world invest - fundsquare

WORLD INVEST

Investment Company with Variable Share Capital SICAV with multiple Sub-Funds

Unaudited semi-annual report as at 30 June 2011

R.C.S. Luxembourg B 35 181

Subscriptions can not be received on the basis of annual reports. Subscriptions are only valid if made on the basis of the prospectus in force, accompanied by the last available

annual report, and the most recent semi-annual report, if published thereafter.

WORLD INVEST

TABLE OF CONTENTS

Organisation of the Company 3 Comparative Net Asset Values over the last three years

5

Combined Statement of Net Assets 6 Combined Statement of Changes in Net Assets 7 WORLD INVEST - ABSOLUTE RETURN 8 Statement of Net Assets 8 Statement of Changes in Net Assets 9 Portfolio 10 Forward foreign exchange contracts 13 Option contracts 14 Swap contracts 15 WORLD INVEST - ABSOLUTE STRATEGY 17 Statement of Net Assets 17 Statement of Changes in Net Assets 18 Portfolio 19 Commitments on future contracts 23 Forward foreign exchange contracts 24 Option contracts 25 Swap contracts 26 WORLD INVEST - EUROSTAR EQUITIES 27 Statement of Net Assets 27 Statement of Changes in Net Assets 28 Portfolio 29 Forward foreign exchange contracts 32 WORLD INVEST - ABSOLUTE EMERGING 33 Statement of Net Assets 33 Statement of Changes in Net Assets 34 Portfolio 35 Commitments on future contracts 38 Forward foreign exchange contracts 39 Option contracts 40 Swap contracts 41 WORLD INVEST - ABSOLUTE FINANCIALS 43 Statement of Net Assets 43 Statement of Changes in Net Assets 44 Portfolio 45 Forward foreign exchange contracts 47 Option contracts 48 Swap contracts 49

Notes to the financial statements

50

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WORLD INVEST

ORGANISATION OF THE COMPANY

BOARD OF DIRECTORS Chairman Mr. Giovanni Giacomo Schrämli

Member of the Board of Directors Banca Arner S.A. 8, Piazza Manzoni CH - 6901 Lugano

Directors Mr. Giulio Romani

Chief Executive Officer Banca Arner S.A. 8, Piazza Manzoni CH - 6901 Lugano

Mr. Giovanni Patri

Head of Fund Services Casa4Funds Luxembourg European Asset Management S.A 41, boulevard Royal L - 2449 Luxembourg (until 18th February 2011)

Mr. Tristan Brenner

Chief Operating Officer Arkos Capital SA 1, Via Marconi CH - 6900 Lugano

Mr. Sylvain Feraud

Managing Director Casa4Funds Luxembourg European Asset 41, boulevard Royal L - 2449 Luxembourg (since 29th April 2011)

REGISTERED OFFICE 41, boulevard Royal

L - 2449 Luxembourg MANAGEMENT COMPANY AND DOMICILILARY AGENT Casa4Funds Luxembourg European Asset

Management S.A 41, boulevard Royal L - 2449 Luxembourg

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WORLD INVEST

CUSTODIAN, PAYING AGENT, ADMINISTRATIVE AGENT, REGISTRAR AND TRANSFER AGENT State Street Bank Luxembourg S.A.

49, avenue J.F. Kennedy L - 1855 Luxembourg

REPRESENTATION AGENT, DISTRIBUTOR AND PAYING AGENT IN SWITZERLAND Banca Arner S.A.

8, Piazza Manzoni CH - 6901 Lugano

INVESTMENT MANAGER Arkos Capital S.A.

1, Via Marconi CH - 6900 Lugano

APPROVED STATUTORY AUDITORS OF THE COMPANY Ernst & Young S.A.

7, Rue Gabriel Lippmann, Parc d'Activité Syrdall 2 L - 5365 Munsbach

‘’The Articles of incorporation, the prospectus, the annual report and the semi-annual report may be obtained free of charge at the principal and registered office of the Sicav or at the representation agent’s office in Switzerland.’’

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WORLD INVEST

COMPARATIVE NET ASSET VALUES OVER THE LAST THREE YEARS

30 June 2011 31 December 2010 31 December 2009

Currency Total NAVNAV per

Share Total NAVNAV per

Share Total NAVNAV per

Share WORLD INVEST - ABSOLUTE RETURN Class C EUR 122,633,019.04 220.55 111,785,406.08 220.52 57,493,995.48 201.95Total Net Assets EUR 122,633,019.04 111,785,406.08 57,493,995.48WORLD INVEST - ABSOLUTE STRATEGY Class C EUR 143,611,599.54 110.95 114,957,660.46 108.32 83,575,005.71 104.58Total Net Assets EUR 143,611,599.54 114,957,660.46 83,575,005.71WORLD INVEST - EUROSTAR EQUITIES Class C EUR 7,472,618.01 110.66 6,998,649.82 109.81 7,023,904.02 98.40Total Net Assets EUR 7,472,618.01 6,998,649.82 7,023,904.02

WORLD INVEST - STRATEGIC BOND Class C EUR - - - - 4,420,592.08 764.04Total Net Assets EUR - - 4,420,592.08

WORLD INVEST - GLOBAL FLEXIBLE FUND Class C EUR - - - - 10,149,565.29 108.37Total Net Assets EUR - - 10,149,565.29

WORLD INVEST - ITALIAN EQUITIES Class C EUR - - - - 3,097,671.62 57.06Total Net Assets EUR - - 3,097,671.62WORLD INVEST - ABSOLUTE EMERGING Class C EUR 49,705,157.64 111.94 56,987,948.27 113.64 18,442,332.83 108.88Total Net Assets EUR 49,705,157.64 56,987,948.27 18,442,332.83WORLD INVEST - ABSOLUTE FINANCIALS Class C EUR 36,916,139.59 103.21 34,610,881.90 105.62 – –Total Net Assets EUR 36,916,139.59 34,610,881.90 –

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WORLD INVEST

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

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

Assets Notes Investments in securities at market value 356,070,016.35Banks 40,895,828.47Amounts due from brokers 42,948,435.35Option contracts at market value 674,674.43Swap premium received 44,322.14Unrealised profit on forward foreign exchange contracts 2,498,554.40Unrealised profit on swap contracts 3,786,009.74Interest receivable on swap contracts 192,820.03Dividends receivable 130,282.75Interest receivable 905,833.00Receivable on investments sold 6,333,877.81Receivable on subscriptions 1,270,004.32Other assets 27,614.24Total assets 455,778,273.03

Liabilities Bank overdrafts -336,422.89Amounts due to brokers -158,372.55Option contracts at market value -39,862.27Swap premium paid -2,143,016.69Unrealised loss on forward foreign exchange contracts -142,825.02Unrealised loss on future contracts -175,297.89Unrealised loss on swap contracts -7,622,705.21Interest payable on swap contracts -225,883.66Other liabilities -822,863.80Payable on investments purchased -4,099,487.10Payable on redemptions -119,923.73Total liabilities -15,886,660.81Total net assets 439,891,612.22

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WORLD INVEST

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


Net assets at the beginning of the period Notes 406,282,604.73

Income from investments 3,746,751.16Interest on bank accounts 107,845.38Total income 3,854,596.54Management fee (Note 5) -3,529,513.30Performance fee (Note 6) -575,125.56Custodian fee (Note 7) -147,049.22Subscription tax (Note 3) -139,272.50Interest paid on swap contracts -3,127,734.73Amortisation of formation expenses (Note 2) -691.01Administration fee (Note 7) -369,253.99Other charges and taxes (Note 4) -742,091.94Total expenses -8,630,732.25Net investment income / (loss) -4,776,135.71Net realised profit / (loss) on - Investments 20,887,122.11- Forward foreign exchange contracts and foreign currencies 3,814,328.38- Options contracts -615,780.31- Future contracts -66,562.12- Swap contracts 6,663,487.31Change in unrealised appreciation / (depreciation) on - Investments -22,624,744.62- Option contracts 140,570.97- Forward foreign exchange contracts and foreign currencies 1,549,461.77- Future contracts -524,808.54- Swap contracts -2,894,428.90Net result of operations for the period 1,552,510.34

Subscriptions for the period 121,057,032.05Redemptions for the period -79,884,938.68Revaluation of net assets at the beginning of the year -9,115,596.22

Net assets at the end of the period 439,891,612.22

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WORLD INVEST - ABSOLUTE RETURN

STATEMENT OF NET ASSETS AS AT 30 JUNE 2011 IN EUR


Assets Notes Investments in securities at market value 91,239,606.40Banks 15,210,959.72Amounts due from brokers 17,356,857.63Option contracts at market value 301,462.00Unrealised profit on forward foreign exchange contracts 147,990.93Unrealised profit on swap contracts 879,757.49Interest receivable on swap contracts 123,086.09Dividends receivable 64,566.55Interest receivable 31,217.35Receivable on investments sold 3,581,079.51Receivable on subscriptions 29,791.85Other assets 1,606.86Total assets 128,967,982.38

Liabilities Bank overdrafts -26,345.14Amounts due to brokers -9,649.29Option contracts at market value -29,115.00Swap premium paid -1,903.65Unrealised loss on forward foreign exchange contracts -68,324.47Unrealised loss on swap contracts -3,895,097.50Interest payable on swap contracts -92,749.98Other liabilities -249,535.55Payable on investments purchased -1,946,575.09Payable on redemptions -15,667.67Total liabilities -6,334,963.34Total net assets 122,633,019.04

Share Class Currency Net Asset Value per Share Shares outstanding

Class C EUR 220.55 556,030.49

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



Income from investments 741,375.29Interest on bank accounts 40,741.33Total Income 782,116.62Management fee (Note 5) -1,024,329.85Custodian fee (Note 7) -41,956.59Subscription tax (Note 3) -38,066.56Net Interest paid on swap contracts -2,021,583.87Administration fee (Note 7) -105,359.73Other charges and taxes (Note 4) -208,196.00Total expenses -3,439,492.60Net investment income / (loss) -2,657,375.98Net realised profit / (loss) on - Investments 5,742,071.09- Foreign currency 518,682.90- Options contracts -473,098.25- Future contracts -57,631.81- Swap contracts 4,615,457.13Change in unrealised appreciation / (depreciation) on - Investments -4,817,935.04- Option contracts 145,414.74- Forward foreign exchange contracts and foreign currencies 130,032.97- Future contracts -146,500.17- Swap contracts -2,633,948.47Net result of operations for the period 365,169.11

Subscriptions for the period 35,666,450.81Redemptions for the period -25,184,006.96


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PORTFOLIO AS AT 30 JUNE 2011 IN EUR

Nominal / Quantity Description Currency Acquisition cost Market value

% ofNet Assets

TRANSFERABLE SECURITIES 89,546,626.04 91,239,606.40 74.40

LISTED ON AN OFFICIAL STOCK EXCHANGE 87,936,456.25 89,676,103.92 73.12

Shares 82,892,788.42 84,584,635.56 68.97

GERMANY 16,122,919.81 16,623,602.31 13.55

Finance 6,622,026.55 6,780,617.04 5.53 40,427.00 DEUTSCHE BANK AG EUR 1,604,140.94 1,647,400.25 1.34 69,071.00 AAREAL BANK AG EUR 1,592,088.35 1,632,493.09 1.33 15,161.00 MUENCHENER RUECKVERSICHERUNGS AG EUR 1,686,661.25 1,598,727.45 1.30 88,407.00 DEUTSCHE WOHNEN AG EUR 994,201.05 1,060,884.00 0.87 35,565.00 GSW IMMOBILIEN AG EUR 744,934.96 841,112.25 0.69

Raw materials 3,583,781.67 3,539,038.70 2.89 38,932.00 K&S AG EUR 2,071,961.04 2,063,396.00 1.68 9,897.00 WACKER CHEMIE AG EUR 1,511,820.63 1,475,642.70 1.21

Consumer Retail 2,149,696.41 2,311,346.45 1.88 17,417.00 CONTINENTAL AG EUR 1,200,413.66 1,261,861.65 1.03 24,752.00 KABEL DEUTSCHLAND HOLDING AG EUR 949,282.75 1,049,484.80 0.85

Industries 2,110,956.02 2,223,353.27 1.81 90,069.00 GEA GROUP AG EUR 2,110,956.02 2,223,353.27 1.81

Computing and IT 1,027,713.31 1,110,008.88 0.90 143,190.00 INFINEON TECHNOLOGIES AG EUR 1,027,713.31 1,110,008.88 0.90

Telecommunication 628,745.85 659,237.97 0.54 82,189.00 DRILLISCH AG EUR 628,745.85 659,237.97 0.54

FRANCE 15,412,992.71 16,051,169.97 13.09

Industries 5,885,313.84 5,952,980.96 4.85 35,353.00 SOCIETE BIC SA EUR 2,300,309.55 2,355,923.92 1.92 18,803.00 SCHNEIDER ELECTRIC SA EUR 2,110,636.75 2,166,105.60 1.76 68,011.00 EDENRED EUR 1,474,367.54 1,430,951.44 1.17

Consumer Retail 3,767,903.13 3,879,321.20 3.16 57,199.00 RENAULT SA EUR 2,303,204.80 2,338,581.12 1.91 32,726.00 VALEO SA EUR 1,464,698.33 1,540,740.08 1.25

Health 2,244,773.08 2,337,849.36 1.91 42,169.00 SANOFI EUR 2,244,773.08 2,337,849.36 1.91

Computing and IT 1,668,987.73 2,102,964.62 1.72 62,551.00 INGENICO EUR 1,668,987.73 2,102,964.62 1.72

Multi-Utilities 1,846,014.93 1,778,053.83 1.45 129,266.00 SUEZ ENVIRONNEMENT CO EUR 1,846,014.93 1,778,053.83 1.45

ITALY 12,605,403.71 12,882,638.94 10.50

Finance 4,172,274.71 4,259,675.99 3.47 1,206,077.00 INTESA SANPAOLO SPA EUR 2,123,295.07 2,214,357.37 1.80 2,778,852.00 PRELIOS SPA EUR 1,340,357.53 1,347,743.22 1.10 159,921.00 CREDITO EMILIANO SPA EUR 708,622.11 697,575.40 0.57

Industries 3,008,636.27 2,847,260.36 2.32 91,999.00 PRYSMIAN SPA EUR 1,424,402.65 1,276,026.13 1.04 125,387.00 SOCIETA INIZIATIVE AUTOSTRADALI E SERVIZI SPA EUR 934,998.58 990,557.30 0.81 114,645.00 ASTALDI SPA EUR 649,235.04 580,676.93 0.47

Health 2,201,034.62 2,241,078.82 1.83 45,000.00 DIASORIN SPA EUR 1,453,845.39 1,489,500.00 1.22 175,030.00 AMPLIFON SPA EUR 747,189.23 751,578.82 0.61

Consumer Retail 1,024,888.73 1,270,739.05 1.03 170,569.00 PIRELLI & C SPA EUR 1,024,888.73 1,270,739.05 1.03

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% ofNet Assets

Energy 1,244,208.81 1,225,957.20 1.00 34,437.00 SAIPEM SPA EUR 1,244,208.81 1,225,957.20 1.00

Basic Goods 954,360.57 1,037,927.52 0.85 183,056.00 DAVIDE CAMPARI-MILANO SPA EUR 954,360.57 1,037,927.52 0.85

AUSTRIA 6,430,114.46 6,309,683.70 5.14

Finance 3,461,075.81 3,361,228.50 2.74 1,143,275.00 IMMOFINANZ AE EUR 3,461,075.81 3,361,228.50 2.74

Industries 2,969,038.65 2,948,455.20 2.40 21,185.00 ANDRITZ AG EUR 1,497,346.66 1,504,135.00 1.22 113,726.00 WIENERBERGER AG EUR 1,471,691.99 1,444,320.20 1.18

NORWAY 6,132,867.69 6,044,239.12 4.93

Finance 2,321,931.03 2,250,962.81 1.84 263,315.00 GJENSIDIGE FORSIKRING ASA NOK 2,321,931.03 2,250,962.81 1.84

Raw materials 2,144,189.33 1,988,842.46 1.62 50,943.00 YARA INTERNATIONAL ASA NOK 2,144,189.33 1,988,842.46 1.62

Energy 1,666,747.33 1,804,433.85 1.47 92,775.00 TGS NOPEC GEOPHYSICAL CO ASA NOK 1,666,747.33 1,804,433.85 1.47

SWEDEN 6,028,806.06 5,883,583.17 4.80

Finance 3,128,777.19 3,015,405.64 2.46 134,042.00 SWEDBANK AB SEK 1,480,211.98 1,557,466.06 1.27 257,991.00 SKANDINAVISKA ENSKILDA BANKEN AB SEK 1,648,565.21 1,457,939.58 1.19

Consumer Retail 1,461,282.26 1,440,059.14 1.17 26,614.00 AUTOLIV INC USD 1,461,282.26 1,440,059.14 1.17

Computing and IT 1,438,746.61 1,428,118.39 1.17 143,260.00 TELEFONAKTIEBOLAGET LM ERICSSON SEK 1,438,746.61 1,428,118.39 1.17

NETHERLANDS 5,498,294.50 5,378,355.96 4.39

Industries 3,348,233.62 3,251,030.21 2.65 87,811.00 IMTECH NV EUR 2,245,548.19 2,141,710.29 1.75 34,023.00 KONINKLIJKE BOSKALIS WESTMINSTER NV EUR 1,102,685.43 1,109,319.92 0.90

Finance 1,500,448.64 1,269,035.71 1.04 269,778.00 AEGON NV EUR 1,500,448.64 1,269,035.71 1.04

Computing and IT 649,612.24 858,290.04 0.70 34,428.00 UNIT 4 NV EUR 649,612.24 858,290.04 0.70

SWITZERLAND 5,062,069.93 5,343,280.05 4.36

Health 4,224,100.93 4,413,118.27 3.60 104,610.00 NOVARTIS AG CHF 4,224,100.93 4,413,118.27 3.60

Industries 837,969.00 930,161.78 0.76 2,959.00 FLUGHAFEN ZUERICH AG CHF 837,969.00 930,161.78 0.76

FINLAND 2,226,998.12 2,253,186.60 1.84

Consumer Retail 2,226,998.12 2,253,186.60 1.84 65,121.00 NOKIAN RENKAAT OYJ EUR 2,226,998.12 2,253,186.60 1.84

SPAIN 1,731,483.30 1,908,978.45 1.56

Industries 1,731,483.30 1,908,978.45 1.56 72,447.00 OBRASCON HUARTE LAIN SA EUR 1,731,483.30 1,908,978.45 1.56

RUSSIA 1,733,848.29 1,677,901.96 1.37

Finance 1,733,848.29 1,677,901.96 1.37 661,061.00 SBERBANK OF RUSSIA USD 1,733,848.29 1,677,901.96 1.37

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% ofNet Assets

ISRAEL 1,021,152.57 1,525,660.02 1.24

Computing and IT 1,021,152.57 1,525,660.02 1.24 38,909.00 CHECK POINT SOFTWARE TECHNOLOGIES LTD USD 1,021,152.57 1,525,660.02 1.24

DENMARK 1,540,800.23 1,432,446.27 1.17

Finance 1,540,800.23 1,432,446.27 1.17 36,011.00 TRYG A/S DKK 1,540,800.23 1,432,446.27 1.17

BELGIUM 1,345,037.04 1,269,909.04 1.03

Consumer Retail 1,345,037.04 1,269,909.04 1.03 15,568.00 D'IETEREN SA/NV EUR 727,857.09 733,875.52 0.60 10,494.00 BARCO NV EUR 617,179.95 536,033.52 0.43

Zero-Coupon bonds 2,942,150.53 3,053,316.65 2.49

NETHERLANDS 1,442,150.53 1,539,816.65 1.26

Finance 1,442,150.53 1,539,816.65 1.26 78,763.00 MORGAN STANLEY BV 0.00% 04/07/2012 EUR 1,442,150.53 1,539,816.65 1.26

UNITED KINGDOM 1,500,000.00 1,513,500.00 1.23

Finance 1,500,000.00 1,513,500.00 1.23 1,500,000.00 UBS AG/LONDON 0.00% 29/04/2014 EUR 1,500,000.00 1,513,500.00 1.23

Ordinary Bonds 2,101,517.30 2,038,151.71 1.66

ITALY 1,322,038.54 1,285,775.71 1.05

Finance 1,322,038.54 1,285,775.71 1.05 1,287,933.00 BANCO POPOLARE SCARL 4.75% 24/03/2014 EUR 1,322,038.54 1,285,775.71 1.05

UNITED KINGDOM 779,478.76 752,376.00 0.61

Consumer Retail 779,478.76 752,376.00 0.61 700,000.00 TUI TRAVEL PLC 4.90% 27/04/2017 GBP 779,478.76 752,376.00 0.61

UNQUOTED 1,610,169.79 1,563,502.48 1.28

Convertible Bond 1,610,169.79 1,563,502.48 1.28

BERMUDA 1,610,169.79 1,563,502.48 1.28

Energy 1,610,169.79 1,563,502.48 1.28 1,900,000.00 SEADRILL LTD 3.375% 27/10/2017 USD 1,610,169.79 1,563,502.48 1.28

Total Portfolio 89,546,626.04 91,239,606.40 74.40

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FORWARD FOREIGN EXCHANGE CONTRACTS AS AT 30 JUNE 2011

Maturity Purchase commitment in

foreign currencySale commitment in

foreign currency Unrealised profit/(loss)

(EUR)

Total Unrealised profit / (loss) on Forward Foreign Exchange Contracts 79,666.46

Unrealised profit on Forward Foreign Exchange Contracts 147,990.93

18 July 2011 4,486,354.09 EUR 6,411,000.00 USD 62,889.4018 July 2011 2,324,178.51 EUR 2,042,000.00 GBP 62,518.5818 July 2011 6,209,080.44 EUR 7,549,000.00 CHF 22,348.1618 July 2011 1,922,922.20 EUR 14,340,000.00 DKK 234.79

Unrealised loss on Forward Foreign Exchange Contracts -68,324.47

18 July 2011 3,000,228.83 EUR 27,534,000.00 SEK -8,203.4318 July 2011 1,613,733.91 EUR 14,852,000.00 SEK -9,031.9718 July 2011 6,039,675.87 EUR 47,403,000.00 NOK -51,089.07

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OPTION CONTRACTS AS AT 30 JUNE 2011

Nominal / Quantity Call/Put Description Currency Acquisition cost Market value

Commitment(EUR)

UNQUOTED 140,587.27 272,347.00 29,115.00

PURCHASED OPTIONS 194,540.58 301,462.00 —

142 CALL STOXX EUROPE 600 AUTO + PARTS JUL11 340 EUR 72,420.00 244,950.00 —79 PUT STOXX EUROPE 600 AUTO + PARTS AUG11 355 EUR 35,550.00 26,070.00 —

404 PUT DEUTSCHE BANK AG EUR 55,509.80 25,048.00 —2,697 PUT AEGON NV EUR 31,060.78 5,394.00 —

WRITTEN OPTIONS -53,953.31 -29,115.00 29,115.00

-142 PUT STOXX EUROPE 600 AUTO + PARTS JUL11 320 EUR -21,511.81 -710.00 710.00

-1,495 PUT NOKIA OYJ EUR -32,441.50 -28,405.00 28,405.00

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SWAP CONTRACTS AS AT 30 JUNE 2011

Underlying name Currency Position Notional Counterparty Maturity

Interest receivable /

(payable)

Unrealisedprofit / (loss)

(EUR)

EQUITY SWAP CONTRACTS 30,336.11 -3,015,340.01

TELEKOM AUSTRIA AG EUR S 1,265,835.46 GENORA INVESTMENT

GROUP INC 09/12/2014 1,712.91 -15,875.74

AGUAS ANDINAS SA EUR L 1,679,097.60 MERRILL LYNCH 27/06/2016 -51,126.06 96,707.54ALTEN LTD EUR L 638,868.60 MERRILL LYNCH 15/06/2016 -19,452.61 33,837.60BANCA CARIGE SPA EUR S 1,054,279.41 MERRILL LYNCH 05/06/2014 1,426.64 -77,477.95CHEMRING GROUP PLC GBP L 906,185.28 MERRILL LYNCH 09/03/2015 -1,039.02 39,095.05COLRUYT NV EUR S 1,410,413.60 MERRILL LYNCH 27/07/2014 1,908.55 116,284.10CRODA INTERNATIONAL PLC GBP L 1,293,483.20 MERRILL LYNCH 02/07/2015 -1,483.09 36,586.01DJ STOXX 600 INDUSTRIAL GOODS

EUR S 3,888,800.00 MERRILL LYNCH 20/05/2016 5,262.28 -148,806.25

ELECTROLUX AB SEK S 15,890,156.80 MERRILL LYNCH 11/02/2015 311.54 -37,630.68FTSE 250 INDEX GBP S 1,247,302.80 MERRILL LYNCH 18/01/2014 7,201.71 -46,035.30FTSE ITALIA MID EUR S 4,649,569.60 MERRILL LYNCH 22/12/2014 6,291.74 -224,226.08HALMA PLC GBP L 587,014.37 MERRILL LYNCH 17/12/2100 -673.06 26,451.22HENKEL AG & CO KGAA EUR S 2,178,916.42 MERRILL LYNCH 07/02/2016 2,948.48 -69,393.87IBEX 35 INDEX EUR S 2,576,644.20 MERRILL LYNCH 10/12/2014 3,486.68 -127,289.70INFORMA PLC GBP L 2,016,171.74 MERRILL LYNCH 28/05/2015 -2,311.71 107,214.53KLOECKNER & CO SE EUR S 1,442,503.80 MERRILL LYNCH 23/09/2015 1,951.98 -104,739.94KUDELSKI SA CHF S 668,388.00 MERRILL LYNCH 15/04/2015 -44.34 -45,626.02OTP BANK PLC HUF S 342,424,800.00 MERRILL LYNCH 16/07/2014 170.64 -52,891.96PERNOD-RICARD SA EUR S 1,462,286.64 MERRILL LYNCH 30/05/2100 1,978.75 -22,721.92PSI 20 INDEX EUR S 3,788,213.25 MERRILL LYNCH 10/12/2014 5,126.16 -203,246.85REXAM PLC GBP L 1,322,097.35 MERRILL LYNCH 03/09/2015 -1,515.90 42,098.03SANDVIK AB SEK S 13,664,270.10 MERRILL LYNCH 11/06/2015 267.90 -97,563.88STOXX MID CAP PAN EUR S 7,779,401.50 MERRILL LYNCH 16/07/2014 10,526.99 -293,077.64STRAUMANN HOLDING AG CHF S 1,672,496.40 MERRILL LYNCH 30/09/2015 -110.96 -5,433.93SXAP DOW JONES EUR S 2,538,463.20 MERRILL LYNCH 17/08/2014 3,435.02 -115,616.40SXXP DJ STOXX 600 EUR S 10,752,335.27 MERRILL LYNCH 14/08/2014 14,549.93 -360,433.95TAYLOR WIMPEY PLC GBP L 3,004,878.00 MERRILL LYNCH 01/03/2014 -3,445.35 36,933.81TIETO OYJ EUR S 1,271,081.50 MERRILL LYNCH 27/07/2011 1,720.01 -71,318.60TURK HAVA YOLLARI TRY S 3,462,540.60 MERRILL LYNCH 16/07/2014 916.03 17,099.67UPONOR OYJ EUR S 610,001.49 MERRILL LYNCH 15/04/2015 825.45 -68,173.15VTB BANK OJSC USD S 917,811.07 MERRILL LYNCH 26/10/2014 -217.20 -36,375.32WEIR GROUP PLC/THE GBP L 1,066,622.55 MERRILL LYNCH 27/04/2016 -1,222.97 43,765.60WPP PLC GBP L 2,612,582.00 MERRILL LYNCH 12/02/2015 -2,995.55 148,157.57BANCA SABADELL EUR S 1,385,614.22 MORGAN STANLEY 18/06/2015 1,875.00 -26,255.83MARINE HARVEST NOK S 5,207,638.80 MORGAN STANLEY 10/02/2016 78.78 -20,083.21ACS ACTIVIDADES DE CONSTRUCCIO

EUR S 2,068,327.85 MORGAN STANLEY 03/03/2014 5,005.50 -170,381.47

AP MOLLER - MAERSK A/S DKK S 10,604,160.00 MORGAN STANLEY 20/08/2015 442.38 -77,030.20ARCADIS NV EUR S 596,911.14 MORGAN STANLEY 22/08/2011 807.73 -29,910.58BENETTON GROUP EUR S 693,839.72 MORGAN STANLEY 08/01/2014 938.90 -31,162.51CARILLION PLC GBP L 1,928,519.88 MORGAN STANLEY 18/03/2016 -2,211.21 34,034.08COMPUTERCENTER PLC GBP L 287,251.77 MORGAN STANLEY 29/01/2015 -329.36 15,716.26DRAGON OIL SEK S 19,570,037.50 MORGAN STANLEY 27/05/2016 383.69 -98,728.83DSV A/S DKK S 15,468,829.20 MORGAN STANLEY 20/08/2012 0.00 -78,555.96EMS-CHEMIE HOLDING AG CHF S 143,304.00 MORGAN STANLEY 24/08/2012 -9.51 -2,096.21FOMENTO DE CONSTRUCCIONES Y CONTRATAS SA

EUR S 1,402,755.64 MORGAN STANLEY 05/02/2015 1,898.19 -124,584.46

GENERALI ASSICURAZIONI EUR S 1,388,702.04 MORGAN STANLEY 06/06/2014 1,879.17 -92,648.01GESTEVISION TELECINCO SA EUR S 783,268.92 MORGAN STANLEY 31/03/2016 1,059.91 -83,317.25HOLCIM CHF S 2,877,909.75 MORGAN STANLEY 20/08/2012 -190.96 -104,775.51IG GROUP HOLDINGS PLC GBP S 1,244,279.76 MORGAN STANLEY 18/03/2016 7,184.26 -59,275.21JD WETHERSPOON PLC GBP S 506,140.87 MORGAN STANLEY 11/11/2011 2,922.37 259.78JULIUS BAER GROUP LTD CHF S 1,883,136.84 MORGAN STANLEY 01/04/2016 -124.94 -54,730.69KINGFISHER PLC GBP S 1,320,478.41 MORGAN STANLEY 30/06/2016 7,624.22 1,257.54KUEHNE & NAGEL CHF S 1,751,176.80 MORGAN STANLEY 24/08/2012 -116.18 -60,942.05LAND SECURITIES PLC GBP L 1,367,666.06 MORGAN STANLEY 18/05/2016 -1,568.15 57,148.97LONZA GROUP AG CHF S 1,466,143.20 MORGAN STANLEY 30/12/2015 -2,303.93 -77,734.37NATURA COSMETICOS SA USD S 855,305.40 MORGAN STANLEY 16/07/2014 -202.40 -20,015.27NOKIA OYJ EUR S 619,619.17 MORGAN STANLEY 02/10/2014 838.46 -48,744.17PORTUGAL TELECOM SGPS SA EUR S 2,020,458.70 MORGAN STANLEY 25/05/2016 2,734.06 -41,313.86POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SA

PLN S 5,488,817.80 MORGAN STANLEY 11/05/2016 352.81 -24,732.54

15






(payable)


(EUR) PROSEGUR EUR S 709,308.15 MORGAN STANLEY 24/06/2016 959.83 -14,780.86QIAGEN NV EUR S 1,501,791.60 MORGAN STANLEY 21/12/2015 2,032.21 20,173.32RHOEN KLINIKUM EUR S 1,221,972.97 MORGAN STANLEY 25/11/2015 1,653.56 6,936.81RIETER HOLDING AG CHF S 836,853.81 MORGAN STANLEY 24/06/2016 -55.52 -30,648.36SANOMA OYJ EUR S 633,464.91 MORGAN STANLEY 13/05/2016 857.20 -53,191.71STANDARD BANK GROUP LTD ZAR S 16,240,350.90 MORGAN STANLEY 03/02/2015 160.59 -48,138.81TECNICAS REUNIDAS SA EUR S 1,355,265.00 MORGAN STANLEY 01/09/2015 1,833.93 -65,454.28TULLETT PREBON PLC GBP S 543,459.68 MORGAN STANLEY 15/07/2014 3,137.84 -30,892.83TYRKIYE ISBANK TRY S 2,386,028.04 MORGAN STANLEY 18/11/2014 631.24 -29,312.27VEOLIA ENVIRONNEMENT SA EUR S 1,891,979.88 MORGAN STANLEY 16/03/2015 2,560.20 -65,934.92WINCOR NIXDORF AG EUR S 897,638.74 MORGAN STANLEY 30/09/2014 1,214.67 -5,770.14

16

WORLD INVEST - ABSOLUTE STRATEGY



Assets Notes Investments in securities at market value 132,840,653.65Banks 6,263,582.05Amounts due from brokers 2,925,125.39Option contracts at market value 246,549.32Unrealised profit on forward foreign exchange contracts 1,492,441.70Unrealised profit on swap contracts 1,679,640.00Interest receivable on swap contracts 1,787.10Dividends receivable 27.18Interest receivable 616,465.73Receivable on investments sold 0.01Receivable on subscriptions 99,950.00Other assets 2,460.24Total assets 146,168,682.37

Liabilities Bank overdrafts -670.68Swap premium paid -1,722,960.00Unrealised loss on future contracts -119,947.72Unrealised loss on swap contracts -400,685.53Interest payable on swap contracts -1,089.08Other liabilities -234,739.26Payable on redemptions -76,990.56Total liabilities -2,557,082.83Total net assets 143,611,599.54


Class C EUR 110.95 1,294,344.76

17





Income from investments 1,451,065.39Interest on bank accounts 1,515.20Total Income 1,452,580.59Management fee (Note 5) -937,776.93Performance fee (Note 6) -464,949.39Custodian fee (Note 7) -44,813.13Subscription tax (Note 3) -39,963.33Net Interest paid on swap contracts -118,634.85Amortisation of formation expenses (Note 2) -566.04Administration fee (Note 7) -112,533.15Other charges and taxes (Note 4) -169,427.00Total expenses -1,888,663.82Net investment income / (loss) -436,083.23Net realised profit / (loss) on - Investments 8,540,452.51- Foreign currency 2,096,230.62- Future contracts -86,270.50- Swap contracts -3,354,508.63Change in unrealised appreciation / (depreciation) on - Investments -8,099,681.06- Option contracts 2,970.83- Forward foreign exchange contracts and foreign currencies 945,904.89- Future contracts -262,248.04- Swap contracts 3,270,642.14Net result of operations for the period 2,617,409.53



18





% ofNet Assets



Ordinary Bonds 89,000,499.27 88,313,070.10 61.49

FRANCE 21,448,869.43 19,649,347.00 13.68

Consumer Retail 7,912,377.13 5,941,383.50 4.14 85,000.00 PEUGEOT SA 4.45% 01/01/2016 EUR 2,906,043.12 2,983,797.50 2.08 93,000.00 FAURECIA 4.50% 01/01/2015 EUR 5,006,334.01 2,957,586.00 2.06

Telecommunication 5,780,044.92 5,790,372.50 4.03 73,000.00 PUBLICIS GROUPE SA 3.125% 30/07/2014 EUR 2,696,894.92 2,932,775.00 2.04 615,000.00 ALCATEL-LUCENT/FRANCE 5.00% 01/01/2015 EUR 3,083,150.00 2,857,597.50 1.99

Industries 5,424,847.38 5,327,391.00 3.71 33,000.00 NEXANS SA 1.50% 01/01/2013 EUR 2,736,347.38 2,846,151.00 1.98 120,000.00 SOCIETE AIR FRANCE 2.75% 01/04/2020 EUR 2,688,500.00 2,481,240.00 1.73

Finance 2,331,600.00 2,590,200.00 1.80 12,000.00 UNIBAIL-RODAMCO SE 3.50% 01/01/2015 EUR 2,331,600.00 2,590,200.00 1.80

UNITED KINGDOM 14,677,953.82 15,856,278.04 11.04

Consumer Retail 5,676,929.23 5,973,364.17 4.16 3,000,000.00 TUI TRAVEL PLC 4.90% 27/04/2017 GBP 3,339,224.57 3,224,468.58 2.25

2,000,000.00 AEGIS GROUP CAPITAL JERSEY LTD 2.50% 20/04/2015 GBP 2,337,704.66 2,748,895.59 1.91

Computing and IT 2,568,436.31 3,032,359.15 2.11 2,000,000.00 MISYS PLC 2.50% 22/11/2015 GBP 2,568,436.31 3,032,359.15 2.11

Telecommunication 2,934,765.90 2,715,921.11 1.89 3,300,000.00 INMARSAT PLC 1.75% 16/11/2017 USD 2,934,765.90 2,715,921.11 1.89

Energy 1,832,824.75 2,202,606.20 1.53 1,500,000.00 PENNON GROUP PLC 4.625% 20/08/2014 GBP 1,832,824.75 2,202,606.20 1.53

Health 1,664,997.63 1,932,027.41 1.35 2,400,000.00 SHIRE PLC 2.75% 09/05/2014 USD 1,664,997.63 1,932,027.41 1.35

AUSTRIA 8,290,979.30 8,442,625.50 5.88

Finance 5,494,979.30 5,690,824.50 3.96 700,000.00 IMMOFINANZ AE 4.25% 08/03/2018 EUR 2,799,647.11 2,846,550.00 1.98

2,700,000.00 CONWERT IMMOBILIEN INVEST SE 1.50% 12/11/2014 EUR 2,695,332.19 2,844,274.50 1.98

Consumer Retail 2,796,000.00 2,751,801.00 1.92

2,600,000.00 STEINHOFF FINANCE HOLDING GMBH 5.00% 22/05/2016 EUR 2,796,000.00 2,751,801.00 1.92

ITALY 7,448,801.56 7,356,942.96 5.12

Finance 5,885,977.06 5,826,519.95 4.06 3,300,000.00 BENI STABILI SPA 3.875% 23/04/2015 EUR 3,238,119.32 3,251,407.50 2.27 2,579,433.00 BANCO POPOLARE SCARL 4.75% 24/03/2014 EUR 2,647,857.74 2,575,112.45 1.79

Consumer Retail 1,562,824.50 1,530,423.01 1.06

1,549,999.50 SOCIETA INIZIATIVE AUTOSTRADALI E SERVIZI SPA 2.625% 30/06/2017 EUR 1,562,824.50 1,530,423.01 1.06

BELGIUM 5,044,625.50 5,319,919.50 3.71

Finance 2,826,418.98 2,761,504.50 1.93 2,821,720.00 COFINIMMO 3.125% 28/04/2016 EUR 2,826,418.98 2,761,504.50 1.93

Raw materials 2,218,206.52 2,558,415.00 1.78 1,500,000.00 NYRSTAR 7.00% 10/07/2014 EUR 2,218,206.52 2,558,415.00 1.78

19





% ofNet Assets

LUXEMBOURG 4,493,735.34 4,471,063.51 3.11

Raw materials 2,772,886.59 2,701,808.26 1.88 3,600,000.00 TMK BONDS SA 5.25% 11/02/2015 USD 2,772,886.59 2,701,808.26 1.88

Finance 1,720,848.75 1,769,255.25 1.23

1,550,000.00 KLOECKNER & CO FINANCIAL SERVICES SA 2.50% 22/12/2017 EUR 1,720,848.75 1,769,255.25 1.23

BRITISH VIRGIN ISLANDS 4,121,347.40 3,950,052.13 2.75

Basic Goods 2,598,938.51 2,335,953.00 1.63 25,000,000.00 GLORY RIVER HOLDINGS LTD 1.00% 29/07/2015 HKD 2,598,938.51 2,335,953.00 1.63

Finance 1,522,408.89 1,614,099.13 1.12 2,000,000.00 BILLIONRESS INVESTMENTS LTD 0.75% 18/10/2015 USD 1,522,408.89 1,614,099.13 1.12

UNITED ARAB EMIRATES 3,684,150.00 3,728,601.00 2.60

Finance 3,684,150.00 3,728,601.00 2.60 3,700,000.00 AABAR INVESTMENTS PJSC 4.00% 27/05/2016 EUR 3,684,150.00 3,728,601.00 2.60

IRELAND 3,374,659.08 3,173,476.36 2.21

Consumer Retail 3,374,659.08 3,173,476.36 2.21 2,000,000.00 WPP PLC 5.75% 19/05/2014 GBP 3,374,659.08 3,173,476.36 2.21

GERMANY 3,097,958.62 3,142,755.00 2.19

Finance 3,097,958.62 3,142,755.00 2.19

3,000,000.00 KREDITANSTALT FUER WIEDERAUFBAU 3.25% 27/06/2013 EUR 3,097,958.62 3,142,755.00 2.19

SINGAPORE 2,923,471.35 2,985,521.75 2.08

Finance 2,923,471.35 2,985,521.75 2.08 5,250,000.00 RUBY ASSETS PTE LTD 1.60% 01/02/2017 SGD 2,923,471.35 2,985,521.75 2.08

JERSEY 2,845,264.23 2,888,825.20 2.01

Finance 2,845,264.23 2,888,825.20 2.01

2,500,000.00 DERWENT LONDON CAPITAL JERSEY LTD 2.75% 15/07/2016 GBP 2,845,264.23 2,888,825.20 2.01

SPAIN 2,644,375.00 2,830,374.75 1.97

Industries 2,644,375.00 2,830,374.75 1.97 2,450,000.00 ABENGOA SA 6.875% 24/07/2014 EUR 2,644,375.00 2,830,374.75 1.97

NETHERLANDS 2,300,000.00 2,255,690.50 1.57

Finance 2,300,000.00 2,255,690.50 1.57 2,300,000.00 WERELDHAVE NV 2.875% 18/11/2015 EUR 2,300,000.00 2,255,690.50 1.57

PHILIPPINES 1,381,605.95 1,337,948.99 0.93

Basic Goods 1,381,605.95 1,337,948.99 0.93 1,800,000.00 SAN MIGUEL CORP 2.00% 05/05/2014 USD 1,381,605.95 1,337,948.99 0.93

PERU 1,222,702.69 923,647.91 0.64

Raw materials 1,222,702.69 923,647.91 0.64 1,000,000.00 HOCHSCHILD MINING PLC 5.75% 20/10/2014 USD 1,222,702.69 923,647.91 0.64


UNITED KINGDOM 5,350,669.70 5,450,940.00 3.79

Finance 5,350,669.70 5,450,940.00 3.79 3,500,000.00 UBS AG/LONDON 0.00% 29/04/2014 EUR 3,513,065.63 3,531,500.00 2.46 2,000,000.00 BANK OF SCOTLAND PLC 0.00% 28/09/2012 EUR 1,837,604.07 1,919,440.00 1.33

JAPAN 3,844,120.66 3,474,837.11 2.42

Industries 1,941,586.89 1,762,963.05 1.23 200,000,000.00 NIDEC CORP 0.00% 18/09/2015 JPY 1,941,586.89 1,762,963.05 1.23

20





% ofNet Assets

Consumer Retail 1,902,533.77 1,711,874.06 1.19 200,000,000.00 SUZUKI MOTOR CORP 0.00% 29/03/2013 JPY 1,902,533.77 1,711,874.06 1.19

FINLAND 2,576,204.65 2,945,087.50 2.05

Consumer Retail 2,576,204.65 2,945,087.50 2.05 2,500,000.00 NOKIAN RENKAAT OYJ 0.00% 27/06/2014 EUR 2,576,204.65 2,945,087.50 2.05

FRANCE 2,722,625.01 2,740,323.50 1.91

Finance 2,722,625.01 2,740,323.50 1.91

23,000.00 CIE GENERALE DES ETABLISSEMENTS MICHELIN 0.00% 01/01/2017 EUR 2,722,625.01 2,740,323.50 1.91

TAIWAN 2,670,927.77 2,427,937.33 1.69

Computing and IT 2,670,927.77 2,427,937.33 1.69

3,500,000.00 HON HAI PRECISION INDUSTRY CO LTD 0.00% 12/10/2013 USD 2,670,927.77 2,427,937.33 1.69

Floating rate notes 9,560,767.54 9,909,016.24 6.90

JERSEY 2,783,161.25 2,889,611.27 2.01

Finance 2,783,161.25 2,889,611.27 2.01 3,800,000.00 UBS AG/JERSEY FRN 11/02/2015 USD 2,783,161.25 2,889,611.27 2.01

AUSTRIA 2,398,950.00 2,787,346.75 1.94

Finance 2,398,950.00 2,787,346.75 1.94 2,350,000.00 CA IMMOBILIEN ANLAGEN AG FRN 09/11/2014 EUR 2,398,950.00 2,787,346.75 1.94

NETHERLANDS 2,815,750.00 2,633,092.00 1.84

Consumer Retail 2,815,750.00 2,633,092.00 1.84 2,800,000.00 CELESIO FINANCE BV FRN 07/04/2018 EUR 2,815,750.00 2,633,092.00 1.84

ITALY 1,231,714.28 1,266,354.00 0.88

Multi-Utilities 1,231,714.28 1,266,354.00 0.88 1,200,000.00 HERA SPA FRN 01/10/2013 EUR 1,231,714.28 1,266,354.00 0.88

UNITED ARAB EMIRATES 331,192.01 332,612.22 0.23

Finance 331,192.01 332,612.22 0.23 500,000.00 TAMWEEL FUNDING LTD FRN 23/01/2013 USD 331,192.01 332,612.22 0.23

UCI Units 1,153,709.30 628,200.00 0.44

GERMANY 1,153,709.30 628,200.00 0.44

Finance 1,153,709.30 628,200.00 0.44

60,000.00

IPATH VSTOXX SHORT-TERM FUTURES TOTAL RETURN ETN

EUR 1,153,709.30 628,200.00 0.44

LISTED ON ANOTHER REGULATED MARKET 4,200,726.22 3,918,645.33 2.73

Ordinary Bonds 4,200,726.22 3,918,645.33 2.73

CANADA 2,657,447.76 2,670,239.46 1.86

Energy 2,657,447.76 2,670,239.46 1.86 3,400,000.00 PETROMINERALES LTD 2.625% 25/08/2016 USD 2,657,447.76 2,670,239.46 1.86

GREECE 1,543,278.46 1,248,405.87 0.87

Industries 1,543,278.46 1,248,405.87 0.87 2,000,000.00 DRYSHIPS INC 5.00% 01/12/2014 USD 1,543,278.46 1,248,405.87 0.87

21





% ofNet Assets

UNQUOTED 12,881,391.03 13,032,596.54 9.08

Ordinary Bonds 6,322,693.96 6,155,541.00 4.29

UNITED KINGDOM 2,526,938.84 2,670,262.50 1.86

Finance 2,526,938.84 2,670,262.50 1.86

2,500,000.00 INTERNATIONAL POWER FINANCE JERSEY III LTD 4.75% 05/06/2015 EUR 2,526,938.84 2,670,262.50 1.86

NORWAY 1,711,414.29 1,614,492.00 1.12

Energy 1,711,414.29 1,614,492.00 1.12 1,800,000.00 RENEWABLE ENERGY CORP 6.50% 04/06/2014 EUR 1,711,414.29 1,614,492.00 1.12

UNITED ARAB EMIRATES 1,404,840.83 1,246,819.50 0.87

Finance 1,404,840.83 1,246,819.50 0.87 2,000,000.00 POLARCUS LTD 2.875% 27/04/2016 USD 1,404,840.83 1,246,819.50 0.87

FINLAND 679,500.00 623,967.00 0.44

Raw materials 679,500.00 623,967.00 0.44 600,000.00 TALVIVAARA MINING CO PLC 4.00% 16/12/2015 EUR 679,500.00 623,967.00 0.44

Convertible Bond 5,443,697.07 5,856,865.54 4.08

FRANCE 2,667,225.00 3,059,019.00 2.13

Consumer Retail 2,667,225.00 3,059,019.00 2.13 19,000.00 MISARTE CV 3.25% 01/01/2016 EUR 2,667,225.00 3,059,019.00 2.13

BERMUDA 2,776,472.07 2,797,846.54 1.95

Energy 2,776,472.07 2,797,846.54 1.95 3,400,000.00 SEADRILL LTD CV 3.375% 27/10/2017 USD 2,776,472.07 2,797,846.54 1.95

Floating rate notes 1,115,000.00 1,020,190.00 0.71

FINLAND 1,115,000.00 1,020,190.00 0.71

Raw materials 1,115,000.00 1,020,190.00 0.71 1,000,000.00 TALVIVAARA MINING CO PLC FRN 20/05/2013 EUR 1,115,000.00 1,020,190.00 0.71

Total Portfolio 133,961,641.15 132,840,653.65 92.50

22



COMMITMENTS ON FUTURE CONTRACTS AS AT 30 JUNE 2011

Size Quantity

Purchase /

Sale Description Maturity Currency

Unrealised profit / (loss)

(EUR) Commitment

(EUR)

Total Unrealised profit / (loss) on Futures Contracts -119,947.72 71,642,500.45

Unrealised loss on Futures Contracts -119,947.72 71,642,500.45

200,000 -60 Sale 2YR US TREASURY NOTE 30/09/2011 USD -12,285.56 9,077,238.36100,000 -60 Sale 5YR US TREASURY NOTE 30/09/2011 USD -17,458.63 4,932,733.56100,000 -70 Sale UK SHORT GILT 28/09/2011 GBP -21,703.53 8,330,278.53100,000 -100 Sale GERMAN EURO BOBL 08/09/2011 EUR -23,000.00 11,658,000.00100,000 -350 Sale GERMAN EURO SCHATZ 08/09/2011 EUR -45,500.00 37,644,250.00

23







(EUR)

Total Unrealised profit / (loss) on Forward Foreign Exchange Contracts 1,492,441.70

Unrealised profit on Forward Foreign Exchange Contracts 1,492,441.70

18 July 2011 24,257,981.94 EUR 34,114,000.00 USD 719,988.7218 July 2011 17,318,857.14 EUR 15,154,000.00 GBP 534,726.6319 July 2011 3,580,830.84 EUR 406,854,000.00 JPY 104,391.1318 July 2011 2,388,418.46 EUR 26,232,000.00 HKD 62,189.2218 July 2011 3,055,349.29 EUR 5,349,000.00 SGD 48,791.3818 July 2011 728,078.51 EUR 1,035,000.00 USD 13,948.7418 July 2011 963,338.83 EUR 1,384,000.00 USD 8,405.88

24





Commitment(EUR)

UNQUOTED 327,865.71 246,549.32 —


400 CALL VINCI SA EUR 141,600.00 125,600.00 —160 CALL HEINEKEN NV EUR 85,304.00 116,000.00 —530 CALL ZURICH FINANCIAL SERVICES AG CHF 100,961.71 4,949.32 —

25






(payable)


(EUR)

EQUITY SWAP CONTRACTS 698.02 1,278,954.47

ABENGOA SA EUR S 1,187,060.00 MERRILL LYNCH 10/02/2016 393.13 -88,145.00ALCATEL-LUCENT/FRANCE EUR S 1,716,055.00 MERRILL LYNCH 06/09/2015 368.11 -82,533.00HOCHSCHILD MINING PLC USD S 870,748.50 MERRILL LYNCH 22/03/2015 215.43 -48,301.33KLOECKNER & CO SE EUR S 715,950.00 MERRILL LYNCH 23/09/2015 231.86 -51,985.00NYRSTAR EUR S 1,906,905.00 MERRILL LYNCH 21/09/2015 174.81 -39,195.00TEM ARTEMI 4.25% 01/01/2015

EUR S 4,000,000.00 MERRILL LYNCH 16/02/2016 -1,089.08 1,679,640.00

UNIBAIL-RODAMCO SE EUR S 1,748,251.20 MERRILL LYNCH 09/04/2014 403.76 -90,526.20

26

WORLD INVEST - EUROSTAR EQUITIES



Assets Notes Investments in securities at market value 7,284,721.39Banks 415,473.39Amounts due from brokers 237.81Dividends receivable 9,203.69Receivable on investments sold 230,599.75Receivable on subscriptions 15,000.00Other assets 5,214.71Total assets 7,960,450.74

Liabilities Unrealised loss on forward foreign exchange contracts -4,427.93Other liabilities -16,818.44Payable on investments purchased -465,342.03Payable on redemptions -1,244.33Total liabilities -487,832.73Total net assets 7,472,618.01


Class C EUR 110.66 67,529.65

27





Income from investments 142,922.22Total Income 142,922.22Management fee (Note 5) -74,905.56Performance fee (Note 6) -6,166.44Custodian fee (Note 7) -3,068.11Subscription tax (Note 3) -3,378.47Administration fee (Note 7) -7,704.60Other charges and taxes (Note 4) -46,857.97Total expenses -142,081.15Net investment income / (loss) 841.07Net realised profit / (loss) on - Investments 584,347.55- Foreign currency -38,427.76Change in unrealised appreciation / (depreciation) on - Investments -490,565.77- Forward foreign exchange contracts and foreign currencies -3,223.71Net result of operations for the period 52,971.38



28





% ofNet Assets



Shares 7,099,168.85 7,284,721.39 97.49

GERMANY 1,140,009.16 1,150,372.42 15.40

Finance 663,422.68 661,782.34 8.86 16,360.00 DEUTSCHE WOHNEN AG EUR 186,532.78 196,320.00 2.63 1,494.00 MUENCHENER RUECKVERSICHERUNGS AG EUR 165,737.86 157,542.30 2.11 3,842.00 DEUTSCHE BANK AG EUR 161,641.17 156,561.50 2.09 6,404.00 AAREAL BANK AG EUR 149,510.87 151,358.54 2.03

Raw materials 170,472.20 165,307.00 2.21 3,119.00 K&S AG EUR 170,472.20 165,307.00 2.21

Industries 132,461.70 142,062.18 1.90 5,755.00 GEA GROUP AG EUR 132,461.70 142,062.18 1.90

Consumer Retail 103,451.85 108,747.45 1.46 1,501.00 CONTINENTAL AG EUR 103,451.85 108,747.45 1.46

Computing and IT 70,200.73 72,473.45 0.97 9,349.00 INFINEON TECHNOLOGIES AG EUR 70,200.73 72,473.45 0.97

FRANCE 988,671.67 1,053,909.30 14.10

Health 350,316.20 364,628.88 4.88 6,577.00 SANOFI EUR 350,316.20 364,628.88 4.88

Industries 309,747.80 323,649.20 4.33 2,795.00 SOCIETE BIC SA EUR 180,273.28 186,258.80 2.49 1,138.00 SCHNEIDER ELECTRIC SA EUR 123,586.52 131,097.60 1.76 368.00 REXEL SA EUR 5,888.00 6,292.80 0.08

Consumer Retail 179,156.48 185,730.60 2.48 3,945.00 VALEO SA EUR 179,156.48 185,730.60 2.48

Computing and IT 149,451.19 179,900.62 2.41 5,351.00 INGENICO EUR 149,451.19 179,900.62 2.41

ITALY 965,936.87 1,005,986.67 13.46

Finance 255,957.57 260,394.34 3.49 302,815.00 PRELIOS SPA EUR 147,203.72 146,865.28 1.97 61,835.00 INTESA SANPAOLO SPA EUR 108,753.85 113,529.06 1.52

Energy 185,573.59 200,107.60 2.68 5,621.00 SAIPEM SPA EUR 185,573.59 200,107.60 2.68

Health 187,128.35 181,619.70 2.43 5,487.00 DIASORIN SPA EUR 187,128.35 181,619.70 2.43

Consumer Retail 120,082.65 137,042.75 1.83 18,395.00 PIRELLI & C SPA EUR 120,082.65 137,042.75 1.83

Basic Goods 110,484.71 118,230.84 1.58 20,852.00 DAVIDE CAMPARI-MILANO SPA EUR 110,484.71 118,230.84 1.58

Multi-Utilities 106,710.00 108,591.44 1.45 24,110.00 ENEL SPA EUR 106,710.00 108,591.44 1.45

SWITZERLAND 768,800.40 768,660.73 10.29

Health 371,941.92 391,911.56 5.25 9,290.00 NOVARTIS AG CHF 371,941.92 391,911.56 5.25

Consumer Retail 274,174.06 261,629.68 3.50 54,680.00 INFORMA PLC GBP 274,174.06 261,629.68 3.50

Industries 122,684.42 115,119.49 1.54 3,845.00 USTER TECHNOLOGIES AG CHF 122,684.42 115,119.49 1.54

29





% ofNet Assets

UNITED KINGDOM 653,370.75 647,424.25 8.66

Industries 322,804.03 318,026.81 4.26 40,972.00 CARILLION PLC GBP 175,275.35 170,633.67 2.29 6,258.00 WEIR GROUP PLC GBP 147,528.68 147,393.14 1.97

Finance 182,984.22 188,647.50 2.52 19,984.00 LAND SECURITIES GROUP PLC GBP 182,984.22 188,647.50 2.52

Raw materials 147,582.50 140,749.94 1.88 6,736.00 CRODA INTERNATIONAL PLC GBP 147,582.50 140,749.94 1.88

SWEDEN 580,998.66 572,835.65 7.67

Finance 454,368.16 433,981.39 5.81 42,319.00 SKANDINAVISKA ENSKILDA BANKEN AB SEK 268,739.11 239,149.99 3.20 16,768.00 SWEDBANK AB SEK 185,629.05 194,831.40 2.61

Computing and IT 126,630.50 138,854.26 1.86 13,929.00 TELEFONAKTIEBOLAGET LM ERICSSON SEK 126,630.50 138,854.26 1.86

AUSTRIA 410,695.68 413,285.36 5.53

Industries 322,050.84 327,396.20 4.38 2,537.00 ANDRITZ AG EUR 179,314.27 180,127.00 2.41 11,596.00 WIENERBERGER AG EUR 142,736.57 147,269.20 1.97

Finance 88,644.84 85,889.16 1.15 29,214.00 IMMOFINANZ AE EUR 88,644.84 85,889.16 1.15

NORWAY 399,847.04 408,535.86 5.47

Energy 252,182.24 274,939.12 3.68 14,136.00 TGS NOPEC GEOPHYSICAL CO ASA NOK 252,182.24 274,939.12 3.68

Raw materials 147,664.80 133,596.74 1.79 3,422.00 YARA INTERNATIONAL ASA NOK 147,664.80 133,596.74 1.79

FINLAND 248,726.23 277,457.40 3.71

Consumer Retail 248,726.23 277,457.40 3.71 8,019.00 NOKIAN RENKAAT OYJ EUR 248,726.23 277,457.40 3.71

IRELAND 222,553.50 225,014.19 3.01

Consumer Retail 222,553.50 225,014.19 3.01 26,052.00 WPP PLC GBP 222,553.50 225,014.19 3.01

BERMUDA 189,135.30 190,190.69 2.55

Energy 189,135.30 190,190.69 2.55 7,791.00 SEADRILL LTD NOK 189,135.30 190,190.69 2.55

SPAIN 155,228.40 170,637.82 2.28

Industries 89,567.66 101,842.75 1.36 3,865.00 OBRASCON HUARTE LAIN SA EUR 89,567.66 101,842.75 1.36

Multi-Utilities 65,660.74 68,795.07 0.92 4,117.00 ENAGAS SA EUR 65,660.74 68,795.07 0.92

RUSSIA 167,492.60 158,936.72 2.13

Finance 167,492.60 158,936.72 2.13 62,618.00 SBERBANK OF RUSSIA USD 167,492.60 158,936.72 2.13

NETHERLANDS 143,448.98 149,681.43 2.00

Industries 143,448.98 149,681.43 2.00 6,137.00 IMTECH NV EUR 143,448.98 149,681.43 2.00

ISRAEL 64,253.61 91,792.90 1.23

Computing and IT 64,253.61 91,792.90 1.23 2,341.00 CHECK POINT SOFTWARE TECHNOLOGIES LTD USD 64,253.61 91,792.90 1.23

30



Total Portfolio 7,099,168.85 7,284,721.39 97.49

31







(EUR)

Total Unrealised profit / (loss) on Forward Foreign Exchange Contracts -4,427.93


18 July 2011 166,786.19 EUR 1,535,000.00 SEK -931.6718 July 2011 413,322.12 EUR 3,244,000.00 NOK -3,496.26

32

WORLD INVEST - ABSOLUTE EMERGING



Assets Notes Investments in securities at market value 32,058,900.84Banks 9,011,590.16Amounts due from brokers 7,668,040.36Option contracts at market value 1,862.26Swap premium received 36,306.47Unrealised profit on forward foreign exchange contracts 282,514.21Unrealised profit on swap contracts 451,911.18Interest receivable on swap contracts 18,005.60Dividends receivable 22,792.96Interest receivable 76,262.30Receivable on investments sold 1,363,121.79Receivable on subscriptions 688,399.00Other assets 10,933.46Total assets 51,690,640.59

Liabilities Bank overdrafts -2,867.94Amounts due to brokers -120,082.06Option contracts at market value -3,538.30Swap premium paid -30,594.90Unrealised loss on forward foreign exchange contracts -18,761.17Unrealised loss on future contracts -23,648.07Unrealised loss on swap contracts -1,044,244.58Interest payable on swap contracts -53,536.89Other liabilities -98,418.40Payable on investments purchased -587,959.06Payable on redemptions -1,831.58Total liabilities -1,985,482.95Total net assets 49,705,157.64


Class C EUR 111.94 444,047.84

33





Income from investments 527,048.57Interest on bank accounts 27,517.79Total Income 554,566.36Management fee (Note 5) -495,667.63Custodian fee (Note 7) -17,764.71Subscription tax (Note 3) -20,126.99Net Interest paid on swap contracts -192,401.69Administration fee (Note 7) -44,610.15Other charges and taxes (Note 4) -98,835.29Total expenses -869,406.46Net investment income / (loss) -314,840.10Net realised profit / (loss) on - Investments 1,650,106.18- Foreign currency 311,332.88- Options contracts -31,320.04- Future contracts 89,802.37- Swap contracts 1,642,994.31Change in unrealised appreciation / (depreciation) on - Investments -3,349,944.70- Option contracts -19,970.03- Forward foreign exchange contracts and foreign currencies 169,896.68- Future contracts -21,150.28- Swap contracts -1,038,034.15Net result of operations for the period -911,126.88



34





% ofNet Assets



Shares 21,580,869.48 22,259,077.36 44.78

SOUTH AFRICA 4,781,944.70 4,963,618.15 9.99

Consumer Retail 1,945,590.91 2,100,615.65 4.23 250,323.00 CLICKS GROUP LTD ZAR 944,935.58 1,076,067.53 2.17 147,651.00 MR PRICE GROUP LTD ZAR 1,000,655.33 1,024,548.12 2.06

Basic Goods 965,553.30 967,325.97 1.95 304,724.00 AVI LTD ZAR 965,553.30 967,325.97 1.95

Raw materials 866,271.32 840,889.15 1.69 97,923.00 AECI LTD ZAR 866,271.32 840,889.15 1.69

Telecommunication 590,838.66 601,225.08 1.21 70,389.00 VODACOM GROUP LTD ZAR 590,838.66 601,225.08 1.21

Finance 413,690.51 453,562.30 0.91 24,629.00 CAPITEC BANK HOLDINGS LTD ZAR 413,690.51 453,562.30 0.91

TURKEY 2,345,543.54 2,648,478.90 5.33

Raw materials 1,255,948.62 1,191,375.57 2.40 59,484.00 KOZA ALTIN ISLETMELERI AS TRY 543,254.93 550,741.57 1.11 126,538.00 AKCANSA CIMENTO AS TRY 450,511.62 386,940.92 0.78 140,785.00 ANADOLU CAM SANAYII AS TRY 245,686.64 236,180.85 0.47

10,710.00

PARK ELEKTRIK URETIM MADENCILIK SANAYI VE TICARET AS

TRY 16,495.43 17,512.23 0.04

Industries 729,662.80 1,140,306.42 2.29 51,680.00 TURK TRAKTOR VE ZIRAAT MAKINELERI AS TRY 393,084.42 816,500.86 1.64 220,352.00 TRAKYA CAM SANAYI AS TRY 336,578.38 323,805.56 0.65

Consumer Retail 359,932.12 316,796.91 0.64 163,578.00 DOGUS OTOMOTIV SERVIS VE TICAR TRY 359,932.12 316,796.91 0.64

ISRAEL 2,074,170.69 2,364,765.79 4.76

Finance 1,264,049.96 1,237,920.65 2.49 360,922.00 BANK HAPOALIM BM ILS 1,264,049.96 1,237,920.65 2.49

Computing and IT 810,120.73 1,126,845.14 2.27 28,738.00 CHECK POINT SOFTWARE TECHNOLOGIES LTD USD 810,120.73 1,126,845.14 2.27

AUSTRIA 1,705,111.90 1,690,241.40 3.40

Industries 1,705,111.90 1,690,241.40 3.40 13,814.00 ANDRITZ AG EUR 982,219.53 980,794.00 1.97 55,862.00 WIENERBERGER AG EUR 722,892.37 709,447.40 1.43

NORWAY 1,710,858.62 1,675,125.93 3.37

Energy 851,676.28 871,632.48 1.75 44,815.00 TGS NOPEC GEOPHYSICAL CO ASA NOK 851,676.28 871,632.48 1.75

Raw materials 859,182.34 803,493.45 1.62 20,581.00 YARA INTERNATIONAL ASA NOK 859,182.34 803,493.45 1.62

FINLAND 1,495,463.35 1,501,640.00 3.02

Consumer Retail 1,495,463.35 1,501,640.00 3.02 43,400.00 NOKIAN RENKAAT OYJ EUR 1,495,463.35 1,501,640.00 3.02

FRANCE 1,239,796.33 1,214,134.24 2.44

Industries 1,239,796.33 1,214,134.24 2.44 57,706.00 EDENRED EUR 1,239,796.33 1,214,134.24 2.44

35





% ofNet Assets

RUSSIA 1,169,028.09 1,137,852.67 2.29


GERMANY 864,079.92 860,508.00 1.73

Raw materials 864,079.92 860,508.00 1.73 16,236.00 K&S AG EUR 864,079.92 860,508.00 1.73

MEXICO 653,075.26 780,267.70 1.57

Basic Goods 653,075.26 780,267.70 1.57 158,309.00 EMBOTELLADORAS ARCA SAB DE CV MXN 653,075.26 780,267.70 1.57

LUXEMBOURG 711,612.82 689,605.67 1.39

Telecommunication 711,612.82 689,605.67 1.39 9,559.00 MILLICOM INTERNATIONAL CELLULAR SA -SDR- SEK 711,612.82 689,605.67 1.39

COLOMBIA 684,978.53 576,761.55 1.16

Energy 684,978.53 576,761.55 1.16 28,507.00 PETROMINERALES LTD CAD 684,978.53 576,761.55 1.16

NETHERLANDS 480,905.48 554,479.05 1.11

Computing and IT 480,905.48 554,479.05 1.11 22,639.00 YANDEX NV USD 480,905.48 554,479.05 1.11

UKRAINE 588,104.17 545,344.63 1.10

Basic Goods 588,104.17 545,344.63 1.10 28,542.00 KERNEL HOLDING SA PLN 588,104.17 545,344.63 1.10

UNITED STATES 491,372.08 496,911.15 1.00

Health 491,372.08 496,911.15 1.00 8,199.00 PERRIGO CO USD 491,372.08 496,911.15 1.00

CZECH REPUBLIC 324,487.40 362,766.54 0.73

Basic Goods 324,487.40 362,766.54 0.73 910.00 PHILIP MORRIS CR AS CZK 324,487.40 362,766.54 0.73

CANADA 260,336.60 196,575.99 0.39

Raw materials 260,336.60 196,575.99 0.39 179,777.00 ALLANA POTASH CORP CAD 260,336.60 196,575.99 0.39

Ordinary Bonds 6,425,575.62 6,316,913.48 12.71

CZECH REPUBLIC 2,128,047.26 2,107,850.00 4.24

Government 2,128,047.26 2,107,850.00 4.24

1,000,000.00 CZECH REPUBLIC INTERNATIONAL 4.50% 05/11/2014 EUR 1,052,800.00 1,053,950.00 2.12

1,000,000.00 CZECH REPUBLIC INTERNATIONAL 4.625% 23/06/2014 EUR 1,075,247.26 1,053,900.00 2.12

POLAND 1,891,407.53 1,857,510.00 3.74

Government 1,891,407.53 1,857,510.00 3.74

1,800,000.00 POLAND GOVERNMENT INTERNATIONAL BOND 4.50% 05/02/2013 EUR 1,891,407.53 1,857,510.00 3.74

AUSTRIA 1,404,875.00 1,375,900.50 2.77

Consumer Retail 1,404,875.00 1,375,900.50 2.77

1,300,000.00 STEINHOFF FINANCE HOLDING GMBH 5.00% 22/05/2016 EUR 1,404,875.00 1,375,900.50 2.77

LUXEMBOURG 1,001,245.83 975,652.98 1.96

Raw materials 1,001,245.83 975,652.98 1.96 1,300,000.00 TMK BONDS SA 5.25% 11/02/2015 USD 1,001,245.83 975,652.98 1.96

36





% ofNet Assets


GERMANY 2,998,524.32 2,998,590.00 6.03

Government 2,998,524.32 2,998,590.00 6.03 3,000,000.00 GERMAN TREASURY BILL 0.00% 27/07/2011 EUR 2,998,524.32 2,998,590.00 6.03

UNITED KINGDOM 480,000.00 484,320.00 0.98

Finance 480,000.00 484,320.00 0.98 480,000.00 UBS AG/LONDON 0.00% 29/04/2014 EUR 480,000.00 484,320.00 0.98

Total Portfolio 31,484,969.42 32,058,900.84 64.50

37



COMMITMENTS ON FUTURE CONTRACTS AS AT 30 JUNE 2011

Size Quantity

Purchase /

Sale Description Maturity Currency

Unrealised profit / (loss)

(EUR) Commitment

(EUR)

Total Unrealised profit / (loss) on Futures Contracts -23,648.07 767,893.49

Unrealised loss on Futures Contracts -23,648.07 767,893.49

10 -13 Sale FTSE JSE TOP 40 INDEX 15/09/2011 ZAR -10,121.58 377,440.1010 -18 Sale MEXICO BOLSA INDEX 15/09/2011 MXN -13,526.49 390,453.39

38







(EUR)



18 July 2011 3,917,651.68 EUR 8,982,000.00 TRY 111,268.5918 July 2011 4,861,441.57 EUR 6,947,000.00 USD 68,147.3518 July 2011 4,569,627.39 EUR 44,579,000.00 ZAR 41,209.6318 July 2011 603,239.28 EUR 530,000.00 GBP 16,226.6618 July 2011 1,231,382.16 EUR 6,027,000.00 ILS 10,272.2618 July 2011 1,122,907.60 EUR 1,559,000.00 CAD 8,692.2218 July 2011 429,109.07 EUR 610,000.00 USD 8,220.9918 July 2011 656,630.93 EUR 2,591,000.00 PLN 6,350.2318 July 2011 207,171.23 EUR 2,013,000.00 ZAR 2,686.9418 July 2011 293,734.82 EUR 422,000.00 USD 2,563.0718 July 2011 78,930.53 EUR 111,000.00 USD 2,342.7018 July 2011 360,927.43 EUR 8,733,000.00 CZK 1,907.8818 July 2011 667,923.97 EUR 11,333,000.00 MXN 1,901.8718 July 2011 72,908.40 EUR 101,000.00 CAD 723.82


18 July 2011 85,912.90 EUR 854,000.00 ZAR -838.0118 July 2011 698,462.51 EUR 6,410,000.00 SEK -1,909.7818 July 2011 230,879.32 EUR 1,823,000.00 NOK -3,356.1618 July 2011 1,496,317.81 EUR 11,744,000.00 NOK -12,657.22

39





Commitment(EUR)

UNQUOTED 18,293.99 -1,676.04 3,538.30


135 PUT CHECK POINT SOFTWARE TECHNOLOGIES LTD USD 29,462.95 1,862.26 —

WRITTEN OPTIONS -11,168.96 -3,538.30 3,538.30

-135 PUT CHECK POINT SOFTWARE TECHNOLOGIES LTD USD -11,168.96 -3,538.30 3,538.30

40






(payable)


(EUR)

EQUITY SWAP CONTRACTS -35,531.29 -592,333.40

AFREN PLC GBP L 459,138.33 MERRILL LYNCH 12/01/2014 -760.11 39,562.62ARKOIL.INDX EUR S 1,893,604.68 MERRILL LYNCH 26/04/2015 170.66 -86,862.60ASSECO POLAND SA PLN L 1,686,762.58 MERRILL LYNCH 06/09/2015 -1,322.86 3,645.25CENTRAL EUROPEAN MEDIA ENTERPRISE

USD S 475,475.91 MERRILL LYNCH 06/09/2015 42.56 -10,983.11

CIA DE BEBIDAS DAS AMERICAS

USD L 1,750,796.02 MERRILL LYNCH 19/04/2015 -4,079.68 43,619.59

HOLCIM LTD CHF S 1,224,052.05 MERRILL LYNCH 20/05/2016 -44.67 -49,761.10MURRAY & ROBERTS HOLDINGS LTD

ZAR S 5,239,685.00 MERRILL LYNCH 06/09/2015 1,356.76 -48,464.54

PORTUGAL TELECOM SGPS SA EUR S 896,882.10 MERRILL LYNCH 25/05/2016 80.83 -18,339.23RANDON PARTICIPACOES SA USD L 1,527,827.20 MERRILL LYNCH 25/05/2016 -3,560.12 8,831.71SANEAMENTO MINAS GERAIS USD L 827,958.93 MERRILL LYNCH 10/06/2016 -1,929.30 28,809.43SOUZA CRUZ SA USD L 1,242,340.67 MERRILL LYNCH 19/08/2014 -2,894.89 13,253.63STANDARD BANK GROUP LTD ZAR L 9,559,750.83 MERRILL LYNCH 06/09/2015 -7,640.92 -27,409.96TALLA4.INDX USD S 1,500,247.17 MERRILL LYNCH 05/02/2015 134.28 -38,961.76TALLA4.INDX USD S 2,283,661.48 MERRILL LYNCH 04/05/2015 204.41 -35,385.77TIGER BRANDS LTD ZAR L 7,501,665.05 MERRILL LYNCH 12/10/2015 -5,995.93 -21,659.66TURK HAVA YOLLARI TRY S 1,723,435.70 MERRILL LYNCH 16/07/2014 387.64 8,511.14TVN SA PLN S 4,046,885.05 MERRILL LYNCH 16/11/2014 671.04 -47,137.80TYRKIYE ISBANK TRY S 1,089,048.40 MERRILL LYNCH 18/11/2014 244.95 -13,378.92VALE US EQUITY USD S 702,265.20 MERRILL LYNCH 15/07/2015 62.86 -20,050.57AFRICAN OXYGEN LTD ZAR S 1,605,619.12 MORGAN STANLEY 22/04/2015 415.76 -3,135.08AGUAS ANDINAS SA USD L 1,784,132.00 MORGAN STANLEY 28/06/2016 -4,157.36 6,369.98ANHANGUERA EDUCATIONAL USD L 1,220,177.90 MORGAN STANLEY 18/07/2011 -2,843.24 14,200.30ASSECO POLAND PLN S 2,271,045.30 MORGAN STANLEY 19/04/2015 376.58 15,566.24ASYA KATILIM BANKASI AS TRY S 1,628,747.83 MORGAN STANLEY 16/07/2014 366.34 -8,300.93BANCO BRADESCO SA USD S 922,519.58 MORGAN STANLEY 18/05/2016 82.57 -36,879.06BANCO DO BRASIL SA USD S 895,372.53 MORGAN STANLEY 20/04/2012 80.14 -40,386.37BM&FBOVESPA SA USD S 447,356.06 MORGAN STANLEY 26/04/2012 40.04 -7,850.81BVSP AUG 11 FUTURE USD S 501,903.87 MORGAN STANLEY 16/07/2014 44.92 -16,309.60CRODA INTL PLC GBP L 1,144,659.09 MORGAN STANLEY 02/07/2015 -1,894.95 10,839.18CYRELA BRAZIL REALTY SA EMPREE

USD S 368,357.87 MORGAN STANLEY 08/02/2015 32.97 -6,815.34

DIAGNOSTICOS DA AMERICA SA

USD L 1,500,918.73 MORGAN STANLEY 22/07/2011 -3,497.42 41,983.54

DRAGON OIL GBP L 496,992.65 MORGAN STANLEY 21/01/2015 -822.76 15,151.70ENKA INSAAT SAN TRY S 2,601,440.88 MORGAN STANLEY 10/09/2014 585.12 -13,556.50ENTEL EMPRESA NACIONAL TELECOM

USD L 1,343,903.44 MORGAN STANLEY 30/12/2012 -3,131.55 14,878.62

EXILLON ENERGY PLC GBP L 276,698.02 MORGAN STANLEY 16/02/2016 -458.06 25,825.74FERREXPO PLC GBP L 625,045.46 MORGAN STANLEY 17/06/2015 -1,034.74 38,596.00GAZPROM USD S 1,333,167.62 MORGAN STANLEY 24/05/2016 119.33 -31,977.69GLOBE TRADE CENTRE SA PLN S 1,376,178.30 MORGAN STANLEY 03/06/2015 228.19 -5,668.03HYPERMARCAS SA USD S 401,411.53 MORGAN STANLEY 10/05/2016 35.93 -11,557.26INTERCELL AG EUR S 129,008.00 MORGAN STANLEY 30/04/2015 11.63 -4,128.26ITAU UNIBANCO BANCO MULTIPLO

USD S 909,781.52 MORGAN STANLEY 20/04/2012 81.43 -42,624.10

JD GROUP LTD ZAR S 5,554,736.00 MORGAN STANLEY 23/05/2016 1,438.33 -21,245.75JSE LTD ZAR S 3,427,990.28 MORGAN STANLEY 13/04/2015 887.64 7,365.93KENMARE RESOURCES PLC GBP L 1,076,071.00 MORGAN STANLEY 04/03/2016 -1,781.40 11,319.80MARINE HARVEST NOK S 4,130,288.40 MORGAN STANLEY 10/02/2016 62.49 -15,928.42NATURA COSMETICOS SA USD S 651,354.78 MORGAN STANLEY 16/07/2014 58.30 -15,242.20NETCARE LTD ZAR S 7,925,730.32 MORGAN STANLEY 18/07/2011 2,052.28 -23,799.06OHL BRASIL SA USD L 965,649.44 MORGAN STANLEY 30/06/2015 -2,250.14 38,026.29OTP BANK PLC HUF S 243,671,960.00 MORGAN STANLEY 16/07/2014 478.82 -56,337.76PETROLEO BRASILEIRO SA USD S 649,956.78 MORGAN STANLEY 10/05/2016 58.18 -27,991.92PIK GROUP -GDR- USD S 546,963.44 MORGAN STANLEY 21/05/2015 48.96 -14,966.36PIK N PAY STORES LTD ZAR S 6,243,149.44 MORGAN STANLEY 11/08/2015 1,616.59 -16,005.71PKO BANK POLSKI SA PLN S 2,840,916.04 MORGAN STANLEY 11/05/2016 471.07 -12,801.13SINPAS GAYRIMENKUL YATIRIM ORT

TRY S 1,772,594.88 MORGAN STANLEY 02/04/2016 398.70 -62,736.38

SUN INTERNATIONAL LTD ZAR S 5,927,674.50 MORGAN STANLEY 10/09/2014 1,534.90 -14,151.17TELEKOM AUSTRIA EUR S 642,456.10 MORGAN STANLEY 09/12/2014 57.90 -8,057.50

41






(payable)


(EUR) TELKOM SA LTD ZAR S 9,507,318.40 MORGAN STANLEY 08/02/2016 2,461.81 -52,662.05TIM PARTICIPACOES SA USD L 893,422.22 MORGAN STANLEY 08/04/2015 -2,081.84 11,521.83TURKCELL ILETISIM HIZMETLERI A

TRY S 1,616,940.00 MORGAN STANLEY 07/06/2012 363.69 21,364.89

VIMPELCOM LTD USD S 600,266.59 MORGAN STANLEY 01/02/2016 53.73 -2,940.95VTB BANK OJSC USD S 1,176,130.02 MORGAN STANLEY 25/11/2011 105.27 -51,794.17WEIR GROUP PLC/THE GBP L 818,469.51 MORGAN STANLEY 27/04/2016 -1,354.95 32,667.77

42

WORLD INVEST - ABSOLUTE FINANCIALS



Assets Notes Investments in securities at market value 28,251,939.82Banks 2,598,335.26Amounts due from brokers 7,231,078.47Option contracts at market value 2,788.00Swap premium received 0.14Unrealised profit on forward foreign exchange contracts 123,751.49Unrealised profit on swap contracts 90,012.57Interest receivable on swap contracts 15,070.32Dividends receivable 10,131.12Interest receivable 18,070.44Receivable on investments sold 13,613.95Receivable on subscriptions 207,187.00Other assets 2,405.02Total assets 38,564,383.60

Liabilities Bank overdrafts -245,698.06Unrealised loss on forward foreign exchange contracts -25,481.97Unrealised loss on swap contracts -904,134.23Interest payable on swap contracts -37,657.33Other liabilities -74,539.70Payable on investments purchased -358,230.98Payable on redemptions -2,501.74Total liabilities -1,648,244.01Total net assets 36,916,139.59


Class C EUR 103.21 357,691.56

43





Income from investments 206,750.98Interest on bank accounts 18,567.55Total Income 225,318.53Management fee (Note 5) -358,531.44Custodian fee (Note 7) -12,853.27Subscription tax (Note 3) -12,550.14Net Interest paid on swap contracts -229,472.88Administration fee (Note 7) -32,267.88Other charges and taxes (Note 4) -84,570.58Total expenses -730,246.19Net investment income / (loss) -504,927.66Net realised profit / (loss) on - Investments 592,771.41- Foreign currency 236,699.89- Future contracts -424.62- Swap contracts 2,554,472.79Change in unrealised appreciation / (depreciation) on - Investments -1,775,000.86- Option contracts -13,266.41- Forward foreign exchange contracts and foreign currencies 26,635.43- Swap contracts -1,969,639.62Net result of operations for the period -852,679.65



44





% ofNet Assets



Shares 25,351,787.62 24,299,045.69 65.82

UNITED STATES 7,895,589.44 7,033,874.10 19.05

Finance 7,545,434.58 6,644,124.21 18.00 61,047.00 CITIGROUP INC USD 2,001,702.36 1,753,287.04 4.75 52,345.00 ASSURANT INC USD 1,483,484.32 1,309,483.37 3.55 289,376.00 HUNTINGTON BANCSHARES INC/OH USD 1,483,169.18 1,309,313.29 3.55 30,100.00 STATE STREET CORP USD 1,046,513.93 936,103.69 2.54 35,586.00 LINCOLN NATIONAL CORP USD 756,957.48 699,276.37 1.89 79,988.00 NATIONAL FINANCIAL PARTNERS CORP USD 773,607.31 636,660.45 1.72

Computing and IT 350,154.86 389,749.89 1.05 6,007.00 ALLIANCE DATA SYSTEMS CORP USD 350,154.86 389,749.89 1.05

GERMANY 3,845,065.87 4,011,345.98 10.87

Finance 3,845,065.87 4,011,345.98 10.87 10,686.00 MUENCHENER RUECKVERSICHERUNGS AG EUR 1,158,302.38 1,126,838.70 3.05 89,164.00 DEUTSCHE WOHNEN AG EUR 972,442.06 1,069,968.00 2.90 34,628.00 AAREAL BANK AG EUR 777,485.30 818,432.78 2.22 18,240.00 GSW IMMOBILIEN AG EUR 382,050.21 431,376.00 1.17 9,294.00 DEUTSCHE BANK AG EUR 368,785.92 378,730.50 1.03 30,000.00 PRIME OFFICE AG EUR 186,000.00 186,000.00 0.50

SWEDEN 2,876,932.57 2,649,644.73 7.18

Finance 2,876,932.57 2,649,644.73 7.18 269,347.00 SKANDINAVISKA ENSKILDA BANKEN AB SEK 1,721,426.38 1,522,113.76 4.12 97,040.00 SWEDBANK AB SEK 1,155,506.19 1,127,530.97 3.06

ITALY 2,186,529.61 2,346,914.67 6.36

Finance 2,186,529.61 2,346,914.67 6.36 2,565,159.00 PRELIOS SPA EUR 1,110,031.44 1,244,102.12 3.37 411,840.00 INTESA SANPAOLO SPA EUR 724,333.95 756,138.24 2.05 79,476.00 CREDITO EMILIANO SPA EUR 352,164.22 346,674.31 0.94

NORWAY 2,306,703.33 2,213,208.85 5.99

Finance 2,306,703.33 2,213,208.85 5.99 155,567.00 GJENSIDIGE FORSIKRING ASA NOK 1,374,485.27 1,329,873.09 3.60 91,377.00 DNB NOR BANK ASA NOK 932,218.06 883,335.76 2.39

DENMARK 1,476,018.83 1,402,334.31 3.80

Finance 1,476,018.83 1,402,334.31 3.80 35,254.00 TRYG A/S DKK 1,476,018.83 1,402,334.31 3.80

AUSTRIA 1,391,930.70 1,377,666.36 3.73

Finance 1,391,930.70 1,377,666.36 3.73 468,594.00 IMMOFINANZ AE EUR 1,391,930.70 1,377,666.36 3.73

ISRAEL 1,280,581.42 1,295,467.25 3.51

Finance 1,280,581.42 1,295,467.25 3.51 377,700.00 BANK HAPOALIM BM ILS 1,280,581.42 1,295,467.25 3.51

RUSSIA 1,148,201.97 1,131,517.34 3.06


NETHERLANDS 944,233.88 837,072.10 2.27

Finance 944,233.88 837,072.10 2.27 177,949.00 AEGON NV EUR 944,233.88 837,072.10 2.27

45





% ofNet Assets


GERMANY 2,547,235.91 2,547,271.50 6.90

Government 2,547,235.91 2,547,271.50 6.90 1,800,000.00 GERMAN TREASURY BILL 0.00% 24/08/2011 EUR 1,797,631.88 1,797,624.00 4.87 750,000.00 GERMAN TREASURY BILL 0.00% 27/07/2011 EUR 749,604.03 749,647.50 2.03

Ordinary Bonds 1,445,348.01 1,405,622.63 3.81

ITALY 1,445,348.01 1,405,622.63 3.81

Finance 1,445,348.01 1,405,622.63 3.81 1,407,981.00 BANCO POPOLARE SCARL 4.75% 24/03/2014 EUR 1,445,348.01 1,405,622.63 3.81

Total Portfolio 29,344,371.54 28,251,939.82 76.53

46







(EUR)



18 July 2011 7,030,790.76 EUR 10,047,000.00 USD 98,557.1318 July 2011 972,111.55 EUR 4,758,000.00 ILS 8,109.4118 July 2011 290,237.77 EUR 255,000.00 GBP 7,807.1718 July 2011 263,881.01 EUR 605,000.00 TRY 7,494.7118 July 2011 180,821.08 EUR 1,764,000.00 ZAR 1,630.6818 July 2011 1,248,022.10 EUR 9,307,000.00 DKK 152.39


18 July 2011 108,871.41 EUR 812,000.00 DKK -0.4318 July 2011 34,845.88 EUR 272,000.00 NOK -103.1318 July 2011 317,749.08 EUR 1,572,000.00 ILS -748.4818 July 2011 2,633,781.18 EUR 24,171,000.00 SEK -7,201.4618 July 2011 2,060,367.45 EUR 16,171,000.00 NOK -17,428.47

47





Commitment(EUR)

UNQUOTED 16,054.41 2,788.00 —


1,394 PUT AEGON NV EUR 16,054.41 2,788.00 —

48






(payable)


(EUR)

EQUITY SWAP CONTRACTS -22,587.01 -814,121.66

BANCA CARIGE SPA EUR S 407,062.66 MERRILL LYNCH 05/06/2014 49.05 -29,914.63BANCO BRADESCO SA USD S 541,593.54 MERRILL LYNCH 18/05/2016 -46.67 -21,650.98CREDIT AGRICOLE SA EUR S 515,459.52 MERRILL LYNCH 17/09/2015 62.11 -39,148.82OTP BANK PLC HUF S 411,179,070.00 MERRILL LYNCH 16/07/2014 -19,550.14 -63,511.95TAYLOR WIMPEY PLC GBP S 3,998,978.00 MERRILL LYNCH 01/06/2014 4,270.10 49,152.57WELLS FARGO & CO USD S 845,569.80 MERRILL LYNCH 18/02/2016 -72.87 -12,960.28ABSA GROUP LTD ZAR S 14,771,921.00 MORGAN STANLEY 16/05/2012 3,835.45 -37,831.26BANCA CARIGE SPA EUR S 1,250,808.68 MORGAN STANLEY 05/06/2014 -236.68 -103,079.11BANCA SABADELL EUR S 768,733.07 MORGAN STANLEY 18/06/2015 -145.46 -14,566.63BANCO SANTANDER SA EUR S 1,144,454.20 MORGAN STANLEY 11/04/2015 -216.55 -69,194.59BANK OF NOVA SCOTIA CAD S 1,303,364.70 MORGAN STANLEY 04/02/2016 -8,441.51 -16,814.20GENERALI ASSICURAZIONI EUR S 1,239,425.88 MORGAN STANLEY 08/06/2014 -234.53 -82,688.97IG GROUP HOLDINGS PLC GBP S 555,267.01 MORGAN STANLEY 18/03/2016 -58.86 -26,451.90JP MORGAN CHASE & CO USD S 1,791,503.35 MORGAN STANLEY 25/05/2011 -2,077.28 -45,370.73JULIUS BAER GROUP LTD CHF S 649,300.86 MORGAN STANLEY 01/04/2016 -32.59 -18,871.01LAND SECURITIES PLC GBP S 510,167.93 MORGAN STANLEY 18/05/2016 -54.08 21,317.76PKO BANK POLSKI SA PLN S 4,193,501.36 MORGAN STANLEY 11/04/2016 269.55 -18,895.87RESOLUTION LTD GBP L 805,934.01 MORGAN STANLEY 02/11/2014 -85.44 19,542.24S&P SUPERCOM LIFE ID USD S 2,700,694.29 MORGAN STANLEY 06/06/2015 -3,131.50 -88,085.73SINPAS GAYRIMENKUL YATIRIM ORT

TRY S 1,634,391.36 MORGAN STANLEY 04/02/2016 2,058.43 -57,845.03

STANDARD BANK GROUP LTD/SOUTH

ZAR S 14,257,820.64 MORGAN STANLEY 03/02/2015 3,701.96 -42,262.29

TULLETT PREBON PLC GBP S 216,589.90 MORGAN STANLEY 15/07/2014 -22.96 -12,312.00TYRKIYE ISBANK TRY S 2,119,421.48 MORGAN STANLEY 11/08/2014 515.97 -26,037.02VTB BANK OJSC USD S 1,370,975.31 MORGAN STANLEY 26/10/2012 -3,250.21 -60,374.72YAPI VE KREDI BANKASI AS TRY S 1,263,913.20 MORGAN STANLEY 05/04/2016 307.70 -16,266.51

49

WORLD INVEST

NOTES TO THE FINANCIAL STATEMENTS

1. GENERAL INFORMATION

WORLD INVEST (the “Fund”) is an investment company organised as a société anonyme under the laws of the Grand Duchy of Luxembourg and qualifies as a "Société d'Investissement à Capital Variable" (SICAV). The Fund has been incorporated in Luxembourg on 24 October 1990 for an unlimited period.

The Fund is registered under part I of the amended Luxembourg Law of 20 December 2002 (“the 2002 Law”) on undertakings for collective investment in transferable securities (UCITS) as defined in the Directive of the Council of the European Community of 20 December 1985 (directive 85/611/EEC) as modified by the European directives 2001/107/CE and 2001/108/CE of 21 January 2002.

The Fund has appointed Casa 4 Funds Luxembourg European Asset Management as management company (the “Management Company”) on 28 April 2006.

The “Management Company” was incorporated on 5 August 2005 as a “Société Anonyme” under the laws of the Grand Duchy of Luxembourg and was approved as Management Company regulated by Chapter 13 of the 2002 law. It is registered with the Register of Commerce of Luxembourg under number B 110 332.

The objective of the Fund is to offer its shareholders an easy access to the different markets of transferable securities while ensuring observance of the principle of risk spreading. All transferable securities purchased are admitted to the official listing on a stock exchange or dealt in on a regulated market which operates regularly, is recognised and open to the public.

As at 30 June 2011, the following sub-funds were offered to investors:

WORLD INVEST - ABSOLUTE RETURN WORLD INVEST - ABSOLUTE STRATEGY WORLD INVEST - EUROSTAR EQUITIES WORLD INVEST - ABSOLUTE EMERGING WORLD INVEST - ABSOLUTE FINANCIALS

The investment policies of each sub-fund are fully described in the prospectus. The prospectus is available free of charge, upon request, at the principal and registered office of the SICAV or at the representation agent's office in Switzerland.

50

WORLD INVEST

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Fund keeps the books of each sub-fund in its respective currency and the financial statements were prepared in CHF accordance with the Luxembourg regulations relating to undertakings for collective investment and in particular using the following valuation rules:

a) Valuation of investment securities

Cash in hand or on deposit, bills and notes payable at sight and accounts receivable, prepaid expenses, and dividends and interest already declared or fallen due, but not yet received, are valued on the basis of the nominal value of these assets, except when it seems unlikely that this amount will be received. In those instances, the value is determined by deducting whatever amount the Company considers sufficient to reflect the true value of these assets.

Securities which are not listed or traded on a stock exchange or on any other regulated, regularly operating, recognised market which is open to the public, are valued on the basis of the likely realisation value estimated conservatively and in good faith.

Shares or units in underlying in open-ended investment funds either listed or not, shall be valued at their last known Net Asset Value on the Valuation Day.

Any security or financial derivative instrument traded on an official stock exchange or on any other regulated, regularly operating, recognised market which is open to the public is valued by taking the latest known price in Luxembourg on the valuation date, and, where the security or financial derivative instrument is traded on several different markets, by taking the security’s or financial derivative instrument's latest known price on its main market. If the latest price is unrepresentative, the valuation is based on the likely realisation value conservatively estimated by the Board of Directors in good faith.

b) Net realised profit (loss) on sale of investments

Realised profits or losses made on the sales of investments are calculated according to the average cost.

c) Forward foreign exchange contracts

Forward foreign exchange contracts are valued at forward foreign exchange rate for the remaining period to run until maturity at the date of valuation.

Unrealised profits and losses are recorded in the Statement of Net Assets and their variations recorded in the Statement of Changes in Net Assets under the heading «Change in unrealised appreciation / (depreciation) on forward foreign exchange contracts ».

d) Future contracts

Commitments related to future contracts are recorded off balance sheet and future contracts are valued according to the last available contract price. Unrealised profits and losses on future contracts are recorded in the Statement of Net Assets and their variations recorded in the Statement of Changes in Net Assets under the heading «Change in unrealised appreciation /

51

WORLD INVEST

(depreciation) on future contracts». Guarantee deposits are booked under the heading «Amounts due from brokers» and «Amounts due to brokers».

e) Swap contracts

Swaps are, in general, contracts by which two parties commit themselves during a given period to exchange two flows, one in exchange for the other, determined on the basis of a nominal value. The flows may be linked to the interest rate(s), exchange rate(s), share index(es) or credit event(s).

Swap contracts are valued using the difference between the values of forecasted flows the counterparty is to pay to the sub-fund and those owed by the sub-fund to its counterparties.

Unrealised profits and losses on swap contracts are recorded in the Statement of Net Assets and their variations recorded in the Statement of Changes in Net Assets under the heading «Change in unrealised appreciation / (depreciation) on swap contracts».

Swap contracts are presented at clean price except credit default swap contracts which are presented at dirty price.

f) Option contracts

Options quoted on an official stock exchange or on another regulated market are valued according to the last known market price or, if there are several markets, according to the last known price of the principal market.

Options not quoted on an official stock exchange or on another regulated market are valuated at their last known market value or, in the absence of a market value, according to their probable market value in the reasonable estimation of the Board of Directors of the Management Company.

Premiums received on the written of option contracts are recorded as liabilities and premiums paid on purchased of option contracts are recorded as assets. Unrealised gains and losses are recorded in the Statement of Net Assets and their variations in the Statement of Changes in Net Assets under the heading «Change in unrealised appreciation / (depreciation) on option contracts»

g) Securities lending

Securities which are being lent are valued according to the last known market price. The securities, including accrued interest, are recorded in the Statement of Net Assets. Any income made by virtue of a share loan contract is redeemed over the course of the contract.

As at 30 June 2011, the Fund has no open positions in securities lending.

h) Combined statements of the Fund

To calculate the Combined Statement of Net Assets and the Combined Statement of Changes in Net Assets, statements of sub-funds in currencies are converted in Swiss Franc (CHF) at the exchange rates as at 30 June 2011. The combined statements correspond to the sum of the statements of each sub-fund.

52

WORLD INVEST

i) Cost of purchase of securities in portfolios

For securities in currencies other than the base currency of the sub-fund, the purchase price is calculated according to the closing exchange rate on the day of purchase.

i) Income

Dividends are recognised on the date on which the Shares/Units concerned are quoted «ex-dividend», net of withholding tax. Interest is calculated on a prorata temporis basis, net of withholding tax.

k) Translation of items expressed in foreign currencies

Assets and liabilities in foreign currencies are converted into the base currency of the sub-fund at the closing exchange rate on the final day of the financial period.

Income and expenses in currencies other than the base currency of the sub-fund are converted into the currency of the sub-fund at the closing exchange rate in force on the day of the transaction.

Any resulting gain or loss made on foreign exchange is included in the Statement of Changes in Net Assets.

l) Net Asset Value per Share

The Net Asset Value of each sub-fund is equal to the difference between the total assets and the liabilities of the sub-fund.

The Net Asset Value per Share is calculated by dividing the net asset value by the number of Shares outstanding on the day of calculation.

m) Presentation of the Financial Statements

The financial statements are presented on the basis of the last Net Asset Value (NAV) of the financial period. In accordance with the prospectus, the NAVs have been calculated on the basis of the last market price available at the time the calculation was performed.

n) Exchange Rates

The main exchange rates as at 30 June 2011 are:

1 CHF = 4.362233 AED 1 CHF = 1.855404 BRL 1 CHF = 1.146100 CAD 1 CHF = 19.932007 CZK 1 CHF = 6.109976 DKK 1 CHF = 0.819153 EUR 1 CHF = 0.739760 GBP 1 CHF = 9.241390 HKD 1 CHF = 217.497328 HUF

1 CHF = 95.914490 JPY 1 CHF = 13.927435 MXN 1 CHF = 6.372268 NOK 1 CHF = 3.260451 PLN 1 CHF = 7.494121 SEK 1 CHF = 1.457957 SGD 1 CHF = 1.928741 TRY 1 CHF = 1.187648 USD 1 CHF = 8.051069 ZAR

53

WORLD INVEST

o) Use of Estimates

The preparation of the financial statements in conformity with the Luxembourg legal and regulatory requirements requires management to make estimate and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported periods. Actual results could differ from those estimates.

p) Net formation expenses

Formation expenses are amortized over five years.

The amounts of net formation expenses, as at 30 June 2011, are the following ones:

WORLD INVEST - ABSOLUTE STRATEGY EUR 1,757.32

q) Reclassification of prior year figures

Where necessary, certain prior year figures in the financial statements have been reclassified to conform to changes to the current year’s presentation for comparative purpose.

3. TAXATION

Under current law and practice, the Fund is not liable to any Luxembourg tax on income or capital gains, nor are dividends (if any) paid by the Fund liable to any Luxembourg withholdings tax.

The Fund is however, liable in Luxembourg to a taxe d’abonnement of 0.05% per annum of its Net Asset Value, such tax being payable quarterly and calculated on the Net Asset Value of the sub-funds at the end of the relevant quarter.

However, such rate is decreased to 0.01% per annum of their Net Asset Value for classes or sub-funds which are restricted to Institutional Investors as specified in the Prospectus.

No Luxembourg tax is payable on the realised capital appreciation of the assets of the Fund.

Dividends and interest receives by the Fund in its investments may be subject to non-recoverable withholdings or other taxes in the countries of origin.

4. OTHER CHARGES AND TAXES

Registration fees payable to the Authority of Control and other professional fees are divided amongst the various sub-funds in proportion to the Net Asset Value of each sub-fund.

54

WORLD INVEST

5. MANAGEMENT FEE

The Management Company, as remuneration for its services, is entitled to receive a management fee calculated according to the Net Asset Value of each sub-fund of the Fund. As at 30 June 2011, the rates currently in force for each active sub-fund are the following:

Annual management fee rate by Share Class: Sub-funds C WORLD INVEST - ABSOLUTE RETURN 1.75% WORLD INVEST - ABSOLUTE STRATEGY 1.50% WORLD INVEST - EUROSTAR EQUITIES 1.75% WORLD INVEST - ABSOLUTE EMERGING 2.00% WORLD INVEST - ABSOLUTE FINANCIALS 2.00%

In each sub-fund of the Fund, this fee is payable monthly and calculated on the basis of the average Net Asset Value during the relevant month. 6. PERFORMANCE FEE

Calculation of the Performance Fee entails a mechanism that ensures that the fee can only be charged if the cumulative difference since the sub-fund’s launch date, calculated by the aforementioned method, has reached a new high ("high watermark" principle). A Performance Fee is then due for the difference between the cumulative prior high (before withdrawal of the performance fee) and the new high.

Payment of the Performance Fee, which is calculated for the quarter and accrued daily, is made at the beginning of the following quarter.

Refund of this Performance Fee is not envisaged, even if the Net Asset Value falls again after the Performance Fee has been debited.

A performance fee as specified hereafter is paid depending on the performance realized, for the following sub-funds:

WORLD INVEST - ABSOLUTE RETURN The Performance Fee amounts to 15% of the positive difference between the percentage change in the Net Asset Value per share of the relevant category of shares and the percentage change of the reference hurdle rate (which in this case equals to zero). The Performance Fee is calculated on the basis of the number of shares of the relevant category of shares currently outstanding.

As of 30 June 2011, the sub-fund did not pay performance fee.

55

WORLD INVEST

WORLD INVEST - ABSOLUTE STRATEGY The Performance Fee amounts to 10% of the positive difference between the percentage change in the Net Asset Value per share of the relevant category of shares and the percentage change of the reference hurdle rate (which in this case equals to zero). The Performance Fee is calculated on the basis of the number of shares of the relevant category of shares currently outstanding. As of 30 June 2011, the sub-fund paid the following amount of EUR 464,949.39.

WORLD INVEST - EUROSTAR EQUITIES The Performance Fee amounts to 20% of any positive difference between the percentage change in the Net Asset Value per share of the relevant category of shares and the reference hurdle rate (minimum index that in this case is equal to 3%). The Performance Fee is calculated on the basis of the number of shares of the relevant category of shares currently outstanding. The daily difference in yield between the percentage change in the Net Asset Value per share of the relevant category of shares and the percentage change in the reference hurdle rate is calculated as follows:

(1+ yield of Net Asset Value per share) – (1+ yield of reference hurdle rate) = yield difference

As of 30 June 2011, the sub-fund paid the following amount of EUR 6,166.44.

WORLD INVEST - ABSOLUTE EMERGING The Performance Fee amounts to 20% of the positive difference between the percentage change in the Net Asset Value per share of the relevant category of shares and the percentage change of the reference hurdle rate (which in this case equals to zero). The Performance Fee is calculated on the basis of the number of shares of the relevant category of shares currently outstanding. As of 30 June 2011, the sub-fund did not pay performance fee.

WORLD INVEST - ABSOLUTE FINANCIALS The Performance Fee amounts to 20% of the positive difference between the percentage change in the Net Asset Value per share of the relevant category of shares and the percentage change of the reference hurdle rate (which in this case equals to zero). The Performance Fee is calculated on the basis of the number of shares of the relevant category of shares currently outstanding.

As of 30 June 2011, the sub-fund did not pay performance fee.

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7. CUSTODIAN AND ADMINISTRATION FEE State Street Bank Luxembourg S.A. as the Depositary Bank will receive a custodian fee of maximum 0.08% per annum, payable quarterly and based on the average net assets of each sub-fund during each quarter. The custodian fee is subject to a minimum not superior to Euro 3.000 per annum per sub-fund.

The Management Company will also receive an administration fee of maximum 0.25% per annum payable monthly and based on the average net assets of each sub-fund during each month. The Management Company will remunerate, amongst other service providers, State Street Bank Luxembourg S.A., as the administrative agent out of the administration fee.

8. SHARES OF THE FUND

The Share classes available as at 30 June 2011 are the following:

Sub-fund Shares available WORLD INVEST - ABSOLUTE RETURN C WORLD INVEST - ABSOLUTE STRATEGY C WORLD INVEST - EUROSTAR EQUITIES C WORLD INVEST - ABSOLUTE EMERGING C WORLD INVEST - ABSOLUTE FINANCIALS C 9. CHANGES IN THE COMPOSITION OF PORTFOLIO

The list of movements in the portfolio composition of each sub-fund of the Fund for the financial period from 1 January to 30 June 2011 may be obtained free of charge at the Fund’s registered office, Casa4Funds Luxembourg European Asset, 41, boulevard Royal, L - 2449 Luxembourg, as well as, at the Representation Agent’s office in Switzerland, Banca Arner S.A., 8, Piazza Manzoni CH - 6901 Lugano.

10. RELATED PARTY TRANSACTIONS

All transactions with related parties were entered into the ordinary course of business and under normal commercial terms. The related parties to the Fund are the Principal Investment Manager, the Investment Managers and the Global Distributor.

11. EVENTS OCCURRED DURING THE PERIOD

As of 18 February 2011, the Board of Directors has acknowledged the resignation of one of the directors (Mr Patri).

As of 29 April 2011, the Board of Directors has appointed Mr. Sylvain Feraud as Director. During the period, the Board of Directors has not noticed any other event.

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12. INFORMATION FOR SWISS SHAREHOLDER

Total Expense Ratio (“TER”)

The Total Expense Ratio is the ratio of the gross amount of expenses to the average net assets of the Fund.

Sub-fund TER without fees 30/06/2011

TER with fees 30/06/2011

Percentage of performance fees

WORLD INVEST - ABSOLUTE RETURN 2.38% 2.38% n/a WORLD INVEST - ABSOLUTE STRATEGY 2.05% 2.78% 0.73% WORLD INVEST - EUROSTAR EQUITIES 3.13% 3.27% 0.14% WORLD INVEST - STRATEGIC BOND n/a n/a n/a WORLD INVEST - GLOBAL FLEXIBLE FUND n/a n/a n/a WORLD INVEST - ITALIAN EQUITIES n/a n/a n/a WORLD INVEST - ABSOLUTE EMERGING 2.69% 2.69% n/a WORLD INVEST - ABSOLUTE FINANCIALS 2.75% 2.75% n/a Sub-fund TER without fees

31/12/2011 TER with fees 31/12/2010


WORLD INVEST - ABSOLUTE RETURN 2.52% 2.52% n/a WORLD INVEST - ABSOLUTE STRATEGY 2.10% 2.49% 0.39% WORLD INVEST - EUROSTAR EQUITIES 3.47% 5.25% 1.78% WORLD INVEST - STRATEGIC BOND n/a n/a n/a WORLD INVEST - GLOBAL FLEXIBLE FUND n/a n/a n/a WORLD INVEST - ITALIAN EQUITIES n/a n/a n/a WORLD INVEST - ABSOLUTE EMERGING 2.85% 4.45% 1.60% WORLD INVEST - ABSOLUTE FINANCIALS 1.83% 3.53% 1.70% Sub-fund TER without fees

31/12/2009 TER with fees 31/12/2009


WORLD INVEST - ABSOLUTE RETURN 2.56% 2.56% n/a WORLD INVEST - ABSOLUTE STRATEGY 2.14% 2.76% 0.62% WORLD INVEST - EUROSTAR EQUITIES 4.55% 4.55% n/a WORLD INVEST - STRATEGIC BOND 2.06% 2.06% n/a WORLD INVEST - GLOBAL FLEXIBLE FUND 2.48% 4.16% 1.68% WORLD INVEST - ITALIAN EQUITIES 3.14% 3.14% n/a WORLD INVEST - ABSOLUTE EMERGING 1.85% 4.42% 2.57% WORLD INVEST - ABSOLUTE FINANCIALS n/a n/a n/a

Portfolio Turnover Rate (“PTR”)

The Portfolio Turnover Rate has been calculated as follows (according to the Swiss Bank Association method): Portfolio Turnover Rate = (total 1 – total 2)/M*100 total 1 = total of securities transactions (sum of purchases and sales of securities) during the relevant period. total 2 = total of transactions in shares of the UCI (sum of subscriptions and redemptions of shares using the balance of daily transactions) during the relevant period. M = average net assets of the UCI.

Sub-fund PTR

30/06/2011 PTR

31/12/2010 PTR

31/12/2009 WORLD INVEST - ABSOLUTE RETURN 1485.77% 851.11% 389.68% WORLD INVEST - ABSOLUTE STRATEGY 235.90% 449.93% 198.34% WORLD INVEST - EUROSTAR EQUITIES 473.08% 595.21% 459.37% WORLD INVEST - ABSOLUTE EMERGING 1159.69% 489.74% -13.31% WORLD INVEST - ABSOLUTE FINANCIALS 908.88% 317.12% n/a

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Performance of the fund of the last three exercises

30/06/2011 31/12/2010 31/12/2009 31/12/2008 WORLD INVEST - ABSOLUTE RETURN (EUR) 220.55 220.52 201.95 201.72 performance for 6 months 0.01% performance since 31/12/2009 9.21% performance since 31/12/2008 9.33% WORLD INVEST - ABSOLUTE STRATEGY (EUR) 110.95 108.32 104.58 83.57 performance for 6 months 2.43% performance since 31/12/2009 6.09% performance since 31/12/2008 32.76% WORLD INVEST - EUROSTAR EQUITIES (EUR) 110.66 109.81 98.40 82.17 performance for 6 months 0.77% performance since 31/12/2009 12.46% performance since 31/12/2008 34.67% WORLD INVEST - ABSOLUTE EMERGING (EUR) 111.94 113.64 108.88 - performance for 6 months -1.50% performance since 31/12/2009 2.81% performance since 31/12/2008 - WORLD INVEST - ABSOLUTE FINANCIALS (EUR) 103.21 105.62 - - performance for 6 months -2.28%

The statistical information set out above is historical and not necessarily indicative of future results.

The performance data do not take account of the commissions and costs incurred on the issue and redemptions of units.

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world invest - fundsquare

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