% 11-30.03.22 1,550,000 EUR 1,777,664 0.13VIRG MED FI 5.125% 12-15.02.22 11,000,000 GBP 13,161,000 1.0014,938,664 1.13LUXEMBOURGCEMEX 9.875% 12-30.04.19 5,600,000 EUR 6,288,744 0.47FIAT 6.25% 11-09.03.18 15,500,000 EUR 17,213,137 1.31SUNRISE COM 7% 10-31.12.17 1,000,000 EUR 1,074,270 0.08TNETBB 6.375% 10-15.11.20 6,500,000 EUR 6,787,203 0.5131,363,354 2.37NETHERLANDSHERTZ HDGS 8.5% 10-31.07.15 13,000,000 EUR 13,816,140 1.04PHOENIX FIN 9.625% 10-15.07.14 1,650,000 EUR 1,809,176 0.14UPC HLD BV 8.375% 15.08.20REGS 22,700,000 EUR 24,937,538 1.8840,562,854 3.06TOTAL BONDSTOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKETOTHER TRANSFERABLE SECURITIESBONDS89,760,61589,760,6156.786.78VIRGIN ISLANDSC10 CAP SPV 6.277% FRN 07-09.05.49 4,355,000 EUR 3,467,669 0.263,467,669 0.26TOTAL BONDS3,467,6690.26TOTAL OTHER TRANSFERABLE SECURITIES 3,467,669TOTAL INVESTMENTS 1,267,156,985OTHER NET ASSETS LESS LIABILITIES 57,282,3530.2695.674.33318

Portfolio of Investments and Other Net Assets as at 31 March 2013GEM Inflation Linked Bond (Formerly Emerging InflationLinked Bond)Statement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGBONDSBRAZILBRAZIL 6% 04-15.05.45N.TES. 12,200 BRL 17,521,829 8.62BRAZIL 6% 10-15.08.16/INFL 11,142 BRL 13,589,452 6.69BRAZIL 6% 10-15.08.50/INFL 4,540 BRL 6,559,126 3.2337,670,407 18.54CHILEBCO CTL CHI 3% 11-01.02.16/INFL 100,000 CLP 4,894,655 2.414,894,655 2.41ISRAELISRAEL 2.75% 11-30.09.22/CPI 47,500,000 ILS 14,831,745 7.30ISRAEL 3.5% 08-30.04.18 CPI 23,400,000 ILS 8,639,443 4.2523,471,188 11.55MEXICOMEXICO 2.5% 10-10.12.20UDIBON 85,000 MXN 3,755,390 1.85MEXICO 3.5% 08-14.12.17 CPI 170,000 MXN 7,595,561 3.74MEXICO 4% 09-13.06.19/INFL 96,000 MXN 4,536,891 2.23MEXICO 4% 09-15.11.40 UDI 70,000 MXN 3,828,561 1.88MEXICO 4.5% 04-18.12.14/INFL 120,000 MXN 5,112,860 2.52MEXICO 4.5% 06-22.11.35UDIBONOS 240,000 MXN 13,720,243 6.7438,549,506 18.96TOTAL BONDS104,585,756 51.46INFLATION INDEX BONDPOLANDPOLAND FRN 04-24.08.16 IZ0816 6,700,000 PLN 2,747,682 1.35POLAND 2.75% 08-25.08.23/INFL 14,500,000 PLN 5,589,590 2.758,337,272 4.10SOUTH AFRICASOUTH AFRICA 5.5%07.12.23/INFL 56,100,000 ZAR 17,680,248 8.7017,680,248 8.70SOUTH KOREAKOREA 1.5% 11-10.06.21/INFL 9,200,000,000 KRW 9,333,553 4.599,333,553 4.59TURKEYTURKEY 2.5% 11-04.05.16/INFL 5,000,000 TRY 3,445,146 1.70TURKEY 3% 11-06.01.21/CPI 15,300,000 TRY 11,288,095 5.55TURKEY 3% 12-23.02.22/INFL 9,622,000 TRY 6,519,493 3.21TURKEY 4% 10-29.04.15/TUCPI 8,200,000 TRY 5,956,601 2.9327,209,335 13.39TOTAL INFLATION INDEX BONDTOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCK62,560,408167,146,16430.7882.24EXCHANGE LISTINGTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETBONDSBRAZILBRAZIL 6% 03-15.05.15 S.B /INDEX 2,050 BRL 2,451,729 1.21TOTAL BONDSTREAS. BONDS/NOTES - FIXED RATEUNITED STATES2,451,729 1.212,451,7291.21USA 0.875% 13-31.01.18 TBO 6,900,000 USD 6,947,168 3.426,947,168 3.42TOTAL TREASURY BONDS/NOTES - FIXEDRATEINFLATION INDEX BONDSOUTH KOREA6,947,168 3.42KOREA 2.75% 10-10.06.20/CPI 3,000,000,000 KRW 3,405,817 1.683,405,817 1.68THAILANDTHAILAND GOV 1.2% 11-14.07.21 223,000,000 THB 8,210,728 4.03TOTAL INFLATION INDEX BONDTOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET8,210,728 4.0311,616,54521,015,4425.7110.34319

Portfolio of Investments and Other Net Assets as at 31 March 2013GEM Inflation Linked Bond (Formerly Emerging InflationLinked Bond)Statement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsTOTAL INVESTMENTS 188,161,606 92.58OTHER NET ASSETS LESS LIABILITIES 15,076,196 7.42TOTAL NET ASSETS 203,237,802 100.00320

Portfolio of Investments and Other Net Assets as at 31 March 2013Global BondStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGBONDSAUSTRALIAAUSTRALIA 5.75% 07-15.05.21 600,000 AUD 733,177 0.36733,177 0.36AUSTRIAAUSTRIA 3.65% 11-20.04.22144A 800,000 EUR 1,203,895 0.591,203,895 0.59BELGIUMBELGIUM 4.25% 11-28.09.21 2,760,000 EUR 4,220,599 2.074,220,599 2.07FRANCEAXA 5.5% 13-PERP 800,000 USD 772,884 0.38FRANCE 3% 11-25.04.22 OAT 2,820,000 EUR 3,953,404 1.93FRANCE 4% 07-25.04.18 OAT 1,000,000 EUR 1,485,126 0.73FRANCE 4% 07-25.04.18 OAT 49,000 EUR 72,771 0.04FRANCE 5.75% 01-25.10.32 900,000 EUR 1,652,983 0.80VEOLIA ENVIRONNEMENT5.25% 08-03.06.13 580,000 USD 584,112 0.298,521,280 4.17GERMANYGERMANY 2.25% 10-10.04.15 4,150,000 EUR 5,573,617 2.73GERMANY 3.5% 08-12.04.13 1,629,000 EUR 2,093,420 1.03GERMANY 4.25% 03-04.01.14 9,000,000 EUR 11,927,587 5.84GERMANY 4.25% 07-04.07.39 640,000 EUR 1,162,860 0.57GERMANY 4.25% 08-04.07.18 1,900,000 EUR 2,932,384 1.44KFW 1.5% 11-04.04.14 1,700,000 USD 1,721,080 0.84KFW 3.375% 11-18.01.21 1,000,000 EUR 1,479,155 0.7226,890,103 13.17GREAT BRITAINANGLO AMER.CAP. 6.875%08-01.05.18 500,000 GBP 906,158 0.44BAT INTERNATIONALFINANCE 8.125% 08-15.11.13144A 500,000 USD 519,626 0.25BRITISH TELECOM. 9.625%00-15.12.30 MULTIC 1,000,000 USD 1,560,210 0.76COOPWH 2.375% 12-23.10.15 800,000 EUR 1,015,626 0.50Description Face Value Currency Evaluation % netassetsCOV BD SOC 2.25% 12-04.12.17 332,000 EUR 433,189 0.21IMPERIAL TOB 5% 11-02.12.19 500,000 EUR 762,245 0.37REXAM PLC 6.75% 07-29.06.67 500,000 EUR 674,226 0.33UK TSY 4.75% 04-07.12.38 500,000 GBP 994,471 0.49UK 4.5% 07-07.12.42 1,600,000 GBP 3,079,356 1.529,945,107 4.87IRELANDGE CAP EUR 5.375% 09-23.01.20 1,000,000 EUR 1,571,764 0.771,571,764 0.77ITALYITALY 4% 06-01.02.17 BTP 7,980,000 EUR 10,561,449 5.18ITALY 4.25% 08-15.04.13 BTP 2,164,000 EUR 2,782,057 1.36ITALY 5.5% 12-01.11.22 BTP 4,300,000 EUR 5,869,631 2.8719,213,137 9.41JAPANJAPAN 0.3% 10-20.06.15 900,000,000 JPY 9,633,164 4.72JAPAN 1.70% 06-20.12.16N284 700,000,000 JPY 7,894,317 3.87JAPAN 1.9% 11-20.06.31 230,000,000 JPY 2,677,840 1.3120,205,321 9.90LUXEMBOURGBEI 0% 96-06.11.26 SENIOR 1,300,000 USD 871,481 0.42GAZPROM CAPITAL 5.03%06-25.02.14 REGS 380,000 EUR 505,188 0.25TELECOM IT CAP 6.175% 09-18.06.14 700,000 USD 734,545 0.362,111,214 1.03NETHERLANDSING NV 5.375% 11-15.04.21 500,000 GBP 892,184 0.44NETHERLANDS 2.25% 12-15.07.22 1,200,000 EUR 1,630,217 0.80RABOBK 3.375% 12-19.01.17 800,000 USD 857,044 0.423,379,445 1.66SPAINBBVA 3.5% 06-24.01.21 600,000 EUR 772,482 0.38SANTANDER US 3.724% 10-20.01.15 400,000 USD 397,074 0.19SPAIN 4.1% 08-30.07.18 2,931,000 EUR 3,805,944 1.86321

Portfolio of Investments and Other Net Assets as at 31 March 2013Global BondStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsTELEFONICA EMIS 5.877%09-15.07.19 500,000 USD 550,478 0.27TELEFONICA 3.987% 13-23.01.23 400,000 EUR 502,877 0.256,028,855 2.95SWEDENNORDEA 2.125% 12-13.11.19 783,000 GBP 1,193,375 0.58SWEDEN 3.5% 10-01.06.22 37,000,000 SEK 6,549,582 3.21SWEDEN 5% 03-01.12.20 1,300,000 SEK 249,103 0.127,992,060 3.91SWITZERLANDSWITZERLAND 2% 10-28.04.21 400,000 CHF 472,295 0.23UNITED STATES472,295 0.23BOA 3.75% 11-12.07.16 SR 1 1,000,000 USD 1,065,115 0.52BOA 6.4% 07-28.08.17 450,000 USD 529,272 0.26BURL.NORTHERN 5.65% 07-01.05.17 500,000 USD 586,100 0.29CAPITAL ONE 8.8%9-15.7.19 400,000 USD 544,704 0.27CITIGP 4.5% 11-PERP 1,000,000 USD 1,113,330 0.55FNMA 1.25% 11-28.09.16 2,000,000 USD 2,048,520 1.00FORD MC 5.75% 11-01.02.21 800,000 USD 909,444 0.45FREDDIE MAC 5.125% 07-17.11.17 600,000 USD 717,207 0.35IBRD 1% 11-15.09.16 2,000,000 USD 2,031,560 0.99JPM 4.625% 11-10.05.21 1,200,000 USD 1,347,702 0.66MORGAN STANLEY 6% 08-PERP 1,000,000 USD 1,091,225 0.53PFIZER 5.75% 09-03.06.21 1,000,000 EUR 1,672,566 0.82TWC 5.5% 11-01.09.41 250,000 USD 259,816 0.13USA 3.125% 09-15.05.19 6,050,000 USD 6,819,012 3.3320,735,573 10.15TOTAL BONDS133,223,825 65.24FLOATING RATE BONDSFRANCEVEOLIA 4.45% 13 FTF/PERP 600,000 EUR 743,394 0.36GERMANY743,394 0.36RWE 4.625% (FRN) 10-PERP 500,000 EUR 655,218 0.32GREAT BRITAINSTD CHART LN 4% (FRN)12.7.22 1,000,000 USD 1,035,530 0.521,035,530 0.52SWEDENSWEDISH EXP FRN 09-14.08.14 1,000,000 USD 1,009,535 0.491,009,535 0.49TOTAL FLOATING RATE BONDS3,443,677 1.69TREAS. BONDS/NOTES - FIXED RATEUNITED STATESUSA 0.375% 11-30.06.13 TBO 300,000 USD 300,229 0.15USA 1.5% 11-31.07.16 TBO 3,520,000 USD 3,644,850 1.79USA 2.125% 10-31.05.15 4,180,000 USD 4,346,873 2.13USA 2.125% 11-15.08.21 E-2021 10,900,000 USD 11,393,055 5.5719,685,007 9.64TOTAL TREASURY BONDS/NOTES - FIXEDRATETOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCK19,685,007156,352,5099.6476.57EXCHANGE LISTINGTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETBONDSAUSTRALIAANZ BANK 2.4% 11-23.11.16144A 1,050,000 USD 1,103,959 0.54MACQUARIE BK 3.45% 12-27.07.15 950,000 USD 991,696 0.492,095,655 1.03CANADACANADA 2.75% 11-01.06.22 2,000,000 CAD 2,131,738 1.04CANADA 4.00% 06-01.06.17 3,139,000 CAD 3,432,305 1.685,564,043 2.72CAYMAN ISLANDSHUTCH WHAM 5.75% 09-11.09.19 1,000,000 USD 1,182,640 0.58KEL 6.6011% 09-17.04.31 700,000 GBP 1,402,219 0.692,584,859 1.27655,218 0.32322

Portfolio of Investments and Other Net Assets as at 31 March 2013Global BondStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsFRANCEBNPP HM LN COV 3.375% 10-01.17 900,000 EUR 1,266,434 0.63GDF SUEZ 1.625% 12-10.10.17 1,000,000 USD 1,006,200 0.49LVMH 1.625% 12-29.06.17144A 313,000 USD 316,251 0.15SOCIETE GENERALE 3.1%10-14.09.15 500,000 USD 519,155 0.253,108,040 1.52GREAT BRITAINPRUDENTIAL 5.25% 13-PERPEMTN 400,000 USD 379,404 0.19TESCO 2.7% 11-05.01.17144A 300,000 USD 313,149 0.15692,553 0.34JAPANJAPAN 0.2% 11-15.06.13 270,000,000 JPY 2,872,561 1.41JAPAN 2.00% 07-20.03.27 NO93 (20Y) 603,000,000 JPY 7,335,566 3.5910,208,127 5.00JERSEYBAA FDG 2.5% 12-25.06.15 500,000 USD 507,793 0.25QATAR507,793 0.25QATAR 4% 09-20.01.15 144A 700,000 USD 739,085 0.36UNITED STATES739,085 0.36ABIBB 7.75% 11-15.01.19 PST 1,200,000 USD 1,581,899 0.77ETP 5.2% 12-01.01.22 1,000,000 USD 1,124,230 0.55MET LIFE 5.125% 09-10.06.14 1,300,000 USD 1,359,057 0.67MIDAMERICAN ENERGY5.95% 07-15.07.17 610,000 USD 729,247 0.36RABOBANK CAP.III 5.254%04-PERP 144A 550,000 USD 556,523 0.27TIME WARNER CABLE 6.2%08-01.07.13 535,000 USD 542,225 0.27WEA&WT FIN 5.75% 09-02.09.15 S144A 350,000 USD 388,389 0.196,281,570 3.08TOTAL BONDS31,781,725 15.57FLOATING RATE BONDSAUSTRALIACBA FRN 09-12.07.13 144A 500,000 USD 500,256 0.24TOTAL FLOATING RATE BONDSTREAS. BONDS/NOTES - FIXED RATEUNITED STATES500,256 0.24500,2560.24USA 4.375% 09-15.11.39 TBO 2,350,000 USD 2,952,371 1.452,952,371 1.45TOTAL TREASURY BONDS/NOTES - FIXEDRATEFHLMCUNITED STATESFHLMC (30Y) 4% 13-01.04.432,952,371 1.45TBA 1,370,000 USD 1,456,695 0.71FHLMC (30Y) 4.5% 13-01.04.43 TBA 1,610,000 USD 1,722,449 0.85FHLMC (30Y) 5.0% 13-01.04.43 TBA 1,010,000 USD 1,086,539 0.534,265,683 2.09TOTAL FHLMC4,265,683 2.09FNMAUNITED STATESFNMA (15Y) 3% 13-01.04.28TBA 1,430,000 USD 1,504,405 0.74FNMA (15Y) 3.5% 13-25.05.28TBA 1,200,000 USD 1,272,563 0.62FNMA 3.5% 13-01.04.43 TBA 1,300,000 USD 1,368,047 0.67FNMA(15YR) 4% 13-01.04.28TBA 1,210,000 USD 1,294,889 0.63FNMA(30Y) 3.5% 13-01.04.43TBA 1,420,000 USD 1,499,209 0.73FNMA(30Y) 4% 13-01.04.43TBA 1,600,000 USD 1,706,250 0.84FNMA(30Y) 4.5% 13-01.04.43TBA 1,590,000 USD 1,712,977 0.84FNMA(30YR) 5% 13-01.04.43TBA 1,020,000 USD 1,105,266 0.54FNMA(30Y)5.5% 13-01.04.43TBA 1,720,000 USD 1,875,605 0.9213,339,211 6.53TOTAL FNMA13,339,211 6.53323

Portfolio of Investments and Other Net Assets as at 31 March 2013Global BondStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsMORTGAGE BACKED SECURITIESGREAT BRITAINARRMF FRN 10-16.05.47 10-1X A2C 1,000,000 USD 978,497 0.48978,497 0.48UNITED STATESCOMMERCIAL MTG FRN 06-15.12.20 FL12 A2 2,000,000 USD 122,209 0.06GNMA II 3.5%(30Y)13-01.04.43TBA 1,460,000 USD 1,561,059 0.76GNMA II 4% 01.04.43 TBA 1,140,000 USD 1,234,228 0.60GNMA II 4.5% 13-01.04.43TBA 1,570,000 USD 1,717,924 0.85JP MORGAN CC 5.875% 06-4506-LD P7 A4 220,000 USD 250,135 0.12MORGAN STANLEY 5.61% 07-15.04.49 07-IQ14-A2 450,000 USD 169,809 0.085,055,364 2.47TOTAL MORTGAGE BACKED SECURITIESTOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKETOTHER TRANSFERABLE SECURITIESASSET BACKED SECURITIES6,033,86158,873,1072.9528.83UNITED STATESABFC 3.684% 05-25.03.33 03-AHL1 A1 7,500,000 USD 701,613 0.34701,613 0.34TOTAL ASSET BACKED SECURITIESMORTGAGE BACKED SECURITIES701,6130.34UNITED STATESBACM 5.634% 06-10.07.46 06-4 A4 500,000 USD 563,781 0.28GNMA(30Y) 5% 13-01.04.43TBA 1,160,000 USD 1,262,044 0.621,825,825 0.90TOTAL MORTGAGE BACKED SECURITIES1,825,8250.90TOTAL OTHER TRANSFERABLE SECURITIES 2,527,4381.24TOTAL INVESTMENTS 217,753,054 106.64OTHER NET ASSETS LESS LIABILITIES (13,561,252)(6.64)TOTAL NET ASSETS 204,191,802 100.00324

Portfolio of Investments and Other Net Assets as at 31 March 2013Global Emerging Markets BondStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGBONDSBERMUDA ISLANDSCHINA RES LOG 4.5% 12-05.04.22 2,600,000 USD 2,836,262 0.072,836,262 0.07BRAZILBANCO VOTO 5.25% 11-11.02.16 9,460,000 USD 10,101,719 0.25BANRISUL 7.375% 12-02.02.22 4,560,000 USD 4,999,402 0.12BCO ABC 7.875% 10-08.04.20REGS 5,405,000 USD 6,106,137 0.15BNDES. 6.369% 98-18.06.16REG.-S- 825,000 USD 955,697 0.02BRASIL TELE 5.75% 12-10.02.22 26,530,000 USD 27,834,346 0.70BRAZIL 10% 10-01.01.21 30 BRL 15,104 0.00BRAZIL 2.625% 12-05.01.23 3,300,000 USD 3,174,353 0.08BRAZIL 5.625% 09-07.01.14 5,810,000 USD 6,807,868 0.17BRAZIL 5.875% 09-15.01.19 9,245,000 USD 11,135,834 0.28BRAZIL 7.125% 06-20.01.37 12,235,000 USD 17,002,673 0.43BRAZIL 8.25% 04-20.01.34 2,310,000 USD 3,521,595 0.09BRAZIL 8.75% 05-04.02.25GLOBAL 7,250,000 USD 11,131,288 0.28BRF BRAS FOODS 5.875%06.06.22 2,600,000 USD 2,901,704 0.07CENT ELET 6.875% 09-30.07.19 REGS 10,140,000 USD 11,617,499 0.29ELETROBRAS 5.75% 11-27.10.21 14,775,000 USD 15,748,302 0.39ITAU UNIBANCO 6.2% 11-21.12.21 5,040,000 USD 5,496,725 0.14TELEMAR N L 5.5% 23.10.20REGS 1,700,000 USD 1,781,719 0.04VOTORANTIM 6.75% 10-05.04.21 REGS 1,700,000 USD 1,979,956 0.05VOTORANTIM 7.25% 11-05.04.41 3,000,000 USD 3,263,040 0.08145,574,961 3.63CANADAPTTEP CDA INTL 5.692% 11-05.04.21 4,100,000 USD 4,767,111 0.12CAYMAN ISLANDS4,767,111 0.12BANBRA 5.375% 10-15.01.21 1,000,000 USD 1,053,830 0.03BANBRA 5.875% 11-26.01.22 23,720,000 USD 25,509,555 0.63GRUPO AVAL 5.25% 12-01.02.17 12,525,000 USD 13,460,054 0.34IPIC GMTN 5.5% 11-01.03.22 550,000 USD 637,731 0.02PETBRA 5.375% 11-27.01.21 10,800,000 USD 11,689,758 0.29PETBRA 5.75% 09-20.01.20 18,710,000 USD 20,642,088 0.50PETBRA 6.75% 11-27.01.41 960,000 USD 1,090,656 0.03PETROBRAS INTL 8.375% 03-10.12.18 1,470,000 USD 1,839,632 0.05VALE OVERS 6.875% 06-21.11.36 3,170,000 USD 3,619,046 0.0979,542,350 1.98CHILEBCO CHILE 3.875% 12-08.02.22 6,062,000 USD 6,376,345 0.16CODELCO INC 3% 12-17.07.22 17,825,000 USD 17,542,028 0.43CODELCO 7.5% 09-15.01.19 510,000 USD 645,976 0.02CORPBANCA 3.125% 13-15.01.18 12,200,000 USD 12,059,456 0.30EMPRESA NAC 4.75% 11-06.12.21 10,080,000 USD 10,387,490 0.26EMPRESA NAC 5.25% 10-10.08.20 1,900,000 USD 2,020,679 0.0549,031,974 1.22CHINAMCC HLDG 4.875% 11-29.07.16 4,000,000 USD 4,133,180 0.104,133,180 0.10COLOMBIABANCOLOMBIA 6.125% 10-26.07.20 4,014,000 USD 4,326,931 0.11BCO BOGOTA 5% 11-15.01.16 6,800,000 USD 7,322,240 0.18COLOMBIA 4.375% 11-12.07.21 40,510,000 USD 45,549,444 1.13COLOMBIA 6.125% 09-18.01.41 18,055,000 USD 22,781,799 0.57COLOMBIA 7.375% 06-18.09.37 2,400,000 USD 3,440,460 0.09325

Portfolio of Investments and Other Net Assets as at 31 March 2013Global Emerging Markets BondStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsCOLOMBIA 8.125% 04-21.05.24 3,360,000 USD 4,860,324 0.12REPUBLIC OF COLUMBIA7.375% 06-27.01.17 5,280,000 USD 6,450,444 0.1694,731,642 2.36COSTA RICACOSTA RICA 4.25% 12-26.01.23 9,770,000 USD 9,846,304 0.259,846,304 0.25CROATIACROATIA 6.25% 12-27.04.17 16,730,000 USD 17,969,526 0.45CROATIA 6.375% 11-24.03.21 19,010,000 USD 20,469,208 0.51CROATIA 6.75% 09-05.11.19REGS 22,660,000 USD 24,941,068 0.6263,379,802 1.58CYPRUSALFA MTN ISS 8% 10-18.03.15 3,485,000 USD 3,749,999 0.093,749,999 0.09EL SALVADOREL SALVADOR 7.375%01.12.19 REGS 3,865,000 USD 4,613,805 0.11EL SALVADOR 7.65% 05-15.06.35 REG 1,805,000 USD 2,090,921 0.05EL SALVADOR 7.75% 02-24.01.23 REG 3,705,000 USD 4,503,187 0.11EL SALVADOR 8.25% 02-10.04.32 4,800,000 USD 6,025,320 0.1617,233,233 0.43FEDERATION OF RUSSIARUSSIA 5% 10-29.04.20 4,500,000 USD 5,100,278 0.135,100,278 0.13GABONGABON 8.20% 07-12.12.17REGS 5,290,000 USD 6,445,310 0.166,445,310 0.16GEORGIAREP OF GEORGIA 6.875% 11-12.04.21 1,050,000 USD 1,216,782 0.03REP OF GEORGIA 7.5% 08-15.04.13 1,025,000 USD 1,028,203 0.032,244,985 0.06GHANAGHANA 8.50% 07-04.10.17REG 2,140,000 USD 2,460,358 0.06GREAT BRITAIN2,460,358 0.06BIZ FIN 8.375% 10-27.04.15 3,915,000 USD 3,990,403 0.10VEDANTA RES 6.75% 11-07.06.16 2,200,000 USD 2,329,899 0.06VEDANTA RESOURCES 9.5%08-18.07.18 2,000,000 USD 2,359,460 0.068,679,762 0.22HUNGARYHUNGARY 5.375% 13-21.02.23 5,250,000 USD 4,955,869 0.12HUNGARY 6.25% 10-29.01.20 27,800,000 USD 28,598,972 0.72HUNGARY 7.625% 11-29.03.41 14,850,000 USD 15,229,343 0.3848,784,184 1.22INDONESIAINDONESIA 11.625% 09-04.03.19 1,975,000 USD 2,888,102 0.07INDONESIA 3.75% 12-25.04.22 33,350,000 USD 33,912,448 0.84INDONESIA 4.875% 11-05.05.21 87,730,000 USD 96,556,514 2.41INDONESIA 5.25% 12-17.01.42 9,000,000 USD 9,624,510 0.24INDONESIA 5.875% 10-13.03.20 REGS 34,265,000 USD 39,852,594 0.99INDONESIA 6.625% 07-17.02.37 14,160,000 USD 17,568,595 0.44INDONESIA 6.875% 08-17.01.18 25,690,000 USD 30,442,265 0.76INDONESIA 7.25% 05-20.04.15 19,778,000 USD 21,961,491 0.55INDONESIA 7.5% 05-15.01.16REGS 3,460,000 USD 3,974,986 0.10INDONESIA 7.75% 08-17.01.38 REGS 6,050,000 USD 8,466,824 0.21INDONESIA 8.5% 05-12.10.35REGS 5,040,000 USD 7,491,532 0.19MAJAPAHIT 8% 09-07.08.19REGS 5,230,000 USD 6,490,744 0.16PERTAMINA 4.875% 12-03.05.22 3,120,000 USD 3,275,485 0.08326

Portfolio of Investments and Other Net Assets as at 31 March 2013Global Emerging Markets BondStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsPERTAMINA 5.25% 11-23.05.21 675,000 USD 728,092 0.02283,234,182 7.06IRELANDALFA BD ISS 7.75% 11-28.04.21 1,075,000 USD 1,206,693 0.03ALFA BD ISS 7.875% 10-25.09.17 11,800,000 USD 13,322,082 0.33RURAIL 5.739% 10-03.04.17 2,880,000 USD 3,173,558 0.08RZD CAPITAL 5.7% 12-05.04.22 21,300,000 USD 23,555,564 0.59VEB FINANCE 5.375% 12-13.02.17 2,150,000 USD 2,322,978 0.06VEB FINANCE 6.025% 12-05.07.22 8,500,000 USD 9,424,545 0.23VEB FINANCE 6.902% 10-09.07.20 REG-S 2,400,000 USD 2,799,192 0.07VEB-LEASING INV5.125%27.05.16 9,735,000 USD 10,244,335 0.2666,048,947 1.65KAZAKHSTANDEV BK KAZA 4.125% 12-10.12.22 18,800,000 USD 18,360,927 0.46KAZMUNAIGAZ FIN.9.125%08-02.07.18 REG 2,325,000 USD 2,935,475 0.07KAZMUNAIGAZ 11.75% 09-23.01.15 REGS 1,825,000 USD 2,119,911 0.05KMG FINANCE 7% 10-05.05.20 REGS 1,225,000 USD 1,465,216 0.0424,881,529 0.62LEBANONLEBANON 8.25% 06-12.04.21 27,850,000 USD 31,880,452 0.7931,880,452 0.79LITHUANIALITHUANIA 5.125% 10-14.09.17 REGS 5,950,000 USD 6,615,835 0.16LITHUANIA 6.125% 11-09.03.21 17,320,000 USD 20,607,682 0.51LITHUANIA 6.625% 12-01.02.22 11,265,000 USD 13,866,089 0.35LITHUANIA 7.375% 10-11.02.20 10,505,000 USD 13,247,330 0.3354,336,936 1.35LUXEMBOURGGAZ CAP 5.999% 11-23.01.21REGS 9,000,000 USD 10,107,315 0.25GAZ CAPITAL 4.95% 11-23.05.16 6,720,000 USD 7,201,958 0.18GAZ CAPITAL 6.212% 06-22.11.16 1,325,000 USD 1,481,734 0.04GAZ CAPITAL 6.51% 07-07.03.22 5,920,000 USD 6,849,410 0.17GAZ CAPITAL 8.125% 09-31.07.14 12,025,000 USD 13,042,495 0.32GAZ CAPITAL 9.25% 09-23.04.19 43,880,000 USD 56,880,987 1.41RSHB CAPITAL 6.299% 07-15.05.17 2,125,000 USD 2,332,421 0.06RSHB CAPITAL 7.125% 08-14.01.14 1,000,000 USD 1,041,885 0.03SB CAPITAL 5.717% 11-16.06.21 12,000,000 USD 13,054,380 0.33SBERBANK 4.95% 12-07.02.17 6,600,000 USD 7,052,826 0.18SBERBANK 5.18% 12-28.06.19 5,360,000 USD 5,755,729 0.14SBERBANK 5.4% 10-24.03.17REGS 7,900,000 USD 8,550,249 0.21VTB CAP 6% 12-12.04.17 5,100,000 USD 5,461,896 0.14138,813,285 3.46MALAYSIAPETRONA CAPITAL 7.875%02-22.05.22 REG 500,000 USD 697,550 0.02PETRONAS CAP 5.25% 09-12.08.19 21,980,000 USD 25,658,353 0.6426,355,903 0.66MEXICOALESTRA 11.75% 10-11.08.14 900,000 USD 1,010,435 0.03COM ELEC MX 4.875% 11-26.05.21 2,050,000 USD 2,288,323 0.06MEXICO 4.75% 12-08.03.44 13,000,000 USD 13,462,735 0.34MEXICO 5.125% 10-15.01.20 23,790,000 USD 27,884,259 0.69MEXICO 5.625% 06-15.01.17S-19 23,210,000 USD 26,765,192 0.67MEXICO 5.95% 08-19.03.19 50,220,000 USD 60,840,275 1.51MEXICO 6.05% 08-11.01.40 70,564,000 USD 87,647,543 2.17MEXICO 6.75% 04-27.09.34GLOB. 16,620,000 USD 22,185,207 0.55MEXICO 7.5% 03-08.04.33 7,085,000 USD 10,152,982 0.25MEXICO 8.30% 01-15.08.31T.7 MTN 7,300,000 USD 11,139,983 0.28327

Portfolio of Investments and Other Net Assets as at 31 March 2013Global Emerging Markets BondStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsPEMEX 4.875% 12-24.01.22 21,530,000 USD 23,879,138 0.59PEMEX 5.5% 10-21.01.21 37,090,000 USD 42,767,737 1.07PEMEX 6.5% 11-02.06.41 2,000,000 USD 2,368,990 0.06PEMEX 8% 09-03.05.19 20,600,000 USD 26,501,900 0.66SANTANDER 4.125% 12-09.11.22 6,400,000 USD 6,436,992 0.16365,331,691 9.09NAMIBIANAMIBIA 5.5% 11-03.11.21 10,600,000 USD 11,774,215 0.2911,774,215 0.29NETHERLANDSKAZAK TEMIR 6.95% 10.07.42 3,800,000 USD 4,444,480 0.10KAZAK.TEMIR ZHOLY 7% 06-11.05.16 3,500,000 USD 3,936,275 0.10PLNIJ 7.75% 09-20.01.20 2,830,000 USD 3,485,145 0.09WHITE NIGHTS 10.5% 09-25.03.14 3,650,000 USD 3,967,514 0.1015,833,414 0.39NIGERIANIGERIA 6.75% 11-28.01.21 1,000,000 USD 1,163,340 0.031,163,340 0.03PANAMABCP 5.375% 10-16.09.20 REG-S 6,330,000 USD 6,992,181 0.17PANAMA 5.2% 09-30.01.20 12,705,000 USD 14,827,942 0.38PANAMA 8.875% 97-30.09.27 3,750,000 USD 5,788,763 0.14REPUBLIC PANAMA 7.125%05-29.01.26 10,165,000 USD 13,659,778 0.3441,268,664 1.03PARAGUAYPARAGUAY 4.625% 13-25.01.23 6,500,000 USD 6,552,650 0.166,552,650 0.16PERUBANCO PERU 5.75% 10-07.10.20 3,000,000 USD 3,286,710 0.08COFIDE 4.75% 12-08.02.22 2,657,000 USD 2,855,956 0.07PEROU 7.125% 09-30.03.19 10,660,000 USD 13,671,450 0.34PERU 5.625% 10-18.11.50 1,275,000 USD 1,525,633 0.04PERU 7.35% 05-21.07.25 15,840,000 USD 22,322,520 0.56PERU 8.75% 03-21.11.33 5,860,000 USD 9,581,247 0.2453,243,516 1.33PHILIPPINESPHILIPPINES 4% 10-15.01.21 11,240,000 USD 12,449,424 0.31PHILIPPINES 5% 12-13.01.37 6,550,000 USD 7,554,279 0.19PHILIPPINES 6.375% 07-15.01.32 5,785,000 USD 7,470,113 0.19PHILIPPINES 6.375% 09-23.10.34 7,175,000 USD 9,433,224 0.24PHILIPPINES 6.5% 09-20.01.20 8,563,000 USD 10,758,339 0.27PHILIPPINES 8.375% 09-17.06.19 11,355,000 USD 15,357,977 0.3763,023,356 1.57POLANDPOLAND 3% 12-17.03.23 11,200,000 USD 10,885,000 0.27POLAND 3.875% 10-16.07.15 3,430,000 USD 3,650,137 0.09POLAND 5% 11-23.03.22 30,210,000 USD 34,679,419 0.87POLAND 5.125% 11-21.04.21 29,695,000 USD 34,369,141 0.86POLAND 6.375% 09-15.07.19 5,000,000 USD 6,152,125 0.1589,735,822 2.24ROUMANIAROMANIA 6.75% 12-07.02.22 44,136,000 USD 51,514,436 1.28SERBIA51,514,436 1.28SERBIA 7.25% 11-28.09.21 12,305,000 USD 13,685,067 0.3413,685,067 0.34SLOVAKIASLOVAKIA 4.375% 12-21.05.22 36,650,000 USD 38,923,766 0.9738,923,766 0.97SOUTH AFRICASOUTH AFRICA 4.665% 12-17.01.24 37,665,000 USD 40,383,095 1.01SOUTH AFRICA 5.5% 10-03.09.20 10,550,000 USD 12,079,064 0.30SOUTH AFRICA 5.875% 07-30.05.22 925,000 USD 1,088,744 0.03SOUTH AFRICA 6.875% 09-27.05.19 66,215,000 USD 80,745,220 2.01134,296,123 3.35SRI LANKABANK OF CEYLON 6.875% 12-03.05.17 3,000,000 USD 3,202,995 0.08SRI LANKA 6.25% 10-04.10.20 5,000,000 USD 5,346,075 0.13328

Portfolio of Investments and Other Net Assets as at 31 March 2013Global Emerging Markets BondStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsSRI LANKA 6.25% 11-27.07.21 5,375,000 USD 5,738,350 0.1514,287,420 0.36THAILANDTHAI OIL PUB 3.625% 13-23.01.23 4,400,000 USD 4,449,918 0.114,449,918 0.11TURKEYAKBANK 5% 12-24.10.22 4,350,000 USD 4,479,021 0.11FINANSBANK 5.5% 11-11.05.16 2,725,000 USD 2,789,337 0.07TURK HALK BK 3.875% 13-05.02.20 5,300,000 USD 5,218,301 0.13TURKEY 5.125% 11-25.03.22 38,910,000 USD 43,030,764 1.07TURKEY 5.625% 10-30.03.21 51,445,000 USD 58,875,973 1.47TURKEY 6.25% 12-26.09.22 53,370,000 USD 63,687,221 1.58TURKEY 6.75% 07-03.04.18 7,275,000 USD 8,610,508 0.21TURKEY 6.875% 06-17.03.36 9,375,000 USD 11,602,266 0.29TURKEY 7% 08-11.03.19 60,065,000 USD 72,923,414 1.81TURKEY 7.00% 05-05.06.20 13,585,000 USD 16,736,380 0.42TURKEY 7.00% 06-26.09.16 19,070,000 USD 22,001,059 0.55TURKEY 7.25% 04-15.03.15 21,395,000 USD 23,628,638 0.59TURKEY 7.375% 05-05.02.25 40,340,000 USD 51,726,974 1.29TURKEY 7.5% 09-14.07.17 9,965,000 USD 11,917,891 0.30TURKEY 9.50% 03-15.01.14 2,680,000 USD 2,855,004 0.07VAKIFLAR BK 6% 12-01.11.22/SUB 8,000,000 USD 8,210,200 0.20408,292,951 10.16UKRAINENAFTOGAZ 9.5% 09-30.09.14 3,145,000 USD 3,238,957 0.08UKRAINE FIN. 6.58% 06-21.11.16 2,855,000 USD 2,800,755 0.07UKRAINE 6.25% 11-17.06.16 4,150,000 USD 4,065,091 0.10UKRAINE 6.75% 07-14.11.17REGS 4,420,000 USD 4,384,485 0.11UKRAINE 6.875% 10-23.09.15REG-S 6,175,000 USD 6,160,767 0.15UKRAINE 7.65% 03-11.06.13REG. 1,075,000 USD 1,081,181 0.03UKRAINE 7.75% 10-23.09.20 3,625,000 USD 3,772,592 0.09UKRAINE 7.8% 12-28.11.22 2,500,000 USD 2,536,250 0.06UKRAINE 9.25% 12-24.07.17 9,900,000 USD 10,710,166 0.28UNITED STATESPEMEX PROJECT FUNDING6.625% 05-15.06.35 13,255,000 USD 15,937,812 0.40PEMEX PROJECT 5.75% 07-01.03.18 26,145,000 USD 30,222,836 0.7546,160,648 1.15VENEZUELAPETROLEOS VENEZUELA5.375% 07-12.04.27 9,485,000 USD 6,626,316 0.17VENEZUELA 6% 05-09.12.20REGS 30,365,000 USD 25,317,578 0.63VENEZUELA 7.00% 03-01.12.18 12,870,000 USD 12,016,076 0.30VENEZUELA 7.00% 07-31.03.38 REGS 34,165,000 USD 26,940,811 0.67VENEZUELA 7.65% 05-21.04.25 1,770,000 USD 1,545,785 0.04VENEZUELA 7.75% 09-13.10.19 REGS 48,725,000 USD 45,803,936 1.14VENEZUELA 8.25% 09-13.10.24 53,570,000 USD 48,630,846 1.21VENEZUELA 8.5% 04-08.10.14GLOBAL 5,860,000 USD 5,961,085 0.15VENEZUELA 9% 08-07.05.23REGS 23,110,000 USD 22,222,576 0.55VENEZUELA 9.25% 08-07.05.28 REG 59,565,000 USD 57,090,073 1.41VENEZUELA 9.25% 97-15.09.27 22,500,000 USD 22,167,563 0.55VENEZUELA 9.375% 04-13.01.34 25,870,000 USD 24,897,288 0.62299,219,933 7.44VIETNAMVIETNAM 6.875% 05-15.01.16REG.S 3,575,000 USD 3,962,834 0.103,962,834 0.10VIRGIN ISLANDSCNOOC LTD 3.875% 12-02.05.22 6,440,000 USD 6,795,488 0.17SINOPEC GP 3.9% 12-17.05.22 5,950,000 USD 6,335,025 0.1613,130,513 0.33TOTAL BONDS2,888,693,450 71.9638,750,244 0.97329

Portfolio of Investments and Other Net Assets as at 31 March 2013Global Emerging Markets BondStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsPIK BONDSDOMINICAN REPUBLICREPUBLIC DOMINICAN 9.04%05-23.01.18 REG/PIK 1,300,000 USD 1,591,336 0.041,591,336 0.04URUGUAYURUGUAY 7.875% 03-15.10.33 PIK 3,235,000 USD 4,669,965 0.12TOTAL PIK BONDSASSET BACKED SECURITIES4,669,965 0.126,261,3010.16DOMINICAN REPUBLICREP DOMINICAN 7.5%-10-06.05.21 3,790,000 USD 4,261,287 0.114,261,287 0.11FEDERATION OF RUSSIARUSSIA 7.50% 00-31.03.30REG/ST-UP 275,420,000 USD 264,545,213 6.60264,545,213 6.60IRAQIRAQ 5.80% 06-15.01.28STEP-UP 24,440,000 USD 22,570,218 0.56IVORY COAST22,570,218 0.56IVORY COAST 3.75% 09-32 5,975,000 USD 5,603,504 0.14PANAMA5,603,504 0.14PANAMA 6.7% 06-26.01.36 10,687,000 USD 14,214,084 0.3514,214,084 0.35SERBIAREPUBLIC SERBIA 3.75% 04-01.11.24 STEP-UP 2,640,000 USD 2,121,642 0.052,121,642 0.05URUGUAYREPUBLIC URUGUAY 7.625%06-21.03.36 8,695,000 USD 12,530,799 0.31REPUBLIC URUGUAY 8.00%05-18.11.22 4,146,833 USD 5,760,262 0.14URUGUAY 6.875% 09-28.09.25 4,495,000 USD 5,890,698 0.15VENEZUELAPDVSA 9.75% 12-17.05.35 11,700,000 USD 11,162,034 0.28PETROLEOS 8.5% 10-02.11.17 57,785,000 USD 56,284,612 1.40VENEZUELA 12.75% 10-23.08.22 1,800,000 USD 2,100,420 0.0569,547,066 1.73TOTAL ASSET BACKED SECURITIESTREAS. BONDS/NOTES - FIXED RATEUNITED STATES407,044,773 10.14USA 2% 11-15.11.21 S.F-2021 48,850,000 USD 50,395,645 1.26USA 2.125% 11-15.08.21 E-2021 23,500,000 USD 24,563,008 0.6174,958,653 1.87TOTAL TREASURY BONDS/NOTES - FIXEDRATETOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCK74,958,6533,376,958,1771.8784.13EXCHANGE LISTINGTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETBONDSCAYMAN ISLANDSGRUPO AVAL 4.75% 12-26.09.22 12,400,000 USD 12,489,838 0.30PETRO INTERNATIONALFINANCE 5.875% 07-01.03.18 400,000 USD 449,722 0.0112,939,560 0.31COLOMBIABANCOLOMBIA 5.95% 11-03.06.21 7,350,000 USD 8,283,707 0.21CROATIA8,283,707 0.21CROATIA 6.625% 10-14.07.20 630,000 USD 688,127 0.02688,127 0.02INDONESIAINDONESIA 6.875% 06-09.03.17 REGS 9,485,000 USD 11,092,186 0.2811,092,186 0.2824,181,759 0.60330

Portfolio of Investments and Other Net Assets as at 31 March 2013Global Emerging Markets BondStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsIRELANDVIP FINANCE 7.748% 11-02.02.21 8,300,000 USD 9,351,818 0.23KAZAKHSTAN9,351,818 0.23DEV BK KAZA 5.5% 20.12.15 2,709,000 USD 2,923,580 0.07KMG FIN 6.375% 10-09.04.21REGS 6,680,000 USD 7,795,259 0.2010,718,839 0.27LUXEMBOURGSB CAPITAL SA 5.499% 10-07.07.15 3,220,000 USD 3,451,711 0.093,451,711 0.09MALAYSIA1MALAY SUK 3.928% 10-04.06.15 3,860,000 USD 4,077,820 0.10MEXICO4,077,820 0.10PEMEX 5.5% 12-27.06.44 24,000,000 USD 24,760,440 0.62PEMEX 6% 10-05.03.20 29,138,000 USD 34,454,519 0.8559,214,959 1.47NETHERLANDSMAJAPAHIT HOLDING 7.25%07-28.06.17 2,880,000 USD 3,360,024 0.08USA 1.625% 12-15.08.22 TBO 29,940,000 USD 29,568,089 0.74USA 1.625% 12-15.11.22 TBO 233,190,000 USD 229,163,830 5.71USA 2.75% 12-15.08.42 TBO 31,140,000 USD 28,979,663 0.72297,328,223 7.41TOTAL TREASURY BONDS/NOTES - FIXEDRATE297,328,223 7.41TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET436,759,320 10.88OTHER TRANSFERABLE SECURITIESBONDSCAYMAN ISLANDSINDEP INTL 12% 09-30.12.16144A 1,328,131 USD 1,328 0.00CROATIA1,328 0.00CROATIA 5.5% 13-04.04.23 6,525,000 USD 6,526,370 0.166,526,370 0.16TOTAL BONDS6,527,698 0.16TOTAL OTHER TRANSFERABLE SECURITIES 6,527,698 0.16TOTAL INVESTMENTS 3,820,245,195 95.17OTHER NET ASSETS LESS LIABILITIES 193,787,774 4.83TOTAL NET ASSETS 4,014,032,969 100.00PERU3,360,024 0.08FONDO MIVI 3.5% 13-31.01.23 6,850,000 USD 6,692,861 0.176,692,861 0.17SOUTH AFRICAESKOM HLDGS 5.75% 11-26.01.21 4,300,000 USD 4,674,104 0.124,674,104 0.12VIRGIN ISLANDSMEGA ADVANCE 5% 11-12.05.21 4,300,000 USD 4,885,381 0.124,885,381 0.12TOTAL BONDSTREAS. BONDS/NOTES - FIXED RATE139,431,0973.47UNITED STATESUSA TSY 1.375% 12-28.02.19/TBO 9,400,000 USD 9,616,641 0.24331

Portfolio of Investments and Other Net Assets as at 31 March 2013Global Emerging Markets Corporate DebtStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGBONDSBRAZILBANRISUL 7.375% 12-02.02.22 200,000 USD 219,271 1.75BRASIL TELE 5.75% 12-10.02.22 200,000 USD 209,833 1.67ITAU UNIBANCO 6.2% 11-21.12.21 200,000 USD 218,124 1.74VOTORANTIM 7.25% 11-05.04.41 200,000 USD 217,536 1.73864,764 6.89CANADAPTTEP CDA INTL 5.692% 11-05.04.21 200,000 USD 232,542 1.85CAYMAN ISLANDS232,542 1.85BTGPBZ 4% 13-16.01.20 200,000 USD 193,381 1.54DUBAI PORTS WRLD 6.25%07-17 300,000 USD 336,460 2.68GRUPO AVAL 5.25% 12-01.02.17 200,000 USD 214,931 1.71HUTCH WHAM 4.625% 12-13.01.22 200,000 USD 218,868 1.74PETBRA 5.375% 11-27.01.21 100,000 USD 108,239 0.86TGI INTL 5.7% 12-20.03.22 200,000 USD 218,988 1.74VALE OVERS 4.375% 12-11.01.22 100,000 USD 102,804 0.82VALE OVERS 6.875% 06-21.11.36 100,000 USD 114,166 0.911,507,837 12.00CHILEBC SANT CL 3.875% 12-20.09.22 150,000 USD 150,929 1.20CORPBANCA 3.125% 13-15.01.18 200,000 USD 197,696 1.57TELEFON CHI 3.875% 12-12.10.22 200,000 USD 197,042 1.57545,667 4.34COLOMBIABANCOLOMBIA 6.125% 10-26.07.20 100,000 USD 107,796 0.86107,796 0.86GREAT BRITAINVEDANTA RESOURCES 9.5%08-18.07.18 100,000 USD 117,973 0.94117,973 0.94HONG KONGBBLTB 4.8% 10-18.10.20 REG-S 200,000 USD 222,820 1.77ICICI BK 5.75% 10-16.11.20REGS 100,000 USD 110,542 0.88333,362 2.65IRELANDALFA BD ISS 7.875% 10-25.09.17 100,000 USD 112,899 0.90SIBUR SEC LTD 3.914%31.01.18 200,000 USD 197,056 1.57309,955 2.47ISLE OF MANANGL ASH HD 5.375% 10-15.04.20 100,000 USD 106,728 0.85106,728 0.85LUXEMBOURGCEMEX LUX 9.875% 30.04.19REG-S 150,000 USD 173,251 1.38GAZ CAPITAL 6.51% 07-07.03.22 200,000 USD 231,399 1.84SB CAPITAL 5.717% 11-16.06.21 200,000 USD 217,573 1.73SISTEMA 6.95% 12-17.05.19 200,000 USD 217,187 1.73839,410 6.68MEXICOAMER MOVIL 3.125% 12-16.07.22 200,000 USD 196,494 1.56GRUPO TELEVISA 6% 08-15.05.18 100,000 USD 116,827 0.93MEXICHEM 4.875% 12-19.09.22 200,000 USD 212,804 1.70SANTANDER 4.125% 12-09.11.22 150,000 USD 150,867 1.20676,992 5.39332

Portfolio of Investments and Other Net Assets as at 31 March 2013Global Emerging Markets Corporate DebtStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsNETHERLANDSGTB FIN BV 7.5% 11-19.05.16 200,000 USD 215,567 1.72HSBK EUR 7.25% 07-03.05.17REG-S 100,000 USD 108,153 0.86INDOSAT PAL 7.375% 10-29.07.20 100,000 USD 111,530 0.89WHITE NIGHTS 10.5% 09-08.03.14 100,000 USD 108,398 0.86543,648 4.33PANAMABCP 5.375% 10-16.09.20 REG-S 100,000 USD 110,461 0.88110,461 0.88PERUBANCO PERU 5.75% 10-07.10.20 200,000 USD 219,114 1.74219,114 1.74THAILANDTHAI OIL PUB 3.625% 13-23.01.23 200,000 USD 202,269 1.61202,269 1.61TURKEYAKBANK 5% 12-24.10.22 150,000 USD 154,449 1.23TURKIYE GAR 5.25% 12-13.09.22 200,000 USD 209,063 1.67VAKIFLAR BK 6% 12-01.11.22/SUB 200,000 USD 205,255 1.63568,767 4.53UNITED ARAB EMIRATESNBADUH 3% 12-13.08.19 200,000 USD 201,600 1.61201,600 1.61UNITED STATESSOUTHERN COPPER 6.75%10-16.04.40 100,000 USD 114,193 0.91114,193 0.91VIRGIN ISLANDSCNOOC LTD 3.875% 12-02.05.22 200,000 USD 211,040 1.68CNPC GEN 3.95% 12-19.04.22 200,000 USD 211,990 1.69GF OROGEN 4.875% 10-07.10.20 200,000 USD 196,191 1.56TALENT Y INV 4.5% 12-25.04.22 200,000 USD 219,443 1.75838,664 6.68TOTAL BONDSASSET BACKED SECURITIESBRAZILBCO BMG 9.15% 05-15.01.16REG.S 100,000 USD8,441,74262,69367.210.5062,693 0.50VENEZUELAPETROLEOS 8.5% 10-02.11.17 75,000 USD 73,053 0.5873,053 0.58TOTAL ASSET BACKED SECURITIESCONVERTIBLE BONDSJERSEYVEDANTA RES 4% 10-135,746 1.0830.03.17 CV 100,000 USD 100,000 0.80100,000 0.80TOTAL CONVERTIBLE BONDS100,000 0.80TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCK8,677,488 69.09EXCHANGE LISTINGTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETBONDSCAYMAN ISLANDSALLIANCE GL 6.5% 10-18.08.17 100,000 USD 109,621 0.87KUWAIT PRO 9.375% 10-15.07.20 100,000 USD 128,290 1.02237,911 1.89COLOMBIABCO BOGOTA 5.375% 13-19.02.23 200,000 USD 207,291 1.65207,291 1.65HONG KONGBK OF E ASIA 6.125% 10-16.07.20 100,000 USD 115,632 0.92333

Portfolio of Investments and Other Net Assets as at 31 March 2013Global Emerging Markets Corporate DebtStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsCITIC INTL 6.875% 24.06.20 /SUB 200,000 USD 235,051 1.87350,683 2.79INDONESIAPT ADARO IND 7.625% 09-22.10.19 100,000 USD 108,890 0.87TOTAL INVESTMENTS 11,629,259 92.59OTHER NET ASSETS LESS LIABILITIES 930,383 7.41TOTAL NET ASSETS 12,559,642 100.00108,890 0.87IRELANDBW GROUP 6.625% 07-28.06.17 REG 100,000 USD 106,559 0.85VIP FINANCE 7.748% 11-02.02.21 200,000 USD 225,345 1.79331,904 2.64MEXICOALPEK 4.5% 12-20.11.22 200,000 USD 207,310 1.66GFB 6.75% 12-30.09.22 150,000 USD 171,984 1.37379,294 3.03PERUBBVA 5% 12-26.08.22 100,000 USD 105,198 0.84SINGAPORE105,198 0.84SIGMA CAP FRN 10-30.04.15 100,000 USD 104,538 0.83104,538 0.83UNITED STATESRELIANCE HLDG 4.5% 10-19.10.20 250,000 USD 264,099 2.10VIRGIN ISLANDS264,099 2.10PCCW 4.25% 10-24.02.16 150,000 USD 159,947 1.27STAR ENRGY 6.125%27.03.20 REGS 200,000 USD 200,336 1.60360,283 2.87TOTAL BONDSTREAS. BONDS/NOTES - FIXED RATE2,450,09119.51UNITED STATESUSA 1.75% 12-15.05.22 TBO 500,000 USD 501,680 3.99TOTAL TREASURY BONDS/NOTES - FIXEDRATETOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET501,680 3.99501,680 3.992,951,771 23.50334

Portfolio of Investments and Other Net Assets as at 31 March 2013Global Emerging Markets Investment Grade BondStatement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGBONDSBRAZILBANCO VOTO 5.25% 11-11.02.16 600,000 USD 640,701 0.71BRAZIL 5.625% 09-07.01.14 400,000 USD 468,700 0.52BRAZIL 6% 11-15.08.22/INFL 905 BRL 1,188,898 1.31BRAZIL 7.125% 06-20.01.37 260,000 USD 361,316 0.40ELETROBRAS 5.75% 11-27.10.21 550,000 USD 586,231 0.65ITAU UNIBANCO 6.2% 11-21.12.21 250,000 USD 272,655 0.30VOTORANTIM 7.25% 11-05.04.41 200,000 USD 217,536 0.243,736,037 4.13CAYMAN ISLANDSPETBRA 5.75% 09-20.01.20 150,000 USD 165,490 0.18PETROBRASINTERNATIONAL 7.875% 09-15.03.19 700,000 USD 853,384 0.94VOTORANTIM 6.625% 09-25.09.19 750,000 USD 866,261 0.961,885,135 2.08CHILEBCO CHILE 3.875% 12-08.02.22 250,000 USD 262,964 0.29CORPBANCA 3.125% 13-15.01.18 200,000 USD 197,696 0.22EMPRESA NAC 4.75% 11-06.12.21 500,000 USD 515,253 0.57EMPRESA NAC 5.25% 10-10.08.20 150,000 USD 159,527 0.181,135,440 1.26CHINAMCC HLDG 4.875% 11-29.07.16 1,000,000 USD 1,033,295 1.141,033,295 1.14COLOMBIACOLOMBIA 4.375% 11-12.07.21 800,000 USD 899,520 0.99COLOMBIA 6.125% 09-18.01.41 700,000 USD 883,260 0.98Description Quantity/ Currency Evaluation % netFaceassetsvalueCOLOMBIA 7.75% 10-14.04.21/DUAL 1,068,000,000 COP 741,403 0.82COLUMBIA 12.00% 05-22.10.15 1,240,000,000 COP 817,551 0.903,341,734 3.69FEDERATION OF RUSSIARUSSIA 5% 10-29.04.20 100,000 USD 113,340 0.13RUSSIA 7.6% 12-20.07.22 45,002,000 RUB 1,517,537 1.671,630,877 1.80INDONESIAINDONESIA 11.625% 09-04.03.19 1,000,000 USD 1,462,330 1.62INDONESIA 4.875% 11-05.05.21 570,000 USD 627,348 0.69INDONESIA 5.25% 12-17.01.42 1,500,000 USD 1,604,085 1.773,693,763 4.08IRELANDTRANSCAP. 7.7% 08-07.08.13 100,000 USD 102,260 0.11102,260 0.11KAZAKHSTANDEV BK KAZA 4.125% 12-10.12.22 450,000 USD 439,490 0.49KAZMUNAIGAZ FIN. 8.375%08-02.07.13 REG 1,500,000 USD 1,524,990 1.681,964,480 2.17LITHUANIALITHUANIA 5.125% 10-14.09.17 REGS 600,000 USD 667,143 0.74LITHUANIA 7.375% 10-11.02.20 460,000 USD 580,083 0.641,247,226 1.38LUXEMBOURGGAZ CAPITAL 9.25% 09-23.04.19 600,000 USD 777,771 0.86RSHB CAPITAL 6.299% 07-15.05.17 800,000 USD 878,088 0.971,655,859 1.83MALAYSIAPETRONAS CAP 5.25% 09-12.08.19 500,000 USD 583,675 0.65583,675 0.65335

Portfolio of Investments and Other Net Assets as at 31 March 2013Global Emerging Markets Investment Grade BondStatement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueMEXICOGFB 6.5% 11-10.03.21/SUB 500,000 USD 569,250 0.63MEXICO 10% 05-05.12.24 -M- 14,400 MXN 168,565 0.19MEXICO 5.95% 08-19.03.19 1,100,000 USD 1,332,623 1.47MEXICO 6.05% 08-11.01.40 830,000 USD 1,030,943 1.14MEXICO 6.5% 11-09.06.22BONOS 30,000 MXN 271,164 0.30MEXICO 7.5% 03-08.04.33 400,000 USD 573,210 0.63PEMEX 4.875% 12-24.01.22 2,885,000 USD 3,199,781 3.55PEMEX 5.5% 10-21.01.21 550,000 USD 634,194 0.70SANTANDER 4.125% 12-09.11.22 150,000 USD 150,867 0.177,930,597 8.78NETHERLANDSKAZAK.TEMIR ZHOLY 7% 06-11.05.16 550,000 USD 618,558 0.68618,558 0.68PANAMAPANAMA 5.2% 09-30.01.20 780,000 USD 910,334 1.00REPUBLIC PANAMA 7.125%05-29.01.26 200,000 USD 268,761 0.301,179,095 1.30PERUBANCO PERU 5.75% 10-07.10.20 700,000 USD 766,899 0.85PERU 7.35% 05-21.07.25 200,000 USD 281,850 0.31PERU 8.75% 03-21.11.33 300,000 USD 490,508 0.541,539,257 1.70POLANDPOLAND 5% 11-23.03.22 100,000 USD 114,795 0.13POLAND 5.125% 11-21.04.21 1,340,000 USD 1,550,923 1.71POLAND 5.25% 10-25.10.20 9,212,000 PLN 3,116,979 3.46POLAND 5.5% 09-25.04.15 5,050,000 PLN 1,624,800 1.80POLAND 5.75% 01-23.09.22 2,270,000 PLN 799,015 0.887,206,512 7.98ROUMANIAROMANIA 6.75% 12-07.02.22 280,000 USD 326,809 0.36326,809 0.36Description Quantity/ Currency Evaluation % netFaceassetsvalueSLOVAKIASLOVAKIA 4.375% 12-21.05.22 200,000 USD 212,408 0.23212,408 0.23SOUTH AFRICASOUTH AFRICA 10.5% 97-21.12.26 12,300,000 ZAR 1,698,006 1.87SOUTH AFRICA 6.25% 06-31.03.36 3,900,000 ZAR 340,453 0.38SOUTH AFRICA 6.875% 09-27.05.19 900,000 USD 1,097,496 1.21SOUTH AFRICA 7% 10-28.02.31 14,400,000 ZAR 1,434,026 1.59SOUTH AFRICA 8% 04-21.12.18 3,250,000 ZAR 385,375 0.43SOUTH AFRICA 8.25% 04-15.09.17 5,350,000 ZAR 636,032 0.705,591,388 6.18THAILANDTHAILAND GOV 3.65% 10-17.12.21 21,150,000 THB 736,104 0.82THAILAND GOV 5.25% 07-12.05.14 141,000,000 THB 4,948,336 5.485,684,440 6.30TURKEYTURK HALK BK 3.875% 13-05.02.20 200,000 USD 196,917 0.22196,917 0.22UNITED STATESPEMEX PROJECT FUNDING6.625% 05-15.06.35 1,400,000 USD 1,683,360 1.86TOTAL BONDSASSET BACKED SECURITIES1,683,360 1.8654,179,12259.91FEDERATION OF RUSSIARUSSIA 7.50% 00-31.03.30REG/ST-UP 2,275,000 USD 2,185,173 2.412,185,173 2.41336

Portfolio of Investments and Other Net Assets as at 31 March 2013Global Emerging Markets Investment Grade BondStatement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueURUGUAYREPUBLIC URUGUAY 7.625%06-21.03.36 300,000 USD 432,345 0.48432,345 0.48TOTAL ASSET BACKED SECURITIESTOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCK2,617,51856,796,6402.8962.80EXCHANGE LISTINGTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETBONDSBRAZILBRAZIL 6% 09-15.08.14/INFL 29 BRL 34,090 0.0434,090 0.04FEDERATION OF RUSSIARUSSIA 7.1% 11-13.03.14 143,000,000 RUB 4,658,320 5.15RUSSIA 7.4% 11-14.06.17 16,500,000 RUB 554,635 0.61RUSSIA 7.5% 12-27.02.19 45,000,000 RUB 1,522,754 1.686,735,709 7.44KAZAKHSTANKMG FIN 6.375% 10-09.04.21REGS 200,000 USD 233,391 0.26233,391 0.26MALAYSIAMALAYSIA 3.21% 09-31.05.13 1,100,000 MYR 355,467 0.39MALAYSIA 3.418% 12-15.08.22 2,500,000 MYR 805,691 0.89MALAYSIA 3.835% 10-12.08.15 1,200,000 MYR 395,287 0.44MALAYSIA 4.16% 11-15.07.21 2,990,000 MYR 1,015,127 1.12MALAYSIA 4.24% 03-07.02.18 6,040,000 MYR 2,035,672 2.26MALAYSIAN GOV 3.314%10.31.17 3,800,000 MYR 1,232,413 1.365,839,657 6.46PERUFONDO MIVI 3.5% 13-31.01.23 150,000 USD 146,559 0.16PERU 6.95% 08-12.08.31/USD 251,000 PEN 120,942 0.13PERU 7.84% 05-12.08.20REG-S 3,520,000 PEN 1,712,037 1.901,979,538 2.19Description Quantity/ Currency Evaluation % netFaceassetsvalueSOUTH AFRICAESKOM HLDGS 5.75% 11-26.01.21 600,000 USD 652,201 0.72652,201 0.72THAILANDTHAILAND GOV 2.8% 10-10.10.17 39,500,000 THB 1,333,922 1.471,333,922 1.47VIRGIN ISLANDSMEGA ADVANCE 5% 11-12.05.21 200,000 USD 227,227 0.25TOTAL BONDSTREAS. BONDS/NOTES - FIXED RATEUNITED STATES227,227 0.2517,035,73518.83USA 1.75% 12-15.05.22 TBO 4,800,000 USD 4,816,125 5.33TOTAL TREASURY BONDS/NOTES - FIXEDRATETOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKETOTHER TRANSFERABLE SECURITIESBONDSPERU4,816,125 5.334,816,12521,851,8605.3324.16PERU 8.375% 04-03.05.16 525,000 USD 639,201 0.71TOTAL BONDSCURRENCY OPTIONSGREAT BRITAIN639,201 0.71639,2010.71PUT USD/BRL SPOT CROSS 9,000,000 USD 54,567 0.06PUT USD/BRL SPOT CROSS (9,000,000) USD (42,480) (0.05)12,087 0.01TOTAL CURRENCY OPTIONS12,087 0.01TOTAL OTHER TRANSFERABLE SECURITIES 651,288 0.72TOTAL INVESTMENTS 79,299,788 87.68OTHER NET ASSETS LESS LIABILITIES 11,141,710 12.32TOTAL NET ASSETS 90,441,498 100.00337

Portfolio of Investments and Other Net Assets as at 31 March 2013Global Emerging Markets Local DebtStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGBONDSBRAZILBRAZIL 10% 10-01.01.21 37,554 BRL 18,906,749 1.37SAFRA 3.5% 11-16.05.14 620,000 USD 629,629 0.0519,536,378 1.42CHILECHILE 5.5% 10-05.08.20 425,000,000 CLP 973,977 0.07973,977 0.07CHINACHINA EXIMBK 5.25% 04-14REGS 4,650,000 USD 4,912,562 0.364,912,562 0.36COLOMBIACOLUMBIA 8.25%04-22.12.14GL 7,800,000 USD 8,832,330 0.648,832,330 0.64CYPRUSALFA MTN ISS 8% 10-18.03.15 1,925,000 USD 2,071,377 0.152,071,377 0.15FEDERATION OF RUSSIARUSSIA 7.6% 12-20.07.22 500,006,000 RUB 16,860,982 1.2316,860,982 1.23INDONESIAINDONESIA 10% 07-15.09.24 10,000,000,000 IDR 1,381,006 0.10INDONESIA 11.5% 06-15.09.19 18,500,000,000 IDR 2,550,939 0.19INDONESIA 7.375% 10-15.09.16 9,806,000,000 IDR 1,093,111 0.08INDONESIA 8.375% 10-15.09.26 43,598,000,000 IDR 5,367,201 0.38INDONESIA 9% 08-15.09.13FR0049 29,500,000,000 IDR 3,102,072 0.2313,494,329 0.98IRELANDTRANSCAP. 7.7% 08-07.08.13 6,250,000 USD 6,391,219 0.476,391,219 0.47KAZAKHSTANKAZMUNAIGAZ FIN. 8.375%08-02.07.13 REG 20,518,000 USD 20,859,830 1.5220,859,830 1.52LUXEMBOURGGAZ CAP 7.343% 08-11.04.13REGS 6,925,000 USD 6,936,738 0.50GAZ CAPITAL 8.125% 09-31.07.14 6,000,000 USD 6,507,690 0.47SBERBANK 6.468% 08-02.07.13 9,500,000 USD 9,627,537 0.7123,071,965 1.68MEXICOMEXICO 4% 09-13.06.19/INFL 45 MXN 2,127 0.00MEXICO 4.5% 06-04.12.25UDIBONOS 99,885 MXN 5,437,973 0.40MEXICO 5% 12-15.06.17 2,020,000 MXN 16,621,975 1.20MEXICO 6.5% 11-10.06.21 3,350,000 MXN 30,160,816 2.19MEXICO 6.625% 03-03.03.15 6,266,000 USD 6,962,623 0.51MEXICO 7% 09-19.06.14 64 MXN 537 0.00MEXICO 7.75% 07-14.12.17S.M 10 70 MXN 643 0.00MEXICO 8% 03-07.12.23S.M20 50,000 MXN 507,072 0.04MEXICO 8% 03-19.12.13SR131219 78 MXN 650 0.0059,694,416 4.34PERUREP PERU 7.84% 05-12.08.20 18,267,000 PEN 8,877,189 0.64REP PERU 9.91% 05-05.05.15 2,000,000 PEN 906,856 0.079,784,045 0.71POLANDPOLAND 5% 10-25.04.16 11,500,000 PLN 3,714,713 0.27POLAND 5.25% 07-25.04.13S0413 22,900,000 PLN 7,051,066 0.51POLAND 5.25% 10-25.10.20 10,050,000 PLN 3,400,526 0.25POLAND 5.5% 09-25.04.15 35,500,000 PLN 11,421,861 0.83POLAND 5.75% 01-23.09.22 46,300,000 PLN 16,297,093 1.19POLAND 5.75% 08-25.04.14 3,500,000 PLN 1,105,599 0.08POLAND 6.25% 04-24.10.15DS 1015 10,000,000 PLN 3,302,746 0.2446,293,604 3.37338

Portfolio of Investments and Other Net Assets as at 31 March 2013Global Emerging Markets Local DebtStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsSOUTH AFRICASOUTH AFRICA 10.5% 97-21.12.26 63,850,000 ZAR 8,814,444 0.64SOUTH AFRICA 6.25% 06-31.03.36 160,600,000 ZAR 14,019,677 1.03SOUTH AFRICA 7% 10-28.02.31 24,000,000 ZAR 2,390,044 0.17SOUTH AFRICA 7.5% 05-15.01.14 R206 70,000,000 ZAR 7,756,172 0.56SOUTH AFRICA 8.25% 04-15.09.17 278,820,000 ZAR 33,147,391 2.42SOUTH AFRICA 8.75% 03-21.12.14 95,250,000 ZAR 10,960,319 0.8077,088,047 5.62THAILANDTHAILAND GOV 5.125% 07-13.03.18 62,000,000 THB 2,306,225 0.17THAILAND GOV 5.25% 07-12.05.14 65,000,000 THB 2,281,148 0.17THAILAND 3.625% 09-22.05.15 230,000,000 THB 7,984,812 0.58THAILAND 3.875% 09-13.06.19 400,000,000 THB 14,160,488 1.02THAILAND 4.125% 09-18.11.16 340,000,000 THB 12,077,514 0.88THAILAND 5.4% 06-27.07.16 90,000,000 THB 3,303,522 0.2442,113,709 3.06TURKEYTURKEY 10% 10-10.04.13 7,500,000 TRY 4,152,813 0.30TURKEY 10.5% 10-15.01.20 30,850,000 TRY 20,459,633 1.49TURKEY 16% 08-28.08.13 4,000,000 TRY 2,304,173 0.17TURKEY 8% 10-9.10.13 7,660,000 TRY 4,284,013 0.31TURKEY 9.5% 12-12.01.22 9,000,000 TRY 5,785,194 0.4236,985,826 2.69UNITED ARAB EMIRATESTAQA 6.6% 08-01.08.13 REGS 3,550,000 USD 3,621,231 0.26TOTAL BONDSPLACEMENTSPOLAND3,621,231 0.26392,585,82728.57POLAND 0% 11-25.01.14 120,000,000 PLN 35,998,763 2.6235,998,763 2.62TURKEYTURKEY 0% 11-15.05.13 50,000,000 TRY 27,423,329 2.0027,423,329 2.00PLACEMENTSFLOATING RATE BONDSMEXICOMEX UDIBONOS FRN 06-16.06.16 15,281 MXN63,422,092690,2324.620.05690,232 0.05TOTAL FLOATING RATE BONDSINFLATION INDEX BONDPOLANDPOLAND FRN 04-24.08.16 IZ0816 14,565,000 PLN690,2325,973,1320.050.435,973,132 0.43TURKEYTURKEY FRN 09-21.05.14 CPI 1,500,000 TRY 1,218,666 0.09TURKEY 12% 08-14.8.13 /CPI 400,000 TRY 326,309 0.02TURKEY 3% 11-06.01.21/CPI 10,460,000 TRY 7,717,221 0.56TURKEY 3% 12-23.02.22/INFL 20,000,000 TRY 13,551,223 0.9922,813,419 1.66TOTAL INFLATION INDEX BOND28,786,551 2.09TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCK485,484,702 35.33EXCHANGE LISTINGTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETBONDSBRAZILBRAZIL 10% 06-01.01.14 S.F 49,528 BRL 24,921,611 1.82BRAZIL 6% 09-15.08.14/INFL 19,210 BRL 22,581,524 1.6447,503,135 3.46FEDERATION OF RUSSIARUSSIA 7.35% 11-20.01.16 50,000 RUB 1,663 0.00RUSSIA 7.4% 11-14.06.17 455,000,000 RUB 15,294,494 1.11RUSSIA 7.4% 12-19.04.17S25080 700,000,000 RUB 23,524,924 1.71RUSSIA 7.5% 11-15.03.18 289,001,000 RUB 9,891,995 0.72RUSSIA 7.6% 11-14.04.21 700,000,000 RUB 23,670,846 1.7372,383,922 5.27339

Portfolio of Investments and Other Net Assets as at 31 March 2013Global Emerging Markets Local DebtStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsINDONESIAINDONESIA 10% 05-15.07.17S.FR28 7,000,000,000 IDR 860,749 0.06INDONESIA 10.25% 07-15.07.22 30,000,000,000 IDR 4,112,963 0.30INDONESIA 11% 05-15.11.20 55,500,000,000 IDR 7,716,072 0.56INDONESIA 12.9% 06-15.06.22 FR35 5,000,000,000 IDR 783,377 0.06INDONESIA 8.25% 10-15.07.21 29,000,000,000 IDR 3,536,636 0.26INDONESIA 9.5% 04-15.06.15 71,500,000,000 IDR 8,126,467 0.59INDONESIE 10.75% 05-15.05.16 FR30 20,000,000,000 IDR 2,418,900 0.18INDONESIE 11% 04-15.10.14FR26 5,000,000,000 IDR 565,740 0.0428,120,904 2.05MALAYSIAMALAYSIA 3.21% 09-31.05.13 30,000,000 MYR 9,694,551 0.71MALAYSIA 3.418% 12-15.08.22 35,000,000 MYR 11,279,678 0.82MALAYSIA 3.461% 08-31.07.31 30,000,000 MYR 9,710,391 0.71MALAYSIA 3.835% 10-12.08.15 36,500,000 MYR 12,023,301 0.88MALAYSIA 4.012% 10-15.09.17 56,695,000 MYR 18,906,801 1.37MALAYSIA 4.16% 11-15.07.21 29,000,000 MYR 9,845,710 0.72MALAYSIA 4.378% 09-29.11.19 38,500,000 MYR 13,189,083 0.95MALAYSIA 5.094% 04-30.04.14 39,500,000 MYR 13,063,053 0.9497,712,568 7.10MEXICOMEXICO 6% 10-18.06.15 2,800,000 MXN 23,537,545 1.71PERU23,537,545 1.71PERU 6.95% 08-12.08.31/USD 13,399,000 PEN 6,456,190 0.476,456,190 0.47THAILANDTHAILAND GOV 2.8% 10-10.10.17 417,000,000 THB 14,082,169 1.03THAILAND GOV 4.5% 07-09.04.24 150,000,000 THB 5,516,934 0.4019,599,103 1.43TOTAL BONDS295,313,367 21.49TREAS. BONDS/NOTES - FIXED RATEUNITED STATESUSA 0.875% 13-31.01.18 TBO 51,800,000 USD 52,154,102 3.8052,154,102 3.80TOTAL TREASURY BONDS/NOTES - FIXEDRATE52,154,102 3.80TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET347,467,469 25.29OTHER TRANSFERABLE SECURITIESBONDSBRAZILBRAZIL 6% 07-15.05.17 IPCA-IDX 2,425 BRL 2,993,899 0.222,993,899 0.22INDONESIAINDONESIAGOVERNMENT11% 06-15.09.25 7,870,000,000 IDR 1,150,696 0.081,150,696 0.08TOTAL BONDS4,144,595TOTAL OTHER TRANSFERABLE SECURITIES 4,144,595FINANCIAL INSTRUMENTSTREASURY BILLSMEXICO0.300.30MEXICO 0% 12-04.04.13 TB 125,000,000 MXN 101,220,850 7.37UNITED STATES101,220,850 7.37USA 0% 12-02.05.13 TB 30,000,000 USD 29,997,813 2.18USA 0% 12-18.04.13 TB 50,000,000 USD 49,997,958 3.64USA 0% 12-23.05.13 TB 90,000,000 USD 89,986,000 6.55169,981,771 12.37TOTAL TREASURY BILLS271,202,621 19.74TOTAL FINANCIAL INSTRUMENTS 271,202,621 19.74TOTAL INVESTMENTS 1,108,299,387OTHER NET ASSETS LESS LIABILITIES 265,764,13280.6619.34340

Portfolio of Investments and Other Net Assets as at 31 March 2013Global Emerging Markets Local DebtStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsTOTAL NET ASSETS 1,374,063,519 100.00341

Portfolio of Investments and Other Net Assets as at 31 March 2013Global High Income BondStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGBONDSAUSTRALIAOPTUS FIN SIN 3.5% 10-15.09.20 2,200,000 EUR 3,143,851 0.21TELSTRA 3.75% 11-16.05.22 500,000 EUR 730,207 0.053,874,058 0.26AUSTRIAERSTE BK FRN 12-28.03.23 1,000,000 USD 1,045,215 0.07OMV 4.25% 11-12.10.21 750,000 EUR 1,140,165 0.082,185,380 0.15BELGIUMFORTIS BANK 4.625% 04 -PERP. 5,000,000 EUR 6,023,295 0.41KBC BANK 8% 08-PERP. 1,650,000 EUR 2,153,386 0.158,176,681 0.56BERMUDA ISLANDSCHINA RES LOG 4.5% 12-05.04.22 550,000 USD 599,979 0.04599,979 0.04BRAZILBANCO VOTO 5.25% 11-11.02.16 625,000 USD 667,397 0.05BANRISUL 7.375% 12-02.02.22 2,950,000 USD 3,234,262 0.22BCO ABC 7.875% 10-08.04.20REGS 1,350,000 USD 1,525,122 0.10BFF INTL 7.25% 10-28.01.20 1,200,000 USD 1,421,772 0.10BRASIL TELE 5.75% 12-10.02.22 4,400,000 USD 4,616,325 0.32BRAZIL 5.625% 09-07.01.14 300,000 USD 351,525 0.02BRAZIL 5.875% 09-15.01.19 1,100,000 USD 1,324,978 0.09BRF BRAS FOODS 5.875%06.06.22 1,400,000 USD 1,562,456 0.11CAIXA ECO 2.375% 12-06.11.17 2,700,000 USD 2,634,120 0.18CENT ELET 6.875% 09-30.07.19 REGS 100,000 USD 114,571 0.01ELETROBRAS 5.75% 11-27.10.21 2,600,000 USD 2,771,275 0.19ITAU UNIBANCO 6.2% 11-21.12.21 1,900,000 USD 2,072,178 0.14Description Face Value Currency Evaluation % netassetsSABESP 6.25% 10-16.12.20REGS 300,000 USD 328,575 0.02SANTAND BR 4.625% 12-13.02.17 2,500,000 USD 2,648,463 0.18VOTORANTIM 6.75% 10-05.04.21 REGS 1,900,000 USD 2,212,892 0.15VOTORANTIM 7.25% 11-05.04.41 300,000 USD 326,304 0.0227,812,215 1.90CANADAPTTEP CDA INTL 5.692% 11-05.04.21 2,300,000 USD 2,674,233 0.18CAYMAN ISLANDS2,674,233 0.18BANBRA 5.375% 10-15.01.21 2,000,000 USD 2,107,660 0.14BANBRA 5.875% 11-26.01.22 2,900,000 USD 3,118,791 0.21BCOCPE 5.75%12-18.01.17 2,300,000 USD 2,527,298 0.17BTGPBZ 4% 13-16.01.20 4,300,000 USD 4,157,691 0.28BTGPBZ 4% 13-16.01.20 1,000,000 USD 966,335 0.07EMBRAER 6.375% 09-15.01.20 1,250,000 USD 1,449,006 0.10GRUPO AVAL 5.25% 12-01.02.17 2,200,000 USD 2,364,241 0.16IPIC GMTN 5% 10-15.11.20 2,750,000 USD 3,105,960 0.21IPIC GMTN 5.5% 11-01.03.22 3,200,000 USD 3,710,431 0.25LONGFOR PPT 6.75% 13-29.01.23 1,600,000 USD 1,591,960 0.11PETBRA 4.875% 11-07.03.18 475,000 EUR 671,793 0.05PETBRA 5.375% 11-27.01.21 2,000,000 USD 2,164,770 0.15PETBRA 5.75% 09-20.01.20 5,700,000 USD 6,288,610 0.43PETROBRASINTERNATIONAL 7.875% 09-15.03.19 1,000,000 USD 1,219,120 0.08PETROBRAS INTL 8.375% 03-10.12.18 1,700,000 USD 2,127,465 0.15VALE OVERS 4.375% 12-11.01.22 3,400,000 USD 3,495,336 0.24VALE OVERS 6.875% 06-21.11.36 1,000,000 USD 1,141,655 0.08VOTORANTIM 6.625% 09-25.09.19 1,400,000 USD 1,617,021 0.1143,825,143 2.99CHILEBC SANT CL 3.875% 12-20.09.22 3,200,000 USD 3,219,808 0.22342

Portfolio of Investments and Other Net Assets as at 31 March 2013Global High Income BondStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsCODELCO INC 3% 12-17.07.22 345,000 USD 339,523 0.02CODELCO INC 3.75% 10-04.11.20 2,600,000 USD 2,731,014 0.19CODELCO INC 3.875% 11-03.11.21 345,000 USD 363,872 0.02CODELCO INC 4.25% 12-17.07.42 1,200,000 USD 1,116,420 0.08CORPBANCA 3.125% 13-15.01.18 3,600,000 USD 3,558,528 0.2411,329,165 0.77COLOMBIABANCOLOMBIA 6.125% 10-26.07.20 1,800,000 USD 1,940,328 0.13BCO BOGOTA 5% 11-15.01.16 2,400,000 USD 2,584,320 0.18BCO DAVIVI 2.95% 13-29.01.18 1,500,000 USD 1,477,755 0.10COLOMBIA 2.625% 13-15.03.23 2,000,000 USD 1,931,250 0.13COLOMBIA 4.375% 11-12.07.21 1,200,000 USD 1,349,280 0.09COLOMBIA 6.125% 09-18.01.41 1,600,000 USD 2,018,880 0.14COLOMBIA 8.125% 04-21.05.24 1,350,000 USD 1,952,809 0.1313,254,622 0.90COSTA RICACOSTA RICA 4.25% 12-26.01.23 910,000 USD 917,107 0.06CROATIA917,107 0.06CROATIA 6.25% 12-27.04.17 800,000 USD 859,272 0.06CROATIA 6.375% 11-24.03.21 4,050,000 USD 4,360,878 0.30CROATIA 6.75% 09-05.11.19REGS 800,000 USD 880,532 0.066,100,682 0.42EL SALVADOREL SALVADOR 8.25% 02-10.04.32 1,300,000 USD 1,631,858 0.11FEDERATION OF RUSSIA1,631,858 0.11RUSSIA 3.25% 12-04.04.17 1,200,000 USD 1,258,008 0.091,258,008 0.09FRANCEAXA SA 5.777% 06-PERP 2,500,000 EUR 3,191,743 0.22BFCM 3.25% 12-23.08.22 700,000 EUR 957,207 0.07BNP US MED 2.375% 12-14.09.17 900,000 USD 915,620 0.06BPCE 6.117% 07-PERP EMTN 2,400,000 EUR 2,870,303 0.20CASINO GP 3.311% 13-25.01.23 1,100,000 EUR 1,463,374 0.10CDEE 4.625% 04-PERP. 2,000,000 EUR 2,363,964 0.16CNP ASSURANCES 4.75% 06-PERP. 1,500,000 EUR 1,664,868 0.11CROWN EU HOLDING 7.125%15.08.18 REGS 2,800,000 EUR 3,914,615 0.27EDENRED 3.625% 10-06.10.17 1,500,000 EUR 2,085,250 0.14GECINA 4.75% 12-11.04.19 1,000,000 EUR 1,445,865 0.10NEXANS 5.75% 07-02.05.17 1,350,000 EUR 1,855,073 0.13RCI BQ 4% 10-25.01.16 500,000 EUR 678,483 0.05RENAULT 4.625% 12-18.09.17 2,000,000 EUR 2,698,433 0.18REXEL 7% 11-17.12.18 2,200,000 EUR 3,118,822 0.21SPCM SA 5.5% 12-15.06.20 500,000 EUR 688,252 0.05ST GOBAIN 4.5% 11-30.09.19 1,300,000 EUR 1,894,155 0.13VALEO SA 5.75% 12-19.01.17 4,000,000 EUR 5,827,116 0.39VALLOUREC 4.25% 11-14.02.17 300,000 EUR 422,728 0.03VINCI 4.125% 11-20.02.17 300,000 EUR 428,316 0.03VINCI 6.25% 06-PERP 2,750,000 EUR 3,761,956 0.26WENDEL INVESTMENT4.375% 05-09.08.17 500,000 EUR 659,620 0.04WENDEL 5.875% 12-17.09.19 3,800,000 EUR 5,269,897 0.36WENDEL 6.75% 11-20.04.18 500,000 EUR 727,847 0.0548,903,507 3.34GABONGABON 8.20% 07-12.12.17REGS 600,000 USD 731,037 0.05731,037 0.05GEORGIAREP OF GEORGIA 6.875% 11-12.04.21 550,000 USD 637,362 0.04GERMANY637,362 0.04ALZ 5.5% 04-PERP. EMTN 750,000 EUR 977,632 0.07COMZBK 7.75% 11-16.03.21 /SUB 3,000,000 EUR 4,076,851 0.27343

Portfolio of Investments and Other Net Assets as at 31 March 2013Global High Income BondStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsHENKEL 5.375% 05-25.11.14STEP-UP 1,500,000 EUR 2,058,573 0.14KABEL D HOLD 6.5% 12-31.07.17 300,000 EUR 415,811 0.03MUNICH RE 5.767% 07-26.06.49 1,750,000 EUR 2,342,624 0.16UNITYM NRW 5.125% 13-21.01.23 1,300,000 EUR 1,623,657 0.11UNITYM NRW 5.5% 12-15.01.23 2,500,000 USD 2,581,250 0.1814,076,398 0.96GREAT BRITAINBARCL BK 7.434% FRN 7-PERP 750,000 USD 812,164 0.06BARCLAYS 2.75% 12-23.02.15 1,000,000 USD 1,033,670 0.07BARCLAYS 7.625% 12-21.11.22 500,000 USD 494,733 0.03BIZ FIN 8.375% 10-27.04.15 2,950,000 USD 3,006,817 0.21BRITEL 2% 12-22.06.15 1,000,000 USD 1,024,455 0.07FCE BK 1.875% 13-12.05.16 3,100,000 EUR 4,028,737 0.27FCE BK 2.875% 12-03.10.17 1,350,000 EUR 1,817,048 0.12FCE BK 4.75% 11-19.01.15 500,000 EUR 681,250 0.05HSBC HOLDING 0% 09-10.06.19 1,000,000 EUR 1,536,830 0.10INEOS FIN 7.5% 12-01.05.20144A 500,000 USD 546,250 0.04INEOS FIN 8.375% 15.02.19144A 1,500,000 USD 1,665,000 0.11INTU FINANCE 3.375%17.03.23 2,000,000 GBP 3,153,593 0.22LLOYDS 11.875% 11-16.12.21 4,000,000 EUR 6,359,095 0.42LLOYDS 4.625% 12-02.02.17 1,600,000 EUR 2,315,047 0.16MONDI FIN 5.75% 10-03.04.17 2,000,000 EUR 2,922,432 0.20NGG FIN 4.25% FRN 13-18.06.76 2,700,000 EUR 3,455,767 0.24RBS 2.55% 12-18.09.15 500,000 USD 514,153 0.04REXAM PLC 6.75% 07-29.06.67 1,750,000 EUR 2,359,792 0.16VEDANTA RES 6.75% 11-07.06.16 600,000 USD 635,427 0.04VEDANTA RESOURCES 9.5%08-18.07.18 600,000 USD 707,838 0.05VODAFONE GROUP 1.5% 13-19.02.18 1,000,000 USD 997,515 0.07VODAFONE 2.95% 13-19.02.23 1,000,000 USD 997,775 0.0741,065,388 2.80HONG KONGBBLTB 3.875% 12-27.09.22 1,900,000 USD 1,951,386 0.13ICICI BK 5.75% 10-16.11.20REGS 1,600,000 USD 1,768,672 0.12YUEXIU PROPERTY 4.5% 13-24.01.23 3,000,000 USD 2,903,865 0.206,623,923 0.45HUNGARYHUNGARY 5.375% 13-21.02.23 3,400,000 USD 3,209,515 0.22HUNGARY 7.625% 11-29.03.41 1,260,000 USD 1,292,187 0.09MOL HU O&G 5.875% 10-20.04.17 1,000,000 EUR 1,346,809 0.095,848,511 0.40INDONESIAINDONESIA 11.625% 09-04.03.19 1,000,000 USD 1,462,330 0.10INDONESIA 3.75% 12-25.04.22 1,350,000 USD 1,372,768 0.09INDONESIA 4.875% 11-05.05.21 3,950,000 USD 4,347,409 0.30INDONESIA 5.875% 10-13.03.20 REGS 3,950,000 USD 4,594,126 0.32INDONESIA 6.625% 07-17.02.37 2,025,000 USD 2,512,458 0.17INDONESIA 6.875% 08-17.01.18 3,100,000 USD 3,673,454 0.25INDONESIA 7.75% 08-17.01.38 REGS 650,000 USD 909,659 0.0618,872,204 1.29IRELANDALFA BD ISS 7.75% 11-28.04.21 1,600,000 USD 1,796,008 0.12ALFA BD ISS 7.875% 10-25.09.17 3,200,000 USD 3,612,768 0.25BOGAEIS 3.625% 12-04.12.17 5,000,000 EUR 6,789,165 0.46GPB EUROBD 6.25% 10-15.12.14 1,700,000 USD 1,804,576 0.12IRELAND 5.5% 12-18.10.17 5,900,000 EUR 8,411,843 0.58NOTKRM 6.604% 11-03.02.21 800,000 USD 932,972 0.06NOVATEK FIN 4.422% 12-13.12.22 1,000,000 USD 996,430 0.07PHOSAGRO BD 4.204% 13-13.02.18 3,300,000 USD 3,307,491 0.23ROSNEFT 3.149% 12-06.03.17 2,000,000 USD 2,016,610 0.14344

Portfolio of Investments and Other Net Assets as at 31 March 2013Global High Income BondStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsRURAIL 5.739% 10-03.04.17 1,600,000 USD 1,763,088 0.12RZD CAPITAL 5.7% 12-05.04.22 2,400,000 USD 2,654,148 0.18SIBUR SEC LTD 3.914%31.01.18 3,000,000 USD 2,955,840 0.20STEEL FUND 4.45% 13-19.02.18 2,000,000 USD 1,999,070 0.14VEB FINANCE 5.375% 12-13.02.17 1,600,000 USD 1,728,728 0.12VEB FINANCE 6.025% 12-05.07.22 1,500,000 USD 1,663,155 0.11VIP FIN 9.125% 08-30.04.18REGS 900,000 USD 1,068,858 0.0743,500,750 2.97ITALYASSGEN 7.75% 12-12.12.42/SUB 800,000 EUR 1,060,918 0.07ATLIM 3.375% 10-18.09.17 1,500,000 EUR 2,011,546 0.14EXOR SPA 5.375% 07-12.06.17 2,200,000 EUR 3,119,260 0.21INTESA SAN PAOLO 6.625%08-08.05.18 EMTN 2,000,000 EUR 2,631,455 0.18INTESA SAN 4.125% 12-19.09.16 1,500,000 EUR 1,955,986 0.13INTES.TOR 3.75% 09-23.11.16 3,000,000 EUR 3,848,602 0.26SNAM 3.875% 12-19.03.18EMTN 2,500,000 EUR 3,409,607 0.23TELECOM IT 7% 11-20.01.17 2,000,000 EUR 2,892,101 0.20UNICREDIT 6.95% 31.10.22EMTN 4,500,000 EUR 5,781,339 0.4026,710,814 1.82JERSEYCPUK FIN 11.625% 12-28.02.18 3,500,000 GBP 5,971,271 0.41PROSECURE FUND 4.668%06-30.06.16 4,000,000 EUR 5,143,745 0.3511,115,016 0.76KAZAKHSTANDEV BK KAZA 4.125% 12-10.12.22 1,800,000 USD 1,757,961 0.12LEBANON1,757,961 0.12LEBANON 8.25% 06-12.04.21 3,050,000 USD 3,491,396 0.243,491,396 0.24LITHUANIALITHUANIA 5.125% 10-14.09.17 REGS 1,500,000 USD 1,667,858 0.11LITHUANIA 6.125% 11-09.03.21 300,000 USD 356,946 0.02LITHUANIA 6.625% 12-01.02.22 2,375,000 USD 2,923,387 0.214,948,191 0.34LUXEMBOURGALTICE FINAN 8% 12-15.12.19 800,000 EUR 1,111,419 0.08ARCELORMIT STP-UP 10-05.08.20 2,250,000 USD 2,379,285 0.16ARCELORMIT 3.75% 12-25.02.15 1,000,000 USD 1,036,080 0.07ARCELORMIT 6.75% 12-25.02.22 1,000,000 USD 1,096,430 0.07ARCELORMIT 7% 09-15.10.39 1,400,000 USD 1,442,791 0.10ARCELORMIT 7% 11-01.03.41 1,000,000 USD 997,800 0.07GAZ CAP 4.95% 12-19.07.22 1,700,000 USD 1,780,954 0.12GAZ CAPITAL 6.212% 06-22.11.16 1,300,000 USD 1,453,777 0.10GAZ CAPITAL 8.146% 08-11.04.18 1,000,000 USD 1,214,760 0.08GAZ CAPITAL 9.25% 09-23.04.19 3,500,000 USD 4,536,998 0.31GAZPROM 4.95% 11-23.05.16 1,000,000 USD 1,071,970 0.07HEIDLRG 8.5% 09-31.10.19 6,000,000 EUR 9,740,309 0.67RSHB CAPITAL 6.299% 07-15.05.17 1,300,000 USD 1,426,893 0.10SBERBANK 5.4% 10-24.03.17REGS 5,000,000 USD 5,411,550 0.37TELECOM IT CAP 6.175% 09-18.06.14 1,500,000 USD 1,574,025 0.11TI CAPITAL 4.95% 05-30.09.14 1,000,000 USD 1,040,195 0.07UNICREDIT LUX 5.1875%13.10.15 700,000 USD 734,066 0.05VTB CAP 6% 12-12.04.17 500,000 USD 535,480 0.04VTB CAPIT 6.875% 08-29.05.18 REG 2,850,000 USD 3,151,131 0.2141,735,913 2.85MEXICOGFB 6.5% 11-10.03.21/SUB 900,000 USD 1,024,650 0.07MEXICO 5.125% 10-15.01.20 3,000,000 USD 3,516,300 0.24MEXICO 5.95% 08-19.03.19 2,000,000 USD 2,422,950 0.17MEXICO 6.05% 08-11.01.40 7,000,000 USD 8,694,700 0.58PEMEX 4.875% 12-24.01.22 3,150,000 USD 3,493,697 0.24345

Portfolio of Investments and Other Net Assets as at 31 March 2013Global High Income BondStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsPEMEX 5.5% 10-21.01.21 3,500,000 USD 4,035,780 0.28PEMEX 8% 09-03.05.19 500,000 USD 643,250 0.04SANTANDER 4.125% 12-09.11.22 3,600,000 USD 3,620,808 0.2527,452,135 1.87NAMIBIANAMIBIA 5.5% 11-03.11.21 1,100,000 USD 1,221,853 0.081,221,853 0.08NETHERLANDSABN AMRO 4.125% 12-28.03.22 900,000 EUR 1,308,940 0.09ABN AMRO 7.125% 12-06.07.22 5,000,000 EUR 7,329,834 0.50BRENNTAG FIN 5.5% 11-19.07.18 450,000 EUR 655,161 0.04CRH FIN 5% 12-25.01.19 300,000 EUR 447,876 0.03DEUT TEL IF 2.25% 12-06.03.17 1,000,000 USD 1,024,420 0.07ELM BV 5.252% FRN 06-PERP. 3,500,000 EUR 4,539,473 0.31EUREKO 5.125% 05-29.06.49 1,500,000 EUR 1,887,261 0.13GMAC INTL 7.5% 10-21.04.15 2,500,000 EUR 3,504,164 0.24HIT FIN BV 5.75% 11-09.03.18 2,000,000 EUR 2,907,023 0.20IBERDROLA 5.75% FRN 13-PERP 5,000,000 EUR 6,311,833 0.43KAZAK TEMIR 6.375% 10-06.10.20 1,275,000 USD 1,492,222 0.10KONINKLIJKE KPN 7%28.03.73 3,200,000 USD 3,167,568 0.22LINDE FINANCE 7.375% 06-14.07.66 1,500,000 EUR 2,219,512 0.15OI EUROPEAN 4.875%31.03.21 REGS 3,000,000 EUR 3,895,099 0.27PLNIJ 7.75% 09-20.01.20 1,000,000 USD 1,231,500 0.08RABOBANK 6.875% 10-19.03.20 2,600,000 EUR 3,757,946 0.26REPSM 4.875% 12-19.02.19 1,000,000 EUR 1,427,245 0.10SOLVAY FIN. 6.375% 06-02.06.21 1,500,000 EUR 2,066,797 0.14SUEDZUCK.INTERNATIONAL5.25% 05-PERP 1,650,000 EUR 2,197,202 0.15VIMPELCOM 5.2% 13-13.02.19 2,000,000 USD 2,017,500 0.14ZIGGO 8% 10-15.05.18 3,000,000 EUR 4,166,860 0.2857,555,436 3.93PANAMABCP 5.375% 10-16.09.20 REG-S 2,500,000 USD 2,761,525 0.19REPUBLIC PANAMA 7.125%05-29.01.26 3,600,000 USD 4,837,698 0.337,599,223 0.52PARAGUAYPARAGUAY 4.625% 13-25.01.23 500,000 USD 504,050 0.03504,050 0.03PERUBANCO PERU 5.75% 10-07.10.20 1,550,000 USD 1,698,134 0.12COFIDE 4.75% 12-08.02.22 550,000 USD 591,184 0.04PERU 7.35% 05-21.07.25 1,400,000 USD 1,972,950 0.134,262,268 0.29PHILIPPINESPHILIPPINES 6.375% 07-15.01.32 1,000,000 USD 1,291,290 0.09PHILIPPINES 7.75% 06-14.01.31 1,000,000 USD 1,450,025 0.102,741,315 0.19POLANDPOLAND 3% 12-17.03.23 2,700,000 USD 2,624,063 0.18ROUMANIA2,624,063 0.18ROMANIA 6.75% 12-07.02.22 4,340,000 USD 5,065,540 0.35SERBIA5,065,540 0.35SERBIA 7.25% 11-28.09.21 925,000 USD 1,028,743 0.071,028,743 0.07SLOVAKIASLOVAKIA 4.375% 12-21.05.22 3,800,000 USD 4,035,752 0.284,035,752 0.28SOUTH AFRICASOUTH AFRICA 4.665% 12-17.01.24 700,000 USD 750,516 0.05SOUTH AFRICA 5.5% 10-03.09.20 1,800,000 USD 2,060,883 0.14SOUTH AFRICA 5.875% 07-30.05.22 2,100,000 USD 2,471,744 0.17346

Portfolio of Investments and Other Net Assets as at 31 March 2013Global High Income BondStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsSOUTH AFRICA 6.875% 09-27.05.19 4,000,000 USD 4,877,760 0.3310,160,903 0.69SPAINBBVASM 3.25% 13-21.03.16 2,200,000 EUR 2,802,589 0.19BBVASM 3.625% 12-03.10.14 3,500,000 EUR 4,579,293 0.31BBVASM 3.75% 13-17.01.18 4,000,000 EUR 5,073,145 0.35CAIXABANK 3.25% 13-22.01.16 2,900,000 EUR 3,697,432 0.25ENCE ENER 7.25% 13-15.02.20 400,000 EUR 522,069 0.04FER EMISION 3.375% 13-30.01.18 1,000,000 EUR 1,312,915 0.09GAS NCP 5% 12-13.02.18 4,000,000 EUR 5,671,382 0.39SANT ID 4% 13-24.01.20 3,000,000 EUR 3,752,082 0.26SANT ID 4.625% 12-21.03.16 4,000,000 EUR 5,274,389 0.36SPAIN 4% 10-30.04.20 5,000,000 EUR 6,271,064 0.42TELEFONICA 3.961% 13-26.03.21 4,000,000 EUR 5,146,236 0.35TELEFONICA 3.987% 13-23.01.23 2,000,000 EUR 2,514,383 0.1746,616,979 3.18SRI LANKABANK OF CEYLON 6.875% 12-03.05.17 200,000 USD 213,533 0.01SRI LANKA 6.25% 11-27.07.21 900,000 USD 960,840 0.071,174,373 0.08SWEDENSEB 4% 12-12.09.22 2,500,000 EUR 3,423,876 0.233,423,876 0.23THAILANDTHAI OIL PUB 3.625% 13-23.01.23 900,000 USD 910,211 0.06TURKEY910,211 0.06AKBANK 5% 12-24.10.22 550,000 USD 566,313 0.04FINANSBANK 5.5% 11-11.05.16 800,000 USD 818,888 0.06TURK EXIM 5.875% 12-24.04.19 1,000,000 USD 1,114,170 0.08TURK HALK BK 3.875% 13-05.02.20 1,100,000 USD 1,083,044 0.07TURK HALK BK 4.875% 12-19.07.17 1,000,000 USD 1,053,770 0.07TURKEY 5.625% 10-30.03.21 6,800,000 USD 7,782,225 0.53TURKEY 6.25% 12-26.09.22 500,000 USD 596,658 0.04TURKEY 6.875% 06-17.03.36 1,675,000 USD 2,072,938 0.14TURKEY 7% 08-11.03.19 1,800,000 USD 2,185,335 0.15TURKEY 7.00% 05-05.06.20 1,000,000 USD 1,231,975 0.08TURKEY 7.25% 04-15.03.15 1,100,000 USD 1,214,840 0.08TURKEY 7.375% 05-05.02.25 5,000,000 USD 6,411,374 0.44TURKIY IS B 3.875% 12-07.11.17 1,300,000 USD 1,322,679 0.09TURKIY IS BK 6% 12-24.10.22 300,000 USD 313,335 0.02VAKIFLAR BK 5.75% 12-24.04.17 800,000 USD 866,400 0.06VAKIFLAR BK 6% 12-01.11.22/SUB 650,000 USD 667,079 0.05YAPI KREDI 4% 13-22.01.20 1,250,000 USD 1,230,744 0.08YAPI KREDI 6.75% 12-08.02.17 1,200,000 USD 1,336,680 0.0931,868,447 2.17UKRAINEUKRAINE 6.25% 11-17.06.16 1,000,000 USD 979,540 0.07UKRAINE 9.25% 12-24.07.17 400,000 USD 432,734 0.031,412,274 0.10UNITED ARAB EMIRATESNBADUH 3% 12-13.08.19 3,500,000 USD 3,528,000 0.243,528,000 0.24UNITED STATESBE AEROSPACE 5.25% 12-01.04.22 3,500,000 USD 3,618,177 0.25BOA 5% 11-13.05.21 1,000,000 USD 1,120,830 0.08BURLINGTON 6.15% 07-01.05.37 500,000 USD 623,608 0.04CITIGP 4.05% 13-30.07.22 1,500,000 USD 1,554,960 0.11CITIGROUP INC 4.875% 03-07.05.15 1,000,000 USD 1,067,490 0.07COMCAST CORP 6.4% 08-15.05.38 1,000,000 USD 1,268,155 0.09CONAGRAS FOODS 1.9% 13-25.01.18 1,000,000 USD 1,012,500 0.07DIRECTV 1.75% 13-15.01.18 2,000,000 USD 1,980,730 0.14DOW CHEM 3% 12-15.11.22 2,000,000 USD 1,966,820 0.13EASTMAN CHEMICAL 4.8%12-01.09.42 1,000,000 USD 1,044,835 0.07FIDELITY NAT 7.875% 10-15.07.20 1,000,000 USD 1,127,500 0.08347

Portfolio of Investments and Other Net Assets as at 31 March 2013Global High Income BondStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsFORD MC 2.375% 13-16.01.18 1,000,000 USD 995,695 0.07FORD MC 5.875% 11-02.08.21SR 1,000,000 USD 1,144,910 0.08FORD MOTOR 4.75% 15.01.43 1,000,000 USD 940,200 0.06FREEPORT MCMORAN 1.4%13.02.15 1,250,000 USD 1,259,625 0.09FRESENIUS FINANCE II8.75% 09-15.07.15 3,750,000 EUR 5,551,982 0.37GCI 7.125% 10-01.09.18 SR 1,000,000 USD 1,092,500 0.07GECC 1.625% 12-02.07.15 1,000,000 USD 1,017,800 0.07GECC 5.50% (TV) 07-15.09.67REGS 7,000,000 EUR 9,060,384 0.61GEN MILLS 4.15% 13-15.02.43 1,000,000 USD 1,005,780 0.07GERDAU HLD 7% 09-20.01.20 1,500,000 USD 1,723,178 0.12GS 2.375% 13-22.01.18 1,000,000 USD 1,013,805 0.07ILFC 4.625% 13-15.04.21 3,300,000 USD 3,304,109 0.23IRON MOUNT 5.75% 12-15.08.24 1,000,000 USD 1,004,220 0.07JPM CHASE CO 2.75% 12-24.08.22 1,100,000 EUR 1,444,390 0.10JPM 3.2% 13-25.01.23 SR 1,000,000 USD 999,015 0.07LIMITED BRANDS 6.95% 03-01.03.33 1,750,000 USD 1,825,171 0.12MOR ST 1.75 13-25.02.16 -F- 250,000 USD 252,058 0.02MOR ST 2.25% 13-12.03.18 2,200,000 EUR 2,827,421 0.19MOR ST 4.87% 12-01.11.22 600,000 USD 636,687 0.04MOR ST 5.375% 10-10.08.20 2,250,000 EUR 3,355,444 0.23MORGAN STANLEY 4.75% 12-22.03.17 300,000 USD 331,254 0.02PEMEX PROJECT FUNDING6.625% 05-15.06.35 500,000 USD 601,200 0.04PEMEX PROJECT 5.75% 07-01.03.18 1,732,000 USD 2,002,140 0.14QWEST 6.75% 11-01.12.21 1,000,000 USD 1,154,245 0.08RELIANCE 5.4% 12-14.02.22 1,450,000 USD 1,613,495 0.11RELIANCE 5.4% 12-14.02.22144A 1,000,000 USD 1,112,305 0.08SLM 6% 12-25.01.17 1,000,000 USD 1,087,675 0.07SLM 7.25% 12-25.01.22 500,000 USD 561,373 0.04SPRINT NEX 6% 12-15.11.22 1,000,000 USD 1,029,775 0.0766,333,441 4.53VENEZUELAPETROLEOS 5% 09-28.10.15 3,000,000 USD 2,782,320 0.19VENEZUELA 11.95% 11-05.08.31 800,000 USD 899,240 0.06VENEZUELA 6% 05-09.12.20REGS 500,000 USD 416,888 0.03VENEZUELA 7.00% 03-01.12.18 4,375,000 USD 4,084,719 0.28VENEZUELA 7.00% 07-31.03.38 REGS 2,500,000 USD 1,971,375 0.13VENEZUELA 7.65% 05-21.04.25 6,050,000 USD 5,283,615 0.36VENEZUELA 7.75% 09-13.10.19 REGS 1,400,000 USD 1,316,070 0.09VENEZUELA 8.25% 09-13.10.24 2,000,000 USD 1,815,600 0.12VENEZUELA 9.25% 08-07.05.28 REG 2,070,000 USD 1,983,992 0.14VENEZUELA 9.25% 97-15.09.27 1,200,000 USD 1,182,270 0.08VENEZUELA 9.375% 04-13.01.34 3,490,000 USD 3,358,776 0.2325,094,865 1.71VIRGIN ISLANDSGERDAU 5.75% 10-30.01.21 1,500,000 USD 1,609,538 0.11SINOPEC GP 3.9% 12-17.05.22 600,000 USD 638,826 0.042,248,364 0.15TOTAL BONDS700,519,613 47.79FLOATING RATE BONDSAUSTRALIAORIGIN EN FRN 11-16.06.71/SUB 600,000 EUR 804,715 0.05SANTOS FIN 8.25% (FRN) 10-22.09.70 750,000 EUR 1,069,976 0.081,874,691 0.13AUSTRIAOMV 6.75%(FRN) 11-29.04.49/SUB 2,500,000 EUR 3,598,658 0.25FRANCE3,598,658 0.25AXA FRN 13-04.07.43 4,400,000 EUR 5,732,531 0.40AXA 5.25% FRN 10-16.04.40/SUB 3,000,000 EUR 3,996,472 0.27CR AGR 7.825% FRN 09-PERP 4,100,000 EUR 5,630,319 0.38CREDIT AGRICO FRN 08-PERP 550,000 EUR 769,998 0.05348

Portfolio of Investments and Other Net Assets as at 31 March 2013Global High Income BondStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsGRPE BPCE FRN 10-PERP/SUB 2,000,000 EUR 2,701,335 0.18SUEZ ENV 4.82% (FRN) 10-PERP/SUB 1,500,000 EUR 1,974,853 0.1320,805,508 1.41GERMANYALLIANZ SE 5.625% FRN 12-17.10.42 1,000,000 EUR 1,413,903 0.10ENBW 7.375%(FRN) 11-02.04.72/SUB 1,950,000 EUR 2,794,822 0.19MUNICH RE FRN (6.25%) 12-26.05.42 1,000,000 EUR 1,517,549 0.10RWE AG FRN 12-12.10.72 1,000,000 USD 1,075,035 0.07RWE 4.625% (FRN) 10-PERP 3,250,000 EUR 4,258,920 0.2911,060,229 0.75GREAT BRITAINBG ENERGY 6.5% FRN 12-30.11.72 1,500,000 EUR 2,161,246 0.15SSE FRN 2012 HYBRID PERP 4,650,000 EUR 6,339,062 0.43SSE 5.625% FRN 12-PERP 1,000,000 USD 1,022,145 0.079,522,453 0.65IRELANDAQUARIUS+ INV4.25% FRN13-02.10.43 1,250,000 EUR 1,612,019 0.11CLOVERIE 6.625% FRN 12-01.09.42 2,500,000 EUR 3,864,435 0.265,476,454 0.37ITALYASSGEN 10.125% 12-10.07.42FTF 2,500,000 EUR 3,716,169 0.253,716,169 0.25JERSEYHSBC CAPITAL JE FRN 03-PERP/PFD 1,000,000 USD 997,240 0.07UBS PREF. FD FRN 05-PERP 4,000,000 EUR 5,106,455 0.356,103,695 0.42LUXEMBOURGHANNOVER FIN 5% FRN 12-30.06.43 3,000,000 EUR 4,127,817 0.28TALANZ FI FRN 12-15.06.42 4,500,000 EUR 7,009,982 0.4811,137,799 0.76NETHERLANDSABN AMRO BANK FRN 06-PERP. 1,490,000 EUR 1,703,075 0.12ALLIANZ FIN 5.75% 11-08.07.41 SUB 3,800,000 EUR 5,460,347 0.37DELTA LLOYD FRN 12-29.08.42 FTF 1,000,000 EUR 1,418,828 0.10KPN 6.125% FRN 13-PERP 1,500,000 EUR 1,906,455 0.1310,488,705 0.72SWEDENSWEDBANK 3 FRN 12-05.12.22 EMTN 1,575,000 EUR 2,069,571 0.142,069,571 0.14UNITED STATESFTH THRD CAP 6.5% (FRN)07-15.4.67 3,000,000 USD 3,007,740 0.21PRUDEN FIN 5.875%(FRN)15.09.42 1,000,000 USD 1,065,575 0.074,073,315 0.28TOTAL FLOATING RATE BONDS89,927,247 6.13ASSET BACKED SECURITIESDOMINICAN REPUBLICREP DOMINICAN 7.5%-10-06.05.21 550,000 USD 618,393 0.04618,393 0.04FEDERATION OF RUSSIARUSSIA 7.50% 00-31.03.30REG/ST-UP 19,025,000 USD 18,273,809 1.2418,273,809 1.24GERMANYUNITYMEDIA 8.125% 09-01.12.17 1,250,000 EUR 666,974 0.05666,974 0.05GREAT BRITAINLONGSTONE 4.774% 06-31S.B 2,000,000 GBP 2,892,798 0.19MITCHELLS BUTL FRN 06-15.06.36 1,120,000 GBP 909,855 0.06MITCHELLS BUTL FRN 06-15.09.34 579,000 GBP 422,008 0.03W&DB PLC 5.641 TV 05-15.07.35 720,000 GBP 862,525 0.065,087,186 0.34349

Portfolio of Investments and Other Net Assets as at 31 March 2013Global High Income BondStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsIRAQIRAQ 5.80% 06-15.01.28STEP-UP 1,600,000 USD 1,477,592 0.101,477,592 0.10IRELANDFOREST FIN FRN 12.05.18 S1C:C 500,000 EUR 520,057 0.04520,057 0.04NETHERLANDSHIGHBURY FIN 7.017% 00-20.03.23 2,000,000 GBP 3,182,861 0.223,182,861 0.22URUGUAYREPUBLIC URUGUAY 7.625%06-21.03.36 1,100,000 USD 1,585,265 0.11REPUBLIC URUGUAY 8.00%05-18.11.22 1,600,000 USD 2,222,520 0.153,807,785 0.26VENEZUELAPETROLEOS 8.5% 10-02.11.17 2,345,000 USD 2,284,112 0.162,284,112 0.16VIRGIN ISLANDSSTAR ENERGY 11.5% 10-12.02.15 REGS 1,050,000 USD 1,075,219 0.071,075,219 0.07TOTAL ASSET BACKED SECURITIESMORTGAGE BACKED SECURITIESGREAT BRITAIN36,993,988 2.52DECO FRN 07-27.04.18 3,622,613 EUR 2,414,163 0.16EDDYSTONE FRN 06-19.04.21 250,000 GBP 341,626 0.02GRANITE MAST. FRN 05-20.12.54 3,000,000 EUR 3,416,709 0.24GRANM FRN 07-17.12.54 2,632,000 USD 2,383,852 0.16GRANM FRN 20.12.54 2,000,000 USD 1,812,590 0.12HERCULES ECL.FRN 06-25.10.18 -A- 3,750,000 GBP 5,012,259 0.35LONDON&REG FRN 05-15.10.17 2,000,000 GBP 2,265,227 0.1517,646,426 1.20IRELANDFLTST THREE FRN 25.10.16 4,000,000 EUR 2,065,343 0.14FOREST FIN FRN 05-12.05.18 150,000 EUR 176,304 0.01GERMAN RES FRN 06-20.01.21 4,000,000 EUR 3,398,325 0.23OPERA FRN 05-25.04.17CSC3 A 450,000 GBP 548,036 0.046,188,008 0.42JERSEYREC FRN 06-25.07.16 900,000 GBP 1,297,429 0.09NETHERLANDS1,297,429 0.09LAMBDA FI FRN 05-15.11.29 3,600,000 GBP 5,377,328 0.37TOTAL MORTGAGE BACKED SECURITIESTOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING5,377,328 0.3730,509,191857,950,0392.0858.52TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETBONDSAUSTRALIAFMG RES 6.875% 12-01.04.22 1,500,000 USD 1,577,813 0.11WESFARMERS 1.874%20.03.18 500,000 USD 503,689 0.032,081,502 0.14AUSTRIAESAL GMBH 6.25% 13-05.02.23 2,500,000 USD 2,516,800 0.17SAPPI PHG 8.375% 15.06.19144A 500,000 USD 556,845 0.043,073,645 0.21BERMUDA ISLANDSAIRCASTLE 6.25 % 12-01.12.19 1,500,000 USD 1,646,250 0.11AIRCASTLE 7.625% 15.04.20 1,000,000 USD 1,153,070 0.082,799,320 0.19CANADAAGRIUM INC. 3.15% 12-01.10.22 1,000,000 USD 966,975 0.07AINSWTH LUMB 7.5%15.12.17 400,000 USD 438,040 0.03BOMBARDIER INC 5.75%12-15.03.22 2,000,000 USD 2,059,999 0.14350

Portfolio of Investments and Other Net Assets as at 31 March 2013Global High Income BondStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsBOMBARDIER 6.125% 13-15.01.23 535,000 USD 556,400 0.04BOMBARDIER 7.5% 10-15.03.18 1,500,000 USD 1,715,625 0.12IAMGOLD CORP 6.75% 12-01.10.20 500,000 USD 485,675 0.03INMET MINING CORP 8.75%1.6.20 1,000,000 USD 1,115,000 0.08NCX 8.625% 10-01.11.19 1,000,000 USD 1,130,000 0.08TECK RES 3.85% 10-15.08.17 1,000,000 USD 1,075,480 0.07TELESAT CDA 6% 12-15.05.17 1,000,000 USD 1,050,000 0.07XSTRATA FIN 6% 11-15.11.41144A 1,000,000 USD 1,047,880 0.0711,641,074 0.80CAYMAN ISLANDSCOUNT GARD 7.5% 13-10.01.23 1,500,000 USD 1,544,108 0.11GRUPO AVAL 4.75% 12-26.09.22 2,200,000 USD 2,215,938 0.15HUTCH 12 II 2% 12-08.11.17 750,000 USD 756,848 0.05UPCB FIN 6.875% 12-15.1.22144A 1,000,000 USD 1,095,923 0.075,612,817 0.38COLOMBIABCO BOGOTA 5.375% 13-19.02.23 2,000,000 USD 2,072,910 0.142,072,910 0.14CROATIACROATIA 6.625% 10-14.07.20 750,000 USD 819,199 0.06819,199 0.06FRANCECA LN 3% 01.10.17 144A 1,000,000 USD 1,042,285 0.07LAFARGE 5.375% 29.11.18ST-UP 3,050,000 EUR 4,454,907 0.31PERNOD RIC 5.5% 12-15.01.42 144A 1,000,000 USD 1,118,820 0.08PSA FIN 5.75% 11-04.04.21 770,000 USD 759,031 0.05REXEL 5.125% 13-15.06.20REGS 600,000 EUR 782,826 0.05REXEL 5.25% 15.06.20 2,500,000 USD 2,549,244 0.1710,707,113 0.73GREAT BRITAINIMPERIAL TOB 3.5% 11.02.23 1,000,000 USD 1,011,910 0.07Description Face Value Currency Evaluation % netassetsVIRG MED FI 4.875% 12-15.02.22 1,000,000 USD 1,017,510 0.072,029,420 0.14INDONESIAPT BK NEGARA 5.25% 12-24.10.42 700,000 USD 669,267 0.05669,267 0.05IRELANDARDAGH PACK FIN 7.375%15.10.17 1,000,000 USD 1,085,000 0.07ARDAGH PACK 4.875% 13-15.11.22 SR 1,200,000 USD 1,194,000 0.08VIP FINANCE 7.748% 11-02.02.21 1,800,000 USD 2,028,105 0.144,307,105 0.29ITALYINTESA SAN 3.125% 13-15.01.16 1,000,000 USD 980,600 0.07980,600 0.07JAPANMIZUHO BK 3.5% 13-21.03.23 500,000 USD 510,165 0.03510,165 0.03LUXEMBOURGFIAT 6.25% 11-09.03.18 4,000,000 EUR 5,704,101 0.38INTELSAT 7.25% 10-15.10.20 500,000 USD 552,500 0.04SUNRISE COM 7% 10-31.12.17 500,000 EUR 689,735 0.05TNETBB 6.375% 10-15.11.20 750,000 EUR 1,005,628 0.077,951,964 0.54MEXICOGFB 6.75% 12-30.09.22 1,800,000 USD 2,063,808 0.14PEMEX 3.5% 13-30.01.23 1,000,000 USD 994,105 0.07PEMEX 5.5% 12-27.06.44 600,000 USD 619,011 0.04TENEDORA NE 5.5% 13-28.02.18 1,500,000 USD 1,526,678 0.105,203,602 0.35NETHERLANDSABN AMRO BK 1.375% 13-22.01.16 1,000,000 USD 991,615 0.07BHARTI AIRTEL 5.125% 13-11.03.23 2,000,000 USD 2,010,050 0.14ING NV 3.75% 12-07.03.17 -144A- 1,000,000 USD 1,069,805 0.07351

Portfolio of Investments and Other Net Assets as at 31 March 2013Global High Income BondStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsLEASEPLAN 3% 12-23.10.17 1,000,000 USD 1,020,382 0.07LYONDELL IND 5.75% 12-15.04.24 1,750,000 USD 2,056,578 0.13UPC HLD BV 8.375% 15.08.20REGS 1,000,000 EUR 1,410,674 0.108,559,104 0.58PERUBBVA 5% 12-26.08.22 1,000,000 USD 1,051,975 0.07CREDITO 4.25% 13-01.04.23 2,000,000 USD 1,996,050 0.14FONDO MIVI 3.5% 13-31.01.23 500,000 USD 488,530 0.033,536,555 0.24SINGAPOREFLEXTRONICS 4.625%15.02.20 700,000 USD 712,250 0.05FLEXTRONICS 5% 15.02.23 2,500,000 USD 2,506,250 0.17SIGMA CAP FRN 10-30.04.15 600,000 USD 627,225 0.043,845,725 0.26SPAINABERTIS 4.625% 09-14.10.16 2,000,000 EUR 2,747,460 0.192,747,460 0.19SWEDENSWEDBANK 1.75% 13-12.03.18 1,100,000 USD 1,099,050 0.07TURKEY1,099,050 0.07AKBANK 3.875% 12-24.10.17 2,400,000 USD 2,451,876 0.17UNITED STATES2,451,876 0.17AIG 4.25% 11-15.09.14 1,000,000 USD 1,047,650 0.07ALEXANDRIA 4.6% 12-01.04.22 400,000 USD 433,345 0.03ALTA MESA 9.625% 12-15.10.18 1,000,000 USD 1,065,000 0.07AM AXLE & M 6.625% 12-15.10.22 1,000,000 USD 1,034,680 0.07AMB PROP 4.5% 10-15.08.17 1,000,000 USD 1,099,225 0.07AMC NETWORKS 4.75% 12-15.12.22 500,000 USD 497,250 0.03AMERIC HOND 1.6% 13-16.02.18 MTN 1,800,000 USD 1,816,083 0.12ASHLAND INC 3% 12-15.03.16 1,000,000 USD 1,020,000 0.07ASHLAND INC 6.875% 13-15.05.43 200,000 USD 217,000 0.01Description Face Value Currency Evaluation % netassetsASHLAND 4.75% 12-15.08.22144A 3,200,000 USD 3,255,999 0.22ATT 0.9% 13-12.02.16 600,000 USD 599,838 0.04AUTOZONE 2.875% 12-15.01.23 350,000 USD 337,538 0.02AVIS BUDGET 5.5% 01.04.23 1,000,000 USD 1,000,000 0.07BDN 3.95% 12-15.02.23 GTDSR 2,000,000 USD 2,017,505 0.14BERRY PETR 6.375% 12-15.09.22 2,250,000 USD 2,390,591 0.16BK OF AMERICA 8% /PFD 500,000 USD 567,165 0.04BOA 2% 13-11.01.18 2,500,000 USD 2,490,513 0.17BROCADE COM 4.625% 13-15.01.23 1,250,000 USD 1,210,938 0.08BURLINGTON 3% 13-15.03.23 1,000,000 USD 1,007,715 0.07BURLINGTON 4.45% 13-15.03.43 1,000,000 USD 1,012,540 0.07CAPITAL ONE 3.375% 13-15.02.23 1,200,000 USD 1,196,322 0.08CAROLINA PW 4.1% 13-15.03.43 1,000,000 USD 1,000,000 0.07CCO HLDGS 5.125% 12-15.02.23 500,000 USD 488,135 0.03CCO HLDGS 5.25% 12-30.09.22 4,250,000 USD 4,202,994 0.28CCO HOLDINGS 5.75% 13-01.09.23 1,000,000 USD 1,007,500 0.07CENTURYLINK INC 5.8% 12-15.03.22 2,500,000 USD 2,536,675 0.17CENTURYLINK 5.625% 13-01.04.20 2,725,000 USD 2,795,985 0.19CENTURYLINK 7.65% 12-15.3.42 1,000,000 USD 971,510 0.07CHAPARR EGY 7.625% 12-15.11.22 1,000,000 USD 1,095,000 0.07CHRYSLER 8.25% 11-15.06.21 500,000 USD 558,908 0.04CIMAREX ENERGY CO5.875% 01.05.22 2,000,000 USD 2,153,620 0.15CIT GROUP 5% 12-15.08.22 3,500,000 USD 3,779,999 0.25CITIGP FDG 5.5% 12-15.02.19 3,000,000 USD 3,314,999 0.23CLEAN HA 5.125% 12-01.06.21 1,750,000 USD 1,793,750 0.12CLEAN HAR 5.25% 12-01.08.20 1,500,000 USD 1,550,625 0.11CLEARWAT 4.5% 13-01.02.23 1,500,000 USD 1,477,500 0.10COINSTAR 6% 13-15.03.19 1,000,000 USD 1,025,000 0.07COMSTCK RES 7.75% 11-01.04.19 1,100,000 USD 1,159,125 0.08352

Portfolio of Investments and Other Net Assets as at 31 March 2013Global High Income BondStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsCONT RES 5.0% 12-15.09.22 1,000,000 USD 1,064,065 0.07CONT RUBBER 4.5% 12-15.09.19 1,500,000 USD 1,544,550 0.11COX COMM 4.7% 12-15.12.42 1,000,000 USD 987,845 0.07CROWN AMER 6.25% 11-01.02.21 1,000,000 USD 1,093,730 0.07CROWN AMERIC 4.5% 13-15.01.23 1,500,000 USD 1,462,500 0.10CRW CASTLE 5.25% 12-15.01.23 1,500,000 USD 1,535,438 0.10CVR RFN/CFFVLL 6.5% 12-01.11.22 750,000 USD 768,750 0.05DAIMLER FIN 1.65% 12-10.04.15 750,000 USD 760,275 0.05DANA HLDG 6.75% 11-15.02.21 500,000 USD 548,128 0.04DB AG NY 7.25% 95-15.09.15 2,000,000 USD 2,168,860 0.15DCP MID OP 4.95% 12-01.01.22 SR 1,000,000 USD 1,084,940 0.07DCP MIDSTREAM 3.875% 13-15.03.23 650,000 USD 654,128 0.04DCP MIDSTREAM 4.75% 11-30.09.21 1,000,000 USD 1,069,748 0.07DELPHI CORP 5% 13-15.02.23 1,000,000 USD 1,055,000 0.07DELPHI 6.125% 12-15.05.21 1,600,000 USD 1,768,000 0.12DENBURY RES 4.625% 13-15.07.23 2,400,000 USD 2,321,124 0.16DISCA 3.3% 12-15.05.22 SR 1,000,000 USD 1,022,480 0.07DISH DBS 5% 12-15.03.23 3,750,000 USD 3,703,124 0.24DISH DBS 5.875% 12-15.07.22 3,000,000 USD 3,165,884 0.22DOMTAR 4.4% 04.01.22 1,500,000 USD 1,505,100 0.10EAGLE SPINCO 4.625%15.01.21 1,100,000 USD 1,124,750 0.08EI DU PONT 4.15% 13-15.02.43 1,000,000 USD 1,017,335 0.07EL PASO 4.7% 12-01.11.42 1,000,000 USD 965,645 0.07EL PASO 5% 11-01.10.21 1,000,000 USD 1,123,308 0.08ENT PR 4.45% 12-15.02.43 1,000,000 USD 968,435 0.07ENTERPRISE PROD 4.85%13-15.03.44 1,000,000 USD 1,026,150 0.07ENTERPRISE PRODS 3.35%13-15.03.23 650,000 USD 663,208 0.05ETP 3.6% 13-01.02.23 1,000,000 USD 996,730 0.07ETP 5.15% 13-01.02.43 1,000,000 USD 994,835 0.07EXELON GEN 5.75% 10-01.10.41 1,000,000 USD 1,105,745 0.08FIDELITY NAT 5% 12-15.03.22 2,500,000 USD 2,656,388 0.18FTR 7.125% 12-15.01.23 3,250,000 USD 3,316,478 0.23FTR 8.25% 10-15.04.17 2,000,000 USD 2,296,360 0.16GENERAL MTRS 4.75% 12-15.08.17 700,000 USD 734,269 0.05GEORGIA 4.875% 13-15.05.23 1,000,000 USD 1,022,500 0.07GLATFELTER 5.375% 12-15.10.20 1,000,000 USD 1,052,500 0.07GMCH&SP 4.5% 13-15.07.23 1,000,000 USD 981,175 0.07HAWK ACQ 4.25% 13-15.10.20 2,000,000 USD 2,010,000 0.14HCA 4.75% 12-01.05.23 SR 2,750,000 USD 2,742,684 0.19HEALTH CARE 3.75% 12-15.03.23 600,000 USD 606,195 0.04HEALTH CARE 5.125% 12-15.03.43 1,000,000 USD 996,835 0.07HERTZ CORP 5.875% 12-15.10.20 2,000,000 USD 2,120,000 0.14HOST HOTEL 3.75% 13-15.10.23 1,000,000 USD 1,000,350 0.07HOST HOTELS 6% 10-01.11.20 1,100,000 USD 1,220,060 0.08IAC INTERACTIVE 4.75%15.12.22 1,000,000 USD 980,000 0.07ILFC 5.875% 12-01.04.19 1,000,000 USD 1,084,895 0.07ILFC 5.875% 15.08.22 750,000 USD 811,590 0.06ILFC 6.25% 11-15.05.19 500,000 USD 549,665 0.04ILFC 8.25% 10-15.12.20 2,000,000 USD 2,460,980 0.17JARDEN 6.125% 10-15.11.22 1,000,000 USD 1,080,000 0.07JBS USA 7.25% 11-01.06.21 1,250,000 USD 1,314,019 0.09JBS USA 8.25% 12-01.02.20144A 1,500,000 USD 1,647,195 0.11JPM 3.25% 12-23.09.22 SR 600,000 USD 601,293 0.04KAISER ALUMINUM 8.25% 12-01.06.20 500,000 USD 563,781 0.04KILROY RLTY 3.8% 13-15.01.23 1,000,000 USD 1,024,095 0.07KIMCO REALTY 4.3% 10-01.02.18 1,000,000 USD 1,116,343 0.08KINDER MORG 3.5% 13-01.09.23 1,250,000 USD 1,269,831 0.09KINDER MORG 5% 13-01.03.43 1,000,000 USD 1,019,785 0.07KRAFT FOODS 1.625% 12-04.06.15 1,000,000 USD 1,016,560 0.07LEAR 4.75% 13-15.01.23 2,000,000 USD 1,960,000 0.13LENDER PRO 5.75% 12-15.04.23 1,250,000 USD 1,309,375 0.09LEVI 6.857%12-1.5.22 1,000,000 USD 1,094,755 0.07353

Portfolio of Investments and Other Net Assets as at 31 March 2013Global High Income BondStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsLEVI 6.875% 13-01.05.22 500,000 USD 550,000 0.04LG&E AND KU 4.375% 12-01.10.21 1,000,000 USD 1,101,486 0.08LIBERTY MUT 6.5%12-01.05.42 144A 1,000,000 USD 1,161,065 0.08LIMITED BRANDS 5.625%15.02.22 1,000,000 USD 1,061,660 0.07LOUISIANA PAC 7.5% 12-01.06.20 750,000 USD 856,875 0.06LYNX I 5.375% 13-15.04.21 1,000,000 USD 1,046,250 0.07MACK-CALI 2.5% 12-15.12.17 800,000 USD 812,388 0.06MACYS RET 2.875% 12-15.02.23 1,000,000 USD 968,425 0.07METROPCS WI 6.625%01.04.23 1,900,000 USD 1,952,250 0.13METROPCS WI 7.875% 10-01.09.18 1,000,000 USD 1,092,085 0.07NCR CORP 5% 12-15.07.22 2,000,000 USD 2,020,000 0.14NEWFIELD EXPL 5.625%01.07.24 1,500,000 USD 1,554,008 0.11NEWS AMERICA 6.9% 10-15.08.39 1,000,000 USD 1,288,955 0.09NORTH TIER 7.125% 12-15.11.20 600,000 USD 636,750 0.04O REILLY AUT 3.8% 12-01.09.22 1,000,000 USD 1,043,277 0.07OASIS PETRLM 6.875% 12-15.01.23 1,000,000 USD 1,102,500 0.08ONEOK INC 4.25% 01.02.22 300,000 USD 317,873 0.02OWENS CORN 4.2% 12-15.12.22 1,000,000 USD 1,028,465 0.07PBF HOLD 8.25% 12-15.02.20 1,550,000 USD 1,712,750 0.12POST HLD INC 7.375% 13-15.02.22 1,500,000 USD 1,638,473 0.11PPL CAP FDG 3.5% 01.12.02 500,000 USD 506,368 0.03PRINCIPAL FIN 3.125% 12-15.05.23 1,000,000 USD 1,002,340 0.07PTL CO/FIN 2.5% 12-15.03.16 1,000,000 USD 1,016,198 0.07PTL CO/PTL FIN 2.5% 12-11.07.14 500,000 USD 508,520 0.03QEP RES 5.25% 12-01.05.23 1,000,000 USD 1,027,485 0.07QVC INC 4.375% 13-15.03.23 1,000,000 USD 1,001,375 0.07RABOBANK CAP.III 5.254%04-PERP 144A 1,000,000 USD 1,011,860 0.07RAIN CII CA 8.25% 12-15.01.21 800,000 USD 868,000 0.06RANGE RESOU 5% 13-15.03.23 1,000,000 USD 1,022,500 0.07Description Face Value Currency Evaluation % netassetsREGENCY ENERGY 5.5% 12-15.04.23 400,000 USD 430,000 0.03REGENCY ENERGY 6.5% 11-15.07.21 1,600,000 USD 1,766,992 0.12RELIANCE HLDG 4.5% 10-19.10.20 900,000 USD 950,756 0.06RES ENERGY 8.5% 12-01.05.20 144A 1,000,000 USD 1,035,000 0.07REYNOLDS GRP 6.875% 11-15.02.21 1,000,000 USD 1,072,500 0.07ROCK TENN 4% 12-01.03.23 1,000,000 USD 1,013,953 0.07ROCKWOOD SP 4.625% 12-15.10.20 2,000,000 USD 2,060,000 0.14SANDRIDGE 8.75% 10-15.01.20 2,300,000 USD 2,484,000 0.17SBA TELECOM 5.75%15.07.20 1,420,000 USD 1,483,900 0.10SLM CORP 3.875% 12-10.09.15 500,000 USD 518,610 0.04SLM 4.625% 12-25.09.17 500,000 USD 519,075 0.04SMITHFLD FDS 6.625%15.08.22 500,000 USD 547,860 0.04SPECTRA EN 3.3% 13-15.03.23 2,000,000 USD 2,004,990 0.14SPI AER INC 6.75% 11-15.12.20 1,000,000 USD 1,070,000 0.07STEEL DYN 6.125% 12-15.08.19 500,000 USD 541,250 0.04STEEL DYN 6.375% 15.08.22 2,250,000 USD 2,441,250 0.17SWIFT ENERG 7.875% 12-01.03.22 1,000,000 USD 1,050,000 0.07TARGA RES 6.875% 11-01.02.21 2,500,000 USD 2,749,999 0.19TENNECO 6.875% 11-15.12.20 1,000,000 USD 1,101,855 0.08TWTC 5.375% 12-01.10.22 1,000,000 USD 1,047,500 0.07VENTAS REAL 2.7% 13-01.04.20 1,000,000 USD 1,008,833 0.07VENTAS REAL 3.25% 12-15.08.22 1,500,000 USD 1,494,983 0.10VPI ESCROW CORP 6.37515.10.20 1,000,000 USD 1,060,000 0.07WELLS FARGO 3.45% 13-13.02.23 1,600,000 USD 1,620,480 0.11WEX 4.75% 13-01.02.23 SR 1,850,000 USD 1,794,500 0.12WILLIAMS COS 3.7% 12-15.01.23 2,000,000 USD 1,989,360 0.14WINDSTR 6.375% 01.08.23 400,000 USD 396,600 0.03WINDSTREAM CO 7% 07-15.03.19 SR 1,000,000 USD 1,024,060 0.07354

Portfolio of Investments and Other Net Assets as at 31 March 2013Global High Income BondStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsWINDSTREAM 7.75% 10-15.10.20 2,500,000 USD 2,709,137 0.18WPX ENERGY 6% 11-15.01.22 1,500,000 USD 1,582,500 0.11WYN L VEG 5.375% 12-15.03.22 500,000 USD 525,843 0.04WYNDHAM WLD 3.9%01.03.23 2,000,000 USD 2,010,720 0.14213,174,675 14.55VIRGIN ISLANDSSTAR ENRGY 6.125%27.03.20 REGS 1,800,000 USD 1,803,033 0.12TOTAL BONDSFLOATING RATE BONDSFRANCE1,803,033 0.12297,677,18120.30EDF 5.25% FRN 13-PERP FTF 3,500,000 USD 3,449,355 0.24UNITED STATES3,449,355 0.24BANK AMERICA 8.125% /PFD 2,500,000 USD 2,836,750 0.19CITIGP FRN 12-PERP FTF 3,000,000 USD 3,121,410 0.21DOMINI.RES.6.3% 06-30.09.66 1,750,000 USD 1,653,750 0.11ENT PR 7.034% (FRN) 07-PERP 3,150,000 USD 3,653,780 0.25PPL CAP FDG 6.7% (FRN) 07-30.03.67 2,000,000 USD 2,128,590 0.1513,394,280 0.91TOTAL FLOATING RATE BONDS16,843,635 1.15ASSET BACKED SECURITIESCAYMAN ISLANDSCLYDS FRN 05-06.12.17 2005-1A C 4,500,000 USD 4,135,500 0.284,135,500 0.28GREAT BRITAINBROADGATE FIN FRN 5-05.01.22 3,000,000 GBP 2,382,261 0.162,382,261 0.16UNITED STATESACE SEC CO FRN 05-25.05.35WF1 M2 2,750,000 USD 2,209,292 0.15CSFB MTG 5.863% 05-25.06.35 2,000,000 USD 2,050,625 0.14HOME EQ 04-7 FRN 25.01.35 2,000,000 USD 1,846,200 0.136,106,117 0.42TOTAL ASSET BACKED SECURITIESTREAS. BONDS/NOTES - FIXED RATEUNITED STATES12,623,878 0.86USA 0.375% 13-15.01.16 1,360,000 USD 1,361,381 0.09USA 0.375% 13-15.02.16 TBO 2,000,000 USD 2,001,328 0.14USA 0.75% 12-31.12.17 TBO 1,675,000 USD 1,677,944 0.11USA 0.75% 13-28.02.18 TBO 2,300,000 USD 2,300,449 0.16USA 1.625% 12-15.08.22 TBO 1,300,000 USD 1,283,852 0.09USA 1.625% 12-15.11.22 TBO 5,600,000 USD 5,503,312 0.37USA 1.75% 12-15.05.22 TBO 2,125,000 USD 2,132,139 0.15USA 2%13-15.2.23 TBO S -B- 3,730,000 USD 3,779,248 0.2620,039,653 1.37TOTAL TREASURY BONDS/NOTES - FIXEDRATEMORTGAGE BACKED SECURITIESGREAT BRITAINBRUNTW ALP FRN 07-20,039,653 1.3715.01.17 2007-1 C 1,000,000 GBP 1,030,580 0.07EPIC LDN FRN 06-15.07.17MLDN -E- 4,650,000 GBP 6,349,884 0.44GHM FRN 07-18.03.39 2,000,000 EUR 1,496,010 0.10RADAMANTIS FRN 06-25.10.15 24X 750,000 GBP 599,038 0.049,475,512 0.65IRELANDGERMAN FRN 06-20.07.16 1,000,000 EUR 860,473 0.06GERMAN RES FRN 06-20.07.16 -C- 2,000,000 EUR 1,735,645 0.11SILENUS NO.25 FRN 07-15.05.19 922,000 EUR 816,824 0.06VULCAN FRN 07-15.02.14 28XA 2,478,000 EUR 1,106,522 0.084,519,464 0.31UNITED STATESDBUBS 11-01.01.21 LC1A E 3,000,000 USD 3,199,726 0.21GE COML MTG FRN 10.03.44 2,500,000 USD 2,559,043 0.17GS MTG.S. 5.622% 06-10.11.39 2,500,000 USD 2,499,668 0.17JPMCC 5.464%15.03.1407LDPXC-AM 1,600,000 USD 1,755,937 0.12355

Portfolio of Investments and Other Net Assets as at 31 March 2013Global High Income BondStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsMSBAM FRN 12-15.10.22CKSV MBS 3,000,000 USD 2,864,766 0.2012,879,140 0.87TOTAL MORTGAGE BACKED SECURITIES 26,874,116 1.83TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET374,058,463 25.51OTHER TRANSFERABLE SECURITIESBONDSCROATIACROATIA 5.5% 13-04.04.23 1,150,000 USD 1,150,242 0.08LUXEMBOURG1,150,242 0.08SES 3.6% 13-04.04.23 1,000,000 USD 1,002,173 0.071,002,173 0.07UNITED STATESBELDEN INC 5.5% 01.09.22144A 1,875,000 USD 1,931,249 0.13RAIN CII CA 8% 10-01.12.18 750,000 USD 806,250 0.05ROCK TENN 4.45% 13-01.03.19 500,000 USD 539,986 0.04SPRINT NEX 7% 01.03.20144A07.00 1,500,000 USD 1,749,000 0.125,026,485 0.34TOTAL BONDS7,178,900 0.49MORTGAGE BACKED SECURITIESUNITED STATESCITIGRP COMM 4.878% 12-10.08.22 3,000,000 USD 2,766,211 0.19COMM 5.02% 12-15.08.45 12-CR2 E 3,695,000 USD 3,589,202 0.24GSMS 5.231% 10-10.12.43 5,000,000 USD 5,357,330 0.37JPMCC FRN 10-15.10.20 1C2D 5,000,000 USD 5,520,674 0.37JPMCC FRN 11-15.02.46 C3E 5,000,000 USD 5,214,210 0.36JPMCC FRN 12-05.07.32 MBS 300,000 USD 321,445 0.02MORGAN ST BK 4.30557%15.02.46 2,000,000 USD 1,847,150 0.13MORGAN STANLEY CAP FRN15.02.21 5,225,000 USD 5,428,897 0.36MSAC 5.357% 11-15.09.21 11-C3 E 2,500,000 USD 2,595,798 0.187 WTC DEP 5.965% 13.03.3112-CB 2,000,000 USD 2,283,516 0.1634,924,433 2.38TOTAL MORTGAGE BACKED SECURITIES 34,924,433 2.38TOTAL OTHER TRANSFERABLE SECURITIES 59,201,290 4.04TOTAL INVESTMENTS 1,291,209,792 88.07OTHER NET ASSETS LESS LIABILITIES 174,971,121 11.93TOTAL NET ASSETS 1,466,180,913 100.00ASSET BACKED SECURITIESCAYMAN ISLANDSATRM FRN 06-20.07.20 5A-C 3,500,000 USD 3,041,500 0.21CENT CDO XII FRN 06-18.11.20 1,250,000 USD 1,125,000 0.08GULF STREAM FRN 07-28.10.19 4,000,000 USD 4,010,000 0.27SLVR FRN 06-16.10.20 06-2AC 2,250,000 USD 2,074,500 0.1410,251,000 0.70UNITED STATESHLSS SERV 4.94% 15.10.45 650,000 USD 679,453 0.05HLSS SERVICER 3.2282%15.01.16 750,000 USD 757,031 0.05MSC I TR 13 FRN 13-05.02.33 7,100,000 USD 5,410,473 0.376,846,957 0.47TOTAL ASSET BACKED SECURITIES17,097,9571.17356

Portfolio of Investments and Other Net Assets as at 31 March 2013Global High Yield Bond (launched as at 20 July 2012)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGBONDSBELGIUMFORTIS BANK 4.625% 04 -PERP. 4,500,000 EUR 5,420,967 0.39KBC BANK 8% 08-PERP. 2,000,000 EUR 2,610,164 0.188,031,131 0.57BERMUDA ISLANDSNOBLE GROUP LTD 6.75%09-29.01.20 1,000,000 USD 1,123,570 0.081,123,570 0.08BRAZILBANRISUL 7.375% 12-02.02.22 2,000,000 USD 2,192,719 0.15BCO ABC 7.875% 10-08.04.20REGS 1,500,000 USD 1,694,580 0.12BIC BANCO 8.5% 10-27.4.20REGS 500,000 USD 504,023 0.04BMG 8%11-15.04.18 2,000,000 USD 1,972,239 0.14BRASIL TELE 5.75% 12-10.02.22 1,840,000 USD 1,930,464 0.14CENT ELET 6.875% 09-30.07.19 REGS 1,000,000 USD 1,145,710 0.08HYPERMARCAS 6.5% 11-20.04.21 1,500,000 USD 1,624,013 0.11SABESP 6.25% 10-16.12.20REGS 1,450,000 USD 1,588,113 0.11VOTORANTIM 6.75% 10-05.04.21 REGS 600,000 USD 698,808 0.05VOTORANTIM 7.25% 11-05.04.41 400,000 USD 435,072 0.0313,785,741 0.97CAYMAN ISLANDSAGILE PROP 9.875%12-20.03.17 1,000,000 USD 1,130,615 0.08BANBRA 5.875% 11-26.01.22 1,700,000 USD 1,828,256 0.13BANBRA 9.25% 12 PERP 600,000 USD 730,590 0.05BCOCPE 5.75%12-18.01.17 500,000 USD 549,413 0.04BTGPBZ 4% 13-16.01.20 800,000 USD 773,524 0.05BTGPBZ 5.75% 12-28.09.22 700,000 USD 703,637 0.05CHINA LIANSU 7.875%13.5.16 336,000 USD 358,730 0.03Description Quantity/ Currency Evaluation % netFaceassetsvalueDUBAI PORTS WRLD 6.25%07-17 670,000 USD 751,428 0.05EMBRAER 6.375% 09-15.01.20 750,000 USD 869,404 0.06EVERGRANDE REAL 13% 10-27.01.15 1,500,000 USD 1,642,823 0.12FIBRIA 6.75% 11-03.03.21 1,500,000 USD 1,670,947 0.12FIBRIA 7.5% 10-04.05.20 751,000 USD 842,622 0.06FUFENG GRP 7.625% 11-13.04.16 500,000 USD 507,440 0.04GRUPO AVAL 5.25% 12-01.02.17 500,000 USD 537,328 0.04KAISA GRP 12.875% 12-18.09.17 500,000 USD 584,623 0.04KWG PROP HLD 13.25% 12-22.03.17 600,000 USD 712,350 0.05LONGFOR PPT 6.75% 13-29.01.23 2,000,000 USD 1,989,949 0.14TGI INTL 5.7% 12-20.03.22 1,350,000 USD 1,478,176 0.10UPCB FIN 7.625%10-15.01.20REGS 1,000,000 EUR 1,396,972 0.1019,058,827 1.35CHILEBC SANT CL 3.875% 12-20.09.22 1,000,000 USD 1,006,190 0.07CORPBANCA 3.125% 13-15.01.18 1,000,000 USD 988,480 0.071,994,670 0.14COLOMBIABANCOLOMBIA 6.125% 10-26.07.20 650,000 USD 700,674 0.05BCO DAVIVI 5.875% 12-9.7.22/SUB 2,000,000 USD 2,075,550 0.14BCO GNB SUDAMERIS 7.5%30.7.22 1,000,000 USD 1,112,205 0.083,888,429 0.27CROATIAAGROKOR DD 8.875% 12-01.02.20 1,500,000 USD 1,661,663 0.121,661,663 0.12DENMARKFS FUNDING 8.875% 06-15.05.16 REG 2,500,000 EUR 3,308,403 0.233,308,403 0.23357

Portfolio of Investments and Other Net Assets as at 31 March 2013Global High Yield Bond (launched as at 20 July 2012)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueFRANCECDEE 4.625% 04-PERP. 2,500,000 EUR 2,954,955 0.21CROWN EU HOLDING 7.125%15.08.18 REGS 5,000,000 EUR 6,990,383 0.49LABCO 8.5% 11-15.01.18 1,600,000 EUR 2,179,785 0.15LAFARGE 5.5% 09-16.12.19ST-UP 6,200,000 EUR 9,203,321 0.64LOXAM 7.375% 13-24.01.20REGS 1,100,000 EUR 1,452,392 0.10RENAULT 4.625% 11-25.05.16 2,500,000 EUR 3,385,064 0.24RENAULT 4.625% 12-18.09.17 1,000,000 EUR 1,349,217 0.10REXEL 7% 11-17.12.18 1,000,000 EUR 1,417,646 0.10REXEL 8.25% 09-15.12.16(RTA) 1,250,000 EUR 1,752,187 0.12SPCM SA 5.5% 12-15.06.20 1,100,000 EUR 1,514,154 0.11TEREOS FIN 4.25% 13-04.03.20 400,000 EUR 512,274 0.04VINCI 6.25% 06-PERP 1,000,000 EUR 1,367,984 0.10WENDEL INVESTMENT4.375% 05-09.08.17 500,000 EUR 659,620 0.05WENDEL 5.875% 12-17.09.19 2,500,000 EUR 3,467,038 0.25WENDEL 6.75% 11-20.04.18 2,000,000 EUR 2,911,389 0.2141,117,409 2.91GEORGIAGRAIL 7.75% 12-11.07.22 700,000 USD 802,907 0.06802,907 0.06GERMANYKABEL DEUTS 6.5% 11-29.06.18 1,000,000 EUR 1,374,513 0.10MUNICH RE 5.767% 07-26.06.49 3,000,000 EUR 4,015,926 0.28UNITYM NRW 5.125% 13-21.01.23 700,000 EUR 874,277 0.06UNITYM NRW 5.5% 12-15.01.23 6,000,000 USD 6,195,000 0.44UNITYM NRW 5.75% 12-15.01.23 450,000 EUR 585,889 0.04UNITYMEDIA 9.5% 12-15.03.21 1,000,000 EUR 1,474,815 0.10UPC GER 9.625% 09-01.12.19 3,500,000 EUR 5,022,863 0.3619,543,283 1.38GREAT BRITAINBARCL BK 7.434% FRN 7-PERP 4,250,000 USD 4,602,261 0.33Description Quantity/ Currency Evaluation % netFaceassetsvalueBARCLAYS BANK 4.75% 05-PERP. 2,500,000 EUR 2,317,223 0.16BARCLAYS 4.875% 04-PERP. 700,000 EUR 658,485 0.05GKN HDG 5.375% 12-19.09.22 950,000 GBP 1,529,000 0.11INEOS FIN 8.375% 15.02.19144A 6,000,000 USD 6,659,999 0.47LLOYDS 11.875% 11-16.12.21 2,000,000 EUR 3,179,547 0.22REXAM PLC 6.75% 07-29.06.67 3,000,000 EUR 4,045,358 0.29VEDANTA RES 8.25% 11-07.06.21 600,000 USD 689,139 0.05VEDANTA RESOURCES 9.5%08-18.07.18 2,550,000 USD 3,008,312 0.21VTB CAP PLC 6.315% 11-22.02.18 1,675,000 USD 1,818,422 0.1328,507,746 2.02HONG KONGICICI BK 5.75% 10-16.11.20REGS 350,000 USD 386,897 0.03386,897 0.03HUNGARYMOL HU O&G 5.875% 10-20.04.17 2,500,000 EUR 3,367,023 0.24INDIA3,367,023 0.24ICICI BK 4.7% 12-21.02.18 1,000,000 USD 1,057,440 0.07INDONESIA1,057,440 0.07BUMI INV 10.75% 10-10.06.17 1,000,000 USD 851,595 0.06PLN 5.5% 11-22.11.21 2,100,000 USD 2,288,265 0.163,139,860 0.22IRELANDALFA BD ISS 7.75% 11-28.04.21 2,200,000 USD 2,469,511 0.17ALFA BD ISS 7.875% 10-25.09.17 700,000 USD 790,293 0.06CBOM FIN 7.7% 13-01.02.18 500,000 USD 520,123 0.04GPB EUROBD 5.625% 12-17.05.17 1,350,000 USD 1,441,328 0.10PHOSAGRO BD 4.204% 13-13.02.18 1,500,000 USD 1,503,405 0.11SCFRU 5.375% 10-27.10.17REGS 1,000,000 USD 1,036,340 0.07SIBUR SEC LTD 3.914%31.01.18 900,000 USD 886,752 0.06358

Portfolio of Investments and Other Net Assets as at 31 March 2013Global High Yield Bond (launched as at 20 July 2012)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueSMURFIT KAP ACQ 7.25% 09-15.11.17 2,000,000 EUR 2,735,646 0.19SMURFIT KAP ACQ 7.75% 09-15.11.19 1,000,000 EUR 1,406,828 0.1012,790,226 0.90ISLE OF MANANGL ASH HD 5.375% 10-15.04.20 900,000 USD 960,552 0.07960,552 0.07ISRAELISRAEL ELEC 9.375% 09-PERP 1,800,000 USD 2,280,888 0.162,280,888 0.16ITALYASSGEN 7.75% 12-12.12.42/SUB 300,000 EUR 397,844 0.03397,844 0.03JERSEYPROSECURE FUND 4.668%06-30.06.16 2,000,000 EUR 2,571,873 0.182,571,873 0.18LUXEMBOURGARCELORMIT STP-UP 10-05.08.20 7,750,000 USD 8,195,314 0.58ARCELORMIT 7% 09-15.10.39 1,600,000 USD 1,648,904 0.12ARCELORMIT 7% 11-01.03.41 1,000,000 USD 997,800 0.07CEMEX LUX 9.875% 30.04.19REG-S 3,350,000 USD 3,869,267 0.27FIAT FINANCE 7.625% 09-15.09.14 750,000 EUR 1,019,709 0.07FIAT FT 6.625% 13-15.03.18 1,200,000 EUR 1,563,502 0.11FMC FIN 6.5% 11-15.09.18 500,000 EUR 747,757 0.05GAZ CAP 5.999% 11-23.01.21REGS 500,000 USD 561,518 0.04GAZ CAPITAL 6.212% 06-22.11.16 1,000,000 USD 1,118,290 0.08GREIF LUX 7.375% 11-15.07.21 550,000 EUR 801,599 0.06HEIDEL FIN 9.5% 11-15.12.18 750,000 EUR 1,247,977 0.09HEIDLRG 7.5% 10-03.04.20 4,000,000 EUR 6,232,738 0.44HEIDLRG 8.5% 09-31.10.19 1,400,000 EUR 2,272,739 0.16KION FIN 6.75% 13-15.02.20REGS 650,000 EUR 894,552 0.06MINERVA LUX 7.75% 13-31.01.23 1,750,000 USD 1,890,411 0.13Description Quantity/ Currency Evaluation % netFaceassetsvalueMOL GR FIN 6.25% 12-26.09.19 1,000,000 USD 1,015,510 0.07RUSSIAN ST FI 9.25% 12-11.7.17 1,000,000 USD 1,078,370 0.08SISTEMA 6.95% 12-17.05.19 1,500,000 USD 1,628,903 0.12SPIE BONDCO3 11% 12-15.08.19 500,000 EUR 716,300 0.05UNICREDIT LUX 5.1875%13.10.15 300,000 USD 314,600 0.0237,815,760 2.67MEXICOBANCOMER 7.25% 10-22.04.20 /SUB 1,000,000 USD 1,139,645 0.08CEMEX 9% 11-11.01.18 1,000,000 USD 1,108,265 0.08CONTROLADORA 7.875%28.10.19 REGS 1,000,000 USD 1,187,050 0.09DESARROLLA H 9.75% 12-25.03.20 500,000 USD 430,788 0.03GFB 6.5% 11-10.03.21/SUB 650,000 USD 740,025 0.05MEXICHEM 4.875% 12-19.09.22 800,000 USD 851,216 0.06SANTANDER 4.125% 12-09.11.22 250,000 USD 251,445 0.02URBI DESA 9.75% 12-03.02.22 500,000 USD 313,925 0.026,022,359 0.43NETHERLANDSABN AMRO 7.125% 12-06.07.22 1,000,000 EUR 1,465,967 0.10CARLSON WAGONLIT 7.5%15.06.19 2,000,000 EUR 2,730,266 0.19CONGR 7.125% 10-15.10.18 6,750,000 EUR 9,195,579 0.64DTEK FIN 9.5% 28.04.15*OPR* 800,000 USD 844,624 0.06ELM BV 5.252% FRN 06-PERP. 3,500,000 EUR 4,539,473 0.32EUREKO 5.125% 05-29.06.49 1,750,000 EUR 2,201,805 0.16GMAC INTL 7.5% 10-21.04.15 2,500,000 EUR 3,504,164 0.25GTB FIN BV 7.5% 11-19.05.16 1,000,000 USD 1,077,835 0.08HSBK EUR 7.25% 07-03.05.17REG-S 1,400,000 USD 1,514,142 0.11IBERDROLA 5.75% FRN 13-PERP 1,500,000 EUR 1,893,550 0.13INDO ENERGY 7% 11-07.05.18 700,000 USD 756,389 0.05ING GP NV 8% 08-PERP 2,000,000 EUR 2,614,222 0.18INTEGAS FIN. 6.375% 07-17 400,000 USD 452,690 0.03359

Portfolio of Investments and Other Net Assets as at 31 March 2013Global High Yield Bond (launched as at 20 July 2012)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueKONINKLIJKE KPN 7%28.03.73 4,800,000 USD 4,751,352 0.34NOKIA SIEMEN 7.125% 13-15.04.20 300,000 EUR 391,875 0.03OI EUROPEAN 4.875%31.03.21 REGS 200,000 EUR 259,673 0.02RABOBANK 6.875% 10-19.03.20 4,750,000 EUR 6,865,477 0.48REPSM 4.875% 12-19.02.19 1,500,000 EUR 2,140,868 0.15SCHAEFF FIN 7.75% 12-15.02.17 1,750,000 EUR 2,538,723 0.18UPC HOLD 6.75% 13-15.03.23 400,000 EUR 512,302 0.04UPC 9.75% 09-15.04.18 2,500,000 EUR 3,386,172 0.24VIMPELCOM 5.2% 13-13.02.19 2,000,000 USD 2,017,500 0.14VIMPELCOM 7.50% 11-01.03.22 2,500,000 USD 2,789,788 0.20ZIGGO 8% 10-15.05.18 4,250,000 EUR 5,903,051 0.4264,347,487 4.54PANAMABCP 5.375% 10-16.09.20 REG-S 1,000,000 USD 1,104,610 0.081,104,610 0.08PARAGUAYPARAGUAY 4.625% 13-25.01.23 300,000 USD 302,430 0.02302,430 0.02PERUBANCO PERU 5.75% 10-07.10.20 650,000 USD 712,121 0.05712,121 0.05POLANDCYFROWY PL 7.125% 11-20.05.18 2,750,000 EUR 3,840,085 0.273,840,085 0.27SINGAPORETHETA CAPITAL 6.125% 12-14.11.20 500,000 USD 521,043 0.04521,043 0.04SPAINENCE ENER 7.25% 13-15.02.20 650,000 EUR 848,362 0.06848,362 0.06Description Quantity/ Currency Evaluation % netFaceassetsvalueSRI LANKABANK OF CEYLON 6.875% 12-03.05.17 350,000 USD 373,683 0.03373,683 0.03THAILANDTHAI OIL PUB 3.625% 13-23.01.23 700,000 USD 707,942 0.05TURKEY707,942 0.05AKBANK 5% 12-24.10.22 400,000 USD 411,864 0.03FINANSBANK 5.15% 12-01.11.17 1,000,000 USD 1,019,650 0.07FINANSBANK 5.5% 11-11.05.16 1,000,000 USD 1,023,610 0.07TURK EXIM 5.875% 12-24.04.19 325,000 USD 362,105 0.03TURK HALK BK 3.875% 13-05.02.20 1,150,000 USD 1,132,272 0.09TURKIY IS BK 6% 12-24.10.22 1,000,000 USD 1,044,450 0.07TURKIYE GAR 5.25% 12-13.09.22 1,000,000 USD 1,045,315 0.07VAKIFLAR BK 6% 12-01.11.22/SUB 1,000,000 USD 1,026,275 0.07YAPI KREDI 4% 13-22.01.20 450,000 USD 443,068 0.03YAPI KREDI 6.75% 12-08.02.17 675,000 USD 751,883 0.058,260,492 0.58UKRAINEUKRAINE FIN. 6.58% 06-21.11.16 1,000,000 USD 981,000 0.07981,000 0.07UNITED STATESALROSA FIN 7.75% 10-03.11.20 1,700,000 USD 1,991,924 0.14AM AXLE & MFG 7.75%11-15.11.19 1,133,000 USD 1,256,554 0.09AVIS BUD 6% 13-01.03.21 100,000 EUR 131,352 0.01BE AEROSPACE 5.25% 12-01.04.22 5,000,000 USD 5,168,825 0.37BELDEN INC 5.5% 13-15.04.23 300,000 EUR 383,897 0.03CEMEX FIN 9.375% 12-12.10.22 1,500,000 USD 1,742,468 0.12CEMEX FIN 9.5% 09-14.12.16 700,000 USD 758,720 0.05CITIZENS COMM.9% 01-15.08.31 1,000,000 USD 1,036,975 0.07360

Portfolio of Investments and Other Net Assets as at 31 March 2013Global High Yield Bond (launched as at 20 July 2012)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueFRESENIUS FINANCE II8.75% 09-15.07.15 1,000,000 EUR 1,480,529 0.10GECC 5.50% (TV) 07-15.09.67REGS 7,750,000 EUR 10,031,139 0.72ILFC 4.625% 13-15.04.21 500,000 USD 500,623 0.04IRON MOUNT 5.75% 12-15.08.24 4,000,000 USD 4,016,880 0.28JBS USA 8.25% 12-01.02.20 700,000 USD 764,705 0.05LIMITED BRANDS 6.95% 03-01.03.33 7,750,000 USD 8,082,900 0.57LIMITED BRANDS 7.6% 07-15.7.37 950,000 USD 1,026,000 0.07MGM RESORTS 7.75%12-15.3.22 4,500,000 USD 5,005,665 0.35SLM 7.25% 12-25.01.22 5,160,000 USD 5,793,364 0.41SPRINT NEX 6% 12-15.11.22 3,000,000 USD 3,089,325 0.22SPRINT NEX 7% 12-15.8.20 8,500,000 USD 9,371,759 0.6761,633,604 4.36VENEZUELAPETROLEOS 5% 09-28.10.15 2,400,000 USD 2,225,856 0.16VENEZUELA 11.95% 11-05.08.31 1,000,000 USD 1,124,050 0.08VENEZUELA 6% 05-09.12.20REGS 1,000,000 USD 833,775 0.06VENEZUELA 7.00% 07-31.03.38 REGS 500,000 USD 394,275 0.03VENEZUELA 7.65% 05-21.04.25 1,500,000 USD 1,309,988 0.09VENEZUELA 7.75% 09-13.10.19 REGS 1,250,000 USD 1,175,063 0.08VENEZUELA 9.25% 08-07.05.28 REG 1,550,000 USD 1,485,598 0.11VENEZUELA 9.375% 04-13.01.34 3,440,000 USD 3,310,655 0.2311,859,260 0.84VIRGIN ISLANDSFRANSHION 4.7% 12-26.10.17 1,000,000 USD 1,008,365 0.07GF OROGEN 4.875% 10-07.10.20 700,000 USD 686,669 0.051,695,034 0.12TOTAL BONDS370,801,654 26.21FLOATING RATE BONDSAUSTRALIAORIGIN EN FRN 11-16.06.71/SUB 450,000 EUR 603,536 0.04Description Quantity/ Currency Evaluation % netFaceassetsvalueSANTOS FIN 8.25% (FRN) 10-22.09.70 2,250,000 EUR 3,209,929 0.233,813,465 0.27AUSTRIAOMV 6.75%(FRN) 11-29.04.49/SUB 3,500,000 EUR 5,038,121 0.36FEDERATION OF RUSSIA5,038,121 0.36ALFA BK 8.635% 07-22.02.17 500,000 USD 522,143 0.04FRANCE522,143 0.04AXA FRN 13-04.07.43 600,000 EUR 781,709 0.06AXA SA FRN 07-PERP 1,000,000 EUR 1,275,625 0.09CR AGR 7.825% FRN 09-PERP 2,700,000 EUR 3,707,771 0.26SOCGEN FRN 09-PERP 3,000,000 EUR 4,391,256 0.30SUEZ ENV 4.82% (FRN) 10-PERP/SUB 950,000 EUR 1,250,740 0.0911,407,101 0.80GERMANYENBW 7.375%(FRN) 11-02.04.72/SUB 2,000,000 EUR 2,866,483 0.21RWE 4.625% (FRN) 10-PERP 1,000,000 EUR 1,310,437 0.094,176,920 0.30GREAT BRITAINBG ENERGY 6.5% FRN 12-30.11.72 1,000,000 EUR 1,440,831 0.10HELLERMAN FRN 12-15.12.17 300,000 EUR 392,303 0.03RBS 10.5%(FRN) 12-16.03.22 1,000,000 EUR 1,527,944 0.11SSE FRN 2012 HYBRID PERP 2,500,000 EUR 3,408,098 0.246,769,176 0.48IRELANDCLOVERIE 6.625% FRN 12-01.09.42 1,500,000 EUR 2,318,661 0.162,318,661 0.16ITALYASSGEN 10.125% 12-10.07.42FTF 4,500,000 EUR 6,689,105 0.476,689,105 0.47361

Portfolio of Investments and Other Net Assets as at 31 March 2013Global High Yield Bond (launched as at 20 July 2012)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueJERSEYUBS PREF. FD FRN 05-PERP 3,500,000 EUR 4,468,148 0.324,468,148 0.32LUXEMBOURGHANNOVER FIN 5% FRN 12-30.06.43 300,000 EUR 412,782 0.03TALANZ FI FRN 12-15.06.42 4,300,000 EUR 6,698,427 0.477,111,209 0.50NETHERLANDSABN AMRO BANK FRN 06-PERP. 7,600,000 EUR 8,686,823 0.61ALLIANZ FIN 5.75% 11-08.07.41 SUB 1,500,000 EUR 2,155,400 0.15DELTA LLOYD FRN 12-29.08.42 FTF 1,000,000 EUR 1,418,828 0.1012,261,051 0.86SWEDENSWEDBANK 3 FRN 12-05.12.22 EMTN 600,000 EUR 788,408 0.06788,408 0.06UNITED STATESFTH THRD CAP 6.5% (FRN)07-15.4.67 7,595,000 USD 7,614,596 0.54RBS CAP TR A 6.467% 02-PERP 1,250,000 EUR 1,098,812 0.088,713,408 0.62TOTAL FLOATING RATE BONDS74,076,916 5.24ASSET BACKED SECURITIESBRAZILBCO BMG 9.15% 05-15.01.16REG.S 500,000 USD 313,466 0.02313,466 0.02GERMANYUNITYMEDIA 8.125% 09-01.12.17 2,500,000 EUR 1,333,948 0.091,333,948 0.09IRAQIRAQ 5.80% 06-15.01.28STEP-UP 1,500,000 USD 1,385,242 0.101,385,242 0.10Description Quantity/ Currency Evaluation % netFaceassetsvalueLUXEMBOURGOXEA FIN 9.625% 10-15.07.17 1,000,000 EUR 1,206,603 0.091,206,603 0.09VENEZUELAPETROLEOS 8.5% 10-02.11.17 7,300,000 USD 7,110,455 0.51VENEZUELA 12.75% 10-23.08.22 1,000,000 USD 1,166,900 0.088,277,355 0.59VIRGIN ISLANDSSTAR ENERGY 11.5% 10-12.02.15 REGS 1,000,000 USD 1,024,018 0.07TOTAL ASSET BACKED SECURITIESTOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING1,024,018 0.0713,540,632458,419,2020.9632.41TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETBONDSAUSTRALIAFMG RES 6.875% 12-01.04.22 3,500,000 USD 3,681,563 0.26FMG RES 8.25% 11-1.11.19144A 3,000,000 USD 3,253,815 0.236,935,378 0.49AUSTRIAESAL GMBH 6.25% 13-05.02.23 4,500,000 USD 4,530,240 0.32SAPPI PHG 8.375% 15.06.19144A 1,000,000 USD 1,113,690 0.085,643,930 0.40BERMUDA ISLANDSAIRCASTLE 6.25 % 12-01.12.19 5,000,000 USD 5,487,500 0.395,487,500 0.39BRAZILBCO DAYCO 6.25%11-28.01.16 500,000 USD 528,293 0.04528,293 0.04CANADABOMBARDIER INC 5.75%12-15.03.22 4,000,000 USD 4,120,000 0.29362

Portfolio of Investments and Other Net Assets as at 31 March 2013Global High Yield Bond (launched as at 20 July 2012)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueBOMBARDIER 6.125% 13-15.01.23 4,500,000 USD 4,680,000 0.33HUDBAY MIN 9.5% 12-01.10.20 6,500,000 USD 7,182,499 0.51IAMGOLD CORP 6.75% 12-01.10.20 4,000,000 USD 3,885,400 0.27INMET MINING CORP 8.75%1.6.20 6,250,000 USD 6,968,750 0.49INMET MINING 7.5% 12-01.06.21 500,000 USD 545,000 0.04KODIAK O&G 5.5% 13-15.01.21 2,000,000 USD 2,095,000 0.1529,476,649 2.08CAYMAN ISLANDSC SHASHU 10.5% 12-27.04.17 600,000 USD 672,969 0.05COGARD 11.125% 11-23.02.18 2,000,000 USD 2,313,470 0.16COUNT GARD 7.5% 13-10.01.23 500,000 USD 514,703 0.04GRUPO AVAL 4.75% 12-26.09.22 1,441,000 USD 1,451,440 0.10JBS FIN II 8.25% 10-29.01.18 1,200,000 USD 1,319,400 0.09LBTYA 6.625%11-01.07.20 1,000,000 USD 1,076,590 0.08LONGFOR PPT 9.5% 11-7.4.2016 400,000 USD 439,220 0.03MIE HLDGS 9.75% 11-12.05.16 500,000 USD 541,770 0.04UPCB FIN 6.875% 12-15.1.22144A 3,500,000 USD 3,835,730 0.2712,165,292 0.86COLOMBIABCO BOGOTA 5.375% 13-19.02.23 1,800,000 USD 1,865,619 0.131,865,619 0.13CROATIAAGROKOR DD 8.875% 12-01.02.20 3,000,000 USD 3,329,265 0.24FRANCE3,329,265 0.24PSA FIN 5.75% 11-04.04.21 1,925,000 USD 1,897,578 0.13REXEL 5.125% 13-15.06.20REGS 200,000 EUR 260,942 0.02REXEL 5.25% 15.06.20 2,000,000 USD 2,039,395 0.154,197,915 0.30Description Quantity/ Currency Evaluation % netFaceassetsvalueGREAT BRITAINVIRG MED FI 4.875% 12-15.02.22 2,000,000 USD 2,035,020 0.14VIRG MED FI 5.125% 12-15.02.22 1,000,000 GBP 1,536,368 0.113,571,388 0.25HONG KONGCITIC INTL 6.875% 24.06.20 /SUB 325,000 USD 381,960 0.03381,960 0.03INDONESIAPT ADARO IND 7.625% 09-22.10.19 500,000 USD 544,448 0.04PT BK NEGARA 5.25% 12-24.10.42 650,000 USD 621,461 0.041,165,909 0.08IRELANDARDAGH PACK 4.875% 13-15.11.22 SR 500,000 USD 497,500 0.04ARDAGH PACK 7% 13-15.11.20 4,000,000 USD 4,139,999 0.29BW GROUP 6.625% 07-28.06.17 REG 700,000 USD 745,910 0.05VIP FINANCE 7.748% 11-02.02.21 1,700,000 USD 1,915,433 0.147,298,842 0.52LUXEMBOURGCEMEX 9.25% 10-12.05.20 1,900,000 USD 2,105,428 0.15CEMEX 9.875% 12-30.04.19 1,127,000 EUR 1,625,169 0.11FIAT 6.25% 11-09.03.18 4,000,000 EUR 5,704,101 0.40INTELSAT 7.25% 10-15.10.20 6,000,000 USD 6,630,000 0.4816,064,698 1.14MEXICOALPEK 4.5% 12-20.11.22 850,000 USD 881,072 0.06CEMEX 5.875% 13-25.03.19 500,000 USD 507,215 0.04GFB 6.75% 12-30.09.22 1,050,000 USD 1,203,888 0.09TENEDORA NE 5.5% 13-28.02.18 1,000,000 USD 1,017,785 0.073,609,960 0.26NETHERLANDSBHARTI AIRTEL 5.125% 13-11.03.23 1,000,000 USD 1,005,025 0.07363

Portfolio of Investments and Other Net Assets as at 31 March 2013Global High Yield Bond (launched as at 20 July 2012)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueCARLSON WAGONLIT 6.875%15.6.19 6,175,000 USD 6,483,749 0.46HERTZ HDGS 8.5% 10-31.07.15 2,500,000 EUR 3,411,790 0.24LYONDELL IND 5.75% 12-15.04.24 3,000,000 USD 3,525,564 0.25MAJAPAHIT HOLDING 7.875%07-29.06.37 REG 800,000 USD 1,037,364 0.07UPC HLD BV 8.375% 15.08.20REGS 3,000,000 EUR 4,232,021 0.3019,695,513 1.39PERUBBVA 5% 12-26.08.22 1,000,000 USD 1,051,975 0.07CREDITO 4.25% 13-01.04.23 1,000,000 USD 998,025 0.072,050,000 0.14SINGAPOREFLEXTRONICS 4.625%15.02.20 1,800,000 USD 1,831,500 0.13FLEXTRONICS 5% 15.02.23 4,200,000 USD 4,210,500 0.30SIGMA CAP FRN 10-30.04.15 1,000,000 USD 1,045,375 0.077,087,375 0.50TURKEYAKBANK 5.125% 10-22.07.15REGS 360,000 USD 378,313 0.03TUP TURK PE 4.125% 12-02.05.18 500,000 USD 500,623 0.03878,936 0.06UNITED ARAB EMIRATESDEWAAE 7.375% 10-21.10.20REG-S 1,875,000 USD 2,282,044 0.16UNITED STATES2,282,044 0.16ALLY FIN 8% 10-15.03.20 1,000,000 USD 1,240,970 0.09ALLY FINANCIAL 7.5% 11-15.9.20 4,500,000 USD 5,502,533 0.39ALPHA NAT 9.75% 12-15.04.18 4,000,000 USD 4,308,660 0.30ALTA MESA 9.625% 12-15.10.18 7,000,000 USD 7,455,000 0.53AM AXLE & M 6.625% 12-15.10.22 7,500,000 USD 7,760,100 0.55ASHLAND INC 6.875% 13-15.05.43 800,000 USD 868,000 0.06ASHLAND 4.75% 12-15.08.22144A 10,100,000 USD 10,276,749 0.74Description Quantity/ Currency EvaluationFace% netassetsvalueATLAS PIPELINE 6.625%01.10.20 1,000,000 USD 1,047,500 0.07ATLAS PIPELINE 6.625%1.10.20 5,000,000 USD 5,237,500 0.37AVIS BUD CAR 8.25% 11-15.01.19 4,500,000 USD 4,992,053 0.35AVIS BUDGET 5.5% 01.04.23 2,000,000 USD 2,000,000 0.14BC MNT/BC MNTFN 7% 13-01.02.21 3,350,000 USD 3,563,563 0.25BE AEROSPACE 6.875% 10-01.10.20 1,500,000 USD 1,665,098 0.12BERRY PETR 6.375% 12-15.09.22 2,250,000 USD 2,390,591 0.17BK OF AMERICA 8% /PFD 3,500,000 USD 3,970,155 0.28BOISE CDE LLC/B 6.375% 12-01.11.20 5,000,000 USD 5,312,500 0.38BREITBURN ENER 7.875%12-15.04.22 4,000,000 USD 4,300,000 0.30BROCADE COM 4.625% 13-15.01.23 5,750,000 USD 5,570,313 0.39CALPINE 7.5% 10-15.2.21144A 3,600,000 USD 3,969,000 0.28CARMIKE CINE 7.375% 12-15.5.19 3,500,000 USD 3,854,375 0.27CARRIZO 7.5% 12-15.09.2020 4,700,000 USD 5,017,932 0.35CCO HLDG 6.5% 11-30.4.21 3,000,000 USD 3,183,360 0.23CCO HLDGS 5.25% 12-30.09.22 8,250,000 USD 8,158,754 0.58CENTURYLINK 5.625% 13-01.04.20 2,775,000 USD 2,847,289 0.20CENTURYLINK 7.65% 12-15.3.42 10,500,000 USD 10,200,854 0.72CHAPARR EGY 7.625% 12-15.11.22 3,000,000 USD 3,285,000 0.23CHAPARR EGY 7.625% 12-15.11.22 2,000,000 USD 2,190,000 0.15CHAPARR EGY 8.25% 11-01.09.21 2,500,000 USD 2,837,500 0.20CHRYSLER 8.25% 11-15.06.21 13,500,000 USD 15,090,502 1.08CHS COM HLTH 7.125%12-15.7.20 6,000,000 USD 6,535,500 0.46CIMAREX ENERGY CO5.875% 01.05.22 8,250,000 USD 8,883,682 0.63CINC BELL8.25% 09-15.10.17 4,250,000 USD 4,512,565 0.32CINC BEL8.375% 10-15.10.20 1,011,000 USD 1,055,519 0.07CIT GROUP 5% 12-15.08.22 3,000,000 USD 3,240,000 0.23CIT GROUP 5.375% 12-15.5.20 5,000,000 USD 5,503,950 0.39364

Portfolio of Investments and Other Net Assets as at 31 March 2013Global High Yield Bond (launched as at 20 July 2012)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueCLEAN HA 5.125% 12-01.06.21 200,000 USD 205,000 0.01CLEAN HAR 5.25% 12-01.08.20 6,000,000 USD 6,202,500 0.44CLEARWAT 4.5% 13-01.02.23 4,386,000 USD 4,320,210 0.31COMSTCK RES 7.75% 11-01.04.19 7,000,000 USD 7,376,250 0.52COMSTOCK RES 9.5% 12-15.06.20 1,859,000 USD 2,063,490 0.15CONCHO RES IN 6.5% 11-15.01.22 1,961,000 USD 2,148,825 0.15CONCHO RES IN5.5% 12-01.04.23 4,500,000 USD 4,702,500 0.33CONT RUBBER 4.5% 12-15.09.19 3,000,000 USD 3,089,100 0.22CROSSTEXENGY7.125%1.6.22*OPE* 2,720,000 USD 2,883,200 0.20CROWN AMERIC 4.5% 13-15.01.23 5,000,000 USD 4,875,000 0.34CRW CASTLE 5.25% 12-15.01.23 7,000,000 USD 7,165,375 0.51CVR RFN/CFFVLL 6.5% 12-01.11.22 4,000,000 USD 4,100,000 0.29DANA HLDG 6.75% 11-15.02.21 5,000,000 USD 5,481,275 0.39DELPHI CORP 5% 13-15.02.23 3,000,000 USD 3,165,000 0.22DENBURY RES 4.625% 13-15.07.23 7,600,000 USD 7,350,226 0.52DISH DBS 5% 12-15.03.23 5,750,000 USD 5,678,125 0.40DISH DBS 5.875% 12-15.07.22 7,500,000 USD 7,914,713 0.56EAGLE ROCK 8.375% 11-01.06.19 5,000,000 USD 5,312,500 0.38EAGLE SPINCO 4.625%15.01.21 5,100,000 USD 5,214,750 0.37EXT PRT/EXP FIN 6% 13-01.04.21 2,000,000 USD 1,995,000 0.14FELCOR LODG 5.625%01.03.23 3,000,000 USD 3,071,250 0.22FIRST DATA CORP6.75%1.11.2020 2,500,000 USD 2,618,750 0.19FST 7.25% 07-15.06.19 8,000,000 USD 8,008,160 0.57FTR 7.125% 12-15.01.23 7,500,000 USD 7,653,413 0.54FTR 8.25% 10-15.04.17 1,000,000 USD 1,148,180 0.08FTR 8.75% 10-15.04.22 5,000,000 USD 5,603,850 0.40GENERAL MTRS 4.75% 12-15.08.17 4,800,000 USD 5,034,984 0.36GLATFELTER 5.375% 12-15.10.20 5,000,000 USD 5,262,500 0.37Description Quantity/ Currency EvaluationFace% netassetsvalueGMAC 8% 08-1.11.31 2,500,000 USD 3,157,963 0.22HALCON 8.875% 12-15.05.21 4,500,000 USD 4,860,000 0.34HCA 5.875% 12-01.05.23 5,000,000 USD 5,231,575 0.37HCA 8% 11-01.10.18 6,500,000 USD 7,631,195 0.54HEALTHSOUTH 5.75% 12-01.11.24 2,000,000 USD 2,020,000 0.14HERTZ CORP 5.875% 12-15.10.20 1,500,000 USD 1,590,000 0.11HERTZ 7.375% 11-15.01.21 4,000,000 USD 4,457,340 0.32ILFC 5.875% 15.08.22 15,250,000 USD 16,502,329 1.18JABIL CIRCUIT 4.7% 12-15.9.22 5,000,000 USD 5,007,550 0.35JARDEN CORP 7.5% 10-15.1.20 2,900,000 USD 3,176,704 0.22JBS USA 7.25% 11-01.06.21 1,750,000 USD 1,839,626 0.13JBS USA 8.25% 12-01.02.20144A 1,500,000 USD 1,647,195 0.12KB HOME 7.5% 12-15.9.2022 1,035,000 USD 1,161,663 0.08LEAR 4.75% 13-15.01.23 8,000,000 USD 7,840,000 0.55LENDER PRO 5.75% 12-15.04.23 6,250,000 USD 6,546,875 0.46LEVI STRAUSS 7.625% 10-15.5.20 3,000,000 USD 3,294,375 0.23LEVI 6.857%12-1.5.22 3,500,000 USD 3,831,643 0.27LYNX I 5.375% 13-15.04.21 2,000,000 USD 2,092,500 0.15LYNX II 6.375 13-15.04.23 3,000,000 USD 3,093,900 0.22MANITOWOC CO INC 8.5%1.11.20 4,000,000 USD 4,538,100 0.32MANITOWOC 5.875% 12-15.10.22 1,000,000 USD 1,046,020 0.07MARTIN MID 7.25% 13-15.02.21 3,850,000 USD 3,869,250 0.27MARTIN MID 8.875% 10-01.04.18 3,000,000 USD 3,243,750 0.23MEAD PRODS 6.75% 12-30.04.20 4,000,000 USD 4,270,000 0.30METROPCS WI 6.625%01.04.23 2,100,000 USD 2,157,750 0.15MGM RESORTS 6.75% 12-01.10.20 2,000,000 USD 2,130,080 0.15MHR 9.75% 12-15.05.20 3,500,000 USD 3,692,500 0.26NCR CORP 5% 12-15.07.22 2,500,000 USD 2,525,000 0.18NEWFIELD EXPL 5.625%01.07.24 2,659,000 USD 2,754,737 0.19NORTH TIER 7.125% 12-15.11.20 3,500,000 USD 3,714,375 0.26365

Portfolio of Investments and Other Net Assets as at 31 March 2013Global High Yield Bond (launched as at 20 July 2012)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueOASIS PETRLM 6.875% 12-15.01.23 7,177,000 USD 7,912,643 0.56PBF HOLD 8.25% 12-15.02.20 8,275,000 USD 9,143,874 0.65PENSKE AUTO GRP5.75%12-1.10.22 4,909,000 USD 5,142,178 0.36POST HLD INC 7.375% 13-15.02.22 6,000,000 USD 6,553,890 0.46QEP RES 5.25% 12-01.05.23 6,000,000 USD 6,164,910 0.44QR ENERGY 9.25% 12-01.08.20 5,000,000 USD 5,343,750 0.38RAIN CII CA 8.25% 12-15.01.21 3,450,000 USD 3,743,250 0.26RES ENERGY 8.5% 12-01.05.20 144A 5,500,000 USD 5,692,500 0.40REYNOLDS GRP 6.875% 11-15.02.21 4,000,000 USD 4,290,000 0.30REYNOLDS GRP 9.875% 12-15.8.19 4,000,000 USD 4,400,000 0.31REYNOLDS 5.75% 12-15.10.20 4,000,000 USD 4,080,000 0.29SANDRIDGE 7.5% 11-15.03.21 3,000,000 USD 3,138,960 0.22SANDRIDGE 7.5% 12-15.02.23 5,750,000 USD 6,009,239 0.42SANDRIDGE 8.125% 12-15.10.22 9,750,000 USD 10,505,624 0.75SBA COMM 5.625% 01.10.19144A 3,000,000 USD 3,105,000 0.22SBA TELECOM 5.75%15.07.20 5,695,000 USD 5,951,275 0.42SINCLAIR TEL 6.125% 12-01.10.22 4,000,000 USD 4,215,000 0.30SMITHFLD FDS 6.625%15.08.22 2,500,000 USD 2,739,300 0.19SPECT BRAND ESC 6.625%15.11.22 5,000,000 USD 5,462,500 0.39SPI AER INC 6.75% 11-15.12.20 2,580,000 USD 2,760,600 0.20STEEL DYN 6.125% 12-15.08.19 4,000,000 USD 4,330,000 0.31SUN PRODUCTS 7.75% 13-15.03.21 100,000 USD 101,500 0.01SWIFT ENERG 7.875%01.03.22 2,000,000 USD 2,100,000 0.15SWIFT ENERG 7.875% 12-01.03.22 6,440,000 USD 6,762,000 0.48TENNECO 6.875% 11-15.12.20 3,000,000 USD 3,305,565 0.23TRANSDG 5.5% 12-15.10.20 2,250,000 USD 2,362,500 0.17TRONOX FIN 6.375% 12-15.8.20 3,500,000 USD 3,425,625 0.24Description Quantity/ Currency Evaluation % netFaceassetsvalueUNIVISION C 6.75% 12-15.09.22 3,000,000 USD 3,255,000 0.23UNIVISION C 6.875%15.5.19144A 1,500,000 USD 1,612,500 0.11US COATING ACQ 7.375% 13-01.05.21 6,000,000 USD 6,345,000 0.45VALEANT 6.375% 12-15.10.20 3,000,000 USD 3,176,250 0.22VPI ESCROW CORP 6.37515.10.20 5,000,000 USD 5,300,000 0.37WEX 4.75% 13-01.02.23 SR 4,650,000 USD 4,510,500 0.32WINDSTR 6.375% 01.08.23 2,600,000 USD 2,577,900 0.18WINDSTREAM CO 7% 07-15.03.19 SR 303,000 USD 310,290 0.02WINDSTREAM 7.5% 11-01.04.23 2,000,000 USD 2,128,310 0.15WINDSTREAM 7.5% 11-1.6.22 3,800,000 USD 4,088,173 0.29WINDSTREAM 7.75% 10-15.10.20 1,000,000 USD 1,083,655 0.08WYN L VEG 5.375% 12-15.03.22 3,500,000 USD 3,680,898 0.26583,205,347 41.22VIRGIN ISLANDSSTAR ENRGY 6.125%27.03.20 REGS 1,000,000 USD 1,001,685 0.07TOTAL BONDSINVESTMENT FUNDSLUXEMBOURG1,001,685 0.07717,923,49850.75HSBC GI/ EUR H.Y BD-Z-/CAP 1,098,614 EUR 51,583,347 3.65TOTAL INVESTMENT FUNDSFLOATING RATE BONDSFRANCE51,583,347 3.6551,583,3473.65EDF 5.25% FRN 13-PERP FTF 8,450,000 USD 8,327,729 0.59UNITED STATES8,327,729 0.59BANK AMERICA 8.125% /PFD 9,000,000 USD 10,212,300 0.72CITIGP FRN 12-PERP FTF 11,500,000 USD 11,965,405 0.85366

Portfolio of Investments and Other Net Assets as at 31 March 2013Global High Yield Bond (launched as at 20 July 2012)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvaluePPL CAP FDG 6.7% (FRN) 07-30.03.67 2,000,000 USD 2,128,590 0.1524,306,295 1.72TOTAL FLOATING RATE BONDS32,634,024 2.31TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET802,140,869 56.71OTHER TRANSFERABLE SECURITIESBONDSUNITED STATESASHTEAD CAP 6.5% 12-15.7.22 3,000,000 USD 3,277,500 0.23RAIN CII CA 8% 10-01.12.18 750,000 USD 806,250 0.06SPRINT NEX 7% 01.03.20144A07.00 5,000,000 USD 5,830,000 0.419,913,750 0.70TOTAL BONDS9,913,750 0.70TOTAL OTHER TRANSFERABLE SECURITIES 9,913,750 0.70TOTAL INVESTMENTS 1,270,473,821 89.82OTHER NET ASSETS LESS LIABILITIES 143,962,144 10.18TOTAL NET ASSETS 1,414,435,965 100.00367

Portfolio of Investments and Other Net Assets as at 31 March 2013Global Inflation Linked BondStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGBONDSAUSTRALIAAUSTRALIA 4% 96-20.08.20/INFL 250,000 AUD 496,921 1.45496,921 1.45SWEDENSWEDEN 3.5% 98-01.12.28/INFL 700,000 SEK 195,711 0.57SWEDEN 4% 95-01.12.20/INFL 1,000,000 SEK 257,158 0.76452,869 1.33TOTAL BONDS949,790 2.78INFLATION INDEX BONDFRANCEFRANCE 0.25% 11-25.7.18OAT/INF 450,000 EUR 624,776 1.83FRANCE 1% 05-25.07.17VAR/INFL 300,000 EUR 471,100 1.38FRANCE 1.1% 09-25.07.22OAT 200,000 EUR 300,617 0.88FRANCE 1.8% 07-25.07.40S.OAT 150,000 EUR 266,231 0.78FRANCE 2.25% 03-25.07.20/INFL 100,000 EUR 184,497 0.54FRANCE 3.15% 02-25.07.32OAT 220,000 EUR 491,845 1.44FRANCE 3.4% 99-25.07.29OAT/ INFL 160,000 EUR 371,581 1.092,710,647 7.94GERMANYGERMANY FRN 11-15.04.18CPI 1,550,000 EUR 2,287,667 6.69GERMANY 0.1% 12-15.04.23/INFL 600,000 EUR 836,323 2.45GERMANY 1.75% 09-15.04.20/INFL 450,000 EUR 743,448 2.183,867,438 11.32GREAT BRITAINGREAT BRITAIN 1.125% 07-22.11.37 3MO 920,000 GBP 2,342,705 6.85UK TSY FRN 06-22.11.27/RPI 270,000 GBP 692,275 2.03UK 0.125% 12-22.03.44 INFL 90,000 GBP 152,289 0.45UK 0.375% 11-22.03.62 /INFL 120,000 GBP 241,945 0.71UK 0.625% 09-22.11.42/UKRPI 100,000 GBP 223,420 0.65UK 0.75% 07-22.11.47/INFL 720,000 GBP 1,723,868 5.05UK 1.8% 11-22.03.29/INFL 200,000 GBP 357,188 1.05UK 2.5% 83-16.04.20/INFL 100,000 GBP 595,164 1.74UK 2.5% 86-17.07.24/INFL 250,000 GBP 1,370,961 4.01UK 2.5% 93-26.07.16 / INFL 220,000 GBP 1,180,648 3.468,880,463 26.00ITALYITALY 2.1% 06-15.09.17 /INFL. 100,000 EUR 147,397 0.43ITALY 2.1% 10-15.09.16BTP/INFL 450,000 EUR 618,552 1.81ITALY 2.1% 10-15.09.21 /INFL 450,000 EUR 571,740 1.67ITALY 2.35% 08-15.09.19 CPIBTP 550,000 EUR 758,682 2.22ITALY 2.55% 09-15.09.41 180,000 EUR 208,311 0.61ITALY 2.6% 07-15.09.23 BTP 360,000 EUR 486,819 1.432,791,501 8.17UNITED STATESUSA 3.875% 99-15.04.29/INFL 660,000 USD 1,502,635 4.40TOTAL INFLATION INDEX BONDTOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING1,502,635 4.4019,752,68420,702,47457.8360.61TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETTREAS. BONDS/NOTES - FIXED RATEUNITED STATESUSA 2% 12-15.02.22 TBO 600,000 USD 617,016 1.81617,016 1.81TOTAL TREASURY BONDS/NOTES - FIXEDRATEINFLATION INDEX BONDCANADA617,016 1.81CANADA 4% 99-01.12.31/INFL 280,000 CAD 619,829 1.81619,829 1.81JAPANJAPAN GOVT 1.4% 08-10.03.18 CPI 29,800,000 JPY 354,751 1.04354,751 1.04368

Portfolio of Investments and Other Net Assets as at 31 March 2013Global Inflation Linked BondStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsUNITED STATESUSA FRN 12-15.04.17/INFL 650,000 USD 710,845 2.08USA 0.125% 12-15.01.22/INFL 1,500,000 USD 1,661,669 4.87USA 0.75% 12-15.02.42 TBO 800,000 USD 854,460 2.50USA 1.125% 11-15.01.21/ INFL 250,000 USD 310,398 0.91USA 1.625% 08-15.01.18INF/TBO 600,000 USD 769,162 2.25USA 1.875% 05-15.07.15 TBINDEXED 900,000 USD 1,168,703 3.42USA 2% 06-15.01.26TSY/INFL.IDX 550,000 USD 831,492 2.43USA 2.125% 09-15.01.19 1,300,000 USD 1,702,172 4.99USA 2.375% 04-15.01.25/INFL 400,000 USD 656,242 1.92USA 2.375% 07-15.01.17TSY/INDEX 600,000 USD 799,165 2.34USA 3.375% 01-15.04.32INFLATION 720,000 USD 1,503,393 4.4010,967,701 32.11TOTAL INFLATION INDEX BONDTOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET11,942,28112,559,29734.9636.77TOTAL INVESTMENTS 33,261,771OTHER NET ASSETS LESS LIABILITIES 894,44297.382.62TOTAL NET ASSETS 34,156,213 100.00369

Portfolio of Investments and Other Net Assets as at 31 March 2013India Fixed Income (launched as at 20 August 2012)Statement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGBONDSGREAT BRITAINCANARA BANK 5.125% 11-09.09.16 500,000 USD 537,058 1.61ST BK INDIA 4.125% 12-01.08.17 1,250,000 USD 1,301,143 3.891,838,201 5.50INDIABAF 10.05% 12-11.08.14 50,000,000 INR 925,180 2.77BANK OF BARODA 5% 11-24.08.16 1,000,000 USD 1,072,655 3.21HDFC BANK 3% 13-06.03.18EMTN 1,000,000 USD 996,115 2.98HOUSING DEV 9.2% 08.10.17 50,000,000 INR 917,567 2.74ICICI BANK 4.75% 11-25.11.16 1,000,000 USD 1,071,685 3.21INDIA 8.12% 12-10.12.20 100,000,000 INR 1,869,725 5.59INDIA 8.15% 12-11.06.22 250,000,000 INR 4,655,706 13.92INDIA 8.2% 12-24.09.25 450,000,000 INR 8,360,648 25.00INDIA 8.97% 11-05.12.30 50,000,000 INR 981,214 2.94NTPC LTD 4.75% 12-03.10.22 1,000,000 USD 1,052,560 3.15SHRIRAM 10.1% 12-30.07.14 50,000,000 INR 919,766 2.75SUNDARAM FI 8.9% 10-13.09.13 50,000,000 INR 914,297 2.74UN BK INDIA 4.625% 10-11.02.16 1,000,000 USD 1,045,560 3.1324,782,678 74.13UNITED STATESRELIANCE 5.4% 12-14.02.22 500,000 USD 556,378 1.66TOTAL BONDSPLACEMENTS556,378 1.6627,177,25781.29TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETBONDSGREAT BRITAINBK OF INDIA LN 3.625% 13-21.09.18 500,000 USD 503,063 1.50503,063 1.50NETHERLANDSBHARTI AIRTEL 5.125% 13-11.03.23 1,000,000 USD 1,005,025 3.011,005,025 3.01TOTAL BONDS1,508,088 4.51TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET1,508,088 4.51OTHER TRANSFERABLE SECURITIESBONDSINDIALIC HOUSING 9.56% 12-24.01.17 100,000,000 INR 1,858,566 5.56TOTAL BONDSPLACEMENTS1,858,566 5.561,858,5665.56INDIAHOUSING DEV 0% 12-06.02.17 50,000,000 INR 1,042,064 3.121,042,064 3.12PLACEMENTS1,042,064 3.12TOTAL OTHER TRANSFERABLE SECURITIES 2,900,630 8.68TOTAL INVESTMENTS 32,430,406 97.01OTHER NET ASSETS LESS LIABILITIES 997,853 2.99TOTAL NET ASSETS 33,428,259 100.00INDIAKOTAK MAHIND 0% 12-04.03.14 50,000,000 INR 844,431 2.53844,431 2.53PLACEMENTSTOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING844,43128,021,6882.5383.82370

Portfolio of Investments and Other Net Assets as at 31 March 2013Latin American Local DebtStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGBONDSBRAZILBRAZIL 0% 12-01.04.15 /LFT 1,600 BRL 670,993 3.13BRAZIL 0% 12-01.07.14LETRAS TES 2,900 BRL 1,305,316 6.10BRAZIL 10% 07-01.01.17 3,840 BRL 1,951,469 9.11BRAZIL 10% 10-01.01.21 1,850 BRL 934,851 4.37BRAZIL 10% 12-01.01.23 1,400 BRL 703,946 3.29BRAZIL 10.25% 07-10.01.28 300,000 BRL 181,218 0.85LETRA TESOURO 0% 12-01.07.16 2,800 BRL 1,041,967 4.876,789,760 31.72COLOMBIACOLOMBIA 7% 12-04.05.22 1,000,000,000 COP 632,981 2.96MEXICO632,981 2.96MEXICO 10% 05-05.12.24 -M- 48,055 MXN 560,998 2.61MEXICO 10% 06-20.11.36 29,935 MXN 371,045 1.73MEXICO 5% 12-15.06.17 40,886 MXN 335,428 1.57MEXICO 6.25% 11-16.06.16 58,626 MXN 499,360 2.33MEXICO 6.5% 11-09.06.22BONOS 39,760 MXN 358,289 1.67MEXICO 6.5% 11-10.06.21 51,797 MXN 464,927 2.17MEXICO 7% 09-19.06.14 34,500 MXN 288,436 1.35MEXICO 7.25% 07-15.12.16 27,779 MXN 245,389 1.15MEXICO 7.5% 06-03.06.27BONOS 41,035 MXN 403,444 1.88MEXICO 7.75% 07-14.12.17S.M 10 35,508 MXN 325,135 1.52MEXICO 7.75% 11-13.11.42 26,112 MXN 266,100 1.24MEXICO 7.75% 11-29.05.31BONOS 45,590 MXN 455,892 2.13MEXICO 8% 03-07.12.23S.M20 18,869 MXN 190,664 0.89MEXICO 8% 05-17.12.15 54,216 MXN 479,021 2.24MEXICO 8% 10-11.06.20 38,451 MXN 372,337 1.74MEXICO 8.5% 08-18.11.38 49,180 MXN 537,348 2.51MEXICO 8.5% 09-13.12.18 23,199 MXN 223,511 1.04MEXICO 8.5% 09-31.05.29BONOS 44,273 MXN 472,418 2.21Description Face Value Currency Evaluation % netassetsMEXICO 9.50% 04-18.12.14BONOS 59,200 MXN 521,333 2.447,371,075 34.42PERUPERU 5.2% 12-12.09.23 50,000 PEN 21,013 0.10PERU 6.9% 07-12.08.37 200,000 PEN 97,570 0.46PERU 6.95% 08-12.08.31 250,000 PEN 120,286 0.56REP PERU 7.84% 05-12.08.20 450,000 PEN 218,620 1.02REP PERU 8.2% 06-12.08.26 220,000 PEN 118,791 0.55REP PERU 9.91% 05-05.05.15 50,000 PEN 22,626 0.11REPUBLIC PERU 8.6% 05-12.08.17 50,000 PEN 24,099 0.11623,005 2.91TOTAL BONDS15,416,821 72.01FLOATING RATE BONDSBRAZILBRAZIL 0% 11-01.01.15 LTN 5,360 BRL 2,302,828 10.76BRAZIL 0% 12-01.01.16LETRAS TES 6,300 BRL 2,460,317 11.494,763,145 22.25TOTAL FLOATING RATE BONDS4,763,145 22.25TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING20,179,96694.26TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETBONDSBRAZILBRAZIL 10% 12-01.01.18 750 BRL 381,149 1.78MEXICO381,149 1.78MEXICO 6% 10-18.06.15 48,000 MXN 402,321 1.88402,321 1.88TOTAL BONDS783,470 3.66TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET783,470 3.66TOTAL INVESTMENTS 20,963,436 97.92OTHER NET ASSETS LESS LIABILITIES 444,446 2.08TOTAL NET ASSETS 21,407,882 100.00371

Portfolio of Investments and Other Net Assets as at 31 March 2013RMB Fixed IncomeStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGBONDSBERMUDA ISLANDSNOBLE GRP 4% 30.01.16EMTN 45,000,000 CNY 7,305,550 1.927,305,550 1.92CAYMAN ISLANDSBTGPBZ 4.1% 13-26.03.16 10,000,000 CNY 1,607,010 0.42NW CHINA 5.5% 13-06.02.18 40,000,000 CNY 6,551,108 1.73NWCL 8.5% 12-11.04.15 20,950,000 CNY 3,641,965 0.9611,800,083 3.11CHINAADB CHINA 3% 12-17.01.14 15,000,000 CNY 2,420,616 0.64ADB CHINA 3.2% 12-17.01.15 23,000,000 CNY 3,727,100 0.98BAOSTEEL GROUP 3.125%11-01.12.13 14,000,000 CNY 2,258,431 0.59BAOSTEEL GROUP 4.15% 12-01.03.17 10,000,000 CNY 1,672,431 0.44BAOSTEEL GROUP 4.375%11-01.12.16 1,000,000 CNY 168,110 0.04BK OF CHINA 3.1% 12-23.07.15 25,000,000 CNY 4,039,851 1.06CGNPH 3.75% 12-01.11.15 41,000,000 CNY 6,679,359 1.76CHINA MINMETALS 3.65% 13-28.03.16 40,000,000 CNY 6,460,061 1.7027,425,959 7.21FRANCEAIR LIQUIDE 3% 11-19.09.16 8,000,000 CNY 1,310,550 0.34SOCGEN 4.15% 12-06.09.14 5,000,000 CNY 818,519 0.222,129,069 0.56GERMANYBSH BOSCH 3.375% 11-28.09.16 10,000,000 CNY 1,640,223 0.43BSH BOSCH 3.8% 12-24.07.17 14,000,000 CNY 2,326,681 0.613,966,904 1.04HONG KONGCHINA RES PWR 3.75% 10-12.11.15 30,000,000 CNY 4,934,114 1.30GEMDALE INT 5.625% 13-21.03.18 22,500,000 CNY 3,614,975 0.95GEMDALE 9.15% 12-26.7.15 28,900,000 CNY 5,091,201 1.34LGFP 9%11-14.11.14 15,000,000 CNY 2,605,029 0.69LOTTE SHOP 4% 12-09.02.15 17,500,000 CNY 2,866,321 0.7519,111,640 5.03LUXEMBOURGRHSB CAP 3.6% 13-04.02.16 55,000,000 CNY 8,842,800 2.33RUSS ST FIN 8% 13-14.02.15 15,000,000 CNY 2,436,221 0.64VTB CAP 4.5% 12-30.10.15 40,000,000 CNY 6,517,574 1.7217,796,595 4.69NEW ZEALANDFONTERRA 1.1% 11-27.06.14 4,000,000 CNY 628,871 0.17628,871 0.17SINGAPOREGLB LOGISTIC 3.375% 11-11.05.16 4,000,000 CNY 645,530 0.17ICICI BK SG 4.9% 12-21.09.15 28,000,000 CNY 4,662,013 1.23ITNL 5.75% 12-26.04.15 15,000,000 CNY 2,511,459 0.667,819,002 2.06SOUTH KOREAEIBK 3.125% 12-27.7.2015EMTN 30,000,000 CNY 4,893,925 1.29KDB 3.3% 12-21.6.15 MTN 25,000,000 CNY 4,091,205 1.088,985,130 2.37SWEDENSHB 3% 13-15.01.16 EMTN 15,000,000 CNY 2,440,590 0.642,440,590 0.64UNITED STATESCATERPILLAR 1.35% 11-12.7.13 10,000,000 CNY 1,604,033 0.42CATERPILLAR 2.9% 12-16.03.14 19,000,000 CNY 3,069,385 0.81CATERPILLAR 3.5% 12-26.11.14 24,000,000 CNY 3,919,060 1.03FORD MTR 4.875% 12-26.03.15 30,000,000 CNY 4,984,152 1.3113,576,630 3.57VENEZUELACORP ANDINA 3.55% 12-12.12.15 35,000,000 CNY 5,745,259 1.515,745,259 1.51372

Portfolio of Investments and Other Net Assets as at 31 March 2013RMB Fixed IncomeStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsVIRGIN ISLANDSBIG WILL INVEST 7% 11-29.04.14 10,000,000 CNY 1,649,540 0.43BITRONIC 4% 12-12.12.15 23,000,000 CNY 3,753,860 0.99CENTRAL PLAZA 7.6% 12-29.11.15 15,000,000 CNY 2,581,205 0.68CHAILEASE 5% 12-05.04.15 9,000,000 CNY 1,469,995 0.39CNPC GLD AUTUM 2.55%26.10.13 20,500,000 CNY 3,295,739 0.8712,750,339 3.36TOTAL BONDS141,481,621 37.24TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCK141,481,621 37.24EXCHANGE LISTINGTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETBONDSCHINAAGR BK CHINA 3.2% 12-28.11.15 29,000,000 CNY 4,698,711 1.23HUANENG POW 3.85% 13-05.02.16 13,000,000 CNY 2,118,389 0.566,817,100 1.79JAPANHITACHI CAPITAL 3.75%22.03.15 12,500,000 CNY 2,036,078 0.54MITSUBISHI UFJ LEAS 3.6%02.03.15 19,400,000 CNY 3,152,750 0.835,188,828 1.37TOTAL BONDS12,005,928 3.16TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET12,005,928 3.16OTHER TRANSFERABLE SECURITIESBONDSCAYMAN ISLANDSBRADESCO 3.7% 13-18.01.16 30,000,000 CNY 4,833,146 1.27BRADESCO 3.9% 12-12.12.14MTN 35,000,000 CNY 5,690,091 1.5010,523,237 2.77INDIAIDBI 3.5% 13-15.03.14 EMTN 40,000,000 CNY 6,445,836 1.706,445,836 1.70TOTAL BONDS16,969,073TOTAL OTHER TRANSFERABLE SECURITIES 16,969,073FINANCIAL INSTRUMENTSCOMMERCIAL PAPERUNITED STATES4.474.47INTL FIN 0% 13-04.06.13 CP 60,000,000 CNY 9,618,887 2.53TOTAL COMMERCIAL PAPERCERTIFICATE OF DEPOSIT9,618,887 2.539,618,8872.53AUSTRALIABANK OF CHINA 13-05.08.13CD 50,000,000 CNY 8,030,393 2.118,030,393 2.11CHINACHINA CONSTR 1.05% 11-03.06.13 CD 10,000,000 CNY 1,607,047 0.42CHINA DEV BK 2.9% -25.6.14CD 30,000,000 CNY 4,813,132 1.276,420,179 1.69HONG KONGAGR BANK CHINA 1.2% 11-24.06.13 CD 10,000,000 CNY 1,605,759 0.42BK EAST ASIA 3.25% 12-11.10.13 10,000,000 CNY 1,608,350 0.42BK OF COMMS 2.8% 13-16.02.15 60,000,000 CNY 9,637,641 2.54CHINA CONSTR 3.15% 12-22.5.13CD 5,000,000 CNY 804,534 0.21CN CONS BK 0% 13-09.09.13CD 40,000,000 CNY 6,362,645 1.68CN CONS BK 3.45% 12-05.11.13 CD 10,000,000 CNY 1,608,895 0.42CN CONST HK 3% 13-10.01.14 CD 20,000,000 CNY 3,215,916 0.85CN CONSTRUCTION2.85%28.6.13CD 10,000,000 CNY 1,607,905 0.42ICBC (ASIA) 1.05% 11-13.05.13 CD 18,000,000 CNY 2,889,782 0.76STAND CH HK 0% 13-25.09.13CD 70,000,000 CNY 11,112,818 2.93373

Portfolio of Investments and Other Net Assets as at 31 March 2013RMB Fixed IncomeStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsWING LUNG BK 1.2% 22.04.14CD 25,000,000 CNY 3,932,229 1.0444,386,474 11.69JAPANSUMIBK 1.1% 11-22.4.14 CD 26,000,000 CNY 4,084,777 1.084,084,777 1.08TOTAL CERTIFICATE OF DEPOSIT62,921,823 16.57TOTAL FINANCIAL INSTRUMENTS 72,540,710 19.10TOTAL INVESTMENTS 242,997,332 63.97OTHER NET ASSETS LESS LIABILITIES 136,840,739 36.03TOTAL NET ASSETS 379,838,071 100.00374

Portfolio of Investments and Other Net Assets as at 31 March 2013US Dollar BondStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGBONDSFRANCEAXA 5.5% 13-PERP 400,000 USD 386,442 0.35386,442 0.35GERMANYKFW 4.125% 04-15.10.14GLOBAL 3,000,000 USD 3,172,725 2.893,172,725 2.89GREAT BRITAINBRITISH TELECOM. 9.625%00-15.12.30 MULTIC 1,000,000 USD 1,560,210 1.42ITALY1,560,210 1.42ITALY 3.125% 10-26.01.15 800,000 USD 813,424 0.74LUXEMBOURG813,424 0.74BEI 4.625% 04-15.05.14 EMTN 3,000,000 USD 3,143,550 2.86TELECOM IT CAP 6.175% 09-18.06.14 500,000 USD 524,675 0.483,668,225 3.34SPAINSANTANDER US 3.724% 10-20.01.15 500,000 USD 496,343 0.45TELEFONICA EMIS 5.877%09-15.07.19 600,000 USD 660,573 0.60GLAXOSMITHKL 4.85% 08-15.05.13 250,000 USD 251,316 0.23IBRD 1% 11-15.09.16 1,000,000 USD 1,015,779 0.91MORGAN STANLEY 6% 08-PERP 500,000 USD 545,613 0.508,753,546 7.95TOTAL BONDSFLOATING RATE BONDSFRANCECADES FRN 09-02.07.14 1,000,000 USD19,511,4881,004,03017.740.91SOCIETE GENERALE FRN 09-19.06.13 1,000,000 USD 999,695 0.912,003,725 1.82GERMANYKFW FRN 09-05.08.14 REG-S 1,500,000 USD 1,503,098 1.371,503,098 1.37GREAT BRITAINSTD CHART LN 4% (FRN)12.7.22 500,000 USD 517,765 0.47517,765 0.47JERSEYHSBC CAPITAL JE FRN 03-PERP/PFD 500,000 USD 498,620 0.45498,620 0.45SWEDENSWEDISH EXP FRN 09-14.08.14 1,000,000 USD 1,009,535 0.921,009,535 0.921,156,916 1.05TOTAL FLOATING RATE BONDS5,532,7435.03UNITED STATESBOA 6.4% 07-28.08.17 400,000 USD 470,464 0.43CAPITAL ONE 8.8%9-15.7.19 400,000 USD 544,704 0.50CITIGP 4.5% 11-PERP 600,000 USD 667,998 0.61CITIGROUP INC. 6.5% 08-19.08.13 150,000 USD 153,303 0.14COMCAST 5.15% 10-01.03.20 500,000 USD 593,903 0.54ELECTRON.DATA 6.5%03-01.08.13-B- 350,000 USD 356,029 0.32FORD MC 5.75% 11-01.02.21 500,000 USD 568,403 0.52FREDDIE MAC 5.125% 07-17.11.17 3,000,000 USD 3,586,034 3.25TREAS. BONDS/NOTES - FIXED RATEUNITED STATESUSA 1% 11-15.01.14 TBO 8,850,000 USD 8,909,979 8.10USA 1% 11-30.09.16 TBO 5,480,000 USD 5,583,178 5.08USA 2.375% 09-31.10.14 S-2014 15,200,000 USD 15,715,672 14.30USA 3.125% 11-15.05.21 6,300,000 USD 7,096,359 6.4537,305,188 33.93TOTAL TREASURY BONDS/NOTES - FIXEDRATETOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING37,305,18862,349,41933.9356.70375

Portfolio of Investments and Other Net Assets as at 31 March 2013US Dollar BondStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETBONDSAUSTRALIAANZ BANK 2.4% 11-23.11.16144A 1,350,000 USD 1,419,376 1.29MACQUARIE BK 3.45% 12-27.07.15 600,000 USD 626,334 0.572,045,710 1.86CAYMAN ISLANDSHUTCH WHAM 5.75% 09-11.09.19 350,000 USD 413,924 0.38413,924 0.38FRANCEGDF SUEZ 1.625% 12-10.10.17 500,000 USD 503,100 0.46LVMH 1.625% 12-29.06.17144A 187,000 USD 188,942 0.17SOCIETE GENERALE 3.1%10-14.09.15 500,000 USD 519,155 0.471,211,197 1.10GREAT BRITAINPRUDENTIAL 5.25% 13-PERPEMTN 200,000 USD 189,702 0.17TESCO 2.7% 11-05.01.17144A 200,000 USD 208,766 0.19VIRG MED FI 4.875% 12-15.02.22 250,000 USD 254,378 0.23652,846 0.59JERSEYBAA FDG 2.5% 12-25.06.15 250,000 USD 253,896 0.23253,896 0.23NETHERLANDSENEL FIN 3.875% 09-07.04.10 750,000 USD 771,094 0.70ENEL FIN 6% 09-07.10.39 600,000 USD 578,184 0.531,349,278 1.23QATARQATAR 4% 09-20.01.15 144A 700,000 USD 739,085 0.67UNITED STATES739,085 0.67ABIBB 7.75% 11-15.01.19 PST 600,000 USD 790,950 0.72AMER HONDA 4.625% 08-02.04.13 200,000 USD 200,024 0.18BXP 4.125% 10-15.05.21 450,000 USD 489,101 0.44ETP 5.2% 12-01.01.22 480,000 USD 539,630 0.49MET LIFE 5.125% 09-10.06.14 700,000 USD 731,800 0.67METLIFE 5.875% 10-06.02.41 500,000 USD 606,458 0.55MIDAMERICAN ENERGY5.95% 07-15.07.17 750,000 USD 896,615 0.82NEWS AMERICA 6.9% 10-15.08.39 500,000 USD 644,478 0.59NY LIFE GBL 3% 10-4.05.15144A 1,000,000 USD 1,037,800 0.94RABOBANK CAP.III 5.254%04-PERP 144A 650,000 USD 657,709 0.60TIME WARNER ENTMT.8.375% 93-15.03.23 525,000 USD 716,720 0.65UNION PACIFIC 5.75% 07-15.11.17 400,000 USD 476,620 0.43WAL-MART STORES 6.50%07-15.08.37 750,000 USD 1,018,000 0.93WEA&WT FIN 5.75% 09-02.09.15 S144A 400,000 USD 443,873 0.40XTRA FIN. 5.15% 07-01.04.17 1,000,000 USD 1,144,421 1.0510,394,199 9.46TOTAL BONDS17,060,135 15.52FLOATING RATE BONDSAUSTRALIACBA FRN 09-12.07.13 144A 1,500,000 USD 1,500,767 1.36TOTAL FLOATING RATE BONDSASSET BACKED SECURITIES1,500,767 1.361,500,7671.36UNITED STATESBURLINGTON 4.83% 05-01.15.23 700,000 USD 373,915 0.34UNION PACIFIC 5.082% 05-01.02.29 500,000 USD 452,887 0.41826,802 0.75TOTAL ASSET BACKED SECURITIES826,802 0.75TREAS. BONDS/NOTES - FIXED RATEUNITED STATESUSA 2%13-15.2.23 TBO S -B- 1,500,000 USD 1,519,805 1.38USA 3.75% 08-15.11.18 TBO 3,600,000 USD 4,169,250 3.79USA 4.375% 08-15.02.38 TBO 3,375,000 USD 4,230,088 3.85376

Portfolio of Investments and Other Net Assets as at 31 March 2013US Dollar BondStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsUSA 4.375% 09-15.11.39 TBO 4,050,000 USD 5,088,129 4.6315,007,272 13.65TOTAL TREASURY BONDS/NOTES - FIXEDRATEFHLMCUNITED STATESFHLMC (30Y) 4% 13-01.04.4315,007,272 13.65TBA 1,890,000 USD 2,009,602 1.83FHLMC (30Y) 4.5% 13-01.04.43 TBA 2,210,000 USD 2,364,354 2.15FHLMC (30Y) 5.0% 13-01.04.43 TBA 1,400,000 USD 1,506,094 1.375,880,050 5.35TOTAL FHLMC5,880,050 5.35FNMAUNITED STATESFNMA (15Y) 3% 13-01.04.28TBA 1,970,000 USD 2,072,502 1.88FNMA (15Y) 3.5% 13-25.05.28TBA 1,660,000 USD 1,760,378 1.60FNMA 3.5% 13-01.04.43 TBA 1,790,000 USD 1,883,695 1.71FNMA(15YR) 4% 13-01.04.28TBA 1,670,000 USD 1,787,161 1.63FNMA(30Y) 3.5% 13-01.04.43TBA 1,950,000 USD 2,058,773 1.87FNMA(30Y) 4% 13-01.04.43TBA 2,200,000 USD 2,346,094 2.13FNMA(30Y) 4.5% 13-01.04.43TBA 2,190,000 USD 2,359,383 2.15FNMA(30YR) 5% 13-01.04.43TBA 1,400,000 USD 1,517,031 1.38FNMA(30Y)5.5% 13-01.04.43TBA 2,360,000 USD 2,573,505 2.3518,358,522 16.70TOTAL FNMA18,358,522 16.70MORTGAGE BACKED SECURITIESGREAT BRITAINARRMF FRN 10-16.05.47 10-1X A2C 1,000,000 USD 978,497 0.89GNMA II 4% 01.04.43 TBA 1,570,000 USD 1,699,770 1.55GNMA II 4.5% 13-01.04.43TBA 2,160,000 USD 2,363,513 2.15MORGAN STANLEY 5.61% 07-15.04.49 07-IQ14-A2 1,060,000 USD 399,995 0.366,710,175 6.10TOTAL MORTGAGE BACKED SECURITIES7,688,672 6.99TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET66,322,220 60.32OTHER TRANSFERABLE SECURITIESASSET BACKED SECURITIESUNITED STATESABFC 3.684% 05-25.03.33 03-AHL1 A1 2,425,000 USD 226,855 0.21SLM STU FRN 05-26.04.21 05-04 A2 380,000 USD 154,078 0.14380,933 0.35TOTAL ASSET BACKED SECURITIES380,933 0.35MORTGAGE BACKED SECURITIESCAYMAN ISLANDSCWCI 06-15.08.48 06-C1 A2 900,000 USD 21,646 0.0221,646 0.02UNITED STATESCIT. DT 5.205% 07-11.12.4907-CD4 A2B 900,000 USD 189,498 0.17GNMA(30Y) 5% 13-01.04.43TBA 1,590,000 USD 1,729,870 1.57WAMU 5.303% 06-23.11.43 700,000 USD 365,024 0.332,284,392 2.07TOTAL MORTGAGE BACKED SECURITIES2,306,038 2.09TOTAL OTHER TRANSFERABLE SECURITIES 2,686,971 2.44TOTAL INVESTMENTS 131,358,610 119.46OTHER NET ASSETS LESS LIABILITIES (21,402,382) (19.46)TOTAL NET ASSETS 109,956,228 100.00978,497 0.89UNITED STATESCOMMERCIAL MTG FRN 06-15.12.20 FL12 A2 1,600,000 USD 97,767 0.09GNMA II 3.5%(30Y)13-01.04.43TBA 2,010,000 USD 2,149,130 1.95377

Portfolio of Investments and Other Net Assets as at 31 March 2013Euro ReserveStatement of investments as at 31 March 2013(expressed in EUR)Description Face Value Currency Evaluation % netassetsDescription Face Value Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGOPCVM French - General vocationFRANCEHSBC MONETAIRE ETAT-R 3DEC 1 EUR 1,012 0.001,012 0.00Total - OPCVM French - General vocationTOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCK1,0121,0120.000.00EXCHANGE LISTINGFINANCIAL INSTRUMENTSCOMMERCIAL PAPERBELGIUMONSS 0% 13-30.04.13 CP 4,000,000 EUR 3,999,560 3.193,999,560 3.19FINLANDPOHJOLA BK 0% 12-29.04.13CP 3,000,000 EUR 2,999,467 2.402,999,467 2.40FRANCEANTALIS 0% 13-13.05.13 CP 2,000,000 EUR 1,999,438 1.60GDF SUEZ 0% 13-17.04.13 CP 2,500,000 EUR 2,499,875 1.99LMA 0% 13-27.06.13 CP 2,000,000 EUR 1,999,292 1.60MANAGED ENH 0% 13-19.06.13 CP 2,000,000 EUR 1,999,447 1.60UNEDIC 0% 12-10.06.13 CP 3,000,000 EUR 2,999,784 2.3911,497,836 9.18GERMANYBMW 0% 13-28.06.13 CP 2,000,000 EUR 1,999,489 1.60DGZ DEKABK 0% 13-06.06.13CP 1,000,000 EUR 999,728 0.802,999,217 2.40GREAT BRITAINDB LN 0% 13-08.07.13 CP 2,000,000 EUR 1,999,094 1.60MATCHPT FIN 0% 13-10.05.13CP 1,900,000 EUR 1,899,592 1.523,898,686 3.12IRELANDGE CAP EUR 0% 12-11.04.13CP 1,000,000 EUR 999,942 0.80999,942 0.80SWEDENSHB 0% 12-05.04.13 CP 2,000,000 EUR 1,999,936 1.601,999,936 1.60TOTAL COMMERCIAL PAPERTREASURY BILLSBELGIUMBELGIUM 0% 12-18.04.13 TB 3,000,000 EUR28,394,6442,999,94922.692.40BELGIUM 0% 12-18.07.13 CT 5,000,000 EUR 4,998,756 3.997,998,705 6.39FRANCEFRANCE 0% 12-02.05.13 BTF 5,000,000 EUR 4,999,815 4.00FRANCE 0% 13-06.06.13 BTF 3,000,000 EUR 2,999,825 2.40FRANCE 0% 13-20.06.13 BTF 10,000,000 EUR 9,999,452 7.99FRANCE 0% 13-23.05.13 BTF 6,000,000 EUR 5,999,729 4.7923,998,821 19.18LUXEMBOURGEFSF 0% 12-17.06.13 TB 4,500,000 EUR 4,498,988 3.60ESM 0% 13-06.06.13 TB 5,000,000 EUR 4,999,465 3.99ESM 0% 13-09.05.13 TB 1,000,000 EUR 999,914 0.80ESM 0% 13-11.04.13 TB 2,500,000 EUR 2,499,967 2.0012,998,334 10.39TOTAL TREASURY BILLS44,995,860 35.96CERTIFICATE OF DEPOSITFRANCEBFCM 0% 12-02.04.13 CD 3,000,000 EUR 2,999,952 2.39BFCM 0% 13-01.07.13 CD 2,000,000 EUR 1,999,420 1.60BNPP 0% 13-13.09.13 CD 2,000,000 EUR 1,998,218 1.60CR AGR 0% 13-07.05.13 CD 500,000 EUR 499,911 0.40GE CAP EU 0% 13-03.09.13 1,000,000 EUR 1,000,000 0.80HSBC FR 0% 13-10.07.13 CD 2,500,000 EUR 2,499,206 2.00LBP 0% 12-23.05.13 CD 3,000,000 EUR 2,999,464 2.39NATIXIS 0% 12-03.06.13 CD 2,000,000 EUR 1,999,665 1.60OSEO 0% 13-25.04.13 CD 5,000,000 EUR 4,999,610 3.99SOCGEN 0% 12-02.05.13 CD 2,000,000 EUR 1,999,767 1.6022,995,213 18.37378

Portfolio of Investments and Other Net Assets as at 31 March 2013Euro ReserveStatement of investments as at 31 March 2013(expressed in EUR)Description Face Value Currency Evaluation % netassetsGREAT BRITAINBARCLAYS 0% 13-15.04.13CD 2,500,000 EUR 2,499,888 2.00BK TOKYO UFJ 0.115% 12-16.05.13 CD 1,500,000 EUR 1,500,000 1.203,999,888 3.20JAPANBK OF TOKYO 0% 13-11.07.13 1,000,000 EUR 999,709 0.80999,709 0.80NETHERLANDSRABOBK 0% 12-04.04.13 CD 1,500,000 EUR 1,499,948 1.20RABOBK 0% 13-04.07.13 CD 1,700,000 EUR 1,699,375 1.36RABOBK 0% 13-15.07.13 CD 1,000,000 EUR 999,607 0.804,198,930 3.36SWEDENNORDEA 0% 12-21.05.13 CD 2,000,000 EUR 1,999,760 1.601,999,760 1.60TOTAL CERTIFICATE OF DEPOSIT34,193,50027.33TOTAL FINANCIAL INSTRUMENTS 107,584,004TOTAL INVESTMENTS 107,585,016OTHER NET ASSETS LESS LIABILITIES 17,548,46885.9885.9814.02TOTAL NET ASSETS 125,133,484 100.00379

Portfolio of Investments and Other Net Assets as at 31 March 2013Economic Scale Index GEM Equity (launched as at 20 March2013)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGSHARESBERMUDA ISLANDSCHINA FOODS LTD 8,000 HKD 4,586 0.01CREDICORP. 300 USD 48,549 0.10GOME ELECTRICALAPPLIANCE HOLDING 194,000 HKD 21,242 0.04HAIER ELECTRONICSGROUP CO. LTD 6,000 HKD 9,569 0.02KUNLUN ENERGY COMPANYLTD 4,000 HKD 8,502 0.0292,448 0.19BRAZILALL AMERICA /CONV 7,100 BRL 35,363 0.07ALPARGATAS SA 1,100 BRL 7,210 0.01ANHANGUERAEDUCACIONAL PART 700 BRL 11,478 0.02BANCO BRADESCO SA/PREF. 17,930 BRL 296,763 0.59BANCO DO BRASIL SA 32,800 BRL 438,148 0.89BM&F BOVESPA BOLSA DEVALORES 4,800 BRL 32,155 0.06BRF FOODS 2,100 BRL 46,396 0.09CIA DE CONCESSOESRODOVIARIAS 2,000 BRL 19,923 0.04CIA SANEAMENTO MINASGERAIS SA 800 BRL 19,347 0.04CIELO 2,000 BRL 58,289 0.12COPEL. CIA PARAN. EN.PREF. -B- 2,900 BRL 43,779 0.09COSAN SA INDUSTRIA ECOMERCIO 500 BRL 11,466 0.02CPFL ENERGIA SA 4,400 BRL 45,666 0.09DURATEX 1,000 BRL 7,945 0.02EDP-ENERGIAS DO BRASILSA 4,900 BRL 31,024 0.06ELETROBRAS. CENTR.ELETR. BRASIL 44,100 BRL 136,872 0.27EMBRAER EMPRESABRASILEIRA AERONAUTICA 4,100 BRL 36,139 0.07FIBRIA 2,300 BRL 26,898 0.05GERDAU /PREF. 16,200 BRL 123,647 0.25GUARARAPESCONFECCOES SA 200 BRL 10,627 0.02Description Quantity Currency Evaluation % netassetsHRT PARTICIPACOESPETROLEO 3,000 BRL 5,169 0.01INVESTIMENTOS ITAU/PREF. 27,800 BRL 142,469 0.29JBS AS 17,600 BRL 59,606 0.12LOJAS RENNER SA 200 BRL 7,532 0.02M. DIAS BRANCO SA IND -E- 200 BRL 7,967 0.02METALURGICA GERDAU/PREF. 14,300 BRL 137,550 0.28MULTIPLANEMPREENDIMENTOS 900 BRL 26,101 0.05MULTIPLUS 400 BRL 5,633 0.01NATURA COSMETICOS SA 700 BRL 16,616 0.03OGX PETROLEO E GASPARTICIP SA 30,400 BRL 36,080 0.07PETROLEO BRASILEIRO/PREF. 42,000 BRL 384,179 0.77PORTO SEGURO SA 1,800 BRL 24,769 0.05QUALICORP SA 700 BRL 6,813 0.01SABESP. CIA SANEAM. BAS.ESTADO 1,500 BRL 70,019 0.14SID NACIONAL 2,100 BRL 9,479 0.02SOUZA CRUZ 3,800 BRL 54,837 0.11TIM PARTICIPACOES SA 16,600 BRL 72,706 0.15TRACTEBEL (BRESIL) 2,400 BRL 41,189 0.08ULTRAPAR PARTICIPACOESSA 1,500 BRL 37,832 0.08USIMINAS PREF.-A- 6,700 BRL 35,800 0.072,621,481 5.25CAYMAN ISLANDSAAC TECHNOLOGIE SHS 2,000 HKD 9,610 0.02ANTA SPORTS PRODUCTSLTD 13,000 HKD 11,120 0.02BELLE INTERNATIONALHOLDING LTD 17,000 HKD 28,250 0.06CHAILEASE 5,000 TWD 13,880 0.03CHINA LUMENA NWMATERIALS CORP. 30,000 HKD 6,454 0.01CHOW TAI FOOKJEWELLERY GROUP 8,400 HKD 11,470 0.02COUNTRY GARDENHOLDINGS 19,000 HKD 9,497 0.02GEELY AUTOMOBILE HLDLTD 15,000 HKD 7,285 0.01GOLDEN EAGLE RETAILGROUP LTD 3,000 HKD 5,410 0.01380

Portfolio of Investments and Other Net Assets as at 31 March 2013Economic Scale Index GEM Equity (launched as at 20 March2013)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsDescription Quantity Currency Evaluation % netassetsMGM CHINA 12,000 HKD 25,661 0.05MSTAR SEMICONDUCTORINCCOM 4,000 TWD 32,308 0.06PARKSON RETAIL GROUPLTD 11,000 HKD 6,547 0.01SOHO CHINA LTD 17,000 HKD 14,191 0.03TCL MULTIMEDIATECHNOLOGY HOLD 18,000 HKD 13,959 0.03TENCENT HOLDINGS 1,200 HKD 38,150 0.09TINGYI HOLDING CORP. 14,000 HKD 36,520 0.07TPK HOLDINGS CO. 1,000 TWD 19,866 0.04UNI-PRESIDENT CHINAHLDGS LTD 9,000 HKD 10,318 0.02WANT WANT CHINAHOLDINGS LTD 16,000 HKD 24,527 0.05325,023 0.65CHILEAES GENER SHS 14,549 CLP 9,816 0.02AGUAS ANDINAS SA -A- 20,512 CLP 16,507 0.03BANCO DE CHILE 277,992 CLP 43,509 0.09BCO DE CRED.DEINVERSIONES SA 330 CLP 24,079 0.05BSANTANDER 606,189 CLP 43,130 0.09CENCOSUD SA 9,722 CLP 60,247 0.12CIA CERVECERIAS UNIDASSA 1,075 CLP 17,928 0.04CIA DE ACEROS DELPACIFICO 764 CLP 24,642 0.05COLBUN SA 51,877 CLP 15,690 0.03EMPRESAS CMPC SA 9,222 CLP 33,255 0.07EMPRESAS COPEC SA 4,744 CLP 68,630 0.14ENDESA.EMPR.NAC.ELECTR. 41,234 CLP 72,123 0.14ENERSIS SA 653,265 CLP 251,460 0.49ENTEL EMPRESA NACIONALDE TELECOMUNCACIONES 2,072 CLP 43,779 0.09FALABELLA SA COMERC.EINDUST. 6,960 CLP 83,464 0.16LATAM AIRLINES GRP SHS 576 CLP 12,670 0.03LATAM AIRLINES SA 2,700 BRL 58,726 0.12RIPLEY CORP. SA 8,184 CLP 9,416 0.02SALFACORP SA 12,762 CLP 28,749 0.06SIGDO KOPPERS SA 4,169 CLP 11,281 0.02SONDA SA 2,843 CLP 9,981 0.02939,082 1.88CHINAAGILE PROPERTYHOLDINGS LTD 8,000 HKD 9,533 0.02AGRICULT BANK CHINA /-H-SHARES 964,000 HKD 461,955 0.92AIR CHINA LTD -H- 134,000 HKD 119,106 0.24ALUMINIUM CORP. OF CHINA-H- 76,000 HKD 29,273 0.06ANHUI CONCH CEMENT CO.-H- 4,500 HKD 14,927 0.03AVICHINA INDUST.&TECHN. -H- 32,000 HKD 15,706 0.03BANK OF CHINA LTD -H- 1,902,000 HKD 882,049 1.77BEIJING CAPITALINTERNATIONAL AIRPORT -H- 18,000 HKD 13,101 0.03BYD COMPANY LIMITED -H- 13,000 HKD 41,448 0.08CHINA BLUECHEMICAL LTD -H- 24,000 HKD 14,871 0.03CHINA CITIC BANK -H- 156,000 HKD 93,646 0.19CHINA COAL ENERGY CO.LTD -H- 54,000 HKD 48,137 0.10CHINA COMMUNICATIONSCONSTRUCTION -H- 100,000 HKD 93,007 0.19CHINA COMMUNICATIONSSERVICES -H- 158,000 HKD 101,971 0.20CHINA CONSTRUCTIONBANK CO. -H- 1,250,000 HKD 1,020,891 2.04CHINA COSCO HOLDINGS -H- 95,000 HKD 44,790 0.09CHINA LIFE INSURANCE CO.LTD -H- 69,000 HKD 178,659 0.36CHINA MENGNIU DAIRY CO.LTD -H- 4,000 HKD 11,491 0.02CHINA MERCHANTS BANK -H- 85,000 HKD 180,012 0.36CHINA MINSHENG BK -H- 83,500 HKD 106,381 0.21CHINA OILFIELD SERVICES -H- 12,000 HKD 25,135 0.05CHINA PACI INSU (GROUP)LTD -H- 17,000 HKD 55,953 0.11CHINA PETROLEUM & CHEMCORP. -H- 806,000 HKD 948,989 1.90CHINA RAILWAYCONSTRUCTION CORP. -H- 105,000 HKD 99,551 0.20CHINA RAILWAY GROUPLTD-H- 191,000 HKD 97,187 0.19CHINA SHENHUA ENERGYCO. -H- 74,000 HKD 268,819 0.54381

Portfolio of Investments and Other Net Assets as at 31 March 2013Economic Scale Index GEM Equity (launched as at 20 March2013)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsCHINA SHIPPINGCONTAINER -H- 33,000 HKD 8,927 0.02CHINA SOUTH LOCOMOTIVE-H- 21,000 HKD 14,906 0.03CHINA SOUTHERN AIRLINES-H- 234,000 HKD 133,536 0.27CHINA TELECOM CORP. LTD-H- 1,778,000 HKD 895,547 1.79CHINA VANKE CO. LTD -B- 15,000 HKD 29,235 0.06CHONGQING RURAL SHS -H- 28,000 HKD 14,969 0.03CITIC SECURITIES -H-SHARES 35,500 HKD 76,736 0.15CNA INT MAR -H- 5,500 HKD 9,069 0.02DATANG INT. POWERGENERATION -H- 32,000 HKD 14,139 0.03DONGFENG MOTOR -H- 128,000 HKD 179,728 0.36GREAT WALL MOTOR CO.LTD -H- 4,000 HKD 13,552 0.03GUANGZHOU AUTO -H- 50,000 HKD 42,317 0.08GUANGZHOU R&FPROPERTY -H- /NEW 14,000 HKD 23,481 0.05HUANENG POWERINTERNATIONAL -H- 82,000 HKD 87,463 0.18IND & COM BOC -H- 1,851,000 HKD 1,297,135 2.60INNER MONG. YITAI COALCO. B -H- 1,800 USD 10,453 0.02JIANGSU EXPRESSWAY CO.H 28,000 HKD 28,026 0.06JIANGXI COPPER CO. LTD -H- 6,000 HKD 13,248 0.03NEW CHINA LIFEINSURANCE CO -H- 3,500 HKD 11,925 0.02PETROCHINA CO. LTD /-H- 1,372,000 HKD 1,799,209 3.60PICC PROPERTY &CASUALTY -H- 48,000 HKD 61,648 0.12PING AN INSURANCE GRPCO. -H- 12,500 HKD 96,936 0.19SHANGHAI ELECTRICGROUP CO. -H- 126,000 HKD 49,018 0.10SINOPEC SHANGHAIPETROCHEMICAL -H- 114,000 HKD 50,077 0.10SINOPHARM GROUP CO. -H- 2,400 HKD 7,745 0.02TSINGTAO BREWERY CO.LTD -H- 4,000 HKD 25,506 0.05WEICHAI POWER CO LTD /-H- 7,000 HKD 23,310 0.05YANTAI CHANGYU PIONEERWINE -B- 1,100 HKD 4,860 0.01Description Quantity Currency Evaluation % netassetsYANZHOU COAL MINING CO.-H- 38,000 HKD 51,203 0.10ZHAOJIN MINING INDUSTRY -H- 5,000 HKD 6,711 0.01ZHEJIANG EXPRESSWAYCO. LTD -H- 40,000 HKD 31,586 0.06ZIJIN MINING GROUP -H- 68,000 HKD 22,425 0.04ZTE CORP. -H- 26,000 HKD 44,881 0.0910,156,095 20.33COLOMBIACORP FINANCIERACOLOMBIANA SA 390 COP 7,536 0.02CORPORACION FINANCIERACOLOM 10 COP 188 0.00ECOPETROL SA 40,178 COP 111,188 0.22118,912 0.24CZECH REPUBLICCEZ.CESKE ENERGETICKEZAVODY 4,222 CZK 122,577 0.24KOMERCNI BANKA AS 189 CZK 35,705 0.07TELEFONICA O2 CZECHREPUBLIC 5,593 CZK 83,415 0.17241,697 0.48EGYPTCOMMERCIALINTERNATIONAL BANK LTD 3,548 EGP 16,019 0.03EGYPT MOBILE PHONE 1,988 EGP 37,412 0.07ORASCOM TELECOMHOLDING 304,908 EGP 197,755 0.40TELECOM EGYPT 61,009 EGP 118,976 0.24TMG HOLDING 9,388 EGP 5,233 0.01375,395 0.75FEDERATION OF RUSSIAAK SBEREGATELNY BANKSBERBANK 93,610 USD 294,728 0.59GAZPROM OAO 286,510 USD 1,224,763 2.46MMC NORILSK NICKEL 1,568 USD 262,050 0.521,781,541 3.57HONG KONGBEIJING ENTERPRISESHOLDING LTD 1,500 HKD 11,555 0.02BOC HONG KONG HOLDINGSLTD 34,000 HKD 113,438 0.23382

Portfolio of Investments and Other Net Assets as at 31 March 2013Economic Scale Index GEM Equity (launched as at 20 March2013)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsCHINA INSURANCEINTERNATIONAL HOLDING 9,400 HKD 16,057 0.03CHINA MERCHANTSHOLDINGS 4,000 HKD 13,114 0.03CHINA MOBILE LTD 116,500 HKD 1,233,609 2.47CHINA OVERSEASLAND&INVESTMENT 8,000 HKD 22,054 0.04CHINA RESOURCESENTERPRISE LTD 18,000 HKD 53,331 0.11CHINA RESOURCES POWERHOLDINGS 4,000 HKD 11,980 0.02CHINA UNICO (HK) 322,000 HKD 431,389 0.86CNOOC LTD 153,000 HKD 294,063 0.59DAH CHONG HONGHOLDINGS LTD 9,000 HKD 8,521 0.02FUSHAN INTERNAT ENERGYGROUP 20,000 HKD 8,914 0.02GUANGDONG INVESTMENTLTD 36,000 HKD 31,628 0.06LENOVO GROUP LTD 84,000 HKD 83,428 0.17MINMETALS RESOURCES 24,000 HKD 8,811 0.02SEMICONDUC.MANUFACT.INTL.CORP. 1,198,000 HKD 70,990 0.142,412,882 4.83HUNGARYMAGYAR TELEKOM LTD 50,255 HUF 87,317 0.17MOL MAGYAR /-A- 1,437 HUF 98,901 0.20OTP BANK LTD 2,847 HUF 51,687 0.10RICHTER GEDEON LTD 131 HUF 18,314 0.04256,219 0.51INDIAACC LTD /DEMAT. 1,456 INR 31,079 0.06AMBUJA CEMENTSLTD/DEMAT. 9,930 INR 31,794 0.06ASHOK LEYLANDLTD/DEMAT 30,532 INR 12,388 0.02ASIAN PAINTS/DEMATERIALISED 224 INR 20,257 0.04AXIS BANK LTD/DEMAT. 1,041 INR 24,944 0.05BAJAJ AUTO LTD 764 INR 25,022 0.05BANK OF BARODA /DEMAT. 4,044 INR 50,333 0.10BANK OF INDIA /DEMATERIALISED 9,623 INR 53,812 0.11BHARAT HEAVY ELECTRICAL 34,465 INR 113,013 0.23BHARATPETROLEUM/DEMAT. 9,254 INR 64,026 0.13Description Quantity Currency Evaluation % netassetsBHARTI AIRTEL LTD/DEMAT. 16,877 INR 90,682 0.18CADILA HEALTHCARE LTD/DEMAT. 564 INR 7,784 0.02CAIRN INDIA LIMITED 2,798 INR 14,092 0.03CANARA BANK /DEMAT. 1,176 INR 8,277 0.02CIPLA LTD /DEMAT. 1,348 INR 9,449 0.02COAL INDIA 72,253 INR 410,824 0.82COLGATE-PALMOLIVE LTD 346 INR 7,939 0.02CROMPTON GREAVESLTD/DEMAT. 13,797 INR 23,890 0.05DABUR INDIALTD/DEMATERIALISED 3,095 INR 7,862 0.02DLF LIMITED 4,669 INR 20,375 0.04DR REDDY SLABORATORIES/DEMAT. 1,177 INR 38,312 0.08FEDERAL BANK LIMITED 1,129 INR 9,988 0.02GAIL (INDIA) LTD /DEMAT. 8,385 INR 48,864 0.10GRASIM INDUSTRIES/DEMAT. 894 INR 46,226 0.09HCL TECHNOLOGIES/DEMAT. 11,041 INR 162,563 0.33HDFC BANK LTD 2,953 INR 34,116 0.07HERO HONDA MOTORS/DEMAT. 1,186 INR 33,630 0.07HINDALCO INDUSTRIES /DEMAT. 37,661 INR 63,444 0.13HINDUSTAN UNILEVER LTD 7,249 INR 62,259 0.12HOUSING DEVT FIN CORP. 2,323 INR 35,154 0.07ICICI BANK LTD /DEMAT. 4,739 INR 91,576 0.18IDEA CELLULAR LTD 6,967 INR 14,499 0.03INDIAN OILCORP/DEMATERIALISED 51,488 INR 266,560 0.53INFOSYS TECHNOLOGIESLTD /DEMAT. 7,846 INR 416,520 0.83INFRASTRUCTUREDEVELOPMENT FINANCE/DEMAT. 2,244 INR 5,919 0.01ITC LTD /DEMAT. 18,768 INR 106,972 0.21JINDAL STEEL & POWER/DEMAT. 1,758 INR 11,338 0.02JSW STEEL LTD / DEMAT. 849 INR 10,274 0.02KOTAK MAHIND 1,493 INR 18,022 0.04LUPIN LTD 1,214 INR 13,991 0.03MAHINDRA & MAHINDRA 3,829 INR 60,689 0.12MARUTI SUZUKI INDIA LTD 1,526 INR 35,802 0.07383

Portfolio of Investments and Other Net Assets as at 31 March 2013Economic Scale Index GEM Equity (launched as at 20 March2013)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsDescription Quantity Currency Evaluation % netassetsNESTLE INDIA/DEMATERIALISED 243 INR 20,613 0.04NMDC 21,956 INR 55,047 0.11NTPC LTD / DEMAT. 32,932 INR 85,928 0.17OIL & NATURAL GAS CORP.LTD 151,188 INR 868,683 1.73OIL INDIA 3,925 INR 36,697 0.07ORACLE FIN.SERVICESSOFT.LTD 439 INR 20,904 0.04PIRAMAL HEALTHCARE LTD 4,306 INR 48,226 0.10POWER FINANCECORPORATION LTD 4,846 INR 16,269 0.03PUNJAB NATIONALBANK/DEMAT. 6,218 INR 82,615 0.17RANBAXY LABS/DEMATERIALISED 4,048 INR 32,860 0.07RELIANCECOMMUNICATIONS /DEMAT. 53,347 INR 54,236 0.11RELIANCE INDUSTRIES/DEMAT. 15,164 INR 216,976 0.43RURAL ELECTRIFICATIONCORP LTD 2,980 INR 11,584 0.02SATYAM COMPUTERSERVICES 44,514 INR 105,296 0.21SESA GOA LTD /DEMAT. 5,311 INR 15,226 0.03SIEMENS LTD /DEMAT. 2,538 INR 25,686 0.05ST.BK OFINDIA/DEMATERIALISED 8,500 INR 325,275 0.65STEEL AUTHORITY OFINDIA/DEMAT 122,855 INR 140,839 0.28STERLITE IND(INDIA) SHS 22,120 INR 38,098 0.08SUN PHARMACEUTICAL SHS 1,252 INR 18,891 0.04TATA CHEMICALS LTD /DS 3,372 INR 19,930 0.04TATA CONSULTANCYSERVICES /DEMAT. 11,418 INR 330,670 0.66TATA MOTORS 13,088 INR 64,880 0.13TATA STEEL LTD /DEMAT. 39,669 INR 227,963 0.46TITAN INDUSTRIES 1,474 INR 6,899 0.01ULTRA TECH CEMENT LTD 568 INR 19,691 0.04UNITED SPIRITS LIMITED/DEMAT. 374 INR 13,079 0.03WIPRO LTD /DEMAT. 33,698 INR 273,454 0.55ZEE ENTERTAINMENTENTERPRISE LTD /DEMAT. 2,683 INR 10,417 0.025,801,492 11.61INDONESIAADARO ENERGY 99,500 IDR 13,415 0.03BANK DANAMON INDONESIATBK -A- 35,000 IDR 23,234 0.05BANK NEGARA INDO TBK 72,000 IDR 37,422 0.07CHAROEN POKPHAND 19,500 IDR 10,135 0.02INDO TAMBANGRAYAMEGAH (ITM) 4,000 IDR 14,615 0.03PERUSAHAAN GAS NEGA -B- 74,000 IDR 45,316 0.09PT ASTRA AGRO LESTARITBK 8,000 IDR 15,232 0.03PT ASTRA INTERNATIONALTBK 103,000 IDR 83,746 0.17PT BANK MANDIRI PERSEROTBK 66,000 IDR 67,927 0.14PT BANK RAKYATINDONESIA 105,500 IDR 95,008 0.19PT BHAKTI INVESTAMA 134,500 IDR 6,921 0.01PT GLOBAL MEDIACOM TBK 32,000 IDR 7,657 0.02PT GUDANG GARAMTBK/DEMAT. 4,000 IDR 20,152 0.04PT INDOCEMENT TUNGGAL/DEMAT. 8,500 IDR 20,383 0.04PT JASA MARGA PERSEROTBK 13,000 IDR 7,961 0.02PT KALBE FARMA TBK 110,500 IDR 14,102 0.03PT SEMEN GRESIK(PERSERO) TBK 12,500 IDR 22,771 0.05PT UNILEVER INDONESIA 13,500 IDR 31,679 0.06PT XL AXIATA TBK 48,500 IDR 26,206 0.05TAMBANG BATUBARA /S.-B- 10,000 IDR 14,820 0.03TELKOM INDONESIA S -B- 224,500 IDR 254,161 0.50UNITED TRACTORS 16,500 IDR 30,907 0.06VALE INDONESIA SHS 197,500 IDR 48,276 0.10912,046 1.83JERSEYUNITED COMPANY RUSALPLC 177,000 HKD 88,696 0.18LUXEMBOURG88,696 0.18KERNEL HOLDING SA 329 PLN 5,841 0.015,841 0.01384

Portfolio of Investments and Other Net Assets as at 31 March 2013Economic Scale Index GEM Equity (launched as at 20 March2013)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsMALAYSIAALLIANCE FINANCIALGR.BERHAD 5,300 MYR 7,534 0.02AMMB HLDS BHD 7,900 MYR 16,691 0.03AXIATA GRP 30,800 MYR 65,869 0.13BERJAYA SPORTS TOTOBHD 8,800 MYR 11,798 0.02BOUSTEAD HLDS BERHAD 8,600 MYR 14,391 0.03BRITISH AMERICANTOBACCO 1,200 MYR 24,221 0.05BUMIPUTRA-COMMERCEHOLDINGS 33,400 MYR 82,543 0.17DIGI.COM BHD 29,700 MYR 44,519 0.09GENTING BERHAD 19,600 MYR 63,571 0.13IOI CORPORATION BHD 20,300 MYR 30,560 0.06KUALA LUMPUR KEPONGBHD 3,900 MYR 26,130 0.05LAFARGE MALAYANCEMENT 4,800 MYR 15,320 0.03MALAYAN BANKING BERHAD 25,600 MYR 77,739 0.16MALAYSIA AIRPORTSHOLDINGS 5,600 MYR 10,475 0.02MALAYSIA MARINE 5,900 MYR 7,205 0.01MAXIS BHD 38,100 MYR 80,373 0.16PARKSON HOLDINGS BHD 5,900 MYR 8,958 0.02PET CHEM 18,900 MYR 39,381 0.08PETRONAS DAGANGAN BHD 2,600 MYR 19,688 0.04PETRONAS GAS BHD 6,700 MYR 41,124 0.08RESORTS WORLD 29,300 MYR 34,738 0.07RHB CAPITAL BHD 8,700 MYR 24,255 0.05SIME DARBY BHD 39,200 MYR 117,264 0.23TELEKOM MALAYSIA BHD 54,800 MYR 95,420 0.19TENAGA NASIONAL 75,100 MYR 174,679 0.36UMW HOLDINGS 5,000 MYR 21,644 0.04YTL CORP BERHAD 18,500 MYR 9,801 0.02YTL POWER INTL BHD 35,000 MYR 16,508 0.031,182,399 2.37MARSHALL ISLANDSSEASPAN CORP. 500 USD 10,055 0.02MEXICO10,055 0.02ALFA SAB DE CV -A- 28,600 MXN 69,801 0.14AMERICA MOVIL SAB DE CV -L- 549,500 MXN 583,338 1.17Description Quantity Currency Evaluation % netassetsARCA CONTINENTAL SAB DECV 1,100 MXN 8,239 0.02CEMEX SAB DE CV 93,900 MXN 114,053 0.23COMPARTAMOS SAB DE CV 6,400 MXN 11,759 0.02EL PUERTO LIVERP.SAB DECV 1,400 MXN 17,192 0.03EMPRESAS ICA SAB DE CV 3,000 MXN 10,011 0.02FOMENTO ECONOMICOMEXICANO SAB /UNITS 10,000 MXN 112,434 0.23GENOMMA LABINTERNACION. SA 4,700 MXN 11,444 0.02GRUPO AEROPORT.DELPACIFICO B 1,700 MXN 10,015 0.02GRUPO AEROPORTUARIO -B- 700 MXN 9,511 0.02GRUPO BIMBO SAB DE CV -A- 8,100 MXN 25,810 0.05GRUPO ELEKTRA S.A 975 MXN 38,604 0.08GRUPO FINANCIEROBANORTE SA DE CV -O- 6,500 MXN 52,113 0.10GRUPO MEXICO SAB DE CV/-B- 43,700 MXN 176,010 0.35GRUPO MODELO SAB DE CVC 9,100 MXN 82,427 0.17GRUPO TELEVISA SA / CERT.PAR. 8,500 MXN 45,145 0.09INDUSTRIAS PENOLES SABDE CV 950 MXN 44,640 0.09MEXICHEM SAB DE CV 3,700 MXN 19,819 0.04ORGANIZAC.SORIANA SABDE CV -B- 7,600 MXN 29,694 0.06WAL-MART STORES INC. 39,800 MXN 129,879 0.261,601,938 3.21PHILIPPINESAYALA CORP. 2,010 PHP 27,857 0.06BDO UNIBANK 9,820 PHP 21,581 0.04ENERGY DEVELOP CORP. 92,800 PHP 14,679 0.03GLOBAL TELECOM INC 2,230 PHP 65,525 0.13JG SUMMIT HOLDINGS INC 19,900 PHP 20,709 0.04MANILA ELECTRIC 4,420 PHP 35,347 0.07METROPOLITAN BANK &TRUST 7,210 PHP 20,656 0.04PHIL.LONG DIST.TEL. 2,330 PHP 170,472 0.34SM INVESTMENTSCORPORATIONS 400 PHP 10,921 0.02SM PRIME HOLDINGS INC 21,000 PHP 9,821 0.02385

Portfolio of Investments and Other Net Assets as at 31 March 2013Economic Scale Index GEM Equity (launched as at 20 March2013)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsUNIVERSAL ROBINA CORP. 6,760 PHP 18,704 0.04416,272 0.83POLANDASSECO POLAND SA 1,239 PLN 15,532 0.03BANK HANDLOWY WWARSZAWIE SA 755 PLN 20,781 0.04BANK POLSKA KASA OPIEKIPEKAO 1,223 PLN 58,610 0.12BRE BANK SA 124 PLN 12,894 0.03JASTRZEBSKA SPOLKAWEGLOWA SHS 423 PLN 11,960 0.02KGHM POLSKA MIEDZ SA 2,131 PLN 101,473 0.20PGE POLSKA GRUPAENERGETYCZNA 24,185 PLN 126,109 0.26POLISH OIL & GAS CO. 42,081 PLN 71,169 0.14POLISH TELECOMWARSZAWA 42,370 PLN 82,413 0.16POLSKI KONCERN NAFTOWYORLEN 5,149 PLN 81,570 0.16POWSZECHNA KASAOSZCZED. POLSKI 5,870 PLN 62,007 0.12POWSZECHNY ZAKLADUBEZPIECZEN 949 PLN 117,457 0.24TAURON POLSKA ENERGIASA 40,370 PLN 53,583 0.11815,558 1.63SOUTH AFRICAABSA GROUP LTD 7,110 ZAR 118,149 0.24ADCOCK INGRAM HOLDINGSLIMITED 1,161 ZAR 7,629 0.02AFRICAN BANKINVESTMENTS 1,828 ZAR 5,967 0.01AFRICAN RAINBOWMINERALS LTD 1,235 ZAR 25,294 0.05ANGLO AMERICANPLATINUM LTD 2,820 ZAR 119,004 0.24ANGLOGOLD ASHANTI LTD 2,601 ZAR 61,064 0.12ARCELORMITTAL SOUTH 13,801 ZAR 42,944 0.09ASSORE LIMITED 421 ZAR 14,717 0.03AVENG LTD 21,639 ZAR 76,945 0.15AVI LTD 2,325 ZAR 13,695 0.03BARLOWORLD LTD 7,312 ZAR 75,417 0.15BIDVEST GROUP LTD 4,460 ZAR 117,135 0.23CLICKS GRP 2,007 ZAR 12,841 0.03DISCOVERY SHS 2,941 ZAR 25,006 0.05Description Quantity Currency Evaluation % netassetsEMIRA PROPERTY FUND -ZAR-/REIT 4,588 ZAR 7,215 0.01EXXARO RESOURCESLIMITED 2,071 ZAR 36,612 0.07FIRSTRAND LTD / NEW 40,848 ZAR 141,717 0.28GOLD FIELDS 6,244 ZAR 47,914 0.10GRINDROD LTD 5,858 ZAR 12,726 0.03HARMONY GOLD MINING CO.LTD 5,767 ZAR 37,173 0.07IMPALA PLATINUMHOLDINGS LTD 4,520 ZAR 66,727 0.13IMPERIAL HOLDINGS LTD 3,420 ZAR 76,810 0.15JD GROUP LTD 3,941 ZAR 14,755 0.03KUMBA IRON ORE LTD 1,553 ZAR 82,204 0.16LEWIS GROUP LTD 1,098 ZAR 7,642 0.02LIBERTY HOLDINGS LTD 2,392 ZAR 31,013 0.06LIFE HEALTHCARE GROUPHOLDING 8,069 ZAR 29,651 0.06MASSMART HOLDINGS 1,574 ZAR 32,307 0.06MEDICLINIC INTERNATIONALLTD 5,743 ZAR 39,787 0.08METROPOLITAN HOLDINGSLTD 6,095 ZAR 15,395 0.03MONDI LTD 8,540 ZAR 114,969 0.23MR. PRICE GROUP LIMITED 839 ZAR 10,818 0.02MTN GROUP LTD 12,574 ZAR 221,530 0.45MURRAY AND ROBERTSHOLDINGS 23,686 ZAR 60,262 0.12NAMPAC LTD 9,790 ZAR 33,711 0.07NASPERS LTD N 718 ZAR 44,437 0.09NEDBANK GROUP 3,915 ZAR 80,675 0.16NETCARE LTD 27,019 ZAR 58,171 0.12NORTHAM PLATINUM(PTY)LTD 3,641 ZAR 15,335 0.03PICK N PAY HOLDINGS LTD 19,447 ZAR 38,274 0.08PICK N PAY STORES LTD 8,901 ZAR 40,751 0.08PPC 4,615 ZAR 15,966 0.03REMGRO LTD 1,542 ZAR 30,549 0.06RESILIENT PROPERTYINCOME LTD 1,559 ZAR 9,166 0.02REUNERT LTD NEW 2,354 ZAR 19,489 0.04RMB HOLDINGS LTD 3,538 ZAR 15,831 0.03RMI HOLDINGS 3,961 ZAR 10,043 0.02SANLAM LTD 15,063 ZAR 76,142 0.15SASOL LTD /REG 6,851 ZAR 301,069 0.61386

Portfolio of Investments and Other Net Assets as at 31 March 2013Economic Scale Index GEM Equity (launched as at 20 March2013)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsSHOPRITE HOLDINGS LTD 2,170 ZAR 42,345 0.08SIBANYE GOLD 6,306 ZAR 9,112 0.02SPAR GROUP LTD 909 ZAR 11,198 0.02STANDARD BANK GROUPLIMITED 14,155 ZAR 181,106 0.36STEINHOFF INTERNATIONALHOLDING LTD 15,738 ZAR 42,864 0.09SUN INTERNATIONAL LTD 2,152 ZAR 23,722 0.05TELKOM SA SOC SHS 84,309 ZAR 132,035 0.26THE FOSCHINI GROUP 1,144 ZAR 13,942 0.03TIGER BRANDS LTD 806 ZAR 25,584 0.05TONGAAT HULETT LIMITED 548 ZAR 8,363 0.02TRUWORTHS INTL. LTD 1,353 ZAR 13,104 0.03VODACOM 8,498 ZAR 101,582 0.20WILSON BAYLY HOLMESOVCON LTD 1,128 ZAR 18,685 0.04WOOLWORTHS HLD LTD 3,887 ZAR 29,492 0.063,245,777 6.50SOUTH KOREAAMORE PACIFIC CORP.(NEW) 12 KRW 10,098 0.02BS FINL SHS 660 KRW 8,959 0.02CHEIL INDUSTRIAL INC. 142 KRW 11,259 0.02CJ CHEILJEDANG CORP. 62 KRW 19,062 0.04CJ CORPORATION 193 KRW 25,159 0.05DAELIM INDUSTRIAL CO. LTD 135 KRW 11,056 0.02DAEWOO ENGINEERING&CONSTR. 2,130 KRW 17,119 0.03DAEWOO SECURITIES CO.LTD 2,060 KRW 21,020 0.04DAEWOO SHIPBUILDING &MARINE ENGINEERING CO. 800 KRW 19,706 0.04DONGBU INSURANCE CO.LTD 280 KRW 11,944 0.02DOOSAN HEAVY INDUST. &CONSTR. 2,280 KRW 92,032 0.18DOOSAN INFRACORE CO.LTD 1,730 KRW 24,418 0.05E-MART CO LTD 139 KRW 27,429 0.05GSENGINEERING&CONSTRUCTTION CORP. 263 KRW 12,744 0.03HAN KOOK TIREMANUFACTURING CO. 130 KRW 2,145 0.00HANA FINANCIAL GROUPINC. 1,440 KRW 50,747 0.10Description Quantity Currency Evaluation % netassetsHANJIN SHIPPING CO. LTD 820 KRW 7,740 0.02HANKOOK TIRE CO. LTD 700 KRW 30,238 0.06HANWHA LIFE INSURANCECO. LTD 1,980 KRW 12,015 0.02HONAM PETROCHEMICALCO. LTD 37 KRW 6,569 0.01HYNIX SEMICONDUCTORINC 5,370 KRW 141,208 0.28HYOSUNG CORPORATION 194 KRW 9,575 0.02HYUNDAI DEPARTMENTSTORE CO. 95 KRW 13,921 0.03HYUNDAI DEVELOPMENTCO. ENGINEERING &CONSTRUCTION 372 KRW 22,173 0.04HYUNDAI DEVELOPMENTCO. ENGINEERING &CONSTRUCTION 440 KRW 9,770 0.02HYUNDAI FIRE & MARINE INSCO. 510 KRW 14,603 0.03HYUNDAI HEAVYINDUSTRIES 546 KRW 105,043 0.21HYUNDAI HOME SHOPPINGNETWORK 70 KRW 8,716 0.02HYUNDAI HYSCO 220 KRW 6,754 0.01HYUNDAI MERCHANTMARINE CO. 430 KRW 5,547 0.01HYUNDAI MIPO DOCKYARDCO. LTD 184 KRW 19,106 0.04HYUNDAI MOBIS 190 KRW 53,122 0.11HYUNDAI MOTOR CO. LTD 686 KRW 137,836 0.28HYUNDAI SECURITIES CO.LTD 1,710 KRW 12,145 0.02HYUNDAI STEEL CO. 440 KRW 32,119 0.06KANGWON LAND INC. 910 KRW 25,156 0.05KB FINANCIAL GROUP INC. 3,080 KRW 102,450 0.21KCC CORP. 77 KRW 20,525 0.04KIA MOTORS CORP. 1,955 KRW 98,598 0.20KOREA AEROSPACEINDUSTRIES 370 KRW 8,582 0.02KOREA ELECTRIC POWERCORP. 5,700 KRW 156,035 0.31KOREA EXCHANGE BANK 11,080 KRW 73,512 0.15KOREA INVESTMENTHOLDINGS CO. 380 KRW 15,151 0.03KOREA ZINC CO. LTD 46 KRW 14,660 0.03KOREAN AIR 1,380 KRW 50,369 0.10KT CORPORATION 6,610 KRW 208,578 0.42387

Portfolio of Investments and Other Net Assets as at 31 March 2013Economic Scale Index GEM Equity (launched as at 20 March2013)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsDescription Quantity Currency Evaluation % netassetsKT&G CORPORATION 675 KRW 45,815 0.09KUMHO PETRO SHS 140 KRW 13,341 0.03LG CHEMICAL LTD 252 KRW 60,035 0.12LG CORP. 3,915 KRW 227,365 0.47LG DISPLAY CO. LTD 5,980 KRW 173,645 0.35LG ELECTRONICS INC. 2,950 KRW 215,877 0.44LG HOUSEHOLD &HEALTHCARE LTD 13 KRW 7,141 0.01LG UPLUS CORP 5,280 KRW 38,069 0.08LIG INSURANCE CO LTD 490 KRW 10,440 0.02LOTTE CHILSUNGBEVERAGE CO. LTD 8 KRW 10,752 0.02LOTTE CONFECTIONERYCO. LTD 6 KRW 9,504 0.02LOTTE SHOPPING LTD 49 KRW 17,334 0.03LS CORP. 95 KRW 7,533 0.02LS INDUSTRIAL SYSTEMSCO. LTD 135 KRW 7,415 0.01MANDO CORP. 128 KRW 13,406 0.03MIRAEASSET SECURITIESCO. LTD 390 KRW 14,428 0.03NCSOFT CORPORATION 54 KRW 7,525 0.02NHN CORPORATION 108 KRW 26,021 0.05OCI COMPANY LTD 191 KRW 27,388 0.05ORION CORPORATION 17 KRW 16,628 0.03PACIFIC CORP. 32 KRW 11,665 0.02POSCO 429 KRW 126,114 0.25SAMSUNG CARD CO. LTD 350 KRW 11,988 0.02SAMSUNG C&T CORP. 489 KRW 30,113 0.06SAMSUNG ELECTRO-MECHANICS CO. 347 KRW 31,133 0.06SAMSUNG ELECTRONICSCO. LTD 560 KRW 760,194 1.53SAMSUNG ENGINEERINGCO. LTD 135 KRW 15,535 0.03SAMSUNG FIRE&MARINEINSURANCE 184 KRW 35,978 0.07SAMSUNG HEAVYINDUSTRIES 1,120 KRW 35,291 0.07SAMSUNG LIFE INSURANCECO. LTD 450 KRW 42,073 0.08SAMSUNG SDI CO. LTD 212 KRW 26,778 0.05SAMSUNG SECURITIES CO.LTD 489 KRW 23,431 0.05SAMSUNG TECHWIN CO.LTD 180 KRW 10,632 0.02SHINHAN FINANCIAL GROUP 2,780 KRW 99,594 0.20SHINSEGAE CO. LTD 214 KRW 42,614 0.09SK C&C CO. LTD 1,743 KRW 155,912 0.31SK CHEMICALS 160 KRW 8,069 0.02SK ENERGY 599 KRW 87,506 0.18SK HOLDINGS CO. LTD 1,084 KRW 164,206 0.33SK NETWORKS CO. LTD 3,600 KRW 24,532 0.05SK TELECOM CO. LTD 1,117 KRW 181,255 0.36S-OIL CORP. 301 KRW 25,274 0.05S1 CORPORATION 204 KRW 11,389 0.02WOONG JIN COWAY CO. LTD 390 KRW 17,320 0.03WOORI FINANCE HOLDINGSCO. LTD 11,350 KRW 127,546 0.26WOORI INVESTMENT &SECURITIES CO. 2,340 KRW 24,087 0.054,866,604 9.74TAIWANACER INC. 54,000 TWD 46,776 0.09ADVANCEDSEMICONDUCTOR ENG. INC. 114,000 TWD 92,268 0.18ADVANTECH CO. LTD 4,000 TWD 17,325 0.03ASIA CEMENT CORP. 10,000 TWD 12,107 0.02ASUSTEK COMPUTER INC. 9,000 TWD 107,007 0.21AU OPTRONICS CORP. 506,000 TWD 220,001 0.45CATCHER TECHNOLOGY CO.LTD 2,000 TWD 8,963 0.02CATHAY FINANCIALHOLDING 95,000 TWD 130,427 0.27CHANG HWA COMMERCIALBANK 48,000 TWD 28,094 0.06CHENG SHIN RUBBERINDUSTRY CO 7,000 TWD 19,900 0.04CHENG UEI PRECISIONINDUSTRY 11,000 TWD 20,749 0.04CHICONY ELECTRONICS CO.LTD 8,000 TWD 21,218 0.04CHINA AIRLINES 154,000 TWD 59,746 0.12CHINA DEVELOPMENT FIN.HLD CO. 73,000 TWD 20,777 0.04CHINA MOTOR CO LTD 12,000 TWD 11,097 0.02CHINA PETROCHEMICALDEVELOP. 23,000 TWD 12,500 0.03CHINA STEEL 120,000 TWD 104,148 0.21CHINATRUST FINANCIALHOLDING CO. 69,000 TWD 41,077 0.08388

Portfolio of Investments and Other Net Assets as at 31 March 2013Economic Scale Index GEM Equity (launched as at 20 March2013)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsCHUNGHWA TELECOM CO.LTD 89,000 TWD 274,443 0.56COMPAL ELECTRONICS INC. 103,000 TWD 72,514 0.15CTCI CORP. 10,000 TWD 19,264 0.04DELTA ELECTRONICINDUSTRIAL 16,000 TWD 66,890 0.13E SUN FINANCIAL HOLDINGLTD 14,000 TWD 8,452 0.02EVA AIRWAYS CORP. 67,000 TWD 39,550 0.08EVERGREEN MARINE CORP.(TAIWAN) 29,000 TWD 17,216 0.03FAR EASTERN DEPARTMENTSTORES 12,000 TWD 10,676 0.02FAR EASTERN TEXTILE LTD 62,000 TWD 63,556 0.13FAR EASTONE TELECOM.CO. LTD 25,000 TWD 56,606 0.11FENG HSIN IRON & STEELCO. LTD 5,000 TWD 8,712 0.02FIRST FINANCIAL HOLDINGCO. 40,000 TWD 24,950 0.05FORMOSA CHEMICALS &FIBER CO. 50,000 TWD 111,874 0.22FORMOSA PETROCHEMICALCORP. 46,000 TWD 120,770 0.24FORMOSA PLASTICS 39,000 TWD 92,087 0.18FORMOSA TAFFETA CO. LTD 24,000 TWD 21,913 0.04FOXCONN TECHNOLOGYCO. LTD 11,000 TWD 30,315 0.06FUBON FINANCIAL HOLDINGCO. LTD 48,000 TWD 68,629 0.14GIANT MANUFACTURE CO.LTD 2,000 TWD 11,271 0.02HON HAI PRECISIONINDUSTRY CO. LTD 114,000 TWD 315,313 0.64HOTAI MOTOR CO. LTD 3,000 TWD 24,131 0.05HTC CORP. 10,000 TWD 81,606 0.16HUA NAN FINANCIALHOLDING CO. 41,000 TWD 23,585 0.05INNOLUX DISPLAY CORP. 197,000 TWD 121,231 0.24INOTERA MEMORIES INC 384,000 TWD 108,265 0.22INVENTEC CORPORATION 91,000 TWD 34,239 0.07KING YUAN ELECTRONICSCO. LTD 38,000 TWD 25,672 0.05KINSUS INTERCONNECTTECHN.CORP 3,000 TWD 9,261 0.02LARGAN PRECISION CO. LTD 1,000 TWD 26,087 0.05LCY CHEMICALCORPORATION 6,000 TWD 6,702 0.01Description Quantity Currency Evaluation % netassetsLITE-ON TECHNOLOGYCORP. 56,000 TWD 90,837 0.18MACRONIX INTERNATIONALCO LTD 66,000 TWD 18,895 0.04MEDIA TEK INCORPORATION 6,000 TWD 68,228 0.14MEGA FINANCIAL HOLDINGCOMPANY 55,000 TWD 44,423 0.09NAN YA PLASTICS CORP. 76,000 TWD 133,700 0.28NOVATEKMICROELECTRONICS CORP. 4,000 TWD 17,458 0.03PEGATRON CORPORATION 19,000 TWD 29,104 0.06POU CHEN CORP. 96,000 TWD 102,422 0.21POWERTECH TECHNOLOGYINC. 15,000 TWD 25,134 0.05PRESIDENT CHAIN STORECORP. 8,000 TWD 43,880 0.09QUANTA COMPUTER INC. 39,000 TWD 85,827 0.17RADIANT OPTOELECTRONICS CORP. 2,000 TWD 7,893 0.02REALTEK SEMICONDUCTORCORP. 6,000 TWD 13,706 0.03SHIN KONG FINANCIAL HLDCO. LTD 53,000 TWD 16,591 0.03SILICONWARE PRECISIONINDUSTRIES 50,000 TWD 56,857 0.11SINOPAC HOLDINGS 33,000 TWD 15,672 0.03SYNNEX TECHNOLOGYINTERNATIONAL 6,000 TWD 10,836 0.02TAISHIN FINANCIALHOLDINGS CO. 88,000 TWD 36,642 0.07TAIWAN BUSINESS BANK 27,000 TWD 8,497 0.02TAIWAN CEMENT CORP. 31,000 TWD 38,154 0.08TAIWAN COOPERATIVEHOLDINGS 44,000 TWD 25,090 0.05TAIWAN FERTILIZER CO. LTD 3,000 TWD 7,154 0.01TAIWAN GLASS IND CORP. 13,000 TWD 11,891 0.02TAIWAN MOBILE CORP. 20,000 TWD 67,559 0.14TAIWAN SECOM 7,000 TWD 15,803 0.03TAIWAN SEMICONDUCTORMANUFACTURING 142,000 TWD 474,920 0.96TECO ELECTRIC ANDMACHINERY CO 25,000 TWD 19,858 0.04TRANSCEND INFORMATIONINC 2,000 TWD 6,475 0.01TRIPOD TECHNOLOGY CO.LTD 10,000 TWD 22,207 0.04TSRC CORPORATION 5,000 TWD 9,699 0.02389

Portfolio of Investments and Other Net Assets as at 31 March 2013Economic Scale Index GEM Equity (launched as at 20 March2013)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsU-MING MARINETRANSPORT CORP. 9,000 TWD 13,891 0.03UNIMICRON TECHNOLOGYCORP. 27,000 TWD 27,723 0.06UNI-PRESIDENTENTERPRISES CORP. 53,000 TWD 100,506 0.20UNITED MICROELECTRONICCORP 381,000 TWD 141,442 0.29USI CORP. 15,000 TWD 10,736 0.02WALSIN LIHWACORPORATION 22,000 TWD 6,291 0.01WINTEK CORP. 33,000 TWD 17,217 0.03WISTRON CORP. 43,000 TWD 47,027 0.09WPG HOLDING CO. LTD 11,000 TWD 12,472 0.02YAGEO CORP. 50,000 TWD 16,054 0.03YANG MING MARINETRANSPORT 38,000 TWD 17,348 0.03YUANTA FINANCIALHOLDING CO. 87,000 TWD 43,937 0.09YUEN FOONG YU PAPERMANUFACTUR 25,000 TWD 12,458 0.02YULON MOTOR CO LTD 12,000 TWD 21,351 0.044,883,825 9.78THAILANDADVANCED.INFOSERV./NON-VOT 16,200 THB 130,597 0.26BANPU PUBLIC CO. NVDR 2,300 THB 29,619 0.06BGK D MEDIC-NVDR 5,000 THB 27,925 0.06BIG C SUPERCENTER 2,600 THB 19,095 0.04CHAROEN POKHAND FOODS/NVDR 41,600 THB 46,893 0.09C.P.ALL PUBLIC CO 25,300 THB 39,538 0.08ELECTR.GENERATINGPUBLIC 2,400 THB 12,748 0.03HOME PROD CENT PUBL CO.NV DR 31,000 THB 17,790 0.04INDORAMA VENTURES NV 18,700 THB 14,564 0.03IRPC PLC /NVDR 117,000 THB 15,587 0.03MINOR INTERNATIONALPUBLIC CO. 12,000 THB 9,838 0.02PTT EXPLOR.& PROD./NON-VOT. 15,800 THB 80,147 0.16PTT GLOBAL PUB NONVOTING DEP 17,100 THB 40,596 0.08PTT PUBLIC /NON-VOTINGDEP.REC 14,800 THB 163,800 0.32SHIN CORP.PUBLIC /NVDR 15,900 THB 43,179 0.09Description Quantity Currency Evaluation % netassetsSIAM CEMENT PUBLIC/NVDR 5,900 THB 96,738 0.19SIAM CITY CEMENT 900 THB 15,126 0.03SIAM MAKRO PUBLIC /NVDR 700 THB 12,577 0.03THAI BEVERAGE PCL 153,000 SGD 75,172 0.15THAI OIL PUBLIC/NON-VOTING DEP 14,000 THB 30,606 0.06THAI UNION FROZEN/NVDEP.REC. 5,900 THB 12,798 0.03TOTAL ACCESS COM NV 17,700 THB 57,287 0.11992,220 1.99TURKEYAKBANK 13,018 TRY 67,879 0.14ANADOLU EFES BIRACILIKVE MALT 1,452 TRY 22,969 0.05ARCELIK AS 4,785 TRY 33,100 0.07BIM BIRLESIK MAGAZALARAS 334 TRY 16,293 0.03ENKA INSAAT VE SANAYI AS 15,352 TRY 47,725 0.10EREGLI DEMIR CELIK 28,736 TRY 37,222 0.07KOC HOLDING AS 25,353 TRY 144,635 0.29MIGROS TICARET 1,815 TRY 22,209 0.04SABANCI HOLDING 12,061 TRY 71,798 0.14TAV HAVALIMALARIHOLDING AS 3,380 TRY 21,704 0.04TUPRAS TURKIYE PETROLRAFINEL 1,358 TRY 40,607 0.08TURK HAVA YOLLARI AO 22,175 TRY 90,203 0.18TURK SISE CAM 14,280 TRY 24,007 0.05TURK TELEKOMUNIKASYON 49,719 TRY 220,883 0.43TURKCELL ILETISIM HIZMET 12,780 TRY 83,826 0.17TURKIYE GARANTI BANKASI 13,111 TRY 68,943 0.14TURKIYE HALK BANKASI AS 5,154 TRY 54,686 0.11TURKIYE IS BANKASI AS C 28,027 TRY 105,048 0.21TURKIYE VAKIFLAR BANKASITAO 15,169 TRY 48,828 0.10YAPI KREDI BANKASA 14,062 TRY 43,250 0.091,265,815 2.53UNITED STATESSOHU.COM INC 200 USD 9,766 0.02SOUTHERN COPPER CORP. 2,700 USD 99,630 0.20109,396 0.22TOTAL SHARES45,518,709 91.13390

Portfolio of Investments and Other Net Assets as at 31 March 2013Economic Scale Index GEM Equity (launched as at 20 March2013)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsDescription Quantity Currency Evaluation % netassetsINVESTMENT FUNDSSOUTH AFRICACAP PROPERTY FUND 14,567 ZAR 17,319 0.03FOUNTAINHEAD 9,953 ZAR 9,649 0.0226,968 0.05TOTAL INVESTMENT FUNDSUNIT SHARESBRAZILSANTANDERBR/UNITS(55SH+50PFD) 16,000 BRL26,968114,3340.050.22SUL AMER/UNITS 1,800 BRL 17,600 0.04131,934 0.26MEXICOCONTROLADORA COM.SAB 3,500 MXN 12,867 0.03TV AZTECA 9,700 MXN 6,904 0.0119,771 0.04THAILANDAIRPORTS OF THAILAND 10,900 THB 45,611 0.09BEC WORLD PUBLIC CO. LTD 6,000 THB 13,117 0.03TRUE CORP. PUBLIC 264,700 THB 73,239 0.15131,967 0.27TOTAL - UNIT SHARES283,672 0.57SADR (Sponsored American Dep. Receipt)FEDERATION OF RUSSIARUSHYDRO OJSC /SADR 6,275 USD 11,474 0.0211,474 0.02PERUBUENAVENTURA / SADR(1SHS) 300 USD 7,698 0.027,698 0.02TOTAL SADR (Sponsored American Dep.Receipt)GDR (Global Depositary Receipt)FEDERATION OF RUSSIAAFK SISTEMA / SGDR 788 USD19,17214,2000.040.03GROUPE LSR /SGDR REPR.SREG S 5,084 USD 20,788 0.04PHARMSTANDARD OKT/SGDR 1,004 USD 20,692 0.04TRUBNAYA METALL. KOMP./SGDR REG 1,765 USD 20,916 0.0476,596 0.15GUERNSEYETALON GROUP /SGDR 2,812 USD 14,060 0.03TOTAL GDR (Global Depositary Receipt)PREFERENTIAL SHARESBRAZIL14,060 0.0390,6560.18AES TIETE SA /PFD 2,700 BRL 25,810 0.05AMBEV CIA DEBEDIDAS/PREF. 5,600 BRL 232,732 0.47BANRISUL PNB -B- /PREF 3,300 BRL 28,481 0.06BRADESPAR SABRASIL/PREF. 1,600 BRL 21,016 0.04BRASKEM SA -A- PREF. 3,000 BRL 20,484 0.04CIA BRASILEIRA /PFD 600 BRL 31,464 0.06CIA ENERGET. MIN. GERAIS/PRIV. 5,300 BRL 60,797 0.12CIA VALE DO RIO DOCE A/PREF. 18,700 BRL 312,294 0.63CIE ENERGY SAO PAULO/PREF. -B- 4,400 BRL 44,180 0.09COMGAS /PFD.SHS -A- 600 BRL 16,536 0.03ELETROPAULOELETRICIDADE PREF 6,400 BRL 31,940 0.06ITAU HOLDING /PREF 21,200 BRL 373,205 0.75KLABIN RIOCELL SA /PREF. 3,100 BRL 21,383 0.04LOJAS AMERICANAS SA/PRIV. 1,200 BRL 10,339 0.02OI RED PREF 27.08.12 15,500 BRL 762 0.00OI SA /PREF 15,500 BRL 46,798 0.09TELECOM SAO PAULO / PFD 6,900 BRL 183,006 0.37TRANSMISSAO DE 1,300 BRL 21,220 0.041,482,447 2.96CHILEEMBOTELLADORA ANDINA -B- 1,010 CLP 6,729 0.01SOQUIMICH /PREF. -B- 213 CLP 11,735 0.0318,464 0.04COLOMBIABANCACOLOMBIA SA/CONV.PREF 3,207 COP 50,965 0.10391

Portfolio of Investments and Other Net Assets as at 31 March 2013Economic Scale Index GEM Equity (launched as at 20 March2013)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsBANCO DAVIVIENDA/PFD 930 COP 13,251 0.03GRUPO INVERSIONSURAMER /PREF 911 COP 19,570 0.0483,786 0.17TOTAL PREFERENTIAL SHARES1,584,697 3.17ADR (American Depositary Receipt)BERMUDA ISLANDSVIMPELCOM SP /ADR 1,200 USD 14,160 0.03MEXICO14,160 0.03COCA COLA FEMSA 300 USD 48,723 0.10TOTAL ADR (American Depositary Receipt)MALAYSIAN SHARESMALAYSIA48,723 0.1062,8830.13HONG LEONG BANK BHD 3,900 MYR 18,193 0.04TOTAL MALAYSIAN SHARESTOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING18,193 0.0418,19347,604,9500.0495.31TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETSHARESFEDERATION OF RUSSIAAO TATNEFT 10,130 USD 65,756 0.13FSK EES 2,070,000 USD 10,369 0.02FTHGEN.CO.WHOLES.EL.OJSCWGC4 144,000 USD 12,008 0.02GAZPROM NEFT OJSC 1,700 USD 7,166 0.01GK PIK SHS 3,700 USD 7,154 0.01IDGC HOLDING 2,508,000 USD 134,973 0.27INTER RAO UES JSC 33,600,000 USD 19,589 0.04JSC SURGUTNEFTEGAZ 297,000 USD 262,746 0.53LUKOIL HOLDING 6,044 USD 383,139 0.77MECHEL OJSC SHS 2,089 USD 10,421 0.02MOBILE TELESYSTEMSOJSC 24,860 USD 217,124 0.43NOVATEK 1,430 USD 14,368 0.03Description Quantity Currency Evaluation % netassetsNOVOLIPETSK STEEL OJSCNLMK 6,660 USD 10,413 0.02ROSNEFT OIL COMPANYOJSC 11,750 USD 89,506 0.18ROSTELEKOM 9,280 USD 37,014 0.07SEVERSTAL CHEREPOV.MET-F- 16,700 USD 147,298 0.29URALKALIY. BEREZNIKI 3,730 USD 27,579 0.06VNESHTORGBANK 49,830,000 USD 77,884 0.161,534,507 3.06SOUTH KOREAINDUSTRIAL BANK OFKOREA 4,620 KRW 52,956 0.11TAIWAN52,956 0.11CORETRONIC CORP. 31,000 TWD 23,068 0.05E INK HOLDINGS INC. 9,000 TWD 6,923 0.01SIMPLO TECHNOLOGY CO. 2,000 TWD 9,231 0.02SINO AMERICAN SILICONPRODUCT 6,000 TWD 7,766 0.02WIN SEMICONDUCTORSCORP. 5,000 TWD 5,619 0.0152,607 0.11TOTAL SHARES1,640,070 3.28PREFERENTIAL SHARESFEDERATION OF RUSSIABASHNEFT PREF SHS 251 USD 10,519 0.02TRANSNEFT OJSC MOSCOW 44 USD 93,512 0.19104,031 0.21TOTAL PREFERENTIAL SHARES104,031 0.21TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET1,744,101 3.49OTHER TRANSFERABLE SECURITIESSHARESFEDERATION OF RUSSIAMAGNIT JSC 109 USD 20,093 0.0420,093 0.04392

Portfolio of Investments and Other Net Assets as at 31 March 2013Economic Scale Index GEM Equity (launched as at 20 March2013)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity Currency Evaluation % netassetsTAIWANASIA PACIFIC TELECOM SHS 28,216 TWD 13,410 0.0313,410 0.03TOTAL SHARES33,503 0.07TOTAL OTHER TRANSFERABLE SECURITIES 33,503 0.07TOTAL INVESTMENTS 49,382,554 98.87OTHER NET ASSETS LESS LIABILITIES 566,361 1.13TOTAL NET ASSETS 49,948,915 100.00393

Portfolio of Investments and Other Net Assets as at 31 March 2013GEM Debt Total ReturnStatement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGSHARESISLE OF MANLONZIM PLC 1,050,000 GBP 152,263 0.01152,263 0.01TOTAL SHARESBONDSBERMUDA ISLANDSCHINA RES LOG 4.5% 12-05.04.22 5,100,000 USD152,2635,563,4370.010.325,563,437 0.32BRAZILBANCO VOTO 5.25% 11-11.02.16 11,900,000 USD 12,707,237 0.74BANRISUL 7.375% 12-02.02.22 4,900,000 USD 5,372,164 0.31BCO ABC 7.875% 10-08.04.20REGS 13,200,000 USD 14,912,303 0.88BRASIL TELE 5.75% 12-10.02.22 7,200,000 USD 7,553,988 0.44BRAZIL 2.625% 12-05.01.23 16,075,000 USD 15,462,943 0.91BRF BRAS FOODS 5.875%06.06.22 2,900,000 USD 3,236,516 0.19CENT ELET 6.875% 09-30.07.19 REGS 3,200,000 USD 3,666,272 0.21ELETROBRAS 5.75% 11-27.10.21 9,000,000 USD 9,592,875 0.56SAFRA 3.5% 11-16.05.14 13,250,000 USD 13,455,773 0.79VOTORANTIM 6.75% 10-05.04.21 REGS 2,000,000 USD 2,329,360 0.14VOTORANTIM 7.25% 11-05.04.41 4,000,000 USD 4,350,720 0.2592,640,151 5.42CAYMAN ISLANDSBANBRA 5.375% 10-15.01.21 2,200,000 USD 2,318,426 0.14GRUPO AVAL 5.25% 12-01.02.17 7,040,000 USD 7,565,571 0.44IPIC GMTN 3.125% 10-15.11.15 7,225,000 USD 7,552,654 0.44IPIC GMTN 5.5% 11-01.03.22 1,000,000 USD 1,159,510 0.07PETBRA 5.375% 11-27.01.21 4,500,000 USD 4,870,733 0.28PETBRA 5.75% 09-20.01.20 15,050,000 USD 16,604,137 0.97Description Quantity/ Currency Evaluation % netFaceassetsvalueVALE OVERS 6.875% 06-21.11.36 8,650,000 USD 9,875,316 0.5849,946,347 2.92CHILEBCO CHILE 3.875% 12-08.02.22 2,100,000 USD 2,208,896 0.13CORPBANCA 3.125% 13-15.01.18 7,200,000 USD 7,117,056 0.42EMPRESA NAC 4.75% 11-06.12.21 9,125,000 USD 9,403,358 0.5418,729,310 1.09CHINAMCC HLDG 4.875% 11-29.07.16 4,075,000 USD 4,210,677 0.254,210,677 0.25COLOMBIABANCOLOMBIA 6.125% 10-26.07.20 7,300,000 USD 7,869,108 0.46BCO BOGOTA 5% 11-15.01.16 8,750,000 USD 9,422,000 0.55COLOMBIA 2.625% 13-15.03.23 3,000,000 USD 2,896,875 0.17COLOMBIA 4.375% 11-12.07.21 7,500,000 USD 8,433,000 0.49COLOMBIA 8.125% 04-21.05.24 9,450,000 USD 13,669,661 0.8042,290,644 2.47COSTA RICACOSTA RICA 4.25% 12-26.01.23 4,940,000 USD 4,978,581 0.294,978,581 0.29CROATIACROATIA 6.25% 12-27.04.17 2,350,000 USD 2,524,112 0.15CROATIA 6.375% 11-24.03.21 7,500,000 USD 8,075,700 0.47CROATIA 6.75% 09-05.11.19REGS 4,740,000 USD 5,217,152 0.3015,816,964 0.92CYPRUSALFA MTN ISS 8% 10-18.03.15 4,900,000 USD 5,272,596 0.315,272,596 0.31GABONGABON 8.20% 07-12.12.17REGS 1,600,000 USD 1,949,432 0.111,949,432 0.11394

Portfolio of Investments and Other Net Assets as at 31 March 2013GEM Debt Total ReturnStatement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueINDONESIAINDONESIA 3.75% 12-25.04.22 8,650,000 USD 8,795,882 0.50INDONESIA 4.875% 11-05.05.21 2,650,000 USD 2,916,617 0.17INDONESIA 7.25% 05-20.04.15 4,750,000 USD 5,274,400 0.31INDONESIA 7.5% 05-15.01.16REGS 2,470,000 USD 2,837,635 0.17PERTAMINA 4.875% 12-03.05.22 1,586,000 USD 1,665,038 0.1021,489,572 1.25IRELANDALFA BD ISS 7.75% 11-28.04.21 2,925,000 USD 3,283,327 0.19ALFA BD ISS 7.875% 10-25.09.17 1,500,000 USD 1,693,485 0.10SIBUR SEC LTD 3.914%31.01.18 3,000,000 USD 2,955,840 0.17TRANSCAP. 7.7% 08-07.08.13 5,450,000 USD 5,573,143 0.33VEB FINANCE 5.375% 12-13.02.17 7,950,000 USD 8,589,617 0.50VEB-LEASING INV5.125%27.05.16 525,000 USD 552,468 0.0322,647,880 1.32KAZAKHSTANDEV BK KAZA 4.125% 12-10.12.22 800,000 USD 781,316 0.05KAZMUNAIGAZ FIN. 8.375%08-02.07.13 REG 27,175,000 USD 27,627,736 1.6128,409,052 1.66LUXEMBOURGGAZ CAP 7.343% 08-11.04.13REGS 3,700,000 USD 3,706,272 0.22GAZ CAPITAL 6.51% 07-07.03.22 6,700,000 USD 7,751,866 0.45GAZ CAPITAL 8.125% 09-31.07.14 15,300,000 USD 16,594,609 0.98GAZ CAPITAL 9.25% 09-23.04.19 5,700,000 USD 7,388,824 0.43SB CAPITAL 5.717% 11-16.06.21 900,000 USD 979,079 0.06SBERBANK 5.18% 12-28.06.19 5,990,000 USD 6,432,242 0.38SBERBANK 5.4% 10-24.03.17REGS 5,100,000 USD 5,519,781 0.32SBERBANK 6.468% 08-02.07.13 16,200,000 USD 16,417,484 0.96Description Quantity/ Currency Evaluation % netFaceassetsvalueVTB CAP 6% 12-12.04.17 5,500,000 USD 5,890,280 0.3470,680,437 4.14MEXICOALESTRA 11.75% 10-11.08.14 1,325,000 USD 1,487,584 0.09GFB 6.5% 11-10.03.21/SUB 2,375,000 USD 2,703,938 0.16MEXICHEM 4.875% 12-19.09.22 1,300,000 USD 1,383,226 0.08SANTANDER 4.125% 12-09.11.22 4,500,000 USD 4,526,010 0.2610,100,758 0.59NAMIBIANAMIBIA 5.5% 11-03.11.21 10,000,000 USD 11,107,750 0.6511,107,750 0.65PANAMABCP 5.375% 10-16.09.20 REG-S 1,210,000 USD 1,336,578 0.08REPUBLIC PANAMA 7.125%05-29.01.26 3,100,000 USD 4,165,796 0.245,502,374 0.32PERUCOFIDE 4.75% 12-08.02.22 2,200,000 USD 2,364,736 0.142,364,736 0.14SLOVAKIASLOVAKIA 4.375% 12-21.05.22 21,000,000 USD 22,302,840 1.3022,302,840 1.30SOUTH AFRICASOUTH AFRICA 4.665% 12-17.01.24 1,747,000 USD 1,873,072 0.11SOUTH AFRICA 5.5% 10-03.09.20 10,500,000 USD 12,021,818 0.70SOUTH AFRICA 6.875% 09-27.05.19 11,100,000 USD 13,535,784 0.7927,430,674 1.60SRI LANKASRI LANKA 6.25% 11-27.07.21 1,650,000 USD 1,761,540 0.10TURKEY1,761,540 0.10AKBANK 5% 12-24.10.22 3,050,000 USD 3,140,463 0.18TURK HALK BK 3.875% 13-05.02.20 5,000,000 USD 4,922,925 0.29TURKEY 7.25% 04-15.03.15 19,050,000 USD 21,038,820 1.22395

Portfolio of Investments and Other Net Assets as at 31 March 2013GEM Debt Total ReturnStatement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueVAKIFLAR BK 6% 12-01.11.22/SUB 5,450,000 USD 5,593,199 0.33YAPI KREDI 6.75% 12-08.02.17 4,600,000 USD 5,123,940 0.3039,819,347 2.32TOTAL BONDS505,015,099 29.49PLACEMENTSTURKEYTURKEY 0% 11-15.05.13 255,000,000 TRY 139,858,977 8.16PLACEMENTSFLOATING RATE BONDS139,858,977 8.16139,858,9778.16MEXICOMEX UDIBONOS FRN 06-16.06.16 22 MXN 994 0.00TOTAL FLOATING RATE BONDSASSET BACKED SECURITIES994 0.009940.00DOMINICAN REPUBLICREP DOMINICAN 7.5%-10-06.05.21 5,075,000 USD 5,706,076 0.345,706,076 0.34IRAQIRAQ 5.80% 06-15.01.28STEP-UP 5,636,000 USD 5,204,818 0.305,204,818 0.30URUGUAYURUGUAY 6.875% 09-28.09.25 2,500,000 USD 3,276,250 0.19TOTAL ASSET BACKED SECURITIESCONVERTIBLE BONDS3,276,250 0.1914,187,1440.83JERSEYVEDANTA RES 4% 10-30.03.17 CV 6,700,000 USD 6,700,000 0.39TOTAL CONVERTIBLE BONDSTOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING6,700,000 0.396,700,000665,914,4770.3938.88Description Quantity/ Currency Evaluation % netFaceassetsvalueTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETBONDSBRAZILBRAZIL 6% 09-15.08.14/INFL 709 BRL 833,436 0.05BRAZIL 6% 09-15.08.20 IPCA 25,367 BRL 32,723,546 1.9133,556,982 1.96CAYMAN ISLANDSGRUPO AVAL 4.75% 12-26.09.22 4,200,000 USD 4,230,429 0.254,230,429 0.25COLOMBIABANCOLOMBIA 5.95% 11-03.06.21 3,050,000 USD 3,437,457 0.203,437,457 0.20CROATIACROATIA 6.625% 10-14.07.20 2,100,000 USD 2,293,757 0.132,293,757 0.13KAZAKHSTANDEV BK KAZA 5.5% 20.12.15 682,000 USD 736,021 0.04736,021 0.04TOTAL BONDS44,254,646 2.58TREAS. BONDS/NOTES - FIXED RATEUNITED STATESUSA 1.625% 12-15.08.22 TBO 20,060,000 USD 19,810,817 1.16USA 1.625% 12-15.11.22 TBO 37,350,000 USD 36,705,129 2.15USA 2%13-15.2.23 TBO S -B- 34,500,000 USD 34,955,508 2.04USA 2.75% 12-15.08.42 TBO 6,700,000 USD 6,235,188 0.3697,706,642 5.71TOTAL TREASURY BONDS/NOTES - FIXEDRATE97,706,642 5.71TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET141,961,288 8.29OTHER TRANSFERABLE SECURITIESSHARESUKRAINEXXI CENTURY INVESTMENTSPUBLIC 5,069 USD 231 0.00TOTAL SHARES231 0.002310.00396

Portfolio of Investments and Other Net Assets as at 31 March 2013GEM Debt Total ReturnStatement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueBONDSCAYMAN ISLANDSINDEP INTL 12% 09-30.12.16144A 4,214,406 USD 4,214 0.00TOTAL BONDSWARRANTS / EQUITY LINKED SECURITIES4,214 0.004,2140.00CYPRUSXXI CENTURY 24.05.13PW/XXI OPE 400 USD- 0.00- 0.00TOTAL WARRANTS / EQUITY LINKEDSECURITIESPIK BONDSCYPRUS- 0.00XXI CENTURY INV. 10% 07-24.11.14 400,000 USD 44,867 0.0044,867 0.00TOTAL PIK BONDS44,867TOTAL OTHER TRANSFERABLE SECURITIES 49,3120.000.00FINANCIAL INSTRUMENTSTREASURY BILLSMEXICOMEXICO 0% 12-04.04.13 TB 110,000,000 MXN 89,127,687 5.20MEXICO 0% 13-23.05.13 TB 88,000,000 MXN 70,923,096 4.14160,050,783 9.34UNITED STATESUSA 0% 12-02.05.13 TB 30,000,000 USD 29,998,773 1.75USA 0% 12-04.04.13 TB 75,000,000 USD 74,999,891 4.38USA 0% 12-09.05.13 TB 85,000,000 USD 84,994,841 4.96USA 0% 12-13.06.13 TB 125,000,000 USD 124,986,693 7.30USA 0% 12-16.05.13 TB 85,000,000 USD 84,993,891 4.96USA 0% 12-23.05.13 TB 125,000,000 USD 124,989,618 7.30524,963,707 30.65TOTAL TREASURY BILLS685,014,490 39.99TOTAL FINANCIAL INSTRUMENTS 685,014,490 39.99TOTAL INVESTMENTS 1,492,939,567 87.16OTHER NET ASSETS LESS LIABILITIES 219,968,946 12.84TOTAL NET ASSETS 1,712,908,513 100.00397

Portfolio of Investments and Other Net Assets as at 31 March 2013Global CurrencyStatement of investments as at 31 March 2013(expressed in USD)Description Face Value Currency Evaluation % netassetsINVESTMENTSFINANCIAL INSTRUMENTSTREASURY BILLSUNITED STATESUSA 0% 12-04.04.13 TB 7,000,000 USD 6,999,823 13.39USA 0% 12-09.05.13 TB 6,500,000 USD 6,499,048 12.43USA 0% 12-13.06.13 TB 4,500,000 USD 4,498,864 8.61USA 0% 12-18.04.13 TB 2,000,000 USD 1,999,848 3.83USA 0% 12-22.08.13 TB 8,000,000 USD 7,995,819 15.29USA 0% 12-25.07.13 TB 3,000,000 USD 2,998,978 5.74USA 0% 12-27.06.13 TB 6,000,000 USD 5,998,438 11.48USA 0% 13-05.09.13 TB 2,000,000 USD 1,999,146 3.83USA 0% 13-11.07.13 TB 5,000,000 USD 4,998,571 9.5643,988,535 84.16TOTAL TREASURY BILLS43,988,535 84.16TOTAL FINANCIAL INSTRUMENTS 43,988,535 84.16TOTAL INVESTMENTS 43,988,535 84.16OTHER NET ASSETS LESS LIABILITIES 8,276,688 15.84TOTAL NET ASSETS 52,265,223 100.00398

Portfolio of Investments and Other Net Assets as at 31 March 2013Global Flex AllocationStatement of investments as at 31 March 2013(expressed in EUR)Description Quantity/ Currency Evaluation % netFaceassetsvalueINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGSHARESBELGIUMANHEUSER-BUSH INBEV SA 1,851 EUR 143,693 0.76143,693 0.76DENMARKA.P. MOELLER - MAERSK A/S-B- 11 DKK 66,990 0.35FINLAND66,990 0.35SAMPO PLC -A- 2,992 EUR 89,820 0.47FRANCE89,820 0.47AXA 7,417 EUR 100,278 0.53BNP PARIBAS 1,788 EUR 72,289 0.38CAP GEMINI SA 2,102 EUR 75,073 0.40CARREFOUR SA 1,394 EUR 29,929 0.16CASINO GUICHARD-PERRACH 1,297 EUR 106,134 0.56CIE GEN.GEOPHYSIQUE /VERITAS 3,140 EUR 55,358 0.29CREDIT AGRICOLE SA PARIS 9,137 EUR 58,934 0.31GAZ DE FRANCE 4,047 EUR 61,069 0.32LAFARGE SA 818 EUR 42,659 0.22MICHELIN B /NOM. 1,011 EUR 66,089 0.35PEUGEOT SA 3,856 EUR 21,906 0.12PPR SA 274 EUR 47,197 0.25SAFRAN SA 4,069 EUR 141,885 0.75SAINT-GOBAIN 2,106 EUR 61,190 0.32SANOFI-AVENTIS 3,093 EUR 244,748 1.29SEB SA 615 EUR 33,105 0.17SOCIETE GENERALE PARIS -A- 3,887 EUR 100,343 0.53VALLOUREC 406 EUR 15,223 0.08VEOLIA ENVIRONNEMENT 3,005 EUR 29,780 0.16VIVENDI 2,950 EUR 47,952 0.251,411,141 7.44GERMANYALLIANZ SE /NAMEN.VINKULIERT 1,217 EUR 129,428 0.67Description Quantity/ Currency Evaluation % netFaceassetsvalueBAYER 649 EUR 52,413 0.28BILFINGER BERGER AG 1,021 EUR 82,854 0.44DEUTSCHE BOERSE AG 1,361 EUR 64,648 0.34DEUTSCHE POST AG BONN 4,068 EUR 73,366 0.39FRESENIUS MEDICAL CAREAG 2,193 EUR 115,615 0.61HENKEL / VORZUG 1,379 EUR 103,728 0.55SIEMENS AG 1,029 EUR 86,642 0.46708,694 3.74GREAT BRITAINBARCLAYS PLC 24,942 GBP 86,122 0.45BG GROUP PLC 6,627 GBP 89,100 0.47BP PLC 33,832 GBP 184,969 0.98CAPITA GRP 8,631 GBP 91,600 0.48CENTRICA PLC 22,211 GBP 96,864 0.51G4S PLC 22,137 GBP 76,437 0.40HSBC HOLDINGS PLC 21,588 GBP 179,797 0.95IMPERIAL TOBACCO GROUPPLC 2,113 GBP 57,493 0.30INCHCAPE 13,739 GBP 81,232 0.43INTERTEK GROUP PLC 3,149 GBP 126,196 0.67KINGFISHER PLC 30,152 GBP 102,543 0.54PRUDENTIAL PLC 10,333 GBP 131,108 0.69RECKITT BENCKISERGROUP PLC 2,295 GBP 128,636 0.68REED ELSEVIER PLC 13,155 GBP 121,335 0.64RIO TINTO PLC /REG 2,928 GBP 107,576 0.57ROYAL DUTCH SHELL -B- 8,215 GBP 213,374 1.12TESCO PLC 11,880 GBP 53,853 0.28UNILEVER PLC 3,951 GBP 130,864 0.69VODAFONE GROUP PLC 82,112 GBP 181,524 0.96XSTRATA PLC 7,676 GBP 98,303 0.522,338,926 12.33IRELANDKERRY GROUP A 2,030 EUR 94,700 0.50ITALY94,700 0.50AUTOGRILL SPA 5,869 EUR 54,259 0.29PRYSMIAN SPA 4,557 EUR 73,231 0.38UNICREDIT AZ 14,998 EUR 50,333 0.27177,823 0.94399

Portfolio of Investments and Other Net Assets as at 31 March 2013Global Flex AllocationStatement of investments as at 31 March 2013(expressed in EUR)Description Quantity/ Currency Evaluation % netFaceassetsvalueLUXEMBOURGARCELORMITTAL SA REG 5,076 EUR 51,395 0.2751,395 0.27NETHERLANDSING GROEP NV/CERT.OFSHS 12,383 EUR 69,469 0.37KONINKLIJKE KPN NV 9,941 EUR 26,135 0.14RANDSTAD HOLDING 1,724 EUR 55,159 0.29150,763 0.80NORWAYACERGY SA 4,163 NOK 75,873 0.4075,873 0.40SPAINBANCO SANTANDERCENTRAL HISPANO/REG 20,114 EUR 106,122 0.56DIA 1,486 EUR 8,024 0.04GRIFOLS SA -A- 3,128 EUR 90,118 0.48REPSOL YPF SA. MADRID 5,586 EUR 89,516 0.47TELEFONICA SA 9,182 EUR 96,686 0.51390,466 2.06SWEDENSVENSKA CELLUL. -B- 4,633 SEK 93,224 0.49VOLVO -B- 8,428 SEK 95,644 0.51188,868 1.00SWITZERLANDABB LTD ZUERICH /NAMEN. 5,523 CHF 97,744 0.52ARYZTA AG / NAM. 1,532 CHF 70,113 0.37CREDIT SUISSE GROUP/NOM. 4,770 CHF 98,540 0.52NESTLE 4,421 CHF 249,775 1.31NOVARTIS AG BASEL 2,878 CHF 159,405 0.84ROCHE HOLDING AG/GENUSSSCHEIN 1,265 CHF 230,430 1.21ZURICH FINANCIALSERVICES / NAMEN 379 CHF 82,503 0.44988,510 5.21TOTAL SHARES6,877,662 36.27Description Quantity/ Currency Evaluation % netFaceassetsvalueBONDSAUSTRIAAUSTRIA 4.65% 03-15.01.18S.2 301,000 EUR 356,399 1.88356,399 1.88BELGIUMBELGIUM 4% 07-28.03.17 150,000 EUR 169,313 0.89169,313 0.89CAYMAN ISLANDSHUTCH WHAM 4.75% 09-14.11.16 450,000 EUR 505,982 2.67505,982 2.67FRANCEBFCM 2.875% 12-21.06.17 400,000 EUR 422,294 2.23CR AGR 1.875% 12-18.10.17 100,000 EUR 100,295 0.53CR AGR 3.875% 12-13.02.19 200,000 EUR 218,723 1.15CRH 4% 12-17.06.22 232,000 EUR 273,173 1.44DEXIA MUN AG 2.75% 10-25.01.16 232,000 EUR 244,465 1.29EDF 2.75% 12-10.03.23 300,000 EUR 307,791 1.62FIN.FONCIER 3.375% 06-18.01.16 290,000 EUR 310,786 1.64RTE EDF TRANSPORT4.125% 06-27.09.16 400,000 EUR 444,013 2.342,321,540 12.24GREAT BRITAINBPCM 2.994% 12-18.02.19 375,000 EUR 406,558 2.15LLOYDS 3.75% 10-07.09.15 300,000 EUR 320,561 1.69RIO TINTO FIN 2% 11.05.20EMTN 100,000 EUR 101,044 0.53828,163 4.37ITALYINTESA TOR 3.375% 10-19.01.15 350,000 EUR 355,689 1.88UNICREDIT 4.875% 12-07.03.17 450,000 EUR 464,218 2.44819,907 4.32NETHERLANDSENEL FIN 4.875% 12-11.03.20 100,000 EUR 107,235 0.57ENEL FIN 5.75% 11-24.10.18 360,000 EUR 405,362 2.14NETHERLANDS 3.25% 11-15.07.21 464,000 EUR 531,105 2.79400

Portfolio of Investments and Other Net Assets as at 31 March 2013Global Flex AllocationStatement of investments as at 31 March 2013(expressed in EUR)Description Quantity/ Currency Evaluation % netFaceassetsvalueNETHERLANDS 4.5% 07-15.07.17 140,000 EUR 163,118 0.86SIEMENS FIN 5.125% 09-20.02.17 377,000 EUR 437,870 2.311,644,690 8.67NORWAYDNB NOR BOL 3.375% 10-20.01.17 418,000 EUR 458,122 2.42DNB 2.75% 12-21.03.22 500,000 EUR 538,752 2.84996,874 5.26SPAINBBVASM 3% 12-22.08.13 200,000 EUR 201,471 1.06TELEFONICA 3.987% 13-23.01.23 100,000 EUR 97,905 0.52299,376 1.58TOTAL BONDS7,942,244 41.88PREFERENTIAL SHARESGERMANYVOLKSWAGEN AG /VORZUG. 446 EUR 69,331 0.37TOTAL PREFERENTIAL SHARESOPTIONSGERMANY69,331 0.3769,3310.37CALL EURO BOBL 16 EUR 10,880 0.06TOTAL OPTIONSTOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING10,880 0.0610,88014,900,1170.0678.58TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETBONDSSPAINLA CAIXA 5.125% 11-27.04.16 200,000 EUR 215,459 1.14TOTAL BONDSTOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET215,459 1.14215,459215,4591.141.14Description Quantity/ Currency Evaluation % netFaceassetsvalueOTHER TRANSFERABLE SECURITIESINVESTMENT FUNDSFRANCEHSBC MONETAIRE ETATCAP. 1 EUR 2,182 0.012,182 0.01TOTAL INVESTMENT FUNDS2,182 0.01TOTAL OTHER TRANSFERABLE SECURITIES 2,182 0.01TOTAL INVESTMENTS 15,117,758 79.73OTHER NET ASSETS LESS LIABILITIES 3,843,000 20.27TOTAL NET ASSETS 18,960,758 100.00401

Portfolio of Investments and Other Net Assets as at 31 March 2013Global MacroStatement of investments as at 31 March 2013(expressed in EUR)Description Quantity/ Currency Evaluation % netFaceassetsvalueINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGOPTION ON STOCK INDICESHONG KONGCALL HSCEI - HKD CHINAENT 40 HKD 10,262 0.01PUT HSCEI - HKD CHINA ENT (40) HKD (71,228) (0.09)(60,966) (0.08)JAPANCALL NIKKEI 225 INDICES D 50 JPY 379,012 0.49CALL NIKKEI 225 INDICES D 25 JPY 9,113 0.01CALL NIKKEI 225 INDICES D 25 JPY 3,314 0.00CALL NIKKEI 225 INDICES D (50) JPY (78,703) (0.10)PUT NIKKEI 225 INDICES D (50) JPY (2,485) 0.00310,251 0.40TOTAL OPTION ON STOCK INDICES249,285 0.32TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGOTHER TRANSFERABLE SECURITIESCURRENCY OPTIONSSWITZERLAND249,2850.32PUT USD/CNY SPOT CROSS 15,000,000 USD 35,007 0.04PUT USD/CNY SPOT CROSS 10,000,000 USD 30,478 0.0465,485 0.08TOTAL CURRENCY OPTIONS65,485 0.08TOTAL OTHER TRANSFERABLE SECURITIES 65,485 0.08FINANCIAL INSTRUMENTSTREASURY BILLSFRANCEFRANCE 0% 12-16.05.13 BTF 2,000,000 EUR 1,999,960 2.54FRANCE 0% 12-18.04.13 BTF 2,000,000 EUR 2,000,000 2.54FRANCE 0% 12-25.07.13 BTF 13,700,000 EUR 13,699,246 17.41FRANCE 0% 12-27.06.13 BTF 7,000,000 EUR 6,999,755 8.90FRANCE 0% 12-30.05.13 BTF 13,000,000 EUR 12,999,675 16.52FRANCE 0% 13-08.08.13 TB 8,700,000 EUR 8,699,261 11.06FRANCE 0% 13-11.07.13 BTF 6,900,000 EUR 6,899,690 8.77FRANCE 0% 13-13.06.13 BTF 6,800,000 EUR 6,799,830 8.64Description Quantity/ Currency EvaluationFace% netassetsvalueFRANCE 0% 13-25.04.13 BTF 6,000,000 EUR 5,999,940 7.6366,097,357 84.01TOTAL TREASURY BILLS66,097,357 84.01TOTAL FINANCIAL INSTRUMENTS 66,097,357 84.01TOTAL INVESTMENTS 66,412,127 84.41OTHER NET ASSETS LESS LIABILITIES 12,265,828 15.59TOTAL NET ASSETS 78,677,955 100.00402

Portfolio of Investments and Other Net Assets as at 31 March 2013Managed Solutions - Asia Focused Conservative (launchedas at 15 March 2013)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGSHARESAUSTRALIAANZ BANKING GROUP 7,370 AUD 219,213 0.51BHP BILLITON LTD 8,007 AUD 273,470 0.62CHALLENGER LTD 10,698 AUD 42,940 0.10CWTHBK OF AUSTRALIA 3,891 AUD 275,886 0.63FLIGHT CENTRE LIMITED 1,199 AUD 42,001 0.10GOODMAN GROUP 15,732 AUD 78,399 0.18INCITEC PIVOT LTD 16,213 AUD 52,230 0.12INSURANCE AUSTRALIAGROUP LTD 11,433 AUD 68,060 0.16LEIGHTON HLD LTD 2,143 AUD 45,890 0.11MINERAL RESOURCES LTD 4,453 AUD 49,164 0.11NATIONAL AUSTRALIA BANKLTD 6,497 AUD 208,893 0.48RIO TINTO LIMITED 1,771 AUD 105,612 0.24TELSTRA CORPORATIONLTD 21,942 AUD 103,169 0.24WESFARMERS 2,705 AUD 113,368 0.26WESTPAC BANKING CORP. 4,266 AUD 136,806 0.32WOODSIDE PETROLEUMLTD 2,057 AUD 76,817 0.18WOOLWORTHS 2,860 AUD 100,751 0.231,992,669 4.59BERMUDA ISLANDSDIGITAL CHINA HLD LTD 17,000 HKD 22,995 0.05HAIER ELECTRONICSGROUP CO. LTD 10,000 HKD 15,948 0.04LUK FOOK HOLDINGS (INT)LTD 11,000 HKD 35,284 0.08NOBLE GROUP LTD 59,000 SGD 57,783 0.14SKYWORTH DIGITAL HLDLTD 66,000 HKD 44,297 0.10YUE YUEN IND HLD LTD 9,500 HKD 30,962 0.07207,269 0.48CAYMAN ISLANDSAAC TECHNOLOGIE SHS 7,000 HKD 33,635 0.08CHAILEASE 10,000 TWD 27,757 0.06CHINA SHANSHUI CEMENTGRP LTD 38,000 HKD 21,833 0.05Description Quantity/ Currency Evaluation % netFaceassetsvalueGREENTOWN CHINAHOLDINGS LTD 20,000 HKD 37,616 0.09LONGFOR PPT 25,000 HKD 41,352 0.10MGM CHINA 19,600 HKD 41,914 0.10TPK HOLDINGS CO. 3,000 TWD 59,593 0.13263,700 0.61CHINABANK OF CHINA LTD -H- 234,000 HKD 108,520 0.25CHINA COMMUNICATIONSCONSTRUCTION -H- 36,000 HKD 33,483 0.08CHINA CONSTRUCTIONBANK CO. -H- 212,000 HKD 173,148 0.40CHINA NATIONAL BUILDINGMATERIAL -H- 36,000 HKD 45,309 0.10CHINA OILFIELD SERVICES -H- 16,000 HKD 33,514 0.08CHINA PETROLEUM & CHEMCORP. -H- 86,000 HKD 101,259 0.23CHONGQING RURAL SHS -H- 48,000 HKD 25,661 0.06GREAT WALL MOTOR CO.LTD -H- 9,000 HKD 30,492 0.07HUANENG POWERINTERNATIONAL -H- 48,000 HKD 51,199 0.12IND & COM BOC -H- 208,000 HKD 145,765 0.34PICC PROPERTY &CASUALTY -H- 16,000 HKD 20,550 0.05SHIMAO PROPERTYHOLDING LTD -H- 23,000 HKD 44,147 0.10813,047 1.88HONG KONGAIA GROUP 22,000 HKD 96,359 0.22CHEUNG KONG HOLDINGS 6,000 HKD 88,578 0.20CHINA MOBILE LTD 14,500 HKD 153,543 0.35CHINA OVERSEASLAND&INVESTMENT 26,000 HKD 71,677 0.17CNOOC LTD 60,000 HKD 115,321 0.27THE WHARF HOLDING 9,000 HKD 80,230 0.19605,708 1.40INDONESIAPERUSAHAAN GAS NEGA -B- 72,000 IDR 44,087 0.10PT ALAM SUTERA REALTYTBK 544,000 IDR 59,902 0.14PT BANK MANDIRI PERSEROTBK 44,000 IDR 45,280 0.10403

Portfolio of Investments and Other Net Assets as at 31 March 2013Managed Solutions - Asia Focused Conservative (launchedas at 15 March 2013)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvaluePT BANK RAKYATINDONESIA 98,000 IDR 88,245 0.21237,514 0.55MALAYSIAAIRASIA BHD 33,100 MYR 30,572 0.07RHB CAPITAL BHD 23,100 MYR 64,380 0.1594,952 0.22SINGAPOREEZION HOLDINGS LTD 38,000 SGD 66,468 0.15STX OSV HOLDINGS 52,000 SGD 51,137 0.12UTD OVERSEAS BANK/LOCAL 2,000 SGD 32,855 0.08150,460 0.35SOUTH KOREABS FINL SHS 5,290 KRW 71,811 0.17DONGBU INSURANCE CO.LTD 680 KRW 29,007 0.07GRAND KOREA LEISURE CO.LTD 1,110 KRW 32,681 0.08HANKOOK TIRE CO. LTD 710 KRW 30,670 0.07HYUNDAI FIRE & MARINE INSCO. 1,830 KRW 52,399 0.12HYUNDAI HOME SHOPPINGNETWORK 233 KRW 29,011 0.07HYUNDAI MOTOR CO. LTD 539 KRW 108,299 0.24HYUNDAI WIA CORP. 274 KRW 40,644 0.09KIA MOTORS CORP. 1,044 KRW 52,653 0.12KOREA ZINC CO. LTD 146 KRW 46,530 0.11KT CORPORATION 860 KRW 27,137 0.06LG DISPLAY CO. LTD 1,230 KRW 35,716 0.08SAMSUNG ELECTRONICSCO. LTD 239 KRW 324,440 0.74SAMSUNG ELECTRONICSPREF. NON-VOT. 87 KRW 67,889 0.16SAMSUNG ENGINEERINGCO. LTD 414 KRW 47,640 0.11SK TELECOM CO. LTD 444 KRW 72,048 0.17S-OIL CORP. 719 KRW 60,372 0.141,128,947 2.60TAIWANASUSTEK COMPUTER INC. 6,000 TWD 71,332 0.16CHENG SHIN RUBBERINDUSTRY CO 22,000 TWD 62,537 0.14Description Quantity/ Currency Evaluation % netFaceassetsvalueHON HAI PRECISIONINDUSTRY CO. LTD 34,000 TWD 94,032 0.22RADIANT OPTOELECTRONICS CORP. 15,000 TWD 59,192 0.14TAIWAN SEMICONDUCTORMANUFACTURING 43,000 TWD 143,800 0.33430,893 0.99THAILANDKASIKORNBANK PUBLICCOMPANY LTD /NVDR 14,400 THB 102,277 0.25KRUNG THAI BKPUBL.CO/NVDR 89,100 THB 75,454 0.17PTT EXPLOR.& PROD./NON-VOT. 9,800 THB 49,694 0.11PTT GLOBAL PUB NONVOTING DEP 24,500 THB 58,144 0.13PTT PUBLIC /NON-VOTINGDEP.REC 6,700 THB 74,126 0.17THAI UNION FROZEN/NVDEP.REC. 23,600 THB 51,173 0.12TOTAL SHARESBONDSBERMUDA ISLANDS410,868 0.956,336,027 14.62SHENZHEN INT 4.375%20.04.17 600,000 USD 635,085 1.46635,085 1.46CAYMAN ISLANDSCHINA SCF I 3.125% 13-02.04.18 240,000 USD 238,646 0.55238,646 0.55CHINABESTGAIN RE 2.625% 13-13.03.18 1,000,000 USD 983,370 2.27983,370 2.27HONG KONGCHINATRUST COMM. 5.625%05-PERP 500,000 USD 517,113 1.19HKSAR GOVT 0.53% 13-19.03.18 35,000,000 HKD 4,513,774 10.42WING LUNG BK 3.5% 07.11.22EMTN 500,000 USD 510,895 1.18YANCOAL INTL 4.461% 12-16.05.17 500,000 USD 521,655 1.20404

Portfolio of Investments and Other Net Assets as at 31 March 2013Managed Solutions - Asia Focused Conservative (launchedas at 15 March 2013)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueYANCOAL INTL 5.73% 12-16.05.22 500,000 USD 512,665 1.18YUEXIU PROP 3.25% 24.01.18SR 1,200,000 USD 1,201,313 2.787,777,415 17.95INDIABANK OF BARODA 5% 11-24.08.16 300,000 USD 321,797 0.74ICICI BK 4.7% 12-21.02.18 500,000 USD 528,720 1.22850,517 1.96INDONESIAID EXI BK 3.75% 12-26.04.17 1,000,000 USD 1,039,875 2.40PERTAMINA 4.875% 12-03.05.22 1,000,000 USD 1,049,835 2.42PT BK NEGARA 4.125% 12-27.04.17 1,050,000 USD 1,092,855 2.533,182,565 7.35SINGAPOREBOC AVIATION 2.875%10.10.17 1,000,000 USD 1,001,970 2.31COMPET TEAM 2.125% 12-13.12.17 1,000,000 USD 989,585 2.28OCBC 3.15% 12-11.03.23 500,000 USD 510,793 1.182,502,348 5.77VIRGIN ISLANDSPCCW HKT CAP N5 3.75% 13-08.03.23 1,000,000 USD 988,245 2.28TOTAL BONDSWARRANTS / EQUITY LINKED SECURITIES988,245 2.2817,158,19139.59GERMANYDEUTSCHE BANK 07-17.01.17 WRT/HCL 4,443 USD 65,441 0.15DEUTSCHE BANK AG 07-02.01.17 WRT /CARN INDIA 5,744 USD 28,828 0.0794,269 0.22GREAT BRITAINDB LN 08-12.08.18 CW/YESBK 6,196 USD 48,954 0.10DB LN 08-19.03.18CERT/RECL IN 10,013 USD 38,449 0.09DB LN 24.01.17 CW/CANADABK 6,060 USD 42,873 0.10Description Quantity/ Currency Evaluation % netFaceassetsvalueDEUT.BK.07-22.01.17WRT/OIL & GAS 5,880 USD 33,730 0.08164,006 0.37NETHERLANDSJPM STR 09.01.28PNOTE/NMCD 18,000 USD 45,360 0.10JPM STR 13-19.03.18CERT/ARBP 12,384 USD 33,189 0.08JPM STR 23.01.18CERT/TECHM 2,842 USD 55,468 0.13134,017 0.31TOTAL WARRANTS / EQUITY LINKEDSECURITIESGDR (Global Depositary Receipt)INDIA392,292 0.90GRASIM INDUSTRIES /GDR144A 948 USD 49,130 0.11TOTAL GDR (Global Depositary Receipt)FLOATING RATE BONDSBERMUDA ISLANDS49,130 0.1149,1300.11LI & F LTD 6% FRN 12-PERP 1,000,000 USD 1,025,650 2.371,025,650 2.37CAYMAN ISLANDSHUTCH WHAM FRN 12-PERP/FTF 500,000 USD 534,763 1.23HONG KONG534,763 1.23CITIC BK FRN 12-28.09.22 500,000 USD 510,263 1.18JAPAN510,263 1.18DAI-ICHI LIFE FRN 11-PERP 500,000 USD 565,369 1.30MSINS FRN 12-15.03.72 500,000 USD 563,788 1.301,129,157 2.60TOTAL FLOATING RATE BONDS3,199,833 7.38ADR (American Depositary Receipt)CAYMAN ISLANDSNETEASE COM INC. / ADR 811 USD 44,435 0.1044,435 0.10405

Portfolio of Investments and Other Net Assets as at 31 March 2013Managed Solutions - Asia Focused Conservative (launchedas at 15 March 2013)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueINDIASTERLITE INDUSTRIES(INDIA) /ADR 6,374 USD 44,363 0.10TATA MOTORS LTD /ADR 2,238 USD 54,406 0.1398,769 0.23TOTAL ADR (American Depositary Receipt)143,204 0.33TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING27,278,67762.93TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETSHARESSOUTH KOREACJ O SHOPPING CO LTD 133 KRW 35,236 0.08TOTAL SHARESBONDS35,236 0.0835,2360.08CANADAPTTEP CDA 6.35% 12-12.06.42 500,000 USD 598,800 1.38598,800 1.38CAYMAN ISLANDSUOB CAYMAN 5.796% 05-PERP. REG 500,000 USD 534,075 1.23534,075 1.23HONG KONGWING HANG BK 6%(FRN)07-PERP. 500,000 USD 519,735 1.20519,735 1.20INDONESIABANK RAKYAT 2.95% 13-28.03.18 1,200,000 USD 1,190,058 2.75PT BK NEGARA 5.25% 12-24.10.42 500,000 USD 478,048 1.101,668,106 3.85JAPANSOMPO JAP 5.325 FRN 13-28.03.73 600,000 USD 599,487 1.38TOTAL BONDS599,487 1.383,920,2039.04Description Quantity/ Currency Evaluation % netFaceassetsvalueTREAS. BONDS/NOTES - FIXED RATEUNITED STATESUSA 2%13-15.2.23 TBO S -B- 4,500,000 USD 4,559,414 10.524,559,414 10.52TOTAL TREASURY BONDS/NOTES - FIXEDRATE4,559,414 10.52TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET8,514,853 19.64OTHER TRANSFERABLE SECURITIESGDR (Global Depositary Receipt)INDIARELIANCE INDUSTRIES /GDR2 SHS 144A 1,188 USD 33,829 0.0833,829 0.08TOTAL GDR (Global Depositary Receipt)33,829 0.08TOTAL OTHER TRANSFERABLE SECURITIES 33,829 0.08TOTAL INVESTMENTS 35,827,359 82.65OTHER NET ASSETS LESS LIABILITIES 7,523,163 17.35TOTAL NET ASSETS 43,350,522 100.00406

Portfolio of Investments and Other Net Assets as at 31 March 2013Managed Solutions - Asia Focused Growth (launched as at15 March 2013)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGSHARESAUSTRALIAANZ BANKING GROUP 105,648 AUD 3,142,389 2.32BHP BILLITON LTD 114,786 AUD 3,920,394 2.89CHALLENGER LTD 153,358 AUD 615,551 0.45CWTHBK OF AUSTRALIA 55,786 AUD 3,955,442 2.91FLIGHT CENTRE LIMITED 17,198 AUD 602,440 0.44GOODMAN GROUP 225,508 AUD 1,123,794 0.83INCITEC PIVOT LTD 232,413 AUD 748,714 0.55INSURANCE AUSTRALIAGROUP LTD 162,855 AUD 969,469 0.72LEIGHTON HLD LTD 30,720 AUD 657,837 0.49MINERAL RESOURCES LTD 63,832 AUD 704,744 0.52NATIONAL AUSTRALIA BANKLTD 93,138 AUD 2,994,596 2.21RIO TINTO LIMITED 25,388 AUD 1,513,984 1.12TELSTRA CORPORATIONLTD 312,642 AUD 1,470,012 1.09WESFARMERS 38,653 AUD 1,619,967 1.20WESTPAC BANKING CORP. 61,150 AUD 1,961,009 1.45WOODSIDE PETROLEUMLTD 29,450 AUD 1,099,785 0.81WOOLWORTHS 40,732 AUD 1,434,897 1.0628,535,024 21.06BERMUDA ISLANDSDIGITAL CHINA HLD LTD 258,000 HKD 348,979 0.26HAIER ELECTRONICSGROUP CO. LTD 148,000 HKD 236,033 0.17LUK FOOK HOLDINGS (INT)LTD 161,000 HKD 516,435 0.38NOBLE GROUP LTD 850,000 SGD 832,460 0.61SKYWORTH DIGITAL HLDLTD 1,000,000 HKD 671,162 0.50YUE YUEN IND HLD LTD 137,500 HKD 448,140 0.333,053,209 2.25CAYMAN ISLANDSAAC TECHNOLOGIE SHS 96,000 HKD 461,286 0.34CHAILEASE 151,000 TWD 419,129 0.31CHINA SHANSHUI CEMENTGRP LTD 576,000 HKD 330,939 0.24Description Quantity/ Currency Evaluation % netFaceassetsvalueGREENTOWN CHINAHOLDINGS LTD 289,000 HKD 543,552 0.40LONGFOR PPT 361,000 HKD 597,121 0.44MGM CHINA 282,400 HKD 603,897 0.45TPK HOLDINGS CO. 50,000 TWD 993,226 0.743,949,150 2.92CHINABANK OF CHINA LTD -H- 3,356,000 HKD 1,556,376 1.15CHINA COMMUNICATIONSCONSTRUCTION -H- 546,000 HKD 507,832 0.38CHINA CONSTRUCTIONBANK CO. -H- 3,051,000 HKD 2,491,847 1.83CHINA NATIONAL BUILDINGMATERIAL -H- 512,000 HKD 644,399 0.48CHINA OILFIELD SERVICES -H- 224,000 HKD 469,201 0.35CHINA PETROLEUM & CHEMCORP. -H- 1,252,000 HKD 1,474,146 1.09CHONGQING RURAL SHS -H- 690,000 HKD 368,882 0.27GREAT WALL MOTOR CO.LTD -H- 128,000 HKD 433,666 0.32HUANENG POWERINTERNATIONAL -H- 672,000 HKD 716,786 0.53IND & COM BOC -H- 2,986,000 HKD 2,092,564 1.54PICC PROPERTY &CASUALTY -H- 220,000 HKD 282,558 0.21SHIMAO PROPERTYHOLDING LTD -H- 330,000 HKD 633,418 0.4711,671,675 8.62HONG KONGAIA GROUP 317,800 HKD 1,391,947 1.03CHEUNG KONG HOLDINGS 80,000 HKD 1,181,040 0.87CHINA MOBILE LTD 208,500 HKD 2,207,842 1.63CHINA OVERSEASLAND&INVESTMENT 384,000 HKD 1,058,608 0.78CNOOC LTD 866,000 HKD 1,664,473 1.23THE WHARF HOLDING 128,000 HKD 1,141,054 0.848,644,964 6.38INDONESIAPERUSAHAAN GAS NEGA -B- 1,029,500 IDR 630,378 0.47PT ALAM SUTERA REALTYTBK 7,804,500 IDR 859,382 0.63PT BANK MANDIRI PERSEROTBK 626,000 IDR 644,217 0.48407

Portfolio of Investments and Other Net Assets as at 31 March 2013Managed Solutions - Asia Focused Growth (launched as at15 March 2013)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvaluePT BANK RAKYATINDONESIA 1,404,500 IDR 1,264,699 0.933,398,676 2.51MALAYSIAAIRASIA BHD 475,300 MYR 438,998 0.32RHB CAPITAL BHD 329,100 MYR 917,207 0.681,356,205 1.00SINGAPOREEZION HOLDINGS LTD 545,000 SGD 953,289 0.70STX OSV HOLDINGS 738,000 SGD 725,746 0.54UTD OVERSEAS BANK/LOCAL 31,000 SGD 509,254 0.382,188,289 1.62SOUTH KOREABS FINL SHS 75,950 KRW 1,031,014 0.76DONGBU INSURANCE CO.LTD 9,800 KRW 418,044 0.31GRAND KOREA LEISURE CO.LTD 16,820 KRW 495,219 0.37HANKOOK TIRE CO. LTD 10,760 KRW 464,799 0.34HYUNDAI FIRE & MARINE INSCO. 26,340 KRW 754,197 0.56HYUNDAI HOME SHOPPINGNETWORK 3,320 KRW 413,378 0.31HYUNDAI MOTOR CO. LTD 7,739 KRW 1,554,969 1.15HYUNDAI WIA CORP. 3,934 KRW 583,550 0.43KIA MOTORS CORP. 14,965 KRW 754,743 0.56KOREA ZINC CO. LTD 2,087 KRW 665,118 0.49KT CORPORATION 12,360 KRW 390,019 0.29LG DISPLAY CO. LTD 18,640 KRW 541,263 0.40SAMSUNG ELECTRONICSCO. LTD 3,436 KRW 4,664,335 3.44SAMSUNG ELECTRONICSPREF. NON-VOT. 1,252 KRW 976,976 0.72SAMSUNG ENGINEERINGCO. LTD 5,941 KRW 683,643 0.50SK TELECOM CO. LTD 6,375 KRW 1,034,468 0.76S-OIL CORP. 10,309 KRW 865,612 0.6416,291,347 12.03TAIWANASUSTEK COMPUTER INC. 73,000 TWD 867,870 0.64CHENG SHIN RUBBERINDUSTRY CO 324,000 TWD 920,993 0.68Description Quantity/ Currency Evaluation % netFaceassetsvalueHON HAI PRECISIONINDUSTRY CO. LTD 476,000 TWD 1,316,451 0.97RADIANT OPTOELECTRONICS CORP. 212,000 TWD 836,585 0.62TAIWAN SEMICONDUCTORMANUFACTURING 631,000 TWD 2,110,190 1.566,052,089 4.47THAILANDKASIKORNBANK PUBLICCOMPANY LTD /NVDR 207,100 THB 1,470,944 1.08KRUNG THAI BKPUBL.CO/NVDR 1,271,800 THB 1,077,018 0.80PTT EXPLOR.& PROD./NON-VOT. 141,300 THB 716,508 0.53PTT GLOBAL PUB NONVOTING DEP 351,600 THB 834,423 0.62PTT PUBLIC /NON-VOTINGDEP.REC 96,300 THB 1,065,427 0.79THAI UNION FROZEN/NVDEP.REC. 338,800 THB 734,632 0.54TOTAL SHARESBONDSBERMUDA ISLANDS5,898,952 4.3691,039,580 67.22SHENZHEN INT 4.375%20.04.17 400,000 USD 423,390 0.31423,390 0.31CAYMAN ISLANDSCHINA SCF I 3.125% 13-02.04.18 200,000 USD 198,872 0.15198,872 0.15CHINABESTGAIN RE 2.625% 13-13.03.18 500,000 USD 491,685 0.36491,685 0.36HONG KONGCHINATRUST COMM. 5.625%05-PERP 500,000 USD 517,112 0.38YANCOAL INTL 5.73% 12-16.05.22 500,000 USD 512,665 0.38YUEXIU PROP 3.25% 24.01.18SR 300,000 USD 300,329 0.221,330,106 0.98408

Portfolio of Investments and Other Net Assets as at 31 March 2013Managed Solutions - Asia Focused Growth (launched as at15 March 2013)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueINDIABANK OF BARODA 5% 11-24.08.16 200,000 USD 214,531 0.16EXPORT IMP BK 3.375% 12-18.09.17 250,000 SGD 204,720 0.15ICICI BK 4.7% 12-21.02.18 500,000 USD 528,720 0.39IDBI 3.65% 12-28.08.15 EMTN 250,000 SGD 205,884 0.151,153,855 0.85INDONESIAID EXI BK 3.75% 12-26.04.17 500,000 USD 519,938 0.38INDONESIA 5.625%12-15.05.23 10,750,000,000 IDR 1,113,400 0.83INDONESIA 8.25% 11-15.06.32 2,000,000,000 IDR 245,072 0.18PERTAMINA 4.875% 12-03.05.22 500,000 USD 524,918 0.39PT BK NEGARA 4.125% 12-27.04.17 600,000 USD 624,489 0.463,027,817 2.24MALAYSIAMALAYSIA 3.58% 11-28.09.18 1,500,000 MYR 491,521 0.36SINGAPORE491,521 0.36SINGAPORE 2.5% 09-01.06.19 2,225,000 SGD 1,975,617 1.46SINGAPORE 3.125% 07-01.09.22 1,000,000 SGD 918,870 0.682,894,487 2.14SOUTH KOREABANK OF KOREA 3.59% 11-02.10.13 500,000,000 KRW 450,660 0.33KOREA 3.75% 12-10.06.22 1,000,000,000 KRW 969,462 0.72KOREA 4%11-10.03.16 2,600,000,000 KRW 2,436,946 1.813,857,068 2.86THAILANDTHAILAND GOV 3.58% 12-17.12.27 9,000,000 THB 301,209 0.22301,209 0.22VIRGIN ISLANDSPCCW HKT CAP N5 3.75% 13-08.03.23 500,000 USD 494,123 0.36TOTAL BONDS494,123 0.3614,664,13310.83Description Quantity/ Currency Evaluation % netFaceassetsvalueWARRANTS / EQUITY LINKED SECURITIESGERMANYDEUTSCHE BANK 07-17.01.17 WRT/HCL 63,382 USD 933,547 0.69DEUTSCHE BANK AG 07-02.01.17 WRT /CARN INDIA 81,930 USD 411,197 0.301,344,744 0.99GREAT BRITAINDB LN 08-12.08.18 CW/YESBK 88,369 USD 698,194 0.52DB LN 08-19.03.18CERT/RECL IN 142,823 USD 548,429 0.40DB LN 24.01.17 CW/CANADABK 86,426 USD 611,438 0.45DEUT.BK.07-22.01.17WRT/OIL & GAS 83,873 USD 481,128 0.362,339,189 1.73NETHERLANDSJPM STR 09.01.28PNOTE/NMCD 256,000 USD 645,120 0.48JPM STR 13-19.03.18CERT/ARBP 176,643 USD 473,403 0.35JPM STR 23.01.18CERT/TECHM 40,547 USD 791,371 0.581,909,894 1.41TOTAL WARRANTS / EQUITY LINKEDSECURITIESGDR (Global Depositary Receipt)INDIA5,593,827 4.13GRASIM INDUSTRIES /GDR144A 13,520 USD 700,669 0.52TOTAL GDR (Global Depositary Receipt)FLOATING RATE BONDSBERMUDA ISLANDS700,669 0.52700,6690.52LI & F LTD 6% FRN 12-PERP 500,000 USD 512,825 0.38512,825 0.38CAYMAN ISLANDSHUTCH WHAM FRN 12-PERP/FTF 500,000 USD 534,763 0.39534,763 0.39409

Portfolio of Investments and Other Net Assets as at 31 March 2013Managed Solutions - Asia Focused Growth (launched as at15 March 2013)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueHONG KONGCITIC BK FRN 12-28.09.22 500,000 USD 510,263 0.38JAPAN510,263 0.38DAI-ICHI LIFE FRN 11-PERP 500,000 USD 565,369 0.41MSINS FRN 12-15.03.72 500,000 USD 563,788 0.421,129,157 0.83SINGAPOREDBS BANK 3.3% FRN 12-21.02.22 250,000 SGD 207,732 0.16MAPLETREE FRN 2012 PERPEMTN 250,000 SGD 206,694 0.15UOBSP FRN 11-01.04.21 250,000 SGD 207,432 0.15621,858 0.46TOTAL FLOATING RATE BONDS3,308,866 2.44ADR (American Depositary Receipt)CAYMAN ISLANDSNETEASE COM INC. / ADR 11,561 USD 633,427 0.47633,427 0.47INDIASTERLITE INDUSTRIES(INDIA) /ADR 90,907 USD 632,713 0.47TATA MOTORS LTD /ADR 31,923 USD 776,048 0.571,408,761 1.04TOTAL ADR (American Depositary Receipt) 2,042,188 1.51TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING117,349,26386.65TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETSHARESSOUTH KOREACJ O SHOPPING CO LTD 1,900 KRW 503,377 0.37TOTAL SHARESBONDS503,377 0.37503,3770.37CAYMAN ISLANDSUOB CAYMAN 5.796% 05-PERP. REG 500,000 USD 534,075 0.39534,075 0.39Description Quantity/ Currency Evaluation % netFaceassetsvalueHONG KONGWING HANG BK 6%(FRN)07-PERP. 500,000 USD 519,735 0.38519,735 0.38INDONESIABANK RAKYAT 2.95% 13-28.03.18 700,000 USD 694,201 0.52INDONESIE 11% 04-15.10.14FR26 1,000,000,000 IDR 113,148 0.08807,349 0.60JAPANSOMPO JAP 5.325 FRN 13-28.03.73 600,000 USD 599,487 0.44599,487 0.44MALAYSIABNM 3.492% 12-31.03.20 5,000,000 MYR 1,622,806 1.21MALAYSIA 3.434% 11-15.08.14 1,750,000 MYR 569,404 0.42MALAYSIA 4.012% 10-15.09.17 2,000,000 MYR 666,965 0.492,859,175 2.12PHILIPPINESPHILIPPINES 5.875% 08-31.01.18 53,000,000 PHP 1,484,337 1.10PHILIPPINES 5.875% 12-01.03.32 4,000,000 PHP 125,383 0.09PHILIPPINES 5.875% 12-02.02.32 16,000,000 PHP 514,117 0.382,123,837 1.57SINGAPORESINGAPORE 3.5% 07-01.03.27 500,000 SGD 466,952 0.34SOUTH KOREA466,952 0.34KOREA 5.75% 08-10.09.18 1,900,000,000 KRW 1,983,342 1.46THAILAND1,983,342 1.46BOTB 3.22% 12-01.03.16 9,000,000 THB 309,668 0.23THAILAND GOV 3.25% 11-16.06.17 35,000,000 THB 1,205,912 0.90410

Portfolio of Investments and Other Net Assets as at 31 March 2013Managed Solutions - Asia Focused Growth (launched as at15 March 2013)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueTHAILAND GOV 3.45% 11-08.03.19 28,000,000 THB 966,280 0.712,481,860 1.84TOTAL BONDS12,375,812 9.14TOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET12,879,189 9.51OTHER TRANSFERABLE SECURITIESGDR (Global Depositary Receipt)INDIARELIANCE INDUSTRIES /GDR2 SHS 144A 16,942 USD 482,434 0.36482,434 0.36TOTAL GDR (Global Depositary Receipt)482,434 0.36TOTAL OTHER TRANSFERABLE SECURITIES 482,434 0.36TOTAL INVESTMENTS 130,710,886 96.52OTHER NET ASSETS LESS LIABILITIES 4,706,411 3.48TOTAL NET ASSETS 135,417,297 100.00411

Portfolio of Investments and Other Net Assets as at 31 March 2013Managed Solutions - Asia Focused Income (launched as at25 May 2012)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueINVESTMENTSTRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTINGSHARESAUSTRALIAAGL ENERGY 390,512 AUD 6,457,055 0.45ANZ BANKING GROUP 293,378 AUD 8,726,221 0.61BHP BILLITON LTD 194,618 AUD 6,646,971 0.46CWTHBK OF AUSTRALIA 149,307 AUD 10,586,436 0.74GOODMAN GROUP 1,338,092 AUD 6,668,233 0.46INSURANCE AUSTRALIAGROUP LTD 1,132,011 AUD 6,738,817 0.47LEIGHTON HLD LTD 290,476 AUD 6,220,246 0.43METCASH LTD / DEFERREDDELIVERY 1,163,082 AUD 5,020,045 0.35NATIONAL AUSTRALIA BANKLTD 264,410 AUD 8,501,374 0.59TELSTRA CORPORATIONLTD 1,378,391 AUD 6,481,057 0.45WOOLWORTHS 228,901 AUD 8,063,671 0.5680,110,126 5.57BERMUDA ISLANDSCHEUNG KONGINFRASTRUCTURE HLD 946,000 HKD 6,489,344 0.45LUK FOOK HOLDINGS (INT)LTD 1,485,000 HKD 4,763,387 0.3311,252,731 0.78CAYMAN ISLANDSCHAILEASE 2,500,000 TWD 6,939,214 0.49KWG PORPERTY HOLDINGLTD 10,594,500 HKD 6,632,951 0.46XINYI GLASS HOLDING CO.LTD 6,192,000 HKD 4,371,209 0.3017,943,374 1.25CHINABANK OF CHINA LTD -H- 13,700,000 HKD 6,353,501 0.44CHINA CONSTRUCTIONBANK CO. -H- 8,303,000 HKD 6,781,321 0.47HUANENG POWERINTERNATIONAL -H- 6,260,000 HKD 6,677,205 0.46IND & COM BOC -H- 9,745,000 HKD 6,829,216 0.48JIANGSU EXPRESSWAY CO.H 6,068,000 HKD 6,073,746 0.42Description Quantity/ Currency Evaluation % netFaceassetsvaluePETROCHINA CO. LTD /-H- 4,906,000 HKD 6,433,767 0.4539,148,756 2.72HONG KONGCHEUNG KONG HOLDINGS 407,000 HKD 6,008,541 0.42CHINA MOBILE LTD 663,000 HKD 7,020,619 0.49CNOOC LTD 2,252,000 HKD 4,328,399 0.30HSBC HOLDINGS PLC 646,000 HKD 6,823,959 0.47SJM HOLDINGS LTD 2,727,000 HKD 6,808,147 0.4730,989,665 2.15INDONESIAINDO TAMBANGRAYAMEGAH (ITM) 1,468,000 IDR 5,363,052 0.37PERUSAHAAN GAS NEGA -B- 12,067,000 IDR 7,388,799 0.51PT ASTRA INTERNATIONALTBK 7,629,000 IDR 6,202,293 0.43TELKOM INDONESIA S -B- 5,428,000 IDR 6,144,550 0.4325,098,694 1.74MALAYSIAMALAYAN BANKING BERHAD 2,160,300 MYR 6,557,986 0.46UMW HOLDINGS 1,464,400 MYR 6,337,137 0.4412,895,123 0.90SINGAPOREDBS GROUP HOLDINGS LTD 504,000 SGD 6,500,084 0.45KEPPEL CORP. LTD 688,000 SGD 6,211,191 0.4312,711,275 0.88SOUTH KOREAGRAND KOREA LEISURE CO.LTD 174,850 KRW 5,147,977 0.36HYUNDAI FIRE & MARINE INSCO. 197,950 KRW 5,667,932 0.39KT CORPORATION 195,870 KRW 6,180,658 0.43KT&G CORPORATION 100,247 KRW 6,804,216 0.47S-OIL CORP. 55,904 KRW 4,694,069 0.3328,494,852 1.98TAIWANASUSTEK COMPUTER INC. 624,000 TWD 7,418,506 0.52LITE-ON TECHNOLOGYCORP. 4,050,000 TWD 6,568,845 0.46RADIANT OPTOELECTRONICS CORP. 1,561,000 TWD 6,159,950 0.43412

Portfolio of Investments and Other Net Assets as at 31 March 2013Managed Solutions - Asia Focused Income (launched as at25 May 2012)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueTAIWAN SEMICONDUCTORMANUFACTURING 2,537,000 TWD 8,484,235 0.5828,631,536 1.99THAILANDKRUNG THAI BANK/FOREIGN. REG. 8,980,325 THB 7,604,948 0.52PTT GLOBAL PUBLIC COFOREI REG 2,469,300 THB 5,860,184 0.41THAI UNIONFROZEN/FOREIGN REG. 2,703,100 THB 5,861,225 0.4119,326,357 1.34TOTAL SHARES306,602,489 21.30BONDSAUSTRALIAOPTUS FIN 4.625% 09-15.10.19 2,000,000 USD 2,261,320 0.162,261,320 0.16BAHRAINICICI MANAMA 5.5% 09-25.03.15 7,000,000 USD 7,444,290 0.52BERMUDA ISLANDS7,444,290 0.52CHINA OR GP 8% 10-18.08.15 500,000 USD 512,645 0.04HOPSON DVT 9.875%16.01.18 500,000 USD 498,925 0.03LI & F LTD 5.25% 10-13.05.20 3,870,000 USD 4,234,206 0.29NOBLE GROUP LTD 6.75%09-29.01.20 2,250,000 USD 2,528,033 0.18QTEL INT FI 3.25% 12-21.02.23 5,600,000 USD 5,513,311 0.38QTEL INT FI 3.875% 13-31.01.28 1,250,000 USD 1,231,931 0.09QTEL INT FI 4.5% 13-31.01.43 500,000 USD 482,408 0.03ROAD KING 9.875% 12-18.09.17 2,000,000 USD 2,174,300 0.15SHENZHEN INT 4.375%20.04.17 5,300,000 USD 5,609,917 0.3922,785,676 1.58CANADAPTTEP CDA INTL 5.692% 11-05.04.21 3,000,000 USD 3,488,130 0.243,488,130 0.24Description Quantity/ Currency Evaluation % netFaceassetsvalueCAYMAN ISLANDSADCB FIN 2.5% 13-06.03.18EMTN 8,000,000 USD 8,003,879 0.57AGILE PROP 10% 09-14.11.16 800,000 USD 868,520 0.06AGILE PROP 8.875% 10-28.04.17 1,000,000 USD 1,073,030 0.07AGILE PROP 9.875%12-20.03.17 4,000,000 USD 4,522,460 0.32AMBER CIRCLE 2% 12-04.12.17 200,000 USD 202,467 0.01C SHASHU 8.5% 11-25.05.16 1,500,000 USD 1,590,540 0.11CENT CHIN R 8% 13-28.01.20 770,000 USD 795,025 0.06CENTRAL CN RL 10.75% 12-18.04.16 1,500,000 SGD 1,341,561 0.09CHAMPION 3.75% 13-17.01.23 400,000 USD 381,892 0.03CHINA LIANSU 7.875%13.5.16 1,000,000 USD 1,067,650 0.07CHINA OVER 3.95% 12-15.11.22 2,000,000 USD 1,989,560 0.14CHINA OVER 4.875% 12-15.02.17 2,000,000 USD 2,177,260 0.15CHINA OVER 5.35% 12-15.11.42 300,000 USD 291,870 0.02CHINA OVER 5.5% 10-10.11.20 3,000,000 USD 3,377,280 0.23CHINA SCF I 3.125% 13-02.04.18 1,200,000 USD 1,193,232 0.08CN RESO CEMENT 2.125%12-05.10.17 3,250,000 USD 3,248,814 0.23COGARD 11.25% 10-22.04.17 3,000,000 USD 3,347,145 0.23EVERGRANDE REAL 13% 10-27.01.15 3,500,000 USD 3,833,253 0.27EVERGRANDE 7.5% 11-19.01.14 10,000,000 CNY 1,632,749 0.11FANTAS HLDG 10.75% 13-22.01.20 1,000,000 USD 997,850 0.07FANTAS HLDG 13.75% 12-27.09.17 750,000 USD 862,699 0.06FUFENG GRP 7.625% 11-13.04.16 2,000,000 USD 2,029,760 0.14GLOBAL A&T 10% 13-01.02.19REGS 600,000 USD 649,158 0.05GREENTOWN 8.5% 13-04.02.18 2,330,000 USD 2,389,019 0.17HK LAND FIN 4.5% 12-01.06.22 1,000,000 USD 1,089,835 0.08KAISA GRP 12.875% 12-18.09.17 500,000 USD 584,623 0.04413

Portfolio of Investments and Other Net Assets as at 31 March 2013Managed Solutions - Asia Focused Income (launched as at25 May 2012)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueKAISA GRP 13.5%10-28.04.15REGS 3,000,000 USD 3,232,530 0.22KWG PROP HLD 13.25% 12-22.03.17 2,000,000 USD 2,374,500 0.16KWG PROP 12.75% 11-30.03.16 2,000,000 USD 2,256,810 0.16LONGFOR PPT 6.75% 13-29.01.23 1,000,000 USD 994,975 0.07METRO LGT 5.25% 13-17.01.18 1,200,000 USD 1,199,166 0.08MIE HLDGS 6.875% 13-06.02.18 2,390,000 USD 2,375,146 0.16MIZUHO FIN 4.2% 12-18.07.22 5,000,000 USD 5,278,150 0.38POWERLG REAL 11.25% 13-25.01.18 1,500,000 USD 1,462,560 0.10SHK PROP 3.625% 13-16.01.23 3,000,000 USD 2,981,460 0.21SHK PROP 4.5% 12-14.02.22EMTN 4,000,000 USD 4,307,740 0.31SHUI DEVEL 10.125% 12-PERP 2,200,000 USD 2,209,438 0.15SUN HUNG KAI 5.375% 07-08.03.17 950,000 USD 1,066,765 0.07SUNAC CHINA12.5% 12-16.10.17 1,835,000 USD 2,071,917 0.14TEXHONG 7.625% 10-19.01.16 2,000,000 USD 2,121,500 0.15TINGYI HLD 3.875% 12-20.06.17 3,000,000 USD 3,212,190 0.22YUZHOU PROP 11.75% 12-25.10.17 700,000 USD 785,775 0.05YUZHOU PROP 13.5% 10-15.12.15 1,685,000 USD 1,892,381 0.1389,364,134 6.22CHINABESTGAIN RE 2.625% 13-13.03.18 6,800,000 USD 6,686,916 0.46CHINA RAILWAY 3.85% 13-05.02.23 2,100,000 USD 2,140,257 0.15COSCO FINANCE 4% 12-03.12.22 5,300,000 USD 5,344,865 0.3714,172,038 0.98GREAT BRITAINST BK INDIA 4.125% 12-01.08.17 5,000,000 USD 5,204,575 0.36VEDANTA RES 8.25% 11-07.06.21 3,000,000 USD 3,445,695 0.24Description Quantity/ Currency Evaluation % netFaceassetsvalueVEDANTA RESOURCES 9.5%08-18.07.18 500,000 USD 589,865 0.049,240,135 0.64HONG KONGBBLTB 2.75% 12-27.03.18 430,000 USD 444,867 0.03BBLTB 3.875% 12-27.09.22 535,000 USD 549,469 0.04BBLTB 4.8% 10-18.10.20 REG-S 6,500,000 USD 7,241,649 0.51CHINATRUST COMM. 5.625%05-PERP 7,000,000 USD 7,239,575 0.50CITIC PACIF 6.875% 12-21.01.18 2,000,000 USD 2,138,510 0.15CITIC PACIFIC 6.8% 12-17.01.23 500,000 USD 500,080 0.03DAH SING BK 6.625% 10-11.02.20 2,000,000 USD 2,327,590 0.16GEMDALE INT 7.125% 12-16.11.17 1,000,000 USD 1,040,975 0.07HYSAN DEV C 3.5% 13-16.01.23 4,710,000 USD 4,718,878 0.33PACNET 9.25% 10-09.11.15REGS 1,500,000 USD 1,587,908 0.11SWIRE PAC 4.375% 12-18.06.22 2,000,000 USD 2,162,030 0.15WHARF 4.625% 12-08.02.17 3,400,000 USD 3,689,510 0.26WHEELCK FIN 3% 13-19.03.18 900,000 USD 892,292 0.06WING LUNG BK 3.5% 07.11.22EMTN 4,600,000 USD 4,700,234 0.33WORLSEC C F 5.25% 12-26.01.17 1,750,000 USD 1,917,344 0.13YANCOAL INTL 4.461% 12-16.05.17 4,500,000 USD 4,694,895 0.33YANCOAL INTL 5.73% 12-16.05.22 2,500,000 USD 2,563,325 0.18YUEXIU PROP 3.25% 24.01.18SR 5,500,000 USD 5,506,023 0.38YUEXIU PROPERTY 4.5% 13-24.01.23 3,000,000 USD 2,903,865 0.2056,819,019 3.95INDIABANK OF BARODA 5% 11-24.08.16 7,900,000 USD 8,473,974 0.60BHARAT PETR 4.625% 12-25.10.22 1,050,000 USD 1,090,719 0.08EXPORT IMP BK 3.375% 12-18.09.17 2,000,000 SGD 1,637,757 0.11EXPORT IMP BK 4% 12-07.08.17 6,000,000 USD 6,336,990 0.44414

Portfolio of Investments and Other Net Assets as at 31 March 2013Managed Solutions - Asia Focused Income (launched as at25 May 2012)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueHDFC BANK 3% 13-06.03.18EMTN 2,500,000 USD 2,490,288 0.17ICICI BK 4.7% 12-21.02.18 3,960,000 USD 4,187,462 0.29IDBI 3.65% 12-28.08.15 EMTN 2,000,000 SGD 1,647,075 0.11IDBI 4.375% 12-26.03.18EMTN 4,000,000 USD 4,137,440 0.29INDIAN OIL 4.1% 12-15.10.22 1,250,000 SGD 1,004,504 0.07NTPC LTD 4.75% 12-03.10.22 2,200,000 USD 2,315,632 0.16RELIANCE IND 5.875% 13-PERP 5,000,000 USD 4,899,575 0.3438,221,416 2.66INDONESIABERAU COAL 7.25% 12-13.03.17 3,000,000 USD 3,041,010 0.21BK DANAMON 8.75% 10-09.12.13 4,000,000,000 IDR 417,265 0.03BUMI INV 10.75% 10-10.06.17 2,000,000 USD 1,703,190 0.12GAJAH TUNG 7.75% 13-06.02.18 2,000,000 USD 2,087,420 0.15GOV INDONESIA 7% 11-15.05.27 4,000,000,000 IDR 441,459 0.03ID EXI BK 3.75% 12-26.04.17 5,000,000 USD 5,199,375 0.36INDONESIA 5.625%12-15.05.23 76,000,000,000 IDR 7,871,489 0.55INDONESIA 8.25% 11-15.06.32 27,000,000,000 IDR 3,308,471 0.23PERTAMINA 4.875% 12-03.05.22 12,000,000 USD 12,598,021 0.87PT BK NEGARA 4.125% 12-27.04.17 9,350,000 USD 9,731,620 0.67PT PERTAMINA 6% 12-03.05.42 1,000,000 USD 1,028,460 0.0747,427,780 3.29JAPANMIZUHO CORP 2.95% 12-17.10.22 1,000,000 USD 976,050 0.07RESONA BK5.85%(FRN)05-PERP/REG 4,000,000 USD 4,334,740 0.30SUMIBK 1.5% 13-18.01.18 1,880,000 USD 1,880,056 0.137,190,846 0.50JERSEYWEST CHINA 7.5% 11-25.01.16 1,618,000 USD 1,640,603 0.111,640,603 0.11Description Quantity/ Currency EvaluationFace% netassetsvalueMALAYSIACIMB BANK BHD 2.375% 12-26.07.17 3,000,000 USD 3,047,505 0.21EXPORT IMPORT 2.875% 12-14.12.17 3,900,000 USD 4,089,326 0.28IOI INVEST 4.375% 12-27.06.22 4,250,000 USD 4,414,220 0.31MALAYAN BANKING 6%(FRN) 08-PERP 250,000 SGD 218,999 0.02MALAYSIA 3.58% 11-28.09.18 12,750,000 MYR 4,177,933 0.29PETRONA CAPITAL 7.875%02-22.05.22 REG 2,000,000 USD 2,790,200 0.19RHB BKL 3.25% 12-11.05.17 6,000,000 USD 6,214,949 0.43SIME DARBY 2.053% 13-29.01.18 1,900,000 USD 1,900,494 0.13SSG RESOURCES 4.25% 12-04.10.22 3,000,000 USD 3,111,120 0.2229,964,746 2.08MONGOLIADEV BK MON 8.5% 12-20.09.15 1,250,000 USD 1,260,775 0.09MONGOLIA 4.125% 12-05.01.18 1,700,000 USD 1,655,120 0.11MONGOLIA 5.125% 12-05.12.22 800,000 USD 749,732 0.053,665,627 0.25NETHERLANDSICTSI 4.625% 13-16.01.23 650,000 USD 672,981 0.05INDO INTEG 9.75% 09-05.11.16 2,500,000 USD 2,703,125 0.19INDOSAT PAL 7.375% 10-29.07.20 1,500,000 USD 1,672,943 0.12LISTRINDO 6.95% 12-21.02.19 2,500,000 USD 2,758,174 0.187,807,223 0.54PHILIPPINESPETRON 7% 10-10.11.17 43,000,000 PHP 1,114,606 0.08PHILIPPINES 4.95% 10-15.01.21 37,000,000 PHP 1,037,346 0.07PHILIPPINES 6.375% 09-23.10.34 2,000,000 USD 2,629,470 0.184,781,422 0.33SINGAPOREALAM SYNERG 6.95% 13-27.03.20 600,000 USD 613,278 0.04415

Portfolio of Investments and Other Net Assets as at 31 March 2013Managed Solutions - Asia Focused Income (launched as at25 May 2012)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueBAKRIE TEL 11.5% 10-07.05.15 1,100,000 USD 543,092 0.04BOC AVIATION 2.875%10.10.17 6,750,000 USD 6,763,298 0.47BURAU CAP 12.5% 10-08.07.15 1,000,000 USD 1,073,290 0.07CAPITALAND 4.076% 12-20.09.22 1,250,000 USD 1,272,044 0.09COMPET TEAM 2.125% 12-13.12.17 4,100,000 USD 4,057,299 0.28HEND LAND 3.865% 11-11.11.16 2,000,000 SGD 1,661,165 0.12OCBC 3.15% 12-11.03.23 10,000,000 USD 10,215,849 0.71OLAM INTL 6.75% 13-29.01.18 2,900,000 USD 2,751,999 0.19SINGAPORE 2.5% 09-01.06.19 11,000,000 SGD 9,767,093 0.68SINGAPORE 3.125% 07-01.09.22 11,750,000 SGD 10,796,726 0.74SOUND GLOBAL 11.875% 12-10.08.17 2,200,000 USD 2,407,845 0.17TBG GLOBAL 4.625% 03.04.18REGS 400,000 USD 399,920 0.03THETA CAPITAL 7%12-16.05.19 2,360,000 USD 2,551,656 0.18UOBSP 2.25% 12-07.03.17 1,000,000 USD 1,030,620 0.07YANLORD LAND 9.5% 10-04.05.17 2,500,000 USD 2,701,888 0.1958,607,062 4.07SOUTH KOREABANK OF KOREA 3.59% 11-02.10.13 3,500,000,000 KRW 3,154,617 0.22BANK OF KOREA 3.83% 11-02.04.13 5,600,000,000 KRW 5,020,238 0.35KDB 3.5% 12-22.08.17 2,000,000 USD 2,151,400 0.15KDB 4.375% 10-10.08.15 2,000,000 USD 2,149,030 0.15KOFC 3.25% 10-20.09.16 2,000,000 USD 2,119,310 0.15KOREA EXCH 2% 13-02.04.18REGS 2,500,000 USD 2,495,850 0.17KOREA S.POW 1.875%05.02.18 3,750,000 USD 3,744,206 0.26KOREA 3.75% 12-10.06.22 10,400,000,000 KRW 10,082,409 0.70KOREA 4%11-10.03.16 30,000,000,000 KRW 28,114,947 1.96KT CORP 3.875% 12-20.01.17 2,200,000 USD 2,367,970 0.16NONGHYUP BK 2.25% 12-19.09.17 4,000,000 USD 4,059,820 0.28SHINHAN FIN 4.375% 12-27.07.17 2,500,000 USD 2,777,950 0.1968,237,747 4.74Description Quantity/ Currency Evaluation % netFaceassetsvalueSRI LANKABANK OF CEYLON 6.875% 12-03.05.17 946,000 USD 1,010,011 0.071,010,011 0.07THAILANDBOTB 3.3 % 12-16.07.15 35,000,000 THB 1,206,385 0.08KBANK 3% 12-20.03.18 3,900,000 USD 4,073,160 0.28KRUNG TH BK 2.25% 11.09.18EMTN 3,000,000 USD 2,991,810 0.21PTT GLOBAL 4.25% 12-19.09.22 3,500,000 USD 3,673,233 0.26SIAM COMM 3.375% 12-19.09.17 5,866,000 USD 6,182,734 0.43THAI OIL PUB 4.875% 13-23.01.43 850,000 USD 829,753 0.06THAI OLEF.PUBL.5.5% 05-24.06.15 2,000,000 USD 2,161,390 0.15THAILAND GOV 3.58% 12-17.12.27 100,000,000 THB 3,346,765 0.23THAILAND GOV 3.625% 10-16.06.23 37,000,000 THB 1,282,100 0.09THAILAND GOV 5.25% 07-12.05.14 33,000,000 THB 1,158,121 0.08THAILAND 3.875% 09-13.06.19 105,000,000 THB 3,717,128 0.2630,622,579 2.13UNITED STATESHYUND C. US 4% 11-08.06.17 1,000,000 USD 1,080,715 0.08RELIANCE 5.4% 12-14.02.22 3,250,000 USD 3,616,454 0.254,697,169 0.33VIRGIN ISLANDSBIG WILL INVEST 10.875% 11-29.04.16 3,600,000 USD 4,011,750 0.28BIG WILL INVEST 7% 11-29.04.14 10,000,000 CNY 1,649,540 0.11CAIFU HOLD 8.75% 13-24.01.20 2,000,000 USD 1,996,550 0.14CLP POW HK 3.375% 12-26.10.27 7,500,000 USD 7,052,287 0.50CNOOC LTD 3.875% 12-02.05.22 1,000,000 USD 1,055,200 0.07CNPC GEN 2.75% 12-19.04.17 2,000,000 USD 2,082,340 0.14COSL FIN BVI 3.25% 12-06.09.22 3,000,000 USD 2,943,975 0.20CTR PLAZ DV 8.375% 13-PERP 1,450,000 USD 1,461,963 0.10416

Portfolio of Investments and Other Net Assets as at 31 March 2013Managed Solutions - Asia Focused Income (launched as at25 May 2012)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueJGSH PHIL 4.375% 13-23.01.23 3,000,000 USD 3,019,020 0.21JOYOUS GLORY 5.7%07.03.20 EMTN 3,300,000 USD 3,402,201 0.24LAI S INTL 5.7% 13-18.01.18 727,000 USD 716,389 0.05LS FINANCE 4.25% 12-16.10.22 3,100,000 USD 3,136,906 0.22NAN FUNG TR 4.5% 12-20.09.22 4,640,000 USD 4,732,707 0.33NAN FUNG TR 5.25% 12-20.01.17 3,912,000 USD 4,270,085 0.30PCCW HKT CAP N5 3.75% 13-08.03.23 2,790,000 USD 2,757,204 0.19RH INTL FINANCE 4.25%19.10.17 1,700,000 USD 1,662,022 0.12SIN OCEAN PF 10.25% FRN11-PERP 1,000,000 USD 1,058,195 0.07SMARTONE 3.875% 13-08.04.23 1,000,000 USD 978,820 0.07SPARKLE ASS 6.875% 13-30.01.20 1,500,000 USD 1,481,183 0.10TALENT Y INV 4.5% 12-25.04.22 4,000,000 USD 4,388,860 0.30WISEYEAR 5% 12-15.02.17 2,000,000 USD 2,175,580 0.15WISEYEAR 5.875% 11-06.04.21 4,465,000 USD 5,065,207 0.3561,097,984 4.24TOTAL BONDS570,546,957 39.63WARRANTS / EQUITY LINKED SECURITIESGREAT BRITAINDB LN 08-19.03.18CERT/RECL IN 1,669,574 USD 6,411,029 0.45DEUT.BK.07-22.01.17WRT/OIL & GAS 1,230,663 USD 7,059,564 0.4913,470,593 0.94TOTAL WARRANTS / EQUITY LINKEDSECURITIES13,470,593 0.94FLOATING RATE BONDSBERMUDA ISLANDSLI & F LTD 6% FRN 12-PERP 5,000,000 USD 5,128,250 0.365,128,250 0.36CAYMAN ISLANDSHUTCH WHAM FRN 12-PERP/FTF 4,000,000 USD 4,278,100 0.304,278,100 0.30Description Quantity/ Currency Evaluation % netFaceassetsvalueHONG KONGBK OF E ASIA FRN 11-04.05.22 6,000,000 USD 6,801,480 0.48CITIC BK FRN 12-28.09.22 3,900,000 USD 3,980,048 0.28DAH SING BANK (FRN) 12-09.02.22 250,000 SGD 210,418 0.01HERO ASIA INV FRNREGS/PERP 3,000,000 USD 3,077,580 0.2114,069,526 0.98JAPANDAI-ICHI LIFE FRN 11-PERP 7,000,000 USD 7,915,179 0.55MSINS FRN 12-15.03.72 5,000,000 USD 5,637,875 0.39NIPPON LIFE 5% FRN18.10.42 3,400,000 USD 3,479,747 0.2417,032,801 1.18MALAYSIAMALAYAN BANK 3.8% (FRN)11-28.04.21 1,000,000 SGD 829,329 0.06MAYBANK 3.25%/ FRN 12-20.09.22 7,000,000 USD 7,076,020 0.497,905,349 0.55PHILIPPINESROYAL CAP 8.375% FRN 11-PERP 3,500,000 USD 3,813,740 0.263,813,740 0.26SINGAPOREDBS BANK 3.3% FRN 12-21.02.22 5,000,000 SGD 4,154,645 0.29MAPLETREE FRN 2012 PERPEMTN 2,000,000 SGD 1,653,556 0.11UOBSP FRN 11-01.04.21 1,500,000 SGD 1,244,592 0.09UOBSP 2.875% 12-17.10.22EMTN 2,000,000 USD 2,036,040 0.14UOBSP 3.15%(FRN) 12-11.07.22 3,000,000 SGD 2,475,666 0.1711,564,499 0.80SOUTH KOREADOOSAN INF 3.25%/FRN 12-05.10.42 8,250,000 USD 8,473,823 0.59TOTAL FLOATING RATE BONDS8,473,823 0.5972,266,0885.02417

Portfolio of Investments and Other Net Assets as at 31 March 2013Managed Solutions - Asia Focused Income (launched as at25 May 2012)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueASSET BACKED SECURITIESNETHERLANDSJABABEKA INT 11.75% 12-26.07.17 1,000,000 USD 1,118,760 0.081,118,760 0.08VIRGIN ISLANDSSTAR ENERGY 11.5% 10-12.02.15 REGS 5,000,000 USD 5,120,092 0.355,120,092 0.35TOTAL ASSET BACKED SECURITIESTOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCK6,238,852969,124,9790.4367.32EXCHANGE LISTINGTRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKETBONDSBERMUDA ISLANDSNOBLE GRP 6.625% 10-05.08.20 REGS 2,488,000 USD 2,710,029 0.192,710,029 0.19CANADAPTTEP CDA 6.35% 12-12.06.42 1,300,000 USD 1,556,880 0.111,556,880 0.11CAYMAN ISLANDSAMB CIRCLE 3.25% 12-04.12.22 500,000 USD 501,163 0.03AZURE ORBIT 3.75% 13-06.03.23 1,330,000 USD 1,345,435 0.09BAIDU INC 3.5% 12-28.11.22 2,000,000 USD 2,014,540 0.14C SHASHU 10.5% 12-27.04.17 3,000,000 USD 3,364,845 0.23CHINA R LAND 4.625 11-19.05.16 2,200,000 USD 2,346,091 0.16CHINA SCE 11.5% 12-14.11.17 2,100,000 USD 2,240,900 0.16COGARD 11.125% 11-23.02.18 2,500,000 USD 2,891,838 0.20COUNT GARD 7.5% 13-10.01.23 1,000,000 USD 1,029,405 0.07GLORIOUS PR 13.25% 13-04.03.18 1,000,000 USD 990,455 0.07KAISA GRP 10.25% 13-08.01.20 1,910,000 USD 1,984,996 0.14KAISA GRP 8.875% 13-19.03.18 REGS 875,000 USD 893,585 0.06Description Quantity/ Currency Evaluation % netFaceassetsvalueLONGFOR PPT 6.875% 12-18.10.19 500,000 USD 532,615 0.04LONKG HLDGS 8.5% 11-03.06.16 1,000,000 USD 1,040,090 0.07MCE FINAN 5% 13-15.02.21 2,000,000 USD 2,013,240 0.14MIE HLDGS 9.75% 11-12.05.16 4,000,000 USD 4,334,159 0.30SHIMAO PROP 9.65% 10-03.08.17 4,700,000 USD 5,141,353 0.37TENCENT HOLD 4.625% 11-12.12.16 3,500,000 USD 3,837,049 0.27UOB CAYMAN 5.796% 05-PERP. REG 2,300,000 USD 2,456,745 0.1738,958,504 2.71CHINAZIJIN INTL FINA 4.25%30.06.16 5,000,000 USD 5,345,125 0.375,345,125 0.37GREAT BRITAINBK OF INDIA LN 3.625% 13-21.09.18 2,200,000 USD 2,213,475 0.16ST BK INDIA 4.5% 10-27.07.15 1,000,000 USD 1,052,475 0.073,265,950 0.23HONG KONGHAINAN AIR 3.625% 13-07.02.20 3,800,000 USD 3,896,159 0.27SWIRE PRO FI 2.75% 13-07.03.20 3,000,000 USD 2,960,475 0.21WING HANG BK 6%(FRN)07-PERP. 3,000,000 USD 3,118,410 0.22WING HANG BK 9.375% 08-PERP 2,000,000 USD 2,063,230 0.1412,038,274 0.84INDONESIABANK RAKYAT 2.95% 13-28.03.18 6,350,000 USD 6,297,390 0.44INDONESIA 7% 11-15.05.22 23,600,000,000 IDR 2,688,326 0.19INDONESIA 14.25% 02-15.06.13 8,800,000,000 IDR 924,965 0.06PT ADARO IND 7.625% 09-22.10.19 3,500,000 USD 3,811,133 0.26PT BK NEGARA 5.25% 12-24.10.42 3,200,000 USD 3,059,504 0.21PT INDOSAT TBK 10.2% 07-29.05.14 5,000,000,000 IDR 531,659 0.0417,312,977 1.20418

Portfolio of Investments and Other Net Assets as at 31 March 2013Managed Solutions - Asia Focused Income (launched as at25 May 2012)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueIRELANDBW GROUP 6.625% 07-28.06.17 REG 4,000,000 USD 4,262,340 0.304,262,340 0.30JAPANMIZUHO CORP 1.55% 12-17.10.17 1,000,000 USD 997,770 0.07SOMPO JAP 5.325 FRN 13-28.03.73 5,800,000 USD 5,795,041 0.406,792,811 0.47MALAYSIAAXIATA 5.375% 10-28.04.20 3,400,000 USD 3,880,454 0.27BNM 3.492% 12-31.03.20 38,500,000 MYR 12,495,611 0.88MALAYSIA 3.434% 11-15.08.14 24,000,000 MYR 7,808,965 0.54MALAYSIA 4.012% 10-15.09.17 7,000,000 MYR 2,334,379 0.16MALAYSIA 4.127% 12-15.04.32 3,000,000 MYR 999,005 0.07MALAYSIA 4.26% 06-15.09.16 13,000,000 MYR 4,361,451 0.30MALAYSIA 4.378% 09-29.11.19 14,000,000 MYR 4,796,030 0.33SARAWAK INTERNATIONAL5.50% 05-03.08.15 2,100,000 USD 2,280,033 0.161MDB ENERGY 5.99% 12-11.05.22 2,500,000 USD 2,834,245 0.2041,790,173 2.91NETHERLANDSBHARTI AIRTEL 5.125% 13-11.03.23 350,000 USD 351,759 0.02HYVA GLOB 8.625% 11-24.03.16 1,500,000 USD 1,506,750 0.10IND EN FIN 6.375% 13-24.01.23 280,000 USD 289,436 0.02MAJAPAHIT HOLDING 7.75%06-17.10.16 REGS 2,000,000 USD 2,331,440 0.174,479,385 0.31OMANBANKMUSCAT 2.5% 13-26.03.18 3,850,000 USD 3,826,092 0.273,826,092 0.27PHILIPPINESFILINVEST DEV 4.25% 13-02.04.20 1,670,000 USD 1,654,661 0.11PETRON 7.5% 13-PERP 1,280,000 USD 1,318,176 0.09Description Quantity/ Currency Evaluation % netFaceassetsvaluePHILIPPINES 5% 11-18.08.18 195,000,000 PHP 5,286,283 0.37PHILIPPINES 5.875% 08-31.01.18 421,000,000 PHP 11,790,676 0.81PHILIPPINES 5.875% 12-01.03.32 104,000,000 PHP 3,259,946 0.23PHILIPPINES 8% 11-19.07.31 40,000,000 PHP 1,529,496 0.11SMCPM 7% 11-28.01.16 476,000 USD 510,453 0.04SMINVEST 4.25% 12-17.10.19 1,430,000 USD 1,443,328 0.1026,793,019 1.86SINGAPOREBUMI CAP 12% 09-10.11.16 1,000,000 USD 902,325 0.06DBS BK 3.625% 12-21.09.22 5,000,000 USD 5,244,625 0.36SINGAPORE 3.5% 07-01.03.27 7,000,000 SGD 6,537,324 0.46STATSP 4.5% 13-20.03.18 5,000,000 USD 5,049,450 0.3517,733,724 1.23SOUTH KOREAEIBK 1.75% 13-27.02.18 750,000 USD 750,529 0.05KOREA EXCH 3.125% 12-26.06.17 4,500,000 USD 4,736,339 0.33KOREA GAS 6.25% 12-20.01.42 1,500,000 USD 1,971,893 0.14KOREA HOUS 3.5% 11-15.12.16 3,000,000 USD 3,207,540 0.22KOREA 4.25% 11-10.06.21 4,250,000,000 KRW 4,246,210 0.29KOREA 5% 10-10.06.20 1,000,000,000 KRW 1,034,592 0.07KOREA 5.75% 08-10.09.18 12,000,000,000 KRW 12,527,699 0.87KR EXPRESSW 1.875% 12-22.10.17 3,000,000 USD 3,000,465 0.21SHINHAN BK 1.875% 13-30.07.18 2,600,000 USD 2,601,495 0.18SK TELECOM 2.125%01.05.18 EMTN 2,400,000 USD 2,415,660 0.17WOORI BK 5.857% 11-13.04.21 2,791,000 USD 3,265,121 0.2339,757,543 2.76THAILANDBOTB 3.22% 12-01.03.16 80,000,000 THB 2,752,603 0.19THAILAND GOV 3.25% 11-16.06.17 285,000,000 THB 9,819,580 0.68THAILAND GOV 3.45% 11-08.03.19 175,000,000 THB 6,039,247 0.4218,611,430 1.29419

Portfolio of Investments and Other Net Assets as at 31 March 2013Managed Solutions - Asia Focused Income (launched as at25 May 2012)Statement of investments as at 31 March 2013(expressed in USD)Description Quantity/ Currency Evaluation % netFaceassetsvalueVIETNAMVIETNAM JOINT 8% 12-17.05.17 450,000 USD 472,613 0.03472,613 0.03VIRGIN ISLANDSMEGA ADVANCE 5% 11-12.05.21 1,000,000 USD 1,136,135 0.08PCCW 4.25% 10-24.02.16 2,500,000 USD 2,665,788 0.19STAR ENRGY 6.125%27.03.20 REGS 3,125,000 USD 3,130,265 0.216,932,188 0.48TOTAL BONDS252,639,057 17.56INVESTMENT FUNDSLUXEMBOURGHSBC GL/EM MKT LOC DBT-ZD-/DIS 10,960,368 USD 139,985,826 9.72TOTAL INVESTMENT FUNDSFLOATING RATE BONDS139,985,826 9.72139,985,8269.72CAYMAN ISLANDSHUTCH WHA 6%(FRN) 10-PERP 2,000,000 USD 2,138,380 0.152,138,380 0.15HONG KONGSTANCHART HK FRN 11-27.10.21 3,750,000 SGD 3,174,141 0.22TOTAL FLOATING RATE BONDSINFLATION INDEX BOND3,174,141 0.225,312,5210.37THAILANDTHAILAND GOV 1.2% 11-14.07.21 12,300,000 THB 452,879 0.03TOTAL INFLATION INDEX BONDTOTAL TRANSFERABLE SECURITIESTRADED ON ANOTHER REGULATED MARKET452,879 0.03452,879398,390,2830.0327.68Description Quantity/ Currency Evaluation % netFaceassetsvalueOTHER TRANSFERABLE SECURITIESWARRANTS / EQUITY LINKED SECURITIESGREAT BRITAINDB LN 07-17.08.17 CW/IBULLIN 1,334,463 USD 6,677,786 0.466,677,786 0.46TOTAL WARRANTS / EQUITY LINKEDSECURITIES6,677,786 0.46TOTAL OTHER TRANSFERABLE SECURITIES 6,677,786 0.46TOTAL INVESTMENTS 1,374,193,048 95.46OTHER NET ASSETS LESS LIABILITIES 65,316,992 4.54TOTAL NET ASSETS 1,439,510,040 100.00420

Currency Conversion TableTo help shareholders to calculate the performance of their individual investment, in the relevant reference currency, wehave produced the following table. It shows the value of one US Dollar against various currencies (as at the givendates).27 March 2013 28 March 2013 30 March 2012USD USD USDAUD 0.9584 0.9592 0.9611CAD 1.0169 1.0160 1.0037HKD 7.7633 7.7626 7.7643JPY 94.3700 94.0200 82.0350GBP 0.6617 0.6586 0.6242SGD 1.2433 1.2406 1.2560CHF 0.9534 0.9469 0.9028EUR 0.7824 0.7788 0.7495421

Dealing Days of the FundDealing for Shares in the Company will take place on any Business Day (other than days during a period of suspensionof dealing in Shares) and which is also for each sub-fund, a day where stock exchanges and regulated markets incountries where the sub-fund is materially invested are open for normal trading.The Business Days which are not Dealing Days will be listed in the annual report and semi-annual reports and availableat the registered office of the Company. Any amendments to such lists are also available at the registered office of theCompany.Shareholders who deal through the Company's local distributor or representative should note that there will be nodealing for the Shares of the Company in the jurisdiction in which such distributor or representative operates on a daywhich is not a Business Day in such jurisdiction. Shareholders in such jurisdictions can however deal via the TransferAgent in Luxembourg.The Company will determine the dealing/non-dealing calendar according to the latest market information obtained by theCompany from time to time. Shareholders can obtain the latest dealing/non-dealing calendar of the Company from theregistered office of the Company or from the Company's local distributor or representative.422

HSBC Global Investment Funds (“HGIF”)Fund Holiday Calendar for 2013NOTE: THIS CALENDAR IS INDICATIVE AS DATES IN SOME COUNTRIES HAVEYET TO BE CONFIRMED * AND/OR DATES ARE SUBJECT TO CHANGEAll HGIF sub-funds will have no NAV calculated on the following days:• all Saturdays and Sundays• and on the following dates:01-Jan29-Mar01-Apr01-May09-May20-May15-Aug01-Nov25-Dec26-DecLuxembourgLuxembourgLuxembourgLuxembourgLuxembourgLuxembourgLuxembourgLuxembourgLuxembourgLuxembourgIn addition, the following funds will have no NAV calculated on the following dates:Asian Currencies Bond(Hong Kong, Malaysia, Singapore, South Korea, Thailand)24-JanMalaysia01-FebMalaysia11-FebHong Kong, Malaysia, Singapore, South Korea12-FebHong Kong, Malaysia, Singapore13-FebHong Kong25-FebThailand01-Mar South Korea04-AprHong Kong08-AprThailand15-AprThailand16-AprThailand06-May Thailand17-May Hong Kong, South Korea24-May Malaysia, Singapore, Thailand06-JunSouth Korea12-JunHong Kong01-JulHong Kong, Thailand22-JulThailand07-Aug Malaysia (half day trading)08-Aug Malaysia, Singapore09-Aug Malaysia, Singapore12-Aug Thailand16-SepMalaysia18-SepSouth Korea19-SepSouth Korea20-SepHong Kong, South Korea01-OctHong Kong03-OctSouth Korea09-OctSouth Korea14-OctHong Kong15-OctMalaysia, Singapore23-OctThailand05-Nov Malaysia05-Dec Thailand10-Dec Thailand31-Dec South Korea, Thailand423

Asia ex Japan Equity(Hong Kong, South Korea)11-FebHong Kong, South Korea12-FebHong Kong13-FebHong Kong01-Mar South Korea04-AprHong Kong17-May Hong Kong, South Korea06-JunSouth Korea12-JunHong Kong01-JulHong Kong18-SepSouth Korea19-SepSouth Korea20-SepHong Kong, South Korea01-OctHong Kong03-OctSouth Korea09-OctSouth Korea14-OctHong Kong31-Dec South KoreaAsia ex Japan Equity Smaller Companies(Hong Kong, Taiwan)07-FebTaiwan08-FebTaiwan11-FebHong Kong, Taiwan12-FebHong Kong, Taiwan13-FebHong Kong, Taiwan14-FebTaiwan15-FebTaiwan28-FebTaiwan04-AprHong Kong, Taiwan05-AprTaiwan17-May Hong Kong12-JunHong Kong, Taiwan01-JulHong Kong19-SepTaiwan20-SepHong Kong, Taiwan01-OctHong Kong10-OctTaiwan14-OctHong KongAsia Pacific ex Japan Equity High Dividend(Australia, Hong Kong)28-JanAustralia11-FebHong Kong12-FebHong Kong13-FebHong Kong04-AprHong Kong25-AprAustralia17-May Hong Kong10-JunAustralia12-JunHong Kong01-JulHong Kong20-SepHong Kong01-OctHong Kong14-OctHong KongBrazil Bond(Brazil)25-Jan11-Feb12-FebBrazilBrazilBrazil424

Brazil Bond (Continued)(Brazil)30-May Brazil09-JulBrazil15-Nov Brazil20-Nov Brazil24-Dec Brazil31-Dec BrazilBrazil Equity(Brazil, US)21-Jan25-Jan11-Feb12-Feb18-Feb27-May30-May04-Jul09-Jul02-Sep15-Nov20-Nov28-Nov24-Dec31-DecUSBrazilBrazilBrazilUSUSBrazilUSBrazilUSBrazilBrazilUSBrazilBrazilBRIC Equity, BRIC Markets Equity, BRIC Markets(Brazil, Hong Kong, India, UK, US)21-JanUS25-JanBrazil11-FebBrazil, Hong Kong12-FebBrazil, Hong Kong13-FebHong Kong18-FebUS27-Mar India04-AprHong Kong19-AprIndia24-AprIndia06-May UK17-May Hong Kong27-May UK, US30-May Brazil12-JunHong Kong01-JulHong Kong04-JulUS09-JulBrazil09-Aug India26-Aug UK02-SepUS09-SepIndia20-SepHong Kong01-OctHong Kong02-OctIndia14-OctHong Kong16-OctIndia04-Nov India14-Nov India15-Nov Brazil20-Nov Brazil28-Nov US24-Dec Brazil31-Dec Brazil425

Chinese Equity(Hong Kong)11-FebHong Kong12-FebHong Kong13-FebHong Kong04-AprHong Kong17-May Hong Kong12-JunHong Kong01-JulHong Kong20-SepHong Kong01-OctHong Kong14-OctHong KongChina Consumer Opportunities(France, Hong Kong, UK, US) (NB. All French holidays coincide with Luxembourg holidays already detailedabove)21-JanUS11-FebHong Kong12-FebHong Kong13-FebHong Kong18-FebUS04-AprHong Kong06-May UK17-May Hong Kong27-May UK, US12-JunHong Kong01-JulHong Kong04-JulUS26-Aug UK02-SepUS20-SepHong Kong01-OctHong Kong14-OctHong Kong28-Nov USClimate Change(UK, US)21-JanUS18-FebUS06-May UK27-May UK, US04-JulUS26-Aug UK02-SepUS28-Nov USCIVETS(Indonesia, Turkey, South Africa, UK)24-JanIndonesia12-Mar Indonesia21-Mar South Africa23-April Turkey06-May UK27-May UK06-JunIndonesia17-JunSouth Africa05-Aug Indonesia06-Aug Indonesia07-Aug Indonesia,Turkey08-Aug Indonesia,Turkey09-Aug Indonesia, South Africa, Turkey26-Aug UK30-Aug Turkey426

CIVETS (Continued)(Indonesia, Turkey, South Africa, UK)24-SepSouth Africa14-OctIndonesia,Turkey15-OctIndonesia,Turkey16-OctTurkey17-OctTurkey18-OctTurkey28-OctTurkey29-OctTurkey05-Nov Indonesia16-Dec South Africa31-Dec IndonesiaEconomic Scale Index GEM Equity(Hong Kong, UK, Other *)11-FebHong Kong12-FebHong Kong13-FebHong Kong04-AprHong Kong06-May UK17-May Hong Kong27-May UK12-JunHong Kong01-JulHong Kong09-Aug Other26-Aug UK19-SepOther20-SepHong Kong01-OctHong Kong14-OctHong Kong* These dates are holidays in other markets which in combination represent a material exposure to the fund andtherefore a Fund Holiday will be observed.Euro Bond, Euro Credit Bond, Euro High Yield Bond(UK)06-May UK27-May UK26-Aug UKEmerging Wealth(UK, US)21-JanUS18-FebUS06-May UK27-May UK, US04-JulUS26-Aug UK02-SepUS28-Nov USEuropean Equity(UK, France) (NB. All French holidays coincide with Luxembourg holidays already detailed above)06-May UK27-May UK26-Aug UKFrontier Markets (Note: Fund does not deal on a Friday)(Qatar, UK)12-FebQatar06-May UK427

Frontier Markets (Note: Fund does not deal on a Friday) (Continued)(Qatar, UK)27-May UK08-Aug Qatar12-Aug Qatar26-Aug UK15-OctQatar16-OctQatar17-OctQatar18-Dec QatarGlobal Asset Backed Bond *Global Asset Backed High Yield Bond *(Australia, France, Germany, Italy, UK, US) (NB. All French holidays coincide with Luxembourg holidays alreadydetailed above)31-Dec Germany, Italy* Note: NAV is calculated on the 15th of each calendar month (or on the immediately following business day if the 15this not a business day) and on the last business day of the month.Global Emerging Markets Equity(Hong Kong, South Korea, UK)11-FebHong Kong, South Korea12-FebHong Kong13-FebHong Kong01-Mar South Korea04-AprHong Kong17-May Hong Kong, South Korea06-May UK27-May UK06-JunSouth Korea12-JunHong Kong01-JulHong Kong26-Aug UK18-SepSouth Korea19-SepSouth Korea20-SepHong Kong, South Korea01-OctHong Kong03-OctSouth Korea09-OctSouth Korea14-OctHong Kong31-Dec South KoreaGEM Inflation Linked Bond(Brazil, US**)21-JanUS25-JanBrazil11-FebBrazil12-FebBrazil18-FebUS27-May US30-May Brazil04-JulUS09-JulBrazil02-SepUS14-Oct US **11-Nov US **15-Nov Brazil20-Nov Brazil28-Nov US24-Dec Brazil31-Dec Brazil428

Global Bond(Japan, US**)02-JanJapan03-JanJapan14-JanJapan21-JanUS11-FebJapan18-FebUS20-Mar Japan29-AprJapan03-May Japan06-May Japan27-May US04-JulUS15-JulJapan02-SepUS16-SepJapan23-SepJapan14-Oct Japan, US **04-Nov Japan11-Nov US **28-Nov US23-Dec Japan31-Dec JapanGlobal Currency(UK)06-May UK27-May UK26-Aug UKGlobal Flex Allocation(Germany, US**)21-JanUS18-FebUS27-May US04-JulUS02-SepUS14-Oct US **11-Nov US **28-Nov US24-Dec Germany31-Dec GermanyGlobal Emerging Markets BondGlobal Emerging Markets Corporate DebtGlobal Emerging Markets Local DebtGlobal Emerging Markets Investment Grade BondGlobal High Income BondGlobal High Yield BondGEM Debt Total Return(UK, US**)21-JanUS18-FebUS06-May UK27-May UK, US04-JulUS26-Aug UK02-SepUS14-Oct US **11-Nov US **28-Nov US429

Global Equity(France, Japan, UK, US) (NB. All French holidays coincide with Luxembourg holidays already detailed above)02-JanJapan03-JanJapan14-JanJapan21-JanUS11-FebJapan18-FebUS20-Mar Japan29-AprJapan03-May Japan06-May Japan, UK27-May UK, US04-JulUS15-JulJapan26-Aug UK02-SepUS16-SepJapan23-SepJapan14-OctJapan04-Nov Japan28-Nov US23-Dec Japan31-Dec JapanGlobal Inflation Linked Bond(France, Germany, Italy, UK, US**) (NB. All French holidays coincide with Luxembourg holidays alreadydetailed above)21-JanUS18-FebUS06-May UK27-May UK, US04-JulUS26-Aug UK02-SepUS14-Oct US **11-Nov US **28-Nov US24-Dec Germany, Italy31-Dec Germany, ItalyGlobal Macro(Germany, Japan, UK, US)02-JanJapan03-JanJapan14-JanJapan21-JanUS11-FebJapan18-FebUS20-Mar Japan29-AprJapan03-May Japan06-May Japan, UK27-May UK, US04-JulUS15-JulJapan26-Aug UK02-SepUS16-SepJapan23-SepJapan14-OctJapan04-Nov Japan28-Nov US430

Global Macro (Continued)(Germany, Japan, UK, US)23-Dec Japan24-Dec Germany31-Dec Germany, JapanHong Kong Equity(Hong Kong)11-FebHong Kong12-FebHong Kong13-FebHong Kong04-AprHong Kong17-May Hong Kong12-JunHong Kong01-JulHong Kong20-SepHong Kong01-OctHong Kong14-OctHong KongIndia Fixed Income (Note: Fund deals weekly on Tuesday / NAV is calculated weekly onFriday)(Hong Kong, India)25-Jan (N) India12-Feb (D) Hong Kong19-Feb (D) India19-Apr (N) India17-May (N) Hong Kong09-Aug (N) India20-Sep (N) Hong Kong01-Oct (D) Hong Kong(D) – Dealing days falling on Stock Exchange Holidays. Dealing will move to the Business Day immediately precedingthe holiday.(N) – NAV calculation will move to the next Business Day.Indian Equity(India)27-Mar19-Apr24-Apr09-Aug09-Sep02-Oct16-Oct04-Nov14-NovIndiaIndiaIndiaIndiaIndiaIndiaIndiaIndiaIndiaJapanese Equity(Japan, UK)02-JanJapan03-JanJapan14-JanJapan11-FebJapan20-Mar Japan29-AprJapan03-May Japan06-May Japan, UK27-May UK15-JulJapan26-Aug UK16-SepJapan23-SepJapan431

Japanese Equity (Continued)(Japan, UK)14-OctJapan04-Nov Japan23-Dec Japan31-Dec JapanKorean Equity(Hong Kong, South Korea)11-FebHong Kong, South Korea12-FebHong Kong13-FebHong Kong01-Mar South Korea04-AprHong Kong17-May Hong Kong, South Korea06-JunSouth Korea12-JunHong Kong01-JulHong Kong18-SepSouth Korea19-SepSouth Korea20-SepHong Kong, South Korea01-OctHong Kong03-OctSouth Korea09-OctSouth Korea14-OctHong Kong31-Dec South KoreaLatin American Equity(Brazil, Mexico, US)21-JanUS25-JanBrazil04-FebMexico11-FebBrazil12-FebBrazil18-FebUS18-Mar Mexico28-Mar Mexico27-May US30-May Brazil04-JulUS09-JulBrazil02-SepUS16-SepMexico15-Nov Brazil18-Nov Mexico20-Nov Brazil28-Nov US12-Dec Mexico24-Dec Brazil31-Dec BrazilLatin American Local Debt(Brazil, Mexico)25-JanBrazil04-FebMexico11-FebBrazil12-FebBrazil18-Mar Mexico28-Mar Mexico30-May Brazil09-JulBrazil16-SepMexico432

Latin American Local Debt (Continued)(Brazil, Mexico)15-Nov Brazil18-Nov Mexico20-Nov Brazil12-Dec Mexico24-Dec Brazil31-Dec BrazilManaged Solutions – Asia Focused ConservativeManaged Solutions – Asia Focused GrowthManaged Solutions – Asia Focused Income(Hong Kong, UK)11-FebHong Kong12-FebHong Kong13-FebHong Kong04-AprHong Kong06-May UK17-May Hong Kong27-May UK12-JunHong Kong01-JulHong Kong26-Aug UK20-SepHong Kong01-OctHong Kong14-OctHong KongMexico Equity(Brazil, Mexico)25-JanBrazil04-FebMexico11-FebBrazil12-FebBrazil18-Mar Mexico28-Mar Mexico30-May Brazil09-JulBrazil16-SepMexico15-Nov Brazil18-Nov Mexico20-Nov Brazil12-Dec Mexico24-Dec Brazil31-Dec BrazilRMB Fixed Income(China, Hong Kong, UK, US**)21-JanUS11-FebHong Kong, Shanghai12-FebHong Kong, Shanghai13-FebHong Kong, Shanghai14-FebShanghai15-FebShanghai18-FebUS04-AprHong Kong, Shanghai05-AprShanghai29-AprShanghai30-AprShanghai433

RMB Fixed Income (Continued)(China, Hong Kong, UK, US**)06-May UK17-May Hong Kong27-May UK, US10-JunShanghai11-JunShanghai12-JunHong Kong, Shanghai01-JulHong Kong04-JulUS26-Aug UK02-SepUS19-SepShanghai20-SepHong Kong, Shanghai01-OctHong Kong, Shanghai02-OctShanghai03-OctShanghai04-OctShanghai07-OctShanghai14-Oct Hong Kong, US **11-Nov US **28-Nov USRussia Equity(UK)06-May27-May26-AugUKUKUKSingapore Equity(Singapore)11-FebSingapore12-FebSingapore24-May Singapore08-Aug Singapore09-Aug Singapore15-OctSingaporeTaiwan Equity(Hong Kong, Taiwan)07-FebTaiwan08-FebTaiwan11-FebHong Kong, Taiwan12-FebHong Kong, Taiwan13-FebHong Kong, Taiwan14-FebTaiwan15-FebTaiwan28-FebTaiwan04-AprHong Kong, Taiwan05-AprTaiwan17-May Hong Kong12-JunHong Kong, Taiwan01-JulHong Kong19-SepTaiwan20-SepHong Kong, Taiwan01-OctHong Kong10-OctTaiwan14-OctHong Kong434

Thai Equity(Thailand)25-Feb08-Apr15-Apr16-Apr06-May24-May01-Jul22-Jul12-Aug23-Oct05-Dec10-Dec31-DecThailandThailandThailandThailandThailandThailandThailandThailandThailandThailandThailandThailandThailandTurkey Equity(Turkey)23-AprTurkey07-Aug Turkey08-Aug Turkey09-Aug Turkey30-Aug Turkey14-OctTurkey15-OctTurkey16-OctTurkey17-OctTurkey18-OctTurkey28-OctTurkey29-OctTurkeyUK Equity(UK)06-May27-May26-AugUKUKUKUS Equity(US)21-JanUS18-FebUS27-May US04-JulUS02-SepUS28-Nov USUS Dollar Bond(US**)21-JanUS18-FebUS27-May US04-JulUS02-SepUS14-Oct US **11-Nov US **28-Nov US**The NYSE and Nasdaq are open on Columbus Day (14 October 2013) and Veterans Day (11 November 2013)therefore equity sub-funds listing the US as a material market will not have a holiday on these dates. Bond markets willbe closed to trading on these dates and bond sub-funds listing the US as a material market will have holiday daysdelayed by one business day in line with a policy adopted by the Board of Directors.435

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Issued by HSBC Global Asset Management (Hong Kong) LimitedHGIF0313A Printed in the Hong Kong SAR