HSBC Global Investment Funds - Unaudited Semi-Annual Report docx

HSBC Global Investment Funds
Unaudited Semi-Annual Report for the period from
1 April 2011 to 30 September 2011
R.C.S. Luxembourg B 25 087









1

Unaudited semi-annual report for the period from 1 April 2011 to 30 September 2011




Société d’Investissement à Capital Variable (SICAV), Luxembourg










2

Information concerning the distribution of shares of HSBC Global Investment Funds in or from Switzerland.
HSBC
Private Bank (Suisse) SA, Quai du Général Guisan 2, case postale 3580 CH-1211 Geneva 3, is the legal
representative of the Company in Switzerland and the Company’s paying agent in that country. The Prospectus,
simplified Prospectuses, Articles and annual and semi-annual reports of the Company may be obtained free of charge
upon request from the HSBC Private Bank (Suisse) S.A. A breakdown of all transactions carried out on behalf of each
sub-fund of HSBC Global Investment Funds for the period under review can be obtained, free of charge, from the
Company’s representative in Switzerland.

Information concerning the distribution of shares of HSBC Global Investment Funds in or from Germany.
HSBC Trinkaus & Burkhardt AG, 21-23 Königsallee, D-40212 Düsseldorf, is the legal representative of the Company in
Germany and the Company’s paying agent in that country. The Prospectus, simplified Prospectuses, Articles and annual

and semi-annual reports of the Company may be obtained free of charge upon request from the HSBC Trinkaus &
Burkhardt AG. A breakdown of all transactions carried out on behalf of each sub-fund of HSBC Global Investment Funds
for the period under review can be obtained, free of charge, from the Company’s representative in Germany.

No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the
current Prospectus accompanied by the latest annual and the most recent semi-annual report, if published thereafter.

Unaudited semi-annual report for the period from 1 April 2011 to 30 September 2011







Table of Contents

3


Board of Directors 4

Management and Administration 5

Statement of Net Assets as at 30 September 2011 10

Key Figures as at 30 September 2011 22

Statement of Operations and Changes in Net Assets 68

Notes to the Financial Statements 80

Comparative Table of Net Assets 216

Portfolio of Investments and Other Net Assets 237

Currency Conversion Table 380

Dealing Days of the Fund 381

Fund Holiday Calendar for 2012 382







Board of Directors

4

BOARD OF DIRECTORS OF THE COMPANY

Didier Deleage (Chairman), Chief Operating Officer, HSBC Global Asset Management (France)
Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France.

James Boucher, Managing Director, HSBC Bank (Mauritius) Limited

6th Floor, HSBC Centre, 18 CyberCity, Ebene, Mauritius.

Thies Clemenz, Chief Executive Officer, HSBC Trinkaus Investment Managers S.A.
8, rue Lou Hemmer, L-1748 Luxembourg-Findel, Grand Duchy of Luxembourg.

George Efthimiou, Global Chief Operating Officer, HSBC Global Asset Management Limited
8 Canada Square, London E14 5HQ, United Kingdom.

David Silvester, Head of Product Management - Global Funds, HSBC Global Asset Management (UK) Limited
8 Canada Square, London E14 5HQ, United Kingdom.

Sylvie Vigneaux, Head of Regulatory and Wealth Engineering, HSBC Global Asset Management (France)
Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France.

Edgar Ng, Director, Head of Business Support Asia Pacific, HSBC Global Asset Management (Hong Kong) Limited
HSBC Main Building, 1 Queen's Road Central, Hong Kong.

Dr. Michael Boehm, Managing Director and Chief Operating Officer
HSBC Global Asset Management (Deutschland) GmbH, Königsallee 21/23, 40212 Düsseldorf, Germany







Management and Administration

5

Registered Office
16, boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg.
R.C.S. Luxembourg N° B-25087

Management Company
HSBC Investment Funds (Luxembourg) S.A.
16, boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg.

Custodian, Administration Agent, Transfer Agent and Central Paying Agent
RBC Dexia Investor Services Bank S.A.
14, Porte de France, L- 4360 Esch-sur-Alzette, Grand Duchy of Luxembourg.


Investment Advisers

From 1 July 2011


HSBC Global Asset Management (France)
Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France

HSBC Global Asset Management (Hong Kong) Limited
Level 22, HSBC Main Building, 1 Queen's Road Central, Hong Kong

HSBC Global Asset Management (Singapore) Limited
21 Collyer Quay, #15-02 HSBC Building, Singapore 049320, Singapore

HSBC Global Asset Management (UK) Limited
8, Canada Square, London E14 5HQ, United Kingdom

HSBC Global Asset Management (USA) Inc.
452 Fifth Avenue, 18th Floor, New York, NY 10018, USA

HSBC Bank Brasil S.A. – Banco Múltiplo
Travessa Oliviera Belo, 11-B, 80020-030 Curitiba, Brazil

HSBC Portfoy Yonetimi A.S.
Esentepe Mahallesi, Büyükdere Caddesi, No:128, 34394 Sisli, Istanbul, Turkey







Management and Administration (continued)

6

Investment Advisers (continued)

Until 30 June 2011


Halbis Capital Management (France)
Immeuble Ile de France, 4, place de la Pyramide, La Défense 9, 92800 Puteaux, France

HSBC Global Asset Management (France)
Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France

HSBC Global Asset Management (Hong Kong) Limited
Level 22, HSBC Main Building, 1 Queen's Road Central, Hong Kong

HSBC Global Asset Management (Singapore) Limited
21 Collyer Quay, #15-02 HSBC Building, Singapore 049320, Singapore

HSBC Global Asset Management (UK) Limited
8, Canada Square, London E14 5HQ, United Kingdom

HSBC Global Asset Management (USA) Inc.
452 Fifth Avenue, 18th Floor, New York, NY 10018, USA

HSBC Bank Brasil S.A. – Banco Múltiplo
Travessa Oliviera Belo, 11-B, 80020-030 Curitiba, Brazil

HSBC Portfoy Yonetimi A.S.
Esentepe Mahallesi, Büyükdere Caddesi, No:128, 34394 Sisli, Istanbul, Turkey

Sinopia Asset Management
4, place de la Pyramide, La Défense 9, 92800 Puteaux, France

Sinopia Asset Management (UK) Limited
8, Canada Square, London E14 5HQ, United Kingdom

Management and Administration (continued)

7

Share Distributors
Global Distributor

HSBC Investment Funds (Luxembourg) S.A., 16, boulevard d’Avranches, L-1160 Luxembourg, Grand Duchy of
Luxembourg.

Austria, Eastern Europe and Germany Distributor

HSBC Trinkaus & Burkhardt AG, Königsallee 21/23, D-40212 Düsseldorf, Germany.

Hong Kong Representative and Distributor

HSBC Investment Funds (Hong Kong) Limited, HSBC Main Building, 1 Queen's Road Central, Hong Kong.

United Kingdom Representative and Distributor

HSBC Global Asset Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom.

Republic of Ireland Distributor

HSBC Global Asset Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom.

Republic of Ireland Representative

HSBC Securities Services (Ireland) Limited, HSBC House, 1 Grand Canal Square, Grand Canal Harbour, Dublin 2, Ireland.

Jersey Representative and Distributor

HSBC Global Asset Management (International) Limited, HSBC House, Esplanade, St Helier, Jersey, JE1 1HS Channel
Islands.

Singapore Representative and Distributor

HSBC Global Asset Management (Singapore) Limited, 21, Collyer Quay, #15-02 HSBC Building, Singapore 049320,
Singapore.

Swiss Representative and Paying Agent in Switzerland

HSBC Private Bank (Suisse) S.A., Quai du Général Guisan 2, Case postale 3580, CH-1211 Geneva 3, Switzerland.

Korea Representative and Distributor

HSBC Korea Ltd, HSBC Building #25, 1-Ka, Bongrae-Dong, Chung-Ku, Seoul, Korea.

Distributor for Continental Europe

HSBC Global Asset Management (France), Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800
Puteaux, France.

Management and Administration (continued)

8

Paying Agent in Hong Kong
The Hong Kong and Shanghai Banking Corporation Limited, HSBC Main Building, 1 Queen’s Road Central,
Hong Kong.

Representative and Paying Agent in Poland
HSBC Bank Polska S.A., Kraków Business Park 200, Ul. Krakowska 280, 32-080 Zabierzów, Poland.

Réviseur d'Entreprises Agréé
KPMG Luxembourg S.à r.l.
9, allée Scheffer, L-2520 Luxembourg, Grand Duchy of Luxembourg.

Legal Adviser
Elvinger, Hoss & Prussen, 2, place Winston Churchill, L - 1340 Luxembourg, Grand Duchy of Luxembourg.


9
10
Statement of Net Assets as at 30 September 2011
The accompanying notes form an integral part of these financial statements.
Portfolio at Cost
Unrealised Appreciation/(Depreciation)
Portfolio at Market Value
Cash at Bank
Bank Overdraft
Receivable from Brokers
Payable to Brokers

Receivable from Shareholders
Payable to Shareholders
Other Assets (note 18)
Other Liabilities (note 18)
Total Net Assets
CONSOLIDATED
USD
22,181,159,681
(3,013,448,106)
19,167,711,575
1,033,339,076
(24,396,799)
284,256,665
(211,403,166)
61,572,545
(313,701,612)
198,261,658
(123,453,506)
20,072,186,436
USD
Asia ex Japan
Equity
633,388,591
(95,214,736)
538,173,855
32,369,382
-
2,033,364
(619,074)
190,842

(1,434,098)
1,534,242
(6,481,582)
565,766,931
International and
Regional Equity
Sub-Funds
USD
Asia ex Japan
Equity Smaller
Companies
54,314,694
(1,245,261)
53,069,433
2,036,587
-
218,939
-
203,519
(513,859)
114,423
(166,288)
54,962,754
USD
Asia Pacific ex
Japan Equity
High Dividend
163,555,936
(5,583,604)
157,972,332

13,160,264
-
-
-
1,411,442
(2,054,103)
835,632
(429,377)
170,896,190
11
Statement of Net Assets as at 30 September 2011
USD
BRIC Equity
1,608,949,807
(350,088,829)
1,258,860,978
11,920,584
(897)
25,637,579
(6,800,951)
1,102,212
(6,741,310)
3,509,328
(1,608,630)
1,285,878,893
USD
BRIC Markets
18,032,455
(773,229)
17,259,226

44,592
(6,150)
-
-
-
-
66,240
(20,882)
17,343,026
USD
BRIC Markets
Equity
499,594,528
(57,698,934)
441,895,594
14,691,432
-
-
-
113,388
(2,383,043)
1,774,712
(885,997)
455,206,086
USD
China Consumer
Opportunities
(launched as at 23
September 2011)
6,642,178

(298,268)
6,343,910
7,620,313
-
-
(1,989,670)
2,102,773
(971,004)
98,216
(10,839)
13,193,699
USD
CIVETS (launched
as at 17 May
2011)
20,755,883
(2,867,273)
17,888,610
398,212
-
-
-
2,964
-
11,986
(5,924)
18,295,848
USD
Climate Change
26,496,372

625,452
27,121,824
1,076,885
(203)
199,776
(691,166)
32,387
(180,929)
64,545
(67,840)
27,555,279
12
Statement of Net Assets as at 30 September 2011
The accompanying notes form an integral part of these financial statements.
Portfolio at Cost
Unrealised Appreciation/(Depreciation)
Portfolio at Market Value
Cash at Bank
Bank Overdraft
Receivable from Brokers
Payable to Brokers
Receivable from Shareholders
Payable to Shareholders
Other Assets (note 18)
Other Liabilities (note 18)
Total Net Assets
USD
Emerging Wealth
23,456,730
(3,830,482)

19,626,248
78,182
-
387,794
-
30,186
(110,502)
27,674
(43,179)
19,996,403
EUR
Euroland Equity
884,339,144
(263,668,172)
620,670,972
24,995,340
-
2,971,724
(3,971,548)
4,768,886
(7,549,598)
1,384,716
(3,321,045)
639,949,447
EUR
Euroland Equity
Smaller
Companies
51,207,504
(5,097,981)

46,109,523
1,570,153
-
274,676
-
114,367
(236,432)
79,417
(67,478)
47,844,226
EUR
Euroland Growth
87,740,474
(26,153,225)
61,587,249
3,488,772
-
-
-
29,298
(519,840)
202,000
(53,968)
64,733,511
13
Statement of Net Assets as at 30 September 2011
EUR
European Equity
104,825,638
(18,724,320)

86,101,318
1,467,330
-
1,050,619
(448,317)
68,389
(428,185)
191,921
(105,003)
87,898,072
USD
Global Emerging
Markets Equity
652,763,915
(166,931,307)
485,832,608
22,598,794
-
-
-
197,159
(4,849,646)
1,196,839
(1,075,646)
503,900,108
USD
Global Equity
68,807,370
(7,101,593)
61,705,777

5,005,974
(763,228)
-
-
2,219
(923,420)
228,184
(45,942)
65,209,564
USD
Latin American
Equity
198,829,926
(21,859,917)
176,970,009
7,292,709
-
185,305
(538,703)
181,344
(992,467)
368,630
(253,034)
183,213,793
USD
Middle East and
North Africa
Equity
10,618,252
(900,736)

9,717,516
162,394
-
66,744
(60,245)
16,407
(3,913)
5,160
(8,811)
9,895,252
USD
Brazil Equity
1,643,401,196
(148,914,417)
1,494,486,779
50,191,109
-
15,535,541
-
3,068,270
(19,928,432)
5,133,874
(2,682,110)
1,545,805,031
Market Specific
Equity Sub-Funds
14
Statement of Net Assets as at 30 September 2011
The accompanying notes form an integral part of these financial statements.
Portfolio at Cost

Unrealised Appreciation/(Depreciation)
Portfolio at Market Value
Cash at Bank
Bank Overdraft
Receivable from Brokers
Payable to Brokers
Receivable from Shareholders
Payable to Shareholders
Other Assets (note 18)
Other Liabilities (note 18)
Total Net Assets
USD
Chinese Equity
2,200,015,875
(320,070,822)
1,879,945,053
88,898,159
-
34,601,413
(41,734,478)
1,179,697
(9,550,186)
10,196,726
(3,330,600)
1,960,205,784
USD
Hong Kong Equity
334,327,668
(45,292,749)
289,034,919

4,987,709
-
5,508,048
(3,234,475)
1,640,951
(926,062)
1,766,000
(323,268)
298,453,822
USD
Indian Equity
4,632,434,694
(833,553,942)
3,798,880,752
41,355,884
-
38,075,568
(20,857,972)
302,609
(17,257,790)
10,950,953
(9,701,647)
3,841,748,357
JPY
Japanese Equity
5,056,713,747
(971,386,351)
4,085,327,396
163,915,901
-

-
-
12,053,012
(10,927,939)
45,834,829
(4,975,179)
4,291,228,020
15
Statement of Net Assets as at 30 September 2011
USD
Korean Equity
116,468,076
(6,385,795)
110,082,281
339,620
-
1,285,334
(984,541)
297,020
(781,124)
4,559
(172,362)
110,070,787
USD
Russia Equity
720,358,078
(192,585,556)
527,772,522
17,876,439
-

3,691,628
(704,511)
2,360,081
(13,735,639)
1,270,416
(970,512)
537,560,424
USD
Singapore Equity
66,638,213
(9,457,820)
57,180,393
4,449,816
-
240,226
(866,317)
122,324
(267,632)
178,591
(89,756)
60,947,645
USD
Taiwan Equity
29,055,920
(3,373,292)
25,682,628
1,747,235
-
1,242,129
-

22,532
(2,788,793)
66,669
(50,224)
25,922,176
USD
Thai Equity
88,097,315
2,374,546
90,471,861
1,721,795
-
2,870,523
-
461,785
(2,003,692)
45,864
(172,942)
93,395,194
EUR
Turkey Equity
132,115,526
(28,536,578)
103,578,948
7,561,234
-
-
(9,336,934)
14,258,402
(2,607,962)

19,607
(166,400)
113,306,895
16
Statement of Net Assets as at 30 September 2011
The accompanying notes form an integral part of these financial statements.
Portfolio at Cost
Unrealised Appreciation/(Depreciation)
Portfolio at Market Value
Cash at Bank
Bank Overdraft
Receivable from Brokers
Payable to Brokers
Receivable from Shareholders
Payable to Shareholders
Other Assets (note 18)
Other Liabilities (note 18)
Total Net Assets
GBP
UK Equity
48,235,161
(3,810,628)
44,424,533
580,418
-
-
-
156,597
(166,576)
259,542

(71,294)
45,183,220
USD
US Equity
127,525,806
(3,082,302)
124,443,504
9,218,321
-
10,731,294
(2,753,117)
3,267,847
(3,819,516)
104,697
(1,114,901)
140,078,129
USD
Asian Currencies
Bond (launched
as at 27 April
2011)
40,806,460
(1,567,397)
39,239,063
3,978,192
-
512,014
(682,465)
21,194
(39)

415,208
(248,382)
43,234,785
Bond Sub-Funds
USD
Brazil Bond
52,630,147
(1,345,001)
51,285,146
159,377
-
768,349
-
313,225
(957,789)
318,948
(66,665)
51,820,591
17
Statement of Net Assets as at 30 September 2011
USD
Emerging
Inflation Linked
Bond (launched
as at 30 June
2011)
106,105,890
(1,590,173)
104,515,717
5,607,309

(175,617)
8,453,289
(1,999,981)
91,652
(10,451,676)
1,474,600
(436,503)
107,078,790
EUR
Euro Bond
82,793,564
553,423
83,346,987
2,838,101
-
241,850
(198,950)
19,085
(51,884)
1,323,815
(495,298)
87,023,706
EUR
Euro Credit Bond
376,364,108
(14,803,337)
361,560,771
16,762,667
-
12,822,987

(18,065,827)
374,706
(1,748,551)
9,800,726
(508,177)
380,999,302
EUR
Euro High Yield
Bond
485,819,651
(44,519,767)
441,299,884
30,690,707
-
3,240,068
(5,476,836)
255,299
(5,653,235)
14,081,436
(1,727,088)
476,710,235
USD
Global Bond
231,026,758
4,287,315
235,314,073
19,311,263
-
-
(28,223,575)

1,362,652
(3,927,793)
2,477,359
(72,516)
226,241,463
USD
Global Credit
Bond
19,432,458
(962,243)
18,470,215
564,140
(65,055)
-
-
-
-
1,051,061
(84,232)
19,936,129
18
Statement of Net Assets as at 30 September 2011
The accompanying notes form an integral part of these financial statements.
Portfolio at Cost
Unrealised Appreciation/(Depreciation)
Portfolio at Market Value
Cash at Bank
Bank Overdraft
Receivable from Brokers
Payable to Brokers

Receivable from Shareholders
Payable to Shareholders
Other Assets (note 18)
Other Liabilities (note 18)
Total Net Assets
USD
Global Emerging
Markets Bond
1,474,281,459
(11,380,104)
1,462,901,355
113,669,942
(3,303)
52,775,965
-
2,445,269
(101,312,837)
31,666,218
(29,997,775)
1,532,144,834
USD
Global Emerging
Markets
Corporate Debt
10,116,355
(872,713)
9,243,642
214,226
-
-

-
-
-
210,458
(2,138)
9,666,188
USD
Global Emerging
Markets
Investment Grade
Bond
85,401,068
(4,758,839)
80,642,229
13,793,010
-
-
-
1,020,260
-
1,356,669
(2,270,279)
94,541,889
USD
Global Emerging
Markets Local
Debt
641,836,176
(40,163,983)
601,672,193

74,777,479
(114,364)
-
-
252,240
(3,364,056)
12,186,753
(10,179,378)
675,230,867
19
Statement of Net Assets as at 30 September 2011
USD
Global High
Income Bond
712,483,843
(38,411,942)
674,071,901
29,070,984
(3,360,380)
8,686,883
(5,490,103)
687,570
(11,734,676)
31,415,008
(5,940,543)
717,406,644
USD
Global Inflation
Linked Bond
32,410,524

6,139,073
38,549,597
537,980
(51,751)
723,637
(436,000)
883
(90,194)
329,250
(11,762)
39,551,640
USD
Latin American
Local Debt
(launched as at 19
May 2011)
18,925,671
(1,576,233)
17,349,438
302,719
-
-
-
-
-
214,197
(6,533)
17,859,821
USD
US Dollar Bond

135,003,295
2,232,624
137,235,919
26,392,626
-
2,709,585
(40,080,002)
4,320,219
(2,353,190)
1,512,153
(9,829,878)
119,907,432
EUR
Euro Reserve
55,531,775
30,131
55,561,906
10,005
-
3,499,999
(1,499,490)
2,954,293
(345,964)
36,145
(25,543)
60,191,351
Reserve Sub-
Fund
EUR
European Equity

Absolute Return
16,626,197
(1,092,565)
15,533,632
1,800,450
-
179,427
-
6,270
(11,329)
932,821
(150,564)
18,290,707
Other Sub-Funds
20
Statement of Net Assets as at 30 September 2011
The accompanying notes form an integral part of these financial statements.
Portfolio at Cost
Unrealised Appreciation/(Depreciation)
Portfolio at Market Value
Cash at Bank
Bank Overdraft
Receivable from Brokers
Payable to Brokers
Receivable from Shareholders
Payable to Shareholders
Other Assets (note 18)
Other Liabilities (note 18)
Total Net Assets
USD

GEM Debt Total
Return
930,036,222
(87,311,646)
842,724,576
173,003,033
-
78,000
-
371,421
(16,482,330)
27,387,818
(6,364,181)
1,020,718,337
USD
GEM Equity
Absolute Return
21,532,674
(3,697,453)
17,835,221
6,007,489
-
-
-
-
(10,587)
1,415,546
(622,196)
24,625,473
USD

Global Currency
54,434,826
32,942
54,467,768
14,645,272
(401,947)
-
-
413,297
(202,844)
730,328
(672,501)
68,979,373
EUR
Global Flex
Allocation
13,789,192
(1,234,214)
12,554,978
3,297,200
(235,873)
20,385
(19,413)
-
-
427,755
(285,414)
15,759,618
21
Statement of Net Assets as at 30 September 2011

EUR
Global Macro
289,654,427
2,958,989
292,613,416
48,493,069
(8,662,286)
21,373,765
-
538,145
(32,829,420)
3,193,122
(10,634,516)
314,085,295
EUR
Global Macro II
14,453,459
255,382
14,708,841
6,633,844
(1,660,608)
-
-
-
(27,999)
323,341
(1,232,735)
18,744,684
EUR
Multi

Government
Bond Strategies
(Formerly Global
Bond Market
Neutral)
19,913,898
23,547
19,937,445
5,277,809
(3,856,336)
3,998,643
-
-
(3,180)
270,200
(1,055,626)
24,568,955
22
Class AC
Number of Shares Outstanding
Net Asset Value per Share
3,207,641.528
42.75
Class ACH
Number of Shares Outstanding
Net Asset Value per Share
4,246,826.290
18.85
Class
ACH

EUR
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class
ACH
GBP
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class
ACH
HKD
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class AD
Number of Shares Outstanding
Net Asset Value per Share
4,530,124.554
39.55
Class ADH
Number of Shares Outstanding
Net Asset Value per Share
88,017.794
18.48
Class

ADH
EUR
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class
ADH
HKD
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class AM
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class
AM
HKD
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class AMD
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A

Class EC
Number of Shares Outstanding
Net Asset Value per Share
147,556.591
39.23
Class ED
Number of Shares Outstanding
Net Asset Value per Share
2,941.487
38.86
Class IC
Number of Shares Outstanding
Net Asset Value per Share
1,969,447.097
43.06
Class ICH
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class
ICH
EUR
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class
ICH
GBP

Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class ID
Number of Shares Outstanding
Net Asset Value per Share
142,000.000
42.60
Class IDH
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class
IDH
EUR
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class J1C
Number of Shares Outstanding
Net Asset Value per Share
6,526,563.987
9.10
Class L1C
Number of Shares Outstanding
Net Asset Value per Share
N/A

N/A
Class
L1CH
CHF
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class
L1CH
EUR
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class
L1CH
GBP
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class
L1CH
JPY
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
International and

Regional Equity
Sub-Funds
USD
Asia ex Japan
Equity
304,669.748
30.92
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1,265,869.122
29.42
N/A
N/A
N/A
N/A
99.900
0.96
N/A
N/A
N/A
N/A
N/A
N/A
113,177.554

30.26
N/A
N/A
154,376.129
31.56
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
USD

Asia ex Japan
Equity Smaller
Companies
2,093,051.044
16.48
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
5,140,830.575
14.05
N/A
N/A
N/A
N/A
N/A
N/A
1,738,527.844
7.97
9,233,930.788
1.03
N/A
N/A
213,213.635
16.17
N/A

N/A
1,043,071.367
14.83
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
USD
Asia Pacific ex
Japan Equity

High Dividend
7,435,423.681
18.58
N/A
N/A
N/A
N/A
N/A
N/A
2,416,658.562
0.89
99,718.071
18.64
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
145,719.469
18.13
N/A
N/A
5,100,949.763

18.87
N/A
N/A
N/A
N/A
N/A
N/A
55,000.000
19.21
N/A
N/A
N/A
N/A
16,113,646.189
14.15
4,055.000
18.78
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
USD
BRIC Equity
Key Figures as at 30 September 2011
The accompanying notes form an integral part of these financial statements.
23

Class
L1CH
SEK
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class
L1CH
USD
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class L1D
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class
L1DH
EUR
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class
L1DH
GBP
Number of Shares Outstanding

Net Asset Value per Share
N/A
N/A
Class
L1DH
USD
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class M1C
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class
M1CH
CHF
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class
M1CH
EUR
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class

M1CH
GBP
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class
M1CH
JPY
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class
M1CH
NOK
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class
M1CH
SEK
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class
M1CH
USD

Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class M1D
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class
M1DH
GBP
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class
M1DH
SEK
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class M2C
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class M2D
Number of Shares Outstanding

Net Asset Value per Share
N/A
N/A
Class PC
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class PD
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class R1C
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class S1D
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class S2C
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class S3D
Number of Shares Outstanding

Net Asset Value per Share
N/A
N/A
Class WD
Number of Shares Outstanding
Net Asset Value per Share
33,036.997
8.28
Class XC
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
International and
Regional Equity
Sub-Funds
USD
Asia ex Japan
Equity
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A

N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A

N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
USD
Asia ex Japan
Equity Smaller
Companies
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A

N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A

N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
USD
Asia Pacific ex
Japan Equity
High Dividend
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1,483,538.549
19.73
N/A

N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
32,993,083.586
18.97
8,449,628.076
19.00
N/A
N/A
N/A
N/A
N/A
N/A
N/A

N/A
N/A
N/A
N/A
N/A
N/A
N/A
443.255
18.89
USD
BRIC Equity
Key Figures as at 30 September 2011
The accompanying notes form an integral part of these financial statements.
24
Class YC
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class YD
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class ZC
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class

ZCH
GBP
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class ZD
Number of Shares Outstanding
Net Asset Value per Share
283,389.507
40.19
Class
ZDH
EUR
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class
Z1DH
GBP
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A
Class ZM
Number of Shares Outstanding
Net Asset Value per Share
N/A
N/A

International and
Regional Equity
Sub-Funds
USD
Asia ex Japan
Equity
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
USD
Asia ex Japan
Equity Smaller
Companies
N/A
N/A
N/A
N/A

319,330.090
15.05
N/A
N/A
1,192,550.572
14.36
N/A
N/A
N/A
N/A
N/A
N/A
USD
Asia Pacific ex
Japan Equity
High Dividend
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A

N/A
N/A
USD
BRIC Equity
Key Figures as at 30 September 2011
The accompanying notes form an integral part of these financial statements.