Eurizon EasyFund - Fundsquare

A Mutual Fund ("Fonds Commun de Placement") governed by theLaw of Luxembourg

Eurizon EasyFund

Subscriptions cannot be accepted on the basis of annual reports.Subscriptions to Units of Eurizon EasyFund are only valid if made on the basis of theProspectus in force accompanied by a copy of the latest available annual report and by thesubsequent semi-annual report if it has been published.

Semi-annual report as at 30 June 2011

Eurizon EasyFund

Table of contents

Organisation of the Fund 4 Comparative Net Asset Values for the period 13 Combined Statement of Net Assets 17 Combined Statement of Changes in Net Assets 18 Line Limited Tracking Error Eurizon EasyFund - Equity Italy 19 Statement of Net Assets 19 Statement of Changes in Net Assets 20 Portfolio 21 Commitments on futures contracts 26 Eurizon EasyFund - Equity Euro 27 Statement of Net Assets 27 Statement of Changes in Net Assets 28 Portfolio 29 Commitments on futures contracts 36 Eurizon EasyFund - Equity Europe 37 Statement of Net Assets 37 Statement of Changes in Net Assets 38 Portfolio 39 Commitments on futures contracts 50 Forward foreign exchange contracts 51 Eurizon EasyFund - Equity North America 53 Statement of Net Assets 53 Statement of Changes in Net Assets 54 Portfolio 55 Commitments on futures contracts 65 Forward foreign exchange contracts 66 Eurizon EasyFund - Equity Japan 67 Statement of Net Assets 67 Statement of Changes in Net Assets 68 Portfolio 69 Commitments on futures contracts 74 Forward foreign exchange contracts 75 Eurizon EasyFund - Equity Oceania 76 Statement of Net Assets 76 Statement of Changes in Net Assets 77 Portfolio 78 Commitments on futures contracts 81 Forward foreign exchange contracts 82 Eurizon EasyFund - Equity Emerging Markets 83 Statement of Net Assets 83 Statement of Changes in Net Assets 84 Portfolio 85 Commitments on futures contracts 104 Eurizon EasyFund - Equity Emerging Markets Europe, Middle East & Africa

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Statement of Net Assets 105 Statement of Changes in Net Assets 106 Portfolio 107 Commitments on futures contracts 111 Eurizon EasyFund - Equity Emerging Markets Asia 112 Statement of Net Assets 112 Statement of Changes in Net Assets 113 Portfolio 114 Commitments on futures contracts 126

Eurizon EasyFund - Equity Latin America 127 Statement of Net Assets 127 Statement of Changes in Net Assets 128 Portfolio 129 Commitments on futures contracts 133 Eurizon EasyFund - Equity China 134 Statement of Net Assets 134 Statement of Changes in Net Assets 135 Portfolio 136 Commitments on futures contracts 140 Eurizon EasyFund - Equity Energy & Materials 141 Statement of Net Assets 141 Statement of Changes in Net Assets 142 Portfolio 143 Commitments on futures contracts 148 Forward foreign exchange contracts 149 Eurizon EasyFund - Equity Industrials 150 Statement of Net Assets 150 Statement of Changes in Net Assets 151 Portfolio 152 Commitments on futures contracts 157 Forward foreign exchange contracts 158 Eurizon EasyFund - Equity Consumer Discretionary 159 Statement of Net Assets 159 Statement of Changes in Net Assets 160 Portfolio 161 Forward foreign exchange contracts 166 Eurizon EasyFund - Equity Consumer Staples 168 Statement of Net Assets 168 Statement of Changes in Net Assets 169 Portfolio 170 Forward foreign exchange contracts 173 Eurizon EasyFund - Equity Pharma 175 Statement of Net Assets 175 Statement of Changes in Net Assets 176 Portfolio 177 Commitments on futures contracts 180 Forward foreign exchange contracts 181 Eurizon EasyFund - Equity Financial 183 Statement of Net Assets 183 Statement of Changes in Net Assets 184 Portfolio 185 Commitments on futures contracts 192 Forward foreign exchange contracts 193 Eurizon EasyFund - Equity High Tech 194 Statement of Net Assets 194 Statement of Changes in Net Assets 195 Portfolio 196 Forward foreign exchange contracts 200 Eurizon EasyFund - Equity Telecommunication 202 Statement of Net Assets 202 Statement of Changes in Net Assets 203 Portfolio 204 Commitments on futures contracts 207 Forward foreign exchange contracts 208 Eurizon EasyFund - Equity Utilities 211 Statement of Net Assets 211 Statement of Changes in Net Assets 212 Portfolio 213

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Eurizon EasyFund

Commitments on futures contracts 216 Forward foreign exchange contracts 217 Eurizon EasyFund - Equity Small Cap Europe 218 Statement of Net Assets 218 Statement of Changes in Net Assets 229 Portfolio 220 Commitments on futures contracts 227 Forward foreign exchange contracts 228 Swap contracts 229 Eurizon EasyFund - Cash EUR 230 Statement of Net Assets 230 Statement of Changes in Net Assets 231 Portfolio 232 Commitments on futures contracts 235 Swap contracts 236 Eurizon EasyFund - Bond EUR Floating Rate 237 Statement of Net Assets 237 Statement of Changes in Net Assets 238 Portfolio 239 Eurizon EasyFund - Bond EUR short Term 240 Statement of Net Assets 240 Statement of Changes in Net Assets 241 Portfolio 242 Commitments on futures contracts 245 Eurizon EasyFund - Bond EUR Medium Term 246 Statement of Net Assets 246 Statement of Changes in Net Assets 247 Portfolio 248 Commitments on futures contracts 251 Eurizon EasyFund - Bond EUR Long Term 252 Statement of Net Assets 252 Statement of Changes in Net Assets 253 Portfolio 254 Commitments on futures contracts 258 Eurizon EasyFund - Bond International 259 Statement of Net Assets 259 Statement of Changes in Net Assets 260 Portfolio 261 Commitments on futures contracts 266 Forward foreign exchange contracts 267 Eurizon EasyFund - Bond GBP 268 Statement of Net Assets 268 Statement of Changes in Net Assets 269 Portfolio 270 Forward foreign exchange contracts 272 Eurizon EasyFund - Cash USD 273 Statement of Net Assets 273 Statement of Changes in Net Assets 274 Portfolio 275 Commitments on futures contracts 277 Eurizon EasyFund - Bond USD 278 Statement of Net Assets 278 Statement of Changes in Net Assets 279 Portfolio 280 Commitments on futures contracts 283 Forward foreign exchange contracts 284 Eurizon EasyFund - Bond JPY 285 Statement of Net Assets 285 Statement of Changes in Net Assets 286 Portfolio 287 Commitments on futures contracts 290

Forward foreign exchange contracts 291 Eurizon EasyFund - Bond Corporate EUR Short Term 292 Statement of Net Assets 292 Statement of Changes in Net Assets 293 Portfolio 294 Commitments on futures contracts 301 Forward foreign exchange contracts 302 Swap contracts 302 Eurizon EasyFund - Bond Emerging Markets 304 Statement of Net Assets 304 Statement of Changes in Net Assets 305 Portfolio 306 Commitments on futures contracts 313 Forward foreign exchange contracts 314 Eurizon EasyFund - Bond High Yield 315 Statement of Net Assets 315 Statement of Changes in Net Assets 316 Portfolio 317 Forward foreign exchange contracts 324 Eurizon EasyFund - Bond Inflation Linked 325 Statement of Net Assets 325 Statement of Changes in Net Assets 326 Portfolio 327 Commitments on futures contracts 329 Line Flex/Multiasset Eurizon EasyFund - Focus Azioni Strategia Flessibile 330 Statement of Net Assets 330 Statement of Changes in Net Assets 331 Portfolio 332 Forward foreign exchange contracts 336 Eurizon EasyFund - Orizzonte Protetto 6 337 Statement of Net Assets 337 Statement of Changes in Net Assets 338 Portfolio 339 Commitments on futures contracts 342 Eurizon EasyFund - Orizzonte Protetto 12 343 Statement of Net Assets 343 Statement of Changes in Net Assets 344 Portfolio 345 Commitments on futures contracts 348 Eurizon EasyFund - Orizzonte Protetto 24 349 Statement of Net Assets 349 Statement of Changes in Net Assets 350 Portfolio 351 Commitments on futures contracts 354 Eurizon EasyFund - ABS Prudente 355 Statement of Net Assets 355 Statement of Changes in Net Assets 356 Portfolio 357 Commitments on futures contracts 360 Forward foreign exchange contracts 361 Eurizon EasyFund - ABS Attivo 362 Statement of Net Assets 362 Statement of Changes in Net Assets 363 Portfolio 364 Commitments on futures contracts 367 Forward foreign exchange contracts 368

Notes to the financial statements 369

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ORGANISATION OF THE FUND Eurizon EasyFund

MANAGEMENT COMPANY AND PROMOTER

Eurizon Capital S.A. 8, avenue de la Liberté L-1930 Luxembourg

BOARD OF DIRECTORS OF THE MANAGEMENT COMPANY

Chairman of the Board of Directors Mr. Mauro MICILLO Managing Director of Eurizon Capital SGR S.p.A., Milan Resident of Milan (Italy) Vice-Chairman of the Board of Directors Mr. Daniel GROS Vice-Chairman of Eurizon Capital SGR S.p.A., Milan Resident of Brussels (Belgium) Managing Director Mr. Massimo MAZZINI General Manager of Eurizon Capital S.A., Luxembourg Resident of Luxembourg (Grand Duchy of Luxembourg) Director Mr. Massimo TORCHIANA Co-General Manager of Eurizon Capital S.A., Luxembourg Resident of Luxembourg (Grand Duchy of Luxembourg) (since 25 February 2011) Director Mr. Alex SCHMITT Independent Director, Lawyer, Luxembourg Resident of Luxembourg (Grand Duchy of Luxembourg) Director Mr. Carlo NICOLETTI Independent Director, Rüschlikon Resident of Rüschlikon (Switzerland)

CUSTODIAN BANK AND PAYING AGENT State Street Bank Luxembourg S.A. 49, avenue J.F. Kennedy L-1855 Luxembourg (Grand Duchy of Luxembourg)

ADMINISTRATIVE AGENT, REGISTRAR AND TRANSFER AGENT

State Street Bank Luxembourg S.A. 49, avenue J.F. Kennedy L-1855 Luxembourg (Grand Duchy of Luxembourg)

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INVESTMENT MANAGERS

Eurizon Capital S.A. 8, avenue de la Liberté L-1930 Luxembourg (Grand Duchy of Luxembourg)

Eurizon Capital SGR S.p.A. Piazzale Cadorna, 3 I-20123 Milan (Italy)

Epsilon Associati SGR S.p.A. (short name: Epsilon SGR S.p.A.) Piazzetta Giordano dell’Amore, 3 I-20121 Milan (Italy)

INDEPENDENT AUDITOR OF THE INVESTMENT FUND AND OF THE MANAGEMENT COMPANY Ernst & Young S.A. 7, rue Gabriel Lippmann Parc d’Activité Syrdall 2 L-5365 Munsbach (Grand Duchy of Luxembourg)

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CONSTITUTION Eurizon Capital S.A., the Management Company, was incorporated as a Limited Company under the Laws of the Grand Duchy of Luxembourg. The Management Regulations were published in the “Memorial” on 28 September 1988.

Eurizon EasyFund (the “Fund”) was created in the Grand Duchy of Luxembourg on 27 July 1988 and is administered by Eurizon Capital S.A. (the “Management Company”) by virtue of Management Regulations published on 28 September 1988 in the “Mémorial, Recueil Spécial des Sociétés et Associations“ in the Grand Duchy of Luxembourg, after submission to the “Registre de Commerce et des Sociétés“ in Luxembourg. Amendments were made to the Management regulations and were published in the “Mémorial, Recueil Spécial des Sociétés et Associations“ in the Grand Duchy of Luxembourg on 20 January 1991, 13 November 1992, 10 September 1998, 10 June 2000, 20 September 2002, 17 October 2003, 9 September 2005 and 3 July 2006. The notification of the filing with the “Registre de Commerce et des Sociétés” in Luxembourg of the latest modifications to the Management Regulations were published in the “Mémorial, Recueil Spécial des Sociétés et Associations“ on 14 May 2007, 14 December 2007, 20 March 2008, 27 February 2009, 20 October 2009, 22 March 2010 and 11 June 2010. The Management Regulations in force have been filed with the “Registre de Commerce et des Sociétés“ in Luxembourg, where they may be consulted and where copies may be obtained.

The name of the Fund was modified pursuant to the decision made by the Board of Directors of the Management Company on 24 August 1998 from “Sanpaolo ECU Fund” to “Sanpaolo International Fund”. The Management Company has decided to modify the Fund’s name from “Sanpaolo International Fund” to “Eurizon EasyFund” with effective date 26 February 2008. Consequently to a merger by incorporation of Sanpaolo Bank S.A. into State Street Bank Luxembourg S.A. as of 18 May 2010, State Street Bank Luxembourg S.A. assumes since that date the function of Custodian Bank and Paying Agent as well as, by delegation, the function of Administrative Agent, Registrar and Transfer Agent of the Fund. State Street Bank Luxembourg S.A. is a société anonyme governed by the Laws of Luxembourg with registered office at 49, avenue J.F. Kennedy, L-1855 Luxembourg. The Unitholders of the sub-funds named “Eurizon EasyFund – Orizzonte Protetto 6”, “Eurizon EasyFund – Orizzonte Protetto 12”, “Eurizon EasyFund – Orizzonte Protetto 24”, “Eurizon EasyFund –ABS Prudente” and “Eurizon EasyFund –ABS Attivo” (hereinafter the “Sub-Funds”) are hereby informed that, in the context of the specialization project related to management activities of some companies of Intesa Sanpaolo Group, the Management Company Eurizon Capital S.A. has decided to delegate the investment management activity of the Sub-Funds to Epsilon Associati SGR S.p.A., with effective date 1st June 2011. Epsilon Associati SGR S.p.A. is an asset management company jointly owned by Banca IMI S.p.A. and Eurizon Capital SGR S.p.A., both parts of Intesa Sanpaolo Group. The changes above mentioned are indicated in the Prospectus dated June 2011 that will be available free of charge at the registered office of the Management Company, at the registered office of the Custodian Bank, as well as at the registered offices of the distribution agents.

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Eurizon EasyFund

The Fund is an umbrella fund. The Sub-Funds which are active on 30 June 2011 are listed below:

Line Limited Tracking Error :

Eurizon EasyFund - Equity Italy Eurizon EasyFund - Equity Euro Eurizon EasyFund - Equity Europe Eurizon EasyFund - Equity North America Eurizon EasyFund - Equity Japan Eurizon EasyFund - Equity Oceania Eurizon EasyFund - Equity Emerging Markets Eurizon EasyFund - Equity Emerging Markets Europe, Middle East & Africa Eurizon EasyFund - Equity Emerging Markets Asia Eurizon EasyFund - Equity Latin America Eurizon EasyFund - Equity China Eurizon EasyFund - Equity Energy & Materials Eurizon EasyFund - Equity Industrials Eurizon EasyFund - Equity Consumer Discretionary Eurizon EasyFund - Equity Consumer Staples Eurizon EasyFund - Equity Pharma Eurizon EasyFund - Equity Financial Eurizon EasyFund - Equity High Tech Eurizon EasyFund - Equity Telecommunication Eurizon EasyFund - Equity Utilities Eurizon EasyFund - Equity Small Cap Europe Eurizon EasyFund - Cash EUR Eurizon EasyFund - Bond EUR Floating Rate Eurizon EasyFund - Bond EUR Short Term Eurizon EasyFund - Bond EUR Medium Term Eurizon EasyFund - Bond EUR Long Term Eurizon EasyFund - Bond International Eurizon EasyFund - Bond GBP Eurizon EasyFund - Cash USD Eurizon EasyFund - Bond USD Eurizon EasyFund - Bond JPY Eurizon EasyFund - Bond Corporate EUR Short Term Eurizon EasyFund - Bond Emerging Markets Eurizon EasyFund - Bond High Yield Eurizon EasyFund - Bond Inflation Linked Line Flex/Multiasset: Eurizon EasyFund - Focus Azioni Strategia Flessibile Eurizon EasyFund - Orizzonte Protetto 6 Eurizon EasyFund - Orizzonte Protetto 12 Eurizon EasyFund - Orizzonte Protetto 24 Eurizon EasyFund - ABS Prudente Eurizon EasyFund - ABS Attivo.

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The Sanpaolo Ecu Fund - Obligations and Sanpaolo Ecu Fund - Mixte Sub-Funds were launched on 29 November 1988. The Sanpaolo Ecu Fund - Obligations France and Sanpaolo Ecu Fund - Actions France Sub-Funds were launched on 16 February 1990. The Sanpaolo Ecu Fund - Actions Sub-Fund was launched on 20 February 1990. The Sanpaolo Ecu Fund - Obligations Italie Sub-Fund was launched on 8 February 1993. The Sanpaolo Ecu Fund - Actions Italie Sub-Fund was launched on 6 April 1993 while the Sanpaolo Ecu Fund - Actions Allemagne and Sanpaolo Ecu Fund - Obligations Ibérie Sub-Funds were launched on 7 December 1993. The Fund was renamed Sanpaolo International Fund pursuant to the decision made by the Board of Directors of the Management Company on 24 August 1998. The Sub-Funds named Sanpaolo Ecu Fund - Obligations, Sanpaolo Ecu Fund - Mixte, Sanpaolo Ecu Fund - Actions, Sanpaolo Ecu Fund - Actions Allemagne, Sanpaolo Ecu Fund - Obligations Italie, Sanpaolo Ecu Fund - Actions Italie and Sanpaolo Ecu Fund - Actions France were respectively renamed Sanpaolo International Fund - Bonds Euro, Sanpaolo International Fund - Mixed, Sanpaolo International Fund - Equity Europe Small Cap, Sanpaolo International Fund - Equity Germany, Sanpaolo International Fund - Bonds Italy, Sanpaolo International Fund - Equity Italy and Sanpaolo International Fund - Equity France pursuant to the decision made by the Board of Directors of the Management Company on 24 August 1998. The Sanpaolo Ecu Fund - Obligations France and Sanpaolo Ecu Fund - Obligations Ibérie Sub-Funds merged with effect from 26 September 1998 into the Sanpaolo International Fund - Bonds Euro Sub-Fund pursuant to the decision made by the Board of Directors of the Management Company on 24 August 1998.

The Sanpaolo International Fund - Equity USA, Sanpaolo International Fund - Equity Japan and Sanpaolo International Fund - Equity Europe Sub-Funds were launched on 15 October 1998.

The Sanpaolo International Fund - Bonds US$, Sanpaolo International Fund - Bonds Yen and Sanpaolo International Fund - Equity Emerging Markets Far East Sub-Funds were launched on 20 October 1998.

The Sanpaolo International Fund - Bonds Italy Sub-Fund was renamed Euro Short Term on 1 February 1999.

The Sanpaolo International Fund - Bonds UK£, Sanpaolo International Fund - Bonds Emerging Markets, Sanpaolo International Fund - Equity Great Britain, and Sanpaolo International Fund - Equity Latin America Sub-Funds were launched on 15 February 1999.

The Sanpaolo International Fund - Equity Switzerland, Sanpaolo International Fund - Equity Scandinavia, Sanpaolo International Fund - Equity Canada, Sanpaolo International Fund - Equity Australia and Sanpaolo International Fund - Equity Africa Sub-Funds were launched on 15 July 1999.

The Sanpaolo International Fund - Bonds FrSw, Sanpaolo International Fund - Bonds Equity Emerging Markets Europe, Sanpaolo International Fund - Equity China, Sanpaolo International Fund - Euro Medium Term, Sanpaolo International Fund - Euro Long Term and Sanpaolo International Fund - Dollar Short Term Sub-Funds were launched on 16 July 1999. The Sanpaolo International Fund - World Convertible Bonds Sub-Fund was launched on 16 September 1999.

The Sanpaolo International Fund - Autumn 36-100 Sub-Fund was launched on 18 October 1999. The Sanpaolo International Fund - Winter 36-100 Sub-Fund was launched on 15 January 2000.

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The Sanpaolo International Fund - Bond High Yield, Sanpaolo International Fund - Equity Energy and Materials, Sanpaolo International Fund - Equity Biotech, Sanpaolo International Fund - Equity Utilities, Sanpaolo International Fund - Equity Information Technology, Sanpaolo International Fund - Equity Finance, Sanpaolo International Fund - Equity Telecommunications, Sanpaolo International Fund - Equity High Growth, Sanpaolo International Fund - Equity Media, Sanpaolo International Fund - Equity World Small Cap, Sanpaolo International Fund - Equity US Small Cap, Sanpaolo International Fund - Equity Pacific Small Cap, Sanpaolo International Fund - Equity Eastern Europe and Sanpaolo International Fund - Equity India Sub-Funds were launched on 14 July 2000.

The Sanpaolo International Fund - Obiettivo USA, Sanpaolo International Fund - Obiettivo Euro, Sanpaolo International Fund - Obiettivo Europa, Sanpaolo International Fund - Obiettivo Giappone, Sanpaolo International Fund - Obiettivo Italia and Sanpaolo International Fund - Obiettivo Paesi Emergenti Sub-Funds were launched on 11 June 2001. The Sub-Funds known as Sanpaolo International Fund - Equity Biotech, Sanpaolo International Fund - Equity Energy and Materials, Sanpaolo International Fund - Equity Finance, Sanpaolo International Fund - Equity Media, Sanpaolo International Fund - Euro Short Term, Sanpaolo International Fund - Euro Medium Term, Sanpaolo International Fund - Euro Long Term, Sanpaolo International Fund - Bonds US$ and Sanpaolo International Fund - Bonds Yen were respectively renamed Sanpaolo International Fund - Obiettivo Biofarma, Sanpaolo International Fund - Obiettivo Materie Prime, Sanpaolo International Fund - Obiettivo Finanza, Sanpaolo International Fund - Obiettivo Media, Sanpaolo International Fund - Obiettivo Euro Breve Termine, Sanpaolo International Fund - Obiettivo Euro Medio Termine, Sanpaolo International Fund - Obiettivo Euro Lungo Termine, Sanpaolo International Fund - Obiettivo Obbligazionario Dollari, Sanpaolo International Fund - Obiettivo Obbligazionario Yen pursuant to the decision made by the Board of Directors of the Management Company on 15 November 2001.

The Sub-Funds known as Sanpaolo International Fund - Equity Information Technology, Sanpaolo International Fund - Equity Telecommunications, Sanpaolo International Fund - Equity Utilities were respectively renamed Sanpaolo International Fund - Obiettivo Alta Tecnologia, Sanpaolo International Fund - Obiettivo Telecomunicazioni, Sanpaolo International Fund - Obiettivo Utilities pursuant to the decision made by the Board of Directors of the Management Company on 26 November 2001.

On 27 September 2002, the Sub-Funds Sanpaolo International Fund - Obiettivo USA, Sanpaolo International Fund - Equity Emerging Markets Europe, Sanpaolo International Fund - Equity Emerging Markets Far East, Sanpaolo International Fund - Equity World Small Cap, Sanpaolo International Fund - Equity Great Britain, Sanpaolo International Fund - Equity Australia, Sanpaolo International Fund - Equity Latin America, Sanpaolo International Fund - Equity China, Sanpaolo International Fund - Obiettivo Materie Prime, Sanpaolo International Fund - Obiettivo Media, Sanpaolo International Fund - Obiettivo Biofarma, Sanpaolo International Fund - Obiettivo Finanza, Sanpaolo International Fund - Equity Europe Small Cap, Sanpaolo International Fund - Equity US Small Cap, Sanpaolo International Fund - Mixed, Sanpaolo International Fund - Obiettivo Euro Breve Termine, Sanpaolo International Fund - Obiettivo Euro Medio Termine, Sanpaolo International Fund - Bonds Euro, Sanpaolo International Fund - Bonds FrSw, Sanpaolo International Fund - Bonds UK£, Sanpaolo International Fund - Dollar Short Term, Sanpaolo International Fund - World Convertible Bonds, Sanpaolo International Fund - Bonds Emerging Markets, Sanpaolo International Fund - Bond High Yield, were respectively renamed Sanpaolo International Fund - Obiettivo Nord America, Sanpaolo International Fund - Obiettivo Paesi Emergenti Europa, Medio Oriente ed Africa, Sanpaolo International Fund - Obiettivo Paesi Emergenti Asia, Sanpaolo International Fund - Small Cap Internazionale, Sanpaolo International Fund - Obiettivo Gran Bretagna, Sanpaolo International Fund - Obiettivo Oceania, Sanpaolo International Fund - Obiettivo America Latina, Sanpaolo International Fund - Obiettivo Cina, Sanpaolo International Fund - Obiettivo Energia & Materie Prime, Sanpaolo International Fund - Obiettivo Multimedia, Sanpaolo International Fund - Obiettivo Farma, Sanpaolo International Fund - Obiettivo Banche, Sanpaolo International Fund - Small Cap Europa, Sanpaolo International Fund - Small Cap USA, Sanpaolo International Fund - Obiettivo Bilanciato, Sanpaolo International Fund - Obiettivo Liquidità Euro, Sanpaolo International Fund - Obiettivo Euro Breve Termine, Sanpaolo International Fund - Obiettivo Euro Medio Termine, Sanpaolo International Fund - Obiettivo Obbligazionario Franchi Svizzeri, Sanpaolo International Fund - Obiettivo Obbligazionario Sterline, Sanpaolo International Fund - Obiettivo Liquidità Dollari, Sanpaolo International Fund - Obbligazioni Convertibili, Sanpaolo International Fund - Obbligazionario Paesi Emergenti, Sanpaolo International Fund - Obbligazionario High Yield.

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On 27 September 2002, the Sub-Fund Sanpaolo International Fund - Equity Italy merged into the Sanpaolo International Fund - Obiettivo Italia Sub-Fund, the Sub-Funds Sanpaolo International Fund - Equity Euro, Sanpaolo International Fund - Equity France and Sanpaolo International Fund - Equity Germany merged into the Sanpaolo International Fund - Obiettivo Euro Sub-Fund, the Sub-Funds Sanpaolo International Fund - Equity Scandinavia and Sanpaolo International Fund - Equity Switzerland merged into the Sanpaolo International Fund - Obiettivo Europa Sub- Fund, the Sub-Funds Sanpaolo International Fund - Equity USA and Sanpaolo International Fund - Equity Canada merged into the Sanpaolo International Fund - Obiettivo Nord America Sub-Fund, the Sub-Fund Sanpaolo International Fund - Equity Japan merged into the Sanpaolo International Fund - Obiettivo Giappone Sub-Fund, the Sub-Funds Sanpaolo International Fund - Equity Africa and Sanpaolo International Fund - Equity Eastern Europe merged into the Sanpaolo International Fund - Obiettivo Paesi Emergenti Europa, Medio Oriente ed Africa Sub-Fund, the Sub-Funds Sanpaolo International Fund - Equity India and Sanpaolo International Fund - Obiettivo Paesi Emergenti merged into the Sanpaolo International Fund - Obiettivo Paesi Emergenti Asia Sub-Fund, the Sub-Funds Sanpaolo International Fund - Equity High Growth and Sanpaolo International Fund - Equity Pacific Small merged into the Sanpaolo International Fund - Small Cap Internazionale Sub-Fund. The Sub-Funds Sanpaolo International Fund - Obiettivo Industria, Sanpaolo International Fund - Obiettivo Beni Durevoli, Sanpaolo International Fund - Obiettivo Beni di Consumo and Sanpaolo International Fund - Obiettivo Assicurazioni were launched on 30 September 2002. The Sub-Funds Sanpaolo International Fund - Orizzonte Protetto 6, Sanpaolo International Fund - Orizzonte Protetto 12, Sanpaolo International Fund - Orizzonte Protetto 24 and Sanpaolo International Fund - Euro Inflation Linked were launched on 31 March 2003. On 7 November 2003, the Sub-Funds Sanpaolo International Fund - Obiettivo Liquidità Euro, Sanpaolo International Fund - Euro Inflation Linked and Sanpaolo International Fund - Autumn 36-100 were respectively renamed Sanpaolo International Fund - Valore Liquidità, Sanpaolo International Fund - Valore Reale and Sanpaolo International Fund - Valore Equilibrio. On 7 November 2003, the Sub-Funds Sanpaolo International Fund - Small Cap USA and Sanpaolo International Fund - Small Cap Internazionale merged into the Sanpaolo International Fund - Small Cap Europa Sub-Fund and the Sub-Fund Sanpaolo International Fund - Winter 36-100 merged into the Sanpaolo International Fund - Valore Equilibrio Sub-Fund. The Sub-Funds Sanpaolo International Fund - ABS Prudente and Sanpaolo International Fund - ABS Attivo were put into operation on 30 September 2005. On 26 February 2008, the Sub-Funds Sanpaolo International Fund - Obiettivo Italia, Sanpaolo International Fund - Obiettivo Euro, Sanpaolo International Fund - Obiettivo Europa, Sanpaolo International Fund - Obiettivo Gran Bretagna, Sanpaolo International Fund - Obiettivo Nord America, Sanpaolo International Fund - Obiettivo Giappone, Sanpaolo International Fund - Obiettivo Oceania, Sanpaolo International Fund - Obiettivo Paesi Emergenti Europa, Sanpaolo International Fund - Medio Oriente ed Africa, Sanpaolo International Fund - Obiettivo Paesi Emergenti Asia, Sanpaolo International Fund - Obiettivo America Latina, Sanpaolo International Fund - Obiettivo Cina, Sanpaolo International Fund - Obiettivo Energia & Materie Prime, Sanpaolo International Fund - Obiettivo Industria, Sanpaolo International Fund - Obiettivo Beni Durevoli, Sanpaolo International Fund - Obiettivo Multimedia, Sanpaolo International Fund - Obiettivo Beni di Consumo, Sanpaolo International Fund - Obiettivo Farma, Sanpaolo International Fund - Obiettivo Banche, Sanpaolo International Fund - Obiettivo Assicurazioni, Sanpaolo International Fund - Obiettivo Alta Tecnologia, Sanpaolo International Fund - Obiettivo Telecomunicazioni, Sanpaolo International Fund - Obiettivo Utilities, Sanpaolo International Fund - Small Cap Europa, Sanpaolo International Fund - Valore Liquidità, Sanpaolo International Fund - Obiettivo Euro Breve Termine, Sanpaolo International Fund - Obiettivo Euro Medio Termine, Sanpaolo International Fund - Obiettivo Euro Lungo Termine, Sanpaolo International Fund - Obiettivo Obbligazionario Franchi Svizzeri, Sanpaolo International Fund - Obiettivo Obbligazionario Sterline, Sanpaolo International Fund - Obiettivo Liquidità Dollari, Sanpaolo International Fund - Obiettivo Obbligazionario Dollari, Sanpaolo International Fund - Obiettivo Obbligazionario Yen, Sanpaolo International Fund - Obbligazioni Convertibili, Sanpaolo International Fund - Obbligazionario Paesi Emergenti, Sanpaolo International Fund - Obbligazionario High Yield, Sanpaolo International Fund - Valore Reale were respectively renamed Sanpaolo International Fund - Equity Italy, Sanpaolo International Fund - Equity Euro,

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Sanpaolo International Fund - Equity Europe, Sanpaolo International Fund - Equity Great Britain, Sanpaolo International Fund - Equity North America, Sanpaolo International Fund - Equity Japan, Sanpaolo International Fund - Equity Oceania, Sanpaolo International Fund - Equity Emerging Markets Europe, Sanpaolo International Fund - Middle East & Africa, Sanpaolo International Fund - Equity Emerging Markets Asia, Sanpaolo International Fund - Equity Latin America, Sanpaolo International Fund - Equity China, Sanpaolo International Fund - Equity Energy & Materials, Sanpaolo International Fund - Equity Industrials, Sanpaolo International Fund - Equity Durable Goods, Sanpaolo International Fund - Equity Media, Sanpaolo International Fund - Equity Consumer Staples, Sanpaolo International Fund - Equity Pharma, Sanpaolo International Fund - Equity Banks, Sanpaolo International Fund - Equity Insurance, Sanpaolo International Fund - Equity High Tech, Sanpaolo International Fund - Equity Telecommunication, Sanpaolo International Fund - Equity Utilities, Sanpaolo International Fund - Equity Small Cap Europe, Sanpaolo International Fund - Cash EUR, Sanpaolo International Fund - Bond EUR Short Term, Sanpaolo International Fund - Bond EUR Medium Term, Sanpaolo International Fund - Bond EUR Long Term, Sanpaolo International Fund - Bond CHF, Sanpaolo International Fund - Bond GBP, Sanpaolo International Fund - Cash USD, Sanpaolo International Fund - Bond USD, Sanpaolo International Fund - Bond JPY, Sanpaolo International Fund - Bond Convertible, Sanpaolo International Fund - Bond Emerging Markets, Sanpaolo International Fund - Bond High Yield, Sanpaolo International Fund - Bond Inflation Linked. On 7 July 2008, Eurizon Capital S.A. transfered the branch of activity corresponding to its Fund Administration activities to Sanpaolo Bank S.A. and has decided to delegate to the latter, according to the Management Company of the Fund, the functions of administrative agent, registrar and transfer agent on behalf of the Fund from this date on.

On 27 February 2009, the Sub-Funds Eurizon EasyFund - Obiettivo Bilanciato, Eurizon EasyFund - Valore Equilibrio and Eurizon EasyFund - Equity Great Britain contributed their assets and liabilities into the Sub-Funds Eurizon EasyFund - ABS Attivo, Eurizon EasyFund - ABS Prudente and Eurizon EasyFund - Equity Europe respectively. Furthermore, a new investment policy was adopted by the incorporating Sub-Fund Eurizon EasyFund - ABS Prudente. On the same date, the Sub-Funds Eurizon EasyFund - Bond Convertible and Eurizon EasyFund - Bond CHF were respectively renamed Eurizon EasyFund - Bond Corporate EUR Short Term and Eurizon EasyFund - Bond International. Furthermore, a new investment policy was adopted by the two renamed Sub-Funds. On 24 April 2009, the Sub-Funds Eurizon Capital Corporate Fund - Premium 5 and Eurizon Capital Corporate Fund - Premium 25 contributed their assets and liabilities into the Sub-Fund Eurizon EasyFund - Bond Corporate EUR Short Term. On 27 November 2009, the Sub-Funds Eurizon EasyFund - Equity Durable Goods and Eurizon EasyFund - Equity Banks were respectively renamed Eurizon EasyFund - Equity Consumer Discretionary and Eurizon EasyFund - Equity Financial. On the same date, the Sub-Funds Eurizon EasyFund - Equity Media and Eurizon EasyFund - Equity Insurance contributed their assets and liabilities into the Eurizon EasyFund - Equity Consumer Discretionary and Eurizon EasyFund - Equity Financial Sub-Funds respectively. The Sub-Funds Eurizon EasyFund - Equity Emerging Markets and Eurizon EasyFund - Bond EUR Floating Rate were launched on 11 December 2009. On 11 December 2009, the Sub-Fund Giotto Lux Fund - Monetario Plus contributed its assets and liabilities into the Eurizon EasyFund - Cash EUR Sub-Fund, the Sub-Fund Giotto Lux Fund - Euro Medium Term contributed its assets and liabilities into the Eurizon EasyFund - Bond EUR Medium Term Sub-Fund, the Sub-Fund Giotto Lux Fund - Euro Long Term contributed its assets and liabilities into the Eurizon EasyFund - Bond EUR Long Term Sub-Fund, the Sub-Fund Giotto Lux Fund - Euro TV contributed its assets and liabilities into the Eurizon EasyFund - Bond EUR Floating Rate Sub-Fund, the Sub-Fund Giotto Lux Fund - Global Credit Bond contributed its assets and liabilities into the Eurizon EasyFund - Bond Corporate EUR Short Term Sub-Fund, the Sub-Fund Giotto Lux Fund - Global Government Bond contributed its assets and liabilities into the Eurizon EasyFund - Bond International Sub-Fund, the Sub-Fund Giotto Lux Fund - Equity Italy contributed its assets and liabilities into the Eurizon EasyFund - Equity Italy Sub-Fund, the Sub-Fund

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Giotto Lux Fund - Equity Euro contributed its assets and liabilities into the Eurizon EasyFund - Equity Euro Sub-Fund, the Sub-Fund Giotto Lux Fund - Equity Europe ex Euro contributed its assets and liabilities into the Eurizon EasyFund - Equity Europe Sub-Fund, the Sub-Fund Giotto Lux Fund - Equity Europe Small Cap contributed its assets and liabilities into the Eurizon EasyFund - Equity Small Cap Europe Sub-Fund, the Sub-Fund Giotto Lux Fund - Equity North America contributed its assets and liabilities into the Eurizon EasyFund - Equity North America Sub-Fund, the Sub-Fund Giotto Lux Fund - Equity Japan contributed its assets and liabilities into the Eurizon EasyFund - Equity Japan Sub-Fund, the Sub-Fund Giotto Lux Fund - Equity Pacific contributed its assets and liabilities into the Eurizon EasyFund - Equity Oceania Sub-Fund, the Sub-Fund Giotto Lux Fund - Equity Emerging Markets contributed its assets and liabilities into the Eurizon EasyFund - Equity Emerging Markets Sub-Fund, the Sub-Fund Giotto Lux Fund - Absolute Bond contributed its assets and liabilities into the Eurizon EasyFund - ABS Prudente Sub-Fund. The Sub-Fund Eurizon EasyFund - Focus Azioni Strategia Flessibile was launched on 20 May 2010.

The different Units which are available to investors for all Sub-Funds are detailed in note 11 “Units of the Fund” of the notes to the financial statements.

GENERAL MEETINGS

The Annual General Meeting of the Management Company is held in Luxembourg, at the registered office, on the last Tuesday in March at 15.00 hours and, if such day is not a business day in the Grand Duchy of Luxembourg, the next business day.

QUOTATION

The Units of the Fund are denominated in euros and some of them are quoted on the Luxembourg Stock Exchange. INFORMATION FOR FUND UNITHOLDERS

Copies of audited annual reports as at 31 December and copies of the unaudited semi-annual reports as at 30 June are available free of charge to Unitholders at the Custodian Bank, other establishments specified by the latter, and at the registered office of the Management Company.

The periodic reports contain all information relative to the Fund and to the composition and development of its assets.

The financial year begins on 1 January and ends on 31 December. The Net Asset Value is published every day in the daily newspaper “Il Sole 24 Ore” in Italy and in the “Diário Económico“ in Portugal. The Net Asset Value as well as the subscription and redemption prices of the Fund Units can also be obtained from the Custodian Bank. Other information intended for participants is published in the “Mémorial, Recueil Spécial des Sociétés et Associations“ and in the “Registre de Commerce et des Sociétés” in Luxembourg, if this publication is specified by the Management Regulations or by law.

12

Eurizon EasyFund

COMPARATIVE NET ASSET VALUES OVER THE LAST THREE YEARS

30 June 2011 31 December 2010 31 December 2009 Currency Total NAV per Unit Total NAV per Unit Total NAV per Unit Eurizon EasyFund - Equity Italy Class I Units EUR 1 296 836,77 71,53 1 463 426,95 71,12 2 165 246,16 76,21Class R Units EUR 23 270 335,57 71,13 27 928 942,57 70,74 57 593 208,35 75,88Class R2 Units USD 40 473,29 103,21 150 690,29 94,95 9 804,62 108,86Class Z Units EUR 50 416 630,04 75,10 50 491 105,74 74,12 59 483 490,04 78,30Total net assets EUR 75 011 717,90 79 995 800,77 119 248 778,23Eurizon EasyFund - Equity Euro Class I Units EUR 3 671 835,75 84,24 3 761 351,98 82,13 5 111 949,74 81,21Class R Units EUR 78 451 481,99 83,82 84 499 620,80 81,75 125 963 505,22 80,91Class Z Units EUR 85 601 020,82 88,44 66 158 596,85 85,59 22 268 514,76 83,44Total net assets EUR 167 724 338,56 154 419 569,63 153 343 969,72Eurizon EasyFund - Equity Europe Class I Units EUR 139 378 201,50 86,81 135 908 731,67 87,27 27 545 134,59 79,95Class IH Units EUR 91,27 91,27 112 729 372,31 90,51 125 506 794,79 86,44Class R Units EUR 56 783 700,42 86,65 60 918 756,29 87,15 70 349 604,94 79,90Class RH Units EUR 4 815 792,13 89,18 5 077 278,32 88,48 5 897 441,58 84,57Class Z Units EUR 771 574 223,33 91,23 319 547 697,48 91,05 398 288 717,79 82,19Class ZH Units EUR 5 684 938,79 95,76 38 964 341,58 94,27 36 459 784,01 88,81Total net assets EUR 1 088 539 927,53 673 146 177,65 664 047 477,70Eurizon EasyFund - Equity North America Class I Units EUR 86 691 096,06 62,42 146 590 929,38 64,67 92 456 896,56 53,77Class IH Units EUR 97,46 97,46 106 885 945,12 93,74 110 897 651,21 84,55Class R Units EUR 76 349 177,86 62,07 76 437 347,99 64,34 77 471 249,07 53,54Class RH Units EUR 20 923 703,16 97,02 17 025 780,13 93,36 15 189 661,81 84,29Class Z Units EUR 651 685 587,07 65,51 502 564 172,06 67,41 325 833 283,56 55,26Class ZH Units EUR 110 565 120,61 102,15 155 935 598,87 97,58 53 075 058,69 86,82Total net assets EUR 1 051 447 462,26 1 005 439 773,55 674 923 800,90Eurizon EasyFund - Equity Japan Class I Units EUR 33 805 678,55 52,71 41 054 529,78 60,07 32 211 806,69 50,66Class IH Units EUR 65,82 65,82 25 697 228,93 70,10 21 545 552,61 73,35Class R Units EUR 46 571 372,18 52,51 57 246 429,91 59,87 52 511 457,20 50,54Class R2 Units USD 49 432,07 76,12 47 175,33 80,03 31 803,67 72,97Class RH Units EUR 13 908 774,92 65,33 11 187 806,18 69,61 12 070 498,03 72,89Class Z Units EUR 110 679 985,82 55,25 110 507 858,07 62,53 136 817 387,38 52,01Class ZH Units EUR 62 099 101,71 68,98 52 348 617,42 72,87 18 551 105,25 75,19Total net assets EUR 294 432 709,15 298 077 775,88 273 729 834,15Eurizon EasyFund - Equity Oceania Class I Units EUR 5 092 330,56 183,46 12 475 079,76 197,12 10 735 196,72 161,17Class IH Units EUR 153,06 153,06 11 473 629,99 159,70 11 160 997,70 157,39Class R Units EUR 46 139 150,68 180,99 55 984 813,19 194,57 44 449 770,65 159,18Class RH Units EUR 8 666 878,55 149,67 9 854 512,06 156,23 10 062 877,50 154,10Class Z Units EUR 57 814 478,33 193,29 66 287 969,21 206,26 55 064 362,38 166,25Class ZH Units EUR 592 157,77 161,18 625 450,66 167,01 4 248 553,93 162,30Total net assets EUR 128 621 491,40 156 701 454,87 135 721 758,88Eurizon EasyFund - Equity Emerging Markets Class R Units EUR 58 115 216,30 206,22 62 167 377,90 224,24 46 478 763,75 181,63Class Z Units EUR 214 775 340,88 210,57 191 689 233,57 227,32 –Total net assets EUR 272 890 557,18 253 856 611,47 46 478 763,75Eurizon EasyFund - Equity Emerging Mkts Europe-Middle-East Africa Class I Units EUR 300 104,12 172,61 300 291,13 184,85 328 129,81 143,16Class R Units EUR 77 427 483,35 171,86 81 172 214,22 184,28 55 602 668,72 142,86Class R2 Units USD 7 163 463,85 249,35 7 322 761,54 247,34 5 753 197,48 204,96Class Z Units EUR 31 250 537,76 181,02 38 658 894,10 192,67 24 222 036,48 147,15Total net assets EUR 113 918 959,66 125 589 833,01 84 162 730,45Eurizon EasyFund - Equity Emerging Market Asia Class I Units EUR 3 776 722,98 154,09 7 347 367,69 166,67 5 829 331,91 132,62Class R Units EUR 106 659 416,54 153,58 124 201 372,91 166,19 79 869 385,62 132,36Class R2 Units USD 35 583,85 222,58 65 102,51 222,16 – –Class Z Units EUR 44 383 849,21 161,69 41 235 348,89 173,68 81 074 218,13 136,27Total net assets EUR 154 844 558,99 172 832 811,62 166 772 935,66Eurizon EasyFund - Equity Latin America Class I Units EUR 375 761,59 391,75 381 591,85 435,81 482 724,04 356,47Class R Units EUR 104 355 561,35 388,08 131 587 447,04 431,93 86 198 170,86 353,55Class R2 Units USD 2 345 068,35 562,99 1 780 494,21 579,75 2 988 779,35 507,25Class Z Units EUR 32 464 728,86 410,92 34 413 813,91 453,98 31 674 109,20 366,17Total net assets EUR 138 813 508,76 167 710 044,64 120 438 140,08Eurizon EasyFund - Equity China Class R Units EUR 186 527 814,40 86,26 228 720 780,35 95,35 218 264 370,19 85,16Class R2 Units USD 216 749,51 125,03 369 123,18 127,47 – –

13

Eurizon EasyFund


Class Z Units EUR 41 364 273,10 88,34 38 303 606,53 96,93 2 803 819,81 85,30Total net assets EUR 228 041 750,65 267 300 635,33 221 068 190,00Eurizon EasyFund - Equity Energy & Materials Class I Units EUR 6 693 968,68 142,18 6 785 150,25 147,12 5 283 831,23 121,72Class IH Units EUR 148,76 148,76 11 162 277,13 146,48 8 857 277,39 132,38Class R Units EUR 27 076 400,15 141,31 28 028 926,27 146,29 23 011 963,78 121,12Class R2 Units USD 833 123,22 206,39 629 175,08 196,34 1 085 722,31 173,77Class RH Units EUR 23 247 014,40 146,89 19 931 424,35 144,70 19 554 112,21 130,88Class Z Units EUR 572 967,92 149,14 3 938 261,24 153,28 10 100 991,23 125,03Class ZH Units EUR 2 172 506,74 155,95 3 408 543,90 152,49 6 391 264,26 135,92Total net assets EUR 71 564 545,57 73 723 574,29 73 956 172,85Eurizon EasyFund - Equity Industrials Class I Units EUR 4 341 434,51 143,25 4 319 451,17 147,08 3 003 322,11 113,96Class IH Units EUR 157,47 157,47 6 943 340,22 153,46 5 231 539,67 131,51Class R Units EUR 3 962 425,86 142,55 3 750 378,40 146,43 905 528,86 113,56Class RH Units EUR 1 677 453,11 156,02 1 190 469,38 152,12 680 398,43 130,45Class Z Units EUR 12 829 273,89 150,19 18 424 567,62 153,14 12 615 565,77 117,01Class ZH Units EUR 9 009 328,08 164,06 5 493 957,17 158,80 137 692,01 134,24Total net assets EUR 38 522 638,89 40 122 163,96 22 574 046,85Eurizon EasyFund - Equity Consumer Discretionary Class I Units EUR 3 868 691,44 137,82 3 975 285,63 141,15 2 688 617,74 108,16Class IH Units EUR 148,21 148,21 6 391 589,73 142,88 5 328 693,29 120,84Class R Units EUR 2 302 325,86 137,17 2 152 558,00 140,54 777 797,38 107,81Class RH Units EUR 1 427 062,58 146,24 1 057 578,77 141,04 434 126,90 119,40Class Z Units EUR 4 627 088,44 144,53 13 634 896,34 146,99 15 485 132,37 111,06Class ZH Units EUR 86 341,31 155,50 98 512,40 148,87 131 637,66 124,15Total net assets EUR 18 640 341,43 27 310 420,87 24 846 005,34Eurizon EasyFund - Equity Consumer Staples Class I Units EUR 3 676 467,74 131,15 3 648 784,39 133,11 2 909 844,73 112,91Class IH Units EUR 148,77 148,77 5 897 474,58 143,43 5 242 407,60 132,36Class R Units EUR 2 785 072,84 130,52 1 659 049,04 132,53 927 208,15 112,53Class RH Units EUR 1 452 019,20 147,10 936 341,94 141,89 868 818,99 131,05Class Z Units EUR 6 779 360,45 137,57 11 608 337,60 138,65 13 980 578,50 115,97Class ZH Units EUR 70 772,61 155,97 86 493,87 149,33 6 224 748,72 135,91Total net assets EUR 21 976 484,76 23 836 481,42 30 153 606,69Eurizon EasyFund - Equity Pharma Class I Units EUR 3 390 170,13 67,92 3 239 839,49 65,56 2 913 047,45 61,06Class IH Units EUR 79,51 79,51 5 799 430,64 72,76 6 127 158,98 73,70Class R Units EUR 6 979 650,81 67,59 6 826 570,26 65,26 7 812 165,48 60,84Class RH Units EUR 3 830 208,23 78,39 3 289 616,14 71,77 3 833 694,12 72,75Class Z Units EUR 14 688 016,45 71,23 7 394 402,63 68,27 13 700 648,83 62,68Class ZH Units EUR 5 077 696,39 82,81 78 174,85 75,26 6 260 613,80 75,19Total net assets EUR 41 153 894,51 26 628 034,01 40 647 328,66Eurizon EasyFund - Equity Financial Class I Units EUR 6 675 641,53 44,74 7 100 703,71 48,02 5 832 944,23 43,95Class IH Units EUR 47,32 47,32 10 970 467,52 48,45 9 335 352,04 48,89Class R Units EUR 4 979 924,81 44,47 5 624 644,61 47,76 9 320 379,68 43,75Class R2 Units USD 293 264,10 64,53 17 481,55 64,11 – –Class RH Units EUR 2 612 980,01 46,67 2 951 104,37 47,80 3 237 509,35 48,27Class Z Units EUR 20 494 719,77 46,99 13 061 826,15 50,08 24 878 181,19 45,19Class ZH Units EUR 161 495,20 49,33 162 614,91 50,15 252 698,01 49,90Total net assets EUR 46 295 492,31 39 884 392,13 49 857 064,50Eurizon EasyFund - Equity High Tech Class I Units EUR 3 887 462,71 51,27 4 111 392,06 55,49 3 449 077,46 47,97Class IH Units EUR 60,14 60,14 7 412 854,71 60,66 7 006 035,90 57,48Class R Units EUR 4 152 668,88 51,02 4 556 891,74 55,24 3 392 897,10 47,81Class RH Units EUR 2 431 447,63 59,17 2 811 858,98 59,71 2 470 332,78 56,63Class Z Units EUR 6 707 345,57 53,75 8 299 330,91 57,77 15 531 643,43 49,24Class ZH Units EUR 427 231,55 62,66 100 294,07 62,79 157 472,13 58,67Total net assets EUR 24 512 509,35 27 292 622,47 32 007 458,80Eurizon EasyFund - Equity Telecommunication Class I Units EUR 1 438 147,96 52,58 1 463 611,14 53,38 1 265 439,95 45,32Class IH Units EUR 56,92 56,92 2 769 662,24 55,36 2 007 112,02 50,53Class R Units EUR 2 811 899,52 52,28 3 199 032,74 53,10 3 011 890,02 45,13Class R2 Units – – – – 54,00 – –Class RD Units – – – – 61,00 – –Class RH Units EUR 1 101 476,78 56,11 1 291 455,39 55,56 1 923 355,75 49,87Class Z Units EUR 16 515 878,08 55,11 4 225 873,54 57,33 9 439 326,15 46,50Class ZH Units EUR 11 556 376,77 59,35 59 632,25 6 132 386,33 51,58Total net assets EUR 37 031 806,98 13 009 267,30 23 779 510,22Eurizon EasyFund - Equity Utilities Class I Units EUR 1 377 599,35 93,18 1 522 725,21 96,74 1 326 579,39 92,34Class IH Units EUR 104,99 104,99 2 621 861,15 103,64 2 522 957,14 105,71Class R Units EUR 6 036 446,76 92,75 6 629 288,24 96,33 6 510 699,66 92,02Class R2 Units USD 142 320,92 134,56 80 582,00 129,29 34 276,29 132,02

14

Eurizon EasyFund


Class RH Units EUR 5 661 332,91 103,64 5 712 773,23 102,36 6 603 958,62 104,48Class Z Units EUR 901 092,03 97,75 11 065 234,66 100,76 10 477 579,28 94,82Class ZH Units EUR 19 054,50 109,51 5 795 620,26 107,37 6 172 535,81 107,91Total net assets EUR 17 454 088,90 33 407 569,09 33 638 199,98Eurizon EasyFund - Equity Small Cap Europe Class I Units EUR 20 339,20 435,08 20 107,92 441,10 17 949 190,96 358,65Class R Units EUR 64 441 957,90 434,93 70 056 344,36 441,11 67 001 781,25 358,90Class R2 Units USD 63 610,76 631,03 626 682,33 592,07 1 693 889,90 514,93Class Z Units EUR 37 199 744,22 457,67 34 390 853,75 460,53 4 566 604,58 368,81Total net assets EUR 101 705 915,38 104 934 439,07 90 698 193,55Eurizon EasyFund - Cash EUR Class A Units EUR 23 393 273,45 111,87 30 179 950,01 111,18 46 951 873,41 110,89Class I Units EUR 331 542 377,91 111,22 364 517 036,29 110,73 400 660 149,76 110,83Class R Units EUR 435 495 607,97 111,16 495 166 087,05 110,71 689 313 831,67 110,86Class Z Units EUR 3 277 364 844,45 113,88 3 110 694 769,89 112,99 2 743 709 492,99 112,30Total net assets EUR 4 067 796 103,78 4 000 557 843,24 3 880 635 347,83Eurizon EasyFund - Bond EUR Floating Rate Class R Units EUR 313 187 819,80 118,30 361 368 982,89 116,89 466 334 579,13 119,87Class Z Units EUR 21 099 233,63 119,57 4 400 396,76 117,68 –Total net assets EUR 334 287 053,43 365 769 379,65 466 334 579,13Eurizon EasyFund - Bond EUR Short Term Class I Units EUR 93 395 883,00 136,04 94 761 257,29 136,78 108 985 060,64 137,43Class R Units EUR 56 184 523,27 135,31 67 851 372,85 136,10 93 429 621,36 136,87Class Z Units EUR 1 334 286 906,94 140,05 1 535 632 968,30 140,22 1 512 401 904,60 139,68Total net assets EUR 1 483 867 313,21 1 698 245 598,44 1 714 816 586,60Eurizon EasyFund - Bond EUR Medium Term Class I Units EUR 60 133 971,65 293,52 57 471 189,65 296,32 70 763 361,43 295,27Class R Units EUR 72 430 864,79 291,56 107 302 771,38 294,45 134 449 875,17 293,67Class Z Units EUR 994 976 364,14 303,12 1 123 113 218,20 304,53 949 523 495,93 300,62Total net assets EUR 1 127 541 200,58 1 287 887 179,23 1 154 736 732,53Eurizon EasyFund - Bond EUR Long Term Class I Units EUR 163 655 239,37 158,51 167 611 044,94 159,25 187 892 656,39 158,69Class R Units EUR 56 347 089,63 157,68 66 047 985,51 158,48 62 581 727,06 158,07Class Z Units EUR 2 713 000 091,91 163,59 2 283 011 858,23 163,60 1 636 509 218,13 161,53Total net assets EUR 2 933 002 420,91 2 516 670 888,68 1 886 983 601,58Eurizon EasyFund - Bond International Class IH Units EUR 140,44 140,44 13 935,69 139,35 13 611,29 136,11Class R Units EUR 42 694 870,18 124,61 49 354 856,23 130,60 25 096 093,16 116,66Class RH Units EUR 2 453 131,62 138,62 1 758 549,28 137,62 1 003 155,28 134,56Class Z Units EUR 159 678 516,85 127,38 162 429 895,71 132,87 122 629 327,93 117,52Class ZH Units EUR 11 498,76 141,76 11 361,82 140,07 10 206,26 135,63Total net assets EUR 204 843 663,85 213 568 598,73 148 752 393,92Eurizon EasyFund - Bond GBP Class I Units EUR 2 685 398,32 116,21 3 204 709,18 121,32 3 857 211,89 110,46Class IH Units EUR 142,80 142,80 886 298,52 141,57 1 082 676,40 134,09Class R Units EUR 16 033 031,94 115,62 17 899 486,39 120,76 6 881 057,58 110,07Class RH Units EUR 2 678 590,23 141,47 2 401 905,07 140,31 2 937 311,92 133,03Class Z Units EUR 7 454 376,23 120,51 9 946 469,22 125,13 8 753 308,48 112,70Class ZH Units EUR 58 513 139,05 147,93 56 065 691,83 145,88 31 397 493,99 136,70Total net assets EUR 88 179 512,13 90 404 560,21 54 909 060,26Eurizon EasyFund - Cash USD Class I Units EUR 3 832 364,37 89,03 4 162 300,03 96,49 5 644 220,59 90,63Class R Units EUR 104 826 929,00 88,95 94 358 804,23 96,42 125 899 950,91 90,61Class Z Units EUR 35 497 133,11 91,20 28 801 441,30 98,49 22 868 635,45 91,87Total net assets EUR 144 156 426,48 127 322 545,56 154 412 806,95Eurizon EasyFund - Bond USD Class I Units EUR 7 616 798,82 126,91 9 096 142,74 135,28 10 068 392,06 120,61Class IH Units EUR 198,56 198,56 4 179 676,56 195,49 4 367 037,92 187,24Class R Units EUR 19 956 167,89 126,20 22 099 056,37 134,58 18 776 510,98 120,09Class RH Units EUR 9 116 102,29 197,62 7 969 621,80 194,66 9 609 641,68 186,61Class Z Units EUR 67 955 516,22 131,63 77 424 594,95 139,56 59 485 413,77 123,09Class ZH Units EUR 281 235 212,88 205,94 275 566 302,44 201,68 122 749 138,70 191,10Total net assets EUR 389 845 731,16 396 335 394,86 225 056 135,11Eurizon EasyFund - Bond JPY Class I Units EUR 4 623 130,48 112,96 5 588 796,30 121,51 7 201 984,78 98,46Class IH Units EUR 183,61 183,61 3 874 644,84 183,10 4 533 467,89 181,18Class R Units EUR 6 587 547,53 112,51 8 255 107,30 121,07 4 545 833,84 98,23Class RH Units EUR 307 498,41 149,77 165 135,43 149,43 277 803,67 147,99Class Z Units EUR 36 779 326,29 117,04 44 888 370,10 125,22 37 231 613,51 100,39Class ZH Units EUR 247 061 768,53 190,33 241 149 155,14 188,79 136 836 741,14 184,81Total net assets EUR 298 954 782,33 303 921 209,11 190 627 444,83Eurizon EasyFund - Bond Corporate Eur Short Term Class R Units EUR 78 884 824,54 61,24 95 507 633,84 60,55 97 519 986,65 59,50Class Z Units EUR 373 971 239,85 64,13 390 823 303,04 63,15 399 367 145,36 61,54

15

Eurizon EasyFund


Total net assets EUR 452 856 064,39 486 330 936,88 496 887 132,01Eurizon EasyFund - Bond Emerging Markets Class D Units EUR 360 491,37 201,63 385 336,20 213,63 – –Class D2 Units USD 353 135,50 292,33 118 223,34 286,59 – – EUR 360 491,37 201,63 – – – – USD – 292,33 – – – –Class I Units EUR 5 634 974,39 215,10 6 734 024,87 223,29 7 687 236,41 190,17Class IH Units EUR 285,84 285,84 77 885 245,24 274,73 88 546 439,37 251,98Class R Units EUR 23 244 199,68 213,77 26 675 505,69 222,00 11 065 836,35 189,28Class R2 Units USD 170 430,14 310,33 92 860,60 297,97 18 435,05 271,56Class RH Units EUR 36 892 845,96 284,41 33 622 220,74 273,50 25 024 226,76 251,09Class Z Units EUR 148 984 751,27 222,89 198 534 548,73 230,18 74 040 211,77 193,98Class ZH Units EUR 196 507 083,58 295,91 141 389 028,70 282,96 49 094 709,08 256,93Total net assets EUR 470 564 947,10 485 383 253,50 255 471 508,70Eurizon EasyFund - Bond High Yield Class D Units EUR 770 740,76 146,29 749 539,07 144,93 – –Class D2 Units USD 1 661 258,64 212,07 520 458,90 194,43 – – EUR 770 740,76 146,29 – – – – USD – 212,07 – – – –Class I Units EUR 22 853 840,39 158,01 36 262 290,39 152,45 19 236 299,80 134,66Class R Units EUR 169 102 358,83 157,26 117 736 453,01 151,80 98 714 579,71 134,17Class R2 Units USD 1 324 600,94 228,13 4 844 320,90 203,75 8 686 937,77 192,50Class Z Units EUR 376 142 052,22 163,77 258 674 964,03 157,20 89 932 222,18 137,39Total net assets EUR 570 928 420,17 417 422 187,87 213 937 771,68Eurizon EasyFund - Bond Inflation Linked Class I Units EUR 4 544 142,11 120,94 4 792 047,28 119,00 6 298 568,63 120,18Class R Units EUR 90 661 920,27 120,60 78 037 246,38 118,77 82 633 859,97 120,06Class Z Units EUR 38 058 629,81 124,31 31 614 418,90 121,83 74 782 821,07 122,03Total net assets EUR 133 264 692,16 114 443 712,56 163 715 249,67Eurizon EasyFund - Focus Azioni Strategia Flessibile Class R Units EUR 207 231 513,28 110,39 59 729 993,74 107,32 – –Class RL Units EUR 96 700 843,75 110,75 32 611 881,55 107,50 – –Class Z Units EUR 35 708 756,39 112,76 38 507 774,38 108,99 –Total net assets EUR 339 641 113,42 130 849 649,67 –Eurizon EasyFund - Orizzonte Protetto 6 Class R Units EUR 28 699 172,45 110,80 30 532 049,78 110,82 34 289 798,46 110,67Total net assets EUR 28 699 172,45 30 532 049,78 34 289 798,46Eurizon EasyFund - Orizzonte Protetto 12 Class R Units EUR 27 791 422,33 115,76 30 139 167,43 116,28 35 326 396,98 114,53Total net assets EUR 27 791 422,33 30 139 167,43 35 326 396,98Eurizon EasyFund - Orizzonte Protetto 24 Class R Units EUR 35 378 031,93 118,97 41 157 954,44 119,47 53 188 684,19 118,06Total net assets EUR 35 378 031,93 41 157 954,44 53 188 684,19Eurizon EasyFund - ABS Prudente Class R Units EUR 486 516 857,87 107,64 583 364 845,36 107,32 740 728 774,23 107,95Class Z Units EUR 75 828,57 110,62 82 147,08 109,89 88 941,40 109,77Total net assets EUR 486 592 686,44 583 446 992,44 740 817 715,63Eurizon EasyFund - ABS Attivo Class R Units EUR 449 091 425,61 106,01 526 240 644,73 105,96 689 608 891,69 106,59Class Z Units EUR 35 202 041,58 109,88 42 807 857,57 109,24 58 231 904,73 108,70Total net assets EUR 484 293 467,19 569 048 502,30 747 840 796,42

16

Eurizon EasyFund

COMBINED STATEMENT OF NET ASSETS AS AT 30 JUNE 2011 IN EUR

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

Assets Notes Investments in securities at market value 17 290 127 707,20Banks 750 547 760,21Amounts due from brokers 24 303 144,40Unrealised profit on forward foreign exchange contracts (Note 8) 15 143 692,65Unrealised profit on future contracts (Note 8) 9 071 510,49Unrealised profit on swap contracts (Note 8) 491 722,18Interest receivable on swap contracts (Note 8) 438 177,70Other interest receivable 144 164 368,73Receivable on investments sold 204 840 667,52Receivable on subscriptions 108 821 275,96Reverse repurchase agreements (Note 9) 173 436 426,83Other assets 15 737 322,38Total assets 18 737 123 776,25

Liabilities Bank overdrafts (1 798 434,73)Amounts due to brokers (1 146 387,18)Unrealised loss on forward foreign exchange contracts (Note 8) (4 067 126,67)Unrealised loss on future contracts (Note 8) (2 393 648,29)Unrealised loss on swap contracts (Note 8) (850 227,02)Interest payable on swap contracts (Note 8) (318 748,50)Interest payable (3 678 991,02)Payable on investments purchased (325 689 202,45)Payable on redemptions (149 441 413,09)Other liabilities (12 110 671,74)Total liabilities (501 494 850,69)Total net assets 18 235 628 925,56

17

Eurizon EasyFund

COMBINED STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD ENDED 30 JUNE 2011 IN EUR


Net assets at the beginning of the period Notes 17 654 657 057,61

Net income from investments 285 680 269,12Interest received on swap contracts 1 843 871,10Other income (Note 9) 143 788,22Total income 287 667 928,44Management fee (Note 5) (48 584 524,54)Performance fee (Note 6) (369 060,40)Custodian and paying agent fee (Note 7) (9 205 743,20)Subscription tax (Note 3) (1 601 327,04)Interest on bank accounts (91 126,16)Interest paid on swap contracts (1 664 355,52)Other charges and taxes (Notes 4, 7) (6 769 022,15)Total expenses (68 285 159,01)Net investment income / (loss) 219 382 769,43Net realised profit / (loss) on sales of investments, currencies and other financial instruments 84 013 892,92Change in unrealised appreciation / (depreciation) on - investments (421 568 059,65)- option contracts (Note 8) (108 952,10)- forward foreign exchange contracts and foreign currencies (Note 8) 6 741 958,68- future contracts (Note 8) 4 778 108,67- swap contracts (Note 8) (1 077 336,74)Net result of operations for the period (107 837 618,79)

Subscriptions for the period 6 050 949 687,24Redemptions for the period (5 362 091 164,24)Dividend distributions (Note 2 o) (49 036,26)

Net assets at the end of the period 18 235 628 925,56

18

Eurizon EasyFund - Equity Italy

STATEMENT OF NET ASSETS AS AT 30 JUNE 2011 IN EUR


Assets Notes Investments in securities at market value 72 855 139,52Banks 5 066 723,63Amounts due from brokers 472 661,50Unrealised profit on future contracts (Note 8) 142 219,30Receivable on investments sold 511 272,43Receivable on subscriptions 145 083,90Total assets 79 193 100,28

Liabilities Payable on investments purchased (3 958 096,26)Payable on redemptions (150 857,48)Other liabilities (72 428,64)Total liabilities (4 181 382,38)Total net assets 75 011 717,90

Currency Net Asset Value per Unit Units outstanding

Class I Units EUR 71,53 18 130,853Class R Units EUR 71,13 327 164,669Class R2 Units USD 103,21 392,130Class Z Units EUR 75,10 671 331,129

19


STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD ENDED 30 JUNE 2011 IN EUR


Net assets at the beginning of the period Notes 79 995 800,77

Net income from investments 1 391 868,05Total income 1 391 868,05Management fee (Note 5) (352 629,65)Custodian and paying agent fee (Note 7) (41 073,25)Subscription tax (Note 3) (9 044,10)Interest on bank accounts (8,91)Other charges and taxes (Notes 4, 7) (36 005,50)Total expenses (438 761,41)Net investment income / (loss) 953 106,64Net realised profit / (loss) on sales of investments, currencies and other financial instruments 291 193,44Change in unrealised appreciation / (depreciation) on - investments (581 576,00)- future contracts (Note 8) 174 469,30Net result of operations for the period 837 193,38

Subscriptions for the period 23 085 590,07Redemptions for the period (28 906 866,32)

Net assets at the end of the period 75 011 717,90

20



PORTFOLIO AS AT 30 JUNE 2011 IN EUR

Nominal / Quantity Description Currency Acquisition cost Market value

% ofNet Assets

TRANSFERABLE SECURITIES 76 435 401,79 72 855 139,52 97,13

LISTED ON AN OFFICIAL STOCK EXCHANGE 75 637 213,88 72 855 139,52 97,13

Shares 75 633 405,07 72 796 528,08 97,05

ITALY 71 345 440,40 68 180 768,72 90,89

Finance 26 947 544,70 20 794 166,68 27,722 524 769,00 INTESA SANPAOLO SPA EUR 6 028 852,39 4 635 475,88 6,183 045 758,00 UNICREDIT SPA EUR 5 665 550,13 4 446 806,68 5,93

237 795,00 ASSICURAZIONI GENERALI SPA EUR 4 009 510,00 3 459 917,25 4,61193 507,00 MEDIOBANCA SPA EUR 1 531 376,23 1 351 646,40 1,8029 066,00 EXOR SPA EUR 471 236,14 626 372,30 0,84

195 901,00 MEDIOLANUM SPA EUR 746 136,72 623 748,78 0,831 010 017,00 BANCA MONTE DEI PASCHI DI SIENA SPA EUR 1 311 290,45 527 733,88 0,70

123 701,00 UNIONE DI BANCHE ITALIANE SCPA EUR 1 026 673,46 480 207,28 0,64297 062,00 BANCO POPOLARE SCARL EUR 789 376,93 472 031,52 0,63289 084,00 BANCA CARIGE SPA EUR 588 089,77 451 838,29 0,6017 243,00 CREDITO BERGAMASCO SPA EUR 402 966,46 374 173,10 0,5038 796,00 BANCA GENERALI SPA EUR 304 896,85 370 889,76 0,4942 601,00 BANCA POPOLARE DELL'EMILIA ROMAGNA SCRL EUR 447 656,56 329 092,73 0,4450 605,00 BANCA POPOLARE DI SONDRIO SCARL EUR 370 261,19 290 472,70 0,3912 641,00 EXOR SPA -PFD- EUR 144 699,98 247 510,78 0,3356 309,00 CREDITO EMILIANO SPA EUR 266 535,82 245 619,86 0,33

304 441,00 BENI STABILI SPA EUR 188 773,45 212 043,16 0,28114 872,00 INTESA SANPAOLO SPA EUR 249 767,69 171 044,41 0,23

8 782,00 SOCIETA CATTOLICA DI ASSICURAZIONI SCRL EUR 190 006,36 147 449,78 0,20332 509,00 UNIPOL GRUPPO FINANZIARIO SPA EUR 253 223,20 124 790,63 0,1718 929,00 AZIMUT HLDG. SPA EUR 137 920,04 121 808,12 0,1625 926,00 BANCA INTERMOBILIARE SPA EUR 96 233,64 105 259,56 0,1433 193,00 PICCOLO CREDITO VALTELLINESE SCARL EUR 168 920,74 93 471,49 0,1251 481,00 BANCA POPOLARE DI MILANO SCARL EUR 228 870,15 83 862,55 0,1148 385,00 IMMOBILIARE GRANDE DISTRIBUZIONE EUR 64 678,24 81 480,34 0,11

150 790,00 PRELIOS SPA EUR 49 239,26 73 133,15 0,1019 190,00 BANCO DI DESIO E DELLA BRIANZA SPA EUR 82 231,72 68 316,40 0,09

211 514,00 UNIPOL GRUPPO FINANZIARIO SPA -PFD- EUR 99 487,30 59 646,95 0,0844 124,00 CREDITO ARTIGIANO SPA EUR 84 934,27 56 787,59 0,0819 409,00 FONDIARIA SAI SPA EUR 209 334,89 53 025,39 0,0719 470,00 BANCA CARIGE SPA EUR 50 152,52 46 416,48 0,0611 421,00 VITTORIA ASSICURAZIONI SPA EUR 45 848,66 44 085,06 0,0675 319,00 PREMAFIN FINANZIARIA SPA EUR 73 809,14 42 630,55 0,0693 326,00 MILANO ASSICURAZIONI SPA EUR 177 508,50 35 827,85 0,051 779,00 EXOR SPA EUR 27 567,34 32 235,48 0,046 483,00 GRUPPO MUTUIONLINE SPA EUR 31 640,68 29 977,39 0,04

14 756,00 BANCA POPOLARE DELL'ETRURIA E DEL LAZIO EUR 63 475,14 29 438,22 0,048 977,00 MITTEL SPA EUR 28 959,51 22 622,04 0,034 133,00 BANCA IFIS SPA EUR 17 600,30 19 383,77 0,03

73 000,00 RISANAMENTO SPA EUR 18 210,55 17 848,50 0,02125 153,00 AEDES SPA EUR 26 202,95 16 958,23 0,0237 258,00 BANCA FINNAT EURAMERICA SPA EUR 22 976,23 16 210,96 0,0238 157,00 INTEK SPA EUR 29 739,31 14 804,92 0,0288 960,00 BRIOSCHI SVILUPPO IMMOBILIARE SPA EUR 19 734,42 12 721,28 0,024 293,00 BANCA POPOLARE DI SPOLETO SPA EUR 29 198,61 11 161,80 0,014 904,00 FONDIARIA SAI SPA EUR 40 283,92 6 644,92 0,01

702,00 BANCO DI SARDEGNA SPA EUR 10 581,34 6 044,22 0,0110 000,00 MERIDIE SPA EUR 8 807,04 1 816,00 0,004 381,00 MILANO ASSICURAZIONI SPA EUR 16 518,51 1 682,30 0,00

Multi-Utilities 12 140 738,93 12 424 527,84 16,561 211 086,00 ENEL SPA EUR 5 277 335,06 5 454 731,34 7,27

435 928,00 TERNA RETE ELETTRICA NAZIONALE SPA EUR 1 218 830,49 1 397 585,17 1,86702 190,00 ENEL GREEN POWER SPA EUR 1 144 055,87 1 335 565,38 1,78323 806,00 SNAM RETE GAS SPA EUR 1 078 119,12 1 322 423,70 1,76

1 014 984,00 EDISON SPA EUR 1 089 033,53 885 066,05 1,18751 712,00 A2A SPA EUR 1 023 170,98 807 338,69 1,08201 403,00 HERA SPA EUR 316 389,66 294 048,38 0,3934 699,00 ACEA SPA EUR 296 054,98 245 495,43 0,33

190 224,00 IREN SPA EUR 241 885,62 235 877,76 0,31132 482,00 CIR-COMPAGNIE INDUSTRIALI RIUNITE SPA EUR 189 345,67 228 796,41 0,31

21





% ofNet Assets

43 313,00 FALCK RENEWABLES SPA EUR 89 628,40 59 771,94 0,0835 615,00 ASCOPIAVE SPA EUR 56 713,11 55 203,25 0,077 334,00 ALERION CLEANPOWER SPA EUR 39 195,14 36 670,00 0,057 406,00 ACEGASAPS SPA EUR 37 816,93 31 460,69 0,04

14 228,00 ACSM - AGAM SPA EUR 14 978,93 16 191,46 0,0214 418,00 EDISON SPA EUR 21 523,32 13 437,58 0,029 048,00 ERGYCAPITAL SPA EUR 4 857,09 3 687,06 0,011 043,00 ACQUE POTABILI SPA EUR 1 805,03 1 177,55 0,00

Consumer Retail 9 662 100,56 10 238 187,65 13,6592 425,00 LUXOTTICA GROUP SPA EUR 1 595 585,05 2 044 441,00 2,73

199 115,00 FIAT SPA EUR 1 774 743,87 1 507 300,55 2,01117 035,00 PIRELLI & C SPA EUR 613 707,66 871 910,75 1,16212 485,00 MEDIASET SPA EUR 1 090 943,90 688 876,37 0,9255 146,00 BULGARI SPA EUR 353 382,75 671 126,82 0,895 900,00 TOD'S SPA EUR 329 373,31 544 275,00 0,73

45 829,00 AUTOGRILL SPA EUR 382 785,28 414 752,45 0,5528 860,00 LOTTOMATICA SPA EUR 386 884,19 386 146,80 0,5143 416,00 DE'LONGHI SPA EUR 188 958,70 348 847,56 0,4779 408,00 GEOX SPA EUR 353 966,64 328 113,86 0,4429 770,00 BREMBO SPA EUR 204 171,93 292 639,10 0,3920 325,00 SAFILO GROUP SPA EUR 209 572,45 222 762,00 0,3029 730,00 BENETTON GROUP SPA EUR 186 300,86 162 177,15 0,2256 145,00 PIAGGIO & CALL SPA EUR 114 724,22 162 146,76 0,2214 000,00 SALVATORE FERRAGAMO ITALIA SPA EUR 144 315,36 144 200,00 0,1921 649,00 GRUPPO COIN SPA EUR 121 635,13 139 527,81 0,19

119 805,00 RCS MEDIAGROUP SPA EUR 154 435,99 137 176,73 0,1868 408,00 GRUPPO EDITORIALE L'ESPRESSO SPA EUR 131 353,09 129 496,34 0,1718 819,00 INDESIT CO SPA EUR 140 146,24 128 910,15 0,178 455,00 YOOX SPA EUR 70 215,27 107 378,50 0,14

42 435,00 ARNOLDO MONDADORI EDITORE SPA EUR 121 187,74 103 371,66 0,1415 831,00 FIAT SPA -PFD- EUR 85 841,95 86 278,95 0,1112 228,00 FIAT SPA EUR 74 952,27 66 642,60 0,0912 428,00 MARCOLIN SPA EUR 38 800,46 62 761,40 0,0819 485,00 SOGEFI SPA EUR 60 407,20 50 427,18 0,0719 111,00 SNAI SPA EUR 54 896,57 46 745,51 0,0620 924,00 LANDI RENZO SPA EUR 64 599,12 44 986,60 0,0649 110,00 IMMSI SPA EUR 41 806,32 40 712,19 0,0524 112,00 POLTRONA FRAU SPA EUR 21 857,28 30 140,00 0,041 515,00 SABAF SPA EUR 26 382,26 30 042,45 0,04

20 356,00 CALTAGIRONE EDITORE SPA EUR 59 367,05 29 312,64 0,0425 000,00 AEFFE SPA EUR 16 475,67 29 250,00 0,04

125 515,00 TELECOM ITALIA MEDIA SPA EUR 30 727,98 27 613,30 0,0423 475,00 JUVENTUS FOOTBALL CLUB SPA EUR 20 270,52 20 423,25 0,0329 523,00 CICCOLELLA SPA EUR 27 558,55 18 023,79 0,024 471,00 EMAK SPA EUR 16 025,62 17 436,90 0,026 688,00 BASICNET SPA EUR 9 943,23 16 104,70 0,02

33 116,00 MONRIF SPA EUR 17 537,34 12 587,39 0,0217 177,00 AS ROMA SPA EUR 13 577,20 11 955,19 0,02

192 703,00 SEAT PAGINE GIALLE SPA EUR 30 091,12 11 658,53 0,027 574,00 ELICA SPA EUR 19 621,93 9 815,90 0,018 441,00 DAMIANI SPA EUR 15 397,72 9 318,86 0,01

17 030,00 CLASS EDITORI SPA EUR 18 070,98 5 875,35 0,013 897,00 IL SOLE 24 ORE SPA EUR 12 798,53 4 555,59 0,013 528,00 CSP INTERNATIONAL FASHION GROUP SPA EUR 2 689,91 4 205,38 0,013 497,00 COBRA AUTOMOTIVE TECHNOLOGIES SPA EUR 24 485,84 3 804,74 0,01

630,00 PIRELLI & C SPA EUR 3 519,36 3 745,35 0,005 296,00 UNI LAND SPA EUR 13 768,41 2 669,18 0,00

499,00 PININFARINA SPA EUR 3 620,64 1 970,05 0,005 037,00 BIALETTI INDUSTRIE SPA EUR 12 287,51 1 762,95 0,00

10 001,00 I VIAGGI DEL VENTAGLIO SPA EUR 14 962,93 1 380,14 0,00437,00 SEAT PAGINE GIALLE SPA EUR 82,14 404,23 0,00

104 628,00 GIACOMELLI SPORT EUR 141 287,32 0,00 0,00

Energy 8 416 382,34 9 177 074,44 12,24329 702,00 ENEL SPA EUR 5 734 405,36 5 377 439,62 7,1791 615,00 SAIPEM SPA EUR 1 986 532,29 3 261 494,00 4,3525 137,00 ERG SPA EUR 256 509,76 233 774,10 0,31

151 689,00 SARAS SPA EUR 301 007,65 222 679,45 0,30103 908,00 CAM FINANZIARIA SPA EUR 49 313,10 41 106,00 0,0522 452,00 PREMUDA SPA EUR 27 441,60 15 345,94 0,02

22





% ofNet Assets

4 658,00 GAS PLUS EUR 31 994,13 13 275,30 0,028 393,00 SOCOTHERM SPA EUR 29 178,45 11 960,03 0,02

Industries 6 909 426,85 8 212 678,60 10,95134 393,00 ATLANTIA SPA EUR 1 968 462,28 1 972 889,24 2,63207 807,00 FIAT INDUSTRIAL SPA EUR 483 104,81 1 849 482,30 2,47108 808,00 FINMECCANICA SPA EUR 1 078 578,01 908 002,76 1,2151 408,00 PRYSMIAN SPA EUR 670 076,47 713 028,96 0,9559 507,00 SOCIETA INIZIATIVE AUTOSTRADALI E SERVIZI SPA EUR 422 962,05 470 105,30 0,6335 987,00 ANSALDO STS SPA EUR 360 326,30 347 814,36 0,4641 899,00 INTERPUMP GROUP SPA EUR 235 425,45 247 204,10 0,3343 076,00 ASTALDI SPA EUR 213 625,96 218 179,94 0,29

239 311,00 GEMINA SPA EUR 134 952,02 168 953,57 0,2314 395,00 AUTOSTRADA TORINO-MILANO SPA EUR 141 534,40 145 533,45 0,1962 047,00 IMPREGILO SPA EUR 142 381,04 134 145,61 0,186 645,00 DANIELI & C OFFICINE MECCANICHE SPA EUR 136 868,73 126 720,15 0,17

10 682,00 TREVI FINANZIARIA SPA EUR 105 616,01 106 926,82 0,146 730,00 INDUSTRIA MACCHINE AUTOMATICHE SPA EUR 91 545,96 101 959,50 0,14

119 727,00 COFIDE SPA EUR 77 543,99 89 735,39 0,1217 109,00 GEWISS SPA EUR 69 565,56 87 854,72 0,1214 928,00 FIAT INDUSTRIAL SPA -PFD- EUR 31 429,92 72 400,80 0,106 611,00 DANIELI & C OFFICINE MECCANICHE SPA EUR 64 107,64 68 952,73 0,099 196,00 AEROPORTO DI VENEZIA MARCO POLO SPA EUR 73 558,23 68 280,30 0,09

47 194,00 MAIRE TECNIMONT SPA EUR 121 378,68 59 606,02 0,0811 519,00 FIAT INDUSTRIAL SPA EUR 28 052,17 56 189,68 0,079 362,00 VIANINI LAVORI SPA EUR 46 157,31 40 200,43 0,055 814,00 FIERA MILANO SPA EUR 34 762,47 26 163,00 0,034 492,00 BIESSE SPA EUR 29 621,82 24 930,60 0,036 887,00 CARRARO SPA EUR 25 515,60 22 382,75 0,031 683,00 AEROPORTO DI FIRENZE SPA EUR 26 677,13 18 849,60 0,021 602,00

SOCIETA AEROPORTO TOSCANO GALILEO GALILEI SPA

EUR 19 308,74 16 148,16 0,02

1 937,00 CEMBRE SPA EUR 10 697,73 14 663,09 0,0223 616,00 GRUPPO BEGHELLI SPA EUR 18 903,62 14 606,50 0,024 786,00 PANARIAGROUP INDUSTRIE CERAMICHE SPA EUR 16 883,31 6 331,88 0,012 611,00 BOLZONI SPA EUR 4 612,91 5 420,44 0,013 635,00 VIANINI INDUSTRIA SPA EUR 6 791,72 4 616,45 0,012 000,00 IRCE SPA EUR 4 184,49 4 400,00 0,019 760,00 TREVISAN COMETAL SPA EUR 14 214,32 0,00 0,00

Telecommunication 3 798 914,02 3 338 146,67 4,452 394 539,00 TELECOM ITALIA SPA EUR 2 705 696,87 2 297 560,17 3,061 296 681,00 TELECOM ITALIA SPA EUR 1 093 217,15 1 040 586,50 1,39

Basic Goods 1 257 140,23 1 728 144,31 2,30387 303,00 PARMALAT SPA EUR 767 731,44 1 004 663,98 1,34105 647,00 DAVIDE CAMPARI-MILANO SPA EUR 385 608,87 599 018,49 0,8010 757,00 MARR SPA EUR 66 166,00 95 522,16 0,12

708,00

SOCIETA PER LA BONIFICA DEI TERRENI FERRARESI E IMPRESE AGRICOLE SPA

EUR 22 652,16 17 452,20 0,02

3 570,00 LA DORIA SPA EUR 6 366,98 5 940,48 0,013 000,00 KINEXIA SPA EUR 8 614,78 5 547,00 0,01

Raw materials 1 254 978,41 1 075 529,54 1,4327 279,00 BUZZI UNICEM SPA EUR 271 822,66 262 014,80 0,3527 287,00 ITALCEMENTI SPA EUR 217 546,68 175 864,72 0,2491 763,00 CEMENTIR HOLDING SPA EUR 220 767,87 174 624,99 0,233 220,00 ITALCEMENTI SPA EUR 94 550,25 81 144,00 0,11

14 089,00 ZIGNAGO VETRO SPA EUR 61 456,42 78 053,06 0,1013 070,00 SOL SPA EUR 49 990,40 76 198,10 0,1017 741,00 ITALCEMENTI SPA EUR 84 730,63 54 287,46 0,072 615,00 ITALMOBILIARE SPA EUR 55 036,00 41 840,00 0,066 384,00 BUZZI UNICEM SPA EUR 41 706,75 34 154,40 0,05

17 718,00 CALTAGIRONE SPA EUR 72 191,31 32 246,76 0,0453 773,00 KME GROUP SPA EUR 23 034,57 18 013,96 0,02

854,00 BOERO BARTOLOMEO SPA EUR 20 217,50 17 934,00 0,0247 390,00 RENO DE MEDICI SPA EUR 10 608,79 10 648,53 0,022 192,00 ISAGRO SPA EUR 6 806,38 7 299,36 0,012 000,00 GRUPPO MINERALI MAFFEI EUR 14 830,60 7 200,00 0,014 049,00 KME GROUP SPA EUR 2 184,12 2 540,75 0,002 146,00 RDB SPA EUR 7 497,48 1 464,65 0,00

23





% ofNet Assets

Health 819 263,10 1 062 392,86 1,4257 625,00 RECORDATI SPA EUR 351 955,10 437 085,63 0,589 751,00 DIASORIN SPA EUR 212 811,62 322 758,10 0,43

33 539,00 AMPLIFON SPA EUR 122 132,48 144 016,47 0,1964 950,00 SORIN SPA EUR 97 932,70 126 912,30 0,1733 000,00 MOLECULAR MEDICINE SPA EUR 25 314,74 19 965,00 0,031 728,00 SERVIZI ITALIA SPA EUR 9 116,46 11 655,36 0,02

Computing and IT 138 951,26 129 920,13 0,1718 899,00 NICE SPA EUR 55 427,33 56 697,00 0,081 913,00 DIGITAL MULTIMEDIA TECHNOLOGIES SPA EUR 40 084,79 39 962,57 0,052 011,00 SAES GETTERS SPA EUR 21 434,12 17 133,72 0,023 241,00 GEFRAN SPA EUR 16 166,52 12 925,11 0,022 811,00 EEMS ITALIA SPA EUR 5 838,50 3 201,73 0,00

LUXEMBOURG 2 823 394,00 3 280 877,14 4,38

Energy 2 823 394,00 3 280 877,14 4,38206 934,00 TENARIS SA EUR 2 787 876,90 3 259 210,50 4,3528 102,00 D'AMICO INTERNATIONAL SHIPPING SA EUR 35 517,10 21 666,64 0,03

SWITZERLAND 1 464 570,67 1 334 882,22 1,78

Computing and IT 1 464 570,67 1 334 882,22 1,78194 306,00 STMICROELECTRONICS NV EUR 1 464 570,67 1 334 882,22 1,78

Rights 0,00 56 126,54 0,08

ITALY 0,00 56 126,54 0,08

Consumer Retail 0,00 55 978,98 0,0819 409,00 FONDIARIA-SAI SPA 15/07/2011 EUR 0,00 33 577,57 0,0593 326,00 MILANO ASSICURAZIONI SPA 15/07/2011 EUR 0,00 18 665,20 0,034 904,00 FONDIARIA-SAI SPA 15/07/2011 EUR 0,00 2 991,44 0,004 381,00 MILANO ASSICURAZIONI SPA 15/07/2011 EUR 0,00 744,77 0,00

Finance 0,00 147,56 0,0014 756,00

BANCA POPOLARE DELL'ETRURIA E DEL LAZIO RTS 17/06/11 17/06/2011

EUR 0,00 147,56 0,00

Warrants 3 804,76 2 484,90 0,00

ITALY 3 804,76 2 484,90 0,00

Consumer Retail 3 804,76 2 484,90 0,00106 707,00

UNIPOL GRUPPO FINANZIARIO SPA WTS 31/12/2013 31/12/2013

EUR 0,00 1 387,19 0,00

67 236,00

UNIPOL GRUPPO FINANZIARIO SPA WTS 31/12/2013 31/12/2013

EUR 0,00 880,79 0,00

9 097,00

RICHARD-GINORI 1735 SPA WTS 16/12/2011 16/12/2011

EUR 0,00 127,36 0,00

11 481,00 KME GROUP SPA WTS 30/12/2011 30/12/2011 EUR 0,00 67,74 0,00218 243,00

UNIONE DI BANCHE ITALIANE SCPA WTS 30/06/2011 30/06/2011

EUR 3 804,76 21,82 0,00

Ordinary Bonds 4,05 0,00 0,00

ITALY 4,05 0,00 0,00

Consumer Retail 4,05 0,00 0,0027,00 ALITALIA SPA 7.50% 22/07/2010 EUR 4,05 0,00 0,00

UNQUOTED 798 187,91 0,00 0,00

Shares 798 187,91 0,00 0,00

ITALY 798 187,91 0,00 0,00

Consumer Retail 113 798,54 0,00 0,0051 295,00 IT HOLDING SPA EUR 39 078,97 0,00 0,008 115,00 MARIELLA BURANI SPA EUR 74 719,57 0,00 0,00

24





% ofNet Assets

Raw materials 14 056,51 0,00 0,0015 099,00 NGP SPA EUR 14 056,51 0,00 0,00

Industries 260 601,37 0,00 0,00373 284,00 ALITALIA LINEE EUR 260 601,37 0,00 0,00

Finance 320 912,77 0,00 0,00221 691,00 FIN PART EUR 320 912,77 0,00 0,00

Basic Goods 88 818,72 0,00 0,00372 672,00 CIRIO FINANZIARIA EUR 88 818,72 0,00 0,00

Total Portfolio 76 435 401,79 72 855 139,52 97,13

25



COMMITMENTS ON FUTURE CONTRACTS AS AT 30 JUNE 2011

Size Quantity

Purchase/

Sale Description Maturity Currency

Unrealised profit / (loss)

(EUR) Commitment

(EUR)

Total Unrealised profit / (loss) on future contracts and commitment 142 219,30 6 035 686,00

Unrealised profit on future contracts and commitment 142 219,30 6 035 686,00

5 22 Purchase FTSE MIB INDEX FUTURE 16/09/2011 EUR 17 791,50 2 223 430,00

1 000 854 Purchase ENEL SPA (FWD) 30/06/2011 EUR 124 427,80 3 812 256,00

26

Eurizon EasyFund - Equity Euro



Assets Notes Investments in securities at market value 157 261 052,68Banks 10 600 208,98Amounts due from brokers 1 035 324,80Unrealised profit on future contracts (Note 8) 286 762,40Receivable on investments sold 15 703,20Receivable on subscriptions 206 185,23Other assets 39 679,47Total assets 169 444 916,76



Class I Units EUR 84,24 43 587,738Class R Units EUR 83,82 935 929,460Class Z Units EUR 88,44 967 952,668

27





Net income from investments 3 562 956,43Other income (Note 9) 2 068,62Total income 3 565 025,05Management fee (Note 5) (898 007,70)Custodian and paying agent fee (Note 7) (80 272,29)Subscription tax (Note 3) (24 049,81)Interest on bank accounts (3,38)Other charges and taxes (Notes 4, 7) (73 289,66)Total expenses (1 075 622,84)Net investment income / (loss) 2 489 402,21Net realised profit / (loss) on sales of investments, currencies and other financial instruments 971 013,93Change in unrealised appreciation / (depreciation) on - investments 373 006,08- option contracts (Note 8) (18 428,10)- forward foreign exchange contracts and foreign currencies (Note 8) (89,40)- future contracts (Note 8) 412 962,40Net result of operations for the period 4 227 867,12



28





% ofNet Assets



Shares 154 078 907,57 157 242 560,08 93,75

FRANCE 47 533 178,52 49 520 731,22 29,52

Finance 9 786 131,27 9 542 750,44 5,6960 548,00 BNP PARIBAS EUR 3 173 638,15 3 222 970,04 1,9247 767,00 SOCIETE GENERALE EUR 2 209 073,17 1 954 625,64 1,1791 412,00 AXA SA EUR 1 380 806,58 1 432 426,04 0,8567 775,00 CREDIT AGRICOLE SA EUR 866 315,35 702 826,75 0,424 359,00 UNIBAIL-RODAMCO SE EUR 627 882,05 695 042,55 0,41

19 112,00 SCOR SE EUR 373 237,38 374 595,20 0,2222 160,00 CNP ASSURANCES EUR 339 851,01 333 175,60 0,204 040,00 FONCIERE DES REGIONS EUR 296 430,95 295 122,00 0,183 000,00 GECINA SA EUR 273 452,53 289 110,00 0,171 554,00 ICADE EUR 120 313,07 132 136,62 0,08

32 000,00 NATIXIS EUR 125 131,03 110 720,00 0,07

Consumer Retail 8 044 021,49 8 875 343,42 5,2916 399,00 LVMH MOET HENNESSY LOUIS VUITTON SA EUR 1 450 134,20 2 035 115,90 1,2183 793,00 VIVENDI SA EUR 1 761 582,76 1 606 730,78 0,968 189,00 CHRISTIAN DIOR SA EUR 769 396,92 888 506,50 0,53

20 466,00 RENAULT SA EUR 875 815,46 836 752,41 0,5011 393,00 CIE GENERALE DES ETABLISSEMENTS MICHELIN EUR 613 992,54 768 343,92 0,4612 987,00 PUBLICIS GROUPE SA EUR 470 933,47 499 350,15 0,3014 509,00 PEUGEOT SA EUR 407 609,61 447 892,83 0,273 587,00 PPR EUR 339 921,89 440 483,60 0,266 523,00 SODEXO EUR 281 664,59 352 633,38 0,218 913,00 ACCOR SA EUR 338 966,09 274 832,36 0,16

20 971,00 SOCIETE TELEVISION FRANCAISE 1 EUR 263 505,49 262 976,34 0,155 280,00 VALEO SA EUR 225 860,55 248 582,40 0,15

13 359,00 METROPOLE TELEVISION SA EUR 244 637,92 213 142,85 0,13

Industries 6 184 666,61 7 348 781,32 4,3816 042,00 SCHNEIDER ELECTRIC SA EUR 1 378 164,93 1 848 038,40 1,1030 763,00 VINCI SA EUR 1 228 554,66 1 358 801,71 0,8127 908,00 CIE DE ST-GOBAIN EUR 1 086 606,53 1 246 231,74 0,7411 011,00 ALSTOM SA EUR 471 517,36 468 187,72 0,2816 014,00 LEGRAND SA EUR 430 205,20 465 126,63 0,2815 198,00 BOUYGUES SA EUR 536 322,33 460 727,37 0,2710 926,00 SAFRAN SA EUR 185 658,88 321 770,70 0,195 371,00 BUREAU VERITAS SA EUR 247 726,12 312 807,04 0,194 433,00 SOCIETE BIC SA EUR 278 401,65 295 415,12 0,18

13 643,00 EDENRED EUR 109 104,07 287 048,72 0,172 773,00 VALLOUREC SA EUR 181 282,61 232 904,27 0,14

610,00 WENDEL SA EUR 51 122,27 51 721,90 0,03

Energy 6 124 278,10 5 835 192,13 3,48137 997,00 TOTAL SA EUR 5 889 470,13 5 503 320,36 3,28

4 489,00 TECHNIP SA EUR 234 807,97 331 871,77 0,20

Basic Goods 4 855 019,80 5 076 067,45 3,0337 987,00 DANONE EUR 1 731 344,44 1 954 431,15 1,1716 665,00 L'OREAL SA EUR 1 343 535,62 1 492 517,40 0,8930 851,00 CARREFOUR SA EUR 1 109 216,66 873 700,32 0,5211 114,00 PERNOD-RICARD SA EUR 670 923,08 755 418,58 0,45

Health 4 402 855,43 4 836 274,80 2,8874 063,00 SANOFI AVENTIS SA EUR 3 866 339,59 4 106 052,72 2,4513 056,00

CIE GENERALE D'OPTIQUE ESSILOR INTERNATIONAL SA

EUR 536 515,84 730 222,08 0,43

Multi-Utilities 3 269 295,58 2 749 679,90 1,6474 217,00 GDF SUEZ EUR 2 240 580,73 1 872 866,00 1,1228 504,00 VEOLIA ENVIRONNEMENT SA EUR 694 522,06 554 402,80 0,3317 855,00 SUEZ ENVIRONNEMENT CO EUR 232 570,81 245 595,53 0,152 834,00 EDF SA EUR 101 621,98 76 815,57 0,04

29





% ofNet Assets

Raw materials 1 984 117,57 2 215 511,51 1,3214 549,00 AIR LIQUIDE SA EUR 1 140 500,97 1 438 023,16 0,8610 871,00 IMERYS SA EUR 521 802,16 528 276,25 0,315 671,00 LAFARGE SA EUR 321 814,44 249 212,10 0,15

Telecommunication 1 568 734,18 1 530 050,19 0,9187 632,00 FRANCE TELECOM SA EUR 1 346 051,85 1 285 123,28 0,772 647,00 ILIAD SA EUR 222 682,33 244 926,91 0,14

Computing and IT 1 314 058,49 1 511 080,06 0,9014 688,00 CAP GEMINI SA EUR 507 123,74 593 395,20 0,35

102 996,00 ALCATEL-LUCENT/FRANCE EUR 322 427,40 410 748,05 0,256 258,00 ATOS ORIGIN SA EUR 247 543,10 243 811,68 0,152 383,00 DASSAULT SYSTEMES SA EUR 107 469,00 139 905,93 0,082 080,00 NEOPOST SA EUR 129 495,25 123 219,20 0,07

GERMANY 40 733 965,76 45 512 196,21 27,14

Raw materials 6 042 026,11 7 874 581,95 4,7062 509,00 BASF SE EUR 2 963 106,17 4 223 733,13 2,5210 951,00 LINDE AG EUR 950 611,25 1 323 975,90 0,7920 993,00 THYSSENKRUPP AG EUR 567 157,18 752 284,16 0,458 639,00 K&S AG EUR 408 810,99 457 867,00 0,277 773,00 LANXESS AG EUR 457 830,52 439 951,80 0,267 021,00 HEIDELBERGCEMENT AG EUR 326 487,48 309 099,53 0,194 227,00 SALZGITTER AG EUR 240 713,03 222 297,93 0,13

975,00 WACKER CHEMIE AG EUR 127 309,49 145 372,50 0,09

Finance 8 248 790,16 7 867 268,05 4,6931 666,00 ALLIANZ SE EUR 2 902 741,70 3 050 385,78 1,8252 378,00 DEUTSCHE BANK AG EUR 2 326 086,81 2 134 403,50 1,2712 140,00 MUENCHENER RUECKVERSICHERUNGS AG EUR 1 344 235,41 1 280 163,00 0,76

212 018,00 COMMERZBANK AG EUR 859 860,49 629 481,44 0,388 378,00 DEUTSCHE BOERSE AG EUR 460 940,57 439 007,20 0,269 282,00 HANNOVER RUECKVERSICHERUNG AG EUR 354 925,18 333 827,13 0,20

Consumer Retail 5 803 171,58 7 772 686,50 4,6362 498,00 DAIMLER AG EUR 2 682 421,00 3 243 646,20 1,9321 311,00 BAYERISCHE MOTOREN WERKE AG EUR 935 256,68 1 466 409,91 0,8710 113,00 VOLKSWAGEN AG -PFD- EUR 848 845,07 1 439 585,55 0,8611 245,00 ADIDAS AG EUR 458 042,06 615 101,50 0,378 189,00 PORSCHE AUTOMOBIL HOLDING SE -PFD- EUR 369 548,63 447 938,30 0,272 730,00 CONTINENTAL AG EUR 122 079,51 197 788,50 0,124 280,00 DOUGLAS HOLDING AG EUR 162 590,26 154 871,80 0,093 414,00 AXEL SPRINGER AG EUR 132 704,53 116 280,84 0,074 658,00 PROSIEBENSAT.1 MEDIA AG -PFD- EUR 91 683,84 91 063,90 0,05

Industries 6 255 095,31 7 710 714,34 4,6052 188,00 SIEMENS AG EUR 3 760 366,06 4 942 203,60 2,9568 818,00 DEUTSCHE POST AG EUR 925 695,69 911 838,50 0,547 577,00 MAN SE EUR 494 250,90 702 766,75 0,42

25 074,00 DEUTSCHE LUFTHANSA AG EUR 347 775,31 376 736,85 0,234 940,00 RHEINMETALL AG EUR 295 327,27 301 587,00 0,182 429,00 HOCHTIEF AG EUR 139 828,74 139 910,40 0,082 239,00

FRAPORT AG FRANKFURT AIRPORT SERVICES WORLDWIDE

EUR 87 346,54 124 152,55 0,08

4 950,00 GEA GROUP AG EUR 115 750,91 122 190,75 0,07923,00 VOSSLOH AG EUR 88 753,89 89 327,94 0,05

Health 3 958 025,01 4 470 393,55 2,6748 384,00 BAYER AG EUR 2 462 867,17 2 682 408,96 1,6010 284,00 FRESENIUS SE & CO KGAA EUR 583 538,62 740 242,32 0,4411 704,00 FRESENIUS MEDICAL CARE AG & CO KGAA EUR 454 795,58 603 341,20 0,363 253,00 MERCK KGAA EUR 214 444,10 243 779,82 0,157 659,00 CELESIO AG EUR 138 499,95 105 311,25 0,063 530,00 STADA ARZNEIMITTEL AG EUR 103 879,59 95 310,00 0,06

Multi-Utilities 4 725 093,95 3 496 721,55 2,08122 550,00 E.ON AG EUR 3 090 762,36 2 400 141,75 1,4328 680,00 RWE AG EUR 1 634 331,59 1 096 579,80 0,65

30





% ofNet Assets

Computing and IT 2 388 788,09 2 866 918,95 1,7152 141,00 SAP AG EUR 1 863 504,25 2 176 886,75 1,3078 149,00 INFINEON TECHNOLOGIES AG EUR 443 827,70 605 811,05 0,361 690,00 WINCOR NIXDORF AG EUR 81 456,14 84 221,15 0,05

Telecommunication 1 782 176,91 1 825 106,96 1,09168 757,00 DEUTSCHE TELEKOM AG EUR 1 782 176,91 1 825 106,96 1,09

Basic Goods 1 530 798,64 1 627 804,36 0,9715 751,00 HENKEL AG & CO KGAA -PFD- EUR 623 557,72 754 000,37 0,4514 159,00 METRO AG EUR 655 423,15 591 704,61 0,352 490,00 BEIERSDORF AG EUR 114 720,84 111 427,50 0,073 626,00 SUEDZUCKER AG EUR 53 688,01 88 855,13 0,052 070,00 HENKEL AG & CO KGAA EUR 83 408,92 81 816,75 0,05

SPAIN 18 387 653,26 17 594 293,43 10,49

Finance 8 481 537,46 7 255 495,79 4,32485 439,00 BANCO SANTANDER SA EUR 4 556 338,43 3 865 550,76 2,30242 535,00 BANCO BILBAO VIZCAYA ARGENTARIA SA EUR 2 394 249,33 1 962 108,15 1,17137 155,00 CRITERIA CAIXACORP SA EUR 627 685,36 660 127,02 0,39127 590,00 MAPFRE SA EUR 326 570,92 326 630,40 0,1959 218,00 BANCO POPULAR ESPANOL SA EUR 291 499,95 229 825,06 0,1473 980,00 BANCO DE SABADELL SA EUR 283 671,82 210 843,00 0,13

242,00 BANCO DE VALENCIA SA EUR 1 521,65 411,40 0,00

Telecommunication 4 465 447,56 4 340 488,98 2,59257 443,00 TELEFONICA SA EUR 4 465 447,56 4 340 488,98 2,59

Multi-Utilities 2 304 626,00 2 393 237,17 1,43272 406,00 IBERDROLA SA EUR 1 661 588,69 1 671 755,62 1,00

7 148,00 RED ELECTRICA CORP SA EUR 261 811,42 297 535,50 0,1817 302,00 ENAGAS SA EUR 269 271,00 289 116,42 0,179 334,00 GAS NATURAL SDG SA EUR 111 954,89 134 829,63 0,08

Energy 1 171 177,00 1 393 116,48 0,8358 192,00 REPSOL YPF SA EUR 1 171 177,00 1 393 116,48 0,83

Industries 904 721,83 894 711,37 0,5311 510,00

ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA

EUR 384 908,33 374 305,20 0,22

29 186,00 FERROVIAL SA EUR 235 292,49 254 385,18 0,157 342,00 FOMENTO DE CONSTRUCCIONES Y CONTRATAS SA EUR 171 866,17 154 365,55 0,097 248,00 ABERTIS INFRAESTRUCTURAS SA EUR 112 654,84 111 655,44 0,07

Consumer Retail 612 449,60 884 975,72 0,5314 083,00 INDITEX SA EUR 612 449,60 884 975,72 0,53

Computing and IT 177 738,08 166 167,72 0,1011 612,00 AMADEUS IT HOLDING SA EUR 177 738,08 166 167,72 0,10

Basic Goods 159 111,61 148 944,60 0,092 890,00 VISCOFAN SA EUR 84 070,81 79 330,50 0,054 370,00 EBRO FOODS SA EUR 75 040,80 69 614,10 0,04

Health 110 844,12 117 155,60 0,078 465,00 GRIFOLS SA EUR 110 844,12 117 155,60 0,07

NETHERLANDS 13 701 755,47 13 715 601,73 8,18

Basic Goods 3 738 064,22 3 954 442,70 2,36107 799,00 UNILEVER NV -ADR- EUR 2 313 127,36 2 436 796,40 1,4588 531,00 KONINKLIJKE AHOLD NV EUR 840 212,90 820 328,25 0,4916 815,00 HEINEKEN NV EUR 584 723,96 697 318,05 0,42

Industries 3 205 394,52 2 927 363,96 1,7571 181,00 KONINKLIJKE PHILIPS ELECTRONICS NV EUR 1 486 568,22 1 260 615,51 0,7512 230,00 RANDSTAD HOLDING NV EUR 403 786,92 389 831,25 0,2314 768,00

EUROPEAN AERONAUTIC DEFENCE AND SPACE CO NV

EUR 258 295,98 340 845,44 0,21

10 361,00 KONINKLIJKE BOSKALIS WESTMINSTER NV EUR 342 823,79 337 820,41 0,2038 169,00 TNT NV EUR 303 304,06 223 364,99 0,13

31





% ofNet Assets

6 200,00 IMTECH NV EUR 162 072,18 151 218,00 0,094 213,00 KONINKLIJKE VOPAK NV EUR 127 081,08 142 357,27 0,09

11 369,00 TNT EXPRESS NV EUR 121 462,29 81 311,09 0,05

Finance 2 571 924,27 2 653 586,44 1,58213 444,00 ING GROEP NV EUR 1 672 529,10 1 811 926,12 1,08145 106,00 AEGON NV EUR 737 476,10 682 578,62 0,41

3 481,00 CORIO NV EUR 161 919,07 159 081,70 0,09

Telecommunication 1 345 579,75 1 216 037,20 0,72121 240,00 KONINKLIJKE KPN NV EUR 1 345 579,75 1 216 037,20 0,72

Raw materials 989 533,76 1 075 015,85 0,6414 870,00 KONINKLIJKE DSM NV EUR 583 220,62 665 506,85 0,409 414,00 AKZO NOBEL NV EUR 406 313,14 409 509,00 0,24

Computing and IT 914 371,04 966 114,40 0,5838 036,00 ASML HOLDING NV EUR 914 371,04 966 114,40 0,58

Energy 471 839,01 467 185,28 0,287 784,00 FUGRO NV EUR 407 526,25 387 020,48 0,234 395,00 SBM OFFSHORE NV EUR 64 312,76 80 164,80 0,05

Consumer Retail 465 048,90 455 855,90 0,2732 580,00 REED ELSEVIER NV EUR 306 333,23 301 527,90 0,1810 100,00 WOLTERS KLUWER NV EUR 158 715,67 154 328,00 0,09

ITALY 14 268 687,13 12 838 253,72 7,65

Finance 5 024 550,68 3 545 216,22 2,1180 134,00 ASSICURAZIONI GENERALI SPA EUR 1 400 405,35 1 165 949,70 0,69

487 224,00 INTESA SANPAOLO SPA EUR 1 314 364,09 894 543,26 0,53597 462,00 UNICREDIT SPA EUR 1 278 342,08 872 294,52 0,5231 538,00 MEDIOBANCA SPA EUR 267 406,02 220 292,93 0,13

133 448,00 BANCO POPOLARE SCARL EUR 403 219,83 212 048,87 0,13344 664,00 BANCA MONTE DEI PASCHI DI SIENA SPA EUR 360 813,31 180 086,94 0,11

Energy 3 459 256,98 3 415 242,53 2,04165 163,00 ENEL SPA EUR 2 896 832,59 2 693 808,53 1,6120 265,00 SAIPEM SPA EUR 562 424,39 721 434,00 0,43

Multi-Utilities 2 992 184,71 3 119 837,86 1,86474 377,00 ENEL SPA EUR 2 071 801,72 2 136 594,01 1,28108 189,00 SNAM RETE GAS SPA EUR 404 989,37 441 843,88 0,26135 450,00 TERNA RETE ELETTRICA NAZIONALE SPA EUR 421 995,40 434 252,70 0,2656 334,00 ENEL GREEN POWER SPA EUR 93 398,22 107 147,27 0,06

Industries 783 986,10 884 364,99 0,5343 483,00 FINMECCANICA SPA EUR 418 029,33 362 865,64 0,2221 660,00 FIAT INDUSTRIAL SPA EUR 42 920,66 192 774,00 0,1212 365,00 PRYSMIAN SPA EUR 155 349,56 171 502,55 0,1010 710,00 ATLANTIA SPA EUR 167 686,55 157 222,80 0,09

Telecommunication 989 272,50 882 399,27 0,52588 222,00 TELECOM ITALIA SPA EUR 639 626,13 564 399,01 0,33396 262,00 TELECOM ITALIA SPA EUR 349 646,37 318 000,26 0,19

Consumer Retail 716 865,91 628 538,68 0,3791 000,00 MEDIASET SPA EUR 332 504,08 295 022,00 0,1730 324,00 FIAT SPA EUR 279 959,23 229 552,68 0,144 700,00 LUXOTTICA GROUP SPA EUR 104 402,60 103 964,00 0,06

Basic Goods 302 570,25 362 654,17 0,22139 805,00 PARMALAT SPA EUR 302 570,25 362 654,17 0,22

FINLAND 6 680 874,04 5 986 566,68 3,57

Computing and IT 2 476 015,97 1 365 835,32 0,81305 556,00 NOKIA OYJ EUR 2 476 015,97 1 365 835,32 0,81

Industries 1 198 731,69 1 320 526,43 0,7925 434,00 WARTSILA OYJ EUR 611 286,78 592 357,86 0,369 914,00 METSO OYJ EUR 304 768,06 388 331,38 0,237 843,00 KONE OYJ EUR 282 676,85 339 837,19 0,20

32





% ofNet Assets

Raw materials 1 023 782,25 1 034 608,47 0,6246 201,00 UPM-KYMMENE OYJ EUR 571 311,66 582 594,61 0,3562 476,00 STORA ENSO OYJ EUR 452 470,59 452 013,86 0,27

Finance 628 347,53 758 427,12 0,4534 056,00 SAMPO OYJ EUR 628 347,53 758 427,12 0,45

Multi-Utilities 533 403,86 571 741,10 0,3428 630,00 FORTUM OYJ EUR 533 403,86 571 741,10 0,34

Health 291 691,07 322 027,94 0,1918 122,00 ORION OYJ EUR 291 691,07 322 027,94 0,19

Consumer Retail 177 326,51 282 789,70 0,176 583,00 NOKIAN RENKAAT OYJ EUR 113 001,38 227 771,80 0,144 305,00 SANOMA OYJ EUR 64 325,13 55 017,90 0,03

Basic Goods 273 294,22 254 875,60 0,157 945,00 KESKO OYJ EUR 273 294,22 254 875,60 0,15

Telecommunication 78 280,94 75 735,00 0,055 100,00 ELISA OYJ EUR 78 280,94 75 735,00 0,05

BELGIUM 4 221 529,28 4 129 720,64 2,46

Basic Goods 1 855 669,44 2 040 512,64 1,2234 389,00 ANHEUSER-BUSCH INBEV NV EUR 1 145 893,90 1 375 560,00 0,829 904,00 DELHAIZE GROUP SA EUR 546 688,12 512 036,80 0,314 430,00 COLRUYT SA EUR 162 966,16 152 835,00 0,09

20 211,00 ANHEUSER-BUSCH INBEV NV EUR 121,26 80,84 0,00

Finance 965 786,20 746 934,75 0,4414 839,00 KBC GROEP NV EUR 447 420,93 402 136,90 0,24

144 122,00 AGEAS EUR 434 204,66 269 652,26 0,1633 300,00 DEXIA SA EUR 80 820,94 71 495,10 0,04

37,00 COFINIMMO EUR 3 330,74 3 637,84 0,001 581,00 GROUPE BRUXELLES LAMBERT SA EUR 8,93 12,65 0,00

Telecommunication 558 241,51 539 286,50 0,3216 809,00 BELGACOM SA EUR 440 871,81 413 417,36 0,252 403,00 MOBISTAR SA EUR 117 369,70 125 869,14 0,07

Raw materials 351 902,81 428 189,85 0,2611 385,00 UMICORE SA EUR 351 902,81 428 189,85 0,26

Industries 317 404,54 205 800,00 0,123 920,00 BEKAERT SA EUR 317 404,54 205 800,00 0,12

Consumer Retail 172 524,78 168 996,90 0,103 585,00 D'IETEREN SA/NV EUR 172 524,78 168 996,90 0,10

LUXEMBOURG 2 061 753,43 1 931 786,39 1,15

Raw materials 1 400 016,51 1 202 917,34 0,7250 132,00 ARCELORMITTAL EUR 1 400 016,51 1 202 917,34 0,72

Energy 362 755,93 382 221,00 0,2324 268,00 TENARIS SA EUR 362 755,93 382 221,00 0,23

Consumer Retail 298 980,99 346 648,05 0,2017 910,00 SES SA -ADR- EUR 298 980,99 346 648,05 0,20

AUSTRIA 1 543 387,70 1 587 255,12 0,95

Finance 906 997,12 922 649,86 0,5512 311,00 ERSTE GROUP BANK AG EUR 394 834,85 445 042,65 0,2765 000,00 IMMOFINANZ AE EUR 199 474,61 191 100,00 0,114 366,00 RAIFFEISEN BANK INTERNATIONAL AG EUR 175 437,02 155 145,81 0,093 466,00 VIENNA INSURANCE GROUP AG EUR 137 250,64 131 361,40 0,08

Energy 314 392,58 312 305,88 0,1910 367,00 OMV AG EUR 314 392,58 312 305,88 0,19

33





% ofNet Assets

Raw materials 220 923,57 277 684,18 0,177 295,00 VOESTALPINE AG EUR 220 923,57 277 684,18 0,17

Telecommunication 101 074,43 74 615,20 0,048 479,00 TELEKOM AUSTRIA AG EUR 101 074,43 74 615,20 0,04

PORTUGAL 1 416 555,02 1 410 891,43 0,84

Multi-Utilities 768 579,76 696 924,18 0,42284 575,00 EDP - ENERGIAS DE PORTUGAL SA EUR 768 579,76 696 924,18 0,42

Basic Goods 286 601,61 390 341,68 0,2329 482,00 JERONIMO MARTINS SGPS SA EUR 286 601,61 390 341,68 0,23

Industries 203 474,01 192 818,00 0,1145 800,00 BRISA AUTO-ESTRADAS DE PORTUGAL SA EUR 203 474,01 192 818,00 0,11

Telecommunication 157 613,80 127 557,91 0,0818 657,00 PORTUGAL TELECOM SGPS SA EUR 157 613,80 127 557,91 0,08

Finance 285,84 3 249,66 0,007 926,00 BANCO COMERCIAL PORTUGUES SA EUR 285,84 3 249,66 0,00

IRELAND 1 411 941,35 1 392 214,46 0,83

Raw materials 657 542,48 599 782,52 0,3639 112,00 CRH PLC EUR 657 542,48 599 782,52 0,36

Basic Goods 414 835,43 463 795,04 0,2811 229,00 KERRY GROUP PLC EUR 269 269,62 320 194,94 0,1939 900,00 C&C GROUP PLC EUR 145 565,81 143 600,10 0,09

Consumer Retail 250 954,03 226 262,50 0,1311 500,00 DCC PLC EUR 250 954,03 226 262,50 0,13

Health 88 609,41 102 374,40 0,0612 800,00 ELAN CORP PLC -ADR- EUR 88 609,41 102 374,40 0,06

GREECE 1 588 358,44 1 178 162,92 0,70

Finance 789 988,34 492 452,77 0,2999 889,00 NATIONAL BANK OF GREECE SA EUR 789 988,34 492 452,77 0,29

Consumer Retail 453 540,75 332 443,75 0,2030 925,00 OPAP SA EUR 453 540,75 332 443,75 0,20

Basic Goods 250 709,14 271 410,60 0,1614 655,00 COCA COLA HELLENIC BOTTLING CO SA EUR 250 709,14 271 410,60 0,16

Multi-Utilities 94 120,21 81 855,80 0,058 285,00 PUBLIC POWER CORP SA EUR 94 120,21 81 855,80 0,05

SWITZERLAND 313 117,26 276 861,00 0,17

Computing and IT 313 117,26 276 861,00 0,1740 300,00 STMICROELECTRONICS NV EUR 313 117,26 276 861,00 0,17

CYPRUS 216 150,91 168 025,13 0,10

Finance 216 150,91 168 025,13 0,1082 771,00 BANK OF CYPRUS PLC EUR 216 150,91 168 025,13 0,10

Rights 0,00 2 961,96 0,00

SPAIN 0,00 2 960,90 0,0059 218,00 BANCO POPULAR ESPANOL RTS 31/12/2049 EUR 0,00 2 960,90 0,00

ITALY 0,00 1,06 0,0020,00

BANCA MONTE DEI PASCHI DI SIENA SPA 08/07/2011

EUR 0,00 1,06 0,00

34





% ofNet Assets

Warrants 949,88 3,82 0,00

ITALY 949,88 3,82 0,0038 200,00


EUR 949,88 3,82 0,00

UNQUOTED 209 821,48 15 526,82 0,01

Shares 209 821,48 8 394,76 0,01

SPAIN 8 066,29 8 373,76 0,01

Finance 8 066,29 8 373,76 0,013 271,00 MAPFRE SA EUR 8 066,29 8 373,76 0,01

AUSTRIA 0,00 21,00 0,00

Finance 0,00 21,00 0,0021 000,00 IMMOEAST AG EUR 0,00 21,00 0,00

IRELAND 201 755,19 0,00 0,00

Finance 201 755,19 0,00 0,0052 871,00 ANGLO IRISH BANK EUR 201 755,19 0,00 0,00

Rights 0,00 7 132,06 0,00

SPAIN 0,00 7 132,06 0,00137 155,00 CRITERIA CAIXACORP SA 15/07/2011 EUR 0,00 7 132,06 0,00

Total Portfolio 154 289 678,93 157 261 052,68 93,76

35




Size Quantity

Purchase/



(EUR) Commitment

(EUR)



10 373 Purchase EURO STOXX 50 INDEX 16/09/2011 EUR 286 762,40 10 623 040,00

36

Eurizon EasyFund - Equity Europe



Assets Notes Investments in securities at market value 998 881 445,47Banks 82 748 733,40Amounts due from brokers 7 936 695,02Unrealised profit on forward foreign exchange contracts (Note 8) 712 326,90Unrealised profit on future contracts (Note 8) 2 030 190,31Other interest receivable 168,00Receivable on investments sold 42 056,91Receivable on subscriptions 1 161 957,84Other assets 2 190 172,95Total assets 1 095 703 746,80

Liabilities Unrealised loss on forward foreign exchange contracts (Note 8) (102 868,93)Unrealised loss on future contracts (Note 8) (118 615,43)Payable on investments purchased (4 661 240,64)Payable on redemptions (1 405 400,29)Other liabilities (875 693,98)Total liabilities (7 163 819,27)Total net assets 1 088 539 927,53


Class I Units EUR 86,81 1 605 557,531Class IH Units EUR 91,27 1 208 575,039Class R Units EUR 86,65 655 325,069Class RH Units EUR 89,18 54 000,870Class Z Units EUR 91,23 8 457 691,455Class ZH Units EUR 95,76 59 365,721

37





Net income from investments 19 135 712,16Other income (Note 9) 1 494,01Total income 19 137 206,17Management fee (Note 5) (3 885 970,67)Custodian and paying agent fee (Note 7) (469 979,26)Subscription tax (Note 3) (63 914,41)Interest on bank accounts (7 727,66)Other charges and taxes (Notes 4, 7) (304 653,84)Total expenses (4 732 245,84)Net investment income / (loss) 14 404 960,33Net realised profit / (loss) on sales of investments, currencies and other financial instruments 5 403 678,94Change in unrealised appreciation / (depreciation) on - investments (30 843 221,30)- option contracts (Note 8) (90 524,00)- forward foreign exchange contracts and foreign currencies (Note 8) (259 323,88)- future contracts (Note 8) 2 049 712,22Net result of operations for the period (9 334 717,69)



38





% ofNet Assets



Shares 977 771 765,30 998 753 807,62 91,75

UNITED KINGDOM 283 560 500,20 282 133 604,64 25,92

Finance 73 954 388,47 65 470 697,87 6,023 535 494,00 HSBC HOLDINGS PLC GBP 27 980 418,99 24 209 946,01 2,22

460 892,00 STANDARD CHARTERED PLC GBP 8 538 034,09 8 359 634,75 0,772 002 161,00 BARCLAYS PLC GBP 6 543 485,77 5 685 595,20 0,52

626 468,00 PRUDENTIAL PLC GBP 4 663 296,31 4 994 656,48 0,466 047 140,00 LLOYDS BANKING GROUP PLC GBP 5 395 253,44 3 281 106,59 0,30

617 442,00 AVIVA PLC GBP 3 354 263,45 3 001 476,34 0,28757 106,00 RESOLUTION LTD GBP 2 537 280,76 2 464 780,52 0,23

1 311 161,00 OLD MUTUAL PLC GBP 1 894 991,38 1 936 805,84 0,18247 070,00 BRITISH LAND CO PLC GBP 1 502 837,68 1 666 140,20 0,15172 540,00 LAND SECURITIES GROUP PLC GBP 1 468 270,37 1 628 764,96 0,15

1 157 798,00 LEGAL & GENERAL GROUP PLC GBP 1 475 090,14 1 515 390,32 0,143 415 457,00 ROYAL BANK OF SCOTLAND GROUP PLC GBP 2 779 953,42 1 454 562,33 0,13

260 230,00 HAMMERSON PLC REIT GBP 1 317 447,62 1 387 195,54 0,13506 453,00 STANDARD LIFE PLC GBP 1 349 634,54 1 180 498,63 0,11185 483,00 CAPITAL SHOPPING CENTRES GROUP PLC GBP 851 565,50 820 531,26 0,07416 942,00 RSA INSURANCE GROUP PLC GBP 662 798,97 622 818,97 0,0690 179,00 ICAP PLC GBP 554 377,19 472 324,85 0,0474 402,00 INVESTEC PLC GBP 596 326,34 415 642,56 0,048 884,00 LONDON STOCK EXCHANGE GROUP PLC GBP 94 380,07 104 375,40 0,01

31 822,00 3I GROUP PLC GBP 145 783,05 99 051,84 0,0133 875,00 MAN GROUP PLC GBP 160 183,97 88 900,03 0,0123 278,00 SEGRO PLC GBP 88 715,42 80 499,25 0,01

Basic Goods 44 691 706,17 47 784 355,01 4,39384 533,00 BRITISH AMERICAN TOBACCO PLC GBP 9 605 036,17 11 628 656,76 1,07349 288,00 UNILEVER PLC GBP 7 522 805,43 7 758 697,68 0,71463 722,00 DIAGEO PLC GBP 6 004 129,87 6 536 726,88 0,60245 185,00 IMPERIAL TOBACCO GROUP PLC GBP 5 703 512,00 5 622 742,97 0,52139 477,00 RECKITT BENCKISER GROUP PLC GBP 5 250 313,76 5 312 944,46 0,49

1 134 571,00 TESCO PLC GBP 5 265 141,22 5 050 471,99 0,461 039 809,00 WM MORRISON SUPERMARKETS PLC GBP 3 494 482,17 3 427 730,29 0,31

92 220,00 SABMILLER PLC GBP 1 712 028,90 2 319 594,63 0,215 964,00 ASSOCIATED BRITISH FOODS PLC GBP 67 252,42 71 522,11 0,01

15 152,00 J SAINSBURY PLC GBP 67 004,23 55 267,24 0,01

Raw materials 35 698 718,33 40 189 644,31 3,69284 795,00 RIO TINTO PLC GBP 12 050 884,98 14 161 240,44 1,30476 134,00 BHP BILLITON PLC GBP 11 309 100,19 12 927 778,31 1,19248 283,00 ANGLO AMERICAN PLC GBP 7 688 790,76 8 488 445,92 0,7863 997,00 ANTOFAGASTA PLC GBP 1 012 717,57 987 862,79 0,09

111 030,00 EURASIAN NATURAL RESOURCES CORP PLC GBP 1 061 069,68 960 823,37 0,0938 494,00 JOHNSON MATTHEY PLC GBP 814 317,03 838 013,07 0,08

138 368,00 REXAM PLC GBP 530 187,36 586 518,65 0,0537 951,00 KAZAKHMYS PLC GBP 507 690,37 579 931,30 0,0565 000,00 MONDI PLC GBP 453 475,65 446 610,96 0,047 556,00 LONMIN PLC GBP 159 415,71 121 571,51 0,013 918,00 VEDANTA RESOURCES PLC GBP 111 069,03 90 847,99 0,01

Energy 32 797 375,05 31 055 373,25 2,853 266 664,00 BP PLC GBP 19 063 354,02 16 590 523,87 1,52

675 620,00 BG GROUP PLC GBP 9 715 055,63 10 578 549,98 0,9786 400,00 SUBSEA 7 SA NOK 1 631 240,85 1 532 723,81 0,1459 488,00 PETROFAC LTD GBP 960 527,27 997 308,40 0,0958 496,00 AMEC PLC GBP 729 623,09 704 740,61 0,0747 450,00 TULLOW OIL PLC GBP 697 574,19 651 526,58 0,06

Health 26 331 415,14 26 222 639,66 2,41833 641,00 GLAXOSMITHKLINE PLC GBP 12 293 535,05 12 314 283,02 1,13354 884,00 ASTRAZENECA PLC GBP 12 243 900,45 12 213 542,98 1,12230 158,00 SMITH & NEPHEW PLC GBP 1 793 979,64 1 694 813,66 0,16

39





% ofNet Assets

Telecommunication 21 519 502,36 21 230 684,49 1,959 334 834,00 VODAFONE GROUP PLC GBP 17 646 353,16 17 086 522,72 1,571 547 475,00 BT GROUP PLC GBP 3 044 784,07 3 452 811,97 0,32

112 292,00 INMARSAT PLC GBP 828 365,13 691 349,80 0,06

Consumer Retail 16 051 314,17 17 036 457,24 1,57224 599,00 PEARSON PLC GBP 2 614 291,38 2 924 754,21 0,27381 543,00 COMPASS GROUP PLC GBP 2 215 514,91 2 539 172,45 0,23260 009,00 BRITISH SKY BROADCASTING GROUP PLC GBP 2 172 478,14 2 437 191,08 0,23675 646,00 KINGFISHER PLC GBP 1 918 984,47 1 999 078,73 0,18141 559,00 INTERCONTINENTAL HOTELS GROUP PLC GBP 2 032 599,10 1 998 581,70 0,1845 506,00 NEXT PLC GBP 1 131 362,75 1 171 563,56 0,11

224 711,00 MARKS & SPENCER GROUP PLC GBP 913 026,81 899 262,98 0,08165 380,00 INCHCAPE PLC GBP 736 204,78 765 296,27 0,07283 000,00 WILLIAM HILL PLC GBP 680 695,31 715 742,44 0,07327 811,00 LADBROKES PLC GBP 554 895,83 553 200,70 0,05619 659,00 ITV PLC GBP 483 702,62 490 606,21 0,0551 976,00 REED ELSEVIER PLC GBP 367 770,41 325 756,82 0,034 111,00 CARNIVAL PLC GBP 116 412,80 109 844,68 0,015 950,00 WHITBREAD PLC GBP 113 374,86 106 405,41 0,01

Industries 15 442 842,94 15 491 688,67 1,42321 785,00 ROLLS-ROYCE HOLDINGS PLC GBP 2 036 684,94 2 298 263,11 0,21463 483,00 BAE SYSTEMS PLC GBP 1 976 400,45 1 634 622,54 0,15627 527,00 COBHAM PLC GBP 1 581 798,38 1 470 355,38 0,1365 800,00 AGGREKO PLC GBP 1 129 900,64 1 405 504,88 0,1354 362,00 ULTRA ELECTRONICS HOLDINGS PLC GBP 1 050 160,95 1 032 968,18 0,09

283 377,00 INVENSYS PLC GBP 1 022 394,49 1 010 089,39 0,09102 683,00 BUNZL PLC GBP 906 442,07 886 885,16 0,08273 636,00 G4S PLC GBP 828 247,86 847 803,45 0,08241 606,00 BALFOUR BEATTY PLC GBP 933 907,18 825 348,03 0,08110 606,00 COOKSON GROUP PLC GBP 852 558,21 823 654,76 0,08101 793,00 CAPITA GROUP PLC GBP 819 671,32 806 495,21 0,0725 527,00 WEIR GROUP PLC GBP 518 230,12 601 231,19 0,0626 380,00 INTERTEK GROUP PLC GBP 568 005,93 576 336,48 0,0581 719,00 SERCO GROUP PLC GBP 440 253,19 499 953,45 0,0538 200,00 IMI PLC GBP 453 681,14 445 416,16 0,0448 715,00

INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA

EUR 131 729,60 136 353,29 0,01

12 188,00 BABCOCK INTERNATIONAL GROUP PLC GBP 88 107,83 96 091,88 0,017 092,00 SMITHS GROUP PLC GBP 104 668,64 94 316,13 0,01

Multi-Utilities 14 509 170,86 14 990 511,78 1,381 265 971,00 CENTRICA PLC GBP 4 502 514,01 4 532 143,97 0,42

636 237,00 NATIONAL GRID PLC GBP 4 157 958,59 4 315 183,32 0,40251 207,00 SCOTTISH & SOUTHERN ENERGY PLC GBP 3 577 549,50 3 874 869,57 0,35174 000,00 DRAX GROUP PLC GBP 909 002,03 970 114,42 0,09107 289,00 UNITED UTILITIES GROUP PLC GBP 723 067,08 711 633,29 0,0618 518,00 SEVERN TRENT PLC GBP 320 747,31 301 839,54 0,0379 929,00 INTERNATIONAL POWER PLC GBP 318 332,34 284 727,67 0,03

Computing and IT 2 564 066,71 2 661 552,36 0,24351 324,00 SAGE GROUP PLC GBP 1 130 139,38 1 123 904,99 0,10106 536,00 ARM HOLDINGS PLC GBP 545 003,95 693 662,07 0,0622 592,00 AUTONOMY CORP PLC GBP 440 735,12 427 033,98 0,04

281 000,00 LOGICA PLC GBP 448 188,26 416 951,32 0,04

FRANCE 140 997 075,76 146 798 158,15 13,49

Finance 30 981 881,59 30 501 059,49 2,80187 435,00 BNP PARIBAS EUR 9 827 160,18 9 977 165,05 0,92349 688,00 AXA SA EUR 5 334 808,37 5 479 610,96 0,50109 870,00 SOCIETE GENERALE EUR 5 068 342,38 4 495 880,40 0,4115 464,00 UNIBAIL-RODAMCO SE EUR 2 125 900,62 2 465 734,80 0,2319 662,00 ICADE EUR 1 657 709,01 1 671 859,86 0,15

152 231,00 CREDIT AGRICOLE SA EUR 1 945 765,54 1 578 635,47 0,15103 387,00 CNP ASSURANCES EUR 1 477 714,88 1 554 423,55 0,14326 555,00 NATIXIS EUR 1 252 735,18 1 129 880,30 0,1010 524,00 FONCIERE DES REGIONS EUR 757 067,76 768 778,20 0,079 450,00 EULER HERMES SA EUR 601 203,77 550 557,00 0,053 848,00 GECINA SA EUR 403 371,46 370 831,76 0,04

40





% ofNet Assets

5 201,00 EURAZEO EUR 347 775,69 262 026,38 0,023 364,00 KLEPIERRE EUR 89 998,12 95 756,26 0,014 824,00 SCOR SE EUR 92 328,63 94 550,40 0,01

165,00 ANF IMMOBILIER EUR 0,00 5 369,10 0,00

Consumer Retail 26 022 520,04 27 849 978,58 2,5648 681,00 LVMH MOET HENNESSY LOUIS VUITTON SA EUR 4 799 529,36 6 041 312,10 0,55

272 402,00 VIVENDI SA EUR 5 737 703,87 5 223 308,35 0,4835 255,00 CHRISTIAN DIOR SA EUR 3 508 580,98 3 825 167,50 0,3545 432,00 CIE GENERALE DES ETABLISSEMENTS MICHELIN EUR 2 457 075,25 3 063 934,08 0,2866 359,00 RENAULT SA EUR 2 954 656,34 2 713 087,72 0,2544 291,00 PUBLICIS GROUPE SA EUR 1 513 242,82 1 702 988,95 0,1648 046,00 PEUGEOT SA EUR 1 324 087,93 1 483 180,02 0,14

100 140,00 SOCIETE TELEVISION FRANCAISE 1 EUR 1 437 587,39 1 255 755,60 0,118 584,00 PPR EUR 839 665,72 1 054 115,20 0,10

47 216,00 METROPOLE TELEVISION SA EUR 784 553,30 753 331,28 0,0710 540,00 VALEO SA EUR 453 435,18 496 223,20 0,053 195,00 EUTELSAT COMMUNICATIONS SA EUR 81 983,94 99 045,00 0,011 730,00 SODEXO EUR 79 467,67 93 523,80 0,012 036,00 JCDECAUX SA EUR 50 950,29 45 005,78 0,00

Industries 19 533 284,79 21 889 779,33 2,0148 094,00 SCHNEIDER ELECTRIC SA EUR 4 563 044,03 5 540 428,80 0,5199 932,00 VINCI SA EUR 3 866 565,52 4 413 996,44 0,4078 242,00 CIE DE ST-GOBAIN EUR 2 953 182,40 3 493 896,51 0,3236 361,00 ALSTOM SA EUR 1 656 574,91 1 546 069,72 0,1418 336,00 VALLOUREC SA EUR 1 247 549,03 1 540 040,64 0,1442 648,00 BOUYGUES SA EUR 1 517 199,73 1 292 874,12 0,1241 024,00 LEGRAND SA EUR 1 144 997,34 1 191 542,08 0,11

111 483,00 GROUPE EUROTUNNEL SA EUR 836 216,60 859 533,93 0,0829 529,00 EDENRED EUR 433 739,87 621 290,16 0,067 000,00 WENDEL SA EUR 590 221,80 593 530,00 0,058 733,00 BUREAU VERITAS SA EUR 459 892,92 508 609,92 0,053 365,00 SAFRAN SA EUR 73 977,09 99 099,25 0,013 280,00 THALES SA EUR 103 635,88 97 530,80 0,011 408,00 AEROPORTS DE PARIS EUR 86 487,67 91 336,96 0,01

Energy 21 882 320,26 21 612 610,98 1,99476 096,00 TOTAL SA EUR 19 743 438,80 18 986 708,48 1,7526 810,00 TECHNIP SA EUR 1 544 727,08 1 982 063,30 0,1825 348,00 CIE GENERALE DE GEOPHYSIQUE - VERITAS EUR 594 154,38 643 839,20 0,06



EUR 2 222 645,33 2 669 986,34 0,25

Basic Goods 9 104 641,73 9 586 023,46 0,8843 042,00 L'OREAL SA EUR 3 502 100,33 3 854 841,52 0,3566 480,00 DANONE EUR 2 902 744,70 3 420 396,00 0,3262 947,00 CARREFOUR SA EUR 2 228 637,61 1 782 659,04 0,167 770,00 PERNOD-RICARD SA EUR 471 159,09 528 126,90 0,05

Raw materials 6 073 556,69 6 564 696,60 0,6039 133,00 AIR LIQUIDE SA EUR 3 219 860,25 3 867 905,72 0,3524 190,00 IMERYS SA EUR 1 119 787,88 1 175 513,05 0,1122 934,00 LAFARGE SA EUR 1 186 382,94 1 007 834,63 0,092 248,00 ERAMET EUR 547 525,62 513 443,20 0,05

Multi-Utilities 6 997 864,49 6 323 403,57 0,58167 541,00 GDF SUEZ EUR 4 900 475,61 4 227 897,14 0,3973 495,00 SUEZ ENVIRONNEMENT CO EUR 790 173,96 1 010 923,73 0,0950 690,00 VEOLIA ENVIRONNEMENT SA EUR 1 175 100,76 985 920,50 0,093 640,00 EDF SA EUR 132 114,16 98 662,20 0,01

Telecommunication 5 025 003,14 4 968 641,09 0,46237 465,00 FRANCE TELECOM SA EUR 3 653 384,96 3 482 424,23 0,3216 062,00 ILIAD SA EUR 1 371 618,18 1 486 216,86 0,14

Computing and IT 2 628 163,56 3 300 735,91 0,30426 761,00 ALCATEL-LUCENT/FRANCE EUR 1 276 238,96 1 701 922,87 0,1528 639,00 CAP GEMINI SA EUR 966 126,56 1 157 015,60 0,11

41





% ofNet Assets

10 172,00 ATOS ORIGIN SA EUR 335 369,28 396 301,12 0,04768,00 NEOPOST SA EUR 50 428,76 45 496,32 0,00

GERMANY 121 833 442,53 133 275 363,66 12,24

Consumer Retail 19 372 166,19 24 519 542,15 2,25152 188,00 DAIMLER AG EUR 6 570 134,39 7 898 557,20 0,7232 391,00 VOLKSWAGEN AG -PFD- EUR 3 133 915,60 4 610 858,85 0,4263 062,00 BAYERISCHE MOTOREN WERKE AG EUR 2 969 207,17 4 339 296,22 0,4045 852,00 ADIDAS AG EUR 1 967 686,53 2 508 104,40 0,2342 438,00 PORSCHE AUTOMOBIL HOLDING SE -PFD- EUR 2 016 787,45 2 321 358,60 0,2116 032,00 CONTINENTAL AG EUR 952 251,30 1 161 518,40 0,1128 596,00 AXEL SPRINGER AG EUR 1 034 779,39 973 979,76 0,0917 340,00 DOUGLAS HOLDING AG EUR 668 717,56 627 447,90 0,061 789,00 BAYERISCHE MOTOREN WERKE AG -PFD- EUR 58 686,80 78 420,82 0,01

Raw materials 18 821 455,10 23 885 360,37 2,19178 970,00 BASF SE EUR 8 647 544,22 12 093 002,90 1,1138 036,00 LINDE AG EUR 3 568 527,51 4 598 552,40 0,4264 180,00 THYSSENKRUPP AG EUR 1 784 953,08 2 299 890,30 0,2127 670,00 K&S AG EUR 1 369 812,55 1 466 510,00 0,148 233,00 WACKER CHEMIE AG EUR 1 133 846,60 1 227 540,30 0,11

20 010,00 LANXESS AG EUR 1 168 637,92 1 132 566,00 0,1022 229,00 HEIDELBERGCEMENT AG EUR 1 040 841,70 978 631,73 0,091 686,00 SALZGITTER AG EUR 107 291,52 88 666,74 0,01

Industries 19 778 268,37 22 820 974,92 2,10157 566,00 SIEMENS AG EUR 12 522 005,77 14 921 500,20 1,37244 369,00 DEUTSCHE POST AG EUR 3 307 613,13 3 237 889,25 0,3024 125,00 MAN SE EUR 1 823 610,81 2 237 593,75 0,2034 089,00 GEA GROUP AG EUR 665 330,08 841 486,97 0,0813 879,00 HOCHTIEF AG EUR 715 359,72 799 430,40 0,0747 874,00 DEUTSCHE LUFTHANSA AG EUR 688 213,50 719 306,85 0,071 150,00


EUR 56 135,36 63 767,50 0,01

Finance 22 857 593,16 21 457 246,07 1,97102 442,00 ALLIANZ SE EUR 9 766 252,53 9 868 237,86 0,91185 656,00 DEUTSCHE BANK AG EUR 8 229 393,37 7 565 482,00 0,69400 691,00 COMMERZBANK AG EUR 1 827 144,28 1 189 651,58 0,1121 871,00 DEUTSCHE BOERSE AG EUR 1 242 823,29 1 146 040,40 0,1010 136,00 MUENCHENER RUECKVERSICHERUNGS AG EUR 1 149 773,92 1 068 841,20 0,1019 400,00 DEUTSCHE EUROSHOP AG EUR 550 358,65 529 620,00 0,052 485,00 HANNOVER RUECKVERSICHERUNG AG EUR 91 847,12 89 373,03 0,01

Multi-Utilities 14 225 196,69 11 170 416,31 1,03389 596,00 E.ON AG EUR 9 356 440,57 7 630 237,66 0,7092 590,00 RWE AG EUR 4 868 756,12 3 540 178,65 0,33

Computing and IT 8 972 273,35 10 041 832,45 0,92188 817,00 SAP AG EUR 7 218 391,75 7 883 109,75 0,72278 473,00 INFINEON TECHNOLOGIES AG EUR 1 753 881,60 2 158 722,70 0,20

Health 8 709 749,33 9 952 344,96 0,91100 441,00 BAYER AG EUR 5 024 683,86 5 568 449,04 0,5136 862,00 FRESENIUS MEDICAL CARE AG & CO KGAA EUR 1 556 151,04 1 900 236,10 0,1721 242,00 FRESENIUS SE & CO KGAA EUR 1 300 757,11 1 528 999,16 0,1412 739,00 MERCK KGAA EUR 828 157,32 954 660,66 0,09

Basic Goods 4 649 779,99 4 858 294,37 0,4556 829,00 HENKEL AG & CO KGAA -PFD- EUR 2 444 032,54 2 720 404,23 0,2524 051,00 BEIERSDORF AG EUR 1 054 494,63 1 076 282,25 0,1023 229,00 METRO AG EUR 1 071 390,93 970 739,91 0,092 299,00 HENKEL AG & CO KGAA EUR 79 861,89 90 867,98 0,01

Telecommunication 4 446 960,35 4 569 352,06 0,42369 044,00 DEUTSCHE TELEKOM AG EUR 3 892 159,77 3 991 210,86 0,3760 513,00 FREENET AG EUR 554 800,58 578 141,20 0,05

SWITZERLAND 117 665 491,05 128 165 860,35 11,77

Health 30 122 866,80 32 198 639,51 2,96398 352,00 NOVARTIS AG CHF 15 607 777,33 16 805 032,88 1,55

42





% ofNet Assets

128 775,00 ROCHE HOLDING AG CHF 13 792 457,00 14 841 944,10 1,368 092,00 LONZA GROUP AG CHF 594 356,57 436 161,07 0,043 405,00 ACTELION LTD CHF 128 275,90 115 501,46 0,01

Basic Goods 25 784 655,94 30 235 913,29 2,78698 361,00 NESTLE SA CHF 25 450 900,53 29 890 378,08 2,75

161,00 LINDT & SPRUENGLI AG CHF 333 755,41 345 535,21 0,03

Finance 23 775 580,64 22 996 727,17 2,11753 612,00 UBS AG CHF 9 980 344,68 9 463 572,11 0,87163 425,00 CREDIT SUISSE GROUP AG CHF 5 191 445,69 4 377 552,69 0,4020 582,00 ZURICH FINANCIAL SERVICES AG CHF 3 549 029,72 3 584 395,88 0,3361 268,00 SWISS RE LTD CHF 1 975 177,52 2 369 369,75 0,2216 725,00 SWISS LIFE HOLDING AG CHF 1 819 108,25 1 889 276,52 0,1728 233,00 JULIUS BAER GROUP LTD CHF 601 574,42 803 206,01 0,071 465,00 HELVETIA HOLDING AG CHF 446 117,40 432 021,40 0,046 841,00 GAM HOLDING AG CHF 212 782,96 77 332,81 0,01

Industries 13 671 371,49 15 777 371,93 1,45479 130,00 ABB LTD CHF 7 341 213,45 8 556 083,09 0,7943 560,00 ADECCO SA CHF 1 945 763,16 1 923 276,71 0,187 708,00 GEBERIT AG CHF 914 318,89 1 257 755,36 0,11

10 464,00 KUEHNE + NAGEL INTERNATIONAL AG CHF 890 248,97 1 093 738,60 0,106 830,00 SULZER AG CHF 842 697,79 765 370,88 0,078 538,00 SCHINDLER HOLDING AG CHF 632 471,69 714 080,26 0,07

523,00 SGS SA CHF 566 954,26 683 753,73 0,068 152,00 SCHINDLER HOLDING AG CHF 446 006,89 682 464,72 0,064 482,00 WOLSELEY PLC GBP 91 696,39 100 848,58 0,01

Raw materials 12 550 451,35 14 026 132,00 1,29411 269,00 XSTRATA PLC GBP 5 733 760,80 6 245 914,33 0,5718 671,00 SYNGENTA AG CHF 3 560 871,75 4 340 553,42 0,4036 335,00 HOLCIM LTD CHF 1 762 432,24 1 888 521,47 0,17

430,00 SIKA AG CHF 633 114,17 713 982,13 0,075 061,00 EMS-CHEMIE HOLDING AG CHF 738 189,26 708 920,58 0,07

176,00 GIVAUDAN SA CHF 122 083,13 128 240,07 0,01

Consumer Retail 5 503 651,37 7 262 541,18 0,6793 573,00 CIE FINANCIERE RICHEMONT SA CHF 3 124 339,23 4 219 616,79 0,398 500,00 SWATCH GROUP AG CHF 2 311 958,07 2 950 835,60 0,271 489,00 SWATCH GROUP AG CHF 67 354,07 92 088,79 0,01

Energy 3 197 978,40 2 568 600,28 0,2357 325,00 TRANSOCEAN LTD CHF 3 197 978,40 2 568 600,28 0,23

Telecommunication 1 834 455,36 1 990 068,00 0,186 302,00 SWISSCOM AG CHF 1 834 455,36 1 990 068,00 0,18

Computing and IT 1 224 479,70 1 109 866,99 0,10149 932,00 STMICROELECTRONICS NV EUR 1 134 839,45 1 030 032,84 0,0911 619,00 STMICROELECTRONICS NV EUR 89 640,25 79 834,15 0,01

NETHERLANDS 76 092 142,62 77 295 413,26 7,10

Energy 31 666 963,16 33 234 210,39 3,05678 712,00 ROYAL DUTCH SHELL PLC GBP 16 108 037,65 16 669 451,32 1,53632 674,00 ROYAL DUTCH SHELL PLC GBP 14 528 022,56 15 580 773,19 1,4317 749,00 FUGRO NV EUR 942 207,57 882 480,28 0,085 565,00 SBM OFFSHORE NV EUR 88 695,38 101 505,60 0,01

Basic Goods 12 028 066,51 12 682 329,98 1,16305 358,00 UNILEVER NV -ADR- EUR 6 499 219,99 6 902 617,59 0,6375 482,00 HEINEKEN NV EUR 2 883 713,70 3 130 238,54 0,2945 234,00 HEINEKEN HLDG. NV EUR 1 546 489,21 1 595 855,52 0,14

113 708,00 KONINKLIJKE AHOLD NV EUR 1 098 643,61 1 053 618,33 0,10

Finance 8 764 806,99 9 211 308,80 0,85760 377,00 ING GROEP NV EUR 5 811 845,26 6 454 840,35 0,59567 088,00 AEGON NV EUR 2 864 463,12 2 667 581,95 0,25

1 945,00 CORIO NV EUR 88 498,61 88 886,50 0,01

Industries 9 973 274,83 9 085 715,22 0,83199 138,00 KONINKLIJKE PHILIPS ELECTRONICS NV EUR 4 209 444,38 3 526 733,98 0,32

43





% ofNet Assets

93 610,00


EUR 1 732 587,47 2 160 518,80 0,20

31 951,00 KONINKLIJKE BOSKALIS WESTMINSTER NV EUR 1 185 822,55 1 041 762,36 0,0932 800,00 IMTECH NV EUR 849 358,70 799 992,00 0,0733 300,00 AALBERTS INDUSTRIES NV EUR 543 451,46 536 796,00 0,0572 870,00 TNT EXPRESS NV EUR 736 506,96 521 166,24 0,0572 870,00 TNT NV EUR 653 753,36 426 435,24 0,042 140,00 KONINKLIJKE VOPAK NV EUR 62 349,95 72 310,60 0,01

Raw materials 5 886 861,86 5 934 373,49 0,5579 529,00 AKZO NOBEL NV EUR 3 710 237,76 3 459 511,50 0,3255 298,00 KONINKLIJKE DSM NV EUR 2 176 624,10 2 474 861,99 0,23


Computing and IT 3 057 776,24 2 956 941,00 0,27116 415,00 ASML HOLDING NV EUR 3 057 776,24 2 956 941,00 0,27

Consumer Retail 307 338,90 289 857,35 0,0331 319,00 REED ELSEVIER NV EUR 307 338,90 289 857,35 0,03

SPAIN 55 430 939,07 53 249 084,69 4,89

Finance 26 191 288,23 23 404 866,18 2,151 443 884,00 BANCO SANTANDER SA EUR 12 894 573,09 11 497 648,29 1,06

874 940,00 BANCO BILBAO VIZCAYA ARGENTARIA SA EUR 7 826 359,09 7 078 264,60 0,65394 352,00 CRITERIA CAIXACORP SA EUR 1 885 987,87 1 898 016,18 0,17393 066,00 BANCO POPULAR ESPANOL SA EUR 2 134 502,33 1 525 489,15 0,14548 606,00 MAPFRE SA EUR 1 449 865,85 1 404 431,36 0,13

598,00 BANCO DE VALENCIA SA EUR 0,00 1 016,60 0,00


Multi-Utilities 7 843 201,04 8 223 729,41 0,76856 881,00 IBERDROLA SA EUR 5 173 294,15 5 258 678,70 0,4885 617,00 GAS NATURAL SDG SA EUR 1 025 725,90 1 236 737,57 0,1273 695,00 ENAGAS SA EUR 1 185 545,32 1 231 443,45 0,114 651,00 ACCIONA SA EUR 318 994,98 340 406,69 0,03

29 174,00 IBERDROLA RENOVABLES SA EUR 78 022,11 88 864,00 0,011 624,00 RED ELECTRICA CORP SA EUR 61 618,58 67 599,00 0,01

Consumer Retail 2 435 567,56 2 937 204,44 0,2746 741,00 INDITEX SA EUR 2 435 567,56 2 937 204,44 0,27

Industries 2 595 832,86 2 537 032,72 0,2327 637,00


EUR 922 907,62 898 755,24 0,08

90 761,00 FERROVIAL SA EUR 684 824,48 791 072,88 0,0720 255,00 FOMENTO DE CONSTRUCCIONES Y CONTRATAS SA EUR 483 356,70 425 861,38 0,0432 901,00 ZARDOYA OTIS SA EUR 427 333,54 334 274,16 0,035 652,00 ABERTIS INFRAESTRUCTURAS SA EUR 77 410,52 87 069,06 0,01

Basic Goods 1 664 197,24 1 581 849,00 0,1499 300,00 EBRO FOODS SA EUR 1 664 197,24 1 581 849,00 0,14

Computing and IT 1 161 702,52 1 121 527,76 0,1071 960,00 INDRA SISTEMAS SA EUR 1 059 928,77 1 023 990,80 0,096 816,00 AMADEUS IT HOLDING SA EUR 101 773,75 97 536,96 0,01

Energy 665 054,33 770 293,44 0,0732 176,00 REPSOL YPF SA EUR 665 054,33 770 293,44 0,07


SWEDEN 46 767 198,24 48 418 687,41 4,45

Finance 15 221 446,83 15 078 669,65 1,39850 676,00 NORDEA BANK AB SEK 6 548 401,46 6 322 917,56 0,58157 525,00 INVESTOR AB SEK 2 562 110,07 2 496 674,45 0,23315 239,00 SKANDINAVISKA ENSKILDA BANKEN AB SEK 1 826 895,65 1 781 455,22 0,16

44





% ofNet Assets

109 570,00 KINNEVIK INVESTMENT AB SEK 1 674 238,66 1 682 722,15 0,1671 028,00 SVENSKA HANDELSBANKEN AB SEK 1 532 629,71 1 514 716,24 0,1469 236,00 SWEDBANK AB SEK 644 577,07 804 469,64 0,0835 820,00 RATOS AB SEK 432 594,21 475 714,39 0,04

Industries 12 777 120,28 14 141 917,97 1,30199 497,00 ATLAS COPCO AB SEK 3 245 572,70 3 630 739,03 0,33122 356,00 SKF AB SEK 2 271 330,91 2 447 489,22 0,22187 435,00 VOLVO AB SEK 1 806 375,53 2 263 900,81 0,21130 470,00 SANDVIK AB SEK 1 409 300,43 1 581 563,51 0,1590 406,00 ALFA LAVAL AB SEK 1 289 743,93 1 346 906,77 0,1255 299,00 ASSA ABLOY AB SEK 1 000 342,80 1 027 568,13 0,0971 375,00 SKANSKA AB SEK 987 061,56 883 155,09 0,0837 343,00 SCANIA AB SEK 450 142,00 598 802,69 0,0618 199,00 ATLAS COPCO AB SEK 242 729,69 296 201,09 0,038 963,00 SECURITAS AB SEK 74 520,73 65 591,63 0,01

Computing and IT 5 705 091,68 6 527 216,80 0,60654 770,00 TELEFONAKTIEBOLAGET LM ERICSSON SEK 5 705 091,68 6 527 216,80 0,60

Consumer Retail 5 173 759,13 5 280 157,78 0,49181 533,00 HENNES & MAURITZ AB SEK 4 176 176,20 4 327 685,35 0,4037 363,00 ELECTROLUX AB -B- SEK 643 848,60 616 276,21 0,0673 424,00 HUSQVARNA AB SEK 353 734,33 336 196,22 0,03

Telecommunication 4 987 307,35 4 591 763,32 0,42620 758,00 TELIASONERA AB SEK 3 436 338,68 3 148 362,51 0,29105 641,00 TELE2 AB SEK 1 550 968,67 1 443 400,81 0,13

Raw materials 1 922 548,83 1 715 116,95 0,1695 137,00 BOLIDEN AB SEK 1 319 318,01 1 214 609,64 0,1151 420,00 SVENSKA CELLULOSA AB SEK 603 230,82 500 507,31 0,05

Health 732 047,29 815 144,41 0,0743 919,00 GETINGE AB SEK 732 047,29 815 144,41 0,07

Basic Goods 247 876,85 268 700,53 0,0211 590,00 SWEDISH MATCH AB SEK 247 876,85 268 700,53 0,02

ITALY 43 163 975,83 39 606 520,57 3,64

Energy 12 163 987,46 11 850 715,48 1,09561 948,00 ENEL SPA EUR 9 742 852,29 9 165 371,88 0,8475 431,00 SAIPEM SPA EUR 2 421 135,17 2 685 343,60 0,25

Multi-Utilities 11 167 424,57 11 540 305,77 1,061 601 797,00 ENEL SPA EUR 7 060 289,60 7 214 493,69 0,66

522 213,00 SNAM RETE GAS SPA EUR 1 975 503,31 2 132 717,89 0,20374 766,00 TERNA RETE ELETTRICA NAZIONALE SPA EUR 1 232 932,47 1 201 499,80 0,11521 343,00 ENEL GREEN POWER SPA EUR 898 699,19 991 594,39 0,09

Finance 11 071 318,75 8 456 996,70 0,78207 307,00 ASSICURAZIONI GENERALI SPA EUR 3 487 185,82 3 016 316,85 0,28

1 449 788,00 UNICREDIT SPA EUR 3 013 395,55 2 116 690,48 0,20880 806,00 INTESA SANPAOLO SPA EUR 1 929 095,98 1 617 159,82 0,15420 402,00 BANCO POPOLARE SCARL EUR 1 054 715,46 668 018,78 0,0679 674,00 MEDIOBANCA SPA EUR 622 138,25 556 522,89 0,05

923 039,00 BANCA MONTE DEI PASCHI DI SIENA SPA EUR 964 787,69 482 287,88 0,04

Telecommunication 3 223 562,60 2 683 076,93 0,252 703 408,00 TELECOM ITALIA SPA EUR 3 118 436,23 2 593 919,98 0,24

111 099,00 TELECOM ITALIA SPA EUR 105 126,37 89 156,95 0,01

Industries 2 608 537,84 2 466 356,49 0,23116 478,00 FINMECCANICA SPA EUR 1 069 357,06 972 008,91 0,0960 079,00 ATLANTIA SPA EUR 936 472,60 881 959,72 0,0836 398,00 PRYSMIAN SPA EUR 549 100,65 504 840,26 0,0512 084,00 FIAT INDUSTRIAL SPA EUR 53 607,53 107 547,60 0,01

Consumer Retail 1 861 313,96 1 346 496,77 0,12344 561,00 MEDIASET SPA EUR 1 621 414,75 1 117 066,76 0,1017 553,00 FIAT SPA EUR 154 550,94 132 876,21 0,014 365,00 LUXOTTICA GROUP SPA EUR 85 348,27 96 553,80 0,01

45





% ofNet Assets

Basic Goods 1 067 830,65 1 262 572,43 0,11486 728,00 PARMALAT SPA EUR 1 067 830,65 1 262 572,43 0,11

FINLAND 18 641 166,10 16 750 580,68 1,54

Computing and IT 7 603 872,67 4 373 774,31 0,40978 473,00 NOKIA OYJ EUR 7 603 872,67 4 373 774,31 0,40

Finance 2 719 999,32 3 060 966,96 0,28137 448,00 SAMPO OYJ EUR 2 719 999,32 3 060 966,96 0,28

Raw materials 2 744 536,02 2 809 993,54 0,26180 175,00 STORA ENSO OYJ EUR 1 267 690,90 1 303 566,13 0,1285 281,00 UPM-KYMMENE OYJ EUR 1 027 116,97 1 075 393,41 0,1036 100,00 KEMIRA OYJ EUR 449 728,15 431 034,00 0,04

Industries 1 495 451,77 2 006 554,00 0,1844 168,00 KONE OYJ EUR 1 436 340,60 1 913 799,44 0,172 368,00 METSO OYJ EUR 59 111,17 92 754,56 0,01

Health 1 737 626,43 1 847 315,89 0,17103 957,00 ORION OYJ EUR 1 737 626,43 1 847 315,89 0,17

Multi-Utilities 1 436 380,94 1 408 643,86 0,1370 538,00 FORTUM OYJ EUR 1 436 380,94 1 408 643,86 0,13

Consumer Retail 464 627,02 814 276,40 0,0823 534,00 NOKIAN RENKAAT OYJ EUR 464 627,02 814 276,40 0,08

Basic Goods 393 664,01 381 238,72 0,0411 884,00 KESKO OYJ EUR 393 664,01 381 238,72 0,04


DENMARK 15 431 250,49 16 306 477,76 1,50

Health 7 388 294,57 9 293 485,08 0,8588 421,00 NOVO NORDISK A/S DKK 5 763 781,75 7 652 040,90 0,707 904,00 WILLIAM DEMANT HOLDING A/S DKK 473 002,85 491 900,97 0,05

25 400,00 H LUNDBECK A/S DKK 450 326,40 460 741,28 0,0464 700,00 GN STORE NORD A/S DKK 449 041,18 429 546,84 0,042 476,00 COLOPLAST A/S DKK 252 142,39 259 255,09 0,02

Industries 4 795 254,79 3 791 313,27 0,35361,00 AP MOLLER - MAERSK A/S DKK 2 344 358,45 2 146 961,98 0,20

58 532,00 DSV A/S DKK 781 093,58 967 569,24 0,0939 750,00 VESTAS WIND SYSTEMS A/S DKK 1 624 347,27 636 840,47 0,06

7,00 AP MOLLER - MAERSK A/S DKK 45 455,49 39 941,58 0,00

Basic Goods 935 060,61 1 022 401,69 0,1013 630,00 CARLSBERG A/S DKK 935 060,61 1 022 401,69 0,10

Raw materials 839 293,41 1 006 120,06 0,098 966,00 NOVOZYMES A/S DKK 839 293,41 1 006 120,06 0,09

Finance 1 050 522,08 976 503,53 0,093 480,00 TOPDANMARK A/S DKK 448 809,67 447 894,87 0,04

10 200,00 TRYG A/S DKK 445 255,54 405 735,80 0,049 622,00 DANSKE BANK A/S DKK 156 456,87 122 872,86 0,01

Consumer Retail 422 825,03 216 654,13 0,0210 000,00 PANDORA A/S DKK 422 825,03 216 654,13 0,02

BELGIUM 15 022 089,72 14 035 675,18 1,29

Basic Goods 5 277 495,72 5 496 049,12 0,5170 129,00 ANHEUSER-BUSCH INBEV NV EUR 2 292 566,91 2 805 160,00 0,2640 821,00 COLRUYT SA EUR 1 578 876,15 1 408 324,50 0,1324 805,00 DELHAIZE GROUP SA EUR 1 405 833,47 1 282 418,50 0,1236 531,00 ANHEUSER-BUSCH INBEV NV EUR 219,19 146,12 0,00

46





% ofNet Assets

Finance 5 705 605,78 4 287 228,88 0,39721 585,00 AGEAS EUR 1 566 730,06 1 350 085,54 0,1221 695,00 GROUPE BRUXELLES LAMBERT SA EUR 1 381 056,76 1 330 554,35 0,1243 368,00 KBC GROEP NV EUR 1 298 252,59 1 175 272,80 0,11

200 886,00 DEXIA SA EUR 1 459 566,37 431 302,24 0,041 744,00 GROUPE BRUXELLES LAMBERT SA EUR 0,00 13,95 0,00

Telecommunication 2 335 176,60 2 403 967,01 0,2239 746,00 MOBISTAR SA EUR 1 984 225,09 2 081 895,48 0,1913 095,00 BELGACOM SA EUR 350 951,51 322 071,53 0,03

Raw materials 995 986,74 1 370 365,17 0,1327 532,00 UMICORE SA EUR 754 811,96 1 035 478,52 0,103 143,00 SOLVAY SA EUR 241 174,78 334 886,65 0,03

Industries 707 824,88 478 065,00 0,049 106,00 BEKAERT SA EUR 707 824,88 478 065,00 0,04

NORWAY 12 727 820,11 13 287 722,82 1,22

Energy 5 407 291,45 5 585 430,34 0,51265 547,00 STATOIL ASA NOK 4 554 610,26 4 662 975,93 0,4323 900,00 TGS NOPEC GEOPHYSICAL CO ASA NOK 453 157,04 464 844,72 0,0432 961,00 AKER SOLUTIONS ASA NOK 399 524,15 457 609,69 0,04

Telecommunication 3 620 764,28 3 770 316,21 0,35331 971,00 TELENOR ASA NOK 3 620 764,28 3 770 316,21 0,35

Raw materials 1 843 439,18 1 974 639,03 0,1826 937,00 YARA INTERNATIONAL ASA NOK 925 578,44 1 051 635,15 0,10

173 811,00 NORSK HYDRO ASA NOK 917 860,74 923 003,88 0,08

Finance 1 710 254,52 1 814 590,53 0,17187 711,00 DNB NOR BANK ASA NOK 1 710 254,52 1 814 590,53 0,17

Industries 146 070,68 142 746,71 0,0121 646,00 ORKLA ASA NOK 146 070,68 142 746,71 0,01

IRELAND 9 013 434,08 9 670 456,01 0,89

Consumer Retail 3 041 681,24 3 176 664,29 0,29264 646,00 WPP PLC GBP 2 198 855,23 2 285 778,65 0,2123 719,00 PADDY POWER PLC EUR 842 826,01 890 885,64 0,08

Raw materials 2 404 978,15 2 237 008,46 0,21145 876,00 CRH PLC EUR 2 404 978,15 2 237 008,46 0,21

Health 1 555 509,85 2 074 269,70 0,1996 310,00 SHIRE PLC GBP 1 555 509,85 2 074 269,70 0,19

Industries 1 049 720,15 1 165 754,20 0,11132 674,00 EXPERIAN PLC GBP 1 049 720,15 1 165 754,20 0,11

Basic Goods 961 544,69 1 016 759,36 0,0935 657,00 KERRY GROUP PLC EUR 961 544,69 1 016 759,36 0,09

LUXEMBOURG 5 216 064,61 5 262 886,62 0,48

Raw materials 3 073 560,98 2 825 195,30 0,26117 741,00 ARCELORMITTAL EUR 3 073 560,98 2 825 195,30 0,26

Energy 1 044 296,88 1 230 894,00 0,1178 152,00 TENARIS SA EUR 1 044 296,88 1 230 894,00 0,11

Consumer Retail 1 031 644,63 1 126 286,81 0,1058 191,00 SES SA -ADR- EUR 1 031 644,63 1 126 286,81 0,10

Telecommunication 66 562,12 80 510,51 0,011 116,00 MILLICOM INTERNATIONAL CELLULAR SA -SDR- SEK 66 562,12 80 510,51 0,01

PORTUGAL 5 091 762,58 4 297 902,31 0,40

Multi-Utilities 2 699 687,55 2 501 788,20 0,231 021 555,00 EDP - ENERGIAS DE PORTUGAL SA EUR 2 699 687,55 2 501 788,20 0,23

47





% ofNet Assets

Finance 1 742 106,26 1 189 619,50 0,11370 297,00 BANCO ESPIRITO SANTO SA EUR 1 083 138,04 951 663,29 0,09580 381,00 BANCO COMERCIAL PORTUGUES SA EUR 658 968,22 237 956,21 0,02




AUSTRIA 3 717 322,49 3 925 954,64 0,36

Finance 1 463 472,54 1 478 927,86 0,1419 424,00 ERSTE GROUP BANK AG EUR 629 255,73 702 177,60 0,06

170 134,00 IMMOFINANZ AE EUR 493 407,69 500 193,96 0,057 297,00 VIENNA INSURANCE GROUP AG EUR 340 809,12 276 556,30 0,03

Energy 1 175 253,51 1 145 322,38 0,1038 019,00 OMV AG EUR 1 175 253,51 1 145 322,38 0,10


Industries 561 068,90 549 540,00 0,057 740,00 ANDRITZ AG EUR 561 068,90 549 540,00 0,05

GREECE 5 203 229,37 3 745 794,51 0,34

Finance 3 234 441,33 2 211 303,13 0,20384 676,00 NATIONAL BANK OF GREECE SA EUR 2 357 044,37 1 896 452,68 0,1790 735,00 ALPHA BANK AE EUR 877 396,96 314 850,45 0,03

Consumer Retail 1 857 321,93 1 457 710,75 0,13135 601,00 OPAP SA EUR 1 857 321,93 1 457 710,75 0,13

Telecommunication 111 466,11 76 780,63 0,0111 941,00

HELLENIC TELECOMMUNICATIONS ORGANIZATION SA

EUR 111 466,11 76 780,63 0,01

UNITED STATES 1 706 273,67 1 980 363,00 0,18

Health 1 706 273,67 1 980 363,00 0,1816 346,00 SYNTHES INC CHF 1 706 273,67 1 980 363,00 0,18

BERMUDA 306 124,37 329 600,71 0,03

Energy 306 124,37 329 600,71 0,0313 482,00 SEADRILL LTD NOK 305 821,82 329 117,04 0,031 505,00 INDEPENDENT TANKERS CORP LTD NOK 302,55 483,67 0,00

MEXICO 94 873,01 120 812,95 0,01

Raw materials 94 873,01 120 812,95 0,017 782,00 FRESNILLO PLC GBP 94 873,01 120 812,95 0,01

JERSEY 89 587,20 96 886,04 0,01

Raw materials 89 587,20 96 886,04 0,011 665,00 RANDGOLD RESOURCES LTD GBP 89 587,20 96 886,04 0,01

GIBRALTAR 2,20 1,66 0,00

Consumer Retail 2,20 1,66 0,001,00 BWIN.PARTY DIGITAL ENTERTAINMENT PLC GBP 2,20 1,66 0,00

Rights 0,00 36 860,52 0,00

SPAIN 0,00 36 860,52 0,00393 066,00 BANCO POPULAR ESPANOL RTS 31/12/2049 EUR 0,00 19 653,30 0,0032 901,00 ZARDOYA OTIS SA RTS EXP 30JUN11 30/06/2011 EUR 0,00 17 207,22 0,00

48





% ofNet Assets

Warrants 0,00 8,86 0,00

ITALY 0,00 8,86 0,0088 622,00


EUR 0,00 8,86 0,00

UNQUOTED 785 945,12 90 768,47 0,01

Shares 785 945,12 70 262,17 0,01

SPAIN 34 686,76 36 008,96 0,01


UNITED KINGDOM 0,00 34 206,71 0,00

Consumer Retail 0,00 34 206,71 0,0030 891 360,00 ROLLS ROYCE GROUP C SHS GBP 0,00 34 206,71 0,00

AUSTRIA 0,00 46,50 0,00


IRELAND 751 258,36 0,00 0,00


Rights 0,00 20 506,30 0,00

SPAIN 0,00 20 506,30 0,00394 352,00 CRITERIA CAIXACORP SA 15/07/2011 EUR 0,00 20 506,30 0,00

Total Portfolio 978 557 710,42 998 881 445,47 91,76

49




Size Quantity

Purchase/



(EUR) Commitment

(EUR)

Total Unrealised profit / (loss) on future contracts and commitment 1 911 574,88 95 308 681,07

Unrealised profit on future contracts and commitment 2 030 190,31 83 650 164,98

10 484 Purchase FTSE 100 INDEX FUTURE 16/09/2011 GBP 816 125,46 31 634 107,9910 1 485 Purchase EURO STOXX 50 INDEX 16/09/2011 EUR 1 151 110,00 42 292 800,00

100 485 Purchase OMX 30 INDEX FUTURE 15/07/2011 SEK 62 954,85 5 911 000,991 000 (854) Sale ENEL SPA (FWD) 30/06/2011 EUR — 3 812 256,00

Unrealised loss on future contracts and commitment (118 615,43) 11 658 516,09

10 230 Purchase SWISS MARKET INDEX FUTURE 16/09/2011 CHF (118 615,43) 11 658 516,09

50



FORWARD FOREIGN EXCHANGE CONTRACTS AS AT 30 JUNE 2011

Maturity Purchase commitment in

currencySale commitment in

currency Unrealised profit/(loss)

(EUR)

Total Unrealised profit / (loss) on forward foreign exchange contracts 609 457,97

Unrealised profit on forward foreign exchange contracts 712 326,90

14/07/2011 1 813 941,17 EUR 13 527 255,71 DKK 265,8714/07/2011 39 348 702,56 EUR 35 004 586,12 GBP 581 121,7014/07/2011 5 920 000,04 EUR 53 720 112,74 SEK 49 739,0814/07/2011 11 431,42 EUR 16 532,33 USD 25,7314/07/2011 214 576,50 NOK 27 443,01 EUR 131,4314/07/2011 103 323,99 NOK 13 243,00 EUR 34,7914/07/2011 723 501,96 SEK 79 059,61 EUR 1,0114/07/2011 1 218 897,73 SEK 132 643,50 EUR 551,4514/07/2011 846 393,86 SEK 92 472,59 EUR 17,0314/07/2011 426 801,54 NOK 54 806,55 EUR 40,1614/07/2011 1 781 010,39 SEK 193 449,58 EUR 1 170,1914/07/2011 2,91 USD 2,01 EUR —14/07/2011 14 902 654,12 EUR 18 128 287,40 CHF 47 758,9714/07/2011 118 922,88 EUR 143 766,42 CHF 1 116,1014/07/2011 420 019,65 EUR 371 684,46 GBP 8 379,0914/07/2011 77 835,54 EUR 708 934,64 SEK 366,7614/07/2011 211 424,04 EUR 256 263,82 CHF 1 433,3214/07/2011 515,08 EUR 3 840,91 DKK 0,1114/07/2011 119 309,93 EUR 104 869,85 GBP 3 166,5714/07/2011 206 880,70 EUR 250 891,71 CHF 1 292,0514/07/2011 243 320,26 EUR 215 612,38 GBP 4 529,5414/07/2011 63 884,05 EUR 77 082,08 CHF 720,5414/07/2011 591 085,98 EUR 528 874,36 GBP 5 357,6014/07/2011 7,64 EUR 10,82 USD 0,1814/07/2011 240 938,96 EUR 214 977,23 GBP 2 851,6714/07/2011 40 532,36 EUR 48 770,04 CHF 568,6414/07/2011 363 822,39 EUR 326 987,96 GBP 1 683,2114/07/2011 555,52 EUR 799,26 USD 4,11

Unrealised loss on forward foreign exchange contracts (102 868,93)

14/07/2011 252 663,04 CHF 210 388,27 EUR (3 348,14)14/07/2011 23 306,76 DKK 3 126,03 EUR (1,16)14/07/2011 621 230,33 GBP 705 521,85 EUR (17 509,23)14/07/2011 972 357,64 SEK 106 828,16 EUR (573,86)14/07/2011 505,55 USD 352,18 EUR (3,40)14/07/2011 144 611,40 CHF 118 674,26 EUR (175,08)14/07/2011 109 296,34 DKK 14 661,83 EUR (7,85)14/07/2011 242 469,29 GBP 274 740,88 EUR (6 206,13)14/07/2011 128,62 USD 88,95 EUR (0,21)14/07/2011 37,22 USD 26,06 EUR (0,38)14/07/2011 351 090,65 CHF 292 707,72 EUR (5 012,88)14/07/2011 434 392,96 GBP 495 742,88 EUR (14 652,66)14/07/2011 211 981,15 CHF 175 103,13 EUR (1 399,04)14/07/2011 416 518,98 GBP 471 068,74 EUR (9 773,95)14/07/2011 566 207,09 DKK 75 947,39 EUR (32,82)14/07/2011 10 844,46 USD 7 552,40 EUR (70,78)14/07/2011 10,54 USD 7,31 EUR (0,04)14/07/2011 477 665,49 CHF 402 642,93 EUR (11 228,64)14/07/2011 323 916,89 DKK 43 443,87 EUR (14,51)14/07/2011 632 221,03 GBP 713 001,46 EUR (12 816,64)14/07/2011 158 558,66 EUR 223 639,14 CAD (1 273,91)14/07/2011 1 630 412,14 EUR 12 815 473,90 NOK (16 457,65)14/07/2011 15 413,04 EUR 114 987,47 DKK (3,98)14/07/2011 23 339,13 EUR 183 896,86 NOK (292,78)14/07/2011 11 112,13 EUR 87 326,76 NOK (109,91)14/07/2011 99 057,53 EUR 908 830,97 SEK (254,90)14/07/2011 189 447,78 EUR 1 736 496,71 SEK (307,76)14/07/2011 22 178,41 EUR 165 453,46 DKK (4,87)14/07/2011 45 807,86 EUR 359 913,85 NOK (443,36)

51







(EUR)

14/07/2011 24 249,02 EUR 180 944,91 DKK (11,28)14/07/2011 13 353,34 EUR 104 027,33 NOK (14,83)14/07/2011 101 901,14 EUR 935 342,11 SEK (308,29)14/07/2011 225 668,25 EUR 275 552,96 CHF (128,61)14/07/2011 33 971,37 EUR 253 481,92 DKK (14,38)14/07/2011 579 562,78 EUR 523 605,41 GBP (330,24)14/07/2011 43 835,01 EUR 341 299,31 NOK (24,12)14/07/2011 143 223,32 EUR 1 311 224,74 SEK (60,66)

52

Eurizon EasyFund - Equity North America



Assets Notes Investments in securities at market value 1 004 979 691,89Banks 41 590 793,58Amounts due from brokers 3 226 420,73Unrealised profit on forward foreign exchange contracts (Note 8) 590 767,69Unrealised profit on future contracts (Note 8) 1 475 664,87Receivable on investments sold 5 030 062,04Receivable on subscriptions 26 646 810,82Other assets 1 241 943,80Total assets 1 084 782 155,42

Liabilities Unrealised loss on forward foreign exchange contracts (Note 8) (465 705,30)Payable on redemptions (31 977 152,59)Other liabilities (891 835,27)Total liabilities (33 334 693,16)Total net assets 1 051 447 462,26


Class I Units EUR 62,42 1 388 849,906Class IH Units EUR 97,46 1 079 769,598Class R Units EUR 62,07 1 230 078,750Class RH Units EUR 97,02 215 672,547Class Z Units EUR 65,51 9 947 409,414Class ZH Units EUR 102,15 1 082 399,300

53





Net income from investments 7 390 075,46Other income 2 275,44Total income 7 392 350,90Management fee (Note 5) (4 440 976,59)Custodian and paying agent fee (Note 7) (526 046,07)Subscription tax (Note 3) (71 150,64)Interest on bank accounts (15 893,89)Other charges and taxes (Notes 4, 7) (346 849,50)Total expenses (5 400 916,69)Net investment income / (loss) 1 991 434,21Net realised profit / (loss) on sales of investments, currencies and other financial instruments 33 673 200,64Change in unrealised appreciation / (depreciation) on - investments (49 975 269,92)- forward foreign exchange contracts and foreign currencies (Note 8) (4 098 118,68)- future contracts (Note 8) 866 372,79Net result of operations for the period (17 542 380,96)



54





% ofNet Assets

TRANSFERABLE SECURITIES 940 443 254,05 1 004 979 691,89 95,58

LISTED ON AN OFFICIAL STOCK EXCHANGE 940 424 646,89 1 004 979 691,89 95,58

Shares 940 424 646,89 1 004 979 691,89 95,58

UNITED STATES 833 121 277,02 888 392 251,13 84,49

Computing and IT 140 323 869,22 156 786 777,12 14,9194 835,00 APPLE INC USD 13 733 079,21 21 956 261,99 2,09

124 232,00 INTERNATIONAL BUSINESS MACHINES CORP USD 10 964 335,52 14 699 461,55 1,40780 099,00 MICROSOFT CORP USD 15 004 135,77 13 989 438,92 1,33422 127,00 ORACLE CORP USD 6 988 691,67 9 581 825,13 0,9125 696,00 GOOGLE INC USD 8 807 865,16 8 974 686,67 0,85

562 203,00 INTEL CORP USD 8 137 068,38 8 592 907,60 0,82176 903,00 QUALCOMM INC USD 5 587 473,90 6 929 219,10 0,66602 213,00 CISCO SYSTEMS INC USD 9 146 966,91 6 483 809,65 0,62230 695,00 HEWLETT-PACKARD CO USD 6 656 239,86 5 791 843,16 0,55222 842,00 EMC CORP/MASSACHUSETTS USD 2 935 316,33 4 234 438,97 0,4053 866,00 VISA INC USD 2 758 157,84 3 130 497,84 0,30

128 284,00 TEXAS INSTRUMENTS INC USD 2 718 385,80 2 904 829,21 0,28118 831,00 EBAY INC USD 2 505 568,87 2 644 879,83 0,2511 680,00 MASTERCARD INC USD 1 749 812,80 2 427 598,46 0,23

169 069,00 CORNING INC USD 2 294 960,32 2 116 497,89 0,20177 960,00 DELL INC USD 2 388 062,96 2 046 139,43 0,1951 770,00 AUTOMATIC DATA PROCESSING INC USD 1 701 387,54 1 881 053,55 0,1832 981,00 COGNIZANT TECHNOLOGY SOLUTIONS CORP USD 1 067 124,28 1 668 329,97 0,1667 253,00 JUNIPER NETWORKS INC USD 1 384 974,57 1 461 165,61 0,14

280 652,00 MICRON TECHNOLOGY INC USD 2 256 759,09 1 447 928,00 0,1413 960,00 SALESFORCE.COM INC USD 984 062,07 1 434 467,18 0,1435 039,00 NETAPP INC USD 766 400,39 1 275 552,44 0,1253 533,00 BROADCOM CORP USD 1 360 291,38 1 242 094,95 0,12

136 918,00 APPLIED MATERIALS INC USD 1 541 756,74 1 228 612,90 0,1254 585,00 ADOBE SYSTEMS INC USD 1 414 087,52 1 184 053,13 0,1120 606,00 CITRIX SYSTEMS INC USD 667 820,87 1 137 001,17 0,1133 830,00 ALTERA CORP USD 651 680,18 1 081 506,08 0,1078 802,00 SYMANTEC CORP USD 941 848,87 1 071 818,82 0,10

146 046,00 XEROX CORP USD 1 165 651,60 1 048 618,76 0,1030 995,00 MOTOROLA SOLUTIONS INC USD 0,00 984 247,19 0,0927 059,00 INTUIT INC USD 722 583,78 967 879,93 0,0934 160,00 ANALOG DEVICES INC USD 795 127,64 922 180,45 0,0964 642,00 WESTERN UNION CO USD 1 015 561,03 893 044,21 0,0970 259,00 NVIDIA CORP USD 918 273,12 772 202,60 0,0727 518,00 AUTODESK INC USD 876 713,70 732 624,43 0,0719 066,00 BMC SOFTWARE INC USD 492 808,49 719 323,32 0,0718 652,00 AMPHENOL CORP USD 553 655,46 694 569,90 0,0743 063,00 CA INC USD 749 201,83 678 387,14 0,0614 853,00 FISERV INC USD 561 185,98 641 613,98 0,0625 243,00 XILINX INC USD 649 347,15 634 971,10 0,0621 460,00 SANDISK CORP USD 840 744,09 614 263,97 0,0628 348,00 PAYCHEX INC USD 695 624,67 600 649,14 0,0614 097,00 TERADATA CORP USD 301 185,49 585 329,51 0,0643 800,00 TOTAL SYSTEM SERVICES INC USD 567 148,02 561 302,59 0,0526 019,00 FIDELITY NATIONAL INFORMATION SERVICES INC USD 618 341,48 552 557,55 0,0520 800,00 MICROCHIP TECHNOLOGY INC USD 572 399,86 543 869,05 0,0564 203,00 ACTIVISION BLIZZARD INC USD 583 762,95 517 220,10 0,056 798,00 F5 NETWORKS INC USD 390 595,52 516 936,25 0,05

17 203,00 ARROW ELECTRONICS INC USD 535 421,21 492 413,00 0,0515 453,00 RED HAT INC USD 334 517,46 489 218,33 0,055 230,00 FIRST SOLAR INC USD 507 358,26 477 133,90 0,056 900,00 VMWARE INC USD 300 360,57 477 006,23 0,05

18 611,00 WESTERN DIGITAL CORP USD 372 287,53 466 992,20 0,047 174,00 ALLIANCE DATA SYSTEMS CORP USD 450 274,26 465 467,91 0,04

21 011,00 AVNET INC USD 519 250,36 462 000,31 0,0427 997,00 ELECTRONIC ARTS INC USD 329 196,94 455 722,77 0,0416 320,00 KLA-TENCOR CORP USD 389 878,78 455 656,83 0,0425 183,00 MAXIM INTEGRATED PRODUCTS INC USD 352 665,77 443 961,74 0,0438 167,00 SAIC INC USD 513 995,16 442 783,31 0,0413 995,00 HARRIS CORP USD 411 309,44 434 951,99 0,0425 337,00 NATIONAL SEMICONDUCTOR CORP USD 422 209,82 430 074,84 0,04

55





% ofNet Assets

16 392,00 COMPUTER SCIENCES CORP USD 601 356,21 429 175,95 0,0418 447,00 LINEAR TECHNOLOGY CORP USD 526 565,54 420 126,47 0,0413 400,00 DOLBY LABORATORIES INC USD 436 016,45 392 429,83 0,0426 140,00 NUANCE COMMUNICATIONS INC USD 361 801,72 387 092,59 0,0417 340,00 AKAMAI TECHNOLOGIES INC USD 490 829,06 376 376,99 0,0412 314,00 LAM RESEARCH CORP USD 401 931,31 376 083,25 0,0415 883,00 VERISIGN INC USD 267 313,96 366 552,09 0,0373 836,00 ADVANCED MICRO DEVICES INC USD 458 085,10 355 977,51 0,0315 029,00 FLIR SYSTEMS INC USD 348 392,25 349 434,73 0,0368 000,00 LSI CORP USD 354 568,46 333 938,22 0,038 913,00 CREE INC USD 454 056,94 206 495,76 0,02

Finance 150 565 592,51 129 847 314,73 12,35417 560,00 JPMORGAN CHASE & CO USD 12 221 825,96 11 790 818,51 1,12509 755,00 WELLS FARGO & CO USD 11 957 783,36 9 865 665,54 0,94

1 116 456,00 BANK OF AMERICA CORP USD 16 298 410,03 8 439 746,33 0,80250 692,00 CITIGROUP INC USD 10 228 845,91 7 199 932,47 0,6990 692,00 BERKSHIRE HATHAWAY INC USD 5 269 772,13 4 840 955,09 0,4650 044,00 GOLDMAN SACHS GROUP INC USD 5 449 337,69 4 593 827,34 0,44

116 872,00 AMERICANRESS CO USD 3 493 798,46 4 167 525,31 0,40187 889,00 US BANCORP USD 3 553 632,62 3 305 894,89 0,31105 793,00 METLIFE INC USD 3 654 086,00 3 201 118,82 0,3067 830,00 CULLEN/FROST BANKERS INC USD 2 750 125,74 2 659 680,77 0,25

153 718,00 MORGAN STANLEY USD 3 462 095,37 2 439 599,70 0,2330 417,00 SIMON PROPERTY GROUP INC USD 1 754 667,87 2 438 438,70 0,23

131 930,00 BARCLAYS PLC USD 3 195 862,87 2 331 309,40 0,2256 629,00 PNC FINANCIAL SERVICES GROUP INC USD 3 110 600,28 2 328 280,18 0,2251 554,00 PRUDENTIAL FINANCIAL INC USD 2 093 653,70 2 261 145,03 0,2223 158,00 PUBLIC STORAGE USD 1 541 413,63 1 821 047,28 0,1776 090,00 NYSE EURONEXT USD 2 308 262,27 1 798 535,09 0,1744 179,00 TRAVELERS COS INC USD 1 617 200,49 1 778 923,20 0,1752 057,00 AFLAC INC USD 1 785 405,05 1 676 050,93 0,1646 714,00 CAPITAL ONE FINANCIAL CORP USD 1 878 177,39 1 664 802,60 0,1652 053,00 STATE STREET CORP USD 1 844 812,11 1 618 837,39 0,1532 970,00 RAYONIER INC USD 1 523 810,58 1 486 078,55 0,1416 134,00 FRANKLIN RESOURCES INC USD 1 067 258,72 1 461 002,40 0,1474 709,00 BB&T CORP USD 1 751 187,97 1 383 033,38 0,1330 400,00 TORCHMARK CORP USD 1 403 125,38 1 344 868,33 0,1330 126,00 CHUBB CORP USD 1 130 977,59 1 300 955,38 0,129 800,00 BLACKROCK INC USD 1 317 267,22 1 296 506,05 0,12

111 888,00 CHARLES SCHWAB CORP USD 1 363 199,52 1 269 482,27 0,1258 773,00 MARSH & MCLENNAN COS INC USD 1 051 685,29 1 264 359,17 0,1229 942,00 EQUITY RESIDENTIAL USD 975 945,48 1 239 108,35 0,1233 319,00 AON CORP USD 991 338,42 1 178 926,01 0,1128 227,00 T ROWE PRICE GROUP INC USD 1 024 620,73 1 174 754,88 0,1154 697,00 ALLSTATE CORP USD 1 402 308,48 1 151 774,71 0,1117 411,00 VORNADO REALTY TRUST USD 858 568,95 1 118 983,41 0,1159 642,00 DISCOVER FINANCIAL SERVICES USD 1 023 875,96 1 100 406,66 0,1114 888,00 BOSTON PROPERTIES INC USD 880 063,70 1 090 120,48 0,1037 300,00 LOEWS CORP USD 1 091 124,35 1 082 841,73 0,1042 064,00 HCP INC USD 951 467,41 1 064 475,10 0,105 264,00 CME GROUP INC USD 1 385 925,87 1 058 682,50 0,10

52 174,00 AMERICAN INTERNATIONAL GROUP INC USD 1 096 923,63 1 055 104,14 0,1026 481,00 AMERIPRISE FINANCIAL INC USD 877 843,00 1 053 505,63 0,1083 990,00 ANNALY CAPITAL MANAGEMENT INC USD 1 063 812,79 1 045 060,28 0,1057 185,00 SUNTRUST BANKS INC USD 1 455 769,23 1 017 604,59 0,1067 233,00 PROGRESSIVE CORP USD 998 578,63 991 442,24 0,0947 435,00 HARTFORD FINANCIAL SERVICES GROUP INC USD 1 577 177,14 862 752,57 0,089 657,00 AVALONBAY COMMUNITIES INC REIT USD 691 968,12 855 233,06 0,08

40 117,00 LINCOLN NATIONAL CORP USD 935 062,62 788 311,98 0,0888 861,00 FIFTH THIRD BANCORP USD 750 129,50 781 445,34 0,0724 636,00 NORTHERN TRUST CORP USD 1 078 286,63 780 957,58 0,0766 029,00 HOST HOTELS & RESORTS INC USD 706 376,42 771 936,63 0,0745 800,00 FEDERATED INVESTORS INC USD 817 190,77 753 093,60 0,0734 582,00 PRINCIPAL FINANCIAL GROUP INC USD 741 307,76 725 582,07 0,0747 365,00 WEYERHAEUSER CO USD 488 053,35 714 142,58 0,0711 641,00 M&T BANK CORP USD 793 799,02 706 160,40 0,0759 823,00 SLM CORP USD 1 309 960,46 693 606,46 0,0727 800,00 PROLOGIS INC USD 651 295,73 687 210,88 0,0717 862,00 HEALTH CARE REIT INC USD 572 017,44 645 932,55 0,06

56





% ofNet Assets

47 100,00 TD AMERITRADE HOLDING CORP USD 706 606,37 633 804,62 0,0617 318,00 VENTAS INC USD 671 815,78 629 604,73 0,0633 016,00 UNUM GROUP USD 510 903,93 580 231,24 0,0644 586,00 KIMCO REALTY CORP USD 713 981,26 573 220,41 0,056 542,00 INTERCONTINENTALEXCHANGE INC USD 459 455,59 562 715,72 0,05

23 300,00 LEUCADIA NATIONAL CORP USD 575 180,32 548 008,79 0,0551 000,00 NEW YORK COMMUNITY BANCORP INC USD 575 167,79 527 289,39 0,0529 890,00 CB RICHARD ELLIS GROUP INC USD 442 700,62 517 666,25 0,05

114 961,00 REGIONS FINANCIAL CORP USD 1 843 652,08 491 608,58 0,0516 099,00 CIT GROUP INC USD 482 545,54 491 459,28 0,0541 118,00 GENERAL GROWTH PROPERTIES INC USD 497 045,15 473 331,65 0,0517 781,00 MOODY'S CORP USD 310 511,84 470 325,77 0,0512 519,00 MACERICH CO USD 402 408,94 461 956,04 0,0418 942,00 COMERICA INC USD 750 076,83 451 650,44 0,047 100,00 FEDERAL REALTY INVESTMENT TRUST USD 432 983,98 417 131,72 0,04

70 809,00 KEYCORP USD 777 561,03 406 827,86 0,0430 100,00 BROOKFIELD PROPERTIES CORP CAD 409 853,39 400 759,90 0,0414 035,00 PLUM CREEK TIMBER CO INC USD 413 038,86 392 440,11 0,0440 400,00 PEOPLE'S UNITED FINANCIAL INC USD 375 467,19 374 505,21 0,0417 100,00 CINCINNATI FINANCIAL CORP USD 362 130,16 344 158,60 0,0313 347,00 LEGG MASON INC USD 890 043,30 301 581,56 0,0353 000,00 HUDSON CITY BANCORP INC USD 336 865,09 299 389,80 0,0339 500,00 GENWORTH FINANCIAL INC USD 356 524,68 280 070,55 0,03

Energy 100 649 499,83 114 745 286,44 10,91513 091,00 EXXON MOBIL CORP USD 25 892 181,54 28 799 789,25 2,74208 153,00 CHEVRON CORP USD 11 883 291,19 14 764 609,66 1,40136 401,00 SCHLUMBERGER LTD USD 6 939 383,47 8 128 464,70 0,77137 795,00 CONOCOPHILLIPS USD 6 164 864,02 7 146 127,68 0,6891 890,00 OCCIDENTAL PETROLEUM CORP USD 5 079 058,60 6 593 952,62 0,6339 915,00 APACHE CORP USD 2 835 003,60 3 396 982,62 0,3296 188,00 HALLIBURTON CO USD 2 236 002,87 3 383 516,50 0,32

113 339,00 SOUTHWESTERN ENERGY CO USD 3 313 017,90 3 352 056,89 0,3255 097,00 ANADARKO PETROLEUM CORP USD 2 387 684,17 2 917 024,96 0,2875 499,00 MARATHON OIL CORP USD 2 121 446,85 2 743 242,45 0,2643 674,00 NATIONAL OILWELL VARCO INC USD 1 713 716,31 2 355 930,54 0,2242 183,00 DEVON ENERGY CORP USD 2 277 699,40 2 292 957,57 0,2244 740,00 BAKER HUGHES INC USD 1 956 289,82 2 239 084,49 0,2125 860,00 EOG RESOURCES INC USD 1 736 911,85 1 864 789,37 0,1832 297,00 HESS CORP USD 1 594 113,28 1 665 362,20 0,1650 526,00 ULTRA PETROLEUM CORP USD 1 732 871,39 1 596 090,91 0,1569 995,00 CHESAPEAKE ENERGY CORP USD 1 380 146,01 1 433 357,23 0,1465 415,00 WILLIAMS COS INC USD 1 397 866,16 1 364 834,37 0,1339 698,00 CONSOL ENERGY INC USD 1 403 805,77 1 327 420,33 0,1366 223,00 SPECTRA ENERGY CORP USD 1 228 698,87 1 251 973,43 0,1218 711,00 NOBLE ENERGY INC USD 843 439,53 1 156 718,34 0,1178 568,00 EL PASO CORP USD 991 993,05 1 094 647,51 0,1026 379,00 PEABODY ENERGY CORP USD 883 790,58 1 071 826,72 0,1055 801,00 VALERO ENERGY CORP USD 1 046 616,47 984 124,26 0,0927 506,00 CAMERON INTERNATIONAL CORP USD 1 026 030,37 954 083,32 0,0919 254,00 MURPHY OIL CORP USD 964 185,16 871 965,04 0,0824 279,00 FMC TECHNOLOGIES INC USD 613 540,96 750 048,05 0,0714 658,00 NEWFIELDLORATION CO USD 622 228,45 687 683,45 0,0710 745,00 PIONEER NATURAL RESOURCES CO USD 617 328,85 663 813,72 0,0635 800,00 PETROHAWK ENERGY CORP USD 570 615,24 609 157,23 0,0615 451,00 RANGE RESOURCES CORP USD 595 894,68 591 461,94 0,0615 875,00 EQT CORP USD 535 654,07 575 063,33 0,068 858,00 CONCHO RESOURCES INC/MIDLAND TX USD 584 778,25 561 166,92 0,059 003,00 CIMAREX ENERGY CO USD 549 729,11 558 368,33 0,05

13 800,00 WHITING PETROLEUM CORP USD 644 630,68 541 682,62 0,0511 718,00 HELMERICH & PAYNE INC USD 450 667,11 534 396,45 0,0511 600,00 CABOT OIL & GAS CORP USD 474 433,37 530 535,25 0,0537 153,00 DENBURY RESOURCES INC USD 457 151,97 512 508,54 0,0516 300,00 PLAINSLORATION & PRODUCTION CO USD 418 152,27 428 566,01 0,0414 251,00 ROWAN COS INC USD 411 358,48 381 475,11 0,047 771,00 DIAMOND OFFSHORE DRILLING INC USD 422 590,04 377 388,34 0,04

12 525,00 QEP RESOURCES INC USD 216 732,48 361 362,29 0,0411 392,00 ALPHA NATURAL RESOURCES INC USD 340 743,30 357 038,89 0,0311 794,00 SUNOCO INC USD 349 327,67 339 295,84 0,038 400,00 ENERGEN CORP USD 364 139,27 327 344,43 0,03

57





% ofNet Assets

16 641,00 ARCH COAL INC USD 379 695,35 305 996,74 0,03

Consumer Retail 86 213 820,00 101 400 600,48 9,64103 312,00 MCDONALD'S CORP USD 4 556 154,41 6 008 396,63 0,5737 616,00 AMAZON.COM INC USD 2 758 886,01 5 305 446,19 0,50

193 840,00 WALT DISNEY CO USD 4 509 566,65 5 219 518,45 0,50140 076,00 DIRECTV USD 3 489 864,73 4 909 933,61 0,47175 023,00 HOME DEPOT INC USD 3 699 466,05 4 372 409,17 0,42211 975,00 COMCAST CORP USD 3 345 667,18 3 704 831,68 0,35378 192,00 FORD MOTOR CO USD 2 770 364,33 3 597 110,93 0,34130 880,00 STARBUCKS CORP USD 2 651 585,14 3 564 820,34 0,34112 641,00 TIME WARNER INC USD 3 378 085,61 2 825 641,27 0,2771 071,00 TARGET CORP USD 2 405 950,21 2 299 508,86 0,22

179 940,00 NEWS CORP USD 2 093 657,17 2 196 737,73 0,2134 294,00 NIKE INC USD 1 604 498,70 2 128 341,73 0,2072 063,00 JOHNSON CONTROLS INC USD 1 561 613,34 2 070 660,18 0,20

125 036,00 LOWE'S COS INC USD 2 077 733,37 2 010 270,84 0,1956 346,00 VIACOM INC USD 1 537 001,44 1 982 031,23 0,1935 715,00 TIME WARNER CABLE INC USD 633 229,11 1 922 406,13 0,18

151 040,00 GAP INC USD 2 063 935,88 1 885 592,23 0,1846 628,00 YUM! BRANDS INC USD 1 244 313,36 1 776 551,02 0,174 986,00 PRICELINE.COM INC USD 768 875,33 1 760 516,43 0,17

44 371,00 TJX COS INC USD 1 069 585,27 1 607 621,64 0,1574 011,00 GENERAL MOTORS CO USD 1 814 203,86 1 549 798,61 0,1533 936,00 COACH INC USD 1 032 296,42 1 496 382,37 0,1481 000,00 COMCAST CORP USD 1 327 960,93 1 353 678,90 0,1324 007,00 ROSS STORES INC USD 1 011 374,63 1 326 649,08 0,1348 271,00 CARNIVAL CORP USD 1 351 307,29 1 252 846,15 0,1261 207,00 CBS CORP USD 1 316 212,09 1 202 737,27 0,1141 587,00 THOMSON REUTERS CORP CAD 1 059 485,08 1 076 195,15 0,1025 890,00 BED BATH & BEYOND INC USD 776 457,48 1 042 314,96 0,1029 851,00 KOHL'S CORP USD 1 167 491,08 1 029 657,92 0,105 679,00 NETFLIX INC USD 709 952,36 1 028 946,13 0,10

28 954,00 OMNICOM GROUP INC USD 906 257,17 961 772,32 0,0946 592,00 MACY'S INC USD 1 038 235,07 939 649,63 0,0985 901,00 STAPLES INC USD 1 271 036,97 936 122,18 0,099 413,00 WYNN RESORTS LTD USD 533 411,08 931 919,13 0,09

31 760,00 MCGRAW-HILL COS INC USD 752 300,78 918 069,12 0,0920 785,00 STARWOOD HOTELS & RESORTS WORLDWIDE INC USD 641 624,46 803 388,08 0,0832 744,00 MARRIOTT INTERNATIONAL INC/DE USD 723 216,79 801 521,10 0,0836 548,00 BEST BUY CO INC USD 1 102 042,32 791 787,75 0,0726 021,00 APOLLO GROUP INC USD 943 558,72 783 941,83 0,0713 705,00 TIFFANY & CO USD 363 262,14 742 226,67 0,0739 135,00 MATTEL INC USD 604 915,03 742 022,89 0,0764 065,00 LIBERTY MEDIA CORP - INTERACTIVE USD 979 293,42 741 022,03 0,079 369,00 VF CORP USD 572 845,11 701 520,39 0,07

24 349,00 HARLEY-DAVIDSON INC USD 517 712,66 688 056,85 0,0621 187,00 NORDSTROM INC USD 605 905,86 685 945,76 0,06

439 000,00 SIRIUS XM RADIO INC USD 718 193,96 663 110,44 0,0617 495,00 GENUINE PARTS CO USD 605 321,87 656 432,50 0,063 045,00 CHIPOTLE MEXICAN GRILL INC USD 605 795,63 647 266,41 0,06

15 628,00 DEVRY INC USD 585 866,24 637 365,44 0,0614 091,00 O'REILLY AUTOMOTIVE INC USD 463 238,30 636 687,97 0,066 925,00 POLO RALPH LAUREN CORP USD 497 870,06 633 393,03 0,06

23 732,00 LTD BRANDS INC USD 447 018,79 629 372,71 0,0613 343,00 DOLLAR TREE INC USD 424 431,01 613 105,68 0,0624 186,00 CABLEVISION SYSTEMS CORP USD 583 341,79 604 045,70 0,0643 700,00 NEWS CORP USD 560 416,65 544 950,54 0,052 630,00 AUTOZONE INC USD 294 038,68 534 852,60 0,05

15 048,00 DARDEN RESTAURANTS INC USD 431 827,80 516 459,63 0,0524 100,00 DISH NETWORK CORP USD 508 021,72 509 809,64 0,0510 565,00 ABERCROMBIE & FITCH CO USD 290 421,26 487 643,75 0,0526 045,00 GAMESTOP CORP USD 468 655,75 479 098,27 0,058 493,00 WHIRLPOOL CORP USD 525 101,20 476 360,48 0,04

12 631,00 FAMILY DOLLAR STORES INC USD 256 828,45 457 899,66 0,0413 900,00 PETSMART INC USD 438 351,37 434 971,50 0,0410 600,00 TRW AUTOMOTIVE HOLDINGS CORP USD 388 070,30 431 574,60 0,0418 099,00 JC PENNEY CO INC USD 589 434,40 431 175,56 0,0449 140,00 INTERPUBLIC GROUP OF COS INC USD 597 108,29 423 664,81 0,0413 734,00 HASBRO INC USD 365 589,72 416 136,18 0,04

58





% ofNet Assets

13 200,00 LIBERTY GLOBAL INC USD 413 978,79 410 062,01 0,041 360,00 WASHINGTON POST CO USD 388 737,68 392 987,13 0,04

34 400,00 H&R BLOCK INC USD 387 956,31 380 574,81 0,0430 660,00 INTERNATIONAL GAME TECHNOLOGY USD 753 593,10 371 764,78 0,0418 587,00 EXPEDIA INC USD 278 049,22 371 650,52 0,0339 700,00 MGM RESORTS INTERNATIONAL USD 416 498,20 361 718,36 0,0310 300,00 SCRIPPS NETWORKS INTERACTIVE INC USD 361 605,94 347 252,71 0,0311 223,00 DISCOVERY COMMUNICATIONS INC USD 339 182,28 317 063,42 0,037 775,00 ADVANCE AUTO PARTS INC USD 214 889,34 313 660,08 0,03

26 900,00 GOODYEAR TIRE & RUBBER CO USD 332 024,69 311 144,82 0,0325 802,00 NEWELL RUBBERMAID INC USD 339 969,12 280 826,18 0,03

Health 92 162 604,74 101 162 203,58 9,62272 212,00 JOHNSON & JOHNSON USD 12 360 830,30 12 489 260,79 1,19819 537,00 PFIZER INC USD 11 421 884,92 11 644 290,01 1,11315 258,00 MERCK & CO INC USD 7 671 274,32 7 673 526,58 0,73153 322,00 ABBOTT LABORATORIES USD 5 697 362,83 5 564 582,00 0,5395 537,00 AMGEN INC USD 3 952 123,51 3 844 941,06 0,37

105 782,00 UNITEDHEALTH GROUP INC USD 2 597 314,88 3 763 312,98 0,36176 924,00 BRISTOL-MYERS SQUIBB CO USD 3 199 385,02 3 533 967,36 0,34113 316,00 MEDTRONIC INC USD 3 587 535,25 3 011 393,25 0,29106 464,00 ELI LILLY & CO USD 3 101 798,01 2 755 869,01 0,2660 256,00 BAXTER INTERNATIONAL INC USD 2 435 812,29 2 480 727,75 0,2480 787,00 GILEAD SCIENCES INC USD 2 454 245,11 2 307 405,58 0,2265 574,00 ST JUDE MEDICAL INC USD 2 172 350,99 2 156 478,59 0,2037 987,00 WELLPOINT INC USD 1 618 544,11 2 063 825,95 0,2054 745,00 EXPRESS SCRIPTS INC USD 1 434 587,11 2 038 236,47 0,1947 941,00 CELGENE CORP USD 1 939 139,74 1 994 553,31 0,1968 325,00 AMERISOURCEBERGEN CORP USD 1 657 441,57 1 950 999,73 0,1941 581,00 THERMO FISHER SCIENTIFIC INC USD 1 164 052,71 1 846 675,48 0,1831 379,00 ALLERGAN INC/UNITED STATES USD 1 492 500,24 1 801 775,05 0,1723 399,00 BIOGEN IDEC INC USD 975 168,98 1 725 573,55 0,1640 579,00 MEDCO HEALTH SOLUTIONS INC USD 1 020 789,64 1 581 906,17 0,1525 880,00 MCKESSON CORP USD 930 692,33 1 493 163,77 0,1422 666,00 BECTON DICKINSON AND CO USD 1 263 110,11 1 347 125,96 0,1339 812,00 AETNA INC USD 1 135 385,62 1 210 685,45 0,1138 284,00 CARDINAL HEALTH INC USD 1 299 508,14 1 199 338,19 0,1129 297,00 STRYKER CORP USD 1 047 934,56 1 185 944,83 0,1133 480,00 AGILENT TECHNOLOGIES INC USD 821 142,97 1 180 235,18 0,113 863,00 INTUITIVE SURGICAL INC USD 706 203,33 991 455,62 0,09

26 865,00 CIGNA CORP USD 787 336,37 952 973,00 0,0916 940,00 HUMANA INC USD 578 720,15 941 027,38 0,0920 784,00 ZIMMER HOLDINGS INC USD 885 577,06 905 990,07 0,0925 084,00 VERTEX PHARMACEUTICALS INC USD 630 247,30 899 484,82 0,0850 797,00 MYLAN INC/PA USD 765 685,90 864 339,66 0,0813 463,00 EDWARDS LIFESCIENCES CORP USD 471 619,02 809 535,57 0,0819 315,00 HOSPIRA INC USD 663 607,29 754 828,88 0,0727 436,00 FOREST LABORATORIES INC USD 598 370,66 744 444,59 0,0710 690,00 LABORATORY CORP OF AMERICA HOLDINGS USD 496 002,77 713 650,25 0,0717 111,00 QUEST DIAGNOSTICS INC/DE USD 659 778,83 697 493,40 0,0721 326,00 ALEXION PHARMACEUTICALS INC USD 658 717,09 691 769,82 0,0718 478,00 LIFE TECHNOLOGIES CORP USD 461 907,88 663 620,46 0,068 655,00 CR BARD INC USD 509 399,16 655 818,85 0,06

12 727,00 WATSON PHARMACEUTICALS INC USD 424 611,52 603 322,63 0,068 899,00 WATERS CORP USD 394 021,43 587 640,69 0,069 601,00 PERRIGO CO USD 482 158,22 581 881,20 0,05

11 022,00 ILLUMINA INC USD 390 546,36 571 303,15 0,0510 700,00 HENRY SCHEIN INC USD 534 981,23 528 339,85 0,058 557,00 DAVITA INC USD 357 750,66 511 171,70 0,05

11 838,00 CERNER CORP USD 376 266,47 498 962,43 0,0510 324,00 VARIAN MEDICAL SYSTEMS INC USD 311 781,80 498 594,32 0,0525 200,00 CAREFUSION CORP USD 508 403,22 472 245,04 0,0416 000,00 DENTSPLY INTERNATIONAL INC USD 437 077,40 420 236,87 0,047 358,00 CEPHALON INC USD 340 414,97 405 493,40 0,04

25 215,00 HOLOGIC INC USD 279 503,39 350 785,88 0,03

Industries 86 982 428,60 97 841 378,65 9,311 109 284,00 GENERAL ELECTRIC CAPITAL CORP USD 16 766 496,00 14 429 844,95 1,37

105 868,00 UNITED TECHNOLOGIES CORP USD 5 203 874,09 6 463 001,80 0,6168 623,00 CATERPILLAR INC USD 3 613 651,91 5 038 872,73 0,4865 705,00 3M CO USD 3 682 570,01 4 298 460,91 0,41

59





% ofNet Assets

95 049,00 HONEYWELL INTERNATIONAL INC USD 3 281 428,39 3 906 592,97 0,3773 625,00 BOEING CO USD 3 281 922,85 3 754 250,45 0,3651 063,00 UNION PACIFIC CORP USD 2 555 502,68 3 676 918,91 0,3570 916,00 UNITED PARCEL SERVICE INC USD 3 338 419,06 3 567 201,75 0,3477 566,00 EMERSON ELECTRIC CO USD 2 505 219,32 3 009 339,25 0,2951 989,00 LOCKHEED MARTIN CORP USD 3 034 890,02 2 903 439,83 0,2844 521,00 DEERE & CO USD 2 039 519,42 2 531 819,83 0,2459 274,00 DANAHER CORP USD 1 374 438,50 2 166 383,72 0,2132 469,00 FEDEX CORP USD 1 963 991,32 2 124 141,65 0,20

116 832,00 CSX CORP USD 1 594 965,96 2 112 864,89 0,2036 512,00 NORFOLK SOUTHERN CORP USD 1 434 070,45 1 886 985,59 0,1844 533,00 ILLINOIS TOOL WORKS INC USD 1 550 367,02 1 735 124,95 0,1614 843,00 PRECISION CASTPARTS CORP USD 1 266 498,90 1 685 623,78 0,1632 272,00 GENERAL DYNAMICS CORP USD 1 426 621,23 1 658 730,97 0,1620 996,00 CUMMINS INC USD 1 003 228,69 1 498 691,27 0,1427 812,00 NORTHROP GRUMMAN CORP USD 1 134 434,67 1 330 319,37 0,1338 615,00 RAYTHEON CO USD 1 330 288,31 1 327 695,33 0,1350 355,00 WASTE MANAGEMENT INC USD 1 256 057,99 1 294 431,94 0,1248 289,00 KBR INC USD 1 234 795,03 1 255 311,70 0,1235 244,00 EATON CORP USD 1 045 437,70 1 250 684,59 0,1234 097,00 PACCAR INC USD 787 783,86 1 201 515,28 0,1116 757,00 PARKER HANNIFIN CORP USD 798 394,05 1 037 192,96 0,1025 100,00 PALL CORP USD 980 270,54 973 462,07 0,0917 590,00 CH ROBINSON WORLDWIDE INC USD 786 801,58 956 510,37 0,0915 570,00 ROCKWELL AUTOMATION INC USD 772 632,67 931 719,93 0,0919 261,00 DOVER CORP USD 658 016,07 900 711,59 0,0917 792,00 STANLEY BLACK & DECKER INC USD 773 674,73 884 170,42 0,0818 947,00 FLUOR CORP USD 831 968,45 844 993,53 0,0823 681,00

EXPEDITORS INTERNATIONAL OF WASHINGTON INC

USD 712 576,78 836 108,03 0,08

19 583,00 COOPER INDUSTRIES PLC USD 723 051,46 805 958,15 0,0812 077,00 GOODRICH CORP USD 515 006,31 795 499,05 0,0831 938,00 FASTENAL CO USD 642 193,67 792 805,75 0,0817 200,00 ROCKWELL COLLINS INC USD 731 968,19 731 847,25 0,0711 805,00 L-3 COMMUNICATIONS HOLDINGS INC USD 666 578,24 712 037,77 0,0732 611,00 REPUBLIC SERVICES INC USD 656 720,57 693 899,40 0,076 530,00 WW GRAINGER INC USD 423 659,12 692 026,89 0,07

11 752,00 ROPER INDUSTRIES INC USD 487 517,75 675 202,45 0,0616 609,00 ITT CORP USD 628 872,69 675 082,97 0,0636 400,00 PITNEY BOWES INC USD 605 378,37 577 188,38 0,059 000,00 STERICYCLE INC USD 558 188,44 553 216,23 0,058 400,00 JOY GLOBAL INC USD 331 142,22 551 792,64 0,05

16 350,00 AMETEK INC USD 277 855,53 506 338,94 0,0520 200,00 IRON MOUNTAIN INC USD 478 263,64 474 958,43 0,057 218,00 BUCYRUS INTERNATIONAL INC USD 307 858,85 456 324,68 0,04

21 100,00 NIELSEN HOLDINGS NV USD 462 556,17 453 478,95 0,0420 700,00 SHAW GROUP INC/THE USD 526 416,37 431 318,71 0,0413 923,00 JACOBS ENGINEERING GROUP INC USD 442 594,94 415 332,74 0,0425 390,00 UNITED CONTINENTAL HOLDINGS INC USD 397 753,92 396 300,37 0,0411 200,00 AGCO CORP USD 402 870,85 381 303,16 0,0411 300,00 JB HUNT TRANSPORT SERVICES INC USD 360 684,22 367 015,46 0,0357 000,00 DELTA AIR LINES INC USD 399 985,97 360 513,41 0,034 591,00 FLOWSERVE CORP USD 318 166,62 347 970,71 0,03

13 500,00 EQUIFAX INC USD 355 156,71 323 288,84 0,0323 300,00 RR DONNELLEY & SONS CO USD 346 146,31 315 145,23 0,0313 649,00 CINTAS CORP USD 282 444,97 310 947,19 0,0311 200,00 AVERY DENNISON CORP USD 330 124,87 298 414,52 0,0334 666,00 SOUTHWEST AIRLINES CO USD 302 463,38 273 053,07 0,03

Basic Goods 84 798 223,54 92 215 629,24 8,77287 234,00 PROCTER & GAMBLE CO USD 12 864 674,97 12 594 046,28 1,20207 256,00 COCA-COLA CO USD 8 213 690,32 9 619 109,48 0,91185 430,00 PHILIP MORRIS INTERNATIONAL INC USD 5 539 903,27 8 539 621,10 0,81160 985,00 PEPSICO INC/NC USD 7 259 709,18 7 820 244,43 0,74203 288,00 WAL-MART STORES INC USD 7 905 296,43 7 450 930,64 0,71171 076,00 KRAFT FOODS INC USD 3 691 789,54 4 156 989,79 0,40216 392,00 ALTRIA GROUP INC USD 4 386 154,16 3 941 729,61 0,37143 106,00 CVS CAREMARK CORP USD 3 409 016,08 3 709 299,03 0,3548 595,00 COLGATE-PALMOLIVE CO USD 2 692 906,51 2 929 745,76 0,2893 954,00 WALGREEN CO USD 2 483 861,74 2 751 518,84 0,26

60





% ofNet Assets

45 757,00 COSTCO WHOLESALE CORP USD 2 006 443,47 2 563 921,27 0,2443 509,00 KIMBERLY-CLARK CORP USD 1 992 791,01 1 997 421,14 0,1965 469,00 GENERAL MILLS INC USD 1 523 736,60 1 680 696,53 0,1666 261,00 ARCHER-DANIELS-MIDLAND CO USD 1 596 735,09 1 377 915,32 0,1335 335,00 HJ HEINZ CO USD 1 216 386,54 1 298 513,71 0,1252 932,00 SYSCO CORP USD 1 085 473,95 1 138 339,07 0,1115 053,00 LORILLARD INC USD 843 096,17 1 130 338,48 0,1165 314,00 KROGER CO USD 1 139 518,67 1 117 210,97 0,1126 388,00 KELLOGG CO USD 1 035 340,88 1 006 852,55 0,1013 316,00 ESTEE LAUDER COS INC USD 606 695,49 966 107,53 0,0920 305,00 MEAD JOHNSON NUTRITION CO USD 684 692,43 946 031,45 0,0936 812,00 REYNOLDS AMERICAN INC USD 725 927,73 940 708,03 0,0915 000,00 GREEN MOUNTAIN COFFEE ROASTERS INC USD 860 141,08 923 475,48 0,0946 831,00 AVON PRODUCTS INC USD 1 152 117,28 904 416,94 0,0947 110,00 CONAGRA FOODS INC USD 837 002,34 838 645,34 0,0816 004,00 BUNGE LTD USD 792 160,61 761 097,05 0,0715 400,00 CLOROX CO USD 755 607,02 716 333,91 0,0753 634,00 SARA LEE CORP USD 821 481,82 702 493,61 0,0715 863,00 WHOLE FOODS MARKET INC USD 381 182,04 694 215,30 0,0734 015,00 COCA-COLA ENTERPRISES INC USD 272 517,87 684 593,84 0,0712 054,00 JM SMUCKER CO USD 548 892,01 635 519,81 0,0615 573,00 HERSHEY CO USD 476 378,61 610 632,59 0,0620 954,00 DR PEPPER SNAPPLE GROUP INC USD 407 361,46 605 994,98 0,0635 062,00 SAFEWAY INC USD 612 290,61 565 161,57 0,0517 282,00 MOLSON COORS BREWING CO USD 571 669,83 533 294,63 0,0522 300,00 CAMPBELL SOUP CO USD 539 472,16 531 410,51 0,059 200,00 BROWN-FORMAN CORP USD 464 210,95 473 944,53 0,05

16 800,00 CHURCH & DWIGHT CO INC USD 491 795,61 469 753,75 0,0413 500,00 MCCORMICK & CO INC/MD USD 471 693,98 461 561,86 0,046 300,00 RALCORP HOLDINGS INC USD 385 688,22 376 214,35 0,04

26 814,00 TYSON FOODS INC USD 402 710,59 359 160,08 0,036 400,00 HANSEN NATURAL CORP USD 319 231,35 357 333,76 0,03

16 200,00 HORMEL FOODS CORP USD 330 777,87 333 084,34 0,03

Raw materials 33 371 489,04 37 427 060,16 3,5697 780,00 EI DU PONT DE NEMOURS & CO USD 2 858 832,43 3 645 213,40 0,3599 206,00 FREEPORT-MCMORAN COPPER & GOLD INC USD 2 983 645,39 3 619 685,50 0,3446 849,00 PRAXAIR INC USD 2 853 102,77 3 502 408,26 0,33

120 187,00 DOW CHEMICAL CO USD 2 145 128,14 2 984 263,88 0,2856 062,00 MONSANTO CO USD 3 123 149,23 2 804 938,64 0,2754 000,00 NEWMONT MINING CORP USD 2 126 617,12 2 010 126,57 0,1933 723,00 ROCK-TENN CO USD 1 627 730,68 1 543 046,08 0,1522 746,00 AIR PRODUCTS & CHEMICALS INC USD 1 219 692,23 1 499 509,73 0,14

106 833,00 ALCOA INC USD 1 492 057,54 1 168 653,69 0,1115 345,00 CLIFFS NATURAL RESOURCES INC USD 629 991,26 978 477,93 0,0946 710,00 INTERNATIONAL PAPER CO USD 683 602,01 960 715,36 0,0914 889,00 PPG INDUSTRIES INC USD 777 622,71 932 353,86 0,0934 600,00 CROWN HOLDINGS INC USD 978 179,27 926 421,99 0,0917 381,00 SIGMA-ALDRICH CORP USD 838 106,89 879 690,08 0,0822 496,00 ECOLAB INC USD 679 656,53 874 797,64 0,0829 987,00 NUCOR CORP USD 1 023 633,73 852 546,81 0,0813 016,00 SHERWIN-WILLIAMS CO USD 599 422,57 752 941,80 0,077 282,00 CF INDUSTRIES HOLDINGS INC USD 422 477,60 711 550,61 0,07

15 800,00 INTERNATIONAL FLAVORS & FRAGRANCES INC USD 704 617,44 700 067,39 0,0713 207,00 MOSAIC CO/THE USD 354 274,66 616 967,77 0,067 300,00 WALTER ENERGY INC USD 632 959,55 583 053,82 0,06

16 564,00 UNITED STATES STEEL CORP USD 539 000,22 525 990,33 0,055 545,00 LUBRIZOL CORP USD 293 546,38 513 520,48 0,05

13 479,00 CELANESE CORP USD 281 415,93 495 614,02 0,0511 128,00 ALLEGHENY TECHNOLOGIES INC USD 399 184,73 487 150,15 0,0510 016,00 AIRGAS INC USD 400 953,35 483 857,73 0,057 900,00 FMC CORP USD 463 896,98 468 709,50 0,04

17 358,00 BALL CORP USD 437 980,90 460 453,94 0,0414 246,00 VULCAN MATERIALS CO USD 826 248,97 378 590,03 0,0416 452,00 MEADWESTVACO CORP USD 353 425,79 377 981,51 0,045 156,00 EASTMAN CHEMICAL CO USD 248 153,83 362 984,64 0,03

18 244,00 OWENS-ILLINOIS INC USD 373 182,21 324 777,02 0,03

Multi-Utilities 30 094 795,86 28 942 034,95 2,7584 785,00 SOUTHERN CO USD 2 197 106,61 2 361 361,98 0,2266 777,00 FIRSTENERGY CORP USD 2 281 391,06 2 033 456,28 0,19

61





% ofNet Assets

67 189,00 EXELON CORP USD 2 554 818,67 1 985 294,17 0,1958 607,00 DOMINION RESOURCES INC/VA USD 1 809 778,27 1 951 210,02 0,19

136 507,00 DUKE ENERGY CORP USD 1 807 537,42 1 772 892,77 0,1742 657,00 NEXTERA ENERGY INC USD 1 665 727,78 1 690 570,00 0,1650 651,00 AMERICAN ELECTRIC POWER CO INC USD 1 385 075,02 1 316 364,45 0,1255 547,00 PUBLIC SERVICE ENTERPRISE GROUP INC USD 1 363 054,18 1 250 512,35 0,1241 559,00 PG&E CORP USD 1 263 176,79 1 204 763,24 0,1188 000,00 CENTERPOINT ENERGY INC USD 1 184 196,83 1 174 467,14 0,1158 135,00 PPL CORP USD 1 356 718,02 1 115 907,28 0,1130 028,00 CONSOLIDATED EDISON INC USD 1 050 454,35 1 102 660,15 0,1030 239,00 PROGRESS ENERGY INC USD 1 049 383,85 1 001 327,99 0,1025 500,00 SEMPRA ENERGY USD 979 382,93 930 055,48 0,0931 709,00 EDISON INTERNATIONAL USD 887 972,19 847 483,95 0,0817 418,00 ENTERGY CORP USD 954 185,53 820 293,04 0,0848 279,00 XCEL ENERGY INC USD 773 626,54 809 173,72 0,0817 883,00 DTE ENERGY CO USD 597 055,84 616 966,08 0,0611 400,00 ONEOK INC USD 564 186,56 581 932,33 0,0621 100,00 CONSTELLATION ENERGY GROUP INC USD 546 136,51 552 440,98 0,0526 929,00 AMEREN CORP USD 541 821,86 535 664,31 0,0523 068,00 WISCONSIN ENERGY CORP USD 484 732,78 498 798,01 0,0519 700,00 NORTHEAST UTILITIES USD 483 294,10 477 876,66 0,0525 479,00 NRG ENERGY INC USD 375 485,01 431 957,96 0,0420 500,00 AMERICAN WATER WORKS CO INC USD 428 281,41 416 405,43 0,0412 200,00 NSTAR USD 391 024,99 386 906,50 0,0413 600,00 SCANA CORP USD 385 054,72 369 301,91 0,0313 000,00 ALLIANT ENERGY CORP USD 372 230,05 364 575,90 0,0322 000,00 MDU RESOURCES GROUP INC USD 361 905,99 341 414,87 0,03

Telecommunication 27 958 953,68 28 023 965,78 2,67610 976,00 AT&T INC USD 12 702 962,13 13 236 382,68 1,26292 736,00 VERIZON COMMUNICATIONS INC USD 7 066 193,48 7 517 031,98 0,7264 414,00 CENTURYLINK INC USD 1 732 520,01 1 796 227,07 0,1744 024,00 AMERICAN TOWER CORP USD 1 270 688,74 1 588 976,45 0,15

302 993,00 SPRINT NEXTEL CORP USD 2 628 412,45 1 126 415,42 0,1126 744,00 CROWN CASTLE INTERNATIONAL CORP USD 614 801,56 752 414,74 0,07

110 820,00 FRONTIER COMMUNICATIONS CORP USD 405 208,07 616 834,86 0,0619 073,00 NII HOLDINGS INC USD 832 863,61 557 515,81 0,0552 705,00 WINDSTREAM CORP USD 413 794,85 471 122,72 0,0530 416,00 METROPCS COMMUNICATIONS INC USD 291 508,78 361 044,05 0,03

CANADA 88 813 377,66 96 802 672,50 9,21

Finance 28 344 159,08 31 763 462,12 3,02175 566,00 ROYAL BANK OF CANADA CAD 6 133 108,82 6 917 247,56 0,6698 560,00 TORONTO-DOMINION BANK CAD 4 651 335,93 5 760 400,94 0,55

116 190,00 BANK OF NOVA SCOTIA CAD 3 777 040,94 4 824 472,06 0,4662 121,00 BANK OF MONTREAL CAD 2 335 740,81 2 723 691,51 0,26

208 033,00 MANULIFE FINANCIAL CORP CAD 3 297 330,47 2 539 364,30 0,2443 767,00 CANADIAN IMPERIAL BANK OF COMMERCE/CANADA CAD 1 877 558,30 2 381 889,44 0,2353 447,00 TMX GROUP INC CAD 1 708 688,78 1 673 024,71 0,1667 118,00 SUN LIFE FINANCIAL INC CAD 1 372 744,84 1 393 445,72 0,1318 832,00 NATIONAL BANK OF CANADA CAD 790 559,69 1 052 735,26 0,1028 936,00 POWER FINANCIAL CORP CAD 633 459,51 615 013,11 0,0631 645,00 POWER CORP OF CANADA CAD 621 883,21 608 136,14 0,0628 212,00 GREAT-WEST LIFECO INC CAD 533 942,01 513 733,88 0,0510 590,00 IGM FINANCIAL INC CAD 317 362,96 382 579,80 0,039 246,00 INTACT FINANCIAL CORP CAD 292 563,28 366 073,73 0,03

642,00 GREAT-WEST LIFECO INC -PFD- 31/12/2049 CAD 839,53 11 653,96 0,00

Energy 25 091 585,04 26 324 368,45 2,50175 159,00 SUNCOR ENERGY INC CAD 4 362 849,44 4 731 830,38 0,45119 597,00 CANADIAN NATURAL RESOURCES LTD CAD 2 862 234,91 3 455 643,55 0,3382 394,00 CENOVUS ENERGY INC CAD 1 668 377,88 2 143 393,37 0,2084 198,00 ENBRIDGE INC CAD 1 803 533,79 1 887 047,10 0,1855 613,00 IMPERIAL OIL LTD CAD 1 438 455,28 1 785 340,19 0,1781 020,00 ENCANA CORP CAD 1 767 648,24 1 724 335,80 0,16

119 675,00 TALISMAN ENERGY INC CAD 1 570 770,05 1 694 309,80 0,1674 604,00 CANADIAN OIL SANDS LTD CAD 1 645 844,42 1 483 816,62 0,1459 863,00 NEXEN INC CAD 1 003 518,07 930 085,62 0,0947 800,00 CAMECO CORP CAD 930 099,44 869 060,31 0,0825 514,00 CRESCENT POINT ENERGY CORP CAD 778 221,22 812 692,21 0,08

62





% ofNet Assets

48 279,00 PENN WEST PETROLEUM LTD CAD 901 446,15 768 392,99 0,0733 423,00 HUSKY ENERGY INC CAD 667 325,38 628 211,80 0,0633 058,00 ARC RESOURCES LTD CAD 653 937,25 590 874,41 0,0514 300,00 MEG ENERGY CORP CAD 531 043,20 514 258,62 0,0526 893,00 PACIFIC RUBIALES ENERGY CORP CAD 563 104,35 496 826,45 0,0521 000,00 ENERPLUS CORP CAD 473 505,53 456 995,06 0,0436 000,00 ATHABASCA OIL SANDS CORP CAD 459 149,04 391 066,85 0,0439 617,00 PROGRESS ENERGY RESOURCES CORP CAD 390 524,82 388 738,03 0,048 020,00 VERMILION ENERGY INC CAD 268 973,90 292 313,89 0,03

29 500,00 PETROBAKKEN ENERGY LTD CAD 351 022,68 279 135,40 0,03

Raw materials 16 601 442,40 18 920 706,92 1,8092 057,00 POTASH CORP OF SASKATCHEWAN INC CAD 2 814 061,74 3 623 728,58 0,34

111 845,00 BARRICK GOLD CORP CAD 3 226 637,95 3 500 228,77 0,3389 418,00 GOLDCORP INC CAD 2 396 948,50 2 981 134,09 0,2867 525,00 TECK RESOURCES LTD CAD 2 112 120,62 2 365 608,17 0,23

131 399,00 KINROSS GOLD CORP CAD 1 464 745,57 1 430 200,33 0,1410 757,00 FIRST QUANTUM MINERALS LTD CAD 664 708,28 1 081 043,51 0,1041 100,00 SILVER WHEATON CORP CAD 1 055 478,02 934 939,21 0,0919 732,00 AGNICO-EAGLE MINES LTD CAD 685 073,66 859 930,67 0,0886 827,00 YAMANA GOLD INC CAD 717 351,64 698 711,83 0,0743 600,00 IAMGOLD CORP CAD 639 727,55 565 234,53 0,0549 337,00 ELDORADO GOLD CORP CAD 430 400,65 501 744,42 0,0514 700,00 FRANCO-NEVADA CORP CAD 394 188,22 378 202,81 0,04

Telecommunication 5 314 536,21 5 662 376,09 0,54104 002,00 ROGERS COMMUNICATIONS INC CAD 2 467 725,38 2 838 548,12 0,2748 821,00 TELUS CORP CAD 1 788 149,76 1 773 153,13 0,1717 400,00 TELUS CORP CAD 633 355,49 631 958,88 0,0620 400,00 BELL ALIANT INC CAD 425 305,58 418 715,96 0,04

Industries 4 297 502,70 5 531 027,55 0,5349 161,00 CANADIAN NATIONAL RAILWAY CO CAD 1 727 618,67 2 710 224,42 0,26

370 560,00 BOMBARDIER INC CAD 1 748 187,44 1 840 552,69 0,1812 469,00 SNC-LAVALIN GROUP INC CAD 356 080,66 524 691,87 0,0524 000,00 RITCHIE BROS AUCTIONEERS INC CAD 465 615,93 455 558,57 0,04

Consumer Retail 2 894 016,98 2 955 585,56 0,2822 730,00 MAGNA INTERNATIONAL INC CAD 749 419,20 847 146,77 0,0843 300,00 SHAW COMMUNICATIONS INC CAD 646 445,51 680 484,19 0,075 800,00 LULULEMON ATHLETICA INC USD 366 625,96 447 326,58 0,049 100,00 CANADIAN TIRE CORP LTD CAD 422 991,23 410 370,06 0,04

13 096,00 GILDAN ACTIVEWEAR INC CAD 307 357,59 318 122,76 0,03147 000,00 YELLOW MEDIA INC CAD 401 177,49 252 135,20 0,02

Basic Goods 2 354 098,61 2 574 722,90 0,2533 296,00 SAPUTO INC CAD 927 553,62 1 106 734,16 0,1124 204,00 SHOPPERS DRUG MART CORP CAD 660 822,15 686 724,53 0,0712 063,00 METRO INC CAD 396 454,92 413 724,26 0,049 200,00 EMPIRE CO LTD CAD 369 267,92 367 539,95 0,03

Computing and IT 2 835 767,53 1 552 535,18 0,1554 519,00 RESEARCH IN MOTION LTD CAD 2 396 215,37 1 086 289,45 0,1027 400,00 CGI GROUP INC -A- CAD 439 552,16 466 245,73 0,05

Health 649 391,15 1 097 512,31 0,1030 622,00 VALEANT PHARMACEUTICALS INTERNATIONAL INC CAD 649 391,15 1 097 512,31 0,10

Multi-Utilities 430 877,96 420 375,42 0,0410 500,00 CANADIAN UTILITIES LTD CAD 430 877,96 420 375,42 0,04

IRELAND 4 074 020,58 6 379 672,21 0,61

Computing and IT 2 401 033,28 3 375 902,65 0,3269 038,00 ACCENTURE PLC USD 1 964 595,27 2 877 041,65 0,2744 757,00 SEAGATE TECHNOLOGY PLC USD 436 438,01 498 861,00 0,05

Health 768 852,86 1 831 192,57 0,1849 877,00 COVIDIEN PLC USD 768 852,86 1 831 192,57 0,18

Industries 904 134,44 1 172 576,99 0,1137 438,00 INGERSOLL - RAND PLC USD 904 134,44 1 172 576,99 0,11

63





% ofNet Assets

SWITZERLAND 5 318 822,70 5 937 095,21 0,56

Industries 2 404 442,73 2 062 275,36 0,2051 033,00 TYCO INTERNATIONAL LTD USD 2 073 102,59 1 739 878,56 0,1715 386,00 FOSTER WHEELER AG USD 331 340,14 322 396,80 0,03

Finance 1 700 380,99 1 913 609,38 0,1842 152,00 ACE LTD USD 1 700 380,99 1 913 609,38 0,18

Computing and IT 517 580,82 1 282 880,14 0,1250 598,00 TE CONNECTIVITY LTD USD 517 580,82 1 282 880,14 0,12

Energy 696 418,16 678 330,33 0,0624 955,00 NOBLE CORP USD 696 418,16 678 330,33 0,06

BERMUDA 4 993 265,54 4 014 388,18 0,38

Finance 3 179 238,34 2 924 817,74 0,2889 942,00 AXIS CAPITAL HOLDINGS LTD USD 2 062 507,33 1 920 616,78 0,186 400,00 EVEREST RE GROUP LTD USD 396 399,35 360 865,17 0,04

15 600,00 ARCH CAPITAL GROUP LTD USD 366 306,38 343 450,94 0,036 315,00 PARTNERRE LTD USD 354 025,28 299 884,85 0,03

Computing and IT 1 085 065,16 547 909,84 0,0553 802,00 MARVELL TECHNOLOGY GROUP LTD USD 1 085 065,16 547 909,84 0,05

Energy 728 962,04 541 660,60 0,0531 872,00 NABORS INDUSTRIES LTD USD 728 962,04 541 660,60 0,05

UNITED KINGDOM 963 328,29 1 031 316,31 0,10

Finance 963 328,29 1 031 316,31 0,1036 372,00 WILLIS GROUP HOLDINGS PLC USD 963 328,29 1 031 316,31 0,10

SINGAPORE 1 057 461,47 822 769,98 0,08

Computing and IT 1 057 461,47 822 769,98 0,0818 300,00 AVAGO TECHNOLOGIES LTD USD 437 432,96 479 636,16 0,0577 491,00 FLEXTRONICS INTERNATIONAL LTD USD 620 028,51 343 133,82 0,03

NETHERLANDS 834 193,83 791 841,14 0,07

Raw materials 834 193,83 791 841,14 0,0729 804,00 LYONDELLBASELL INDUSTRIES NV USD 834 193,83 791 841,14 0,07

SWEDEN 505 488,39 482 598,91 0,05

Consumer Retail 505 488,39 482 598,91 0,058 919,00 AUTOLIV INC USD 505 488,39 482 598,91 0,05

HONG KONG 743 411,41 325 086,32 0,03

Raw materials 743 411,41 325 086,32 0,03142 149,00 SINO-FOREST CORP CAD 743 411,41 325 086,32 0,03

UNQUOTED 18 607,16 0,00 0,00

Shares 18 607,16 0,00 0,00

UNITED STATES 18 607,16 0,00 0,00

Telecommunication 18 607,16 0,00 0,0016 553,00 METROMEDIA FIBER NETWORK INC USD 18 607,16 0,00 0,00

Total Portfolio 940 443 254,05 1 004 979 691,89 95,58

64




Size Quantity

Purchase/



(EUR) Commitment

(EUR)

Total Unrealised profit / (loss) on future contracts and commitment 1 475 664,87 44 232 623,61


250 195 Purchase S+P 500 INDEX FUTURE 15/09/2011 USD 1 475 664,87 44 232 623,61

65







(EUR)



14/07/2011 1 710 013,79 CAD 1 218 468,84 EUR 3 660,2214/07/2011 807 270,48 CAD 576 635,03 EUR 312,7814/07/2011 227 688 205,61 EUR 329 286 872,42 USD 512 386,0114/07/2011 1 227 295,99 EUR 1 753 373,22 USD 17 639,5114/07/2011 2 737 311,05 EUR 3 950 444,06 USD 11 890,0214/07/2011 4 923 667,72 EUR 7 071 707,86 USD 44 879,15


14/07/2011 11 134 776,50 USD 7 763 575,18 EUR (81 665,61)14/07/2011 4 232 243,35 USD 2 948 280,27 EUR (28 445,22)14/07/2011 875 851,43 USD 612 539,97 EUR (8 287,92)14/07/2011 1 847 737,72 USD 1 286 819,34 EUR (12 060,56)14/07/2011 1 089 948,64 USD 769 952,14 EUR (17 993,90)14/07/2011 602 444,69 USD 426 222,67 EUR (10 594,60)14/07/2011 817 121,86 USD 572 998,25 EUR (9 263,88)14/07/2011 1 280 282,64 CAD 916 849,08 EUR (1 844,40)14/07/2011 19 478 259,91 USD 13 541 155,27 EUR (103 056,06)14/07/2011 2 053,56 EUR 2 806,98 AUD (17,13)14/07/2011 23 626 256,92 EUR 33 323 665,88 CAD (189 820,32)14/07/2011 466 375,26 EUR 654 863,43 CAD (1 648,82)14/07/2011 2 405 493,08 EUR 3 488 174,25 USD (1 006,88)

66

Eurizon EasyFund - Equity Japan



Assets Notes Investments in securities at market value 268 458 233,02Banks 12 122 619,32Amounts due from brokers 1 120 834,15Unrealised profit on forward foreign exchange contracts (Note 8) 1 272 259,38Unrealised profit on future contracts (Note 8) 578 598,89Receivable on subscriptions 11 277 756,15Other assets 432 697,81Total assets 295 262 998,72

Liabilities Bank overdrafts (56 546,06)Amounts due to brokers (22 256,03)Unrealised loss on forward foreign exchange contracts (Note 8) (67 001,31)Payable on redemptions (401 604,09)Other liabilities (282 882,08)Total liabilities (830 289,57)Total net assets 294 432 709,15


Class I Units EUR 52,71 641 408,441Class IH Units EUR 65,82 415 288,248Class R Units EUR 52,51 886 828,478Class R2 Units USD 76,12 649,443Class RH Units EUR 65,33 212 890,078Class Z Units EUR 55,25 2 003 188,248Class ZH Units EUR 68,98 900 242,247

67





Net income from investments 2 787 791,93Total income 2 787 791,93Management fee (Note 5) (1 410 363,37)Custodian and paying agent fee (Note 7) (136 440,25)Subscription tax (Note 3) (25 981,14)Interest on bank accounts (6 715,60)Other charges and taxes (Notes 4, 7) (116 473,45)Total expenses (1 695 973,81)Net investment income / (loss) 1 091 818,12Net realised profit / (loss) on sales of investments, currencies and other financial instruments 1 248 849,52Change in unrealised appreciation / (depreciation) on - investments (32 697 986,61)- forward foreign exchange contracts and foreign currencies (Note 8) 2 528 416,74- future contracts (Note 8) 479 039,39Net result of operations for the period (27 349 862,84)



68





% ofNet Assets



Shares 281 174 439,73 268 458 233,02 91,18

JAPAN 281 174 439,73 268 458 233,02 91,18

Industries 55 038 662,20 57 861 579,39 19,6536 078,00 FANUC CORP JPY 3 159 981,41 4 345 416,38 1,48

232 963,00 MITSUBISHI CORP JPY 4 041 279,89 4 048 803,06 1,38174 290,00 KOMATSU LTD JPY 2 988 261,89 3 703 047,61 1,26287 157,00 MITSUI & CO LTD JPY 3 120 414,02 3 431 700,45 1,17324 563,00 MITSUBISHI ELECTRIC CORP JPY 2 146 957,98 2 593 204,62 0,8861 803,00 EAST JAPAN RAILWAY CO JPY 2 845 139,51 2 461 065,28 0,84

219 018,00 ASAHI GLASS CO LTD JPY 1 722 643,50 1 757 395,83 0,60239 172,00 ITOCHU CORP JPY 1 445 594,23 1 733 324,81 0,59175 801,00 SUMITOMO CORP JPY 1 578 920,54 1 674 740,28 0,5751 252,00 SECOM CO LTD JPY 1 760 553,77 1 662 479,67 0,56

157 155,00 SUMITOMO ELECTRIC INDUSTRIES LTD JPY 1 433 023,06 1 604 431,99 0,55489 844,00 MITSUBISHI HEAVY INDUSTRIES LTD JPY 1 401 793,92 1 593 106,09 0,54370 664,00 MITSUI OSK LINES LTD JPY 1 651 453,64 1 370 030,49 0,47

252,00 CENTRAL JAPAN RAILWAY CO JPY 1 473 291,76 1 359 501,05 0,46258 300,00 MARUBENI CORP JPY 1 115 921,64 1 192 843,86 0,41194 778,00 KUBOTA CORP JPY 1 198 478,60 1 190 460,13 0,4099 826,00 TOYOTA TSUSHO CORP JPY 1 095 362,51 1 171 678,06 0,4016 728,00 NIDEC CORP JPY 1 065 581,23 1 060 949,62 0,3643 356,00 DAIKIN INDUSTRIES LTD JPY 1 116 252,25 1 054 765,70 0,367 864,00 SMC CORP JPY 840 266,12 971 346,02 0,33

50 984,00 JS GROUP CORP JPY 796 167,73 893 044,69 0,30185 081,00 SUMITOMO HEAVY INDUSTRIES LTD JPY 808 916,15 879 992,48 0,30326 706,00 NIPPON YUSEN KK JPY 974 748,14 825 487,97 0,28344 145,00 KAWASAKI KISEN KAISHA LTD JPY 907 251,94 816 672,98 0,2841 027,00 JGC CORP JPY 550 671,93 772 919,07 0,2621 515,00 MAKITA CORP JPY 487 822,71 684 115,70 0,23

126 874,00 TOPPAN PRINTING CO LTD JPY 770 392,99 671 469,44 0,23172 365,00 KEIO CORP JPY 744 244,07 653 271,91 0,22226 299,00 TOKYU CORP JPY 737 401,49 649 058,50 0,22158 368,00 KEISEI ELECTRIC RAILWAY CO LTD JPY 652 557,69 642 130,02 0,22276 328,00 KINTETSU CORP JPY 619 021,37 606 205,60 0,2122 500,00 WEST JAPAN RAILWAY CO JPY 618 981,06 603 078,85 0,2068 671,00 DAI NIPPON PRINTING CO LTD JPY 657 004,78 530 498,16 0,1876 799,00 NSK LTD JPY 433 918,74 527 076,37 0,18

183 884,00 NIPPON EXPRESS CO LTD JPY 527 892,94 513 279,15 0,1740 333,00 NGK INSULATORS LTD JPY 510 804,00 511 956,93 0,1730 191,00 NABTESCO CORP JPY 440 393,64 502 543,94 0,17

173 941,00 FURUKAWA ELECTRIC CO LTD JPY 522 445,36 497 403,34 0,17126 422,00 NTN CORP JPY 440 594,58 496 412,17 0,17213 340,00 NIPPON SHEET GLASS CO LTD JPY 429 761,97 460 738,75 0,1645 896,00 JTEKT CORP JPY 381 493,81 451 324,85 0,1541 251,00 YAMATO HOLDINGS CO LTD JPY 455 492,12 446 141,91 0,1521 698,00 KURITA WATER INDUSTRIES LTD JPY 462 101,91 444 151,17 0,15

131 491,00 KAWASAKI HEAVY INDUSTRIES LTD JPY 235 455,55 361 421,37 0,1220 198,00 THK CO LTD JPY 300 065,02 359 308,93 0,1272 816,00 JAPAN STEEL WORKS LTD/THE JPY 372 090,93 334 403,66 0,1190 384,00 MINEBEA CO LTD JPY 399 194,91 331 758,41 0,11

147 680,00 FUJI ELECTRIC CO LTD JPY 307 436,13 325 239,53 0,1153 408,00 KINDEN CORP JPY 296 848,02 313 658,23 0,11

193 626,00 TAISEI CORP JPY 347 522,48 305 771,73 0,1099 363,00 OBAYASHI CORP JPY 303 440,66 296 013,86 0,10

144 000,00 KAJIMA CORP JPY 320 418,39 283 946,42 0,1086 406,00 SHIMIZU CORP JPY 344 402,47 245 612,27 0,0828 445,00 MITSUBISHI LOGISTICS CORP JPY 216 331,84 220 472,14 0,0751 366,00 HINO MOTORS LTD JPY 190 268,23 204 764,45 0,07

79,00 EN-JAPAN INC JPY 87 648,47 70 470,17 0,027 588,00 TAKEUCHI MANUFACTURING CO LTD JPY 62 720,73 57 453,02 0,02

28 410,00 HELIOS TECHNO HOLDINGS CO LTD JPY 57 361,96 53 110,12 0,0254 919,00 ARRK CORP JPY 66 203,82 38 910,13 0,01

69





% ofNet Assets

Consumer Retail 55 661 027,66 55 340 087,07 18,80471 562,00 TOYOTA MOTOR CORP JPY 13 909 635,28 13 424 452,05 4,56269 093,00 HONDA MOTOR CO LTD JPY 6 627 092,87 7 143 724,84 2,43471 503,00 NISSAN MOTOR CO LTD JPY 2 855 101,19 3 421 096,42 1,16186 698,00 SONY CORP JPY 4 421 451,53 3 386 573,68 1,15378 838,00 PANASONIC CORP JPY 3 886 929,06 3 195 011,37 1,0896 408,00 DENSO CORP JPY 2 203 315,35 2 437 586,62 0,83

218 513,00 SHARP CORP JPY 1 887 457,04 1 382 157,12 0,4786 043,00 BRIDGESTONE CORP JPY 1 191 280,63 1 368 328,36 0,4645 947,00 AISIN SEIKI CO LTD JPY 985 061,12 1 213 891,14 0,4122 068,00 YAMADA DENKI CO LTD JPY 1 158 246,11 1 213 139,58 0,4174 531,00 NIKON CORP JPY 1 086 225,89 1 206 249,68 0,411 677,00 RAKUTEN INC JPY 944 291,80 1 156 661,69 0,399 373,00 FAST RETAILING CO LTD JPY 883 941,71 1 014 518,10 0,34

143 635,00 SEKISUI HOUSE LTD JPY 999 856,38 906 080,21 0,3191 771,00 NGK SPARK PLUG CO LTD JPY 886 015,91 885 992,40 0,3067 453,00 YAMAHA MOTOR CO LTD JPY 763 942,37 849 288,45 0,2946 251,00 SUZUKI MOTOR CORP JPY 779 387,13 718 940,59 0,24

197 967,00 ISUZU MOTORS LTD JPY 463 639,31 645 532,47 0,22737,00 JUPITER TELECOMMUNICATIONS CO LTD JPY 527 497,44 564 944,46 0,19

101 711,00 FUJI HEAVY INDUSTRIES LTD JPY 429 047,91 545 242,24 0,1913 925,00 SHIMANO INC JPY 422 717,39 524 198,44 0,1842 130,00 NOK CORP JPY 504 913,71 492 690,24 0,1721 731,00 TOYOTA INDUSTRIES CORP JPY 469 384,25 489 346,44 0,1783 508,00 SEKISUI CHEMICAL CO LTD JPY 432 676,54 489 005,93 0,179 676,00 RINNAI CORP JPY 448 235,52 486 489,07 0,17

574 878,00 MITSUBISHI MOTORS CORP JPY 623 794,36 485 817,12 0,16222 038,00 MAZDA MOTOR CORP JPY 410 855,79 411 290,78 0,1411 249,00 HAKUHODO DY HOLDINGS INC JPY 418 227,98 410 498,87 0,1461 589,00 ISETAN MITSUKOSHI HOLDINGS LTD JPY 457 344,28 409 545,86 0,1423 355,00 MCDONALD'S HOLDINGS CO JAPAN LTD JPY 414 505,36 405 701,13 0,146 874,00 ORIENTAL LAND CO LTD JPY 399 204,39 402 527,52 0,14

10 832,00 SANKYO CO LTD JPY 404 693,58 384 648,38 0,1353 999,00 NHK SPRING CO LTD JPY 386 219,40 377 973,63 0,1324 715,00 SEGA SAMMY HOLDINGS INC JPY 265 860,91 331 857,22 0,1117 521,00 TOYODA GOSEI CO LTD JPY 295 859,47 272 202,56 0,095 083,00 USS CO LTD JPY 292 145,05 269 013,29 0,09

49 848,00 MARUI GROUP CO LTD JPY 239 676,53 262 114,10 0,093 722,00 NITORI HOLDINGS CO LTD JPY 209 197,50 242 734,58 0,08

76 415,00 J FRONT RETAILING CO LTD JPY 296 905,63 229 605,99 0,0847 000,00 TAKASHIMAYA CO LTD JPY 221 548,93 225 473,81 0,0819 000,00 ASICS CORP JPY 190 031,41 194 786,36 0,07

395,00 STARBUCKS COFFEE JAPAN LTD JPY 165 262,03 153 921,68 0,055 865,00 PROTO CORP JPY 172 627,11 138 929,01 0,05

47 312,00 SHIDAX CORP JPY 143 174,52 126 005,01 0,0410 953,00 DAIICHIKOSHO CO LTD JPY 142 276,29 123 508,78 0,045 245,00 UNIVERSAL ENTERTAINMENT CORP JPY 108 165,40 115 780,64 0,044 740,00 HAJIME CONSTRUCTION CO LTD JPY 101 702,50 88 853,10 0,03

80,00 OPT INC JPY 87 502,53 71 157,33 0,0229 450,00 SPIRE INC JPY 46 903,27 44 998,73 0,02

Finance 55 235 919,10 46 802 068,93 15,902 247 194,00 MITSUBISHI UFJ FINANCIAL GROUP INC JPY 9 587 424,60 7 634 587,34 2,59

196 378,00 SUMITOMO MITSUI FINANCIAL GROUP INC JPY 5 258 341,38 4 190 779,11 1,422 997 620,00 MIZUHO FINANCIAL GROUP INC JPY 4 540 537,69 3 403 220,96 1,16

133 110,00 TOKIO MARINE HOLDINGS INC JPY 2 831 333,95 2 611 094,78 0,89196 558,00 MITSUBISHI ESTATE CO LTD JPY 2 496 902,06 2 365 765,89 0,80559 332,00 NOMURA HOLDINGS INC JPY 2 943 154,90 1 895 492,64 0,64725 949,00 SUMITOMO MITSUI TRUST HOLDINGS INC JPY 2 134 362,10 1 766 090,28 0,60130 556,00 MITSUI FUDOSAN CO LTD JPY 1 648 801,13 1 545 735,66 0,5391 904,00 T&D HOLDINGS INC JPY 1 726 149,63 1 539 201,03 0,5293 661,00 MS&AD INSURANCE GROUP HOLDINGS JPY 1 770 104,34 1 507 065,31 0,5118 194,00 ORIX CORP JPY 1 407 094,93 1 231 581,93 0,421 084,00 DAI-ICHI LIFE INSURANCE CO LTD JPY 1 316 123,93 1 060 414,92 0,36

223 969,00 NKSJ HOLDINGS INC JPY 1 171 785,47 1 015 183,06 0,35106 827,00 DAIWA HOUSE INDUSTRY CO LTD/THE JPY 861 602,81 924 657,54 0,31

127,00 NIPPON BUILDING FUND INC JPY 880 688,72 859 683,99 0,2949 346,00 SUMITOMO REALTY & DEVELOPMENT CO LTD JPY 634 702,63 764 944,15 0,26

212 165,00 BANK OF YOKOHAMA LTD JPY 887 727,04 729 861,94 0,25100,00 JAPAN REAL ESTATE INVESTMENT CORP JPY 656 771,26 675 209,30 0,23

70





% ofNet Assets

213 738,00 DAIWA SECURITIES GROUP INC JPY 842 378,08 654 995,20 0,22145 809,00 CHIBA BANK LTD/THE JPY 697 495,13 628 546,83 0,21214 124,00 JOYO BANK LTD/THE JPY 688 560,09 621 450,00 0,21192 259,00 RESONA HOLDINGS INC JPY 1 065 340,69 620 355,17 0,2195 542,00 BANK OF KYOTO LTD/THE JPY 656 766,37 602 699,31 0,2065 661,00 CHUGOKU BANK LTD/THE JPY 607 654,30 558 250,04 0,19

376 651,00 HOKUHOKU FINANCIAL GROUP INC JPY 600 562,75 517 638,93 0,18374,00 SEVEN BANK LTD JPY 576 294,64 513 037,85 0,17

127 182,00 HACHIJUNI BANK LTD/THE JPY 530 388,25 493 968,18 0,17288 746,00 MIZUHO SECURITIES CO LTD JPY 508 040,41 483 096,60 0,16

7 657,00 DAITO TRUST CONSTRUCTION CO LTD JPY 255 593,67 450 339,25 0,15149 406,00 FUKUOKA FINANCIAL GROUP INC JPY 462 862,73 427 242,82 0,1542 671,00 AEON CREDIT SERVICE CO LTD JPY 413 370,99 403 948,78 0,14

111 256,00 GUNMA BANK LTD/THE JPY 479 170,25 402 671,81 0,1433 597,00 CREDIT SAISON CO LTD JPY 429 185,38 394 334,82 0,13

338,00 JAPAN RETAIL FUND INVESTMENT CORP JPY 354 391,97 359 209,64 0,12484 568,00 SHINSEI BANK LTD JPY 353 018,64 347 452,90 0,1254 029,00 SHIZUOKA BANK LTD/THE JPY 378 664,64 340 826,45 0,1246 941,00 YAMAGUCHI FINANCIAL GROUP INC JPY 357 757,49 302 124,27 0,1021 400,00 SONY FINANCIAL HOLDINGS INC JPY 318 379,76 269 443,51 0,0945 209,00 SURUGA BANK LTD JPY 325 278,17 269 365,67 0,09

142,00 JAPAN PRIME REALTY INVESTMENT CORP JPY 277 706,55 257 214,62 0,0952,00 NOMURA REAL ESTATE OFFICE FUND INC JPY 251 537,43 236 143,99 0,08

76 508,00 TOKYU LAND CORP JPY 262 150,06 224 660,76 0,086 778,00 MITSUBISHI UFJ LEASE & FINANCE CO LTD JPY 181 446,04 181 095,57 0,06

14 200,00 NOMURA REAL ESTATE HOLDINGS INC JPY 207 385,55 163 274,31 0,068 099,00 AEON MALL CO LTD JPY 132 449,41 133 359,99 0,05

29,00 OSAKA SECURITIES EXCHANGE CO LTD JPY 109 290,46 89 736,25 0,0324 274,00 ABLE CHINTAI HOLDINGS INC JPY 93 315,33 83 504,20 0,03

745,00 SPARX GROUP CO LTD JPY 65 875,30 51 511,38 0,02

Computing and IT 37 588 856,96 34 041 313,86 11,56203 541,00 CANON INC JPY 6 486 339,40 6 602 333,07 2,24656 776,00 HITACHI LTD JPY 2 257 973,81 2 685 435,44 0,91636 622,00 TOSHIBA CORP JPY 2 483 412,18 2 315 011,60 0,7916 940,00 NINTENDO CO LTD JPY 3 467 019,96 2 140 114,70 0,7330 601,00 KYOCERA CORP JPY 2 053 769,42 2 128 899,48 0,72

433 229,00 FUJITSU LTD JPY 2 080 627,39 1 752 902,62 0,6067 504,00 FUJIFILM HOLDINGS CORP JPY 1 580 504,56 1 445 170,11 0,4928 711,00 MURATA MANUFACTURING CO LTD JPY 1 207 195,75 1 311 185,17 0,4534 919,00 TOKYO ELECTRON LTD JPY 1 525 424,62 1 304 072,64 0,446 073,00 KEYENCE CORP JPY 984 933,73 1 186 099,79 0,40

28 697,00 TDK CORP JPY 1 166 250,01 1 087 630,55 0,37129 500,00 RICOH CO LTD JPY 1 388 600,10 980 517,43 0,3357 380,00 HOYA CORP JPY 1 020 271,43 903 688,68 0,31

471 305,00 NEC CORP JPY 1 237 622,89 736 232,64 0,252 498,00 YAHOO JAPAN CORP JPY 774 417,28 587 883,31 0,20

27 224,00 IBIDEN CO LTD JPY 699 256,88 559 822,91 0,1985 569,00 KONICA MINOLTA HOLDINGS INC JPY 750 936,32 491 579,14 0,1776 468,00 SHIMADZU CORP JPY 456 762,29 482 376,45 0,16

188,00 NTT DATA CORP JPY 624 546,76 432 171,51 0,1533 500,00 ADVANTEST CORP JPY 715 097,04 423 508,17 0,1444 478,00 NIPPON ELECTRIC GLASS CO LTD JPY 439 693,96 394 477,94 0,139 433,00 ROHM CO LTD JPY 590 162,95 375 230,11 0,13

16 304,00 TREND MICRO INC JPY 394 434,77 345 845,79 0,1221 500,00 GREE INC JPY 247 445,10 318 052,60 0,1116 268,00 OMRON CORP JPY 260 098,03 312 309,75 0,1110 653,00 DENA CO LTD JPY 197 756,72 311 454,37 0,114 397,00 HIROSE ELECTRIC CO LTD JPY 344 495,76 304 771,55 0,10

17 800,00 KONAMI CORP JPY 240 998,79 291 579,45 0,1018 483,00 HITACHI HIGH-TECHNOLOGIES CORP JPY 265 304,08 280 363,72 0,0962 896,00 CITIZEN HOLDINGS CO LTD JPY 239 828,91 259 854,54 0,0916 053,00 NOMURA RESEARCH INSTITUTE LTD JPY 265 561,34 250 081,18 0,0828 203,00 ELPIDA MEMORY INC JPY 284 641,65 230 152,20 0,0817 721,00 SUMCO CORP JPY 218 170,53 204 667,06 0,0721 089,00 YASKAWA ELECTRIC CORP JPY 131 428,48 164 717,22 0,06

298,00 DA CONSORTIUM INC JPY 107 509,77 103 785,90 0,0316 021,00 1ST HOLDINGS INC JPY 86 483,53 83 285,39 0,03

142,00 JUSTPLANNING INC JPY 77 815,37 71 515,85 0,0239,00 GUNGHO ONLINE ENTERTAINMENT INC JPY 69 985,34 66 415,50 0,02

71





% ofNet Assets

4 422,00 MIRAIAL CO LTD JPY 85 504,63 63 225,97 0,022 104,00 DAI-ICHI SEIKO CO LTD JPY 80 575,43 52 892,36 0,02

Raw materials 17 896 132,90 17 441 770,22 5,9268 941,00 SHIN-ETSU CHEMICAL CO LTD JPY 2 682 736,42 2 518 739,64 0,86

684 619,00 NIPPON STEEL CORP JPY 1 808 739,78 1 513 598,33 0,52310 191,00 MITSUBISHI CHEMICAL HOLDINGS CORP JPY 1 312 763,78 1 506 618,82 0,51225 238,00 TORAY INDUSTRIES INC JPY 957 475,08 1 138 217,60 0,39686 894,00 SUMITOMO METAL INDUSTRIES LTD JPY 1 317 365,57 1 061 280,60 0,3656 585,00 JFE HOLDINGS INC JPY 1 394 990,19 1 060 707,37 0,36

653 336,00 KOBE STEEL LTD JPY 1 087 683,27 1 003 855,09 0,34218 203,00 DAIDO STEEL CO LTD JPY 907 332,06 990 910,15 0,34151 088,00 ASAHI KASEI CORP JPY 601 618,47 696 443,13 0,24199 709,00 SUMITOMO CHEMICAL CO LTD JPY 688 961,26 681 898,22 0,2317 963,00 NITTO DENKO CORP JPY 598 457,00 630 206,13 0,2154 692,00 SUMITOMO METAL MINING CO LTD JPY 552 875,84 613 919,58 0,21

118 764,00 MITSUBISHI GAS CHEMICAL CO INC JPY 570 130,49 599 148,15 0,20390 040,00 SHOWA DENKO KK JPY 535 614,17 549 357,45 0,19219 932,00 MITSUBISHI MATERIALS CORP JPY 468 518,53 473 097,76 0,1641 161,00 KURARAY CO LTD JPY 324 360,96 412 492,39 0,14

119 387,00 TEIJIN LTD JPY 373 897,75 355 667,67 0,1286 154,00 DENKI KAGAKU KOGYO KK JPY 296 182,71 285 344,23 0,1020 100,00 JSR CORP JPY 285 022,68 276 238,28 0,09

208 678,00 NISSHIN STEEL CO LTD JPY 273 583,47 272 539,86 0,0928 263,00 HITACHI METALS LTD JPY 257 331,77 266 106,63 0,0954 358,00 KANEKA CORP JPY 289 625,39 245 924,20 0,0835 000,00 KANSAI PAINT CO LTD JPY 259 987,82 215 708,46 0,0732 037,00 ONEX CORP JPY 38 762,22 63 445,64 0,022 400,00 TOYO GOSEI CO LTD JPY 12 116,22 10 304,84 0,00

Health 17 878 965,04 17 283 988,48 5,87131 269,00 TAKEDA PHARMACEUTICAL CO LTD JPY 4 479 187,06 4 162 774,87 1,4189 906,00 ASTELLAS PHARMA INC JPY 2 459 140,95 2 394 446,84 0,8180 829,00 OTSUKA HOLDINGS CO LTD JPY 1 482 502,90 1 461 352,85 0,5032 186,00 TERUMO CORP JPY 1 127 723,20 1 195 138,38 0,4189 683,00 SHIONOGI & CO LTD JPY 1 127 809,28 1 009 756,95 0,3441 588,00 OLYMPUS CORP JPY 916 045,36 957 793,55 0,3334 166,00 EISAI CO LTD JPY 895 268,92 911 393,84 0,3162 589,00 DAIICHI SANKYO CO LTD JPY 950 946,43 836 130,92 0,2916 378,00 ONO PHARMACEUTICAL CO LTD JPY 568 596,42 598 365,53 0,2087 380,00 KYOWA HAKKO KIRIN CO LTD JPY 626 219,18 572 842,44 0,2083 880,00 DAINIPPON SUMITOMO PHARMA CO LTD JPY 561 274,89 541 305,13 0,1814 700,00 ALFRESA HOLDINGS CORP JPY 389 995,28 389 619,66 0,1321 900,00 SUZUKEN CO LTD JPY 445 148,75 350 515,57 0,1255 700,00 MEDIPAL HOLDINGS CORP JPY 340 270,67 343 284,60 0,1211 785,00 SYSMEX CORP JPY 277 952,15 303 304,48 0,1018 083,00 TAISHO PHARMACEUTICAL CO LTD JPY 284 958,58 275 839,82 0,0920 899,00 MITSUBISHI TANABE PHARMA CORP JPY 197 781,23 238 516,73 0,0818 266,00 CHUGAI PHARMACEUTICAL CO LTD JPY 211 412,50 204 724,64 0,078 904,00 TSUMURA & CO JPY 203 906,68 195 335,06 0,075 581,00 FUKUDA DENSHI CO LTD JPY 126 491,96 113 097,93 0,04

46,00 MESSAGE CO LTD JPY 97 205,14 97 969,37 0,034 428,00 ASAHI INTECC CO LTD JPY 55 565,52 68 716,88 0,02

186,00 CARNA BIOSCIENCES INC JPY 53 561,99 61 762,44 0,02

Basic Goods 12 758 504,57 13 086 498,86 4,44130 233,00 SEVEN & I HOLDINGS CO LTD JPY 2 458 022,12 2 449 048,98 0,83

854,00 JAPAN TOBACCO INC JPY 2 172 847,26 2 278 084,46 0,77148 582,00 AEON CO LTD JPY 1 276 117,70 1 225 195,11 0,42117 129,00 AJINOMOTO CO INC JPY 881 665,95 963 836,57 0,3351 708,00 KAO CORP JPY 959 352,93 937 064,88 0,3284 869,00 KIRIN HOLDINGS CO LTD JPY 835 954,09 813 562,22 0,2836 155,00 YAKULT HONSHA CO LTD JPY 629 798,60 713 539,67 0,2476 349,00 NISSHIN SEIFUN GROUP INC JPY 638 415,64 654 984,98 0,2220 648,00 MEIJI HOLDINGS CO LTD JPY 603 794,75 595 739,81 0,2058 983,00 NIPPON MEAT PACKERS INC JPY 513 164,03 586 563,06 0,2038 984,00 SHISEIDO CO LTD JPY 541 897,83 512 803,48 0,1714 753,00 UNICHARM CORP JPY 357 897,29 441 397,93 0,1558 684,00 KIKKOMAN CORP JPY 418 890,52 423 791,26 0,1424 917,00 ASAHI BREWERIES LTD JPY 300 766,77 343 502,74 0,1223 238,00 KANEKO SEEDS CO LTD JPY 169 919,09 147 383,71 0,05

72





% ofNet Assets

Telecommunication 10 610 230,55 11 831 383,48 4,02163 667,00 SOFTBANK CORP JPY 3 463 474,64 4 303 023,99 1,46

2 401,00 NTT DOCOMO INC JPY 2 830 086,65 2 920 578,97 0,99536,00 KDDI CORP JPY 2 352 125,49 2 594 237,77 0,88

60 952,00 NIPPON TELEGRAPH & TELEPHONE CORP JPY 1 964 543,77 2 013 542,75 0,69

Multi-Utilities 14 529 372,76 10 571 791,23 3,59157 473,00 KANSAI ELECTRIC POWER CO INC/THE JPY 2 475 923,17 2 130 577,31 0,72511 038,00 TOKYO GAS CO LTD JPY 1 550 145,54 1 583 513,42 0,5494 036,00 KYUSHU ELECTRIC POWER CO INC JPY 1 305 347,79 1 171 949,59 0,4073 856,00 CHUBU ELECTRIC POWER CO INC JPY 1 277 709,66 978 451,78 0,33

294 640,00 TOKYO ELECTRIC POWER CO INC/THE JPY 3 403 935,24 824 949,72 0,2840 702,00 ELECTRIC POWER DEVELOPMENT CO LTD JPY 836 681,75 785 210,54 0,2746 511,00 SHIKOKU ELECTRIC POWER CO INC JPY 877 323,44 730 128,56 0,2551 002,00 HOKKAIDO ELECTRIC POWER CO INC JPY 633 215,32 582 512,50 0,2052 680,00 TOHOKU ELECTRIC POWER CO INC JPY 827 986,53 527 479,65 0,1839 209,00 HOKURIKU ELECTRIC POWER CO JPY 612 385,64 515 093,79 0,17

151 449,00 OSAKA GAS CO LTD JPY 401 680,11 394 301,27 0,1394 050,00 TOHO GAS CO LTD JPY 327 038,57 347 623,10 0,12

Energy 3 976 767,99 4 197 751,50 1,43335,00 INPEX CORP JPY 1 600 247,08 1 690 029,23 0,57

297 736,00 JX HOLDINGS INC JPY 1 286 558,88 1 367 336,96 0,4775 806,00 TONENGENERAL SEKIYU KK JPY 585 862,07 634 149,40 0,226 912,00 IDEMITSU KOSAN CO LTD JPY 504 099,96 506 235,91 0,17

Total Portfolio 281 174 439,73 268 458 233,02 91,18

73




Size Quantity

Purchase/



(EUR) Commitment

(EUR)



10 000 350 Purchase TOPIX INDEX FUTURE 09/09/2011 JPY 555 831,28 25 469 731,001 000 16 Purchase NIKKEI 225 INDEX 09/09/2011 JPY 22 767,61 1 345 296,90

74







(EUR)

Total Unrealised profit / (loss) on forward foreign exchange contracts 1 205 258,07

Unrealised profit on forward foreign exchange contracts 1 272 259,38

14/07/2011 59 593 473,97 EUR 6 899 743 948,00 JPY 678 812,7114/07/2011 1 703,55 EUR 2 463,70 USD 2,0314/07/2011 400 160,52 EUR 46 064 206,00 JPY 6 833,3014/07/2011 346 846,36 EUR 40 300 000,00 JPY 2 737,8214/07/2011 27 843 889,27 EUR 3 206 339 655,00 JPY 466 001,6214/07/2011 15,97 EUR 22,82 USD 0,2114/07/2011 1 128 566,57 EUR 130 000 000,00 JPY 18 539,0114/07/2011 952 844,22 EUR 110 000 000,00 JPY 13 590,1314/07/2011 267 098,88 EUR 30 870 230,00 JPY 3 508,0614/07/2011 23,61 EUR 34,07 USD 0,0814/07/2011 284 948,28 EUR 32 903 432,00 JPY 3 996,6114/07/2011 494 288,80 EUR 57 000 000,00 JPY 7 584,4114/07/2011 4 540 765,06 EUR 530 000 000,00 JPY 15 268,0714/07/2011 8 590 470,06 EUR 1 000 000 000,00 JPY 51 796,4914/07/2011 332,72 EUR 478,71 USD 2,1114/07/2011 601 293,87 EUR 70 000 000,00 JPY 3 586,72


14/07/2011 20 473 184,00 JPY 177 829,72 EUR (3 015,88)14/07/2011 2 902,55 USD 2 021,98 EUR (17,38)14/07/2011 148,08 USD 102,41 EUR (0,14)14/07/2011 130 000 000,00 JPY 1 142 830,69 EUR (32 803,13)14/07/2011 300 000 000,00 JPY 2 594 147,18 EUR (31 164,78)

75

Eurizon EasyFund - Equity Oceania



Assets Notes Investments in securities at market value 127 081 106,55Banks 1 130 634,04Amounts due from brokers 129 057,89Unrealised profit on forward foreign exchange contracts (Note 8) 12 073,30Unrealised profit on future contracts (Note 8) 26 136,30Receivable on subscriptions 69 788,33Other assets 726 125,02Total assets 129 174 921,43

Liabilities Bank overdrafts (1 157,36)Unrealised loss on forward foreign exchange contracts (Note 8) (177 546,17)Payable on redemptions (218 711,94)Other liabilities (156 014,56)Total liabilities (553 430,03)Total net assets 128 621 491,40


Class I Units EUR 183,46 27 757,564Class IH Units EUR 153,06 67 399,711Class R Units EUR 180,99 254 924,845Class RH Units EUR 149,67 57 908,211Class Z Units EUR 193,29 299 103,613Class ZH Units EUR 161,18 3 673,790

76





Net income from investments 2 677 116,56Other income (Note 9) 18,55Total income 2 677 135,11Management fee (Note 5) (807 189,02)Custodian and paying agent fee (Note 7) (69 856,48)Subscription tax (Note 3) (18 097,18)Interest on bank accounts (6 632,60)Other charges and taxes (Notes 4, 7) (62 388,61)Total expenses (964 163,89)Net investment income / (loss) 1 712 971,22Net realised profit / (loss) on sales of investments, currencies and other financial instruments 6 838 308,58Change in unrealised appreciation / (depreciation) on - investments (17 834 863,81)- forward foreign exchange contracts and foreign currencies (Note 8) 136 694,85- future contracts (Note 8) 12 028,20Net result of operations for the period (9 134 860,96)



77





% ofNet Assets



Shares 113 812 220,28 127 081 106,55 98,80

AUSTRALIA 72 029 733,64 82 282 506,72 63,97

Finance 31 447 079,98 34 842 409,66 27,09181 281,00 COMMONWEALTH BANK OF AUSTRALIA AUD 5 418 222,03 6 976 956,35 5,42354 433,00 WESTPAC BANKING CORP AUD 4 941 474,67 5 787 988,79 4,50276 315,00 NATIONAL AUSTRALIA BANK LTD AUD 4 741 767,20 5 218 947,39 4,06300 317,00 AUSTRALIA & NEW ZEALAND BANKING GROUP LTD AUD 4 044 936,54 4 886 450,18 3,80146 092,00 QBE INSURANCE GROUP LTD AUD 1 863 475,13 1 860 495,52 1,45230 344,00 WESTFIELD GROUP AUD 1 807 127,60 1 461 603,93 1,14277 634,00 AMP LTD AUD 1 005 898,38 998 144,51 0,7842 569,00 MACQUARIE GROUP LTD AUD 1 162 875,24 982 316,87 0,76

388 026,00 STOCKLAND AUD 974 777,45 969 325,78 0,75350 654,00 INSURANCE AUSTRALIA GROUP LTD AUD 882 646,98 870 768,36 0,68137 053,00 SUNCORP GROUP LTD AUD 805 067,52 829 006,12 0,6429 926,00 ASX LTD AUD 670 466,09 669 938,06 0,52

850 834,00 DEXUS PROPERTY GROUP AUD 561 289,23 555 017,33 0,43389 226,00 CFS RETAIL PROPERTY TRUST AUD 544 003,53 522 227,16 0,41

1 003 984,00 GOODMAN GROUP AUD 481 577,32 517 238,25 0,40561 777,00 MIRVAC GROUP AUD 528 217,23 510 127,90 0,40223 404,00 WESTFIELD RETAIL TRUST AUD 308 776,21 447 129,93 0,3547 787,00 LEND LEASE GROUP AUD 282 150,49 314 558,75 0,24

128 481,00 GPT GROUP AUD 252 108,54 299 052,60 0,2325 515,00 BENDIGO AND ADELAIDE BANK LTD AUD 170 222,60 165 115,88 0,13

Raw materials 18 924 249,73 23 776 917,20 18,48385 429,00 BHP BILLITON LTD AUD 9 220 000,50 12 505 468,55 9,7252 071,00 RIO TINTO LTD AUD 2 440 476,70 3 197 147,06 2,4993 851,00 NEWCREST MINING LTD AUD 2 158 390,81 2 624 851,53 2,04

193 522,00 FORTESCUE METALS GROUP LTD AUD 728 761,91 916 664,13 0,7136 407,00 ORICA LTD AUD 504 921,55 728 664,63 0,5756 466,00 ILUKA RESOURCES LTD AUD 637 718,44 691 474,39 0,54

370 791,00 ALUMINA LTD AUD 566 524,93 593 693,06 0,46109 230,00 AMCOR LTD/AUSTRALIA AUD 510 672,59 575 692,50 0,45186 914,00 INCITEC PIVOT LTD AUD 492 161,13 533 435,11 0,4141 624,40 OZ MINERALS LTD AUD 437 499,13 411 915,64 0,32

126 210,00 BORAL LTD AUD 433 703,87 404 162,99 0,31245 099,00 ONESTEEL LTD AUD 458 107,92 334 301,55 0,26200 000,00 LYNAS CORP LTD AUD 335 310,25 259 446,06 0,20

Basic Goods 6 883 767,79 8 406 870,58 6,54156 003,00 WOOLWORTHS LTD AUD 2 619 663,59 3 211 351,64 2,50131 971,00 WESFARMERS LTD AUD 2 411 151,69 3 102 085,64 2,41237 501,00 FOSTER'S GROUP LTD AUD 716 420,50 913 717,27 0,7172 896,00 COCA-COLA AMATIL LTD AUD 587 233,02 617 630,82 0,48

119 896,00 METCASH LTD AUD 359 199,20 368 834,74 0,298 124,00 WESFARMERS LTD AUD 190 099,08 193 249,63 0,15

0,33 TREASURY WINE ESTATES LTD AUD 0,71 0,84 0,00

Energy 5 485 914,74 5 770 684,16 4,4980 560,00 WOODSIDE PETROLEUM LTD AUD 2 290 987,44 2 442 428,16 1,90

142 135,00 ORIGIN ENERGY LTD AUD 1 493 206,00 1 635 203,41 1,27116 485,00 SANTOS LTD AUD 1 082 041,49 1 165 689,29 0,9116 589,00 WORLEYPARSONS LTD AUD 333 256,25 342 225,56 0,2796 060,00 PALADIN ENERGY LTD AUD 286 423,56 185 137,74 0,14

Industries 3 410 270,97 3 306 871,78 2,57186 128,00 TRANSURBAN GROUP AUD 699 380,32 718 833,76 0,56132 617,00 BRAMBLES LTD AUD 638 698,90 708 783,33 0,55376 057,00 ASCIANO LTD AUD 401 618,14 462 744,00 0,36105 024,00 TOLL HOLDINGS LTD AUD 440 357,00 372 130,69 0,2923 701,00 LEIGHTON HOLDINGS LTD AUD 458 840,16 363 150,11 0,28

141 025,00 QR NATIONAL LTD AUD 357 155,89 354 384,60 0,28238 337,00 QANTAS AIRWAYS LTD AUD 414 220,56 326 845,29 0,25

78





% ofNet Assets

Health 2 365 732,15 2 621 376,76 2,0472 371,00 CSL LTD AUD 1 574 703,02 1 749 957,75 1,367 282,00 COCHLEAR LTD AUD 337 260,69 385 954,18 0,30

21 971,00 RAMSAY HEALTH CARE LTD AUD 263 507,98 292 669,14 0,2320 857,00 SONIC HEALTHCARE LTD AUD 190 260,46 192 795,69 0,15

Consumer Retail 1 593 739,66 1 553 528,45 1,2181 556,00 CROWN LTD AUD 500 302,16 542 284,75 0,42

114 556,00 ECHO ENTERTAINMENT GROUP LTD AUD 326 979,33 349 010,66 0,27462 817,00 FAIRFAX MEDIA LTD AUD 440 609,87 334 497,56 0,26114 556,00 TABCORP HOLDINGS LTD AUD 272 872,67 273 434,15 0,2230 779,00 TATTS GROUP LTD AUD 52 975,63 54 301,33 0,04

Telecommunication 880 806,30 908 886,87 0,71419 902,00 TELSTRA CORP LTD AUD 880 806,30 908 886,87 0,71

Multi-Utilities 709 492,25 791 404,30 0,6173 528,00 AGL ENERGY LTD AUD 709 492,25 791 404,30 0,61

Computing and IT 328 680,07 303 556,96 0,2346 908,00 COMPUTERSHARE LTD AUD 328 680,07 303 556,96 0,23

HONG KONG 23 792 368,28 25 144 943,25 19,55

Finance 15 444 155,11 16 526 969,20 12,85958 409,00 AIA GROUP LTD HKD 2 167 903,53 2 291 909,76 1,78130 601,00 HONG KONG EXCHANGES AND CLEARING LTD HKD 1 578 620,10 1 890 115,42 1,47177 066,00 CHEUNG KONG HOLDINGS LTD HKD 1 646 430,32 1 787 990,88 1,39167 841,00 SUN HUNG KAI PROPERTIES LTD HKD 1 697 472,90 1 687 391,39 1,3197 613,00 HANG SENG BANK LTD HKD 1 065 542,20 1 076 630,43 0,8493 174,00 SWIRE PACIFIC LTD HKD 763 762,61 944 993,52 0,73

196 284,00 WHARF HOLDINGS LTD HKD 765 606,38 941 387,57 0,73455 074,00 BOC HONG KONG HOLDINGS LTD HKD 864 152,98 912 595,50 0,71284 617,00 HANG LUNG PROPERTIES LTD HKD 729 665,76 805 636,96 0,63303 030,00 LINK REIT HKD 579 285,69 713 901,04 0,55127 461,00 HENDERSON LAND DEVELOPMENT CO LTD HKD 562 756,46 567 199,87 0,44177 626,00 BANK OF EAST ASIA LTD HKD 492 377,89 503 576,27 0,39106 433,00 HANG LUNG GROUP LTD HKD 435 200,75 465 597,98 0,36139 877,00 WHEELOCK & CO LTD HKD 371 170,50 387 247,63 0,30369 124,00 NEW WORLD DEVELOPMENT LTD HKD 482 197,77 385 183,32 0,30309 500,00 SINO LAND CO LTD HKD 379 369,93 342 189,40 0,2796 033,00 KERRY PROPERTIES LTD HKD 341 607,31 319 550,59 0,2577 926,00 HYSAN DEVELOPMENT CO LTD HKD 267 771,22 265 868,32 0,2131 500,00 WING HANG BANK LTD HKD 253 260,81 238 003,35 0,19

Multi-Utilities 2 909 115,30 3 305 776,35 2,57245 308,00 CLP HOLDINGS LTD HKD 1 341 667,29 1 500 838,09 1,17183 422,00 POWER ASSETS HOLDINGS LTD HKD 814 390,87 958 637,87 0,74539 454,00 HONG KONG & CHINA GAS CO LTD HKD 753 057,14 846 300,39 0,66

Industries 2 745 331,54 3 047 279,65 2,37269 944,00 HUTCHISON WHAMPOA LTD HKD 1 687 731,03 2 012 059,53 1,57184 883,00 MTR CORP HKD 479 775,94 452 786,97 0,35195 000,00 CATHAY PACIFIC AIRWAYS LTD HKD 337 689,09 311 800,82 0,24240 653,00 NOBLE GROUP LTD SGD 240 135,48 270 632,33 0,21

Consumer Retail 2 693 766,33 2 264 918,05 1,76713 616,00 LI & FUNG LTD HKD 1 100 513,90 981 486,07 0,76173 134,00 ESPRIT HOLDINGS LTD HKD 737 571,47 371 779,63 0,29224 000,00 SJM HOLDINGS LTD HKD 273 267,61 366 121,73 0,29167 613,00 SHANGRI - LA ASIA LTD HKD 304 122,73 283 179,95 0,22177 681,00 GALAXY ENTERTAINMENT GROUP LTD HKD 278 290,62 262 350,67 0,20

SINGAPORE 14 429 747,02 15 773 957,23 12,26

Finance 6 162 828,43 6 867 054,36 5,34214 226,00 DBS GROUP HOLDINGS LTD SGD 1 483 305,81 1 782 757,58 1,39148 781,00 UNITED OVERSEAS BANK LTD SGD 1 390 615,67 1 661 441,73 1,29257 374,00 OVERSEA-CHINESE BANKING CORP LTD SGD 1 177 345,82 1 369 033,91 1,06312 638,00 CAPITALAND LTD SGD 555 380,79 511 555,96 0,40203 817,00 KEPPEL LAND LTD SGD 489 388,78 420 595,74 0,3370 195,00 CITY DEVELOPMENTS LTD SGD 379 385,22 412 064,38 0,32

79





% ofNet Assets

96 506,00 SINGAPORE EXCHANGE LTD SGD 368 531,48 411 321,98 0,32282 171,00 CAPITAMALL TRUST SGD 318 874,86 298 283,08 0,23

Industries 3 536 813,20 3 795 643,23 2,95173 351,00 KEPPEL CORP LTD SGD 736 373,79 1 089 749,18 0,8569 868,00 SINGAPORE AIRLINES LTD SGD 553 373,60 558 645,50 0,43

172 280,00 SEMBCORP MARINE LTD SGD 570 718,07 515 353,10 0,40288 071,00 SINGAPORE TECHNOLOGIES ENGINEERING LTD SGD 516 763,14 485 936,13 0,38141 991,00 SEMBCORP INDUSTRIES LTD SGD 420 043,72 404 787,58 0,31362 789,00 COSCO CORP SINGAPORE LTD SGD 427 379,51 395 743,91 0,31105 013,00 FRASERIE AND NEAVE LTD SGD 312 161,37 345 427,83 0,27

Basic Goods 1 927 448,42 1 967 337,08 1,53321 319,00 WILMAR INTERNATIONAL LTD SGD 993 924,19 988 284,83 0,77329 719,00 OLAM INTERNATIONAL LTD SGD 471 806,21 511 695,33 0,40

1 222 310,00 GOLDEN AGRI-RESOURCES LTD SGD 461 718,02 467 356,92 0,36

Telecommunication 1 751 986,46 1 959 072,33 1,521 102 567,00 SINGAPORE TELECOMMUNICATIONS LTD SGD 1 751 986,46 1 959 072,33 1,52

Consumer Retail 1 050 670,51 1 184 850,23 0,92809 547,00 GENTING SINGAPORE PLC SGD 770 620,87 873 980,40 0,68

6 619,00 JARDINE CYCLE & CARRIAGE LTD SGD 134 471,71 163 683,91 0,1366 947,00 SINGAPORE PRESS HOLDINGS LTD SGD 145 577,93 147 185,92 0,11

NEW ZEALAND 1 775 010,15 1 821 255,57 1,42

Raw materials 626 048,63 663 623,71 0,52135 182,00 FLETCHER BUILDING LTD NZD 626 048,63 663 623,71 0,52

Telecommunication 533 603,37 551 549,00 0,43384 186,00 TELECOM CORP OF NEW ZEALAND LTD NZD 533 603,37 551 549,00 0,43

Industries 311 505,07 334 095,28 0,26258 403,00 AUCKLAND INTERNATIONAL AIRPORT LTD NZD 311 505,07 334 095,28 0,26

Multi-Utilities 303 853,08 271 987,58 0,2188 237,00 CONTACT ENERGY LTD NZD 303 853,08 271 987,58 0,21

MACAU 685 339,41 1 050 717,40 0,82

Consumer Retail 685 339,41 1 050 717,40 0,82316 164,00 SANDS CHINA LTD HKD 391 717,10 589 141,44 0,46205 200,00 WYNN MACAU LTD HKD 293 622,31 461 575,96 0,36

UNITED STATES 355 345,00 367 143,99 0,28

Raw materials 355 345,00 367 143,99 0,2828 014,00 SIMS METAL MANAGEMENT LTD AUD 355 345,00 367 143,99 0,28

CHINA 431 759,91 330 969,22 0,26

Industries 431 759,91 330 969,22 0,26403 159,00 YANGZIJIANG SHIPBUILDING HOLDINGS LTD SGD 431 759,91 330 969,22 0,26

IRELAND 312 916,87 309 613,17 0,24

Raw materials 312 916,87 309 613,17 0,2472 766,00 JAMES HARDIE INDUSTRIES SE -ADR- AUD 312 916,87 309 613,17 0,24

UNQUOTED 42,20 0,00 0,00

Shares 42,20 0,00 0,00

TAIWAN 42,20 0,00 0,00

Industries 42,20 0,00 0,003 816,00 PACIFIC ELEC WIRE TWD 42,20 0,00 0,00

AUSTRALIA 0,00 0,00 0,00

Finance 0,00 0,00 0,001 443 696,00 BGP HOLDINGS PLC EUR 0,00 0,00 0,00

Total Portfolio 113 812 262,48 127 081 106,55 98,80

80




Size Quantity

Purchase/



(EUR) Commitment

(EUR)



25 14 Purchase ASX SPI 200 INDEX FUTURE 15/09/2011 AUD 3 594,88 1 189 819,63

200 20 Purchase SGX MSCI SINGAPORE INDEX FTRS JUL11 XSES

28/07/2011 SGD 21 293,83 816 441,39

50 1 Purchase HANG SENG INDEX FUTURE 28/07/2011 HKD 1 247,59 99 505,80

81







(EUR)

Total Unrealised profit / (loss) on forward foreign exchange contracts (165 472,87)


14/07/2011 143,42 EUR 205,97 USD 1,1714/07/2011 93,99 EUR 135,94 USD 0,1114/07/2011 40 895,68 EUR 54 955,65 AUD 194,6614/07/2011 48 386,01 EUR 543 902,90 HKD 108,8114/07/2011 158 449,74 EUR 281 548,95 SGD 97,1814/07/2011 1 004,60 EUR 1 449,83 USD 3,3014/07/2011 50 759,18 EUR 72 903,80 USD 409,2914/07/2011 144 771,78 AUD 106 134,17 EUR 1 086,0914/07/2011 57 818,26 AUD 42 613,65 EUR 207,4614/07/2011 53 512,59 SGD 30 085,32 EUR 11,9514/07/2011 257 341,21 AUD 189 665,03 EUR 925,9214/07/2011 181 975,96 AUD 132 944,76 EUR 1 829,5014/07/2011 270 154,61 AUD 197 700,46 EUR 2 380,2914/07/2011 4,79 USD 3,30 EUR 0,0114/07/2011 4 124 022,73 EUR 46 408 878,24 HKD 4 738,1214/07/2011 66 674,11 EUR 96 425,32 USD 79,44


14/07/2011 375 345,09 HKD 33 635,46 EUR (319,57)14/07/2011 3 650,35 USD 2 544,34 EUR (23,28)14/07/2011 470 851,36 HKD 42 142,19 EUR (349,09)14/07/2011 65 494,56 SGD 36 874,72 EUR (38,38)14/07/2011 1 534,44 USD 1 074,52 EUR (14,78)14/07/2011 223 453,99 AUD 166 253,79 EUR (760,25)14/07/2011 859 566,57 HKD 78 077,19 EUR (1 781,46)14/07/2011 64 616,15 SGD 36 870,62 EUR (528,33)14/07/2011 427 961,85 AUD 317 074,59 EUR (119,31)14/07/2011 944 190,11 HKD 84 795,68 EUR (988,70)14/07/2011 83 764,78 SGD 47 503,01 EUR (390,89)14/07/2011 530 055,33 HKD 47 382,07 EUR (333,99)14/07/2011 209 176,59 SGD 118 298,25 EUR (650,33)14/07/2011 7 910,90 USD 5 509,39 EUR (45,85)14/07/2011 153 060,29 AUD 113 434,10 EUR (75,24)14/07/2011 69 245,41 USD 48 915,75 EUR (1 092,47)14/07/2011 87 789,13 USD 61 561,22 EUR (931,00)14/07/2011 126 595,33 SGD 71 361,38 EUR (159,92)14/07/2011 12 886 377,31 EUR 17 614 210,03 AUD (158 983,77)14/07/2011 289 953,12 EUR 509 267,19 NZD (648,04)14/07/2011 2 674 849,80 EUR 4 764 734,29 SGD (4 996,42)14/07/2011 49 327,33 EUR 67 343,66 AUD (548,44)14/07/2011 62 160,14 EUR 84 358,09 AUD (316,79)14/07/2011 348 668,57 EUR 474 544,20 AUD (2 786,33)14/07/2011 57 052,89 EUR 77 261,22 AUD (167,99)14/07/2011 48 103,51 EUR 65 159,70 AUD (154,79)14/07/2011 85 156,92 EUR 115 441,35 AUD (340,76)

82

Eurizon EasyFund - Equity Emerging Markets



Assets Notes Investments in securities at market value 237 414 306,61Banks 30 534 003,08Amounts due from brokers 3 111 712,81Unrealised profit on future contracts (Note 8) 891 055,94Receivable on investments sold 682 748,54Receivable on subscriptions 325 639,32Other assets 1 432 551,59Total assets 274 392 017,89

Liabilities Bank overdrafts (31 533,56)Amounts due to brokers (227 152,14)Unrealised loss on future contracts (Note 8) (79 436,30)Payable on investments purchased (682 748,54)Payable on redemptions (260 798,11)Other liabilities (219 792,06)Total liabilities (1 501 460,71)Total net assets 272 890 557,18


Class R Units EUR 206,22 281 813,822Class Z Units EUR 210,57 1 019 963,043

83





Net income from investments 3 298 194,15Other income (Note 9) 6 997,78Total income 3 305 191,93Management fee (Note 5) (921 105,22)Custodian and paying agent fee (Note 7) (126 578,33)Subscription tax (Note 3) (24 108,23)Interest on bank accounts (7 956,73)Other charges and taxes (Notes 4, 7) (118 420,55)Total expenses (1 198 169,06)Net investment income / (loss) 2 107 022,87Net realised profit / (loss) on sales of investments, currencies and other financial instruments (1 641 157,13)Change in unrealised appreciation / (depreciation) on - investments (21 469 205,09)- forward foreign exchange contracts and foreign currencies (Note 8) (445 180,51)- future contracts (Note 8) 148 800,68Net result of operations for the period (21 299 719,18)



84





% ofNet Assets



Shares 220 831 475,91 237 379 677,64 86,99

BRAZIL 52 219 733,29 51 606 124,01 18,91

Raw materials 13 234 585,24 12 710 387,20 4,66150 129,00 VALE SA -PFD ADR- USD 2 931 173,58 3 002 063,77 1,10104 229,00 VALE SA -ADR- USD 2 368 357,73 2 299 408,85 0,8474 188,00 VALE SA -PFD- BRL 1 219 792,59 1 468 440,23 0,5451 184,00 VALE SA BRL 975 812,83 1 123 181,91 0,41

126 093,00 GERDAU SA -ADR- USD 1 189 394,68 915 932,53 0,3495 290,00 CIA SIDERURGICA NACIONAL SA -ADR- USD 1 115 676,58 819 826,84 0,3087 672,00 FIBRIA CELULOSE SA -ADR- USD 1 019 045,14 798 477,12 0,2937 613,00 BRASKEM SA -ADR- USD 623 034,53 755 247,23 0,2830 656,00 CIA SIDERURGICA NACIONAL SA BRL 336 984,38 260 848,83 0,1029 940,00 GERDAU SA -PFD- BRL 323 427,67 216 390,32 0,0811 100,00 BRADESPAR SA -PFD- BRL 165 963,39 194 902,13 0,0724 100,00 USINAS SIDERURGICAS DE MINAS GERAIS SA -PFD- BRL 229 021,72 146 398,30 0,0513 700,00 METALURGICA GERDAU SA -PFD- BRL 181 223,72 121 492,37 0,0411 000,00 BRASKEM SA -PFD- BRL 59 259,35 108 717,93 0,049 748,00 USINAS SIDERURGICAS DE MINAS GERAIS SA BRL 93 209,58 101 487,38 0,04

10 391,00 FIBRIA CELULOSE SA BRL 141 363,33 94 682,04 0,0418 500,00 SUZANO PAPEL E CELULOSE SA -PFD- BRL 115 935,75 92 611,32 0,037 200,00 VALE FERTILIZANTES SA -PFD- BRL 49 777,93 75 374,93 0,03

23 800,00 KLABIN SA -PFD- BRL 44 287,81 61 207,32 0,028 121,00 MMX MINERACAO E METALICOS SA BRL 30 830,39 30 067,30 0,014 034,00 DURATEX SA BRL 21 012,56 23 628,55 0,01

Finance 10 809 287,59 11 303 414,86 4,14242 508,00 ITAU UNIBANCO HOLDING SA -ADR- USD 3 941 120,25 3 943 426,45 1,45195 874,00 BANCO BRADESCO SA -ADR- USD 2 645 448,22 2 771 248,78 1,02123 054,00 BANCO SANTANDER BRASIL SA -ADR- USD 1 045 326,58 994 968,64 0,3668 346,00 BANCO BRADESCO SA -PFD- BRL 792 448,49 960 662,39 0,3543 340,00 ITAU UNIBANCO HOLDING SA -PFD- BRL 629 345,97 700 462,46 0,2678 137,00 ITAUSA - INVESTIMENTOS ITAU SA -PFD- BRL 349 826,79 415 407,51 0,1584 511,00 BM&FBOVESPA SA BRL 398 568,12 387 090,03 0,1419 600,00 BANCO DO BRASIL SA BRL 219 936,23 243 339,45 0,0917 654,00 BANCO DO BRASIL SA -ADR- USD 225 427,95 218 564,78 0,0816 300,00

CETIP SA - BALCAO ORGANIZADO DE ATIVOS E DERIVATIVOS

BRL 179 344,71 174 543,29 0,06

15 900,00 BANCO DO ESTADO DO RIO GRANDE DO SUL -PFD- BRL 84 068,13 126 196,87 0,0515 100,00 BANCO SANTANDER BRASIL SA BRL 136 848,40 122 525,49 0,0510 146,00 BR MALLS PARTICIPACOES SA BRL 42 115,67 80 302,95 0,036 000,00 PORTO SEGURO SA BRL 44 750,25 64 648,13 0,026 900,00 SUL AMERICA SA BRL 41 903,36 59 965,79 0,022 544,00 MULTIPLAN EMPREENDIMENTOS IMOBILIARIOS SA BRL 31 336,23 38 465,37 0,01

154,00


BRL 1 472,24 1 596,48 0,00

Energy 11 816 430,95 10 390 680,94 3,81175 129,00 PETROLEO BRASILEIRO SA -ADR- USD 4 201 421,36 3 709 968,20 1,36146 101,00 PETROLEO BRASILEIRO SA -ADR- USD 3 904 937,33 3 415 835,18 1,2583 617,00 ULTRAPAR PARTICIPACOES SA -ADR- USD 899 952,23 1 046 764,90 0,3995 154,00 PETROLEO BRASILEIRO SA -PFD- BRL 1 348 861,25 1 000 783,55 0,3758 628,00 PETROLEO BRASILEIRO SA BRL 934 267,57 682 390,25 0,25

320,00 HRT PARTICIPACOES EM PETROLEO SA BRL 252 997,19 198 644,45 0,0730 000,00 OGX PETROLEO E GAS PARTICIPACOES SA BRL 181 021,90 194 077,40 0,0711 600,00 ULTRAPAR PARTICIPACOES SA -PFD- BRL 92 972,12 142 217,01 0,05

Basic Goods 4 543 716,98 5 421 541,00 1,9980 672,00 CIA DE BEBIDAS DAS AMERICAS -ADR- USD 1 460 051,61 1 878 866,53 0,6941 554,00

CIA BRASILEIRA DE DISTRIBUICAO GRUPO PAO DE ACUCAR -ADR-

USD 1 164 690,51 1 347 116,63 0,49

104 313,00 BRF - BRASIL FOODS SA -ADR- USD 1 201 523,55 1 248 227,55 0,4622 216,00 BRF - BRASIL FOODS SA BRL 168 250,43 261 041,87 0,1010 500,00 CIA DE BEBIDAS DAS AMERICAS -PFD- BRL 142 357,68 238 978,59 0,0916 500,00 SOUZA CRUZ SA BRL 78 756,14 145 298,66 0,055 600,00 NATURA COSMETICOS SA BRL 76 753,43 96 839,17 0,03

85





% ofNet Assets

10 747,00 HYPERMARCAS SA BRL 96 331,48 70 049,17 0,034 568,00 COSAN SA INDUSTRIA E COMERCIO BRL 39 119,34 49 826,41 0,026 797,00 MARFRIG ALIMENTOS SA BRL 55 361,45 46 412,66 0,02

16 300,00 JBS SA BRL 60 521,36 38 883,76 0,01

Industries 3 377 964,22 3 281 115,20 1,2071 475,00 TAM SA -ADR- USD 1 037 974,24 1 077 369,47 0,3947 833,00 EMBRAER SA -ADR- USD 987 652,86 1 016 606,77 0,37

104 178,00 GOL LINHAS AEREAS INTELIGENTES SA -ADR- USD 1 087 245,82 873 995,22 0,3213 464,00 ECORODOVIAS INFRAESTRUTURA E LOGISTICA SA BRL 81 830,84 80 893,16 0,032 900,00 CCR SA BRL 44 802,38 59 728,57 0,024 782,00 LOCALIZA RENT A CAR SA BRL 36 996,48 59 157,83 0,028 495,00 ALL AMERICA LATINA LOGISTICA SA BRL 48 900,41 49 456,86 0,024 510,00 EMBRAER SA BRL 15 625,89 23 796,98 0,01

10 987,00 LLX LOGISTICA SA BRL 36 914,20 23 384,00 0,0110 987,00 PORTX OPERACOES PORTUARIAS SA BRL 0,00 16 709,82 0,01

2,00 GOL LINHAS AEREAS INTELIGENTES SA -PFD- BRL 21,10 16,52 0,00

Multi-Utilities 2 695 140,33 3 031 957,06 1,1170 374,00 CIA ENERGETICA DE MINAS GERAIS -ADR- USD 896 601,81 1 002 948,64 0,3717 828,00

CIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO -ADR-

USD 655 735,64 734 539,96 0,27

14 059,00 CIA ENERGETICA DE MINAS GERAIS -PFD- BRL 161 705,20 197 424,44 0,079 300,00 CIA ENERGETICA DE SAO PAULO -PFD- BRL 84 071,14 126 389,75 0,05

17 509,00 OGX PETROLEO E GAS PARTICIPACOES SA -ADR- USD 141 171,65 115 457,32 0,045 453,00

CIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO

BRL 67 717,76 112 382,85 0,04

9 000,00 CENTRAIS ELETRICAS BRASILEIRAS SA -PFD- BRL 117 883,71 105 272,69 0,0410 400,00 CPFL ENERGIA SA BRL 73 144,13 102 833,98 0,045 379,00 CIA PARANAENSE DE ENERGIA -PFD- BRL 80 036,08 98 980,14 0,047 108,00 TRACTEBEL ENERGIA SA BRL 58 500,65 86 671,94 0,038 563,00 CENTRAIS ELETRICAS BRASILEIRAS SA BRL 128 983,45 79 316,37 0,034 612,00 EDP - ENERGIAS DO BRASIL SA BRL 63 074,22 76 891,01 0,035 000,00

ELETROPAULO METROPOLITANA ELETRICIDADE DE SAO PAULO SA -PFD-

BRL 69 313,87 75 068,09 0,03

4 500,00 AES TIETE SA -PFD- BRL 32 873,40 50 441,50 0,021 508,00

CIA DE TRANSMISSAO DE ENERGIA ELECTRICA PAULISTA -PFD-

BRL 28 744,26 33 559,61 0,01

1 060,00 CENTRAIS ELETRICAS BRASILEIRAS SA -ADR- USD 13 400,88 12 545,08 0,001 276,00 CENTRAIS ELETRICAS BRASILEIRAS SA -ADR- USD 12 754,60 11 894,36 0,00

498,00 CIA PARANAENSE DE ENERGIA -ADR- USD 9 427,88 9 339,33 0,00

Consumer Retail 2 830 911,49 2 363 264,14 0,87143 538,00 GAFISA SA -ADR- USD 1 394 022,68 937 593,94 0,34148 183,00

PDG REALTY SA EMPREENDIMENTOS E PARTICIPACOES

BRL 613 015,46 577 544,81 0,21

42 260,00

CYRELA BRAZIL REALTY SA EMPREENDIMENTOS E PARTICIPACOES

BRL 322 698,50 278 637,06 0,10

10 974,00 CIA HERING BRL 143 714,47 174 685,89 0,074 783,00 LOJAS RENNER SA BRL 68 209,06 126 187,34 0,057 620,00 ANHANGUERA EDUCACIONAL PARTICIPACOES SA BRL 127 082,00 112 241,39 0,04

10 498,00 LOJAS AMERICANAS SA -PFD- BRL 56 764,79 70 520,86 0,036 722,00 ROSSI RESIDENCIAL SA BRL 38 059,63 38 031,86 0,014 500,00 MRV ENGENHARIA E PARTICIPACOES SA BRL 24 204,38 25 859,25 0,012 600,00 B2W CIA GLOBAL DO VAREJO BRL 43 140,52 21 961,74 0,01

Telecommunication 2 111 647,07 2 296 844,34 0,8461 345,00 TELECOMUNICACOES DE SAO PAULO SA-ADR- USD 952 050,55 1 258 034,02 0,4659 737,00 TELE NORTE LESTE PARTICIPACOES SA -ADR- USD 761 652,40 640 989,90 0,248 800,00 TELE NORTE LESTE PARTICIPACOES SA -PFD- BRL 122 837,81 93 451,57 0,04

27 822,00 TIM PARTICIPACOES SA -PFD- BRL 52 313,45 93 139,46 0,0313 901,00 BRASIL TELECOM SA -PFD- BRL 84 699,09 92 456,13 0,032 175,00 TELEMAR NORTE LESTE SA -PFD- BRL 49 405,32 50 052,42 0,023 768,00 TELE NORTE LESTE PARTICIPACOES SA BRL 61 179,64 45 360,64 0,02

260,00 TIM PARTICIPACOES SA -ADR- USD 8 778,92 8 834,53 0,00373,00 BRASIL TELECOM SA -ADR- USD 8 053,92 7 381,45 0,00945,00 BRASIL TELECOM SA BRL 10 675,97 7 144,22 0,00

Computing and IT 446 542,48 470 329,75 0,1711 496,00 CIELO SA BRL 165 241,34 198 796,98 0,0714 900,00 REDECARD SA BRL 150 208,85 155 389,62 0,06

86





% ofNet Assets

9 095,00 TOTVS SA BRL 131 092,29 116 143,15 0,04

Health 353 506,94 336 589,52 0,1219 014,00 DIAGNOSTICOS DA AMERICA SA BRL 192 194,49 177 048,07 0,067 379,00 ODONTOPREV SA BRL 89 993,46 85 068,60 0,039 153,00 AMIL PARTICIPACOES SA BRL 71 318,99 74 472,85 0,03

KOREA 34 573 347,96 42 283 627,32 15,49

Computing and IT 8 724 790,16 9 049 909,18 3,329 940,00 SAMSUNG ELECTRONICS CO LTD KRW 5 136 607,76 5 502 094,48 2,02

42 268,00 HYNIX SEMICONDUCTOR INC KRW 670 325,01 730 631,69 0,271 827,00 SAMSUNG ELECTRONICS CO LTD -PFD- KRW 655 802,12 680 114,35 0,253 710,00 NHN CORP KRW 454 037,21 453 953,38 0,17

20 120,00 LG DISPLAY CO LTD KRW 505 019,71 400 542,53 0,153 087,00 SAMSUNG SDI CO LTD KRW 308 659,84 336 753,47 0,125 360,00 SAMSUNG ELECTRO-MECHANICS CO LTD KRW 432 543,99 327 229,18 0,121 356,00 NCSOFT CORP KRW 161 373,61 249 756,91 0,092 008,00 SK C&C CO LTD KRW 105 483,24 172 898,37 0,064 987,00 SEOUL SEMICONDUCTOR CO LTD KRW 143 648,15 97 988,16 0,031 283,00 LG INNOTEK CO LTD KRW 136 541,63 80 902,35 0,03

94,00 SAMSUNG ELECTRONICS CO LTD -GDR- USD 14 747,89 17 044,31 0,01

Consumer Retail 5 642 686,66 8 936 220,84 3,2717 143,00 HYUNDAI MOTOR CO KRW 1 678 295,66 2 669 177,47 0,988 475,00 HYUNDAI MOBIS KRW 1 143 449,19 2 191 957,02 0,80

33 094,00 KIA MOTORS CORP KRW 770 632,74 1 585 464,52 0,588 529,00 LG ELECTRONICS INC KRW 591 597,03 468 793,25 0,171 074,00 LOTTE SHOPPING CO LTD KRW 243 854,23 346 613,11 0,134 725,00 HYUNDAI MOTOR CO -PFD- KRW 155 557,22 251 754,47 0,098 450,00 HANKOOK TIRE CO LTD KRW 151 061,39 246 175,47 0,09

12 383,00 KANGWON LAND INC KRW 152 603,49 230 884,04 0,091 722,00 HYUNDAI DEPARTMENT STORE CO LTD KRW 131 883,97 190 078,53 0,073 511,00 HYUNDAI MOTOR CO -PFD- KRW 120 062,88 173 432,67 0,061 172,00 MANDO CORP KRW 112 174,70 169 202,98 0,066 070,00 WOONGJIN COWAY CO LTD KRW 147 193,02 150 116,21 0,06

660,07 SHINSEGAE CO LTD KRW 145 483,37 143 583,38 0,051 094,00 HYUNDAI WIA CORP KRW 98 837,77 118 987,72 0,04

Industries 5 831 706,37 7 470 268,10 2,744 831,00 HYUNDAI HEAVY INDUSTRIES CO LTD KRW 961 556,38 1 398 041,63 0,51

10 475,00 SAMSUNG C&T CORP KRW 365 036,56 564 225,75 0,212 842,00 SAMSUNG ENGINEERING CO LTD KRW 223 513,28 469 180,33 0,178 694,00 LG CORP KRW 384 281,78 465 479,64 0,17

14 141,00 SAMSUNG HEAVY INDUSTRIES CO LTD KRW 264 502,99 439 437,29 0,166 087,00 HYUNDAI ENGINEERING & CONSTRUCTION CO LTD KRW 267 863,43 345 209,67 0,13

10 360,00

DAEWOO SHIPBUILDING & MARINE ENGINEERING CO LTD

KRW 177 782,02 301 484,50 0,11

2 397,00 SK HOLDINGS CO LTD KRW 158 575,10 286 312,26 0,113 329,00 GS ENGINEERING & CONSTRUCTION CORP KRW 204 098,71 285 565,16 0,103 103,00 DAELIM INDUSTRIAL CO LTD KRW 162 617,29 258 143,06 0,094 091,00 SAMSUNG TECHWIN CO LTD KRW 260 610,13 246 578,22 0,094 578,00 KOREAN AIR LINES CO LTD KRW 183 931,08 207 763,55 0,081 667,00 HYUNDAI GLOVIS CO LTD KRW 141 900,42 184 547,11 0,078 350,00 HYUNDAI DEVELOPMENT CO KRW 168 306,31 167 310,30 0,064 171,00

DOOSAN HEAVY INDUSTRIES AND CONSTRUCTION CO LTD

KRW 193 844,08 163 369,55 0,06

2 251,00 LS CORP KRW 146 120,37 161 761,07 0,06717,00 KCC CORP KRW 149 740,53 156 663,74 0,06

9 440,00 DOOSAN INFRACORE CO LTD KRW 132 696,42 146 675,91 0,051 230,00 HYUNDAI MIPO DOCKYARD KRW 127 412,98 137 363,00 0,051 627,00 DOOSAN CORP KRW 126 305,28 134 299,16 0,053 433,00 S1 CORP KRW 121 498,42 122 017,38 0,042 369,00 LS INDUSTRIAL SYSTEMS CO LTD KRW 126 730,39 118 861,80 0,045 581,00 HYUNDAI MERCHANT MARINE CO LTD KRW 125 057,03 117 427,80 0,04

14 532,00 DAEWOO ENGINEERING & CONSTRUCTION CO LTD KRW 105 603,18 108 663,31 0,046 776,00 HANJIN SHIPPING CO LTD KRW 151 969,26 104 186,77 0,044 268,00 DAEWOO INTERNATIONAL CORP KRW 94 475,94 104 031,52 0,044 387,00

HANJIN HEAVY INDUSTRIES & CONSTRUCTION CO LTD

KRW 84 256,22 101 535,81 0,04

19 280,00 STX PAN OCEAN CO LTD KRW 143 487,12 95 362,13 0,04

87





% ofNet Assets

11 011,00 SK NETWORKS CO LTD KRW 77 933,67 78 770,68 0,03

Raw materials 5 048 338,97 6 525 514,48 2,396 705,00 POSCO KRW 2 211 960,85 1 990 277,65 0,734 818,00 LG CHEM LTD KRW 948 725,43 1 553 358,44 0,575 015,00 HYUNDAI STEEL CO KRW 281 961,60 417 205,10 0,154 378,00 CHEIL INDUSTRIES INC KRW 205 003,25 371 297,99 0,141 393,00 OCI CO LTD KRW 209 303,13 366 595,57 0,131 353,00 HONAM PETROCHEMICAL CORP KRW 112 888,03 357 820,65 0,139 222,00 HANWHA CHEM CORP KRW 116 941,30 299 115,13 0,11

885,00 KOREA ZINC CO LTD KRW 136 454,94 232 618,82 0,085 990,00 HANWHA CORP KRW 163 597,50 190 795,21 0,072 768,00 HYOSUNG CORP KRW 152 922,37 165 940,58 0,06

985,00 KOREA KUMHO PETROCHEMICAL KRW 140 824,51 156 872,52 0,064 801,00 DONGKUK STEEL MILL CO LTD KRW 69 725,53 131 320,93 0,051 094,00 LG CHEM LTD -PFD- KRW 119 814,62 119 341,85 0,043 090,00 HYUNDAI HYSCO KRW 97 136,95 104 024,91 0,044 680,00 KP CHEMICAL CORP KRW 81 078,96 68 929,13 0,03

Finance 5 886 965,66 6 153 688,66 2,2540 092,00 SHINHAN FINANCIAL GROUP CO LTD KRW 1 175 626,48 1 334 124,58 0,4935 017,00 KB FINANCIAL GROUP INC KRW 1 202 546,68 1 156 177,88 0,423 327,00 SAMSUNG FIRE & MARINE INSURANCE CO LTD KRW 418 406,02 534 170,65 0,20

18 364,00 HANA FINANCIAL GROUP INC KRW 401 534,63 443 457,15 0,164 814,00 SAMSUNG LIFE INSURANCE CO LTD KRW 342 009,41 295 765,72 0,11

26 487,00 WOORI FINANCE HOLDINGS CO LTD KRW 267 553,06 240 069,15 0,094 649,00 SAMSUNG SECURITIES CO LTD KRW 178 843,24 238 073,78 0,095 920,00 DONGBU INSURANCE CO LTD KRW 151 336,83 209 645,03 0,08

20 149,00 BS FINANCIAL GROUP INC KRW 168 218,62 198 277,13 0,0716 360,00 INDUSTRIAL BANK OF KOREA KRW 160 761,25 197 532,10 0,074 966,00 SAMSUNG CARD CO KRW 161 407,80 188 721,06 0,07

16 497,00 DGB FINANCIAL GROUP INC KRW 167 732,39 172 485,68 0,0625 842,00 KOREA EXCHANGE BANK KRW 233 656,65 159 439,00 0,0613 450,00 DAEWOO SECURITIES CO LTD KRW 187 349,35 157 607,33 0,0618 358,00 HYUNDAI SECURITIES CO KRW 158 047,85 141 432,06 0,055 949,00 KOREA INVESTMENT HOLDINGS CO LTD KRW 136 445,83 138 265,54 0,05

24 080,00 KOREA LIFE INSURANCE CO LTD KRW 132 943,86 120 974,48 0,044 000,00 MIRAE ASSET SECURITIES CO LTD KRW 136 132,26 118 345,50 0,049 550,00 WOORI INVESTMENT & SECURITIES CO LTD KRW 106 413,45 109 124,84 0,04

Basic Goods 1 381 531,11 1 577 697,77 0,589 891,00 KT&G CORP KRW 387 133,85 428 392,50 0,161 868,93 E-MART CO LTD KRW 279 928,47 290 388,93 0,11

956,00 LG HOUSEHOLD & HEALTH CARE LTD KRW 195 260,17 277 894,39 0,10330,00 AMOREPACIFIC CORP KRW 199 765,96 257 440,30 0,09929,00 CJ CHEILJEDANG CORP KRW 132 496,59 135 022,95 0,05106,00 LOTTE CONFECTIONERY CO LTD KRW 87 846,36 116 387,75 0,04969,00 HITE BREWERY CO LTD KRW 96 484,75 70 575,16 0,03157,00 HITE HOLDINGS CO LTD KRW 2 614,96 1 595,79 0,00

Energy 737 569,56 1 277 724,28 0,474 980,00 SK INNOVATION CO LTD KRW 400 977,23 670 607,22 0,253 838,00 S-OIL CORP KRW 191 793,87 350 347,99 0,134 933,00 GS HOLDINGS KRW 144 798,46 256 769,07 0,09

Multi-Utilities 589 921,10 516 647,52 0,1922 647,00 KOREA ELECTRIC POWER CORP KRW 469 493,69 409 796,30 0,154 528,00 KOREA GAS CORP KRW 120 427,41 106 851,22 0,04

Telecommunication 512 475,35 462 725,52 0,176 729,00 KT CORP KRW 184 640,77 176 869,16 0,061 460,00 SK TELECOM CO LTD KRW 159 939,98 152 178,84 0,06

34 997,00 LG UPLUS CORP KRW 167 894,60 133 677,52 0,05

Health 217 363,02 313 230,97 0,116 637,00 CELLTRION INC KRW 76 927,13 186 267,23 0,071 442,00 YUHAN CORP KRW 140 435,89 126 963,74 0,04

CHINA 27 820 448,87 27 496 889,66 10,08

Finance 10 748 565,93 9 671 404,01 3,554 059 353,00 INDUSTRIAL & COMMERCIAL BANK OF CHINA HKD 2 340 008,05 2 128 786,76 0,78

88





% ofNet Assets

3 436 758,00 CHINA CONSTRUCTION BANK CORP HKD 2 164 201,70 1 966 964,53 0,723 449 954,00 BANK OF CHINA LTD HKD 1 324 258,11 1 160 220,08 0,43

238 118,00 CHINA LIFE INSURANCE CO LTD HKD 813 963,83 562 032,88 0,21733 460,00 BANK OF COMMUNICATIONS CO LTD HKD 584 590,20 484 864,70 0,1863 571,00 PING AN INSURANCE GROUP CO HKD 415 799,48 453 244,75 0,17

702 455,00 CHINA MINSHENG BANKING CORP LTD HKD 463 298,26 446 915,61 0,16864 235,00 CHINA CITIC BANK CORP LTD HKD 445 551,83 371 930,21 0,14206 622,00 CHINA MERCHANTS BANK CO LTD HKD 390 193,89 344 684,91 0,1379 166,00 CHINA PACIFIC INSURANCE GROUP CO LTD HKD 231 437,78 226 545,94 0,08

566 576,00 AGRICULTURAL BANK OF CHINA LTD HKD 180 983,38 205 621,89 0,08434 357,00 EVERGRANDE REAL ESTATE GROUP LTD HKD 155 476,94 195 408,14 0,07126 880,00 AGILE PROPERTY HOLDINGS LTD HKD 132 916,15 135 777,67 0,05146 313,00 SHIMAO PROPERTY HOLDINGS LTD HKD 176 954,19 124 635,57 0,05198 588,00 SOHO CHINA LTD HKD 107 669,79 122 468,86 0,04399 203,00 COUNTRY GARDEN HOLDINGS CO HKD 110 329,86 121 145,63 0,04119 398,00 CHINA VANKE CO LTD HKD 111 809,36 109 124,47 0,04291 718,00 SINO-OCEAN LAND HOLDINGS LTD HKD 133 720,06 102 505,29 0,04225 564,00 CHONGQING RURAL COMMERCIAL BANK HKD 112 190,78 91 669,13 0,03288 768,00 SHUI ON LAND LTD HKD 95 224,18 87 375,83 0,0382 106,00 GREENTOWN CHINA HOLDINGS LTD HKD 69 214,29 54 350,25 0,0257 483,00 GUANGZHOU R&F PROPERTIES CO LTD -H- HKD 56 128,30 54 067,11 0,0254 491,00

SHANGHAI LUJIAZUI FINANCE & TRADE ZONE DEVELOPMENT CO LTD

USD 60 725,82 48 574,44 0,02

37 803,00 LONGFOR PROPERTIES CO LTD HKD 32 850,83 40 118,56 0,01243 206,00 RENHE COMMERCIAL HOLDINGS CO LTD HKD 39 068,87 32 370,80 0,01

Energy 5 321 370,39 6 220 922,56 2,281 789 229,00 CNOOC LTD HKD 2 350 694,54 2 883 165,91 1,061 343 916,00 CHINA PETROLEUM & CHEMICAL CORP HKD 853 399,37 933 730,94 0,34

841 462,00 PETROCHINA CO LTD HKD 755 097,45 849 698,07 0,31147 118,00 CHINA SHENHUA ENERGY CO LTD HKD 467 795,00 484 314,62 0,18160 841,00 YANZHOU COAL MINING CO LTD HKD 255 880,97 422 450,99 0,1576 003,00 INNER MONGOLIA YITAI COAL CO USD 317 920,33 310 519,64 0,11

142 512,00 CHINA OILFIELD SERVICES LTD HKD 130 624,78 179 061,64 0,07169 885,00 CHINA COAL ENERGY CO LTD HKD 189 957,95 157 980,75 0,06

Computing and IT 2 382 706,17 2 595 859,70 0,95103 024,00 TENCENT HOLDINGS LTD HKD 1 573 715,62 1 930 723,95 0,7180 455,00 ZTE CORP HKD 186 649,84 201 321,43 0,07

502 532,00 LENOVO GROUP LTD HKD 245 354,29 198 431,95 0,07136 943,00 ALIBABA.COM LTD HKD 228 649,87 150 677,84 0,06

2 051 881,00

SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORP

HKD 148 336,55 114 704,53 0,04

Raw materials 2 133 351,56 2 156 497,92 0,7987 366,00 ANHUI CONCH CEMENT CO LTD HKD 140 461,52 282 183,55 0,10

303 671,00 ANGANG STEEL CO LTD HKD 341 221,81 229 578,27 0,08163 918,00 CHINA NATIONAL BUILDING MATERIAL CO LTD HKD 185 903,16 221 957,10 0,0882 906,00 JIANGXI COPPER CO LTD HKD 135 439,32 190 166,66 0,07

299 046,00 ALUMINUM CORP OF CHINA LTD HKD 206 900,67 174 072,31 0,06448 794,00 ZIJIN MINING GROUP CO LTD HKD 193 638,59 155 310,03 0,06444 000,00 SINOPEC SHANGHAI PETROCHEMICAL CO LTD HKD 128 137,52 137 497,96 0,05138 384,00 CHINA SHANSHUI CEMENT GROUP LTD HKD 83 601,09 110 390,94 0,0474 638,00 ZHAOJIN MINING INDUSTRY CO LTD -H- HKD 105 319,58 105 966,32 0,04

161 500,00 FOSUN INTERNATIONAL LTD HKD 81 035,30 84 979,68 0,03147 337,00 CHINA BLUECHEMICAL LTD HKD 70 825,90 84 064,12 0,0377 000,00 BBMG CORP HKD 65 882,47 79 256,81 0,03

224 000,00 MAANSHAN IRON & STEEL HKD 99 408,85 71 554,74 0,03122 852,00 CHINA MOLYBDENUM CO LTD HKD 76 251,18 71 293,16 0,0375 826,00 CSG HOLDING CO LTD HKD 67 442,69 59 747,39 0,0292 440,00

HIDILI INDUSTRY INTERNATIONAL DEVELOPMENT LTD

HKD 68 563,18 55 203,02 0,02

142 604,00 CHINA ZHONGWANG HOLDINGS LTD HKD 83 318,73 43 275,86 0,02

Basic Goods 1 970 390,23 2 057 161,16 0,75103 773,00 HENGAN INTERNATIONAL GROUP CO LTD HKD 620 255,32 642 728,65 0,24706 126,00 WANT WANT CHINA HOLDINGS LTD HKD 428 648,25 473 060,86 0,17206 481,00 TINGYI CAYMAN ISLANDS HOLDING CORP HKD 376 319,57 440 639,11 0,16171 166,00 CHINA YURUN FOOD GROUP LTD HKD 392 466,67 332 620,86 0,1223 344,00 TSINGTAO BREWERY CO LTD HKD 87 300,05 93 109,25 0,0343 841,00 WUMART STORES INC HKD 65 400,37 75 002,43 0,03

89





% ofNet Assets

Industries 2 127 179,02 1 947 875,78 0,71175 500,00

CHANGSHA ZOOMLION HEAVY INDUSTRY SCIENCE AND TECHNOLOGY DEVELOPMENT CO LTD

HKD 226 632,28 230 787,98 0,09

47 600,00 WEICHAI POWER CO LTD HKD 136 267,32 191 756,75 0,0766 033,00 DONGFANG ELECTRIC CORP LTD HKD 148 652,06 169 042,03 0,06

124 116,00

CHINA INTERNATIONAL MARINE CONTAINERS GROUP CO LTD

HKD 115 676,69 141 079,78 0,05

333 902,00 SHANGHAI ELECTRIC GROUP CO LTD HKD 120 060,00 121 772,35 0,04481 750,00 CHINA SHIPPING CONTAINER LINES CO LTD HKD 127 962,70 112 425,63 0,04395 748,00 METALLURGICAL CORP OF CHINA LTD HKD 152 691,61 106 753,02 0,04162 306,00 CSR CORP LTD -H- HKD 90 221,88 105 278,53 0,04145 923,00 AIR CHINA LTD HKD 107 266,19 104 363,02 0,04171 713,00 CHINA COSCO HOLDINGS CO LTD HKD 152 991,21 92 639,16 0,0337 021,00 ZHUZHOU CSR TIMES ELECTRIC CO LTD HKD 104 617,06 86 231,38 0,0392 643,00

SANY HEAVY EQUIPMENT INTERNATIONAL HOLDING. CO LTD

HKD 76 060,30 72 998,42 0,03

100 344,00 JIANGSURESSWAY CO LTD HKD 63 723,21 64 018,89 0,02116 521,00 ZHEJIANGRESSWAY CO LTD HKD 76 217,60 60 588,43 0,02145 016,00

CHINA RONGSHENG HEAVY INDUSTRY GROUP CO LTD

HKD 105 698,52 60 478,59 0,02

151 253,00 CHINA SOUTHERN AIRLINES CO LTD HKD 82 749,05 56 100,68 0,0292 009,00 CHINA COMMUNICATIONS CONSTRUCTION CO LTD HKD 63 219,41 54 619,07 0,0290 078,00 CHINA NATIONAL MATERIALS CO LTD HKD 65 209,57 50 915,03 0,0283 007,00 CHINA RAILWAY GROUP LTD HKD 44 854,10 26 884,10 0,0134 383,00 CHINA RAILWAY CONSTRUCTION CORP LTD HKD 31 885,68 19 861,53 0,0130 391,00 CHINA SHIPPING DEVELOPMENT CO LTD HKD 34 522,58 19 281,41 0,01

Consumer Retail 2 059 753,75 1 786 294,59 0,66280 085,00 DONGFENG MOTOR GROUP CO LTD HKD 317 099,26 365 338,17 0,13193 121,00 ANTA SPORTS PRODUCTS LTD HKD 225 844,50 238 194,74 0,09230 320,00 PARKSON RETAIL GROUP LTD HKD 260 425,54 232 574,33 0,09128 984,00 GOLDEN EAGLE RETAIL GROUP LTD HKD 227 923,78 225 928,41 0,08181 500,00 LI NING CO LTD HKD 320 356,27 216 775,18 0,0871 237,00 BYD CO LTD HKD 363 324,29 158 975,97 0,06

185 344,00 GUANGZHOU AUTOMOBILE GROUP CO LTD HKD 160 549,25 156 239,20 0,0694 656,00 INTIME DEPARTMENT STORE GROUP CO LTD HKD 109 057,08 111 036,93 0,0471 520,00 GREAT WALL MOTOR CO LTD HKD 75 173,78 81 231,66 0,03

Telecommunication 310 239,38 377 187,59 0,14678 997,00 CHINA TELECOM CORP LTD HKD 246 255,51 303 659,07 0,11180 140,00 CHINA COMMUNICATIONS SERVICES CORP LTD HKD 63 983,87 73 528,52 0,03

Health 424 286,52 357 013,25 0,13170 172,00

SHANDONG WEIGAO GROUP MEDICAL POLYMER CO LTD

HKD 134 260,16 169 421,62 0,06

51 121,00 CHINA SHINEWAY PHARMACEUTICAL GROUP LTD HKD 128 133,41 69 947,40 0,03181 257,00 SIHUAN PHARMACEUTICAL HOLDINGS GROUP LTD HKD 81 061,72 59 026,73 0,0225 262,00 SINOPHARM GROUP CO HKD 80 831,23 58 617,50 0,02

Multi-Utilities 342 605,92 326 673,10 0,1261 180,00 ENN ENERGY HOLDINGS LTD HKD 108 163,50 143 318,17 0,05

375 021,00

DATANG INTERNATIONAL POWER GENERATION CO LTD

HKD 118 886,31 87 851,13 0,03

186 298,00 HUANENG POWER INTERNATIONAL INC HKD 80 294,63 67 611,31 0,0341 745,00 CHINA LONGYUAN POWER GROUP CORP HKD 35 261,48 27 892,49 0,01

RUSSIA 21 047 672,98 24 112 439,20 8,84

Energy 10 895 566,12 12 568 013,36 4,611 003 583,00 GAZPROM OAO USD 4 144 298,04 5 060 785,87 1,86

42 452,00 LUKOIL OAO USD 1 745 537,06 1 866 251,83 0,68180 093,00 ROSNEFT OIL CO USD 1 000 774,66 1 051 729,67 0,39231 267,00 TATNEFT USD 858 421,25 1 026 179,30 0,38

1 169 859,00 SURGUTNEFTEGAS OJSC USD 784 371,42 797 806,02 0,2986 938,00 NOVATEK OAO USD 602 822,57 741 697,42 0,277 062,00 NOVATEK OAO -GDR- USD 498 005,58 673 407,82 0,25

1 050 932,00 SURGUTNEFTEGAS OJSC -PFD- USD 357 169,98 362 938,79 0,13277,00 AK TRANSNEFT OAO -PFD- USD 276 852,90 275 707,82 0,10

4 917,00 LUKOIL OAO -ADR- USD 177 552,73 216 439,82 0,0815 955,00 TMK OAO -GDR- USD 201 226,78 205 462,42 0,0829 847,00 ROSNEFT OIL CO -GDR- USD 162 482,64 173 527,99 0,06

90





% ofNet Assets

11 554,00 GAZPROM OAO -ADR- USD 86 050,51 116 078,59 0,04

Raw materials 3 370 865,88 4 414 676,97 1,627 444,00 MMC NORILSK NICKEL OJSC USD 958 707,07 1 343 207,20 0,49

133 722,00 URALKALI USD 507 132,02 827 927,70 0,3130 848,00 MECHEL -ADR- USD 528 849,03 508 861,89 0,1914 898,00 NOVOLIPET STEEL USD 352 852,70 400 160,61 0,1530 158,00 SEVERSTAL OAO USD 240 879,02 382 676,02 0,148 282,00 POLYUS GOLD OJSC USD 310 668,28 356 324,79 0,13

21 039,00 POLYMETAL JSC USD 221 571,73 278 933,85 0,1062 841,00 RASPADSKAYA USD 218 574,93 254 605,79 0,093 426,00 MMC NORILSK NICKEL OJSC -ADR- USD 31 631,10 61 979,12 0,02

Finance 2 988 326,08 3 417 988,39 1,25893 191,00 SBERBANK OF RUSSIA USD 1 858 916,10 2 269 597,90 0,83

353 378 349,00 VTB BANK OJSC USD 771 524,97 751 287,90 0,27186 154,00 SBERBANK OF RUSSIA -PFD- USD 314 151,53 345 798,86 0,1312 052,00 VTB BANK OJSC -GDR- USD 43 733,48 51 303,73 0,02

Telecommunication 1 839 912,22 1 729 098,23 0,63123 000,00 MOBILE TELESYSTEMS OJSC USD 766 237,88 699 904,33 0,25606 199,00 SISTEMA JSFC USD 432 944,65 467 822,29 0,1732 758,00 MOBILE TELESYSTEMS OJSC -ADR- USD 495 779,13 430 214,12 0,167 391,00 SISTEMA JSFC -GDR- USD 144 950,56 131 157,49 0,05

Multi-Utilities 1 303 431,73 1 211 145,69 0,4419 675 543,00 FEDERAL HYDROGENERATING CO JSC USD 723 668,95 650 920,27 0,2442 891 263,00 FEDERAL GRID CO UNIFIED ENERGY SYSTEM JSC USD 364 952,11 394 573,24 0,14

179 570 070,00 INTER RAO UES OAO USD 214 810,67 165 652,18 0,06

Basic Goods 530 072,38 667 934,16 0,2527 856,00 MAGNIT OJSC -GDR- USD 466 318,31 603 763,47 0,22

690,00 MAGNIT OJSC USD 63 754,07 64 170,69 0,03

Industries 119 498,57 103 582,40 0,0418 989,00 LSR GROUP USD 119 498,57 103 582,40 0,04

TAIWAN 16 224 869,47 18 735 715,16 6,87

Computing and IT 9 947 652,73 10 488 460,07 3,841 765 632,00

TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD

TWD 2 501 198,45 3 085 703,22 1,13

54 828,00 HTC CORP TWD 824 641,29 1 329 371,49 0,49472 871,00 HON HAI PRECISION INDUSTRY CO LTD TWD 1 280 822,91 1 107 937,04 0,4151 402,00 MEDIATEK INC TWD 555 572,17 386 847,81 0,14

113 231,00 DELTA ELECTRONICS INC TWD 271 142,92 285 415,28 0,10765 219,00 UNITED MICROELECTRONICS CORP TWD 266 402,12 261 772,00 0,1012 157,00 TPK HOLDING CO LTD TWD 232 592,91 260 615,63 0,09

271 930,00 COMPAL ELECTRONICS INC TWD 253 330,12 229 132,57 0,0831 646,00 ASUSTEK COMPUTER INC TWD 190 518,63 217 273,84 0,08

453 349,00 AU OPTRONICS CORP TWD 348 441,72 212 765,89 0,08128 178,00 QUANTA COMPUTER INC TWD 171 341,08 209 855,54 0,08264 860,00 ADVANCED SEMICONDUCTOR ENGINEERING INC TWD 144 149,71 203 464,64 0,07132 711,00 ACER INC TWD 255 713,31 158 816,15 0,06115 351,00 E INK HOLDINGS INC TWD 176 777,93 152 302,36 0,0638 000,00 MSTAR SEMICONDUCTOR INC TWD 231 593,68 151 430,82 0,06

165 935,00 SILICONWARE PRECISION INDUSTRIES CO TWD 143 324,79 140 217,83 0,055 831,00 LARGAN PRECISION CO LTD TWD 59 325,42 136 760,35 0,05

28 879,00 CATCHER TECHNOLOGY CO LTD TWD 51 129,53 132 068,64 0,05259 512,00 CHIMEI INNOLUX CORP TWD 261 874,62 126 466,66 0,0540 228,00 FOXCONN TECHNOLOGY CO LTD TWD 92 835,76 122 646,38 0,0483 869,00 WISTRON CORP TWD 104 446,83 104 695,35 0,0460 301,00 SYNNEX TECHNOLOGY INTERNATIONAL CORP TWD 88 412,81 101 042,14 0,0432 861,00 TRIPOD TECHNOLOGY CORP TWD 71 604,29 94 663,95 0,0362 461,00 UNIMICRON TECHNOLOGY CORP TWD 62 767,25 75 722,14 0,03

175 048,00 MACRONIX INTERNATIONAL TWD 69 172,69 75 430,01 0,0330 824,00 POWERTECH TECHNOLOGY INC TWD 68 892,66 73 774,58 0,0331 772,00 NOVATEK MICROELECTRONICS CORP TWD 67 854,44 71 314,65 0,0330 741,00 SINO-AMERICAN SILICON PRODUCTS INC TWD 72 405,55 70 402,64 0,0374 326,00 LITE-ON TECHNOLOGY CORP TWD 68 220,16 68 159,55 0,0229 713,00 EPISTAR CORP TWD 68 298,58 62 413,30 0,0284 684,00 PEGATRON CORP TWD 82 074,56 60 988,11 0,02

91





% ofNet Assets

62 565,00 WINTEK CORP TWD 48 926,39 57 299,20 0,029 343,00 SIMPLO TECHNOLOGY CO LTD TWD 35 773,13 53 380,90 0,02

36 911,00 WPG HOLDINGS LTD TWD 42 138,39 42 975,42 0,02209 551,00 WINBOND ELECTRONICS CORP TWD 37 351,31 42 507,84 0,0234 595,00 CORETRONIC CORP TWD 36 110,17 37 995,05 0,0113 932,00 MOTECH INDUSTRIES INC TWD 37 626,97 37 960,50 0,0113 192,00 KINSUS INTERCONNECT TECHNOLOGY CORP TWD 23 871,21 37 844,36 0,01

344 656,00 HANNSTAR DISPLAY CORP TWD 55 158,93 35 660,36 0,0124 049,00 CLEVO CO TWD 32 381,29 32 330,14 0,0188 840,00 INVENTEC CO LTD TWD 34 115,12 32 203,87 0,0115 609,00 TRANSCEND INFORMATION INC TWD 34 101,51 31 588,23 0,01

166 102,00 CMC MAGNETICS CORP TWD 31 541,53 25 918,56 0,0119 054,00 CHICONY ELECTRONICS CO LTD TWD 30 368,11 25 843,85 0,01

290 287,00 POWERCHIP TECHNOLOGY CORP TWD 43 506,72 24 947,85 0,0113 877,00 CHENG UEI PRECISION INDUSTRY CO LTD TWD 20 007,28 24 785,12 0,01

110 933,00 INOTERA MEMORIES INC TWD 50 349,42 23 222,01 0,0169 573,00 QISDA CORP TWD 29 952,37 22 630,94 0,014 599,00 RICHTEK TECHNOLOGY CORP TWD 26 085,07 21 639,24 0,01

15 377,00 REALTEK SEMICONDUCTOR CORP TWD 27 386,74 19 896,79 0,0110 519,00 EVERLIGHT ELECTRONICS CO LTD TWD 23 132,98 19 747,12 0,013 479,00 PHISON ELECTRONICS CORP TWD 12 710,66 13 655,10 0,01

160 808,00 CHUNGHWA PICTURE TUBES TWD 36 951,33 13 318,32 0,0054 765,00 NANYA TECHNOLOGY CORP TWD 26 585,76 10 478,14 0,004 348,00 ADVANTECH CO LTD TWD 8 131,31 10 364,81 0,003 623,00 NAN YA PRINTED CIRCUIT BOARD CORP TWD 9 709,53 9 480,20 0,001 449,00 YOUNG FAST OPTOELECTRONICS CO LTD TWD 12 514,66 6 209,11 0,00

13 768,00

VANGUARD INTERNATIONAL SEMICONDUCTOR CORP

TWD 4 285,95 5 106,48 0,00

Finance 2 354 818,15 2 927 383,18 1,07394 770,00 CATHAY FINANCIAL HOLDING CO LTD TWD 454 394,95 421 248,62 0,15316 466,00 FUBON FINANCIAL HOLDING CO LTD TWD 260 212,61 341 870,92 0,13536 151,00 CHINATRUST FINANCIAL HOLDING CO LTD TWD 219 495,72 330 782,73 0,12476 935,00 MEGA FINANCIAL HOLDING CO LTD TWD 201 225,94 297 111,28 0,11432 720,00 YUANTA FINANCIAL HOLDING CO LTD TWD 199 795,37 208 797,65 0,08249 327,00 FIRST FINANCIAL HOLDING CO LTD TWD 105 980,27 145 444,79 0,05493 776,00 CHINA DEVELOPMENT FINANCIAL HOLDING CORP TWD 99 621,07 138 687,85 0,05228 509,00 CHANG HWA COMMERCIAL BANK TWD 84 780,07 133 300,62 0,05208 742,00 TAIWAN COOPERATIVE BANK TWD 89 639,22 117 259,57 0,04207 065,00 HUA NAN FINANCIAL HOLDINGS CO LTD TWD 87 343,50 111 843,77 0,04197 934,00 E.SUN FINANCIAL HOLDING CO LTD TWD 58 744,78 97 646,08 0,04315 529,00 SINOPAC FINANCIAL HOLDINGS CO LTD TWD 81 259,47 94 304,24 0,03283 420,00 SHIN KONG FINANCIAL HOLDING CO LTD TWD 78 018,64 84 027,23 0,0386 419,00 CHINA LIFE INSURANCE CO LTD TWD 50 784,74 81 220,11 0,03

174 001,00 TAISHIN FINANCIAL HOLDING CO LTD TWD 48 921,48 71 846,03 0,0331 990,00 HIGHWEALTH CONSTRUCTION CORP TWD 50 685,89 52 221,07 0,02

136 000,00 KGI SECURITIES CO LTD TWD 47 037,24 50 115,25 0,02159 328,00 TAIWAN BUSINESS BANK TWD 30 705,70 41 882,13 0,0274 439,00 POLARIS SECURITIES CO LTD TWD 27 501,85 37 794,92 0,0133 971,00 RUENTEX DEVELOPMENT CO LTD TWD 41 204,19 32 294,32 0,0174 131,00 CAPITAL SECURITIES CORP TWD 25 274,00 24 736,44 0,017 348,00 FARGLORY LAND DEVELOPMENT CO LTD TWD 12 191,45 12 947,56 0,00

Raw materials 2 070 400,63 2 827 377,73 1,04231 722,00 FORMOSA PLASTICS CORP TWD 366 277,44 589 651,92 0,22285 955,00 NAN YA PLASTICS CORP TWD 389 485,65 528 580,34 0,20604 571,00 CHINA STEEL CORP TWD 423 600,07 505 067,17 0,19187 282,00 FORMOSA CHEMICALS & FIBRE CORP TWD 302 396,92 472 071,65 0,17203 825,00 TAIWAN CEMENT CORP TWD 148 607,96 217 251,61 0,08116 932,00 ASIA CEMENT CORP TWD 81 943,12 118 178,39 0,04136 183,00 CHINA PETROCHEMICAL DEVELOPMENT CORP TWD 98 091,80 107 557,67 0,0442 044,00 TAIWAN FERTILIZER CO LTD TWD 100 697,79 91 040,19 0,0327 971,00 TSRC CORP TWD 26 991,96 58 284,13 0,0233 456,00 LCY CHEMICAL CORP TWD 54 535,85 53 168,52 0,0240 846,00 ETERNAL CHEMICAL CO LTD TWD 27 881,70 31 769,99 0,0137 671,00 TUNG HO STEEL ENTERPRISE CORP TWD 26 404,25 29 571,78 0,0120 331,00 FENG HSIN IRON & STEEL CO TWD 23 486,12 25 184,37 0,01

Industries 635 101,48 925 252,44 0,3447 000,00 HIWIN TECHNOLOGIES CORP TWD 200 516,50 336 794,33 0,12

161 884,00 FAR EASTERN NEW CENTURY CORP TWD 139 366,87 177 016,97 0,07

92





% ofNet Assets

52 924,00 TAIWAN GLASS INDUSTRIAL CORP TWD 33 083,86 64 414,44 0,02181 982,00 WALSIN LIHWA CORP TWD 53 808,69 62 690,67 0,02117 710,00 TECO ELECTRIC AND MACHINERY CO LTD TWD 37 978,38 57 928,17 0,02105 549,00 YANG MING MARINE TRANSPORT CORP TWD 32 644,47 55 110,71 0,0257 595,00 EVA AIRWAYS CORP TWD 26 214,77 40 856,85 0,0270 145,00 CHINA AIRLINES LTD TWD 28 101,19 32 920,47 0,0152 642,00 EVERGREEN MARINE CORP TAIWAN LTD TWD 22 474,28 29 318,58 0,0150 565,00 WAN HAI LINES LTD TWD 20 907,12 26 462,39 0,0117 246,00 U-MING MARINE TRANSPORT CORP TWD 24 268,90 25 585,83 0,0117 696,00

EVERGREEN INTERNATIONAL STORAGE & TRANSPORT CORP

TWD 10 667,67 10 471,64 0,01

8 669,00 CSBC CORP TAIWAN TWD 5 068,78 5 681,39 0,00

Telecommunication 455 889,84 589 339,61 0,22111 140,00 CHUNGHWA TELECOM CO LTD TWD 214 348,65 269 472,44 0,10115 218,00 TAIWAN MOBILE CO LTD TWD 158 254,46 213 254,05 0,0893 991,00 FAR EASTONE TELECOMMUNICATIONS CO LTD TWD 83 286,73 106 613,12 0,04

Consumer Retail 422 444,38 493 268,79 0,18134 872,00 POU CHEN CORP TWD 75 904,53 86 448,14 0,0337 234,00 CHENG SHIN RUBBER INDUSTRY CO LTD TWD 51 936,53 74 636,07 0,0339 318,00 YULON MOTOR CO LTD TWD 38 957,39 66 165,56 0,0237 003,00 FAR EASTERN DEPARTMENT STORES CO LTD TWD 30 373,88 50 721,91 0,0236 559,00 NAN KANG RUBBER TIRE CO LTD TWD 44 593,16 41 424,65 0,02

112 850,83 TATUNG CO LTD TWD 45 424,58 36 302,13 0,0176 774,00 TAINAN SPINNING CO LTD TWD 41 301,65 33 359,18 0,0146 156,00 CHINA MOTOR CORP TWD 32 502,63 33 130,04 0,0116 246,00 RUENTEX INDUSTRIES LTD TWD 25 685,77 26 637,27 0,018 799,00 GIANT MANUFACTURING CO LTD TWD 21 127,22 24 502,70 0,01

25 999,00 FORMOSA TAFFETA CO LTD TWD 14 637,04 19 941,14 0,01

Basic Goods 217 377,88 320 183,50 0,12195 062,00 UNI-PRESIDENT ENTERPRISES CORP TWD 156 702,53 197 141,18 0,0729 886,00 PRESIDENT CHAIN STORE CORP TWD 60 675,35 123 042,32 0,05

Energy 121 184,38 164 449,84 0,0667 160,00 FORMOSA PETROCHEMICAL CORP TWD 121 184,38 164 449,84 0,06

INDIA 13 992 006,43 14 293 311,91 5,24

Finance 3 468 681,16 3 803 158,18 1,4064 362,00 ICICI BANK LTD INR 926 857,80 1 091 381,28 0,4076 755,00 HOUSING DEVELOPMENT FINANCE CORP INR 675 670,67 836 064,22 0,3119 555,00 HDFC BANK LTD INR 575 514,13 757 542,96 0,2813 171,00 AXIS BANK LTD INR 240 367,15 267 054,87 0,104 346,00 STATE BANK OF INDIA INR 161 006,44 162 911,32 0,06

61 503,00 INFRASTRUCTURE DEVELOPMENT FINANCE CO LTD INR 188 394,31 128 642,13 0,0512 101,00 SHRIRAM TRANSPORT FINANCE CO LTD INR 132 211,99 122 721,96 0,0415 616,00 KOTAK MAHINDRA BANK LTD INR 95 527,27 114 496,02 0,0424 149,00 DLF LTD INR 127 467,02 82 395,97 0,0310 804,00 BANK OF INDIA INR 72 854,08 69 308,58 0,035 233,00 RELIANCE CAPITAL LTD INR 67 471,30 47 206,49 0,02

71 250,00 UNITECH LTD INR 92 133,18 36 029,68 0,0111 589,00 RURAL ELECTRIFICATION CORP LTD INR 52 917,40 35 476,04 0,013 316,00 BAJAJ FINSERV LTD INR 15 997,64 26 462,13 0,01

10 385,00 INDIABULLS REAL ESTATE LTD INR 31 169,70 18 730,02 0,012 514,00 HOUSING DEVELOPMENT & INFRASTRUCTURE LTD INR 12 669,79 6 412,85 0,00

36,00 RELIANCE CAPITAL -GDR- USD 451,29 321,66 0,00

Computing and IT 2 252 132,45 2 542 680,32 0,9336 777,00 INFOSYS TECHNOLOGIES LTD INR 1 599 548,78 1 671 286,70 0,6131 227,00 TATA CONSULTANCY SERVICES LTD INR 372 725,89 576 451,04 0,2137 015,00 WIPRO LTD INR 232 106,82 242 585,28 0,093 594,00 HCL TECHNOLOGIES LTD INR 18 331,87 27 620,22 0,01

18 857,00 SATYAM COMPUTER SERVICES LTD INR 29 419,09 24 737,08 0,01

Energy 2 773 434,38 2 367 336,92 0,87105 863,00 RELIANCE INDUSTRIES LTD INR 1 781 851,72 1 413 248,77 0,52161 734,00 OIL & NATURAL GAS CORP LTD INR 757 233,65 692 234,34 0,2544 000,00 COAL INDIA LTD INR 234 349,01 261 853,81 0,10

93





% ofNet Assets

Raw materials 1 555 974,60 1 498 608,07 0,5527 190,00 JINDAL STEEL & POWER LTD INR 292 513,94 274 041,12 0,1098 113,00 STERLITE INDUSTRIES INDIA LTD INR 290 394,58 258 477,78 0,0971 861,00 HINDALCO INDUSTRIES LTD INR 170 383,27 208 126,42 0,0819 064,00 TATA STEEL LTD INR 164 860,22 177 835,82 0,072 894,00 ASIAN PAINTS LTD INR 134 856,23 148 537,74 0,05

20 738,00 SESA GOA LTD INR 119 057,82 91 201,31 0,035 720,00 ULTRATECH CEMENT LTD INR 110 272,88 82 925,37 0,035 094,00 JSW STEEL LTD INR 73 884,29 69 629,07 0,03

28 546,00 STEEL AUTHORITY OF INDIA LTD INR 93 803,74 60 857,46 0,023 374,00 ACC LTD INR 40 404,78 49 915,08 0,02

22 218,00 AMBUJA CEMENTS LTD INR 32 731,41 44 545,04 0,0213 646,00 UNITED PHOSPHORUS LTD INR 32 811,44 32 515,86 0,01

Industries 1 177 424,71 1 152 866,94 0,4214 210,00 LARSEN & TOUBRO LTD INR 374 927,20 397 799,96 0,158 128,00 BHARAT HEAVY ELECTRICALS LTD INR 309 314,68 258 109,53 0,09

14 584,00 TATA MOTORS LTD INR 174 768,33 224 678,30 0,0840 790,00 MUNDRA PORT AND SPECIAL ECONOMIC ZONE LTD INR 96 466,36 102 564,80 0,0461 437,00 JAIPRAKASH ASSOCIATES LTD INR 130 354,32 77 406,94 0,035 214,00 ADANI ENTERPRISES LTD INR 52 787,49 56 673,07 0,021 840,00 ADITYA BIRLA NUVO LTD INR 23 021,69 25 776,19 0,01

12 924,00 SUZLON ENERGY LTD INR 15 784,64 9 858,15 0,00

Basic Goods 741 108,29 916 217,94 0,34149 068,00 ITC LTD INR 325 076,16 465 328,42 0,1758 126,00 HINDUSTAN UNILEVER LTD INR 242 385,57 303 158,95 0,1141 141,00 DABUR INDIA LTD INR 69 317,37 74 296,05 0,034 819,00 UNITED SPIRITS LTD INR 104 329,19 73 434,52 0,03

Multi-Utilities 867 422,57 770 116,03 0,28140 000,00 POWER GRID CORP OF INDIA LTD INR 223 618,51 239 055,63 0,0960 341,00 NTPC LTD INR 195 315,29 174 574,87 0,0624 951,00 GAIL INDIA LTD INR 182 493,67 174 187,12 0,065 640,00 TATA POWER CO LTD INR 123 970,46 113 976,52 0,046 321,00 RELIANCE INFRASTRUCTURE LTD INR 107 221,89 53 090,61 0,028 233,00 RELIANCE POWER LTD INR 33 953,34 14 785,00 0,01

18,00 RELIANCE INFRASTRUCTURE LTD-GDR- USD 849,41 446,28 0,00

Consumer Retail 585 824,86 635 386,24 0,2317 595,00 MAHINDRA & MAHINDRA LTD INR 168 609,97 188 522,06 0,075 262,00 HERO HONDA MOTORS LTD INR 144 415,99 154 779,66 0,064 326,00 BAJAJ AUTO LTD INR 55 153,03 95 351,94 0,034 459,00 MARUTI SUZUKI INDIA LTD INR 105 314,79 78 946,53 0,03

21 940,00 TITAN INDUSTRIES LTD INR 71 376,84 72 582,22 0,0321 530,00 ZEE ENTERTAINMENT ENTERPRISES LTD INR 40 954,24 44 366,10 0,012 691,00 ZEE LEARN LTD INR 0,00 837,73 0,00

Health 511 507,30 574 003,92 0,216 964,00 DR REDDY'S LABORATORIES LTD INR 123 554,97 164 687,90 0,06

19 135,00 SUN PHARMACEUTICAL INDUSTRIES LTD INR 95 780,81 147 587,70 0,0520 131,00 CIPLA LTD INR 104 514,15 101 923,10 0,0412 191,00 LUPIN LTD INR 103 015,25 84 729,79 0,035 682,00 RANBAXY LABORATORIES LTD INR 41 500,24 46 390,36 0,024 261,00 PIRAMAL HEALTHCARE LTD INR 40 811,15 26 011,50 0,01

320,00 RANBAXY LABORATORIES LTD -GDR- USD 2 330,73 2 673,57 0,00

Telecommunication 58 496,11 32 937,35 0,0121 823,00 RELIANCE COMMUNICATIONS LTD INR 58 496,11 32 937,35 0,01

HONG KONG 13 758 182,20 12 763 902,75 4,68

Telecommunication 4 975 295,36 4 713 796,75 1,73600 087,00 CHINA MOBILE LTD HKD 4 321 451,52 3 833 845,23 1,41632 448,00 CHINA UNICOM HONG KONG LTD HKD 653 843,84 879 951,52 0,32

Consumer Retail 2 560 608,30 2 508 136,99 0,92529 100,00 BELLE INTERNATIONAL HOLDINGS LTD HKD 587 867,27 769 962,32 0,28

2 131 428,00 GOME ELECTRICAL APPLIANCES HOLDING LTD HKD 583 700,34 588 191,73 0,22800 254,00 GEELY AUTOMOBILE HOLDINGS LTD HKD 279 042,30 215 868,51 0,08469 792,00 SKYWORTH DIGITAL HOLDINGS LTD HKD 238 249,30 194 675,08 0,07

94





% ofNet Assets

485 426,00 HENGDELI HOLDINGS LTD HKD 215 102,43 177 032,38 0,06804 174,00 CHINA DONGXIANG GROUP CO HKD 239 019,42 176 252,32 0,06756 056,00 BOSIDENG INTERNATIONAL HOLDINGS LTD HKD 205 334,09 161 010,08 0,06196 391,00 BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LTD HKD 130 160,87 153 004,41 0,06175 215,00 AVICHINA INDUSTRY & TECHNOLOGY CO LTD HKD 82 132,28 72 140,16 0,03

Finance 1 690 052,69 1 370 432,87 0,50335 255,00 CHINA OVERSEAS LAND & INVESTMENT LTD HKD 491 673,36 496 202,76 0,18164 931,00 CHINA EVERBRIGHT LTD HKD 305 297,40 217 474,81 0,08164 741,00 CHINA RESOURCES LAND LTD HKD 227 784,72 205 822,20 0,08119 929,00 CHINA TAIPING INSURANCE HOLDINGS CO LTD HKD 307 195,93 187 081,54 0,07187 928,00 POLY HONG KONG INVESTMENTS LTD HKD 130 516,74 85 378,66 0,03390 684,00 FRANSHION PROPERTIES CHINA LTD HKD 82 182,62 68 640,22 0,02141 759,00 KWG PROPERTY HOLDING LTD HKD 77 917,95 65 158,08 0,02342 496,00 YUEXIU PROPERTY CO LTD HKD 67 483,97 44 674,60 0,02

Industries 1 354 236,03 1 186 108,72 0,43132 028,00

CHINA MERCHANTS HOLDINGS INTERNATIONAL CO LTD

HKD 358 093,18 352 045,16 0,13

133 244,00 COSCO PACIFIC LTD HKD 134 177,32 161 741,56 0,0688 959,00 CITIC PACIFIC LTD HKD 147 827,30 153 294,64 0,0640 255,00 BEIJING ENTERPRISES HOLDINGS LTD HKD 195 581,40 144 843,35 0,0543 620,00 SHANGHAI INDUSTRIAL HOLDINGS LTD HKD 156 625,86 110 697,94 0,04

139 970,00

CHINA STATE CONSTRUCTION INTERNATIONAL HOLDINGS LTD

HKD 104 864,96 97 869,88 0,03

152 441,00 LONKING HOLDINGS LTD HKD 72 910,36 57 488,18 0,0272 000,00

CHINA HIGH SPEED TRANSMISSION EQUIPMENT GROUP CO LTD

HKD 113 223,71 54 943,81 0,02

164 662,00 BEIJING CAPITAL INTERNATIONAL AIRPORT CO LTD HKD 70 931,94 53 184,20 0,02

Basic Goods 1 096 842,11 1 037 106,23 0,38195 927,00 CHINA MENGNIU DAIRY CO LTD HKD 412 897,20 455 494,82 0,17143 687,00 CHINA RESOURCES ENTERPRISE LTD HKD 385 044,27 405 445,48 0,15158 378,00 CHINA AGRI-INDUSTRIES HOLDINGS LTD HKD 149 692,85 115 800,36 0,04200 966,00 CHAODA MODERN AGRICULTURE HOLDINGS LTD HKD 149 119,68 60 273,60 0,02

632,00 GLOBAL SWEETENERS HOLDINGS LTD HKD 88,11 91,97 0,00

Raw materials 765 201,52 613 072,72 0,23161 547,00 CHINA RESOURCES CEMENT HOLDINGS LTD HKD 92 513,09 104 929,56 0,04246 968,00

SHOUGANG FUSHAN INTERNATIONAL ENERGY GROUP LTD

HKD 131 088,50 104 093,15 0,04

129 072,00 HUABAO INTERNATIONAL HOLDINGS LTD HKD 122 155,69 81 087,36 0,03130 992,00 NINE DRAGONS PAPER HOLDINGS LTD HKD 147 734,69 78 690,32 0,03153 062,00 MINMETALS RESOURCES LTD HKD 76 052,33 77 959,16 0,03136 759,00 LEE & MAN PAPER MANUFACTURING LTD HKD 76 540,04 57 520,43 0,02185 689,00 SINOFERT HOLDINGS LTD HKD 72 469,24 56 515,58 0,0262 212,00 CHINA METAL RECYCLING HOLDINGS LTD HKD 46 647,94 52 277,16 0,02

Computing and IT 465 509,37 506 111,67 0,19859 711,00 GCL-POLY ENERGY HOLDINGS LTD HKD 257 019,13 307 429,40 0,1262 134,00 KINGBOARD CHEMICAL HOLDINGS LTD HKD 208 414,96 198 481,34 0,07

367,00

TCL COMMUNICATION TECHNOLOGY HOLDINGS LTD

HKD 75,28 200,93 0,00

Multi-Utilities 531 311,40 466 559,84 0,17242 224,00 CHINA RESOURCES POWER HOLDINGS CO LTD HKD 352 899,92 326 269,75 0,12215 904,00 GUANGDONG INVESTMENT LTD HKD 82 869,24 79 696,98 0,03218 168,00 CHINA GAS HOLDINGS LTD HKD 95 542,24 60 593,11 0,02

Energy 319 125,42 362 576,96 0,13305 391,00 KUNLUN ENERGY CO LTD HKD 319 125,42 362 576,96 0,13

SOUTH AFRICA 9 543 748,52 11 048 851,33 4,05

Raw materials 2 952 842,35 2 979 977,63 1,0942 647,00 IMPALA PLATINUM HOLDINGS LTD ZAR 773 551,99 794 850,25 0,2919 134,00 ANGLOGOLD ASHANTI LTD ZAR 601 253,35 558 835,74 0,207 423,00 ANGLO AMERICAN PLATINUM LTD ZAR 542 575,44 476 882,51 0,17

37 370,00 GOLD FIELDS LTD ZAR 373 316,17 379 195,59 0,1444 468,00 NORTHAM PLATINUM LTD ZAR 217 685,18 193 197,79 0,0715 884,00 HARMONY GOLD MINING CO LTD ZAR 115 935,84 146 161,62 0,052 840,00 KUMBA IRON ORE LTD ZAR 83 970,01 140 616,41 0,05

95





% ofNet Assets

3 887,00 AFRICAN RAINBOW MINERALS LTD ZAR 57 846,44 74 954,58 0,033 794,00 EXXARO RESOURCES LTD ZAR 33 801,42 69 268,35 0,036 940,00 ARCELORMITTAL SOUTH AFRICA LTD ZAR 65 208,76 56 079,47 0,02

13 354,00 SAPPI LTD ZAR 39 482,98 47 130,58 0,0215 469,00 PRETORIA PORTLAND CEMENT CO LTD ZAR 48 214,77 42 410,10 0,021 169,00 TRANS HEX GROUP LTD ZAR 0,00 394,64 0,00

Finance 2 362 656,11 2 619 705,41 0,9663 871,00 STANDARD BANK GROUP LTD ZAR 652 856,28 653 199,29 0,24

145 219,00 FIRSTRAND LTD ZAR 261 848,10 294 887,42 0,1183 509,00 AFRICAN BANK INVESTMENTS LTD ZAR 344 247,09 294 046,79 0,11

101 977,00 SANLAM LTD ZAR 228 178,27 287 510,52 0,1019 997,00 REMGRO LTD ZAR 178 633,95 228 297,59 0,0816 330,00 ABSA GROUP LTD ZAR 204 403,05 225 206,33 0,08

118 749,00 MMI HOLDINGS LTD ZAR 174 138,41 206 393,32 0,0842 083,00 GROWTHPOINT PROPERTIES LTD ZAR 53 535,20 78 825,61 0,034 896,00 NEDBANK GROUP LTD ZAR 53 957,64 73 375,54 0,03

84 451,00 REDEFINE PROPERTIES LTD ZAR 55 214,42 67 818,28 0,0215 946,00 DISCOVERY HOLDINGS LTD ZAR 44 997,32 62 885,20 0,0220 367,00 RMB HOLDINGS LTD ZAR 35 821,83 55 526,02 0,026 831,00 LIBERTY HOLDINGS LTD ZAR 41 657,17 50 244,15 0,02

20 367,00 RMI HOLDINGS ZAR 19 441,71 25 731,57 0,012 761,00 INVESTEC LTD ZAR 13 725,67 15 757,78 0,01

Telecommunication 1 074 510,13 1 480 661,64 0,5489 838,00 MTN GROUP LTD ZAR 970 625,74 1 322 492,33 0,4812 337,00 VODACOM GROUP LTD ZAR 60 431,38 105 950,39 0,0413 871,00 TELKOM SA LTD ZAR 43 453,01 52 218,92 0,02

Energy 860 005,87 1 120 607,74 0,4130 772,00 SASOL LTD ZAR 860 005,87 1 120 607,74 0,41

Consumer Retail 766 074,36 1 113 224,30 0,4120 885,00 NASPERS LTD ZAR 582 119,85 816 043,46 0,3044 460,00 STEINHOFF INTERNATIONAL HOLDINGS LTD ZAR 78 245,99 104 563,65 0,0410 981,00 TRUWORTHS INTERNATIONAL LTD ZAR 42 723,91 82 330,15 0,034 285,00 IMPERIAL HOLDINGS LTD ZAR 31 244,31 53 150,20 0,02

11 056,00 WOOLWORTHS HOLDINGS LTD ZAR 18 372,39 33 647,85 0,012 603,00 FOSCHINI GROUP LTD ZAR 13 367,91 23 488,99 0,01

Basic Goods 576 538,35 688 418,58 0,2527 521,00 SHOPRITE HOLDINGS LTD ZAR 185 255,23 286 605,34 0,109 076,00 TIGER BRANDS LTD ZAR 145 127,36 183 372,36 0,07

14 402,00 SPAR GROUP LTD ZAR 155 730,63 132 951,79 0,054 993,00 MASSMART HOLDINGS LTD ZAR 78 115,92 71 407,04 0,023 317,00 PICK N PAY STORES LTD ZAR 12 309,21 14 082,05 0,01

Industries 479 765,56 545 145,53 0,2017 691,00 BIDVEST GROUP LTD ZAR 219 831,65 272 371,20 0,1020 549,00 BARLOWORLD LTD ZAR 147 084,36 144 837,90 0,0517 461,00 AVENG LTD ZAR 59 820,92 63 947,63 0,039 499,00 REUNERT LTD ZAR 49 286,42 59 402,48 0,026 593,00 EQSTRA HOLDINGS LTD ZAR 3 742,21 4 586,32 0,00

Health 471 355,79 501 110,50 0,1932 451,00 ASPEN PHARMACARE HOLDINGS LTD ZAR 277 886,32 278 855,79 0,1072 550,00 LIFE HEALTHCARE GROUP HOLDINGS LTD ZAR 124 106,19 130 549,60 0,0543 417,00 NETCARE LTD ZAR 51 095,52 66 622,87 0,034 127,00 ADCOCK INGRAM HOLDINGS LTD ZAR 18 267,76 25 082,24 0,01

POLAND 6 079 903,17 6 143 479,92 2,25

Finance 2 668 967,24 2 549 596,80 0,9478 765,00

POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SA

PLN 889 552,58 837 756,68 0,31

16 912,00 BANK PEKAO SA PLN 739 899,53 694 674,17 0,267 163,00 POWSZECHNY ZAKLAD UBEZPIECZEN SA PLN 687 877,41 680 239,04 0,251 144,00 BRE BANK SA PLN 88 054,85 94 416,03 0,03

25 424,00 GETIN HOLDING SA PLN 86 187,18 82 282,99 0,0312 703,00 GLOBE TRADE CENTRE SA PLN 66 987,02 59 834,90 0,022 522,00 BANK HANDLOWY W WARSZAWIE SA PLN 62 253,48 55 564,79 0,02

32 781,00 BANK MILLENNIUM SA PLN 48 155,19 44 828,20 0,02

96





% ofNet Assets

Energy 924 552,87 988 762,03 0,3649 750,00 POLSKI KONCERN NAFTOWY ORLEN SA PLN 622 312,90 651 986,75 0,24

262 108,00

POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA

PLN 246 966,86 279 445,88 0,10

5 014,00 GRUPA LOTOS SA PLN 55 273,11 57 329,40 0,02

Raw materials 826 698,84 978 468,27 0,3618 091,00 KGHM POLSKA MIEDZ SA PLN 747 720,12 902 535,17 0,3358 793,00 SYNTHOS SA PLN 78 978,72 75 933,10 0,03

Multi-Utilities 916 107,89 934 941,99 0,34106 293,00 PGE SA PLN 625 843,57 645 489,49 0,24148 460,00 TAURON POLSKA ENERGIA SA PLN 235 608,86 247 383,47 0,09

9 229,00 ENEA SA PLN 54 655,46 42 069,03 0,01

Telecommunication 598 215,99 552 360,94 0,20130 922,00 TELEKOMUNIKACJA POLSKA SA PLN 598 215,99 552 360,94 0,20

Consumer Retail 80 238,39 79 207,12 0,0311 885,00 TVN SA PLN 52 198,02 48 908,90 0,027 251,00 CYFROWY POLSAT SA PLN 28 040,37 30 298,22 0,01

Computing and IT 65 121,95 60 142,77 0,024 792,00 ASSECO POLAND SA PLN 65 121,95 60 142,77 0,02

MEXICO 5 251 000,34 5 947 735,74 2,18

Telecommunication 2 556 576,75 2 580 371,18 0,952 495 050,00 AMERICA MOVIL SAB DE CV MXN 2 325 076,53 2 336 306,96 0,86

3 617,00 AMERICA MOVIL SAB DE CV -ADR- USD 117 647,74 134 565,23 0,05190 478,00 TELEFONOS DE MEXICO SAB DE CV MXN 113 852,48 109 498,99 0,04

Basic Goods 1 070 637,43 1 439 081,79 0,53245 831,00 WAL-MART DE MEXICO SAB DE CV MXN 403 294,06 505 399,15 0,1996 000,00 FOMENTO ECONOMICO MEXICANO SAB DE CV MXN 308 243,59 442 576,72 0,1633 479,00 ARCA CONTINENTAL SAB DE CV MXN 107 527,72 164 780,45 0,0625 632,00 GRUPO MODELO SAB DE CV MXN 102 852,96 107 109,20 0,0419 039,00 KIMBERLY-CLARK DE MEXICO SAB DE CV MXN 58 510,10 86 926,86 0,0312 700,00 COCA-COLA FEMSA SAB DE CV MXN 52 764,71 81 828,90 0,0331 384,00 GRUPO BIMBO SAB DE CV MXN 37 444,29 50 460,51 0,02

Raw materials 633 921,18 804 364,85 0,30167 229,00 GRUPO MEXICO SAB DE CV MXN 276 570,86 384 436,78 0,14415 839,00 CEMEX SAB DE CV MXN 287 990,63 247 922,97 0,09

2 952,00 INDUSTRIAS PENOLES SAB DE CV MXN 42 150,24 77 211,72 0,0318 188,00 MEXICHEM SAB DE CV MXN 27 209,45 50 866,11 0,0213 300,00 MINERA FRISCO SAB DE CV MXN 0,00 43 927,27 0,02

Consumer Retail 638 847,64 691 778,32 0,25104 203,00 GRUPO TELEVISA SA MXN 296 432,75 355 586,65 0,13173 354,00 URBI DESARROLLOS URBANOS SAB DE CV MXN 275 476,66 263 931,69 0,10

2 023,00 GRUPO ELEKTRA SA DE CV MXN 66 938,23 72 259,98 0,02

Finance 237 107,17 257 234,11 0,0935 611,00 GRUPO FINANCIERO BANORTE SAB DE CV MXN 86 627,14 112 487,67 0,0421 559,00 BANCO COMPARTAMOS SA DE CV MXN 131 033,18 104 769,78 0,048 622,00 GRUPO FINANCIERO INBURSA SA MXN 19 446,85 30 612,65 0,01

13 300,00 INMUEBLES CARSO SAB DE CV MXN 0,00 9 364,01 0,00

Industries 113 910,17 174 905,49 0,068 553,00 ALFA SAB DE CV MXN 39 180,16 88 173,17 0,03

19 729,00 GRUPO AEROPORTUARIO DEL PACIFICO SAB DE CV MXN 43 043,84 56 204,72 0,0213 300,00 GRUPO CARSO SAB DE CV MXN 31 686,17 30 527,60 0,01

MALAYSIA 4 150 029,14 5 166 451,18 1,89

Finance 1 433 971,75 1 830 125,24 0,67296 685,00 CIMB GROUP HOLDINGS BHD MYR 460 059,39 607 767,28 0,22239 993,00 MALAYAN BANKING BHD MYR 402 779,92 492 733,26 0,1864 000,00 PUBLIC BANK BHD MYR 166 675,48 194 970,24 0,07

123 750,00 AMMB HOLDINGS BHD MYR 138 874,61 185 090,05 0,0726 500,00 HONG LEONG BANK BERHAD MYR 52 945,76 82 067,26 0,03

97





% ofNet Assets

100 044,00 UEM LAND HOLDINGS BHD MYR 65 228,07 64 030,30 0,0249 522,00 SP SETIA BHD MYR 30 988,25 47 713,11 0,0262 104,00 ALLIANCE FINANCIAL GROUP BHD MYR 38 763,55 45 304,04 0,0220 092,00 RHB CAPITAL BHD MYR 27 031,36 42 173,00 0,0211 634,00 HONG LEONG FINANCIAL GROUP BERHAD MYR 20 554,58 35 121,67 0,0116 621,00 BURSA MALAYSIA BHD MYR 28 317,43 29 663,82 0,01

740,00 PUBLIC BANK BHD MYR 642,80 2 257,74 0,001 900,00 IJM LAND BHD MYR 1 110,55 1 233,47 0,00

Industries 938 009,76 1 103 120,68 0,40203 644,00 SIME DARBY BHD MYR 380 413,35 433 520,72 0,1684 500,00 MISC BHD MYR 167 086,91 145 187,36 0,05

114 300,00 PLUS EXPRESSWAYS BHD MYR 96 176,34 118 515,44 0,04115 179,00 GAMUDA BHD MYR 62 831,86 104 366,39 0,0447 076,00

MALAYSIA MARINE AND HEAVY ENGINEERING HOLDINGS BHD

MYR 79 784,98 90 712,91 0,03

50 400,00 IJM CORP BHD MYR 46 885,25 75 382,13 0,0344 206,00 MALAYSIA AIRPORTS HOLDINGS BHD MYR 66 987,24 66 929,17 0,0263 500,00 AIRASIA BHD MYR 18 439,78 52 877,46 0,0254 209,00 BERJAYA CORP BHD MYR 18 851,32 14 922,55 0,013 500,00

MALAYSIAN AIRLINE SYSTEM BHD -PFD- 30/10/2012

MYR 552,73 706,55 0,00

Basic Goods 547 113,47 644 222,54 0,24251 523,00 IOI CORP BHD MYR 296 496,41 305 804,48 0,1133 900,00 KUALA LUMPUR KEPONG BHD MYR 116 069,92 172 796,13 0,0622 300,00 PPB GROUP BHD MYR 74 514,04 90 443,51 0,036 000,00 BRITISH AMERICAN TOBACCO MALAYSIA BHD MYR 52 491,22 64 277,41 0,036 000,00 GENTING PLANTATIONS BHD MYR 7 541,88 10 901,01 0,01

Consumer Retail 293 578,90 451 130,09 0,17128 313,00 GENTING BHD MYR 203 651,56 325 548,77 0,12115 400,00 GENTING MALAYSIA BHD MYR 66 311,09 95 830,70 0,0418 964,00 BERJAYA SPORTS TOTO BHD MYR 16 023,50 19 489,39 0,017 345,00 PARKSON HOLDINGS BHD MYR 7 592,75 10 261,23 0,00

Telecommunication 326 297,39 438 622,39 0,16132 175,00 AXIATA GROUP BHD MYR 95 389,07 152 513,25 0,06107 937,00 MAXIS BHD MYR 125 476,02 135 440,31 0,0518 500,00 DIGI.COM BHD MYR 89 349,22 124 005,86 0,0429 500,00 TELEKOM MALAYSIA BHD MYR 16 083,08 26 662,97 0,01

Multi-Utilities 385 671,35 416 677,07 0,15184 678,00 TENAGA NASIONAL BHD MYR 283 983,32 285 538,93 0,1119 200,00 PETRONAS GAS BHD MYR 38 452,30 58 402,98 0,02

111 745,00 YTL CORP BHD MYR 33 417,17 39 732,88 0,0166 297,00 YTL POWER INTERNATIONAL BHD MYR 29 818,56 33 002,28 0,01

Raw materials 219 497,73 270 364,30 0,10150 000,00 PETRONAS CHEMICALS GROUP BHD MYR 201 026,38 246 373,82 0,0914 000,00 LAFARGE MALAYAN CEMENT BHD MYR 18 471,35 23 990,48 0,01

Energy 5 888,79 12 188,87 0,003 288,00 PETRONAS DAGANGAN BHD MYR 5 888,79 12 188,87 0,00

INDONESIA 3 535 115,02 4 450 719,92 1,63

Finance 764 968,64 1 075 951,78 0,39743 536,00 BANK CENTRAL ASIA IDR 334 347,38 468 614,68 0,17604 622,00 BANK RAKYAT INDONESIA PERSERO IDR 223 044,34 327 324,14 0,12433 869,00 BANK MANDIRI IDR 193 881,70 255 917,96 0,09532 500,00 BANK INTERNASIONAL INDONESIA IDR 13 695,22 24 095,00 0,01

Energy 572 444,35 776 149,53 0,281 889 900,00 BUMI RESOURCES IDR 333 335,76 458 120,12 0,17

70 037,00 TAMBANG BATUBARA BUKIT ASAM TBK PT IDR 94 160,41 119 972,77 0,04554 242,00 ADARO ENERGY TBK PT IDR 88 581,92 111 958,93 0,0423 758,00 INDO TAMBANGRAYA MEGAH PT IDR 56 366,26 86 097,71 0,03

Consumer Retail 441 971,36 714 227,37 0,26134 848,00 ASTRA INTERNATIONAL IDR 441 971,36 714 227,37 0,26

98





% ofNet Assets

Basic Goods 375 602,43 479 828,99 0,1831 258,00 GUDANG GARAM TBK PT IDR 85 848,18 126 284,62 0,0486 190,00 UNILEVER INDONESIA TBK PT IDR 90 751,13 104 115,97 0,04

214 722,00 INDOFOOD SUKSES MAKMUR TBK PT IDR 57 875,62 104 099,13 0,04610 080,00 CHAROEN POKPHAND INDONESIA TBK PT IDR 98 650,02 99 823,11 0,0424 223,00 ASTRA AGRO LESTARI IDR 42 477,48 45 506,16 0,02

Telecommunication 545 880,99 465 850,31 0,17632 237,00 TELEKOMUNIKASI INDONESIA TBK PT IDR 444 048,72 367 816,91 0,13169 928,00 XL AXIATA TBK PT IDR 88 977,42 84 442,16 0,0333 308,00 INDOSAT TBK PT IDR 12 854,85 13 591,24 0,01

Raw materials 316 047,60 350 933,24 0,13216 072,00 SEMEN GRESIK PERSERO TBK PT IDR 158 348,89 171 970,52 0,0681 963,00 INDOCEMENT TUNGGAL PRAKARSA TBK PT IDR 99 912,94 114 573,25 0,04

136 222,00 INTERNATIONAL NICKEL INDONESIA TBK PT IDR 43 307,27 49 806,40 0,0285 943,00 ANEKA TAMBANG TBK PT IDR 14 478,50 14 583,07 0,01

Multi-Utilities 261 939,24 272 436,53 0,10832 513,00 PERUSAHAAN GAS NEGARA PT IDR 261 939,24 272 436,53 0,10

Industries 148 733,50 210 944,09 0,08106 557,00 UNITED TRACTORS TBK PT IDR 148 733,50 210 944,09 0,08

Health 107 526,91 104 398,08 0,04374 502,00 KALBE FARMA TBK PT IDR 107 526,91 104 398,08 0,04

CHILE 2 870 781,42 3 111 437,67 1,14

Multi-Utilities 1 326 142,71 1 372 851,86 0,5015 996,00 EMPRESA NACIONAL DE ELECTRICIDAD SA-ADR- USD 610 215,44 630 783,49 0,2330 756,00 ENERSIS SA -ADR- USD 446 810,09 490 567,30 0,18

465 037,00 ENERSIS SA CLP 162 285,09 148 562,20 0,0553 077,00 E.CL SA CLP 106 825,58 102 930,34 0,04

20,00 AES GENER SA CLP 6,51 8,53 0,00

Finance 572 393,99 616 054,85 0,237 972,00 BANCO SANTANDER CHILE -ADR- USD 480 164,94 516 384,49 0,19

5 534 736,00 CORPBANCA CLP 71 456,07 60 372,86 0,02855,00 BANCO DE CREDITO E INVERSIONES CLP 20 772,98 39 297,50 0,02

Raw materials 421 119,42 518 282,21 0,196 725,00 EMPRESAS CMPC SA CLP 227 544,96 248 259,72 0,095 170,00 SOCIEDAD QUIMICA Y MINERA DE CHILE SA CLP 169 997,40 232 569,15 0,091 134,00 CAP SA CLP 23 577,06 37 453,34 0,01

Industries 336 535,34 365 640,76 0,1325 861,00 EMPRESAS COPEC SA CLP 321 211,99 339 007,91 0,121 346,00 LAN AIRLINES SA CLP 15 323,35 26 632,85 0,01

Basic Goods 214 589,96 238 607,99 0,0944 464,00 CENCOSUD SA CLP 203 080,12 221 325,05 0,081 000,00 EMBOTELLADORA ANDINA SA -ADR- USD 11 509,84 17 282,94 0,01

TURKEY 2 512 223,25 2 358 259,68 0,86

Finance 1 511 720,19 1 354 165,19 0,50144 780,00 TURKIYE GARANTI BANKASI AS TRY 479 891,05 456 830,88 0,1768 696,00 AKBANK TAS TRY 259 523,75 220 882,74 0,0885 302,00 TURKIYE IS BANKASI TRY 202 325,86 182 119,99 0,0724 777,00 TURKIYE HALK BANKASI AS TRY 141 349,91 129 060,72 0,0569 271,00 YAPI VE KREDI BANKASI AS TRY 145 004,34 121 165,98 0,0458 011,00 TURKIYE VAKIFLAR BANKASI TAO TRY 108 809,48 91 273,66 0,0362 240,00

EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI AS

TRY 76 107,73 73 112,09 0,03

16 430,00 HACI OMER SABANCI HOLDING AS TRY 52 730,00 48 038,67 0,0229 208,00 ASYA KATILIM BANKASI AS TRY 45 978,07 31 680,46 0,01

Telecommunication 286 874,27 292 393,56 0,1141 383,00 TURK TELEKOMUNIKASYON AS TRY 115 138,29 152 222,32 0,0637 495,00 TURKCELL ILETISIM HIZMETLERI AS TRY 171 735,98 140 171,24 0,05

99





% ofNet Assets

Basic Goods 225 436,91 244 354,13 0,096 668,00 BIM BIRLESIK MAGAZALAR AS TRY 141 442,18 150 795,06 0,065 557,00 ANADOLU EFES BIRACILIK VE MALT SANAYII AS TRY 50 405,42 52 293,05 0,024 019,00 COCA-COLA ICECEK AS TRY 33 589,31 41 266,02 0,01

Industries 238 852,11 217 753,99 0,0816 061,00 TAV HAVALIMANLARI HOLDING AS TRY 55 068,85 56 048,77 0,0228 933,00 TURK HAVA YOLLARI TRY 65 741,83 52 717,09 0,0217 369,00 KOC HOLDING AS TRY 53 593,73 51 975,58 0,0222 645,78 ENKA INSAAT VE SANAYI AS TRY 56 604,00 48 057,54 0,023 730,00 TEKFEN HOLDING AS TRY 7 843,70 8 955,01 0,00

Consumer Retail 107 971,94 98 096,02 0,0338 755,00 TURKIYE SISE VE CAM FABRIKALARI AS TRY 63 174,32 58 982,77 0,0210 992,00 ARCELIK AS TRY 44 797,62 39 113,25 0,01

Energy 77 267,01 81 987,10 0,034 805,00 TUPRAS TURKIYE PETROL RAFINERILERI AS TRY 77 267,01 81 987,10 0,03

Raw materials 64 100,82 69 509,69 0,0239 163,00 EREGLI DEMIR VE CELIK FABRIKALARI TAS TRY 64 100,82 69 509,69 0,02

THAILAND 1 534 139,29 1 994 415,18 0,73

Energy 490 979,05 666 830,33 0,2426 500,00 PTT PCL THB 137 664,54 199 505,81 0,0735 200,00 PTTLORATION & PRODUCTION PCL THB 109 245,13 135 270,67 0,056 550,00 BANPU PCL THB 83 337,27 105 394,80 0,04

53 800,00 THAI OIL PCL THB 54 704,99 90 074,82 0,03604 000,00 IRPC PCL THB 59 900,60 72 619,89 0,0375 900,00 PTT AROMATICS & REFINING PCL THB 46 126,52 63 964,34 0,02

Finance 492 212,25 662 962,68 0,2447 800,00 KASIKORNBANK PCL THB 96 588,04 134 277,36 0,0533 900,00 BANGKOK BANK PCL THB 95 661,25 120 370,94 0,0447 244,00 SIAM COMMERCIAL BANK PCL THB 90 110,14 117 851,34 0,04

126 753,00 BANK OF AYUDHYA PCL THB 57 565,70 81 183,54 0,0320 900,00 BANGKOK BANK PCL THB 50 549,97 74 445,84 0,0325 118,00 KASIKORNBANK PCL THB 52 496,19 69 431,26 0,03

154 800,00 KRUNG THAI BANK PCL THB 49 240,96 65 402,40 0,02

Raw materials 247 800,52 286 941,36 0,1113 200,00 SIAM CEMENT PCL THB 73 661,47 121 031,65 0,05

103 126,00 INDORAMA VENTURES PCL THB 127 485,25 107 767,05 0,0417 600,00 PTT CHEMICAL PCL THB 46 653,80 58 142,66 0,02

Basic Goods 95 018,35 151 621,46 0,06132 704,00 CHAROEN POKPHAND FOODS PCL THB 51 610,55 87 977,36 0,0364 000,00 CP ALL PCL THB 43 407,80 63 644,10 0,03

Telecommunication 69 978,30 82 940,66 0,0335 487,00 ADVANCED INFO SERVICE PCL THB 69 978,30 82 940,66 0,03

Consumer Retail 49 186,40 77 005,31 0,0399 320,00 BEC WORLD PCL THB 49 186,40 77 005,31 0,03

Industries 70 164,37 34 875,64 0,0153 513,00 THAI AIRWAYS INTERNATIONAL PCL THB 70 164,37 34 875,64 0,01

Multi-Utilities 18 800,05 31 237,74 0,0127 800,00 GLOW ENERGY PCL THB 18 800,05 31 237,74 0,01

PHILIPPINES 1 476 406,33 1 560 843,45 0,57

Finance 494 868,25 556 148,96 0,20606 100,00 AYALA LAND INC PHP 153 484,08 153 153,10 0,06157 223,00 BANK OF THE PHILIPPINE ISLANDS PHP 140 172,29 149 106,02 0,05570 553,00 SM PRIME HOLDINGS INC PHP 106 659,22 107 671,91 0,0447 388,00 METROPOLITAN BANK & TRUST PHP 31 566,05 53 884,32 0,029 950,00 AYALA CORP PHP 36 574,24 51 080,19 0,02

46 900,00 BANCO DE ORO UNIBANK INC PHP 26 412,37 41 253,42 0,01

100





% ofNet Assets

Industries 476 664,70 481 685,50 0,18360 000,00 ABOITIZ EQUITY VENTURES INC PHP 239 934,99 241 523,22 0,0920 760,00 SM INVESTMENTS CORP PHP 168 670,06 177 459,59 0,07

344 524,00 ALLIANCE GLOBAL GROUP INC PHP 68 059,65 62 702,69 0,02

Multi-Utilities 239 657,72 263 004,17 0,0932 060,00 MANILA ELECTRIC CO PHP 122 322,96 142 025,95 0,05

155 376,00 ABOITIZ POWER CORP PHP 88 496,46 78 274,25 0,03395 000,00 ENERGY DEVELOPMENT CORP PHP 28 838,30 42 703,97 0,01

Telecommunication 186 872,38 185 960,57 0,074 774,00 PHILIPPINE LONG DISTANCE TELEPHONE CO PHP 182 851,18 181 712,08 0,07

300,00 GLOBE TELECOM INC PHP 4 021,20 4 248,49 0,00

Consumer Retail 78 343,28 74 044,25 0,0351 500,00 JOLLIBEE FOODS CORP PHP 78 343,28 74 044,25 0,03

CZECH REPUBLIC 981 982,68 1 073 865,31 0,39

Multi-Utilities 393 409,50 441 484,54 0,1612 403,00 CEZ AS CZK 393 409,50 441 484,54 0,16

Telecommunication 281 196,73 325 525,23 0,1218 081,00 TELEFONICA CZECH REPUBLIC AS CZK 281 196,73 325 525,23 0,12

Finance 307 376,45 306 855,54 0,111 819,00 KOMERCNI BANKA AS CZK 307 376,45 306 855,54 0,11

EGYPT 1 077 614,71 999 663,52 0,37

Industries 475 790,46 520 383,97 0,1913 000,00 ORASCOM CONSTRUCTION INDUSTRIES -GDR- USD 355 036,74 412 463,60 0,153 040,00 ORASCOM CONSTRUCTION INDUSTRIES EGP 99 214,64 94 830,81 0,033 099,00 ELSWEDY ELECTRIC CO EGP 21 539,08 13 089,56 0,01

Raw materials 265 552,09 228 042,45 0,0863 331,00

COMMERCIAL INTERNATIONAL BANK EGYPT SAE -GDR-

USD 254 508,94 221 270,56 0,08

5 517,00 EZZ STEEL EGP 11 043,15 6 771,89 0,00

Finance 173 208,70 130 090,29 0,0514 048,00 COMMERCIAL INTERNATIONAL BANK EGYPT SAE EGP 51 130,75 48 365,87 0,027 516,00 NATIONAL SOCIETE GENERALE BANK SAE EGP 47 191,65 31 302,63 0,01

32 242,00 EGYPTIAN KUWAITI HOLDING CO USD 40 699,63 28 718,94 0,016 768,00 EGYPTIAN FINANCIAL GROUP-HERMES HOLDING EGP 25 932,76 15 737,94 0,01

10 501,00 TALAAT MOUSTAFA GROUP EGP 8 253,91 5 964,91 0,00

Telecommunication 110 014,54 73 100,29 0,03120 082,00 ORASCOM TELECOM HOLDING SAE EGP 82 342,50 56 679,97 0,02

555,00 EGYPTIAN CO FOR MOBILE SERVICES EGP 16 431,50 8 316,13 0,014 692,00 TELECOM EGYPT EGP 11 240,54 8 104,19 0,00

Computing and IT 53 048,92 48 046,52 0,0210 173,00

EGYPTIAN FINANCIAL GROUP-HERMES HOLDING -GDR-

USD 53 048,92 48 046,52 0,02

PERU 850 633,05 778 264,94 0,29

Raw materials 509 324,49 481 841,74 0,1818 373,00 CIA DE MINAS BUENAVENTURA SA -ADR- USD 509 322,89 481 827,74 0,18

2,00 VOLCAN CIA MINERA SAA EUR 1,60 14,00 0,00

Finance 341 308,56 296 423,20 0,114 986,00 CREDICORP LTD USD 341 308,56 296 423,20 0,11

COLOMBIA 552 663,65 637 290,88 0,23

Energy 478 843,91 528 089,98 0,1917 378,00 ECOPETROL SA -ADR- USD 478 843,91 528 089,98 0,19

Finance 73 819,74 109 200,90 0,042 370,00 BANCOLOMBIA SA -ADR- USD 73 819,74 109 200,90 0,04

101





% ofNet Assets

UNITED STATES 413 744,82 392 265,08 0,14

Raw materials 412 989,34 391 943,67 0,1417 269,00 SOUTHERN COPPER CORP USD 412 989,34 391 943,67 0,14

Computing and IT 755,48 321,41 0,00180,00 RELIANCE POW-SPONG -ADR- USD 755,48 321,41 0,00

UKRAINE 173 289,78 177 433,50 0,07

Basic Goods 173 289,78 177 433,50 0,079 213,00 KERNEL HOLDING SA PLN 173 289,78 177 433,50 0,07

SINGAPORE 82 760,76 128 982,45 0,05

Energy 74 996,85 113 177,22 0,0468 000,00 STRAITS ASIA RESOURCES LTD SGD 74 996,85 113 177,22 0,04

Consumer Retail 7 763,91 15 805,23 0,0114 640,00 GENTING SINGAPORE PLC SGD 7 763,91 15 805,23 0,01

MOROCCO 109 166,68 117 689,66 0,04

Telecommunication 109 166,68 117 689,66 0,049 067,00 MAROC TELECOM SA EUR 109 166,68 117 689,66 0,04

ARGENTINA 12,10 18,22 0,00

Raw materials 10,70 15,80 0,003,00 SIDERAR SAIC ARS 10,70 15,80 0,00

Finance 1,40 2,42 0,001,00 BBVA BANCO FRANCES SA ARS 1,40 2,42 0,00

Rights 0,00 12 909,16 0,00

HONG KONG 0,00 12 883,36 0,00172 847,00 CHINA CITIC BANK CORP RTS 20/07/2011 HKD 0,00 12 883,36 0,00

CHILE 0,00 25,80 0,00621 992,00 CORPBANCA RTS 02/07/2011 CLP 0,00 25,80 0,00

Warrants 0,00 1 000,13 0,00

CAYMAN ISLANDS 0,00 1 000,13 0,002 783,00

KINGBOARD CHEMICAL HOLDINGS LTD WTS 31/10/2012

HKD 0,00 1 000,13 0,00


INDIA 0,00 192,20 0,00

Health 0,00 192,20 0,00250 704,00 DR REDDY'S LABORATORIES LTD 9.25% 24/03/2014 INR 0,00 192,20 0,00

UNQUOTED 32 147,00 20 527,48 0,01

Shares 32 147,00 20 513,07 0,01

PAKISTAN 9 008,97 19 601,21 0,01

Finance 9 008,97 19 601,21 0,016 122,60 MCB BANK LTD -GDR- USD 9 008,97 19 601,21 0,01

RUSSIA 831,64 911,86 0,00

Energy 831,64 911,86 0,00278,00 ENEL OGK 5 OJSC -GDR- USD 708,08 807,96 0,00114,00 TERRITORIAL GENERATION CO NO 5 -GDR- USD 123,56 103,90 0,00

TAIWAN 22 306,39 0,00 0,00

Computing and IT 22 306,39 0,00 0,00176 000,00 YA HSING IND CO TWD 22 306,39 0,00 0,00

102





% ofNet Assets

INDIA 0,00 0,00 0,00

Industries 0,00 0,00 0,001 298,00 INDIABULLS WHOLESALE SERVICES INR 0,00 0,00 0,00

Rights 0,00 14,41 0,00

BRAZIL 0,00 14,41 0,003 250,00 JBS SA RTS 05/07/2011 BRL 0,00 14,41 0,00

Total Portfolio 220 863 622,91 237 414 306,61 87,00

103




Size Quantity

Purchase/



(EUR) Commitment

(EUR)



10 170 Purchase FTSE JSE TOP 40 INDEX FUTURE XSAF 15/09/2011 ZAR 108 669,42 4 962 657,60

500 000 38 Purchase KOSPI 200 INDEX FUTURE 08/09/2011 KRW 28 094,75 34 491,082 583 Purchase SGX CNX NIFTY INDEX FUTURE 28/07/2011 USD 35 985,06 4 535 185,61

100 541 Purchase MSCI TAIWAN INDEX FUTURE 28/07/2011 USD 327 887,51 11 173 016,5710 83 Purchase MEXICO BOLSA INDEX FUTURE 15/09/2011 MXN 57 404,05 1 814 154,8050 226 Purchase HANG SENG CHINA ENT INDEX FUTURE

XHKF 28/07/2011 HKD 307 081,67 12 636 891,06

50 190 Purchase KLSE COMPOSITE INDEX FUTURE XKLS 29/07/2011 MYR 25 933,48 3 454 165,49


100 (1 196) Sale TURKDEX ISE 30 INDEX FUTURE XTUR 26/08/2011 TRY (15 502,15) 3 992 990,84

1 000 61 Purchase VOLATILITY INDEX FUTURE VIX XCBF 19/07/2011 USD (63 934,15) 745 520,96

104

Eurizon EasyFund - Equity Emerging Mkts Europe-Middle-East Africa



Assets Notes Investments in securities at market value 110 867 039,66Banks 697 334,16Amounts due from brokers 386 613,70Unrealised profit on future contracts (Note 8) 116 159,00Receivable on investments sold 1 196 953,06Receivable on subscriptions 130 364,65Other assets 886 660,00Total assets 114 281 124,23

Liabilities Bank overdrafts (259,15)Unrealised loss on future contracts (Note 8) (29 094,40)Interest payable (8 205,62)Payable on redemptions (155 301,51)Other liabilities (169 303,89)Total liabilities (362 164,57)Total net assets 113 918 959,66


Class I Units EUR 172,61 1 738,596Class R Units EUR 171,86 450 518,348Class R2 Units USD 249,35 28 728,290Class Z Units EUR 181,02 172 634,069

105





Net income from investments 1 950 533,12Total income 1 950 533,12Management fee (Note 5) (848 930,75)Custodian and paying agent fee (Note 7) (62 476,43)Subscription tax (Note 3) (22 916,61)Interest on bank accounts (5 983,53)Other charges and taxes (Notes 4, 7) (77 618,15)Total expenses (1 017 925,47)Net investment income / (loss) 932 607,65Net realised profit / (loss) on sales of investments, currencies and other financial instruments 3 739 656,18Change in unrealised appreciation / (depreciation) on - investments (13 654 460,79)- forward foreign exchange contracts and foreign currencies (Note 8) (10 577,11)- future contracts (Note 8) (15 282,53)Net result of operations for the period (9 008 056,60)



106





% ofNet Assets



Shares 99 057 503,85 110 867 039,66 97,32

RUSSIA 41 210 035,13 45 484 209,97 39,93

Energy 24 213 925,13 25 668 048,02 22,532 158 247,00 GAZPROM OAO USD 10 019 636,07 10 871 420,01 9,54

122 227,00 LUKOIL OAO USD 5 403 718,91 5 367 347,42 4,71421 076,00 ROSNEFT OIL CO USD 2 359 574,16 2 456 338,68 2,16402 232,00 TATNEFT USD 1 533 777,81 1 782 816,58 1,57

2 073 710,00 SURGUTNEFTEGAS OJSC USD 1 517 863,04 1 412 642,52 1,2414 816,00 NOVATEK OAO -GDR- USD 870 667,60 1 411 243,24 1,2498 567,00 NOVATEK OAO USD 748 298,97 839 980,35 0,74

2 323 594,00 SURGUTNEFTEGAS OJSC -PFD- USD 946 145,54 801 566,36 0,70461,00 AK TRANSNEFT OAO -PFD- USD 458 445,86 458 343,12 0,40

20 706,00 TMK OAO -GDR- USD 355 797,17 266 349,74 0,23

Raw materials 5 506 149,71 7 170 014,59 6,3014 599,00 MMC NORILSK NICKEL OJSC USD 1 747 064,05 2 631 359,70 2,31

225 603,00 URALKALI USD 1 047 899,44 1 395 259,16 1,2355 328,00 SEVERSTAL OAO USD 505 011,09 701 284,34 0,6222 534,00 NOVOLIPET STEEL USD 543 586,82 604 595,79 0,5333 504,00 MECHEL -ADR- USD 538 950,32 552 064,77 0,4812 758,00 POLYUS GOLD OJSC USD 432 769,14 548 294,49 0,4839 453,00 POLYMETAL JSC USD 437 588,13 522 488,37 0,4644 245,00 RASPADSKAYA USD 203 026,92 179 064,65 0,162 068,00 MECHEL USD 50 253,80 35 603,32 0,03

Finance 5 968 182,62 6 973 850,89 6,122 076 540,00 SBERBANK OF RUSSIA USD 4 031 533,11 5 120 898,56 4,50

619 097 642,00 VTB BANK OJSC USD 1 505 956,42 1 314 758,74 1,15290 046,00 SBERBANK OF RUSSIA -PFD- USD 430 693,09 538 193,59 0,47

Telecommunication 2 494 912,20 2 345 075,31 2,0667 434,00 MOBILE TELESYSTEMS OJSC -ADR- USD 1 004 820,34 884 640,18 0,78

136 016,00 MOBILE TELESYSTEMS OJSC USD 850 677,68 773 114,88 0,68891 606,00 SISTEMA JSFC USD 639 414,18 687 320,25 0,60

Multi-Utilities 1 786 555,30 1 867 652,14 1,6428 666 752,00 FEDERAL HYDROGENERATING CO JSC USD 1 002 646,00 947 327,22 0,8376 776 831,00 FEDERAL GRID CO UNIFIED ENERGY SYSTEM JSC USD 530 005,30 705 520,18 0,62

233 109 600,00 INTER RAO UES OAO USD 253 904,00 214 804,74 0,19

Basic Goods 959 196,54 1 221 073,15 1,0751 040,00 MAGNIT OJSC -GDR- USD 843 792,53 1 105 043,08 0,971 249,00 MAGNIT OJSC USD 115 404,01 116 030,07 0,10

Industries 281 113,63 238 495,87 0,2143 770,00 LSR GROUP USD 281 113,63 238 495,87 0,21

SOUTH AFRICA 34 810 195,72 41 701 015,74 36,61

Raw materials 10 527 082,34 10 847 729,55 9,5279 244,00 ANGLOGOLD ASHANTI LTD ZAR 2 461 353,19 2 301 887,50 2,02

103 807,00 IMPALA PLATINUM HOLDINGS LTD ZAR 1 815 125,14 1 924 255,65 1,69145 410,00 GOLD FIELDS LTD ZAR 1 604 830,77 1 467 485,29 1,2917 298,00 KUMBA IRON ORE LTD ZAR 473 554,58 851 829,84 0,7513 057,00 ANGLO AMERICAN PLATINUM LTD ZAR 879 231,11 834 285,40 0,7337 797,00 EXXARO RESOURCES LTD ZAR 419 988,40 686 331,84 0,6074 128,00 HARMONY GOLD MINING CO LTD ZAR 633 746,30 678 414,38 0,6029 060,00 AFRICAN RAINBOW MINERALS LTD ZAR 490 809,21 557 337,88 0,49

147 787,00 SAPPI LTD ZAR 508 459,07 518 760,53 0,4552 607,00 ARCELORMITTAL SOUTH AFRICA LTD ZAR 484 467,74 422 792,47 0,37

140 386,00 PRETORIA PORTLAND CEMENT CO LTD ZAR 515 575,70 382 798,46 0,3450 878,00 NORTHAM PLATINUM LTD ZAR 239 941,13 219 848,69 0,195 068,00 TRANS HEX GROUP LTD ZAR 0,00 1 701,62 0,00

Finance 8 641 933,97 10 086 559,58 8,86238 445,00 STANDARD BANK GROUP LTD/SOUTH AFRICA ZAR 2 287 734,04 2 425 322,55 2,13

107





% ofNet Assets

533 965,00 FIRSTRAND LTD ZAR 950 456,81 1 078 412,46 0,9584 230,00 REMGRO LTD ZAR 792 882,76 956 406,65 0,84

340 592,00 SANLAM LTD ZAR 705 073,35 955 048,11 0,8452 410,00 ABSA GROUP LTD ZAR 608 247,94 718 865,86 0,63

201 711,00 AFRICAN BANK INVESTMENTS LTD ZAR 678 567,67 706 402,20 0,6237 125,00 NEDBANK GROUP LTD ZAR 447 944,54 553 370,09 0,49

316 190,00 MMI HOLDINGS LTD ZAR 424 755,06 546 579,20 0,48291 470,00 GROWTHPOINT PROPERTIES LTD ZAR 407 530,03 542 992,46 0,48575 979,00 REDEFINE PROPERTIES LTD ZAR 411 771,84 460 031,85 0,40131 787,00 RMB HOLDINGS LTD ZAR 256 305,32 357 339,79 0,3149 371,00 INVESTEC LTD ZAR 262 561,23 280 246,29 0,2553 699,00 DISCOVERY HOLDINGS LTD ZAR 154 402,85 210 621,24 0,18

138 344,00 RMI HOLDINGS ZAR 146 026,67 173 835,66 0,1516 552,00 LIBERTY HOLDINGS LTD ZAR 107 673,86 121 085,17 0,11

Telecommunication 4 335 786,59 5 883 737,16 5,17346 905,00 MTN GROUP LTD ZAR 3 723 851,94 5 079 055,36 4,4671 225,00 VODACOM GROUP LTD ZAR 262 483,83 608 365,74 0,5452 432,00 TELKOM SA LTD ZAR 349 450,82 196 316,06 0,17

Consumer Retail 3 694 566,25 5 663 345,79 4,9780 415,00 NASPERS LTD ZAR 2 043 895,77 3 125 037,07 2,7490 720,00 TRUWORTHS INTERNATIONAL LTD ZAR 365 712,23 676 486,85 0,59

161 898,00 WOOLWORTHS HOLDINGS LTD/SOUTH AFRICA ZAR 297 883,00 490 049,61 0,4339 192,00 IMPERIAL HOLDINGS LTD ZAR 365 636,61 483 493,64 0,43

198 738,00 STEINHOFF INTERNATIONAL HOLDINGS LTD ZAR 347 298,58 464 869,96 0,4147 177,00 FOSCHINI GROUP LTD ZAR 274 140,06 423 408,66 0,37

Energy 3 338 963,23 4 113 543,68 3,61113 574,00 SASOL LTD ZAR 3 338 963,23 4 113 543,68 3,61

Basic Goods 1 652 962,35 2 058 916,17 1,8177 076,00 SHOPRITE HOLDINGS LTD ZAR 450 165,01 798 322,81 0,7031 706,00 TIGER BRANDS LTD ZAR 530 337,31 637 118,40 0,5638 697,00 SPAR GROUP LTD ZAR 418 195,39 355 294,09 0,3140 974,00 PICK N PAY STORES LTD ZAR 134 545,85 173 008,74 0,156 691,00 MASSMART HOLDINGS LTD ZAR 119 718,79 95 172,13 0,09

Industries 1 556 036,90 1 768 006,86 1,5557 151,00 BIDVEST GROUP LTD ZAR 693 032,54 875 128,70 0,7747 367,00 BARLOWORLD LTD ZAR 339 136,63 332 052,45 0,2987 812,00 AVENG LTD ZAR 319 909,65 319 851,57 0,2838 744,00 REUNERT LTD ZAR 203 958,08 240 974,14 0,21

Health 1 062 864,09 1 279 176,95 1,1277 634,00 ASPEN PHARMACARE HOLDINGS LTD ZAR 551 058,81 663 502,93 0,58

207 305,00 NETCARE LTD ZAR 226 614,85 316 382,63 0,28167 231,00 LIFE HEALTHCARE GROUP HOLDINGS LTD ZAR 285 190,43 299 291,39 0,26

POLAND 10 633 870,71 11 741 415,74 10,31

Finance 5 446 269,65 5 679 503,86 4,98170 762,00

POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SA

PLN 1 698 406,55 1 801 888,61 1,58

31 159,00 BANK PEKAO SA PLN 1 245 038,79 1 269 760,40 1,1111 665,00 POWSZECHNY ZAKLAD UBEZPIECZEN SA PLN 1 003 420,37 1 099 014,51 0,964 480,00 BRE BANK SA PLN 340 630,91 366 817,28 0,32

103 879,00 GETIN HOLDING SA PLN 340 805,39 333 538,55 0,2957 275,00 GLOBE TRADE CENTRE SA PLN 283 824,39 267 648,90 0,2411 241,00 BANK HANDLOWY W WARSZAWIE SA PLN 244 416,21 245 703,66 0,22

164 000,00 BANK MILLENNIUM SA PLN 221 157,99 222 497,44 0,20335,00 ING BANK SLASKI SA PLN 68 569,05 72 634,51 0,06

Raw materials 1 122 612,09 1 841 548,25 1,6233 699,00 KGHM POLSKA MIEDZ SA PLN 942 210,96 1 667 902,49 1,47

135 521,00 SYNTHOS SA PLN 180 401,13 173 645,76 0,15

Energy 1 373 186,57 1 615 083,18 1,4272 017,00 POLSKI KONCERN NAFTOWY ORLEN SA PLN 793 489,62 936 338,32 0,82

464 003,00

POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA

PLN 428 976,83 490 783,89 0,43

16 570,00 GRUPA LOTOS SA PLN 150 720,12 187 960,97 0,17

108





% ofNet Assets

Multi-Utilities 1 345 768,03 1 412 484,15 1,24148 294,00 PGE SA PLN 857 561,76 893 429,27 0,79235 829,00 TAURON POLSKA ENERGIA SA PLN 323 372,01 389 861,65 0,3428 568,00 ENEA SA PLN 164 834,26 129 193,23 0,11

Telecommunication 843 141,25 748 736,59 0,66178 882,00 TELEKOMUNIKACJA POLSKA SA PLN 843 141,25 748 736,59 0,66

Consumer Retail 284 548,37 261 646,48 0,2338 109,00 TVN SA PLN 182 854,35 155 585,22 0,1425 585,00 CYFROWY POLSAT SA PLN 101 694,02 106 061,26 0,09

Computing and IT 218 344,75 182 413,23 0,1614 650,00 ASSECO POLAND SA PLN 218 344,75 182 413,23 0,16

TURKEY 6 601 933,71 6 793 435,45 5,96

Finance 3 681 138,40 3 661 648,54 3,21404 349,00 TURKIYE GARANTI BANKASI AS TRY 1 107 184,02 1 263 936,89 1,11217 246,00 AKBANK TAS TRY 745 369,07 691 997,07 0,61288 455,00 TURKIYE IS BANKASI TRY 659 618,48 610 096,62 0,5451 655,00 TURKIYE HALK BANKASI AS TRY 262 797,77 266 550,71 0,23

151 011,00 YAPI VE KREDI BANKASI AS TRY 270 467,78 261 673,62 0,2369 925,00 HACI OMER SABANCI HOLDING AS TRY 207 556,83 202 538,72 0,18

117 120,00 TURKIYE VAKIFLAR BANKASI TAO TRY 218 755,54 182 552,73 0,16122 901,00

EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI AS

TRY 153 598,70 143 020,13 0,12

36 558,00 ASYA KATILIM BANKASI AS TRY 55 790,21 39 282,05 0,03

Telecommunication 900 200,06 871 808,65 0,76146 773,00 TURKCELL ILETISIM HIZMETLERI AS TRY 670 091,88 543 567,97 0,4790 077,00 TURK TELEKOMUNIKASYON AS TRY 230 108,18 328 240,68 0,29

Basic Goods 689 277,96 847 153,93 0,7417 342,00 BIM BIRLESIK MAGAZALAR AS TRY 295 971,78 388 519,52 0,3441 602,00 ANADOLU EFES BIRACILIK VE MALT SANAYII AS TRY 338 090,33 387 828,69 0,346 961,00 COCA-COLA ICECEK AS TRY 55 215,85 70 805,72 0,06

Industries 584 561,14 611 598,37 0,54109 457,00 KOC HOLDING AS TRY 264 692,96 324 481,67 0,2937 022,00 TAV HAVALIMANLARI HOLDING AS TRY 127 852,53 127 989,84 0,1145 956,00 TURK HAVA YOLLARI TRY 97 608,35 82 951,13 0,0736 234,33 ENKA INSAAT VE SANAYI AS TRY 94 407,30 76 175,73 0,07

Energy 339 630,57 382 642,45 0,3422 637,00 TUPRAS TURKIYE PETROL RAFINERILERI AS TRY 339 630,57 382 642,45 0,34

Raw materials 193 468,18 222 979,84 0,20126 816,00 EREGLI DEMIR VE CELIK FABRIKALARI TAS TRY 193 468,18 222 979,84 0,20

Consumer Retail 213 657,40 195 603,67 0,1776 075,00 TURKIYE SISE VE CAM FABRIKALARI AS TRY 128 246,30 114 699,50 0,1022 951,00 ARCELIK AS TRY 85 411,10 80 904,17 0,07

EGYPT 3 347 321,68 2 475 804,91 2,17

Industries 945 618,39 918 321,33 0,8021 434,00 ORASCOM CONSTRUCTION INDUSTRIES EGP 680 692,22 667 881,75 0,597 000,00 ORASCOM CONSTRUCTION INDUSTRIES -ADR- USD 191 173,63 221 850,69 0,196 776,00 ELSWEDY ELECTRIC CO EGP 73 752,54 28 588,89 0,02

Finance 1 103 609,55 818 699,56 0,72114 215,00 COMMERCIAL INTERNATIONAL BANK EGYPT SAE EGP 390 213,96 392 796,94 0,3452 177,00 EGYPTIAN FINANCIAL GROUP-HERMES HOLDING EGP 218 924,27 121 195,69 0,11

196 714,00 TALAAT MOUSTAFA GROUP EGP 212 644,24 111 616,60 0,10118 827,00 EGYPTIAN KUWAITI HOLDING CO USD 149 971,76 105 726,07 0,0921 000,00 NATIONAL SOCIETE GENERALE BANK SAE EGP 131 855,32 87 364,26 0,08

Telecommunication 932 745,71 471 916,20 0,41582 756,00 ORASCOM TELECOM HOLDING SAE EGP 652 005,59 274 763,44 0,2464 830,00 TELECOM EGYPT EGP 140 345,17 111 853,06 0,105 699,00 EGYPTIAN CO FOR MOBILE SERVICES EGP 140 394,95 85 299,70 0,07

109





% ofNet Assets

Raw materials 306 990,66 214 071,67 0,1948 082,00

COMMERCIAL INTERNATIONAL BANK EGYPT SAE -ADR-

USD 188 297,93 167 807,08 0,15

37 733,00 EZZ STEEL EGP 118 692,73 46 264,59 0,04

Computing and IT 58 357,37 52 796,15 0,0511 191,00

EGYPTIAN FINANCIAL GROUP-HERMES HOLDING -ADR-

USD 58 357,37 52 796,15 0,05

CZECH REPUBLIC 2 239 719,45 2 426 667,98 2,13

Multi-Utilities 1 286 560,34 1 405 168,51 1,2339 619,00 CEZ AS CZK 1 286 560,34 1 405 168,51 1,23

Finance 594 595,77 618 732,93 0,543 681,00 KOMERCNI BANKA AS CZK 594 595,77 618 732,93 0,54

Telecommunication 358 563,34 402 766,54 0,3622 452,00 TELEFONICA O2 CZECH REPUBLIC AS CZK 358 563,34 402 766,54 0,36

UKRAINE 214 427,45 244 489,87 0,21

Basic Goods 214 427,45 244 489,87 0,2112 796,00 KERNEL HOLDING SA PLN 214 427,45 244 489,87 0,21

Total Portfolio 99 057 503,85 110 867 039,66 97,32

110




Size Quantity

Purchase/



(EUR) Commitment

(EUR)



10 161 Purchase FTSE JSE TOP 40 INDEX FUTURE SEP11

XSAF 15/09/2011 ZAR 116 159,00 4 674 450,51

Unrealised loss on future contracts and commitment (29 094,40) 633 903,12

1 000 27 Purchase VOLATILITY INDEX FUTURE VIX JUL11

XCBF 19/07/2011 USD (28 267,12) 329 620,54

100 (92) Sale TURKDEX ISE 30 INDEX FUTURE AUG11 XTUR

26/08/2011 TRY (827,28) 304 282,58

111

Eurizon EasyFund - Equity Emerging Market Asia



Assets Notes Investments in securities at market value 145 554 705,82Banks 6 927 844,09Amounts due from brokers 2 040 573,45Unrealised profit on future contracts (Note 8) 334 275,22Receivable on investments sold 570 690,80Receivable on subscriptions 55 591,31Other assets 706 836,92Total assets 156 190 517,61

Liabilities Bank overdrafts (20 162,40)Amounts due to brokers (216 334,14)Unrealised loss on future contracts (Note 8) (102 993,70)Payable on investments purchased (570 538,29)Payable on redemptions (197 370,97)Other liabilities (238 559,12)Total liabilities (1 345 958,62)Total net assets 154 844 558,99


Class I Units EUR 154,09 24 509,264Class R Units EUR 153,58 694 495,211Class R2 Units USD 222,58 159,874Class Z Units EUR 161,69 274 496,317

112





Net income from investments 1 420 758,35Other income (Note 9) 14 083,45Total income 1 434 841,80Management fee (Note 5) (1 132 953,18)Custodian and paying agent fee (Note 7) (78 652,75)Subscription tax (Note 3) (29 327,23)Interest on bank accounts (5 528,57)Other charges and taxes (Notes 4, 7) (84 046,69)Total expenses (1 330 508,42)Net investment income / (loss) 104 333,38Net realised profit / (loss) on sales of investments, currencies and other financial instruments 309 822,84Change in unrealised appreciation / (depreciation) on - investments (13 521 350,85)- forward foreign exchange contracts and foreign currencies (Note 8) (138 394,47)- future contracts (Note 8) (442 320,05)Net result of operations for the period (13 687 909,15)



113





% ofNet Assets



Shares 118 035 955,51 145 479 138,30 93,95

KOREA 29 103 524,08 41 050 405,84 26,51

Computing and IT 7 642 890,71 9 734 170,46 6,2910 556,00 SAMSUNG ELECTRONICS CO LTD KRW 4 422 645,63 5 843 069,35 3,7746 602,00 HYNIX SEMICONDUCTOR INC KRW 624 768,92 805 547,88 0,521 986,00 SAMSUNG ELECTRONICS CO LTD -PFD- KRW 622 655,77 739 303,28 0,48

22 371,00 LG DISPLAY CO LTD KRW 507 798,51 445 354,72 0,293 584,00 NHN CORP KRW 383 087,52 438 536,10 0,283 526,00 SAMSUNG SDI CO LTD KRW 233 231,43 384 642,93 0,255 514,00 SAMSUNG ELECTRO-MECHANICS CO LTD KRW 276 377,31 336 630,92 0,221 781,00 NCSOFT CORP KRW 169 488,03 328 036,17 0,211 795,00 SK C&C CO LTD KRW 84 036,10 154 558,05 0,10

624,00 SAMSUNG ELECTRONICS CO LTD -GDR- USD 83 756,66 113 145,18 0,073 912,00 SEOUL SEMICONDUCTOR CO LTD KRW 119 391,75 76 865,79 0,051 086,00 LG INNOTEK CO LTD KRW 115 653,08 68 480,09 0,05

Consumer Retail 3 758 610,19 7 776 163,22 5,0215 766,00 HYUNDAI MOTOR CO KRW 1 029 743,37 2 454 777,57 1,587 337,00 HYUNDAI MOBIS KRW 717 933,53 1 897 626,98 1,23

24 840,00 KIA MOTORS CORP KRW 362 452,82 1 190 032,59 0,778 745,00 LG ELECTRONICS INC KRW 564 785,46 480 665,61 0,311 021,00 LOTTE SHOPPING CO LTD KRW 249 117,17 329 508,37 0,214 815,00 HYUNDAI MOTOR CO -PFD- KRW 104 438,69 256 549,79 0,176 596,00 HANKOOK TIRE CO LTD KRW 68 046,13 192 162,53 0,129 350,00 KANGWON LAND INC KRW 93 230,91 174 333,02 0,112 930,00 HYUNDAI MOTOR CO -PFD- KRW 64 320,78 144 733,05 0,09

641,02 SHINSEGAE CO LTD KRW 136 629,47 139 438,82 0,09929,00 MANDO CORP KRW 77 478,40 134 120,80 0,09

1 138,00 HYUNDAI DEPARTMENT STORE CO LTD KRW 81 342,40 125 615,20 0,081 078,00 HYUNDAI WIA CORP KRW 97 417,50 117 247,50 0,084 527,00 WOONGJIN COWAY CO LTD KRW 83 282,43 111 956,52 0,071 667,00 LOTTE SHOPPING CO LTD -GDR- USD 28 391,13 27 394,87 0,02

Raw materials 4 170 320,87 7 026 245,74 4,546 472,00 POSCO KRW 1 845 819,02 1 921 115,13 1,245 594,00 LG CHEM LTD KRW 698 002,19 1 803 546,52 1,162 272,00 HONAM PETROCHEMICAL CORP KRW 99 481,73 600 863,65 0,395 604,00 HYUNDAI STEEL CO KRW 251 607,74 466 204,86 0,304 809,00 CHEIL INDUSTRIES INC KRW 158 530,11 407 851,08 0,261 530,00 OCI CO LTD KRW 247 022,46 402 649,83 0,26

10 346,00 HANWHA CHEM CORP KRW 89 956,76 335 572,02 0,22945,00 KOREA ZINC CO LTD KRW 89 754,58 248 389,59 0,16971,00 KOREA KUMHO PETROCHEMICAL KRW 139 122,71 154 642,86 0,10

4 618,00 HANWHA CORP KRW 93 963,01 147 093,87 0,102 363,00 HYOSUNG CORP KRW 102 832,32 141 660,98 0,095 107,00 DONGKUK STEEL MILL CO LTD KRW 91 836,45 139 690,90 0,093 040,00 HYUNDAI HYSCO KRW 95 554,46 102 341,66 0,07

795,00 LG CHEM LTD -PFD- KRW 87 028,14 86 724,65 0,064 610,00 KP CHEMICAL CORP KRW 79 809,19 67 898,14 0,04

Industries 5 161 609,55 6 888 779,04 4,455 125,00 HYUNDAI HEAVY INDUSTRIES CO LTD KRW 900 309,70 1 483 122,21 0,96

11 520,00 SAMSUNG C&T CORP KRW 359 925,99 620 513,66 0,4015 673,00 SAMSUNG HEAVY INDUSTRIES CO LTD KRW 303 564,53 487 044,80 0,328 700,00 LG CORP KRW 354 359,12 465 800,88 0,302 561,00 SAMSUNG ENGINEERING CO LTD KRW 128 535,56 422 790,58 0,276 229,00 HYUNDAI ENGINEERING & CONSTRUCTION CO LTD KRW 194 477,42 353 262,86 0,233 622,00 GS ENGINEERING & CONSTRUCTION CORP KRW 191 686,29 310 699,01 0,203 236,00 DAELIM INDUSTRIAL CO LTD KRW 132 730,87 269 207,52 0,172 183,00 SK HOLDINGS CO LTD KRW 199 797,03 260 750,80 0,178 609,00

DAEWOO SHIPBUILDING & MARINE ENGINEERING CO LTD

KRW 153 833,43 250 528,97 0,16

2 927,00 SAMSUNG TECHWIN CO LTD KRW 113 744,34 176 420,05 0,113 724,00 KOREAN AIR LINES CO LTD KRW 112 135,04 169 006,43 0,111 277,00 HYUNDAI GLOVIS CO LTD KRW 77 809,75 141 371,72 0,09

114





% ofNet Assets

3 575,00

DOOSAN HEAVY INDUSTRIES AND CONSTRUCTION CO LTD

KRW 229 514,05 140 025,45 0,09

1 111,00 HYUNDAI MIPO DOCKYARD KRW 95 083,56 124 073,41 0,085 759,00 HYUNDAI DEVELOPMENT CO KRW 194 039,21 115 394,01 0,08

511,00 KCC CORP KRW 158 938,80 111 652,96 0,071 499,00 LS CORP KRW 74 043,38 107 720,95 0,073 906,00 DAEWOO INTERNATIONAL CORP KRW 123 720,33 95 207,85 0,06

12 639,00 DAEWOO ENGINEERING & CONSTRUCTION CO LTD KRW 147 666,97 94 508,36 0,061 104,00 DOOSAN CORP KRW 143 810,31 91 128,62 0,065 838,00 DOOSAN INFRACORE CO LTD KRW 112 899,86 90 709,10 0,063 862,00

HANJIN HEAVY INDUSTRIES & CONSTRUCTION CO LTD

KRW 77 529,45 89 384,84 0,06

3 839,00 HYUNDAI MERCHANT MARINE CO LTD KRW 91 498,03 80 775,01 0,055 234,00 HANJIN SHIPPING CO LTD KRW 123 824,02 80 477,20 0,051 960,00 S1 CORP KRW 63 880,03 69 663,29 0,059 390,00 SK NETWORKS CO LTD KRW 124 193,78 67 174,34 0,041 249,00 LS INDUSTRIAL SYSTEMS CO LTD KRW 54 399,84 62 667,11 0,04

11 665,00 STX PAN OCEAN CO LTD KRW 123 658,86 57 697,05 0,04

Finance 5 539 628,17 5 836 476,60 3,7742 575,00 SHINHAN FINANCIAL GROUP CO LTD KRW 1 151 992,82 1 416 750,32 0,9229 279,00 KB FINANCIAL GROUP INC KRW 975 224,66 966 722,80 0,623 080,00 SAMSUNG FIRE & MARINE INSURANCE CO LTD KRW 338 566,71 494 513,26 0,32

17 720,00 HANA FINANCIAL GROUP INC KRW 397 615,65 427 905,72 0,2846 570,00 WOORI FINANCE HOLDINGS CO LTD KRW 449 388,85 422 094,62 0,274 893,00 SAMSUNG LIFE INSURANCE CO LTD KRW 351 185,94 300 619,38 0,194 333,00 SAMSUNG SECURITIES CO LTD KRW 212 458,52 221 891,53 0,14

18 296,00 INDUSTRIAL BANK OF KOREA KRW 170 043,44 220 907,54 0,1417 536,00 DGB FINANCIAL GROUP INC KRW 142 055,49 183 349,03 0,1218 488,00 BS FINANCIAL GROUP INC KRW 115 785,73 181 931,99 0,1226 683,00 KOREA EXCHANGE BANK KRW 232 022,61 164 627,77 0,113 557,00 DONGBU INSURANCE CO LTD KRW 80 008,27 125 964,08 0,08

10 539,00 DAEWOO SECURITIES CO LTD KRW 209 380,33 123 496,18 0,085 099,00 KOREA INVESTMENT HOLDINGS CO LTD KRW 90 669,77 118 510,00 0,08

10 135,00 WOORI INVESTMENT & SECURITIES CO LTD KRW 123 257,50 115 809,45 0,0813 588,00 HYUNDAI SECURITIES CO KRW 189 933,27 104 683,45 0,0719 660,00 KOREA LIFE INSURANCE CO LTD KRW 114 339,75 98 769,03 0,062 552,00 SAMSUNG CARD CO KRW 96 647,61 96 982,71 0,061 722,00 MIRAE ASSET SECURITIES CO LTD KRW 99 051,25 50 947,74 0,03

Basic Goods 1 200 287,64 1 445 357,60 0,9310 180,00 KT&G CORP KRW 451 298,39 440 909,48 0,281 814,98 E-MART CO LTD KRW 262 859,95 282 006,80 0,18

749,00 LG HOUSEHOLD & HEALTH CARE LTD KRW 89 060,63 217 722,70 0,14217,00 AMOREPACIFIC CORP KRW 85 653,02 169 286,50 0,11

1 155,00 CJ CHEILJEDANG CORP KRW 165 784,97 167 870,30 0,11101,00 LOTTE CONFECTIONERY CO LTD KRW 77 734,20 110 897,76 0,07778,00 HITE BREWERY CO LTD KRW 67 896,48 56 664,06 0,04

Energy 542 963,83 1 284 327,66 0,835 056,00 SK INNOVATION CO LTD KRW 263 671,33 680 841,38 0,444 239,00 S-OIL CORP KRW 153 072,49 386 952,87 0,254 160,00 GS HOLDINGS KRW 126 220,01 216 533,41 0,14

Multi-Utilities 523 540,86 456 571,26 0,2923 624,00 KOREA ELECTRIC POWER CORP KRW 467 850,98 427 475,07 0,271 233,00 KOREA GAS CORP KRW 55 689,88 29 096,19 0,02

Telecommunication 404 822,78 325 694,32 0,211 189,00 SK TELECOM CO LTD KRW 146 488,00 123 931,95 0,083 930,00 KT CORP KRW 106 146,03 103 298,53 0,07

25 778,00 LG UPLUS CORP KRW 152 188,75 98 463,84 0,06

Health 158 849,48 276 619,94 0,186 967,00 CELLTRION INC KRW 67 612,45 195 528,67 0,13

921,00 YUHAN CORP KRW 91 237,03 81 091,27 0,05

TAIWAN 25 723 926,44 30 657 573,96 19,80

Computing and IT 15 066 773,99 16 400 194,49 10,592 608 323,00

TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD

TWD 3 494 906,73 4 558 430,45 2,94

115





% ofNet Assets

74 827,00 HTC CORP TWD 819 191,81 1 814 271,55 1,17742 409,00 HON HAI PRECISION INDUSTRY CO LTD TWD 1 644 457,91 1 739 464,74 1,1280 055,00 MEDIATEK INC TWD 690 558,73 602 488,26 0,39

147 671,00 DELTA ELECTRONICS INC TWD 274 009,20 372 226,34 0,24223 960,00 QUANTA COMPUTER INC TWD 275 501,00 366 671,72 0,24

1 040 077,00 UNITED MICROELECTRONICS CORP TWD 406 876,30 355 797,54 0,2350 593,00 ASUSTEK COMPUTER INC TWD 302 110,28 347 359,39 0,22

651 128,00 AU OPTRONICS CORP TWD 544 142,00 305 587,59 0,20386 246,00 ADVANCED SEMICONDUCTOR ENGINEERING INC TWD 202 172,41 296 712,99 0,19342 323,00 COMPAL ELECTRONICS INC TWD 241 682,76 288 446,84 0,19204 301,00 E INK HOLDINGS INC TWD 241 474,20 269 746,47 0,1710 866,00 LARGAN PRECISION CO LTD TWD 87 141,75 254 851,30 0,1610 843,00 TPK HOLDING CO LTD TWD 207 452,90 232 446,76 0,15

193 385,00 ACER INC TWD 256 219,30 231 425,14 0,15271 588,00 SILICONWARE PRECISION INDUSTRIES CO TWD 273 864,42 229 496,37 0,1548 573,00 CATCHER TECHNOLOGY CO LTD TWD 186 283,15 222 132,70 0,14

171 178,00 WISTRON CORP TWD 177 746,76 213 684,92 0,14405 776,00 CHIMEI INNOLUX CORP TWD 635 354,90 197 744,76 0,1358 000,00 FOXCONN TECHNOLOGY CO LTD TWD 187 635,40 176 829,33 0,11

102 177,00 SYNNEX TECHNOLOGY INTERNATIONAL CORP TWD 86 177,62 171 210,80 0,11177 902,00 LITE-ON TECHNOLOGY CORP TWD 152 658,86 163 142,37 0,1140 000,00 MSTAR SEMICONDUCTOR INC TWD 243 782,82 159 400,86 0,10

127 769,00 UNIMICRON TECHNOLOGY CORP TWD 119 122,57 154 895,73 0,10158 765,00 WINTEK CORP TWD 83 083,04 145 402,51 0,0958 005,00 POWERTECH TECHNOLOGY INC TWD 112 206,93 138 829,95 0,0923 220,00 SIMPLO TECHNOLOGY CO LTD TWD 67 262,72 132 666,65 0,09

285 533,00 MACRONIX INTERNATIONAL TWD 105 153,72 123 039,16 0,0841 077,00 TRIPOD TECHNOLOGY CORP TWD 82 033,88 118 332,09 0,0850 366,00 NOVATEK MICROELECTRONICS CORP TWD 161 350,88 113 050,28 0,0749 695,00 EPISTAR CORP TWD 122 681,55 104 386,26 0,07

277 260,00 INVENTEC CO LTD TWD 113 719,94 100 504,79 0,07135 982,00 PEGATRON CORP TWD 134 389,42 97 932,14 0,0635 642,00 MOTECH INDUSTRIES INC TWD 120 428,43 97 113,70 0,0679 945,00 WPG HOLDINGS LTD TWD 59 223,42 93 079,84 0,0631 924,00 KINSUS INTERCONNECT TECHNOLOGY CORP TWD 70 375,85 91 581,51 0,0681 015,00 CORETRONIC CORP TWD 66 379,64 88 977,28 0,06

428 254,00 WINBOND ELECTRONICS CORP TWD 58 596,49 86 872,18 0,0634 152,00 ADVANTECH CO LTD TWD 48 487,92 81 411,92 0,0516 242,00 RICHTEK TECHNOLOGY CORP TWD 89 013,79 76 421,96 0,0540 151,00 EVERLIGHT ELECTRONICS CO LTD TWD 91 480,00 75 374,72 0,0553 458,00 CLEVO CO TWD 51 222,55 71 865,97 0,0538 865,00 CHENG UEI PRECISION INDUSTRY CO LTD TWD 68 388,08 69 415,14 0,0532 698,00 TRANSCEND INFORMATION INC TWD 71 426,45 66 171,56 0,0428 237,00 SINO-AMERICAN SILICON PRODUCTS INC TWD 71 370,19 64 668,01 0,04

193 342,00 QISDA CORP TWD 155 987,88 62 890,94 0,04592 991,00 HANNSTAR DISPLAY CORP TWD 108 731,52 61 354,72 0,0443 556,00 CHICONY ELECTRONICS CO LTD TWD 57 369,21 59 077,08 0,0414 485,00 PHISON ELECTRONICS CORP TWD 60 011,44 56 853,71 0,0443 018,00 REALTEK SEMICONDUCTOR CORP TWD 79 680,12 55 662,35 0,04

344 089,00 CMC MAGNETICS CORP TWD 75 028,60 53 691,65 0,03247 318,00 INOTERA MEMORIES INC TWD 121 489,29 51 771,98 0,0319 174,00 NAN YA PRINTED CIRCUIT BOARD CORP TWD 113 542,45 50 172,05 0,03

539 516,00 POWERCHIP TECHNOLOGY CORP TWD 271 512,16 46 367,10 0,03122 971,00

VANGUARD INTERNATIONAL SEMICONDUCTOR CORP

TWD 51 582,37 45 609,34 0,03

452 946,00 CHUNGHWA PICTURE TUBES TWD 130 550,67 37 513,55 0,028 021,00 YOUNG FAST OPTOELECTRONICS CO LTD TWD 68 537,24 34 370,77 0,02

119 558,00 NANYA TECHNOLOGY CORP TWD 172 948,66 22 874,92 0,02502,00 VIA TECHNOLOGIES INC TWD 1 003,71 421,79 0,00

Finance 4 108 903,69 4 823 542,95 3,11545 084,00 CATHAY FINANCIAL HOLDING CO LTD TWD 629 862,00 581 644,71 0,37767 560,00 MEGA FINANCIAL HOLDING CO LTD TWD 369 613,93 478 158,94 0,31767 461,00 CHINATRUST FINANCIAL HOLDING CO LTD TWD 350 059,73 473 491,32 0,31345 258,00 FUBON FINANCIAL HOLDING CO LTD TWD 239 379,35 372 974,25 0,24645 575,00 YUANTA FINANCIAL HOLDING CO LTD TWD 313 882,19 311 505,23 0,20482 812,00 CHANG HWA COMMERCIAL BANK TWD 193 437,41 281 648,16 0,18445 410,00 FIRST FINANCIAL HOLDING CO LTD TWD 219 567,72 259 829,72 0,17894 082,00 CHINA DEVELOPMENT FINANCIAL HOLDING CORP TWD 226 384,58 251 122,60 0,16440 050,00 TAIWAN COOPERATIVE BANK TWD 185 081,17 247 195,45 0,16

116





% ofNet Assets

374 058,00 HUA NAN FINANCIAL HOLDINGS CO LTD TWD 173 592,45 202 043,11 0,13370 224,00 E.SUN FINANCIAL HOLDING CO LTD TWD 101 686,02 182 641,30 0,12442 055,00 TAISHIN FINANCIAL HOLDING CO LTD TWD 128 309,47 182 527,09 0,12169 003,00 CHINA LIFE INSURANCE CO LTD TWD 97 704,76 158 835,93 0,10507 272,00 SHIN KONG FINANCIAL HOLDING CO LTD TWD 215 945,92 150 393,97 0,10496 098,00 SINOPAC FINANCIAL HOLDINGS CO LTD TWD 159 810,76 148 272,09 0,10346 129,00 KGI SECURITIES CO LTD TWD 130 593,35 127 546,62 0,08219 794,00 POLARIS SECURITIES CO LTD TWD 86 813,21 111 596,04 0,07317 609,00 TAIWAN BUSINESS BANK TWD 57 625,96 83 489,05 0,0538 010,00 HIGHWEALTH CONSTRUCTION CORP TWD 60 224,15 62 048,23 0,0459 108,00 RUENTEX DEVELOPMENT CO LTD TWD 72 429,83 56 190,65 0,04

154 206,00 CAPITAL SECURITIES CORP TWD 50 217,65 51 456,31 0,0327 770,00 FARGLORY LAND DEVELOPMENT CO LTD TWD 46 682,08 48 932,18 0,03

Raw materials 2 946 280,62 4 208 366,13 2,72346 583,00 FORMOSA PLASTICS CORP TWD 502 056,67 881 933,23 0,57409 682,00 NAN YA PLASTICS CORP TWD 488 341,74 757 286,46 0,49864 573,00 CHINA STEEL CORP TWD 585 342,51 722 276,52 0,47240 966,00 FORMOSA CHEMICALS & FIBRE CORP TWD 339 102,40 607 390,02 0,39358 244,00 TAIWAN CEMENT CORP TWD 256 143,78 381 842,69 0,25197 949,00 ASIA CEMENT CORP TWD 131 947,11 200 058,95 0,1369 120,00 TAIWAN FERTILIZER CO LTD TWD 194 496,18 149 669,34 0,1068 283,00 TSRC CORP TWD 58 296,49 142 283,62 0,09

161 817,00 CHINA PETROCHEMICAL DEVELOPMENT CORP TWD 116 555,82 127 803,46 0,0883 509,00 ETERNAL CHEMICAL CO LTD TWD 44 777,32 64 953,25 0,0439 755,00 LCY CHEMICAL CORP TWD 64 803,57 63 178,94 0,0446 733,00 FENG HSIN IRON & STEEL CO TWD 88 860,75 57 888,99 0,0465 988,00 TUNG HO STEEL ENTERPRISE CORP TWD 75 556,28 51 800,66 0,03

Telecommunication 1 231 712,37 1 717 362,88 1,11498 673,00 CHUNGHWA TELECOM CO LTD TWD 880 787,64 1 209 093,29 0,78173 862,00 TAIWAN MOBILE CO LTD TWD 190 337,91 321 796,73 0,21164 396,00 FAR EASTONE TELECOMMUNICATIONS CO LTD TWD 160 586,82 186 472,86 0,12

Industries 1 028 691,72 1 508 046,39 0,97277 333,00 FAR EASTERN NEW CENTURY CORP TWD 190 854,38 303 258,17 0,20284 261,00 YANG MING MARINE TRANSPORT CORP TWD 72 418,43 148 422,29 0,10121 800,00 TAIWAN GLASS INDUSTRIAL CORP TWD 61 890,25 148 244,24 0,0920 000,00 HIWIN TECHNOLOGIES CORP TWD 85 326,17 143 316,74 0,09

192 645,00 EVA AIRWAYS CORP TWD 85 348,21 136 658,87 0,09371 880,00 WALSIN LIHWA CORP TWD 110 095,22 128 108,31 0,08232 022,00 TECO ELECTRIC AND MACHINERY CO LTD TWD 74 067,18 114 184,09 0,07241 033,00 CHINA AIRLINES LTD TWD 77 391,22 113 121,68 0,07182 536,00 EVERGREEN MARINE CORP TAIWAN LTD TWD 84 629,22 101 662,10 0,07162 404,00 WAN HAI LINES LTD TWD 75 051,35 84 991,56 0,0541 147,00 U-MING MARINE TRANSPORT CORP TWD 82 643,66 61 044,88 0,0442 304,00

EVERGREEN INTERNATIONAL STORAGE & TRANSPORT CORP

TWD 28 976,43 25 033,46 0,02

Consumer Retail 846 707,48 1 170 208,80 0,76101 217,00 CHENG SHIN RUBBER INDUSTRY CO LTD TWD 70 626,57 202 890,88 0,1396 956,00 YULON MOTOR CO LTD TWD 82 624,83 163 160,60 0,11

250 069,00 POU CHEN CORP TWD 125 958,54 160 285,30 0,1078 140,00 FAR EASTERN DEPARTMENT STORES CO LTD TWD 56 647,28 107 110,51 0,07

130 016,00 FORMOSA TAFFETA CO LTD TWD 77 609,65 99 721,83 0,0633 675,00 GIANT MANUFACTURING CO LTD TWD 52 850,65 93 775,24 0,06

264 173,03 TATUNG CO LTD TWD 165 375,35 84 979,83 0,0641 754,00 RUENTEX INDUSTRIES LTD TWD 33 158,31 68 460,71 0,044 708,00 FORMOSA INTERNATIONAL HOTELS CORP TWD 41 171,82 61 596,43 0,04

43 441,00 NAN KANG RUBBER TIRE CO LTD TWD 52 987,55 49 222,58 0,0391 226,00 TAINAN SPINNING CO LTD TWD 49 076,30 39 638,74 0,0354 844,00 CHINA MOTOR CORP TWD 38 620,63 39 366,15 0,03

Basic Goods 304 376,89 543 083,74 0,35314 239,00 UNI-PRESIDENT ENTERPRISES CORP TWD 207 325,46 317 588,50 0,2054 771,00 PRESIDENT CHAIN STORE CORP TWD 97 051,43 225 495,24 0,15

Energy 190 479,68 286 768,58 0,19117 114,00 FORMOSA PETROCHEMICAL CORP TWD 190 479,68 286 768,58 0,19

117





% ofNet Assets

CHINA 22 337 336,36 24 817 491,90 16,03

Finance 9 413 848,27 9 223 689,71 5,963 124 784,00 CHINA CONSTRUCTION BANK CORP HKD 1 734 761,32 1 788 412,01 1,162 997 344,00 INDUSTRIAL & COMMERCIAL BANK OF CHINA HKD 1 505 413,11 1 571 853,01 1,023 274 838,00 BANK OF CHINA LTD HKD 1 170 766,11 1 101 328,54 0,71

305 812,00 CHINA LIFE INSURANCE CO LTD HKD 848 521,66 721 811,87 0,4779 026,00 PING AN INSURANCE GROUP CO HKD 500 685,97 563 434,90 0,36

716 138,00 BANK OF COMMUNICATIONS CO LTD HKD 564 677,13 473 413,73 0,31919 933,00 CHINA CITIC BANK CORP LTD HKD 457 841,81 395 900,27 0,26565 710,00 CHINA MINSHENG BANKING CORP LTD HKD 374 409,61 359 915,77 0,23143 058,00 CHINA MERCHANTS BANK CO LTD HKD 244 545,58 238 648,03 0,15516 119,00 EVERGRANDE REAL ESTATE GROUP LTD HKD 184 743,44 232 191,15 0,15190 575,00 PICC PROPERTY & CASUALTY CO LTD HKD 153 925,11 223 893,65 0,14140 138,00 AGILE PROPERTY HOLDINGS LTD HKD 148 336,37 149 965,40 0,10128 500,00 LONGFOR PROPERTIES CO LTD HKD 140 847,51 136 371,05 0,09157 420,00 SHIMAO PROPERTY HOLDINGS LTD HKD 169 576,28 134 096,98 0,0945 666,00 CHINA PACIFIC INSURANCE GROUP CO LTD HKD 137 121,09 130 680,43 0,08

211 451,00 SOHO CHINA LTD HKD 116 195,27 130 401,45 0,08421 047,00 COUNTRY GARDEN HOLDINGS CO HKD 150 488,98 127 774,60 0,08125 954,00 CHINA VANKE CO LTD HKD 113 741,87 115 116,36 0,07311 720,00 SINO-OCEAN LAND HOLDINGS LTD HKD 143 229,58 109 533,69 0,07796 081,00 RENHE COMMERCIAL HOLDINGS CO LTD HKD 98 662,27 105 958,64 0,07304 657,00 SHUI ON LAND LTD HKD 102 624,01 92 183,54 0,06222 436,00 CHONGQING RURAL COMMERCIAL BANK HKD 110 634,98 90 397,92 0,06212 343,00 AGRICULTURAL BANK OF CHINA LTD HKD 70 781,04 77 063,57 0,0557 600,00 GUANGZHOU R&F PROPERTIES CO LTD HKD 56 189,93 54 177,16 0,0477 089,00 GREENTOWN CHINA HOLDINGS LTD HKD 54 949,59 51 029,24 0,0354 000,00


USD 60 178,65 48 136,75 0,03

Energy 3 642 097,29 5 289 974,04 3,421 663 980,00 CNOOC LTD HKD 1 546 419,00 2 681 339,51 1,731 211 025,00 CHINA PETROLEUM & CHEMICAL CORP HKD 745 589,44 841 400,43 0,55

663 346,00 PETROCHINA CO LTD HKD 535 815,69 669 838,70 0,4389 082,00 CHINA SHENHUA ENERGY CO LTD HKD 234 812,47 293 259,26 0,1968 580,00 INNER MONGOLIA YITAI COAL CO USD 185 814,04 280 192,05 0,18

101 922,00 YANZHOU COAL MINING CO LTD HKD 136 634,18 267 699,47 0,17200 154,00 CHINA COAL ENERGY CO LTD HKD 205 759,98 186 128,73 0,1255 804,00 CHINA OILFIELD SERVICES LTD HKD 51 252,49 70 115,89 0,05

Computing and IT 1 690 875,54 2 433 524,04 1,57101 538,00 TENCENT HOLDINGS LTD HKD 1 065 763,36 1 902 875,52 1,23543 579,00 LENOVO GROUP LTD HKD 254 313,20 214 639,94 0,14114 507,00 ALIBABA.COM LTD HKD 158 128,62 125 991,60 0,08

2 189 947,00


HKD 159 309,26 122 422,72 0,08

27 013,00 ZTE CORP HKD 53 361,10 67 594,26 0,04

Industries 2 057 976,93 2 002 802,80 1,29145 789,00


HKD 188 265,96 191 717,09 0,12

44 084,00 WEICHAI POWER CO LTD HKD 29 525,71 177 592,54 0,11246 836,00 CSR CORP LTD HKD 117 599,32 160 108,26 0,10118 332,00


HKD 92 766,60 134 505,24 0,09

205 637,00 CHINA COMMUNICATIONS CONSTRUCTION CO LTD HKD 195 007,21 122 071,77 0,08309 308,00 SHANGHAI ELECTRIC GROUP CO LTD HKD 91 154,01 112 803,05 0,0743 392,00 DONGFANG ELECTRIC CORP LTD HKD 73 366,02 111 081,91 0,0743 990,00 ZHUZHOU CSR TIMES ELECTRIC CO LTD HKD 124 310,65 102 463,96 0,07

342 808,00 METALLURGICAL CORP OF CHINA LTD HKD 152 526,45 92 472,46 0,06122 609,00 AIR CHINA LTD HKD 54 729,86 87 689,03 0,06371 566,00 CHINA SHIPPING CONTAINER LINES CO LTD HKD 78 078,74 86 712,07 0,05131 032,00 JIANGSU EXPRESSWAY CO LTD HKD 74 263,91 83 597,66 0,05249 122,00 CHINA RAILWAY GROUP LTD HKD 145 309,57 80 685,00 0,05147 091,00 ZHEJIANG EXPRESSWAY CO LTD HKD 73 782,11 76 484,17 0,0591 357,00

SANY HEAVY EQUIPMENT INTERNATIONAL HOLDINGS CO LTD

HKD 75 004,49 71 985,11 0,05

172 314,00


HKD 125 595,35 71 863,16 0,05

118





% ofNet Assets

179 724,00 CHINA SOUTHERN AIRLINES CO LTD HKD 98 135,77 66 660,75 0,04107 035,00 CHINA NATIONAL MATERIALS CO LTD HKD 77 485,14 60 499,68 0,0474 226,00 CHINA RAILWAY CONSTRUCTION CORP LTD HKD 74 916,96 42 877,05 0,0378 619,00 CHINA COSCO HOLDINGS CO LTD HKD 71 464,88 42 414,95 0,0341 797,00 CHINA SHIPPING DEVELOPMENT CO LTD HKD 44 688,22 26 517,89 0,02

Basic Goods 1 489 779,01 1 892 778,06 1,2280 381,00 HENGAN INTERNATIONAL GROUP CO LTD HKD 375 490,97 497 847,91 0,32

214 629,00 TINGYI CAYMAN ISLANDS HOLDING CORP HKD 294 453,32 458 027,28 0,30632 991,00 WANT WANT CHINA HOLDINGS LTD HKD 344 318,00 424 064,92 0,27149 959,00 CHINA YURUN FOOD GROUP LTD HKD 289 818,39 291 410,04 0,1972 320,00 WUMART STORES INC HKD 116 516,88 123 723,82 0,0824 496,00 TSINGTAO BREWERY CO LTD HKD 69 181,45 97 704,09 0,06

Raw materials 1 645 368,25 1 731 185,18 1,1282 313,00 JIANGXI COPPER CO LTD HKD 102 587,15 188 806,46 0,12

199 839,00 ANGANG STEEL CO LTD HKD 229 589,29 151 080,25 0,10164 434,00 CHINA SHANSHUI CEMENT GROUP LTD HKD 99 338,52 131 171,41 0,09224 007,00 ALUMINUM CORP OF CHINA LTD HKD 151 325,98 130 392,70 0,08221 138,00 CHINA BLUECHEMICAL LTD HKD 91 091,12 126 171,77 0,0888 686,00 ZHAOJIN MINING INDUSTRY CO LTD HKD 125 142,31 125 910,78 0,0833 900,00 ANHUI CONCH CEMENT CO LTD HKD 45 950,54 109 493,65 0,07

207 893,00 FOSUN INTERNATIONAL LTD HKD 77 541,39 109 391,21 0,07326 501,00 SINOPEC SHANGHAI PETROCHEMICAL CO LTD HKD 89 884,44 101 110,86 0,0797 278,00 BBMG CORP HKD 64 544,44 100 129,14 0,06

126 279,00


HKD 91 325,77 75 410,89 0,05

210 459,00 ZIJIN MINING GROUP CO LTD HKD 70 508,19 72 831,62 0,05121 148,00 CHINA MOLYBDENUM CO LTD HKD 75 193,55 70 304,30 0,05210 845,00 MAANSHAN IRON & STEEL HKD 85 224,57 67 352,49 0,04195 199,00 CHINA ZHONGWANG HOLDINGS LTD HKD 150 341,28 59 236,80 0,0474 774,00 CSG HOLDING CO LTD HKD 66 507,00 58 918,47 0,0439 490,00 CHINA NATIONAL BUILDING MATERIAL CO LTD HKD 29 272,71 53 472,38 0,03

Consumer Retail 1 430 522,72 1 330 385,38 0,86295 113,00 GUANGZHOU AUTOMOBILE GROUP CO LTD HKD 224 493,10 248 771,03 0,16177 151,00 DONGFENG MOTOR GROUP CO LTD HKD 175 374,47 231 072,79 0,1584 208,00 GOLDEN EAGLE RETAIL GROUP LTD HKD 126 694,29 147 498,76 0,10

143 860,00 PARKSON RETAIL GROUP LTD HKD 168 755,98 145 268,07 0,0961 084,00 BYD CO LTD HKD 264 333,41 136 318,04 0,09

105 343,00 ANTA SPORTS PRODUCTS LTD HKD 120 540,90 129 929,67 0,0893 344,00 INTIME DEPARTMENT STORE GROUP CO LTD HKD 107 545,47 109 497,88 0,0784 980,00 GREAT WALL MOTOR CO LTD HKD 89 321,42 96 519,39 0,0671 595,00 LI NING CO LTD HKD 153 463,68 85 509,75 0,06

Health 423 361,63 400 846,63 0,26194 000,00


HKD 102 651,22 193 144,55 0,12

32 985,00 SINOPHARM GROUP CO LTD HKD 107 138,22 76 537,81 0,0553 320,00 CHINA SHINEWAY PHARMACEUTICAL GROUP LTD HKD 133 634,78 72 956,23 0,05

178 743,00 SIHUAN PHARMACEUTICAL HOLDINGS GROUP LTD HKD 79 937,41 58 208,04 0,04

Multi-Utilities 380 193,32 334 928,19 0,2272 567,00 ENN ENERGY HOLDINGS LTD HKD 115 720,99 169 992,97 0,11

442 675,00


HKD 174 044,83 103 699,53 0,07

106 248,00 HUANENG POWER INTERNATIONAL INC HKD 61 373,27 38 559,55 0,0333 938,00 CHINA LONGYUAN POWER GROUP CORP HKD 29 054,23 22 676,14 0,01

Telecommunication 163 313,40 177 377,87 0,11206 655,00 CHINA TELECOM CORP LTD HKD 68 425,42 92 419,65 0,06208 142,00 CHINA COMMUNICATIONS SERVICES CORP LTD HKD 94 887,98 84 958,22 0,05

INDIA 14 797 522,60 17 536 159,35 11,32

Finance 3 881 327,25 4 700 425,29 3,0473 621,00 ICICI BANK LTD INR 899 652,59 1 248 385,40 0,8127 089,00 HDFC BANK LTD INR 702 068,31 1 049 403,29 0,6895 289,00 HOUSING DEVELOPMENT FINANCE CORP INR 754 347,25 1 037 948,33 0,6718 780,00 AXIS BANK LTD INR 256 529,54 380 782,82 0,2524 822,00 KOTAK MAHINDRA BANK LTD INR 150 498,21 181 994,13 0,124 803,00 STATE BANK OF INDIA INR 148 087,92 180 042,13 0,12

119





% ofNet Assets

58 991,00 INFRASTRUCTURE DEVELOPMENT FINANCE CO LTD INR 161 202,41 123 387,93 0,0811 934,00 SHRIRAM TRANSPORT FINANCE CO LTD INR 130 387,40 121 028,33 0,0829 026,00 DLF LTD INR 227 939,64 99 036,22 0,0628 129,00 RURAL ELECTRIFICATION CORP LTD INR 128 441,94 86 107,99 0,0510 654,00 BANK OF INDIA INR 71 842,59 68 346,32 0,045 552,00 RELIANCE CAPITAL LTD INR 76 356,47 50 084,17 0,03

21 960,00 INDIABULLS REAL ESTATE LTD INR 77 575,22 39 606,29 0,0367 774,00 UNITECH LTD INR 96 397,76 34 271,94 0,02

Computing and IT 1 928 227,88 2 917 317,27 1,8839 785,00 INFOSYS LTD INR 1 276 395,78 1 807 981,66 1,1738 726,00 TATA CONSULTANCY SERVICES LTD INR 382 993,90 714 882,73 0,4643 055,00 WIPRO LTD INR 191 717,26 282 169,64 0,188 017,00 HCL TECHNOLOGIES LTD INR 12 099,68 61 611,39 0,04

38 627,00 SATYAM COMPUTER SERVICES LTD INR 65 021,26 50 671,85 0,03

Energy 2 721 040,61 2 621 489,62 1,69123 625,00 RELIANCE INDUSTRIES LTD INR 1 778 763,86 1 650 367,74 1,07135 341,00 OIL & NATURAL GAS CORP LTD INR 597 695,24 579 270,21 0,3756 000,00 COAL INDIA LTD INR 298 262,37 333 268,49 0,215 863,00 BHARAT PETROLEUM CORP LTD INR 46 319,14 58 583,18 0,04

Raw materials 1 557 927,01 1 910 501,11 1,2340 784,00 JINDAL STEEL & POWER LTD INR 190 164,45 411 051,60 0,27

121 455,00 STERLITE INDUSTRIES INDIA LTD INR 367 899,73 319 972,06 0,2132 136,00 TATA STEEL LTD INR 245 191,60 299 776,12 0,1987 691,00 HINDALCO INDUSTRIES LTD INR 211 662,64 253 973,83 0,162 854,00 ASIAN PAINTS LTD INR 132 992,29 146 484,70 0,106 797,00 ULTRATECH CEMENT LTD INR 131 035,80 98 539,12 0,06

22 039,00 SESA GOA LTD INR 37 360,65 96 922,83 0,0642 813,00 AMBUJA CEMENTS LTD INR 67 628,96 85 836,12 0,064 865,00 JSW STEEL LTD INR 35 539,72 66 498,91 0,04

29 624,00 STEEL AUTHORITY OF INDIA LTD INR 81 059,88 63 155,66 0,043 410,00 ACC LTD INR 39 058,07 50 447,66 0,037 488,00 UNITED PHOSPHORUS LTD INR 18 333,22 17 842,50 0,01

Industries 1 655 190,43 1 790 859,07 1,1617 148,00 LARSEN & TOUBRO LTD INR 396 855,38 480 047,41 0,3127 551,00 TATA MOTORS LTD INR 328 254,14 424 445,40 0,2710 549,00 BHARAT HEAVY ELECTRICALS LTD INR 326 025,09 334 989,84 0,2217 304,00 ADANI ENTERPRISES LTD INR 183 789,54 188 084,16 0,1291 182,00 JAIPRAKASH ASSOCIATES LTD INR 201 196,46 114 883,86 0,0740 224,00 MUNDRA PORT AND SPECIAL ECONOMIC ZONE LTD INR 95 127,79 101 141,62 0,077 242,00 SIEMENS INDIA LTD INR 61 211,11 100 184,28 0,07

43 837,00 SUZLON ENERGY LTD INR 46 471,74 33 437,93 0,02974,00 ADITYA BIRLA NUVO LTD INR 16 259,18 13 644,57 0,01

Basic Goods 838 079,01 1 183 566,60 0,76194 012,00 ITC LTD INR 343 851,66 605 624,93 0,3981 451,00 HINDUSTAN UNILEVER LTD INR 322 602,10 424 811,60 0,275 241,00 UNITED SPIRITS LTD INR 103 269,94 79 865,18 0,05

40 570,00 DABUR INDIA LTD INR 68 355,31 73 264,89 0,05

Multi-Utilities 1 064 898,45 908 820,06 0,5937 354,00 GAIL INDIA LTD INR 173 182,92 260 774,54 0,17

143 000,00 POWER GRID CORP OF INDIA LTD INR 228 410,33 244 178,25 0,167 624,00 TATA POWER CO LTD INR 192 551,98 154 070,39 0,10

43 394,00 NTPC LTD INR 135 968,69 125 544,85 0,0830 818,00 RELIANCE POWER LTD INR 145 186,25 55 343,62 0,046 436,00 RELIANCE INFRASTRUCTURE LTD INR 128 597,69 54 056,51 0,03

29 147,00 GMR INFRASTRUCTURE LTD INR 61 000,59 14 851,90 0,01

Consumer Retail 413 479,24 766 498,32 0,5022 059,00 MAHINDRA & MAHINDRA LTD INR 109 919,54 236 351,70 0,156 696,00 HERO HONDA MOTORS LTD INR 111 328,38 196 960,21 0,136 214,00 BAJAJ AUTO LTD INR 44 614,60 136 966,47 0,094 548,00 MARUTI SUZUKI INDIA LTD INR 47 486,03 80 522,27 0,05

21 640,00 TITAN INDUSTRIES LTD INR 70 451,27 71 589,75 0,0521 008,00 ZEE ENTERTAINMENT ENTERPRISES LTD INR 29 679,42 43 290,43 0,032 626,00 ZEE LEARN LTD INR 0,00 817,49 0,00

120





% ofNet Assets

Health 488 479,12 672 004,18 0,437 760,00 DR REDDY'S LABORATORIES LTD INR 90 422,14 183 512,08 0,12

22 325,00 SUN PHARMACEUTICAL INDUSTRIES LTD INR 77 960,50 172 192,07 0,1120 179,00 CIPLA LTD INR 65 696,27 102 166,12 0,0714 486,00 LUPIN LTD INR 122 408,25 100 680,48 0,067 489,00 RANBAXY LABORATORIES LTD INR 49 919,50 61 143,51 0,048 569,00 PIRAMAL HEALTHCARE LTD INR 82 072,46 52 309,92 0,03

Telecommunication 248 873,60 64 677,83 0,0442 853,00 RELIANCE COMMUNICATIONS LTD INR 248 873,60 64 677,83 0,04

HONG KONG 11 792 564,83 11 492 187,92 7,42

Telecommunication 4 671 986,75 4 240 062,29 2,74566 278,00 CHINA MOBILE LTD HKD 4 189 074,73 3 617 845,76 2,34447 206,00 CHINA UNICOM HONG KONG LTD HKD 482 912,02 622 216,53 0,40

Consumer Retail 1 380 644,67 1 576 507,64 1,02405 178,00 BELLE INTERNATIONAL HOLDINGS LTD HKD 339 499,97 589 627,28 0,38

1 313 920,00 GOME ELECTRICAL APPLIANCES HOLDING LTD HKD 329 500,83 362 591,13 0,23233 359,00 BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LTD HKD 154 661,93 181 805,46 0,12467 325,00 GEELY AUTOMOBILE HOLDINGS LTD HKD 98 973,12 126 060,92 0,08206 071,00 HENGDELI HOLDINGS LTD HKD 99 380,05 75 153,04 0,05172 785,00 AVICHINA INDUSTRY & TECHNOLOGY CO LTD HKD 80 993,22 71 139,68 0,05168 392,00 SKYWORTH DIGITAL HOLDINGS LTD HKD 96 065,69 69 779,23 0,05238 433,00 CHINA DONGXIANG GROUP CO HKD 96 352,29 52 257,81 0,03225 831,00 BOSIDENG INTERNATIONAL HOLDINGS LTD HKD 85 217,57 48 093,09 0,03

Industries 1 491 951,90 1 384 440,56 0,89117 328,00


HKD 289 769,69 312 848,45 0,20

119 832,00 CITIC PACIFIC LTD HKD 260 790,56 206 495,17 0,1357 182,00 BEIJING ENTERPRISES HOLDINGS LTD HKD 192 404,02 205 749,16 0,13

141 138,00 COSCO PACIFIC LTD HKD 139 134,25 171 323,89 0,1156 756,00 SHANGHAI INDUSTRIAL HOLDINGS LTD HKD 129 364,15 144 034,22 0,09

305 797,00 BEIJING CAPITAL INTERNATIONAL AIRPORT CO LTD HKD 146 020,66 98 769,41 0,07138 030,00


HKD 103 411,52 96 513,39 0,06

105 355,00


HKD 144 422,28 80 397,30 0,05

181 136,00 LONKING HOLDINGS LTD HKD 86 634,77 68 309,57 0,05

Finance 1 503 956,16 1 379 563,45 0,89376 938,00 CHINA OVERSEAS LAND & INVESTMENT LTD HKD 477 187,27 557 896,75 0,36180 969,00 CHINA RESOURCES LAND LTD HKD 227 504,45 226 096,95 0,1594 225,00 CHINA TAIPING INSURANCE HOLDINGS CO LTD HKD 211 751,17 146 984,95 0,09

103 595,00 CHINA EVERBRIGHT LTD HKD 171 602,73 136 598,35 0,09214 758,00 KWG PROPERTY HOLDING LTD HKD 118 426,88 98 711,32 0,06198 128,00 POLY HONG KONG INVESTMENTS LTD HKD 135 656,75 90 012,68 0,06399 438,00 FRANSHION PROPERTIES CHINA LTD HKD 81 639,65 70 178,23 0,05406 968,00 YUEXIU PROPERTY CO LTD HKD 80 187,26 53 084,22 0,03

Basic Goods 881 765,84 923 311,16 0,59127 316,00 CHINA RESOURCES ENTERPRISE LTD HKD 288 915,60 359 250,98 0,23139 951,00 CHINA MENGNIU DAIRY CO LTD HKD 281 482,00 325 360,75 0,21187 480,00 CHINA AGRI-INDUSTRIES HOLDINGS LTD HKD 122 787,05 137 078,71 0,09338 163,00 CHAODA MODERN AGRICULTURE HOLDINGS LTD HKD 188 326,39 101 421,64 0,06

1 368,00 GLOBAL SWEETENERS HOLDINGS LTD HKD 254,80 199,08 0,00

Raw materials 869 371,20 761 725,73 0,49191 957,00 CHINA RESOURCES CEMENT HOLDINGS LTD HKD 109 927,98 124 681,75 0,08262 297,00 FUSHAN INTERNATIONAL ENERGY GROUP LTD HKD 133 110,10 110 554,09 0,07129 620,00 CHINA METAL RECYCLING HOLDINGS LTD HKD 94 447,25 108 920,56 0,07156 435,00 NINE DRAGONS PAPER HOLDINGS LTD HKD 175 126,58 93 974,59 0,06145 042,00 HUABAO INTERNATIONAL HOLDINGS LTD HKD 89 306,52 91 120,25 0,06199 775,00 LEE & MAN PAPER MANUFACTURING LTD HKD 111 584,64 84 024,77 0,05150 938,00 MINMETALS RESOURCES LTD HKD 74 996,98 76 877,34 0,05235 160,00 SINOFERT HOLDINGS LTD HKD 80 871,15 71 572,38 0,05

Computing and IT 320 272,13 475 283,93 0,31684 081,00 GCL-POLY ENERGY HOLDINGS LTD HKD 162 003,68 244 624,77 0,16

121





% ofNet Assets

71 602,00 KINGBOARD CHEMICAL HOLDINGS LTD HKD 157 909,32 228 725,99 0,153 531,00

TCL COMMUNICATION TECHNOLOGY HOLDINGS LTD

HKD 359,13 1 933,17 0,00

Multi-Utilities 493 274,83 446 466,65 0,29202 745,00 CHINA RESOURCES POWER HOLDINGS CO LTD HKD 309 850,50 273 092,51 0,18274 631,00 GUANGDONG INVESTMENT LTD HKD 69 897,20 101 374,97 0,06259 236,00 CHINA GAS HOLDINGS LTD HKD 113 527,13 71 999,17 0,05

Energy 179 341,35 304 826,51 0,20256 749,00 KUNLUN ENERGY CO LTD HKD 179 341,35 304 826,51 0,20

MALAYSIA 6 697 485,09 8 661 034,90 5,59

Finance 1 928 511,58 2 843 668,40 1,84439 070,00 CIMB GROUP HOLDINGS BHD MYR 592 771,09 899 446,82 0,58298 519,00 MALAYAN BANKING BHD MYR 482 777,96 612 893,88 0,4099 057,00 PUBLIC BANK BHD MYR 222 509,06 301 768,23 0,20

166 862,00 AMMB HOLDINGS BHD MYR 188 788,25 249 571,68 0,1653 722,00 HONG LEONG BANK BERHAD MYR 77 816,10 166 370,46 0,11

215 906,00 UEM LAND HOLDINGS BHD MYR 64 323,10 138 184,45 0,0952 387,00 RHB CAPITAL BHD MYR 70 508,75 109 960,04 0,07

113 835,00 SP SETIA BHD MYR 76 523,78 109 676,95 0,0732 502,00 HONG LEONG FINANCIAL GROUP BERHAD MYR 35 592,15 98 119,71 0,06

113 626,00 ALLIANCE FINANCIAL GROUP BHD MYR 65 618,21 82 888,66 0,0531 723,00 BURSA MALAYSIA BHD MYR 49 218,15 56 616,64 0,044 612,00 PUBLIC BANK BHD MYR 0,00 14 071,20 0,016 315,00 IJM LAND BHD MYR 2 064,98 4 099,68 0,00

Industries 1 341 553,91 1 657 499,32 1,07253 964,00 SIME DARBY BHD MYR 440 480,51 540 642,78 0,35126 380,00 MISC BHD MYR 233 146,66 217 145,30 0,14116 674,00 IJM CORP BHD MYR 114 258,01 174 506,64 0,11159 973,00 PLUS EXPRESSWAYS BHD MYR 120 377,92 165 872,88 0,11174 574,00 GAMUDA BHD MYR 108 665,90 158 185,59 0,10130 742,00 AIRASIA BHD MYR 35 960,16 108 870,95 0,0746 424,00

MALAYSIA MARINE AND HEAVY ENGINEERING HOLDINGS BHD

MYR 78 679,96 89 456,54 0,06

43 594,00 MALAYSIA AIRPORTS HOLDINGS BHD MYR 66 059,85 66 002,58 0,04101 129,00 MMC CORP BHD MYR 65 790,11 65 420,69 0,04234 424,00 BERJAYA CORP BHD MYR 71 133,69 64 531,77 0,0434 000,00 MALAYSIAN AIRLINE SYSTEM BHD -PFD- MYR 7 001,14 6 863,60 0,01

Basic Goods 785 619,16 1 003 830,43 0,65315 070,00 IOI CORP BHD MYR 322 822,08 383 065,63 0,2549 833,00 KUALA LUMPUR KEPONG BHD MYR 167 044,85 254 010,32 0,1643 729,00 PPB GROUP BHD MYR 125 920,22 177 354,44 0,1113 732,00 BRITISH AMERICAN TOBACCO MALAYSIA BHD MYR 138 005,09 147 109,58 0,1023 277,00 GENTING PLANTATIONS BHD MYR 31 826,92 42 290,46 0,03

Consumer Retail 672 977,78 968 449,46 0,62189 029,00 GENTING BHD MYR 282 678,76 479 594,10 0,31269 026,00 GENTING MALAYSIA BHD MYR 169 482,16 223 405,11 0,1465 581,00 UMW HOLDINGS BHD MYR 85 396,72 112 530,41 0,0782 827,00 BERJAYA SPORTS TOTO BHD MYR 80 604,68 85 121,69 0,0648 530,00 PARKSON HOLDINGS BHD MYR 54 815,46 67 798,15 0,04

Telecommunication 839 575,78 885 173,75 0,57234 110,00 AXIATA GROUP BHD MYR 179 086,06 270 133,36 0,17206 664,00 MAXIS BHD MYR 240 118,45 259 323,83 0,1736 200,00 DIGI.COM BHD MYR 189 450,90 242 649,30 0,16

125 098,00 TELEKOM MALAYSIA BHD MYR 230 920,37 113 067,26 0,07

Multi-Utilities 749 891,89 814 588,44 0,53223 500,00 TENAGA NASIONAL BHD MYR 331 486,47 345 563,36 0,2272 389,00 PETRONAS GAS BHD MYR 175 330,27 220 194,45 0,14

367 905,00 YTL CORP BHD MYR 115 647,05 130 815,03 0,09237 077,00 YTL POWER INTERNATIONAL BHD MYR 127 428,10 118 015,60 0,08

Raw materials 309 140,71 374 645,69 0,24183 616,00 PETRONAS CHEMICALS GROUP BHD MYR 246 077,73 301 587,83 0,19

122





% ofNet Assets

42 634,00 LAFARGE MALAYAN CEMENT BHD MYR 63 062,98 73 057,86 0,05

Energy 70 214,28 113 179,41 0,0730 383,00 PETRONAS DAGANGAN BHD MYR 68 167,96 112 632,13 0,071 269,00 KNM GROUP BHD MYR 2 046,32 547,28 0,00

INDONESIA 3 945 419,65 6 000 443,54 3,88

Finance 944 068,16 1 895 421,47 1,23941 623,00 BANK CENTRAL ASIA IDR 245 590,90 593 459,31 0,39998 388,00 BANK RAKYAT INDONESIA PERSERO IDR 261 895,54 540 497,19 0,35796 145,00 BANK MANDIRI IDR 251 362,92 469 606,74 0,30

2 400 000,00 BANK INTERNASIONAL INDONESIA IDR 76 933,61 108 597,18 0,07220 983,00 BANK DANAMON INDONESIA IDR 69 362,82 108 027,30 0,07238 742,00 BANK NEGARA INDONESIA PERSERO IDR 38 922,37 75 233,75 0,05

Energy 715 893,43 839 449,83 0,541 720 446,00 BUMI RESOURCES IDR 425 664,02 417 043,72 0,271 220 031,00 ADARO ENERGY TBK PT IDR 188 458,53 246 450,76 0,16

54 826,00 TAMBANG BATUBARA BUKIT ASAM TBK PT IDR 53 866,46 93 916,46 0,0622 638,00 INDO TAMBANGRAYA MEGAH PT IDR 47 904,42 82 038,89 0,05

Consumer Retail 300 550,02 779 321,81 0,50147 138,00 ASTRA INTERNATIONAL IDR 300 550,02 779 321,81 0,50

Basic Goods 410 037,17 662 781,97 0,4346 742,00 GUDANG GARAM TBK PT IDR 121 221,63 188 841,13 0,12

329 073,00 INDOFOOD SUKSES MAKMUR TBK PT IDR 55 976,47 159 537,50 0,10127 810,00 UNILEVER INDONESIA TBK PT IDR 82 829,02 154 392,18 0,10724 920,00 CHAROEN POKPHAND INDONESIA TBK PT IDR 117 219,66 118 613,57 0,0822 036,00 ASTRA AGRO LESTARI IDR 32 790,39 41 397,59 0,03

Telecommunication 617 403,45 577 667,00 0,37804 101,00 TELEKOMUNIKASI INDONESIA TBK PT IDR 494 468,65 467 802,33 0,30167 572,00 XL AXIATA TBK PT IDR 87 743,78 83 271,40 0,0565 172,00 INDOSAT TBK PT IDR 35 191,02 26 593,27 0,02

Raw materials 287 046,77 465 538,55 0,30270 977,00 SEMEN GRESIK PERSERO TBK PT IDR 159 505,76 215 669,11 0,14122 344,00 INDOCEMENT TUNGGAL PRAKARSA TBK PT IDR 55 154,21 171 020,46 0,11151 050,00 INTERNATIONAL NICKEL INDONESIA TBK PT IDR 49 568,72 55 227,91 0,04139 207,00 ANEKA TAMBANG TBK PT IDR 22 818,08 23 621,07 0,01

Multi-Utilities 248 229,40 368 853,99 0,241 127 146,00 PERUSAHAAN GAS NEGARA PT IDR 248 229,40 368 853,99 0,24

Industries 294 423,54 287 359,01 0,19141 983,00 UNITED TRACTORS TBK PT IDR 157 409,33 281 074,68 0,18

1 275 000,00 TRUBA ALAM MANUNGGAL ENGINEERING PT IDR 137 014,21 6 284,33 0,01

Health 127 767,71 124 049,91 0,08444 998,00 KALBE FARMA TBK PT IDR 127 767,71 124 049,91 0,08

THAILAND 2 120 996,45 3 359 537,80 2,17

Energy 812 729,64 1 229 836,64 0,7951 427,00 PTT PCL THB 254 156,11 387 169,26 0,2570 709,00 PTTLORATION & PRODUCTION PCL -A- THB 180 287,48 271 728,80 0,1814 758,00 BANPU PCL -A- THB 160 860,31 237 468,17 0,1575 533,00 THAI OIL PCL -A- THB 86 298,57 126 461,37 0,08

129 387,00 PTT AROMATICS & REFINING PCL THB 59 415,24 109 040,24 0,07814 834,00 IRPC PCL -A- THB 71 711,93 97 968,80 0,06

Finance 705 575,92 1 092 343,41 0,71101 981,00 SIAM COMMERCIAL BANK PCL THB 176 239,56 254 394,15 0,1662 104,00 BANGKOK BANK PCL THB 154 814,89 221 214,56 0,1468 682,00 KASIKORNBANK PCL THB 140 808,14 189 851,01 0,1257 886,00 KASIKORNBANK PCL -A- THB 81 559,11 162 610,44 0,1128 723,00 BANGKOK BANK PCL THB 65 305,10 101 988,63 0,07

143 233,00 BANK OF AYUDHYA PCL THB 58 208,71 91 738,75 0,06166 974,00 KRUNG THAI BANK PCL THB 28 640,41 70 545,87 0,05

123





% ofNet Assets

Raw materials 230 745,49 382 079,91 0,2516 400,00 SIAM CEMENT PCL -A THB 48 648,06 150 372,66 0,10

122 540,00 INDORAMA VENTURES PCL THB 151 484,69 128 054,75 0,0831 376,00 PTT CHEMICAL PCL -A- THB 30 612,74 103 652,50 0,07

Basic Goods 66 991,93 249 677,11 0,16204 587,00 CHAROEN POKPHAND FOODS PCL -A- THB 41 976,77 135 632,86 0,09114 682,00 CP ALL PCL -A- THB 25 015,16 114 044,25 0,07

Consumer Retail 71 446,70 128 864,50 0,08166 207,00 BEC WORLD PCL -A- THB 71 446,70 128 864,50 0,08

Multi-Utilities 64 571,38 123 527,30 0,08109 933,00 GLOW ENERGY PCL THB 64 571,38 123 527,30 0,08

Telecommunication 85 562,34 111 767,84 0,0747 821,00 ADVANCED INFO SERVICE PCL THB 85 562,34 111 767,84 0,07

Industries 83 373,05 41 441,09 0,0363 587,00 THAI AIRWAYS INTERNATIONAL PCL -A- THB 83 373,05 41 441,09 0,03

PHILIPPINES 1 383 374,05 1 719 557,92 1,11

Finance 485 285,01 626 312,02 0,40516 669,00 AYALA LAND INC PHP 88 914,20 130 555,12 0,0824 201,00 AYALA CORP PHP 98 146,94 124 240,38 0,0886 679,00 METROPOLITAN BANK & TRUST PHP 77 183,55 98 561,64 0,06

493 257,00 SM PRIME HOLDINGS INC PHP 76 414,18 93 085,00 0,0696 949,00 BANK OF THE PHILIPPINE ISLANDS PHP 74 226,61 91 943,80 0,0699 961,00 BANCO DE ORO UNIBANK INC PHP 70 399,53 87 926,08 0,06

Industries 358 274,24 404 307,66 0,26247 000,00 ABOITIZ EQUITY VENTURES INC PHP 164 622,06 165 711,76 0,1119 196,00 SM INVESTMENTS CORP PHP 112 781,22 164 090,28 0,10

409 376,00 ALLIANCE GLOBAL GROUP INC PHP 80 870,96 74 505,62 0,05

Multi-Utilities 274 160,77 402 874,21 0,2643 811,00 MANILA ELECTRIC CO PHP 91 533,15 194 082,94 0,13

1 070 958,00 ENERGY DEVELOPMENT CORP PHP 77 472,57 115 782,67 0,07184 624,00 ABOITIZ POWER CORP PHP 105 155,05 93 008,60 0,06

Telecommunication 202 234,23 213 313,76 0,144 023,00 PHILIPPINE LONG DISTANCE TELEPHONE CO PHP 139 466,93 153 126,87 0,104 250,00 GLOBE TELECOM INC PHP 62 767,30 60 186,89 0,04

Consumer Retail 63 419,80 72 750,27 0,0550 600,00 JOLLIBEE FOODS CORP PHP 63 419,80 72 750,27 0,05

SINGAPORE 133 805,96 184 745,17 0,12

Energy 133 805,96 184 745,17 0,12111 000,00 STRAITS ASIA RESOURCES LTD SGD 133 805,96 184 745,17 0,12

Rights 0,00 13 713,61 0,01

HONG KONG 0,00 13 713,61 0,01183 986,00 CHINA CITIC BANK CORP RTS 20/07/2011 HKD 0,00 13 713,61 0,01

Warrants 0,00 2 871,73 0,00

CAYMAN ISLANDS 0,00 2 871,73 0,007 991,00

KINGBOARD CHEMICAL HOLDINGS LTD WTS 31/10/2012 31/10/2012

HKD 0,00 2 871,73 0,00


INDIA 0,00 178,48 0,00

Health 0,00 178,48 0,00232 800,00 DR REDDY'S LABORATORIES LTD 9.25% 24/03/2014 INR 0,00 178,48 0,00

124





% ofNet Assets

UNQUOTED 449 914,85 58 803,70 0,04

Shares 449 914,85 58 803,70 0,04

PAKISTAN 89 125,42 58 803,70 0,04

Finance 89 125,42 58 803,70 0,0418 367,82 MCB BANK LIMITED -GDR- USD 89 125,42 58 803,70 0,04

KOREA 40 442,09 0,00 0,00

Health 40 442,09 0,00 0,001 093,00 MEDISON CO KRW 40 442,09 0,00 0,00

TAIWAN 320 347,34 0,00 0,00

Computing and IT 287 441,38 0,00 0,00445 000,00 YA HSING IND CO TWD 287 441,38 0,00 0,00

Industries 32 905,96 0,00 0,0033 204,00 PACIFIC ELEC WIRE TWD 32 905,96 0,00 0,00

INDIA 0,00 0,00 0,00

Industries 0,00 0,00 0,002 745,00 INDIABULLS WHOLESALE SERVICES INR 0,00 0,00 0,00

Total Portfolio 118 485 870,36 145 554 705,82 94,00

125




Size Quantity

Purchase/



(EUR) Commitment

(EUR)



500 000 9 Purchase KOSPI 200 INDEX FUTURE 08/09/2011 KRW 6 654,02 8 168,94

2 176 Purchase SGX CNX NIFTY INDEX FUTURE 28/07/2011 USD 5 593,08 1 369 112,6450 237 Purchase HANG SENG CHINA ENT INDEX

FTRSJUL11 XHKF 28/07/2011 HKD 322 028,12 13 251 960,97


1 000 3,90 Purchase VOLATILITY INDEX FUTURE VIX JUL11

XCBF 19/07/2011 USD (40 875,93) 476 644,55

100 (112) Sale MSCI TAIWAN INDEX FUTURE 28/07/2011 USD (62 117,77) 2 313 082,91

126

Eurizon EasyFund - Equity Latin America



Assets Notes Investments in securities at market value 136 387 179,26Banks 1 289 334,72Amounts due from brokers 518 634,10Unrealised profit on future contracts (Note 8) 199 686,11Receivable on investments sold 361 695,81Receivable on subscriptions 297 459,92Other assets 728 069,80Total assets 139 782 059,72

Liabilities Amounts due to brokers (34 938,12)Unrealised loss on future contracts (Note 8) (39 783,88)Payable on investments purchased (361 695,81)Payable on redemptions (322 660,34)Other liabilities (209 472,81)Total liabilities (968 550,96)Total net assets 138 813 508,76


Class I Units EUR 391,75 959,197Class R Units EUR 388,08 268 900,010Class R2 Units USD 562,99 4 165,347Class Z Units EUR 410,92 79 004,626

127





Net income from investments 2 626 956,83Other income (Note 9) 2 487,60Total income 2 629 444,43Management fee (Note 5) (1 129 263,08)Custodian and paying agent fee (Note 7) (75 513,82)Subscription tax (Note 3) (29 962,67)Interest on bank accounts (5 251,64)Other charges and taxes (Notes 4, 7) (89 584,94)Total expenses (1 329 576,15)Net investment income / (loss) 1 299 868,28Net realised profit / (loss) on sales of investments, currencies and other financial instruments 2 042 624,27Change in unrealised appreciation / (depreciation) on - investments (20 967 249,77)- forward foreign exchange contracts and foreign currencies (Note 8) 6 714,56- future contracts (Note 8) 82 401,56Net result of operations for the period (17 535 641,10)



128





% ofNet Assets



Shares 118 072 428,42 136 387 020,13 98,31

BRAZIL 88 479 518,18 100 531 547,48 72,46

Finance 22 806 398,54 27 639 890,44 19,92333 435,00 ITAU UNIBANCO HOLDING SA -ADR- USD 5 176 550,08 5 416 008,33 3,90351 877,00 BANCO BRADESCO SA -PFD- BRL 3 184 879,24 4 924 666,63 3,55271 712,00 ITAU UNIBANCO HOLDING SA -PFD- BRL 2 861 988,50 4 372 532,50 3,15179 917,00 BANCO BRADESCO SA USD 2 512 647,73 2 542 678,12 1,83416 209,00 ITAUSA - INVESTIMENTOS ITAU SA -PFD- BRL 1 461 510,22 2 203 217,36 1,59412 129,00 BM&FBOVESPASA BRL 2 012 474,68 1 879 577,30 1,36200 240,00 BANCO SANTANDER BRASIL SA/BRAZIL -ADR- USD 1 830 271,26 1 617 279,04 1,17114 500,00 BANCO DO BRASIL SA BRL 1 200 564,68 1 415 435,92 1,0284 762,00 BANCO DO ESTADO DO RIO GRANDE DO SUL -PFD- BRL 349 834,53 669 855,18 0,4846 362,00 BANCO DO BRASIL SA USD 582 358,12 573 349,82 0,4148 900,00


BRL 538 034,11 521 377,98 0,38

47 688,00 BR MALLS PARTICIPACOES SA BRL 220 022,37 375 814,92 0,2734 764,00 PORTO SEGURO SA BRL 200 041,64 372 960,39 0,2732 100,00 BANCO SANTANDER BRASIL SA/BRAZIL BRL 296 994,72 259 347,95 0,1927 600,00 SUL AMERICA SA BRL 167 613,42 238 831,63 0,1712 236,00 MULTIPLAN EMPREENDIMENTOS IMOBILIARIOS SA BRL 148 674,02 184 213,11 0,135 616,00 MRV ENGENHARIA E PARTICIPACOES SA -ADR- USD 57 493,72 67 786,37 0,05

465,00


BRL 4 445,50 4 957,89 0,00

Raw materials 20 500 101,26 22 936 038,19 16,53283 758,00 VALE SA -PFD- BRL 3 573 981,91 5 592 409,88 4,03197 580,00 VALE SA BRL 2 841 574,65 4 317 050,50 3,11111 836,00 VALE SA -PFD- USD 2 202 054,28 2 233 867,50 1,6165 953,00 VALE SA USD 1 487 869,02 1 453 391,60 1,05

158 908,00 CIA SIDERURGICA NACIONAL SA BRL 1 286 496,01 1 346 317,31 0,97144 200,00 GERDAU SA -PFD- BRL 1 156 861,84 1 037 718,50 0,7548 200,00 BRADESPAR SA -PFD- BRL 711 861,87 842 692,09 0,61

101 980,00 GERDAU SA -ADR- USD 907 511,72 739 959,54 0,53112 518,00 USINAS SIDERURGICAS DE MINAS GERAIS SA -PFD- BRL 925 786,81 680 564,46 0,4960 700,00 METALURGICA GERDAU SA -PFD- BRL 781 967,42 535 976,05 0,3952 253,00 BRASKEM SA -PFD- BRL 274 551,58 514 218,85 0,3753 727,00 CIA SIDERURGICA NACIONAL SA -ADR- USD 651 003,70 461 729,75 0,3344 360,00 USINAS SIDERURGICAS DE MINAS GERAIS SA BRL 433 970,26 459 850,14 0,3342 586,00 VALE FERTILIZANTES SA -PFD- BRL 292 970,31 443 904,48 0,3245 039,00 FIBRIA CELULOSE SA -ADR- USD 532 134,78 409 742,26 0,3043 341,00 FIBRIA CELULOSE SA BRL 906 965,08 393 221,67 0,2875 528,00 SUZANO PAPEL E CELULOSE SA -PFD- BRL 524 322,91 376 468,48 0,27

129 551,00 KLABIN SA -PFD- BRL 237 946,03 331 738,18 0,2412 567,00 BRASKEM SA -ADR- USD 228 832,53 252 059,60 0,1839 892,00 DURATEX SA BRL 163 374,97 232 656,57 0,1743 000,00 MMX MINERACAO E METALICOS SA BRL 163 244,28 158 519,11 0,1120 212,00 USINAS SIDERURGICAS DE MINAS GERAIS SA -ADR- USD 214 819,30 121 981,67 0,09

Energy 17 707 700,60 16 957 872,17 12,22191 065,00 PETROLEO BRASILEIRO SA -ADR- USD 4 441 288,30 4 043 092,91 2,91162 683,00 PETROLEO BRASILEIRO SA -ADR- USD 4 284 420,66 3 799 324,20 2,74335 406,00 PETROLEO BRASILEIRO SA -PFD- BRL 3 745 304,72 3 512 466,62 2,53188 060,00 PETROLEO BRASILEIRO SA BRL 2 556 525,02 2 179 477,72 1,57267 300,00 OGX PETROLEO E GAS PARTICIPACOES SA BRL 1 189 325,11 1 721 793,03 1,24

980,00 HRT PARTICIPACOES EM PETROLEO SA BRL 774 803,91 605 732,40 0,4445 715,00 ULTRAPAR PARTICIPACOES SA -ADR- USD 472 857,60 571 654,67 0,4142 952,00 ULTRAPAR PARTICIPACOES SA -PFD- BRL 243 175,28 524 330,62 0,38

Basic Goods 7 036 272,23 10 273 593,45 7,4198 678,00 CIA DE BEBIDAS DAS AMERICAS -ADR- USD 1 674 613,67 2 295 693,51 1,65

100 810,00 CIA DE BEBIDAS DAS AMERICAS -PFD- BRL 867 493,71 2 284 554,76 1,65115 415,00 BRF - BRASIL FOODS SA BRL 915 825,28 1 350 314,17 0,9737 514,00

CIA BRASILEIRA DE DISTRIBUICAO GRUPO PAO DE ACUCAR -ADR-

USD 995 751,75 1 214 803,96 0,88

73 927,00 BRF - BRASIL FOODS SA -ADR- USD 840 289,65 883 647,13 0,64

129





% ofNet Assets

77 445,00 SOUZA CRUZ SA BRL 248 466,34 679 046,20 0,4959 290,00 HYPERMARCAS SA BRL 516 200,74 384 791,51 0,2821 240,00 NATURA COSMETICOS SA BRL 177 688,18 365 717,56 0,2626 086,00 COSAN SA INDUSTRIA E COMERCIO BRL 271 644,53 283 314,82 0,2038 678,00 MARFRIG ALIMENTOS SA BRL 210 127,66 262 973,16 0,1992 400,00 JBS SA BRL 277 114,14 219 472,92 0,162 500,00 CIA DE BEBIDAS DAS AMERICAS -ADR- USD 41 056,58 49 263,75 0,04

Multi-Utilities 5 595 593,57 7 452 993,88 5,3759 898,00 CIA ENERGETICA DE MINAS GERAIS -PFD- BRL 546 547,91 837 504,36 0,6050 716,00 CIA ENERGETICA DE SAO PAULO -PFD- BRL 447 162,39 686 281,30 0,5043 918,00

ELETROPAULO METROPOLITANA ELETRICIDADE DE SAO PAULO SA -PFD-

BRL 470 932,18 656 532,46 0,47

37 915,00 CIA ENERGETICA DE MINAS GERAIS -ADR- USD 490 421,42 539 756,62 0,3926 310,00 CIA PARANAENSE DE ENERGIA -PFD- BRL 247 916,16 482 053,94 0,3527 847,00 EDP - ENERGIAS DO BRASIL SA BRL 320 226,43 462 267,07 0,3346 800,00 CPFL ENERGIA SA BRL 304 691,02 460 762,80 0,3368 808,00 OGX PETROLEO E GAS PARTICIPACOES SA -ADR- USD 389 367,53 453 230,92 0,3320 222,00

CIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO

BRL 245 337,95 414 970,21 0,30

33 295,00 TRACTEBEL ENERGIA SA BRL 251 728,92 404 239,18 0,2940 293,00 CENTRAIS ELETRICAS BRASILEIRAS SA BRL 377 283,66 371 616,29 0,2731 000,00 CENTRAIS ELETRICAS BRASILEIRAS SA -PFD- BRL 300 255,85 361 046,53 0,2625 891,00 CENTRAIS ELETRICAS BRASILEIRAS SA -ADR- USD 318 123,18 306 081,35 0,2231 529,00 CENTRAIS ELETRICAS BRASILEIRAS SA -ADR- USD 315 160,75 293 576,43 0,216 196,00

CIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO -ADR-

USD 246 924,54 255 002,64 0,18

20 116,00 AES TIETE SA -PFD- BRL 116 796,51 224 515,01 0,166 953,00

CIA DE TRANSMISSAO DE ENERGIA ELECTRICA PAULISTA -PFD-

BRL 115 532,98 154 069,30 0,11

4 777,00 CIA PARANAENSE DE ENERGIA -ADR- USD 91 184,19 89 487,47 0,07

Consumer Retail 5 016 801,50 4 848 531,43 3,50153 450,00 GAFISA SA -ADR- USD 1 461 144,07 1 001 233,23 0,72224 053,00

PDG REALTY SA EMPREENDIMENTOS E PARTICIPACOES

BRL 858 002,21 869 493,49 0,63

24 806,00 LOJAS RENNER SA BRL 354 255,56 651 628,99 0,4771 213,00

CYRELA BRAZIL REALTY SA EMPREENDIMENTOS E PARTICIPACOES

BRL 580 324,82 467 516,50 0,34

29 137,00 CIA HERING BRL 381 575,40 461 812,81 0,3365 249,30 LOJAS AMERICANAS SA -PFD- BRL 268 259,56 436 430,57 0,3262 910,00 MRV ENGENHARIA E PARTICIPACOES SA BRL 295 335,96 359 957,63 0,2620 232,00 ANHANGUERA EDUCACIONAL PARTICIPACOES SA BRL 337 417,72 296 732,52 0,2132 922,00 ROSSI RESIDENCIAL SA BRL 176 578,86 185 465,69 0,1314 061,00 B2W CIA GLOBAL DO VAREJO BRL 303 907,34 118 260,00 0,09

Telecommunication 3 377 702,06 3 858 024,78 2,7867 741,00 TELECOMUNICACOES DE SAO PAULO SA USD 877 291,33 1 387 667,06 1,00

132 002,00 TIM PARTICIPACOES SA -PFD- BRL 261 070,16 440 001,50 0,3237 273,00 TELE NORTE LESTE PARTICIPACOES SA -ADR- USD 438 760,53 399 505,34 0,2958 004,00 BRASIL TELECOM SA -PFD- BRL 346 363,24 384 127,94 0,2834 781,00 TELE NORTE LESTE PARTICIPACOES SA -PFD- BRL 458 063,00 367 768,29 0,2613 111,00 TELEMAR NORTE LESTE SA -PFD- BRL 385 824,07 300 420,71 0,2216 498,00 TELE NORTE LESTE PARTICIPACOES SA BRL 317 021,07 197 755,16 0,149 996,00 BRASIL TELECOM SA -ADR- USD 162 210,39 197 596,69 0,145 397,00 TIM PARTICIPACOES SA -ADR- USD 131 098,27 183 182,09 0,13

Industries 3 343 720,31 3 473 142,74 2,5045 063,00 EMBRAER SA -ADR- USD 889 506,66 956 678,35 0,6939 999,00 TAM SA -ADR- USD 648 033,64 602 254,56 0,4358 393,00 GOL LINHAS AEREAS INTELIGENTES SA -ADR- USD 671 549,00 489 344,03 0,3516 800,00 CCR SA BRL 162 298,55 344 525,76 0,2556 682,00 ALL AMERICA LATINA LOGISTICA SA BRL 354 085,41 328 576,57 0,2423 646,00 LOCALIZA RENT A CAR SA BRL 178 553,60 291 265,19 0,2135 748,00 ECORODOVIAS INFRAESTRUTURA E LOGISTICA SA BRL 217 267,44 213 854,18 0,1555 295,00 LLX LOGISTICA SA BRL 172 045,25 117 180,08 0,0955 295,00 PORTX OPERACOES PORTUARIAS SA BRL 0,00 83 734,93 0,068 704,00 EMBRAER SA BRL 50 380,76 45 729,09 0,03

Computing and IT 2 156 615,46 2 201 609,02 1,5951 070,00 CIELO SA BRL 813 373,43 879 340,67 0,64

130





% ofNet Assets

75 300,00 REDECARD SA BRL 801 476,01 781 914,00 0,5624 155,00 TOTVS SA BRL 348 162,09 307 132,82 0,229 264,00 KLABIN SA -ADR- USD 193 603,93 233 221,53 0,17

Health 938 612,65 889 851,38 0,6450 485,00 DIAGNOSTICOS DA AMERICA SA BRL 510 304,98 468 067,35 0,3419 592,00 ODONTOPREV SA BRL 238 941,85 224 894,49 0,1624 303,00 AMIL PARTICIPACOES SA BRL 189 365,82 196 889,54 0,14

MEXICO 15 028 462,55 18 073 040,51 13,03

Telecommunication 6 629 181,47 7 178 249,71 5,187 353 155,00 AMERICA MOVIL SAB DE CV MXN 6 251 585,68 6 833 210,71 4,93

604 787,00 TELEFONOS DE MEXICO SAB DE CV MXN 377 595,79 345 039,00 0,25

Basic Goods 3 142 776,59 4 443 198,20 3,20762 150,00 WAL-MART DE MEXICO SAB DE CV MXN 1 230 786,62 1 555 029,95 1,12308 526,00 FOMENTO ECONOMICO MEXICANO SAB DE CV MXN 917 812,34 1 411 593,16 1,0258 387,00 COCA-COLA FEMSA SAB DE CV MXN 209 952,86 373 352,97 0,2780 049,00 KIMBERLY-CLARK DE MEXICO SAB DE CV MXN 266 042,61 362 715,56 0,2669 222,00 EMBOTELLADORAS ARCA SAB DE CV MXN 222 326,95 338 125,39 0,2460 219,00 GRUPO MODELO SAB DE CV MXN 195 108,56 249 734,34 0,1895 663,00 GRUPO BIMBO SAB DE CV MXN 100 746,65 152 646,83 0,11

Raw materials 2 614 101,69 3 226 032,74 2,33667 933,00 GRUPO MEXICO SAB DE CV MXN 1 161 714,37 1 523 865,67 1,10

1 188 574,00 CEMEX SAB DE CV MXN 1 085 342,71 703 263,72 0,5114 261,00 INDUSTRIAS PENOLES SAB DE CV MXN 177 588,32 370 183,69 0,2792 495,00 MINERA FRISCO SAB DE CV MXN 0,00 303 180,53 0,22

105 459,00 MEXICHEM SAB DE CV MXN 168 923,63 292 703,31 0,2118 912,00 GRUPO SIMEC SAB DE CV MXN 20 532,66 32 835,82 0,02

Consumer Retail 1 280 412,03 1 475 001,81 1,06306 416,00 GRUPO TELEVISA SA MXN 882 547,31 1 037 712,64 0,75

6 696,00 GRUPO ELEKTRA SA DE CV MXN 178 854,42 237 365,64 0,17132 314,00 URBI DESARROLLOS URBANOS SAB DE CV MXN 219 010,30 199 923,53 0,14

Finance 900 749,53 1 015 199,51 0,73171 262,00 GRUPO FINANCIERO BANORTE SAB DE CV MXN 435 014,64 536 886,18 0,3957 242,00 BANCO COMPARTAMOS SA DE CV MXN 347 910,44 276 072,19 0,2046 969,00 GRUPO FINANCIERO INBURSA SA MXN 117 824,45 165 502,53 0,1252 579,00 INMUEBLES CARSO SAB DE CV MXN 0,00 36 738,61 0,02

Industries 461 241,24 735 358,54 0,5334 895,00 ALFA SAB DE CV MXN 156 151,68 357 011,04 0,2698 804,00 GRUPO AEROPORTUARIO DEL PACIFICO SAB DE CV MXN 212 470,51 279 346,13 0,2043 461,00 GRUPO CARSO SAB DE CV MXN 92 619,05 99 001,37 0,07

CHILE 7 886 521,33 10 059 208,56 7,25

Multi-Utilities 3 068 748,35 3 226 581,48 2,3365 572,00 ENERSIS SA -ADR- USD 945 090,22 1 044 738,59 0,7524 667,00 EMPRESA NACIONAL DE ELECTRICIDAD SA -ADR- USD 924 769,01 971 640,75 0,70

1 636 344,00 COLBUN SA CLP 293 523,21 319 162,44 0,23199 087,00 EMPRESA NACIONAL DE ELECTRICIDAD SA CLP 267 909,71 259 646,93 0,19121 050,00 E.CL SA CLP 246 057,61 233 287,82 0,17502 830,00 AES GENER SA CLP 191 288,47 213 137,35 0,16582 619,00 ENERSIS SA CLP 200 110,12 184 967,60 0,13

Raw materials 1 320 797,53 2 047 616,40 1,4822 756,00 EMPRESAS CMPC SA CLP 626 313,15 834 833,95 0,6018 035,00 SOCIEDAD QUIMICA Y MINERA DE CHILE SA -PFD- CLP 473 717,33 806 246,65 0,5812 386,00 CAP SA CLP 220 767,05 406 535,80 0,30

Industries 1 310 879,18 1 749 786,55 1,2688 165,00 EMPRESAS COPEC SA CLP 911 108,35 1 148 552,74 0,8330 576,00 LAN AIRLINES SA CLP 399 770,83 601 233,81 0,43

Basic Goods 823 745,53 1 270 090,70 0,91153 681,00 CENCOSUD SA CLP 418 648,63 760 207,98 0,5422 166,00 CIA CERVECERIAS UNIDAS SA CLP 144 805,29 180 639,43 0,1310 392,00 EMBOTELLADORA ANDINA SA -ADR- USD 128 755,83 179 406,10 0,13

131





% ofNet Assets

80 427,00 VINA CONCHA Y TORO SA CLP 131 535,78 149 837,19 0,11

Finance 1 080 605,93 1 259 121,72 0,9114 573,00 BANCO SANTANDER CHILE -ADR- USD 813 230,95 942 921,04 0,68

14 695 677,00 CORPBANCA CLP 189 728,17 159 303,26 0,123 435,00 BANCO DE CREDITO E INVERSIONES CLP 77 646,81 156 897,42 0,11

Consumer Retail 161 014,96 323 609,41 0,2344 893,00 SACI FALABELLA CLP 161 014,96 323 609,41 0,23

Telecommunication 120 729,85 182 402,30 0,1313 080,00 ENTEL CHILE SA CLP 120 729,85 182 402,30 0,13

COLOMBIA 3 382 210,70 4 258 519,10 3,07

Finance 1 791 453,99 2 277 893,19 1,6449 492,00 BANCOLOMBIA SA -ADR- USD 1 791 453,99 2 277 893,19 1,64

Energy 1 590 756,71 1 980 625,91 1,4365 249,00 ECOPETROL SA -ADR- USD 1 590 756,71 1 980 625,91 1,43

PERU 2 234 337,23 2 341 347,11 1,69

Raw materials 1 140 761,63 1 261 600,05 0,9148 159,00 CIA DE MINAS BUENAVENTURA SA -ADR- USD 1 140 753,26 1 261 565,05 0,91

5,00 VOLCAN CIA MINERA SAA EUR 8,37 35,00 0,00

Finance 1 093 575,60 1 079 747,06 0,7818 182,00 CREDICORP LTD USD 1 093 575,60 1 079 747,06 0,78

UNITED STATES 1 061 375,28 1 123 341,56 0,81

Raw materials 1 061 375,28 1 123 341,56 0,8149 549,00 SOUTHERN COPPER CORP USD 1 061 375,28 1 123 341,56 0,81

ARGENTINA 3,15 15,81 0,00

Raw materials 3,15 15,81 0,003,00 SIDERAR SAIC ARS 3,15 15,81 0,00

Rights 0,00 77,79 0,00

CHILE 0,00 77,79 0,001 651 495,00 CORPBANCA 02/07/2011 CLP 0,00 77,79 0,00

UNQUOTED 0,00 81,34 0,00

Rights 0,00 81,34 0,00

BRAZIL 0,00 81,34 0,0018 424,00 JBS SA RTS 05/07/2011 BRL 0,00 81,34 0,00

Total Portfolio 118 072 428,42 136 387 179,26 98,31

132




Size Quantity

Purchase/



(EUR) Commitment

(EUR)



10 306 Purchase MEXICO BOLSA INDEX FUTURE 15/09/2011 MXN 199 686,11 6 637 707,64


1 000 38 Purchase VOLATILITY INDEX FUTURE 19/07/2011 USD (39 783,88) 463 910,38

133

Eurizon EasyFund - Equity China



Assets Notes Investments in securities at market value 223 514 956,92Banks 1 927 070,35Amounts due from brokers 859 018,05Unrealised profit on future contracts (Note 8) 270 394,92Receivable on subscriptions 170 786,39Other assets 2 729 854,17Total assets 229 472 080,80

Liabilities Bank overdrafts (314 258,86)Amounts due to brokers (240 220,01)Unrealised loss on future contracts (Note 8) (68 629,72)Payable on redemptions (449 110,91)Other liabilities (358 110,65)Total liabilities (1 430 330,15)Total net assets 228 041 750,65


Class R Units EUR 86,26 2 162 319,193Class R2 Units USD 125,03 1 733,532Class Z Units EUR 88,34 468 236,201

134





Net income from investments 4 657 759,96Total income 4 657 759,96Management fee (Note 5) (1 892 506,19)Custodian and paying agent fee (Note 7) (123 530,26)Subscription tax (Note 3) (50 421,52)Interest on bank accounts (5 542,21)Other charges and taxes (Notes 4, 7) (144 873,04)Total expenses (2 216 873,22)Net investment income / (loss) 2 440 886,74Net realised profit / (loss) on sales of investments, currencies and other financial instruments 2 113 447,46Change in unrealised appreciation / (depreciation) on - investments (29 200 597,56)- forward foreign exchange contracts and foreign currencies (Note 8) (14 919,76)- future contracts (Note 8) (457 952,65)Net result of operations for the period (25 119 135,77)



135





% ofNet Assets



Shares 207 885 866,78 223 463 305,11 97,99

CHINA 147 125 616,06 164 255 357,60 72,03

Finance 66 077 560,43 67 242 714,72 29,4926 625 040,00 INDUSTRIAL & COMMERCIAL BANK OF CHINA HKD 13 069 442,18 13 962 577,97 6,1220 650 043,00 CHINA CONSTRUCTION BANK CORP HKD 10 454 598,62 11 818 668,09 5,1824 107 785,00 BANK OF CHINA LTD HKD 8 008 351,54 8 107 451,91 3,563 104 380,00 CHINA LIFE INSURANCE CO LTD HKD 7 976 344,07 7 327 306,78 3,21

712 038,00 PING AN INSURANCE GROUP CO HKD 4 020 554,80 5 076 646,39 2,231 675 203,00 CHINA MERCHANTS BANK CO LTD HKD 3 219 222,60 2 794 558,16 1,236 775 398,00 AGRICULTURAL BANK OF CHINA LTD HKD 2 368 281,23 2 458 928,96 1,084 672 997,00 EVERGRANDE REAL ESTATE GROUP LTD HKD 1 827 583,59 2 102 283,70 0,922 916 830,00 BANK OF COMMUNICATIONS CO LTD HKD 2 192 974,77 1 928 214,09 0,85

648 675,00 CHINA PACIFIC INSURANCE GROUP CO LTD HKD 1 928 986,79 1 856 285,37 0,811 321 204,00 AIXTRON SE NA HKD 1 387 043,51 1 413 855,58 0,621 108 548,00 PICC PROPERTY & CASUALTY CO LTD HKD 861 389,08 1 302 357,90 0,572 648 858,00 CHINA CITIC BANK CORP LTD HKD 1 266 460,43 1 139 956,49 0,501 558 798,00 CHINA MINSHENG BANKING CORP LTD HKD 1 032 154,72 991 737,78 0,445 203 646,00 RENHE COMMERCIAL HOLDINGS CO LTD HKD 728 460,20 692 606,98 0,30

694 329,00 SHIMAO PROPERTY HOLDINGS LTD HKD 891 436,19 591 458,67 0,261 621 443,00 SINO-OCEAN LAND HOLDINGS LTD HKD 813 470,19 569 750,52 0,251 797 984,00 COUNTRY GARDEN HOLDINGS CO HKD 1 246 854,54 545 631,95 0,24

865 165,00 SOHO CHINA LTD HKD 386 249,97 533 545,68 0,23551 924,00 CHINA VANKE CO LTD HKD 544 518,20 504 434,02 0,22

1 078 000,00 CHONGQING RURAL COMMERCIAL BANK HKD 543 362,58 438 098,84 0,191 246 731,00 SHUI ON LAND LTD HKD 551 484,29 377 237,62 0,17

345 255,00 LONGFOR PROPERTIES CO LTD HKD 338 046,57 366 403,00 0,16187 118,00 GREENTOWN CHINA HOLDINGS LTD HKD 159 665,05 123 863,19 0,05117 398,00 GUANGZHOU R&F PROPERTIES CO LTD -H- HKD 114 631,29 110 421,70 0,05121 641,00


USD 145 993,43 108 433,38 0,05

Energy 29 446 168,67 38 744 709,16 16,998 994 080,00 CNOOC LTD HKD 9 108 760,96 14 493 072,07 6,358 780 721,00 PETROCHINA CO LTD HKD 7 511 584,24 8 866 665,03 3,896 982 825,00 CHINA PETROLEUM & CHEMICAL CORP HKD 4 220 335,55 4 851 553,02 2,131 419 739,00 CHINA SHENHUA ENERGY CO LTD HKD 3 826 064,58 4 673 801,71 2,05

808 473,00 YANZHOU COAL MINING CO LTD HKD 860 199,45 2 123 464,93 0,931 683 041,00 CHINA COAL ENERGY CO LTD HKD 2 190 667,93 1 565 106,30 0,69

323 799,00 INNER MONGOLIA YITAI COAL CO USD 909 485,05 1 322 920,77 0,58675 008,00 CHINA OILFIELD SERVICES LTD HKD 819 070,91 848 125,33 0,37

Computing and IT 7 814 844,52 12 654 953,86 5,55501 984,00 TENCENT HOLDINGS LTD HKD 3 871 426,63 9 407 444,18 4,13

2 974 145,00 LENOVO GROUP LTD HKD 1 264 473,25 1 174 383,69 0,51717 347,00 ALIBABA.COM LTD HKD 1 387 374,66 789 294,06 0,35273 848,00 ZTE CORP HKD 509 904,98 685 246,05 0,30

10 707 746,00


HKD 781 665,00 598 585,88 0,26

Raw materials 10 713 692,92 11 843 799,76 5,19535 262,00 ANHUI CONCH CEMENT CO LTD HKD 709 235,26 1 728 843,41 0,76

1 027 210,00 CHINA NATIONAL BUILDING MATERIAL CO LTD HKD 999 609,07 1 390 918,34 0,61592 342,00 JIANGXI COPPER CO LTD HKD 802 253,72 1 358 691,74 0,60

1 727 547,00 ALUMINUM CORP OF CHINA LTD HKD 1 402 727,96 1 005 591,45 0,442 661 942,00 ZIJIN MINING GROUP CO LTD HKD 1 004 055,99 921 193,91 0,40

666 406,00 BBMG CORP HKD 502 411,36 685 937,82 0,30804 182,00 CHINA SHANSHUI CEMENT GROUP LTD HKD 495 080,57 641 507,74 0,28424 394,00 ZHAOJIN MINING INDUSTRY CO LTD -H- HKD 619 173,76 602 527,79 0,26900 215,00 CHINA BLUECHEMICAL LTD HKD 362 427,94 513 623,73 0,22624 144,00 ANGANG STEEL CO LTD HKD 755 510,87 471 859,01 0,21858 427,00 FOSUN INTERNATIONAL LTD HKD 338 613,10 451 695,67 0,20

1 454 662,00 SINOPEC SHANGHAI PETROCHEMICAL CO LTD HKD 520 290,26 450 479,86 0,201 169 632,00 MAANSHAN IRON & STEEL HKD 512 283,61 373 628,16 0,16

593 702,00


HKD 419 151,80 354 545,06 0,16

136





% ofNet Assets

584 000,00 CHINA MOLYBDENUM CO LTD HKD 361 709,57 338 905,38 0,15362 900,00 CSG HOLDING CO LTD HKD 323 653,21 285 948,48 0,12882 800,00 CHINA ZHONGWANG HOLDINGS LTD HKD 585 504,87 267 902,21 0,12

Industries 12 678 560,52 10 887 824,86 4,77220 262,00 WEICHAI POWER CO LTD HKD 221 042,69 887 326,17 0,39

1 489 952,00 CHINA COMMUNICATIONS CONSTRUCTION CO LTD HKD 1 473 459,45 884 476,42 0,39663 000,00


HKD 856 166,39 871 865,70 0,38

882 308,00 AIR CHINA LTD HKD 400 275,00 631 019,99 0,281 160 039,00 CHINA COSCO HOLDINGS CO LTD HKD 1 099 856,28 625 841,03 0,27

952 704,00 CSR CORP LTD -H- HKD 440 118,01 617 964,07 0,271 793 381,00 CHINA RAILWAY GROUP LTD HKD 1 144 894,74 580 835,68 0,251 571 057,00 SHANGHAI ELECTRIC GROUP CO LTD HKD 564 404,67 572 956,47 0,25

213 547,00 ZHUZHOU CSR TIMES ELECTRIC CO LTD HKD 615 803,68 497 405,57 0,22192 129,00 DONGFANG ELECTRIC CORP LTD HKD 399 160,24 491 843,12 0,22

2 039 679,00 CHINA SHIPPING CONTAINER LINES CO LTD HKD 420 110,41 475 998,34 0,21730 147,00 JIANGSURESSWAY CO LTD HKD 473 733,20 465 829,57 0,20

1 626 092,00 METALLURGICAL CORP OF CHINA LTD HKD 722 092,73 438 638,31 0,19382 309,00


HKD 273 578,19 434 561,77 0,19

743 831,00 ZHEJIANGRESSWAY CO LTD HKD 411 353,05 386 776,21 0,17560 103,00 CHINA SHIPPING DEVELOPMENT CO LTD HKD 708 276,85 355 354,49 0,16449 000,00

SANY HEAVY EQUIPMENT INTERNATIONAL HLDG. CO LTD

HKD 373 424,74 353 791,32 0,16

597 981,00 CHINA RAILWAY CONSTRUCTION CORP LTD HKD 592 805,12 345 426,96 0,15825 574,00


HKD 609 917,92 344 303,73 0,15

885 493,00 CHINA SOUTHERN AIRLINES CO LTD HKD 491 346,75 328 434,88 0,14525 757,00 CHINA NATIONAL MATERIALS CO LTD HKD 386 740,41 297 175,06 0,13

Basic Goods 6 606 842,84 9 006 457,64 3,95376 546,00 HENGAN INTERNATIONAL GROUP CO LTD HKD 1 515 668,61 2 332 176,00 1,02998 075,00 TINGYI CAYMAN ISLANDS HOLDING CORP HKD 1 346 532,59 2 129 933,87 0,93

3 050 287,00 WANT WANT CHINA HOLDINGS LTD HKD 1 644 924,94 2 043 504,12 0,90697 820,00 CHINA YURUN FOOD GROUP LTD HKD 1 202 154,74 1 356 049,02 0,59339 628,00 WUMART STORES INC HKD 517 423,69 581 029,76 0,26141 345,00 TSINGTAO BREWERY CO LTD HKD 380 138,27 563 764,87 0,25

Consumer Retail 6 279 669,37 6 801 736,78 2,981 031 190,00 DONGFENG MOTOR GROUP CO LTD HKD 572 482,72 1 345 066,91 0,591 459 176,00 GUANGZHOU AUTOMOBILE GROUP CO LTD HKD 991 941,25 1 230 039,75 0,54

803 780,00 PARKSON RETAIL GROUP LTD HKD 910 138,41 811 647,25 0,35412 812,00 GOLDEN EAGLE RETAIL GROUP LTD HKD 600 925,18 723 081,62 0,32482 405,00 ANTA SPORTS PRODUCTS LTD HKD 515 841,26 594 996,57 0,26263 824,00 BYD CO LTD HKD 916 444,41 588 762,51 0,26462 000,00 INTIME DEPARTMENT STORE GROUP CO LTD HKD 545 418,78 541 952,59 0,24453 430,00 GREAT WALL MOTOR CO LTD HKD 493 911,34 515 001,01 0,22377 768,00 LI NING CO LTD HKD 732 566,02 451 188,57 0,20

Telecommunication 2 602 504,05 2 841 980,37 1,255 355 185,00 CHINA TELECOM CORP LTD HKD 2 068 693,21 2 394 930,29 1,051 095 243,00 CHINA COMMUNICATIONS SERVICES CORP LTD HKD 533 810,84 447 050,08 0,20

Multi-Utilities 2 623 240,96 2 121 592,65 0,93323 754,00 ENN ENERGY HOLDINGS LTD HKD 531 901,26 758 415,03 0,33

1 302 105,00 HUANENG POWER INTERNATIONAL INC HKD 752 863,34 472 560,24 0,21691 426,00 CHINA LONGYUAN POWER GROUP CORP HKD 582 413,75 461 985,71 0,20

1 829 753,00


HKD 756 062,61 428 631,67 0,19

Health 2 282 531,78 2 109 587,80 0,93880 282,00


HKD 443 873,88 876 400,35 0,39

272 721,00 SINOPHARM GROUP CO HKD 876 847,50 632 817,00 0,28231 956,00 CHINA SHINEWAY PHARMACEUTICAL GROUP LTD HKD 572 544,83 317 378,75 0,14869 000,00 SIHUAN PHARMACEUTICAL HOLDINGS GROUP LTD HKD 389 265,57 282 991,70 0,12

HONG KONG 60 760 250,72 59 207 947,51 25,96

Telecommunication 25 207 718,47 23 504 012,09 10,313 000 886,00 CHINA MOBILE LTD HKD 21 437 691,66 19 172 107,49 8,41

137





% ofNet Assets

3 113 472,00 CHINA UNICOM HONG KONG LTD HKD 3 770 026,81 4 331 904,60 1,90

Consumer Retail 7 030 761,62 7 956 845,26 3,492 174 236,00 BELLE INTERNATIONAL HOLDINGS LTD HKD 1 666 618,92 3 164 013,97 1,395 788 040,00 GOME ELECTRICAL APPLIANCES HOLDING LTD HKD 1 551 325,41 1 597 275,29 0,701 118 314,00 BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LTD HKD 766 960,37 871 256,72 0,382 180 991,00 GEELY AUTOMOBILE HOLDINGS LTD HKD 428 956,69 588 322,31 0,26

997 045,00 SKYWORTH DIGITAL HOLDINGS LTD HKD 666 547,67 413 161,17 0,181 057 738,00 HENGDELI HOLDINGS LTD HKD 520 540,75 385 751,65 0,171 597 990,00 CHINA DONGXIANG GROUP CO HKD 593 116,76 350 234,46 0,15

848 000,00 AVICHINA INDUSTRY & TECHNOLOGY CO LTD HKD 402 181,43 349 141,68 0,151 116 113,00 BOSIDENG INTERNATIONAL HOLDINGS LTD HKD 434 513,62 237 688,01 0,11

Finance 7 243 568,76 7 313 013,20 3,212 393 224,00 CHINA OVERSEAS LAND & INVESTMENT LTD HKD 2 611 144,47 3 542 152,52 1,551 010 689,00 CHINA RESOURCES LAND LTD HKD 1 235 429,22 1 262 722,90 0,55

514 786,00 CHINA EVERBRIGHT LTD HKD 815 779,19 678 786,82 0,30410 229,00 CHINA TAIPING INSURANCE HOLDINGS CO LTD HKD 917 065,66 639 930,91 0,28759 309,00 KWG PROPERTY HOLDING LTD HKD 418 115,82 349 008,63 0,15675 898,00 POLY HONG KONG INVESTMENTS LTD HKD 542 829,63 307 071,13 0,14

2 064 350,00 YUEXIU PROPERTY CO LTD HKD 354 016,14 269 270,35 0,121 503 024,00 FRANSHION PROPERTIES CHINA LTD HKD 349 188,63 264 069,94 0,12

Industries 7 864 935,34 6 708 633,77 2,94570 557,00


HKD 1 458 900,68 1 521 357,84 0,67

667 414,00 CITIC PACIFIC LTD HKD 1 642 560,11 1 150 091,52 0,50815 151,00 COSCO PACIFIC LTD HKD 1 015 166,26 989 491,40 0,43238 644,00 BEIJING ENTERPRISES HOLDINGS LTD HKD 823 072,10 858 675,83 0,38291 636,00 SHANGHAI INDUSTRIAL HOLDINGS LTD HKD 700 395,93 740 107,88 0,32678 000,00


HKD 513 192,84 474 071,42 0,21

910 423,00 LONKING HOLDINGS LTD HKD 447 551,61 343 336,53 0,151 031 615,00 BEIJING CAPITAL INTERNATIONAL AIRPORT CO LTD HKD 645 073,93 333 201,46 0,15

390 901,00


HKD 619 021,88 298 299,89 0,13

Basic Goods 4 391 991,77 4 437 995,83 1,95616 811,00 CHINA RESOURCES ENTERPRISE LTD HKD 1 416 824,20 1 740 472,20 0,77626 105,00 CHINA MENGNIU DAIRY CO LTD HKD 1 260 547,22 1 455 580,82 0,64

1 007 596,00 CHINA AGRI-INDUSTRIES HOLDINGS LTD HKD 611 353,35 736 718,38 0,321 684 534,00 CHAODA MODERN AGRICULTURE HOLDINGS LTD HKD 1 103 267,00 505 224,43 0,22

Raw materials 4 408 645,41 3 583 380,51 1,571 102 268,00 HUABAO INTERNATIONAL HOLDINGS LTD HKD 778 903,56 692 481,73 0,301 488 090,00 FUSHAN INTERNATIONAL ENERGY GROUP LTD HKD 728 504,31 627 206,67 0,27

940 725,00 CHINA RESOURCES CEMENT HOLDINGS LTD HKD 558 450,71 611 028,73 0,27775 273,00 NINE DRAGONS PAPER HOLDINGS LTD HKD 914 814,56 465 726,76 0,20740 000,00 MINMETALS RESOURCES LTD HKD 370 826,85 376 904,63 0,17

1 047 373,00 SINOFERT HOLDINGS LTD HKD 471 200,72 318 774,34 0,14738 764,00 LEE & MAN PAPER MANUFACTURING LTD HKD 429 398,48 310 721,95 0,14214 845,00 CHINA METAL RECYCLING HOLDINGS LTD HKD 156 546,22 180 535,70 0,08

Computing and IT 1 530 292,41 2 193 680,98 0,963 364 208,00 GCL-POLY ENERGY HOLDINGS LTD HKD 819 667,06 1 203 028,03 0,53

310 121,00 KINGBOARD CHEMICAL HOLDINGS LTD HKD 710 625,35 990 652,95 0,43

Multi-Utilities 2 278 148,00 2 106 158,94 0,92901 111,00 CHINA RESOURCES POWER HOLDINGS CO LTD HKD 1 260 928,23 1 213 774,26 0,53

1 325 643,00 GUANGDONG INVESTMENT LTD HKD 436 924,50 489 336,68 0,211 451 191,00 CHINA GAS HOLDINGS LTD HKD 580 295,27 403 048,00 0,18

Energy 804 188,94 1 404 226,93 0,611 182 751,00 KUNLUN ENERGY CO LTD HKD 804 188,94 1 404 226,93 0,61

Rights 0,00 39 487,11 0,01

HONG KONG 0,00 39 487,11 0,01

Finance 0,00 39 487,11 0,01529 771,00 CHINA CITIC BANK CORP RTS 20/07/2011 HKD 0,00 39 487,11 0,01

138





% ofNet Assets

Warrants 0,00 12 164,70 0,01

CAYMAN ISLANDS 0,00 12 164,70 0,01

Computing and IT 0,00 12 164,70 0,0133 850,00

KINGBOARD CHEMICAL HOLDINGS LTD WTS 31/10/2012 31/10/2012

HKD 0,00 12 164,70 0,01

Total Portfolio 207 885 866,78 223 514 956,92 98,01

139




Size Quantity

Purchase/



(EUR) Commitment

(EUR)



50 199 Purchase HANG SENG CHINA ENT INDEX

FTRSJUL11 XHKF 28/07/2011 HKD 270 394,92 11 127 173,98


1 000 66 Purchase VOLATILITY INDEX FUTURE VIX JUL11

XCBF 19/07/2011 USD (68 629,72) 806 629,23

140

Eurizon EasyFund - Equity Energy & Materials



Assets Notes Investments in securities at market value 70 713 878,21Banks 323 313,01Amounts due from brokers 17 151,30Unrealised profit on forward foreign exchange contracts (Note 8) 158 924,35Receivable on investments sold 1 089 508,22Receivable on subscriptions 248 889,07Other assets 107 159,07Total assets 72 658 823,23

Liabilities Bank overdrafts (58,44)Unrealised loss on forward foreign exchange contracts (Note 8) (102 705,96)Unrealised loss on future contracts (Note 8) (1 363,70)Payable on investments purchased (598 676,01)Payable on redemptions (267 636,20)Other liabilities (123 837,35)Total liabilities (1 094 277,66)Total net assets 71 564 545,57


Class I Units EUR 142,18 47 079,881Class IH Units EUR 148,76 75 470,229Class R Units EUR 141,31 191 613,226Class R2 Units USD 206,39 4 036,783Class RH Units EUR 146,89 158 261,671Class Z Units EUR 149,14 3 841,897Class ZH Units EUR 155,95 13 930,667

141





Net income from investments 786 294,97Total income 786 294,97Management fee (Note 5) (640 142,60)Custodian and paying agent fee (Note 7) (38 093,62)Subscription tax (Note 3) (14 300,04)Interest on bank accounts (2 780,15)Other charges and taxes (Notes 4, 7) (40 010,32)Total expenses (735 326,73)Net investment income / (loss) 50 968,24Net realised profit / (loss) on sales of investments, currencies and other financial instruments 5 317 093,72Change in unrealised appreciation / (depreciation) on - investments (6 799 016,73)- forward foreign exchange contracts and foreign currencies (Note 8) (104 014,44)- future contracts (Note 8) (1 363,70)Net result of operations for the period (1 536 332,91)



142





% ofNet Assets



Shares 64 322 690,85 70 713 878,21 98,81

UNITED STATES 25 699 901,17 29 176 998,27 40,77

Energy 19 561 661,11 22 149 476,93 30,95103 330,00 EXXON MOBIL CORP USD 5 429 600,91 5 799 911,17 8,1041 782,00 CHEVRON CORP USD 2 544 472,04 2 963 660,96 4,1428 313,00 SCHLUMBERGER LTD USD 1 470 584,83 1 687 239,98 2,3628 740,00 CONOCOPHILLIPS USD 1 323 403,61 1 490 472,87 2,0816 126,00 OCCIDENTAL PETROLEUM CORP USD 949 760,71 1 157 188,81 1,627 881,00 APACHE CORP USD 566 669,22 670 715,77 0,94

18 936,00 HALLIBURTON CO USD 476 084,88 666 094,19 0,9310 142,00 ANADARKO PETROLEUM CORP USD 437 608,49 536 952,41 0,7514 712,00 MARATHON OIL CORP USD 407 705,63 534 557,85 0,758 479,00 NATIONAL OILWELL VARCO INC USD 310 062,80 457 387,35 0,648 157,00 DEVON ENERGY CORP USD 423 856,04 443 393,19 0,628 692,00 BAKER HUGHES INC USD 372 826,06 435 004,97 0,615 129,00 EOG RESOURCES INC USD 322 791,65 369 857,10 0,525 940,00 HESS CORP USD 291 229,63 306 290,10 0,43

15 926,00 SPECTRA ENERGY CORP USD 283 748,73 301 087,67 0,4212 348,00 CHESAPEAKE ENERGY CORP USD 241 601,07 252 862,28 0,3510 972,00 WILLIAMS COS INC USD 186 626,56 228 922,46 0,323 678,00 NOBLE ENERGY INC USD 168 572,76 227 374,81 0,325 234,00 PEABODY ENERGY CORP USD 159 176,05 212 666,93 0,307 066,00 SOUTHWESTERN ENERGY CO USD 169 888,32 208 980,44 0,29

11 746,00 VALERO ENERGY CORP USD 336 881,21 207 156,21 0,2914 179,00 EL PASO CORP USD 140 658,81 197 548,71 0,285 265,00 CAMERON INTERNATIONAL CORP USD 157 233,62 182 623,74 0,255 555,00 FMC TECHNOLOGIES INC USD 141 445,05 171 609,91 0,243 781,00 MURPHY OIL CORP USD 180 493,15 171 231,94 0,242 656,00 PIONEER NATURAL RESOURCES CO USD 99 795,62 164 084,62 0,234 725,00 CONSOL ENERGY INC USD 155 497,68 157 994,38 0,222 887,00 NEWFIELDLORATION CO USD 103 016,48 135 444,27 0,193 503,00 RANGE RESOURCES CORP USD 99 601,52 134 094,31 0,193 671,00 EQT CORP USD 112 196,52 132 980,00 0,194 565,00 QEP RESOURCES INC USD 113 241,84 131 706,10 0,182 818,00 HELMERICH & PAYNE INC USD 92 706,84 128 514,18 0,181 963,00 CONCHO RESOURCES INC/MIDLAND TX USD 128 059,96 124 358,85 0,179 003,00 DENBURY RESOURCES INC USD 123 943,12 124 192,24 0,171 752,00 CIMAREX ENERGY CO USD 50 066,85 108 659,48 0,153 777,00 SUNOCO INC USD 122 550,96 108 658,67 0,153 430,00 ULTRA PETROLEUM CORP USD 120 412,67 108 351,97 0,152 685,00 WHITING PETROLEUM CORP USD 125 422,71 105 392,60 0,152 273,00 CABOT OIL & GAS CORP USD 79 288,49 103 957,47 0,156 100,00 PETROHAWK ENERGY CORP USD 122 567,65 103 794,95 0,143 736,00 ROWAN COS INC USD 93 230,14 100 006,39 0,142 900,00 ALPHA NATURAL RESOURCES INC USD 91 301,29 90 889,47 0,131 984,00 ENERGEN CORP USD 81 049,09 77 315,64 0,112 591,00 PLAINSLORATION & PRODUCTION CO USD 73 274,70 68 123,59 0,093 272,00 ARCH COAL INC USD 81 455,15 60 165,93 0,08

Raw materials 6 138 240,06 7 027 521,34 9,8219 201,00 EI DU PONT DE NEMOURS & CO USD 607 559,73 715 808,37 1,0019 340,00 FREEPORT-MCMORAN COPPER & GOLD INC USD 598 185,40 705 650,04 0,9923 988,00 DOW CHEMICAL CO USD 563 757,05 595 626,17 0,8310 647,00 MONSANTO CO USD 552 868,39 532 699,19 0,746 377,00 PRAXAIR INC USD 351 149,88 476 741,39 0,679 924,00 NEWMONT MINING CORP USD 358 260,57 369 416,59 0,524 601,00 AIR PRODUCTS & CHEMICALS INC USD 243 595,78 303 316,81 0,425 529,00 MOSAIC CO/THE USD 244 583,37 258 288,39 0,36

19 851,00 ALCOA INC USD 321 300,35 217 151,48 0,303 458,00 PPG INDUSTRIES INC USD 168 855,16 216 541,05 0,305 461,00 ECOLAB INC USD 169 376,63 212 360,86 0,306 925,00 NUCOR CORP USD 207 842,07 196 881,54 0,282 771,00 CLIFFS NATURAL RESOURCES INC USD 72 857,93 176 693,54 0,258 162,00 INTERNATIONAL PAPER CO USD 112 327,07 167 873,23 0,23

143





% ofNet Assets

3 052,00 SIGMA-ALDRICH CORP USD 99 927,22 154 468,33 0,221 661,00 LUBRIZOL CORP USD 90 182,99 153 824,62 0,221 500,00 CF INDUSTRIES HOLDINGS INC USD 108 442,51 146 570,44 0,212 462,00 SHERWIN-WILLIAMS CO USD 148 472,14 142 420,31 0,203 400,00 CELANESE CORP USD 80 602,87 125 015,78 0,181 774,00 EASTMAN CHEMICAL CO USD 76 734,32 124 890,37 0,174 245,00 CROWN HOLDINGS INC USD 81 494,54 113 660,73 0,161 382,00 WALTER ENERGY INC USD 119 828,78 110 380,87 0,151 856,00 FMC CORP USD 113 407,02 110 117,07 0,154 148,00 BALL CORP USD 71 285,36 110 033,58 0,154 745,00 MEADWESTVACO CORP USD 92 062,96 109 015,46 0,152 183,00 AIRGAS INC USD 73 602,37 105 457,41 0,152 358,00 ALLEGHENY TECHNOLOGIES INC USD 68 797,07 103 226,10 0,143 230,00 UNITED STATES STEEL CORP USD 99 747,37 102 568,75 0,143 796,00 VULCAN MATERIALS CO USD 155 172,40 100 879,39 0,143 929,00 OWENS-ILLINOIS INC USD 85 960,76 69 943,48 0,10

CANADA 8 240 782,68 9 292 792,92 12,98

Energy 4 964 475,38 5 262 899,31 7,3531 027,00 SUNCOR ENERGY INC CAD 798 850,87 838 178,46 1,1722 613,00 CANADIAN NATURAL RESOURCES LTD CAD 576 721,16 653 381,50 0,9114 814,00 TRANSCANADA CORP CAD 370 482,30 448 363,93 0,6315 509,00 CENOVUS ENERGY INC CAD 328 651,09 403 450,35 0,5615 521,00 ENBRIDGE INC CAD 274 090,60 347 856,93 0,4915 067,00 ENCANA CORP CAD 330 142,81 320 668,57 0,4521 097,00 TALISMAN ENERGY INC CAD 266 094,79 298 682,71 0,4210 840,00 CANADIAN OIL SANDS LTD CAD 250 751,26 215 599,33 0,306 432,00 IMPERIAL OIL LTD CAD 178 391,98 206 486,04 0,29

11 872,00 NEXEN INC CAD 181 261,51 184 454,11 0,265 184,00 CRESCENT POINT ENERGY CORP CAD 146 190,60 165 124,89 0,23

10 067,00 PENN WEST PETROLEUM LTD CAD 204 881,53 160 223,12 0,228 306,00 CAMECO CORP CAD 147 542,69 151 012,86 0,217 223,00 HUSKY ENERGY INC CAD 125 924,84 135 762,01 0,196 835,00 ARC RESOURCES LTD CAD 133 570,97 122 167,90 0,176 520,00 PACIFIC RUBIALES ENERGY CORP CAD 121 966,72 120 451,73 0,174 879,00 ENERPLUS CORP CAD 118 969,98 106 175,19 0,152 810,00 BAYTEX ENERGY CORP CAD 93 507,66 105 873,34 0,152 500,00 MEG ENERGY CORP CAD 92 512,42 89 905,35 0,126 654,00 ATHABASCA OIL SANDS CORP CAD 78 399,84 72 282,19 0,101 384,00 NIKO RESOURCES LTD CAD 91 632,40 59 553,82 0,082 500,00 TOURMALINE OIL CORP CAD 53 937,36 57 244,98 0,08

Raw materials 3 276 307,30 4 029 893,61 5,6317 476,00 POTASH CORP OF SASKATCHEWAN INC CAD 468 289,17 687 924,66 0,9620 627,00 BARRICK GOLD CORP CAD 600 314,83 645 529,25 0,9015 982,00 GOLDCORP INC CAD 451 483,78 532 828,79 0,7411 824,00 TECK RESOURCES LTD CAD 301 747,16 414 231,04 0,5824 622,00 KINROSS GOLD CORP CAD 279 938,39 267 995,90 0,371 991,00 FIRST QUANTUM MINERALS LTD CAD 96 237,30 200 089,02 0,283 018,00 AGRIUM INC CAD 109 902,29 182 665,39 0,263 767,00 AGNICO-EAGLE MINES LTD CAD 149 652,30 164 167,79 0,237 040,00 SILVER WHEATON CORP CAD 84 688,24 160 145,30 0,22

17 869,00 YAMANA GOLD INC CAD 160 495,17 143 794,92 0,2013 851,00 ELDORADO GOLD CORP CAD 114 017,48 140 861,06 0,205 997,00 IVANHOE MINES LTD/CA CAD 74 936,51 104 446,64 0,157 921,00 IAMGOLD CORP CAD 73 971,03 102 688,59 0,143 522,00 FRANCO-NEVADA CORP CAD 85 544,32 90 614,31 0,137 094,00 OSISKO MINING CORP CAD 83 844,19 75 997,22 0,111 200,00 INMET MINING CORP CAD 69 851,39 59 517,63 0,082 647,00 PAN AMERICAN SILVER CORP USD 71 393,75 56 396,10 0,08

UNITED KINGDOM 7 635 130,10 7 947 115,94 11,10

Raw materials 3 522 195,31 4 092 647,35 5,7229 604,00 RIO TINTO PLC GBP 1 190 891,01 1 472 039,05 2,0644 395,00 BHP BILLITON PLC GBP 985 187,06 1 205 393,27 1,6826 934,00 ANGLO AMERICAN PLC GBP 829 400,63 920 835,51 1,298 905,00 ANTOFAGASTA PLC GBP 103 952,84 137 458,29 0,194 654,00 JOHNSON MATTHEY PLC GBP 73 033,17 101 317,42 0,146 476,00 KAZAKHMYS PLC GBP 114 491,82 98 960,11 0,14

144





% ofNet Assets

20 166,00 REXAM PLC GBP 75 531,10 85 480,28 0,124 423,00 LONMIN PLC GBP 149 707,68 71 163,42 0,10

Energy 4 112 934,79 3 854 468,59 5,38388 746,00 BP PLC GBP 2 410 351,88 1 974 338,28 2,7667 674,00 BG GROUP PLC GBP 936 383,57 1 059 608,64 1,4818 284,00 TULLOW OIL PLC GBP 240 425,32 251 053,99 0,3531 585,00 CAIRN ENERGY PLC GBP 139 775,50 145 075,43 0,208 000,00 SUBSEA 7 SA NOK 155 574,86 141 918,87 0,206 208,00 PETROFAC LTD GBP 77 143,94 104 076,29 0,148 125,00 AMEC PLC GBP 97 679,01 97 887,33 0,142 190,00 ENSCO PLC -ADR- USD 55 600,71 80 509,76 0,11

AUSTRALIA 4 391 754,46 5 085 522,44 7,11

Raw materials 3 564 074,01 4 157 801,16 5,8165 812,00 BHP BILLITON LTD AUD 1 768 703,83 2 128 548,31 2,978 975,00 RIO TINTO LTD AUD 403 942,09 550 002,34 0,77

14 429,00 NEWCREST MINING LTD AUD 372 456,78 401 788,11 0,568 588,00 ORICA LTD AUD 97 290,00 170 841,72 0,24

31 542,00 AMCOR LTD/AUSTRALIA AUD 123 934,23 167 697,29 0,2329 759,00 FORTESCUE METALS GROUP LTD AUD 88 037,93 139 539,25 0,1937 944,00 INCITEC PIVOT LTD AUD 142 010,46 108 152,04 0,1567 527,00 ALUMINA LTD AUD 99 320,96 105 211,75 0,157 500,00 ILUKA RESOURCES LTD AUD 86 995,07 92 930,34 0,137 250,90 OZ MINERALS LTD AUD 70 238,31 70 675,71 0,10

21 023,00 BORAL LTD AUD 79 652,47 68 304,87 0,1062 443,00 BLUESCOPE STEEL LTD AUD 99 097,65 55 561,65 0,0840 031,00 ONESTEEL LTD AUD 79 663,20 54 685,54 0,0830 000,00 LYNAS CORP LTD AUD 52 731,03 43 862,24 0,06

Energy 827 680,45 927 721,28 1,3013 162,00 WOODSIDE PETROLEUM LTD AUD 371 828,08 398 483,24 0,5618 632,00 ORIGIN ENERGY LTD AUD 169 998,75 217 243,06 0,3018 691,00 SANTOS LTD AUD 162 024,62 186 876,85 0,266 000,00 WORLEYPARSONS LTD AUD 123 829,00 125 118,13 0,18

NETHERLANDS 3 688 916,41 3 909 099,48 5,46

Energy 3 230 350,32 3 398 825,29 4,7575 123,00 ROYAL DUTCH SHELL PLC GBP 1 769 865,15 1 845 052,38 2,5854 665,00 ROYAL DUTCH SHELL PLC GBP 1 266 582,72 1 346 227,23 1,882 110,00 FUGRO NV EUR 100 144,27 104 909,20 0,155 627,00 SBM OFFSHORE NV EUR 93 758,18 102 636,48 0,14

Raw materials 458 566,09 510 274,19 0,714 437,00 AKZO NOBEL NV EUR 185 667,74 193 009,50 0,276 300,00 LYONDELLBASELL INDUSTRIES NV USD 167 793,02 167 380,19 0,233 349,00 KONINKLIJKE DSM NV EUR 105 105,33 149 884,50 0,21

JAPAN 3 489 461,02 3 325 946,08 4,65

Raw materials 2 946 097,99 2 744 774,35 3,849 020,00 SHIN-ETSU CHEMICAL CO LTD JPY 341 676,67 330 864,84 0,46

116 203,00 NIPPON STEEL CORP JPY 316 018,62 258 030,83 0,3610 080,00 JFE HOLDINGS INC JPY 261 907,02 189 737,44 0,2738 600,00 ASAHI KASEI CORP JPY 166 015,59 178 017,21 0,2533 727,00 TORAY INDUSTRIES INC JPY 157 375,27 170 521,97 0,24

108 869,00 SUMITOMO METAL INDUSTRIES LTD JPY 240 449,05 167 362,31 0,2333 718,00 MITSUBISHI CHEMICAL HOLDINGS CORP JPY 144 690,73 163 565,26 0,234 500,00 NITTO DENKO CORP JPY 154 903,61 156 226,24 0,22

42 600,00 SUMITOMO CHEMICAL CO LTD JPY 181 231,74 145 529,32 0,2012 000,00 SUMITOMO METAL MINING CO LTD JPY 117 786,16 134 768,35 0,1940 470,00 OJI PAPER CO LTD JPY 141 920,29 133 068,37 0,1911 700,00 KURARAY CO LTD JPY 103 064,86 117 409,88 0,168 700,00 JSR CORP JPY 122 201,77 115 316,62 0,16

72 000,00 KOBE STEEL LTD JPY 90 287,66 111 914,10 0,1670 926,00 SHOWA DENKO KK JPY 100 273,34 100 552,87 0,1420 000,00 MITSUBISHI GAS CHEMICAL CO INC JPY 95 446,93 100 264,92 0,1429 800,00 TEIJIN LTD JPY 124 667,38 89 840,44 0,1338 000,00 MITSUBISHI MATERIALS CORP JPY 86 181,30 81 783,38 0,11

145





% ofNet Assets

Energy 543 363,03 581 171,73 0,8147,00 INPEX CORP JPY 206 389,26 237 629,57 0,33

50 747,00 JX HOLDINGS INC JPY 224 812,94 233 603,88 0,3313 029,00 TONENGENERAL SEKIYU KK JPY 112 160,83 109 938,28 0,15

FRANCE 2 637 938,60 2 644 845,69 3,70

Energy 1 766 027,56 1 763 628,97 2,4737 199,00 TOTAL SA EUR 1 558 535,18 1 483 496,12 2,072 385,00 TECHNIP SA EUR 133 714,07 176 323,05 0,254 087,00 CIE GENERALE DE GEOPHYSIQUE - VERITAS EUR 73 778,31 103 809,80 0,15

Raw materials 871 911,04 881 216,72 1,235 916,00 AIR LIQUIDE SA EUR 477 916,88 584 737,44 0,824 527,00 LAFARGE SA EUR 289 273,79 198 939,02 0,281 374,00 ARKEMA SA EUR 104 720,37 97 540,26 0,13

SWITZERLAND 2 149 578,42 2 299 691,16 3,21

Raw materials 1 394 994,84 1 654 647,32 2,3144 183,00 XSTRATA PLC GBP 595 003,66 671 004,22 0,941 945,00 SYNGENTA AG CHF 341 911,86 452 165,20 0,634 984,00 HOLCIM LTD CHF 240 093,45 259 044,75 0,36

210,00 GIVAUDAN SA CHF 115 379,09 153 013,72 0,2249,00 SIKA AG CHF 60 016,21 81 360,75 0,11

7 000,00 GLENCORE INTERNATIONAL PLC GBP 42 590,57 38 058,68 0,05

Energy 754 583,58 645 043,84 0,906 613,00 TRANSOCEAN LTD USD 371 129,12 294 468,79 0,41

14 144,00 WEATHERFORD INTERNATIONAL LTD USD 218 239,89 182 915,60 0,266 168,00 NOBLE CORP USD 165 214,57 167 659,45 0,23

GERMANY 1 538 602,69 2 102 182,83 2,94

Raw materials 1 538 602,69 2 102 182,83 2,9414 160,00 BASF SE EUR 643 326,84 956 791,20 1,343 434,00 LINDE AG EUR 287 719,00 415 170,60 0,586 980,00 THYSSENKRUPP AG EUR 155 449,43 250 128,30 0,353 628,00 K&S AG EUR 155 691,42 192 284,00 0,273 709,00 HEIDELBERGCEMENT AG EUR 177 524,78 163 288,73 0,232 200,00 LANXESS AG EUR 118 891,22 124 520,00 0,17

ITALY 1 049 022,92 996 340,42 1,39

Energy 1 049 022,92 996 340,42 1,3948 022,00 ENEL SPA EUR 872 505,01 783 238,82 1,095 986,00 SAIPEM SPA EUR 176 517,91 213 101,60 0,30

NORWAY 623 560,86 669 895,69 0,94

Energy 365 855,29 401 787,83 0,5622 881,00 STATOIL ASA NOK 365 855,29 401 787,83 0,56

Raw materials 257 705,57 268 107,86 0,383 919,00 YARA INTERNATIONAL ASA NOK 64 879,53 152 999,89 0,22

21 676,00 NORSK HYDRO ASA NOK 192 826,04 115 107,97 0,16

LUXEMBOURG 630 873,47 603 611,12 0,84

Raw materials 505 194,79 439 732,37 0,6118 326,00 ARCELORMITTAL EUR 505 194,79 439 732,37 0,61

Energy 125 678,68 163 878,75 0,2310 405,00 TENARIS SA EUR 125 678,68 163 878,75 0,23

SPAIN 370 653,27 406 094,22 0,57


146





% ofNet Assets

BERMUDA 287 580,25 294 929,33 0,41

Energy 287 580,25 294 929,33 0,417 202,00 SEADRILL LTD NOK 147 274,13 175 812,26 0,247 009,00 NABORS INDUSTRIES LTD USD 140 306,12 119 117,07 0,17

FINLAND 327 806,61 284 577,25 0,40

Raw materials 327 806,61 284 577,25 0,4013 741,00 UPM-KYMMENE OYJ EUR 193 015,03 173 274,01 0,2415 384,00 STORA ENSO OYJ EUR 134 791,58 111 303,24 0,16

BELGIUM 199 870,48 259 850,86 0,36

Raw materials 199 870,48 259 850,86 0,361 323,00 SOLVAY SA EUR 107 920,24 140 965,65 0,203 161,00 UMICORE SA EUR 91 950,24 118 885,21 0,16

SWEDEN 263 659,36 256 137,15 0,36

Raw materials 263 659,36 256 137,15 0,3615 769,00 SVENSKA CELLULOSA AB SEK 166 077,61 153 490,85 0,228 040,00 BOLIDEN AB SEK 97 581,75 102 646,30 0,14

AUSTRIA 192 261,95 227 250,35 0,32

Energy 135 181,26 134 447,88 0,194 463,00 OMV AG EUR 135 181,26 134 447,88 0,19


IRELAND 255 363,84 219 060,48 0,31


ISRAEL 144 740,93 156 424,61 0,22

Raw materials 144 740,93 156 424,61 0,2214 290,00 ISRAEL CHEMICALS LTD ILS 144 740,93 156 424,61 0,22

JERSEY 130 992,04 132 672,77 0,18

Raw materials 130 992,04 132 672,77 0,182 280,00 RANDGOLD RESOURCES LTD GBP 130 992,04 132 672,77 0,18

PORTUGAL 123 406,71 132 225,10 0,18

Energy 123 406,71 132 225,10 0,188 038,00 GALP ENERGIA SGPS SA EUR 123 406,71 132 225,10 0,18

DENMARK 54 789,89 126 803,00 0,18

Raw materials 54 789,89 126 803,00 0,181 130,00 NOVOZYMES A/S DKK 54 789,89 126 803,00 0,18

NEW ZEALAND 45 912,46 76 346,06 0,11

Raw materials 45 912,46 76 346,06 0,1115 548,00 FLETCHER BUILDING LTD NZD 45 912,46 76 346,06 0,11

MEXICO 73 341,52 74 658,12 0,10

Raw materials 73 341,52 74 658,12 0,104 809,00 FRESNILLO PLC GBP 73 341,52 74 658,12 0,10

HONG KONG 76 788,74 12 806,87 0,02

Raw materials 76 788,74 12 806,87 0,025 600,00 SINO-FOREST CORP CAD 76 788,74 12 806,87 0,02

Total Portfolio 64 322 690,85 70 713 878,21 98,81

147




Size Quantity

Purchase/



(EUR) Commitment

(EUR)

Total Unrealised profit / (loss) on futures contracts and commitment (1 363,70) 550 645,30

Unrealised loss on futures contracts and commitment (1 363,70) 550 645,30

100 70 Purchase TOTAL SA 19/08/2011 EUR (676,90) 279 624,10100 40 Purchase BASF SE 16/09/2011 EUR (686,80) 271 021,20

148





foreign currencySale commitment in

foreign currency Unrealised profit/(loss)

(EUR)



14/07/2011 93 328,13 CAD 66 500,88 EUR 199,7614/07/2011 113 494,20 CAD 81 055,27 EUR 57,8514/07/2011 109 057,84 CAD 77 900,25 EUR 42,2514/07/2011 85 475,83 AUD 62 997,20 EUR 57,7614/07/2011 501 190,23 NOK 64 138,24 EUR 267,8914/07/2011 496 901,89 EUR 604 454,76 CHF 1 592,4414/07/2011 23 061,40 EUR 171 977,70 DKK 3,3814/07/2011 5 907 806,78 EUR 5 255 581,96 GBP 87 249,5014/07/2011 30 696,22 EUR 345 433,90 HKD 67,6614/07/2011 1 666 827,69 EUR 192 985 633,00 JPY 18 098,4214/07/2011 124 291,56 EUR 1 127 864,29 SEK 1 044,2814/07/2011 15 229 401,14 EUR 22 025 040,15 USD 34 272,0114/07/2011 161 479,99 EUR 231 679,40 USD 1 643,8014/07/2011 107 469,53 EUR 94 880,44 GBP 2 389,4414/07/2011 218 369,96 EUR 311 973,68 USD 3 138,5514/07/2011 67 662,91 EUR 59 736,92 GBP 1 504,2714/07/2011 123 071,92 EUR 176 758,84 USD 1 125,5614/07/2011 150 268,42 EUR 134 452,71 GBP 1 362,0414/07/2011 312 357,56 EUR 450 789,50 USD 1 356,7814/07/2011 130 727,43 EUR 117 492,21 GBP 604,8014/07/2011 384 720,63 EUR 553 519,88 USD 2 845,91


14/07/2011 66 832,63 GBP 75 900,80 EUR (1 883,66)14/07/2011 468 030,04 USD 326 040,73 EUR (3 145,66)14/07/2011 312 661,48 USD 216 223,83 EUR (517,91)14/07/2011 66 017,07 GBP 75 125,17 EUR (2 011,26)14/07/2011 90 695,87 AUD 67 479,36 EUR (573,61)14/07/2011 118 061,29 GBP 134 735,25 EUR (3 982,37)14/07/2011 646 428,31 USD 457 729,38 EUR (11 756,91)14/07/2011 72 746,96 GBP 82 274,33 EUR (1 707,07)14/07/2011 124 976,32 USD 87 445,67 EUR (1 224,20)14/07/2011 121 131,93 GBP 136 609,25 EUR (2 455,63)14/07/2011 203 288,67 USD 143 605,43 EUR (3 356,08)14/07/2011 333 866,88 USD 234 120,69 EUR (3 785,11)14/07/2011 79 559,57 USD 55 413,79 EUR (525,45)14/07/2011 2 628 666,50 EUR 3 593 087,70 AUD (21 930,97)14/07/2011 4 708 221,31 EUR 6 640 713,10 CAD (37 827,24)14/07/2011 537 812,96 EUR 4 227 353,19 NOK (5 428,77)14/07/2011 6 401,58 EUR 11 243,60 NZD (0,77)14/07/2011 89 311,42 EUR 125 407,13 CAD (315,75)14/07/2011 64 797,01 EUR 90 727,93 CAD (45,30)14/07/2011 182 180,67 EUR 164 590,94 GBP (103,80)14/07/2011 306 864,39 EUR 444 980,06 USD (128,44)

149

Eurizon EasyFund - Equity Industrials



Assets Notes Investments in securities at market value 38 100 282,24Banks 223 834,70Unrealised profit on forward foreign exchange contracts (Note 8) 75 786,74Receivable on investments sold 301 038,97Receivable on subscriptions 195 374,28Other assets 43 590,77Total assets 38 939 907,70

Liabilities Bank overdrafts (237,00)Unrealised loss on forward foreign exchange contracts (Note 8) (17 698,30)Unrealised loss on future contracts (Note 8) (728,29)Payable on investments purchased (307 314,91)Payable on redemptions (49 284,05)Other liabilities (42 006,26)Total liabilities (417 268,81)Total net assets 38 522 638,89



150





Net income from investments 425 218,01Other income 160,57Total income 425 378,58Management fee (Note 5) (198 901,28)Custodian and paying agent fee (Note 7) (18 468,93)Subscription tax (Note 3) (3 043,22)Interest on bank accounts (1 031,64)Other charges and taxes (Notes 4, 7) (16 088,55)Total expenses (237 533,62)Net investment income / (loss) 187 844,96Net realised profit / (loss) on sales of investments, currencies and other financial instruments 3 349 962,72Change in unrealised appreciation / (depreciation) on - investments (3 730 647,17)- forward foreign exchange contracts and foreign currencies (Note 8) 39 027,80- future contracts (Note 8) (728,29)Net result of operations for the period (154 539,98)



151





% ofNet Assets



Shares 35 765 720,04 38 096 992,16 98,89

UNITED STATES 16 408 518,19 17 662 608,13 45,85

Industries 16 408 518,19 17 662 608,13 45,85201 984,00 GENERAL ELECTRIC CAPITAL CORP USD 2 683 573,04 2 627 458,61 6,8216 744,00 UNITED TECHNOLOGIES CORP USD 916 032,63 1 022 183,30 2,6512 339,00 CATERPILLAR INC USD 749 186,67 906 032,24 2,3512 993,00 3M CO USD 798 827,39 850 009,93 2,2114 211,00 UNITED PARCEL SERVICE INC USD 700 021,43 714 838,74 1,8613 601,00 BOEING CO USD 673 406,19 693 535,62 1,809 462,00 UNION PACIFIC CORP USD 578 468,24 681 334,95 1,77

14 892,00 HONEYWELL INTERNATIONAL INC USD 542 092,88 612 073,59 1,5914 912,00 EMERSON ELECTRIC CO USD 554 563,50 578 543,01 1,507 550,00 DEERE & CO USD 407 447,26 429 353,33 1,11

21 561,00 CSX CORP USD 322 191,14 389 922,96 1,0110 500,00 DANAHER CORP USD 342 292,21 383 760,65 1,005 722,00 FEDEX CORP USD 360 172,30 374 336,71 0,976 957,00 NORFOLK SOUTHERN CORP USD 304 512,46 359 546,42 0,938 673,00 ILLINOIS TOOL WORKS INC USD 314 079,64 337 923,31 0,885 869,00 LOCKHEED MARTIN CORP USD 336 399,13 327 767,19 0,856 184,00 GENERAL DYNAMICS CORP USD 312 709,07 317 848,05 0,832 707,00 PRECISION CASTPARTS CORP USD 251 932,86 307 416,53 0,803 594,00 CUMMINS INC USD 220 080,15 256 539,17 0,675 335,00 NORTHROP GRUMMAN CORP USD 222 816,23 255 186,75 0,667 217,00 RAYTHEON CO USD 259 653,63 248 141,32 0,646 357,00 EATON CORP USD 198 928,97 225 587,39 0,598 740,00 WASTE MANAGEMENT INC USD 221 305,56 224 671,54 0,586 298,00 PACCAR INC USD 212 740,29 221 929,88 0,583 206,00 PARKER HANNIFIN CORP USD 171 268,61 198 438,90 0,527 346,00 FASTENAL CO USD 147 231,40 182 351,78 0,473 189,00 CH ROBINSON WORLDWIDE INC USD 154 524,51 173 411,69 0,453 638,00 DOVER CORP USD 140 113,15 170 125,58 0,442 841,00 ROCKWELL AUTOMATION INC USD 131 642,08 170 007,47 0,442 424,00 GOODRICH CORP USD 129 909,54 159 666,28 0,413 462,00 FLUOR CORP USD 140 625,50 154 397,40 0,404 257,00

EXPEDITORS INTERNATIONAL OF WASHINGTON INC

USD 139 576,95 150 302,43 0,39

2 974,00 STANLEY BLACK & DECKER INC USD 152 176,43 147 792,43 0,383 486,00 ITT CORP USD 134 743,50 141 690,60 0,373 174,00 ROCKWELL COLLINS INC USD 133 737,06 135 051,35 0,352 176,00 L-3 COMMUNICATIONS HOLDINGS INC USD 127 638,64 131 248,98 0,346 050,00 REPUBLIC SERVICES INC USD 126 020,74 128 732,37 0,331 947,00 JOY GLOBAL INC USD 85 954,70 127 897,65 0,333 040,00 COOPER INDUSTRIES PLC USD 108 932,57 125 114,27 0,331 051,00 WW GRAINGER INC USD 87 268,69 111 381,36 0,291 657,00 ROPER INDUSTRIES INC USD 79 485,92 95 201,71 0,253 987,00 IRON MOUNTAIN INC USD 78 777,45 93 745,51 0,241 492,00 STERICYCLE INC USD 72 583,79 91 710,96 0,242 915,00 AMETEK INC USD 61 002,17 90 273,88 0,235 294,00 TEXTRON INC USD 103 644,23 86 209,90 0,222 211,00 PALL CORP USD 70 876,01 85 749,99 0,221 319,00 BUCYRUS INTERNATIONAL INC USD 67 552,08 83 387,68 0,222 999,00 KBR INC USD 52 844,55 77 961,44 0,20

988,00 FLOWSERVE CORP USD 74 015,97 74 884,57 0,192 319,00 JACOBS ENGINEERING GROUP INC USD 74 181,34 69 177,38 0,182 108,00 JB HUNT TRANSPORT SERVICES INC USD 54 080,95 68 466,25 0,184 211,00 PITNEY BOWES INC USD 77 048,45 66 773,08 0,172 447,00 AVERY DENNISON CORP USD 74 184,83 65 198,24 0,172 697,00 EQUIFAX INC USD 66 691,62 64 585,93 0,171 878,00 AGCO CORP USD 54 632,13 63 936,37 0,175 820,00 HERTZ GLOBAL HOLDINGS INC USD 65 434,21 63 745,67 0,174 412,00 QUANTA SERVICES INC USD 61 811,86 61 470,13 0,161 595,00 MANPOWER INC/WI USD 67 275,83 59 021,15 0,152 445,00 VERISK ANALYTICS INC USD 57 273,06 58 382,56 0,151 879,00 URS CORP USD 62 539,77 57 982,91 0,15

152





% ofNet Assets

6 959,00 MASCO CORP USD 63 232,86 57 741,72 0,151 012,00 SPX CORP USD 45 929,61 57 696,99 0,152 045,00 PENTAIR INC USD 47 935,83 56 927,45 0,152 486,00 CINTAS CORP USD 55 573,51 56 635,26 0,153 929,00 RR DONNELLEY & SONS CO USD 63 333,63 53 141,87 0,142 836,00 ROBERT HALF INTERNATIONAL INC USD 61 538,62 52 872,46 0,141 000,00 DUN & BRADSTREET CORP USD 57 767,58 52 101,98 0,14

766,00 IHS INC USD 42 473,39 44 073,36 0,11

JAPAN 6 074 550,54 6 164 426,81 16,00

Industries 6 074 550,54 6 164 426,81 16,0025 442,00 MITSUBISHI CORP JPY 463 484,77 434 572,42 1,133 635,00 FANUC CORP JPY 322 958,86 415 376,04 1,08

33 143,00 MITSUI & CO LTD JPY 390 434,52 391 749,84 1,0217 126,00 KOMATSU LTD JPY 312 803,25 365 220,71 0,9537 280,00 MITSUBISHI ELECTRIC CORP JPY 253 928,43 296 100,93 0,776 452,00 EAST JAPAN RAILWAY CO JPY 297 323,11 253 473,82 0,66

29 729,00 ITOCHU CORP JPY 192 573,43 211 497,98 0,5521 988,00 SUMITOMO CORP JPY 202 805,96 204 500,57 0,5360 695,00 MITSUBISHI HEAVY INDUSTRIES LTD JPY 181 419,98 195 422,78 0,5116 505,00 SUMITOMO ELECTRIC INDUSTRIES LTD JPY 155 236,93 164 500,53 0,43

30,00 CENTRAL JAPAN RAILWAY CO JPY 173 689,54 161 926,99 0,4235 101,00 MARUBENI CORP JPY 157 448,11 159 482,13 0,4119 856,00 ASAHI GLASS CO LTD JPY 156 768,81 158 726,17 0,412 399,00 NIDEC CORP JPY 163 081,47 152 434,79 0,394 104,00 SECOM CO LTD JPY 138 040,41 134 767,33 0,351 087,00 SMC CORP/JAPAN JPY 115 879,01 134 053,34 0,35

20 751,00 KUBOTA CORP JPY 126 720,37 125 651,07 0,334 136,00 DAIKIN INDUSTRIES LTD JPY 103 018,18 100 247,57 0,26

26 550,00 MITSUI OSK LINES LTD JPY 133 258,06 97 728,83 0,2538 391,00 NIPPON YUSEN KK JPY 117 209,03 97 707,21 0,2512 525,00 DAI NIPPON PRINTING CO LTD JPY 119 751,25 96 593,17 0,255 459,00 JS GROUP CORP JPY 83 602,38 96 414,99 0,253 500,00 WEST JAPAN RAILWAY CO JPY 95 162,08 93 859,58 0,24

33 629,00 KAWASAKI HEAVY INDUSTRIES LTD JPY 75 878,21 91 619,00 0,244 443,00 JGC CORP JPY 62 627,24 83 289,79 0,227 515,00 YAMATO HOLDINGS CO LTD JPY 79 171,08 80 932,88 0,21

26 860,00 TOKYU CORP JPY 88 263,20 76 618,46 0,2025 598,00 TOBU RAILWAY CO LTD JPY 91 754,69 73 893,06 0,192 257,00 MAKITA CORP JPY 57 226,93 71 898,74 0,19

10 522,00 NSK LTD JPY 60 474,14 71 800,26 0,195 622,00 NGK INSULATORS LTD JPY 73 063,95 71 637,53 0,18

12 905,00 ODAKYU ELECTRIC RAILWAY CO LTD JPY 73 232,45 70 316,88 0,1814 389,00 SUMITOMO HEAVY INDUSTRIES LTD JPY 65 944,01 68 571,83 0,1812 881,00 TOPPAN PRINTING CO LTD JPY 84 448,92 68 425,96 0,1829 921,00 KINTETSU CORP JPY 70 696,15 65 929,04 0,1722 450,00 NIPPONRESS CO LTD JPY 70 395,84 62 313,28 0,1629 000,00 NIPPON SHEET GLASS CO LTD JPY 61 502,80 61 670,61 0,165 229,00 TOYOTA TSUSHO CORP JPY 64 289,61 61 315,47 0,166 000,00 JTEKT CORP JPY 51 741,83 60 415,17 0,16

32 021,00 IHI CORP JPY 50 156,88 56 609,09 0,1511 224,00 KEIKYU CORP JPY 61 895,52 55 597,67 0,1418 436,00 OBAYASHI CORP JPY 57 255,46 55 108,13 0,1434 784,00 TAISEI CORP JPY 54 243,40 54 661,09 0,1422 827,00 KAWASAKI KISEN KAISHA LTD JPY 53 395,85 54 586,82 0,143 015,00 THK CO LTD JPY 49 859,93 52 528,91 0,142 552,00 KURITA WATER INDUSTRIES LTD JPY 51 455,21 52 134,21 0,13

13 511,00 KEIO CORP JPY 61 001,63 51 117,80 0,139 395,00 AMADA CO LTD JPY 47 977,67 49 426,34 0,13

FRANCE 1 998 783,77 2 164 506,75 5,62

Industries 1 998 783,77 2 164 506,75 5,623 465,00 SCHNEIDER ELECTRIC SA EUR 350 325,40 399 168,00 1,048 224,00 VINCI SA EUR 340 208,16 363 254,08 0,947 614,00 CIE DE ST-GOBAIN EUR 301 916,92 340 003,17 0,882 120,00 VALLOUREC SA EUR 157 157,45 178 058,80 0,464 055,00 ALSTOM SA EUR 180 010,13 172 418,60 0,454 699,00 BOUYGUES SA EUR 166 167,69 142 450,19 0,373 328,00 LEGRAND SA EUR 87 420,23 96 661,76 0,25

153





% ofNet Assets

3 037,00 SAFRAN SA EUR 58 898,19 89 439,65 0,239 875,00 GROUPE EUROTUNNEL SA EUR 72 264,68 76 136,25 0,201 224,00 BUREAU VERITAS SA EUR 61 314,44 71 285,76 0,183 069,00 EDENRED EUR 49 775,22 64 571,76 0,172 103,00 THALES SA EUR 63 348,82 62 532,71 0,16

661,00 WENDEL SA EUR 55 821,87 56 046,19 0,15809,00 AEROPORTS DE PARIS EUR 54 154,57 52 479,83 0,14

GERMANY 1 782 574,74 1 994 558,47 5,18

Industries 1 782 574,74 1 994 558,47 5,1814 192,00 SIEMENS AG EUR 1 194 522,50 1 343 982,40 3,4916 139,00 DEUTSCHE POST AG EUR 209 007,78 213 841,75 0,561 973,00 MAN SE EUR 150 775,41 182 995,75 0,473 115,00 GEA GROUP AG EUR 63 755,74 76 893,78 0,205 110,00 DEUTSCHE LUFTHANSA AG EUR 68 213,49 76 777,75 0,20

639,00 BRENNTAG AG EUR 48 591,74 51 222,24 0,13848,00 HOCHTIEF AG EUR 47 708,08 48 844,80 0,13

SWITZERLAND 1 705 693,13 1 888 267,05 4,90

Industries 1 705 693,13 1 888 267,05 4,9042 186,00 ABB LTD CHF 673 311,90 753 338,18 1,968 408,00 TYCO INTERNATIONAL LTD USD 248 091,21 286 655,67 0,74

110,00 SGS SA CHF 118 281,15 143 810,54 0,37782,00 GEBERIT AG CHF 97 556,36 127 603,10 0,33

5 542,00 WOLSELEY PLC GBP 147 367,08 124 699,43 0,321 400,00 SCHINDLER HOLDING AG CHF 105 400,74 117 204,44 0,312 633,00 ADECCO SA CHF 110 509,95 116 253,16 0,301 102,00 KUEHNE + NAGEL INTERNATIONAL AG CHF 85 006,35 115 185,39 0,30

518,00 SULZER AG CHF 65 460,21 58 047,16 0,152 170,00 FOSTER WHEELER AG USD 54 708,18 45 469,98 0,12

SWEDEN 1 338 973,31 1 579 064,59 4,10

Industries 1 338 973,31 1 579 064,59 4,1025 686,00 VOLVO AB SEK 274 695,18 310 243,85 0,8018 992,00 SANDVIK AB SEK 208 149,59 230 221,92 0,6012 518,00 ATLAS COPCO AB SEK 179 084,11 227 820,93 0,597 524,00 SKF AB SEK 115 154,71 150 502,70 0,397 774,00 ATLAS COPCO AB SEK 93 379,99 126 527,13 0,336 176,00 ASSA ABLOY AB SEK 104 289,82 114 762,67 0,306 510,00 ALFA LAVAL AB SEK 77 637,92 96 988,73 0,257 701,00 SKANSKA AB SEK 96 965,98 95 287,95 0,255 931,00 SCANIA AB SEK 70 368,50 95 104,81 0,254 529,00 HEXAGON AB SEK 61 379,70 77 128,38 0,207 444,00 SECURITAS AB SEK 57 867,81 54 475,52 0,14

UNITED KINGDOM 1 357 605,88 1 388 884,94 3,61

Industries 1 357 605,88 1 388 884,94 3,6136 377,00 ROLLS-ROYCE HOLDINGS PLC GBP 236 801,23 259 812,97 0,6864 428,00 BAE SYSTEMS PLC GBP 259 973,57 227 226,16 0,595 592,00 AGGREKO PLC GBP 93 302,47 119 446,55 0,317 161,00 SMITHS GROUP PLC GBP 98 336,62 95 233,76 0,253 810,00 WEIR GROUP PLC GBP 79 733,11 89 736,00 0,23

11 305,00 CAPITA GROUP PLC GBP 95 221,08 89 568,33 0,2325 935,00 G4S PLC GBP 75 637,64 80 354,13 0,212 997,00 INTERTEK GROUP PLC GBP 63 555,37 65 476,89 0,177 872,00 BABCOCK INTERNATIONAL GROUP PLC GBP 53 766,39 62 063,94 0,16

17 157,00 INVENSYS PLC GBP 60 999,07 61 155,64 0,1621 137,00

INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA

EUR 62 885,12 59 162,46 0,15

24 849,00 COBHAM PLC GBP 61 441,76 58 223,56 0,156 297,00 BUNZL PLC GBP 50 768,36 54 387,93 0,146 635,00 SERCO GROUP PLC GBP 39 004,36 40 592,66 0,117 741,00 BALFOUR BEATTY PLC GBP 26 179,73 26 443,96 0,07

CANADA 878 303,33 1 043 228,83 2,71

Industries 878 303,33 1 043 228,83 2,719 090,00 CANADIAN NATIONAL RAILWAY CO CAD 426 057,74 501 127,72 1,30

154





% ofNet Assets

3 382,00 CANADIAN PACIFIC RAILWAY LTD CAD 142 886,72 145 431,51 0,3828 562,00 BOMBARDIER INC CAD 106 832,77 141 866,00 0,372 980,00 SNC-LAVALIN GROUP INC CAD 100 501,88 125 397,53 0,333 277,00 FINNING INTERNATIONAL INC CAD 50 484,44 66 980,35 0,176 714,00 CAE INC CAD 51 539,78 62 425,72 0,16

NETHERLANDS 860 895,84 783 062,37 2,03

Industries 860 895,84 783 062,37 2,0318 874,00 KONINKLIJKE PHILIPS ELECTRONICS NV EUR 406 692,68 334 258,54 0,877 601,00


EUR 129 516,09 175 431,08 0,45

2 606,00 RANDSTAD HOLDING NV EUR 84 050,91 83 066,25 0,228 254,00 TNT EXPRESS NV EUR 83 430,67 59 032,61 0,151 668,00 KONINKLIJKE BOSKALIS WESTMINSTER NV EUR 57 133,14 54 385,14 0,148 254,00 TNT NV EUR 74 056,43 48 302,41 0,13

846,00 KONINKLIJKE VOPAK NV EUR 26 015,92 28 586,34 0,07

SINGAPORE 577 540,42 602 693,27 1,56

Industries 577 540,42 602 693,27 1,5629 181,00 KEPPEL CORP LTD SGD 158 352,49 181 660,41 0,4713 165,00 SINGAPORE AIRLINES LTD SGD 104 688,15 104 885,98 0,27

130 899,00 HUTCHISON PORT HOLDINGS TRUST USD 86 679,16 76 290,47 0,2023 458,00 SEMBCORP MARINE LTD SGD 71 256,82 69 853,34 0,1821 019,00 FRASERIE AND NEAVE LTD SGD 57 767,46 68 377,14 0,1819 699,00 SEMBCORP INDUSTRIES LTD SGD 51 964,84 55 228,73 0,1427 435,00 SINGAPORE TECHNOLOGIES ENGINEERING LTD SGD 46 831,50 46 397,20 0,12

AUSTRALIA 536 581,75 537 456,97 1,40

Industries 536 581,75 537 456,97 1,4029 239,00 BRAMBLES LTD AUD 142 026,45 155 884,89 0,4127 256,00 TRANSURBAN GROUP AUD 100 591,27 105 261,15 0,2734 623,00 QR NATIONAL LTD AUD 75 113,86 86 414,32 0,2265 774,00 ASCIANO LTD AUD 75 536,25 79 653,05 0,2116 321,00 TOLL HOLDINGS LTD AUD 68 319,86 58 451,12 0,153 364,00 LEIGHTON HOLDINGS LTD AUD 74 994,06 51 792,44 0,14

HONG KONG 487 919,61 508 350,63 1,32

Industries 487 919,61 508 350,63 1,3240 512,00 HUTCHISON WHAMPOA LTD HKD 275 302,42 301 641,32 0,7885 014,00 NOBLE GROUP LTD SGD 94 761,75 94 097,27 0,2531 191,00 MTR CORP HKD 79 298,09 76 307,33 0,2022 729,00 CATHAY PACIFIC AIRWAYS LTD HKD 38 557,35 36 304,71 0,09

IRELAND 328 356,80 364 673,15 0,95

Industries 328 356,80 364 673,15 0,956 354,00 INGERSOLL - RAND PLC USD 177 263,29 199 010,48 0,52

18 854,00 EXPERIAN PLC GBP 151 093,51 165 662,67 0,43

DENMARK 393 523,82 348 630,30 0,90

Industries 393 523,82 348 630,30 0,9026,00 AP MOLLER - MAERSK A/S DKK 156 143,58 154 628,84 0,4012,00 AP MOLLER - MAERSK A/S DKK 73 196,53 68 471,29 0,18

4 097,00 DSV A/S DKK 50 261,13 67 725,88 0,173 608,00 VESTAS WIND SYSTEMS A/S DKK 113 922,58 57 804,29 0,15

ITALY 365 670,05 344 008,12 0,89

Industries 365 670,05 344 008,12 0,8914 867,00 FIAT INDUSTRIAL SPA EUR 139 711,21 132 316,30 0,346 136,00 ATLANTIA SPA EUR 94 999,36 90 076,48 0,237 616,00 FINMECCANICA SPA EUR 75 057,24 63 555,52 0,174 186,00 PRYSMIAN SPA EUR 55 902,24 58 059,82 0,15

FINLAND 239 002,36 304 915,03 0,79

Industries 239 002,36 304 915,03 0,792 983,00 KONE OYJ EUR 89 897,28 129 253,39 0,34

155





% ofNet Assets

2 309,00 METSO OYJ EUR 75 668,29 90 443,53 0,233 659,00 WARTSILA OYJ EUR 73 436,79 85 218,11 0,22

SPAIN 271 999,82 279 411,22 0,73

Industries 271 999,82 279 411,22 0,737 727,00 ABERTIS INFRAESTRUCTURAS SA EUR 111 152,36 119 034,44 0,313 089,00


EUR 103 571,31 100 454,28 0,26

6 875,00 FERROVIAL SA EUR 57 276,15 59 922,50 0,16

NORWAY 96 746,47 94 355,53 0,24

Industries 96 746,47 94 355,53 0,2414 308,00 ORKLA ASA NOK 96 746,47 94 355,53 0,24

BELGIUM 62 480,21 43 890,00 0,11

Industries 62 480,21 43 890,00 0,11836,00 BEKAERT SA EUR 62 480,21 43 890,00 0,11

UNQUOTED 0,00 3 290,08 0,01

Shares 0,00 3 290,08 0,01

UNITED KINGDOM 0,00 3 290,08 0,01

Consumer Retail 0,00 3 290,08 0,012 971 200,00 ROLLS ROYCE GROUP C SHS GBP 0,00 3 290,08 0,01

Total Portfolio 35 765 720,04 38 100 282,24 98,90

156




Size Quantity

Purchase/



(EUR) Commitment

(EUR)

Total Unrealised profit / (loss) on future contracts and commitment (728,29) 302 137,91

Unrealised loss on future contracts and commitment (728,29) 302 137,91

100 16 Purchase SIEMENS AG 16/09/2011 EUR (382,88) 151 935,52100 13 Purchase SCHNEIDER ELECTRIC SA 16/09/2011 EUR (345,41) 150 202,39

157







(EUR)



14/07/2011 248 269,71 SEK 27 030,71 EUR 98,9414/07/2011 644 712,33 EUR 784 258,31 CHF 2 066,1314/07/2011 195 901,21 EUR 1 460 910,53 DKK 28,7114/07/2011 758 369,97 EUR 674 645,55 GBP 11 199,9914/07/2011 182 629,92 EUR 2 055 189,81 HKD 402,5614/07/2011 2 745 297,32 EUR 317 851 055,00 JPY 29 808,4614/07/2011 702 165,84 EUR 6 371 693,91 SEK 5 899,5114/07/2011 7 866 649,13 EUR 11 376 892,72 USD 17 702,9814/07/2011 29 190,81 EUR 51 792,04 SGD 83,0014/07/2011 71 227,59 EUR 101 759,11 USD 1 023,7314/07/2011 26 544,25 EUR 37 946,38 USD 364,9514/07/2011 144 631,80 EUR 207 723,66 USD 1 322,7414/07/2011 53 788,95 EUR 6 216 714,00 JPY 677,8514/07/2011 115 738,12 EUR 167 031,42 USD 502,7314/07/2011 43 314,08 EUR 61 320,74 USD 1 008,7514/07/2011 51 429,44 EUR 5 862 128,00 JPY 1 347,6714/07/2011 48 720,77 EUR 5 625 865,00 JPY 657,4614/07/2011 44 871,69 EUR 64 447,79 USD 409,0014/07/2011 28 094,34 EUR 3 270 739,00 JPY 151,5214/07/2011 139 247,13 EUR 200 342,92 USD 1 030,06


14/07/2011 216 975,18 USD 151 150,01 EUR (1 458,30)14/07/2011 22 799,32 GBP 25 833,81 EUR (583,56)14/07/2011 2 916 120,00 JPY 25 068,22 EUR (155,01)14/07/2011 3 636 195,00 JPY 31 581,49 EUR (516,48)14/07/2011 188 458,32 USD 133 445,44 EUR (3 427,58)14/07/2011 6 374 117,00 JPY 55 578,01 EUR (1 122,18)14/07/2011 30 151,78 CHF 24 872,51 EUR (165,18)14/07/2011 205 661,63 DKK 27 586,13 EUR (11,92)14/07/2011 22 634,56 GBP 25 546,33 EUR (478,55)14/07/2011 66 391,05 USD 46 970,90 EUR (1 167,55)14/07/2011 163 919,83 USD 114 947,08 EUR (1 858,39)14/07/2011 5 975 526,00 JPY 51 548,98 EUR (498,42)14/07/2011 253 314,69 EUR 346 252,33 AUD (2 113,41)14/07/2011 441 251,37 EUR 622 363,22 CAD (3 545,15)14/07/2011 23 966,36 EUR 188 381,95 NOK (241,92)14/07/2011 4 424,48 EUR 7 771,06 NZD (0,53)14/07/2011 249 603,14 EUR 444 620,35 SGD (279,36)14/07/2011 36 829,77 EUR 4 313 597,00 JPY (22,47)14/07/2011 35 725,40 EUR 327 069,82 SEK (15,13)14/07/2011 88 902,29 EUR 128 916,05 USD (37,21)

158

Eurizon EasyFund - Equity Consumer Discretionary




Liabilities Bank overdrafts (598,94)Unrealised loss on forward foreign exchange contracts (Note 8) (16 892,87)Payable on investments purchased (114 906,98)Payable on redemptions (5 313,47)Other liabilities (29 369,46)Total liabilities (167 081,72)Total net assets 18 640 341,43


Class I Units EUR 137,82 28 071,001Class IH Units EUR 148,21 42 702,714Class R Units EUR 137,17 16 785,061Class RH Units EUR 146,24 9 758,691Class Z Units EUR 144,53 32 014,709Class ZH Units EUR 155,50 555,253

159





Net income from investments 222 248,99Total income 222 248,99Management fee (Note 5) (145 131,04)Custodian and paying agent fee (Note 7) (11 885,16)Subscription tax (Note 3) (1 828,79)Interest on bank accounts (535,62)Other charges and taxes (Notes 4, 7) (11 376,13)Total expenses (170 756,74)Net investment income / (loss) 51 492,25Net realised profit / (loss) on sales of investments, currencies and other financial instruments 3 158 617,61Change in unrealised appreciation / (depreciation) on - investments (3 250 029,62)- forward foreign exchange contracts and foreign currencies (Note 8) (3 931,80)Net result of operations for the period (43 851,56)



160





% ofNet Assets



Shares 15 203 182,53 18 490 751,51 99,20

UNITED STATES 7 567 256,18 9 719 968,36 52,14

Consumer Retail 7 567 256,18 9 719 968,36 52,1410 444,00 MCDONALD'S CORP USD 480 849,51 607 399,86 3,263 610,00 AMAZON.COM INC USD 282 365,93 509 162,61 2,73

18 043,00 WALT DISNEY CO USD 416 425,75 485 842,82 2,6116 380,00 HOME DEPOT INC USD 346 414,77 409 203,72 2,1920 694,00 COMCAST CORP USD 252 003,55 361 683,16 1,9435 205,00 FORD MOTOR CO USD 250 792,99 334 846,56 1,807 887,00 DIRECTV USD 192 749,66 276 454,54 1,48

10 899,00 TIME WARNER INC USD 240 701,49 273 405,46 1,473 734,00 NIKE INC USD 181 595,70 231 738,15 1,24

18 485,00 NEWS CORP USD 171 937,52 225 667,98 1,2113 703,00 LOWE'S COS INC USD 229 742,70 220 310,48 1,186 769,00 TARGET CORP USD 234 329,45 219 011,63 1,177 552,00 STARBUCKS CORP USD 121 356,83 205 696,23 1,106 859,00 JOHNSON CONTROLS INC USD 147 950,41 197 086,69 1,065 523,00 VIACOM INC USD 128 682,67 194 277,47 1,043 478,00 TIME WARNER CABLE INC USD 120 387,63 187 207,85 1,004 640,00 YUM! BRANDS INC USD 131 595,23 176 786,41 0,95

488,00 PRICELINE.COM INC USD 79 712,78 172 308,87 0,927 739,00 GENERAL MOTORS CO USD 192 368,53 162 055,52 0,873 920,00 TJX COS INC USD 101 261,23 142 026,93 0,762 925,00 COACH INC USD 69 783,04 128 975,67 0,696 213,00 CBS CORP USD 66 742,74 122 087,45 0,654 506,00 CARNIVAL CORP USD 117 559,81 116 950,65 0,636 864,00 COMCAST CORP USD 75 857,62 114 711,75 0,623 715,00 LAS VEGAS SANDS CORP USD 63 941,20 108 156,19 0,582 593,00 BED BATH & BEYOND INC USD 70 458,08 104 392,53 0,562 839,00 KOHL'S CORP USD 97 352,37 97 926,33 0,532 888,00 OMNICOM GROUP INC USD 78 511,84 95 931,42 0,513 696,00 THOMSON REUTERS CORP CAD 87 939,72 95 645,69 0,51

512,00 NETFLIX INC USD 58 618,90 92 766,41 0,503 016,00 MCGRAW-HILL COS INC USD 67 621,98 87 181,88 0,474 163,00 MACY'S INC USD 61 722,86 83 957,79 0,45

795,00 WYNN RESORTS LTD USD 44 017,18 78 707,71 0,427 099,00 STAPLES INC USD 110 933,69 77 362,68 0,413 029,00 MARRIOTT INTERNATIONAL INC/DE USD 66 628,50 74 145,11 0,401 884,00 STARWOOD HOTELS & RESORTS WORLDWIDE INC USD 54 931,64 72 820,94 0,392 709,00 LTD BRANDS INC USD 35 271,11 71 842,69 0,393 287,00 BEST BUY CO INC USD 88 513,93 71 210,64 0,38

321,00 CHIPOTLE MEXICAN GRILL INC USD 62 819,95 68 234,00 0,373 518,00 MATTEL INC USD 48 416,23 66 703,37 0,361 229,00 TIFFANY & CO USD 35 989,83 66 559,40 0,361 448,00 O'REILLY AUTOMOTIVE INC USD 41 302,47 65 426,45 0,352 302,00 HARLEY-DAVIDSON INC USD 55 630,36 65 050,18 0,355 581,00 LIBERTY MEDIA CORP - INTERACTIVE USD 45 761,98 64 553,87 0,351 165,00 ROSS STORES INC USD 35 257,80 64 378,98 0,35

849,00 VF CORP USD 44 839,65 63 570,37 0,342 993,00 VIRGIN MEDIA INC USD 35 484,99 61 786,08 0,331 392,00 FORTUNE BRANDS INC USD 56 246,07 61 225,58 0,331 091,00 BORGWARNER INC RTS USD 30 214,51 60 793,84 0,33

660,00 POLO RALPH LAUREN CORP USD 35 452,42 60 366,70 0,321 296,00 DOLLAR TREE INC USD 34 234,67 59 550,70 0,321 534,00 GENUINE PARTS CO USD 44 837,36 57 557,44 0,31

36 355,00 SIRIUS XM RADIO INC USD 59 475,95 54 914,30 0,291 694,00 NORDSTROM INC USD 35 326,38 54 844,58 0,292 139,00 CABLEVISION SYSTEMS CORP USD 37 372,57 53 421,56 0,294 272,00 NEWS CORP USD 41 210,85 53 272,97 0,292 326,00 CARMAX INC USD 27 010,35 53 054,37 0,284 186,00 GAP INC USD 57 222,97 52 258,27 0,28

256,00 AUTOZONE INC USD 28 130,62 52 061,70 0,281 339,00 DARDEN RESTAURANTS INC USD 31 837,06 45 955,57 0,252 139,00 DISH NETWORK CORP USD 30 594,94 45 248,25 0,24

161





% ofNet Assets

1 100,00 TRW AUTOMOTIVE HOLDINGS CORP USD 40 925,82 44 786,04 0,241 225,00 FAMILY DOLLAR STORES INC USD 26 164,80 44 408,76 0,24

785,00 WHIRLPOOL CORP USD 40 961,06 44 029,55 0,245 030,00 INTERPUBLIC GROUP OF COS INC USD 25 330,21 43 366,59 0,23

912,00 ABERCROMBIE & FITCH CO USD 34 070,13 42 094,76 0,232 068,00 EXPEDIA INC USD 27 679,40 41 350,04 0,221 716,00 JC PENNEY CO INC USD 42 752,74 40 880,56 0,221 414,00 DISCOVERY COMMUNICATIONS INC USD 30 998,16 39 947,22 0,211 263,00 HASBRO INC USD 32 865,24 38 268,53 0,211 209,00 PETSMART INC USD 20 298,52 37 833,13 0,201 441,00 ROYAL CARIBBEAN CRUISES LTD USD 27 892,36 37 410,27 0,201 236,00 APOLLO GROUP INC USD 52 862,30 37 237,31 0,203 067,00 INTERNATIONAL GAME TECHNOLOGY USD 49 442,56 37 188,60 0,201 457,00 DISCOVERY COMMUNICATIONS INC USD 27 148,08 36 730,27 0,201 157,00 LIBERTY GLOBAL INC USD 15 552,04 35 942,56 0,193 168,00 H&R BLOCK INC USD 43 539,14 35 048,28 0,19

865,00 ADVANCE AUTO PARTS INC USD 29 120,96 34 895,94 0,191 120,00 LIBERTY GLOBAL INC USD 16 916,11 32 985,50 0,182 987,00 NEWELL RUBBERMAID INC USD 37 094,78 32 510,19 0,17

938,00 SCRIPPS NETWORKS INTERACTIVE INC USD 25 366,55 31 623,60 0,173 469,00 MGM RESORTS INTERNATIONAL USD 26 990,74 31 607,08 0,172 374,00 GOODYEAR TIRE & RUBBER CO USD 25 437,72 27 459,40 0,151 487,00 GAMESTOP CORP USD 33 630,16 27 353,39 0,15

645,00 DEVRY INC USD 24 949,35 26 305,39 0,141 351,00 URBAN OUTFITTERS INC USD 28 453,56 26 230,77 0,141 494,00 LEGGETT & PLATT INC USD 21 360,36 25 122,42 0,13

596,00 MOHAWK INDUSTRIES INC USD 28 664,72 24 660,53 0,131 040,00 DOLLAR GENERAL CORP USD 24 812,95 24 309,84 0,132 917,00 DR HORTON INC USD 28 620,52 23 177,48 0,12

448,00 SEARS HOLDINGS CORP USD 30 169,05 22 074,80 0,121 492,00 TOLL BROTHERS INC USD 25 423,37 21 342,97 0,113 437,00 PULTE GROUP INC USD 31 065,71 18 158,73 0,10

55,00 WASHINGTON POST CO USD 16 396,49 15 892,86 0,09

JAPAN 3 115 239,73 3 180 111,55 17,06

Consumer Retail 3 115 239,73 3 180 111,55 17,0627 780,00 TOYOTA MOTOR CORP JPY 827 585,15 782 937,51 4,2016 464,00 HONDA MOTOR CO LTD JPY 375 844,34 433 781,92 2,3321 928,00 PANASONIC CORP JPY 247 458,80 183 529,56 0,9810 040,00 SONY CORP JPY 229 640,81 181 524,60 0,9724 689,00 NISSAN MOTOR CO LTD JPY 133 223,58 177 540,12 0,954 834,00 DENSO CORP JPY 97 555,55 123 110,53 0,666 629,00 BRIDGESTONE CORP JPY 87 880,44 104 510,67 0,56

10 486,00 SHARP CORP/JAPAN JPY 94 438,80 65 464,85 0,35550,00 FAST RETAILING CO LTD JPY 39 098,87 60 923,32 0,33

3 432,00 NIKON CORP JPY 57 620,48 55 368,17 0,303 514,00 SUZUKI MOTOR CORP JPY 52 737,29 54 170,13 0,29

76,00 RAKUTEN INC JPY 29 156,97 53 938,09 0,292 000,00 AISIN SEIKI CO LTD JPY 37 756,30 52 950,81 0,28

826,00 YAMADA DENKI CO LTD JPY 47 397,35 46 065,33 0,251 900,00 TOYOTA INDUSTRIES CORP JPY 39 739,86 42 920,05 0,23

11 767,00 ISUZU MOTORS LTD JPY 29 052,32 38 087,80 0,205 714,00 SEKISUI HOUSE LTD JPY 40 443,82 36 404,91 0,201 732,00 DENTSU INC JPY 28 223,87 35 057,19 0,192 780,00 YAMAHA MOTOR CO LTD JPY 30 764,33 34 948,90 0,19

41 000,00 MITSUBISHI MOTORS CORP JPY 45 388,87 34 315,54 0,186 234,00 FUJI HEAVY INDUSTRIES LTD JPY 21 886,34 33 116,02 0,18

507,00 ORIENTAL LAND CO LTD/JAPAN JPY 25 154,56 29 530,67 0,1616 000,00 MAZDA MOTOR CORP JPY 37 490,50 28 832,57 0,152 100,00 SEGA SAMMY HOLDINGS INC JPY 21 409,84 27 781,24 0,15

728,00 SHIMANO INC JPY 20 268,00 27 450,04 0,154 540,00 SEKISUI CHEMICAL CO LTD JPY 20 080,15 26 559,96 0,143 900,00 ISETAN MITSUKOSHI HOLDINGS LTD JPY 30 863,95 26 146,60 0,14

400,00 NITORI HOLDINGS CO LTD JPY 16 188,78 26 065,46 0,141 928,00 DAIHATSU MOTOR CO LTD JPY 15 391,36 22 459,62 0,12

667,00 BENESSE HOLDINGS INC JPY 19 655,58 19 681,35 0,11538,00 SANKYO CO LTD JPY 18 881,45 19 045,30 0,10

1 500,00 STANLEY ELECTRIC CO LTD JPY 17 612,20 17 999,01 0,10350,00 RINNAI CORP JPY 10 267,41 17 337,12 0,09

1 900,00 NAMCO BANDAI HOLDINGS INC JPY 17 240,53 15 675,15 0,08

162





% ofNet Assets

5 163,00 J FRONT RETAILING CO LTD JPY 20 767,95 15 609,40 0,081 481,00 ASICS CORP JPY 12 048,12 15 140,15 0,083 202,00 TAKASHIMAYA CO LTD JPY 22 136,37 15 122,63 0,081 582,00 NGK SPARK PLUG CO LTD JPY 13 629,35 14 956,67 0,08

800,00 MCDONALD'S HOLDINGS CO JAPAN LTD JPY 11 916,01 13 992,68 0,081 676,00 SUMITOMO RUBBER INDUSTRIES LTD JPY 12 195,47 13 884,39 0,07

206,00 SHIMAMURA CO LTD JPY 12 620,28 13 476,49 0,0717,00 JUPITER TELECOMMUNICATIONS CO LTD JPY 10 355,20 13 066,89 0,07

1 100,00 NOK CORP JPY 10 249,59 12 898,65 0,071 600,00 YAMAHA CORP JPY 19 295,87 12 475,89 0,071 771,00 NHK SPRING CO LTD JPY 10 267,71 12 387,49 0,071 037,00 TOHO CO LTD/TOKYO JPY 10 959,34 11 805,65 0,06

750,00 TOYODA GOSEI CO LTD JPY 10 577,45 11 664,12 0,06212,00 USS CO LTD JPY 10 255,52 11 279,89 0,06

2 146,00 CASIO COMPUTER CO LTD JPY 15 426,33 10 355,21 0,061 992,00 MARUI GROUP CO LTD JPY 12 539,01 10 343,65 0,06

282,00 HAKUHODO DY HOLDINGS INC JPY 9 999,82 10 307,99 0,06857,00 KOITO MANUFACTURING CO LTD JPY 8 659,30 10 254,15 0,05800,00 TOYOTA BOSHOKU CORP JPY 11 508,17 9 093,87 0,05243,00 ABC-MART INC JPY 6 434,42 6 765,58 0,04

GERMANY 943 539,01 1 294 216,60 6,94

Consumer Retail 943 539,01 1 294 216,60 6,949 058,00 DAIMLER AG EUR 357 850,15 470 110,20 2,523 350,00 BAYERISCHE MOTOREN WERKE AG EUR 120 329,04 230 513,50 1,241 464,00 VOLKSWAGEN AG -PFD- EUR 112 631,10 208 400,40 1,122 065,00 ADIDAS AG EUR 79 040,83 112 955,50 0,611 503,00 PORSCHE AUTOMOBIL HOLDING SE -PFD- EUR 84 773,93 82 214,10 0,44

779,00 CONTINENTAL AG EUR 39 423,56 56 438,55 0,30303,00 VOLKSWAGEN AG EUR 58 731,22 38 390,10 0,21685,00 KABEL DEUTSCHLAND HLDG. AG EUR 26 977,51 29 044,00 0,15528,00 BAYERISCHE MOTOREN WERKE AG -PFD- EUR 12 136,66 23 144,88 0,12447,00 AXEL SPRINGER AG EUR 16 101,65 15 224,82 0,08761,00 PROSIEBENSAT.1 MEDIA AG -PFD- EUR 15 541,33 14 877,55 0,08

1 725,00 TUI AG EUR 20 002,03 12 903,00 0,07

FRANCE 990 224,72 1 192 517,12 6,40

Consumer Retail 990 224,72 1 192 517,12 6,402 448,00 LVMH MOET HENNESSY LOUIS VUITTON SA EUR 196 496,97 303 796,80 1,63

12 520,00 VIVENDI SA EUR 244 613,93 240 071,00 1,291 744,00 CIE GENERALE DES ETABLISSEMENTS MICHELIN EUR 87 518,39 117 615,36 0,63

749,00 PPR EUR 63 132,40 91 977,20 0,491 885,00 RENAULT SA EUR 87 106,35 77 068,23 0,41

549,00 CHRISTIAN DIOR SA EUR 37 482,01 59 566,50 0,32975,00 SODEXO EUR 40 625,74 52 708,50 0,28

1 287,00 PUBLICIS GROUPE SA EUR 39 548,32 49 485,15 0,271 572,00 PEUGEOT SA EUR 43 279,13 48 527,64 0,261 515,00 ACCOR SA EUR 55 518,00 46 715,03 0,251 212,00 LAGARDERE SCA EUR 35 676,81 35 311,62 0,191 013,00 EUTELSAT COMMUNICATIONS SA EUR 23 523,99 31 403,00 0,17

660,00 JCDECAUX SA EUR 11 205,51 14 589,30 0,081 162,00 SOCIETE TELEVISION FRANCAISE 1 EUR 14 730,25 14 571,48 0,08

571,00 METROPOLE TELEVISION SA EUR 9 766,92 9 110,31 0,05

UNITED KINGDOM 681 490,66 836 565,87 4,49

Consumer Retail 681 490,66 836 565,87 4,4918 703,00 COMPASS GROUP PLC GBP 93 444,15 124 468,65 0,6711 242,00 BRITISH SKY BROADCASTING GROUP PLC GBP 75 527,90 105 376,74 0,578 020,00 PEARSON PLC GBP 81 005,89 104 437,37 0,56

11 913,00 REED ELSEVIER PLC GBP 66 050,75 74 664,10 0,4023 159,00 KINGFISHER PLC GBP 53 270,86 68 522,08 0,374 262,00 BURBERRY GROUP PLC GBP 34 414,50 68 431,44 0,37

15 491,00 MARKS & SPENCER GROUP PLC GBP 62 822,45 61 992,88 0,331 887,00 CARNIVAL PLC GBP 51 675,97 50 420,07 0,271 744,00 NEXT PLC GBP 35 358,68 44 899,72 0,242 979,00 INTERCONTINENTAL HOTELS GROUP PLC GBP 30 136,53 42 058,61 0,231 813,00 WHITBREAD PLC GBP 28 130,40 32 422,36 0,17

37 853,00 ITV PLC GBP 25 589,44 29 969,58 0,16

163





% ofNet Assets

8 294,00 HOME RETAIL GROUP PLC GBP 27 632,01 15 034,43 0,085 581,00 TUI TRAVEL PLC GBP 16 431,13 13 867,84 0,07

SWITZERLAND 276 177,33 398 739,41 2,14

Consumer Retail 276 177,33 398 739,41 2,145 281,00 CIE FINANCIERE RICHEMONT SA CHF 170 599,55 238 143,44 1,28

305,00 SWATCH GROUP AG CHF 57 575,54 105 882,92 0,57443,00 SWATCH GROUP AG CHF 15 277,24 27 397,81 0,15

1 199,00 GARMIN LTD USD 32 725,00 27 315,24 0,14

SWEDEN 325 449,89 376 323,21 2,02

Consumer Retail 325 449,89 376 323,21 2,0210 189,00 HENNES & MAURITZ AB SEK 200 686,67 242 902,32 1,30

917,00 AUTOLIV INC USD 51 319,38 49 618,03 0,272 474,00 ELECTROLUX AB -B- SEK 31 536,30 40 806,88 0,22

518,00 MODERN TIMES GROUP AB SEK 22 307,39 23 650,41 0,134 225,00 HUSQVARNA AB SEK 19 600,15 19 345,57 0,10

CANADA 235 864,70 304 932,84 1,64

Consumer Retail 235 864,70 304 932,84 1,642 150,00 MAGNA INTERNATIONAL INC CAD 48 525,69 80 130,47 0,433 727,00 SHAW COMMUNICATIONS INC CAD 49 085,88 58 571,93 0,321 627,00 TIM HORTONS INC USD 34 310,75 54 773,89 0,30

492,00 LULULEMON ATHLETICA INC USD 30 636,18 37 945,63 0,20801,00 CANADIAN TIRE CORP LTD CAD 31 311,50 36 121,58 0,19

1 180,00 GILDAN ACTIVEWEAR INC CAD 22 402,94 28 664,09 0,155 087,00 YELLOW MEDIA INC CAD 19 591,76 8 725,25 0,05

HONG KONG 230 570,24 205 187,24 1,10

Consumer Retail 230 570,24 205 187,24 1,1058 636,00 LI & FUNG LTD HKD 86 106,02 80 560,82 0,4317 000,00 SJM HOLDINGS LTD HKD 21 774,81 27 756,61 0,1512 087,00 ESPRIT HOLDINGS LTD HKD 58 777,67 25 927,57 0,1414 213,00 SHANGRI - LA ASIA LTD HKD 21 188,49 23 987,26 0,1311 304,00 GALAXY ENTERTAINMENT GROUP LTD HKD 17 718,29 16 672,98 0,097 398,00 YUE YUEN INDUSTRIAL HOLDINGS LTD HKD 15 730,52 16 197,17 0,097 000,00 LIFESTYLE INTERNATIONAL HOLDINGS LTD HKD 9 274,44 14 084,83 0,07

SPAIN 94 140,96 143 777,38 0,77

Consumer Retail 94 140,96 143 777,38 0,772 159,00 INDITEX SA EUR 83 839,55 135 671,56 0,731 353,00 GESTEVISION TELECINCO SA EUR 10 301,41 8 105,82 0,04

ITALY 158 916,11 137 482,70 0,74

Consumer Retail 158 916,11 137 482,70 0,747 919,00 FIAT SPA EUR 79 394,36 59 946,83 0,321 186,00 LUXOTTICA GROUP SPA EUR 20 732,27 26 234,32 0,147 256,00 MEDIASET SPA EUR 36 653,22 23 523,95 0,132 368,00 PIRELLI & C SPA EUR 12 126,22 17 641,60 0,101 120,00 AUTOGRILL SPA EUR 10 010,04 10 136,00 0,05

SINGAPORE 70 874,51 126 026,37 0,68

Consumer Retail 70 874,51 126 026,37 0,6859 817,00 GENTING SINGAPORE PLC SGD 28 180,76 64 863,78 0,3516 457,00 SINGAPORE PRESS HOLDINGS LTD SGD 29 670,57 36 060,82 0,191 039,00 JARDINE CYCLE & CARRIAGE LTD SGD 13 023,18 25 101,77 0,14

AUSTRALIA 115 696,92 120 008,13 0,64

Consumer Retail 115 696,92 120 008,13 0,644 652,00 CROWN LTD AUD 23 391,29 30 675,77 0,16

13 268,00 TATTS GROUP LTD AUD 22 433,31 23 513,70 0,137 103,00 ECHO ENTERTAINMENT GROUP LTD AUD 19 546,57 21 556,98 0,127 103,00 TABCORP HOLDINGS LTD AUD 16 312,12 17 256,08 0,09

21 075,00 FAIRFAX MEDIA LTD AUD 19 834,32 15 250,99 0,086 393,00 HARVEY NORMAN HOLDINGS LTD AUD 14 179,31 11 754,61 0,06

164





% ofNet Assets

NETHERLANDS 101 919,58 109 181,09 0,59

Consumer Retail 101 919,58 109 181,09 0,596 702,00 REED ELSEVIER NV EUR 55 886,39 62 027,01 0,333 086,00 WOLTERS KLUWER NV EUR 46 033,19 47 154,08 0,26

IRELAND 90 161,69 107 609,85 0,58

Consumer Retail 90 161,69 107 609,85 0,5812 459,00 WPP PLC GBP 90 161,69 107 609,85 0,58

MACAU 45 611,22 82 374,48 0,44

Consumer Retail 45 611,22 82 374,48 0,4424 939,00 SANDS CHINA LTD HKD 23 664,84 46 422,25 0,2516 000,00 WYNN MACAU LTD HKD 21 946,38 35 952,23 0,19

LUXEMBOURG 46 454,40 60 058,57 0,32

Telecommunication 46 454,40 60 058,57 0,323 103,00 SES SA -ADR- EUR 46 454,40 60 058,57 0,32

FINLAND 33 367,16 47 583,60 0,25

Consumer Retail 33 367,16 47 583,60 0,251 113,00 NOKIAN RENKAAT OYJ EUR 23 170,02 38 509,80 0,20

710,00 SANOMA OYJ EUR 10 197,14 9 073,80 0,05

GREECE 46 636,77 24 596,00 0,13

Consumer Retail 46 636,77 24 596,00 0,132 288,00 OPAP SA EUR 46 636,77 24 596,00 0,13

DENMARK 24 862,11 12 739,26 0,07

Consumer Retail 24 862,11 12 739,26 0,07588,00 PANDORA A/S DKK 24 862,11 12 739,26 0,07

NEW ZEALAND 8 728,64 10 751,88 0,06

Consumer Retail 8 728,64 10 751,88 0,065 214,00 SKY CITY ENTERTAINMENT GROUP LTD NZD 8 728,64 10 751,88 0,06

Total Portfolio 15 203 182,53 18 490 751,51 99,20

165







(EUR)



14/07/2011 623,64 CAD 444,45 EUR 1,2614/07/2011 203,66 AUD 149,27 EUR 0,9714/07/2011 2 993,62 CAD 2 133,10 EUR 6,4114/07/2011 417,72 NZD 236,00 EUR 1,8614/07/2011 219,79 AUD 161,99 EUR 0,1514/07/2011 1 353,76 CAD 966,83 EUR 0,6914/07/2011 7 445,97 SEK 813,65 EUR 0,0114/07/2011 2 566,74 NZD 1 455,82 EUR 5,7414/07/2011 68 639,06 SEK 7 490,88 EUR 9,6514/07/2011 128 734,80 SEK 13 982,90 EUR 84,5814/07/2011 82,81 NZD 47,11 EUR 0,0414/07/2011 23 554,25 DKK 3 157,68 EUR 0,3714/07/2011 908 023,00 JPY 7 756,87 EUR 0,6214/07/2011 89,39 NZD 50,90 EUR —14/07/2011 160 635,49 EUR 195 404,54 CHF 514,8014/07/2011 9 604,43 EUR 71 623,91 DKK 1,4114/07/2011 420 831,32 EUR 374 371,33 GBP 6 215,0514/07/2011 126 648,69 EUR 1 425 216,16 HKD 279,1614/07/2011 1 406 582,67 EUR 162 854 414,00 JPY 15 272,6814/07/2011 153 968,33 EUR 1 397 161,52 SEK 1 293,6214/07/2011 4 224 567,20 EUR 6 109 646,82 USD 9 506,9014/07/2011 2 043,45 EUR 1 808,29 GBP 40,7714/07/2011 2 245,07 EUR 258 490,00 JPY 36,7214/07/2011 332,48 EUR 3 027,58 SEK 1,6414/07/2011 2 539,58 EUR 3 522,69 CAD 21,9514/07/2011 1 841,61 EUR 2 232,19 CHF 12,4814/07/2011 6 387,69 EUR 5 614,59 GBP 169,5314/07/2011 65 476,69 EUR 93 543,11 USD 941,0714/07/2011 18 367,00 EUR 26 265,77 USD 246,1814/07/2011 1 541,74 EUR 2 154,34 CAD 2,0614/07/2011 817,24 EUR 1 446,05 SGD 4,5414/07/2011 38 967,19 EUR 55 965,61 USD 356,3814/07/2011 5 741,89 EUR 6 928,13 CHF 64,7614/07/2011 6 012,53 EUR 5 379,71 GBP 54,5014/07/2011 1 602,09 EUR 18 008,93 HKD 5,2914/07/2011 18 796,21 EUR 2 172 392,00 JPY 236,8714/07/2011 976,63 EUR 1 735,38 SGD 1,3214/07/2011 87 190,46 EUR 125 831,89 USD 378,7314/07/2011 21 452,29 EUR 2 445 216,00 JPY 562,1414/07/2011 3 663,74 EUR 40 726,66 HKD 52,6314/07/2011 47 638,39 EUR 5 524 819,00 JPY 438,3414/07/2011 18 136,30 EUR 26 048,59 USD 165,3114/07/2011 1 671,69 EUR 2 335,03 CAD 2,8714/07/2011 5 554,18 EUR 6 683,00 CHF 77,9214/07/2011 5 019,78 EUR 4 511,56 GBP 23,2314/07/2011 5 229,15 EUR 58 588,14 HKD 34,3214/07/2011 16 433,85 EUR 1 913 226,00 JPY 88,6314/07/2011 2 887,92 EUR 5 124,66 SGD 7,7914/07/2011 122 821,61 EUR 176 710,57 USD 908,56


14/07/2011 1 710,68 CHF 1 415,70 EUR (13,91)14/07/2011 21 069,40 HKD 1 888,07 EUR (19,91)14/07/2011 1 446 204,00 JPY 12 570,90 EUR (215,58)14/07/2011 20 822,61 SEK 2 287,21 EUR (11,82)14/07/2011 494,82 USD 344,90 EUR (3,52)14/07/2011 1 891,38 CHF 1 574,92 EUR (25,06)14/07/2011 2 781,15 DKK 373,02 EUR (0,14)14/07/2011 5 071,47 GBP 5 759,59 EUR (142,94)

166







(EUR)

14/07/2011 39 330,85 HKD 3 520,19 EUR (32,84)14/07/2011 1 196,26 SGD 673,52 EUR (1,21)14/07/2011 115 099,90 USD 80 181,30 EUR (773,60)14/07/2011 616,26 CHF 505,73 EUR (0,75)14/07/2011 221,19 DKK 29,67 EUR (0,01)14/07/2011 168,36 GBP 190,77 EUR (4,31)14/07/2011 18 948,67 HKD 1 683,70 EUR (3,58)14/07/2011 1 909 434,00 JPY 16 414,31 EUR (101,49)14/07/2011 1 564,47 SGD 879,56 EUR (0,31)14/07/2011 5 282,40 GBP 5 961,94 EUR (111,68)14/07/2011 44 323,71 HKD 3 962,13 EUR (32,08)14/07/2011 1 102 090,00 JPY 9 571,18 EUR (155,72)14/07/2011 1 952,66 AUD 1 447,13 EUR (6,67)14/07/2011 13 069,42 CAD 9 381,93 EUR (41,35)14/07/2011 19 294,11 CHF 16 263,76 EUR (453,55)14/07/2011 4 203,27 DKK 563,74 EUR (0,18)14/07/2011 30 546,88 GBP 34 449,93 EUR (619,26)14/07/2011 36 568,91 HKD 3 316,67 EUR (74,22)14/07/2011 9 021 784,00 JPY 79 237,72 EUR (2 162,14)14/07/2011 409,86 NZD 234,52 EUR (1,14)14/07/2011 6 164,18 SGD 3 517,77 EUR (53,42)14/07/2011 381 125,64 USD 269 231,50 EUR (6 291,99)14/07/2011 43 215,09 USD 30 574,18 EUR (759,98)14/07/2011 3 104 842,00 JPY 26 895,91 EUR (370,39)14/07/2011 53 202,00 USD 37 307,35 EUR (603,16)14/07/2011 329,00 AUD 242,94 EUR (0,24)14/07/2011 1 467,58 AUD 1 082,74 EUR (0,12)14/07/2011 51 263,19 SEK 5 601,97 EUR (0,19)14/07/2011 49 997,92 EUR 68 341,46 AUD (417,13)14/07/2011 131 340,18 EUR 185 248,82 CAD (1 055,22)14/07/2011 6 432,59 EUR 11 298,06 NZD (0,77)14/07/2011 54 849,25 EUR 97 703,46 SGD (61,38)14/07/2011 195,98 EUR 267,46 AUD (1,32)14/07/2011 117,36 EUR 207,48 NZD (0,78)14/07/2011 1 677,38 EUR 15 389,57 SEK (4,31)14/07/2011 503,89 EUR 684,14 AUD (0,80)14/07/2011 1 659,27 EUR 2 941,51 NZD (15,69)14/07/2011 668,03 EUR 909,20 AUD (2,68)14/07/2011 1 346,39 EUR 1 890,54 CAD (4,76)14/07/2011 264,18 EUR 1 970,80 DKK (0,06)14/07/2011 13,67 EUR 24,16 NZD (0,09)14/07/2011 2 894,75 EUR 26 505,53 SEK (1,64)14/07/2011 3 763,40 EUR 5 304,63 CAD (27,76)14/07/2011 180,82 EUR 1 349,26 DKK (0,08)14/07/2011 9 575,41 EUR 87 891,88 SEK (28,97)14/07/2011 1 253,47 EUR 1 755,09 CAD (0,87)14/07/2011 3 518,04 EUR 4 295,72 CHF (2,01)14/07/2011 4 515,63 EUR 4 079,64 GBP (2,57)14/07/2011 2 361,41 EUR 26 644,97 HKD (1,12)14/07/2011 679,10 EUR 1 208,63 SGD (0,17)14/07/2011 3 207,77 EUR 4 651,55 USD (1,35)14/07/2011 30 547,93 USD 21 125,69 EUR (50,60)14/07/2011 1 483,31 AUD 1 104,54 EUR (10,31)14/07/2011 210,13 DKK 28,19 EUR (0,02)14/07/2011 16 709,34 HKD 1 502,90 EUR (21,33)14/07/2011 457 400,00 JPY 3 972,66 EUR (64,97)14/07/2011 2 129,61 SGD 1 210,03 EUR (13,16)14/07/2011 1 538 254,00 JPY 13 496,57 EUR (354,84)14/07/2011 75 430,96 USD 53 411,90 EUR (1 371,90)14/07/2011 27 054,83 USD 18 930,21 EUR (265,02)14/07/2011 3 761,95 CHF 3 103,27 EUR (20,61)14/07/2011 2 065,73 DKK 277,08 EUR (0,12)

167

Eurizon EasyFund - Equity Consumer Staples



Assets Notes Investments in securities at market value 21 842 117,59Banks 87 313,41Unrealised profit on forward foreign exchange contracts (Note 8) 41 520,79Receivable on subscriptions 4 418,46Other assets 51 266,59Total assets 22 026 636,84

Liabilities Bank overdrafts (0,02)Unrealised loss on forward foreign exchange contracts (Note 8) (11 535,64)Payable on redemptions (6 216,19)Other liabilities (32 400,23)Total liabilities (50 152,08)Total net assets 21 976 484,76


Class I Units EUR 131,15 28 032,881Class IH Units EUR 148,77 48 483,883Class R Units EUR 130,52 21 339,077Class RH Units EUR 147,10 9 871,052Class Z Units EUR 137,57 49 280,192Class ZH Units EUR 155,97 453,767

168





Net income from investments 310 774,54Other income (Note 9) 134,77Total income 310 909,31Management fee (Note 5) (136 851,59)Custodian and paying agent fee (Note 7) (11 034,55)Subscription tax (Note 3) (1 894,51)Interest on bank accounts (462,57)Other charges and taxes (Notes 4, 7) (10 761,87)Total expenses (161 005,09)Net investment income / (loss) 149 904,22Net realised profit / (loss) on sales of investments, currencies and other financial instruments 1 067 241,01Change in unrealised appreciation / (depreciation) on - investments (1 132 083,85)- forward foreign exchange contracts and foreign currencies (Note 8) 893,00Net result of operations for the period 85 954,38



169





% ofNet Assets



Shares 19 789 100,07 21 842 117,59 99,39

UNITED STATES 10 409 374,19 11 363 246,88 51,71

Basic Goods 10 409 374,19 11 363 246,88 51,7135 323,00 PROCTER & GAMBLE CO USD 1 591 794,08 1 548 770,33 7,0526 052,00 COCA-COLA CO USD 1 056 457,32 1 209 118,39 5,5022 677,00 PHILIP MORRIS INTERNATIONAL INC USD 792 064,98 1 044 345,51 4,7520 023,00 PEPSICO INC/NC USD 919 546,56 972 666,73 4,4324 727,00 WAL-MART STORES INC USD 959 181,21 906 296,30 4,1221 005,00 KRAFT FOODS INC USD 453 242,28 510 402,22 2,3226 449,00 ALTRIA GROUP INC USD 477 087,37 481 786,79 2,1917 305,00 CVS CAREMARK CORP USD 423 685,35 448 544,57 2,046 250,00 COLGATE-PALMOLIVE CO USD 355 672,50 376 806,48 1,71

11 680,00 WALGREEN CO USD 300 777,04 342 058,24 1,565 509,00 COSTCO WHOLESALE CORP USD 249 583,67 308 688,12 1,405 098,00 KIMBERLY-CLARK CORP USD 230 710,75 234 040,15 1,078 013,00 GENERAL MILLS INC USD 200 231,96 205 706,84 0,947 957,00 ARCHER-DANIELS-MIDLAND CO USD 172 286,12 165 467,96 0,757 270,00 SYSCO CORP USD 150 511,81 156 346,35 0,714 001,00 HJ HEINZ CO USD 131 614,76 147 031,37 0,671 847,00 LORILLARD INC USD 102 455,16 138 692,30 0,637 516,00 KROGER CO USD 127 034,55 128 562,91 0,593 180,00 KELLOGG CO USD 120 301,98 121 335,12 0,552 544,00 MEAD JOHNSON NUTRITION CO USD 87 141,96 118 527,65 0,544 350,00 REYNOLDS AMERICAN INC USD 86 663,55 111 161,58 0,511 509,00 ESTEE LAUDER COS INC USD 63 800,30 109 481,55 0,505 334,00 AVON PRODUCTS INC USD 125 902,61 103 012,11 0,477 465,00 SARA LEE CORP USD 77 354,43 97 775,94 0,451 570,00 GREEN MOUNTAIN COFFEE ROASTERS INC USD 89 405,64 96 657,10 0,445 402,00 CONAGRA FOODS INC USD 87 546,27 96 165,61 0,441 806,00 BUNGE LTD USD 84 405,02 85 887,36 0,394 081,00 COCA-COLA ENTERPRISES INC USD 42 996,29 82 135,16 0,372 080,00 HERSHEY CO USD 66 056,48 81 558,84 0,372 779,00 DR PEPPER SNAPPLE GROUP INC USD 51 890,58 80 369,38 0,371 710,00 CLOROX CO USD 77 117,41 79 540,97 0,361 806,00 WHOLE FOODS MARKET INC USD 47 261,99 79 036,30 0,361 461,00 JM SMUCKER CO USD 60 085,13 77 027,91 0,354 509,00 SAFEWAY INC USD 77 707,54 72 680,21 0,332 064,00 MOLSON COORS BREWING CO USD 66 669,64 63 691,71 0,292 618,00 CAMPBELL SOUP CO USD 64 728,97 62 387,12 0,28

981,00 HANSEN NATURAL CORP USD 30 812,69 54 772,57 0,251 056,00 BROWN-FORMAN CORP USD 43 268,45 54 400,59 0,251 557,00 MCCORMICK & CO INC/MD USD 44 629,34 53 233,47 0,243 750,00 TYSON FOODS INC USD 42 962,43 50 229,37 0,231 722,00 CHURCH & DWIGHT CO INC USD 40 745,97 48 149,76 0,22

889,00 ENERGIZER HOLDINGS INC USD 44 512,39 44 368,79 0,20725,00 RALCORP HOLDINGS INC USD 34 107,92 43 294,51 0,20

1 933,00 HORMEL FOODS CORP USD 28 878,94 39 743,95 0,182 179,00 CONSTELLATION BRANDS INC USD 28 482,80 31 290,69 0,14

UNITED KINGDOM 2 888 508,18 3 117 326,55 14,18

Basic Goods 2 888 508,18 3 117 326,55 14,1825 214,00 BRITISH AMERICAN TOBACCO PLC GBP 627 701,92 762 496,20 3,47

101 768,00 TESCO PLC GBP 489 530,66 453 013,90 2,0631 671,00 DIAGEO PLC GBP 401 262,71 446 441,35 2,0316 250,00 UNILEVER PLC GBP 344 343,61 360 959,54 1,6412 015,00 SABMILLER PLC GBP 240 828,29 302 211,34 1,377 789,00 RECKITT BENCKISER GROUP PLC GBP 288 158,83 296 697,84 1,35

12 852,00 IMPERIAL TOBACCO GROUP PLC GBP 291 974,83 294 730,48 1,3428 152,00 WM MORRISON SUPERMARKETS PLC GBP 95 582,98 92 803,06 0,4215 405,00 J SAINSBURY PLC GBP 64 220,06 56 190,06 0,264 318,00 ASSOCIATED BRITISH FOODS PLC GBP 44 904,29 51 782,78 0,24

170





% ofNet Assets

SWITZERLAND 1 610 741,02 1 961 931,90 8,93

Basic Goods 1 610 741,02 1 961 931,90 8,9343 690,00 NESTLE SA CHF 1 534 467,90 1 869 964,99 8,511 114,00 ARYZTA AG CHF 34 592,08 41 109,78 0,19

12,00 LINDT & SPRUENGLI AG CHF 22 353,05 25 754,18 0,121,00 LINDT & SPRUENGLI AG CHF 19 327,99 25 102,95 0,11

FRANCE 996 717,73 1 071 033,92 4,87

Basic Goods 996 717,73 1 071 033,92 4,877 381,00 DANONE EUR 319 173,30 379 752,45 1,733 024,00 L'OREAL SA EUR 232 593,30 270 829,44 1,237 279,00 CARREFOUR SA EUR 253 808,18 206 141,28 0,942 475,00 PERNOD-RICARD SA EUR 146 423,47 168 225,75 0,76

709,00 CASINO GUICHARD PERRACHON SA EUR 44 719,48 46 085,00 0,21

JAPAN 1 049 169,80 1 050 781,80 4,78

Basic Goods 1 049 169,80 1 050 781,80 4,789 416,00 SEVEN & I HOLDINGS CO LTD JPY 173 359,84 173 459,27 0,79

56,00 JAPAN TOBACCO INC JPY 148 323,29 148 023,13 0,676 839,00 KAO CORP JPY 130 007,28 123 241,22 0,56

10 200,00 KIRIN HOLDINGS CO LTD JPY 103 943,24 97 479,02 0,444 932,00 ASAHI BREWERIES LTD JPY 63 521,58 68 026,25 0,318 249,00 AJINOMOTO CO INC JPY 61 031,17 67 139,04 0,317 600,00 AEON CO LTD JPY 60 582,68 62 830,41 0,294 718,00 SHISEIDO CO LTD JPY 69 469,66 60 400,49 0,271 436,00 UNICHARM CORP JPY 27 765,52 43 046,96 0,20

800,00 LAWSON INC JPY 26 043,10 28 798,41 0,13868,00 MEIJI HOLDINGS CO LTD JPY 25 396,72 25 093,39 0,11

2 527,00 NISSHIN SEIFUN GROUP INC JPY 23 512,26 21 624,89 0,101 077,00 YAKULT HONSHA CO LTD JPY 21 493,35 21 357,91 0,10

774,00 FAMILYMART CO LTD JPY 18 830,07 19 500,42 0,091 984,00 NIPPON MEAT PACKERS INC JPY 18 749,07 19 485,90 0,091 150,00 TOYO SUISAN KAISHA LTD JPY 21 591,70 18 660,89 0,08

718,00 NISSIN FOODS HOLDINGS CO LTD JPY 18 132,53 17 948,50 0,081 500,00 YAMAZAKI BAKING CO LTD JPY 12 518,75 13 784,29 0,061 800,00 KIKKOMAN CORP JPY 16 695,22 12 990,03 0,06

600,00 COCA-COLA WEST CO LTD JPY 8 202,77 7 891,38 0,04

AUSTRALIA 689 166,43 840 026,47 3,82

Basic Goods 689 166,43 840 026,47 3,8215 305,00 WOOLWORTHS LTD AUD 271 011,20 313 617,75 1,4312 684,00 WESFARMERS LTD AUD 240 390,35 298 311,49 1,3623 750,00 FOSTER'S GROUP LTD AUD 68 553,81 90 318,18 0,417 155,00 COCA-COLA AMATIL LTD AUD 46 679,87 60 336,49 0,271 957,00 WESFARMERS LTD AUD 36 047,45 46 604,18 0,21

10 063,00 METCASH LTD AUD 26 483,08 30 837,55 0,140,33 TREASURY WINE ESTATES LTD AUD 0,67 0,83 0,00

NETHERLANDS 734 775,17 786 500,77 3,58

Basic Goods 734 775,17 786 500,77 3,5820 603,00 UNILEVER NV -ADR- EUR 442 969,32 465 730,82 2,1214 852,00 KONINKLIJKE AHOLD NV EUR 137 793,41 137 618,63 0,633 228,00 HEINEKEN NV EUR 111 167,99 133 865,16 0,611 397,00 HEINEKEN HLDG. NV EUR 42 844,45 49 286,16 0,22

BELGIUM 448 761,97 504 968,70 2,30

Basic Goods 448 761,97 504 968,70 2,3010 156,00 ANHEUSER-BUSCH INBEV NV EUR 346 618,00 406 240,00 1,851 241,00 DELHAIZE GROUP SA EUR 67 490,22 64 159,70 0,291 002,00 COLRUYT SA EUR 34 653,75 34 569,00 0,16

CANADA 286 547,79 333 478,15 1,52

Basic Goods 286 547,79 333 478,15 1,522 687,00 SHOPPERS DRUG MART CORP CAD 81 429,71 76 236,52 0,351 868,00 SAPUTO INC CAD 41 212,46 62 090,92 0,28

171





% ofNet Assets

1 365,00 METRO INC CAD 35 365,29 46 815,35 0,211 465,00 LOBLAW COS LTD CAD 37 083,28 40 780,26 0,194 848,00 VITERRA INC CAD 33 107,77 36 310,21 0,17

603,00 GEORGE WESTON LTD CAD 28 153,12 30 140,32 0,141 447,00 ALIMENTATION COUCHE TARD INC CAD 21 023,00 29 079,62 0,13

301,00 EMPIRE CO LTD CAD 9 173,16 12 024,95 0,05

GERMANY 276 279,26 324 020,31 1,47

Basic Goods 276 279,26 324 020,31 1,472 212,00 HENKEL AG & CO KGAA -PFD- EUR 79 247,88 105 888,44 0,481 688,00 METRO AG EUR 72 811,97 70 541,52 0,321 669,00 HENKEL AG & CO KGAA EUR 51 904,46 65 967,23 0,301 318,00 BEIERSDORF AG EUR 57 419,81 58 980,50 0,27

924,00 SUEDZUCKER AG EUR 14 895,14 22 642,62 0,10

SINGAPORE 122 762,18 131 257,90 0,60

Basic Goods 122 762,18 131 257,90 0,6023 700,00 WILMAR INTERNATIONAL LTD SGD 76 077,76 72 171,87 0,3388 160,00 GOLDEN AGRI-RESOURCES LTD SGD 25 750,94 33 682,23 0,1516 623,00 OLAM INTERNATIONAL LTD SGD 20 933,48 25 403,80 0,12

DENMARK 78 229,22 101 940,12 0,46

Basic Goods 78 229,22 101 940,12 0,461 359,00 CARLSBERG A/S DKK 78 229,22 101 940,12 0,46

SWEDEN 44 314,40 63 662,78 0,29

Basic Goods 44 314,40 63 662,78 0,292 746,00 SWEDISH MATCH AB SEK 44 314,40 63 662,78 0,29

IRELAND 42 523,04 51 783,24 0,24

Basic Goods 42 523,04 51 783,24 0,241 816,00 KERRY GROUP PLC EUR 42 523,04 51 783,24 0,24

GREECE 37 206,06 40 762,52 0,19

Basic Goods 37 206,06 40 762,52 0,192 201,00 COCA COLA HELLENIC BOTTLING CO SA EUR 37 206,06 40 762,52 0,19

ITALY 32 476,30 39 784,18 0,18

Basic Goods 32 476,30 39 784,18 0,1815 337,00 PARMALAT SPA EUR 32 476,30 39 784,18 0,18

PORTUGAL 19 803,06 34 781,48 0,16


FINLAND 21 744,27 24 829,92 0,11

Basic Goods 21 744,27 24 829,92 0,11774,00 KESKO OYJ EUR 21 744,27 24 829,92 0,11

Total Portfolio 19 789 100,07 21 842 117,59 99,39

172







(EUR)



14/07/2011 640,37 AUD 469,36 EUR 3,0414/07/2011 5 604,71 CAD 3 993,63 EUR 12,0014/07/2011 7 014,53 AUD 5 169,90 EUR 4,6714/07/2011 1 009,82 CAD 721,19 EUR 0,5214/07/2011 3,14 HKD 0,28 EUR —14/07/2011 3,03 NOK 0,39 EUR —14/07/2011 4,93 SEK 0,54 EUR —14/07/2011 6,39 HKD 0,57 EUR —14/07/2011 6,19 NOK 0,79 EUR 0,0114/07/2011 1 108,86 SEK 120,92 EUR 0,2514/07/2011 4 073,55 SEK 444,56 EUR 0,5814/07/2011 3 903,63 DKK 523,29 EUR 0,0914/07/2011 4,38 HKD 0,39 EUR —14/07/2011 4,24 NOK 0,54 EUR —14/07/2011 799 450,79 EUR 972 489,44 CHF 2 562,0214/07/2011 44 051,58 EUR 328 509,53 DKK 6,4614/07/2011 1 255 472,31 EUR 1 116 867,54 GBP 18 541,4514/07/2011 178,87 EUR 2 012,83 HKD 0,4014/07/2011 409 612,41 EUR 47 425 004,00 JPY 4 447,5814/07/2011 27 979,72 EUR 253 897,60 SEK 235,0814/07/2011 4 496 496,93 EUR 6 502 916,59 USD 10 118,8514/07/2011 6 871,35 EUR 6 080,61 GBP 137,0714/07/2011 7 997,88 EUR 920 670,00 JPY 132,3414/07/2011 225,05 EUR 2 049,80 SEK 1,0614/07/2011 461,34 EUR 818,54 SGD 1,3114/07/2011 40 823,72 EUR 58 570,81 USD 415,5714/07/2011 7 706,13 EUR 11 145,81 USD 16,6114/07/2011 864,29 EUR 1 161,43 AUD 7,5114/07/2011 285,62 EUR 396,19 CAD 2,4714/07/2011 284,91 EUR 345,34 CHF 1,9314/07/2011 11 224,38 EUR 16 035,68 USD 161,3314/07/2011 16 149,27 EUR 23 094,29 USD 216,4614/07/2011 5 035,36 EUR 6 106,56 CHF 31,4514/07/2011 14 438,75 EUR 12 794,55 GBP 268,7914/07/2011 52 173,68 EUR 74 933,09 USD 477,1614/07/2011 3 368,81 EUR 389 354,00 JPY 42,4514/07/2011 580,61 EUR 1 031,69 SGD 0,7914/07/2011 4 287,56 EUR 5 788,73 AUD 17,2514/07/2011 2 204,62 EUR 3 072,84 CAD 8,4914/07/2011 5 931,02 EUR 7 039,04 CHF 163,0114/07/2011 27 630,80 EUR 24 503,82 GBP 492,8214/07/2011 3,77 EUR 41,54 HKD 0,0914/07/2011 10 138,16 EUR 1 154 373,00 JPY 276,0314/07/2011 5,16 EUR 40,19 NOK —14/07/2011 1 163,64 EUR 2 039,16 SGD 17,6114/07/2011 91 840,00 EUR 130 020,00 USD 2 138,8814/07/2011 5 830,34 EUR 6 945,26 CHF 139,1714/07/2011 7 137,35 EUR 6 368,28 GBP 84,4814/07/2011 4 011,72 EUR 463 240,00 JPY 54,1314/07/2011 2 182,97 EUR 3 049,19 CAD 3,7514/07/2011 5 226,97 EUR 4 697,78 GBP 24,1814/07/2011 34 283,18 EUR 49 325,20 USD 253,6014/07/2011 0,46 EUR 5,18 HKD —14/07/2011 0,64 EUR 5,01 NOK —


14/07/2011 28 152,81 CHF 23 442,37 EUR (373,06)14/07/2011 9 251,79 DKK 1 240,90 EUR (0,46)14/07/2011 35 463,93 GBP 40 275,85 EUR (999,55)

173







(EUR)

14/07/2011 644 660,00 JPY 5 599,51 EUR (92,00)14/07/2011 7 884,42 SEK 866,22 EUR (4,65)14/07/2011 2 181,47 SGD 1 228,21 EUR (2,20)14/07/2011 217 648,52 USD 151 619,08 EUR (1 462,83)14/07/2011 1 644,20 CHF 1 349,30 EUR (1,99)14/07/2011 569,99 DKK 76,46 EUR (0,04)14/07/2011 5 239,81 GBP 5 937,21 EUR (134,12)14/07/2011 248 292,00 JPY 2 134,42 EUR (13,19)14/07/2011 813,52 SGD 457,37 EUR (0,16)14/07/2011 1 566,91 DKK 210,19 EUR (0,11)14/07/2011 10 004,55 GBP 11 384,84 EUR (304,80)14/07/2011 358 683,00 JPY 3 115,27 EUR (50,94)14/07/2011 1 133,61 SGD 644,11 EUR (7,01)14/07/2011 95 255,69 USD 67 449,59 EUR (1 732,46)14/07/2011 20 648,81 CHF 17 056,57 EUR (136,28)14/07/2011 24 990,19 GBP 28 263,05 EUR (586,41)14/07/2011 28 764,07 USD 20 126,16 EUR (281,76)14/07/2011 679,84 CAD 486,67 EUR (0,80)14/07/2011 11 887,39 DKK 1 594,50 EUR (0,69)14/07/2011 459 606,00 JPY 3 991,48 EUR (64,94)14/07/2011 2 541,35 CHF 2 107,26 EUR (24,80)14/07/2011 2 651,67 GBP 2 965,30 EUR (28,58)14/07/2011 7 468,72 USD 5 177,44 EUR (24,75)14/07/2011 1 778,99 DKK 238,60 EUR (0,08)14/07/2011 41 595,87 USD 29 428,60 EUR (731,51)14/07/2011 33 419,33 USD 23 434,96 EUR (378,88)14/07/2011 23 463,29 USD 16 342,34 EUR (154,96)14/07/2011 1 639,49 AUD 1 210,62 EUR (1,18)14/07/2011 7 792,54 CHF 6 477,94 EUR (92,48)14/07/2011 190 392,00 JPY 1 635,73 EUR (9,16)14/07/2011 17,60 SGD 9,92 EUR (0,03)14/07/2011 321 939,88 EUR 440 055,15 AUD (2 685,95)14/07/2011 127 812,46 EUR 180 273,15 CAD (1 026,88)14/07/2011 247,70 EUR 1 947,02 NOK (2,50)14/07/2011 54 380,95 EUR 96 869,28 SGD (60,86)14/07/2011 285,02 EUR 388,97 AUD (1,92)14/07/2011 2 307,44 EUR 3 238,98 CAD (7,43)14/07/2011 1 087,44 EUR 8 112,74 DKK (0,28)14/07/2011 891,41 EUR 1 210,29 AUD (1,41)14/07/2011 5 758,51 EUR 7 837,43 AUD (23,11)14/07/2011 12,11 EUR 17,01 CAD (0,05)14/07/2011 1 114,83 EUR 8 316,77 DKK (0,25)14/07/2011 269,89 EUR 2 471,19 SEK (0,15)14/07/2011 458,75 EUR 4 225,45 SEK (2,99)14/07/2011 71,62 EUR 657,40 SEK (0,22)14/07/2011 5 452,07 EUR 7 391,00 AUD (0,22)14/07/2011 308,27 EUR 431,64 CAD (0,22)14/07/2011 5 696,23 EUR 6 955,40 CHF (3,25)14/07/2011 431,77 EUR 3 221,69 DKK (0,18)14/07/2011 7 448,66 EUR 6 729,48 GBP (4,24)14/07/2011 6 206,36 EUR 726 905,00 JPY (3,79)14/07/2011 354,20 EUR 3 242,73 SEK (0,15)14/07/2011 323,13 EUR 575,10 SGD (0,08)14/07/2011 30 232,09 EUR 43 839,16 USD (12,65)

174

Eurizon EasyFund - Equity Pharma



Assets Notes Investments in securities at market value 40 752 715,33Banks 591 200,59Amounts due from brokers 36 952,65Unrealised profit on forward foreign exchange contracts (Note 8) 70 488,07Unrealised profit on future contracts (Note 8) 11 168,10Receivable on investments sold 282 454,98Receivable on subscriptions 21 320,40Other assets 44 528,54Total assets 41 810 828,66

Liabilities Bank overdrafts (931,37)Unrealised loss on forward foreign exchange contracts (Note 8) (19 578,04)Unrealised loss on future contracts (Note 8) (1 750,35)Payable on investments purchased (214 844,50)Payable on redemptions (369 497,62)Other liabilities (50 332,27)Total liabilities (656 934,15)Total net assets 41 153 894,51



175





Net income from investments 430 605,06Total income 430 605,06Management fee (Note 5) (203 681,37)Custodian and paying agent fee (Note 7) (16 881,69)Subscription tax (Note 3) (3 685,97)Interest on bank accounts (477,09)Other charges and taxes (Notes 4, 7) (16 372,19)Total expenses (241 098,31)Net investment income / (loss) 189 506,75Net realised profit / (loss) on sales of investments, currencies and other financial instruments 1 224 142,64Change in unrealised appreciation / (depreciation) on - investments 9 585,60- forward foreign exchange contracts and foreign currencies (Note 8) 3 697,73- future contracts (Note 8) 11 910,75Net result of operations for the period 1 438 843,47



176





% ofNet Assets



Shares 39 267 509,60 40 752 715,33 99,03

UNITED STATES 23 271 788,28 24 338 769,77 59,14

Health 23 271 788,28 24 338 769,77 59,1463 744,00 JOHNSON & JOHNSON USD 2 899 123,89 2 924 615,52 7,11

187 759,00 PFIZER INC USD 2 631 275,69 2 667 750,51 6,4870 719,00 MERCK & CO INC USD 1 798 484,71 1 721 333,40 4,1835 538,00 ABBOTT LABORATORIES USD 1 310 278,35 1 289 796,08 3,1326 899,00 UNITEDHEALTH GROUP INC USD 799 753,09 956 962,02 2,3221 475,00 AMGEN INC USD 883 089,57 864 273,63 2,1041 293,00 BRISTOL-MYERS SQUIBB CO USD 784 985,99 824 806,78 2,0024 367,00 MEDTRONIC INC USD 728 479,20 647 557,44 1,5723 757,00 ELI LILLY & CO USD 660 126,65 614 960,74 1,4913 605,00 BAXTER INTERNATIONAL INC USD 544 804,06 560 115,19 1,3618 062,00 GILEAD SCIENCES INC USD 530 625,00 515 879,53 1,258 526,00 WELLPOINT INC USD 406 645,58 463 215,84 1,13

10 681,00 CELGENE CORP USD 431 792,22 444 375,88 1,085 969,00 BIOGEN IDEC INC USD 302 800,94 440 187,55 1,07

11 288,00 EXPRESS SCRIPTS INC USD 404 557,36 420 268,76 1,026 941,00 ALLERGAN INC/UNITED STATES USD 339 772,41 398 550,64 0,978 862,00 THERMO FISHER SCIENTIFIC INC USD 341 797,15 393 574,90 0,965 997,00 BECTON DICKINSON AND CO USD 347 493,88 356 424,35 0,879 054,00 MEDCO HEALTH SOLUTIONS INC USD 369 221,55 352 955,43 0,865 772,00 MCKESSON CORP USD 292 520,52 333 019,37 0,81

10 409,00 AETNA INC USD 278 540,56 316 538,35 0,779 937,00 CARDINAL HEALTH INC USD 295 431,70 311 300,38 0,767 905,00 AGILENT TECHNOLOGIES INC USD 246 600,35 278 666,64 0,686 742,00 STRYKER CORP USD 276 483,05 272 916,68 0,667 628,00 CIGNA CORP USD 220 205,28 270 585,45 0,664 752,00 HUMANA INC USD 205 705,96 263 976,51 0,647 843,00 ST JUDE MEDICAL INC USD 254 014,99 257 926,34 0,638 279,00 AMERISOURCEBERGEN CORP USD 204 658,08 236 404,34 0,57

876,00 INTUITIVE SURGICAL INC USD 194 485,58 224 829,18 0,553 064,00 LABORATORY CORP OF AMERICA HOLDINGS USD 190 491,53 204 548,58 0,503 236,00 DAVITA INC USD 176 354,26 193 309,76 0,473 988,00 WATSON PHARMACEUTICALS INC USD 153 712,03 189 050,89 0,462 861,00 WATERS CORP USD 163 225,59 188 924,60 0,464 450,00 CERNER CORP USD 145 093,70 187 564,02 0,464 218,00 ZIMMER HOLDINGS INC USD 188 376,01 183 865,77 0,451 486,00 SYNTHES INC CHF 152 222,11 180 033,00 0,442 908,00 PERRIGO CO USD 136 738,54 176 243,15 0,436 395,00 FOREST LABORATORIES INC USD 147 661,84 173 521,04 0,429 572,00 MYLAN INC/PA USD 144 782,89 162 872,99 0,40

33 897,00 BOSTON SCIENTIFIC CORP USD 185 217,16 161 553,56 0,394 477,00 VERTEX PHARMACEUTICALS INC USD 138 650,86 160 540,33 0,393 883,00 QUEST DIAGNOSTICS INC/DE USD 155 177,78 158 282,21 0,382 087,00 CR BARD INC USD 141 040,54 158 139,10 0,382 608,00 EDWARDS LIFESCIENCES CORP USD 126 520,62 156 820,08 0,383 994,00 HOSPIRA INC USD 146 416,03 156 085,25 0,383 051,00 HENRY SCHEIN INC USD 140 831,59 150 650,92 0,372 895,00 ILLUMINA INC USD 123 591,58 150 056,49 0,363 955,00 LIFE TECHNOLOGIES CORP USD 137 703,37 142 040,21 0,345 500,00 COVENTRY HEALTH CARE INC USD 113 632,52 138 348,89 0,344 074,00 ALEXION PHARMACEUTICALS INC USD 125 535,56 132 151,84 0,322 600,00 VARIAN MEDICAL SYSTEMS INC USD 110 745,97 125 566,18 0,301 819,00 CEPHALON INC USD 91 448,48 100 243,61 0,243 410,00 DENTSPLY INTERNATIONAL INC USD 88 791,67 89 562,98 0,223 900,00 HCA HOLDINGS INC USD 94 581,65 88 767,86 0,224 678,00 CAREFUSION CORP USD 86 967,87 87 665,17 0,215 348,00 HOLOGIC INC USD 75 688,44 74 400,27 0,182 992,00 OMNICARE INC USD 59 998,16 65 810,22 0,168 400,00 ARIAD PHARMACEUTICALS INC USD 48 476,41 65 642,70 0,161 200,00 COOPER COS INC USD 55 187,35 65 584,76 0,162 732,00 CEPHEID INC USD 50 059,55 65 273,34 0,163 821,00 HUMAN GENOME SCIENCES INC USD 73 400,11 64 673,87 0,16

177





% ofNet Assets

1 416,00 COVANCE INC USD 58 242,83 57 983,91 0,142 455,00 PATTERSON COS INC USD 57 980,95 55 691,97 0,141 988,00 LIFEPOINT HOSPITALS INC USD 55 881,59 53 585,61 0,131 565,00 INTEGRA LIFESCIENCES HOLDINGS CORP USD 52 030,11 51 607,20 0,131 079,00 GEN-PROBE INC USD 46 458,76 51 462,50 0,122 270,00 PHARMACEUTICAL PRODUCT DEVELOPMENT INC USD 43 527,02 42 022,86 0,10

170,00 FURIEX PHARMACEUTICALS INC USD 2 452,16 2 085,94 0,0147,00 UNITED THERAPEUTICS CORP USD 2 207,08 1 786,19 0,0077,00 VIROPHARMA INC USD 932,65 982,52 0,00

SWITZERLAND 4 272 318,47 4 349 532,89 10,57

Health 4 272 318,47 4 349 532,89 10,5753 350,00 NOVARTIS AG CHF 2 167 702,15 2 250 643,91 5,4716 019,00 ROCHE HOLDING AG CHF 1 817 336,38 1 846 267,54 4,492 509,00 ACTELION LTD CHF 94 929,97 85 108,13 0,211 146,00 SONOVA HOLDING AG CHF 88 395,13 73 691,84 0,181 159,00 LONZA GROUP AG CHF 70 057,78 62 470,43 0,15

189,00 STRAUMANN HOLDING AG CHF 33 897,06 31 351,04 0,07

UNITED KINGDOM 3 076 436,16 3 044 071,03 7,40

Health 3 076 436,16 3 044 071,03 7,40119 101,00 GLAXOSMITHKLINE PLC GBP 1 788 046,56 1 759 322,56 4,2833 144,00 ASTRAZENECA PLC GBP 1 139 047,01 1 140 670,38 2,7719 566,00 SMITH & NEPHEW PLC GBP 149 342,59 144 078,09 0,35

JAPAN 2 393 769,75 2 302 846,85 5,60

Health 2 393 769,75 2 302 846,85 5,6018 002,00 TAKEDA PHARMACEUTICAL CO LTD JPY 620 623,16 571 163,56 1,3910 131,00 ASTELLAS PHARMA INC JPY 278 438,39 269 520,18 0,6615 352,00 DAIICHI SANKYO CO LTD JPY 231 585,18 205 716,36 0,505 668,00 EISAI CO LTD JPY 147 481,73 151 756,85 0,373 707,00 TERUMO CORP JPY 143 502,90 137 243,76 0,335 336,00 OLYMPUS CORP JPY 109 845,16 123 089,59 0,306 100,00 OTSUKA HOLDINGS CO LTD JPY 112 411,38 110 966,11 0,273 550,00 MIRACA HOLDINGS INC JPY 96 942,27 98 687,07 0,247 280,00 SHIONOGI & CO LTD JPY 93 060,88 81 759,47 0,202 047,00 ONO PHARMACEUTICAL CO LTD JPY 70 619,95 75 173,92 0,185 520,00 MITSUBISHI TANABE PHARMA CORP JPY 62 576,65 63 407,74 0,165 423,00 CHUGAI PHARMACEUTICAL CO LTD JPY 66 951,32 60 950,38 0,151 820,00 SANTEN PHARMACEUTICAL CO LTD JPY 47 482,56 50 672,22 0,121 900,00 SYSMEX CORP JPY 45 637,31 49 005,12 0,122 760,00 TAISHO PHARMACEUTICAL CO LTD JPY 42 763,13 42 664,69 0,101 439,00 HISAMITSU PHARMACEUTICAL CO INC JPY 42 256,46 42 092,26 0,105 927,00 KYOWA HAKKO KIRIN CO LTD JPY 41 931,63 38 723,74 0,091 467,00 TSUMURA & CO JPY 33 214,80 32 199,13 0,083 853,00 DAINIPPON SUMITOMO PHARMA CO LTD JPY 24 951,95 25 107,56 0,06

940,00 ALFRESA HOLDINGS CORP JPY 26 690,91 25 047,44 0,061 582,00 SUZUKEN CO LTD JPY 30 234,32 25 035,88 0,063 760,00 MEDIPAL HOLDINGS CORP JPY 24 567,71 22 863,82 0,06

GERMANY 1 484 465,08 1 569 040,37 3,81

Health 1 484 465,08 1 569 040,37 3,8117 396,00 BAYER AG EUR 955 034,57 964 434,24 2,343 466,00 FRESENIUS SE & CO KGAA EUR 208 866,73 249 482,68 0,614 492,00 FRESENIUS MEDICAL CARE AG & CO KGAA EUR 198 199,20 231 562,60 0,561 340,00 MERCK KGAA EUR 91 146,09 100 419,60 0,241 683,00 CELESIO AG EUR 31 218,49 23 141,25 0,06

FRANCE 1 446 112,48 1 546 997,98 3,76



EUR 218 803,83 257 278,00 0,62

445,00 VIRBAC SA EUR 49 124,25 52 465,50 0,13

178





% ofNet Assets

DENMARK 734 434,68 916 762,20 2,23

Health 734 434,68 916 762,20 2,239 575,00 NOVO NORDISK A/S DKK 655 560,52 828 629,98 2,02

473,00 COLOPLAST A/S DKK 41 428,12 49 526,52 0,12611,00 WILLIAM DEMANT HOLDING A/S DKK 36 995,99 38 025,24 0,0932,00 H LUNDBECK A/S DKK 450,05 580,46 0,00

IRELAND 745 590,65 843 696,04 2,05

Health 745 590,65 843 696,04 2,0511 096,00 COVIDIEN PLC USD 387 981,14 407 380,41 0,9913 017,00 SHIRE PLC GBP 227 625,83 280 352,70 0,6812 267,00 ELAN CORP PLC -ADR- EUR 69 775,07 98 111,47 0,243 476,00 WARNER CHILCOTT PLC USD 60 208,61 57 851,46 0,14

ISRAEL 784 108,50 688 214,82 1,67

Health 784 108,50 688 214,82 1,6714 071,00 TEVA PHARMACEUTICAL INDUSTRIES LTD ILS 543 386,41 466 645,79 1,136 662,00 TEVA PHARMACEUTICAL INDUSTRIES LTD -ADR- USD 240 722,09 221 569,03 0,54

AUSTRALIA 551 417,44 565 431,04 1,37

Health 551 417,44 565 431,04 1,3712 452,00 CSL LTD AUD 296 067,46 303 980,88 0,747 620,00 RAMSAY HEALTH CARE LTD AUD 98 896,99 102 294,71 0,259 010,00 SONIC HEALTHCARE LTD AUD 79 073,22 85 626,39 0,201 383,00 COCHLEAR LTD AUD 77 379,77 73 529,06 0,18

CANADA 168 652,42 237 085,88 0,58

Health 168 652,42 237 085,88 0,586 615,00 VALEANT PHARMACEUTICALS INTERNATIONAL INC CAD 168 652,42 237 085,88 0,58

FINLAND 78 139,98 84 602,97 0,21


SWEDEN 72 071,00 76 041,04 0,19

Health 72 071,00 76 041,04 0,194 097,00 GETINGE AB SEK 72 071,00 76 041,04 0,19

NETHERLANDS 82 496,97 75 896,02 0,18

Health 82 496,97 75 896,02 0,185 741,00 QIAGEN NV EUR 82 496,97 75 896,02 0,18

BELGIUM 64 044,30 66 462,83 0,16

Health 64 044,30 66 462,83 0,162 145,00 UCB SA EUR 64 044,30 66 462,83 0,16

SPAIN 41 663,44 47 263,60 0,11


Total Portfolio 39 267 509,60 40 752 715,33 99,03

179




Size Quantity

Purchase/



(EUR) Commitment

(EUR)

Total Unrealised profit / (loss) on future contracts and commitment 9 417,75 333 605,25

Unrealised profit on future contracts and commitment 11 168,10 250 217,10

100 45 Purchase SANOFI AVENTIS 16/09/2011 EUR 11 168,10 250 217,10


100 15 Purchase BAYER AG 16/09/2011 EUR (1 750,35) 83 388,15

180







(EUR)



14/07/2011 144,43 EUR 706,05 ILS 1,3614/07/2011 2 258,49 EUR 260 074,00 JPY 36,6114/07/2011 41 281,12 EUR 58 976,16 USD 593,3214/07/2011 22 427,44 EUR 2 573 250,00 JPY 443,4614/07/2011 543,43 EUR 481,55 GBP 10,1114/07/2011 11 998,45 EUR 1 381 676,00 JPY 194,4114/07/2011 129 289,19 EUR 185 688,24 USD 1 182,4214/07/2011 7 260,83 EUR 8 760,87 CHF 81,8914/07/2011 2,53 EUR 4,50 SGD 0,0014/07/2011 86 798,71 EUR 125 266,52 USD 377,0314/07/2011 16 517,00 EUR 22 299,97 AUD 66,4614/07/2011 2 679,25 EUR 3 734,38 CAD 10,3314/07/2011 22 397,43 EUR 19 862,71 GBP 399,4814/07/2011 4 234,88 EUR 20 652,89 ILS 49,8514/07/2011 38 473,70 EUR 4 380 773,00 JPY 1 047,5514/07/2011 0,88 EUR 1,54 NZD 0,0014/07/2011 1,63 EUR 2,85 SGD 0,0314/07/2011 234 169,90 EUR 331 519,71 USD 5 453,6414/07/2011 20 900,11 EUR 2 413 369,00 JPY 282,0414/07/2011 6 909,03 EUR 9 358,78 AUD 5,1214/07/2011 1 107,54 EUR 1 547,03 CAD 1,8914/07/2011 5 146,58 EUR 6 192,56 CHF 72,2014/07/2011 35 291,32 EUR 31 718,32 GBP 163,2814/07/2011 25 676,06 EUR 2 989 203,00 JPY 138,4814/07/2011 0,60 EUR 1,07 SGD 0,0014/07/2011 289 813,64 EUR 416 971,70 USD 2 143,8414/07/2011 1 910,46 EUR 9 425,89 ILS 0,4314/07/2011 3 076,09 AUD 2 255,12 EUR 14,0914/07/2011 2 028,70 CAD 1 445,55 EUR 4,3414/07/2011 1 045,33 AUD 770,44 EUR 0,6914/07/2011 985,28 CAD 703,67 EUR 0,5014/07/2011 3 675,54 SEK 401,64 EUR 0,0014/07/2011 9 741,72 AUD 7 179,82 EUR 6,5814/07/2011 31 843,26 SEK 3 475,19 EUR 4,4814/07/2011 496,15 CAD 353,59 EUR 1,0014/07/2011 132 459,09 SEK 14 387,43 EUR 87,0314/07/2011 1 866 414,99 EUR 2 270 394,73 CHF 5 981,3514/07/2011 364 555,41 EUR 2 718 629,67 DKK 53,4314/07/2011 1 293 966,40 EUR 1 151 111,86 GBP 19 109,9614/07/2011 186 765,24 EUR 917 918,56 ILS 761,3014/07/2011 870 836,49 EUR 100 825 617,00 JPY 9 455,5514/07/2011 19,76 EUR 34,71 NZD 0,0014/07/2011 55 587,71 EUR 504 421,99 SEK 467,0414/07/2011 9 535 845,17 EUR 13 790 914,75 USD 21 459,3114/07/2011 674,59 EUR 6 144,27 SEK 3,1814/07/2011 12 886,06 EUR 18 487,96 USD 131,1714/07/2011 2 722,07 EUR 20 297,08 DKK 0,7314/07/2011 6 110,14 EUR 30 005,81 ILS 29,8614/07/2011 6,16 EUR 10,95 SGD 0,0114/07/2011 532,13 EUR 715,07 AUD 4,6314/07/2011 1 341,96 EUR 1 861,46 CAD 11,5914/07/2011 20 845,91 EUR 25 267,01 CHF 141,3214/07/2011 139,65 EUR 122,75 GBP 3,70


14/07/2011 14 160,58 CHF 11 718,80 EUR (115,17)14/07/2011 8 045,21 GBP 9 096,64 EUR (186,57)14/07/2011 51 389,54 ILS 10 481,63 EUR (68,23)14/07/2011 863 004,00 JPY 7 501,53 EUR (128,65)

181







(EUR)

14/07/2011 38 095,31 CHF 31 721,33 EUR (504,82)14/07/2011 14 628,79 GBP 16 613,69 EUR (412,30)14/07/2011 243 460,00 JPY 2 114,69 EUR (34,74)14/07/2011 9 496,06 SEK 1 043,29 EUR (5,61)14/07/2011 239 932,92 USD 167 142,92 EUR (1 612,61)14/07/2011 8 828,44 CHF 7 244,99 EUR (10,69)14/07/2011 10 901,23 DKK 1 462,37 EUR (0,78)14/07/2011 4 364,04 GBP 4 944,87 EUR (111,70)14/07/2011 4 105,74 ILS 836,11 EUR (4,14)14/07/2011 63 387,00 JPY 544,90 EUR (3,37)14/07/2011 8 755,99 USD 6 055,28 EUR (14,50)14/07/2011 54 247,65 DKK 7 276,84 EUR (3,55)14/07/2011 38 008,74 CHF 31 688,26 EUR (542,69)14/07/2011 350 146,60 USD 247 935,28 EUR (6 368,28)14/07/2011 23 677,80 CHF 19 558,61 EUR (156,27)14/07/2011 175 108,13 DKK 23 489,47 EUR (11,74)14/07/2011 32 032,48 GBP 36 227,64 EUR (751,67)14/07/2011 2 465 903,00 JPY 21 544,28 EUR (477,39)14/07/2011 94 190,79 USD 65 905,10 EUR (922,64)14/07/2011 10 483,73 CAD 7 504,94 EUR (12,33)14/07/2011 15 144,16 CHF 12 492,57 EUR (82,96)14/07/2011 18 962,11 DKK 2 543,46 EUR (1,10)14/07/2011 23 404,05 ILS 4 765,61 EUR (23,09)14/07/2011 381,90 GBP 427,07 EUR (4,12)14/07/2011 5 647,04 ILS 1 148,32 EUR (4,02)14/07/2011 3 750 502,00 JPY 32 469,29 EUR (427,72)14/07/2011 53 314,93 CHF 44 941,24 EUR (1 253,29)14/07/2011 16 709,00 DKK 2 241,02 EUR (0,75)14/07/2011 75 273,93 USD 53 255,44 EUR (1 323,77)14/07/2011 41 311,24 USD 28 969,08 EUR (468,35)14/07/2011 3 999 735,00 JPY 34 504,45 EUR (333,62)14/07/2011 106 588,89 USD 74 239,90 EUR (703,96)14/07/2011 194 075,03 EUR 265 278,46 AUD (1 619,17)14/07/2011 95 713,72 EUR 134 999,46 CAD (768,99)14/07/2011 93,09 EUR 165,82 SGD (0,10)14/07/2011 1 829,91 EUR 2 568,67 CAD (5,89)14/07/2011 319,63 EUR 436,37 AUD (2,28)14/07/2011 1,30 EUR 2,30 NZD (0,01)14/07/2011 590,62 EUR 5 418,83 SEK (1,52)14/07/2011 959,50 EUR 1 305,89 AUD (3,85)14/07/2011 3 290,58 EUR 24 548,08 DKK (0,72)14/07/2011 706,66 EUR 6 470,42 SEK (0,39)14/07/2011 10 853,73 EUR 80 989,92 DKK (5,04)14/07/2011 932,19 EUR 4 601,39 ILS (0,22)14/07/2011 4 382,24 EUR 34 139,22 NOK (4,87)14/07/2011 15 042,96 EUR 138 078,09 SEK (45,51)14/07/2011 6 038,45 EUR 8 185,91 AUD (0,24)14/07/2011 481,49 EUR 674,17 CAD (0,33)14/07/2011 21 701,99 EUR 26 499,29 CHF (12,37)14/07/2011 8 372,17 EUR 62 470,09 DKK (3,55)14/07/2011 16 033,90 EUR 14 485,81 GBP (9,14)14/07/2011 7 514,73 EUR 880 145,00 JPY (4,59)14/07/2011 11,39 EUR 88,71 NOK (0,01)14/07/2011 795,16 EUR 7 279,74 SEK (0,33)14/07/2011 4 145,48 EUR 6 011,30 USD (1,73)

182

Eurizon EasyFund - Equity Financial






Class I Units EUR 44,74 149 197,045Class IH Units EUR 47,32 236 016,412Class R Units EUR 44,47 111 978,375Class R2 Units USD 64,53 4 544,417Class RH Units EUR 46,67 55 992,422Class Z Units EUR 46,99 436 155,285Class ZH Units EUR 49,33 3 273,893

183





Net income from investments 566 218,24Interest on bank accounts 0,35Total income 566 218,59Management fee (Note 5) (272 619,53)Custodian and paying agent fee (Note 7) (21 162,08)Subscription tax (Note 3) (3 770,99)Interest on bank accounts (580,04)Other charges and taxes (Notes 4, 7) (18 660,71)Total expenses (316 793,35)Net investment income / (loss) 249 425,24Net realised profit / (loss) on sales of investments, currencies and other financial instruments 887 277,62Change in unrealised appreciation / (depreciation) on - investments (3 513 350,60)- forward foreign exchange contracts and foreign currencies (Note 8) (14 645,39)- future contracts (Note 8) 11 904,26Net result of operations for the period (2 379 388,87)



184





% ofNet Assets



Shares 48 449 833,43 45 947 412,86 99,25

UNITED STATES 17 981 529,36 16 449 069,82 35,53

Finance 17 981 529,36 16 449 069,82 35,5352 676,00 JPMORGAN CHASE & CO USD 1 563 768,54 1 487 434,51 3,2166 132,00 WELLS FARGO & CO USD 1 534 211,13 1 279 901,51 2,7638 424,00 CITIGROUP INC USD 1 606 406,70 1 103 546,21 2,38

133 745,00 BANK OF AMERICA CORP USD 1 904 564,76 1 011 033,01 2,1811 910,00 BERKSHIRE HATHAWAY INC USD 648 345,14 635 731,65 1,376 538,00 GOLDMAN SACHS GROUP INC USD 678 421,88 600 160,72 1,30

14 304,00 AMERICANRESS CO USD 445 328,57 510 064,70 1,1025 411,00 US BANCORP USD 473 013,68 447 104,91 0,9713 945,00 METLIFE INC USD 394 352,44 421 952,32 0,917 539,00 PRUDENTIAL FINANCIAL INC USD 293 887,61 330 658,58 0,713 874,00 SIMON PROPERTY GROUP INC USD 228 656,29 310 566,84 0,67

18 391,00 MORGAN STANLEY USD 390 459,94 291 876,54 0,636 949,00 PNC FINANCIAL SERVICES GROUP INC USD 307 373,64 285 705,54 0,62

15 862,00 BARCLAYS PLC USD 355 132,92 280 294,32 0,605 695,00 TRAVELERS COS INC USD 218 371,92 229 316,36 0,496 173,00 CAPITAL ONE FINANCIAL CORP USD 206 332,98 219 994,57 0,474 936,00 CHUBB CORP USD 193 768,11 213 155,27 0,466 468,00 AFLAC INC USD 227 242,35 208 246,68 0,456 632,00 STATE STREET CORP USD 226 542,53 206 253,81 0,452 062,00 FRANKLIN RESOURCES INC USD 149 266,23 186 722,88 0,409 878,00 DISCOVER FINANCIAL SERVICES USD 133 226,16 182 251,05 0,39

868,00 CME GROUP INC USD 217 212,70 174 569,99 0,388 966,00 BB&T CORP USD 179 682,05 165 981,04 0,361 217,00 BLACKROCK INC USD 158 055,86 161 004,88 0,353 888,00 EQUITY RESIDENTIAL USD 120 150,32 160 899,51 0,357 186,00 MARSH & MCLENNAN COS INC USD 126 447,64 154 589,44 0,331 901,00 PUBLIC STORAGE USD 128 543,93 149 486,61 0,32

13 083,00 CHARLES SCHWAB CORP USD 176 060,57 148 439,84 0,325 926,00 PROLOGIS INC USD 131 091,53 146 489,63 0,326 947,00 ALLSTATE CORP USD 151 667,31 146 285,52 0,322 185,00 VORNADO REALTY TRUST USD 112 353,10 140 427,24 0,303 962,00 AON CORP USD 126 003,96 140 187,43 0,301 886,00 BOSTON PROPERTIES INC USD 102 574,68 138 095,59 0,303 261,00 T ROWE PRICE GROUP INC USD 126 303,32 135 716,71 0,295 301,00 HCP INC USD 125 094,61 134 147,55 0,29

10 629,00 ANNALY CAPITAL MANAGEMENT INC USD 133 633,70 132 253,19 0,293 253,00 AMERIPRISE FINANCIAL INC USD 120 123,51 129 415,57 0,287 269,00 SUNTRUST BANKS INC USD 152 981,16 129 351,54 0,286 338,00 AMERICAN INTERNATIONAL GROUP INC USD 128 116,31 128 172,08 0,288 284,00 PROGRESSIVE CORP USD 107 006,86 122 158,87 0,264 187,00 LOEWS CORP USD 109 818,43 121 551,16 0,264 529,00 MOODY'S CORP USD 115 174,35 119 796,72 0,26

12 795,00 FIFTH THIRD BANCORP USD 108 223,47 112 519,48 0,249 601,00 HOST HOTELS & RESORTS INC USD 83 504,32 112 244,07 0,247 440,00 WEYERHAEUSER CO USD 96 960,15 112 176,10 0,246 515,00 INVESCO LTD USD 105 003,48 105 149,57 0,235 583,00 HARTFORD FINANCIAL SERVICES GROUP INC USD 100 110,58 101 544,17 0,221 136,00 AVALONBAY COMMUNITIES INC REIT USD 75 376,32 100 605,24 0,223 024,00 NORTHERN TRUST CORP USD 119 917,41 95 860,36 0,214 445,00 PRINCIPAL FINANCIAL GROUP INC USD 81 831,08 93 262,75 0,201 076,00 INTERCONTINENTALEXCHANGE INC USD 91 979,74 92 553,06 0,204 465,00 LINCOLN NATIONAL CORP USD 79 154,19 87 738,69 0,192 421,00 HEALTH CARE REIT INC USD 81 733,50 87 549,14 0,193 678,00 NYSE EURONEXT USD 92 515,46 86 936,68 0,191 378,00 M&T BANK CORP USD 78 435,48 83 591,53 0,186 843,00 SLM CORP USD 62 779,18 79 339,87 0,172 134,00 VENTAS INC USD 67 787,55 77 582,66 0,172 515,00 CIT GROUP INC USD 75 505,52 76 776,20 0,17

17 712,00 REGIONS FINANCIAL CORP USD 113 959,26 75 741,96 0,163 865,00 UNUM GROUP USD 60 105,29 67 924,45 0,15

11 645,00 KEYCORP USD 67 728,77 66 905,48 0,14

185





% ofNet Assets

5 147,00 KIMCO REALTY CORP USD 60 357,99 66 172,46 0,143 819,00 CB RICHARD ELLIS GROUP INC USD 59 024,14 66 141,43 0,142 743,00 LEUCADIA NATIONAL CORP USD 56 052,52 64 514,51 0,142 279,00 PLUM CREEK TIMBER CO INC USD 57 178,10 63 724,33 0,141 720,00 MACERICH CO USD 57 932,55 63 468,68 0,145 740,00 NEW YORK COMMUNITY BANCORP INC USD 65 205,91 59 345,90 0,135 085,00 GENERAL GROWTH PROPERTIES INC USD 61 065,76 58 536,20 0,132 447,00 COMERICA INC USD 66 041,47 58 345,93 0,132 476,00 LEGG MASON INC USD 54 987,01 55 946,35 0,126 843,00 GENWORTH FINANCIAL INC USD 55 398,25 48 519,56 0,101 058,00 RAYONIER INC USD 38 207,14 47 687,93 0,101 028,00 TORCHMARK CORP USD 44 738,74 45 477,78 0,103 340,00 BROOKFIELD PROPERTIES CORP CAD 33 942,08 44 469,70 0,10

683,00 FEDERAL REALTY INVESTMENT TRUST USD 28 934,19 40 126,90 0,094 108,00 PEOPLE'S UNITED FINANCIAL INC USD 50 189,11 38 080,88 0,082 155,00 NASDAQ OMX GROUP INC USD 34 634,41 37 604,95 0,081 495,00 ASSURANT INC USD 40 205,95 37 399,52 0,081 834,00 CINCINNATI FINANCIAL CORP USD 33 524,30 36 911,51 0,081 602,00 LIBERTY PROPERTY TRUST USD 34 189,03 35 999,03 0,081 160,00 REGENCY CENTERS CORP USD 33 090,34 35 179,66 0,081 567,00 WR BERKLEY CORP USD 25 689,73 35 061,22 0,082 474,00 TD AMERITRADE HOLDING CORP USD 30 782,38 33 291,56 0,075 914,00 MARSHALL & ILSLEY CORP USD 55 259,32 32 509,99 0,075 592,00 HUDSON CITY BANCORP INC USD 58 045,95 31 588,45 0,071 492,00 EATON VANCE CORP USD 31 917,90 31 108,87 0,072 771,00 FIDELITY NATIONAL FINANCIAL INC USD 28 020,47 30 082,82 0,063 009,00 DUKE REALTY CORP USD 25 763,11 29 076,19 0,063 229,00 OLD REPUBLIC INTERNATIONAL CORP USD 27 209,63 26 168,76 0,061 518,00 JEFFERIES GROUP INC USD 23 888,29 21 358,91 0,051 361,00 SEI INVESTMENTS CO USD 22 748,05 21 130,55 0,05

244,00 TRANSATLANTIC HOLDINGS INC USD 9 127,74 8 248,06 0,02160,00 ERIE INDEMNITY CO USD 7 797,23 7 804,40 0,02

3,00 WHITE MOUNTAINS INSURANCE GROUP LTD USD 756,09 869,39 0,0011,00 FIRST HORIZON NATIONAL CORP USD 214,26 72,38 0,004,00 FOREST CITY ENTERPRISES INC USD 30,05 51,51 0,00

UNITED KINGDOM 5 086 554,94 4 603 132,39 9,94

Finance 5 086 554,94 4 603 132,39 9,94233 821,00 HSBC HOLDINGS PLC GBP 1 911 445,77 1 601 132,34 3,4631 162,00 STANDARD CHARTERED PLC GBP 524 517,66 565 214,71 1,22

152 864,00 BARCLAYS PLC GBP 565 033,42 434 092,38 0,94521 566,00 LLOYDS BANKING GROUP PLC GBP 365 886,98 282 995,54 0,6133 786,00 PRUDENTIAL PLC GBP 245 614,56 269 366,45 0,5846 594,00 AVIVA PLC GBP 210 725,50 226 500,28 0,49

112 477,00 LEGAL & GENERAL GROUP PLC GBP 128 558,74 147 216,14 0,3219 633,00 BRITISH LAND CO PLC GBP 117 676,44 132 397,02 0,2975 697,00 OLD MUTUAL PLC GBP 101 737,60 111 817,23 0,24

232 955,00 ROYAL BANK OF SCOTLAND GROUP PLC GBP 217 830,60 99 210,02 0,2110 213,00 LAND SECURITIES GROUP PLC GBP 82 316,09 96 409,98 0,2132 156,00 STANDARD LIFE PLC GBP 75 369,75 74 952,89 0,1649 149,00 RSA INSURANCE GROUP PLC GBP 69 392,92 73 417,72 0,1619 278,00 RESOLUTION LTD GBP 61 997,29 62 760,09 0,1421 886,00 MAN GROUP PLC GBP 74 239,15 57 436,63 0,122 002,00 WILLIS GROUP HOLDINGS PLC USD 41 288,41 56 766,06 0,129 378,00 HAMMERSON PLC REIT GBP 45 608,88 49 990,85 0,112 342,00 ADMIRAL GROUP PLC GBP 38 288,06 43 075,54 0,09

13 695,00 3I GROUP PLC GBP 45 260,46 42 628,22 0,097 482,00 ICAP PLC GBP 40 863,59 39 188,00 0,096 511,00 INVESTEC PLC GBP 34 133,14 36 373,34 0,088 034,00 SEGRO PLC GBP 27 815,34 27 782,93 0,066 222,00 CAPITAL SHOPPING CENTRES GROUP PLC GBP 26 446,40 27 524,60 0,062 126,00 LONDON STOCK EXCHANGE GROUP PLC GBP 20 736,29 24 977,72 0,051 153,00 SCHRODERS PLC GBP 13 676,42 19 751,22 0,04

32,00 GREAT PORTLAND ESTATES PLC GBP 95,48 154,49 0,00

CANADA 3 562 564,61 4 083 644,80 8,82

Finance 3 562 564,61 4 083 644,80 8,8219 004,00 ROYAL BANK OF CANADA CAD 666 219,65 748 751,88 1,6212 625,00 TORONTO-DOMINION BANK CAD 616 132,23 737 876,03 1,59

186





% ofNet Assets

14 366,00 BANK OF NOVA SCOTIA CAD 487 598,66 596 508,87 1,297 569,00 BANK OF MONTREAL CAD 288 306,82 331 862,35 0,72

23 703,00 MANULIFE FINANCIAL CORP CAD 284 513,28 289 331,75 0,625 262,00 CANADIAN IMPERIAL BANK OF COMMERCE/CANADA CAD 267 246,53 286 368,78 0,627 439,00 BROOKFIELD ASSET MANAGEMENT INC CAD 130 020,13 170 603,99 0,377 652,00 SUN LIFE FINANCIAL INC CAD 153 628,64 158 864,19 0,342 178,00 NATIONAL BANK OF CANADA CAD 95 595,16 121 753,26 0,264 696,00 POWER FINANCIAL CORP CAD 95 257,26 99 809,98 0,222 910,00 TMX GROUP INC CAD 79 980,35 91 090,27 0,204 648,00 POWER CORP OF CANADA CAD 84 353,64 89 322,70 0,19

261,00 FAIRFAX FINANCIAL HOLDINGS LTD CAD 69 899,33 72 000,04 0,163 790,00 GREAT-WEST LIFECO INC CAD 65 713,20 69 015,01 0,151 347,00 INTACT FINANCIAL CORP CAD 44 705,57 53 331,31 0,111 328,00 IGM FINANCIAL INC CAD 35 438,97 47 976,01 0,101 937,00 CI FINANCIAL CORP CAD 29 531,60 31 700,78 0,071 185,00 ONEX CORP CAD 20 598,18 31 648,01 0,07

913,00

INDUSTRIAL ALLIANCE INSURANCE & FINANCIAL SERVICES INC

CAD 24 104,02 26 164,96 0,06

1 360,00 RIOCAN REAL ESTATE INVESTMENT TRUST CAD 19 596,76 25 212,38 0,05157,00 GREAT-WEST LIFECO INC -PFD- 31/12/2049 CAD 2 491,83 2 849,96 0,01236,00 BROOKFIELD RESIDENTIAL PROPERTIES INC CAD 1 632,80 1 602,29 0,00

AUSTRALIA 3 452 359,06 3 894 224,28 8,41

Finance 3 452 359,06 3 894 224,28 8,4120 805,00 COMMONWEALTH BANK OF AUSTRALIA AUD 623 866,21 803 477,50 1,7340 130,00 WESTPAC BANKING CORP AUD 557 502,56 659 627,32 1,4234 626,00 AUSTRALIA & NEW ZEALAND BANKING GROUP LTD AUD 474 168,27 562 508,80 1,2128 938,00 NATIONAL AUSTRALIA BANK LTD AUD 503 791,72 547 459,44 1,1830 276,00 WESTFIELD GROUP AUD 219 595,39 193 606,84 0,4214 560,00 QBE INSURANCE GROUP LTD AUD 197 933,34 185 461,94 0,4038 987,00 AMP LTD AUD 142 348,88 140 777,42 0,304 763,00 MACQUARIE GROUP LTD AUD 132 596,52 109 909,42 0,24

17 806,00 SUNCORP GROUP LTD AUD 99 335,69 107 027,43 0,2332 976,00 STOCKLAND AUD 82 156,28 83 034,14 0,1839 916,00 WESTFIELD RETAIL TRUST AUD 35 207,42 79 876,79 0,1728 695,00 INSURANCE AUSTRALIA GROUP LTD AUD 71 142,06 72 042,61 0,162 384,00 ASX LTD AUD 53 444,70 53 604,08 0,127 597,00 LEND LEASE GROUP AUD 42 986,80 50 319,80 0,11

94 554,00 GOODMAN GROUP AUD 40 789,37 49 223,60 0,1121 039,00 GPT GROUP AUD 37 510,68 49 092,65 0,1168 402,00 DEXUS PROPERTY GROUP AUD 37 090,00 44 448,36 0,1041 379,00 MIRVAC GROUP AUD 39 578,58 38 193,93 0,0828 160,00 CFS RETAIL PROPERTY TRUST AUD 35 362,18 37 741,02 0,084 095,00 BENDIGO AND ADELAIDE BANK LTD AUD 25 952,41 26 791,19 0,06

JAPAN 4 457 408,67 3 731 401,80 8,06

Finance 4 457 408,67 3 731 401,80 8,06169 081,00 MITSUBISHI UFJ FINANCIAL GROUP INC JPY 753 444,31 563 171,06 1,2217 834,00 SUMITOMO MITSUI FINANCIAL GROUP INC JPY 520 391,24 375 902,17 0,81

270 312,00 MIZUHO FINANCIAL GROUP INC JPY 459 459,97 304 733,48 0,6617 260,00 MITSUBISHI ESTATE CO LTD JPY 182 916,96 207 255,96 0,4510 017,00 TOKIO MARINE HOLDINGS INC JPY 189 765,16 192 059,12 0,4248 646,00 NOMURA HOLDINGS INC JPY 280 373,62 164 521,72 0,3611 040,00 MITSUI FUDOSAN CO LTD JPY 127 569,66 129 926,94 0,287 512,00 MS&AD INSURANCE GROUP HOLDINGS JPY 125 610,33 120 356,44 0,26

124,00 DAI-ICHI LIFE INSURANCE CO LTD JPY 147 765,04 118 927,52 0,261 747,00 DAITO TRUST CONSTRUCTION CO LTD JPY 83 049,36 101 606,37 0,22

42 010,00 SUMITOMO MITSUI TRUST HOLDINGS INC JPY 121 107,09 100 100,86 0,221 457,00 ORIX CORP JPY 90 044,45 96 934,40 0,21

19 247,00 NKSJ HOLDINGS INC JPY 80 766,51 86 956,02 0,1926 148,00 RESONA HOLDINGS INC JPY 139 588,43 84 413,36 0,1825 060,00 HIROSHIMA BANK LTD JPY 75 868,30 74 908,31 0,164 855,00 SUMITOMO REALTY & DEVELOPMENT CO LTD JPY 62 324,84 74 178,92 0,16

23 443,00 DAIWA SECURITIES GROUP INC JPY 94 582,29 70 675,49 0,153 806,00 T&D HOLDINGS INC JPY 61 309,11 61 921,96 0,13

16 728,00 BANK OF YOKOHAMA LTD JPY 64 398,16 57 288,75 0,126 461,00 DAIWA HOUSE INDUSTRY CO LTD JPY 49 056,09 55 786,85 0,12

8,00 NIPPON BUILDING FUND INC JPY 51 709,79 53 702,37 0,128 394,00 SHIZUOKA BANK LTD/THE JPY 57 526,02 52 906,16 0,11

187





% ofNet Assets

7,00 JAPAN REAL ESTATE INVESTMENT CORP JPY 45 626,32 47 288,49 0,1010 985,00 CHIBA BANK LTD/THE JPY 48 908,85 47 096,07 0,109 166,00 FUKUOKA FINANCIAL GROUP INC JPY 27 227,54 26 224,40 0,064 033,00 BANK OF KYOTO LTD/THE JPY 25 305,76 25 453,86 0,06

17 472,00 HOKUHOKU FINANCIAL GROUP INC JPY 25 491,35 23 725,79 0,055 928,00 HACHIJUNI BANK LTD/THE JPY 25 101,16 22 833,14 0,053 579,00 IYO BANK LTD JPY 24 602,65 22 588,48 0,05

781,00 MITSUBISHI UFJ LEASE & FINANCE CO LTD JPY 21 704,87 20 677,29 0,051 781,00 CREDIT SAISON CO LTD JPY 17 717,14 20 488,61 0,041 600,00 SONY FINANCIAL HOLDINGS INC JPY 18 452,20 19 800,19 0,043 087,00 YAMAGUCHI FINANCIAL GROUP INC JPY 21 520,89 19 746,92 0,045 299,00 GUNMA BANK LTD/THE JPY 21 480,52 19 188,49 0,04

18,00 JAPAN RETAIL FUND INVESTMENT CORP JPY 13 706,37 19 031,55 0,0410,00 JAPAN PRIME REALTY INVESTMENT CORP JPY 17 302,00 18 191,17 0,044,00 NOMURA REAL ESTATE OFFICE FUND INC JPY 15 226,65 18 174,08 0,04

3 000,00 SURUGA BANK LTD JPY 18 435,64 17 909,33 0,045 695,00 JOYO BANK LTD/THE JPY 20 338,51 16 390,97 0,04

954,00 AEON MALL CO LTD JPY 16 903,27 15 822,62 0,031 372,00 NOMURA REAL ESTATE HOLDINGS INC JPY 18 832,44 15 642,86 0,03

237,00 SBI HOLDINGS INC/JAPAN JPY 29 576,35 15 038,97 0,031 773,00 CHUGOKU BANK LTD/THE JPY 16 921,09 15 036,23 0,03

22 613,00 MIZUHO TRUST & BANKING CO LTD JPY 17 636,73 13 711,89 0,034 450,00 TOKYU LAND CORP JPY 10 644,30 12 921,71 0,037 770,00 MIZUHO SECURITIES CO LTD JPY 17 188,11 12 807,35 0,037 210,00 AOZORA BANK LTD JPY 11 846,67 11 453,26 0,031 186,00 AEON CREDIT SERVICE CO LTD JPY 9 071,93 11 121,62 0,02

8,00 SEVEN BANK LTD JPY 16 578,67 10 979,61 0,024 980,00 NISHI-NIPPON CITY BANK LTD JPY 13 216,59 10 079,96 0,02

13 663,00 SHINSEI BANK LTD JPY 21 096,33 9 335,06 0,0212,00 NTT URBAN DEVELOPMENT CORP JPY 8 109,89 7 051,00 0,02

2 000,00 MATSUI SECURITIES CO LTD JPY 10 031,73 6 593,23 0,012 084,00 77 BANK LTD JPY 8 877,81 6 229,41 0,011 580,00 SAPPORO HOKUYO HOLDINGS INC JPY 4 101,61 4 533,96 0,01

SWITZERLAND 2 018 992,44 1 960 069,61 4,23

Finance 2 018 992,44 1 960 069,61 4,2348 366,00 UBS AG CHF 718 010,29 607 361,78 1,3114 854,00 CREDIT SUISSE GROUP AG CHF 467 949,49 397 883,85 0,861 901,00 ZURICH FINANCIAL SERVICES AG CHF 297 121,66 331 062,90 0,714 594,00 ACE LTD USD 175 376,12 208 557,64 0,454 988,00 SWISS RE LTD CHF 153 978,55 192 897,05 0,422 927,00 JULIUS BAER GROUP LTD CHF 63 216,27 83 270,78 0,18

430,00 SWISS LIFE HOLDING AG CHF 42 910,13 48 573,33 0,10574,00 BALOISE HOLDING AG CHF 32 180,69 40 789,32 0,09

2 791,00 GAM HOLDING AG CHF 50 852,72 31 550,34 0,07284,00 PARGESA HLDG. SA CHF 17 396,52 18 122,62 0,04

FRANCE 2 052 370,22 1 924 152,98 4,16

Finance 2 052 370,22 1 924 152,98 4,1611 662,00 BNP PARIBAS EUR 648 102,24 620 768,26 1,3425 811,00 AXA SA EUR 398 643,26 404 458,37 0,878 236,00 SOCIETE GENERALE EUR 425 401,93 337 017,12 0,731 223,00 UNIBAIL-RODAMCO SE EUR 180 916,60 195 007,35 0,42

12 237,00 CREDIT AGRICOLE SA EUR 164 751,92 126 897,69 0,272 232,00 SCOR SE EUR 39 728,90 43 747,20 0,09

11 556,00 NATIXIS EUR 39 020,37 39 983,76 0,091 272,00 KLEPIERRE EUR 36 407,20 36 207,48 0,08

368,00 FONCIERE DES REGIONS EUR 26 653,56 26 882,40 0,06265,00 GECINA SA EUR 23 590,37 25 538,05 0,06474,00 EURAZEO EUR 24 361,22 23 880,12 0,05260,00 ICADE EUR 19 504,97 22 107,80 0,05

1 408,00 CNP ASSURANCES EUR 25 287,68 21 169,28 0,0515,00 ANF IMMOBILIER EUR 0,00 488,10 0,00

HONG KONG 1 624 175,51 1 725 748,65 3,73

Finance 1 624 175,51 1 725 748,65 3,73101 800,00 AIA GROUP LTD HKD 235 619,85 243 183,67 0,5319 028,00 SUN HUNG KAI PROPERTIES LTD HKD 203 114,39 191 095,70 0,41

188





% ofNet Assets

13 146,00 HONG KONG EXCHANGES AND CLEARING LTD HKD 151 473,39 190 053,31 0,4117 261,00 CHEUNG KONG HOLDINGS LTD HKD 165 443,42 174 114,95 0,3810 630,00 HANG SENG BANK LTD HKD 120 645,76 117 120,32 0,2550 917,00 BOC HONG KONG HOLDINGS LTD HKD 75 844,23 101 999,75 0,2220 735,00 WHARF HOLDINGS LTD HKD 84 530,14 99 340,79 0,2133 430,00 HANG LUNG PROPERTIES LTD HKD 95 716,46 94 526,79 0,209 103,00 SWIRE PACIFIC LTD HKD 84 687,99 92 227,12 0,20

14 610,00 HENDERSON LAND DEVELOPMENT CO LTD HKD 70 576,07 64 945,49 0,1427 341,00 LINK REIT HKD 48 760,17 64 343,81 0,1421 519,00 BANK OF EAST ASIA LTD HKD 49 450,43 60 942,58 0,1312 303,00 HANG LUNG GROUP LTD HKD 52 497,04 53 763,29 0,1235 458,00 SINO LAND CO LTD HKD 49 349,98 39 161,57 0,0811 364,00 WHEELOCK & CO LTD HKD 29 834,67 31 427,78 0,0725 474,00 NEW WORLD DEVELOPMENT LTD HKD 35 297,70 26 554,15 0,067 774,00 KERRY PROPERTIES LTD HKD 27 946,86 25 840,66 0,066 783,00 HYSAN DEVELOPMENT CO LTD HKD 12 935,13 23 117,77 0,058 250,00 HOPEWELL HOLDINGS LTD HKD 19 143,67 18 025,97 0,041 850,00 WING HANG BANK LTD HKD 11 308,16 13 963,18 0,03

GERMANY 1 572 203,60 1 531 976,27 3,31

Finance 1 572 203,60 1 531 976,27 3,315 544,00 ALLIANZ SE EUR 495 825,63 534 053,52 1,15

11 067,00 DEUTSCHE BANK AG EUR 476 240,40 450 980,25 0,982 454,00 MUENCHENER RUECKVERSICHERUNGS AG EUR 263 871,74 258 774,30 0,56

45 165,00 COMMERZBANK AG EUR 161 531,30 134 094,89 0,292 464,00 DEUTSCHE BOERSE AG EUR 149 819,60 129 113,60 0,28

694,00 HANNOVER RUECKVERSICHERUNG AG EUR 24 914,93 24 959,71 0,05

SPAIN 1 745 241,60 1 508 932,70 3,26

Finance 1 745 241,60 1 508 932,70 3,26101 979,00 BANCO SANTANDER SA EUR 901 152,96 812 058,78 1,7556 046,00 BANCO BILBAO VIZCAYA ARGENTARIA SA EUR 541 817,19 453 412,14 0,9828 006,00 MAPFRE SA EUR 71 588,68 71 695,36 0,1610 573,00 CRITERIA CAIXACORP SA EUR 47 017,39 50 887,85 0,1112 436,00 BANCO POPULAR ESPANOL SA EUR 74 119,39 48 264,12 0,1015 770,00 BANCO DE SABADELL SA EUR 61 453,69 44 944,50 0,104 662,00 BANKINTER SA EUR 23 975,25 21 832,15 0,053 434,00 BANCO DE VALENCIA SA EUR 24 117,05 5 837,80 0,01

ITALY 1 306 362,00 949 189,41 2,05

Finance 1 306 362,00 949 189,41 2,05157 320,00 INTESA SANPAOLO SPA EUR 391 814,08 288 839,52 0,62174 963,00 UNICREDIT SPA EUR 379 166,43 255 445,98 0,5515 287,00 ASSICURAZIONI GENERALI SPA EUR 250 946,16 222 425,85 0,486 712,00 MEDIOBANCA SPA EUR 57 552,92 46 883,32 0,109 552,00 UNIONE DI BANCHE ITALIANE SCPA EUR 83 969,75 37 080,86 0,08

19 813,00 BANCO POPOLARE SCARL EUR 51 143,72 31 482,86 0,071 127,00 EXOR SPA EUR 24 003,40 24 286,85 0,05

31 388,00 BANCA MONTE DEI PASCHI DI SIENA SPA EUR 35 156,38 16 400,23 0,049 256,00 INTESA SANPAOLO SPA EUR 18 824,49 13 782,18 0,037 676,00 BANCA CARIGE SPA EUR 13 784,67 11 997,59 0,03

810,00 BENI STABILI SPA EUR 0,00 564,17 0,00

SWEDEN 728 993,27 823 869,56 1,78

Finance 728 993,27 823 869,56 1,7833 625,00 NORDEA BANK AB SEK 237 229,59 249 928,41 0,546 526,00 SVENSKA HANDELSBANKEN AB SEK 121 350,72 139 171,01 0,30

11 114,00 SWEDBANK AB SEK 99 622,83 129 136,22 0,2818 825,00 SKANDINAVISKA ENSKILDA BANKEN AB SEK 90 054,48 106 382,44 0,236 466,00 INVESTOR AB SEK 89 212,51 102 482,13 0,223 042,00 KINNEVIK INVESTMENT AB SEK 42 965,60 46 717,54 0,102 390,00 RATOS AB SEK 29 992,99 31 740,85 0,071 600,00 INDUSTRIVARDEN AB SEK 18 564,55 18 310,96 0,04

SINGAPORE 729 402,77 810 945,26 1,75

Finance 729 402,77 810 945,26 1,7516 824,00 UNITED OVERSEAS BANK LTD SGD 161 177,96 186 026,45 0,40

189





% ofNet Assets

22 211,00 DBS GROUP HOLDINGS LTD SGD 156 575,25 182 945,79 0,3934 277,00 OVERSEA-CHINESE BANKING CORP LTD SGD 143 460,58 180 259,85 0,3935 582,00 CAPITALAND LTD SGD 68 818,97 58 175,98 0,1311 907,00 SINGAPORE EXCHANGE LTD SGD 46 865,15 50 375,30 0,115 638,00 CITY DEVELOPMENTS LTD SGD 30 578,39 32 944,18 0,07

24 422,00 ASCENDAS REAL ESTATE INVESTMENT TRUST SGD 27 486,96 27 991,86 0,0620 430,00 CAPITAMALL TRUST SGD 17 482,98 21 464,97 0,0518 000,00 GLOBAL LOGISTIC PROPERTIES LTD SGD 23 648,91 20 833,40 0,046 738,00 UOL GROUP LTD SGD 18 301,40 18 853,01 0,04

20 386,00 CAPITAMALLS ASIA LTD SGD 20 944,90 16 837,19 0,047 000,00 KEPPEL LAND LTD SGD 14 061,32 14 237,28 0,03

NETHERLANDS 593 603,53 577 139,98 1,25

Finance 593 603,53 577 139,98 1,2549 696,00 ING GROEP NV EUR 437 119,23 421 869,34 0,9123 757,00 AEGON NV EUR 114 573,29 111 752,93 0,24

637,00 CORIO NV EUR 29 155,31 29 110,90 0,07879,00 DELTA LLOYD NV EUR 12 755,70 14 406,81 0,03

AUSTRIA 211 819,32 220 251,21 0,48

Finance 211 819,32 220 251,21 0,483 985,00 ERSTE GROUP BANK AG EUR 133 374,49 144 057,75 0,31

11 175,00 IMMOFINANZ AE EUR 32 680,12 32 854,50 0,07713,00 RAIFFEISEN BANK INTERNATIONAL AG EUR 27 763,58 25 336,46 0,06475,00 VIENNA INSURANCE GROUP AG EUR 18 001,13 18 002,50 0,04

BELGIUM 238 415,68 199 899,16 0,43

Finance 238 415,68 199 899,16 0,431 142,00 GROUPE BRUXELLES LAMBERT SA EUR 76 875,63 70 038,86 0,152 281,00 KBC GROEP NV EUR 66 314,13 61 815,10 0,13

27 762,00 AGEAS EUR 68 837,26 51 942,70 0,117 497,00 DEXIA SA EUR 26 388,66 16 096,06 0,04

805,00 GROUPE BRUXELLES LAMBERT SA EUR 0,00 6,44 0,00

FINLAND 165 267,05 189 323,79 0,41

Finance 165 267,05 189 323,79 0,417 689,00 SAMPO OYJ EUR 146 883,69 171 234,03 0,372 028,00 POHJOLA BANK PLC EUR 18 383,36 18 089,76 0,04

BERMUDA 160 084,80 162 660,02 0,35

Finance 160 084,80 162 660,02 0,351 896,00 ARCH CAPITAL GROUP LTD USD 39 567,33 41 742,50 0,09

594,00 EVEREST RE GROUP LTD USD 34 374,88 33 492,80 0,07695,00 PARTNERRE LTD USD 39 034,81 33 003,95 0,07615,00 RENAISSANCERE HOLDINGS LTD USD 22 155,10 29 671,54 0,07

1 159,00 AXIS CAPITAL HOLDINGS LTD USD 24 952,68 24 749,23 0,05

NORWAY 132 774,88 140 922,41 0,30

Finance 132 774,88 140 922,41 0,3012 367,00 DNB NOR BANK ASA NOK 110 884,81 119 551,02 0,262 500,00 GJENSIDIGE FORSIKRING ASA NOK 21 890,07 21 371,39 0,04

DENMARK 144 027,83 124 752,33 0,27

Finance 144 027,83 124 752,33 0,278 545,00 DANSKE BANK A/S DKK 125 809,06 109 119,57 0,24

393,00 TRYG A/S DKK 18 218,77 15 632,76 0,03

ISRAEL 120 530,35 121 704,34 0,26

Finance 120 530,35 121 704,34 0,2617 040,00 BANK LEUMI LE-ISRAEL BM ILS 56 248,37 55 267,35 0,1214 200,00 BANK HAPOALIM BM ILS 44 806,72 48 704,36 0,1010 400,00 ISRAEL DISCOUNT BANK LTD ILS 15 971,78 14 082,80 0,03

500,00 MIZRAHI TEFAHOT BANK LTD ILS 3 503,48 3 649,83 0,01

190





% ofNet Assets

GREECE 231 430,98 99 739,94 0,22

Finance 231 430,98 99 739,94 0,2213 288,00 NATIONAL BANK OF GREECE SA EUR 164 878,71 65 509,84 0,146 131,00 ALPHA BANK AE EUR 40 874,77 21 274,57 0,054 011,00 EFG EUROBANK ERGASIAS SA EUR 25 677,50 12 955,53 0,03

IRELAND 61 084,24 68 994,07 0,15

Finance 61 084,24 68 994,07 0,154 551,00 XL GROUP PLC USD 61 084,24 68 994,07 0,15

PORTUGAL 52 754,62 32 509,62 0,07

Finance 52 754,62 32 509,62 0,0741 682,00 BANCO COMERCIAL PORTUGUES SA EUR 33 431,17 17 089,62 0,046 000,00 BANCO ESPIRITO SANTO SA EUR 19 323,45 15 420,00 0,03

CYPRUS 19 882,10 13 158,46 0,03

Finance 19 882,10 13 158,46 0,036 482,00 BANK OF CYPRUS PLC EUR 19 882,10 13 158,46 0,03

Warrants 8 958,66 4 362,64 0,01

UNITED STATES 8 958,66 4 361,83 0,01620,00

AMERICAN INTERNATIONAL GROUP INC 19/01/2021

USD 8 958,66 4 361,83 0,01

ITALY 0,00 0,81 0,008 139,00


EUR 0,00 0,81 0,00

Rights 0,00 621,80 0,00

SPAIN 0,00 621,80 0,0012 436,00 BANCO POPULAR ESPANOL RTS 31/12/2049 EUR 0,00 621,80 0,00

UNQUOTED 104 326,55 2 919,47 0,01

Shares 104 326,55 2 369,67 0,01

SPAIN 2 276,12 2 362,88 0,01

Finance 2 276,12 2 362,88 0,01923,00 MAPFRE SA EUR 2 276,12 2 362,88 0,01

AUSTRIA 0,00 6,79 0,00


IRELAND 101 960,66 0,00 0,00


UNITED STATES 89,77 0,00 0,00

Finance 89,77 0,00 0,006,00 COLONIAL BANCGROUP INC USD 89,77 0,00 0,00

AUSTRALIA 0,00 0,00 0,00

Finance 0,00 0,00 0,00147 606,00 BGP HOLDINGS PLC EUR 0,00 0,00 0,00

Rights 0,00 549,80 0,00

SPAIN 0,00 549,80 0,0010 573,00 CRITERIA CAIXACORP SA 15/07/2011 EUR 0,00 549,80 0,00

Total Portfolio 48 563 118,64 45 955 316,77 99,27

191




Size Quantity

Purchase/



(EUR) Commitment

(EUR)



10 90 Purchase ALLIANZ SE 16/09/2011 EUR 2 771,73 86 934,78

100 18 Purchase BNP PARIBAS 16/09/2011 EUR 2 558,70 96 117,30100 85 Purchase BANCO SANTANDER SA 16/09/2011 EUR 1 830,05 67 033,55100 22 Purchase DEUTSCHE BANK AG 16/09/2011 EUR 2 027,08 89 914,88

192







(EUR)



14/07/2011 244 657,78 SEK 26 574,21 EUR 160,7514/07/2011 552 581,96 EUR 672 186,61 CHF 1 770,8814/07/2011 45 153,23 EUR 336 725,00 DKK 6,6114/07/2011 1 431 081,89 EUR 1 273 089,73 GBP 21 134,9514/07/2011 524 358,35 EUR 5 900 763,51 HKD 1 155,8114/07/2011 26 536,33 EUR 130 421,41 ILS 108,1714/07/2011 1 061 577,93 EUR 122 909 698,00 JPY 11 526,6214/07/2011 267 929,75 EUR 2 431 286,50 SEK 2 251,1214/07/2011 5 206 302,37 EUR 7 529 450,28 USD 11 716,1814/07/2011 62 381,13 EUR 89 586,35 USD 575,2914/07/2011 22 364,81 EUR 31 951,43 USD 321,4414/07/2011 28 424,15 EUR 3 239 752,00 JPY 746,0614/07/2011 29 175,66 EUR 41 708,12 USD 401,1314/07/2011 22 177,13 EUR 31 714,45 USD 297,2514/07/2011 30 201,42 EUR 27 022,73 GBP 273,7514/07/2011 93 749,69 EUR 135 298,07 USD 407,2214/07/2011 46 967,61 EUR 67 575,02 USD 347,44


14/07/2011 167 227,25 USD 116 559,61 EUR (1 189,12)14/07/2011 88 035,97 CAD 63 295,83 EUR (377,44)14/07/2011 44 531,03 GBP 50 820,21 EUR (1 502,09)14/07/2011 358 409,41 USD 253 786,09 EUR (6 518,56)14/07/2011 34 408,96 AUD 25 493,41 EUR (110,14)14/07/2011 22 446,68 GBP 25 334,28 EUR (474,58)14/07/2011 55 701,14 AUD 41 280,52 EUR (190,15)14/07/2011 33 559,52 CAD 24 090,82 EUR (106,18)14/07/2011 49 584,88 CHF 41 797,03 EUR (1 165,60)14/07/2011 57 268,55 GBP 64 585,89 EUR (1 160,97)14/07/2011 260 491,58 USD 184 014,22 EUR (4 300,44)14/07/2011 1 123 748,41 EUR 1 536 036,08 AUD (9 375,43)14/07/2011 1 245 041,66 EUR 1 756 069,63 CAD (10 003,03)14/07/2011 45 808,57 EUR 360 067,53 NOK (462,39)14/07/2011 241 084,09 EUR 429 445,28 SGD (269,82)14/07/2011 25 075,68 EUR 34 221,26 AUD (169,12)14/07/2011 31 928,27 EUR 43 330,15 AUD (36,10)14/07/2011 31 810,52 EUR 44 666,92 CAD (112,46)14/07/2011 22 296,98 EUR 30 226,48 AUD (0,90)14/07/2011 21 506,52 EUR 30 113,15 CAD (15,03)14/07/2011 37 342,75 EUR 33 737,27 GBP (21,28)14/07/2011 39 411,42 EUR 4 615 967,00 JPY (24,05)14/07/2011 140 946,15 EUR 204 384,18 USD (59,00)

193

Eurizon EasyFund - Equity High Tech







194





Net income from investments 137 817,21Total income 137 817,21Management fee (Note 5) (180 346,34)Custodian and paying agent fee (Note 7) (13 176,04)Subscription tax (Note 3) (2 635,18)Interest on bank accounts (624,28)Other charges and taxes (Notes 4, 7) (13 151,98)Total expenses (209 933,82)Net investment income / (loss) (72 116,61)Net realised profit / (loss) on sales of investments, currencies and other financial instruments 1 360 417,95Change in unrealised appreciation / (depreciation) on - investments (2 537 167,92)- forward foreign exchange contracts and foreign currencies (Note 8) (60 592,36)Net result of operations for the period (1 309 458,94)



195





% ofNet Assets



Shares 23 037 563,78 24 469 724,30 99,83

UNITED STATES 16 694 740,45 18 758 762,89 76,53

Computing and IT 16 694 740,45 18 758 762,89 76,539 475,00 APPLE INC USD 1 252 099,92 2 193 658,27 8,95

15 586,00 INTERNATIONAL BUSINESS MACHINES CORP USD 1 341 369,81 1 844 177,09 7,5296 654,00 MICROSOFT CORP USD 1 823 668,97 1 733 286,71 7,0751 676,00 ORACLE CORP USD 862 449,30 1 172 989,16 4,793 207,00 GOOGLE INC USD 1 130 931,00 1 120 089,51 4,57

70 172,00 INTEL CORP USD 1 045 754,18 1 072 533,43 4,3821 024,00 QUALCOMM INC USD 678 687,39 823 501,59 3,3670 713,00 CISCO SYSTEMS INC USD 1 116 403,79 761 341,31 3,1127 820,00 HEWLETT-PACKARD CO USD 848 668,51 698 450,67 2,8526 456,00 EMC CORP/MASSACHUSETTS USD 335 961,71 502 716,35 2,056 312,00 VISA INC USD 312 414,75 366 830,70 1,50

14 957,00 TEXAS INSTRUMENTS INC USD 292 952,04 338 682,38 1,3814 793,00 EBAY INC USD 286 700,14 329 255,05 1,341 408,00 MASTERCARD INC USD 212 381,14 292 642,01 1,19

22 103,00 DELL INC USD 292 265,38 254 134,75 1,0419 935,00 CORNING INC USD 262 767,68 249 557,20 1,026 270,00 AUTOMATIC DATA PROCESSING INC USD 196 535,03 227 819,31 0,933 833,00 COGNIZANT TECHNOLOGY SOLUTIONS CORP USD 126 009,13 193 890,69 0,791 618,00 SALESFORCE.COM INC USD 87 639,34 166 258,45 0,684 547,00 NETAPP INC USD 113 273,38 165 528,04 0,68

15 651,00 YAHOO! INC USD 216 239,50 162 355,56 0,6617 000,00 APPLIED MATERIALS INC USD 184 379,22 152 546,92 0,626 936,00 JUNIPER NETWORKS INC USD 130 751,59 150 694,31 0,616 290,00 BROADCOM CORP USD 136 690,47 145 943,20 0,606 396,00 ADOBE SYSTEMS INC USD 153 064,61 138 741,48 0,579 850,00 SYMANTEC CORP USD 122 122,25 133 973,95 0,553 723,00 INTUIT INC USD 90 026,84 133 168,89 0,544 157,00 ALTERA CORP USD 81 505,93 132 894,49 0,542 369,00 CITRIX SYSTEMS INC USD 73 139,55 130 717,06 0,53

18 198,00 XEROX CORP USD 143 112,55 130 662,70 0,533 940,00 MOTOROLA SOLUTIONS INC USD 14 876,62 125 114,82 0,518 321,00 WESTERN UNION CO USD 118 307,67 114 956,54 0,473 759,00 ANALOG DEVICES INC USD 92 374,00 101 477,64 0,413 067,00 SANDISK CORP USD 66 505,60 87 788,80 0,362 079,00 TERADATA CORP USD 42 311,77 86 323,33 0,354 067,00 PAYCHEX INC USD 94 556,66 86 173,28 0,352 217,00 BMC SOFTWARE INC USD 52 629,70 83 643,12 0,343 235,00 XILINX INC USD 62 578,50 81 374,30 0,332 182,00 AMPHENOL CORP USD 66 154,45 81 254,10 0,335 147,00 CA INC USD 86 843,27 81 082,57 0,331 866,00 FISERV INC USD 66 872,99 80 606,73 0,333 018,00 AUTODESK INC USD 82 518,16 80 349,61 0,332 525,00 RED HAT INC USD 52 865,40 79 937,63 0,337 220,00 NVIDIA CORP USD 80 795,83 79 353,57 0,323 038,00 WESTERN DIGITAL CORP USD 61 473,45 76 230,31 0,311 000,00 F5 NETWORKS INC USD 63 797,69 76 042,40 0,311 084,00 VMWARE INC USD 52 183,77 74 938,37 0,313 004,00 LINEAR TECHNOLOGY CORP USD 74 107,18 68 415,46 0,284 158,00 ELECTRONIC ARTS INC USD 102 556,02 67 682,08 0,283 827,00 MAXIM INTEGRATED PRODUCTS INC USD 47 454,76 67 467,80 0,273 095,00 FIDELITY NATIONAL INFORMATION SERVICES INC USD 65 260,58 65 727,57 0,27

687,00 FIRST SOLAR INC USD 64 946,66 62 675,14 0,2611 809,00 MICRON TECHNOLOGY INC USD 64 045,36 60 924,50 0,252 326,00 MICROCHIP TECHNOLOGY INC USD 56 838,79 60 819,20 0,252 083,00 KLA-TENCOR CORP USD 61 029,30 58 157,67 0,243 631,00 MOTOROLA MOBILITY HOLDINGS INC USD 219 926,13 55 196,95 0,223 219,00 NATIONAL SEMICONDUCTOR CORP USD 48 410,76 54 639,89 0,226 709,00 ACTIVISION BLIZZARD INC USD 50 916,49 54 047,78 0,222 041,00 COMPUTER SCIENCES CORP USD 68 908,37 53 437,54 0,222 360,00 AKAMAI TECHNOLOGIES INC USD 57 922,71 51 225,47 0,211 568,00 HARRIS CORP USD 55 891,22 48 732,03 0,20

196





% ofNet Assets

2 077,00 VERISIGN INC USD 43 607,76 47 933,56 0,203 218,00 NUANCE COMMUNICATIONS INC USD 35 674,37 47 653,56 0,191 525,00 LAM RESEARCH CORP USD 44 390,62 46 575,20 0,191 927,00 FLIR SYSTEMS INC USD 40 918,13 44 804,09 0,183 640,00 SAIC INC USD 49 770,62 42 228,40 0,171 863,00 AVNET INC USD 37 735,49 40 964,57 0,17

631,00 ALLIANCE DATA SYSTEMS CORP USD 28 984,32 40 940,93 0,171 399,00 ARROW ELECTRONICS INC USD 31 055,49 40 044,52 0,167 648,00 LSI CORP USD 32 441,47 37 558,23 0,157 071,00 ADVANCED MICRO DEVICES INC USD 64 179,93 34 090,65 0,141 467,00 CREE INC USD 69 858,96 33 987,35 0,141 831,00 SYNOPSYS INC USD 30 340,32 32 468,91 0,132 115,00 TOTAL SYSTEM SERVICES INC USD 27 218,62 27 104,00 0,11

600,00 DOLBY LABORATORIES INC USD 12 739,39 17 571,49 0,07

JAPAN 3 126 039,68 2 691 590,73 10,98

Computing and IT 3 126 039,68 2 691 590,73 10,9814 496,00 CANON INC JPY 451 942,52 471 687,18 1,9257 084,00 HITACHI LTD JPY 217 847,40 230 598,49 0,9451 052,00 TOSHIBA CORP JPY 196 541,09 183 995,05 0,751 249,00 NINTENDO CO LTD JPY 281 766,16 160 752,08 0,661 988,00 KYOCERA CORP JPY 124 751,20 138 374,13 0,565 930,00 FUJIFILM HOLDINGS CORP JPY 145 240,23 126 561,57 0,522 600,00 MURATA MANUFACTURING CO LTD JPY 109 010,76 118 797,70 0,48

540,00 KEYENCE CORP JPY 79 309,80 104 873,35 0,4324 353,00 FUJITSU LTD JPY 119 799,97 95 257,43 0,395 600,00 HOYA CORP JPY 107 274,49 84 844,28 0,352 250,00 TOKYO ELECTRON LTD JPY 94 636,33 83 974,01 0,348 841,00 RICOH CO LTD JPY 110 231,94 67 124,96 0,271 587,00 TDK CORP JPY 82 799,54 59 771,81 0,241 300,00 ROHM CO LTD JPY 80 962,37 51 016,40 0,21

31 701,00 NEC CORP JPY 99 958,71 49 545,59 0,202 600,00 OMRON CORP JPY 41 567,93 49 473,14 0,205 252,00 NIPPON ELECTRIC GLASS CO LTD JPY 53 232,29 46 020,68 0,19

184,00 YAHOO JAPAN CORP JPY 48 004,17 43 371,84 0,181 335,00 DENA CO LTD JPY 32 982,85 39 392,20 0,16

17,00 NTT DATA CORP JPY 54 574,05 38 634,45 0,166 500,00 KONICA MINOLTA HOLDINGS INC JPY 58 139,28 37 138,16 0,151 439,00 IBIDEN CO LTD JPY 39 329,62 30 785,73 0,131 416,00 TREND MICRO INC JPY 33 644,47 30 100,18 0,12

400,00 HIROSE ELECTRIC CO LTD JPY 33 469,51 28 081,01 0,112 773,00 BROTHER INDUSTRIES LTD JPY 22 668,83 28 063,97 0,112 100,00 ADVANTEST CORP JPY 40 745,38 26 400,25 0,11

800,00 HAMAMATSU PHOTONICS KK JPY 19 124,84 23 674,14 0,103 000,00 YASKAWA ELECTRIC CORP JPY 25 352,77 23 007,98 0,091 800,00 SEIKO EPSON CORP JPY 39 405,55 21 337,47 0,091 300,00 KONAMI CORP JPY 24 560,31 21 050,51 0,091 300,00 NOMURA RESEARCH INSTITUTE LTD JPY 20 476,38 19 485,04 0,081 300,00 GREE INC JPY 12 168,34 19 440,63 0,081 660,00 SUMCO CORP JPY 44 371,89 19 167,51 0,083 000,00 SHIMADZU CORP JPY 20 902,81 18 806,08 0,082 200,00 ELPIDA MEMORY INC JPY 47 937,41 17 661,66 0,072 900,00 YOKOGAWA ELECTRIC CORP JPY 19 693,99 16 916,08 0,07

500,00 ORACLE CORP JAPAN JPY 17 824,98 14 945,79 0,06900,00 HITACHI HIGH-TECHNOLOGIES CORP JPY 12 003,74 13 497,33 0,06

3 000,00 CITIZEN HOLDINGS CO LTD JPY 17 524,44 12 272,63 0,05800,00 SQUARE ENIX HOLDINGS CO LTD JPY 17 524,54 9 865,93 0,04200,00 OTSUKA CORP JPY 19 169,90 8 531,91 0,03300,00 ITOCHU TECHNO-SOLUTIONS CORP JPY 7 566,90 7 294,40 0,03

GERMANY 503 558,95 616 534,96 2,52

Computing and IT 503 558,95 616 534,96 2,5211 769,00 SAP AG EUR 427 591,84 491 355,75 2,0113 562,00 INFINEON TECHNOLOGIES AG EUR 64 450,05 105 132,62 0,431 383,00 UNITED INTERNET AG EUR 11 517,06 20 046,59 0,08

197





% ofNet Assets

IRELAND 309 599,20 407 143,30 1,66

Computing and IT 309 599,20 407 143,30 1,668 171,00 ACCENTURE PLC USD 225 156,81 340 512,58 1,395 978,00 SEAGATE TECHNOLOGY PLC USD 84 442,39 66 630,72 0,27

SWEDEN 340 828,24 383 416,79 1,56

Computing and IT 340 828,24 383 416,79 1,5638 462,00 TELEFONAKTIEBOLAGET LM ERICSSON SEK 340 828,24 383 416,79 1,56

FRANCE 307 030,24 278 356,57 1,14

Computing and IT 307 030,24 278 356,57 1,1428 963,00 ALCATEL-LUCENT/FRANCE EUR 152 044,72 115 504,44 0,471 829,00 CAP GEMINI SA EUR 68 385,47 73 891,60 0,30

719,00 DASSAULT SYSTEMES SA EUR 30 397,50 42 212,49 0,18409,00 NEOPOST SA EUR 33 817,14 24 229,16 0,10578,00 ATOS ORIGIN SA EUR 22 385,41 22 518,88 0,09

UNITED KINGDOM 159 131,48 225 638,29 0,92

Computing and IT 159 131,48 225 638,29 0,9217 237,00 ARM HOLDINGS PLC GBP 60 025,64 112 231,11 0,463 029,00 AUTONOMY CORP PLC GBP 49 481,20 57 254,16 0,23

17 553,00 SAGE GROUP PLC GBP 49 624,64 56 153,02 0,23

FINLAND 570 620,24 212 624,49 0,87

Computing and IT 570 620,24 212 624,49 0,8747 567,00 NOKIA OYJ EUR 570 620,24 212 624,49 0,87

SWITZERLAND 209 630,42 204 606,53 0,84

Computing and IT 209 630,42 204 606,53 0,845 784,00 TE CONNECTIVITY LTD USD 125 091,25 146 649,64 0,608 435,00 STMICROELECTRONICS NV EUR 84 539,17 57 956,89 0,24

CANADA 318 252,83 203 893,05 0,83

Computing and IT 318 252,83 203 893,05 0,836 067,00 RESEARCH IN MOTION LTD CAD 278 113,11 120 884,79 0,492 902,00 CGI GROUP INC -A- CAD 20 555,99 49 381,21 0,20

761,00 OPEN TEXT CORP CAD 19 583,73 33 627,05 0,14

NETHERLANDS 113 374,76 138 430,00 0,56

Computing and IT 113 374,76 138 430,00 0,565 450,00 ASML HOLDING NV EUR 113 374,76 138 430,00 0,56

SINGAPORE 126 304,36 112 840,89 0,46

Computing and IT 126 304,36 112 840,89 0,462 590,00 AVAGO TECHNOLOGIES LTD USD 54 234,51 67 882,93 0,28

10 153,00 FLEXTRONICS INTERNATIONAL LTD USD 72 069,85 44 957,96 0,18

BERMUDA 83 005,88 74 107,66 0,30

Computing and IT 83 005,88 74 107,66 0,307 277,00 MARVELL TECHNOLOGY GROUP LTD USD 83 005,88 74 107,66 0,30

SPAIN 68 100,02 66 259,38 0,27

Computing and IT 68 100,02 66 259,38 0,273 258,00 AMADEUS IT HOLDING SA EUR 47 928,54 46 621,98 0,191 380,00 INDRA SISTEMAS SA EUR 20 171,48 19 637,40 0,08

AUSTRALIA 32 702,36 38 735,51 0,16

Computing and IT 32 702,36 38 735,51 0,165 914,00 COMPUTERSHARE LTD AUD 32 702,36 38 735,51 0,16

198





% ofNet Assets

HONG KONG 14 839,32 23 131,11 0,09

Computing and IT 14 839,32 23 131,11 0,092 448,00 ASM PACIFIC TECHNOLOGY LTD HKD 14 839,32 23 131,11 0,09

ISRAEL 18 420,78 18 971,80 0,08

Computing and IT 18 420,78 18 971,80 0,08764,00 NICE SYSTEMS LTD ILS 18 420,78 18 971,80 0,08

CHINA 29 686,16 7 954,59 0,03

Computing and IT 29 686,16 7 954,59 0,0326 240,00 FOXCONN INTERNATIONAL HOLDINGS LTD HKD 29 686,16 7 954,59 0,03

NORWAY 11 698,41 6 725,76 0,03

Computing and IT 11 698,41 6 725,76 0,035 641,00 RENEWABLE ENERGY CORP ASA NOK 11 698,41 6 725,76 0,03

Total Portfolio 23 037 563,78 24 469 724,30 99,83

199







(EUR)



14/07/2011 2 877,78 EUR 26 211,14 SEK 13,5614/07/2011 95,82 EUR 116,82 CHF 0,0914/07/2011 2,62 EUR 19,54 DKK 0,0014/07/2011 1 538,73 EUR 1 358,48 GBP 34,2114/07/2011 175,01 EUR 1 970,43 HKD 0,3014/07/2011 14 614,47 EUR 1 701 102,00 JPY 81,4914/07/2011 11,85 EUR 21,09 SGD 0,0014/07/2011 86 672,63 EUR 125 359,57 USD 186,7614/07/2011 123,87 EUR 166,46 AUD 1,0714/07/2011 20,63 EUR 100,87 ILS 0,1914/07/2011 6 069,43 EUR 8 671,08 USD 87,2314/07/2011 51 674,87 EUR 74 216,69 USD 472,5914/07/2011 104,07 EUR 125,57 CHF 1,1714/07/2011 2,82 EUR 21,02 DKK 0,0014/07/2011 2 430,96 EUR 2 175,10 GBP 22,0414/07/2011 363,31 EUR 4 083,96 HKD 1,2014/07/2011 136,59 EUR 672,02 ILS 0,4114/07/2011 9 609,84 EUR 1 110 667,00 JPY 121,1114/07/2011 12,75 EUR 22,66 SGD 0,0114/07/2011 142 259,87 EUR 205 307,19 USD 617,9414/07/2011 4 226,41 EUR 5 890,84 CAD 16,2914/07/2011 154,39 EUR 183,23 CHF 4,2514/07/2011 4,11 EUR 30,65 DKK 0,0014/07/2011 31,92 EUR 352,12 HKD 0,7014/07/2011 321,56 EUR 1 568,20 ILS 3,7914/07/2011 23 701,56 EUR 2 698 757,00 JPY 645,3414/07/2011 18,87 EUR 33,07 SGD 0,2814/07/2011 228 036,17 EUR 322 836,05 USD 5 310,7914/07/2011 20 009,18 EUR 2 310 492,00 JPY 270,0114/07/2011 41 229,41 EUR 59 216,50 USD 375,8014/07/2011 1 343,90 EUR 1 207,84 GBP 6,2214/07/2011 144,26 EUR 1 616,30 HKD 0,9514/07/2011 39,83 EUR 53,99 AUD 0,0014/07/2011 2 632,55 NOK 334,29 EUR 4,0114/07/2011 180,85 AUD 132,55 EUR 0,8614/07/2011 5 206,19 CAD 3 709,67 EUR 11,1414/07/2011 47,66 DKK 6,39 EUR 0,0014/07/2011 2 041,24 NOK 261,06 EUR 1,2514/07/2011 190,57 CAD 136,10 EUR 0,1014/07/2011 20,19 DKK 2,71 EUR 0,0014/07/2011 17 519,77 CAD 12 497,32 EUR 23,8814/07/2011 231,46 AUD 170,59 EUR 0,1614/07/2011 2 546,70 NOK 321,52 EUR 5,7514/07/2011 12 871,64 SEK 1 404,74 EUR 1,8114/07/2011 1 517,29 NOK 194,84 EUR 0,1414/07/2011 15 355,82 SEK 1 667,92 EUR 10,0914/07/2011 31,23 DKK 4,19 EUR 0,0014/07/2011 1 669,78 NOK 214,40 EUR 0,1814/07/2011 7,49 CHF 6,14 EUR 0,0014/07/2011 1,25 DKK 0,17 EUR 0,0014/07/2011 3 247,97 HKD 287,97 EUR 0,0214/07/2011 1,35 SGD 0,76 EUR 0,0014/07/2011 8 241,08 EUR 10 024,84 CHF 26,4114/07/2011 224,92 EUR 1 677,33 DKK 0,0314/07/2011 88 881,47 EUR 79 068,91 GBP 1 312,6514/07/2011 16 555,85 EUR 186 307,96 HKD 36,5014/07/2011 7 756,08 EUR 38 119,76 ILS 31,6214/07/2011 1 076 255,94 EUR 124 609 121,00 JPY 11 685,9914/07/2011 146 134,02 EUR 1 326 070,30 SEK 1 227,8014/07/2011 7 707 733,44 EUR 11 147 065,93 USD 17 345,36

200







(EUR)

14/07/2011 589,63 EUR 521,78 GBP 11,76


14/07/2011 130,11 EUR 1 022,25 NOK (1,26)14/07/2011 2 778,76 EUR 25 443,45 SEK (1,57)14/07/2011 199,68 EUR 985,65 ILS (0,05)14/07/2011 2 307,49 EUR 21 180,29 SEK (6,98)14/07/2011 690,73 EUR 967,15 CAD (0,48)14/07/2011 1 564,86 EUR 1 413,77 GBP (0,89)14/07/2011 19 446,25 EUR 2 277 595,00 JPY (11,87)14/07/2011 170,59 EUR 1 328,20 NOK (0,09)14/07/2011 2 542,94 EUR 23 280,89 SEK (1,08)14/07/2011 84 108,06 EUR 121 964,00 USD (35,20)14/07/2011 150,24 ILS 30,46 EUR (0,02)14/07/2011 16 203,16 EUR 22 147,88 AUD (135,19)14/07/2011 2 144,30 GBP 2 435,25 EUR (60,44)14/07/2011 6 462,69 HKD 578,42 EUR (5,39)14/07/2011 691,85 ILS 140,96 EUR (0,77)14/07/2011 2 003 300,00 JPY 17 400,63 EUR (285,89)14/07/2011 30 857,46 SEK 3 390,16 EUR (18,21)14/07/2011 51,41 SGD 28,94 EUR (0,05)14/07/2011 364 892,40 USD 254 192,63 EUR (2 452,47)14/07/2011 25,48 ILS 5,19 EUR (0,03)14/07/2011 2 717,22 CAD 1 959,17 EUR (17,20)14/07/2011 120,66 CHF 99,60 EUR (0,73)14/07/2011 127,87 GBP 145,51 EUR (3,89)14/07/2011 2 847,07 HKD 256,08 EUR (3,64)14/07/2011 73 437,00 JPY 637,82 EUR (10,43)14/07/2011 21,78 SGD 12,38 EUR (0,14)14/07/2011 201 209,41 USD 142 474,36 EUR (3 659,50)14/07/2011 21 947,96 USD 15 356,94 EUR (214,99)14/07/2011 1 749 339,00 JPY 15 253,06 EUR (307,98)14/07/2011 44 305,06 USD 30 985,42 EUR (419,25)14/07/2011 3 277,07 CAD 2 345,94 EUR (3,85)14/07/2011 2 660,20 GBP 3 002,42 EUR (56,25)14/07/2011 1 508 820,00 JPY 13 103,46 EUR (213,20)14/07/2011 1 793,41 ILS 365,79 EUR (2,38)14/07/2011 1 379 128,00 JPY 11 987,85 EUR (205,58)14/07/2011 134 879,85 USD 94 013,04 EUR (959,10)14/07/2011 284,85 CHF 237,19 EUR (3,77)14/07/2011 421,19 AUD 312,15 EUR (1,44)14/07/2011 199,55 GBP 225,05 EUR (4,05)14/07/2011 81 374,17 USD 57 571,29 EUR (1 431,05)14/07/2011 164 166,07 USD 115 119,76 EUR (1 861,19)14/07/2011 2 282 256,00 JPY 19 688,30 EUR (190,36)14/07/2011 591,62 AUD 436,86 EUR (0,43)14/07/2011 4 898,66 CAD 3 508,08 EUR (7,06)14/07/2011 186,67 CHF 155,18 EUR (2,22)14/07/2011 1 006 765,00 JPY 8 649,50 EUR (48,43)14/07/2011 33,69 SGD 18,99 EUR (0,06)14/07/2011 40 634,79 USD 28 249,03 EUR (214,99)14/07/2011 92 910,75 EUR 131 046,01 CAD (746,47)14/07/2011 4 259,19 EUR 33 478,34 NOK (42,99)14/07/2011 1 015,69 EUR 1 809,25 SGD (1,13)14/07/2011 995,80 EUR 1 397,82 CAD (3,21)14/07/2011 194,04 EUR 263,45 AUD (0,31)14/07/2011 44,25 EUR 345,46 NOK (0,14)14/07/2011 153,95 EUR 1 409,47 SEK (0,07)14/07/2011 173,13 EUR 1 360,58 NOK (1,71)14/07/2011 607,65 EUR 5 575,09 SEK (1,57)14/07/2011 21,55 EUR 29,33 AUD (0,09)14/07/2011 4 302,81 EUR 6 041,81 CAD (15,21)

201

Eurizon EasyFund - Equity Telecommunication







202





Net income from investments 722 871,14Other income (Note 9) 1 039,39Total income 723 910,53Management fee (Note 5) (114 987,39)Custodian and paying agent fee (Note 7) (13 218,19)Subscription tax (Note 3) (2 216,39)Interest on bank accounts (669,48)Other charges and taxes (Notes 4, 7) (12 234,09)Total expenses (143 325,54)Net investment income / (loss) 580 584,99Net realised profit / (loss) on sales of investments, currencies and other financial instruments 709 028,27Change in unrealised appreciation / (depreciation) on - investments (1 424 779,75)- forward foreign exchange contracts and foreign currencies (Note 8) 42 163,99- future contracts (Note 8) 8 091,50Net result of operations for the period (84 911,00)



203





% ofNet Assets



Shares 36 955 553,65 36 769 405,25 99,29

UNITED STATES 11 497 472,45 11 552 277,14 31,20

Telecommunication 11 497 472,45 11 552 277,14 31,20131 396,00 VERIZON COMMUNICATIONS INC USD 3 350 505,61 3 374 056,94 9,11154 241,00 AT&T INC USD 3 281 912,84 3 341 527,16 9,0239 644,00 CENTURYLINK INC USD 1 146 283,49 1 105 499,21 2,9926 318,00 AMERICAN TOWER CORP USD 936 839,88 949 906,47 2,57

197 290,00 SPRINT NEXTEL CORP USD 709 598,52 733 450,93 1,9819 328,00 CROWN CASTLE INTERNATIONAL CORP USD 564 096,51 543 773,26 1,4765 949,00 FRONTIER COMMUNICATIONS CORP USD 386 479,79 367 078,52 0,9911 275,00 NII HOLDINGS INC USD 329 349,44 329 575,36 0,8933 505,00 WINDSTREAM CORP USD 304 523,93 299 496,57 0,8119 697,00 METROPCS COMMUNICATIONS INC USD 215 145,36 233 807,36 0,637 647,00 SBA COMMUNICATIONS CORP USD 211 260,22 201 427,14 0,54

21 915,00 LEVEL 3 COMMUNICATIONS INC USD 24 639,56 36 881,50 0,102 528,00 TW TELECOM INC USD 36 837,30 35 796,72 0,10

UNITED KINGDOM 4 668 711,62 4 565 362,83 12,33

Telecommunication 4 668 711,62 4 565 362,83 12,331 745 299,00 VODAFONE GROUP PLC GBP 3 310 465,09 3 194 603,25 8,63

529 598,00 BT GROUP PLC GBP 1 131 734,77 1 181 668,40 3,1930 713,00 INMARSAT PLC GBP 226 511,76 189 091,18 0,51

JAPAN 4 030 645,76 4 167 815,79 11,26

Telecommunication 4 030 645,76 4 167 815,79 11,2657 423,00 SOFTBANK CORP JPY 1 427 922,47 1 485 967,88 4,01

202,00 KDDI CORP JPY 906 078,32 995 423,98 2,69733,00 NTT DOCOMO INC JPY 912 490,32 895 201,76 2,42

23 970,00 NIPPON TELEGRAPH & TELEPHONE CORP JPY 784 154,65 791 222,17 2,14

SPAIN 3 399 569,07 3 345 040,86 9,03


CANADA 1 681 211,79 1 791 901,47 4,84

Telecommunication 1 681 211,79 1 791 901,47 4,8427 800,00 ROGERS COMMUNICATIONS INC CAD 706 284,60 758 751,16 2,0516 402,00 BCE INC CAD 419 500,81 443 326,04 1,209 724,00 TELUS CORP CAD 322 047,33 353 170,58 0,953 775,00 TELUS CORP CAD 132 592,23 137 106,02 0,374 850,00 BELL ALIANT INC CAD 100 786,82 99 547,67 0,27

GERMANY 1 556 673,96 1 639 283,63 4,43

Telecommunication 1 556 673,96 1 639 283,63 4,43151 575,00 DEUTSCHE TELEKOM AG EUR 1 556 673,96 1 639 283,63 4,43

FRANCE 1 616 843,53 1 595 547,39 4,31

Telecommunication 1 578 052,52 1 555 279,89 4,2094 949,00 FRANCE TELECOM SA EUR 1 429 611,16 1 392 427,09 3,761 760,00 ILIAD SA EUR 148 441,36 162 852,80 0,44

Consumer Retail 38 791,01 40 267,50 0,112 100,00 VIVENDI SA EUR 38 791,01 40 267,50 0,11

SWEDEN 1 133 937,63 1 048 459,98 2,83

Telecommunication 1 133 937,63 1 048 459,98 2,83142 219,00 TELIASONERA AB SEK 785 575,77 721 306,80 1,9523 944,00 TELE2 AB SEK 348 361,86 327 153,18 0,88

204





% ofNet Assets

NETHERLANDS 1 145 740,46 1 041 455,02 2,81


SINGAPORE 1 014 243,12 1 037 996,29 2,80

Telecommunication 1 014 243,12 1 037 996,29 2,80526 561,00 SINGAPORE TELECOMMUNICATIONS LTD SGD 913 423,83 934 880,54 2,5265 781,00 STARHUB LTD SGD 100 819,29 103 115,75 0,28

ITALY 996 021,94 916 561,87 2,48

Telecommunication 996 021,94 916 561,87 2,48621 233,00 TELECOM ITALIA SPA EUR 648 420,17 596 073,06 1,61399 363,00 TELECOM ITALIA SPA EUR 347 601,77 320 488,81 0,87

AUSTRALIA 656 014,65 647 119,29 1,75

Telecommunication 656 014,65 647 119,29 1,75303 237,00 TELSTRA CORP LTD AUD 656 014,65 647 119,29 1,75

NORWAY 556 812,21 557 203,74 1,50

Telecommunication 556 812,21 557 203,74 1,5049 061,00 TELENOR ASA NOK 556 812,21 557 203,74 1,50

SWITZERLAND 501 245,42 525 148,06 1,42

Telecommunication 501 245,42 525 148,06 1,421 663,00 SWISSCOM AG CHF 501 245,42 525 148,06 1,42

BELGIUM 422 605,05 415 020,08 1,12

Telecommunication 422 605,05 415 020,08 1,1211 605,00 BELGACOM SA EUR 302 661,21 285 424,98 0,771 735,00 MOBISTAR SA EUR 84 078,35 90 879,30 0,251 180,00 TELENET GROUP HLDG. NV EUR 35 865,49 38 715,80 0,10

LUXEMBOURG 389 513,36 402 408,25 1,09

Telecommunication 389 513,36 402 408,25 1,095 578,00 MILLICOM INTERNATIONAL CELLULAR SA -SDR- SEK 389 513,36 402 408,25 1,09

ISRAEL 393 861,81 332 861,26 0,90


BEZEQ THE ISRAELI TELECOMMUNICATION CORP LTD

ILS 224 706,36 197 241,01 0,53

3 830,00 CELLCOM ISRAEL LTD ILS 86 968,72 73 360,74 0,205 987,00 PARTNER COMMUNICATIONS CO LTD ILS 82 186,73 62 259,51 0,17

PORTUGAL 366 429,37 304 697,74 0,82


AUSTRIA 223 840,35 193 740,80 0,52

Telecommunication 223 840,35 193 740,80 0,5222 016,00 TELEKOM AUSTRIA AG EUR 223 840,35 193 740,80 0,52

NEW ZEALAND 162 354,78 178 632,07 0,48

Telecommunication 162 354,78 178 632,07 0,48127 733,00 TELECOM CORP OF NEW ZEALAND LTD NZD 162 354,78 178 632,07 0,48

DENMARK 157 203,34 156 385,00 0,42

Telecommunication 157 203,34 156 385,00 0,4224 850,00 TDC A/S DKK 157 203,34 156 385,00 0,42

205





% ofNet Assets

GREECE 165 898,78 141 942,25 0,38



EUR 165 898,78 141 942,25 0,38

FINLAND 142 726,53 133 798,50 0,36


HONG KONG 75 976,67 78 745,94 0,21

Telecommunication 75 976,67 78 745,94 0,21265 189,00 PCCW LTD HKD 75 976,67 78 745,94 0,21

Total Portfolio 36 955 553,65 36 769 405,25 99,29

206




Size Quantity

Purchase/



(EUR) Commitment

(EUR)



100 25 Purchase TELFONICA SA 16/09/2011 EUR 1 407,00 42 274,50100 150 Purchase DEUTSCHE TELEKOM AG 16/09/2011 EUR 4 695,00 162 705,00


100 70 Purchase FRANCE TELECOM SA 16/09/2011 EUR (442,50) 100 576,00

207







(EUR)



14/07/2011 107 865,08 SEK 11 771,78 EUR 15,1714/07/2011 29 035,96 AUD 21 347,38 EUR 72,2614/07/2011 215 107,67 NOK 27 622,46 EUR 20,2414/07/2011 283 418,05 SEK 30 784,27 EUR 186,2114/07/2011 1 413,30 DKK 189,46 EUR 0,0314/07/2011 36 673,18 ILS 7 430,53 EUR 0,8014/07/2011 54 253,10 SEK 5 912,31 EUR 16,1914/07/2011 233 813,69 EUR 284 421,94 CHF 749,3114/07/2011 53 980,50 EUR 402 553,33 DKK 7,9114/07/2011 1 991 833,09 EUR 1 771 933,72 GBP 29 416,4114/07/2011 33 934,85 EUR 381 879,15 HKD 74,8014/07/2011 149 220,20 EUR 733 391,23 ILS 608,2614/07/2011 1 856 154,49 EUR 214 905 926,00 JPY 20 154,1414/07/2011 647 335,85 EUR 5 874 147,71 SEK 5 438,8414/07/2011 5 023 066,78 EUR 7 264 451,60 USD 11 303,8314/07/2011 17 151,23 EUR 15 177,49 GBP 342,1614/07/2011 2 499,53 EUR 12 263,81 ILS 14,4314/07/2011 29 208,81 EUR 3 362 352,00 JPY 483,3114/07/2011 2 769,84 EUR 25 227,97 SEK 13,0614/07/2011 8 571,92 EUR 15 208,81 SGD 24,3714/07/2011 9 717,65 EUR 13 942,16 USD 98,9214/07/2011 2 937,85 EUR 3 529,95 CHF 45,3014/07/2011 470,91 EUR 3 511,31 DKK 0,1314/07/2011 2 694,98 EUR 2 374,25 GBP 65,5014/07/2011 2 249,86 EUR 11 048,66 ILS 11,0014/07/2011 101 193,50 EUR 11 651 065,00 JPY 1 655,2514/07/2011 7 518,00 EUR 68 458,97 SEK 37,1514/07/2011 5 864,27 EUR 10 421,88 SGD 7,0414/07/2011 20 899,00 EUR 30 013,33 USD 192,7314/07/2011 8 404,31 EUR 7 419,82 GBP 186,8614/07/2011 17 706,63 EUR 25 610,11 USD 38,1514/07/2011 2 433,99 EUR 3 270,80 AUD 21,1414/07/2011 2 117,68 EUR 2 566,81 CHF 14,3514/07/2011 612,32 EUR 4 566,00 DKK 0,1314/07/2011 20 208,68 EUR 17 762,82 GBP 536,3614/07/2011 679,33 EUR 7 555,03 HKD 9,4514/07/2011 787,71 EUR 3 850,60 ILS 7,4414/07/2011 21 282,43 EUR 30 405,09 USD 305,8814/07/2011 20 396,05 EUR 36 068,68 SGD 124,9814/07/2011 4 367,92 EUR 6 103,50 CAD 5,8114/07/2011 35 862,78 EUR 31 778,94 GBP 667,6014/07/2011 8 760,96 EUR 98 037,01 HKD 68,3214/07/2011 3 031,24 EUR 14 887,35 ILS 14,5214/07/2011 875,29 EUR 1 548,77 SGD 4,8614/07/2011 29 970,62 EUR 43 044,53 USD 274,0914/07/2011 504,39 EUR 608,59 CHF 5,6914/07/2011 42 832,53 EUR 38 324,42 GBP 388,2314/07/2011 2 981,79 EUR 14 670,23 ILS 9,0614/07/2011 29 500,66 EUR 3 409 569,00 JPY 371,7814/07/2011 89 239,06 EUR 128 788,40 USD 387,6314/07/2011 115,93 EUR 864,64 DKK —14/07/2011 417,17 EUR 4 601,42 HKD 9,1814/07/2011 2 057,80 EUR 3 606,08 SGD 31,1414/07/2011 46 879,48 EUR 5 343 506,00 JPY 1 228,4414/07/2011 45 363,63 EUR 65 154,35 USD 413,4814/07/2011 2 504,86 EUR 291 615,00 JPY 13,5114/07/2011 1 079,61 EUR 5 326,62 ILS 0,2414/07/2011 14 710,08 AUD 10 784,16 EUR 67,3714/07/2011 2 667,70 CAD 1 901,18 EUR 5,4014/07/2011 5 520,89 NOK 706,09 EUR 3,3814/07/2011 306,35 AUD 225,79 EUR 0,20

208







(EUR)

14/07/2011 16 017,79 CAD 11 439,58 EUR 8,1714/07/2011 1 558,00 NOK 199,69 EUR 0,5214/07/2011 2 634,74 NZD 1 491,29 EUR 8,9914/07/2011 94 763,44 NOK 11 963,87 EUR 213,83


14/07/2011 1 095,47 CHF 906,57 EUR (8,91)14/07/2011 90 255,27 HKD 8 087,96 EUR (85,30)14/07/2011 1 789,76 NZD 1 025,67 EUR (6,54)14/07/2011 6 592,88 HKD 590,08 EUR (5,51)14/07/2011 215,11 CHF 176,53 EUR (0,26)14/07/2011 412,56 DKK 55,34 EUR (0,03)14/07/2011 2 940,19 HKD 261,25 EUR (0,55)14/07/2011 14 277,40 ILS 2 907,51 EUR (14,39)14/07/2011 9 491 162,00 JPY 81 590,09 EUR (504,49)14/07/2011 17 805,60 SGD 10 010,49 EUR (3,51)14/07/2011 794 183,10 EUR 1 120 155,95 CAD (6 380,70)14/07/2011 264 120,30 EUR 2 076 055,97 NOK (2 666,08)14/07/2011 61 586,08 EUR 108 168,41 NZD (7,32)14/07/2011 452 430,22 EUR 805 918,06 SGD (506,35)14/07/2011 19 314,33 EUR 144 092,65 DKK (4,98)14/07/2011 905,11 EUR 7 131,63 NOK (11,35)14/07/2011 3 368,09 EUR 4 598,25 AUD (24,01)14/07/2011 8 390,97 EUR 11 784,09 CAD (31,00)14/07/2011 569,38 EUR 1 008,22 NZD (4,72)14/07/2011 1 224,58 EUR 11 211,66 SEK (0,57)14/07/2011 1 963,64 EUR 15 431,66 NOK (19,43)14/07/2011 3 243,93 EUR 5 721,72 NZD (14,14)14/07/2011 696,09 EUR 6 386,50 SEK (1,79)14/07/2011 18 044,77 EUR 31 952,89 NZD (149,89)14/07/2011 20 837,20 EUR 28 278,35 AUD (23,56)14/07/2011 8 118,95 EUR 11 400,27 CAD (28,70)14/07/2011 78,13 EUR 582,85 DKK (0,02)14/07/2011 4 691,29 EUR 36 859,59 NOK (45,40)14/07/2011 633,30 EUR 1 119,42 NZD (4,12)14/07/2011 10 750,69 EUR 98 437,69 SEK (6,08)14/07/2011 1 078,26 EUR 8 400,00 NOK (1,19)14/07/2011 1 497,25 EUR 2 632,37 NZD (1,68)14/07/2011 24 320,52 EUR 34 053,28 CAD (17,00)14/07/2011 3 308,09 EUR 4 039,36 CHF (1,89)14/07/2011 1 051,46 EUR 7 845,59 DKK (0,44)14/07/2011 72 335,90 EUR 65 351,80 GBP (41,22)14/07/2011 1 957,70 EUR 22 089,75 HKD (0,93)14/07/2011 24 438,67 EUR 2 862 320,00 JPY (14,92)14/07/2011 8 850,90 EUR 68 913,09 NOK (4,87)14/07/2011 160,21 EUR 281,48 NZD (0,07)14/07/2011 24 498,51 EUR 224 286,42 SEK (10,37)14/07/2011 4 927,53 EUR 8 769,78 SGD (1,20)14/07/2011 30 448,70 EUR 44 153,26 USD (12,74)14/07/2011 4 500,73 CAD 3 245,12 EUR (28,50)14/07/2011 148 358,00 JPY 1 288,54 EUR (21,08)14/07/2011 9 278,10 SGD 5 271,73 EUR (57,32)14/07/2011 2 756 067,00 JPY 24 181,61 EUR (635,77)14/07/2011 51 183,70 USD 36 242,66 EUR (930,90)14/07/2011 21 354,42 GBP 24 151,12 EUR (501,10)14/07/2011 7 864 000,00 JPY 68 706,78 EUR (1 522,47)14/07/2011 75 682,21 USD 52 954,68 EUR (741,34)14/07/2011 26 228,25 GBP 29 724,10 EUR (676,31)14/07/2011 5 708,48 CHF 4 708,98 EUR (31,27)14/07/2011 57 646,25 DKK 7 732,30 EUR (3,34)14/07/2011 1 697 535,00 JPY 14 742,37 EUR (239,86)14/07/2011 2 331,44 HKD 207,50 EUR (0,78)14/07/2011 40 764,73 SGD 22 955,17 EUR (44,85)14/07/2011 10 561,70 AUD 7 827,35 EUR (36,05)14/07/2011 17 180,88 CAD 12 333,36 EUR (54,36)14/07/2011 9 069,46 CHF 7 645,00 EUR (213,20)

209







(EUR)

14/07/2011 34 269,42 GBP 38 648,11 EUR (694,73)14/07/2011 25 323,11 ILS 5 193,14 EUR (61,75)14/07/2011 1 810 684,00 JPY 15 903,11 EUR (433,94)14/07/2011 4 051,37 NZD 2 318,20 EUR (11,26)14/07/2011 146 632,86 USD 103 583,12 EUR (2 420,75)14/07/2011 45 895,19 USD 32 183,53 EUR (520,33)14/07/2011 5 067 899,00 JPY 43 719,17 EUR (422,72)14/07/2011 14 169,74 AUD 10 463,10 EUR (10,17)14/07/2011 23 363,30 CAD 16 731,16 EUR (33,65)14/07/2011 2 057,16 CHF 1 710,12 EUR (24,42)14/07/2011 40 736,39 GBP 45 337,77 EUR (222,22)14/07/2011 8 098,03 HKD 722,96 EUR (4,93)14/07/2011 18 433,54 SGD 10 390,93 EUR (31,04)14/07/2011 48 154,18 USD 33 476,46 EUR (254,77)14/07/2011 1 893,74 AUD 1 397,15 EUR (0,15)14/07/2011 306 274,10 EUR 418 641,81 AUD (2 555,25)

210

Eurizon EasyFund - Equity Utilities



Assets Notes Investments in securities at market value 17 278 974,34Banks 473 419,15Amounts due from brokers 23 965,40Unrealised profit on forward foreign exchange contracts (Note 8) 37 865,19Receivable on investments sold 225 900,92Receivable on subscriptions 2 185,99Other assets 64 096,76Total assets 18 106 407,75



Class I Units EUR 93,18 14 784,251Class IH Units EUR 104,99 32 006,703Class R Units EUR 92,75 65 084,126Class R2 Units USD 134,56 1 057,692Class RH Units EUR 103,64 54 624,454Class Z Units EUR 97,75 9 218,220Class ZH Units EUR 109,51 173,990

211





Net income from investments 1 000 901,45Other income (Note 9) 2 499,30Total income 1 003 400,75Management fee (Note 5) (158 072,55)Custodian and paying agent fee (Note 7) (10 188,15)Subscription tax (Note 3) (3 366,87)Interest on bank accounts (438,14)Other charges and taxes (Notes 4, 7) (12 594,93)Total expenses (184 660,64)Net investment income / (loss) 818 740,11Net realised profit / (loss) on sales of investments, currencies and other financial instruments (45 593,65)Change in unrealised appreciation / (depreciation) on - investments (796 836,26)- forward foreign exchange contracts and foreign currencies (Note 8) (24 895,90)- future contracts (Note 8) (380,63)Net result of operations for the period (48 966,33)



212





% ofNet Assets



Shares 18 737 385,14 17 278 974,34 99,00

UNITED STATES 7 409 545,98 7 458 776,64 42,73

Multi-Utilities 7 409 545,98 7 458 776,64 42,7321 682,00 SOUTHERN CO USD 568 317,86 603 869,20 3,4617 097,00 EXELON CORP USD 580 782,84 505 180,53 2,8915 032,00 DOMINION RESOURCES INC/VA USD 451 730,00 500 462,21 2,8735 004,00 DUKE ENERGY CORP USD 444 181,12 454 616,53 2,6010 572,00 NEXTERA ENERGY INC USD 410 075,79 418 986,47 2,4010 992,00 FIRSTENERGY CORP USD 354 764,05 334 722,31 1,9212 739,00 AMERICAN ELECTRIC POWER CO INC USD 331 539,56 331 072,77 1,9013 308,00 PUBLIC SERVICE ENTERPRISE GROUP INC USD 319 457,42 299 598,87 1,7210 242,00 PG&E CORP USD 327 543,28 296 907,65 1,7014 994,00 PPL CORP USD 318 246,26 287 811,37 1,657 674,00 CONSOLIDATED EDISON INC USD 261 243,73 281 797,46 1,617 773,00 PROGRESS ENERGY INC USD 241 125,96 257 393,52 1,488 260,00 EDISON INTERNATIONAL USD 223 528,84 220 764,37 1,275 962,00 SEMPRA ENERGY USD 223 437,57 217 450,62 1,254 602,00 ENTERGY CORP USD 263 007,34 216 729,16 1,24

12 726,00 XCEL ENERGY INC USD 203 638,58 213 292,42 1,2218 329,00 AES CORP USD 176 320,83 161 059,16 0,924 504,00 DTE ENERGY CO USD 145 147,80 155 388,65 0,89

10 505,00 CENTERPOINT ENERGY INC USD 113 195,54 140 202,01 0,802 579,00 ONEOK INC USD 85 069,04 131 649,43 0,754 922,00 CONSTELLATION ENERGY GROUP INC USD 143 284,95 128 867,99 0,745 767,00 WISCONSIN ENERGY CORP USD 107 387,79 124 699,50 0,715 985,00 AMEREN CORP USD 137 933,18 119 051,98 0,684 748,00 NORTHEAST UTILITIES USD 94 968,40 115 175,55 0,667 466,00 NISOURCE INC USD 91 992,97 104 277,41 0,606 148,00 NRG ENERGY INC USD 110 000,45 104 230,05 0,604 644,00 AMERICAN WATER WORKS CO INC USD 78 765,42 94 331,06 0,548 331,00 CALPINE CORP USD 75 861,39 92 684,85 0,532 825,00 PINNACLE WEST CAPITAL CORP USD 80 709,01 86 863,18 0,503 033,00 SCANA CORP USD 84 184,19 82 359,76 0,472 566,00 NSTAR USD 70 541,14 81 377,22 0,472 802,00 ALLIANT ENERGY CORP USD 71 723,19 78 580,13 0,455 584,00 PEPCO HOLDINGS INC USD 80 315,42 75 603,68 0,434 819,00 MDU RESOURCES GROUP INC USD 76 382,40 74 785,37 0,431 872,00 INTEGRYS ENERGY GROUP INC USD 63 142,67 66 934,20 0,38

UNITED KINGDOM 1 854 350,16 1 837 534,89 10,53

Multi-Utilities 1 854 350,16 1 837 534,89 10,5390 850,00 NATIONAL GRID PLC GBP 608 013,64 616 176,68 3,53

135 250,00 CENTRICA PLC GBP 485 750,11 484 191,56 2,7724 989,00 SCOTTISH & SOUTHERN ENERGY PLC GBP 362 288,52 385 455,48 2,2139 478,00 INTERNATIONAL POWER PLC GBP 176 086,76 140 630,80 0,8117 214,00 UNITED UTILITIES GROUP PLC GBP 130 723,02 114 178,11 0,655 945,00 SEVERN TRENT PLC GBP 91 488,11 96 902,26 0,56

JAPAN 2 529 527,55 1 666 855,71 9,55

Multi-Utilities 2 529 527,55 1 666 855,71 9,5520 858,00 KANSAI ELECTRIC POWER CO INC JPY 358 434,16 285 018,84 1,6318 459,00 CHUBU ELECTRIC POWER CO INC JPY 329 400,94 247 507,71 1,4270 383,00 TOKYO GAS CO LTD JPY 227 687,24 218 200,29 1,2553 208,00 OSAKA GAS CO LTD JPY 142 768,52 138 598,23 0,7911 007,00 KYUSHU ELECTRIC POWER CO INC JPY 180 351,03 136 024,90 0,7811 671,00 TOHOKU ELECTRIC POWER CO INC JPY 182 506,40 115 723,41 0,6637 029,00 TOKYO ELECTRIC POWER CO INC JPY 594 736,70 103 095,69 0,597 984,00 CHUGOKU ELECTRIC POWER CO INC JPY 118 300,13 94 916,27 0,545 256,00 SHIKOKU ELECTRIC POWER CO INC JPY 105 149,08 81 921,74 0,475 588,00 HOKURIKU ELECTRIC POWER CO JPY 89 166,17 73 208,70 0,423 737,00 ELECTRIC POWER DEVELOPMENT CO LTD JPY 79 994,04 69 416,59 0,404 973,00 HOKKAIDO ELECTRIC POWER CO INC JPY 76 456,38 56 784,63 0,33

12 500,00 TOHO GAS CO LTD JPY 44 576,76 46 438,71 0,27

213





% ofNet Assets

FRANCE 1 561 689,78 1 275 056,42 7,31

Multi-Utilities 1 561 689,78 1 275 056,42 7,3132 317,00 GDF SUEZ EUR 956 228,01 815 519,50 4,679 480,00 VEOLIA ENVIRONNEMENT SA EUR 248 937,89 184 386,00 1,066 565,00 EDF SA EUR 251 699,01 177 944,33 1,027 067,00 SUEZ ENVIRONNEMENT CO EUR 104 824,87 97 206,59 0,56

GERMANY 1 690 029,72 1 234 737,78 7,07

Multi-Utilities 1 690 029,72 1 234 737,78 7,0743 451,00 E.ON AG EUR 1 107 623,16 850 987,84 4,879 187,00 RWE AG EUR 531 925,44 351 264,95 2,01

923,00 RWE AG -PFD- EUR 50 481,12 32 484,99 0,19

ITALY 1 108 489,92 1 150 006,25 6,59

Multi-Utilities 1 108 489,92 1 150 006,25 6,59168 621,00 ENEL SPA EUR 741 511,04 759 468,98 4,3542 861,00 SNAM RETE GAS SPA EUR 157 104,09 175 044,32 1,0030 221,00 TERNA RETE ELETTRICA NAZIONALE SPA EUR 88 531,99 96 888,53 0,5644 997,00 ENEL GREEN POWER SPA EUR 74 308,64 85 584,29 0,4930 745,00 A2A SPA EUR 47 034,16 33 020,13 0,19

SPAIN 1 065 182,67 1 062 359,77 6,09

Multi-Utilities 1 065 182,67 1 062 359,77 6,0999 138,00 IBERDROLA SA EUR 623 568,01 608 409,91 3,498 498,00 GAS NATURAL SDG SA EUR 109 284,59 122 753,61 0,702 721,00 RED ELECTRICA CORP SA EUR 100 954,69 113 261,63 0,654 515,00 ENAGAS SA EUR 73 132,26 75 445,65 0,43

21 212,00 IBERDROLA RENOVABLES SA EUR 70 432,83 64 611,75 0,37713,00 ACCIONA SA EUR 59 810,75 52 184,47 0,30

5 648,00 EDP RENOVAVEIS SA EUR 27 999,54 25 692,75 0,15

HONG KONG 646 380,48 732 888,25 4,20

Multi-Utilities 646 380,48 732 888,25 4,2050 576,00 CLP HOLDINGS LTD HKD 278 635,13 309 105,41 1,77

124 446,00 HONG KONG & CHINA GAS CO LTD HKD 181 249,15 195 025,35 1,1235 227,00 POWER ASSETS HOLDINGS LTD HKD 150 236,03 183 915,70 1,0512 522,00 CHEUNG KONG INFRASTRUCTURE HOLDINGS LTD HKD 36 260,17 44 841,79 0,26

CANADA 235 050,65 258 693,99 1,48

Multi-Utilities 235 050,65 258 693,99 1,484 308,00 FORTIS INC/CANADA CAD 86 113,48 99 598,98 0,572 239,00 CANADIAN UTILITIES LTD CAD 73 248,93 89 640,05 0,514 720,00 TRANSALTA CORP CAD 75 688,24 69 454,96 0,40

FINLAND 246 574,02 240 538,65 1,38

Multi-Utilities 246 574,02 240 538,65 1,3812 045,00 FORTUM OYJ EUR 246 574,02 240 538,65 1,38

AUSTRALIA 128 147,24 140 788,26 0,81

Multi-Utilities 128 147,24 140 788,26 0,8111 262,00 AGL ENERGY LTD AUD 112 701,09 121 830,90 0,7027 167,00 SP AUSNET AUD 15 446,15 18 957,36 0,11

PORTUGAL 140 149,44 115 864,64 0,66

Multi-Utilities 140 149,44 115 864,64 0,6647 311,00 EDP - ENERGIAS DE PORTUGAL SA EUR 140 149,44 115 864,64 0,66

AUSTRIA 52 494,25 49 950,00 0,29

Multi-Utilities 52 494,25 49 950,00 0,291 665,00 VERBUND AG EUR 52 494,25 49 950,00 0,29

214





% ofNet Assets

GREECE 41 016,54 28 365,48 0,16


NEW ZEALAND 28 756,74 26 557,61 0,15

Multi-Utilities 28 756,74 26 557,61 0,158 698,00 CONTACT ENERGY LTD NZD 28 756,74 26 557,61 0,15

Total Portfolio 18 737 385,14 17 278 974,34 99,00

215




Size Quantity

Purchase/



(EUR) Commitment

(EUR)

Total Unrealised profit / (loss) on future contracts and commitment (380,63) 137 763,37


100 35 Purchase E.ON AG 16/09/2011 EUR (191,45) 68 751,55100 18 Purchase RWE AG 16/09/2011 EUR (189,18) 69 011,82

216







(EUR)



14/07/2011 42 613,83 EUR 4 907 176,00 JPY 690,4814/07/2011 32 306,03 EUR 46 398,69 USD 295,4614/07/2011 27 529,31 EUR 3 181 729,00 JPY 346,9314/07/2011 13 494,98 EUR 19 475,74 USD 58,6214/07/2011 17 877,27 EUR 197 187,55 HKD 393,2614/07/2011 69 103,43 EUR 97 831,31 USD 1 609,3714/07/2011 23 024,58 EUR 20 543,63 GBP 272,5114/07/2011 38 573,55 EUR 4 454 149,00 JPY 520,5314/07/2011 23 162,26 EUR 33 040,18 USD 367,7614/07/2011 37 682,03 EUR 54 121,51 USD 343,4714/07/2011 25 967,84 EUR 23 338,78 GBP 120,1414/07/2011 36 591,34 EUR 52 646,08 USD 270,6814/07/2011 473,72 EUR 576,25 CHF 1,5214/07/2011 914 169,54 EUR 813 244,77 GBP 13 500,9214/07/2011 357 061,00 EUR 4 018 115,66 HKD 787,0514/07/2011 696 135,79 EUR 80 598 736,00 JPY 7 558,6514/07/2011 3 722 672,26 EUR 5 383 797,12 USD 8 377,4414/07/2011 23 464,43 EUR 20 764,18 GBP 468,1014/07/2011 45 732,03 EUR 5 266 233,00 JPY 741,1614/07/2011 16 883,82 EUR 24 121,03 USD 242,6614/07/2011 15 958,31 EUR 1 818 910,00 JPY 418,8614/07/2011 35 782,71 EUR 51 171,13 USD 479,62


14/07/2011 1 804 742,00 JPY 15 687,43 EUR (269,02)14/07/2011 17 209,91 GBP 19 545,03 EUR (485,05)14/07/2011 52 492,06 USD 36 567,20 EUR (352,80)14/07/2011 103 619,80 USD 73 372,14 EUR (1 884,59)14/07/2011 35 994,80 USD 25 465,91 EUR (633,01)14/07/2011 3 446 969,00 JPY 29 735,91 EUR (287,51)14/07/2011 74 091,98 EUR 101 275,30 AUD (618,15)14/07/2011 129 405,04 EUR 182 519,41 CAD (1 039,68)14/07/2011 17 613,68 EUR 30 936,27 NZD (2,09)14/07/2011 30 563,63 EUR 3 579 691,00 JPY (18,65)

217

Eurizon EasyFund - Equity Small Cap Europe



Assets Notes Investments in securities at market value 92 517 434,02Banks 10 370 428,06Amounts due from brokers 98 551,22Unrealised profit on forward foreign exchange contracts (Note 8) 21 730,83Unrealised profit on swap contracts (Note 8) 68 000,00Other interest receivable 5 527,40Receivable on investments sold 789 282,50Receivable on subscriptions 50 652,16Other assets 120 375,35Total assets 104 041 981,54

Liabilities Bank overdrafts (1 238 869,25)Amounts due to brokers (32 045,00)Unrealised loss on future contracts (Note 8) (119 185,00)Unrealised loss on swap contracts (Note 8) (384 036,89)Interest payable on swap contracts (Note 8) (4 028,20)Payable on investments purchased (336 552,63)Payable on redemptions (77 176,72)Other liabilities (144 172,47)Total liabilities (2 336 066,16)Total net assets 101 705 915,38


Class I Units EUR 435,08 46,748Class R Units EUR 434,93 148 166,521Class R2 Units USD 631,03 100,804Class Z Units EUR 457,67 81 280,067

218





Net income from investments 1 532 438,60Interest received on swap contracts 561 811,94Total income 2 094 250,54Management fee (Note 5) (727 665,57)Custodian and paying agent fee (Note 7) (55 321,00)Subscription tax (Note 3) (18 401,40)Interest paid on swap contracts (90 697,86)Interest on bank accounts (4 379,74)Other charges and taxes (Notes 4, 7) (56 846,44)Total expenses (953 312,01)Net investment income / (loss) 1 140 938,53Net realised profit / (loss) on sales of investments, currencies and other financial instruments 2 710 474,40Change in unrealised appreciation / (depreciation) on - investments (4 585 386,42)- forward foreign exchange contracts and foreign currencies (Note 8) 12 897,72- future contracts (Note 8) (120 785,00)- swap contracts (Note 8) (435 286,81)Net result of operations for the period (1 277 147,58)



219





% ofNet Assets



Shares 79 025 178,37 88 343 746,51 86,86

UNITED KINGDOM 20 347 338,67 23 155 262,24 22,77

Finance 6 029 000,42 6 626 865,60 6,5258 550,00 SCHRODERS PLC GBP 890 295,49 1 002 978,10 0,99

243 304,00 ABERDEEN ASSET MANAGEMENT PLC GBP 431 220,55 601 067,23 0,5927 295,00 DERWENT LONDON PLC GBP 474 227,92 551 897,09 0,54

291 559,00 HENDERSON GROUP PLC GBP 466 824,36 492 668,98 0,4997 695,00 IG GROUP HLDG. PLC GBP 484 259,94 472 097,08 0,4639 173,00 LONDON STOCK EXCHANGE GROUP PLC GBP 356 792,64 460 231,62 0,4596 890,00 ASHMORE GROUP PLC GBP 314 275,36 427 437,40 0,4260 735,00 HARGREAVES LANSDOWN PLC GBP 432 983,83 408 563,49 0,4083 772,00 GREAT PORTLAND ESTATES PLC GBP 387 970,68 404 445,13 0,4037 658,00 PROVIDENT FINANCIAL PLC GBP 478 760,73 401 566,78 0,4067 356,00 SHAFTESBURY PLC GBP 403 373,23 393 807,92 0,39

106 972,00 INTERMEDIATE CAPITAL GROUP PLC GBP 337 719,74 382 246,32 0,3837 341,00 CLOSE BROTHERS GROUP PLC GBP 355 150,94 319 210,73 0,3140 930,00 JARDINE LLOYD THOMPSON GROUP PLC GBP 215 145,01 308 647,73 0,30

Consumer Retail 5 856 090,70 6 187 125,50 6,08423 828,00 WILLIAM HILL PLC GBP 884 304,38 1 071 914,09 1,05114 728,00 INCHCAPE PLC GBP 415 353,95 530 904,04 0,5234 150,00 BERKELEY GROUP HLDG. PLC GBP 389 338,43 487 058,14 0,48

253 722,00 AEGIS GROUP PLC GBP 342 891,65 449 523,44 0,4481 773,00 PERSIMMON PLC GBP 388 812,88 436 718,34 0,4378 289,00 DAILY MAIL & GENERAL TRUST PLC GBP 308 312,49 402 593,91 0,40

860 132,00 TAYLOR WIMPEY PLC GBP 406 655,43 359 833,25 0,35236 737,00 THOMAS COOK GROUP PLC GBP 352 694,00 348 651,88 0,34429 092,00 ITV PLC GBP 426 860,38 339 727,49 0,34131 831,00 TUI TRAVEL PLC GBP 358 530,89 327 577,93 0,32253 430,00 BARRATT DEVELOPMENTS PLC GBP 328 491,57 320 478,10 0,3258 680,00 GREENE KING PLC GBP 339 768,41 316 701,31 0,3184 556,00 MITCHELLS & BUTLERS PLC GBP 273 384,04 294 936,97 0,29

350 781,00 DEBENHAMS PLC GBP 291 853,22 268 015,18 0,2656 562,00 HALFORDS GROUP PLC GBP 348 838,98 232 491,43 0,23

Industries 4 261 839,75 5 188 796,71 5,1075 187,00 COOKSON GROUP PLC GBP 406 793,70 559 898,48 0,5588 487,00 MICHAEL PAGE INTERNATIONAL PLC GBP 297 557,92 524 212,64 0,52

131 125,00 FIRSTGROUP PLC GBP 491 373,27 494 978,96 0,49112 024,00 CARILLION PLC GBP 497 952,78 466 539,74 0,4620 712,00 SPIRAX-SARCO ENGINEERING PLC GBP 343 642,82 458 926,74 0,4523 658,00 ROTORK PLC GBP 496 883,03 441 682,13 0,4375 411,00 HOMESERVE PLC GBP 229 934,70 420 026,72 0,41

144 346,00 STAGECOACH GROUP PLC GBP 318 444,24 408 065,43 0,40352 509,00 HAYS PLC GBP 324 870,70 402 051,48 0,4018 687,00 ULTRA ELECTRONICS HOLDINGS PLC GBP 268 305,02 355 084,00 0,3547 641,00 CHEMRING GROUP PLC GBP 250 700,41 337 625,37 0,33

114 028,00 NATIONALRESS GROUP PLC GBP 335 381,16 319 705,02 0,31

Raw materials 1 402 335,20 1 816 577,64 1,7998 087,00 MONDI PLC GBP 428 317,89 673 949,69 0,6618 695,00 CRODA INTERNATIONAL PLC GBP 195 413,75 390 635,41 0,3946 919,00 PETROPAVLOVSK PLC GBP 432 187,20 379 267,69 0,3722 440,00 VICTREX PLC -PFD- GBP 346 416,36 372 724,85 0,37

Computing and IT 1 214 838,42 1 690 096,48 1,6630 639,00 SPECTRIS PLC GBP 330 448,14 540 122,02 0,53

100 554,00 HALMA PLC WTS GBP 233 968,37 461 305,38 0,45116 038,00 ELECTROCOMPONENTS PLC GBP 326 590,18 350 267,89 0,3555 163,00 TELECITY GROUP PLC GBP 323 831,73 338 401,19 0,33

Multi-Utilities 810 199,57 1 015 901,23 1,0097 997,00 DRAX GROUP PLC GBP 468 769,46 546 369,56 0,54

102 027,00 NORTHUMBRIAN WATER GROUP PLC GBP 341 430,11 469 531,67 0,46

220





% ofNet Assets

Telecommunication 428 825,01 318 797,63 0,31710 512,00 CABLE & WIRELESS COMMUNICATIONS PLC GBP 428 825,01 318 797,63 0,31

Health 344 209,60 311 101,45 0,3136 967,00 HIKMA PHARMACEUTICALS PLC GBP 344 209,60 311 101,45 0,31

GERMANY 7 951 535,85 9 459 615,22 9,30

Industries 2 722 925,41 3 599 616,71 3,5413 180,00 MTU AERO ENGINES HLDG. AG EUR 408 490,35 725 954,40 0,718 979,00 BRENNTAG AG EUR 651 393,07 719 756,64 0,71

10 683,00 RHEINMETALL AG EUR 503 835,65 652 197,15 0,6425 764,00 KLOECKNER & CO SE EUR 549 388,69 534 731,82 0,539 446,00


EUR 336 854,14 523 780,70 0,51

11 364,00 SGL CARBON SE EUR 272 963,51 443 196,00 0,44

Consumer Retail 1 882 733,35 1 934 159,85 1,9045 131,00 PROSIEBENSAT.1 MEDIA AG -PFD- EUR 874 425,54 882 311,05 0,879 641,00 KABEL DEUTSCHLAND HLDG. AG EUR 357 230,07 408 778,40 0,40

11 105,00 AXEL SPRINGER AG EUR 403 379,36 378 236,30 0,371 214,00 PUMA AG RUDOLF DASSLER SPORT EUR 247 698,38 264 834,10 0,26

Computing and IT 1 395 626,86 1 577 123,16 1,5516 405,00 SOFTWARE AG EUR 613 483,94 677 772,58 0,6732 454,00 UNITED INTERNET AG EUR 369 812,86 470 420,73 0,468 607,00 WINCOR NIXDORF AG EUR 412 330,06 428 929,85 0,42

Health 803 499,70 819 922,32 0,8132 913,00 RHOEN KLINIKUM AG EUR 544 402,95 547 672,32 0,5419 800,00 CELESIO AG EUR 259 096,75 272 250,00 0,27

Finance 578 925,27 684 276,00 0,6757 023,00 DEUTSCHE WOHNEN AG EUR 578 925,27 684 276,00 0,67

Basic Goods 268 666,68 422 613,23 0,4217 246,00 SUEDZUCKER AG EUR 268 666,68 422 613,23 0,42

Raw materials 299 158,58 421 903,95 0,419 407,00 AURUBIS AG EUR 299 158,58 421 903,95 0,41

FRANCE 6 203 613,80 8 017 542,40 7,88

Industries 2 498 777,01 3 450 762,90 3,398 892,00 WENDEL SA EUR 292 259,15 753 952,68 0,74

10 094,00 ZODIAC AEROSPACE EUR 298 851,62 605 942,82 0,5926 000,00 EDENRED EUR 535 422,94 547 040,00 0,547 414,00 SOCIETE BIC SA EUR 342 015,05 494 068,96 0,496 186,00 NEXANS SA EUR 358 496,13 401 471,40 0,39

20 851,00 REXEL SA EUR 344 584,86 356 552,10 0,3514 396,00 TELEPERFORMANCE EUR 327 147,26 291 734,94 0,29

Consumer Retail 1 109 249,78 1 397 656,41 1,386 088,00 SEB SA EUR 363 813,66 439 858,00 0,431 939,00 HERMES INTERNATIONAL EUR 285 744,13 395 362,10 0,39

14 166,00 JCDECAUX SA EUR 209 131,89 313 139,43 0,3115 625,00 METROPOLE TELEVISION SA EUR 250 560,10 249 296,88 0,25

Finance 1 068 340,50 1 361 927,87 1,346 181,00 ICADE EUR 419 099,23 525 570,43 0,525 978,00 FONCIERE DES REGIONS EUR 425 941,65 436 692,90 0,437 933,00 EURAZEO EUR 223 299,62 399 664,54 0,39

Raw materials 666 380,98 847 449,71 0,838 899,00 IMERYS SA EUR 358 654,11 432 446,91 0,421 817,00 ERAMET EUR 307 726,87 415 002,80 0,41

Computing and IT 525 557,01 551 595,68 0,5414 158,00 ATOS ORIGIN SA EUR 525 557,01 551 595,68 0,54

Telecommunication 335 308,52 408 149,83 0,404 411,00 ILIAD SA EUR 335 308,52 408 149,83 0,40

221





% ofNet Assets

SWITZERLAND 7 208 359,80 7 808 646,49 7,68

Finance 1 803 647,23 2 206 374,86 2,174 095,00 PARTNERS GROUP HLDG. AG CHF 344 523,51 499 139,54 0,491 607,00 HELVETIA HOLDING AG CHF 349 253,57 473 896,51 0,477 244,00 PARGESA HLDG. SA CHF 418 888,00 462 254,38 0,454 247,00 VALIANT HOLDING CHF 426 393,12 438 346,90 0,435 087,00 PSP SWISS PROPERTY AG CHF 264 589,03 332 737,53 0,33

Health 1 583 294,92 1 757 916,91 1,7357 966,00 NOBEL BIOCARE HOLDING AG CHF 816 102,36 813 859,22 0,801 290,00 GALENICA AG CHF 377 592,92 568 508,71 0,562 264,00 STRAUMANN HOLDING AG CHF 389 599,64 375 548,98 0,37

Industries 1 334 232,60 1 475 678,49 1,451 043,00 GEORG FISCHER AG CHF 301 845,98 394 935,67 0,39

11 906,00 MEYER BURGER TECHNOLOGY AG CHF 379 647,49 362 317,93 0,362 000,00 RIETER HOLDING AG CHF 436 147,58 359 608,26 0,353 202,00 SULZER AG CHF 216 591,55 358 816,63 0,35

Computing and IT 1 550 969,31 1 393 235,80 1,3750 187,00 TEMENOS GROUP AG CHF 1 205 524,49 1 064 770,81 1,0542 567,00 LOGITECH INTERNATIONAL SA CHF 345 444,82 328 464,99 0,32

Raw materials 475 439,53 527 125,09 0,5261 875,00 SCHMOLZ BICKENBACH AG CHF 475 439,53 527 125,09 0,52

Consumer Retail 460 776,21 448 315,34 0,445 168,00 DUFRY GROUP CHF 460 776,21 448 315,34 0,44

SPAIN 4 697 907,34 4 974 424,54 4,89

Multi-Utilities 1 093 161,86 1 272 175,27 1,2522 820,00 ENDESA SA EUR 454 522,90 523 947,20 0,516 923,00 ACCIONA SA EUR 375 653,48 506 694,37 0,50

53 096,00 EDP RENOVAVEIS SA EUR 262 985,48 241 533,70 0,24

Finance 677 520,58 788 517,81 0,78186 665,00 MAPFRE SA EUR 389 095,61 477 862,40 0,4765 817,00 BANKINTER SA EUR 282 108,19 308 221,01 0,311 432,00 BANCO DE VALENCIA SA EUR 6 316,78 2 434,40 0,00

Industries 673 194,18 661 477,72 0,6538 502,00 ZARDOYA OTIS SA EUR 429 707,80 391 180,32 0,3812 856,00 FOMENTO DE CONSTRUCCIONES Y CONTRATAS SA EUR 243 486,38 270 297,40 0,27


1,00 CLINICA BAVIERA SA EUR 18,40 7,91 0,00

Basic Goods 286 378,96 406 868,13 0,4025 541,00 EBRO FOODS SA EUR 286 378,96 406 868,13 0,40

Raw materials 387 483,65 360 278,62 0,3528 639,00 ACERINOX SA EUR 387 483,65 360 278,62 0,35

Computing and IT 335 455,22 345 774,77 0,3424 299,00 INDRA SISTEMAS SA EUR 335 455,22 345 774,77 0,34

Energy 350 539,12 300 163,92 0,308 484,00 TECNICAS REUNIDAS SA EUR 350 539,12 300 163,92 0,30

Consumer Retail 450 893,81 276 550,55 0,2746 161,00 GESTEVISION TELECINCO SA EUR 450 893,81 276 550,55 0,27

NORWAY 3 748 652,04 4 270 036,75 4,20

Energy 1 087 749,06 1 754 064,99 1,7344 551,00 AKER SOLUTIONS ASA NOK 289 067,91 618 517,92 0,6159 286,00 PETROLEUM GEO-SERVICES ASA NOK 444 051,25 587 594,34 0,5828 173,00 TGS NOPEC GEOPHYSICAL CO ASA NOK 354 629,90 547 952,73 0,54

222





% ofNet Assets

Finance 917 098,78 986 755,49 0,9793 911,00 STOREBRAND ASA NOK 499 024,77 554 839,74 0,5550 525,00 GJENSIDIGE FORSIKRING ASA NOK 418 074,01 431 915,75 0,42

Consumer Retail 869 302,11 947 299,06 0,9342 794,00 SCHIBSTED ASA NOK 869 302,11 947 299,06 0,93

Basic Goods 523 409,18 415 803,80 0,41747 706,00 MARINE HARVEST ASA NOK 523 409,18 415 803,80 0,41

Computing and IT 351 092,91 166 113,41 0,16139 322,00 RENEWABLE ENERGY CORP ASA NOK 351 092,91 166 113,41 0,16

SWEDEN 3 028 515,55 3 902 906,77 3,84

Health 873 766,17 1 278 289,98 1,2624 400,00 ELEKTA AB SEK 424 475,39 799 053,88 0,7963 726,00 MEDA AB SEK 449 290,78 479 236,10 0,47

Industries 692 721,28 841 671,26 0,8365 951,00 TRELLEBORG AB SEK 373 021,16 506 781,95 0,5021 291,00 NCC AB SEK 319 700,12 334 889,31 0,33

Energy 459 140,11 616 228,92 0,6065 554,00 LUNDIN PETROLEUM AB SEK 459 140,11 616 228,92 0,60

Finance 355 825,47 484 931,12 0,4846 798,00 CASTELLUM AB SEK 355 825,47 484 931,12 0,48

Consumer Retail 379 002,02 368 890,73 0,3622 612,00 JM AB SEK 379 002,02 368 890,73 0,36

Raw materials 268 060,50 312 894,76 0,3114 516,00 HOLMEN AB SEK 268 060,50 312 894,76 0,31

NETHERLANDS 3 398 605,26 3 753 278,22 3,69

Industries 1 227 353,00 1 496 868,39 1,4722 479,00 IMTECH NV EUR 485 265,37 548 262,81 0,5416 042,00 KONINKLIJKE VOPAK NV EUR 353 134,50 542 059,18 0,5325 220,00 AALBERTS INDUSTRIES NV EUR 388 953,13 406 546,40 0,40

Basic Goods 704 502,48 845 273,00 0,838 540,00 NUTRECO NV EUR 337 632,39 433 063,40 0,43

17 760,00 CSM EUR 366 870,09 412 209,60 0,40

Finance 614 252,25 607 378,25 0,609 606,00 EUROCOMMERCIAL PROPERTIES NV EUR 327 335,92 329 485,80 0,33

16 955,00 DELTA LLOYD NV EUR 286 916,33 277 892,45 0,27

Energy 533 718,16 497 200,00 0,4910 000,00 FUGRO NV EUR 533 718,16 497 200,00 0,49

Health 318 779,37 306 558,58 0,3023 189,00 QIAGEN NV EUR 318 779,37 306 558,58 0,30

DENMARK 3 635 381,03 3 691 612,07 3,63

Health 1 170 916,26 1 398 956,90 1,386 028,00 COLOPLAST A/S DKK 516 018,26 631 175,15 0,626 319,00 WILLIAM DEMANT HOLDING A/S DKK 308 059,55 393 259,39 0,39

56 412,00 GN STORE NORD A/S DKK 346 838,45 374 522,36 0,37

Finance 1 292 567,87 1 372 248,29 1,3516 284,00 JYSKE BANK A/S DKK 354 069,83 443 400,96 0,443 002,00 TOPDANMARK A/S DKK 285 735,88 386 373,68 0,38

19 062,00 SYDBANK A/S DKK 367 949,18 293 383,69 0,296 262,00 TRYG A/S DKK 284 812,98 249 089,96 0,24

Telecommunication 548 064,18 595 144,04 0,5894 570,00 TDC A/S DKK 548 064,18 595 144,04 0,58

Consumer Retail 623 832,72 325 262,84 0,3215 013,00 PANDORA A/S DKK 623 832,72 325 262,84 0,32

223





% ofNet Assets

FINLAND 3 133 512,24 3 589 152,35 3,53

Industries 1 160 185,44 1 444 563,10 1,4230 824,00 YIT OYJ EUR 391 028,07 531 405,76 0,5212 525,00 OUTOTEC OYJ EUR 390 329,19 490 980,00 0,4815 067,00 KONECRANES OYJ EUR 378 828,18 422 177,34 0,42

Raw materials 852 038,79 965 939,05 0,9522 882,00 RAUTARUUKKI OYJ EUR 299 196,36 356 501,56 0,3527 739,00 KEMIRA OYJ EUR 263 444,93 331 203,66 0,3330 458,00 OUTOKUMPU OYJ EUR 289 397,50 278 233,83 0,27


Energy 413 598,95 374 555,69 0,3734 649,00 NESTE OIL OYJ EUR 413 598,95 374 555,69 0,37

Consumer Retail 384 338,66 352 114,56 0,3527 552,00 SANOMA OYJ EUR 384 338,66 352 114,56 0,35

ITALY 2 196 931,64 2 381 912,20 2,34

Finance 877 721,12 774 094,40 0,7675 000,00 CREDITO EMILIANO SPA EUR 336 239,44 327 150,00 0,3212 243,00 EXOR SPA EUR 242 254,55 263 836,65 0,26

112 405,00 BANCA POPOLARE DI MILANO SCARL EUR 299 227,13 183 107,75 0,18

Consumer Retail 480 602,98 719 721,50 0,7161 374,00 PIRELLI & C SPA EUR 251 246,98 457 236,30 0,4525 484,00 SALVATORE FERRAGAMO ITALIA SPA EUR 229 356,00 262 485,20 0,26

Multi-Utilities 494 236,84 450 854,25 0,44340 125,00 A2A SPA EUR 432 050,84 365 294,25 0,3662 000,00 FALCK RENEWABLES SPA EUR 62 186,00 85 560,00 0,08

Basic Goods 344 370,70 437 242,05 0,4377 115,00 DAVIDE CAMPARI-MILANO SPA EUR 344 370,70 437 242,05 0,43

LUXEMBOURG 2 427 316,40 2 303 616,92 2,26

Finance 1 640 000,00 1 623 600,00 1,59164 000,00 ITALY1 INVESTMENT SA EUR 1 640 000,00 1 623 600,00 1,59

Basic Goods 408 250,88 395 427,66 0,3911 621,00 ORIFLAME COSMETICS SA -SDR- SEK 408 250,88 395 427,66 0,39

Raw materials 379 065,52 284 589,26 0,2812 739,00 APERAM EUR 379 065,52 284 589,26 0,28

IRELAND 2 172 991,54 2 156 652,05 2,12

Consumer Retail 752 226,09 868 080,94 0,8512 262,00 PADDY POWER PLC EUR 347 086,31 459 702,38 0,4566 271,00 UNITED BUSINESS MEDIA LTD GBP 405 139,78 408 378,56 0,40

Industries 822 643,24 835 865,28 0,8222 263,00 DCC PLC EUR 385 685,18 437 356,64 0,4345 440,00 CHARTER INTERNATIONAL PLC GBP 436 958,06 398 508,64 0,39

Basic Goods 318 159,07 342 840,58 0,3495 552,00 C&C GROUP PLC EUR 318 159,07 342 840,58 0,34

Finance 279 963,14 109 865,25 0,11955 350,00 GOVERNOR & CO OF THE BANK OF IRELAND EUR 279 963,14 109 865,25 0,11

GREECE 2 565 760,08 2 035 770,27 2,00

Telecommunication 1 089 906,54 953 498,27 0,94148 289,00


EUR 1 089 906,54 953 498,27 0,94

Finance 887 046,34 595 889,48 0,58309 156,00 PIRAEUS BANK SA EUR 548 428,64 330 796,92 0,32

224





% ofNet Assets

82 072,00 EFG EUROBANK ERGASIAS SA EUR 338 617,70 265 092,56 0,26


Consumer Retail 196 048,52 182 977,60 0,1835 188,00 JUMBO SA EUR 196 048,52 182 977,60 0,18

BELGIUM 1 859 663,58 2 004 909,68 1,97

Finance 1 141 225,50 1 131 356,30 1,116 137,00 ACKERMANS & VAN HAAREN NV EUR 363 408,06 411 117,63 0,405 056,00 SOFINA SA EUR 323 545,79 365 599,36 0,36

165 179,00 DEXIA SA EUR 454 271,65 354 639,31 0,35

Telecommunication 346 420,20 490 640,74 0,4814 954,00 TELENET GROUP HLDG. NV EUR 346 420,20 490 640,74 0,48

Raw materials 372 017,88 382 912,64 0,3838 368,00 NYRSTAR EUR 372 017,88 382 912,64 0,38

AUSTRIA 1 777 447,14 1 908 905,49 1,88

Industries 897 484,08 1 110 541,90 1,099 986,00 ANDRITZ AG EUR 416 496,85 709 006,00 0,70

31 617,00 WIENERBERGER AG EUR 480 987,23 401 535,90 0,39

Finance 879 963,06 798 363,59 0,7911 394,00 RAIFFEISEN BANK INTERNATIONAL AG EUR 485 228,03 404 885,79 0,4010 382,00 VIENNA INSURANCE GROUP AG EUR 394 735,03 393 477,80 0,39

PORTUGAL 1 132 601,96 1 371 146,18 1,35


Finance 434 343,13 350 365,53 0,34136 329,00 BANCO ESPIRITO SANTO SA EUR 434 343,13 350 365,53 0,34


BERMUDA 374 632,79 430 872,77 0,42

Finance 374 632,79 430 872,77 0,4296 770,00 CATLIN GROUP LTD GBP 374 632,79 430 872,77 0,42

UNITED ARAB EMIRATES 314 919,40 395 832,88 0,39

Energy 314 919,40 395 832,88 0,3968 415,00 DRAGON OIL PLC GBP 314 919,40 395 832,88 0,39

MAURITIUS 465 616,19 373 448,88 0,37

Energy 465 616,19 373 448,88 0,3782 438,00 ESSAR ENERGY PLC GBP 465 616,19 373 448,88 0,37

UNITED STATES 383 876,07 358 202,14 0,35

Consumer Retail 383 876,07 358 202,14 0,3517 161,00 VIRGIN MEDIA INC GBP 383 876,07 358 202,14 0,35

Zero-Coupon bonds 2 995 072,00 2 999 850,00 2,95

ITALY 2 995 072,00 2 999 850,00 2,95

Government 2 995 072,00 2 999 850,00 2,953 000 000,00 CTZ 0.00% 30/06/2011 EUR 2 995 072,00 2 999 850,00 2,95

Ordinary Bonds 989 550,00 990 900,00 0,98

FRANCE 989 550,00 990 900,00 0,98

Government 989 550,00 990 900,00 0,981 000 000,00 FRENCH TREASURY NOTE 0.75% 20/09/2012 EUR 989 550,00 990 900,00 0,98

225





% ofNet Assets

Warrants 0,00 93 441,00 0,09

LUXEMBOURG 0,00 83 640,00 0,08164 000,00

ITALY1 INVESTMENT SA WTS 27/01/2016 27/01/2016

EUR 0,00 83 640,00 0,08

FRANCE 0,00 9 801,00 0,0121 780,00

ETABLISSEMENTS MAUREL ET PROM WTS 30/06/2014 30/06/2014

EUR 0,00 9 801,00 0,01

Rights 0,00 20 136,55 0,02

SPAIN 0,00 20 136,55 0,0238 502,00 ZARDOYA OTIS SA RTS EXP 30JUN11 30/06/2011 EUR 0,00 20 136,55 0,02

UNQUOTED 1 563 691,33 69 359,96 0,07

Shares 1 563 691,33 69 359,96 0,07

FRANCE 14 449,50 56 355,00 0,06

Finance 14 449,50 56 355,00 0,06780,00 SEB SA EUR 14 449,50 56 355,00 0,06

SPAIN 11 997,09 12 897,76 0,01


Industries 0,00 443,36 0,0068,00 SACYR VALLEHERMOSO SA EUR 0,00 443,36 0,00

AUSTRIA 1 501 734,03 107,20 0,00

Finance 1 501 734,03 107,20 0,00107 200,00 IMMOEAST AG EUR 0,00 107,20 0,00

6 700,00 NPV EUR 1 501 734,03 0,00 0,00

BELGIUM 35 441,41 0,00 0,00

Consumer Retail 35 441,41 0,00 0,00500,00 CREDIT COMMERCIAL INTL SA EUR 35 441,41 0,00 0,00

ITALY 69,30 0,00 0,00

Finance 69,30 0,00 0,00630,00 PARMALAT FINANZIARIA SPA EUR 69,30 0,00 0,00

Total Portfolio 84 573 491,70 92 517 434,02 90,97

226




Size Quantity

Purchase /



(EUR) Commitment

(EUR)

Total Unrealised profit / (loss) on future contracts and commitment (119 185,00) 3 640 280,00


10 (71) Sale EURO STOXX 50 INDEX FUTURE 16/09/2011 EUR (85 981,00) 2 022 080,0050 (180) Sale EURO STOXX SMALL 200 INDEX

FTRSEP11 XEUR 16/09/2011 EUR (33 204,00) 1 618 200,00

227







(EUR)



31/08/2011 760 456,27 EUR 900 000,00 CHF 21 730,83

228



SWAP CONTRACTS AS AT 30 JUNE 2011

Underlying name Currency Position Notional Counterparty Maturity

Interestreceivable/

(payable)

Unrealisedprofit / (loss)

(EUR)

EQUITY SWAP CONTRACTS (4 028,20) (316 036,89)

STOXX EUROPE SMALL 200 EUR S 7 292 750,00 BNP PARIBAS SA 15/12/2011 (81,60) 68 000,00STOXX EUROPE SMALL 200 EUR S 12 254 153,67 CREDIT SUISSE

FINANCIAL PRODUCT 15/12/2011 (3 946,60) (383 030,50)

PANDORA DKK EAS DKK S 2 433 607,30 GOLDMAN SACHS INTERNATIONAL

28/07/2011 — (1 006,39)

229

Eurizon EasyFund - Cash EUR



Assets Notes Investments in securities at market value 3 665 181 205,93Banks 409 127 992,79Amounts due from brokers 221 229,50Other interest receivable 13 730 551,43Receivable on investments sold 20 460 223,86Receivable on subscriptions 23 712 037,45Other assets 7 244,43Total assets 4 132 440 485,39

Liabilities Unrealised loss on future contracts (Note 8) (81 717,00)Unrealised loss on swap contracts (Note 8) (147 023,50)Interest payable on swap contracts (Note 8) (3 743,05)Payable on redemptions (62 903 843,44)Other liabilities (1 508 054,62)Total liabilities (64 644 381,61)Total net assets 4 067 796 103,78


Class A Units EUR 111,87 209 110,440Class I Units EUR 111,22 2 981 060,729Class R Units EUR 111,16 3 917 610,299Class Z Units EUR 113,88 28 779 969,018

230





Net income from investments 37 267 658,35Other income (Note 9) 23 567,76Total income 37 291 226,11Management fee (Note 5) (5 266 555,93)Custodian and paying agent fee (Note 7) (2 051 069,80)Subscription tax (Note 7) (206 021,79)Interest paid on swap contracts (65 673,61)Interest on bank accounts (1 685,05)Other charges and taxes (Notes 4, 7) (1 067 795,68)Total expenses (8 658 801,86)Net investment income / (loss) 28 632 424,25Net realised profit / (loss) on sales of investments, currencies and other financial instruments (2 202 766,45)Change in unrealised appreciation / (depreciation) on - investments 2 268 865,43- future contracts (Note 8) 245 995,50- swap contracts (Note 8) (629,50)Net result of operations for the period 28 943 889,23

Subscriptions for the period 1 303 617 051,95Redemptions for the period (1 265 322 680,64)


231





% ofNet Assets

TRANSFERABLE SECURITIES 3 671 087 452,46 3 665 181 205,93 90,10

LISTED ON AN OFFICIAL STOCK EXCHANGE 3 654 711 567,67 3 649 313 571,73 89,71

Zero-Coupon bonds 1 962 584 508,67 1 962 635 641,62 48,25

ITALY 939 352 757,41 938 724 669,87 23,08

Government 939 352 757,41 938 724 669,87 23,08216 800 000,00 BOT 0.00% 15/02/2012 EUR 214 194 360,41 214 037 963,66 5,26213 850 000,00 BOT 0.00% 15/05/2012 EUR 209 971 998,76 209 675 641,58 5,16169 950 000,00 BOT 0.00% 15/03/2012 EUR 167 481 894,18 167 363 355,90 4,11150 500 000,00 BOT 0.00% 16/04/2012 EUR 148 136 384,12 147 861 738,01 3,64118 330 000,00 CTZ 0.00% 30/09/2011 EUR 117 649 788,05 117 868 513,00 2,9082 000 000,00 BOT 0.00% 15/06/2012 EUR 80 232 955,84 80 228 796,72 1,971 700 000,00 BOT 0.00% 15/11/2011 EUR 1 685 376,05 1 688 661,00 0,04

SPAIN 505 544 690,08 506 621 507,34 12,45

Government 505 544 690,08 506 621 507,34 12,45132 000 000,00 SPAIN LETRAS DEL TESORO 0.00% 23/09/2011 EUR 131 090 653,71 131 489 158,68 3,23107 000 000,00 SPAIN LETRAS DEL TESORO 0.00% 17/02/2012 EUR 105 394 984,13 105 405 702,14 2,5985 800 000,00 SPAIN LETRAS DEL TESORO 0.00% 21/10/2011 EUR 85 055 635,73 85 317 807,43 2,1083 000 000,00 SPAIN LETRAS DEL TESORO 0.00% 20/01/2012 EUR 81 823 972,00 82 043 840,00 2,0235 650 000,00 SPAIN LETRAS DEL TESORO 0.00% 18/05/2012 EUR 34 858 533,17 34 804 025,14 0,8535 000 000,00 SPAIN LETRAS DEL TESORO 0.00% 18/11/2011 EUR 34 561 909,59 34 749 398,95 0,8533 500 000,00 SPAIN LETRAS DEL TESORO 0.00% 20/04/2012 EUR 32 759 001,75 32 811 575,00 0,81

FRANCE 346 652 440,33 346 356 095,44 8,52

Government 346 652 440,33 346 356 095,44 8,52128 000 000,00 FRANCE TREASURY BILL BTF 0.00% 17/11/2011 EUR 127 442 336,62 127 367 676,16 3,1395 000 000,00 FRANCE TREASURY BILL BTF 0.00% 31/05/2012 EUR 93 735 084,90 93 732 700,00 2,3172 000 000,00 FRANCE TREASURY BILL BTF 0.00% 15/12/2011 EUR 71 738 429,15 71 561 519,28 1,7629 000 000,00 FRANCE TREASURY BILL BTF 0.00% 12/01/2012 EUR 28 841 353,09 28 791 200,00 0,7125 000 000,00 FRANCE TREASURY BILL BTF 0.00% 20/10/2011 EUR 24 895 236,57 24 903 000,00 0,61

GERMANY 119 969 204,23 119 859 414,35 2,95

Government 119 969 204,23 119 859 414,35 2,9597 860 000,00 GERMAN TREASURY BILL 0.00% 27/06/2012 EUR 96 560 179,44 96 475 281,00 2,3715 000 000,00 GERMAN TREASURY BILL 0.00% 23/11/2011 EUR 14 952 343,54 14 926 650,30 0,378 490 000,00 GERMAN TREASURY BILL 0.00% 26/10/2011 EUR 8 456 681,25 8 457 483,05 0,21

BELGIUM 41 194 282,66 41 195 154,42 1,01

Government 41 194 282,66 41 195 154,42 1,0141 800 000,00 BELGIUM TREASURY BILL 0.00% 17/05/2012 EUR 41 194 282,66 41 195 154,42 1,01

PORTUGAL 9 871 133,96 9 878 800,20 0,24

Government 9 871 133,96 9 878 800,20 0,2410 000 000,00 PORTUGAL TREASURY BILL 0.00% 23/09/2011 EUR 9 871 133,96 9 878 800,20 0,24

Floating rate notes 954 745 491,42 955 394 674,12 23,48

ITALY 729 257 859,89 729 641 857,40 17,94

Government 653 854 668,24 654 382 385,90 16,09313 630 000,00 CCT FRN 01/11/2011 EUR 313 437 710,90 313 764 860,90 7,71277 700 000,00 CCT FRN 01/03/2012 EUR 277 409 092,34 277 769 425,00 6,8361 750 000,00 CCT FRN 01/11/2012 EUR 61 526 465,00 61 367 150,00 1,511 500 000,00 CCT FRN 01/07/2013 EUR 1 481 400,00 1 480 950,00 0,04

Consumer Retail 58 437 071,65 58 421 551,50 1,4458 500 000,00

SOCIETA DI CARTOLARIZZAZIONE DEI CREDITI INPS FRN 31/07/2011

EUR 58 437 071,65 58 421 551,50 1,44

Finance 16 966 120,00 16 837 920,00 0,4111 000 000,00 INTESA SANPAOLO SPA FRN 17/12/2012 EUR 10 972 060,00 10 868 220,00 0,276 000 000,00 CREDITO EMILIANO SPA FRN 01/10/2012 EUR 5 994 060,00 5 969 700,00 0,14

232





% ofNet Assets

FRANCE 53 199 511,30 53 021 923,00 1,30

Finance 46 203 011,30 46 031 723,00 1,1316 800 000,00 BNP PARIBAS FRN 18/01/2013 EUR 16 817 216,00 16 760 184,00 0,4113 250 000,00

BANQUE FEDERATIVE DU CREDIT MUTUEL FRN 25/03/2013

EUR 13 230 125,00 13 187 592,50 0,33

10 000 000,00 DEXIA CREDIT LOCAL SA FRN 19/02/2013 EUR 10 000 000,00 9 934 500,00 0,246 150 000,00 CREDIT AGRICOLE SA/LONDON FRN 10/09/2012 EUR 6 155 670,30 6 149 446,50 0,15

Consumer Retail 6 996 500,00 6 990 200,00 0,177 000 000,00 BPCE SA FRN 27/04/2012 EUR 6 996 500,00 6 990 200,00 0,17

UNITED KINGDOM 51 285 629,41 51 369 786,50 1,26

Finance 51 285 629,41 51 369 786,50 1,2613 000 000,00 CREDIT SUISSE/LONDON FRN 07/01/2013 EUR 13 025 365,00 13 062 660,00 0,329 500 000,00 MORGAN STANLEY FRN 01/03/2013 EUR 9 390 655,00 9 360 445,00 0,239 000 000,00 BARCLAYS BANK PLC FRN 28/01/2013 EUR 9 065 500,00 9 050 940,00 0,227 250 000,00

ROYAL BANK OF SCOTLAND PLC/THE FRN 18/05/2013

EUR 7 245 722,50 7 242 677,50 0,18

6 600 000,00

ROYAL BANK OF SCOTLAND PLC/THE FRN 17/09/2012

EUR 6 605 557,89 6 648 444,00 0,16

6 000 000,00 LLOYDS TSB BANK PLC FRN 25/03/2013 EUR 5 952 829,02 6 004 620,00 0,15

UNITED STATES 31 376 311,69 32 274 477,00 0,79

Finance 31 376 311,69 32 274 477,00 0,7918 700 000,00 MERRILL LYNCH & CO INC FRN 16/02/2012 EUR 18 264 414,18 18 650 819,00 0,465 000 000,00 MORGAN STANLEY FRN 20/07/2012 EUR 4 852 750,00 4 982 100,00 0,125 000 000,00 MERRILL LYNCH & CO INC FRN 31/01/2014 EUR 4 477 007,51 4 847 600,00 0,123 800 000,00 BEAR STEARNS LLC FRN 27/07/2012 EUR 3 782 140,00 3 793 958,00 0,09

GERMANY 27 553 067,98 27 590 705,22 0,68

Finance 17 884 683,98 17 890 958,02 0,4417 894 000,00

DEXIA KOMMUNALBANK DEUTSCHLAND AG FRN 23/08/2011

EUR 17 884 683,98 17 890 958,02 0,44

Government 9 668 384,00 9 699 747,20 0,249 680 000,00 STATE OF BERLIN FRN 25/06/2012 EUR 9 668 384,00 9 699 747,20 0,24

NETHERLANDS 24 181 800,00 24 201 802,00 0,59

Finance 24 181 800,00 24 201 802,00 0,5914 200 000,00 ING BANK NV FRN 28/03/2013 EUR 14 185 800,00 14 197 302,00 0,3510 000 000,00

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK BA FRN 08/10/2012

EUR 9 996 000,00 10 004 500,00 0,24

SPAIN 17 315 795,15 17 013 063,00 0,42

Government 17 315 795,15 17 013 063,00 0,4217 350 000,00 SPAIN GOVERNMENT BOND FRN 29/10/2012 EUR 17 315 795,15 17 013 063,00 0,42

SWEDEN 8 994 600,00 9 012 240,00 0,22

Government 8 994 600,00 9 012 240,00 0,229 000 000,00 SBAB BANK AB FRN 01/02/2013 EUR 8 994 600,00 9 012 240,00 0,22

DENMARK 7 988 080,00 7 949 440,00 0,20

Finance 7 988 080,00 7 949 440,00 0,208 000 000,00 NYKREDIT BANK A/S FRN 11/03/2013 EUR 7 988 080,00 7 949 440,00 0,20

IRELAND 3 592 836,00 3 319 380,00 0,08

Finance 3 592 836,00 3 319 380,00 0,083 600 000,00 ALLIED IRISH BANKS PLC FRN 19/03/2012 EUR 3 592 836,00 3 319 380,00 0,08

Ordinary Bonds 737 381 567,58 731 283 255,99 17,98

233





% ofNet Assets

ITALY 662 218 521,78 656 695 434,83 16,14

Government 662 218 521,78 656 695 434,83 16,14342 700 000,00 BTP 4.25% 01/09/2011 EUR 347 536 365,90 344 142 760,15 8,46163 000 000,00 BTP 3.75% 15/09/2011 EUR 165 210 041,57 163 678 093,04 4,0276 500 000,00 BTP 4.00% 15/04/2012 EUR 77 782 000,00 77 557 997,30 1,9161 400 000,00 BTP 3.00% 01/03/2012 EUR 62 043 834,31 61 758 571,09 1,529 400 000,00 BTP 5.00% 01/02/2012 EUR 9 646 280,00 9 558 013,25 0,23

GERMANY 56 681 101,30 56 468 423,91 1,39

Government 36 691 101,30 36 501 823,91 0,9036 500 000,00 BUNDESSCHATZANWEISUNGEN 1.25% 16/12/2011 EUR 36 691 101,30 36 501 823,91 0,90

Consumer Retail 19 990 000,00 19 966 600,00 0,4920 000 000,00 SEB AG 1.00% 28/09/2011 EUR 19 990 000,00 19 966 600,00 0,49

FRANCE 13 504 160,00 13 147 680,26 0,32

Government 13 504 160,00 13 147 680,26 0,3213 000 000,00

FRANCE GOVERNMENT BOND OAT 5.00% 25/10/2011

EUR 13 504 160,00 13 147 680,26 0,32

UNITED STATES 4 774 082,50 4 769 475,00 0,12

Finance 4 774 082,50 4 769 475,00 0,124 750 000,00 WM COVERED BOND PROGRAM 3.88% 27/09/2011 EUR 4 774 082,50 4 769 475,00 0,12

SPAIN 203 702,00 202 241,99 0,01

Government 203 702,00 202 241,99 0,01200 000,00 SPAIN GOVERNMENT BOND 5.35% 31/10/2011 EUR 203 702,00 202 241,99 0,01

LISTED ON ANOTHER REGULATED MARKET 16 375 884,79 15 867 634,20 0,39


ITALY 11 608 436,79 11 139 628,44 0,27

Consumer Retail 11 608 436,79 11 139 628,44 0,279 366 383,57

FONDI IMMOBILI PUBBLICI FUNDING SRL FRN 10/01/2023

EUR 9 396 824,72 8 963 628,80 0,22

2 190 789,66 SPLIT SRL FRN 25/10/2018 EUR 2 211 612,07 2 175 999,64 0,05

IRELAND 4 767 448,00 4 728 005,76 0,12

Finance 4 767 448,00 4 728 005,76 0,124 767 448,00 CARS ALLIANCE FUNDING PLC -A- FRN 08/10/2023 EUR 4 767 448,00 4 728 005,76 0,12

Total Portfolio 3 671 087 452,46 3 665 181 205,93 90,10

234




Size Quantity

Purchase/



(EUR) Commitment

(EUR)



250 000 (285) Sale 3MO EURIBOR 19/12/2011 EUR (81 717,00) 69 910 500,00

235





Interestreceivable/

(payable)


(EUR)

CREDIT DEFAULT SWAP CONTRACTS (147 023,50)

Merrill Lynch & Co EUR L 5 000 000,00 JP MORGAN CHASE BANK 20/03/2013 (3 743,05) (147 023,50)

236

Eurizon EasyFund - Bond EUR Floating Rate



Assets Notes Investments in securities at market value 332 771 625,50Banks 1 340 169,34Interest receivable 1 751 502,89Receivable on investments sold 9 411 795,98Receivable on subscriptions 3 722 587,58Total assets 348 997 681,29



Class R Units EUR 118,30 2 647 351,286Class Z Units EUR 119,57 176 462,635

237





Net income from investments 2 981 419,30Total income 2 981 419,30Management fee (Note 5) (1 349 583,26)Custodian and paying agent fee (Note 7) (165 642,22)Subscription tax (Note 3) (78 688,16)Interest on bank accounts (7,40)Other charges and taxes (Notes 4, 7) (183 119,52)Total expenses (1 777 040,56)Net investment income / (loss) 1 204 378,74Net realised profit / (loss) on sales of investments, currencies and other financial instruments (1 132 651,61)Change in unrealised appreciation / (depreciation) on - investments 4 299 484,35Net result of operations for the period 4 371 211,48



238





% ofNet Assets




ITALY 311 936 317,37 307 166 800,60 91,89

Government 301 599 967,37 296 807 344,50 88,7932 850 000,00 CCT FRN 01/07/2013 EUR 32 766 241,00 32 426 235,00 9,7033 900 000,00 CCT FRN 01/07/2016 EUR 33 261 467,22 32 059 230,00 9,5930 700 000,00 CCT FRN 01/03/2014 EUR 30 385 674,95 29 895 660,00 8,9429 900 000,00 CCT FRN 01/11/2012 EUR 29 826 248,98 29 741 829,00 8,9028 550 000,00 CCT FRN 01/03/2012 EUR 28 543 621,80 28 548 858,00 8,5428 850 000,00 CCT FRN 15/12/2015 EUR 28 694 520,51 28 215 300,00 8,4429 100 000,00 CCT FRN 01/09/2015 EUR 28 707 530,64 27 787 590,00 8,3128 725 000,00 CCT FRN 15/10/2017 EUR 27 808 227,91 27 578 872,50 8,2528 475 000,00 CCT FRN 01/12/2014 EUR 28 265 122,50 27 529 630,00 8,2421 550 000,00 CCTS EU FRN 15/04/2018 EUR 20 879 201,33 20 731 100,00 6,2013 100 000,00 CCT FRN 01/03/2017 EUR 12 462 110,53 12 293 040,00 3,68

Consumer Retail 7 844 700,00 7 889 406,10 2,367 900 000,00

SOCIETA DI CARTOLARIZZAZIONE DEI CREDITI INPS A/BK FRN 31/07/2011

EUR 7 844 700,00 7 889 406,10 2,36

Finance 2 491 650,00 2 470 050,00 0,742 500 000,00 INTESA SANPAOLO SPA FRN 17/12/2012 EUR 2 491 650,00 2 470 050,00 0,74


ITALY 18 146 714,00 18 120 425,00 5,42

Government 18 146 714,00 18 120 425,00 5,4211 500 000,00 BOT 0.00% 15/05/2012 EUR 11 290 099,25 11 270 575,00 3,377 000 000,00 BOT 0.00% 15/06/2012 EUR 6 856 614,75 6 849 850,00 2,05

Ordinary Bonds 6 088 500,00 6 078 540,00 1,82

ITALY 6 088 500,00 6 078 540,00 1,82

Government 6 088 500,00 6 078 540,00 1,826 000 000,00 BTP 4.00% 15/04/2012 EUR 6 088 500,00 6 078 540,00 1,82



ITALY 1 204 550,43 1 405 859,90 0,42

Consumer Retail 1 204 550,43 1 405 859,90 0,42946 099,35

FONDI IMMOBILI PUBBLICI FUNDING SRL FRN 10/01/2023

EUR 747 059,74 905 417,05 0,27

503 844,30 SPLIT SRL FRN 25/10/2018 EUR 457 490,69 500 442,85 0,15

Total Portfolio 337 376 081,80 332 771 625,50 99,55

239

Eurizon EasyFund - Bond EUR Short Term



Assets Notes Investments in securities at market value 1 466 492 619,37Banks 732 100,42Unrealised profit on future contracts (Note 8) 880,00Other interest receivable 20 249 175,58Receivable on investments sold 84 147 427,87Receivable on subscriptions 5 793 534,79Total assets 1 577 415 738,03

Liabilities Payable on investments purchased (64 260 506,00)Payable on redemptions (28 704 610,20)Other liabilities (583 308,62)Total liabilities (93 548 424,82)Total net assets 1 483 867 313,21


Class I Units EUR 136,04 686 537,257Class R Units EUR 135,31 415 219,422Class Z Units EUR 140,05 9 527 266,812

240





Net income from investments 28 060 925,91Total income 28 060 925,91Management fee (Note 5) (1 881 649,86)Custodian and paying agent fee (Note 7) (876 788,37)Subscription tax (Note 3) (94 011,38)Interest on bank accounts (20,05)Other charges and taxes (Notes 4, 7) (552 144,47)Total expenses (3 404 614,13)Net investment income / (loss) 24 656 311,78Net realised profit / (loss) on sales of investments, currencies and other financial instruments (25 691 298,96)Change in unrealised appreciation / (depreciation) on - investments (2 540 506,12)- future contracts (Note 8) 880,00Net result of operations for the period (3 574 613,30)



241





% ofNet Assets



Ordinary Bonds 1 325 310 825,97 1 290 060 239,83 86,94

GERMANY 330 121 573,59 324 410 121,12 21,86

Government 330 121 573,59 324 410 121,12 21,8690 000 000,00

BUNDESREPUBLIK DEUTSCHLAND 3.75% 04/07/2013

EUR 97 381 753,12 93 801 797,10 6,32

79 650 000,00


EUR 85 528 537,50 84 607 850,09 5,70

60 000 000,00


EUR 64 254 700,00 64 225 851,60 4,33

50 500 000,00 BUNDESSCHATZANWEISUNGEN 1.50% 15/03/2013 EUR 50 371 819,99 50 446 755,33 3,4030 000 000,38


EUR 32 584 762,98 31 327 867,00 2,11

ITALY 308 881 311,04 303 392 467,68 20,45

Government 305 286 783,04 299 788 183,68 20,2196 930 000,00 BTP 2.00% 01/06/2013 EUR 96 320 648,64 95 022 755,89 6,4064 780 000,00 BTP 4.25% 15/04/2013 EUR 68 486 307,71 66 184 392,18 4,4648 500 000,00 BTP 2.25% 01/11/2013 EUR 47 832 276,06 47 367 107,90 3,1943 170 000,00 BTP 4.25% 01/08/2013 EUR 45 344 122,19 44 134 035,75 2,9840 000 000,00 BTP 3.00% 01/04/2014 EUR 39 615 290,00 39 450 503,20 2,667 000 000,00 BTP 3.75% 15/12/2013 EUR 7 121 870,00 7 067 158,35 0,48

550 000,00 BTP 4.25% 15/10/2012 EUR 566 268,44 562 230,41 0,04

Finance 3 594 528,00 3 604 284,00 0,243 600 000,00 BANCA DELLE MARCHE SPA 4.38% 15/04/2013 EUR 3 594 528,00 3 604 284,00 0,24

FRANCE 288 590 486,47 282 558 793,50 19,04

Government 288 590 486,47 282 558 793,50 19,04106 400 000,00 FRENCH TREASURY NOTE 3.75% 12/01/2013 EUR 113 590 535,00 109 830 842,46 7,4045 000 000,00 FRENCH TREASURY NOTE 0.75% 20/09/2012 EUR 45 019 254,46 44 595 500,85 3,0039 500 000,00 FRENCH TREASURY NOTE 2.50% 12/01/2014 EUR 40 006 480,01 40 092 071,43 2,7033 000 000,00 FRENCH TREASURY NOTE 4.50% 12/07/2013 EUR 35 647 170,00 34 816 790,25 2,3528 050 000,00


EUR 30 367 347,00 29 209 731,74 1,97

18 000 000,00


EUR 18 813 600,00 18 878 749,92 1,27

5 000 000,00 FRENCH TREASURY NOTE 3.00% 12/07/2014 EUR 5 146 100,00 5 135 106,85 0,35

SPAIN 127 521 331,96 125 391 725,63 8,45

Government 127 521 331,96 125 391 725,63 8,4532 150 000,00 SPAIN GOVERNMENT BOND 2.50% 31/10/2013 EUR 31 692 448,00 31 277 627,11 2,1127 000 000,00 SPAIN GOVERNMENT BOND 3.90% 31/10/2012 EUR 28 435 438,77 27 319 660,29 1,8427 750 000,00 SPAIN GOVERNMENT BOND 3.40% 30/04/2014 EUR 27 258 706,25 27 293 884,91 1,8424 100 000,00 SPAIN GOVERNMENT BOND 4.25% 31/01/2014 EUR 24 630 650,00 24 311 027,31 1,6415 500 000,00 SPAIN GOVERNMENT BOND 2.30% 30/04/2013 EUR 15 504 088,94 15 189 526,01 1,02

BELGIUM 101 593 441,00 99 593 097,23 6,71

Government 101 593 441,00 99 593 097,23 6,7140 500 000,00 BELGIUM GOVERNMENT BOND 4.00% 28/03/2013 EUR 43 246 125,00 41 751 863,91 2,8127 500 000,00 BELGIUM GOVERNMENT BOND 4.00% 28/03/2014 EUR 28 478 150,00 28 463 587,90 1,9222 000 000,00 BELGIUM GOVERNMENT BOND 4.25% 28/09/2013 EUR 23 102 470,00 22 869 727,54 1,546 000 000,00 BELGIUM GOVERNMENT BOND 8.00% 24/12/2012 EUR 6 766 696,00 6 507 917,88 0,44

NETHERLANDS 71 257 519,26 70 705 866,60 4,77

Government 71 257 519,26 70 705 866,60 4,7744 150 000,00

NETHERLANDS GOVERNMENT BOND 1.75% 15/01/2013

EUR 44 503 219,26 44 256 698,19 2,99

27 000 000,00


EUR 26 754 300,00 26 449 168,41 1,78

242





% ofNet Assets

GREECE 42 740 045,25 34 377 464,85 2,32

Government 42 740 045,25 34 377 464,85 2,3223 000 000,00

HELLENIC REPUBLIC GOVERNMENT BOND 4.00% 20/08/2013

EUR 19 435 352,19 15 175 395,17 1,02

13 000 000,00


EUR 12 013 583,64 9 295 663,78 0,63

10 000 000,00


EUR 6 290 186,30 6 006 240,60 0,41

5 000 000,00


EUR 5 000 923,12 3 900 165,30 0,26

FINLAND 23 151 610,41 22 141 634,91 1,49

Government 23 151 610,41 22 141 634,91 1,4912 000 000,00 FINLAND GOVERNMENT BOND 5.38% 04/07/2013 EUR 13 562 840,00 12 855 826,68 0,879 000 000,00 FINLAND GOVERNMENT BOND 4.25% 15/09/2012 EUR 9 588 770,41 9 285 808,23 0,62

IRELAND 20 680 674,37 17 056 261,41 1,15

Government 20 680 674,37 17 056 261,41 1,1519 050 000,00 IRELAND GOVERNMENT BOND 5.00% 18/04/2013 EUR 20 340 274,37 16 762 291,02 1,13

370 000,00 IRELAND GOVERNMENT BOND 4.00% 15/01/2014 EUR 340 400,00 293 970,39 0,02

AUSTRIA 10 772 832,62 10 432 806,90 0,70

Government 10 772 832,62 10 432 806,90 0,7010 000 000,00 AUSTRIA GOVERNMENT BOND 3.80% 20/10/2013 EUR 10 772 832,62 10 432 806,90 0,70


ITALY 102 052 437,68 101 914 110,54 6,87

Government 102 052 437,68 101 914 110,54 6,8742 750 000,00 CTZ 0.00% 31/12/2012 EUR 41 145 032,53 41 043 847,50 2,7729 000 000,00 CTZ 0.00% 31/08/2012 EUR 28 193 067,58 28 193 510,00 1,9019 200 000,00 BOT 0.00% 16/04/2012 EUR 18 899 076,15 18 876 155,52 1,2711 600 000,00 BOT 0.00% 15/03/2012 EUR 11 444 449,89 11 429 783,92 0,772 400 000,00 BOT 0.00% 15/02/2012 EUR 2 370 811,53 2 370 813,60 0,16

SPAIN 9 775 680,04 9 805 000,00 0,66

Government 9 775 680,04 9 805 000,00 0,6610 000 000,00 SPAIN LETRAS DEL TESORO 0.00% 20/04/2012 EUR 9 775 680,04 9 805 000,00 0,66


ITALY 30 385 114,24 30 399 790,00 2,05

Government 14 439 304,24 14 503 625,00 0,9814 500 000,00 CCT FRN 01/03/2012 EUR 14 439 304,24 14 503 625,00 0,98


Consumer Retail 4 966 000,00 4 993 295,00 0,345 000 000,00


EUR 4 966 000,00 4 993 295,00 0,34

UNITED STATES 11 894 870,00 12 442 780,00 0,84

Finance 11 894 870,00 12 442 780,00 0,846 000 000,00 MERRILL LYNCH & CO INC FRN 29/06/2012 EUR 5 835 810,00 5 976 840,00 0,404 800 000,00 GOLDMAN SACHS GROUP INC FRN 23/05/2016 EUR 4 092 000,00 4 471 200,00 0,302 000 000,00 MERRILL LYNCH & CO INC FRN 16/02/2012 EUR 1 967 060,00 1 994 740,00 0,14

UNITED KINGDOM 10 961 907,24 11 016 093,00 0,74

Finance 10 961 907,24 11 016 093,00 0,748 500 000,00 BARCLAYS BANK PLC FRN 28/01/2013 EUR 8 511 907,24 8 548 110,00 0,572 450 000,00 ROYAL BANK OF SCOTLAND PLC FRN 17/09/2012 EUR 2 450 000,00 2 467 983,00 0,17

243





% ofNet Assets

FRANCE 7 006 454,00 6 999 370,00 0,47

Finance 7 006 454,00 6 999 370,00 0,477 000 000,00 CREDIT AGRICOLE SA/LONDON FRN 10/09/2012 EUR 7 006 454,00 6 999 370,00 0,47

SWEDEN 3 847 690,00 3 855 236,00 0,26

Government 3 847 690,00 3 855 236,00 0,263 850 000,00 SWEDISH HOUSING FINANCE CORP FRN 01/02/2013 EUR 3 847 690,00 3 855 236,00 0,26

Total Portfolio 1 501 234 979,17 1 466 492 619,37 98,83

244




Size Quantity

Purchase/



(EUR) Commitment

(EUR)

Total Unrealised profit / (loss) on future contracts and commitment 880,00 10 755 500,00

Unrealised profit on future contracts and commitment 880,00 10 755 500,00

100 000 100 Purchase GERMAN EURO SCHATZ FUTURE 08/09/2011 EUR 880,00 10 755 500,00

245

Eurizon EasyFund - Bond EUR Medium Term



Assets Notes Investments in securities at market value 1 111 005 728,26Banks 1 568 717,94Amounts due from brokers 31 770,00Unrealised profit on future contracts (Note 8) 36 570,00Other interest receivable 15 476 860,47Receivable on subscriptions 1 469 627,28Total assets 1 129 589 273,95

Liabilities Unrealised loss on future contracts (Note 8) (106 590,00)Payable on redemptions (1 467 640,01)Other liabilities (473 843,36)Total liabilities (2 048 073,37)Total net assets 1 127 541 200,58


Class I Units EUR 293,52 204 874,777Class R Units EUR 291,56 248 425,393Class Z Units EUR 303,12 3 282 439,396

246





Net income from investments 19 523 047,96Total income 19 523 047,96Management fee (Note 5) (1 654 504,77)Custodian and paying agent fee (Note 7) (614 935,06)Subscription tax (Note 3) (74 957,47)Interest on bank accounts (168,69)Other charges and taxes (Notes 4, 7) (405 174,27)Total expenses (2 749 740,26)Net investment income / (loss) 16 773 307,70Net realised profit / (loss) on sales of investments, currencies and other financial instruments (15 180 860,08)Change in unrealised appreciation / (depreciation) on - investments (8 424 484,53)- future contracts (Note 8) (96 420,00)Net result of operations for the period (6 928 456,91)



247





% ofNet Assets



Ordinary Bonds 1 117 562 341,50 1 083 554 571,40 96,10

ITALY 279 562 581,54 270 245 344,10 23,97

Government 279 562 581,54 270 245 344,10 23,9780 980 000,00 BTP 3.00% 15/06/2015 EUR 81 696 380,30 78 401 995,22 6,9560 300 000,00 BTP 4.25% 01/08/2014 EUR 64 444 920,34 61 388 872,68 5,4539 625 000,00 BTP 3.00% 15/04/2015 EUR 40 028 815,47 38 515 620,06 3,4228 590 000,00 BTP 3.75% 15/04/2016 EUR 28 418 469,75 28 174 335,42 2,5025 000 000,00 BTP 3.00% 01/11/2015 EUR 24 561 250,00 24 042 100,00 2,1323 500 000,00 BTP 3.50% 01/06/2014 EUR 23 920 345,68 23 467 771,87 2,0815 000 000,00 BTP 4.25% 01/02/2015 EUR 15 482 250,00 15 248 948,85 1,351 000 000,00 BTP 3.00% 01/03/2012 EUR 1 010 150,00 1 005 700,00 0,09

GERMANY 249 697 419,50 246 077 077,46 21,82

Government 249 697 419,50 246 077 077,46 21,8257 750 000,00


EUR 62 251 515,50 61 232 867,27 5,43

54 705 000,00 BUNDESOBLIGATIONEN 2.50% 27/02/2015 EUR 56 346 989,56 55 663 949,11 4,9435 000 000,00


EUR 37 911 800,00 36 554 193,20 3,24

26 100 000,00 BUNDESOBLIGATION 2.25% 10/04/2015 EUR 26 992 520,00 26 310 588,11 2,3325 000 000,00 BUNDESOBLIGATION 2.00% 26/02/2016 EUR 24 618 555,00 24 733 801,50 2,1920 000 000,00 BUNDESOBLIGATION 2.75% 08/04/2016 EUR 20 254 621,80 20 422 119,80 1,819 700 000,00


EUR 10 629 335,84 10 383 179,34 0,92

8 500 000,00 BUNDESOBLIGATION 2.50% 10/10/2014 EUR 8 596 521,80 8 665 957,57 0,772 000 000,00


EUR 2 095 560,00 2 110 421,56 0,19

FRANCE 211 020 403,78 209 888 641,10 18,61

Government 211 020 403,78 209 888 641,10 18,6173 000 000,00 FRENCH TREASURY NOTE 2.25% 25/02/2016 EUR 71 438 740,00 71 853 038,60 6,3734 000 000,00


EUR 36 200 340,00 35 404 008,24 3,14

35 100 000,00 FRENCH TREASURY NOTE 2.50% 15/01/2015 EUR 35 652 489,89 35 389 640,99 3,1425 000 000,00


EUR 25 497 730,00 25 509 077,00 2,26

21 000 000,00 FRENCH TREASURY NOTE 3.00% 12/07/2014 EUR 21 688 453,77 21 567 448,77 1,9120 500 000,00 FRENCH TREASURY NOTE 2.00% 12/07/2015 EUR 20 542 650,12 20 165 427,50 1,79

SPAIN 97 900 156,71 95 635 925,36 8,48

Government 97 900 156,71 95 635 925,36 8,4839 600 000,00 SPAIN GOVERNMENT BOND 3.25% 30/04/2016 EUR 37 677 079,00 37 220 435,60 3,3036 470 000,00 SPAIN GOVERNMENT BOND 3.00% 30/04/2015 EUR 36 405 807,58 34 845 818,76 3,0917 000 000,00 SPAIN GOVERNMENT BOND 3.15% 31/01/2016 EUR 16 143 920,00 16 054 051,32 1,425 500 000,00 SPAIN GOVERNMENT BOND 4.40% 31/01/2015 EUR 5 607 250,00 5 534 375,00 0,492 030 000,00 SPAIN GOVERNMENT BOND 3.30% 31/10/2014 EUR 2 066 100,13 1 981 244,68 0,18

NETHERLANDS 70 974 324,78 69 624 964,06 6,18

Government 70 974 324,78 69 624 964,06 6,1830 700 000,00


EUR 31 342 903,37 31 290 820,58 2,78

18 500 000,00


EUR 19 889 570,00 19 173 090,68 1,70

18 220 000,00


EUR 19 741 851,41 19 161 052,80 1,70

BELGIUM 66 189 926,01 64 908 425,03 5,76

Government 66 189 926,01 64 908 425,03 5,7634 000 000,00 BELGIUM GOVERNMENT BOND 3.50% 28/03/2015 EUR 35 936 316,00 34 571 514,50 3,0721 500 000,00 BELGIUM GOVERNMENT BOND 3.75% 28/09/2015 EUR 21 868 010,01 21 994 021,41 1,958 000 000,00 BELGIUM GOVERNMENT BOND 4.25% 28/09/2014 EUR 8 385 600,00 8 342 889,12 0,74

248





% ofNet Assets

AUSTRIA 53 462 770,12 52 530 438,05 4,66

Government 53 462 770,12 52 530 438,05 4,6630 725 000,00 AUSTRIA GOVERNMENT BOND 3.40% 20/10/2014 EUR 32 156 850,12 31 828 033,65 2,8217 000 000,00 AUSTRIA GOVERNMENT BOND 3.50% 15/07/2015 EUR 18 269 020,00 17 657 571,05 1,573 000 000,00 AUSTRIA GOVERNMENT BOND 3.20% 20/02/2017 EUR 3 036 900,00 3 044 833,35 0,27

FINLAND 21 547 071,90 21 082 015,82 1,87

Government 21 547 071,90 21 082 015,82 1,879 000 000,00 FINLAND GOVERNMENT BOND 3.13% 15/09/2014 EUR 9 283 471,90 9 290 701,17 0,826 500 000,00 FINLAND GOVERNMENT BOND 4.25% 04/07/2015 EUR 7 275 750,00 6 967 233,65 0,625 000 000,00 FINLAND GOVERNMENT BOND 1.75% 15/04/2016 EUR 4 987 850,00 4 824 081,00 0,43

LUXEMBOURG 18 131 401,00 17 911 383,00 1,59

Government 10 228 106,00 10 231 608,00 0,9110 300 000,00

EUROPEAN FINANCIAL STABILITY FACILITY 2.75% 18/07/2016

EUR 10 228 106,00 10 231 608,00 0,91

Supranational 7 903 295,00 7 679 775,00 0,687 500 000,00 EIB 3.13% 15/04/2014 EUR 7 903 295,00 7 679 775,00 0,68

GREECE 25 132 817,33 17 076 836,20 1,51

Government 25 132 817,33 17 076 836,20 1,5112 000 000,00


EUR 11 843 643,18 7 207 488,72 0,64

9 500 000,00


EUR 6 681 424,15 5 106 705,24 0,45

8 000 000,00


EUR 6 607 750,00 4 762 642,24 0,42

IRELAND 15 027 348,83 11 623 748,16 1,03

Government 15 027 348,83 11 623 748,16 1,0314 630 000,00 IRELAND GOVERNMENT BOND 4.00% 15/01/2014 EUR 15 027 348,83 11 623 748,16 1,03

PORTUGAL 8 916 120,00 6 949 773,06 0,62

Government 8 916 120,00 6 949 773,06 0,626 000 000,00

PORTUGAL OBRIGACOES DO TESOURO OT 6.40% 15/02/2016

EUR 5 985 720,00 4 651 059,96 0,41

3 000 000,00


EUR 2 930 400,00 2 298 713,10 0,21


UNITED STATES 11 685 213,45 12 164 402,00 1,08

Finance 11 685 213,45 12 164 402,00 1,087 000 000,00 MORGAN STANLEY FRN 20/07/2012 EUR 6 733 605,45 6 974 940,00 0,624 200 000,00 BEAR STEARNS LLC FRN 27/07/2012 EUR 3 959 508,00 4 193 322,00 0,371 000 000,00 MERRILL LYNCH & CO INC FRN 29/06/2012 EUR 992 100,00 996 140,00 0,09

ITALY 8 185 372,00 8 129 484,00 0,72


FRANCE 4 840 494,00 4 846 993,00 0,43

Finance 4 840 494,00 4 846 993,00 0,434 850 000,00 BPCE SA FRN 20/07/2012 EUR 4 840 494,00 4 846 993,00 0,43

UNITED KINGDOM 2 000 000,00 2 014 680,00 0,18

Finance 2 000 000,00 2 014 680,00 0,182 000 000,00 ROYAL BANK OF SCOTLAND PLC FRN 17/09/2012 EUR 2 000 000,00 2 014 680,00 0,18

249





% ofNet Assets

Zero-Coupon bonds 295 868,11 295 597,86 0,02

ITALY 295 868,11 295 597,86 0,02

Government 295 868,11 295 597,86 0,02300 000,00 BOT 0.00% 15/03/2012 EUR 295 868,11 295 597,86 0,02

Total Portfolio 1 144 569 289,06 1 111 005 728,26 98,53

250




Size Quantity

Purchase/



(EUR) Commitment

(EUR)



100 000 (150) Sale GERMAN EURO SCHATZ FUTURE 08/09/2011 EUR 36 570,00 16 133 250,00


100 000 75 Purchase GERMAN EURO BUND FUTURE 08/09/2011 EUR (106 590,00) 9 411 000,00

251

Eurizon EasyFund - Bond EUR Long Term



Assets Notes Investments in securities at market value 2 883 692 575,60Banks 795 746,03Amounts due from brokers 533 132,55Unrealised profit on future contracts (Note 8) 38 929,60Other interest receivable 58 195 967,08Receivable on investments sold 22 806 029,66Receivable on subscriptions 19 715 628,93Other assets 1 031,95Total assets 2 985 779 041,40

Liabilities Unrealised loss on future contracts (Note 8) (536 212,15)Payable on investments purchased (37 884 572,12)Payable on redemptions (13 236 784,67)Other liabilities (1 119 051,55)Total liabilities (52 776 620,49)Total net assets 2 933 002 420,91


Class I Units EUR 158,51 1 032 479,155Class R Units EUR 157,68 357 360,645Class Z Units EUR 163,59 16 584 605,545

252





Net income from investments 62 679 434,05Total income 62 679 434,05Management fee (Note 5) (3 539 170,74)Custodian and paying agent fee (Note 7) (1 411 458,75)Subscription tax (Note 3) (155 018,78)Interest on bank accounts (250,86)Other charges and taxes (Notes 4, 7) (878 636,69)Total expenses (5 984 535,82)Net investment income / (loss) 56 694 898,23Net realised profit / (loss) on sales of investments, currencies and other financial instruments (5 859 739,93)Change in unrealised appreciation / (depreciation) on - investments (48 359 732,40)- future contracts (Note 8) (459 462,55)Net result of operations for the period 2 015 963,35



253





% ofNet Assets



Ordinary Bonds 2 922 429 389,62 2 792 669 786,00 95,22

ITALY 866 302 464,10 826 637 099,15 28,19

Government 866 302 464,10 826 637 099,15 28,1991 075 000,00 BTP 4.25% 01/03/2020 EUR 92 966 079,75 88 896 577,08 3,0382 200 000,00 BTP 4.50% 01/08/2018 EUR 85 678 049,55 82 595 023,61 2,8275 060 000,00 BTP 6.00% 01/05/2031 EUR 85 760 996,62 79 621 044,92 2,7165 500 000,00 BTP 4.25% 01/09/2019 EUR 66 257 610,39 64 331 731,52 2,1958 900 000,00 BTP 5.25% 01/08/2017 EUR 66 060 795,51 62 180 863,70 2,1253 100 000,00 BTP 5.00% 01/09/2040 EUR 54 496 072,76 48 663 902,81 1,6651 940 000,00 BTP 3.75% 01/03/2021 EUR 49 614 663,30 48 126 837,89 1,6446 045 000,00 BTP 5.00% 01/03/2025 EUR 47 775 126,17 45 811 877,39 1,5643 000 000,00 BTP 4.50% 01/03/2019 EUR 43 450 210,00 42 993 430,03 1,4738 000 000,00 BTP 4.50% 01/02/2018 EUR 38 762 684,00 38 343 447,80 1,3133 700 000,00 BTP 6.50% 01/11/2027 EUR 41 771 544,83 37 774 562,87 1,2938 000 000,00 BTP 5.25% 01/11/2029 EUR 40 580 700,00 37 690 363,84 1,2825 500 000,00 BTP 7.25% 01/11/2026 EUR 31 428 080,00 30 880 674,17 1,0530 970 000,00 BTP 4.75% 01/09/2021 EUR 30 946 211,50 30 791 332,21 1,0526 170 000,00 BTP 4.00% 01/09/2020 EUR 26 064 004,66 24 958 403,32 0,8516 230 000,00 BTP 5.00% 01/08/2039 EUR 15 971 037,35 14 938 835,50 0,5113 920 000,00 BTP 3.00% 01/03/2012 EUR 14 000 736,00 13 995 585,60 0,4810 500 000,00 BTP 4.00% 01/02/2017 EUR 11 041 102,87 10 464 997,31 0,369 300 000,00 BTP 4.25% 15/04/2013 EUR 9 465 784,50 9 501 618,51 0,327 000 000,00 BTP 4.75% 01/08/2023 EUR 6 988 800,00 6 916 929,18 0,247 000 000,00 BTP 3.75% 15/04/2016 EUR 6 944 175,00 6 898 228,33 0,24

266 127,50 BTP 2.35% 15/09/2019 EUR 277 999,34 260 831,56 0,01

GERMANY 620 954 821,28 619 602 718,97 21,13

Government 609 067 501,28 607 961 278,97 20,7366 150 000,00


EUR 83 480 442,20 82 329 361,92 2,81

61 920 000,00


EUR 80 994 040,46 76 968 414,50 2,62

66 000 000,00


EUR 67 980 313,63 67 975 232,16 2,32

59 510 000,00


EUR 63 275 388,05 64 346 945,43 2,19

59 867 000,00


EUR 62 914 661,05 62 851 526,20 2,14

43 000 000,00


EUR 46 730 510,00 46 591 330,33 1,59

39 041 000,00


EUR 42 933 044,01 44 740 145,06 1,53

35 500 000,00


EUR 40 911 620,00 40 400 646,14 1,38

33 000 000,00


EUR 34 878 910,00 35 246 855,49 1,20

20 000 000,00


EUR 26 153 856,00 26 924 361,80 0,92

23 020 000,00


EUR 24 774 527,45 25 330 174,86 0,86

18 000 000,00


EUR 18 039 420,00 18 119 006,28 0,62

10 000 000,00


EUR 10 733 368,43 10 965 240,40 0,37

5 000 000,00


EUR 5 267 400,00 5 172 038,40 0,18

Finance 11 887 320,00 11 641 440,00 0,4012 000 000,00

LANDESBANK BADEN-WUERTTEMBERG 2.25% 21/06/2016

EUR 11 887 320,00 11 641 440,00 0,40

254





% ofNet Assets

FRANCE 506 097 974,37 503 990 792,40 17,18

Government 506 097 974,37 503 990 792,40 17,18109 390 000,00


EUR 106 811 977,56 104 843 568,92 3,57

75 024 000,00


EUR 77 011 179,14 76 165 118,04 2,60

47 020 000,00


EUR 50 928 055,00 49 275 581,37 1,68

36 530 000,00


EUR 38 186 139,13 38 708 308,74 1,32

37 850 000,00


EUR 37 102 794,00 37 017 300,00 1,26

27 000 000,00


EUR 33 333 002,00 33 225 251,76 1,13

28 190 000,00


EUR 28 905 244,72 29 655 834,90 1,01

24 550 000,00


EUR 28 886 257,55 29 131 166,50 0,99

27 660 000,00


EUR 28 316 825,28 28 667 287,31 0,98

27 600 000,00


EUR 26 832 452,23 26 858 888,39 0,92

27 179 000,00


EUR 24 772 027,76 25 286 880,37 0,86

11 000 000,00


EUR 11 158 730,00 11 313 864,98 0,39

9 000 000,00


EUR 8 685 540,00 8 557 955,82 0,29

5 000 000,00


EUR 5 167 750,00 5 283 785,30 0,18

SPAIN 247 678 491,36 231 637 621,30 7,90

Government 247 678 491,36 231 637 621,30 7,9043 020 000,00 SPAIN GOVERNMENT BOND 4.10% 30/07/2018 EUR 43 342 916,80 40 620 174,47 1,3940 430 000,00 SPAIN GOVERNMENT BOND 5.50% 30/04/2021 EUR 40 704 718,61 40 595 956,26 1,3827 000 000,00 SPAIN GOVERNMENT BOND 5.90% 30/07/2026 EUR 27 197 368,36 27 138 980,88 0,9327 500 000,00 SPAIN GOVERNMENT BOND 5.75% 30/07/2032 EUR 30 919 113,29 27 028 269,13 0,9226 080 000,00 SPAIN GOVERNMENT BOND 4.20% 31/01/2037 EUR 23 929 397,47 20 322 021,61 0,6919 920 000,00 SPAIN GOVERNMENT BOND 4.85% 31/10/2020 EUR 19 886 733,60 19 205 862,22 0,6522 750 000,00 SPAIN GOVERNMENT BOND 4.70% 30/07/2041 EUR 21 938 244,61 18 878 759,22 0,6411 950 000,00 SPAIN GOVERNMENT BOND 3.80% 31/01/2017 EUR 12 201 547,50 11 368 532,36 0,3911 840 000,00 SPAIN GOVERNMENT BOND 3.15% 31/01/2016 EUR 11 721 544,96 11 181 174,57 0,388 965 000,00 SPAIN GOVERNMENT BOND 4.65% 30/07/2025 EUR 8 361 986,16 8 076 023,97 0,287 000 000,00 SPAIN GOVERNMENT BOND 5.50% 30/07/2017 EUR 7 474 920,00 7 221 866,61 0,25

BELGIUM 200 129 629,42 195 605 694,39 6,67

Government 200 129 629,42 195 605 694,39 6,6747 200 000,00 BELGIUM GOVERNMENT BOND 3.25% 28/09/2016 EUR 47 605 634,99 46 790 115,20 1,6033 000 000,00 BELGIUM GOVERNMENT BOND 4.00% 28/03/2017 EUR 34 509 038,95 33 723 180,15 1,1526 955 000,00 BELGIUM GOVERNMENT BOND 3.75% 28/09/2020 EUR 27 472 342,18 26 468 372,22 0,9022 600 000,00 EUROPEAN UNION 3.25% 04/04/2018 EUR 22 589 830,00 22 639 098,00 0,7722 000 000,00 BELGIUM GOVERNMENT BOND 4.25% 28/03/2041 EUR 21 965 566,00 20 310 335,10 0,6920 070 000,00 BELGIUM GOVERNMENT BOND 4.00% 28/03/2019 EUR 20 910 901,30 20 310 074,33 0,6915 500 000,00 BELGIUM GOVERNMENT BOND 4.25% 28/09/2021 EUR 15 473 720,00 15 695 860,48 0,545 800 000,00 BELGIUM GOVERNMENT BOND 3.50% 28/06/2017 EUR 5 712 307,00 5 756 373,91 0,203 900 000,00 BELGIUM GOVERNMENT BOND 4.50% 28/03/2026 EUR 3 890 289,00 3 912 285,00 0,13

NETHERLANDS 158 475 187,64 157 838 533,90 5,38

Government 158 475 187,64 157 838 533,90 5,3875 400 000,00


EUR 73 849 636,00 74 817 256,77 2,55

25 200 000,00


EUR 25 618 927,12 24 634 420,78 0,84

17 920 000,00


EUR 17 785 600,00 17 710 336,00 0,60

14 350 000,00


EUR 16 384 739,50 15 681 102,13 0,54

255





% ofNet Assets

10 000 000,00


EUR 10 442 600,00 10 634 926,50 0,36

9 970 000,00


EUR 10 773 272,69 10 629 262,16 0,36

3 070 000,00


EUR 3 620 412,33 3 731 229,56 0,13

AUSTRIA 117 991 237,17 117 980 404,29 4,02

Government 117 991 237,17 117 980 404,29 4,0239 120 000,00 AUSTRIA GOVERNMENT BOND 3.20% 20/02/2017 EUR 39 840 532,94 39 704 626,88 1,3521 480 000,00 AUSTRIA GOVERNMENT BOND 3.90% 15/07/2020 EUR 23 094 745,00 22 325 904,95 0,7621 000 000,00 AUSTRIA GOVERNMENT BOND 4.00% 15/09/2016 EUR 22 208 971,36 22 203 266,19 0,7612 940 000,00 AUSTRIA GOVERNMENT BOND 4.15% 15/03/2037 EUR 12 309 994,33 12 819 961,70 0,4410 000 000,00 AUSTRIA GOVERNMENT BOND 4.85% 15/03/2026 EUR 10 883 000,00 11 088 868,70 0,386 000 000,00 AUSTRIA GOVERNMENT BOND 3.65% 20/04/2022 EUR 5 979 720,00 6 047 742,30 0,203 530 000,00 AUSTRIA GOVERNMENT BOND 4.35% 15/03/2019 EUR 3 674 273,54 3 790 033,57 0,13

IRELAND 84 231 297,93 54 723 805,86 1,87

Government 84 231 297,93 54 723 805,86 1,8731 010 000,00 IRELAND GOVERNMENT BOND 5.40% 13/03/2025 EUR 30 911 165,85 19 557 615,34 0,6730 010 000,00 IRELAND GOVERNMENT BOND 5.00% 18/10/2020 EUR 29 817 562,07 19 147 497,87 0,6522 485 000,00 IRELAND GOVERNMENT BOND 4.60% 18/04/2016 EUR 23 502 570,01 16 018 692,65 0,55

GREECE 73 705 845,52 41 164 036,53 1,40

Government 73 705 845,52 41 164 036,53 1,4016 000 000,00


EUR 16 638 944,19 8 166 372,64 0,28

15 415 000,00


EUR 15 174 630,10 7 409 881,36 0,25

13 000 000,00


EUR 12 862 460,00 7 190 230,32 0,25

14 500 000,00


EUR 9 889 654,00 6 341 144,93 0,22

16 644 880,00


EUR 11 252 367,23 6 280 945,47 0,21

6 500 000,00


EUR 4 326 290,00 3 246 540,38 0,11

3 000 000,00


EUR 2 248 500,00 1 536 896,43 0,05

2 000 000,00


EUR 1 313 000,00 992 025,00 0,03

FINLAND 32 466 560,83 33 240 693,92 1,13

Government 32 466 560,83 33 240 693,92 1,1313 585 000,00 FINLAND GOVERNMENT BOND 4.00% 04/07/2025 EUR 13 572 971,89 14 064 899,09 0,4810 000 000,00 FINLAND GOVERNMENT BOND 3.50% 15/04/2021 EUR 9 916 100,00 10 130 192,90 0,348 950 000,00 FINLAND GOVERNMENT BOND 3.38% 15/04/2020 EUR 8 977 488,94 9 045 601,93 0,31

PORTUGAL 14 395 880,00 10 248 385,29 0,35

Government 14 395 880,00 10 248 385,29 0,3510 000 000,00


EUR 8 925 500,00 6 256 805,70 0,21

4 000 000,00


EUR 3 282 880,00 2 378 395,16 0,08

2 500 000,00


EUR 2 187 500,00 1 613 184,43 0,06


ITALY 33 621 916,47 33 599 711,00 1,14


900 000,00 CCT FRN 01/11/2011 EUR 898 566,31 900 387,00 0,03

Finance 16 761 636,00 16 695 324,00 0,576 000 000,00 CREDITO EMILIANO SPA FRN 01/10/2012 EUR 5 994 060,00 5 969 700,00 0,206 000 000,00 INTESA SANPAOLO SPA FRN 17/12/2012 EUR 5 984 760,00 5 928 120,00 0,20

256





% ofNet Assets

4 800 000,00 BANCA DELLE MARCHE SPA FRN 19/10/2011 EUR 4 782 816,00 4 797 504,00 0,17

UNITED KINGDOM 14 148 067,00 14 287 092,00 0,49

Finance 14 148 067,00 14 287 092,00 0,4910 200 000,00 BARCLAYS BANK PLC FRN 28/01/2013 EUR 10 148 067,00 10 257 732,00 0,354 000 000,00 ROYAL BANK OF SCOTLAND PLC FRN 17/09/2012 EUR 4 000 000,00 4 029 360,00 0,14

FRANCE 4 003 688,00 3 999 640,00 0,14

Finance 4 003 688,00 3 999 640,00 0,144 000 000,00 CREDIT AGRICOLE SA/LONDON FRN 10/09/2012 EUR 4 003 688,00 3 999 640,00 0,14

IRELAND 1 592 382,77 1 475 280,00 0,05

Finance 1 592 382,77 1 475 280,00 0,051 600 000,00 ALLIED IRISH BANKS PLC FRN 19/03/2012 EUR 1 592 382,77 1 475 280,00 0,05

SWEDEN 998 520,00 1 000 650,00 0,03

Government 998 520,00 1 000 650,00 0,031 000 000,00 SWEDISH HOUSING FINANCE CORP FRN 16/09/2013 EUR 998 520,00 1 000 650,00 0,03


ITALY 32 887 372,15 32 861 166,60 1,12

Government 32 887 372,15 32 861 166,60 1,1213 000 000,00 BOT 0.00% 15/02/2012 EUR 12 840 860,18 12 841 907,00 0,4413 000 000,00 BOT 0.00% 16/04/2012 EUR 12 789 490,77 12 780 730,30 0,436 000 000,00 CTZ 0.00% 31/12/2012 EUR 5 777 680,65 5 760 540,00 0,201 500 000,00 BOT 0.00% 15/03/2012 EUR 1 479 340,55 1 477 989,30 0,05

FRANCE 3 422 317,92 3 799 250,00 0,13

Government 3 422 317,92 3 799 250,00 0,135 000 000,00


EUR 3 422 317,92 3 799 250,00 0,13

Total Portfolio 3 013 103 653,93 2 883 692 575,60 98,32

257




Size Quantity

Purchase/



(EUR) Commitment

(EUR)



100 000 192 Purchase GERMAN EURO BUND FUTURE 08/09/2011 EUR 38 929,60 24 092 160,00


100 000 89 Purchase GERMAN EURO BUXL 08/09/2011 EUR (240 406,80) 9 165 220,00100 000 250 Purchase GERMAN EURO BOBL FUTURE 08/09/2011 EUR (134 800,00) 29 145 000,00100 000 (1 650) Sale GERMAN EURO SCHATZ 08/09/2011 EUR (161 005,35) 177 465 750,00

258

Eurizon EasyFund - Bond International



Assets Notes Investments in securities at market value 199 696 742,61Banks 4 457 058,61Amounts due from brokers 73 278,23Unrealised profit on forward foreign exchange contracts (Note 8) 38 969,29Unrealised profit on future contracts (Note 8) 14 414,78Other interest receivable 1 484 906,06Receivable on investments sold 4 340 057,36Receivable on subscriptions 120 981,14Total assets 210 226 408,08

Liabilities Bank overdrafts (456,83)Unrealised loss on forward foreign exchange contracts (Note 8) (32 721,52)Unrealised loss on future contracts (Note 8) (23 662,32)Payable on investments purchased (4 974 019,73)Payable on redemptions (235 344,85)Other liabilities (116 538,98)Total liabilities (5 382 744,23)Total net assets 204 843 663,85


Class IH Units EUR 140,44 100,000Class R Units EUR 124,61 342 624,234Class RH Units EUR 138,62 17 696,990Class Z Units EUR 127,38 1 253 522,348Class ZH Units EUR 141,76 81,115

259





Net income from investments 2 636 745,49Other income (Note 9) 263,25Total income 2 637 008,74Management fee (Note 5) (437 831,55)Custodian and paying agent fee (Note 7) (106 662,30)Subscription tax (Note 3) (19 545,28)Interest on bank accounts (1,27)Other charges and taxes (Notes 4, 7) (80 277,31)Total expenses (644 317,71)Net investment income / (loss) 1 992 691,03Net realised profit / (loss) on sales of investments, currencies and other financial instruments (3 103 139,10)Change in unrealised appreciation / (depreciation) on - investments (8 311 408,88)- forward foreign exchange contracts and foreign currencies (Note 8) 28 673,88- future contracts (Note 8) 84 513,99Net result of operations for the period (9 308 669,08)



260





% ofNet Assets



Ordinary Bonds 140 242 037,49 137 405 427,91 67,08

JAPAN 62 035 370,52 60 961 815,11 29,76

Government 62 035 370,52 60 961 815,11 29,76665 000 000,00

JAPAN GOVERNMENT TEN YEAR BOND 1.20% 20/06/2015

JPY 6 144 344,04 5 872 444,23 2,87

550 000 000,00


JPY 4 373 690,22 4 884 904,36 2,38

510 000 000,00

JAPAN GOVERNMENT TWENTY YEAR BOND 2.10% 20/09/2028

JPY 4 804 871,10 4 566 313,01 2,23

450 000 000,00


JPY 3 925 520,63 4 125 141,38 2,01

450 000 000,00

JAPAN GOVERNMENT FIVE YEAR BOND 1.00% 20/06/2013

JPY 4 185 327,85 3 906 232,48 1,91

400 000 000,00

JAPAN GOVERNMENT THIRTY YEAR BOND 2.40% 20/03/2037

JPY 4 065 127,30 3 685 717,98 1,80

400 000 000,00


JPY 3 686 966,66 3 513 713,25 1,72

400 000 000,00


JPY 3 351 572,77 3 347 242,74 1,63

360 000 000,00


JPY 3 134 359,27 3 321 050,88 1,62

400 000 000,00


JPY 3 372 850,05 3 212 781,84 1,57

360 000 000,00


JPY 3 364 876,17 3 157 484,12 1,54

340 000 000,00


JPY 3 227 874,53 3 000 565,25 1,46

300 000 000,00


JPY 2 809 434,26 2 684 401,09 1,31

300 000 000,00


JPY 2 633 191,10 2 629 648,24 1,28

250 000 000,00


JPY 2 291 544,26 2 192 868,11 1,07

250 000 000,00


JPY 2 146 536,16 2 146 343,99 1,05

220 000 000,00


JPY 1 781 029,53 2 001 930,06 0,98

210 000 000,00


JPY 1 772 114,96 1 801 099,59 0,88

100 000 000,00


JPY 964 139,66 911 932,51 0,45

ITALY 18 942 929,46 18 449 345,72 9,01

Government 18 942 929,46 18 449 345,72 9,013 000 000,00 BTP 3.75% 15/04/2016 EUR 2 977 894,66 2 956 383,57 1,442 000 000,00 BTP 4.75% 01/09/2021 EUR 1 989 613,60 1 988 461,88 0,972 000 000,00 BTP 3.00% 01/04/2014 EUR 1 981 870,00 1 972 525,16 0,962 000 000,00 BTP 2.25% 01/11/2013 EUR 1 957 029,29 1 953 282,80 0,951 500 000,00 BTP 3.75% 01/03/2021 EUR 1 414 336,33 1 389 877,88 0,682 000 000,00 BTP 2.13% 16/09/2013 USD 1 565 162,81 1 387 551,40 0,681 150 000,00 BTP 2.00% 01/06/2013 EUR 1 144 693,33 1 127 372,01 0,551 100 000,00 BTP 3.00% 15/06/2015 EUR 1 098 905,26 1 064 981,41 0,521 000 000,00 BTP 4.50% 01/02/2018 EUR 1 012 371,00 1 009 038,10 0,49

700 000,00 BTP 9.00% 01/11/2023 EUR 983 688,00 952 187,17 0,47800 000,00 BTP 6.00% 01/05/2031 EUR 885 516,00 848 612,26 0,42700 000,00 BTP 6.50% 01/11/2027 EUR 834 176,00 784 634,84 0,38600 000,00 BTP 5.00% 01/09/2040 EUR 611 280,18 549 874,61 0,27452 000,00 BTP 5.75% 01/02/2033 EUR 486 393,00 464 562,63 0,23

GERMANY 13 168 661,74 12 685 659,98 6,19

Government 11 625 057,26 11 157 314,61 5,453 650 000,00


EUR 4 852 480,34 4 537 059,32 2,21

261





% ofNet Assets

2 400 000,00


EUR 2 613 919,62 2 519 646,26 1,23

1 600 000,00


EUR 1 749 792,86 1 725 381,66 0,84

850 000,00


EUR 1 088 262,00 1 057 898,07 0,52

800 000,00 BUNDESOBLIGATIONEN 2.50% 27/02/2015 EUR 826 177,44 814 023,57 0,40500 000,00


EUR 494 425,00 503 305,73 0,25

Finance 1 543 604,48 1 528 345,37 0,741 300 000,00 NRW.BANK 2.50% 19/02/2014 USD 948 009,32 920 602,56 0,45

540 000,00 NRW.BANK 2.63% 07/12/2012 GBP 595 595,16 607 742,81 0,29

UNITED KINGDOM 11 269 002,84 10 803 316,82 5,27

Government 11 269 002,84 10 803 316,82 5,271 800 000,00 UNITED KINGDOM GILT 4.50% 07/09/2034 GBP 2 261 955,74 2 060 333,21 1,001 604 000,00 UNITED KINGDOM GILT 4.75% 07/09/2015 GBP 2 117 894,32 1 983 345,65 0,971 550 000,00 UNITED KINGDOM GILT 4.25% 07/12/2027 GBP 1 883 265,92 1 747 671,27 0,851 400 000,00 UNITED KINGDOM GILT 3.75% 07/09/2019 GBP 1 602 508,47 1 619 572,33 0,791 000 000,00 UNITED KINGDOM GILT 4.75% 07/12/2030 GBP 1 184 456,45 1 189 170,62 0,58

650 000,00 UNITED KINGDOM GILT 5.00% 07/03/2018 GBP 817 689,49 821 779,54 0,40550 000,00 UNITED KINGDOM GILT 4.25% 07/12/2055 GBP 597 415,97 612 246,60 0,30400 000,00 UNITED KINGDOM GILT 4.50% 07/03/2013 GBP 490 941,12 470 099,99 0,23250 000,00 UNITED KINGDOM GILT 4.75% 07/12/2038 GBP 312 875,36 299 097,61 0,15

FRANCE 8 199 577,92 8 427 822,53 4,11

Government 6 931 683,54 6 971 401,11 3,401 700 000,00


EUR 1 742 623,45 1 788 397,28 0,87

1 700 000,00


EUR 1 549 448,00 1 581 651,15 0,77

1 150 000,00 FRENCH TREASURY NOTE 2.25% 25/02/2016 EUR 1 114 982,50 1 131 931,43 0,551 000 000,00 FRENCH TREASURY NOTE 2.00% 12/07/2015 EUR 1 018 815,06 983 679,39 0,48

800 000,00


EUR 770 209,00 766 750,66 0,38

700 000,00


EUR 735 605,53 718 991,20 0,35

Finance 1 267 894,38 1 456 421,42 0,71170 000 000,00 CIE DE FINANCEMENT FONCIER 1.25% 01/12/2011 JPY 1 267 894,38 1 456 421,42 0,71

SPAIN 5 547 381,46 5 464 711,88 2,67

Government 5 547 381,46 5 464 711,88 2,672 500 000,00 SPAIN GOVERNMENT BOND 3.40% 30/04/2014 EUR 2 455 607,15 2 458 908,55 1,201 500 000,00 SPAIN GOVERNMENT BOND 3.25% 30/04/2016 EUR 1 421 955,00 1 409 864,99 0,691 100 000,00 SPAIN GOVERNMENT BOND 5.50% 30/04/2021 EUR 1 098 052,60 1 104 515,26 0,54

500 000,00 SPAIN GOVERNMENT BOND 5.75% 30/07/2032 EUR 571 766,71 491 423,08 0,24

UNITED STATES 5 746 441,31 5 296 252,41 2,59

Government 4 570 291,92 4 241 756,39 2,073 800 000,00

UNITED STATES TREASURY NOTE/BOND 6.13% 15/11/2027

USD 3 615 696,88 3 314 289,11 1,62

1 000 000,00


USD 954 595,04 927 467,28 0,45

Energy 1 176 149,39 1 054 496,02 0,521 500 000,00 CREDIT SUISSE USA INC NT 6.13% 15/11/2011 USD 1 176 149,39 1 054 496,02 0,52

BELGIUM 4 658 360,00 4 683 151,30 2,29

Government 4 658 360,00 4 683 151,30 2,292 700 000,00 BELGIUM GOVERNMENT BOND 3.50% 28/06/2017 EUR 2 659 260,00 2 679 691,30 1,312 000 000,00 EUROPEAN UNION 3.25% 04/04/2018 EUR 1 999 100,00 2 003 460,00 0,98

262





% ofNet Assets

NETHERLANDS 3 960 199,54 3 918 916,00 1,91

Government 2 940 460,00 2 848 166,84 1,391 300 000,00


EUR 1 487 378,00 1 420 587,65 0,69

600 000,00


EUR 618 054,00 611 546,98 0,30

400 000,00


EUR 423 520,00 408 426,36 0,20

400 000,00


EUR 411 508,00 407 605,85 0,20

Raw materials 606 579,34 648 707,86 0,32900 000,00

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK BA/NETHERLANDS 3.13% 05/02/2015

CAD 606 579,34 648 707,86 0,32

Finance 413 160,20 422 041,30 0,20365 000,00


GBP 413 160,20 422 041,30 0,20

LUXEMBOURG 2 604 273,39 2 490 501,83 1,22

Supranational 2 604 273,39 2 490 501,83 1,221 890 000,00 EIB 1.38% 20/10/2015 USD 1 343 779,33 1 288 475,49 0,631 060 000,00 EIB 3.00% 07/12/2015 GBP 1 260 494,06 1 202 026,34 0,59

CANADA 1 655 956,15 1 654 931,86 0,81

Government 1 655 956,15 1 654 931,86 0,811 050 000,00 CANADIAN GOVERNMENT BOND 5.75% 01/06/2033 CAD 1 008 331,94 1 002 319,98 0,49

890 000,00 CANADA HOUSING TRUST NO 2.95% 15/03/2015 CAD 647 624,21 652 611,88 0,32

DENMARK 1 275 297,15 1 276 223,22 0,62

Government 1 275 297,15 1 276 223,22 0,624 515 000,00 DENMARK GOVERNMENT BOND 4.00% 15/11/2017 DKK 660 247,93 650 855,63 0,322 385 000,00 DENMARK GOVERNMENT BOND 7.00% 10/11/2024 DKK 424 988,51 438 273,64 0,211 300 000,00 DENMARK GOVERNMENT BOND 5.00% 15/11/2013 DKK 190 060,71 187 093,95 0,09

SWEDEN 919 926,49 1 018 038,02 0,50

Government 919 926,49 1 018 038,02 0,502 720 000,00 SWEDEN GOVERNMENT BOND 3.75% 12/08/2017 SEK 271 300,40 314 408,75 0,152 120 000,00 SWEDEN GOVERNMENT BOND 5.00% 01/12/2020 SEK 225 322,74 271 420,89 0,132 000 000,00 SWEDEN GOVERNMENT BOND 4.50% 12/08/2015 SEK 240 452,92 235 761,41 0,121 725 000,00 SWEDEN GOVERNMENT BOND 5.50% 08/10/2012 SEK 182 850,43 196 446,97 0,10

AUSTRALIA 258 659,52 274 741,23 0,13

Supranational 258 659,52 274 741,23 0,13380 000,00 EIB 6.00% 06/08/2020 AUD 258 659,52 274 741,23 0,13


CANADA 968 733,30 1 001 154,26 0,49

Government 968 733,30 1 001 154,26 0,491 450 000,00 PROVINCE OF ONTARIO CANADA FRN 19/11/2012 USD 968 733,30 1 001 154,26 0,49

UNITED STATES 983 530,00 997 370,00 0,49

Finance 983 530,00 997 370,00 0,491 000 000,00 MERRILL LYNCH & CO INC FRN 16/02/2012 EUR 983 530,00 997 370,00 0,49

UNITED KINGDOM 849 498,50 849 141,50 0,41

Finance 849 498,50 849 141,50 0,41850 000,00 ROYAL BANK OF SCOTLAND PLC FRN 18/05/2013 EUR 849 498,50 849 141,50 0,41

263





% ofNet Assets

AUSTRALIA 681 093,32 738 177,79 0,36

Raw materials 681 093,32 738 177,79 0,361 000 000,00 SCOTTISH POWER UK PLC FRN 17/07/2011 AUD 681 093,32 738 177,79 0,36

ITALY 698 222,00 691 614,00 0,34

Finance 698 222,00 691 614,00 0,34700 000,00 INTESA SANPAOLO SPA FRN 17/12/2012 EUR 698 222,00 691 614,00 0,34

GERMANY 624 954,05 586 537,63 0,28

Finance 624 954,05 586 537,63 0,28850 000,00

LANDESBANK BADEN-WUERTTEMBERG FRN 19/02/2013

USD 624 954,05 586 537,63 0,28



FRANCE 1 201 878,36 1 027 719,58 0,50

Finance 1 201 878,36 1 027 719,58 0,501 501 000,00 BNP PARIBAS FRN 08/04/2013 USD 1 201 878,36 1 027 719,58 0,50

Ordinary Bonds 57 237 839,47 53 033 218,91 25,89

UNITED STATES 55 731 377,29 51 565 044,48 25,178 000 000,00


USD 5 952 304,91 5 505 099,15 2,69

5 200 000,00


USD 4 469 789,46 3 611 238,14 1,76

5 015 000,00


USD 3 903 842,54 3 540 456,13 1,73

4 000 000,00


USD 2 998 392,04 2 852 344,46 1,39

4 000 000,00


USD 2 886 303,37 2 773 995,78 1,35

3 575 000,00


USD 2 882 267,24 2 607 748,68 1,27

3 500 000,00


USD 2 581 781,78 2 572 560,46 1,26

3 210 000,00


USD 2 533 771,06 2 237 893,61 1,09

3 000 000,00


USD 2 214 582,12 2 126 810,92 1,04

2 911 000,00


USD 2 395 203,60 2 093 597,18 1,02

3 000 000,00


USD 2 209 339,98 2 066 028,73 1,01

2 700 000,00


USD 1 988 007,95 1 802 830,53 0,88

2 500 000,00


USD 1 772 628,43 1 765 404,77 0,86

2 450 000,00


USD 1 981 979,55 1 764 355,34 0,86

2 500 000,00


USD 1 791 850,49 1 682 826,11 0,82

2 500 000,00


USD 1 680 207,42 1 660 733,29 0,81

2 294 000,00


USD 1 679 442,26 1 572 159,36 0,77

2 200 000,00


USD 1 712 668,39 1 533 699,59 0,75

2 000 000,00


USD 1 431 669,67 1 404 079,41 0,68

2 000 000,00


USD 1 419 158,06 1 367 922,63 0,67

1 300 000,00


USD 916 914,74 876 855,87 0,43

1 000 000,00


USD 757 126,30 727 177,02 0,35

264





% ofNet Assets

1 000 000,00


USD 752 318,52 719 309,83 0,35

1 000 000,00


USD 743 885,25 717 774,10 0,35

1 000 000,00


USD 703 694,57 687 841,03 0,34

1 000 000,00


USD 709 992,31 674 423,68 0,33

400 000,00


USD 304 040,62 278 585,05 0,14

200 000,00


USD 164 823,96 149 460,61 0,07

200 000,00


USD 118 197,72 118 503,72 0,06

100 000,00


USD 75 192,98 73 329,30 0,04

CANADA 1 506 462,18 1 468 174,43 0,721 200 000,00 CANADIAN GOVERNMENT BOND 1.75% 01/03/2013 CAD 877 823,75 861 157,50 0,42

800 000,00 CANADIAN GOVERNMENT BOND 3.75% 01/06/2019 CAD 628 638,43 607 016,93 0,30

UNQUOTED 3 054 370,95 3 366 381,03 1,65

Floating rate notes 720 509,74 814 094,30 0,40

AUSTRALIA 351 288,06 444 285,45 0,22

Finance 351 288,06 444 285,45 0,22600 000,00 ING BANK AUSTRALIA LTD FRN 28/08/2013 AUD 351 288,06 444 285,45 0,22

UNITED KINGDOM 369 221,68 369 808,85 0,18

Finance 369 221,68 369 808,85 0,18500 000,00 BARCLAYS BANK PLC/AUST FRN 24/02/2014 AUD 369 221,68 369 808,85 0,18

Ordinary Bonds 2 333 861,21 2 552 286,73 1,25

JAPAN 1 625 126,40 1 723 104,76 0,84

Finance 1 625 126,40 1 723 104,76 0,84200 000 000,00


JPY 1 625 126,40 1 723 104,76 0,84

AUSTRALIA 708 734,81 829 181,97 0,41

Government 708 734,81 829 181,97 0,411 104 000,00 QUEENSLAND TREASURY CORP 5.75% 21/11/2014 AUD 708 734,81 829 181,97 0,41

Total Portfolio 206 542 157,44 199 696 742,61 97,49

265




Size Quantity

Purchase/



(EUR) Commitment

(EUR)



100 000 (8) Sale 30YR US TREASURY NOTE 21/09/2011 USD 8 994,36 678 863,80200 000 5 Purchase 2YR US TREASURY NOTE 30/09/2011 USD 798,79 756 436,53100 000 (5) Sale 10YR US TREASURY NOTE 21/09/2011 USD 125,23 421 865,06100 000 (3) Sale EURO BTP ITALIAN GOVT BOND 08/09/2011 EUR 4 496,40 323 340,00


100 000 (12) Sale GERMAN EURO BUND 08/09/2011 EUR (4 094,40) 1 505 760,00100 000 5 Purchase GERMAN EURO BUXL 08/09/2011 EUR (4 406,00) 514 900,00100 000 (10) Sale GERMAN EURO BOBL 08/09/2011 EUR (3 612,00) 1 165 800,00100 000 (30) Sale GERMAN EURO SCHATZ 08/09/2011 EUR (6 186,00) 3 226 650,00100 000 (5) Sale 5YR US TREASURY NOTE 30/09/2011 USD (871,64) 411 061,13

100 000 000 (2) Sale 10YR JAPAN GOVT BOND 08/09/2011 JPY (4 492,28) 2 409 092,00

266







(EUR)



14/07/2011 287,98 EUR 350,31 CHF 0,9214/07/2011 9 503,03 EUR 70 867,77 DKK 1,3914/07/2011 93 763,07 EUR 83 411,58 GBP 1 384,7414/07/2011 486 693,81 EUR 56 349 503,00 JPY 5 284,5314/07/2011 7 405,96 EUR 67 204,22 SEK 62,2214/07/2011 494 721,93 EUR 715 475,96 USD 1 113,3114/07/2011 22 205,40 EUR 19 539,91 GBP 564,9514/07/2011 94 260,41 EUR 10 963 392,00 JPY 597,1414/07/2011 98 543,28 EUR 142 523,16 USD 216,2014/07/2011 4 222,58 EUR 5 674,30 AUD 36,6914/07/2011 7 631,68 EUR 878 820,00 JPY 123,6814/07/2011 1 125 051,12 EUR 1 000 000,00 GBP 17 551,0714/07/2011 16 838,13 EUR 14 771,62 GBP 478,5614/07/2011 87 256,87 EUR 9 948 025,00 JPY 2 268,1614/07/2011 98 048,41 EUR 138 538,68 USD 2 470,2414/07/2011 4 549,90 EUR 4 018,95 GBP 98,9114/07/2011 29 643,07 EUR 3 401 096,00 JPY 586,5714/07/2011 28 471,92 EUR 40 717,05 USD 381,1314/07/2011 21 108,95 EUR 2 430 791,00 JPY 342,0314/07/2011 20 429,68 EUR 29 341,59 USD 186,8514/07/2011 14 445,84 EUR 1 644 863,00 JPY 393,3214/07/2011 14 127,29 EUR 20 000,33 USD 329,0114/07/2011 34 029,51 EUR 30 375,81 GBP 388,3014/07/2011 141 260,69 EUR 16 322 343,00 JPY 1 814,4314/07/2011 148 417,87 EUR 211 905,72 USD 2 223,5914/07/2011 12 986,01 EUR 1 511 676,00 JPY 71,35


14/07/2011 618 134,00 JPY 5 313,74 EUR (32,85)14/07/2011 8 028,31 USD 5 552,05 EUR (13,30)14/07/2011 16 492,44 GBP 18 652,39 EUR (387,01)14/07/2011 10 976 312,00 JPY 95 898,65 EUR (2 125,00)14/07/2011 140 720,39 USD 98 461,76 EUR (1 378,42)14/07/2011 1 279 974,00 JPY 11 041,93 EUR (106,76)14/07/2011 15 750,02 USD 10 970,00 EUR (104,02)14/07/2011 10 774,17 EUR 14 727,07 AUD (89,89)14/07/2011 27 736,36 EUR 39 120,76 CAD (222,84)14/07/2011 7 614,35 EUR 10 668,82 CAD (10,54)14/07/2011 1 299 716,88 EUR 1 800 000,00 AUD (28 131,43)14/07/2011 12 856,23 EUR 18 126,42 CAD (98,53)14/07/2011 7 098,97 EUR 52 969,91 DKK (3,00)14/07/2011 20 210,23 EUR 2 367 074,00 JPY (12,33)14/07/2011 6 242,88 EUR 57 154,20 SEK (2,64)14/07/2011 7 084,48 EUR 10 273,11 USD (2,96)

267

Eurizon EasyFund - Bond GBP



Assets Notes Investments in securities at market value 86 319 202,03Banks 534 372,26Amounts due from brokers 8 805,88Unrealised profit on forward foreign exchange contracts (Note 8) 915 893,72Other interest receivable 865 284,53Receivable on investments sold 922 386,98Receivable on subscriptions 142 500,60Total assets 89 708 446,00

Liabilities Bank overdrafts (15 066,99)Payable on investments purchased (1 407 188,64)Payable on redemptions (48 318,40)Other liabilities (58 359,84)Total liabilities (1 528 933,87)Total net assets 88 179 512,13



268





Net income from investments 1 926 969,56Total income 1 926 969,56Management fee (Note 5) (224 809,48)Custodian and paying agent fee (Note 7) (46 110,35)Subscription tax (Note 3) (8 352,90)Interest on bank accounts (23,37)Other charges and taxes (Notes 4, 7) (36 149,23)Total expenses (315 445,33)Net investment income / (loss) 1 611 524,23Net realised profit / (loss) on sales of investments, currencies and other financial instruments 2 410 653,93Change in unrealised appreciation / (depreciation) on - investments (4 489 468,12)- forward foreign exchange contracts and foreign currencies (Note 8) 302 276,13- future contracts (Note 8) 8 181,12Net result of operations for the period (156 832,71)



269





% ofNet Assets



Ordinary Bonds 88 555 925,24 85 655 981,01 97,14

UNITED KINGDOM 86 072 530,44 83 189 116,16 94,34

Government 84 316 021,49 81 397 772,41 92,313 500 000,00 UNITED KINGDOM GILT 4.75% 07/09/2015 GBP 4 535 188,53 4 327 749,23 4,913 400 000,00 UNITED KINGDOM GILT 2.75% 22/01/2015 GBP 3 912 891,15 3 906 446,84 4,433 300 000,00 UNITED KINGDOM GILT 3.75% 07/09/2020 GBP 3 988 397,55 3 761 067,71 4,272 950 000,00 UNITED KINGDOM GILT 5.00% 07/03/2018 GBP 3 742 619,79 3 729 614,81 4,233 000 000,00 UNITED KINGDOM GILT 5.00% 07/09/2014 GBP 3 836 329,03 3 689 906,67 4,183 150 000,00 UNITED KINGDOM GILT 2.25% 07/03/2014 GBP 3 611 937,55 3 585 280,30 4,072 900 000,00 UNITED KINGDOM GILT 4.50% 07/03/2019 GBP 3 567 461,74 3 543 961,91 4,022 900 000,00 UNITED KINGDOM GILT 4.75% 07/12/2030 GBP 3 560 723,51 3 448 594,81 3,912 900 000,00 UNITED KINGDOM GILT 4.50% 07/09/2034 GBP 3 439 628,97 3 319 425,72 3,762 900 000,00 UNITED KINGDOM GILT 4.25% 07/12/2027 GBP 3 511 209,12 3 269 836,57 3,712 800 000,00 UNITED KINGDOM GILT 3.75% 07/09/2019 GBP 3 200 786,22 3 239 144,65 3,672 500 000,00 UNITED KINGDOM GILT 4.75% 07/03/2020 GBP 3 194 662,22 3 083 654,41 3,502 600 000,00 UNITED KINGDOM GILT 4.00% 07/03/2022 GBP 3 039 421,82 2 977 365,77 3,382 350 000,00 UNITED KINGDOM GILT 5.00% 07/03/2025 GBP 3 018 762,87 2 904 072,64 3,292 000 000,00 UNITED KINGDOM GILT 4.75% 07/12/2038 GBP 2 435 196,05 2 392 780,87 2,712 000 000,00 UNITED KINGDOM GILT 4.50% 07/03/2013 GBP 2 461 025,92 2 350 499,96 2,672 100 000,00 UNITED KINGDOM GILT 4.25% 07/09/2039 GBP 2 358 730,98 2 317 705,26 2,631 450 000,00 UNITED KINGDOM GILT 8.00% 07/06/2021 GBP 2 362 539,29 2 239 715,38 2,542 000 000,00 UNITED KINGDOM GILT 4.25% 07/12/2046 GBP 2 342 165,09 2 218 056,78 2,521 900 000,00 UNITED KINGDOM GILT 4.50% 07/12/2042 GBP 2 315 732,21 2 191 845,99 2,491 950 000,00 UNITED KINGDOM GILT 4.25% 07/06/2032 GBP 2 314 543,63 2 167 915,29 2,461 900 000,00 UNITED KINGDOM GILT 4.25% 07/12/2040 GBP 2 250 705,95 2 093 205,59 2,371 700 000,00 UNITED KINGDOM GILT 4.00% 07/09/2016 GBP 2 112 314,12 2 047 265,19 2,321 850 000,00 UNITED KINGDOM GILT 4.25% 07/03/2036 GBP 2 205 082,72 2 040 993,84 2,321 800 000,00 UNITED KINGDOM GILT 4.25% 07/12/2049 GBP 2 062 023,37 1 996 170,53 2,261 750 000,00 UNITED KINGDOM GILT 4.25% 07/12/2055 GBP 2 060 748,12 1 948 057,36 2,211 550 000,00 UNITED KINGDOM GILT 2.00% 22/01/2016 GBP 1 751 509,48 1 711 848,14 1,941 050 000,00 UNITED KINGDOM GILT 6.00% 07/12/2028 GBP 1 514 205,33 1 438 969,79 1,631 100 000,00 UNITED KINGDOM GILT 4.00% 22/01/2060 GBP 1 169 499,74 1 163 872,53 1,32

700 000,00 UNITED KINGDOM GILT 3.75% 07/09/2021 GBP 796 430,71 787 828,49 0,89400 000,00 UNITED KINGDOM GILT 8.75% 25/08/2017 GBP 657 321,52 601 261,70 0,68362 892,00 UNITED KINGDOM GILT 1.25% 22/11/2017 GBP 486 839,79 444 192,37 0,50250 000,00 UNITED KINGDOM GILT 8.00% 27/09/2013 GBP 351 895,75 319 922,33 0,36100 000,00 UNITED KINGDOM GILT 8.00% 07/12/2015 GBP 147 491,65 139 542,98 0,16

Finance 1 756 508,95 1 791 343,75 2,03900 000,00 LLOYDS TSB BANK PLC 2.75% 16/03/2012 GBP 970 491,45 1 008 699,08 1,14700 000,00 BARCLAYS BANK PLC 2.88% 23/12/2011 GBP 786 017,50 782 644,67 0,89

LUXEMBOURG 1 423 924,44 1 383 464,28 1,57

Supranational 1 423 924,44 1 383 464,28 1,571 220 000,00 EIB 3.00% 07/12/2015 GBP 1 423 924,44 1 383 464,28 1,57

GERMANY 567 681,32 580 419,85 0,66

Finance 567 681,32 580 419,85 0,66500 000,00

KREDITANSTALT FUER WIEDERAUFBAU 3.75% 07/09/2016

GBP 567 681,32 580 419,85 0,66

NETHERLANDS 491 789,04 502 980,72 0,57

Finance 491 789,04 502 980,72 0,57435 000,00


GBP 491 789,04 502 980,72 0,57


FRANCE 343 719,75 332 080,57 0,38

Finance 343 719,75 332 080,57 0,38300 000,00 BNP PARIBAS SA FRN 25/05/2012 GBP 343 719,75 332 080,57 0,38

270





% ofNet Assets

UNITED STATES 313 996,36 331 140,45 0,37

Finance 313 996,36 331 140,45 0,37300 000,00 MERRILL LYNCH & CO INC FRN 21/02/2012 GBP 313 996,36 331 140,45 0,37

Total Portfolio 89 213 641,35 86 319 202,03 97,89

271







(EUR)



14/07/2011 61 186 291,73 EUR 54 431 294,53 GBP 903 630,3514/07/2011 278 216,73 EUR 245 626,62 GBP 6 185,2414/07/2011 670 579,07 EUR 600 000,82 GBP 6 078,13

272

Eurizon EasyFund - Cash USD



Assets Notes Investments in securities at market value 106 895 559,74Banks 38 785 055,73Amounts due from brokers 6 858,29Other interest receivable 366 057,24Receivable on investments sold 173 277,51Receivable on subscriptions 216 104,33Total assets 146 442 912,84

Liabilities Unrealised loss on future contracts (Note 8) (1 743,33)Payable on investments purchased (1 612 660,60)Payable on redemptions (562 698,63)Other liabilities (109 383,80)Total liabilities (2 286 486,36)Total net assets 144 156 426,48


Class I Units EUR 89,03 43 043,753Class R Units EUR 88,95 1 178 544,554Class Z Units EUR 91,20 389 239,207

273





Net income from investments 605 773,51Total income 605 773,51Management fee (Note 5) (430 695,53)Custodian and paying agent fee (Note 7) (67 104,28)Subscription tax (Note 3) (6 948,90)Interest on bank accounts (93,98)Other charges and taxes (Notes 4, 7) (65 967,64)Total expenses (570 810,33)Net investment income / (loss) 34 963,18Net realised profit / (loss) on sales of investments, currencies and other financial instruments (3 932 005,26)Change in unrealised appreciation / (depreciation) on - investments (4 357 988,67)- forward foreign exchange contracts and foreign currencies (Note 8) (1 771 847,73)- future contracts (Note 8) (1 743,33)Net result of operations for the period (10 028 621,81)



274





% ofNet Assets




BELGIUM 10 289 233,66 10 280 415,42 7,13

Government 10 289 233,66 10 280 415,42 7,1315 000 000,00

BELGIUM GOVERNMENT INTERNATIONAL BOND FRN 06/08/2012

USD 10 289 233,66 10 280 415,42 7,13

GERMANY 6 508 196,10 6 389 765,43 4,43

Finance 6 508 196,10 6 389 765,43 4,434 000 000,00 L BANK BW FOERDERBANK FRN 28/08/2012 USD 2 809 876,72 2 766 136,34 1,922 000 000,00 NRW.BANK FRN 09/10/2012 USD 1 369 394,04 1 381 357,65 0,962 000 000,00 NRW.BANK FRN 22/07/2011 USD 1 416 982,54 1 379 716,10 0,951 250 000,00

LANDESBANK BADEN-WUERTTEMBERG FRN 19/02/2013

USD 911 942,80 862 555,34 0,60

UNITED KINGDOM 1 990 683,60 1 732 835,63 1,20

Finance 1 990 683,60 1 732 835,63 1,202 500 000,00 BARCLAYS BANK PLC FRN 05/03/2012 USD 1 990 683,60 1 732 835,63 1,20

FRANCE 1 771 742,16 1 724 993,43 1,20

Finance 1 771 742,16 1 724 993,43 1,201 500 000,00 SOCIETE DE FINANCEMENT DE LEC FRN 16/07/2012 USD 1 039 986,45 1 035 707,86 0,721 000 000,00

BANQUE FEDERATIVE DU CREDIT MUTUEL FRN 20/09/2011

USD 731 755,71 689 285,57 0,48

NETHERLANDS 1 117 568,18 1 034 642,23 0,72

Finance 1 117 568,18 1 034 642,23 0,721 500 000,00

NEDERLANDSE WATERSCHAPSBANK NV FRN 01/03/2013

USD 1 117 568,18 1 034 642,23 0,72

ITALY 690 250,76 688 913,12 0,48

Finance 690 250,76 688 913,12 0,481 000 000,00 UNICREDIT SPA FRN 04/10/2011 USD 690 250,76 688 913,12 0,48

Ordinary Bonds 4 242 288,14 4 195 936,96 2,91

ITALY 2 555 720,64 2 471 619,46 1,71

Government 2 555 720,64 2 471 619,46 1,712 000 000,00 REPUBLIC OF ITALY 5.63% 15/06/2012 USD 1 462 868,86 1 436 356,48 0,991 500 000,00 REPUBLIC OF ITALY 3.50% 15/07/2011 USD 1 092 851,78 1 035 262,98 0,72

GERMANY 1 686 567,50 1 724 317,50 1,20

Finance 1 686 567,50 1 724 317,50 1,202 500 000,00 BAYERISCHE 0.55% 02/11/2011 USD 1 686 567,50 1 724 317,50 1,20



UNITED KINGDOM 673 559,42 690 801,59 0,48

Finance 673 559,42 690 801,59 0,481 000 000,00 ROYAL BANK OF SCOTLAND PLC FRN 30/03/2012 USD 673 559,42 690 801,59 0,48

UNITED STATES 647 893,27 635 422,45 0,44

Finance 647 893,27 635 422,45 0,44625 000,00 MORGAN STANLEY FRN 29/04/2013 USD 427 321,25 429 311,95 0,30300 000,00 CITIGROUP INC FRN 15/02/2013 USD 220 572,02 206 110,50 0,14

275





% ofNet Assets

NETHERLANDS 431 688,70 414 465,23 0,29

Finance 431 688,70 414 465,23 0,29600 000,00 ING BANK NV FRN 15/03/2013 USD 431 688,70 414 465,23 0,29

Ordinary Bonds 82 962 977,57 79 107 368,25 54,87

UNITED STATES 82 962 977,57 79 107 368,25 54,8719 700 000,00


USD 13 671 704,42 13 703 334,09 9,51

19 450 000,00


USD 14 440 323,20 13 457 636,62 9,34

18 500 000,00


USD 12 761 127,76 12 845 182,01 8,91

12 470 000,00


USD 9 050 151,08 8 621 389,99 5,98

12 400 000,00


USD 9 665 819,48 8 566 312,32 5,94

9 700 000,00


USD 7 414 638,75 6 709 168,52 4,65

8 150 000,00


USD 6 114 388,45 5 787 058,76 4,01

8 300 000,00


USD 6 139 125,87 5 750 450,70 3,99

3 750 000,00


USD 2 637 415,56 2 627 193,03 1,82

1 500 000,00


USD 1 068 283,00 1 039 642,21 0,72

Total Portfolio 111 326 081,56 106 895 559,74 74,15

276




Size Quantity

Purchase /



(EUR) Commitment

(EUR)



200 000 (10) Sale 2YR US TREASURY NOTE FUTURE

SEP11 XCBT 30/09/2011 USD (1 743,33) 1 512 873,06

277

Eurizon EasyFund - Bond USD



Assets Notes Investments in securities at market value 385 152 599,01Banks 1 244 729,14Amounts due from brokers 187 282,88Unrealised profit on forward foreign exchange contracts (Note 8) 678 361,41Unrealised profit on future contracts (Note 8) 124 722,11Other interest receivable 2 604 005,36Receivable on subscriptions 2 696 780,56Total assets 392 688 480,47

Liabilities Bank overdrafts (22 916,54)Unrealised loss on forward foreign exchange contracts (Note 8) (28 986,14)Unrealised loss on future contracts (Note 8) (12 202,99)Payable on investments purchased (2 141 330,62)Payable on redemptions (455 524,75)Other liabilities (181 788,27)Total liabilities (2 842 749,31)Total net assets 389 845 731,16


Class I Units EUR 126,91 60 015,614Class IH Units EUR 198,56 19 973,585Class R Units EUR 126,20 158 128,805Class RH Units EUR 197,62 46 128,918Class Z Units EUR 131,63 516 243,571Class ZH Units EUR 205,94 1 365 595,098

278





Net income from investments 4 848 223,49Total income 4 848 223,49Management fee (Note 5) (651 620,08)Custodian and paying agent fee (Note 7) (200 064,54)Subscription tax (Note 3) (25 611,32)Interest on bank accounts (133,10)Other charges and taxes (Notes 4, 7) (134 412,81)Total expenses (1 011 841,85)Net investment income / (loss) 3 836 381,64Net realised profit / (loss) on sales of investments, currencies and other financial instruments 18 059 508,73Change in unrealised appreciation / (depreciation) on - investments (17 911 802,70)- forward foreign exchange contracts and foreign currencies (Note 8) (3 342 143,94)- future contracts (Note 8) (184 746,64)Net result of operations for the period 457 197,09



279





% ofNet Assets



Ordinary Bonds 68 425 816,07 64 034 826,10 16,43

UNITED STATES 38 143 331,40 35 652 146,34 9,15

Government 35 082 071,89 32 910 456,68 8,447 500 000,00


USD 7 870 428,77 6 956 004,57 1,78

7 000 000,00


USD 5 861 628,98 5 572 293,68 1,43

5 500 000,00


USD 4 960 661,09 4 956 442,88 1,27

5 000 000,00


USD 4 720 883,07 4 375 994,51 1,12

5 013 000,00


USD 4 326 392,65 4 053 227,34 1,04

4 500 000,00


USD 4 083 178,21 3 924 816,06 1,01

4 040 000,00


USD 3 258 899,12 3 071 677,64 0,79

Energy 3 061 259,51 2 741 689,66 0,713 900 000,00 CREDIT SUISSE USA INC NT 6.13% 15/11/2011 USD 3 061 259,51 2 741 689,66 0,71

UNITED KINGDOM 12 165 231,47 11 327 888,65 2,91

Finance 12 165 231,47 11 327 888,65 2,916 000 000,00 BANK OF ENGLAND EURO NOTE 1.38% 07/03/2014 USD 4 331 072,38 4 179 621,47 1,075 400 000,00 BARCLAYS BANK PLC 2.70% 05/03/2012 USD 4 291 103,59 3 780 468,18 0,974 800 000,00 LLOYDS TSB BANK PLC 2.80% 02/04/2012 USD 3 543 055,50 3 367 799,00 0,87

ITALY 7 507 383,00 7 028 166,40 1,80

Government 7 507 383,00 7 028 166,40 1,804 000 000,00 REPUBLIC OF ITALY 5.63% 15/06/2012 USD 2 898 851,42 2 872 712,96 0,744 000 000,00 BTP 2.13% 16/09/2013 USD 3 130 325,62 2 775 102,79 0,712 000 000,00 REPUBLIC OF ITALY 3.50% 15/07/2011 USD 1 478 205,96 1 380 350,65 0,35

LUXEMBOURG 7 271 826,01 6 858 716,88 1,76

Supranational 7 271 826,01 6 858 716,88 1,765 800 000,00 EIB 4.25% 15/07/2013 USD 4 584 267,35 4 281 765,90 1,103 780 000,00 EIB 1.38% 20/10/2015 USD 2 687 558,66 2 576 950,98 0,66

FRANCE 1 873 322,58 1 751 596,20 0,45

Finance 1 873 322,58 1 751 596,20 0,452 500 000,00 BNP PARIBAS 2.88% 11/06/2012 USD 1 873 322,58 1 751 596,20 0,45

GERMANY 1 464 721,61 1 416 311,63 0,36

Finance 1 464 721,61 1 416 311,63 0,362 000 000,00 NRW.BANK 2.50% 19/02/2014 USD 1 464 721,61 1 416 311,63 0,36


CANADA 1 630 144,31 1 684 700,96 0,43

Government 1 630 144,31 1 684 700,96 0,432 440 000,00 PROVINCE OF ONTARIO CANADA FRN 19/11/2012 USD 1 630 144,31 1 684 700,96 0,43

ITALY 1 445 983,02 1 377 826,24 0,35

Finance 1 445 983,02 1 377 826,24 0,352 000 000,00 UNICREDIT SPA FRN 04/10/2011 USD 1 445 983,02 1 377 826,24 0,35

280





% ofNet Assets



UNITED STATES 3 461 576,16 3 381 594,70 0,87

Finance 3 461 576,16 3 381 594,70 0,872 500 000,00 MORGAN STANLEY FRN 29/04/2013 USD 1 709 124,92 1 717 247,80 0,441 700 000,00 CITIGROUP INC FRN 01/04/2014 USD 1 208 373,60 1 155 941,00 0,30

740 000,00 CITIGROUP INC FRN 15/02/2013 USD 544 077,64 508 405,90 0,13

Ordinary Bonds 336 837 847,86 314 673 651,01 80,72

UNITED STATES 336 837 847,86 314 673 651,01 80,7214 000 000,00


USD 10 820 296,96 10 161 618,57 2,61

12 500 000,00


USD 10 638 399,66 9 129 452,89 2,34

12 300 000,00


USD 9 451 299,38 8 575 106,37 2,20

12 090 000,00


USD 8 715 799,68 8 571 699,51 2,20

12 000 000,00


USD 8 294 077,27 8 289 979,67 2,13

11 550 000,00


USD 8 899 556,13 8 188 222,04 2,10

11 220 000,00


USD 9 202 299,40 8 069 447,06 2,07

11 000 000,00


USD 8 931 556,13 8 023 842,10 2,06

11 000 000,00


USD 7 765 306,57 7 767 780,95 1,99

11 000 000,00


USD 7 661 287,20 7 701 987,42 1,98

11 000 000,00


USD 8 594 291,38 7 668 497,96 1,97

11 000 000,00


USD 7 863 193,55 7 575 438,67 1,94

11 000 000,00


USD 7 959 054,71 7 538 689,15 1,93

10 000 000,00


USD 7 492 864,18 7 130 861,15 1,83

10 000 000,00


USD 8 206 596,79 7 130 052,86 1,83

10 000 000,00


USD 7 798 873,49 7 059 733,06 1,81

10 000 000,00


USD 8 176 316,39 7 018 106,93 1,80

10 000 000,00


USD 7 616 495,07 7 011 371,33 1,80

10 500 000,00


USD 7 709 165,54 7 011 007,62 1,80

10 000 000,00


USD 7 204 986,53 6 958 698,81 1,78

10 000 000,00


USD 7 381 833,47 6 934 989,45 1,78

9 500 000,00


USD 7 389 212,39 6 908 181,73 1,77

10 000 000,00


USD 7 404 119,66 6 881 373,93 1,76

10 000 000,00


USD 7 132 107,08 6 839 613,17 1,75

10 000 000,00


USD 6 991 988,41 6 642 933,17 1,70

9 000 000,00


USD 7 064 231,45 6 492 944,47 1,67

9 000 000,00


USD 7 256 211,67 6 459 966,90 1,66

9 500 000,00


USD 6 796 064,28 6 407 792,86 1,64

281





% ofNet Assets

8 500 000,00


USD 6 382 222,30 5 953 711,32 1,53

8 500 000,00


USD 7 107 887,68 5 902 985,42 1,51

8 000 000,00


USD 6 185 511,17 5 880 138,20 1,51

8 000 000,00


USD 6 276 490,26 5 866 343,66 1,50

8 000 000,00


USD 6 385 330,54 5 761 160,29 1,48

8 000 000,00


USD 5 897 458,75 5 664 814,10 1,45

9 000 000,00


USD 5 421 652,17 5 332 667,41 1,37

7 500 000,00


USD 5 346 296,62 5 265 297,77 1,35

6 500 000,00


USD 5 056 282,91 4 857 469,74 1,25

7 000 000,00


USD 4 912 745,30 4 711 913,11 1,21

6 500 000,00


USD 4 481 506,00 4 546 796,25 1,17

6 000 000,00


USD 4 483 253,14 4 378 419,32 1,12

6 000 000,00


USD 4 951 581,21 4 314 889,00 1,11

5 500 000,00


USD 4 524 803,93 4 214 636,13 1,08

6 000 000,00


USD 4 267 031,66 4 046 542,09 1,04

5 510 000,00


USD 3 836 305,91 3 924 205,56 1,01

5 000 000,00


USD 3 865 785,77 3 800 907,69 0,97

5 200 000,00


USD 3 946 875,60 3 621 605,62 0,93

5 090 000,00


USD 3 796 068,76 3 514 413,14 0,90

5 000 000,00


USD 3 451 056,28 3 492 147,08 0,90

5 000 000,00


USD 3 500 069,40 3 439 205,16 0,88

4 500 000,00


USD 3 187 893,70 3 156 753,85 0,81

4 000 000,00


USD 3 156 254,38 2 877 239,30 0,74

Total Portfolio 411 801 367,42 385 152 599,01 98,80

282




Size Quantity

Purchase/



(EUR) Commitment

(EUR)



100 000 (10) Sale 10YR US TREASURY NOTE 21/09/2011 USD 12 051,30 843 730,11100 000 (85) Sale 30YR US TREASURY NOTE 21/09/2011 USD 110 356,78 7 212 927,88200 000 30 Purchase 2YR US TREASURY NOTE 30/09/2011 USD 2 314,03 4 538 619,18


100 000 (70) Sale 5YR US TREASURY NOTE 30/09/2011 USD (12 202,99) 5 754 855,82

283







(EUR)



14/07/2011 291 008 096,95 EUR 420 861 264,36 USD 654 880,1114/07/2011 2 576 120,73 EUR 3 700 000,54 USD 23 481,30


14/07/2011 1 600 000,00 USD 1 132 830,06 EUR (28 986,14)

284

Eurizon EasyFund - Bond JPY



Assets Notes Investments in securities at market value 292 743 204,54Banks 5 185 996,04Amounts due from brokers 154 030,70Unrealised profit on forward foreign exchange contracts (Note 8) 2 860 990,30Other interest receivable 818 963,69Receivable on investments sold 5 489 405,62Receivable on subscriptions 644 479,18Other assets 14 827,51Total assets 307 911 897,58

Liabilities Bank overdrafts (46 149,60)Unrealised loss on forward foreign exchange contracts (Note 8) (34 451,76)Unrealised loss on future contracts (Note 8) (9 756,82)Payable on investments purchased (8 482 711,53)Payable on redemptions (259 619,19)Other liabilities (124 426,35)Total liabilities (8 957 115,25)Total net assets 298 954 782,33


Class I Units EUR 112,96 40 925,448Class IH Units EUR 183,61 19 582,807Class R Units EUR 112,51 58 548,933Class RH Units EUR 149,77 2 053,193Class Z Units EUR 117,04 314 233,054Class ZH Units EUR 190,33 1 298 095,797

285





Net income from investments 2 049 840,27Total income 2 049 840,27Management fee (Note 5) (423 351,31)Custodian and paying agent fee (Note 7) (154 605,69)Subscription tax (Note 3) (16 811,09)Interest on bank accounts (121,95)Other charges and taxes (Notes 4, 7) (102 133,15)Total expenses (697 023,19)Net investment income / (loss) 1 352 817,08Net realised profit / (loss) on sales of investments, currencies and other financial instruments 13 586 210,31Change in unrealised appreciation / (depreciation) on - investments (23 792 343,21)- forward foreign exchange contracts and foreign currencies (Note 8) 7 206 280,47- future contracts (Note 8) 43 742,21Net result of operations for the period (1 603 293,14)



286





% ofNet Assets



Ordinary Bonds 281 246 734,32 283 634 914,97 94,87

JAPAN 273 851 148,52 273 415 208,46 91,46

Government 273 851 148,52 273 415 208,46 91,461 450 000 000,00


JPY 11 684 927,80 12 741 434,15 4,26

1 100 000 000,00


JPY 9 300 365,46 9 565 069,51 3,20

1 000 000 000,00


JPY 9 086 324,18 8 914 213,84 2,98

1 000 000 000,00


JPY 9 185 088,41 8 852 156,05 2,96

1 000 000 000,00


JPY 8 279 728,58 8 832 522,91 2,96

1 000 000 000,00


JPY 9 029 795,75 8 817 243,20 2,95

1 050 000 000,00


JPY 9 060 397,82 8 778 497,63 2,94

1 000 000 000,00


JPY 9 155 773,71 8 776 184,33 2,94

980 000 000,00


JPY 8 037 975,21 8 769 976,85 2,93

950 000 000,00


JPY 7 482 106,86 8 435 173,76 2,82

900 000 000,00


JPY 8 140 475,71 8 251 655,12 2,76

900 000 000,00


JPY 8 441 728,64 8 202 794,21 2,74

900 000 000,00


JPY 8 237 628,89 7 805 299,95 2,61

900 000 000,00


JPY 7 915 351,74 7 722 866,37 2,58

900 000 000,00


JPY 7 968 462,74 7 715 030,18 2,58

900 000 000,00


JPY 7 948 105,59 7 663 710,86 2,56

800 000 000,00


JPY 6 437 064,96 7 139 975,51 2,39

800 000 000,00


JPY 7 312 012,50 7 014 801,44 2,35

750 000 000,00


JPY 7 010 216,35 6 748 785,20 2,26

760 000 000,00


JPY 6 919 795,60 6 655 562,78 2,23

700 000 000,00


JPY 6 442 803,93 6 178 165,05 2,07

700 000 000,00


JPY 6 489 293,15 6 137 054,96 2,05

700 000 000,00


JPY 6 311 855,63 6 021 492,59 2,01

650 000 000,00


JPY 6 163 484,24 5 812 937,43 1,94

650 000 000,00


JPY 5 484 935,04 5 749 462,63 1,92

700 000 000,00


JPY 5 780 170,06 5 616 785,29 1,88

610 000 000,00


JPY 5 179 983,44 5 610 544,51 1,88

600 000 000,00


JPY 5 253 208,34 5 532 192,06 1,85

600 000 000,00


JPY 5 662 663,99 5 526 609,42 1,85

600 000 000,00


JPY 5 280 265,63 5 461 871,28 1,83

287





% ofNet Assets

600 000 000,00


JPY 5 589 528,48 5 403 023,07 1,81

600 000 000,00


JPY 5 173 891,36 5 165 888,89 1,73

600 000 000,00


JPY 5 114 678,39 5 075 798,38 1,70

550 000 000,00


JPY 5 556 987,80 5 061 786,30 1,69

500 000 000,00


JPY 4 378 353,55 4 580 881,07 1,53

500 000 000,00


JPY 4 286 757,75 4 342 893,26 1,45

450 000 000,00


JPY 4 156 665,96 4 136 928,82 1,38

400 000 000,00


JPY 3 682 378,86 3 470 626,99 1,16

350 000 000,00


JPY 3 378 723,47 3 186 390,34 1,07

300 000 000,00


JPY 2 634 929,76 2 585 377,25 0,87

270 000 000,00


JPY 2 187 012,37 2 334 721,80 0,78

250 000 000,00


JPY 2 144 003,65 2 157 852,82 0,72

100 000 000,00


JPY 885 247,17 862 970,40 0,29

GERMANY 2 981 083,74 4 529 828,07 1,51

Industries 2 981 083,74 4 529 828,07 1,51502 000 000,00

KREDITANSTALT FUER WIEDERAUFBAU 2.05% 16/02/2026

JPY 2 981 083,74 4 529 828,07 1,51

LUXEMBOURG 2 516 867,24 3 570 943,80 1,19

Supranational 2 516 867,24 3 570 943,80 1,19400 000 000,00 EIB 1.40% 20/06/2017 JPY 2 516 867,24 3 570 943,80 1,19

FRANCE 1 715 386,52 1 969 459,18 0,66

Finance 1 715 386,52 1 969 459,18 0,66230 000 000,00 CIE DE FINANCEMENT FONCIER 1.25% 01/12/2011 JPY 1 715 386,52 1 969 459,18 0,66

ITALY 182 248,30 149 475,46 0,05

Government 182 248,30 149 475,46 0,0516 000 000,00 REPUBLIC OF ITALY 3.70% 14/11/2016 JPY 182 248,30 149 475,46 0,05

UNQUOTED 8 974 774,59 9 108 289,57 3,05

Ordinary Bonds 8 974 774,59 9 108 289,57 3,05

JAPAN 2 437 689,61 2 583 354,18 0,87

Finance 2 437 689,61 2 583 354,18 0,87300 000 000,00


JPY 2 437 689,61 2 583 354,18 0,87

NETHERLANDS 2 680 373,50 2 576 286,25 0,86

Finance 2 680 373,50 2 576 286,25 0,86300 000 000,00 RABOBANK NEDERLAND 0.97% 23/07/2015 JPY 2 680 373,50 2 576 286,25 0,86

KOREA 2 515 185,37 2 569 935,35 0,86

Finance 2 515 185,37 2 569 935,35 0,86300 000 000,00 KOREA DEVELOPMENT BANK 2.51% 14/09/2011 JPY 2 515 185,37 2 569 935,35 0,86

ITALY 1 341 526,11 1 378 713,79 0,46

Government 1 341 526,11 1 378 713,79 0,46150 000 000,00 REPUBLIC OF ITALY 3.45% 24/03/2017 JPY 1 341 526,11 1 378 713,79 0,46

288



Total Portfolio 290 221 508,91 292 743 204,54 97,92

289




Size Quantity

Purchase/



(EUR) Commitment

(EUR)



100 000 000 (11) Sale 10YR JAPAN GOVT BOND 08/09/2011 JPY (9 756,82) 13 234 870,00

290







(EUR)



14/07/2011 251 168 469,17 EUR 29 080 333 962,00 JPY 2 860 990,30


14/07/2011 145 000 000,00 JPY 1 272 559,43 EUR (34 451,76)

291

Eurizon EasyFund - Bond Corporate EUR Short Term



Assets Notes Investments in securities at market value 395 492 536,36Banks 6 482 199,40Unrealised profit on forward foreign exchange contracts (Note 8) 62 817,03Unrealised profit on future contracts (Note 8) 82 960,00Unrealised profit on swap contracts (Note 8) 423 722,18Interest receivable on swap contracts (Note 8) 438 177,70Other interest receivable 5 735 506,73Receivable on subscriptions 1 102 371,76Reverse repurchase agreements (Note 9) 95 438 007,04Other assets 2 005,66Total assets 505 260 303,86

Liabilities Amounts due to brokers (198 340,00)Unrealised loss on forward foreign exchange contracts (Note 8) (12 172,34)Unrealised loss on future contracts (Note 8) (35 840,00)Unrealised loss on swap contracts (Note 8) (319 166,63)Interest payable on swap contracts (Note 8) (310 977,25)Payable on investments purchased (50 957 320,44)Payable on redemptions (369 172,58)Other liabilities (201 250,23)Total liabilities (52 404 239,47)Total net assets 452 856 064,39


Class R Units EUR 61,24 1 288 197,586Class Z Units EUR 64,13 5 831 216,756

292





Net income from investments 9 221 178,48Interest received on swap contracts 1 282 059,16Other income (Note 9) 3 275,91Total income 10 506 513,55Management fee (Note 5) (678 742,39)Custodian and paying agent fee (Note 7) (232 266,58)Subscription tax (Note 3) (38 657,74)Interest paid on swap contracts (1 507 984,05)Interest on bank accounts (109,40)Other charges and taxes (Notes 4, 7) (165 748,38)Total expenses (2 623 508,54)Net investment income / (loss) 7 883 005,01Net realised profit / (loss) on sales of investments, currencies and other financial instruments 966 985,33Change in unrealised appreciation / (depreciation) on - investments (1 552 304,29)- forward foreign exchange contracts and foreign currencies (Note 8) 48 474,24- future contracts (Note 8) 6 320,00- swap contracts (Note 8) (641 420,43)Net result of operations for the period 6 711 059,86



293





% ofNet Assets



Ordinary Bonds 281 223 014,12 278 303 821,27 61,45

ITALY 49 047 210,29 48 410 655,43 10,69

Finance 41 149 873,21 40 742 686,13 9,006 000 000,00

UNIONE DI BANCHE ITALIANE SCPA 4.94% 25/06/2014

EUR 6 282 000,00 6 063 960,12 1,34

5 250 000,00 BANCO POPOLARE SCARL 3.75% 07/08/2012 EUR 5 269 708,50 5 247 007,55 1,164 500 000,00 MONTE DEI PASCHI DI SIENA 4.13% 11/11/2013 EUR 4 490 550,00 4 511 835,00 1,004 000 000,00 INTESA SANPAOLO SPA 3.25% 01/02/2013 EUR 3 995 600,00 3 977 959,88 0,884 000 000,00 BANCO POPOLARE SCARL 4.00% 06/04/2013 EUR 3 991 280,00 3 974 519,96 0,883 500 000,00 BANCA POPOLAIRE DI MILANO 4.00% 15/04/2013 EUR 3 495 135,00 3 465 594,93 0,763 000 000,00 BANCA CARIGE SPA 4.00% 13/04/2013 EUR 2 991 990,00 2 995 619,88 0,662 550 000,00 UNICREDIT SPA 4.88% 12/02/2013 EUR 2 672 897,50 2 598 908,80 0,572 500 000,00 INTESA SANPAOLO SPA 4.13% 14/01/2016 EUR 2 489 925,00 2 468 425,00 0,542 000 000,00


EUR 1 997 620,00 1 993 079,98 0,44

1 200 000,00 UNICREDIT SPA 4.13% 27/04/2012 EUR 1 210 952,00 1 213 320,00 0,271 000 000,00

UNIPOL GRUPPO FINANZIARIO SPA 5.00% 11/01/2017

EUR 994 926,21 987 060,01 0,22

750 000,00 MEDIOBANCA SPA 4.38% 20/01/2012 EUR 767 449,00 756 675,00 0,17500 000,00 INTESA SANPAOLO SPA 3.38% 19/01/2015 EUR 499 840,00 488 720,02 0,11

Telecommunication 4 897 656,00 4 708 484,24 1,043 400 000,00 TELECOM ITALIA SPA 6.75% 21/03/2013 EUR 3 727 956,00 3 585 130,24 0,791 000 000,00 TELECOM ITALIA SPA 6.25% 01/02/2012 EUR 1 070 200,00 1 021 310,00 0,23

100 000,00 SANPAOLO IMI SPA 5.38% 13/12/2012 EUR 99 500,00 102 044,00 0,02

Multi-Utilities 2 999 681,08 2 959 485,06 0,651 350 000,00 EDISON SPA 4.25% 22/07/2014 EUR 1 347 853,50 1 361 988,00 0,301 100 000,00 EDISON SPA 3.88% 10/11/2017 EUR 1 095 105,00 1 045 693,04 0,23

550 000,00 AZA SPA 4.50% 02/11/2016 EUR 556 722,58 551 804,02 0,12

UNITED STATES 45 830 549,55 45 157 066,12 9,97

Finance 28 942 292,43 28 590 532,12 6,315 250 000,00 CITIGROUP INC 6.40% 27/03/2013 EUR 5 573 817,50 5 508 090,00 1,224 400 000,00 MORGAN STANLEY 4.50% 23/02/2016 EUR 4 384 798,00 4 367 000,00 0,963 360 000,00

GOLDMAN SACHS GROUP INC/THE 5.13% 16/10/2014

EUR 3 576 678,00 3 476 692,53 0,77

2 700 000,00

GOLDMAN SACHS GROUP INC/THE 4.50% 09/05/2016

EUR 2 695 032,00 2 690 739,00 0,59

2 500 000,00 MERRILL LYNCH & CO INC 4.63% 02/10/2013 EUR 2 544 175,00 2 550 650,03 0,562 200 000,00 BANK OF AMERICA CORP 5.13% 26/09/2014 EUR 2 343 156,60 2 280 651,85 0,502 000 000,00 JPMORGAN CHASE & CO 5.25% 14/01/2015 EUR 2 146 920,00 2 124 859,78 0,472 000 000,00 ZURICH FINANCE USA INC 4.88% 14/04/2012 EUR 2 076 965,33 2 038 760,00 0,451 800 000,00 WELLS FARGO BANK 6.00% 23/05/2013 EUR 1 940 400,00 1 902 744,00 0,421 500 000,00 CITIGROUP INC 7.38% 16/06/2014 EUR 1 660 350,00 1 650 344,93 0,37

Consumer Retail 5 572 865,74 5 406 464,30 1,204 200 000,00 BMW US CAPITAL LLC 6.38% 23/07/2012 EUR 4 532 615,74 4 375 644,29 0,971 000 000,00

DAIMLER FINANCE NORTH AMERICA LLC 4.38% 21/03/2013

EUR 1 040 250,00 1 030 820,01 0,23

Basic Goods 5 310 735,71 5 121 450,00 1,135 000 000,00 KRAFT FOODS INC 5.75% 20/03/2012 EUR 5 310 735,71 5 121 450,00 1,13

Multi-Utilities 3 993 960,00 3 996 919,88 0,884 000 000,00 NATIONAL GRID USA 3.25% 03/06/2015 EUR 3 993 960,00 3 996 919,88 0,88

Health 2 010 695,67 2 041 699,82 0,452 000 000,00 PFIZER INC 3.63% 03/06/2013 EUR 2 010 695,67 2 041 699,82 0,45

UNITED KINGDOM 41 532 447,14 41 602 709,23 9,19

Finance 26 179 817,64 26 380 936,08 5,835 900 000,00

ROYAL BANK OF SCOTLAND GROUP PLC 5.25% 15/05/2013

EUR 6 076 797,24 6 068 504,18 1,34

294





% ofNet Assets

3 500 000,00

ABBEY NATIONAL TREASURY SERVICES PLC 4.13% 03/03/2014

EUR 3 493 525,00 3 522 399,97 0,78

3 500 000,00

ROYAL BANK OF SCOTLAND PLC/THE 3.63% 17/05/2013

EUR 3 492 955,00 3 502 624,90 0,77

3 000 000,00 LLOYDS TSB BANK PLC 4.50% 15/09/2014 EUR 2 994 900,00 3 023 819,73 0,672 100 000,00 MORGAN STANLEY 4.50% 29/10/2014 EUR 2 110 934,72 2 124 969,06 0,472 000 000,00 BARCLAYS BANK PLC 5.25% 27/05/2014 EUR 2 063 298,00 2 101 300,04 0,471 950 000,00 BARCLAYS BANK PLC 4.13% 15/03/2016 EUR 1 940 250,00 1 956 571,31 0,431 800 000,00 ROYAL BANK OF SCOTLAND PLC 6.00% 10/05/2013 EUR 1 806 300,00 1 847 825,96 0,411 500 000,00 LLOYDS TSB BANK PLC 3.25% 26/11/2012 EUR 1 497 518,68 1 504 619,99 0,33

700 000,00 HSBC HOLDINGS PLC 4.50% 30/04/2014 EUR 703 339,00 728 300,94 0,16

Telecommunication 8 813 041,00 8 729 913,58 1,937 500 000,00

BRITISH TELECOMMUNICATIONS PLC 5.25% 22/01/2013

EUR 7 867 330,00 7 796 699,55 1,72

500 000,00 VODAFONE GROUP PLC 3.63% 29/11/2012 EUR 497 178,00 508 000,03 0,11450 000,00 OTE PLC 7.25% 08/04/2014 EUR 448 533,00 425 214,00 0,10

Basic Goods 6 539 588,50 6 491 859,57 1,436 350 000,00

IMPERIAL TOBACCO FINANCE PLC 5.00% 25/06/2012

EUR 6 539 588,50 6 491 859,57 1,43

NETHERLANDS 38 336 940,52 37 344 725,92 8,25

Finance 13 779 199,21 13 569 496,73 3,003 000 000,00

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK BA 3.88% 20/04/2016

EUR 2 995 710,00 3 045 690,09 0,67

3 000 000,00 ING BANK NV 2.25% 23/09/2013 EUR 2 991 060,00 2 970 929,94 0,661 750 000,00 BASF FINANCE EUROPE NV 6.00% 04/12/2013 EUR 1 897 624,50 1 893 097,68 0,421 500 000,00 METRO FINANCE BV 9.38% 28/11/2013 EUR 1 816 080,00 1 723 305,02 0,381 600 000,00

DAIMLER INTERNATIONAL FINANCE BV 7.75% 26/03/2012

EUR 1 754 349,71 1 663 104,00 0,37

1 250 000,00

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK BA 4.13% 12/01/2021

EUR 1 243 475,00 1 237 850,00 0,27

1 000 000,00 AEGON NV 7.00% 29/04/2012 EUR 1 080 900,00 1 035 520,00 0,23


DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 8.13% 29/05/2012

EUR 5 360 772,50 4 991 442,50 1,10

3 500 000,00 KONINKLIJKE KPN NV 5.00% 13/11/2012 EUR 3 669 901,74 3 616 970,35 0,801 050 000,00 KONINKLIJKE KPN NV 6.25% 04/02/2014 EUR 1 178 561,37 1 134 346,55 0,251 000 000,00 KONINKLIJKE KPN NV 4.00% 22/06/2015 EUR 1 038 200,00 1 021 679,99 0,23

450 000,00 PORTUGAL TELECOM I 3.75% 26/03/2012 EUR 446 040,00 443 920,50 0,10100 000,00

PORTUGAL TELECOM INTERNATIONAL FINANCE BV 6.00% 30/04/2013

EUR 99 886,00 97 000,00 0,02

Computing and IT 8 722 937,50 8 552 329,50 1,898 450 000,00 ING BANK NV 5.50% 04/01/2012 EUR 8 722 937,50 8 552 329,50 1,89

Consumer Retail 2 055 959,40 1 966 961,00 0,431 500 000,00

DAIMLER INTERNATIONAL FINANCE BV 9.00% 30/01/2012

EUR 1 650 183,45 1 558 005,00 0,34

300 000,00

VOLKSWAGEN INTERNATIONAL FINANCE NV 5.63% 09/02/2012

EUR 301 473,63 306 072,00 0,07

100 000,00 BMW FINANCE NV 6.13% 02/04/2012 EUR 104 302,32 102 884,00 0,02

Basic Goods 1 337 387,30 1 333 473,32 0,291 345 000,00

BRITISH AMERICAN TOBACCO HOLDINGS BV 4.00% 07/07/2020

EUR 1 337 387,30 1 333 473,32 0,29

Multi-Utilities 648 095,50 617 105,48 0,14550 000,00 EDP FINANCE BV 5.88% 01/02/2016 EUR 546 595,50 517 104,48 0,12100 000,00 EDP FINANCE BV 4.25% 12/06/2012 EUR 101 500,00 100 001,00 0,02

FRANCE 31 568 688,33 31 337 059,23 6,92

Finance 24 907 883,43 24 774 765,67 5,473 600 000,00 RCI BANQUE SA 4.00% 21/10/2011 EUR 3 619 546,00 3 619 080,00 0,803 000 000,00

CASINO GUICHARD PERRACHON SA 6.38% 04/04/2013

EUR 3 273 053,50 3 179 610,00 0,70

2 300 000,00 RENAULT SA 4.63% 25/05/2016 EUR 2 287 557,00 2 267 317,00 0,502 150 000,00 BANQUE PSA FINANCE 8.50% 04/05/2012 EUR 2 284 383,00 2 251 824,00 0,50

295





% ofNet Assets

2 000 000,00 HSBC FRANCE 5.75% 19/06/2013 EUR 2 165 204,43 2 115 520,02 0,472 000 000,00

CAISSE CENTRALE DU CREDIT IMMOBILIER DE FRANCE 3.75% 10/03/2014

EUR 1 994 220,00 1 998 060,00 0,44

1 950 000,00 BANQUE PSA FINANCE 3.25% 26/11/2012 EUR 1 949 259,00 1 957 059,00 0,431 700 000,00 RCI BANQUE SA 2.75% 10/09/2012 EUR 1 696 039,00 1 700 493,12 0,381 000 000,00 BANQUE PSA FINANCE 4.00% 19/07/2013 EUR 995 490,00 1 012 719,96 0,22

900 000,00 ALSTOM SA 4.00% 23/09/2014 EUR 895 167,00 919 233,08 0,20900 000,00 PEUGEOT SA 4.00% 28/10/2013 EUR 896 166,00 908 802,00 0,20900 000,00 BANQUE PSA FINANCE 3.63% 17/09/2013 EUR 897 534,00 902 762,99 0,20850 000,00

CASINO GUICHARD PERRACHON SA 4.88% 10/04/2014

EUR 892 840,00 888 131,00 0,20

700 000,00 ACCOR SA 6.50% 06/05/2013 EUR 752 507,00 744 044,00 0,16250 000,00 SOCIETE GENERALE 5.63% 13/02/2012 EUR 255 442,50 254 340,00 0,0650 000,00 VIVENDI SA 7.75% 23/01/2014 EUR 53 475,00 55 769,50 0,01

Consumer Retail 4 840 006,90 4 777 597,62 1,061 750 000,00 CARREFOUR SA 6.63% 02/12/2013 EUR 1 961 397,50 1 904 227,57 0,421 500 000,00 LAFARGE SA 8.88% 27/05/2014 EUR 1 686 083,00 1 670 550,05 0,371 200 000,00 PERNOD-RICARD SA 5.00% 15/03/2017 EUR 1 192 526,40 1 202 820,00 0,27

Industries 1 820 798,00 1 784 695,94 0,391 000 000,00 COMPAGNIE DE ST-GOBAIN 8.25% 28/07/2014 EUR 1 188 260,00 1 149 289,93 0,25

600 000,00 COMPAGNIE DE ST-GOBAIN 6.00% 20/05/2013 EUR 632 538,00 635 406,01 0,14

SPAIN 18 878 032,00 18 865 455,74 4,16

Finance 11 989 637,50 12 000 884,86 2,653 500 000,00 BBVA SENIOR FINANCE SAU 3.63% 14/05/2012 EUR 3 541 797,50 3 516 240,00 0,783 500 000,00 BBVA SENIOR FINANCE SAU 4.00% 22/03/2013 EUR 3 493 665,00 3 496 674,97 0,772 500 000,00

SANTANDER INTERNATIONAL DEBT SA UNIPERSONAL 4.25% 07/04/2014

EUR 2 496 625,00 2 492 824,93 0,55

1 500 000,00 BBVA SENIOR FINANCE SAU 4.88% 23/01/2014 EUR 1 494 750,00 1 519 844,97 0,341 000 000,00


EUR 962 800,00 975 299,99 0,21

Multi-Utilities 3 891 519,00 3 932 658,89 0,872 000 000,00 IBERDROLA FINANZAS SAU 3.88% 10/02/2014 EUR 1 993 900,00 2 018 019,86 0,441 200 000,00 IBERDROLA FINANZAS SAU 4.63% 07/04/2017 EUR 1 199 076,00 1 206 984,01 0,27

400 000,00

GAS NATURAL CAPITAL MARKETS SA 3.13% 02/11/2012

EUR 398 864,00 400 044,01 0,09

300 000,00 GAS NATURAL FINANCE BV 5.25% 09/07/2014 EUR 299 679,00 307 611,01 0,07

Telecommunication 2 365 375,50 2 323 439,99 0,512 100 000,00 TELEFONICA EMISIONES SAU 3.41% 24/03/2015 EUR 2 101 500,00 2 066 504,98 0,45

250 000,00 TELEFONICA EMISIONES SAU 4.67% 07/02/2014 EUR 263 875,50 256 935,01 0,06

Industries 631 500,00 608 472,00 0,13600 000,00 ABENGOA SA 8.50% 31/03/2016 EUR 631 500,00 608 472,00 0,13

SWEDEN 9 998 391,25 9 767 150,03 2,16

Finance 6 701 382,25 6 573 350,06 1,453 000 000,00 PKO FINANCE AB 3.73% 21/10/2015 EUR 2 990 250,00 2 838 180,00 0,632 000 000,00

SKANDINAVISKA ENSKILDA BANKEN AB 3.75% 19/05/2016

EUR 1 997 400,00 1 992 640,08 0,44

1 250 000,00

SKANDINAVISKA ENSKILDA BANKEN AB 4.38% 29/05/2012

EUR 1 265 091,25 1 273 000,00 0,28

450 000,00 NORDEA BANK AB 4.50% 12/05/2014 EUR 448 641,00 469 529,98 0,10

Consumer Retail 3 297 009,00 3 193 799,97 0,713 000 000,00 VOLVO TREASURY AB 7.88% 01/10/2012 EUR 3 297 009,00 3 193 799,97 0,71

SWITZERLAND 9 005 270,74 8 959 987,20 1,98

Finance 9 005 270,74 8 959 987,20 1,985 000 000,00 UBS AG/LONDON 4.63% 06/07/2012 EUR 5 129 982,08 5 111 500,15 1,132 000 000,00 UBS AG/LONDON 5.63% 19/05/2014 EUR 2 108 195,00 2 139 940,04 0,471 100 000,00 CREDIT SUISSE AG/LONDON 6.13% 05/08/2013 EUR 1 214 730,66 1 173 501,99 0,26

500 000,00 UBS AG/LONDON 6.25% 03/09/2013 EUR 552 363,00 535 045,02 0,12

296





% ofNet Assets

IRELAND 7 692 486,50 7 708 175,94 1,70

Finance 7 692 486,50 7 708 175,94 1,703 200 000,00 FGA CAPITAL IRELAND PLC 4.00% 28/03/2013 EUR 3 202 850,00 3 211 199,94 0,712 000 000,00

BANESTO FINANCIAL PRODUCTS PLC 4.00% 08/05/2012

EUR 2 008 202,50 2 006 600,00 0,44

1 250 000,00

CATERPILLAR INTERNATIONAL FINANCE LTD 5.13% 04/06/2012

EUR 1 273 635,00 1 283 462,53 0,28

1 150 000,00

GE CAPITAL EUROPEAN FUNDING 4.75% 30/07/2014

EUR 1 207 799,00 1 206 913,47 0,27

LUXEMBOURG 6 959 082,50 6 843 056,44 1,51

Finance 3 900 000,00 3 881 319,00 0,863 900 000,00 FIAT FINANCE & TRADE SA 6.38% 01/04/2016 EUR 3 900 000,00 3 881 319,00 0,86

Industries 1 767 610,00 1 661 670,00 0,371 500 000,00 FINMECCANICA FINANCE SA 8.13% 03/12/2013 EUR 1 767 610,00 1 661 670,00 0,37

Consumer Retail 1 042 500,00 1 026 649,93 0,221 000 000,00 GLENCORE FINANCE EUROPE SA 5.25% 11/10/2013 EUR 1 042 500,00 1 026 649,93 0,22

Raw materials 248 972,50 273 417,51 0,06250 000,00 ARCELORMITTAL 8.25% 03/06/2013 EUR 248 972,50 273 417,51 0,06

NETHERLANDS ANTILLES 5 492 025,00 5 480 145,00 1,21

Basic Goods 5 492 025,00 5 480 145,00 1,215 500 000,00 SARA LEE NV 2.25% 30/03/2012 EUR 5 492 025,00 5 480 145,00 1,21

DENMARK 4 343 421,00 4 284 262,25 0,94

Basic Goods 3 246 204,00 3 174 340,25 0,702 000 000,00 CARLSBERG BREWERIES A/S 6.00% 28/05/2014 EUR 2 204 100,00 2 157 940,22 0,481 050 000,00 CARLSBERG BREWERIES A/S 3.38% 13/10/2017 EUR 1 042 104,00 1 016 400,03 0,22

Telecommunication 1 097 217,00 1 109 922,00 0,241 100 000,00 TDC A/S 3.50% 23/02/2015 EUR 1 097 217,00 1 109 922,00 0,24

CAYMAN ISLANDS 3 928 837,50 4 013 411,61 0,89

Industries 3 928 837,50 4 013 411,61 0,893 900 000,00

HUTCHISON WHAMPOA FINANCE 09 LTD 4.75% 14/11/2016

EUR 3 928 837,50 4 013 411,61 0,89

GERMANY 3 934 521,30 3 890 301,12 0,86

Finance 2 555 403,50 2 507 320,50 0,551 500 000,00

VOLKSWAGEN FINANCIAL SERVICES AG 5.38% 25/01/2012

EUR 1 586 460,00 1 526 985,00 0,34

500 000,00

MERCK FINANCIAL SERVICES GMBH 4.88% 27/09/2013

EUR 521 139,50 523 320,01 0,11

450 000,00

VOLKSWAGEN FINANCIAL SERVICES AG 3.88% 09/07/2012

EUR 447 804,00 457 015,49 0,10

Consumer Retail 795 200,00 797 288,00 0,18800 000,00 GERRESHEIMER AG 5.00% 19/05/2018 EUR 795 200,00 797 288,00 0,18

Government 583 917,80 585 692,62 0,13500 000,00 BUNDESSCHATZANWEISUNGEN 1.00% 16/03/2012 EUR 499 715,00 498 785,02 0,1150 000,00


EUR 51 528,00 52 486,50 0,01

30 000,00


EUR 32 674,80 34 421,10 0,01

FINLAND 2 687 823,00 2 681 235,00 0,59

Finance 2 687 823,00 2 681 235,00 0,592 700 000,00 POHJOLA BANK PLC 3.13% 25/03/2015 EUR 2 687 823,00 2 681 235,00 0,59

297





% ofNet Assets

BRAZIL 1 241 225,00 1 215 625,00 0,27

Finance 1 241 225,00 1 215 625,00 0,271 250 000,00

BANCO NACIONAL DE DESENVOLVIMENTO ECONOMICO E SOCIAL 4.13% 15/09/2017

EUR 1 241 225,00 1 215 625,00 0,27

CZECH REPUBLIC 746 062,50 742 800,01 0,16

Multi-Utilities 746 062,50 742 800,01 0,16750 000,00 CEZ AS 3.63% 27/05/2016 EUR 746 062,50 742 800,01 0,16


UNITED STATES 34 969 808,19 36 756 770,34 8,12

Finance 34 969 808,19 36 756 770,34 8,126 700 000,00 GOLDMAN SACHS GROUP INC/THE FRN 04/02/2013 EUR 6 228 584,00 6 622 816,00 1,464 000 000,00 JPMORGAN CHASE & CO FRN 12/10/2015 EUR 3 766 600,00 3 737 120,00 0,833 450 000,00

BNP PARIBAS CAPITAL TRUST III PERP FRN 29/12/2049

EUR 2 787 650,00 3 415 741,50 0,75

3 200 000,00 MORGAN STANLEY FRN 20/07/2012 EUR 2 900 954,94 3 188 544,00 0,703 000 000,00 JPMORGAN CHASE BANK NA FRN 31/05/2017 EUR 2 995 785,00 2 903 160,00 0,642 000 000,00

BNP PARIBAS CAPITAL TRUST VI PERP FRN 29/01/2049

EUR 1 932 400,00 1 970 000,00 0,43

2 000 000,00 BANK OF AMERICA CORP FRN 28/03/2018 EUR 1 830 000,00 1 840 000,00 0,411 775 000,00 HSBC FINANCE CORP FRN 28/10/2013 EUR 1 703 750,00 1 744 842,75 0,391 500 000,00 BNP PARIBAS CAPITAL TRUST IV FRN 29/08/2049 EUR 1 504 350,00 1 477 545,00 0,331 500 000,00 CL CAPITAL TRUST I PERP FRN 29/04/2049 EUR 1 315 000,00 1 469 970,00 0,321 300 000,00

DEUTSCHE BANK CAPITAL TRUST IV VRN FRN 29/09/2049

EUR 1 147 250,00 1 202 500,00 0,27

1 000 000,00 MERRILL LYNCH & CO INC FRN 16/02/2012 EUR 974 200,00 997 370,00 0,221 000 000,00 MERRILL LYNCH & CO INC FRN 29/06/2012 EUR 964 800,00 996 140,00 0,221 000 000,00 HSBC FINANCE CORP FRN 05/04/2013 EUR 969 780,00 987 580,00 0,221 000 000,00 GOLDMAN SACHS GROUP INC/THE FRN 02/02/2015 EUR 949 810,00 955 910,00 0,21

789 000,00 MORGAN STANLEY FRN 01/03/2013 EUR 718 581,75 777 409,59 0,17750 000,00 BANK OF AMERICA CORP FRN 15/02/2012 EUR 688 800,00 747 847,50 0,17750 000,00 BANK OF AMERICA CORP FRN 12/09/2013 EUR 652 912,50 733 200,00 0,16600 000,00 JPMORGAN CHASE & CO FRN 30/01/2014 EUR 553 800,00 589 326,00 0,13400 000,00 MERRILL LYNCH & CO INC FRN 31/10/2011 EUR 384 800,00 399 748,00 0,09

ITALY 18 240 220,27 18 315 408,14 4,04

Finance 16 266 220,27 16 325 748,14 3,603 700 000,00 UNICREDIT SPA FRN 20/09/2016 EUR 3 510 000,00 3 643 908,00 0,803 000 000,00 MONTE DEI PASCHI DI SIENA FRN 19/10/2012 EUR 2 994 060,00 2 993 940,00 0,662 500 000,00 BANCA DELLE MARCHE SPA FRN 02/03/2012 EUR 2 496 025,00 2 486 150,00 0,552 000 000,00 INTESA SANPAOLO SPA FRN 17/12/2012 EUR 1 994 920,00 1 976 040,00 0,442 000 000,00 UNICREDIT SPA FRN 21/10/2016 EUR 1 942 500,00 1 967 200,00 0,431 700 000,00 INTESA SANPAOLO SPA FRN 19/12/2016 GBP 1 933 727,27 1 859 238,14 0,411 400 000,00 BANCA DELLE MARCHE SPA FRN 19/10/2011 EUR 1 394 988,00 1 399 272,00 0,31

Telecommunication 1 974 000,00 1 989 660,00 0,442 000 000,00 TELECOM ITALIA SPA FRN 06/12/2012 EUR 1 974 000,00 1 989 660,00 0,44

SPAIN 14 032 235,00 14 179 855,50 3,13

Finance 14 032 235,00 14 179 855,50 3,133 500 000,00

SANTANDER ISSUANCES SA UNIPERSONAL FRN 23/03/2017

EUR 3 320 735,00 3 333 785,00 0,74

3 000 000,00

SANTANDER INTERNATIONAL DEBT SA UNIPERSONAL FRN 19/04/2013

EUR 3 000 000,00 2 973 240,00 0,66

2 500 000,00


EUR 2 500 000,00 2 466 750,00 0,54

2 500 000,00

BBVA SUBORDINATED CAPITAL SAU FRN 24/10/2016

EUR 2 259 500,00 2 444 450,00 0,54

1 350 000,00 BBVA SENIOR FINANCE SAU FRN 22/01/2013 EUR 1 350 000,00 1 319 638,50 0,291 000 000,00


EUR 1 000 000,00 977 860,00 0,21

700 000,00

BBVA SUBORDINATED CAPITAL SAU FRN 23/05/2017

EUR 602 000,00 664 132,00 0,15

298





% ofNet Assets

GERMANY 9 859 255,00 9 914 012,50 2,19

Consumer Retail 9 859 255,00 9 914 012,50 2,1910 150 000,00 DEUTSCHE BANK AG FRN 16/01/2014 EUR 9 859 255,00 9 914 012,50 2,19

NETHERLANDS 9 670 535,00 9 407 085,95 2,08

Finance 9 670 535,00 9 407 085,95 2,086 250 000,00 ALLIANZ FINANCE II BV FRN 31/05/2022 EUR 6 511 125,00 6 309 000,00 1,391 200 000,00 ALLIANZ FINANCE II BV FRN 08/07/2041 EUR 1 195 860,00 1 151 915,95 0,261 000 000,00 ABN AMRO BANK NV FRN 15/01/2013 EUR 999 550,00 1 005 800,00 0,221 000 000,00 ING BANK NV FRN 18/03/2016 EUR 964 000,00 940 370,00 0,21

IRELAND 5 728 189,17 5 838 302,00 1,29

Finance 5 728 189,17 5 838 302,00 1,292 500 000,00

BANESTO FINANCIAL PRODUCTS PLC FRN 11/01/2013

EUR 2 496 275,00 2 437 800,00 0,54

2 000 000,00

GENERAL ELECTRIC CAPITAL EUROPEAN FUNDING FRN 25/05/2012

EUR 1 877 000,00 1 998 920,00 0,44

1 400 000,00 GENERAL ELECTRIC CAPITAL CORP FRN 06/09/2011 EUR 1 354 914,17 1 401 582,00 0,31

FRANCE 4 929 836,20 4 960 820,00 1,10

Finance 4 929 836,20 4 960 820,00 1,102 300 000,00 SOCIETE GENERALE PERP FRN 29/05/2049 EUR 2 232 036,20 2 277 000,00 0,501 250 000,00 SUEZ ENVIRONNEMENT CO FRN 31/12/2049 EUR 1 250 000,00 1 215 625,00 0,271 000 000,00 SOCIETE GENERALE FRN 07/06/2017 EUR 949 000,00 968 310,00 0,22

500 000,00 DEXIA CREDIT LOCAL SA FRN 06/02/2012 EUR 498 800,00 499 885,00 0,11

UNITED KINGDOM 3 994 555,00 4 014 976,00 0,89

Finance 3 994 555,00 4 014 976,00 0,892 500 000,00 LLOYDS TSB BANK PLC FRN 18/01/2013 EUR 2 506 430,00 2 513 975,00 0,561 300 000,00 LLOYDS TSB BANK PLC FRN 25/03/2013 EUR 1 296 165,00 1 301 001,00 0,29

200 000,00 STANDARD LIFE PLC FRN 12/07/2022 EUR 191 960,00 200 000,00 0,04

GUERNSEY 2 460 187,50 2 465 200,05 0,54

Finance 2 460 187,50 2 465 200,05 0,542 500 000,00

CREDIT SUISSE GROUP FINANCE GUERNSEY LTD FRN 23/01/2018

EUR 2 460 187,50 2 465 200,05 0,54

DENMARK 2 000 000,00 1 993 720,00 0,44

Finance 2 000 000,00 1 993 720,00 0,442 000 000,00 SYDBANK A/S FRN 03/09/2012 EUR 2 000 000,00 1 993 720,00 0,44

SWEDEN 1 747 410,00 1 751 137,50 0,39

Government 1 747 410,00 1 751 137,50 0,391 750 000,00 SWEDISH HOUSING FINANCE CORP FRN 16/09/2013 EUR 1 747 410,00 1 751 137,50 0,39

JERSEY 1 436 500,00 1 742 500,00 0,38

Finance 1 436 500,00 1 742 500,00 0,381 700 000,00

HSBC CAPITAL FUNDING LP/JERSEY CHANNEL ISLANDS PERP FRN 29/12/2049

EUR 1 436 500,00 1 742 500,00 0,38

SLOVENIA 850 000,00 849 949,00 0,19

Finance 850 000,00 849 949,00 0,19850 000,00 ABANKA VIPA DD FRN 18/09/2012 EUR 850 000,00 849 949,00 0,19

LUXEMBOURG 536 756,30 558 603,11 0,12

Finance 536 756,30 558 603,11 0,12559 000,00 MERRILL LYNCH SA FRN 15/11/2011 EUR 536 756,30 558 603,11 0,12

299





% ofNet Assets


ITALY 1 478 280,00 1 494 405,00 0,33

Finance 1 478 280,00 1 494 405,00 0,331 500 000,00 INTESA SANPAOLO SPA 0.00% 14/08/2011 EUR 1 478 280,00 1 494 405,00 0,33



ITALY 2 993 850,00 2 945 970,00 0,65

Finance 2 993 850,00 2 945 970,00 0,653 000 000,00 INTESA SANPAOLO SPA FRN 12/05/2014 EUR 2 993 850,00 2 945 970,00 0,65

Total Portfolio 396 150 631,75 395 492 536,36 87,33

300




Size Quantity

Purchase/



(EUR) Commitment

(EUR)



100 000 (136) Sale GERMAN EURO BOBL FUTURE 08/09/2011 EUR 82 960,00 15 854 880,00


100 000 700 Purchase GERMAN EURO SCHATZ FUTURE 08/09/2011 EUR (35 840,00) 75 288 500,00

301







(EUR)



20/07/2011 1 945 747,97 EUR 1 700 000,00 GBP 62 817,03


14/07/2011 5 400 000,00 CHF 4 437 104,05 EUR (12 172,34)

302





Interestreceivable/

(payable)


(EUR)

CREDIT DEFAULT SWAP CONTRACTS (426,68) 395 050,23

General Elec Cap Corp EUR L 1 000 000,00 BANCA IMI SPA 20/09/2014 1 527,78 124 510,67Rabobank Nederland EUR L 3 000 000,00 BNP PARIBAS, LONDON 20/03/2013 916,67 35 843,01General Elec Cap Corp EUR L 2 000 000,00 BANCA IMI SPA 20/12/2012 611,11 15 886,00ITRX EUR SNR 12/15 EUR L 5 000 000,00 BANCA IMI SPA 20/12/2015 (1 527,78) 123 741,00MARKIT ITRX EUR SNR FIN 12/15 EUR L 5 000 000,00 DEUTSCHE BANK AG

LONDON 20/12/2015 (1 527,78) 123 741,50

United Kingdom of Great Britain USD L 2 000 000,00 BNP PARIBAS, LONDON 20/03/2015 (426,68) (28 671,95)

Counterparty Currency Notional Maturity Interest

receivable Interestpayable


(EUR)

INTEREST RATE SWAP CONTRACTS 435 122,14 (307 495,01) (290 494,68)

DEUTSCHE BANK AG LONDON EUR 22 000 000,00 14/05/2013 42 831,25 (47 760,78) (239 700,56)BANCA IMI SPA EUR 52 000 000,00 18/02/2013 392 290,89 (259 734,23) (50 794,12)

303

Eurizon EasyFund - Bond Emerging Markets



Assets Notes Investments in securities at market value 434 206 608,26Banks 28 723 527,99Amounts due from brokers 109 736,08Unrealised profit on forward foreign exchange contracts (Note 8) 165 161,37Other interest receivable 6 913 637,44Receivable on investments sold 15 367 560,03Receivable on subscriptions 5 732 853,17Other assets 4 089,53Total assets 491 223 173,87

Liabilities Amounts due to brokers (172 981,57)Unrealised loss on forward foreign exchange contracts (Note 8) (228 627,10)Unrealised loss on future contracts (Note 8) (34 574,40)Payable on investments purchased (19 495 395,08)Payable on redemptions (436 434,51)Other liabilities (290 214,11)Total liabilities (20 658 226,77)Total net assets 470 564 947,10


Class D Units EUR 201,63 1 787,927Class D2 Units USD 292,33 1 207,972Class I Units EUR 215,10 26 197,255Class IH Units EUR 285,84 204 941,446Class R Units EUR 213,77 108 737,028Class R2 Units USD 310,33 549,200Class RH Units EUR 284,41 129 715,765Class Z Units EUR 222,89 668 409,215Class ZH Units EUR 295,91 664 076,509

304





Net income from investments 13 362 727,97Other income (Note 9) 6 556,95Total income 13 369 284,92Management fee (Note 5) (1 194 464,93)Custodian and paying agent fee (Note 7) (227 254,15)Subscription tax (Note 3) (34 091,13)Interest on bank accounts (65,94)Other charges and taxes (Notes 4, 7) (158 660,30)Total expenses (1 614 536,45)Net investment income / (loss) 11 754 748,47Net realised profit / (loss) on sales of investments, currencies and other financial instruments 13 216 642,56Change in unrealised appreciation / (depreciation) on - investments (25 061 759,33)- forward foreign exchange contracts and foreign currencies (Note 8) 2 265 382,36- future contracts (Note 8) (34 574,40)Net result of operations for the period 2 140 439,66

Subscriptions for the period 203 452 727,91Redemptions for the period (220 399 475,85)Dividend distributions (Note 2 o) (11 998,12)


305





% ofNet Assets



Ordinary Bonds 370 838 335,07 365 703 333,70 77,71

TURKEY 31 562 047,22 31 481 958,17 6,69

Government 31 562 047,22 31 481 958,17 6,6913 000 000,00

TURKEY GOVERNMENT INTERNATIONAL BOND 7.25% 15/03/2015

USD 10 452 238,00 10 239 687,04 2,18

7 500 000,00


USD 5 706 830,47 5 405 735,36 1,15

5 000 000,00 TURKEY REPUBLIC 11.00% 14/01/2013 USD 4 038 196,14 3 923 226,15 0,833 800 000,00


USD 2 731 216,97 2 883 058,86 0,61

3 500 000,00


USD 2 776 924,15 2 860 642,73 0,61

3 150 000,00


USD 2 210 234,17 2 455 083,26 0,52

2 000 000,00


USD 1 478 927,17 1 628 445,45 0,35

2 000 000,00


USD 1 381 876,37 1 343 588,20 0,28

1 000 000,00


USD 785 603,78 742 491,12 0,16

PHILIPPINES 24 273 759,78 24 322 153,59 5,17

Government 19 314 280,29 19 423 574,49 4,1310 000 000,00

PHILIPPINE GOVERNMENT INTERNATIONAL BOND 6.38% 15/01/2032

USD 7 693 209,13 7 561 132,24 1,61

7 000 000,00


USD 5 509 757,86 5 304 862,79 1,13

6 500 000,00


USD 4 401 843,60 4 617 722,27 0,98

2 250 000,00


USD 1 709 469,70 1 939 857,19 0,41

Energy 4 959 479,49 4 898 579,10 1,046 000 000,00

POWER SECTOR ASSETS & LIABILITIES MANAGEMENT CORP 7.25% 27/05/2019

USD 4 959 479,49 4 898 579,10 1,04

MEXICO 23 740 164,22 23 428 695,24 4,98

Government 21 544 303,70 21 249 416,56 4,52160 000 000,00 MEXICAN BONOS 9.50% 18/12/2014 MXN 10 709 662,05 10 497 952,08 2,2310 000 000,00

MEXICO GOVERNMENT INTERNATIONAL BOND 5.13% 15/01/2020

USD 7 556 232,95 7 449 051,60 1,59

4 500 000,00

MEXICO GOVERNMENT INTERNATIONAL BOND 6.05% 11/01/2040

USD 3 278 408,70 3 302 412,88 0,70

Multi-Utilities 1 496 726,27 1 479 205,77 0,312 150 000,00

COMISION FEDERAL DE ELECTRICIDAD 4.88% 26/05/2021

USD 1 496 726,27 1 479 205,77 0,31

Energy 699 134,25 700 072,91 0,151 000 000,00 PETROLEOS MEXICANOS 6.50% 02/06/2041 USD 699 134,25 700 072,91 0,15

SOUTH AFRICA 23 059 716,09 22 851 263,85 4,86

Government 23 059 716,09 22 851 263,85 4,868 000 000,00

SOUTH AFRICA GOVERNMENT INTERNATIONAL BOND 7.38% 25/04/2012

USD 6 095 744,15 5 786 141,88 1,23

6 500 000,00


USD 5 035 767,93 4 875 507,73 1,04

6 000 000,00


USD 4 524 155,76 4 634 965,44 0,98

5 800 000,00


USD 4 312 902,94 4 278 445,55 0,91

4 000 000,00


USD 3 091 145,31 3 276 203,25 0,70

306





% ofNet Assets

INDONESIA 20 905 799,28 21 359 120,88 4,54

Government 18 097 519,30 18 627 801,96 3,967 500 000,00 REPUBLIC OF INDONESIA 7.50% 15/01/2016 USD 6 092 676,04 6 129 948,71 1,305 500 000,00

INDONESIA GOVERNMENT INTERNATIONAL BOND 6.63% 17/02/2037

USD 4 101 802,45 4 210 783,34 0,90

5 000 000,00 REPUBLIC OF INDONESIA 4.88% 05/05/2021 USD 3 355 211,98 3 543 472,46 0,754 500 000,00

INDONESIA GOVERNMENT INTERNATIONAL BOND 5.88% 13/03/2020

USD 3 650 507,13 3 445 186,37 0,73

1 500 000,00 REPUBLIC OF INDONESIA 7.75% 17/01/2038 USD 897 321,70 1 298 411,08 0,28

Energy 2 808 279,98 2 731 318,92 0,584 000 000,00 PERTAMINA PERSERO PT 6.50% 27/05/2041 USD 2 808 279,98 2 731 318,92 0,58

BRAZIL 22 090 894,70 21 347 395,52 4,54

Government 17 767 541,45 17 167 649,90 3,6511 000 000,00

BANCO NACIONAL DE DESENVOLVIMENTO ECONOMICO E SOCIAL 6.37% 16/06/2018

USD 8 895 813,88 8 459 501,66 1,80

4 500 000,00

BRAZILIAN GOVERNMENT INTERNATIONAL BOND 4.88% 22/01/2021

USD 3 300 663,94 3 317 931,73 0,71

4 000 000,00


USD 2 943 653,88 2 834 777,97 0,60

3 000 000,00


USD 2 627 409,75 2 555 438,54 0,54

Finance 4 323 353,25 4 179 745,62 0,896 000 000,00 BANCO VOTORANTIM SA 5.25% 11/02/2016 USD 4 323 353,25 4 179 745,62 0,89

VENEZUELA 20 820 562,62 19 729 640,85 4,19

Government 17 402 066,39 16 509 822,78 3,5118 000 000,00 REPUBLIC OF VENEZUELA 6.00% 09/12/2020 USD 7 747 827,27 7 684 938,24 1,636 500 000,00 REPUBLIC OF VENEZUELA 5.75% 26/02/2016 USD 3 232 967,49 3 452 083,64 0,734 500 000,00 REPUBLIC OF VENEZUELA 9.25% 15/09/2027 USD 2 299 582,77 2 327 828,63 0,503 000 000,00

VENEZUELA GOVERNMENT INTERNATIONAL BOND 7.65% 21/04/2025

USD 1 821 357,77 1 329 448,79 0,28

2 500 000,00 REPUBLIC OF VENEZUELA 7.00% 31/03/2038 USD 1 106 242,08 987 171,77 0,211 500 000,00 REPUBLIC OF VENEZUELA 9.38% 13/01/2034 USD 1 194 089,01 728 351,71 0,16

Energy 3 418 496,23 3 219 818,07 0,684 500 000,00 PETROLEOS DE VENEZUELA SA 5.38% 12/04/2027 USD 1 552 114,98 1 551 885,75 0,332 300 000,00 PETROLEOS DE VENEZUELA SA 5.25% 12/04/2017 USD 1 209 107,55 995 448,49 0,212 000 000,00 PETROLEOS DE VENEZUELA SA 5.50% 12/04/2037 USD 657 273,70 672 483,83 0,14

PERU 13 940 839,94 13 464 160,77 2,86

Government 13 940 839,94 13 464 160,77 2,869 400 000,00

PERUVIAN GOVERNMENT INTERNATIONAL BOND 6.55% 14/03/2037

USD 7 390 081,11 7 229 028,69 1,54

9 000 000,00


USD 6 164 810,26 5 850 609,28 1,24

500 000,00


USD 385 948,57 384 522,80 0,08

LEBANON 13 367 241,54 12 739 688,77 2,71

Government 13 367 241,54 12 739 688,77 2,7113 000 000,00

LEBANON GOVERNMENT INTERNATIONAL BOND 6.38% 09/03/2020

USD 9 902 838,23 9 213 028,40 1,96

4 500 000,00

LEBANON GOVERNMENT INTERNATIONAL BOND 8.50% 19/01/2016

USD 3 464 403,31 3 526 660,37 0,75

UKRAINE 12 747 067,84 12 549 479,31 2,67

Government 9 703 152,56 9 694 009,53 2,064 500 000,00

UKRAINE GOVERNMENT INTERNATIONAL BOND 6.58% 21/11/2016

USD 3 129 547,18 3 128 601,67 0,67

4 500 000,00


USD 3 066 608,53 3 119 290,36 0,66

2 700 000,00


USD 1 973 025,52 1 930 235,50 0,41

307





% ofNet Assets

2 200 000,00


USD 1 533 971,33 1 515 882,00 0,32

Finance 3 043 915,28 2 855 469,78 0,614 000 000,00 UKREXIMBANK VIA BIZ FINANCE 8.38% 27/04/2015 USD 3 043 915,28 2 855 469,78 0,61

HUNGARY 11 669 291,63 11 896 351,27 2,53

Government 11 669 291,63 11 896 351,27 2,536 000 000,00

HUNGARY GOVERNMENT INTERNATIONAL BOND 7.63% 29/03/2041

USD 4 232 803,22 4 459 085,06 0,95

3 500 000,00 REPUBLIC OF HUNGARY 6.00% 11/01/2019 EUR 3 477 460,00 3 473 750,00 0,744 500 000,00


USD 3 249 799,31 3 257 408,19 0,69

1 000 000,00


USD 709 229,10 706 108,02 0,15

URUGUAY 11 348 648,62 11 387 427,25 2,42

Government 11 348 648,62 11 387 427,25 2,425 500 000,00

URUGUAY GOVERNMENT INTERNATIONAL BOND 7.63% 21/03/2036

USD 4 966 813,06 4 770 324,36 1,01

5 000 000,00


USD 4 179 611,15 4 207 334,70 0,90

2 700 000,00


USD 2 202 224,41 2 409 768,19 0,51

QATAR 10 704 640,29 10 651 971,36 2,26

Government 10 704 640,29 10 651 971,36 2,2610 000 000,00

QATAR GOVERNMENT INTERNATIONAL BOND 4.00% 20/01/2015

USD 7 269 617,86 7 214 544,42 1,53

4 500 000,00

QATAR GOVERNMENT INTERNATIONAL BOND 6.40% 20/01/2040

USD 3 435 022,43 3 437 426,94 0,73

KAZAKHSTAN 9 365 387,66 10 126 191,60 2,15

Energy 9 365 387,66 10 126 191,60 2,155 000 000,00 KAZMUNAYGAS NATIONAL CO 9.13% 02/07/2018 USD 4 039 329,71 4 241 821,05 0,905 250 000,00 KAZMUNAYGAS NATIONAL CO 8.38% 02/07/2013 USD 3 526 524,50 3 946 962,76 0,842 263 000,00 KAZMUNAYGAS NATIONAL CO 11.75% 23/01/2015 USD 1 799 533,45 1 937 407,79 0,41

LUXEMBOURG 9 932 877,51 9 557 029,74 2,03

Finance 9 932 877,51 9 557 029,74 2,038 000 000,00

VTB BANK OJSC VIA VTB CAPITAL SA 6.61% 31/10/2012

USD 6 094 734,08 5 828 193,15 1,24

5 000 000,00

SBERBANK OF RUSSIA VIA SB CAPITAL SA 6.47% 02/07/2013

USD 3 838 143,43 3 728 836,59 0,79

NETHERLANDS 9 778 482,85 9 542 890,34 2,03

Multi-Utilities 7 151 617,61 7 026 248,95 1,494 500 000,00 MAJAPAHIT HOLDING BV 7.25% 28/06/2017 USD 3 582 547,33 3 525 884,42 0,755 000 000,00 MAJAPAHIT HOLDING BV 7.25% 17/10/2011 USD 3 569 070,28 3 500 364,53 0,74

Finance 2 626 865,24 2 516 641,39 0,543 500 000,00

HALYK SAVINGS BANK OF KAZAKHSTAN JSC 7.75% 13/05/2013

USD 2 626 865,24 2 516 641,39 0,54

COLOMBIA 8 863 128,22 9 093 878,06 1,93

Government 8 863 128,22 9 093 878,06 1,934 000 000,00

COLOMBIA GOVERNMENT INTERNATIONAL BOND 7.38% 18/03/2019

USD 3 442 676,38 3 438 978,82 0,73

3 500 000,00


USD 2 769 467,37 3 041 696,07 0,65

3 500 000,00


USD 2 650 984,47 2 613 203,17 0,55

308





% ofNet Assets

LITHUANIA 8 724 910,43 8 425 877,46 1,79

Government 8 724 910,43 8 425 877,46 1,798 000 000,00

LITHUANIA GOVERNMENT INTERNATIONAL BOND 5.13% 14/09/2017

USD 5 904 865,52 5 655 761,40 1,20

3 500 000,00

LITHUANIA GOVERNMENT INTERNATIONAL BOND 7.38% 11/02/2020

USD 2 820 044,91 2 770 116,06 0,59

SRI LANKA 8 717 418,15 8 264 446,85 1,76

Government 8 717 418,15 8 264 446,85 1,765 500 000,00

SRI LANKA GOVERNMENT INTERNATIONAL BOND 6.25% 04/10/2020

USD 3 959 465,29 3 785 911,50 0,81

4 000 000,00


USD 3 226 603,40 3 005 278,48 0,64

2 000 000,00


USD 1 531 349,46 1 473 256,87 0,31

UNITED ARAB EMIRATES 7 611 872,33 7 611 137,45 1,62

Multi-Utilities 4 966 558,01 4 972 931,67 1,067 000 000,00

DUBAI ELECTRICITY & WATER AUTHORITY 7.38% 21/10/2020

USD 4 966 558,01 4 972 931,67 1,06

Government 2 645 314,32 2 638 205,78 0,563 600 000,00

EMIRATE OF DUBAI GOVERNMENT INTERNATIONAL BONDS 7.75% 05/10/2020

USD 2 645 314,32 2 638 205,78 0,56

CAYMAN ISLANDS 6 966 698,84 6 760 351,58 1,44

Finance 6 966 698,84 6 760 351,58 1,449 100 000,00

PETROBRAS INTERNATIONAL FINANCE CO 5.88% 01/03/2018

USD 6 966 698,84 6 760 351,58 1,44

POLAND 6 880 418,71 6 680 868,15 1,42

Government 6 880 418,71 6 680 868,15 1,429 000 000,00

POLAND GOVERNMENT INTERNATIONAL BOND 5.25% 15/01/2014

USD 6 880 418,71 6 680 868,15 1,42

BAHAMAS 6 503 371,81 6 362 731,58 1,35


QTEL INTERNATIONAL FINANCE LTD 5.00% 19/10/2025

USD 6 503 371,81 6 362 731,58 1,35

EL SALVADOR 5 283 332,13 5 117 774,34 1,09

Government 5 283 332,13 5 117 774,34 1,093 500 000,00

EL SALVADOR GOVERNMENT INTERNATIONAL BOND 7.38% 01/12/2019

USD 2 856 090,15 2 649 413,84 0,56

3 500 000,00

EL SALVADOR GOVERNMENT INTERNATIONAL BOND 7.63% 01/02/2041

USD 2 427 241,98 2 468 360,50 0,53

ARGENTINA 4 802 698,72 4 988 770,17 1,06

Government 4 802 698,72 4 988 770,17 1,068 195 992,56

ARGENTINE REPUBLIC GOVERNMENT INTERNATIONAL BOND 8.28% 31/12/2033

USD 4 802 698,72 4 988 770,17 1,06

RUSSIA 4 581 696,00 4 270 272,30 0,91

Finance 3 060 164,63 2 845 986,04 0,612 500 000,00

VNESHECONOMBANK VIA VEB FINANCE LTD 6.80% 22/11/2025

USD 1 860 734,55 1 748 026,87 0,37

1 500 000,00

VNESHECONOMBANK VIA VEB FINANCE LTD 6.90% 09/07/2020

USD 1 199 430,08 1 097 959,17 0,24

Government 1 521 531,37 1 424 286,26 0,302 000 000,00

RUSSIAN FOREIGN BOND - EUROBOND 5.00% 29/04/2020

USD 1 521 531,37 1 424 286,26 0,30

309





% ofNet Assets

DOMINICAN REPUBLIC 4 375 872,64 3 964 205,93 0,84

Government 4 375 872,64 3 964 205,93 0,845 500 000,00

DOMINICAN REPUBLIC INTERNATIONAL BOND 7.50% 06/05/2021

USD 4 375 872,64 3 964 205,93 0,84

MALAYSIA 3 555 275,28 3 714 524,76 0,79

Energy 3 555 275,28 3 714 524,76 0,795 000 000,00 PETRONAS CAPITAL LTD 5.25% 12/08/2019 USD 3 555 275,28 3 714 524,76 0,79

BYELORUSSIAN SSR 3 231 335,34 2 875 299,43 0,61

Government 3 231 335,34 2 875 299,43 0,614 600 000,00 REPUBLIC OF BELARUS 8.75% 03/08/2015 USD 3 231 335,34 2 875 299,43 0,61

GEORGIA 2 803 557,66 2 820 983,43 0,60

Government 2 803 557,66 2 820 983,43 0,604 000 000,00

GEORGIA GOVERNMENT INTERNATIONAL BOND 6.88% 12/04/2021

USD 2 803 557,66 2 820 983,43 0,60

PANAMA 2 428 133,62 2 799 601,89 0,59

Government 2 428 133,62 2 799 601,89 0,593 300 000,00

PANAMA GOVERNMENT INTERNATIONAL BOND 7.13% 29/01/2026

USD 2 428 133,62 2 799 601,89 0,59

UNITED KINGDOM 2 803 849,00 2 726 518,42 0,58

Government 2 080 731,00 2 022 996,88 0,433 000 000,00

FINANCING OF INFRASTRUCURAL PROJECTS STATE ENTERPRISE 7.40% 20/04/2018

USD 2 080 731,00 2 022 996,88 0,43

Finance 723 118,00 703 521,54 0,151 000 000,00 OSCHADBANK 8.25% 10/03/2016 USD 723 118,00 703 521,54 0,15

KOREA 2 571 546,17 2 544 016,66 0,54

Government 2 571 546,17 2 544 016,66 0,544 000 000,00

EXPORT-IMPORT BANK OF KOREA 4.00% 29/01/2021

USD 2 571 546,17 2 544 016,66 0,54

EGYPT 2 719 397,32 2 326 535,39 0,49

Government 2 719 397,32 2 326 535,39 0,493 500 000,00

EGYPT GOVERNMENT INTERNATIONAL BOND 6.88% 30/04/2040

USD 2 719 397,32 2 326 535,39 0,49

PAKISTAN 2 044 573,17 1 750 527,12 0,37

Government 2 044 573,17 1 750 527,12 0,371 800 000,00

PAKISTAN GOVERNMENT INTERNATIONAL BOND 7.13% 31/03/2016

USD 1 317 206,66 1 080 112,48 0,23

1 200 000,00

PAKISTAN GOVERNMENT INTERNATIONAL BOND 6.88% 01/06/2017

USD 727 366,51 670 414,64 0,14

VIETNAM 1 392 709,81 1 434 632,16 0,30

Government 1 392 709,81 1 434 632,16 0,302 000 000,00

VIETNAM GOVERNMENT INTERNATIONAL BOND 6.75% 29/01/2020

USD 1 392 709,81 1 434 632,16 0,30

LATVIA 1 358 502,90 1 363 576,48 0,29

Government 1 358 502,90 1 363 576,48 0,292 000 000,00 REPUBLIC OF LATVIA 5.25% 16/06/2021 USD 1 358 502,90 1 363 576,48 0,29

JORDAN 1 446 713,68 1 317 378,57 0,28

Government 1 446 713,68 1 317 378,57 0,282 000 000,00

JORDAN GOVERNMENT INTERNATIONAL BOND 3.88% 12/11/2015

USD 1 446 713,68 1 317 378,57 0,28

310





% ofNet Assets

GHANA 1 160 671,80 1 247 026,42 0,26

Government 1 160 671,80 1 247 026,42 0,261 600 000,00 REPUBLIC OF GHANA 8.50% 04/10/2017 USD 1 160 671,80 1 247 026,42 0,26

GABON 703 229,55 806 980,59 0,17

Government 703 229,55 806 980,59 0,171 000 000,00 GABONESE REPUBLIC 8.20% 12/12/2017 USD 703 229,55 806 980,59 0,17


ITALY 9 968 470,00 9 938 000,00 2,11


ARGENTINA 6 868 092,59 7 050 734,26 1,50

Government 6 868 092,59 7 050 734,26 1,5023 500 000,00

ARGENTINE REPUBLIC GOVERNMENT INTERNATIONAL BOND FRN 31/12/2038

USD 6 868 092,59 7 050 734,26 1,50

RUSSIA 5 064 561,57 5 273 320,71 1,12

Government 5 064 561,57 5 273 320,71 1,125 622 500,00

RUSSIAN FOREIGN BOND - EUROBOND FRN 31/03/2030

USD 4 350 214,88 4 570 211,28 0,97

865 000,00

RUSSIAN FOREIGN BOND - EUROBOND FRN 31/03/2030

USD 714 346,69 703 109,43 0,15

SERBIA 2 106 187,28 1 862 263,11 0,40

Government 2 106 187,28 1 862 263,11 0,402 700 000,30 REPUBLIC OF SERBIA FRN 01/11/2024 USD 2 106 187,28 1 862 263,11 0,40

LUXEMBOURG 1 631 263,50 1 598 269,89 0,34

Finance 1 631 263,50 1 598 269,89 0,342 300 000,00

RUSSIAN AGRICULTURAL BANK OJSC VIA RSHB CAPITAL SA FRN 03/06/2021

USD 1 631 263,50 1 598 269,89 0,34


ITALY 21 412 654,89 21 415 218,50 4,55

Government 21 412 654,89 21 415 218,50 4,5511 000 000,00 CTZ 0.00% 31/12/2012 EUR 10 564 885,12 10 565 500,00 2,256 000 000,00 BOT 0.00% 30/12/2011 EUR 5 939 763,57 5 943 600,00 1,265 000 000,00 BOT 0.00% 15/05/2012 EUR 4 908 006,20 4 906 118,50 1,04


Ordinary Bonds 16 432 063,79 15 530 808,75 3,30

KOREA 10 520 194,07 10 037 597,03 2,13

Finance 10 520 194,07 10 037 597,03 2,1314 000 000,00 HANA BANK 6.50% 09/04/2012 USD 10 520 194,07 10 037 597,03 2,13

MEXICO 4 074 544,09 3 767 633,74 0,80

Energy 4 074 544,09 3 767 633,74 0,805 000 000,00 PETROLEOS MEXICANOS 6.00% 05/03/2020 USD 4 074 544,09 3 767 633,74 0,80

CHILE 1 837 325,63 1 725 577,98 0,37

Basic Goods 1 837 325,63 1 725 577,98 0,372 500 000,00 CENCOSUD SA 5.50% 20/01/2021 USD 1 837 325,63 1 725 577,98 0,37

311





% ofNet Assets

UNQUOTED 5 412 224,15 5 834 659,34 1,24

Ordinary Bonds 5 412 224,15 5 834 659,34 1,24

IRAQ 3 680 913,99 4 125 429,62 0,88

Government 3 680 913,99 4 125 429,62 0,886 600 000,00 REPUBLIC OF IRAQ 5.80% 15/01/2028 USD 3 680 913,99 4 125 429,62 0,88

BRAZIL 1 731 310,16 1 709 229,72 0,36

Finance 1 731 310,16 1 709 229,72 0,362 500 000,00 BANCO DO BRASIL SA 5.88% 26/01/2022 USD 1 731 310,16 1 709 229,72 0,36

Total Portfolio 439 733 852,84 434 206 608,26 92,27

312




Size Quantity

Purchase/



(EUR) Commitment

(EUR)



100 000 143 Purchase 10YR US TREASURY NOTE FUTURE

SEP11 XCBT 21/09/2011 USD (34 574,40) 12 065 340,57

313







(EUR)

Total Unrealised profit / (loss) on forward foreign exchange contracts (63 465,73)


14/07/2011 7 349 607,14 EUR 10 500 000,00 USD 105 631,4314/07/2011 564 537,58 EUR 800 000,00 USD 12 615,6214/07/2011 1 044 301,39 EUR 1 500 000,00 USD 9 447,7214/07/2011 5 556 686,19 EUR 8 000 000,00 USD 37 466,60


14/07/2011 48 000 000,00 USD 33 115 781,05 EUR (463,51)14/07/2011 2 000 000,00 USD 1 408 897,19 EUR (29 092,29)14/07/2011 3 000 000,00 USD 2 089 427,50 EUR (19 720,15)14/07/2011 6 000 000,00 USD 4 160 094,30 EUR (20 679,61)18/07/2011 8 589 182,89 EUR 147 000 000,00 MXN (49 769,58)14/07/2011 400 000,00 USD 276 755,16 EUR (794,18)14/07/2011 500 000,00 USD 353 080,01 EUR (8 128,79)14/07/2011 1 000 000,00 USD 706 770,20 EUR (16 867,75)14/07/2011 1 000 000,00 USD 704 953,16 EUR (15 050,71)14/07/2011 1 500 000,00 USD 1 049 227,93 EUR (14 374,26)14/07/2011 272 112 878,91 EUR 394 500 000,00 USD (53 637,09)14/07/2011 344 902,04 EUR 500 000,00 USD (49,18)

314

Eurizon EasyFund - Bond High Yield



Assets Notes Investments in securities at market value 544 478 930,30Banks 12 547 668,82Unrealised profit on forward foreign exchange contracts (Note 8) 3 292 210,39Other interest receivable 11 117 019,26Receivable on subscriptions 619 829,80Other assets 2 372,96Total assets 572 058 031,53

Liabilities Unrealised loss on forward foreign exchange contracts (Note 8) (404 731,42)Payable on redemptions (300 859,07)Other liabilities (424 020,87)Total liabilities (1 129 611,36)Total net assets 570 928 420,17


Class D Units EUR 146,29 5 268,481Class D2 Units USD 212,07 7 833,761Class I Units EUR 158,01 144 639,819Class R Units EUR 157,26 1 075 274,479Class R2 Units USD 228,13 5 806,295Class Z Units EUR 163,77 2 296 733,644

315





Net income from investments 19 042 199,81Other income 11 536,36Total income 19 053 736,17Management fee (Note 5) (1 614 955,03)Custodian and paying agent fee (Note 7) (280 575,29)Subscription tax (Note 3) (60 316,29)Interest on bank accounts (162,05)Other charges and taxes (Notes 4, 7) (215 386,25)Total expenses (2 171 394,91)Net investment income / (loss) 16 882 341,26Net realised profit / (loss) on sales of investments, currencies and other financial instruments 13 508 334,91Change in unrealised appreciation / (depreciation) on - investments (14 855 688,90)- forward foreign exchange contracts and foreign currencies (Note 8) 3 498 003,45Net result of operations for the period 19 032 990,72

Subscriptions for the period 401 587 647,45Redemptions for the period (267 077 367,73)Dividend distributions (Note 2 o) (37 038,14)


316





% ofNet Assets



Ordinary Bonds 432 842 908,03 432 636 075,52 75,78

UNITED KINGDOM 86 418 835,73 84 217 021,04 14,75

Consumer Retail 46 522 044,06 44 785 797,38 7,846 450 000,00

DAILY MAIL & GENERAL TRUST PLC 6.38% 21/06/2027

GBP 6 721 529,88 6 504 002,10 1,14

5 200 000,00

LADBROKES GROUP FINANCE PLC 7.63% 05/03/2017

GBP 6 167 438,67 5 902 030,43 1,03

5 150 000,00 JAGUAR LAND ROVER PLC 8.13% 15/05/2018 GBP 5 890 639,85 5 659 941,99 0,995 800 000,00 DIXONS RETAIL PLC 8.75% 03/08/2015 GBP 6 538 073,11 5 555 438,40 0,974 500 000,00 WILLIAM HILL PLC 7.13% 11/11/2016 GBP 5 217 440,18 5 132 441,10 0,904 340 000,00 ITV PLC 10.00% 30/06/2014 EUR 4 586 683,50 4 882 543,40 0,863 757 000,00

DAILY MAIL & GENERAL TRUST PLC 5.75% 07/12/2018

GBP 4 187 628,35 4 136 290,48 0,72

3 000 000,00 ITV PLC GBP 5.38% 19/10/2015 GBP 3 368 428,77 3 272 138,82 0,572 029 000,00 ITV PLC 7.38% 05/01/2017 GBP 2 257 354,90 2 274 819,93 0,401 365 000,00 DIXONS RETAIL PLC 6.13% 15/11/2012 GBP 1 586 826,85 1 466 150,73 0,26

Industries 13 841 950,52 13 355 666,19 2,345 750 000,00 BAA SH PLC 7.13% 01/03/2017 GBP 6 727 948,38 6 234 542,85 1,093 800 000,00

INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA 8.75% 23/08/2016

GBP 4 447 777,14 4 407 698,34 0,77

2 530 000,00 ISS FINANCING PLC 11.00% 15/06/2014 EUR 2 666 225,00 2 713 425,00 0,48

Finance 11 707 792,34 11 922 600,00 2,0911 606 000,00 PROSECURE FUNDING LP 4.67% 30/06/2016 EUR 9 781 027,50 9 865 100,00 1,731 400 000,00 FCE BANK PLC 9.38% 17/01/2014 EUR 1 437 419,84 1 540 000,00 0,27

500 000,00 FCE BANK PLC 7.13% 15/01/2013 EUR 489 345,00 517 500,00 0,09

Telecommunication 10 590 479,51 10 699 771,37 1,873 800 000,00 VIRGIN MEDIA FINANCE PLC 8.88% 15/10/2019 GBP 4 714 024,03 4 649 648,36 0,813 100 000,00 VIRGIN MEDIA FINANCE PLC 9.50% 15/08/2016 EUR 3 290 867,00 3 479 750,00 0,611 850 000,00

VIRGIN MEDIA SECURED FINANCE PLC 7.00% 15/01/2018

GBP 2 100 760,81 2 166 338,61 0,38

350 000,00 CABLE & WIRELESS 8.75% 06/08/2012 GBP 484 827,67 404 034,40 0,07

Energy 3 756 569,30 3 453 186,10 0,613 150 000,00

ANGLIAN WATER/OSPREY FINANCING PLC 7.00% 31/01/2018

GBP 3 756 569,30 3 453 186,10 0,61

LUXEMBOURG 78 203 586,64 78 474 707,43 13,75


WIND ACQUISITION FINANCE SA 11.75% 15/07/2017

EUR 11 971 917,61 12 150 000,00 2,13

11 100 000,00 WIND ACQUISITION FINANCE SA 7.38% 15/02/2018 EUR 11 326 166,00 11 377 500,00 1,992 800 000,00

VIMPEL COMMUNICATIONS OJSC VIA UBS LUXEMBOURG SA 8.25% 23/05/2016

USD 2 042 615,45 2 122 968,67 0,37

Finance 22 119 145,38 21 628 430,20 3,798 100 000,00

FIAT INDUSTRIAL FINANCE EUROPE SA 6.25% 09/03/2018

EUR 8 077 640,00 8 039 250,00 1,41

7 200 000,00

AGEAS HYBRID FINANCING SA PERP 8.25% 31/12/2049

USD 5 206 137,04 4 792 223,20 0,84

4 700 000,00 FIAT FINANCE & TRADE SA 6.38% 01/04/2016 EUR 4 700 000,00 4 664 750,00 0,812 200 000,00

ESPIRITO SANTO FINANCIAL GROUP SA 6.88% 21/10/2019

EUR 1 515 360,00 1 485 880,00 0,26

1 100 000,00 FIAT FINANCE & TRADE SA 6.88% 13/02/2015 EUR 1 099 285,00 1 127 500,00 0,20750 000,00 FIAT FINANCE & TRADE SA 9.00% 30/07/2012 EUR 793 437,34 784 695,00 0,14700 000,00 FIAT FINANCE & TRADE SA 7.63% 15/09/2014 EUR 727 286,00 734 132,00 0,13

Consumer Retail 20 875 874,74 21 279 300,00 3,7310 100 000,00

CIRSA FUNDING LUXEMBOURG SA 8.75% 15/05/2018

EUR 10 281 506,98 10 251 500,00 1,80

8 200 000,00

CODERE FINANCE LUXEMBOURG SA 8.25% 15/06/2015

EUR 7 812 187,59 8 323 000,00 1,46

317





% ofNet Assets

2 800 000,00

PAGESJAUNES FINANCE & CO SCA 8.88% 01/06/2018

EUR 2 782 180,17 2 704 800,00 0,47

Raw materials 9 867 867,46 9 916 508,56 1,745 000 000,00 ALROSA FINANCE SA 7.75% 03/11/2020 USD 3 788 171,12 3 750 390,56 0,664 100 000,00 EVRAZ GROUP SA 6.75% 27/04/2018 USD 2 864 428,10 2 828 191,77 0,503 200 000,00 ALROSA FINANCE SA 8.88% 17/11/2014 USD 2 408 668,10 2 524 996,74 0,441 050 000,00

SEVERSTAL OAO VIA STEEL CAPITAL SA 9.25% 19/04/2014

USD 806 600,14 812 929,49 0,14

FRANCE 53 986 719,80 56 868 041,44 9,96

Consumer Retail 14 912 969,65 14 910 898,00 2,616 200 000,00 PERNOD-RICARD SA 5.00% 15/03/2017 EUR 6 159 848,00 6 210 478,00 1,095 300 000,00 GIE PSA TRESORERIE 6.00% 19/09/2033 EUR 4 986 871,65 4 849 500,00 0,852 750 000,00 CROWN EUROPEAN HLDG. SA 7.13% 15/08/2018 EUR 2 771 250,00 2 818 750,00 0,491 000 000,00 RENAULT SA 5.63% 30/06/2015 EUR 995 000,00 1 032 170,00 0,18

Basic Goods 9 644 925,00 10 377 594,50 1,825 015 000,00 TEREOS EUROPE 6.38% 15/04/2014 EUR 4 504 200,00 5 152 912,50 0,903 050 000,00 PERNOD-RICARD SA 7.00% 15/01/2015 EUR 3 245 646,00 3 308 152,00 0,581 900 000,00 PERNOD-RICARD SA 4.88% 18/03/2016 EUR 1 895 079,00 1 916 530,00 0,34

Telecommunication 6 320 240,00 6 720 000,00 1,186 400 000,00 ALCATEL-LUCENT/FRANCE 8.50% 15/01/2016 EUR 6 320 240,00 6 720 000,00 1,18

Multi-Utilities 4 782 153,84 5 971 875,00 1,053 000 000,00 WENDEL 4.38% 09/08/2017 EUR 2 189 653,84 2 651 250,00 0,462 000 000,00 WENDEL 4.88% 26/05/2016 EUR 1 375 000,00 1 867 500,00 0,331 500 000,00 WENDEL REGS 4.88% 21/09/2015 EUR 1 217 500,00 1 453 125,00 0,26

Computing and IT 5 633 466,48 5 730 500,00 1,002 700 000,00 REXEL SA 8.25% 15/12/2016 EUR 2 833 660,00 2 902 500,00 0,512 800 000,00 REXEL SA 7.00% 17/12/2018 EUR 2 799 806,48 2 828 000,00 0,49

Health 5 526 860,00 5 508 000,00 0,965 400 000,00 LABCO SAS 8.50% 15/01/2018 EUR 5 526 860,00 5 508 000,00 0,96

Finance 3 722 190,66 3 811 417,50 0,671 400 000,00 PEUGEOT SA 5.00% 28/10/2016 EUR 1 390 452,00 1 432 368,00 0,251 200 000,00 RENAULT SA 5.63% 22/03/2017 EUR 1 235 072,57 1 223 364,00 0,221 050 000,00 RENAULT SA 6.00% 13/10/2014 EUR 1 044 487,50 1 099 654,50 0,19

50 000,00 PEUGEOT SA 8.38% 15/07/2014 EUR 52 178,59 56 031,00 0,01

Raw materials 2 013 250,00 2 341 500,00 0,412 100 000,00 RHODIA SA 7.00% 15/05/2018 EUR 2 013 250,00 2 341 500,00 0,41

Energy 1 379 822,92 1 445 926,44 0,251 000 000,00

CIE GENERALE DE GEOPHYSIQUE - VERITAS 9.50% 15/05/2016

USD 683 313,95 753 526,75 0,13

900 000,00


USD 653 772,66 639 376,93 0,11

75 000,00


USD 42 736,31 53 022,76 0,01

Industries 50 841,25 50 330,00 0,0150 000,00 GIE PSA TRESORERIE 5.88% 27/09/2011 EUR 50 841,25 50 330,00 0,01

NETHERLANDS 49 875 616,10 49 825 409,56 8,73

Consumer Retail 18 661 360,90 19 471 005,00 3,416 409 000,00 OI EUROPEAN GROUP BV 6.88% 31/03/2017 EUR 6 319 695,00 6 409 000,00 1,125 650 000,00 UPC HLDG. BV 8.00% 01/11/2016 EUR 5 497 150,00 5 847 750,00 1,032 900 000,00 IFCO SYSTEMS NV 10.00% 30/06/2016 EUR 3 104 750,00 3 335 580,00 0,581 750 000,00 ZIGGO BOND CO BV 8.00% 15/05/2018 EUR 1 719 237,64 1 798 125,00 0,321 620 000,00 UPC HLDG. BV 9.75% 15/04/2018 EUR 1 670 528,26 1 725 300,00 0,30

350 000,00 UPC HLDG. BV 8.38% 15/08/2020 EUR 350 000,00 355 250,00 0,06


CABLE & WIRELESS INTERNATIONAL FIN NV 8.63% 25/03/2019

GBP 7 419 638,19 7 110 451,78 1,25

4 100 000,00 VIMPELCOM HLDG. BV 7.50% 01/03/2022 USD 2 840 516,90 2 826 890,94 0,49

318





% ofNet Assets

Finance 8 752 875,00 8 653 125,00 1,525 500 000,00 ING GROEP NV PERP 8.00% 29/04/2049 EUR 5 486 000,00 5 445 000,00 0,962 950 000,00 CONTI-GUMMI FINANCE BV 8.50% 15/07/2015 EUR 3 266 875,00 3 208 125,00 0,56

Multi-Utilities 6 690 016,07 6 279 311,84 1,103 950 000,00 INTERGEN NV 8.50% 30/06/2017 EUR 4 060 437,50 4 137 625,00 0,721 795 000,00 INTERGEN NV 9.50% 30/06/2017 GBP 2 629 578,57 2 141 686,84 0,38

Basic Goods 3 511 800,00 3 484 500,00 0,613 450 000,00 REFRESCO GROUP BV 7.38% 15/05/2018 EUR 3 511 800,00 3 484 500,00 0,61

Computing and IT 1 850 243,04 1 840 750,00 0,321 850 000,00 ELSTER FINANCE BV 6.25% 15/04/2018 EUR 1 850 243,04 1 840 750,00 0,32

Industries 149 166,00 159 375,00 0,03150 000,00

HEIDELBERGCEMENT FINANCE BV 6.75% 15/12/2015

EUR 149 166,00 159 375,00 0,03

IRELAND 41 975 428,44 41 360 175,54 7,24

Finance 15 723 271,35 15 157 229,50 2,6511 000 000,00 ALFA BANK OJSC 7.88% 25/09/2017 USD 8 311 935,19 7 975 830,60 1,406 350 000,00

ALFA BANK OJSC VIA ALFA BOND ISSUANCE PLC 7.75% 28/04/2021

USD 4 436 370,35 4 432 498,84 0,77

2 000 000,00

GAZPROMBANK VIA GPB FINANCE PLC 6.25% 15/12/2014

USD 1 552 259,40 1 440 660,37 0,25

1 800 000,00 GAZPROMBANK 6.50% 23/09/2015 USD 1 422 706,41 1 308 239,69 0,23

Consumer Retail 9 556 972,56 9 540 750,00 1,674 800 000,00 NARA CABLE FUNDING LTD 8.88% 01/12/2018 EUR 4 777 187,50 4 848 000,00 0,852 550 000,00

ARDAGH PACKAGING FINANCE PLC 7.38% 15/10/2017

EUR 2 603 436,56 2 562 750,00 0,45

2 000 000,00 ARDAGH GLASS FINANCE PLC 9.25% 01/07/2016 EUR 2 176 348,50 2 130 000,00 0,37

Raw materials 8 953 188,68 9 125 875,00 1,603 750 000,00 SMURFIT KAPPA FUNDING PLC 7.75% 01/04/2015 EUR 3 606 032,26 3 825 000,00 0,673 500 000,00 SMURFIT KAPPA ACQUISITIONS 7.75% 15/11/2019 EUR 3 677 400,00 3 613 750,00 0,631 650 000,00 SMURFIT KAPPA ACQUISITIONS 7.25% 15/11/2017 EUR 1 669 756,42 1 687 125,00 0,30

Telecommunication 7 741 995,85 7 536 321,04 1,329 700 000,00 VIMPEL COMMUNICATIONS 7.75% 02/02/2021 USD 7 157 445,30 6 874 336,58 1,20

850 000,00 VIMPEL COMMUNICATIONS 9.13% 30/04/2018 USD 584 550,55 661 984,46 0,12

GERMANY 25 237 726,35 25 953 709,50 4,55

Consumer Retail 13 312 489,46 13 620 747,50 2,3910 350 000,00

UNITYMEDIA HESSEN GMBH & CO 8.13% 01/12/2017

EUR 10 626 799,59 10 841 625,00 1,90

1 750 000,00 GERRESHEIMER AG 5.00% 19/05/2018 EUR 1 739 676,57 1 748 372,50 0,31950 000,00 UNITYMEDIA GMBH 9.63% 01/12/2019 EUR 946 013,30 1 030 750,00 0,18

Industries 11 120 595,87 11 526 250,00 2,024 500 000,00


EUR 4 713 750,00 4 905 000,00 0,86

3 000 000,00


EUR 3 198 210,00 3 352 500,00 0,59

2 600 000,00


EUR 2 686 760,87 2 730 000,00 0,48

500 000,00


EUR 521 875,00 538 750,00 0,09

Finance 804 641,02 806 712,00 0,14600 000,00 ALBA GROUP PLC & CO 8.00% 15/05/2018 EUR 592 236,02 600 000,00 0,10200 000,00 DEUTSCHE LUFTHANSA AG 4.63% 06/05/2013 EUR 212 405,00 206 712,00 0,04

ITALY 17 303 581,68 16 801 092,71 2,94

Finance 9 535 316,68 8 944 842,71 1,575 000 000,00 UNICREDIT SPA 5.00% 01/02/2016 GBP 5 232 937,32 4 995 022,34 0,884 100 000,00

BANCA MONTE DEI PASCHI DI SIENA SPA 5.75% 30/09/2016

GBP 4 302 379,36 3 949 820,37 0,69

319





% ofNet Assets

Consumer Retail 7 768 265,00 7 856 250,00 1,377 500 000,00 PIAGGIO & CALL SPA 7.00% 01/12/2016 EUR 7 768 265,00 7 856 250,00 1,37

SWEDEN 11 157 213,50 11 289 500,00 1,98

Consumer Retail 11 157 213,50 11 289 500,00 1,984 105 000,00 TVN FINANCE CORP II AB 10.75% 15/11/2017 EUR 4 262 923,50 4 515 500,00 0,794 300 000,00 CYFROWY POLSAT FIN AB 7.13% 20/05/2018 EUR 4 329 790,00 4 267 750,00 0,752 500 000,00 TVN FINANCE CORP III AB 7.88% 15/11/2018 EUR 2 564 500,00 2 506 250,00 0,44

FINLAND 10 481 808,94 11 071 752,28 1,94

Raw materials 10 481 808,94 11 071 752,28 1,945 177 000,00 UPM-KYMMENE OYJ 6.63% 23/01/2017 GBP 5 405 800,73 5 898 282,48 1,037 300 000,00 STORA ENSO OYJ 6.40% 15/04/2016 USD 5 076 008,21 5 173 469,80 0,91

BELGIUM 10 617 625,00 11 067 000,00 1,94

Finance 10 617 625,00 11 067 000,00 1,9411 900 000,00 KBC BANK NV PTC PERP 8.00% 29/05/2049 EUR 10 617 625,00 11 067 000,00 1,94

NORWAY 8 935 046,22 8 407 500,00 1,47

Raw materials 8 935 046,22 8 407 500,00 1,476 870 000,00 NORSKE SKOGINDUSTRIER ASA 7.00% 26/06/2017 EUR 5 591 093,04 5 152 500,00 0,903 500 000,00 NORSKE SKOGINDUSTRIER ASA 11.75% 15/06/2016 EUR 3 343 953,18 3 255 000,00 0,57

HUNGARY 7 471 278,09 7 803 550,00 1,37

Energy 5 551 375,00 5 880 000,00 1,036 000 000,00

MOL HUNGARIAN OIL AND GAS PLC 5.88% 20/04/2017

EUR 5 551 375,00 5 880 000,00 1,03

Finance 1 919 903,09 1 923 550,00 0,342 108 000,00 OTP BANK PLC 5.27% 19/09/2016 EUR 1 919 903,09 1 923 550,00 0,34

RUSSIA 5 068 860,88 4 835 676,00 0,85


MTS INTERNATIONAL FUNDING LTD 8.63% 22/06/2020

USD 5 068 860,88 4 835 676,00 0,85

JERSEY 4 351 233,18 4 124 223,70 0,72

Consumer Retail 4 351 233,18 4 124 223,70 0,723 900 000,00 ASTON MARTIN CAPITAL LTD 9.25% 15/07/2018 GBP 4 351 233,18 4 124 223,70 0,72

ICELAND 4 838 740,48 3 904 420,13 0,68

Basic Goods 4 838 740,48 3 904 420,13 0,684 100 000,00 BAKKAVOR FINANCE PLC 8.25% 15/02/2018 GBP 4 838 740,48 3 904 420,13 0,68

CROATIA 3 967 141,57 3 816 800,00 0,67

Consumer Retail 3 967 141,57 3 816 800,00 0,673 670 000,00 AGROKOR DD 10.00% 07/12/2016 EUR 3 967 141,57 3 816 800,00 0,67

CAYMAN ISLANDS 3 581 018,68 3 602 000,00 0,63

Finance 3 581 018,68 3 602 000,00 0,632 600 000,00 UPCB FINANCE LTD 7.63% 15/01/2020 EUR 2 607 268,68 2 652 000,00 0,461 000 000,00 UPCB FINANCE II LTD 6.38% 01/07/2020 EUR 973 750,00 950 000,00 0,17

SOUTH AFRICA 2 938 688,06 2 700 022,56 0,47


SABLE INTERNATIONAL FINANCE LTD 7.75% 15/02/2017

USD 2 938 688,06 2 700 022,56 0,47

CYPRUS 2 457 266,31 2 395 723,63 0,42

Finance 2 457 266,31 2 395 723,63 0,423 250 000,00 ALFA ISSUANCE LTD 8.00% 18/03/2015 USD 2 457 266,31 2 395 723,63 0,42

320





% ofNet Assets

DENMARK 1 507 701,61 1 604 250,00 0,28

Industries 1 507 701,61 1 604 250,00 0,281 550 000,00 ISS HLDG. A/S 8.88% 15/05/2016 EUR 1 507 701,61 1 604 250,00 0,28

SPAIN 1 365 790,77 1 319 500,00 0,23

Industries 1 365 790,77 1 319 500,00 0,231 300 000,00 ABENGOA SA 8.50% 31/03/2016 EUR 1 365 790,77 1 319 500,00 0,23

UNITED STATES 1 102 000,00 1 194 000,00 0,21

Finance 1 102 000,00 1 194 000,00 0,211 200 000,00

FIAT FINANCE NORTH AMERICA INC 5.63% 12/06/2017

EUR 1 102 000,00 1 194 000,00 0,21


NETHERLANDS 29 185 710,20 30 354 385,00 5,32

Finance 25 479 887,40 26 413 365,00 4,638 000 000,00 ING VERZEKERINGEN NV FRN 21/06/2021 EUR 7 155 450,00 7 527 600,00 1,326 200 000,00 SNS BANK NV FRN 27/11/2049 EUR 6 269 900,00 6 293 000,00 1,105 000 000,00 ING GROEP NV PERP FRN 29/06/2049 EUR 3 962 500,00 4 275 000,00 0,753 500 000,00 ING VERZEKERINGEN NV FRN 07/05/2027 EUR 3 157 500,00 3 204 705,00 0,563 700 000,00 ABN AMRO BANK NV FRN 29/03/2049 EUR 2 684 537,40 2 923 000,00 0,513 000 000,00 SNS BANK NV FRN 29/07/2049 EUR 2 250 000,00 2 190 060,00 0,39

Consumer Retail 1 993 750,00 1 976 000,00 0,351 900 000,00 POLISH TELEVISION HLDG. BV FRN 15/05/2017 EUR 1 993 750,00 1 976 000,00 0,35

Basic Goods 1 712 072,80 1 965 020,00 0,342 000 000,00

SUEDZUCKER INTERNATIONAL FINANCE BV PERP FRN 29/06/2049

EUR 1 712 072,80 1 965 020,00 0,34

JERSEY 14 766 248,58 18 213 410,20 3,19

Finance 14 766 248,58 18 213 410,20 3,196 202 000,00 HBOS EURO FINANCE VRN PERP FRN 29/03/2049 EUR 3 483 864,12 5 747 951,58 1,016 000 000,00 RZB FINANCE JERSEY IV LTD PERP FRN 29/05/2049 EUR 4 715 000,00 4 410 000,00 0,775 700 000,00

ERSTE CAPITAL FINANCE JERSEY TIER PC PERP FRN 29/09/2049

EUR 4 353 050,00 4 275 114,00 0,75

2 512 000,00

BANK OF SCOTLAND CAPITAL FUNDING LP PERP FRN 29/12/2049

GBP 1 143 315,25 2 364 355,61 0,41

1 500 000,00

HBOS STERLING FINANCE JERSEY PERP FRN 29/12/2049

GBP 1 071 019,21 1 415 989,01 0,25

UNITED KINGDOM 9 180 764,38 10 710 585,92 1,88

Finance 7 264 097,71 8 770 585,92 1,544 800 000,00 LLOYDS TSB BANK PLC PERP FRN 29/10/2049 EUR 4 493 000,00 4 464 000,00 0,782 700 000,00 BANK OF SCOTLAND PLC PERP FRN 29/07/2049 GBP 1 657 380,99 2 664 633,86 0,471 825 000,00 BANK OF SCOTLAND PLC FRN 29/05/2049 GBP 1 113 716,72 1 641 952,06 0,29

Consumer Retail 1 916 666,67 1 940 000,00 0,342 000 000,00 REXAM PLC FRN 29/06/2067 EUR 1 916 666,67 1 940 000,00 0,34

CAYMAN ISLANDS 6 571 175,27 5 602 500,00 0,98

Finance 6 571 175,27 5 602 500,00 0,987 500 000,00 BES FINANCE LTD PERP FRN 29/07/2049 EUR 4 485 000,00 3 900 000,00 0,682 050 000,00 ESFG INTERNATIONAL LTD PERP FRN 29/06/2049 EUR 1 404 500,00 1 127 500,00 0,201 000 000,00 BES FINANCE LTD PERP FRN 29/12/2049 EUR 681 675,27 575 000,00 0,10

LUXEMBOURG 5 114 669,64 5 525 400,00 0,97

Finance 5 114 669,64 5 525 400,00 0,975 200 000,00

AGEAS HYBRID FINANCING SA PERP FRN 29/06/2049

EUR 3 604 669,64 3 835 000,00 0,67

2 000 000,00

SWISS LIFE AG VIA JP MORGAN BANK LUXEMBOURG SA PERP FRN 16/11/2049

EUR 1 510 000,00 1 690 400,00 0,30

321





% ofNet Assets

FRANCE 4 767 372,60 5 029 628,04 0,88

Finance 4 623 214,28 4 846 000,00 0,853 500 000,00 NATIXIS PERP FRN 29/10/2049 EUR 2 748 750,00 3 010 000,00 0,531 800 000,00 BPCE SA PERP FRN 31/12/2049 EUR 1 874 464,28 1 836 000,00 0,32

Raw materials 144 158,32 183 628,04 0,03183 628,04 RHODIA SA FRN 15/10/2013 EUR 144 158,32 183 628,04 0,03

DENMARK 4 163 470,00 4 275 000,00 0,75

Multi-Utilities 4 163 470,00 4 275 000,00 0,754 000 000,00 DONG ENERGY A/S FRN 01/06/3010 EUR 4 163 470,00 4 275 000,00 0,75

HUNGARY 4 135 000,00 4 200 000,00 0,73

Finance 4 135 000,00 4 200 000,00 0,736 000 000,00 OTP BANK PLC FRN 29/11/2049 EUR 4 135 000,00 4 200 000,00 0,73

SWEDEN 4 354 690,30 4 163 533,66 0,73

Finance 4 354 690,30 4 163 533,66 0,734 000 000,00 SWEDBANK AB FRN 29/03/2049 GBP 4 354 690,30 4 163 533,66 0,73

SPAIN 2 846 525,00 3 046 485,00 0,53

Finance 2 846 525,00 3 046 485,00 0,532 600 000,00

CAJA DE AHORROS DE VALENCIA CASTELLON Y ALICANTE FRN 29/03/2049

EUR 1 513 750,00 1 560 000,00 0,27

2 340 000,00

BANCAJA EMISIONES SA UNIPERSONAL PERP FRN 29/12/2049

EUR 1 332 775,00 1 486 485,00 0,26

BELGIUM 2 424 600,00 2 450 000,00 0,43

Finance 2 424 600,00 2 450 000,00 0,432 500 000,00 FORTIS BANK SA/NV PERP FRN 29/09/2049 EUR 2 424 600,00 2 450 000,00 0,43

UNITED STATES 2 378 212,98 2 288 000,00 0,40

Finance 2 378 212,98 2 288 000,00 0,402 600 000,00

BANCA POPOLARE DI LODI INVESTORS TRUST III PERP FRN 29/06/2049

EUR 2 378 212,98 2 288 000,00 0,40

ITALY 1 155 000,00 1 080 000,00 0,19

Finance 1 155 000,00 1 080 000,00 0,191 500 000,00 BANCO POPOLARE SCARL FRN 29/06/2049 EUR 1 155 000,00 1 080 000,00 0,19

UCI Units 48 382,34 49 584,62 0,01

LUXEMBOURG 48 382,34 49 584,62 0,01

Finance 48 382,34 49 584,62 0,015 139,90

FIDELITY FUNDS - EUROPEAN HIGH YIELD FUND -A ACC-

EUR 48 382,34 49 584,62 0,01



JERSEY 1 933 114,94 1 798 532,13 0,31

Finance 1 933 114,94 1 798 532,13 0,313 000 000,00 HBOS CAPITAL FUNDING LP PERP FRN 29/06/2049 USD 1 933 114,94 1 798 532,13 0,31

Ordinary Bonds 13 009 317,51 13 055 810,21 2,29

FINLAND 5 764 141,19 5 331 385,10 0,93

Raw materials 5 764 141,19 5 331 385,10 0,938 200 000,00 UPM-KYMMENE OYJ 7.45% 26/11/2027 USD 5 764 141,19 5 331 385,10 0,93

322





% ofNet Assets

IRELAND 2 837 115,70 3 239 302,86 0,57

Finance 2 837 115,70 3 239 302,86 0,574 650 000,00 SMURFIT KAPPA FUNDING PLC 7.75% 01/04/2015 USD 2 837 115,70 3 239 302,86 0,57

LUXEMBOURG 3 107 379,20 3 132 222,74 0,55

Raw materials 2 196 991,67 2 116 772,16 0,373 000 000,00

SEVERSTAL OAO VIA STEEL CAPITAL SA 6.70% 25/10/2017

USD 2 196 991,67 2 116 772,16 0,37

Multi-Utilities 910 387,53 1 015 450,58 0,181 300 000,00

WIND ACQUISITION FINANCE SA 11.75% 15/07/2017

USD 910 387,53 1 015 450,58 0,18

NETHERLANDS 704 726,41 729 386,30 0,13

Industries 704 726,41 729 386,30 0,131 000 000,00 INTERGEN NV 9.00% 30/06/2017 USD 704 726,41 729 386,30 0,13

UNITED KINGDOM 595 955,01 623 513,21 0,11

Telecommunication 595 955,01 623 513,21 0,11800 000,00 VIRGIN MEDIA FINANCE PLC 9.50% 15/08/2016 USD 595 955,01 623 513,21 0,11

Total Portfolio 538 877 161,77 544 478 930,30 95,37

323







(EUR)



15/07/2011 18 758 467,36 EUR 27 000 000,00 USD 130 574,7615/07/2011 22 619 316,90 EUR 20 000 000,00 GBP 468 961,3315/07/2011 1 579 600,59 EUR 1 400 000,00 GBP 29 075,7015/07/2011 1 727 772,21 EUR 2 500 000,00 USD 2 967,3415/07/2011 7 638 994,99 EUR 11 000 000,00 USD 49 853,5605/08/2011 27 528 089,89 EUR 24 500 000,00 GBP 384 772,5405/08/2011 6 233 511,80 EUR 5 600 000,00 GBP 29 324,9826/08/2011 22 399 632,42 EUR 19 500 000,00 GBP 788 389,3726/08/2011 21 528 297,35 EUR 30 500 000,00 USD 460 391,0626/08/2011 2 099 833,06 EUR 3 000 000,00 USD 27 579,9826/08/2011 803 212,85 EUR 700 000,00 GBP 27 424,6405/08/2011 2 271 436,68 EUR 2 000 000,00 GBP 55 655,6726/08/2011 1 234 706,48 EUR 1 100 000,00 GBP 15 610,7216/09/2011 14 555 536,30 EUR 21 000 000,00 USD 41 170,8616/09/2011 29 569 311,60 EUR 26 000 000,00 GBP 744 761,0316/09/2011 1 406 944,68 EUR 2 000 000,00 USD 24 624,1616/09/2011 1 186 045,13 EUR 1 700 000,00 USD 11 072,69


05/08/2011 3 000 000,00 GBP 3 388 528,70 EUR (64 857,19)15/07/2011 8 500 000,00 USD 5 918 519,40 EUR (54 182,84)05/08/2011 14 211 274,28 EUR 21 000 000,00 USD (285 691,39)

324

Eurizon EasyFund - Bond Inflation Linked



Assets Notes Investments in securities at market value 129 058 145,25Banks 1 850 009,44Amounts due from brokers 11 524,00Other interest receivable 1 055 504,50Receivable on investments sold 2 963 397,80Receivable on subscriptions 68 155,91Total assets 135 006 736,90

Liabilities Unrealised loss on future contracts (Note 8) (8 774,00)Payable on investments purchased (1 487 179,83)Payable on redemptions (122 636,66)Other liabilities (123 454,25)Total liabilities (1 742 044,74)Total net assets 133 264 692,16


Class I Units EUR 120,94 37 572,152Class R Units EUR 120,60 751 728,926Class Z Units EUR 124,31 306 158,560

325





Net income from investments 8 761 799,13Other income (Note 9) 208,66Total income 8 762 007,79Management fee (Note 5) (476 620,61)Custodian and paying agent fee (Note 7) (65 195,77)Subscription tax (Note 3) (24 267,64)Other charges and taxes (Notes 4, 7) (63 624,08)Total expenses (629 708,10)Net investment income / (loss) 8 132 299,69Net realised profit / (loss) on sales of investments, currencies and other financial instruments (32 600,67)Change in unrealised appreciation / (depreciation) on - investments (5 823 644,05)- future contracts (Note 8) (8 774,00)Net result of operations for the period 2 267 280,97



326





% ofNet Assets



Ordinary Bonds 96 378 383,04 92 202 554,10 69,18

FRANCE 40 570 770,93 39 047 198,54 29,30

Government 40 570 770,93 39 047 198,54 29,305 749 758,01 FRANCE OAT 2.25% 25/07/2020 EUR 6 626 926,41 6 282 760,58 4,715 501 449,99 FRANCE OAT 1.00% 25/07/2017 EUR 5 607 147,63 5 590 023,33 4,194 693 545,00 FRANCE OAT 2.50% 25/07/2013 EUR 5 401 779,78 4 917 427,10 3,693 794 472,00 FRANCE OAT 1.60% 25/07/2015 EUR 4 209 672,94 3 945 491,99 2,962 734 516,00 FRANCE OAT 3.15% 25/07/2032 EUR 3 616 671,62 3 446 857,42 2,592 250 498,00 FRANCE OAT 3.40% 25/07/2029 EUR 3 097 511,89 2 917 433,08 2,192 613 292,50 FRANCE OAT 2.10% 25/07/2023 EUR 2 878 161,10 2 880 370,99 2,162 023 691,60 FRANCE OAT 1.10% 25/07/2022 EUR 1 981 339,14 1 973 301,68 1,481 697 584,00 FRANCE OAT 3.00% 25/07/2012 EUR 1 849 546,64 1 754 928,39 1,321 573 884,00 FRANCE OAT 1.30% 25/07/2019 EUR 1 602 731,18 1 616 693,64 1,211 541 834,00 FRANCE OAT 1.80% 25/07/2040 EUR 1 591 475,02 1 607 670,31 1,211 172 229,51 FRENCH TREASURY NOTE 0.45% 25/07/2016 EUR 1 167 041,84 1 159 452,21 0,87

925 182,00 FRANCE OAT 1.85% 25/07/2027 EUR 940 765,74 954 787,82 0,72

ITALY 37 626 094,74 35 136 272,17 26,36

Government 37 626 094,74 35 136 272,17 26,364 459 642,00 BTP 2.15% 15/09/2014 EUR 4 971 504,89 4 467 803,14 3,354 300 000,00 BTP 3.75% 15/09/2011 EUR 4 356 220,47 4 317 888,34 3,244 309 139,75 BTP 2.60% 15/09/2023 EUR 4 485 308,14 4 161 767,17 3,124 012 255,81 BTP 2.10% 15/09/2017 EUR 4 233 845,81 3 921 980,05 2,943 885 461,50 BTP 2.35% 15/09/2019 EUR 3 999 961,10 3 794 930,25 2,853 260 673,90 BTP 1.85% 15/09/2012 EUR 3 562 275,68 3 296 215,25 2,473 563 636,01 BTP 2.35% 15/09/2035 EUR 3 735 554,02 3 164 152,41 2,372 552 483,50 BTP 2.10% 15/09/2021 EUR 2 494 385,11 2 386 572,07 1,792 000 000,00 BTP 3.00% 01/03/2012 EUR 2 020 450,00 2 011 679,84 1,511 312 561,50 BTP 2.10% 15/09/2016 EUR 1 331 202,84 1 299 960,91 0,981 384 346,76 BTP 2.55% 15/09/2041 EUR 1 311 144,00 1 200 367,08 0,90

600 000,00 BTP 5.00% 01/02/2012 EUR 615 720,00 610 085,95 0,46508 360,00 BOT 3.10% 15/09/2026 EUR 508 522,68 502 869,71 0,38

GERMANY 18 181 517,37 18 019 083,39 13,52

Government 18 181 517,37 18 019 083,39 13,523 911 670,00

BUNDESREPUBLIK DEUTSCHLAND BUNDESOBLIGATION BOND 1.50% 15/04/2016

EUR 4 085 351,35 4 068 136,80 3,05

4 000 000,00 BUNDESSCHATZANWEISUNGEN 1.25% 16/12/2011 EUR 4 008 997,59 4 000 199,88 3,003 639 773,42

DEUTSCHE BUNDESREPUBLIK BOND 1.75% 15/04/2020

EUR 3 838 067,73 3 907 369,56 2,93

3 773 077,60


EUR 4 090 905,04 3 893 438,78 2,92

1 500 000,00 BUNDESSCHATZANWEISUNGEN 0.50% 15/06/2012 EUR 1 486 770,00 1 486 920,00 1,12664 280,50


EUR 671 425,66 663 018,37 0,50


ITALY 28 403 187,65 28 372 538,71 21,29

Government 28 403 187,65 28 372 538,71 21,297 500 000,00 BOT 0.00% 16/04/2012 EUR 7 382 974,04 7 368 525,15 5,536 000 000,00 BOT 0.00% 15/02/2012 EUR 5 927 035,65 5 923 559,88 4,445 800 000,00 BOT 0.00% 15/05/2012 EUR 5 689 650,52 5 686 783,83 4,275 000 000,00 BOT 0.00% 15/03/2012 EUR 4 928 795,34 4 923 899,85 3,692 800 000,00 BOT 0.00% 15/06/2012 EUR 2 741 325,76 2 740 024,00 2,061 800 000,00 CTZ 0.00% 31/12/2012 EUR 1 733 406,34 1 729 746,00 1,30

SPAIN 5 259 578,69 5 300 974,44 3,98

Government 5 259 578,69 5 300 974,44 3,982 000 000,00 SPAIN LETRAS DEL TESORO 0.00% 22/07/2011 EUR 1 965 367,60 1 998 399,96 1,501 350 000,00 SPAIN LETRAS DEL TESORO 0.00% 18/05/2012 EUR 1 320 028,60 1 317 964,49 0,991 000 000,00 SPAIN LETRAS DEL TESORO 0.00% 23/09/2011 EUR 992 192,85 996 129,99 0,75

327





% ofNet Assets

1 000 000,00 SPAIN LETRAS DEL TESORO 0.00% 20/01/2012 EUR 981 989,64 988 480,00 0,74


LUXEMBOURG 1 980 000,00 1 997 318,00 1,50

Consumer Retail 1 980 000,00 1 997 318,00 1,502 000 000,00


EUR 1 980 000,00 1 997 318,00 1,50

ITALY 1 184 722,50 1 184 760,00 0,89


Total Portfolio 133 205 871,88 129 058 145,25 96,84

328




Size Quantity

Purchase/



(EUR) Commitment

(EUR)



250 000 (20) Sale 3MO EURIBOR INTEREST RATE

FTRSSEP11 XLIF 19/09/2011 EUR (8 774,00) 4 913 500,00

329

Eurizon EasyFund - Focus Azioni Strategia Flessibile



Assets Notes Investments in securities at market value 317 455 894,73Banks 10 820 036,03Unrealised profit on forward foreign exchange contracts (Note 8) 1 879 931,42Other interest receivable 2 265,64Receivable on investments sold 8 841 200,69Receivable on subscriptions 1 944 039,08Reverse repurchase agreements (Note 9) 77 998 419,79Other assets 329 757,60Total assets 419 271 544,98

Liabilities Unrealised loss on forward foreign exchange contracts (Note 8) (280 010,49)Payable on investments purchased (78 213 945,87)Payable on redemptions (251 221,53)Other liabilities (885 253,67)Total liabilities (79 630 431,56)Total net assets 339 641 113,42


Class R Units EUR 110,39 1 877 346,217Class RL Units EUR 110,75 873 152,212Class Z Units EUR 112,76 316 685,072

330





Net income from investments 4 023 246,16Other income (Note 9) 2 125,57Total income 4 025 371,73Management fee (Note 5) (1 793 547,91)Performance fee (Note 6) (369 060,40)Custodian and paying agent fee (Note 7) (123 205,98)Subscription tax (Note 3) (64 530,49)Interest on bank accounts (235,39)Other charges and taxes (Notes 4, 7) (127 565,94)Total expenses (2 478 146,11)Net investment income / (loss) 1 547 225,62Net realised profit / (loss) on sales of investments, currencies and other financial instruments 9 854 544,86Change in unrealised appreciation / (depreciation) on - investments (5 367 303,30)- forward foreign exchange contracts and foreign currencies (Note 8) (391 727,98)Net result of operations for the period 5 642 739,20



331





% ofNet Assets



Shares 235 850 755,87 234 610 464,73 69,08

UNITED STATES 114 617 177,19 114 666 035,46 33,76

Industries 23 583 049,18 23 404 884,19 6,8948 264,00 HONEYWELL INTERNATIONAL INC USD 1 969 046,23 1 983 690,55 0,5850 881,00 EMERSON ELECTRIC CO USD 2 083 155,55 1 974 037,47 0,5848 392,00 ITT CORP USD 1 917 580,65 1 966 922,46 0,5832 121,00 UNITED TECHNOLOGIES CORP USD 1 873 697,11 1 960 914,35 0,5840 928,00 NORTHROP GRUMMAN CORP USD 1 782 472,56 1 957 691,32 0,58

123 354,00 PITNEY BOWES INC USD 2 140 520,87 1 956 002,63 0,5832 411,00 L-3 COMMUNICATIONS HOLDINGS INC USD 1 839 325,04 1 954 922,17 0,5873 208,00 AVERY DENNISON CORP USD 2 065 242,48 1 950 565,23 0,5729 712,00 3M CO USD 1 930 525,35 1 943 777,04 0,5737 414,00 GENERAL DYNAMICS CORP USD 1 927 860,03 1 923 021,83 0,5736 846,00 DUN & BRADSTREET CORP USD 2 079 515,17 1 919 749,47 0,5674 441,00 WASTE MANAGEMENT INC USD 1 974 108,14 1 913 589,67 0,56

Consumer Retail 20 984 386,24 21 415 406,20 6,31118 501,00 LEGGETT & PLATT INC USD 1 976 255,73 1 992 658,81 0,5959 482,00 OMNICOM GROUP INC USD 1 959 923,12 1 975 828,60 0,5868 319,00 MCGRAW-HILL COS INC USD 1 826 416,94 1 974 860,34 0,58

112 936,00 COMCAST CORP USD 1 856 659,70 1 973 859,51 0,5826 095,00 VF CORP USD 1 710 984,88 1 953 909,13 0,5860 254,00 NORDSTROM INC USD 1 854 196,85 1 950 770,57 0,5851 872,00 GENUINE PARTS CO USD 1 886 253,51 1 946 297,03 0,5735 918,00 TIME WARNER CABLE INC USD 1 751 189,03 1 933 332,87 0,57

154 506,00 GAP INC USD 2 262 861,28 1 928 861,97 0,57171 959,00 H&R BLOCK INC USD 1 946 252,23 1 902 420,43 0,5654 579,00 KOHL'S CORP USD 1 953 392,97 1 882 606,94 0,55

Health 16 922 135,12 17 292 261,80 5,0962 380,00 CARDINAL HEALTH INC USD 1 802 167,47 1 954 203,23 0,57

135 894,00 PFIZER INC USD 1 945 287,24 1 930 833,08 0,5742 007,00 JOHNSON & JOHNSON USD 1 895 516,55 1 927 308,05 0,5774 421,00 ELI LILLY & CO USD 1 922 085,91 1 926 421,40 0,5796 274,00 BRISTOL-MYERS SQUIBB CO USD 1 821 814,03 1 923 024,43 0,5752 811,00 ABBOTT LABORATORIES USD 1 886 900,96 1 916 692,58 0,5646 512,00 BAXTER INTERNATIONAL INC USD 1 804 931,68 1 914 889,95 0,5632 151,00 BECTON DICKINSON AND CO USD 1 874 015,47 1 910 855,32 0,5671 045,00 MEDTRONIC INC USD 1 969 415,81 1 888 033,76 0,56

Computing and IT 15 985 656,21 15 537 937,96 4,57128 442,00 INTEL CORP USD 1 954 468,10 1 963 152,52 0,5872 434,00 ANALOG DEVICES INC USD 1 931 054,80 1 955 422,09 0,57

108 855,00 MICROSOFT CORP USD 2 024 480,08 1 952 086,05 0,5785 360,00 LINEAR TECHNOLOGY CORP USD 2 023 241,71 1 944 055,69 0,57

216 504,00 APPLIED MATERIALS INC USD 2 133 074,54 1 942 765,79 0,5716 351,00 INTERNATIONAL BUSINESS MACHINES CORP USD 1 833 437,78 1 934 693,93 0,5761 873,00 HARRIS CORP USD 2 084 863,09 1 922 957,07 0,5768 868,00 KLA-TENCOR CORP USD 2 001 036,11 1 922 804,82 0,57

Basic Goods 15 299 546,25 15 418 771,39 4,54121 765,00 SAFEWAY INC USD 2 004 169,18 1 962 720,29 0,5867 595,00 DR PEPPER SNAPPLE GROUP INC USD 1 807 610,51 1 954 864,51 0,5732 091,00 COLGATE-PALMOLIVE CO USD 1 838 806,13 1 934 735,49 0,5741 372,00 CLOROX CO USD 1 917 670,54 1 924 426,39 0,5752 417,00 WAL-MART STORES INC USD 2 019 986,23 1 921 192,75 0,5741 579,00 PHILIP MORRIS INTERNATIONAL INC USD 1 842 479,05 1 914 840,67 0,5661 901,00 MOLSON COORS BREWING CO USD 2 047 539,64 1 910 164,95 0,5651 589,00 HJ HEINZ CO USD 1 821 284,97 1 895 826,34 0,56

Finance 8 090 707,26 7 753 730,07 2,2860 978,00 AFLAC INC USD 2 216 742,73 1 963 275,52 0,5847 379,00 PNC FINANCIAL SERVICES GROUP INC USD 1 987 495,51 1 947 969,89 0,5747 901,00 TRAVELERS COS INC USD 1 978 214,80 1 928 794,23 0,5744 315,00 CHUBB CORP USD 1 908 254,22 1 913 690,43 0,56

332





% ofNet Assets

Raw materials 5 884 042,97 5 996 281,25 1,7756 294,00 FREEPORT-MCMORAN COPPER & GOLD INC USD 2 043 331,68 2 053 974,31 0,6131 519,00 PPG INDUSTRIES INC USD 1 892 255,94 1 973 729,69 0,5884 492,00 BEMIS CO INC USD 1 948 455,35 1 968 577,25 0,58

Energy 5 903 148,33 5 920 576,69 1,7438 185,00 CONOCOPHILLIPS USD 1 907 521,19 1 980 295,99 0,5835 177,00 EXXON MOBIL CORP USD 1 958 466,03 1 974 484,42 0,5827 714,00 CHEVRON CORP USD 2 037 161,11 1 965 796,28 0,58

Multi-Utilities 1 964 505,63 1 926 185,91 0,57147 839,00 TECO ENERGY INC USD 1 964 505,63 1 926 185,91 0,57

UNITED KINGDOM 36 799 496,80 36 625 728,11 10,78

Consumer Retail 11 351 172,37 11 492 466,11 3,38315 323,00 REED ELSEVIER PLC GBP 1 990 307,92 1 976 270,17 0,58149 937,00 PEARSON PLC GBP 1 842 310,12 1 952 497,00 0,5775 265,00 NEXT PLC GBP 1 829 508,54 1 937 716,59 0,57

283 739,00 COMPASS GROUP PLC GBP 1 893 275,14 1 888 285,86 0,56634 749,00 KINGFISHER PLC GBP 1 849 465,25 1 878 074,06 0,55464 689,00 MARKS & SPENCER GROUP PLC GBP 1 946 305,40 1 859 622,43 0,55

Basic Goods 5 797 134,20 5 755 631,18 1,7083 926,00 IMPERIAL TOBACCO GROUP PLC GBP 1 897 796,17 1 924 645,99 0,57

136 125,00 DIAGEO PLC GBP 1 920 007,50 1 918 847,81 0,5750 198,00 RECKITT BENCKISER GROUP PLC GBP 1 979 330,53 1 912 137,38 0,56

Industries 3 626 679,48 3 893 432,30 1,15247 121,00 BABCOCK INTERNATIONAL GROUP PLC GBP 1 687 726,25 1 948 336,12 0,58225 202,00 BUNZL PLC GBP 1 938 953,23 1 945 096,18 0,57

Finance 3 985 516,55 3 880 435,92 1,14405 058,00 AVIVA PLC GBP 1 997 954,31 1 969 046,49 0,58587 121,00 RESOLUTION LTD GBP 1 987 562,24 1 911 389,43 0,56

Multi-Utilities 4 158 637,21 3 865 400,10 1,14554 991,00 INTERNATIONAL POWER PLC GBP 2 161 622,86 1 977 020,80 0,58527 484,00 CENTRICA PLC GBP 1 997 014,35 1 888 379,30 0,56

Health 1 976 906,49 1 943 654,98 0,5756 476,00 ASTRAZENECA PLC GBP 1 976 906,49 1 943 654,98 0,57

Raw materials 1 966 926,18 1 939 240,03 0,57457 494,00 REXAM PLC GBP 1 966 926,18 1 939 240,03 0,57

Computing and IT 1 927 826,45 1 937 981,43 0,57605 798,00 SAGE GROUP PLC GBP 1 927 826,45 1 937 981,43 0,57

Telecommunication 2 008 697,87 1 917 486,06 0,561 047 575,00 VODAFONE GROUP PLC GBP 2 008 697,87 1 917 486,06 0,56

FRANCE 15 577 423,40 15 874 676,37 4,68

Consumer Retail 6 164 046,60 5 962 076,46 1,76124 908,00 METROPOLE TELEVISION SA EUR 2 152 675,33 1 992 907,14 0,59158 856,00 SOCIETE TELEVISION FRANCAISE 1 EUR 1 971 774,30 1 992 054,24 0,59103 109,00 VIVENDI SA EUR 2 039 596,97 1 977 115,08 0,58

Industries 5 706 907,31 5 950 065,72 1,7545 425,00 VINCI SA EUR 1 881 378,98 2 006 422,25 0,5968 981,00 LEGRAND SA EUR 2 010 709,69 2 003 553,15 0,5929 113,00 SOCIETE BIC SA EUR 1 814 818,64 1 940 090,32 0,57

Raw materials 1 908 363,72 1 985 931,87 0,5940 867,00 IMERYS SA EUR 1 908 363,72 1 985 931,87 0,59

Health 1 798 105,77 1 976 602,32 0,5835 653,00 SANOFI AVENTIS SA EUR 1 798 105,77 1 976 602,32 0,58

333





% ofNet Assets

SWEDEN 13 078 030,46 12 126 466,14 3,57

Industries 6 439 308,98 6 148 895,92 1,81281 696,00 SECURITAS AB SEK 2 187 719,80 2 061 463,68 0,61166 193,00 SKANSKA AB SEK 2 232 642,29 2 056 380,99 0,60126 662,00 SCANIA AB SEK 2 018 946,89 2 031 051,25 0,60

Raw materials 2 251 319,71 2 007 032,36 0,59206 194,00 SVENSKA CELLULOSA AB SEK 2 251 319,71 2 007 032,36 0,59

Consumer Retail 2 120 568,81 1 991 058,92 0,59120 712,00 ELECTROLUX AB -B- SEK 2 120 568,81 1 991 058,92 0,59

Telecommunication 2 266 832,96 1 979 478,94 0,58144 876,00 TELE2 AB SEK 2 266 832,96 1 979 478,94 0,58

FINLAND 12 222 229,90 12 080 230,60 3,56

Industries 4 254 437,32 4 119 631,37 1,2253 202,00 METSO OYJ EUR 2 001 049,91 2 083 922,34 0,6287 407,00 WARTSILA OYJ EUR 2 253 387,41 2 035 709,03 0,60

Raw materials 4 211 364,96 3 979 497,96 1,17158 461,00 UPM-KYMMENE OYJ EUR 2 061 610,74 1 998 193,21 0,59273 850,00 STORA ENSO OYJ EUR 2 149 754,22 1 981 304,75 0,58

Health 1 846 036,32 2 010 373,41 0,59113 133,00 ORION OYJ EUR 1 846 036,32 2 010 373,41 0,59

Energy 1 910 391,30 1 970 727,86 0,58182 306,00 NESTE OIL OYJ EUR 1 910 391,30 1 970 727,86 0,58

SWITZERLAND 11 805 288,75 11 656 622,27 3,43

Health 3 847 726,27 3 826 820,09 1,1345 680,00 NOVARTIS AG CHF 1 852 000,74 1 927 074,30 0,5716 483,00 ROCHE HOLDING AG CHF 1 995 725,53 1 899 745,79 0,56

Computing and IT 2 230 204,25 2 004 666,00 0,59291 800,00 STMICROELECTRONICS NV EUR 2 230 204,25 2 004 666,00 0,59

Industries 1 898 735,57 1 978 531,00 0,5858 033,00 TYCO INTERNATIONAL LTD USD 1 898 735,57 1 978 531,00 0,58

Finance 1 979 345,89 1 931 693,67 0,5711 092,00 ZURICH FINANCIAL SERVICES AG CHF 1 979 345,89 1 931 693,67 0,57

Telecommunication 1 849 276,77 1 914 911,51 0,566 064,00 SWISSCOM AG CHF 1 849 276,77 1 914 911,51 0,56

GERMANY 9 983 209,64 9 989 151,21 2,94

Industries 2 027 237,22 2 015 784,20 0,5921 286,00 SIEMENS AG EUR 2 027 237,22 2 015 784,20 0,59

Raw materials 1 726 351,92 2 008 720,96 0,5929 728,00 BASF SE EUR 1 726 351,92 2 008 720,96 0,59

Consumer Retail 2 161 252,09 2 008 245,72 0,5958 962,00 AXEL SPRINGER AG EUR 2 161 252,09 2 008 245,72 0,59

Finance 2 136 691,47 1 986 783,45 0,5918 841,00 MUENCHENER RUECKVERSICHERUNGS AG EUR 2 136 691,47 1 986 783,45 0,59

Health 1 931 676,94 1 969 616,88 0,5835 527,00 BAYER AG EUR 1 931 676,94 1 969 616,88 0,58

NETHERLANDS 9 904 737,42 9 854 001,12 2,90

Finance 1 965 643,19 2 018 920,20 0,60123 180,00 DELTA LLOYD NV EUR 1 965 643,19 2 018 920,20 0,60

Industries 2 021 439,21 2 018 510,34 0,5961 908,00 KONINKLIJKE BOSKALIS WESTMINSTER NV EUR 2 021 439,21 2 018 510,34 0,59

334





% ofNet Assets

Raw materials 1 813 309,13 1 948 587,95 0,5743 539,00 KONINKLIJKE DSM NV EUR 1 813 309,13 1 948 587,95 0,57


Basic Goods 1 997 734,27 1 926 475,53 0,57207 908,00 KONINKLIJKE AHOLD NV EUR 1 997 734,27 1 926 475,53 0,57

SPAIN 4 175 282,67 3 993 302,47 1,18

Finance 4 175 282,67 3 993 302,47 1,18248 180,00 BANCO BILBAO VIZCAYA ARGENTARIA SA EUR 2 087 417,53 2 007 776,20 0,59249 344,00 BANCO SANTANDER SA EUR 2 087 865,14 1 985 526,27 0,59

BELGIUM 3 801 490,77 3 829 900,52 1,13

Telecommunication 1 735 379,21 1 916 793,72 0,5736 594,00 MOBISTAR SA EUR 1 735 379,21 1 916 793,72 0,57

Basic Goods 2 066 111,56 1 913 106,80 0,5637 004,00 DELHAIZE GROUP SA EUR 2 066 111,56 1 913 106,80 0,56

NORWAY 2 026 966,25 1 976 601,94 0,58

Telecommunication 2 026 966,25 1 976 601,94 0,58174 037,00 TELENOR ASA NOK 2 026 966,25 1 976 601,94 0,58

PORTUGAL 1 859 422,62 1 937 748,52 0,57

Raw materials 1 859 422,62 1 937 748,52 0,57367 764,00 CIMPOR CIMENTOS DE PORTUGAL SGPS SA EUR 1 859 422,62 1 937 748,52 0,57


ITALY 82 897 579,68 82 845 430,00 24,39

Government 82 897 579,68 82 845 430,00 24,3927 000 000,00 CTZ 0.00% 29/02/2012 EUR 26 677 494,72 26 631 450,00 7,8425 000 000,00 CTZ 0.00% 30/09/2011 EUR 24 902 947,64 24 902 500,00 7,3320 000 000,00 CTZ 0.00% 30/04/2012 EUR 19 640 389,10 19 645 200,00 5,7812 000 000,00 CTZ 0.00% 31/08/2012 EUR 11 676 748,22 11 666 280,00 3,44

Total Portfolio 318 748 335,55 317 455 894,73 93,47

335







(EUR)



01/07/2011 1 500 000,00 NOK 192 303,75 EUR 520,8001/07/2011 15 000 000,00 SEK 1 623 353,78 EUR 16 237,8202/08/2011 3 128 246,95 EUR 2 800 000,00 GBP 26 303,3202/08/2011 671 862,40 EUR 800 000,00 CHF 15 893,0802/08/2011 7 455 559,84 EUR 8 900 000,00 CHF 157 901,1902/08/2011 33 962 685,72 EUR 30 400 000,00 GBP 284 440,5502/08/2011 107 664 361,06 EUR 154 100 000,00 USD 1 293 271,2602/08/2011 6 986 948,38 EUR 10 000 000,00 USD 84 217,0502/08/2011 691 419,48 EUR 1 000 000,00 USD 1 146,35


02/08/2011 300 000,00 CHF 248 714,97 EUR (2 726,48)02/08/2011 192 079,91 EUR 1 500 000,00 NOK (556,19)02/08/2011 1 809 724,08 EUR 14 200 000,00 NOK (13 897,62)02/08/2011 1 621 761,88 EUR 15 000 000,00 SEK (16 473,77)02/08/2011 9 818 201,43 EUR 91 000 000,00 SEK (120 428,20)01/07/2011 2 800 000,00 GBP 3 126 814,67 EUR (26 310,88)01/07/2011 800 000,00 CHF 671 163,46 EUR (15 840,89)01/07/2011 10 000 000,00 USD 6 981 046,46 EUR (83 776,46)

336

Eurizon EasyFund - Orizzonte Protetto 6



Assets Notes Investments in securities at market value 28 185 720,96Banks 4 921 622,75Amounts due from brokers 3 706,23Other interest receivable 46 273,75Other assets 370,93Total assets 33 157 694,62

Liabilities Amounts due to brokers (377,52)Unrealised loss on future contracts (Note 8) (358,07)Payable on investments purchased (4 314 668,03)Payable on redemptions (106 448,02)Other liabilities (36 670,53)Total liabilities (4 458 522,17)Total net assets 28 699 172,45


Class R Units EUR 110,80 259 023,783

337





Net income from investments 264 342,22Total income 264 342,22Management fee (Note 5) (148 294,42)Custodian and paying agent fee (Note 7) (15 007,62)Subscription tax (Note 3) (7 318,81)Other charges and taxes (Notes 4, 7) (19 834,64)Total expenses (190 455,49)Net investment income / (loss) 73 886,73Net realised profit / (loss) on sales of investments, currencies and other financial instruments (50 399,19)Change in unrealised appreciation / (depreciation) on - investments (28 856,02)- forward foreign exchange contracts and foreign currencies (Note 8) (46,25)- future contracts (Note 8) (1 007,15)Net result of operations for the period (6 421,88)



338





% ofNet Assets




ITALY 21 895 705,94 21 896 649,09 76,30

Government 21 895 705,94 21 896 649,09 76,304 700 000,00 BOT 0.00% 29/07/2011 EUR 4 695 509,64 4 695 594,69 16,364 000 000,00 BOT 0.00% 15/07/2011 EUR 3 996 385,39 3 998 804,00 13,933 700 000,00 BOT 0.00% 15/12/2011 EUR 3 673 066,72 3 670 255,70 12,793 000 000,00 BOT 0.00% 16/01/2012 EUR 2 969 233,23 2 969 684,40 10,352 600 000,00 BOT 0.00% 15/08/2011 EUR 2 595 935,79 2 595 490,30 9,042 000 000,00 BOT 0.00% 30/11/2011 EUR 1 985 135,81 1 985 300,00 6,922 000 000,00 BOT 0.00% 30/12/2011 EUR 1 980 439,36 1 981 520,00 6,91

Shares 3 276 697,33 3 275 311,87 11,41

UNITED STATES 1 312 901,60 1 312 376,67 4,57

Industries 306 242,33 306 119,87 1,071 160,00 CATERPILLAR INC USD 85 210,94 85 176,87 0,301 160,00 3M CO USD 75 918,26 75 887,90 0,261 160,00 UNITED TECHNOLOGIES CORP USD 70 843,70 70 815,37 0,251 160,00 BOEING CO USD 59 173,82 59 150,16 0,211 160,00 GENERAL ELECTRIC CAPITAL CORP USD 15 095,61 15 089,57 0,05

Computing and IT 217 485,59 217 398,64 0,761 160,00 INTERNATIONAL BUSINESS MACHINES CORP USD 137 309,20 137 254,29 0,481 160,00 HEWLETT-PACKARD CO USD 29 134,68 29 123,03 0,101 160,00 MICROSOFT CORP USD 20 810,48 20 802,17 0,071 160,00 INTEL CORP USD 17 736,94 17 729,85 0,061 160,00 CISCO SYSTEMS INC USD 12 494,29 12 489,30 0,05

Basic Goods 175 472,43 175 402,28 0,611 160,00 COCA-COLA CO USD 53 859,14 53 837,61 0,191 160,00 PROCTER & GAMBLE CO USD 50 881,64 50 861,30 0,171 160,00 WAL-MART STORES INC USD 42 533,44 42 516,43 0,151 160,00 KRAFT FOODS INC USD 28 198,21 28 186,94 0,10

Energy 147 450,30 147 391,35 0,511 160,00 CHEVRON CORP USD 82 313,48 82 280,57 0,281 160,00 EXXON MOBIL CORP USD 65 136,82 65 110,78 0,23

Finance 129 649,34 129 597,49 0,451 160,00 TRAVELERS COS INC USD 46 727,55 46 708,86 0,161 160,00 AMERICANRESS CO USD 41 380,85 41 364,31 0,151 160,00 JPMORGAN CHASE & CO USD 32 768,52 32 755,41 0,111 160,00 BANK OF AMERICA CORP USD 8 772,42 8 768,91 0,03

Consumer Retail 127 728,36 127 677,30 0,451 160,00 MCDONALD'S CORP USD 67 490,01 67 463,03 0,241 160,00 WALT DISNEY CO USD 31 247,74 31 235,25 0,111 160,00 HOME DEPOT INC USD 28 990,61 28 979,02 0,10

Health 97 977,37 97 938,20 0,341 160,00 JOHNSON & JOHNSON USD 53 242,83 53 221,54 0,181 160,00 MERCK & CO INC USD 28 246,23 28 234,94 0,101 160,00 PFIZER INC USD 16 488,31 16 481,72 0,06

Raw materials 55 956,20 55 933,82 0,191 160,00 EI DU PONT DE NEMOURS & CO USD 43 261,80 43 244,50 0,151 160,00 ALCOA INC USD 12 694,40 12 689,32 0,04

Telecommunication 54 939,68 54 917,72 0,191 160,00 VERIZON COMMUNICATIONS INC USD 29 799,01 29 787,10 0,101 160,00 AT&T INC USD 25 140,67 25 130,62 0,09

FRANCE 716 961,58 716 674,91 2,50

Finance 167 780,83 167 713,75 0,581 217,00 BNP PARIBAS EUR 64 806,82 64 780,91 0,22

339





% ofNet Assets

896,00 SOCIETE GENERALE EUR 36 678,99 36 664,32 0,132 235,00 AXA SA EUR 35 036,46 35 022,45 0,12

112,00 UNIBAIL-RODAMCO SE EUR 17 865,54 17 858,40 0,061 291,00 CREDIT AGRICOLE SA EUR 13 393,02 13 387,67 0,05

Energy 107 958,45 107 915,28 0,382 706,00 TOTAL SA EUR 107 958,45 107 915,28 0,38

Industries 101 058,17 101 017,77 0,35332,00 SCHNEIDER ELECTRIC SA EUR 38 261,70 38 246,40 0,13646,00 VINCI SA EUR 28 545,23 28 533,82 0,10522,00 CIE DE ST-GOBAIN EUR 23 319,23 23 309,91 0,08257,00 ALSTOM SA EUR 10 932,01 10 927,64 0,04

Basic Goods 86 949,23 86 914,46 0,30778,00 DANONE EUR 40 044,11 40 028,10 0,14293,00 L'OREAL SA EUR 26 251,58 26 241,08 0,09729,00 CARREFOUR SA EUR 20 653,54 20 645,28 0,07

Health 76 205,03 76 174,56 0,271 374,00 SANOFI AVENTIS SA EUR 76 205,03 76 174,56 0,27

Consumer Retail 68 263,73 68 236,43 0,24317,00 LVMH MOET HENNESSY LOUIS VUITTON SA EUR 39 355,44 39 339,70 0,14

1 507,00 VIVENDI SA EUR 28 908,29 28 896,73 0,10

Multi-Utilities 40 215,44 40 199,36 0,141 593,00 GDF SUEZ EUR 40 215,44 40 199,36 0,14

Raw materials 34 508,96 34 495,16 0,12349,00 AIR LIQUIDE SA EUR 34 508,96 34 495,16 0,12

Telecommunication 34 021,74 34 008,14 0,122 319,00 FRANCE TELECOM SA EUR 34 021,74 34 008,14 0,12

GERMANY 603 605,02 603 363,67 2,10

Finance 132 191,60 132 138,74 0,46548,00 ALLIANZ SE EUR 52 809,96 52 788,84 0,19

1 134,00 DEUTSCHE BANK AG EUR 46 228,98 46 210,50 0,16196,00 MUENCHENER RUECKVERSICHERUNGS AG EUR 20 676,47 20 668,20 0,07238,00 DEUTSCHE BOERSE AG EUR 12 476,19 12 471,20 0,04

Industries 99 474,77 99 435,00 0,351 050,00 SIEMENS AG EUR 99 474,77 99 435,00 0,35

Consumer Retail 85 060,87 85 026,86 0,301 100,00 DAIMLER AG EUR 57 112,84 57 090,00 0,20

406,00 BAYERISCHE MOTOREN WERKE AG EUR 27 948,03 27 936,86 0,10

Raw materials 75 843,87 75 813,54 0,261 122,00 BASF SE EUR 75 843,87 75 813,54 0,26

Multi-Utilities 67 551,15 67 524,14 0,232 456,00 E.ON AG EUR 48 120,00 48 100,76 0,16

508,00 RWE AG EUR 19 431,15 19 423,38 0,07

Health 56 183,18 56 160,72 0,191 013,00 BAYER AG EUR 56 183,18 56 160,72 0,19

Computing and IT 47 906,41 47 887,25 0,171 147,00 SAP AG EUR 47 906,41 47 887,25 0,17

Telecommunication 39 393,17 39 377,42 0,143 641,00 DEUTSCHE TELEKOM AG EUR 39 393,17 39 377,42 0,14

SPAIN 258 553,11 258 449,73 0,90

Finance 126 504,71 126 454,13 0,4410 261,00 BANCO SANTANDER SA EUR 81 741,02 81 708,34 0,285 531,00 BANCO BILBAO VIZCAYA ARGENTARIA SA EUR 44 763,69 44 745,79 0,16

Telecommunication 81 483,24 81 450,66 0,284 831,00 TELEFONICA SA EUR 81 483,24 81 450,66 0,28

340





% ofNet Assets

Multi-Utilities 27 381,97 27 371,02 0,104 460,00 IBERDROLA SA EUR 27 381,97 27 371,02 0,10

Energy 23 183,19 23 173,92 0,08968,00 REPSOL YPF SA EUR 23 183,19 23 173,92 0,08

ITALY 182 373,50 182 300,59 0,64

Finance 84 473,25 84 439,48 0,3017 126,00 INTESA SANPAOLO SPA EUR 31 455,92 31 443,34 0,1120 214,00 UNICREDIT SPA EUR 29 524,24 29 512,44 0,111 614,00 ASSICURAZIONI GENERALI SPA EUR 23 493,09 23 483,70 0,08

Energy 51 070,72 51 050,30 0,183 130,00 ENEL SPA EUR 51 070,72 51 050,30 0,18

Multi-Utilities 34 915,46 34 901,50 0,127 749,00 ENEL SPA EUR 34 915,46 34 901,50 0,12

Telecommunication 11 914,07 11 909,31 0,0412 412,00 TELECOM ITALIA SPA EUR 11 914,07 11 909,31 0,04

NETHERLANDS 104 603,22 104 561,39 0,36

Basic Goods 43 712,95 43 695,47 0,151 933,00 UNILEVER NV -ADR- EUR 43 712,95 43 695,47 0,15

Finance 39 115,97 39 100,33 0,144 606,00 ING GROEP NV EUR 39 115,97 39 100,33 0,14

Industries 21 774,30 21 765,59 0,071 229,00 KONINKLIJKE PHILIPS ELECTRONICS NV EUR 21 774,30 21 765,59 0,07

BELGIUM 36 974,78 36 960,00 0,13

Basic Goods 36 974,78 36 960,00 0,13924,00 ANHEUSER-BUSCH INBEV NV EUR 36 974,78 36 960,00 0,13

LUXEMBOURG 27 245,22 27 234,33 0,09


FINLAND 20 225,90 20 217,81 0,07


IRELAND 13 253,40 13 172,77 0,05

Raw materials 13 253,40 13 172,77 0,05859,00 CRH PLC EUR 13 253,40 13 172,77 0,05

Ordinary Bonds 2 036 190,00 2 019 960,00 7,04

ITALY 2 036 190,00 2 019 960,00 7,04

Government 2 036 190,00 2 019 960,00 7,041 000 000,00 BTP 5.00% 01/02/2012 EUR 1 016 700,00 1 017 110,00 3,541 000 000,00 BTP 5.25% 01/08/2011 EUR 1 019 490,00 1 002 850,00 3,50


ITALY 998 820,00 993 800,00 3,46

Government 998 820,00 993 800,00 3,461 000 000,00 CCT FRN 01/11/2012 EUR 998 820,00 993 800,00 3,46

Total Portfolio 28 207 413,27 28 185 720,96 98,21

341




Size Quantity

Purchase/



(EUR) Commitment

(EUR)

Total Unrealised profit / (loss) on future contracts and commitment (358,07) 1 407 854,19

Unrealised loss on future contracts and commitment (358,07) 1 407 854,19

10 30 Purchase EURO STOXX 50 INDEX FUTURE 16/09/2011 EUR (289,02) 854 400,005 13 Purchase DJIA MINI INDEX FUTURE 16/09/2011 USD (69,05) 553 454,19

342




Assets Notes Investments in securities at market value 27 386 263,25Banks 4 721 645,51Amounts due from brokers 2 447,26Other interest receivable 82 331,13Receivable on investments sold 2 495 793,96Other assets 1 093,08Total assets 34 689 574,19

Liabilities Amounts due to brokers (604,05)Unrealised loss on future contracts (Note 8) (721,44)Payable on investments purchased (6 622 604,43)Payable on redemptions (234 015,11)Other liabilities (40 206,83)Total liabilities (6 898 151,86)Total net assets 27 791 422,33


Class R Units EUR 115,76 240 078,361

343





Net income from investments 332 326,84Total income 332 326,84Management fee (Note 5) (173 456,68)Custodian and paying agent fee (Note 7) (14 628,13)Subscription tax (Note 3) (7 091,12)Other charges and taxes (Notes 4, 7) (19 488,54)Total expenses (214 664,47)Net investment income / (loss) 117 662,37Net realised profit / (loss) on sales of investments, currencies and other financial instruments (188 829,02)Change in unrealised appreciation / (depreciation) on - investments (56 515,27)- forward foreign exchange contracts and foreign currencies (Note 8) (191,61)- future contracts (Note 8) 15 722,04Net result of operations for the period (112 151,49)



344





% ofNet Assets




ITALY 14 863 760,37 14 864 559,22 53,49

Government 14 863 760,37 14 864 559,22 53,493 500 000,00 BOT 0.00% 15/05/2012 EUR 3 431 163,23 3 434 282,95 12,363 500 000,00 CTZ 0.00% 31/08/2012 EUR 3 404 450,00 3 402 665,00 12,243 200 000,00 BOT 0.00% 15/06/2012 EUR 3 134 491,26 3 132 043,52 11,272 000 000,00 BOT 0.00% 15/07/2011 EUR 1 997 525,63 1 999 402,00 7,201 500 000,00 BOT 0.00% 29/07/2011 EUR 1 498 579,20 1 498 594,05 5,391 400 000,00 BOT 0.00% 15/08/2011 EUR 1 397 551,05 1 397 571,70 5,03

Shares 6 622 604,43 6 619 804,03 23,82

UNITED STATES 2 648 439,48 2 647 380,50 9,52

Industries 617 764,70 617 517,69 2,222 340,00 CATERPILLAR INC USD 171 891,04 171 822,31 0,622 340,00 3M CO USD 153 145,45 153 084,22 0,552 340,00 UNITED TECHNOLOGIES CORP USD 142 908,85 142 851,70 0,512 340,00 BOEING CO USD 119 367,88 119 320,15 0,432 340,00 GENERAL ELECTRIC CAPITAL CORP USD 30 451,48 30 439,31 0,11









FRANCE 1 451 206,97 1 450 626,73 5,22

Finance 339 616,79 339 481,00 1,222 463,00 BNP PARIBAS EUR 131 157,93 131 105,49 0,471 814,00 SOCIETE GENERALE EUR 74 258,57 74 228,88 0,27

345





% ofNet Assets

4 523,00 AXA SA EUR 70 903,76 70 875,41 0,25227,00 UNIBAIL-RODAMCO SE EUR 36 209,63 36 195,15 0,13

2 611,00 CREDIT AGRICOLE SA EUR 27 086,90 27 076,07 0,10


Industries 204 534,97 204 453,19 0,74672,00 SCHNEIDER ELECTRIC SA EUR 77 445,37 77 414,40 0,28

1 307,00 VINCI SA EUR 57 753,28 57 730,19 0,211 056,00 CIE DE ST-GOBAIN EUR 47 174,54 47 155,68 0,17

521,00 ALSTOM SA EUR 22 161,78 22 152,92 0,08

Basic Goods 176 103,12 176 032,71 0,631 575,00 DANONE EUR 81 066,16 81 033,75 0,29

594,00 L'OREAL SA EUR 53 219,92 53 198,64 0,191 476,00 CARREFOUR SA EUR 41 817,04 41 800,32 0,15


Consumer Retail 138 192,04 138 136,78 0,50642,00 LVMH MOET HENNESSY LOUIS VUITTON SA EUR 79 704,07 79 672,20 0,29

3 049,00 VIVENDI SA EUR 58 487,97 58 464,58 0,21


Raw materials 69 808,95 69 781,04 0,25706,00 AIR LIQUIDE SA EUR 69 808,95 69 781,04 0,25


GERMANY 1 221 455,80 1 220 967,43 4,39

Finance 267 537,88 267 430,92 0,961 109,00 ALLIANZ SE EUR 106 872,70 106 829,97 0,382 294,00 DEUTSCHE BANK AG EUR 93 517,89 93 480,50 0,34

397,00 MUENCHENER RUECKVERSICHERUNGS AG EUR 41 880,39 41 863,65 0,15482,00 DEUTSCHE BOERSE AG EUR 25 266,90 25 256,80 0,09


Consumer Retail 172 160,05 172 091,22 0,622 226,00 DAIMLER AG EUR 115 575,61 115 529,40 0,42

822,00 BAYERISCHE MOTOREN WERKE AG EUR 56 584,44 56 561,82 0,20


Multi-Utilities 136 639,86 136 585,22 0,494 969,00 E.ON AG EUR 97 356,80 97 317,87 0,351 027,00 RWE AG EUR 39 283,06 39 267,35 0,14




SPAIN 523 188,41 522 979,21 1,88



346





% ofNet Assets



ITALY 369 002,50 368 854,95 1,33





NETHERLANDS 211 641,63 211 557,02 0,76




BELGIUM 74 789,90 74 760,00 0,27

Basic Goods 74 789,90 74 760,00 0,271 869,00 ANHEUSER-BUSCH INBEV NV EUR 74 789,90 74 760,00 0,27

LUXEMBOURG 55 138,56 55 116,52 0,20


FINLAND 40 925,80 40 909,44 0,15


IRELAND 26 815,38 26 652,23 0,10


Ordinary Bonds 4 930 425,00 4 908 100,00 17,66

ITALY 4 516 905,00 4 507 820,00 16,22

Government 4 516 905,00 4 507 820,00 16,223 500 000,00 BTP 2.50% 01/07/2012 EUR 3 508 575,00 3 504 970,00 12,611 000 000,00 BTP 5.25% 01/08/2011 EUR 1 008 330,00 1 002 850,00 3,61

FRANCE 413 520,00 400 280,00 1,44

Government 413 520,00 400 280,00 1,44400 000,00 FRENCH TREASURY NOTE 3.50% 12/07/2011 EUR 413 520,00 400 280,00 1,44


ITALY 998 820,00 993 800,00 3,57

Government 998 820,00 993 800,00 3,571 000 000,00 CCT FRN 01/11/2012 EUR 998 820,00 993 800,00 3,57

Total Portfolio 27 415 609,80 27 386 263,25 98,54

347




Size Quantity

Purchase/



(EUR) Commitment

(EUR)

Total Unrealised profit / (loss) on future contracts and commitment (721,44) 2 858 281,78

Unrealised loss on future contracts and commitment (721,44) 2 858 281,78

10 60 Purchase EURO STOXX 50 INDEX FUTURE 16/09/2011 EUR (578,04) 1 708 800,005 27 Purchase DJIA MINI INDEX FUTURE 16/09/2011 USD (143,40) 1 149 481,78

348




Assets Notes Investments in securities at market value 34 820 316,28Banks 5 413 771,74Amounts due from brokers 168,87Other interest receivable 126 756,94Receivable on investments sold 7 984 996,88Other assets 1 796,96Total assets 48 347 807,67

Liabilities Amounts due to brokers (755,03)Unrealised loss on future contracts (Note 8) (1 378,79)Payable on investments purchased (12 795 810,79)Payable on redemptions (109 800,94)Other liabilities (62 030,19)Total liabilities (12 969 775,74)Total net assets 35 378 031,93


Class R Units EUR 118,97 297 379,984

349





Net income from investments 529 095,59Total income 529 095,59Management fee (Note 5) (308 382,43)Custodian and paying agent fee (Note 7) (19 505,21)Subscription tax (Note 3) (9 282,63)Other charges and taxes (Notes 4, 7) (24 892,03)Total expenses (362 062,30)Net investment income / (loss) 167 033,29Net realised profit / (loss) on sales of investments, currencies and other financial instruments 970 039,65Change in unrealised appreciation / (depreciation) on - investments (1 266 801,59)- forward foreign exchange contracts and foreign currencies (Note 8) (352,22)- future contracts (Note 8) 33 365,17Net result of operations for the period (96 715,70)



350





% ofNet Assets



Shares 12 795 810,79 12 790 400,23 36,15

UNITED STATES 5 121 448,12 5 119 400,37 14,47

Industries 1 194 609,07 1 194 131,42 3,374 525,00 CATERPILLAR INC USD 332 396,13 332 263,22 0,944 525,00 3M CO USD 296 146,65 296 028,24 0,844 525,00 UNITED TECHNOLOGIES CORP USD 276 351,50 276 241,01 0,784 525,00 BOEING CO USD 230 828,91 230 736,61 0,654 525,00 GENERAL ELECTRIC CAPITAL CORP USD 58 885,88 58 862,34 0,16









FRANCE 2 802 030,33 2 800 909,97 7,92

Finance 655 604,11 655 341,98 1,854 756,00 BNP PARIBAS EUR 253 263,15 253 161,88 0,713 503,00 SOCIETE GENERALE EUR 143 400,09 143 342,76 0,408 734,00 AXA SA EUR 136 916,52 136 861,78 0,39

437,00 UNIBAIL-RODAMCO SE EUR 69 707,52 69 679,65 0,205 043,00 CREDIT AGRICOLE SA EUR 52 316,83 52 295,91 0,15


Industries 394 955,10 394 797,18 1,121 298,00 SCHNEIDER ELECTRIC SA EUR 149 589,41 149 529,60 0,422 523,00 VINCI SA EUR 111 485,49 111 440,91 0,322 039,00 CIE DE ST-GOBAIN EUR 91 087,97 91 051,55 0,261 006,00 ALSTOM SA EUR 42 792,23 42 775,12 0,12

351





% ofNet Assets

Basic Goods 339 994,59 339 858,66 0,963 042,00 DANONE EUR 156 573,50 156 510,90 0,441 146,00 L'OREAL SA EUR 102 676,81 102 635,76 0,292 850,00 CARREFOUR SA EUR 80 744,28 80 712,00 0,23


Consumer Retail 266 768,96 266 662,30 0,751 239,00 LVMH MOET HENNESSY LOUIS VUITTON SA EUR 153 821,40 153 759,90 0,435 888,00 VIVENDI SA EUR 112 947,56 112 902,40 0,32


Raw materials 134 772,81 134 718,92 0,381 363,00 AIR LIQUIDE SA EUR 134 772,81 134 718,92 0,38


GERMANY 2 358 876,93 2 357 933,79 6,67

Finance 516 667,78 516 461,21 1,462 142,00 ALLIANZ SE EUR 206 421,39 206 338,86 0,584 431,00 DEUTSCHE BANK AG EUR 180 635,47 180 563,25 0,51

766,00 MUENCHENER RUECKVERSICHERUNGS AG EUR 80 807,01 80 774,70 0,23931,00 DEUTSCHE BOERSE AG EUR 48 803,91 48 784,40 0,14


Consumer Retail 332 504,42 332 371,47 0,944 300,00 DAIMLER AG EUR 223 259,27 223 170,00 0,631 587,00 BAYERISCHE MOTOREN WERKE AG EUR 109 245,15 109 201,47 0,31


Multi-Utilities 263 901,41 263 795,90 0,759 596,00 E.ON AG EUR 188 012,83 187 937,66 0,531 984,00 RWE AG EUR 75 888,58 75 858,24 0,22




SPAIN 1 010 332,17 1 009 928,19 2,85





ITALY 712 635,65 712 350,72 2,01


352





% ofNet Assets




NETHERLANDS 408 731,76 408 568,33 1,15




BELGIUM 144 457,76 144 400,00 0,41

Basic Goods 144 457,76 144 400,00 0,413 610,00 ANHEUSER-BUSCH INBEV NV EUR 144 457,76 144 400,00 0,41

LUXEMBOURG 106 484,40 106 441,82 0,30


FINLAND 79 034,38 79 002,78 0,22


IRELAND 51 779,29 51 464,26 0,15


Ordinary Bonds 9 852 192,00 9 804 360,00 27,71

ITALY 9 852 192,00 9 804 360,00 27,71

Government 9 852 192,00 9 804 360,00 27,714 000 000,00 BTP 4.25% 01/08/2013 EUR 4 103 280,00 4 076 800,00 11,523 500 000,00 BTP 4.25% 15/04/2013 EUR 3 587 500,00 3 574 200,00 10,102 200 000,00 BTP 2.00% 01/06/2013 EUR 2 161 412,00 2 153 360,00 6,09


ITALY 7 288 027,81 7 282 556,05 20,59

Government 7 288 027,81 7 282 556,05 20,594 000 000,00 CTZ 0.00% 30/04/2013 EUR 3 790 400,00 3 784 560,00 10,702 000 000,00 BOT 0.00% 15/07/2011 EUR 1 999 068,28 1 999 402,00 5,651 500 000,00 BOT 0.00% 29/07/2011 EUR 1 498 559,53 1 498 594,05 4,24


ITALY 4 929 620,00 4 943 000,00 13,97

Government 4 929 620,00 4 943 000,00 13,974 000 000,00 CCT FRN 01/07/2013 EUR 3 930 800,00 3 949 200,00 11,161 000 000,00 CCT FRN 01/11/2012 EUR 998 820,00 993 800,00 2,81

Total Portfolio 34 865 650,60 34 820 316,28 98,42

353




Size Quantity

Purchase/



(EUR) Commitment

(EUR)



10 115 Purchase EURO STOXX 50 INDEX FUTURE 16/09/2011 EUR (1 107,91) 3 275 200,005 51 Purchase DJIA MINI INDEX FUTURE 16/09/2011 USD (270,88) 2 171 243,35

354

Eurizon EasyFund - ABS Prudente



Assets Notes Investments in securities at market value 481 240 307,15Banks 2 872 086,20Amounts due from brokers 725 136,49Unrealised profit on forward foreign exchange contracts (Note 8) 1 246 437,81Unrealised profit on future contracts (Note 8) 793 034,48Other interest receivable 1 747 344,73Receivable on investments sold 3 044 285,45Receivable on subscriptions 29 224,44Other assets 12 641,84Total assets 491 710 498,59

Liabilities Bank overdrafts (47 499,22)Amounts due to brokers (105,68)Unrealised loss on forward foreign exchange contracts (Note 8) (1 194 933,11)Unrealised loss on future contracts (Note 8) (325 904,36)Interest payable (626 259,83)Payable on investments purchased (1 602 777,38)Payable on redemptions (797 726,42)Other liabilities (522 606,15)Total liabilities (5 117 812,15)Total net assets 486 592 686,44


Class R Units EUR 107,64 4 519 955,003Class Z Units EUR 110,62 685,487

355





Net income from investments 5 165 135,85Other income (Note 9) 28 174,27Total income 5 193 310,12Management fee (Note 5) (2 374 672,42)Custodian and paying agent fee (Note 7) (268 105,34)Subscription tax (Note 3) (126 949,84)Interest on bank accounts (4 820,07)Other charges and taxes (377 863,70)Total expenses (3 152 411,37)Net investment income / (loss) 2 040 898,75Net realised profit / (loss) on sales of investments, currencies and other financial instruments (3 110 689,00)Change in unrealised appreciation / (depreciation) on - investments 1 547 757,18- forward foreign exchange contracts and foreign currencies (Note 8) 680 043,36- future contracts (Note 8) 675 573,75Net result of operations for the period 1 833 584,04



356





% ofNet Assets




ITALY 291 881 386,11 291 489 771,50 59,91

Government 291 881 386,11 291 489 771,50 59,91117 000 000,00 BOT 0.00% 15/05/2012 EUR 114 922 432,24 114 803 172,90 23,60110 000 000,00 CTZ 0.00% 31/08/2012 EUR 107 141 047,23 106 940 900,00 21,9865 000 000,00 CTZ 0.00% 30/04/2012 EUR 63 912 293,58 63 846 900,00 13,126 000 000,00 BOT 0.00% 16/04/2012 EUR 5 905 613,06 5 898 798,60 1,21

Ordinary Bonds 105 763 408,38 105 119 791,29 21,60

ITALY 44 159 719,50 43 788 686,50 9,00


850 000,00 BTP 4.00% 15/04/2012 EUR 889 865,00 861 696,00 0,18

Finance 18 352 854,50 18 284 490,50 3,765 000 000,00 INTESA SANPAOLO SPA 3.25% 01/02/2013 EUR 4 994 500,00 4 972 350,00 1,024 250 000,00 UNICREDIT SPA 4.13% 27/04/2012 EUR 4 319 355,00 4 297 175,00 0,883 500 000,00 MEDIOBANCA SPA 4.88% 20/12/2012 EUR 3 597 775,00 3 587 150,00 0,742 250 000,00


EUR 2 246 737,50 2 242 012,50 0,46

1 700 000,00 BANCA POPOLAIRE DI MILANO 4.00% 15/04/2013 EUR 1 697 637,00 1 683 493,00 0,351 500 000,00 MONTE DEI PASCHI DI SIENA 4.13% 11/11/2013 EUR 1 496 850,00 1 502 310,00 0,31

SPAIN 23 295 553,00 23 181 673,00 4,76

Finance 23 295 553,00 23 181 673,00 4,768 000 000,00

CAJA DE AHORROS Y PENSIONES DE BARCELONA 3.13% 16/09/2013

EUR 7 863 500,00 7 804 776,00 1,60

8 000 000,00 BANKINTER SA 2.63% 09/04/2013 EUR 7 808 000,00 7 776 640,00 1,603 500 000,00


EUR 3 498 833,00 3 484 670,00 0,71

2 800 000,00 BANCO DE SABADELL SA 4.50% 11/02/2013 EUR 2 823 660,00 2 817 108,00 0,581 300 000,00 BBVA SENIOR FINANCE SAU 4.00% 22/03/2013 EUR 1 301 560,00 1 298 479,00 0,27

FRANCE 9 434 730,10 9 428 144,00 1,94

Finance 9 434 730,10 9 428 144,00 1,944 000 000,00 RCI BANQUE SA 4.00% 21/10/2011 EUR 4 034 661,10 4 021 200,00 0,832 900 000,00 BANQUE PSA FINANCE 3.25% 26/11/2012 EUR 2 898 898,00 2 913 369,00 0,602 500 000,00 RCI BANQUE SA 2.75% 10/09/2012 EUR 2 501 171,00 2 493 575,00 0,51

GERMANY 8 977 290,00 8 934 788,79 1,84


UNITED KINGDOM 8 607 830,50 8 581 782,00 1,76

Finance 8 607 830,50 8 581 782,00 1,764 400 000,00 BANK OF SCOTLAND PLC 5.50% 29/10/2012 EUR 4 480 793,00 4 460 632,00 0,912 500 000,00 ROYAL BANK OF SCOTLAND PLC 6.00% 10/05/2013 EUR 2 574 037,50 2 569 250,00 0,531 500 000,00 FCE BANK PLC 7.13% 15/01/2013 EUR 1 553 000,00 1 551 900,00 0,32

UNITED STATES 4 823 520,00 4 788 873,00 0,98

Finance 4 823 520,00 4 788 873,00 0,982 500 000,00 GOLDMAN SACHS GROUP INC 5.38% 15/02/2013 EUR 2 605 700,00 2 576 575,00 0,532 200 000,00 GOLDMAN SACHS GROUP INC 3.75% 04/02/2013 EUR 2 217 820,00 2 212 298,00 0,45

LUXEMBOURG 3 967 127,78 3 911 694,00 0,80

Finance 3 967 127,78 3 911 694,00 0,802 500 000,00 FIAT FINANCE & TRADE SA 5.63% 15/11/2011 EUR 2 567 127,78 2 518 400,00 0,521 400 000,00 FIAT FINANCE & TRADE SA 6.38% 01/04/2016 EUR 1 400 000,00 1 393 294,00 0,28

357





% ofNet Assets

IRELAND 2 497 637,50 2 504 150,00 0,52

Finance 2 497 637,50 2 504 150,00 0,522 500 000,00 FGA CAPITAL IRELAND PLC 4.00% 28/03/2013 EUR 2 497 637,50 2 504 150,00 0,52


ITALY 32 471 769,30 32 259 587,65 6,63

Finance 32 471 769,30 32 259 587,65 6,637 000 000,00 BANCO POPOLARE SCARL FRN 27/01/2012 EUR 6 976 825,00 6 982 080,00 1,445 000 000,00

BANCA POPOLARE DI MILANO SCARL FRN 24/09/2012

EUR 4 997 149,00 4 975 750,00 1,02

4 500 000,00 UNICREDIT SPA FRN 16/10/2018 GBP 5 009 533,35 4 894 853,92 1,013 500 000,00 MONTE DEI PASCHI DI SIENA FRN 19/10/2012 EUR 3 493 070,00 3 492 930,00 0,722 750 000,00 INTESA SANPAOLO SPA FRN 19/01/2012 EUR 2 747 250,00 2 745 985,00 0,562 500 000,00 INTESA SANPAOLO SPA FRN 19/12/2016 GBP 2 787 265,49 2 734 173,73 0,562 500 000,00

BANCA LOMBARDA E PIEMONTESE SPA FRN 30/01/2012

EUR 2 469 011,46 2 486 450,00 0,51

2 500 000,00

UNIONE DI BANCHE ITALIANE SCPA FRN 05/03/2013

EUR 2 494 050,00 2 455 675,00 0,50


UNITED KINGDOM 9 107 011,00 9 105 769,00 1,87

Finance 9 107 011,00 9 105 769,00 1,875 000 000,00

ABBEY NATIONAL TREASURY SERVICES PLC FRN 04/10/2012

EUR 5 005 650,00 5 006 350,00 1,03

2 100 000,00 ROYAL BANK OF SCOTLAND PLC FRN 18/05/2013 EUR 2 098 761,00 2 097 879,00 0,432 000 000,00 LLOYDS TSB BANK PLC FRN 25/03/2013 EUR 2 002 600,00 2 001 540,00 0,41

FRANCE 4 847 500,00 4 816 350,00 0,99

Finance 4 847 500,00 4 816 350,00 0,995 000 000,00 NATIXIS FRN 06/07/2017 EUR 4 847 500,00 4 816 350,00 0,99

BELGIUM 4 817 500,00 4 779 300,00 0,98

Finance 4 817 500,00 4 779 300,00 0,985 000 000,00 FORTIS BANK SA/NV FRN 14/02/2018 EUR 4 817 500,00 4 779 300,00 0,98

GUERNSEY 4 794 554,69 4 773 468,57 0,98

Finance 4 794 554,69 4 773 468,57 0,984 827 000,00


EUR 4 794 554,69 4 773 468,57 0,98

NETHERLANDS 4 513 241,43 4 170 500,00 0,86

Finance 4 513 241,43 4 170 500,00 0,864 750 000,00 ROYAL BANK OF SCOTLAND NV FRN 08/06/2015 EUR 4 513 241,43 4 170 500,00 0,86

LUXEMBOURG 945 000,00 931 125,00 0,19

Finance 945 000,00 931 125,00 0,19975 000,00

ALFA DIVERSIFIED PAYMENT -RIGHTS FINANCE CO SA FRN 15/03/2012

EUR 945 000,00 931 125,00 0,19

UCI Units 23 742 934,22 23 704 385,60 4,87

LUXEMBOURG 23 742 934,22 23 704 385,60 4,87

Finance 23 742 934,22 23 704 385,60 4,87148 820,00

EURIZON STARS FUND - TOTAL RETURN FOREX -I ACC-

EUR 14 937 604,56 14 731 691,80 3,03

88 340,00

EURIZON STARS FUND - TOTAL RETURN GOVERNMENT BOND -I ACC-

EUR 8 805 329,66 8 972 693,80 1,84

LISTED ON ANOTHER REGULATED MARKET 87 876,26 90 258,54 0,02

Ordinary Bonds 87 876,26 90 258,54 0,02

ITALY 87 876,26 90 258,54 0,02125 000,00 TELECOM ITALIA CAPITAL SA 5.25% 15/11/2013 USD 87 876,26 90 258,54 0,02

358



Total Portfolio 482 972 181,39 481 240 307,15 98,90

359




Size Quantity

Purchase/



(EUR) Commitment

(EUR)



10 500 Purchase EURO STOXX 50 INDEX 16/09/2011 EUR 517 275,80 14 240 000,00

100 000 (350) Sale 5YR US TREASURY NOTE FUTURE SEP11 XCBT

30/09/2011 USD 275 758,68 28 774 279,10



SEP11 XCBT 21/09/2011 USD (325 904,36) 20 080 776,62

360







(EUR)



30/09/2011 7 300 000,00 USD 5 008 851,26 EUR 38 555,3930/09/2011 1 440 000,00 CAD 1 008 156,26 EUR 21 253,4730/09/2011 565 000,00 USD 387 304,63 EUR 3 350,8230/09/2011 1 440 000,00 CAD 1 025 765,23 EUR 3 644,5030/09/2011 22 700 000,00 SEK 2 465 994,26 EUR 8 794,9430/09/2011 22 700 000,00 SEK 2 471 439,09 EUR 3 350,1130/09/2011 11 230 000,00 SEK 1 224 191,68 EUR 120,3330/09/2011 8 800 000,00 SEK 950 395,82 EUR 8 993,8230/09/2011 5 175 022,64 EUR 4 600 000,00 GBP 74 196,7930/09/2011 39 179 664,88 NOK 45 000 000,00 SEK 114 299,6130/09/2011 2 239 434,25 EUR 1 995 000,00 GBP 27 228,2630/09/2011 517 483,30 EUR 461 000,00 GBP 6 291,8430/09/2011 5 098 146,30 EUR 7 300 000,00 USD 50 739,6530/09/2011 3 499 342,97 CAD 290 000 000,00 JPY 17 454,6230/09/2011 4 884 430,88 EUR 7 000 000,00 USD 44 451,9030/09/2011 1 720 487,03 CAD 143 000 000,00 JPY 4 996,1030/09/2011 28 111 998,20 EUR 40 000 000,00 USD 454 975,4630/09/2011 1 031 023,79 EUR 1 440 000,00 CAD 1 614,0630/09/2011 4 965 947,79 EUR 7 000 000,00 USD 125 968,8130/09/2011 326 539,93 EUR 286 000,00 GBP 9 401,6330/09/2011 461 074,91 EUR 658 000,00 USD 6 116,8930/09/2011 4 921 951,91 EUR 7 000 000,00 USD 81 972,9330/09/2011 1 224 789,03 EUR 11 230 000,00 SEK 477,0230/09/2011 2 444 318,01 EUR 3 480 000,00 USD 38 157,0330/09/2011 280 000 000,00 JPY 2 903 145,87 CHF 13 012,1230/09/2011 2 715 862,31 EUR 3 900 000,00 USD 19 302,5930/09/2011 2 407 481,77 EUR 280 000 000,00 JPY 9 027,6230/09/2011 2 430 728,53 EUR 283 000 000,00 JPY 6 576,6530/09/2011 2 365 587,66 EUR 3 400 000,00 USD 14 740,7318/07/2011 4 177 254,85 EUR 6 000 000,00 USD 37 372,12

Unrealised loss on forward foreign exchange contracts (1 194 933,11)

18/07/2011 6 000 000,00 USD 4 232 774,37 EUR (92 891,64)30/09/2011 7 300 000,00 USD 5 075 965,65 EUR (28 559,00)30/09/2011 40 000 000,00 USD 28 077 150,39 EUR (420 127,65)30/09/2011 7 030 000,00 USD 4 965 134,58 EUR (104 412,83)30/09/2011 7 030 000,00 USD 4 968 422,60 EUR (107 700,85)30/09/2011 3 500 000,00 USD 2 461 322,08 EUR (41 332,59)30/09/2011 365 000,00 GBP 412 042,94 EUR (7 303,50)30/09/2011 3 900 000,00 USD 2 754 879,32 EUR (58 319,60)30/09/2011 3 400 000,00 USD 2 412 271,37 EUR (61 424,44)30/09/2011 3 400 000,00 CAD 2 435 155,04 EUR (4 604,29)30/09/2011 430 504,31 EUR 630 000,00 USD (5 093,80)30/09/2011 1 400 000,00 USD 874 648,50 GBP (1 880,22)30/09/2011 3 487 472,21 USD 283 000 000,00 JPY (12 824,42)30/09/2011 953 673,57 EUR 8 800 000,00 SEK (5 716,07)30/09/2011 2 893 542,44 CHF 280 000 000,00 JPY (20 903,01)30/09/2011 1 019 880,59 EUR 1 440 000,00 CAD (9 529,14)30/09/2011 45 000 000,00 SEK 38 494 011,61 NOK (26 443,72)30/09/2011 1 593 002,38 GBP 2 200 000,00 CHF (41 243,93)30/09/2011 290 000 000,00 JPY 3 546 025,58 CAD (50 826,52)30/09/2011 143 000 000,00 JPY 1 733 417,38 CAD (14 239,59)30/09/2011 2 200 000,00 CHF 1 646 280,23 GBP (17 834,55)30/09/2011 2 463 014,10 EUR 22 700 000,00 SEK (11 775,10)30/09/2011 2 452 609,27 EUR 22 700 000,00 SEK (22 179,93)30/09/2011 3 500 000,00 CAD 4 425 036,10 NZD (10 038,79)30/09/2011 3 347 086,72 AUD 4 340 000,00 NZD (13 355,19)30/09/2011 1 400 000,00 USD 876 896,29 GBP (4 372,74)

361

Eurizon EasyFund - ABS Attivo



Assets Notes Investments in securities at market value 477 706 465,11Banks 874 528,26Amounts due from brokers 1 155 001,78Unrealised profit on forward foreign exchange contracts (Note 8) 801 329,27Unrealised profit on future contracts (Note 8) 1 602 398,60Other interest receivable 1 788 758,88Receivable on investments sold 4 549 543,25Receivable on subscriptions 26 387,57Other assets 3 490 166,59Total assets 491 994 579,31

Liabilities Amounts due to brokers (277,89)Unrealised loss on forward foreign exchange contracts (Note 8) (787 943,05)Unrealised loss on future contracts (Note 8) (651 808,72)Interest payable (3 044 525,57)Payable on investments purchased (1 602 777,38)Payable on redemptions (925 904,98)Other liabilities (687 874,53)Total liabilities (7 701 112,12)Total net assets 484 293 467,19


Class R Units EUR 106,01 4 236 456,580Class Z Units EUR 109,88 320 379,691

362





Net income from investments 5 363 072,82Other income (Note 9) 34 820,01Total income 5 397 892,83Management fee (Note 5) (3 463 320,53)Custodian and paying agent fee (Note 7) (265 709,17)Subscription tax (Note 3) (118 737,38)Interest on bank accounts (4 004,12)Other charges and taxes (Notes 4, 7) (427 846,38)Total expenses (4 279 617,58)Net investment income / (loss) 1 118 275,25Net realised profit / (loss) on sales of investments, currencies and other financial instruments (2 803 354,25)Change in unrealised appreciation / (depreciation) on - investments 648 929,11- forward foreign exchange contracts and foreign currencies (Note 8) 623 311,83- future contracts (Note 8) 1 231 662,76Net result of operations for the period 818 824,70



363





% ofNet Assets




ITALY 288 297 484,46 287 911 175,60 59,45

Government 288 297 484,46 287 911 175,60 59,45130 000 000,00 BOT 0.00% 15/05/2012 EUR 127 688 423,93 127 559 081,00 26,34123 500 000,00 CTZ 0.00% 31/08/2012 EUR 120 279 107,66 120 065 465,00 24,7925 000 000,00 CTZ 0.00% 30/04/2012 EUR 24 581 651,38 24 556 500,00 5,0716 000 000,00 BOT 0.00% 16/04/2012 EUR 15 748 301,49 15 730 129,60 3,25

Ordinary Bonds 103 220 769,68 102 602 417,00 21,19

ITALY 44 537 484,50 44 187 360,50 9,12


Finance 19 620 484,50 19 544 860,50 4,035 000 000,00 INTESA SANPAOLO SPA 3.25% 01/02/2013 EUR 4 994 500,00 4 972 350,00 1,034 500 000,00 UNICREDIT SPA 4.13% 27/04/2012 EUR 4 573 455,00 4 549 950,00 0,944 000 000,00 MEDIOBANCA SPA 4.88% 20/12/2012 EUR 4 112 000,00 4 099 600,00 0,842 250 000,00


EUR 2 246 737,50 2 242 012,50 0,46

2 200 000,00 BANCA POPOLAIRE DI MILANO 4.00% 15/04/2013 EUR 2 196 942,00 2 178 638,00 0,451 500 000,00 MONTE DEI PASCHI DI SIENA 4.13% 11/11/2013 EUR 1 496 850,00 1 502 310,00 0,31

SPAIN 23 395 673,00 23 281 556,00 4,81

Finance 23 395 673,00 23 281 556,00 4,818 000 000,00

CAJA DE AHORROS Y PENSIONES DE BARCELONA 3.13% 16/09/2013

EUR 7 863 500,00 7 804 776,00 1,61

8 000 000,00 BANKINTER SA 2.63% 09/04/2013 EUR 7 808 000,00 7 776 640,00 1,613 500 000,00


EUR 3 498 833,00 3 484 670,00 0,72

2 800 000,00 BANCO DE SABADELL SA 4.50% 11/02/2013 EUR 2 823 660,00 2 817 108,00 0,581 400 000,00 BBVA SENIOR FINANCE SAU 4.00% 22/03/2013 EUR 1 401 680,00 1 398 362,00 0,29

UNITED KINGDOM 11 225 947,00 11 201 875,00 2,31

Finance 11 225 947,00 11 201 875,00 2,315 500 000,00 BANK OF SCOTLAND PLC 5.50% 29/10/2012 EUR 5 598 462,00 5 575 790,00 1,152 500 000,00 ROYAL BANK OF SCOTLAND PLC 6.00% 10/05/2013 EUR 2 571 680,00 2 569 250,00 0,531 500 000,00 FCE BANK PLC 7.13% 15/01/2013 EUR 1 553 000,00 1 551 900,00 0,321 500 000,00 LLOYDS TSB BANK PLC 3.25% 26/11/2012 EUR 1 502 805,00 1 504 935,00 0,31

FRANCE 9 431 731,50 9 428 144,00 1,95

Finance 9 431 731,50 9 428 144,00 1,954 000 000,00 RCI BANQUE SA 4.00% 21/10/2011 EUR 4 031 662,50 4 021 200,00 0,832 900 000,00 BANQUE PSA FINANCE 3.25% 26/11/2012 EUR 2 898 898,00 2 913 369,00 0,602 500 000,00 RCI BANQUE SA 2.75% 10/09/2012 EUR 2 501 171,00 2 493 575,00 0,52

UNITED STATES 4 921 850,00 4 870 452,50 1,00

Finance 4 921 850,00 4 870 452,50 1,003 750 000,00 GOLDMAN SACHS GROUP INC 5.38% 15/02/2013 EUR 3 913 750,00 3 864 862,50 0,801 000 000,00 GOLDMAN SACHS GROUP INC 3.75% 04/02/2013 EUR 1 008 100,00 1 005 590,00 0,20

LUXEMBOURG 3 710 726,18 3 659 854,00 0,76

Finance 3 710 726,18 3 659 854,00 0,762 250 000,00 FIAT FINANCE & TRADE SA 5.63% 15/11/2011 EUR 2 310 726,18 2 266 560,00 0,471 400 000,00 FIAT FINANCE & TRADE SA 6.38% 01/04/2016 EUR 1 400 000,00 1 393 294,00 0,29

GERMANY 3 499 720,00 3 469 025,00 0,72


364





% ofNet Assets

IRELAND 2 497 637,50 2 504 150,00 0,52

Finance 2 497 637,50 2 504 150,00 0,522 500 000,00 FGA CAPITAL IRELAND PLC 4.00% 28/03/2013 EUR 2 497 637,50 2 504 150,00 0,52


ITALY 34 956 166,17 34 760 967,65 7,18

Finance 33 454 366,17 33 260 322,65 6,877 000 000,00 BANCO POPOLARE SCARL FRN 27/01/2012 EUR 6 976 825,00 6 982 080,00 1,445 000 000,00

BANCA POPOLARE DI MILANO SCARL FRN 24/09/2012

EUR 4 997 149,00 4 975 750,00 1,03

4 500 000,00 UNICREDIT SPA FRN 16/10/2018 GBP 5 009 533,35 4 894 853,92 1,014 000 000,00

BANCA LOMBARDA E PIEMONTESE SPA FRN 30/01/2012

EUR 3 950 418,33 3 978 320,00 0,82

3 500 000,00 MONTE DEI PASCHI DI SIENA FRN 19/10/2012 EUR 3 493 070,00 3 492 930,00 0,722 750 000,00 INTESA SANPAOLO SPA FRN 19/01/2012 EUR 2 747 250,00 2 745 985,00 0,572 500 000,00 INTESA SANPAOLO SPA FRN 19/12/2016 GBP 2 787 265,49 2 734 173,73 0,562 000 000,00

UNIONE DI BANCHE ITALIANE SCPA FRN 05/03/2013

EUR 1 995 240,00 1 964 540,00 0,41



UNITED KINGDOM 9 097 661,00 9 105 769,00 1,88

Finance 9 097 661,00 9 105 769,00 1,885 000 000,00

ABBEY NATIONAL TREASURY SERVICES PLC FRN 04/10/2012

EUR 4 996 300,00 5 006 350,00 1,04

2 100 000,00 ROYAL BANK OF SCOTLAND PLC FRN 18/05/2013 EUR 2 098 761,00 2 097 879,00 0,432 000 000,00 LLOYDS TSB BANK PLC FRN 25/03/2013 EUR 2 002 600,00 2 001 540,00 0,41

GUERNSEY 4 966 425,00 4 944 550,00 1,02

Finance 4 966 425,00 4 944 550,00 1,025 000 000,00


EUR 4 966 425,00 4 944 550,00 1,02

FRANCE 4 847 500,00 4 816 350,00 0,99

Finance 4 847 500,00 4 816 350,00 0,995 000 000,00 NATIXIS FRN 06/07/2017 EUR 4 847 500,00 4 816 350,00 0,99

BELGIUM 4 817 500,00 4 779 300,00 0,99

Finance 4 817 500,00 4 779 300,00 0,995 000 000,00 FORTIS BANK SA/NV FRN 14/02/2018 EUR 4 817 500,00 4 779 300,00 0,99

NETHERLANDS 5 094 488,44 4 609 500,00 0,95

Finance 5 094 488,44 4 609 500,00 0,955 250 000,00 ROYAL BANK OF SCOTLAND NV FRN 08/06/2015 EUR 5 094 488,44 4 609 500,00 0,95

LUXEMBOURG 525 000,00 501 375,00 0,10

Finance 525 000,00 501 375,00 0,10525 000,00

ALFA DIVERSIFIED PAYMENT -RIGHTS FINANCE CO SA FRN 15/03/2012

EUR 525 000,00 501 375,00 0,10

UCI Units 23 678 899,91 23 675 060,86 4,89

LUXEMBOURG 23 678 899,91 23 675 060,86 4,89

Finance 23 678 899,91 23 675 060,86 4,89148 027,15

EURIZON STARS FUND - TOTAL RETURN FOREX -I ACC-

EUR 14 796 499,91 14 653 207,18 3,03

88 824,00

EURIZON STARS FUND - TOTAL RETURN GOVERNMENT BOND -I ACC-

EUR 8 882 400,00 9 021 853,68 1,86

365





% ofNet Assets

UNQUOTED 10,00 0,00 0,00

Shares 10,00 0,00 0,00

BELGIUM 10,00 0,00 0,00

Consumer Retail 10,00 0,00 0,001 000,00 CREDIT COMMERCIAL INTL SA EUR 10,00 0,00 0,00

UNITED STATES 0,00 0,00 0,00

Multi-Utilities 0,00 0,00 0,00397,00 ESC MIRANT CORP USD 0,00 0,00 0,00

Total Portfolio 479 501 904,66 477 706 465,11 98,64

366




Size Quantity

Purchase/



(EUR) Commitment

(EUR)



10 1 000 Purchase EURO STOXX 50 INDEX 16/09/2011 EUR 1 034 548,50 28 480 000,00

100 000 (700) Sale 5YR US TREASURY NOTE FUTURE SEP11 XCBT

30/09/2011 USD 567 850,10 57 548 558,20



SEP11 XCBT 21/09/2011 USD (651 808,72) 40 161 553,24

367







(EUR)



30/09/2011 7 320 000,00 USD 5 022 574,14 EUR 38 661,0230/09/2011 1 440 000,00 CAD 1 008 156,26 EUR 21 253,4730/09/2011 990 000,00 USD 678 639,98 EUR 5 871,3330/09/2011 1 440 000,00 CAD 1 025 765,23 EUR 3 644,5030/09/2011 22 800 000,00 SEK 2 476 857,68 EUR 8 833,6730/09/2011 22 800 000,00 SEK 2 482 326,49 EUR 3 364,8630/09/2011 11 220 000,00 SEK 1 223 101,58 EUR 120,2230/09/2011 8 800 000,00 SEK 950 395,82 EUR 8 993,8230/09/2011 1 318 965,03 EUR 1 175 000,00 GBP 16 036,6930/09/2011 4 376 269,15 EUR 3 890 000,00 GBP 62 744,6830/09/2011 39 179 664,88 NOK 45 000 000,00 SEK 114 299,6130/09/2011 2 233 821,63 EUR 1 990 000,00 GBP 27 160,0130/09/2011 5 112 113,82 EUR 7 320 000,00 USD 50 878,6630/09/2011 3 499 342,97 CAD 290 000 000,00 JPY 17 454,6230/09/2011 4 884 430,88 EUR 7 000 000,00 USD 44 451,9030/09/2011 1 720 487,03 CAD 143 000 000,00 JPY 4 996,1030/09/2011 1 031 023,79 EUR 1 440 000,00 CAD 1 614,0630/09/2011 4 965 947,79 EUR 7 000 000,00 USD 125 968,8130/09/2011 333 390,42 EUR 292 000,00 GBP 9 598,8730/09/2011 641 861,12 EUR 916 000,00 USD 8 515,3030/09/2011 4 921 951,91 EUR 7 000 000,00 USD 81 972,9330/09/2011 1 223 698,39 EUR 11 220 000,00 SEK 476,5930/09/2011 2 444 318,01 EUR 3 480 000,00 USD 38 157,0330/09/2011 280 000 000,00 JPY 2 903 145,87 CHF 13 012,1230/09/2011 2 365 587,66 EUR 3 400 000,00 USD 14 740,7330/09/2011 2 430 728,53 EUR 283 000 000,00 JPY 6 576,6530/09/2011 2 407 481,77 EUR 280 000 000,00 JPY 9 027,6230/09/2011 2 715 862,31 EUR 3 900 000,00 USD 19 302,5918/07/2011 4 873 463,99 EUR 7 000 000,00 USD 43 600,81


18/07/2011 7 000 000,00 USD 4 938 236,77 EUR (108 373,59)30/09/2011 7 320 000,00 USD 5 089 872,41 EUR (28 637,25)30/09/2011 7 060 000,00 USD 4 986 322,93 EUR (104 858,42)30/09/2011 7 060 000,00 USD 4 989 624,97 EUR (108 160,46)30/09/2011 3 500 000,00 USD 2 461 322,08 EUR (41 332,59)30/09/2011 370 000,00 GBP 417 687,37 EUR (7 403,55)30/09/2011 3 900 000,00 USD 2 754 879,32 EUR (58 319,60)30/09/2011 3 400 000,00 USD 2 412 271,37 EUR (61 424,44)30/09/2011 517 288,51 EUR 757 000,00 USD (6 120,65)30/09/2011 1 019 880,59 EUR 1 440 000,00 CAD (9 529,14)30/09/2011 45 000 000,00 SEK 38 494 011,61 NOK (26 443,72)30/09/2011 1 593 002,38 GBP 2 200 000,00 CHF (41 243,93)30/09/2011 143 000 000,00 JPY 1 733 417,38 CAD (14 239,59)30/09/2011 290 000 000,00 JPY 3 546 025,58 CAD (50 826,52)30/09/2011 2 463 413,71 EUR 22 800 000,00 SEK (22 277,64)30/09/2011 2 473 864,38 EUR 22 800 000,00 SEK (11 826,97)30/09/2011 2 200 000,00 CHF 1 646 280,23 GBP (17 834,55)30/09/2011 3 500 000,00 CAD 4 425 036,10 NZD (10 038,79)30/09/2011 1 400 000,00 USD 876 896,29 GBP (4 372,74)30/09/2011 3 347 086,72 AUD 4 340 000,00 NZD (13 355,19)30/09/2011 953 673,57 EUR 8 800 000,00 SEK (5 716,07)30/09/2011 1 400 000,00 USD 874 648,50 GBP (1 880,22)30/09/2011 3 487 472,21 USD 283 000 000,00 JPY (12 824,42)30/09/2011 2 893 542,44 CHF 280 000 000,00 JPY (20 903,01)

368

NOTES TO THE FINANCIAL STATEMENTS Eurizon EasyFund

1. ACTIVITY The Investment Fund Eurizon EasyFund (hereafter referred to as the “Fund”) was established in the Grand Duchy of Luxembourg on 27 July 1988 in accordance with the Law of 30 March 1988 regulating undertakings for collective investment and since 9 September 2005 in accordance with Part I of the Law of 20 December 2002 as amended concerning undertakings for collective investment. Eurizon EasyFund, by virtue of being a collective investment fund in transferable securities, does not possess legal personality. The Fund is a joint ownership of transferable securities and other financial assets, administered for the exclusive benefit of its participants by Eurizon Capital S.A. (hereafter referred to as the “Management Company”), a limited company established on 27 July 1988 with its registered office in Luxembourg. There is no maximum limit set on the amount of wealth or the number of Units of jointly owned property which comprise the assets of the Fund. The minimum net assets of the Fund are to be at least EUR 1 250 000,00. In order to offer investments with different levels of risks, Eurizon EasyFund is subdivided into a wide range of Sub-Funds. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Fund keeps the books of each Sub-Fund in its respective currency and the financial statements were prepared in EUR in accordance with the Luxembourg regulations relating to undertakings for collective investment and in particular using the following valuation rules: a) Valuation of investment securities Investment securities, including zero-coupon bonds and money market instruments, quoted on an official stock exchange or on another regulated market are valued according to the last known price and, in the event of being quoted on several markets, according to the last known price of the principal market. Valuation of investment securities, including zero-coupon bonds and money market instruments, not quoted on an official stock exchange or on another regulated market is fixed in a reasonable way on the basis of the sale prices anticipated cautiously and in good faith or, in the absence of a market value, according to the probable value in the reasonable estimation of the Board of Directors of the Management Company. The value of each investment in open-ended funds, either listed or not, is based on the last known Net Asset Value on the Valuation Day. b) Net realised profit / (loss) on sales of investments Realised profits or losses made on the sales of investments are calculated according to the average cost. c) Option contracts Options quoted on an official stock exchange or on another regulated market are valued according to the last known market price or, if there are several markets, according to the last known price of the principal market. Options not quoted on an official stock exchange or on another regulated market are valued at their last known market value or, in the absence of a market value, according to their probable market value in the reasonable estimation of the Board of Directors of the Management Company. Premiums received on the written option contracts are recorded as liabilities and premiums paid on purchased option contracts are recorded as assets. Unrealised profits and losses on option contracts are recorded in the Statement of Net Assets and their variations in the Statement of Changes in Net Assets under the heading “Change in unrealised appreciation / (depreciation) on option contracts“.

369


d) Forward foreign exchange contracts Forward foreign exchange contracts are valued at forward foreign exchange rate for the remaining period to run until maturity at the date of valuation. Unrealised profits and losses are recorded in the Statement of Net Assets and their variations in the Statement of Changes in Net Assets under the heading “Change in unrealised appreciation / (depreciation) on forward foreign exchange contracts“. e) Future contracts Commitments related to future contracts are recorded off balance sheet and valued according to the last available contract price. Unrealised profits and losses on future contracts are recorded in the Statement of Net Assets and their variations in the Statement of Changes in Net Assets under the heading “Change in unrealised appreciation / (depreciation) on future contracts“. Guarantee deposits are recorded in the Statement of Net Assets under the heading “Amounts due from brokers” and “Amounts due to brokers”. f) Swap contracts Swaps are, in general, contracts by which two parties commit themselves during a given period to exchange two flows, one in exchange of the other, determined on the basis of a nominal value. The flows may be linked to interest rate(s), exchange rate(s), share(s), index(es) or credit event(s). Swap contracts are valued using the difference between the values of forecasted flows the counterparty is to pay to the Sub-Fund and those owed by the Sub-Fund to its counterparties. Unrealised profits and losses on swap contracts are recorded in the Statement of Net Assets and their variations in the Statement of Changes in Net Assets under the heading “Change in unrealised appreciation / (depreciation) on swap contracts”. Swap contracts are presented at clean price except credit default swap contracts which are presented at dirty price. g) Repurchase, reverse repurchase agreements Repurchase agreements (repos) consist in a sale of securities with a simultaneous agreement to repurchase them at a specific future date and price. The purchase price corresponds to the sale price decreased by an interest rate. These operations, including accrued interest, are recorded in the Statement of Net Assets under the heading “Repurchase agreements”. For repurchase agreements, interest charges which consist in the difference between the sale price and the purchase price of the securities are accounted for on a prorata temporis basis over the course of the operation and recorded in the accounts in the Statement of Changes in Net Assets under the heading “Other charges and taxes”. Reverse repurchase agreements (reverse repos) consist in a purchase of securities with a simultaneous agreement to resell them at a specific future date and price. The sale price corresponds to the purchase price increased by an interest rate. These operations, including accrued interest, are recorded in the Statement of Net Assets under the heading “Reverse repurchase agreements”. For reverse repurchase agreements, interest returns which consist in the difference between the purchase price and the sale price of the securities are accounted for on a prorata temporis basis over the course of the operation and recorded in the accounts in the Statement of Changes in Net Assets under the heading “Other income”. h) Combined statements of the Fund The combined statements correspond to the sum of the statements of each Sub-Fund. i) Cost of purchase of securities in portfolios For securities in currencies other than the base currency of the Sub-Fund, the purchase price is calculated based on the closing exchange rate of the day of purchase.

370


j) Income Dividends are recognised on the date on which the Shares/Units concerned are quoted “ex-dividend“, net of withholding tax. Interest is calculated on a prorata temporis basis, net of withholding tax. k) Translation of items expressed in foreign currencies Assets and liabilities in foreign currencies are converted into the base currency of the Sub-Fund at the closing exchange rate of the final day of the financial period. Income and expenses in currencies other than the base currency of the Sub-Fund are converted into the currency of the Sub-Fund at the closing exchange rate in force on the day of the transaction. Any resulting profit or loss made on foreign exchange is included in the Statement of Changes in Net Assets. l) Presentation of the Financial Statements The Financial Statements are presented on the basis of the last Net Asset Value (NAV) of the financial period. In accordance with the Prospectus, the NAVs have been calculated on the basis of the last market price available at the time the calculation was performed. The prices and the exchange rates used to value the portfolios are the following: - Sub-Funds investing mainly in American and European securities: 30 June 2011; - Sub-Funds investing mainly in Asian and Pacific area securities: 1 July 2011 concerning securities of these regions. For these Sub-Funds, if the portfolio had been valued using the prices as of 30 June 2011, an increase of the Net Asset Value of 0,50% would have been observed for all the classes of the Eurizon EasyFund - Equity Japan Sub-Fund, a decrease of the Net Asset Value of 0,03% would have been observed for all the classes of the Eurizon EasyFund - Equity Oceania Sub-Fund, a decrease of the Net Asset Value of 0,27% would have been observed for all the classes of the Eurizon EasyFund - Equity Emerging Markets Sub-Fund, a decrease of the Net Asset Value of 0,20% would have been observed for all the classes of the Eurizon EasyFund - Equity Emerging Markets Asia Sub-Fund, a decrease of the Net Asset Value of 0,01% would have been observed for all the classes of the Eurizon EasyFund - China and an increase of the Net Asset Value of 0,07% would have been observed for all the classes of the Eurizon EasyFund - Bond JPY Sub-Fund.

371


m) Contingent assets As of 30 June 2011, some of the Sub-Funds of the Fund are involved in some collective legal actions ("Class Actions"). In the context of these procedures, these Sub-Funds could receive, with no certainty, compensations related to losses occured in the course of previous financial periods. As of 30 June 2011, the following procedures are pending: Eurizon EasyFund - Equity Financial: American International Group, MBNA Corp., Marsh & McLennan, AON Corp.. Eurizon EasyFund - Equity Consumer Discretionary: Dollar General Corp., Toll Brothers. Eurizon EasyFund - Equity High Tech: Marvell Technology. Eurizon EasyFund - Bond High Yield: Adelphia Communications Corp.. Eurizon EasyFund - Equity North America: Dollar General Corp., American International Group, Biovail Corp., Marvell Technology, Sealed Air Corp., MBNA Corp., Marsh & McLennan, Calpine Corp., Enron, AON Corp, Tyco International. Eurizon EasyFund - Equity Utilities: Calpine Corp., Eurizon EasyFund - Equity Small Cap Europe: Healthsouth, Delphi Corp., Marvell Technology, Sealed Air Corp., Calpine Corp.. Eurizon EasyFund - ABS Attivo: American International Group, Shell, MBNA Corp.. Eurizon EasyFund - Orizzonte Protetto 6: American International Group. Eurizon EasyFund - Orizzonte Protetto 12: American International Group. Eurizon EasyFund - Orizzonte Protetto 24: American International Group. Eurizon EasyFund - Bond Corporate EUR Short Term: American International Group, Parmalat, LG. Eurizon EasyFund - Energy & Materials: Shell, Sealed Air Corp.. Eurizon EasyFund - Equity Europe: Shell. Eurizon EasyFund - Equity Euro: Shell. n) Net Asset Value per Unit The Net Asset Value of each Sub-Fund is equal to the difference between the total assets and the liabilities of the Sub-Fund. The Net Asset Value per Unit is calculated by dividing the Net Asset Value by the number of Units outstanding on the day of calculation. o) Dividends distribution Categories “D“ and “D2“ Units allow the distribution of dividends. During the financial period, the following distributions occured:

Name ClassDistribution date Currency

Total Amount

Amount in EUR

Eurizon EasyFund - Bond Emerging Markets D2 17/01/2011 USD 764,90 575,63 Eurizon EasyFund - Bond Emerging Markets D 17/01/2011 EUR 1 970.68 1 970,68 Eurizon EasyFund - Bond Emerging Markets D2 15/02/2011 USD 1 061.43 785,46 Eurizon EasyFund - Bond Emerging Markets D 15/02/2011 EUR 1 125.92 1 125,92 Eurizon EasyFund - Bond Emerging Markets D 15/03/2011 EUR 1 107,74 1 107,74 Eurizon EasyFund - Bond Emerging Markets D2 15/03/2011 USD 1 079,72 773,00 Eurizon EasyFund - Bond Emerging Markets D 15/04/2011 EUR 1 104,11 1 104,11 Eurizon EasyFund - Bond Emerging Markets D2 15/04/2011 USD 1 156,60 802,19 Eurizon EasyFund - Bond Emerging Markets D 16/05/2011 EUR 1 117,96 1 117,96 Eurizon EasyFund - Bond Emerging Markets D2 16/05/2011 USD 1 154,00 810,62 Eurizon EasyFund - Bond Emerging Markets D 15/06/2011 EUR 1 089,90 1 089,90 Eurizon EasyFund - Bond Emerging Markets D2 15/06/2011 USD 1 050,26 734,91 Sub-total 11 998,12

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Eurizon EasyFund - Bond High Yield D 17/01/2011 EUR 4,979.62 4,979.62 Eurizon EasyFund - Bond High Yield D2 17/01/2011 USD 3 145,92 2 367,50 Eurizon EasyFund - Bond High Yield D 15/02/2011 EUR 3234,76 3 234,76 Eurizon EasyFund - Bond High Yield D2 15/02/2011 USD 2266,56 1 677,30 Eurizon EasyFund - Bond High Yield D 15/03/2011 EUR 3 341,06 3 341,06 Eurizon EasyFund - Bond High Yield D2 15/03/2011 USD 2 942,75 2 106,78 Eurizon EasyFund - Bond High Yield D 15/04/2011 EUR 3 611,21 3 611,21 Eurizon EasyFund - Bond High Yield D2 15/04/2011 USD 2 929,69 2 031,97 Eurizon EasyFund - Bond High Yield D 16/05/2011 EUR 3 211,86 3 211,86 Eurizon EasyFund - Bond High Yield D2 16/05/2011 USD 5 125,62 3 600,47 Eurizon EasyFund - Bond High Yield D 15/06/2011 EUR 3 024,79 3 024,79 Eurizon EasyFund - Bond High Yield D2 15/06/2011 USD 5 503,22 3 850,83 Sub-total 37 038,14 Total 49 036,26

3. TAXATION The Fund is governed by Luxembourg tax laws applicable to investment funds. It is up to prospective purchasers of Units of the Fund to inquire about the laws and rules applicable to the acquisition, holding and possibly sale of Units, taking into account their residence or nationality. As legislation now stands, the Fund is subject to a Luxembourg tax at an annual rate of 0,05% calculated and payable quarterly on the Net Asset Value of each Sub-Fund at the end of each quarter in question. The rate of the annual subscription tax is fixed at 0,01% for the Sub-Funds or Classes of Units, if the Units in these Sub-Funds or Classes are reserved for one or more Institutional Investors, as well as for Sub-Funds whose exclusive aim is the collective investment in money market instruments and/or deposits with credit institutions. The value of the assets represented by Units held in other Luxembourg UCIs shall be exempt from the subscription tax, provided such UCIs have already been subject to the subscription tax. 4. OTHER CHARGES AND TAXES Registration fees payable to the Authority of Control and other professional fees (administrative agent, paying agent, registrar and transfer agent, transactions fees, miscellaneous) are divided amongst the various Sub-Funds in proportion to the Net Asset Value of each Sub-Fund. 5. MANAGEMENT FEE The Management Company, as remuneration for its services, is entitled to receive a management fee calculated according to the Net Asset Value of each Sub-Fund of the Fund. As at 30 June 2011, the rates in force for each Sub-Fund are the following:

Annual management fee rate by Unit Class: Sub-Funds

R

R2

RH

I

IH

Z

ZH

A

D

D2

RL

Eurizon EasyFund - Line Limited Tracking Error:

Eurizon EasyFund - Equity Italy 1,80% 1,80% - 1,80% - 0,35% - - - - - Eurizon EasyFund - Equity Euro 1,80% 1,80% - 1,80% - 0,35% - - - - - Eurizon EasyFund - Equity Europe 1,80% 1,80% 1,80% 1,80% 1,80% 0,35% 0,35% - - - - Eurizon EasyFund - Equity North America 1,80% 1,80% 1,80% 1,80% 1,80% 0,40% 0,40% - - - - Eurizon EasyFund - Equity Japan 1,80% 1,80% 1,80% 1,80% 1,80% 0,40% 0,40% - - - - Eurizon EasyFund - Equity Oceania 1,80% 1,80% 1,80% 1,80% 1,80% 0,40% 0,40% - - - - Eurizon EasyFund - Equity Emerging Markets 1,80% - - - - 0,40% - - - - - Eurizon EasyFund - Equity Emerging Markets Europe,Middle East & Africa

1,80% 1,80% - 1,80% - 0,40% - - - - -

Eurizon EasyFund - Equity Emerging Markets Asia 1,80% 1,80% - 1,80% - 0,40% - - - - - Eurizon EasyFund - Equity Latin America 1,80% 1,80% - 1,80% - 0,40% - - - - - Eurizon EasyFund - Equity China 1,80% 1,80% - 1,80% - 0,40% - - - - -

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Eurizon EasyFund - Equity Energy & Materials 1,80% 1,80% 1,80% 1,80% 1,80% 0,40% 0,40% - - - - Eurizon EasyFund - Equity Industrials 1,80% 1,80% 1,80% 1,80% 1,80% 0,40% 0,40% - - - - Eurizon EasyFund - Equity Consumer Discretionary 1,80% 1,80% 1,80% 1,80% 1,80% 0,40% 0,40% - - - - Eurizon EasyFund - Equity Consumer Staples 1,80% 1,80% 1,80% 1,80% 1,80% 0,40% 0,40% - - - - Eurizon EasyFund - Equity Pharma 1,80% 1,80% 1,80% 1,80% 1,80% 0,40% 0,40% - - - - Eurizon EasyFund - Equity Financial 1,80% 1,80% 1,80% 1,80% 1,80% 0,40% 0,40% - - - - Eurizon EasyFund - Equity High Tech 1,80% 1,80% 1,80% 1,80% 1,80% 0,40% 0,40% - - - - Eurizon EasyFund - Equity Telecommunication 1,80% 1,80% 1,80% 1,80% 1,80% 0,40% 0,40% - - - - Eurizon EasyFund - Equity Utilities 1,80% 1,80% 1,80% 1,80% 1,80% 0,40% 0,40% - - - - Eurizon EasyFund - Equity Small Cap Europe 1,90% 1,90% - 1,90% - 0,40% - - - - - Eurizon EasyFund - Cash EUR 0,80% - - 0,80% - 0,12% - 0,40% - - - Eurizon EasyFund - Bond EUR Floating Rate 0,85% - - - - 0,14% - - - - - Eurizon EasyFund - Bond EUR Short Term 1,00% 1,00% - 1,00% - 0,14% - - - - - Eurizon EasyFund - Bond EUR Medium Term 1,10% 1,10% - 1,10% - 0,16% - - - - - Eurizon EasyFund - Bond EUR Long Term 1,10% 1,10% - 1,10% - 0,18% - - - - - Eurizon EasyFund - Bond International 1,10% - 1,10% 1,10% 1,10% 0,22% 0,22% - - - - Eurizon EasyFund - Bond GBP 1,30% - 1,30% 1,30% 1,30% 0,22% 0,22% - - - - Eurizon EasyFund - Cash USD 0,80% 0,80% - 0,80% - 0,12% - - - - - Eurizon EasyFund - Bond USD 1,30% - 1,30% 1,30% 1,30% 0,22% 0,22% - - - - Eurizon EasyFund - Bond JPY 1,30% - 1,30% 1,30% 1,30% 0,22% 0,22% - - - - Eurizon EasyFund - Bond Corporate EUR Short Term 0,90% 0,90% - 0,90% - 0,16% - - - - - Eurizon EasyFund - Bond Emerging Markets 1,30% 1,30% 1,30% 1,30% 1,30% 0,25% 0,25% - 1,30% 1,30% - Eurizon EasyFund - Bond High Yield 1,30% 1,30% - 1,30% - 0,25% - - 1,30% 1,30% - Eurizon EasyFund - Bond Inflation Linked 1,00% 1,00% - 1,00% - 0,18% - - - - - Eurizon EasyFund - Line Flex/Multiasset: Eurizon EasyFund - Focus Azioni Strategia Flessibile 1,80% - - - - 0,60% - - - - 1,40%Eurizon EasyFund - Orizzonte Protetto 6 1,00% - - 1,00% - 0,17% - - - - - Eurizon EasyFund - Orizzonte Protetto 12 1,20% - - 1,20% - 0,20% - - - - - Eurizon EasyFund - Orizzonte Protetto 24 1,60% - - 1,60% - 0,27% - - - - - Eurizon EasyFund - ABS Prudente 0,90% - - 0,90% - 0,30% - - - - - Eurizon EasyFund - ABS Attivo 1,40% - - 1,40% - 0,40% - - - - -

In each Sub-Fund of the Fund, this fee is payable monthly and calculated on the basis of the average Net Asset Value over the month. 6. PERFORMANCE FEE In addition, for the Sub-Funds Eurizon EasyFund - ABS Prudente, Eurizon EasyFund - ABS Attivo and Eurizon EasyFund - Focus Azioni Strategia Flessibile, the Management Company will be paid a performance fee. The existence and amount for the Sub-Funds Eurizon EasyFund - ABS Prudente and Eurizon EasyFund - ABS Attivo is defined according to the following conditions: An over-performance is recorded every Valuation Day when the Net Asset Value per Unit of each Class, as determined on the previous Valuation Day, has recorded - in comparison with the Net Asset Value per Unit as determined on the same day of the previous quarter (or the first previous Valuation Day if this day is not a Valuation Day) - a percentage variation that is above the percentage variation recorded over the same period by the Performance Objective. An under-performance is recorded every Valuation Day when the Net Asset Value per Unit of each Class, as determined on the previous Valuation Day, has recorded - in comparison with the Net Asset Value per Unit as determined on the same day of the previous quarter (or the first previous Valuation Day if this day is not a Valuation Day) - a percentage variation that is below the percentage variation recorded over the same period by the Performance Objective. The performance fee is entered each Valuation Day and corresponds to 20% of the recorded over-performance/under-performance, applied to the lower of the Net Asset Value of the Unit Class concerned for the previous Valuation Day and the average Net Asset Value of the Unit Class concerned for the previous quarter, and divided by the number of days of the reference solar quarter.

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This system provides for compensation between over-performances and under-performances recorded each Valuation Day of the current solar year, within the limits of the over-performance commission recorded during the same year. The amount related to under-performance fees not compensated by over-performance fees will be set to zero at the end of each solar year. The residual amount of over-performance fees not used to compensate under-performance fees will be paid on a yearly basis on the first Valuation Day of the following solar year. For the Sub-Fund Eurizon EasyFund - ABS Prudente, the objective, on an 18-month timeframe, is to reach an average annual yield equivalent to the index performance of MTS “ex-banca d’Italia” BOT Capitalizzazione lorda + 0,60% (“Performance Objective”). For the Sub-Fund Eurizon EasyFund - ABS Attivo, the objective, on a 2-year timeframe, is to reach an average annual yield equivalent to the index performance of MTS “ex-banca d’Italia” BOT Capitalizzazione lorda + 1,40% (“Performance Objective”). The existence and amount for the Sub-Fund Eurizon EasyFund - Focus Azioni Strategia Flessibile is defined according to the following conditions: The performance commission amounts to 20% of the respective annual performance (on a calendar year basis) of the Net Asset Value per Unit of each Class recorded in excess of the applicable High Water Mark applied to the annual average Net Asset Value of the same Class of the Sub-Fund. For each Class, the applicable High Water Mark is defined as the highest Net Asset Value per Unit recorded at the end of any previous calendar year to which is added the highest return (the “Hurdle Rate”) recorded during the current calendar year between MTS “ex Banca d’Italia” BOT (Bloomberg code: ITGCBOTG Index) + 1,50% and the following Composite Benchmark: 50% MTS “ex Banca d’Italia” BOT + 25% MSCI Europe (local currencies) (Bloomberg code: MSDLE15 Index) + 25% S&P 500 (local currencies) (Bloomberg code: SPX Index). A performance commission is accrued on each Valuation Day when the respective performance of each Class of the Sub-Fund – calculated on the basis of the Net Asset Value per Unit of each Class as determined on the previous Valuation Day and the last Net Asset Value per Unit of the same Class on the previous calendar year – outperforms the High Water Mark calculated on a prorata temporis basis over the same period. The performance commission paid on each Class of this Sub-Fund is capped at 100% of the fixed part of the management commission of the Class RL of the Sub-Fund. The performance commission, if any, is paid on a yearly basis, on the first Valuation Day of the following calendar year. With regard to the first calendar year, the Hurdle Rate and the performance commission, if any, are calculated on a prorata temporis basis. With regard to the first calendar year, a performance commission will be paid if the performance of each Class of the Sub-Fund – calculated on the basis of the last Net Asset Value per Unit of each Class and the initial price of the same Class of the Sub-Fund – outperforms the performance of the Hurdle Rate applied on a prorata temporis basis. For the financial period closing 30 June 2011, the following performance fee is recorded in the Statement of Changes in Net Assets (in EUR): Eurizon EasyFund - Focus Azioni Strategia Flessibile : 369 060,40

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7. CUSTODIAN AND PAYING AGENT FEE The Custodian Bank receives a fee whose annual rate is 0,10%, payable quarterly and calculated on the average of the quarterly Net Asset Value. Furthermore, in accordance with the current Custodian Bank and Paying Agent convention it has received during the financial period a global amount of EUR 918 063,86 concerning movement fees on the operations of the Sub-Funds registered in the Statement of Changes in Net Assets under the heading “Other charges and taxes“. 8. FORWARD FOREIGN EXCHANGE CONTRACTS, FUTURE CONTRACTS, OPTION CONTRACTS AND SWAP CONTRACTS During the financial period, certain Sub-Funds have taken out forward foreign exchange contracts, future contracts, swap contracts and option contracts. Details of open positions as at 30 June 2011 are disclosed following the Portfolios of the concerned Sub-Funds. 9. REVERSE REPURCHASE AGREEMENTS During the financial period, certain Sub-Funds entered into reverse repurchase agreements. As at 30 June 2011, the Sub-Funds Eurizon EasyFund - Focus Azioni Strategia Flessibile, Eurizon EasyFund - Bond Corporate EUR Short term and Eurizon EasyFund - Cash USD, Eurizon EasyFund - are involved in reverse repurchase agreements. The total commitment of the reverse repurchase agreements is as follows (in EUR): Eurizon EasyFund - Focus Azioni Strategia Flessibile Security description Currency Nominal

Value Date

Redemption date Buy Sell

CCT 1.100% EUR 9 535 294,40 30/06/11 04/07/11 9 535 294,40 9 536 168,47 CCT 2.100% EUR 21 210 750,00 30/06/11 01/07/11 21 210 750,00 21 211 987,28 BTP 2.100% EUR 11 595 853,65 30/06/11 01/07/11 11 595 853,65 11 596 530,07 BTP 1.100% EUR 14 467 982,60 30/06/11 04/07/11 14 467 982,60 14 469 308,28 BTP 1.150% EUR 7 893 521,74 30/06/11 05/07/11 7 893 521,74 7 893 774,06 BTP 1.150% EUR 7 334 617,40 30/06/11 05/07/11 7 334 617,40 7 334 851,98 BOT 2.100% EUR 2 985 600,00 30/06/11 01/07/11 2 985 600,00 2 985 774,16 BOT 2.100% EUR 2 974 800,00 30/06/11 01/07/11 2 974 800,00 2 974 973,53 77,998,419,79 78 003 367,83

Eurizon EasyFund - Eurizon Bond Corporate EUR Short Term Security description Currency Nominal

Value Date

Redemption date Buy Sell

BTP 1.150% EUR 50 957 320,44 30/06/11 04/07/11 50 957 320,44 50 962 205,25 BTP 2.290% EUR 27 640 877,60 30/06/11 01/07/11 27 640 877,60 27 642 643,54 BTP 2.290% EUR 16 839 809,00 30/06/11 01/07/11 16 839 809,00 16 840 884,88 95 438 007,04 95 445 733,67

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10. UNITS OF THE FUND The Units Classes active as at 30 June 2011 are the following: Sub-Fund Units available Line Limited Tracking Error: Eurizon EasyFund - Equity Italy R, I, R2, Z Eurizon EasyFund - Equity Euro R, I, Z Eurizon EasyFund - Equity Europe R, I, RH, IH, Z, ZH Eurizon EasyFund - Equity North America R, I, RH, IH, Z, ZH Eurizon EasyFund - Equity Japan R, I, R2, RH, IH, Z, ZH Eurizon EasyFund - Equity Oceania R, I, RH, IH, Z, ZH Eurizon EasyFund - Equity Emerging Markets R, Z Eurizon EasyFund - Equity Emerging Markets Europe, Middle East & Africa R, I, R2, Z Eurizon EasyFund - Equity Emerging Markets Asia R, I, R2, Z Eurizon EasyFund - Equity Latin America R, I, R2, Z Eurizon EasyFund - Equity China R, R2, Z Eurizon EasyFund - Equity Energy & Materials R, I, R2, RH, IH, Z, ZH Eurizon EasyFund - Equity Industrials R, I, RH, IH, Z, ZH Eurizon EasyFund - Equity Consumer Discretionary R, I, RH, IH, Z, ZH Eurizon EasyFund - Equity Consumer Staples R, I, RH, IH, Z, ZH Eurizon EasyFund - Equity Pharma R, I, RH, IH, Z, ZH Eurizon EasyFund - Equity Financial R, I, R2, RH, IH, Z, ZH Eurizon EasyFund - Equity High Tech R, I, RH, IH, Z, ZH Eurizon EasyFund - Equity Telecommunication R, I, RH, IH, Z, ZH Eurizon EasyFund - Equity Utilities R, I, R2, RH, IH, Z, ZH Eurizon EasyFund - Equity Small Cap Europe R, I, R2, Z Eurizon EasyFund - Cash EUR R, I, Z, A Eurizon EasyFund - Bond EUR Floating Rate R, Z Eurizon EasyFund - Bond EUR Short Term R, I, Z Eurizon EasyFund - Bond EUR Medium Term R, I, Z Eurizon EasyFund - Bond EUR Long Term R, I, Z Eurizon EasyFund - Bond International R, RH, IH, Z, ZH Eurizon EasyFund - Bond GBP R, I, RH, IH, Z, ZH Eurizon EasyFund - Cash USD R, I, Z Eurizon EasyFund - Bond USD R, I, RH, IH, Z, ZH Eurizon EasyFund - Bond JPY R, I, RH, IH, Z, ZH Eurizon EasyFund - Bond Corporate EUR Short Term R, Z Eurizon EasyFund - Bond Emerging Markets R, I, R2, RH, IH, Z, ZH, D, D2 Eurizon EasyFund - Bond High Yield R, I, R2, Z, D, D2 Eurizon EasyFund - Bond Inflation Linked R, I, Z Line Flex/Multiasset: Eurizon EasyFund - Focus Azioni Strategia Flessibile R, RL, Z Eurizon EasyFund - Orizzonte Protetto 6 R Eurizon EasyFund - Orizzonte Protetto 12 R Eurizon EasyFund - Orizzonte Protetto 24 R Eurizon EasyFund - ABS Prudente R, Z Eurizon EasyFund - ABS Attivo R, Z • Unit Classes R, RL and R2 can be acquired by any investor.

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• Class RH Units can be acquired by any investor and as part of their features include coverage of exchange rate risks. As such, transactions intended to cover these risks, such as forward foreign exchange contracts, currency option contracts or future contracts, can be entered into for Class RH in order to cover, insofar as possible, exchange rate fluctuations between the currency or currencies of the Sub-Fund’s assets and the currency it is expressed in. The attention of Unitholders in Class RH Units is drawn to the fact that costs connected with seeking this coverage against exchange rate risks will be allocated to this class and reflected in the Net Asset Value. • Class D and D2 Units may be acquired by any investor and moreover allow for distribution of the income accrued by investments made in each of the Fund’s Sub-Funds, in accordance with the criteria specified in the Sub-Fund Information Sheets. • Unit Classes R, RL, R2, RH, I, I2, IH, A, Z and ZH allow for the accumulation of income, in other words full capitalisation of the income accrued by investments made in each of the Fund’s Sub-Funds. • Class I Units and Class Z Units can only be acquired by institutional investors (“Institutional Investors”). Such Institutional Investors include: insurance companies; asset management companies; credit institutions or other professionals in the financial sector acting on their own behalf or within the framework of a discretionary management mission on behalf of their clients, even private clients (in this case, however, the clients on whose behalf the credit institutions or other professionals in the financial sector are acting must not have a right of property claim against the Fund but only against the credit institutions or other professionals in the financial sector); undertakings for collective investment; territorial governmental units; holding companies, provided that they can justify their actual substance and have a structure and business activities of their own, separate from those of their shareholders, and that they have significant financial interest; and finally, holding companies known as “family companies”, provided these are holding companies where a family or branch of a family has significant financial interest. • Class IH Units and Class ZH Units can only be acquired by Institutional Investors as defined above, and as part of their features they include coverage of exchange rate risk. As such, transactions intended to cover these risks, such as forward foreign exchange contracts, currency option contacts or future contracts can be entered into for Classes IH and ZH in order to cover, insofar as possible, exchange rate fluctuations between the currency or currencies of the Sub-Fund’s assets and the currency they are expressed in. The attention of Unitholders in Classes IH and ZH Units is drawn to the fact that costs connected with seeking this coverage against exchange rate risks will be allocated to these classes and reflected in the Net Asset Value. • Class A Units can only be acquired by Institutional Investors, companies, as defined here below, associations, foundations and companies owned by a sole proprietor. Institutional Investors include: insurance companies; asset management companies; credit institutions or other professionals in the financial sector acting on their own behalf or within the framework of a discretionary management mission on behalf of their clients, even private clients (in this case, however, the clients on whose behalf the credit institutions or other professionals in the financial sector are acting must not have a right of property claim against the Fund but only against the credit institutions or other professionals in the financial sector); undertakings for collective investment; territorial governmental units; holding companies, provided that they can justify their actual substance and have a structure and business activities of their own, separate from those of their shareholders, and that they have significant financial interest; and finally, holding companies known as “family companies”, provided these are holding companies where a family or branch of a family has significant financial interest. 11. PROTECTION OF EURIZON EASYFUND’S INVESTORS WITHIN THE FOLLOWING SUB-FUNDS: EURIZON EASYFUND - ORIZZONTE PROTETTO 6, EURIZON EASYFUND - ORIZZONTE PROTETTO 12 AND EURIZON EASYFUND - ORIZZONTE PROTETTO 24 The Sub-Funds Eurizon EasyFund - Orizzonte Protetto 6, Eurizon EasyFund - Orizzonte Protetto 12 and Eurizon EasyFund - Orizzonte Protetto 24 have the objective of preserving the invested capital. This objective shall be achieved by using a risk-spreading methodology consisting in periodic realignment of the portfolio composition. Such activity shall be managed through the use of an algorithm (Constant Proportion Portfolio Insurance) which shall determine the optimum distribution between equities, bonds and monetary-market instruments type.

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12. CHANGES IN THE COMPOSITION OF PORTFOLIO The list of movements in the portfolio composition for the financial period from 1 January 2011 to 30 June 2011 is available at the Management Company’s registered office.

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