FINTER FUND

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FINTER FUND

  1. 1. Audited annual report as of 31.12.2009 FINTER FUND R.C.S. Luxembourg No B 40 352 Investment Fund under Luxembourg Law with Subfunds FINTER FUND Conservative Portfolio (CHF)* FINTER FUND Emerging Markets FINTER FUND European Equities FINTER FUND Dynamic Portfolio (EUR) FINTER FUND CHF Bonds FINTER FUND USD Bonds FINTER FUND EUR Bonds FINTER FUND US Equities FINTER FUND Conservative Portfolio (EUR) * formerly FINTER FUND Yield Portfolio (CHF) until 2 November 2009 FINTER FUND MANAgEMENT CoMPANY S.A. 33A avenue J.F.Kennedy P.o. Box L-2010 Luxembourg T: +352 (441010) 6897 Fax: +352 (441010) 6249 www.finter.lu
  2. 2. Audited annual report as of 31 December 2009 Table of contents Page ISIN Management and Administration 2 Features of the Fund 4 Independent Auditor’s Report 5 Investment objective and investment policy of the 7 subfunds Report of the Fund Manager and the Board of Directors 11 FINTER FUND 13 FINTER FUND Conservative Portfolio (CHF) 15 LU0038841986 FINTER FUND Emerging Markets 23 LU0062338560 FINTER FUND European Equities 29 LU0095789946 FINTER FUND Dynamic Portfolio (EUR) 34 LU0121265739 FINTER FUND CHF Bonds 41 LU0121265903 FINTER FUND USD Bonds 45 LU0121266034 FINTER FUND EUR Bonds 49 LU0121266208 FINTER FUND US Equities 53 LU0316676740 FINTER FUND Conservative Portfolio (EUR) 57 LU0463621366 Notes to the Financial Statements 64 Appendix 69 Offices of Finter Bank Zürich Ltd 71 1
  3. 3. Management and Administration Annual Report as of 31 December 2009 FINTER FUND Management Company Custodian Bank Finter Fund ManageMent CoMpany S.a., uBS (Luxembourg) S.a., 33a, avenue J.F. Kennedy, L-1855 Luxembourg 33a, avenue J.F. Kennedy, L-1855 Luxembourg p.o. Box, L-2010 Luxembourg p.o. Box 2, L-2010 Luxembourg r.C.S. Luxembourg n° B 40 352 Administration Agent Board of Directors uBS Fund Services (Luxembourg) S.a., Michiel Hagens, Chairman 33a, avenue J.F. Kennedy, L-1855 Luxembourg Member of Board of directors of Finter Bank p.o. Box 91, L-2010 Luxemburg Zürich Ltd Eric Delissy, Member Independent Auditors of the Fund and of the partner in the law firm Hornung Management Company Hovagemyan avocats, geneva Dr. Roberto C. Garobbio, Member ernst & young S.a., Member of Board of directors of Finter Bank 7, parc d’activité Syrdall, L-5365 Munsbach Zürich Ltd Gilbert Schintgen, Member Representation and distribution executive director, uBS Fund Services (Luxembourg) S.a., Luxembourg Luxembourg Distributor, Selling and Paying Agent Day to Day Manager uBS (Luxembourg) S.a., 33a, avenue J.F. Kennedy, L-1855 Luxembourg Valérie Bernard (until 31 July 2009) p.o. Box 2, L-2010 Luxembourg director, uBS Fund Services (Luxembourg) S.a., Luxembourg Frédéric Delapierre (until 25 July 2009) Switzerland director, uBS Fund Services (Luxembourg) S.a., Luxembourg Representative, Selling and Paying Agent Finter Bank Zürich Ltd, Christophe Hilbert Claridenstrasse 35, CH-8002 Zurich associate director, uBS Fund Services (Luxembourg) S.a., Luxembourg the sales prospectus and the simplified prospectuses, management regula- tions, annual and semi-annual reports as well as the portfolio movements of Olivier Humbert (since 31 July 2009) the investment fund mentioned in this publication are available free of charge associate director, uBS Fund Services from Finter Bank Zürich Ltd, Claridenstrasse 35, CH-8002 Zurich (Luxembourg) S.a., Luxembourg Siobhan Ronan (since 25 July 2009) Federal Republic of Germany director, uBS Fund Services (Luxembourg) S.a., Luxembourg Information Office and Paying Agent uBS deutschland ag, Stephanstrasse 14–16, d-60313 Frankfurt am Main Portfolio Manager the sales prospectus and the simplified prospectuses, management regula- Finter Bank Zürich Ltd, tions, annual and semi-annual reports as well as the portfolio movements of the investment fund mentioned in this publication are available free of Claridenstrasse 35, CH-8002 Zurich charge from uBS deutschland ag, Stephanstrasse 14–16, d-60313 Frankfurt am Main. 2
  4. 4. Annual Report as of 31 December 2009 FINTER FUND Austria Other Distributors Selling and Paying Agent uBS ag, aeschenvorstadt 1, CH-4002 Basel and erste Bank der österreichischen Sparkassen ag, uBS ag, Bahnhofstrasse 45, CH-8098 Zurich graben 21, a-1010 Vienna the sales prospectus and the simplified prospectuses, management regula- tions, annual and semi-annual reports as well as the portfolio movements of the investment fund mentioned in this publication are available free of Estonia, Italy and Sweden charge at the representative for Switzerland, at the selling agencies and at the registered office of the Management Company. it is admissible to sell units of the fund in estonia, italy and in Sweden. Restrictions on distribution and sale there may be statutory restrictions imposed on the as the Fund is not registered under the united States sale of unit certificates in certain countries. individu- Securities act, the units may be neither offered nor als reading the prospectus should obtain information sold in any manner whatsoever in the united States concerning potential tax implications, legal restric- or its territories or possessions; in addition, they may tions, in particular restrictions concerning foreign not in any manner be offered or sold for the account and domestic currency transactions that may apply to of or in favor of uS persons (as defined in regulation them on the basis of the laws of their country of citi- S), except if the offer and/or sale should be permissible zenship, residence or domicile, or that may influence pursuant to the uS Securities act and/or regulation the subscription, holding, or use of the units. S. 3
  5. 5. Features of the Fund Annual Report as of 31 December 2009 FINTER FUND FINTER FUND was constituted in accordance with Part All assets of the fund are jointly owned by all investors I of the Luxembourg Law of 30 March 1988 concern- to an equal entitlement corresponding to the units ing “Undertakings for Collective Investment” (the they hold in the individual subfunds. The units may “Law of 1988”) as an unincorporated open-ended be documented by means of unit certificates. The investment fund under Luxembourg law in the form investment fund and its subfunds jointly constitute of a ”fonds commun de placement” (”FCP”) of the one legal entity. However, each subfund is considered FINTER FUND MANAGEMENT COMPANY S.A. On 11 to be a separate entity in relation to the assets, capital November 2006 it was adapted to the Luxembourg gains and losses, liabilities, expenditures, etc. that are Law of 20 December 2002 (the “Law of 2002”). allocated exclusively to individual subfunds. Each Sub- fund is individually responsible for its own liabilities. FINTER FUND offers investors a number of subfunds under one and the same investment fund (“Umbrella The Management Regulations of the FINTER FUND Structure“), which invest in securities according to were stipulated by the Management Company on their individual investment policies. The entire set of all 14 August 1992. These provisions may be amended subfunds makes up the fund. However, the Manage- by the Management Company in compliance with ment Company may liquidate existing subfunds and/ the relevant statutory provisions. Amendments are or set up new subfunds at any time. published in the Mémorial, Recueil des Sociétés et Associations, the official journal of the Grand Duchy The subfunds are set up by FINTER FUND of Luxembourg (the “Mémorial”) and in at least MANAGEMENT COMPANY S.A., which also deter- two further newspapers, including, in Luxembourg mines their respective investment policies. Among “d’Wort”, and in Switzerland, the “Schweizerischen other reasons, the Sales Prospectus is updated every Handelsamtsblatt” and the “Neuen Zürcher Zeitung”. time a new subfund is constituted. New Management Regulations come into effect fol- lowing signature by the Management Company and Currently, units are offered in the following sub- the Custodian Bank. First publication of the Manage- funds: ment Regulations took place in the Mémorial of 21 September 1992 and the latest change was published FINTER FUND Yield Portfolio (CHF)* by means of a notice of deposit on 17 November FINTER FUND Emerging Markets 2006. The consolidated version has been filed at the FINTER FUND European Equities Commercial and Companies Register of the Luxem- FINTER FUND Dynamic Portfolio (EUR) bourg District Court. FINTER FUND CHF Bonds FINTER FUND USD Bonds The sale and redemption of units in the FINTER FUND FINTER FUND EUR Bonds in further countries are governed by the respective FINTER FUND US Equities countries’ provisions. FINTER FUND Conservative Portfolio (EUR) No subscription may be accepted on the basis of the *formely FINTER FUND Yield Portfolio (CHF) until 2 November 2009 financial reports. Subscriptions are accepted only on the basis of the current sales prospectus accompanied The subfunds’ securities and other assets are managed by the latest annual report and the latest semi-annual as special assets of the FINTER FUND MANAGEMENT report if available. COMPANY S.A., for the account and on behalf of the unitholders. These special assets are separate from the Management Company’s assets. The life of the fund is indefinite. The fund‘s financial year ends on 31 December. 4
  6. 6. Independent Auditor’s Report Annual Report as of 31 December 2009 FINTER FUND To the Unitholders of Responsibility of the “Réviseur d’Entreprises” FINTER FUND Our responsibility is to express an opinion on these fi- 33A, avenue J.F. Kennedy, nancial statements based on our audit. We conducted L-1855 Luxembourg our audit in accordance with International Standards on Auditing as adopted by the “Institut des Réviseurs Following our appointment by the General Meeting d’Entreprises”. Those standards require that we com- of the Unitholders we have audited the accompany- ply with ethical requirements and plan and perform ing financial statements of FINTER FUND and of each the audit to obtain reasonable assurance whether the of its subfunds, which comprise the statement of net financial statements are free from material misstate- assets and the statement of investments in securities ment. and other net assets as at 31 December 2009 and the statement of operations and the statement of An audit involves performing procedures to obtain au- changes in net assets for the year then ended, and a dit evidence about the amounts and disclosures in the summary of significant accounting policies and other financial statements. The procedures selected depend explanatory notes. on the judgement of the “Réviseur d’Entreprises”, including the assessment of the risks of material mis- statement of the financial statements, whether due to Responsibility of the Board of Directors of the fraud or error. In making those risk assessments, the Management Company for the financial state- “Réviseur d’Entreprises” considers internal control rel- ments evant to the entity’s preparation and fair presentation of the financial statements in order to design audit The Board of Directors of the Management Company procedures that are appropriate in the circumstances, is responsible for the preparation and fair presentation but not for the purpose of expressing an opinion on of these financial statements in accordance with Lux- the effectiveness of the entity’s internal control. embourg legal and regulatory requirements relating to the preparation of the financial statements. This An audit also includes evaluating the appropriateness responsibility includes: designing, implementing and of accounting policies used and the reasonableness of maintaining internal control relevant to the prepara- accounting estimates made by the Board of Directors tion and fair presentation of financial statements that of the Management Company, as well as evaluating are free from material misstatement, whether due to the overall presentation of the financial statements. fraud or error, selecting and applying appropriate ac- counting policies, and making accounting estimates We believe that the audit evidence we have obtained that are reasonable in the circumstances. is sufficient and appropriate to provide a basis for our audit opinion. 5
  7. 7. Annual Report as of 31 December 2009 FINTER FUND Opinion In our opinion, the financial statements give a true and fair view of the financial position of FINTER FUND and its subfunds as of 31 December 2009, and of the results of their operations and changes in their net assets for the year then ended in accordance with the Luxembourg legal and regulatory requirements relat- ing to the preparation of the financial statements. Other matter Supplementary information included in the annual re- port has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole. Luxembourg, 16 April 2010 ERNST & YOUNG Société Anonyme Réviseur d’Entreprises Nadia FABER 6
  8. 8. Investment objective and investment policy of the subfunds Annual Report as of 31 December 2009 FINTER FUND Investment objective FINTER FUND EUR Bonds This subfund’s investment objective is capital growth The individual subfunds have as their objectives either with a reasonable level of income by means of invest- a high regular income or a high capital growth with ments in euro denominated bonds. At least two-thirds adequate returns. of the investments are made in fixed rate securities and a maximum of 10% in convertible and/or war- FINTER FUND Yield Portfolio (CHF)* rant bonds. This subfund’s investment objective is to provide a high regular income. While aiming to preserve capital FINTER FUND US Equities security and the subfund’s liquidity, the subfund seeks This subfund’s investment objective is optimal capital to generate as high a return as possible while limiting growth. While giving due consideration to capital risk. security and the liquidity of the subfund, fund man- agement aims to achieve the highest possible yields * formely FINTER FUND Yield Portfolio (CHF) until 2 November 2009 through investments in the United States. FINTER FUND Emerging Markets FINTER FUND Conservative Portfolio (EUR) This subfund’s investment objective is optimum capi- This sub-fund’s investment objective is achieve a con- tal growth. While aiming to preserve invested capital sistently high return, while giving due consideration to security and the subfund’s liquidity, the subfund seeks the preservation of capital and the sub-fund’s liquid- as high a return as possible by investing in the high- ity, as well as an increase in value in line with the level growth emerging markets. of risk, while limiting risk. FINTER FUND European Equities This subfund’s investment objective is to achieve Investment Policy optimum capital growth. While aiming to preserve in- vested capital security and the subfund’s liquidity, the FINTER FUND Yield Portfolio (CHF)* subfund seeks as high a return as possible by investing The subfund invests at least 51% of its net assets in in Europe. The subfund will not invest in Eastern Euro- fixed or variable-income instruments. Its focus is close- pean countries that are not EU Member States. ly aligned on Finter Bank Zurich Ltd’s published invest- ment strategies and the relevant Asset Allocation. FINTER FUND Dynamic Portfolio (EUR) Priority is given to diversification, first class borrower This subfund’s investment objective is to achieve quality and to the maturity structure best adapted to optimum capital growth. While aiming to preserve in- interest rate expectations. Therefore, pursuant to the vested capital security and the subfund’s liquidity, the restrictions formulated in the “Investment Regula- subfund seeks to generate as high a return as possible tions” defined in Section 3.6 of the Sales Prospectus, while limiting risk. the subfund fundamentally invests globally in bonds, notes, and similar fixed or variable interest debt instru- FINTER FUND CHF Bonds ments (including floating rate notes, convertible bond This subfund’s investment objective is capital growth, and bonds cum warrants with options on securities), with a reasonable level of income by means of invest- directly or indirectly issued by public, semi-public ments in Swiss Franc denominated bonds. At least and private borrowers (securities issued by issuers on two-thirds of the investments are made in fixed rate offshore financial markets and guaranteed by compa- securities and a maximum of 10% in convertible and/ nies/corporations or a prime guarantor domiciled in an or warrant bonds. OECD country), in similar securities, and, subsidiarily, in options on bonds of such borrowers as well as in FINTER FUND USD Bonds equities, equity-like securities, other capital shares, This subfund’s investment objective is capital growth dividend-right certificates and indexed certificates with a reasonable level of income by means of in- recognized as being tradeable securities within the vestments in US dollar denominated bonds. At least meaning of EU Directive 85/611/EEC; and within the two-thirds of the investments are made in fixed rate scope of the investment restrictions formulated in Sec- securities and a maximum of 10% in convertible and/ tion 3.6 (see sales prospectus), also in money market or warrant bonds. paper as well as in other open and closed-ended UCI (Undertakings for Collective Investment, “Funds”). *formely FINTER FUND Yield Portfolio (CHF) until 2 November 2009 7
  9. 9. Annual Report as of 31 December 2009 FINTER FUND The currency CHF mentioned in the denominati- However, concentration on Emerging Markets invest- on of this subfund means that it merely has the ments also involves special risks, due for example to function of a reference and not of an investment political instability, exchange rate variations, lacking or currency. inadequate financial market regulation and/or super- vision, and a lack of experience among the judiciary FINTER FUND Emerging Markets system, prohibitive taxation, restrictions on foreign This subfund invests at least two-thirds of its net as- capital investment and return flows (transfer risk), lack sets in emerging market countries listed in the MSCI of a regulatory framework providing protection for Emerging Markets Index as well as in the Hong Kong unitholders or creditors, potentially unclear ownership and Singapore markets. The subfund invests mainly structures and relative lack of capital market transpar- in equities, equity-like securities, other capital shares, ency as compared to international standards, low participation certificates, index certificates recognized market capitalization, and potential market volatility as tradable securities within the meaning of EU Direc- or even illiquidity. It should also be taken into account tive 85/611/EEC, bonds, notes, and similar fixed or that companies in emerging countries may be subject variable interest debt instruments (including floating to less public control and to less structured legislation rate notes, convertible bonds and bonds cum war- and that accounting conventions and financial state- rants with options on securities), directly or indirectly ment audits may not always be comparable to the issued by public, semi-public and private borrowers, standards in effect in industrialized countries. Securi- as well as in money market paper subject to the re- ties transactions and cash management are subject to strictions formulated in the “Investment Regulations” the customs of the relevant investment market, and defined in Section 3.6 (see sales prospectus), and in do not always take place on a “delivery against pay- other closed-end UCI (“Funds”) (including Real Estate ment” basis. This can bring about additional interest Investment Trusts). The subfund may also invest in rate and default risks. other open-ended funds subject to the investment limitation stipulated in 3.6.3 (see sales prospectus). Investing in the FINTER FUND Emerging Markets is therefore only suitable for internationally oriented, so- Investments in other UCI will primarily be directed at phisticated securities investors who are not risk averse. funds mainly investing in equities and equity-like secu- Investors are advised to remain informed about the rities, and which are governed in particular by the laws subfund’s trends and other indicators by maintaining of the United States, Canada, Switzerland, or a Mem- regular contact with their investment advisors. ber State of the European Union. Shares and units in such UCI are securities whose price can rise or fall in a FINTER FUND European Equities similar way as that of direct equity investments. The subfund invests its assets according to the princi- ple of risk diversification in equities, equity-like securi- Investments in Emerging Markets (developing coun- ties or other capital shares in companies either having tries with fledgling capital markets) involve both their registered headquarters in Europe, or companies additional opportunities and supplementary risks. which in their capacity as holding companies have Emerging Markets are countries that, as defined by majority equity holdings in companies either having the World Bank, currently have low or medium per their registered headquarters in Europe or whose pri- capita income but are experiencing dynamic eco- mary business activities are concentrated in Europe. At nomic development leading to expectations of longer least two-thirds of the total investment takes place in term above average growth and the corresponding European equities. value rise potential. Investments in the FINTER FUND Emerging Markets grant unitholders the opportu- nity of long-term participation in the development of these countries’ financial markets. 8
  10. 10. Annual Report as of 31 December 2009 FINTER FUND FINTER FUND Dynamic Portfolio (EUR) FINTER FUND USD Bonds The subfund invests at least 30% of its net assets in This subfund invests in US dollar denominated (se- fixed or variable-income instruments. Its focus is close- cured and unsecured) bonds and other fixed income ly aligned on Finter Bank Zurich Ltd’s published invest- securities (including convertible and warrant bonds), ment strategies and the relevant Asset Allocation. In directly or indirectly issued by public, semi-public and terms of investment policy, priority is given to diversi- private borrowers that are OECD, EU or USA citizens fication, first class borrower rating and to the maturity (i.e. securities issued by issuers on offshore financial structure best adapted to interest rate expectations. markets and guaranteed by companies/corporations Therefore, pursuant to the restrictions formulated in or a prime guarantor domiciled in an OECD country) the “Investment Regulations” defined in Section 3.6 and which are traded in markets based in the stipu- (see sales prospectus), the subfund fundamentally in- lated countries. Other securities included are variable- vests globally in bonds, notes, and similar fixed or vari- income debt instruments and short-term instruments able interest debt instruments (including floating rate provided that they do not amount to more than one notes, convertible bonds and bonds cum warrants third of the net assets of the subfund. Priority is given with options on securities), directly or indirectly issued to first class borrower rating and to the maturity by public, semi-public and private borrowers (securi- structure best adapted to interest rate expectations. ties issued by issuers on offshore financial markets This subfund may also invest in futures provided that and guaranteed by companies/corporations or a prime the underlyings comply with the investment policy of guarantor domiciled in an OECD country), in similar the subfund. securities, and, subsidiarily, in options on bonds issued by such borrowers. In addition, the subfund invests FINTER FUND EUR Bonds in equities, equity-like securities, other capital shares, This subfund invests in EUR denominated (secured participation certificates, index certificates recognized and unsecured) bonds and other fixed income securi- as tradable securities within the meaning of EU Direc- ties (including convertible and warrant bonds), directly tive 85/611/EEC, subject to the restrictions formulated or indirectly issued by public, semi-public and private in the “Investment Regulations” defined in Section borrowers that are OECD, EU or USA citizens (i.e. se- 3.6 (see sales prospectus), and in other open and curities issued by issuers on offshore financial markets closed-ended UCI (“Funds”). and guaranteed by companies/corporations or a prime guarantor domiciled in an OECD country) and which The currency EUR mentioned in the denominati- are traded in markets based in the stipulated coun- on of this subfund means that it merely has the tries. Other securities included are variable-income function of a reference and not of an investment debt instruments as well as short-term instruments currency. provided that they do not amount to more than one third of the net assets of the subfund. Priority is given FINTER FUND CHF Bonds to first class borrower rating and to the maturity This subfund invests in Swiss Fr-nc denominated (se- structure best adapted to interest rate expectations. cured and unsecured) bonds and other fixed income This subfund may also invest in futures provided that securities (including convertible and warrant bonds), the underlyings comply with the investment policy of directly or indirectly issued by public, semi-public and the subfund. private borrowers that are OECD, EU or USA citizens (i.e. securities issued by issuers on offshore financial markets and guaranteed by companies/corporations or a prime guarantor domiciled in an OECD country) and which are traded in markets based in the stipu- lated countries. Other securities included are variable- income debt instruments as well as short-term instru- ments provided that they do not amount to more than one third of the net assets of the subfund. Priority is given to first class borrower rating and to the maturity structure best adapted to interest rate expectations. This subfund may also invest in futures provided that the underlyings comply with the investment policy of the subfund. 9
  11. 11. Annual Report as of 31 December 2009 FINTER FUND FINTER FUND US Equities This subfund always invests on the principle of risk diversification in equities and other equity shares of companies which are either domiciled in the USA, are holding companies with majority investments in com- panies domiciled in the USA or are chiefly active in the USA. At least two-thirds of total investments will be in American equities. The subfund currency is the USD. FINTER FUND Conservative Portfolio (EUR) The sub-fund invests at least 51% of its net assets in fixed or variable interest investments. It is pre- dominantly geared towards the investment strategies published by Finter Bank Zürich AG and the respective asset allocation. In terms of investment policy, high priority is assigned to diversification, high borrower quality and a maturity structure that is adjusted in line with interest rate expectations. In accordance with the restrictions set out in section 3.6 “Investment regula- tions” (see sales prospectus), the sub-fund invests, in principle, worldwide in bonds, notes and similar fixed or variable interest debt instruments (including float- ing rate notes, convertible bonds and warrant issues incorporating warrants on securities) issued directly or indirectly (securities issued by issuers in offshore financial centres and guaranteed by companies or a first-class guarantor with registered office in an OECD country) by public-sector, mixed and private-sector borrowers, in similar securities and, in connection with the aforementioned, in warrant issues incorporating bonds issued by such borrowers. The sub-fund also invests in equity-like securities, other equity shares, dividend-right certificates and index certificates rec- ognised as tradable securities pursuant to EU Directive 85/611/EEC and in other open-end and closed-end undertakings for collective investment (“funds“) within the scope of the restrictions set out in section 3.6 “Investment regulations” (see sales prospectus). The currency EUR mentioned in the denomina- tion of this subfund means that it merely has the function of a reference and not of an investment currency 10
  12. 12. Report of the Fund Manager and the Board of Directors Annual Report as of 31 December 2009 FINTER FUND Fund Manager’s report The bond funds are managed with a particular focus on capital preservation. We invest predominantly in Following the unprecedented turmoil in the fourth government bonds and bonds issued by other public- quarter of 2008 triggered by the Lehman bankruptcy, sector entities with a term of 7 to 10 years. Using a the crisis continued in the first quarter of 2009. Huge quantitative process, we manage interest-rate risk by uncertainty was fuelled by the dramatic news from employing futures. the financial and banking sector. Central banks – notably the US Federal Reserve, the SNB and the ECB The Finter Fund EUR Bonds posted a return of – pursued extremely expansive monetary policies, with +4.03% (benchmark European government bond in- interest rates held at record lows and other liquidity dex +5.41%). Euro yields witnessed little change since injections. Support was proactively offered to major the beginning of the year, although they showed con- financial institutions that encountered difficulties in siderable volatility in the interim. The Finter Fund USD order to stabilise the global financial system. Massive Bonds posted a gain of +0.57% (benchmark Treasury stimulus packages were also drawn up to cushion and bonds index -2.96%). USD yields rose in 2009, lead- boost the dramatic decline in consumer demand. ing the index to post a loss. Within the fund, it was possible to preserve capital after costs thanks to the The turnaround finally arrived in March as the financial portfolio’s short duration. Yields on CHF bonds have markets began to recover from their crisis-induced actually fallen slightly over the past 12 months. The lows, boosted by positive first-quarter earnings from Finter Fund CHF Bonds posted a gain of +6.09% major US financial institutions. There were hopes (benchmark Confederation bond index +4.34%). It that the banking crisis had reached its low point and also benefited from the improved liquidity in the mar- the raft of stimulus measures began to take effect. ket, which led to narrower bid-ask spreads. From then on, the financial markets saw a recovery which continued up to the end of the year with no The equity funds are also managed using a quantita- major corrections. Sentiment was further boosted as tive approach. This essentially involves seeking out economic news grew more favourable. The recession stocks that are relatively cheap, and also have above- ended in most countries in the second or third quarter average momentum. The favourable trend on the of 2009. stock markets enabled all regions to record consider- able gains. The Finter Fund Emerging Markets closed This newfound confidence is reflected across all asset the year with an outstanding return of +84.66% classes. The global stock markets have on average (benchmark +74.50%). The Finter Fund European recouped around half of their losses. The emerging Equities also closed the year in positive territory, up markets are leading the global economic upturn and, +34.06% (benchmark +27.15%), as did the Finter accordingly, have posted above-average gains. Base Fund US Equities, which ended the period up +15.2% metals have once again grown more expensive, as (benchmark +23.45%). Our quantitative equity selec- has energy. tion model thus delivered a very encouraging result in 2009 in Europe and the emerging markets, but failed The more positive outlook is reflected on the bond to beat the benchmark in the US. markets with higher yields on long-dated bonds, whereas central bank rates remain low at the short The portfolio funds are managed by Finter Bank Zürich end, apart from a few peripheral markets. Credit Ltd using a top-down approach in line with the bank’s spreads on corporate bonds have fallen sharply and official investment strategy. Meanwhile, bottom-up are close to their long-term averages. stock selection is based on the quantitative stock se- lection model mentioned above. For Finter Funds, a successful year is drawing to a close. All equity, bond and portfolio funds registered positive price performance in 2009, with 6 of 8 funds beating their benchmark after costs. 11
  13. 13. Annual Report as of 31 December 2009 FINTER FUND Although we were cautiously positioned for the ma- Report of the Board of Directors jority of the year with an underweight towards the eq- uity markets, it is due primarily to stock selection that The FINTER FUND’s total assets fell from CHF 347 mil- we were able to post a positive overall result. Thanks lion at the beginning of the year to CHF 282 million to active currency management, the losses in USD at the end of the year. Net outflows amounted to CHF were partially hedged. The narrowing in corporate 106 million, which were only partially offset by posi- bond credit spreads also had a positive impact. The tive market performance. Finter Fund Conservative Portfolio (CHF) – previously the Finter Fund Yield Portfolio (CHF) – rose by +9.55% (benchmark +9.9%), while the Finter Fund Dynamic Portfolio (EUR) gained some +20.30% (benchmark +16.4%). The Finter Fund Conservative Portfolio (EUR) was launched in November 2009. Looking ahead, we see a number of issues. How sustainable is the global economy’s current recovery? Will the upturn continue once the government stimulus and investment pack- ages end? When will central banks begin to raise their key rates and will governments be successful in reduc- ing their budget deficits, which are huge in some cases? These are all elements of uncertainty that could lead to higher volatility on the markets in the coming months. The only thing we can say for certain is that the recovery will not continue at the same speed as we have seen over the past nine months. 2010 is set to be a challenging year, with disappointments and set- backs increasingly to be expected. Our investment policy is geared to such a scenario and we will take a proactive approach to managing the portfolios ac- cordingly.” 12
  14. 14. FINTER FUND Annual Report as of 31 December 2009 Consolidated Statement of Net Assets CHF Assets 31.12.2009 Investments in securities, cost 252 854 725.74 Investments in securities, unrealized appreciation (depreciation) 10 781 735.05 Total investments in securities (Note 1) 263 636 460.79 Cash at banks, deposits on demand and deposit accounts 13 946 154.64 Other liquid assets (Margins) 1 667 046.72 Receivable on subscriptions 749 134.66 Interest receivable on securities 3 408 574.18 Interest receivable on liquid assets 1 939.69 Receivable on dividends 81 678.47 Formation expenses, net (Note 1) 7 176.21 Unrealized gain (loss) on financial futures (Note 1) 1 516 718.33 Unrealized gain (loss) on forward foreign exchange contracts (Note 1) –5 633.80 Total Assets 285 009 249.89 Liabilities Other short-term liabilities (Margins) –1 395 575.14 Interest payable on bank overdraft –863.98 Payable on securities purchases (Note 1) –171 357.33 Payable on redemptions –370 101.37 Provisions for management fee (Note 2) –278 440.10 Provisions for custodian bank fees (Note 2) –15 422.09 Provisions for taxe d’abonnement (Note 3) –35 202.62 Provisions for audit fees, legal and economic advice (Note 2) –158 065.87 Provisions for other commissions and fees (Note 2) –105 157.71 Provisions for formation expenses (Note 1) –7 415.86 Provisions for distribution fees (Note 2) –23 995.43 Total provisions –623 699.68 Total Liabilities –2 561 597.50 Net assets at the end of the financial year 282 447 652.39 The notes are an integral part of the financial statements. 13
  15. 15. Annual Report as of 31 December 2009 Consolidated Statement of Operations CHF Income 1.1.2009–31.12.2009 Interest on liquid assets 93 981.78 Interest on securities 9 430 408.30 Dividends 2 632 802.54 Income on securities lending (Note 4) 29 255.98 Other income 4 840.23 Total income 12 191 288.83 Expenses Management fee (Note 2) –3 714 251.54 Custodian bank fees (Note 2) –183 529.45 Distribution fees (Note 2) –332 332.05 Taxe d’abonnement (Note 3) –161 921.69 Government fees (Note 2) –34 579.20 Audit fees, legal and economic advice (Note 2) –154 390.67 Publications, printing costs and publicity (Note 2) –117 724.57 Amortization of formation expenses (Note 1) –239.65 Other commissions and fees (Note 2) –445 207.76 Interest on cash liquidity and bank overdraft –79 424.58 Total expenses –5 223 601.16 Net income (loss) on investments 6 967 687.67 Realized gain (loss) (Note 1) Realized gain (loss) on market-priced securities without options 28 636 241.49 Realized gain (loss) on financial futures –3 366 663.07 Realized gain (loss) on forward foreign exchange contracts 97 057.41 Total realized gain (loss) on investments 25 366 635.83 Realized gain (loss) on foreign exchange –279 083.66 Total realized gain (loss) 25 087 552.17 Net realized gain (loss) of the financial year 32 055 239.84 Changes in unrealized appreciation (depreciation) (Note 1) Unrealized appreciation (depreciation) on market-priced securities without options 9 385 013.12 Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments 16.73 Unrealized appreciation (depreciation) on financial futures 2 822 634.57 Unrealized appreciation (depreciation) on forward foreign exchange contracts –5 633.80 Total changes in unrealized appreciation (depreciation) 12 202 030.62 Net increase (decrease) in net assets as a result of operations 44 257 270.46 14 The notes are an integral part of the financial statements.
  16. 16. FINTER FUND Conservative Portfolio (CHF) Annual Report as of 31 December 2009 Three-year comparison Date ISIN 31.12.2009 31.12.2008 31.12.2007 Net assets in CHF 26 106 225.92 30 875 173.19 43 538 714.90 LU0038841986 Units outstanding 73 486.2520 95 211.0000 110 911.7540 Net asset value per unit in CHF 355.25 324.28 392.55 Performance Currency 2009 2008 2007 FINTER FUND Conservative Portfolio (CHF) CHF 9.6% –17.4% –0.1% Benchmark: Internal Composite1 CHF 9.9% –6.5% 2.0% Historical performance is no indicator of current or future performance. The performance data does not take account of any commissions and costs charged when subscribing and redeeming units. The performance data were not audited. 1 Please see the Appendix for the composition of the Customized Benchmark. Structure of the Securities Portfolio Geographical Breakdown as a % of net assets Economic Breakdown as a % of net assets United States 26.56 Banks & credit institutions 30.40 France 19.14 Finance & holding companies 20.02 Netherlands 11.35 Pharmaceuticals, cosmetics & medical products 5.76 Germany 7.69 Petroleum 5.39 United Kingdom 6.00 Investment funds & pension foundations 4.93 Austria 4.99 Energy & water supply 4.53 Supranationals 3.83 Supranational organisations 3.83 Sweden 2.74 Insurance 2.88 Cayman Islands 1.95 Public, non-profit institutions 1.98 Italy 1.56 Mortgage & funding institutions 1.95 Luxembourg 1.41 Telecommunications 1.00 Spain 1.00 Building industry & materials 0.87 Switzerland 0.71 Internet, software & IT services 0.85 Belgium 0.41 Mining, coal & steel 0.77 Finland 0.40 Retail trade, department stores 0.69 Cyprus 0.28 Graphic design, publishing & media 0.56 Bermuda 0.28 Biotechnology 0.47 Poland 0.25 Electronics & semiconductors 0.42 Jersey 0.24 Miscellaneous consumer goods 0.39 Norway 0.23 Food & soft drinks 0.39 Greece 0.20 Mechanical engineering & industrial equipment 0.37 Total 91.22 Computer hardware & network equipment providers 0.36 Tobacco & alcohol 0.36 Aerospace industry 0.36 Textiles, garments & leather goods 0.25 Non-ferrous metals 0.25 Real Estate 0.24 Vehicles 0.19 Miscellaneous unclassified companies 0.13 Traffic & transportation 0.12 Chemicals 0.12 Miscellaneous services 0.12 Lodging, catering & leisure 0.12 Forestry, paper & pulp products 0.12 Agriculture & fishery 0.03 Total 91.22 The notes are an integral part of the financial statements. 15
  17. 17. Annual Report as of 31 December 2009 FINTER FUND Conservative Portfolio (CHF) Statement of Net Assets CHF Assets 31.12.2009 Investments in securities, cost 24 371 660.15 Investments in securities, unrealized appreciation (depreciation) –558 245.82 Total investments in securities (Note 1) 23 813 414.33 Cash at banks, deposits on demand and deposit accounts 1 885 048.13 Other liquid assets (Margins) 165 522.08 Receivable on subscriptions 59 678.64 Interest receivable on securities 238 218.01 Interest receivable on liquid assets 15.32 Receivable on dividends 3 991.28 Unrealized gain (loss) on financial futures (Note 1) 11 272.11 Total Assets 26 177 159.90 Liabilities Other short-term liabilities (Margins) –11 272.11 Interest payable on bank overdraft –191.57 Payable on redemptions –1 065.69 Provisions for management fee (Note 2) –25 717.85 Provisions for custodian bank fees (Note 2) –1 160.43 Provisions for taxe d’abonnement (Note 3) –3 263.28 Provisions for audit fees, legal and economic advice (Note 2) –11 559.15 Provisions for other commissions and fees (Note 2) –14 467.55 Provisions for distribution fees (Note 2) –2 236.35 Total provisions –58 404.61 Total Liabilities –70 933.98 Net assets at the end of the financial year 26 106 225.92 Statement of Operations CHF Income 1.1.2009–31.12.2009 Interest on liquid assets 8 382.35 Interest on securities 673 955.12 Dividends 183 945.49 Income on securities lending (Note 4) 1 495.86 Total income 867 778.82 Expenses Management fee (Note 2) –342 450.65 Custodian bank fees (Note 2) –15 000.00 Distribution fees (Note 2) –29 778.30 Taxe d’abonnement (Note 3) –14 799.76 Government fees (Note 2) –3 307.82 Audit fees, legal and economic advice (Note 2) –12 857.43 Publications, printing costs and publicity (Note 2) –12 463.78 Other commissions and fees (Note 2) –50 005.33 Interest on cash liquidity and bank overdraft –8 387.76 Total expenses –489 050.83 Net income (loss) on investments 378 727.99 Realized gain (loss) (Note 1) Realized gain (loss) on market-priced securities without options 322 602.83 Realized gain (loss) on financial futures –121 394.81 Realized gain (loss) on forward foreign exchange contracts 16 200.00 Total realized gain (loss) on investments 217 408.02 Realized gain (loss) on foreign exchange –42 196.31 Total realized gain (loss) 175 211.71 Net realized gain (loss) of the financial year 553 939.70 Changes in unrealized appreciation (depreciation) (Note 1) Unrealized appreciation (depreciation) on market-priced securities without options 2 173 566.18 Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments 8.38 Unrealized appreciation (depreciation) on financial futures 11 272.11 Total changes in unrealized appreciation (depreciation) 2 184 846.67 Net increase (decrease) in net assets as a result of operations 2 738 786.37 16 The notes are an integral part of the financial statements.
  18. 18. Annual Report as of 31 December 2009 FINTER FUND Conservative Portfolio (CHF) Statement of Changes in Net Assets CHF 1.1.2009–31.12.2009 Net assets at the beginning of the financial year 30 875 173.19 Subscriptions 2 556 070.38 Redemptions –10 063 804.02 Total net subscriptions (redemptions) –7 507 733.64 Net income (loss) on investments 378 727.99 Total realized gain (loss) 175 211.71 Total changes in unrealized appreciation (depreciation) 2 184 846.67 Net increase (decrease) in net assets as a result of operations 2 738 786.37 Net assets at the end of the financial year 26 106 225.92 Development of the outstanding units 1.1.2009–31.12.2009 Number of units outstanding at the beginning of the financial year 95 211.0000 Number of units issued 7 220.0000 Number of units redeemed –28 944.7480 Number of units outstanding at the end of the financial year 73 486.2520 The notes are an integral part of the financial statements. 17
  19. 19. Annual Report as of 31 December 2009 FINTER FUND Conservative Portfolio (CHF) Statement of Investments in Securities and other Net Assets as of 31 December 2009 Description Quantity/ Valuation in CHF as a % Nominal Unrealized gain of net (loss) on Futures/ assets Options/Forward Exchange Contracts/ Swaps (Note 1) Transferable securities and money market instruments listed on an official stock exchange Bearer shares Belgium EUR D'IETEREN TRADING NPV 119.00 49 260.47 0.19 EUR KBC ANCORA NPV (POST SPLIT) 2 343.00 56 782.71 0.22 Total Belgium 106 043.18 0.41 Bermuda USD ACCENTURE PLC SHS CL A 'NEW' 742.00 31 832.26 0.12 USD MARVELL TECH GROUP COM USD0.002 1 927.00 41 334.75 0.16 Total Bermuda 73 167.01 0.28 Cyprus NOK PROSAFE SE 11 209.00 73 915.00 0.28 Total Cyprus 73 915.00 0.28 Finland EUR HUHTAMAKI OYJ NPV'I' 2 937.00 42 253.96 0.16 EUR TIETO CORPORATION ORD NPV 2 881.00 61 958.80 0.24 Total Finland 104 212.76 0.40 France EUR AXA EUR2.29 2 489.00 61 059.35 0.23 EUR BONDUELLE EUR7 84.00 9 899.64 0.04 EUR CNP ASSURANCES EUR4 607.00 61 003.37 0.23 EUR EURAZEO NPV 928.00 67 215.73 0.26 EUR SANOFI-AVENTIS EUR2 835.00 68 189.02 0.26 Total France 267 367.11 1.02 Germany EUR HEIDELBERGCEMENT NPV 931.00 66 597.62 0.26 Total Germany 66 597.62 0.26 Italy EUR DANIELI & C DI RISP EUR1(NON CNV) 4 638.00 63 286.39 0.24 EUR GEMINA EUR1 71 262.00 60 245.50 0.23 EUR INTESA SANPAOLO SPA-RNC 18 552.00 64 524.60 0.26 EUR ITALCEMENTI DI RISP EUR1 5 340.00 40 313.53 0.15 EUR TELECOM ITALIA SPA DI RISP EUR0.55 54 163.00 62 097.48 0.24 EUR TREVI FINANZIARIA EUR0.50 3 554.00 58 141.29 0.22 EUR UNIPOL GRUPPO FINANZIARIO SPA 63 244.00 57 875.70 0.22 Total Italy 406 484.49 1.56 Jersey EUR ATRIUM EURP R/EST EUR5 9 002.00 62 752.15 0.24 Total Jersey 62 752.15 0.24 Netherlands EUR SNS REAAL GROEP NV EUR1.63 8 728.00 54 887.36 0.21 Total Netherlands 54 887.36 0.21 Norway NOK FRED OLSEN ENERGY NOK20 1 529.00 60 741.94 0.23 Total Norway 60 741.94 0.23 Poland PLN KGHM POLSKA MIEDZ PLN10 BR 1 673.00 64 060.93 0.25 Total Poland 64 060.93 0.25 Spain EUR CORP FINANC ALBA EUR1 1 146.00 62 124.62 0.24 EUR PESCANOVA SA EUR6 241.00 8 049.65 0.03 EUR TELEFONICA SA EUR1 2 167.00 62 737.97 0.24 Total Spain 132 912.24 0.51 Sweden SEK BOLIDEN AB NPV (POST SPLIT) 4 799.00 63 991.40 0.25 SEK TELIASONERA AB NPV 9 103.00 68 335.21 0.26 Total Sweden 132 326.61 0.51 United Kingdom GBP AMLIN ORD GBP0.28125 10 421.00 62 400.56 0.24 GBP ASTRAZENECA ORD USD0.25 1 392.00 67 632.36 0.26 GBP AVIVA ORD GBP0.25 9 455.00 62 803.41 0.24 GBP BALFOUR BEATTY GBP0.50 14 295.00 61 686.83 0.24 GBP BP ORD USD0.25 6 403.00 64 133.13 0.25 18 The notes are an integral part of the financial statements.
  20. 20. Annual Report as of 31 December 2009 FINTER FUND Conservative Portfolio (CHF) Description Quantity/ Valuation in CHF as a % Nominal Unrealized gain of net (loss) on Futures/ assets Options/Forward Exchange Contracts/ Swaps (Note 1) GBP BRIT INSURANCE HLD ORD EUR1 17 620.00 57 974.93 0.22 GBP KAZAKHMYS ORD GBP0.20 2 991.00 66 307.43 0.25 GBP OLD MUTUAL PLC ORD GBP0.10 34 705.00 63 264.84 0.24 GBP PRUDENTIAL ORD GBP0.05 6 289.00 67 190.72 0.26 GBP TRINITY MIRROR ORD GBP0.10 9 563.00 24 041.80 0.09 GBP XSTRATA PLC ORD USD0.50 3 833.00 71 728.57 0.27 Total United Kingdom 669 164.58 2.56 United States USD 3M CO COM 387.00 33 073.06 0.13 USD ABBOTT LABS COM 566.00 31 589.68 0.12 USD ADOBE SYSTEMS INC COM USD0.0001 826.00 31 405.61 0.12 USD ALTRIA GROUP INC COM 1 572.00 31 899.83 0.12 USD AMERISOURCEBERGEN CORP COM 1 205.00 32 474.58 0.12 USD AMGEN INC COM 535.00 31 286.39 0.12 USD APPLIED MATLS INC COM 2 426.00 34 959.81 0.12 USD AUTOMATIC DATA PROCESSING INC COM 680.00 30 100.32 0.12 USD BARD C R INC COM 371.00 29 876.31 0.11 USD BAXTER INTL INC COM USD1 550.00 33 363.25 0.13 USD BECTON DICKINSON COM USD1 400.00 32 608.61 0.12 USD BRISTOL MYERS SQUIBB CO COM 1 201.00 31 348.73 0.12 USD CELGENE CORP COM 541.00 31 139.53 0.12 USD CH ROBINSON WORLDW COM USD0.1 527.00 31 995.30 0.12 USD CHEVRON CORP NEW COM 382.00 30 402.77 0.12 USD CISCO SYSTEMS COM USD0.001 1 259.00 31 157.70 0.12 USD COACH INC COM USD0.01 865.00 32 664.90 0.13 USD COCA COLA CO COM 517.00 30 463.58 0.12 USD COLGATE-PALMOLIVE COM USD1 356.00 30 232.43 0.12 USD CORNING INC COM 1 824.00 36 410.16 0.13 USD COSTCO WHSL CORP NEW COM 497.00 30 399.99 0.12 USD DANAHER CORP DEL COM 415.00 32 261.27 0.12 USD EBAY INC COM 1 283.00 31 221.13 0.12 USD EXXON MOBIL CORP COM NPV 397.00 27 985.09 0.11 USD FRANKLIN RES INC COM 266.00 28 968.88 0.11 USD GAP INC DEL COM 1 379.00 29 865.09 0.11 USD GEN DYNAMICS CORP COM USD1 446.00 31 429.95 0.12 USD GENZYME CORP COM USD0.01 599.00 30 347.79 0.12 USD GILEAD SCIENCES INC COM 640.00 28 634.05 0.11 USD HEWLETT PACKARD CO COM USD0.01 590.00 31 416.59 0.12 USD INTEL CORP COM 1 551.00 32 708.26 0.13 USD INTERNATIONAL BUSINESS MACHS COM 235.00 31 799.70 0.12 USD JOHNSON & JOHNSON COM 480.00 31 960.24 0.12 USD KELLOGG CO COM USD0.25 558.00 30 687.49 0.12 USD KIMBERLY CLARK CORP COM 458.00 30 163.98 0.12 USD LILLY ELI & CO COM 817.00 30 159.73 0.12 USD LOCKHEED MARTIN CORP COM 389.00 30 300.40 0.12 USD MASTERCARD INC COM USD0.0001 CLASS 'A' 127.00 33 606.65 0.13 USD MCDONALD'S CORP COM USD0.01 470.00 30 337.25 0.12 USD MICROSOFT CORP COM USD0.0000125 1 005.00 31 676.63 0.12 USD MONSANTO COM STK USD0.01 377.00 31 859.92 0.12 USD NIKE INC CL B 466.00 31 827.74 0.12 USD OCCIDENTAL PETRLM COM USD0.20 366.00 30 778.98 0.12 USD ORACLE CORP COM USD0.01 1 331.00 33 765.11 0.13 USD PEPSICO INC CAP USD0.016666 481.00 30 231.81 0.12 USD PFIZER INC COM USD0.05 1 623.00 30 518.75 0.12 USD PHILIP MORRIS INTL COM STK NPV 'WI' 601.00 29 939.66 0.11 USD PROCTER & GAMBLE COM NPV 480.00 30 084.61 0.12 USD QUALCOMM INC COM USD0.0001 660.00 31 562.04 0.12 USD RAYTHEON CO COM NEW 585.00 31 156.40 0.12 USD REYNOLDS AMERICAN COM USD0.0001 587.00 32 142.79 0.12 USD STRYKER CORP COM USD0.10 607.00 31 606.48 0.12 USD TJX COS INC NEW COM 778.00 29 395.61 0.11 USD UNUM GROUP COM USD0.10 10.00 201.79 0.00 USD VISA INC COM STK USD0.0001 374.00 33 814.00 0.12 USD WAL MART STORES INC COM 550.00 30 389.67 0.12 USD WALGREEN CO COM USD0.078125 763.00 28 962.95 0.11 USD YAHOO INC COM 1 947.00 33 773.29 0.13 USD ZIMMER HLDGS INC COM USD0.01 519.00 31 713.48 0.12 Total United States 1 818 107.79 6.96 Total Bearer shares 4 092 740.77 15.68 Other shares Netherlands EUR ING GROEP NV CVA EUR0.24 4 327.00 44 282.05 0.17 Total Netherlands 44 282.05 0.17 Total Other shares 44 282.05 0.17 The notes are an integral part of the financial statements. 19
  21. 21. Annual Report as of 31 December 2009 FINTER FUND Conservative Portfolio (CHF) Description Quantity/ Valuation in CHF as a % Nominal Unrealized gain of net (loss) on Futures/ assets Options/Forward Exchange Contracts/ Swaps (Note 1) Preference shares Germany EUR PROSIEBENSAT1 MEDI NPV PRF 5 207.00 62 246.42 0.24 Total Germany 62 246.42 0.24 Total Preference shares 62 246.42 0.24 Registered shares France EUR LAGARDERE SCA EUR6.10(REGD) 1 412.00 59 497.36 0.23 Total France 59 497.36 0.23 Germany EUR ALLIANZ SE NPV(REGD)(VINKULIERT) 509.00 65 792.58 0.25 EUR DEUTSCHE BANK AG NPV(REGD) 846.00 62 010.45 0.24 EUR E.ON AG NPV 1 565.00 67 847.67 0.25 EUR MUENCHENER RUECKVE NPV(REGD) 398.00 64 148.20 0.25 Total Germany 259 798.90 0.99 Greece EUR PUBLIC POWER CORP EUR4.60(CR) 2 765.00 53 312.65 0.20 Total Greece 53 312.65 0.20 Spain EUR BANCO SANTANDER SA EUR0.50(REGD) 3 687.00 63 160.69 0.24 EUR BBVA(BILB-VIZ-ARG) EUR0.49 3 384.00 63 892.59 0.25 Total Spain 127 053.28 0.49 Switzerland CHF CREDIT SUISSE GRP CHF0.04(REGD) 1 104.00 56 524.80 0.22 CHF SWISS REINSURANCE CHF0.1(REGD) 1 323.00 66 030.93 0.25 CHF ZURICH FIN SVS GRP CHF0.10 278.00 62 967.00 0.24 Total Switzerland 185 522.73 0.71 Total Registered shares 685 184.92 2.62 Depository receipts Sweden SEK ALLIANCE OIL COMPA SDR EACH REPR I USD1.00 4 555.00 67 596.39 0.26 Total Sweden 67 596.39 0.26 Total Depository receipts 67 596.39 0.26 Certificates on indices Netherlands EUR ABN AMRO BANK NV/NYSE ARCA GOLD BUGS INDEX IC 01-XX 500.00 220 777.69 0.85 Total Netherlands 220 777.69 0.85 Total Certificates on indices 220 777.69 0.85 Notes, fixed rate CHF CHF ELECTRICITE DE FRANCE 3.37500% 08-18.12.13 1 000 000.00 1 062 000.00 4.07 Total CHF 1 062 000.00 4.07 Total Notes, fixed rate 1 062 000.00 4.07 Medium term notes, fixed rate CHF CHF BANQUE FEDERATIVE DU CREDIT MUTUEL 3.00000% 06-23.08.13 1 000 000.00 1 025 500.00 3.93 CHF EUROPEAN INVESTMENT BANK 2.37500% 05-10.07.20 1 000 000.00 1 000 000.00 3.83 CHF GENERAL ELECTRIC CAPITAL CORP 3.00000% 06-28.06.13 1 000 000.00 1 024 000.00 3.92 CHF HSBC FINANCE CORP 3.25000% 06-14.07.16 1 000 000.00 1 007 000.00 3.86 CHF MBIA INC 2.75000% 07-07.02.17 1 000 000.00 542 500.00 2.08 CHF NEDERLANDSE GASUNIE NV 4.00000% 08-09.12.11 1 000 000.00 1 052 500.00 4.03 CHF OESTERREICHISCHE KONTROLLBANK AG 3.00000% 08-06.10.16 1 000 000.00 1 051 500.00 4.03 CHF SANOFI-AVENTIS 3.25000% 08-19.12.12 1 000 000.00 1 053 000.00 4.03 CHF SWEDISH EXPORT CREDIT CORP 2.25000% 08-15.05.13 500 000.00 514 750.00 1.97 CHF TOYOTA MOTOR CREDIT CORP 3.62500% 08-06.08.12 1 000 000.00 1 052 500.00 4.03 Total CHF 9 323 250.00 35.71 20 The notes are an integral part of the financial statements.

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