AMUNDI FUNDS. Relazione semi-annuale non certificata al 31/12/12. SICAV di diritto lussemburghese con comparti

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1 AMUNDI FUNDS SICAV di diritto lussemburghese con comparti Relazione semiannuale non certificata al 31/1/1 Una società di Crédit Agricole / Société Générale

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3 AMUNDI FUNDS Relazione semiannuale non certificata R.C.S. Luxembourg B Relativo al periodo compreso tra il 01/07/1 e 31/1/1 Non è possibile ricevere una sottoscrizione sulla base di relazioni finanziarie. Le sottoscrizioni sono valide unicamente se effettuate sulla base del prospetto dell offerta corrente, con il supplemento dell ultima relazione annuale della SICAV e della relazione semiannuale non certificata, se pubblicata a seguito della presente relazione annuale. Informazioni Aggiuntive Relative a Rappresentaza e Distribuzione del Fondo ad Hong Kong al 31 dicembre 01: I residenti di Hong Kong vogliano tenere presente che i seguenti comparti non sono attualmente autorizzati ad Hong Kong e, pertanto, non disponibili per i residenti di Hong Kong: Azioni: Equity Euroland Value / Equity Global Alpha / Equity Japan Target / Equity US Concentrated Core / Equity US Growth / Equity US Relative Value / Equity Japan Value / Equity Euro Select / Equity Europe Select / Equity Euroland Small Cap / Equity Europe Restructuring / Equity India Select / Equity Global Clean Planet 1 / Equity Europe Minimum Variance / Equity Global Minimum Variance. Obbligazioni: Convertible Europe / Bond Global Corporate / Bond Euro Aggregate / Bond Euro Government / Bond US Opportunistic Core Plus / Bond Europe / Bond Global Aggregate / Bond Global Inflation / Bond Emerging Inflation / Bond Global Emerging Corporate. Multi Asset: Multi Asset Emerging Markets Indicizzati: Index Equity Euro / Index Equity Europe / Index Equity North America / Index Equity Pacific / Index Global Bond () Hedged. Absolute Return: Absolute Forex / Absolute VaR () / Absolute VaR 4() / Absolute Statistical Arbitrage / Absolute High Yield / Absolute Volatility Arbitrage / Absolute Volatility Arbitrage Plus / Absolute Volatility Euro Equities / Absolute Volatility World Equities. Per tutti i comparti autorizzati a Hong Kong si prega di notare che le azioni AHC, AHE, AHG, AHK, AHS, AHU, AE, AU, AUMD, FE, FHE, FHEQD, FHEMD, FU, IHC, IHE, IHG, IHG0, IHJ, IHS, IHU, I, I4, I8, I9, ME, MHE, MU, OE, OHE, OU, OR, O1, PU, RE, RG, RHE, RU, SE, SHE, SHEMD, SHEQD, SHG, SJ, SHU, SU, XE, XU non sono autorizzate a Hong Kong. Per i seguenti comparti la classe azionaria I non é autorizzata in Hong Kong: Equity Global Select, Equity Global Gold Mines, Equity Global Luxury and Lifestyle, Equity Global Agriculture, Equity Global Resources, Equity ASEAN, Equity Asia ex Japan, Equity Brazil, Equity Emerging Europe, Equity Emerging Internal Demand, Equity Emerging World, Equity MENA, Equity Greater China, Equity India, Equity India Infrastructure, Equity Latin America, Convertible Global, Bond Euro Corporate, Bond Euro Inflation, Bond Euro High Yield, Bond Global e Bond Global Emerging. 1 Questo comparto è stato oggetto di fusione il 1 settembre 01. Per quanto concerne il comparto Amundi Funds Bond Euro Inflation, la società cederà la commercializzazione allo stato di Hong Kong, e alla data del marzo 013, l autorizzazione del comparto di Hong Kong sarà revocata.

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5 Sommario Pagina Organizzazione 6 Dettagli del portfolio al 31/1/1: Azioni Equity Euroland Value 9 Equity Global Alpha 10 Equity Japan Target 1 Equity US Concentrated Core 14 Equity US Growth 15 Equity US Relative Value 16 Equity Global Select 17 Equity Japan Value 18 Equity Euro Select 0 Equity Europe Select 1 Equity Euroland Small Cap Equity Global Gold Mines 3 Equity Global Luxury and Lifestyle 4 Equity Global Agriculture 5 Equity Global Resources 6 Equity Europe Restructuring 7 Equity ASEAN 8 Equity Asia ex Japan 9 Equity Brazil 31 Equity Emerging Europe 33 Equity Emerging Internal Demand 35 Equity Emerging World 39 Equity MENA 45 Equity Greater China 47 Equity India 48 Equity India Select 49 Equity India Infrastructure 50 Equity Korea 51 Equity Latin America 5 Equity Thailand 54 Equity Global Aqua 55 Equity Europe Minimum Variance 56 Equity Global Minimum Variance 57 Obbligazioni Convertible Europe 59 Convertible Global 61 Bond Global Corporate 63 Bond Euro Aggregate 66 Bond Euro Corporate 69 Bond Euro Government 73 Bond Euro Inflation 74 Bond Euro High Yield 75 Bond US Opportunistic Core Plus 78 Bond Europe 83 Bond Global Aggregate 85 Bond Global 89 Bond Global Inflation 91 Bond Emerging Inflation 9 Bond Global Emerging 93 Bond Global Emerging Corporate 95 Multi Asset Multi Asset Emerging Markets 97 Indicizzati Index Equity Euro 101 Index Equity Europe 104 Index Equity North America 109 Index Equity Pacific 116 Index Global Bond () Hedged 11 Absolute Absolute Forex 13 Absolute VaR () 14 Absolute VaR 4() 16 Absolute Statistical Arbitrage 19 Absolute High Yield 130 Absolute Volatility Arbitrage 131 Absolute Volatility Arbitrage Plus 133 Absolute Volatility Euro Equities 135 Absolute Volatility World Equities 136 Cash Cash 138 Cash 139 Conto: Dichiarazione degli attivi netti 140 Dettagli finanziari relativi agli ultimi 3 anni 164 Dichiarazione di operazioni e modifiche agli attivi netti 16 Note alle dichiarazioni finanziare del 31/1/1 40 Notifiche e relazioni 63 Informazioni aggiuntive 64

6 Organizzazione DENOMINAZIONE E SEDE LEGALE Amundi Funds 5, Allée Scheffer, L50 Lussemburgo SOCIETÀ DI GESTIONE Amundi Luxembourg S.A. 5, Allée Scheffer, L50 Lussemburgo CONSIGLIO DI AMMINISTRAZIONE Presidente Consiglieri JeanPaul MAZOYER General Management Committee Member a capo di Development Amundi, Parigi Etienne CLEMENT Deputy Chief Executive Officer, Strategic Marketing Manager Amundi, Parigi JeanFrançois PINÇON Head of International Business Development Amundi, Parigi Guillaume ABEL Head of Marketing and Business Development of Institutional and Third party Distribution Amundi, Parigi Laurent BERTIAU Deputy Head of Institutional and Third party Distribution Amundi, Parigi DIRETTORI GENERALI Guillaume ABEL Head of Marketing and Business Development of Institutional and Third party Distribution Amundi, Parigi Giorgio GRETTER General Manager Amundi Luxembourg S.A., Luxembourg BANCA DEPOSITARIA CACEIS Bank Luxembourg S.A. 5, Allée Scheffer, L50 Lussemburgo AGENTE PER LA TENUTA DEL REGISTRO, I TRASFERIMENTI E I PAGAMENTI CACEIS Bank Luxembourg S.A. 5, Allée Scheffer, L50 Lussemburgo AGENTE AMMINISTRATIVO Société Générale Securities Services Luxembourg 16, Boulevard Royal, L449 Lussemburgo GESTORI DELL INVESTIMENTO Amundi agisce attraverso: n Ufficio principale 90, Boulevard Pasteur, F75015 Parigi, Francia n Ufficio di Londra 41, Lothbury, Londra ECR 7HF, Regno Unito Amundi HongKong Ltd , One Pacific Place, No. 88 Queensway, Hong Kong Amundi Japan 1, Uchisaiwaicho ChiyodaKu, Tokyo , Giappone Resona Bank Ltd Fukagawa Gatharia W Bldg, 565, Kiba 1 Chome, KotoKu, Tokyo , Giappone Amundi Singapore Ltd 168, Robinson Road #401, Capital Tower, Singapore TCW Investment Management Company, Inc. ( TCW ) 865, South Figueroa Street, Suite 800, Los Angeles, California 90017, Stati Uniti d America 6

7 Organizzazione CPR Asset Management 90, Boulevard Pasteur, F75015 Parigi, Francia SUBGESTORI DELL INVESTIMENTO Amundi Singapore Ltd 168, Robinson Road #401, Capital Tower, Singapore NHCA Asset Management Co., Ltd 10F Nonghyup Culture & Welfare Foundation Bldg. 347 Yeoidodong Yeongdeungpogu, Seul, Corea Amundi Japan (a partire dal 1 settembre 01) 1, Uchisaiwaicho ChiyodaKu, Tokyo , Giappone REVISORE PricewaterhouseCoopers, Société coopérative 400, Route d Esch, L1471 Lussemburgo AGENTE FINANZIARIO IN BELGIO CACEIS Belgium SA/VN (precedentemente FASTNET Belgium) Avenue du Port / Havenlaan 86 C/30, B 1000 Bruxelles, Belgio AGENTE CENTRALE IN FRANCIA CACEIS Bank 13, Place Valhubert, F7506 Paris Cedex 13, Francia AGENTE PER LE INFORMAZIONI Marcard, Stein & Co AG E IL PAGAMENTO IN GERMANIA Ballindam 36, 0095 Amburgo, Germania AGENTE PER LE INFORMAZIONI Meinl Bank A.G. E IL PAGAMENTO IN AUSTRIA Bauernmarkt, 1010, Vienna, Austria AGENTE PER IL PAGAMENTO IN GRECIA Emporiki Bank of Greece 11, Sofokleous Str., Atene, Grecia RAPPRESENTANTE IN GRECIA Amundi Hellas M.F.M.C 45, Mitropoleos Street, Atene, Grecia RAPPRESENTANTE AD HONG KONG Amundi HongKong Ltd , One Pacific Place, 88, Queensway, Hong Kong RAPPRESENTANTE NEI PAESI BASSI CACEIS Netherlands (precedentemente Fastnet Netherlands) De Ruyterkade 6, 1013 AA Amsterdam, Paesi Bassi RAPPRESENTANTE IN SPAGNA Amundi Iberia SGICC Paseo de la Castellana 1, 8046 Madrid, Spagna FACILITY AGENT NEL REGNO UNITO Amundi London Branch. 41, Lothbury, Londra ECR 7HF, Regno Unito AGENTE PER I PAGAMENTI E RAPPRESENTANTE IN BULGARIA Société Générale Express Bank 9,Vladislav Varnenchik Blvd, 9000 Varma, Bulgaria RAPPRESENTANTE LOCALE IN BULGARIA Société Générale Express Bank 9,Vladislav Varnenchik Blvd, 9000 Varma, Bulgaria 7

8 Organizzazione BANCA DI CONTATTO IN REPUBBLICA CECA Komercni Banka A.S Na Prikogne 33, Praga 1, Repubblica Ceca AGENTE PER I PAGAMENTI SKB Banka D.D. Ljubljana E RAPPRESENTANTE IN SLOVENIA Ajdovscina 4, Ljubljana, Slovenia FACILITY AGENT IN IRLANDA Société Générale, Dublin Branch 3 rd Floor, IFSC House, IFSC, Dublino 1, Irlanda AGENTE RAPPRESENTANTE IN ITALIA Amundi SGR S.p.A. Piazza Missori, Milano 01, Italia 8

9 Equity Euroland Value Portfolio titoli al 31/1/1 Posizioni lunghe 180,017, ,515,80 INTESA SANPAOLO SPA 1,617, Valori mobiliari quotati in una borsa valori ufficiale e/o negoziati in altri mercati regolamentati Azioni 180,017, ,940, ,339 SAIPEM 518,474 UNICREDIT SPA REGR Lussemburgo 1,15,633 1,91,465 3,088, Belgio 17,615 KBC GROUPE 14,596 SOLVAY,056, ,63 1,596, ,410 ARCELORMITTAL SA 84,336 SUBSEA 7 SA Paesi Bassi 1,570,439 1,518,397 9,766, Danimarca 305 A.P. MOELLERMAERSK B 1,741,467 1,741, ,119 ING GROEP NVCVA 9,51 KONINKLIJKE AHOLD NV 14,191 KONINKLIJKE VOPAK N.V. 3,404,4,961, , Francia 55,615, ,700 UNILEVER CVA,644, ,689 ARKEMA 68,11 AXA SA,536 BNP PARIBAS 15,43 BOURBON 111,17 CAP GEMINI SA 3,834 CARREFOUR SA 3,7 CHRISTIAN DIOR 14,351 COMPAGNIE DE SAINTGOBAIN SA 1,876,406 3,580,617 9,476,695 31,063 3,653,11 461,069,978,863 4,006, Regno Unito 797,49 KINGFISHER 113,905 RIO TINTO PLC 4,958 ROYAL DUTCH SHELL PLCA 03,556 SMITH & NEPHEW 78,179 SMITHS GROUP Spagna 14,69,6,79,485 4,931,96 1,115,834 1,705,93 4,084,714 13,868, ,63 CREDIT AGRICOLE SA 99,446 FRANCE TELECOM SA 86,37 GDF SUEZ 53,334 MICHELIN SA 13,688 PEUGEOT SA 13,589 SANOFI 140,53 SOCIETE GENERALE A 806,933 89,80 1,343,141 3,818,181 74,887 8,83,018 3,974, ,091 BANCO SANTANDER SA 157,490 EBRO FOODS SA 165,409 REPSOL 394,731 TELEFONICA SA Garanzie, Diritti Spagna 4,947,655,36,350,536,547 4,0,309 76,419 76, ,869 TOTAL 63,480 VINCI SA 79,359 VIVENDI 5,963,40,8,741 1,345, ,409 REPSOL DROIT OPTION 10/01/ Totale portfolio titoli 76, ,017, Germania 63,661, ,134 ADIDAS AG,365, ,198 ALLIANZ SEREG 9,033, ,687 BAYER AG 8,819, ,096 BAYERISCHE MOTORENWERKE 3,15, ,608 COMMERZBANK 346, ,037 DAIMLER,811, ,900 DEUTSCHE BANK AGREG 5,136, ,88 DEUTSCHE TELEKOM AGREG,134, ,98 E.ON SE 1,807, ,96 FRESENIUS SE & CO KGAA 5,306, ,89 HEIDELBERGCEMENT AG 3,61, ,897 LINDE AG 5,00, ,757 MUENCHENER RUECKVERSICHERUNGS AGREG,78, ,44 PUMA AG,58, ,50 SIEMENS AGREG 6,14, ,5 VOLKSWAGEN AGPFD 3,137, Italia 15,510, ,44 ASSICURAZIONI GENERALI,38, ,345 ENI SPA 6,150, ,758,61 INTESA SANPAOLO SPA,86,

10 Equity Global Alpha Portfolio titoli al 31/1/1 Posizioni lunghe 37,481, Valori mobiliari quotati in una borsa valori ufficiale e/o negoziati in altri mercati regolamentati Azioni Australia 37,478,49 37,478,49 607, ,500 KOMATSU LTD 15,00 MITSUBISHI CORPORATION 40,900 NEXON 4,900 UNICHARM CORP 416,770 89,53 410,585 54, ,561 BHP BILLITON LTD 445, Indonesia 378, ,000 LYNAS CORPORATION 16, ,000 ASTRA INTERNATIONAL TBK PT 378, Austria 791, Irlanda 07, ,573 SCHOELLERBLECKMANN OILFIELD E 791, ,000 ELAN CORP ADR 04, Belgio 500, PROTHENA CORP 3, ,100 UMICORE 500, Italia 438, Bermuda 3 0,000 SALVATORE FERRAGAMO 438, RC GROUP (HOLDINGS) 3 Lussemburgo 397, Brasile 33, ,600 MILLICOM INTL CELLULAR SDR 397, ,800 SABESP SP.ADR 33, Paesi Bassi 535, Canada 1,868, ,900 CORE LABORATORIES 535, ,000 ENBRIDGE 19, Regno Unito,980, ,000 GOLDCORP 31,900 POTASH CORP OF SASKATCHEWAN (US) 440,746 1,98, ,500 ARM HOLDINGS 38,000 BG GROUP PLC 355,778 65, Cile 380, ,000 DE LA RUE 415, ,600 SOC QUIM & MIN SP ADR Cipro 380,44 635, ,705 RECKITT BENCKISER GROUP PLC 10,500 SHIRE 9,500 SMITH & NEPHEW 96,655 3,058 35, ,000 MD MEDICAL GROUP INVESTMENTS PLC 635, ,000 STANDARD CHARTERED 639, Curaçao 651, Stati Uniti d America 18,981, ,400 SCHLUMBERGER LTD Francia 651,36 4,98, ,100 AKAMAI TECHNOLOGIES INC 18,900 ALLEGHENY TECHNOLOGIES INC 1,800 AMAZON.COM 08, ,804 45, ,411 ALSTOM 19,697 BIGBEN INTERACTIVE 19,000 BNP PARIBAS 8,500 CARREFOUR SA 9,000 DANONE 550 HERMES INTERNATIONAL 1,400 LVMH MOET HENNESSY LOUIS VUITTON 1,000 MAUREL ET PROM 3,000 MEDICA 5,64 SAFT GROUPE 4,500 SCHNEIDER ELECTRIC SA 15,000 VIVENDI Germania 334,169 17,876 1,066,737 16,788 59, ,095 56,191 00, , ,40 35,95 335,03 301, ,500 AMERICAN EXPRESS CO 10,300 ANADARKO PETROLEUM CORP 7,600 AON PLC 1,850 APPLE INC 14,100 CAVIUM 7,100 CERNER CORP 5,400 CITIGROUP INC 10,300 CITRIX SYSTEMS INC 11,600 EMC CORP 6,900 ESTEE LAUDER COMPANIES INCA 9,100 FORD MOTOR CO,00 F5 NETWORKS INC 35,800 GNC HLD 300 GOOGLE INCA 431, ,393 4, , , ,44 13,64 677,5 93, , ,845 13,730 1,191,44 1, ,400 ADIDAS AG Giappone 301,811,599, ,500 IHS 3,300 INTL BUSINESS MACHINES CORP 1,000 INTUITIVE SURGICAL 43,000 63, , ,400 CAPCOM CO LTD 310, ,00 KANSAS CITY SOUTHERN 67, ,400 FANUC LTD 66, ,500 MEAD JOHNSON NUTRITION 889, INPEX HOLDINGS INC 91, ,100 M&T BANK CORPORATION 50,

11 Equity Global Alpha Portfolio titoli al 31/1/1 14,300 MICROSOFT CORP 37,000 MOLYCORP 6,100 NEXTERA ENERGY INC 8,100 NUANCE COMMUNICATIONS 3,300 OCCIDENTAL PETROLEUM CORP 9,500 POLYPORE INTERNATIONAL INC 6,000 PROLOGIS 5,500 QUALCOMM INC 5,100 ROCKWELL AUTOMATION INC,000 ROPER INDUSTRIES 14,400 SOURCEFIRE 100,359 SPARTAN GOLD LTD 1 SPRINT NEXTEL CORP 9,500 STARWOOD HTLS & RESORTS WORLD 9,100 STERICYCLE 6,700 UNITED TECHNOLOGIES CORP 18,600 US BANCORP,900 VF CORP Svizzera 5,500 CIE FIN RICHEMONT 4,000 NESTLE SA 38,39 349,80 4,059 67,19 5, ,750 18, ,110 48,349, ,968 3, ,90 848, , , , ,46 49,016 60, Strumenti derivati Opzioni Stati Uniti d America 3,400 CITIGROUP INC CALL Totale portfolio titoli 3,400 3,400 3,400 3,400 37,481,

12 Equity Japan Target Portfolio titoli al 31/1/1 JPY JPY Posizioni lunghe 6,15,597, ,000 TOSHIBA TEC CORP 30,153, Valori mobiliari quotati in una borsa valori ufficiale e/o negoziati in altri mercati regolamentati Azioni 6,15,597,560 6,15,597, ,00 TOYO CORP 91,900 ZUKEN Hardware e attrezzatura tecnologica 35,005,400 53,118,00 631,489, Assicurazioni non sulla vita 74,900 MS AD ASSURANCE 17,704,500 17,704, ,600 CANON MARKETING JAPAN INC 48,000 DENKI KOGYO 38,300 ICOM 85,956,000 86,55,000 73,61, Automobili e parti di ricambio 16,390, ,500 JAPAN DIGITAL LABORATORY CO 136,144, ,400 ALPINE ELECTRONICS INC 50,000 MURAKAMI 99,44,00 56,750, ,400 RYOSAN 88,000 TOKYO OHKA KOGYO CO LTD 99,800, ,44, ,000 NITTAN VALVE 4,00 PIOLAX Banche 1,040,000 48,158,000 8,46, Ingegneria industriale 09,000 AICHI CORP 9,000 AMADA CO LTD 773,416,100 9,587,000 17,095, ,300 BANK OF OKINAWA 165,000 KAGOSHIMA BANK 76,000 SHIZUOKA BANK 31,000 YAMANASHI CHUO BANK LTD Beni personali 46,151,000 89,430,000 63,916,000 8,99,000 97,7, ,800 FUJI MACHINE MFG 107,000 HISAKA WORKS 30,000 KINKI SHARYO 37,000 KITAGAWA IND 0,600 NISSEI 01,400 SINTOKOGIO 53,3,00 76,184,000 66,470,000 35,50,000 0,188, ,556, ,000 DESCENTE LTD 43,000 JAPAN WOOL TEXTILE 5,488,000 4,166, ,300 TOMOE ENGINEERING 133,000 TSUKISHIMA KUKAI 65,099,700 99,484, ,000 KOMATSU SEIREN 48,068, Media 131,70, Commercianti al dettaglio di prodotti generici 3,906,000 1,009 FUJI MEDIA HOLDINGS INC 131,70, ,600 FELISSIMO CORP 3,906,000 Prodotti per la casa e costruzione immobiliare 317,885, Costruzione e materiali 761,194, ,400 CHOFU SEISAKUSHO 16,757, ,300 C CUBE 175,000 KINDEN 179,000 MEISEI INDUSTRIAL 141,000 NICHIREKI CO.LTD 11,613,700 98,175,000 5,089,000 71,05, DAINICHI 6,700 SOFT 99 18,500 TENMA CORP 143,000 ZOJIRUSHI CORP 676,900 3,79, ,477,000 39,18, ,000 NIPPON DENSETSU KOGYO 40,600 NORITZ 71,800 OYO CORP 55,000 SANKI ENGINEERING 156,000 SEKISUI JUSHI 145,78,000 58,464,000 75,174, ,355, ,336, Produttori di generi alimentari 43,400 FUJICCO 90,600 SAKATA SEED 49,700 YAIZU SUISANKAGAKU 180,59,800 44,485,000 98,301,000 37,473, Elettronica e strumenti elettronici 1,080,91, Produttori di petrolio e gas 1,136, ,300 AIPHONE 179,500 AMANO CORP 56,788, ,65, ,000 KANTO NATURAL GAS 109,000 SINANEN 8,896,000 39,40, ,900 ESPEC 74,06, Servizi di supporto 97,939, ,400 GEOMATEC 60,000 HI LEX 5,653,600 86,400, ,700 TOPPAN FORMS 97,939, ,100 HOSIDEN CORP 45,103, Servizi e strumenti per la salute 3,853, ,700 JAPAN CASH MACHINE 130,00 KOA 14,81,00 90,358, ,300 FUKUDA DENSHI CO 3,853, ,400 MABUCHI MOTOR 38,600 MIRAY INDUSTRY CO LTD 114,767,000 37,403, Servizi informatici e software 41,698, ,700 NIPPON CERAMIC 85,804, ,00 ALPHA SYSTEMS 98,391, ,000 NIPPON PILLAR PACK 7,771, ,000 CAC 51,075, ,500 NIPPON SIGNAL 44,835, ,00 DTS 46,675, ,800 NITTO KOGYO 3,56, ,000 NEC FIELDING 6,198, ,000 TOA CORP 66,096, ,00 NSD CO LTD 39,358,

13 Equity Japan Target Portfolio titoli al 31/1/1 JPY Settore farmaceutico e delle biotecnologie 105,000 ASKA PHARMACEUTICAL 83,300 KISSEI PHARMA 16,000 NIPPON SHINYAKU Settore metallurgico ed estrazione industriale 186,700 NETUREN CO 147,000 NICHIA STEEL WORKS 76,100 OSAKA STEEL 189,000 YODOGAWA STEEL WORKS Sostanze chimiche 157,000 ASAHI ORGANIC CHEMICALS INDUST 88,000 IHARA CHEMICAL 30,600 KONISHI 57,100 OSAKA ORGANIC CHEMICAL 181,000 SAKAI CHEMICAL Trasporto industriale 07,000 SEINO HOLDINGS Viaggi, Tempo libero e Catering 94,600 DOUTORNICHIRES HOLDINGS Totale portfolio titoli 304,50,100 49,455,000 13,197,100 1,598, ,606, ,045,600 3,046,000 11,760,000 55,755, ,615,400 3,185,000 41,184,000 45,441,000 1,96,400 46,879, ,0, ,0, ,519, ,519,600 6,15,597,

14 Equity US Concentrated Core Portfolio titoli al 31/1/1 Posizioni lunghe 113,469, Settore farmaceutico e delle biotecnologie 7,51, Valori mobiliari quotati in una borsa valori ufficiale e/o negoziati in altri mercati regolamentati Azioni Assicurazioni non sulla vita 55,900 ACE LTD Commercianti al dettaglio di prodotti generici 15,400 AMAZON.COM 8,150 COSTCO WHOLESALE 113,469, ,469,979 4,460,80 4,460,80 9,909,3 3,867,556,780, ,400 ALLERGAN INC 68,400 LIFE TECH Sostanze chimiche 33,400 PRAXAIR INC Spazio aereo e difesa,750 PRECISION CASTPARTS CORP Telecomunicazioni mobili 4,164,54 3,357,07 3,655,630 3,655,630 4,309,305 4,309,305 5,775, ,50 PRICELINE.COM INC 3,61, ,750 AMERICAN TOWER 5,775, Distribuzione, servizi e attrezzatura per il petrolio 9,108, Viaggi, Tempo libero e Catering 3,914, ,050 NATIONAL OILWELL VARCO 61,500 OCEANEERING INTL 55,050 SCHLUMBERGER LTD 1,985,568 3,308,085 3,814, ,000 STARBUCKS Totale portfolio titoli 3,914,60 113,469, Estrazione 3,196, ,750 SILVER WHEATON 3,196,394.7 Hardware e attrezzatura tecnologica 17,883, ,750 APPLE INC 8,98, ,900 ARM HOLDINGS ADR 3,703, ,685 QUALCOMM INC 5,5, Produttori di generi alimentari,777, ,150 MEAD JOHNSON NUTRITION,777,64.36 Produttori di petrolio e gas,991, ,050 OCCIDENTAL PETROLEUM CORP,991,61.54 Servizi di supporto 8,404, ,300 FASTENAL CO 3,795, ,750 LINKEDIN CORP CLASS A 1,93, ,650 VERISK ANALYTICS CLASS.A,685,150.8 Servizi e strumenti per la salute,035, ,150 INTUITIVE SURGICAL,035, Servizi finanziari 6,91, ,450 CHARLES SCHWAB CORP,160, ,50 VISA INCA 4,130, Servizi informatici e software 1,35, ,895 CERNER CORP 3,175, ,540 COGNIZANT TECH SOA 3,076, ,700 EQUINIX 3,443, ,40 GOOGLE INCA 3,844, ,750 SALESFORCE.COM 4,664, ,00 VMWARE CLASS A 3,031,

15 Equity US Growth Portfolio titoli al 31/1/1 Posizioni lunghe 1,163, Servizi di supporto 1,548, Valori mobiliari quotati in una borsa valori ufficiale e/o negoziati in altri mercati regolamentati Azioni Assicurazioni non sulla vita 1,163,390 1,163, , ,55 FASTENAL CO,135 LINKEDIN CORP CLASS A 6,170 MSC INDL DIRECTA 10,900 ROBERT HALF INTL 491,41 45, , , ,310 ACE LTD 663, Servizi e strumenti per la salute 910, Automobili e parti di ricambio 6,643 BORG WARNER INC Beni di consumo per il piacere 10,504 HARMAN INTERNATIONAL INDUSTRIE Beni personali 11,885 GILDAN ACTIVEWEAR A 6,335 MICKAEL KORS 8,85 UNDER ARMOUR 475,77 475,77 468, ,899 1,159, ,657 33,75 40, ,975 CEPHEID 1,445 INTUITIVE SURGICAL Servizi finanziari 8,370 T ROWE PRICE GROUP INC Servizi informatici e software 3,30 ANSYS 8,400 ATHENAHEALTH 4,150 CERNER CORP 4,355 PALO ALTO NETWORKS INC 0, , , ,138 3,581,410 17, ,980 3,06 33, Bevande 7,970 MONSTER BEVERAGE CORP Commercianti al dettaglio di prodotti generici 41,454 41,454 1,781, ,690 RACKSPACE HOSTING 4,065 SALESFORCE.COM 1,380 SERVICENOW INC 14,515 SPLUNK INC 645, ,36 41,441 41, ,10 CARMAX 10,15 DICK S SPORTING GOODS 608,53 464, ,385 ULTIMATE SOFTWARE 1,480 WORKDAY INC 319,578 80, ,410 DSW INC. 5,813 PRICESMART 1,085 RESTORATION HARDWARE HOLDING Distribuzione, servizi e attrezzatura per il petrolio 4, ,89 36,597 1,946, Settore farmaceutico e delle biotecnologie 9,615 ARIAD PHARMACEUTIC 6,605 BIOMARIN PHARMACEUTICAL INC 9,910 ILLUMINA 1,830, ,416 35,96 550, ,90 CORE LABORATORIES 8,55 LUFKIN INDUSTRIES INC 1,885 OCEANEERING INTL 756,45 497,18 693, ,80 IRONWOOD PHARMACEUTICALS 11,655 MYLAN 8,15 VERTEX PHARMACEUTICALS INC 108,904 30,79 340, Elettronica e strumenti elettronici 473, Settore metallurgico ed estrazione industriale 434, ,460 AMETEK 4, ,30 ALLEGHENY TECHNOLOGIES INC 434, ,460 IPG PHOTONICS 30, Spazio aereo e difesa 78, Generi alimentari e medicinali al dettaglio 0, ,795 B/E AEROSPACE 335, ,10 THE FRESH MARKET Hardware e attrezzatura tecnologica 17,189 ARM HOLDINGS ADR 10,676 AVAGO TECHNOLOGIE LTD 0,459 1,65,31 650,59 338, ,35 PRECISION CASTPARTS CORP 1,439 TRANSDIGM Trasporto industriale 5,745 EXPEDIT INTL WASH 50,98 196, 7,15 7, ,70 CAVIUM 13,633 FUSION IO INC,758 RUCKUS WIRELESS Ingegneria industriale 89,317 31,605 6,138 1,65, Viaggi, Tempo libero e Catering ,00 ARCOS DORADOS HOLDINGS CL.A 5.8 Totale portfolio titoli 406, ,879 1,163, ,060 CUMMINS INC 331, ,790 ROCKWELL AUTOMATION INC 486,30.4 4,015 ROPER INDUSTRIES 447,59.06 Produttori di generi alimentari 385, ,107 HAIN CELESTIAL GRP 385,

16 Equity US Relative Value Portfolio titoli al 31/1/1 Posizioni lunghe 418,801, Prodotti industriali generici 8,566, Valori mobiliari quotati in una borsa valori ufficiale e/o negoziati in altri mercati regolamentati Azioni 418,801,67 418,801, ,340 GENERAL ELECTRIC CO 139,700 MEADWESTVACO 18,400 SEALED AIR 14,763,107 4,45,39 3,193, Assicurazioni non sulla vita 13,107, ,500 TYCO INTERNATIONAL LTD 6,157, ,500 TRAVELERS COMPANIES INC 13,107, Prodotti per la casa e costruzione immobiliare 18,55, Automobili e parti di ricambio 518,700 DANA HOLDING WI Banche 69,500 CITIGROUP INC 34,584 JP MORGAN CHASE AND CO 8,096,907 8,096,907 38,73,505 10,661,40 15,063, ,500 ENERGIZER HOLDINGS 83,606 LENNAR A Produttori di generi alimentari 317,190 MONDELEZ INTERNATIONAL Produttori di petrolio e gas 7,558,110 10,967,044 8,078,89 8,078,89 44,753, ,700 STATE STREET CORP 13,007, ,400 CHEVRON CORP 14,966, Beni di consumo per il piacere 414,350 COMCAST CLASS A 15,488,403 15,488, ,550 DEVON ENERGY CORPORATION 06,500 ENSCO A 79,700 NABORS INDUSTRIES 5,753,0 1,41,30 4,041, Bevande 7,068, ,180 VALERO ENERGY CORPORATION (NEW) 7,751, ,300 PEPSICO INC 7,068, Servizi di supporto 4,311, Commercianti al dettaglio di prodotti generici 3,763, ,750 ADT CORP 4,311, ,140 GAP INC 9,099, Servizi e strumenti per la salute 19,740, ,100 HOME DEPOT INC 14,664, ,600 CIGNA CORP 4,36, Distribuzione, servizi e attrezzatura per il petrolio 36,800 BAKER HUGHES INC 9,670,91 9,670, ,091 HOLOGIC INC 143,400 MEDTRONIC INC 9,496,043 5,88, Elettricità 15,545, Servizi finanziari 6,65, ,185 AES CORP 3,800 AMERICAN ELECTRIC POWER INC Elettronica e strumenti elettronici 16,300 HONEYWELL INTERNATIONAL INC 95,900 KON PHLPS SP.ADR 5,993,980 9,551,784 36,509,033 13,78,561 7,853, ,000 AMERICAN EXPRESS CO 190,700 AMERIPRISE FINANCIAL 179,300 SLM Servizi informatici e software 10,800 CA 11,610,960 11,943,541 3,071,409 4,633,384 4,633, ,600 TE CONNECTIVITY LTD 9,933,31.33 Settore farmaceutico e delle biotecnologie 31,055, ,300 THERMO FISHER SCIE 4,993, ,700 JOHNSON & JOHNSON 7,19, Hardware e attrezzatura tecnologica 34,819, ,10 MYLAN 7,97, ,700 APPLIED MATERIALS INC 3,748, ,131 PFIZER INC 15,954, ,650 CISCO SYSTEMS INC 397,545 DELL INC 387,700 INTEL CORP 101,700 LAM RESEARCH CORP 9,56,67 4,07,131 7,998,51 3,674, Telecomunicazione su rete fissa 75,400 AT & T INC Totale portfolio titoli 9,83,734 9,83, ,801, ,700 WESTERN DIGITAL CORP 5,808, Ingegneria industriale 13,519, ,765 PENTAIR,790, ,700 TEREX 10,79,587.5 Media 6,903, ,333 TIME WARNER 6,903,

17 Equity Global Select Portfolio titoli al 31/1/1 Posizioni lunghe 168,94, Stati Uniti d America 100,839, Valori mobiliari quotati in una borsa valori ufficiale e/o negoziati in altri mercati regolamentati Azioni 166,60, ,60, ,400 AKAMAI TECHNOLOGIES INC 75,00 ALLEGHENY TECHNOLOGIES INC 44,993 AMGEN INC 1,939,134,83,07 3,883, Australia 99,31 BHP BILLITON LTD 1,065,660 LYNAS CORPORATION 4,458,30 3,8, , ,800 ANADARKO PETROLEUM CORP 35,900 AON PLC 8,808 APPLE INC 64,900 CAVIUM 3,54,778 1,996,040 4,694,97,05, Bermuda 41,500 CERNER CORP 3,, ,000 PEACE MARK (HLDGS) Canada 6,308, ,000 CITIGROUP INC 5,500 CITRIX SYSTEMS INC 3,100 CVS CAREMARK CORP 1,503,80 1,676,65 1,55, ,00 ENBRIDGE 8,100 GOLDCORP 5,100 POTASH CORP OF SASKATCHEWAN (US) Curaçao 1,175,5 3,015,434,118,166 3,388, ,900 EMC CORP 169,900 FORD MOTOR CO 4,650 GOOGLE INCA 17,400 IHS 9,700 INFORMATICA CORP,578,070,00,05 3,98,571 1,670, , ,900 SCHLUMBERGER LTD Francia 3,388,81 1,015, ,400 INTL BUSINESS MACHINES CORP 3,900 INTUITIVE SURGICAL 6,600 KANSAS CITY SOUTHERN 3,33,970 1,91,443,0, ,39 BNP PARIBAS 51,357 CARREFOUR SA 34,595 DANONE 6,565 LVMH MOET HENNESSY LOUIS VUITTON 36,003 SCHNEIDER ELECTRIC SA Germania 4,65,8 1,309,83,76,169 1,01,355,60,580 3,631, ,100 M&T BANK CORPORATION 6,00 NATIONAL OILWELL VARCO 36,100 NEXTERA ENERGY INC,353 OCCIDENTAL PETROLEUM CORP 44,600 PEABODY ENERGY CORP 53,300 PEPSICO INC 34,500 PNC FINANCIAL SERVICES GROUP,74,657 1,790,770,497,759 1,71,463 1,186,806 3,647,319,011, ,998 ADIDAS AG 1,153, ,00 POLYPORE INTERNATIONAL INC 1,636, ,86 SIEMENS AGNOM,477, ,500 PRAXAIR INC 1,805, Giappone 11,061, ,400 PRECISION CASTPARTS CORP 3,400 PROLOGIS 3,95,908 1,18, ,600 FANUC LTD 3,056, ,500 QUALCOMM INC,139, ,700 HAMAMATSU PHOTONICS KK 1,035, ,450 QUESTAR CORP,716, ,500 KOMATSU LTD 1,831, ,900 ROPER INDUSTRIES 1,995, ,300 MITSUBISHI CORPORATION,443, ,00 ROSS STORES INC,77, ,700 SHINETSU CHEMICAL CO LTD 1,675, ,900 SALESFORCE.COM,336, ,600 UNICHARM CORP 1,018, ,00 STERICYCLE,070, Indonesia,68,000 ASTRA INTERNATIONAL TBK PT,111,500 BANK CENTRAL ASIA 3,78,50 1,788,513 1,993, ,00 SVB FINANCIAL GROUP 51,600 UNITED TECHNOLOGIES CORP 77,900 US BANCORP 36,400 VERTEX PHARMACEUTICALS INC,473,874 4,31,716,488,16 1,56, Isole Caiman 957,000 GOLDEN EAGLE RETAIL GROUP,355,819,355, ,500 VF CORP 80,100 XCEL ENERGY INC 40,850 ZIMMER HOLDING INC,038,095,139,471,73, Paesi Bassi 841, Svizzera 3,35, ,700 CORE LABORATORIES 841, ,084 CIE FIN RICHEMONT 1,410, Regno Unito 14,5, ,403 NESTLE SA 1,914, ,364 ARM HOLDINGS 150,148 BG GROUP PLC,588,614,471, Azioni/Quote di OICVM/OIC Azioni/Quote di fondo d investimento,033,611,033, ,335 RECKITT BENCKISER GROUP PLC 1,19, Francia,033, ,938 SABMILLER 175,41 STANDARD CHARTERED 3,486,988 4,486, AMUNDI TRESO DOLLAR Totale portfolio titoli,033, ,94,

18 Equity Japan Value Portfolio titoli al 31/1/1 JPY JPY Posizioni lunghe 7,59,68, Hardware e attrezzatura tecnologica 306,403, Valori mobiliari quotati in una borsa valori ufficiale e/o negoziati in altri mercati regolamentati Azioni Assicurazioni non sulla vita 55,000 MS AD ASSURANCE 65,550 TOKIO MARINE HLDGS INC 7,59,68,30 7,59,68,30 49,980,650 93,775, ,05, ,100 CANON INC 9,400 TOKYO ELECTRON LTD Ingegneria industriale 5,900 DAIKIN INDUSTRIES LTD,300 DISCO CORPORATION 314,000 KAWASAKI HEAVY INDUSTRIES 190,714, ,689, ,6,300 76,197,800 99,79,500 7,848, Automobili e parti di ricambio 8,000 AISIN SEIKI LTD 36,000 FCC 187,000 GS YUASA 71,350 HONDA MOTOR CO LTD 35,000 MUSASHI SEIMITSU 116,000 SUMITOMO ELECTRIC INDUSTRIES 678,137,750 74,59,000 64,96,000 64,70,000 4,395,750 63,40, ,608, ,000 KOMATSU LTD 93,000 KUBOTA CORPORATION 33,000 KURITA WATER INDUSTRIES LTD 190,000 MITSUBISHI ELECTRIC CORP 19,000 THE JAPAN STEEL WORKS 44,000 THK CO LTD Prodotti per la casa e costruzione immobiliare 131,040,000 91,698,000 6,436, ,890, ,136,000 67,584,000 15,59, ,000 YAMAHA MOTOR CO LTD 7,14, ,50 SEKISUI HOUSE LTD 68,059, Banche 847,6, ,000 SXL CORP 57,00, ,600 MITSUBISHI UFJ FINANCIAL GROUP 318,87, Produttori di generi alimentari 80,015, ,433,00 MIZUHO FINANCIAL GROUP INC 45,000 SEVEN BANK LTD 343,370 SUMITOMO MITSUI TRUST HLD 9,000 SURUGA BANK LTD 5,01,400 10,604, ,354,370 97,48, ,000 NICHIREI CORP 47,000 NIPPON MEAT PACKERS Produttori di petrolio e gas 3,850,000 56,165, ,50, Beni di consumo per il piacere 15,00 NINTENDO CO LTD Commercianti al dettaglio di prodotti generici 7,400 SHIMAMURA 37,300 YAMADA DENKI 139,384, ,384, ,034,500 6,01,000 14,0, ,800 JAPAN PETROLEUM EXPLORATION 188,000 SHOWA SHELL SEKIYU KK Servizi di supporto 5,000 DAISEKI 144,000 MARUBENI CORP 8,000 MITSUBISHI CORPORATION 56,776,000 91,744, ,036,500 61,984,000 88,416, ,054, Costruzione e materiali 366,030, ,500 MITSUI & CO LTD 163,58, ,000 ASAHI GLASS CO LTD 75,10, Servizi e strumenti per la salute 69,80, ,00 COMSYS HOLDINGS 58,000 LIXIL GROUP CORPORATION 149,000 SANWA HOLDINGS 59,945,00 111,186,000 56,471, ,500 TERUMO CORP Servizi finanziari 69,80,500 0,30, ,000 TOTO LTD 63,308, ,000 MATSUI SECURITIES 109,00, Elettronica e strumenti elettronici 365,113, ,610 ORIX CORP 93,10, ,000 AMANO CORP 56,50, Servizi informatici e software 505,684, ,000 JAPAN AVIATION ELECTRONICS IND 58,604, ,100 NOMURA RESEARCH 6,899, ,500 MURATA MANUFACTURING CO LTD 18,775, NTT DATA 68,518, ,00 NIDEC CORP 11,484, ,450 TOYOTA MOTOR CORP 374,67, Estrazione 6,16, Servizi per l investimento immobiliare 437,330, ,000 PACIFIC METALS CO LTD Gas, acqua e servizi 6,16,000 8,888, ,000 MITSUI FUDOSAN CO LTD 65,500 NOMURA REAL ESTATE HOLDINGS 1,78 NTT URBAN DEVELOPMENT 11,0, ,89, ,39, ,000 OSAKA GAS CO LTD 8,888, ,000 SUMITOMO REALTY & DEVELOPMENT 10,49, Generi alimentari e medicinali al dettaglio 99,540, Settore farmaceutico e delle biotecnologie 66,696, ,000 FAMILYMART 99,540, ,00 EISAI 87,10, ,000 NIPPON SHINYAKU 9,435,

19 Equity Japan Value Portfolio titoli al 31/1/1 4,800 TAISHO PHARM,500 TSUMURA & CO Settore metallurgico ed estrazione industriale 75,000 JFE HOLDINGS Sostanze chimiche 151,000 ASAHI KASEI 44,000 JSR CORP 178,000 MITSUBISHI CHEMICAL HOLDINGS 66,000 NISSAN CHEMICAL INDUSTRIES LTD Telecomunicazione su rete fissa 0,850 NIPPON TELEGRAPH & TELEPHONE Trasporto industriale 7,50 EAST JAPAN RAILWAY CO 47,900 HITACHI TRANSPORT SYSTEM 8,000 MITSUBISHI LOGISTICS CORP 507,000 NIPPON YUSEN Viaggi, Tempo libero e Catering 6,000 SANKYO CO LTD 158,000 TOKYU CORP Totale portfolio titoli JPY 8,416,000 58,75,000 10,150,000 10,150,000 91,557,000 76,557,000 7,116,000 75,88,000 67,056,000 75,685,500 75,685, ,10,100 15,055,000 60,306, ,94, ,907, ,838,000 89,050,000 76,788,000 7,59,68,

20 Equity Euro Select Portfolio titoli al 31/1/1 Posizioni lunghe 118,514, Italia 11,669, Valori mobiliari quotati in una borsa valori ufficiale e/o negoziati in altri mercati regolamentati Azioni 116,369,57 116,33, ,368 ASSICURAZIONI GENERALI 67,753 ATLANTIA SPA 507,473 ENEL SPA 1,50,716 96,184 1,59, Belgio 7,46 ANHEUSERBUSH INBEV 1,791,15 1,791, ,966 ENI SPA 1,144,791 INTESA SANPAOLO SPA 89,74 SAIPEM,91,876 1,488,8,615, Finlandia 514, ,8 UNICREDIT SPA REGR 1,51, ,065 METSO OYJ 514, Lussemburgo 478, Francia 46,07, ,909 APERAM 478, ,148 ACCOR 1,338, Paesi Bassi 9,50, ,650 AIR LIQUIDE 15,609 AXA SA 130,036 BNP PARIBAS 44,796 CARREFOUR SA 5,100 COMPAGNIE DE SAINTGOBAIN SA 4,89 CREDIT AGRICOLE SA 4,883 DANONE 19,195 DASSAULT SYSTEMES,34,983 1,676,880 5,537,58 866,579 1,678,66 1,474,086,140,076 1,616, ,131 EADS 0,093 FUGRO NV CERTIFICATCVA 67,470 ING GROEP NVCVA 61,574 ROYAL PHILIPS ELECTRONICS NV 95,151 STMICROELECTRONICS NV 103,76 UNILEVER CVA Norvegia,009, ,540 1,888,606 1,5, ,771,991,976,416, ,000 ELECTRICITE DE FRANCE 88,683 GDF SUEZ 0,47 L OREAL 1,006,560 1,381,38,14, ,939 PETROLEUM GEO SERVICES Regno Unito,416,356 7,896, ,80 LVMH MOET HENNESSY LOUIS VUITTON 17,049 MICHELIN SA 43,6 PUBLICIS GROUPE 67,65 SAFRAN 76,543 SANOFI 43,107 SOCIETE GENERALE A,1 SODEXO 16,678 TECHNIP SA 3,581,317 1,0,538 1,955,977,05,117 5,464,404 1,1,65 1,409,614 1,448, ,470 BG GROUP PLC 361,46 MEGGITT PLC 8,990 RIO TINTO PLC 986 ROYAL DUTCH SHELL 74,887 ROYAL DUTCH SHELL PLCA 807,57 VODAFONE GROUP PLC Spagna 1,48,934 1,703,698 1,55,066 5,77 1,945,190 1,537,696 4,158, ,990 THALES SA 1,548, ,446 BANCO SANTANDER SA 1,515, ,001 TOTAL,769, ,814 DIA SA 1,413, Germania 4,61 ALLIANZ SEREG 49,65 BASF SE 31,859,713 4,48,953 3,530, ,179 REPSOL Garanzie, Diritti Spagna 1,9,545 37,043 37, ,470 BAYER AG 17,694 BEIERSDORF 30,980 CONTINENTAL AG 4,131,518 1,094,905,713, ,179 REPSOL DROIT OPTION 10/01/013 Azioni/Quote di OICVM/OIC 37,043,145, ,144 DAIMLER 43,141 DEUTSCHE BANK AGREG 346,80 DEUTSCHE TELEKOM AGREG 86,554 E.ON SE 6,943 GEA GROUP AG 1,04,30 1,41,496,980,918 1,19,546 1,540, Azioni/Quote di fondo d investimento Francia 9 AMUNDI TRESO EONIA C 8 AMUNDI TRESO INSTITUTION,145,454,145,454 1,966, , ,599 HEIDELBERGCEMENT AG 6,97 MUENCHENER RUECKVERSICHERUNGS AGREG 760,73 94, Totale portfolio titoli ,514, ,141 SAP AG,011, ,083 SIEMENS AGREG 1,815, ,389 TELEFONICA DEUTSCHLAND HOLDING AG 897, ,779 VOLKSWAGEN AGPFD 1,167,

21 Equity Europe Select Portfolio titoli al 31/1/1 Posizioni lunghe 18,153, Paesi Bassi 4,795, Valori mobiliari quotati in una borsa valori ufficiale e/o negoziati in altri mercati regolamentati Azioni 1,930,168 1,930, ,33 EADS 4,000 FUGRO NV CERTIFICATCVA 89,000 ROYAL PHILIPS ELECTRONICS NV 1,956,794 1,068,480 1,770, Belgio,69, Regno Unito 9,58, ,000 ANHEUSERBUSH INBEV,69, ,000 BARCLAYS PLC,588, Francia 57,000 ACCOR 19,04 AXA SA 15,000 BNP PARIBAS 100,000 CARREFOUR SA 70,000 CGG VERITAS 59,000 COMPAGNIE DE SAINTGOBAIN SA 1,500 DASSAULT SYSTEMES 55,000 ELECTRICITE DE FRANCE 30,000 IPSEN 18,000 LVMH MOET HENNESSY LOUIS VUITTON 70,000 SAFRAN 4,000 SANOFI 60,000 SOCIETE GENERALE A 0,000 TECHNIP SA 48,500 THALES SA 30,576,887 1,51,615,563,760 5,33,15 1,934,500 1,581,300 1,900,980 1,810, , ,50,498,400,81,650,998,380 1,700,400 1,736,800 1,7, ,000 BG GROUP PLC 75,000 BHP BILLITON PLC 34,04 BP PLC 100,000 GLAXOSMITHKLINE PLC 380,000 HSBC HOLDINGS PLC 40,000 IMPERIAL TOBACCO GROUP PLC 15,000 MEGGITT PLC 45,500 RIO TINTO PLC,063 ROYAL DUTCH SHELL 147,937 ROYAL DUTCH SHELL PLCA 5,000 SHIRE 59,71 STANDARD CHARTERED 15,000 UNILEVER 1,6,001 VODAFONE GROUP PLC 90,000 XSTRATA PLC Spagna 1,6,796 1,969,085 1,697,964 1,645,913 3,030,74 1,170,63 1,013,371 1,969,834 53,88 3,870,37 581,618 1,158,388 3,646,83,334,556 1,175,071 1,91, Germania 3,091, ,533 DIA SA 1,91, ,499 ALLIANZ SENOM 3,85, Svezia 5,000 BAYER AG 30,000 BEIERSDORF 40,000 CONTINENTAL AG 1,797,50 1,856,400 3,503, ,000 SVENSKA MILJOEB B Svizzera 19,839, ,000 DAIMLER 13,991 DEUTSCHE TELEKOM AGNOM 83,985 GEA GROUP AG 96,500 KLOECKNER & CO AG 5,000 LINDE AG 15,000 SIEMENS AGNOM 1,859,400 1,839,53,055, ,41 3,300,000 1,33, ,000 CIE FIN RICHEMONT 130,000 CLARIANT (NAMEN) 30,000 HOLCIM LTDNOM 55,000 NOVARTIS AGNOM 3,500 ROCHE HOLDING AG BON DE JOUISSANCE DIVIDENDE,66,413 1,330,378 1,663,076,618,88 3,583, ,84 TELEFONICA DEUTSCHLAND HOLDING AG 957, ,000 UBS AG NOM 3,547, Italia 40,000 ENEL SPA 300,000 FINMECCANICA SPA 5,13,60 1,317,960 1,305, ,739 WOLSELEY PLC 9,7 ZURICH INSURANCE GROUP AG Azioni/Quote di OICVM/OIC,564,950 1,870,074 5,3, ,000 SAIPEM 50,000 UNICREDIT SPA REGR Jersey 05,000 WPP PLC 1,58,00 96,500,44,360,44, Azioni/Quote di fondo d investimento 0.73 Francia AMUNDI TRESO EONIA C 1.78 Totale portfolio titoli 5,3,11 5,3,11 5,3,11 18,153, Lussemburgo 1,350, ,000 SUBSEA 7 SA 1,350, Norvegia 1,819, ,000 PETROLEUM GEO SERVICES 1,819,

22 Equity Euroland Small Cap Portfolio titoli al 31/1/1 Posizioni lunghe 145,063, Irlanda 1,95, Valori mobiliari quotati in una borsa valori ufficiale e/o negoziati in altri mercati regolamentati Azioni Austria 130,631 AMAG AUSTRIA METALL 51,314 ANDRITZ AG 77,10 RHI AG 38,363 SCHOELLERBLECKMANN OILFIELD E 38,33 VOESTALPINE AG 130,973,79 130,973,79 11,538,101 3,05,414,490,78 1,919,840 3,041,80 1,060, ,467 ANGLO IRISH BANK CORP 491,07 GRAFTON GROUP UNIT Italia 390,385 AMPLIFON 96,771 ANSALDO STS SPA 33,411 BANCA GENERALI 4,763,977 BANCA POPOLARE DI MILANO 156,378 DANIELI & C.OFFICINE RNC 39,040 DE LONGHI 1,95,00 1,49,675 1,465,505,09,36 3,013,336,153,318 1,99,56 46, Belgio 36,445 ACKERMANS EN VAN HAAREN 175,301 NYRSTAR STRIP VVPR,69,605,69, ,965 PARMALAT FINANZIARIA 161,779 PRYSMIAN SPA 3,34 TOD S SPA 831,3 UBI BANCA SCPA,48,303 3,093,511,914, Finlandia 4,655, ,539 YOOX SPA 1,913, ,183 KEMIRA OYJ,564, Lussemburgo,496, ,475 POHJOLA BANK,090, ,380 OFINS SCIENTIFIC,496, Francia 35,030, Paesi Bassi 13,795, ,00 AIR FRANCEKLM 357,107 ALTRAN TECHNOLOGIES 9,730 ATOS 5,511 BIC 60,058 CGG VERITAS 58,878 CIMENTS VICAT SA 43,40 AZEO 88,99 INTER PARFUMS 74,886 MERCIALYS 1,755 NEXITY,701,68,053,365 1,571,58,304,154 1,356,710,777,864 1,57,01,045,005 1,84,95 3,134, ,60 AALBERTS INDUSTRIES NV 10,897 ARCADIS NV 4,76 GEMALTO 31,100 KONINKLIJKE VOPAK N.V. 346,94 LBI INTERNATIONAL NV 51,333 NUTRECO HOLDING NV 87,991 QIAGEN NV 4,40 TKH GROUP NV Spagna,37,68,16,847 1,681,368 1,657, ,785 3,90,446 1,09, ,190 7,308, ,74 REMY COINTREAU 9,64 REXEL 44,33 RUBIS 97,55 SCOR SE ACT PROV 83,085 VALEO 18,914 VILMORIN & CIE,008,188 1,44,556,96,398 1,990,485 3,16,904 1,770, ,608 BOLSAS Y MERCADOS ESPANOLES 140,03 DIA SA 134,504 EBRO FOODS SA 6,911 TECNICAS REUNIDAS Azioni/Quote di OICVM/OIC,409, ,554,017,560,07,3 14,090, ,759 VIRBAC SA Germania 1,61,36 30,463, Azioni/Quote di fondo d investimento Francia 14,090,05 14,090, ,708 AURUBIS AG 3,07 BILFINGER SE 18,168 BRENNTAG AG 4,108 DRAEGERWERK AG CO KGAA 34,916 EVENTIM AG ORD SHS 3,968,439 1,680,971 1,806,444 1,844, , ,000 AMUNDI ETF O STOX SMALL CAP AMUNDI TRESO EONIA C AMUNDI TRESO INSTITUTION Totale portfolio titoli 5,08,510 8,315,109 69, ,063, ,935 GSW IMMOBILIEN,717, ,353 KUKA AG,500, ,016 MTU AERO ENGINES HLDG AG 1,514, ,15 RHEINMETALL AG,08, ,7 SALZGITTER AG 1,014, ,186 SKY DE 3,803, ,387 SOFTWARE,45, ,974 WIRECARD 4,147,315.9

23 Equity Global Gold Mines Portfolio titoli al 31/1/1 Posizioni lunghe 115,874, Sudafrica 10,937, Valori mobiliari quotati in una borsa valori ufficiale e/o negoziati in altri mercati regolamentati Azioni 115,874, ,83, ,613 ANGLOGOLD ASHANTI 116,900 ANGLOGOLD ASHANTISPON ADR 15,400 HARMONY GOLD 4,007,681 3,667,153 1,878, Australia 7,00, ,500 HARMONY GOLD ADR 1,384, ,695 CONTINENTAL GOLD LTD 930, Garanzie, Diritti 4,18 138,840 MEDUSA MINING 78, Canada 4,18 180,46 NEWCREST MINING 519,781 PERSEUS MINING 4,155,517 1,133, ,000 TOREX GOLD RESOURCES INC WARRANT 3/10/013 4,18 Canada 77,137, Totale portfolio titoli 115,874, ,100 AGNICO EAGLE MINES,838, ,331 ALACER GOLD CORP 915, ,339 ARGONAUT GOLD,875, ,578 BARRICK GOLD CORP 5,755, ,08 CENTERRA GOLD 1,08, ,968 DETOUR GOLD,449, ,589 ELDORADO GOLD CORP 7,540, ,400 FIRST MAJESTIC SILVER,345, ,05 FRANCO NEVADA 3,994, ,39 GOLDCORP 11,363, ,554 IAMGOLD,889, ,668 KINROSS GOLD 7,156, ,700 MIDAS GOLD 316, ,054 NEW GOLD 4,51, ,600 OSISKO MINING CORP 87, ,400 PRETIUM RESOURCES 1,03, ,500 QUEENSTON MINING INC 1,100, ,800 RAINY RIVER RESOURCES 597, ,997 RUBICON MINERALS 435, ,649 SEMAFO INC 1,1, ,500 SILVER WHEATON 3,511, ,700 TAHOE RESOURCES INC 890, ,076,698 TOREX GOLD RESOURCES,379, ,03 YAMANA GOLD 8,764, Jersey 8,336, ,768 LYDIAN INTL 79, ,770 POLYUS GOLD INT,09, ,475 RANDGOLD RESOURCES 819, ,300 RANDGOLD RESOURCES ADR 4,694, Regno Unito 4,873, ,391 AFRICAN BAR 1,807, ,138 FRESNILLO PLCW/I 3,066, Stati Uniti d America 7,544, ,414 ALLIED NEVADA GOLD CORP 1,79, ,00 NEWMONT MINING CORP 5,814,

24 Equity Global Luxury and Lifestyle Portfolio titoli al 31/1/1 Posizioni lunghe 98,050, Azioni/Quote di OICVM/OIC 3,31, Valori mobiliari quotati in una borsa valori ufficiale e/o negoziati in altri mercati regolamentati Azioni Automobili e parti di ricambio 36,634 BAYERISCHE MOTORENWERKE 94,78,838 94,78,838 5,971,49 3,5, Azioni/Quote di fondo d investimento 96.7 Fondo d investimento AMUNDI TRESO DOLLAR 3.58 Totale portfolio titoli 3,31,565 3,31,565 3,31,565 98,050, ,133 DAIMLER 1,60, ,100 TESLA MOTOR INC 1,188, Beni personali 59,365, ,711 ADIDAS AG 4,679, ,5 BURBERRY GROUP 1,79, ,075 CHRISTIAN DIOR 5,43, ,476 CIE FIN RICHEMONT 7,681, ,604 COACH INC 6,084, ,868 HERMES INTERNATIONAL,049, ,375 L OREAL,679, ,44 LVMH MOET HENNESSY LOUIS VUITTON 4,619, ,506 NIKE INC B 3,896, ,118 POLO RALPH LAUREN A,116, ,300 PRADA,50, ,009 SALVATORE FERRAGAMO 789, ,079 THE SWATCH GROUP 7,597, ,596 TOD S SPA,18, ,071 VF CORP 5,747, Bevande 6,564, ,816 DIAGEO,0, ,567 PERNOD RICARD,140, ,371 REMY COINTREAU,1,891.5 Commercianti al dettaglio di prodotti generici 8,761, ,496 DUFRY GROUPNOM 1,50, ,000 GOLDEN EAGLE RETAIL GROUP 1,408, ,500 LIFESTYLE INTERNATIONAL HOLDINGS LTD 1,187, ,549 PPR,144, ,454 TIFFANY & CO 1,918, ,36 YOOX SPA 600, Hardware e attrezzatura tecnologica 1,937, ,635 APPLE INC 1,937, Produttori di generi alimentari 1,663, LINDT AND SPRUENGLI PS 1,663, Servizi e strumenti per la salute 3,85, ,573 ESSILOR INTERNATIONAL 859, ,553 LUXOTTICA GROUP,15, ,996 NOBEL BIOCARE HLDG AGNOM 813, Viaggi, Tempo libero e Catering 6,639, ,606 INTERCONT HOTELS GROUP PLC,957, ,19 MARRIOTT INTERNATIONALA 1,1, ,600 STARWOOD HTLS & RESORTS WORLD,558,

25 Equity Global Agriculture Portfolio titoli al 31/1/1 Posizioni lunghe 170,109, Singapore 8,10, Valori mobiliari quotati in una borsa valori ufficiale e/o negoziati in altri mercati regolamentati Azioni Bermuda 139,800 BUNGE LTD 1,500 COSAN CL A 170,109,99 170,109,99 13,8,081 10,16,06,10, ,000 INDOFOOD AGRI RESOURCES LTD,650,000 WILMAR INTERNATIONAL Spagna 16,500 VISCOFAN Stati Uniti d America 874,3 7,45, ,7 931,7 63,455, ,000,000 NOBLE GROUP LTD 945, ,000 AGCO CORP 1,817, Brasile 616,900 BRF BR FOODS SP ADR 103,800 SLC AGRICOLA 14,09,064 13,0,759 1,006, ,500 ANDERSONS INC 371,800 ARCHERDANIELS MIDLAND CO 3,000 CF INDUSTRIES HOLDINGS INC 55,000 DARLING INTERNATL 965,50 10,183,60 4,67,680 88, Canada 16,96, ,100 DEERE & CO 8,391, ,500 AGRIUM INC 74,700 POTASH CORP OF SASKATCHEWAN (US) Cile 5,17,880 11,168,140 1,79, ,500 INGREDION 80,000 INTREPID POTASH INC 1,500 LINDSAY SHS 17,700 MONSANTO 1,64,965 1,703,00 1,001,500 1,086, ,000 SOC QUIM&MIN SP ADR Germania 1,79,00 5,779, ,000 MOSAIC CO THE WI 44,000 RENTECH NITROGEN PARTNERS LP 155,000 SMITHFIELD FOODS 5,663,000 1,658,360 3,343, ,000 BAYWA AG VINK N 38,000 K+S AG NOM. 77,500 SUEDZUCKER Giappone 350,000 KUBOTA CORPORATION 115,000 NIPPON MEAT PACKERS 859,597 1,753,47 3,166,434 5,580,58 3,991,10 1,589, ,500 TRACTOR SUPPLY 15,500 TRIMBLE NAVIGATION 350,000 TYSON FOODS A 6,500 VALMONT IND INC Svizzera 8,950 SYNGENTA AGNOM 839,40 96,590 6,790, ,575 11,594,54 11,594, Hong Kong (Cina) 839, Tailandia 1,748, ,500,000 CHINA AGRIINDUSTRIES HLDGS Isole Caiman 839, ,585,000 CHAROEN POKPHAND FOOD Totale portfolio titoli 1,748, ,109, ,886,000 CHAODA MODERN AGRICULTURE HLDGS LTD Mauritius 3,698, ,950,400 GOLDEN AGRIRESSOURCES LTD 3,698, Norvegia 6,18, ,950,000 MARINE HARVEST,713, ,500 YARA INTERNATIONAL ASA 3,468,481.0 Paesi Bassi,398, ,500 CNH GLOBAL NV 1,510, ,500 NUTRECO HOLDING NV 887, Regno Unito 10,175, ,500 ASSOCIATED BRITISH FOODS 8,45, ,500 GENUS 874, ,500 TATE & LYLE PLC 848, Russia 4,3, ,000 PHOSAGRO ADR 884, ,000 URALKALISPON GDR 3,438,