Unaudited semi-annual report Clariden Leu (Lux) 31st March 2012
Investment Company with Variable Capital established under Luxembourg law with multiple sub-funds
This report is the English translation of the unaudited semi-annual report in German. In case of a discrepancy of content and/or meaning between the German and English versions, the German version shall prevail.
No subscription can be received on the basis of this financial report. Subscriptions are only valid if made on the basis of the current prospectus, the simplified prospectus, supplemented by the subscription form the latest annual report and the most recent semi-annual report, if published thereafter.
R.C.S. Luxembourg B 81 507
Clariden Leu (Lux)
Contents
Organisation ...... 4 General information ...... 7 Additional Information for investors in Switzerland...... 10 Additional Information for investors in Austria...... 12 Performance of the sub-funds ...... 13 Consolidated statement of net assets...... 15 Consolidated statement of operations and other changes in net assets...... 16 Clariden Leu (Lux) Biotechnology Equity Fund...... 17 Statement of net assets ...... 17 Statement of operations and other changes in net assets ...... 18 Statistical information...... 19 Statement of investments and other net assets ...... 20 Industrial and geographical classification of investments...... 22 Clariden Leu (Lux) Commodity Instruments Fund...... 23 Statement of net assets ...... 23 Statement of operations and other changes in net assets ...... 24 Statistical information...... 25 Statement of investments and other net assets ...... 26 Industrial and geographical classification of investments...... 30 Clariden Leu (Lux) Energy Equity Fund...... 32 Statement of net assets ...... 32 Statement of operations and other changes in net assets ...... 33 Statistical information...... 34 Statement of investments and other net assets ...... 35 Industrial and geographical classification of investments...... 37 Clariden Leu (Lux) Emerging Financials Equity Fund...... 38 Statement of net assets ...... 38 Statement of operations and other changes in net assets ...... 39 Statistical information...... 40 Statement of investments and other net assets ...... 41 Industrial and geographical classification of investments...... 42 Clariden Leu (Lux) Infrastructure Fund...... 43 Statement of net assets ...... 43 Statement of operations and other changes in net assets ...... 44 Statistical information...... 45 Statement of investments and other net assets ...... 46 Industrial and geographical classification of investments...... 48 Clariden Leu (Lux) Luxury Goods Equity Fund...... 50 Statement of net assets ...... 50 Statement of operations and other changes in net assets ...... 51 Statistical information...... 52 Statement of investments and other net assets ...... 53 Industrial and geographical classification of investments...... 54
1 Clariden Leu (Lux)
Contents (continued)
Clariden Leu (Lux) Technology Equity Fund...... 55 Statement of net assets ...... 55 Statement of operations and other changes in net assets ...... 56 Statistical information...... 57 Statement of investments and other net assets ...... 58 Industrial and geographical classification of investments...... 60 Clariden Leu (Lux) Asia ex Japan Equity Fund...... 61 Statement of net assets ...... 61 Statement of operations and other changes in net assets ...... 62 Statistical information...... 63 Statement of investments and other net assets ...... 64 Industrial and geographical classification of investments...... 67 Clariden Leu (Lux) European Equity Fund ...... 69 Statement of net assets ...... 69 Statement of operations and other changes in net assets ...... 70 Statistical information...... 71 Statement of investments and other net assets ...... 72 Industrial and geographical classification of investments...... 79 Clariden Leu (Lux) European Small Cap Equity Fund...... 81 Statement of net assets ...... 81 Statement of operations and other changes in net assets ...... 82 Statistical information...... 83 Statement of investments and other net assets ...... 84 Industrial and geographical classification of investments...... 85 Clariden Leu (Lux) Japan Equity Fund...... 86 Statement of net assets ...... 86 Statement of operations and other changes in net assets ...... 87 Statistical information...... 88 Statement of investments and other net assets ...... 89 Industrial and geographical classification of investments...... 91 Clariden Leu (Lux) North America Equity Fund ...... 92 Statement of net assets ...... 92 Statement of operations and other changes in net assets ...... 93 Statistical information...... 94 Statement of investments and other net assets ...... 95 Industrial and geographical classification of investments...... 104 Clariden Leu (Lux) Emerging Markets Equity Fund...... 106 Statement of net assets ...... 106 Statement of operations and other changes in net assets ...... 107 Statistical information...... 108 Statement of investments and other net assets ...... 109 Industrial and geographical classification of investments...... 113 Clariden Leu (Lux) Latin America Equity Fund ...... 115 Statement of net assets ...... 115 Statement of operations and other changes in net assets ...... 116 Statistical information...... 117 Statement of investments and other net assets ...... 118 Industrial and geographical classification of investments...... 119
2 Clariden Leu (Lux)
Contents (continued)
Clariden Leu (Lux) Russia Equity Fund ...... 120 Statement of net assets ...... 120 Statement of operations and other changes in net assets ...... 121 Statistical information...... 122 Statement of investments and other net assets ...... 124 Industrial and geographical classification of investments...... 125 Clariden Leu (Lux) Silk Road Equity Fund...... 126 Statement of net assets ...... 126 Statement of operations and other changes in net assets ...... 127 Statistical information...... 128 Statement of investments and other net assets ...... 129 Industrial and geographical classification of investments...... 131 Clariden Leu (Lux) Liquid Alternatives Fund...... 133 Statement of net assets ...... 133 Statement of operations and other changes in net assets ...... 134 Statistical information...... 135 Statement of investments and other net assets ...... 137 Industrial and geographical classification of investments...... 138 Clariden Leu (Lux) Generics Equity Fund...... 139 Statement of operations and other changes in net assets ...... 139 Statistical information...... 140 Notes to the financial statements ...... 141
3 Clariden Leu (Lux)
Organisation
Registered Office Clariden Leu (Lux) 11, Rue Aldringen L-1118 Luxembourg
Board of Directors
Chairman Emil STARK Managing Director Clariden Leu AG, Zurich
Directors Rafik FISCHER Head of Global Investor Services KBL European Private Bankers S.A., Luxembourg
Thomas GISLER Senior Vice President Clariden Leu AG, Zurich
Claude HOFFMANN Director Commercial Business Development European Fund Administration S.A., Luxembourg
André SCHMIT Conducting Officer of Third-Parties Funds Kredietrust Luxembourg S.A., Luxembourg
Management Company Clariden Leu Fund Management (Luxembourg) S.A. 5, Rue Jean Monnet L-2180 Luxembourg
Board of Directors of the Management Company
Chairman Emil STARK Managing Director Clariden Leu AG, Zurich
Directors Rafik FISCHER Head of Global Investor Services KBL European Private Bankers S.A., Luxembourg
Thomas GISLER Senior Vice President Clariden Leu AG, Zurich
Claude HOFFMANN Director Commercial Business Development European Fund Administration S.A., Luxembourg
André SCHMIT Conducting Officer of Third-Parties Funds Kredietrust Luxembourg S.A., Luxembourg
4 Clariden Leu (Lux)
Organisation (continued)
Executive Board of the Bernhard HEINZ, Luxembourg Management Company André SCHMIT, Luxembourg Doktor Uwe STEIN, Luxembourg (since 13th December 2011)
Custodian Bank and Paying Agent KBL European Private Bankers S.A. 43, Boulevard Royal L-2955 Luxembourg
Administrator, Domiciliary, Registrar Kredietrust Luxembourg S.A. and Transfer Agent 11, Rue Aldringen L-2960 Luxembourg
Investment Sub-Manager Wellington Management Company, LLP 75 State Street Boston, Massachusetts 02109, USA
Sparx Asset Management Co. Limited 1-11-2 Ohsaki, Shinagawa-ku Tokio 141-0032, Japan
Polunin Capital Partners Ltd 146 Buckingham Palace Road London SW1 W9TR
Clariden Leu Asset Management (Hong Kong) Limited 16th-19th Floors, Prince’s Building 10, Chater Road, Central Hong Kong
Investment Advisor Clariden Leu AG Bahnhofstrasse 32 CH-8070 Zurich
Cabinet de révision agréé KPMG Luxembourg S.à r.l. (auditor) 9, Allée Scheffer L-2520 Luxembourg
Main Distributor Clariden Leu AG Bahnhofstrasse 32 CH-8070 Zurich
General Distributor, Representative and Clariden Leu AG Paying Agent in Switzerland Bahnhofstrasse 32 CH-8070 Zurich
5 Clariden Leu (Lux)
Organisation (continued)
Paying and Information Agents - in Germany Merck Finck & Co. Privatbankiers Neuer Wall 77 D-20354 Hamburg
- in Austria Erste Bank der österreichischen Sparkassen AG Graben 21 A-1010 Vienna
- in Spain Allfunds Bank S.A. Calle Estafeta, 6 E-28109, Alcobendas, Madrid
- in Italy BNP PARIBAS Security Services Via Ansperto, 5 I-20123 Milano
- in France Société Générale Securities Services 29, Boulevard Haussmann F-75009 Paris
6 Clariden Leu (Lux)
General information
Clariden Leu (Lux), (the "Company") is organised as an Investment Company with Variable Capital ("société d'investissement à capital variable") in the Grand Duchy of Luxembourg and was incorporated on 18th April 2001. It is organised as a limited company ("société anonyme") under the law of 10th August 1915 and is governed by Part I of the law of 17th December 2010 relating to Undertakings for Collective Investment (the "2010 law") in accordance with the Council Directive 2009/65/EC as amended.
The Company is registered at the Register of Commerce and Companies in Luxembourg, where its Articles of Incorporation (the "Articles") are available for inspection and a copy thereof may be obtained upon request. The Articles were modified by a notarial deed dated 20th April 2011 and have been published in the "Mémorial" in Luxembourg. Its principal and registered office is at 11, Rue Aldringen, L-1118 Luxembourg, Grand Duchy of Luxembourg.
In the Management Company Agreement dated 1st July 2011 the Company delegated all the functions listed in Annex II to the 2010 law to Clariden Leu Fund Management (Luxembourg) S.A. (the “Management Company”). The Management Company was established in Luxembourg on 10th March 2011 for an unlimited period in the form of a limited company and is registered under number B 159 463 in the Register of Commerce and Companies in Luxembourg. Its registered office is at 5, rue Jean Monnet, L-2180 Luxembourg.
The Articles of Incorporation of the Management Company were published in the "Mémorial, Recueil des Sociétés et Associations" (referred to below as "Mémorial") on 31st May 2011. The Articles of Incorporation have been deposited with the Register of Commerce and Companies in Luxembourg for inspection.
The business purpose of the Management Company is to establish and/or manage one or more Undertakings for Collective Investment pursuant to Chapter 15 of the 2010 law. The Management Company may also perform all the activities necessary for the management of these undertakings and effect all transactions and all measures that promote its interests or serve its business purpose or are useful and comply with the 2010 law. The shareholders’ equity of the Management Company amounts to EUR 2,000,000 and has been fully paid.
At the date of the report, the following sub-funds were offered:
- Clariden Leu (Lux) Biotechnology Equity Fund in USD - Clariden Leu (Lux) Commodity Instruments Fund in USD - Clariden Leu (Lux) Energy Equity Fund in USD - Clariden Leu (Lux) Emerging Financials Equity Fund in USD - Clariden Leu (Lux) Infrastructure Fund in USD - Clariden Leu (Lux) Luxury Goods Equity Fund in EUR - Clariden Leu (Lux) Technology Equity Fund in USD - Clariden Leu (Lux) Asia ex Japan Equity Fund in USD - Clariden Leu (Lux) European Equity Fund in EUR - Clariden Leu (Lux) European Small Cap Equity Fund in EUR - Clariden Leu (Lux) Japan Equity Fund in JPY - Clariden Leu (Lux) North America Equity Fund in USD - Clariden Leu (Lux) Emerging Markets Equity Fund in USD - Clariden Leu (Lux) Latin America Equity Fund in USD - Clariden Leu (Lux) Russia Equity Fund in USD - Clariden Leu (Lux) Silk Road Equity Fund in USD - Clariden Leu (Lux) Liquid Alternatives Fund in USD.
7 Clariden Leu (Lux)
General information (continued)
The Board of Directors has decided with effect on 11th November 2011 to merge the sub-fund Clariden Leu (Lux) Generics Equity (absorbed sub-fund) with Clariden Leu (Lux) Biotechnology Equity Fund (absorbing sub-fund). The last Net Asset Value of the absorbed sub-fund was calculated on 11th November 2011.
The reason for the merger is the intention to achieve a more efficient and economical management of the sub-funds. That is in the interest of the sub-funds and its shareholders as the absorbed sub-fund only had a low volume, which makes efficient management difficult.
The conversion rate amounted for Category B shares in USD:
Clariden Leu (Lux) Generics Equity / 1: 0.85477015144061 Clariden Leu (Lux) Biotechnology Equity Fund
The Company may issue different share classes for each sub-fund, at the option of the Shareholders:
- share class A: distribution shares.
- share class B: capitalisation shares.
- share class H: hedged shares. Shares of the class H are issued in one or more alternative currencies at the sub-fund’s discretion. The sub-fund concerned will hedge to a large extent the currency risk related to shares of class H denominated in a currency other than the reference currency of the sub-fund.
- share class I: shares of class I have a higher minimum investment amount and a lower management fee. These share classes are open to all Shareholders prepared to make the minimum investment. If redemptions by a Shareholder result in them holding less than the minimum investment amount, the Company may enforce a switch into another share class in which the Shareholder is entitled to hold shares. Insofar as banks and securities dealers hold shares for the account of their clients, the minimum investment requirement must be met at the level of the client.
- share class D: shares of class D are for Shareholders that have concluded an asset management agreement with Clariden Leu AG or an asset management agreement with the distribution and cooperation partners that have been appointed by Clariden Leu AG and have lower commission rates. A minimum initial investment amount and minimum investment holding of USD/EUR/CHF 500,000 applies at the level of the distribution or cooperation partner. Shareholders are not entitled to demand the physical delivery of shares in this share class. If such an asset management agreement is terminated, Clariden Leu AG will enforce a switch into another share class in which the Shareholder is entitled to hold shares.
Shares of classes H, I and D may be issued as either distribution shares (HA, IA, DA) or capitalisation shares (HB, IB, DB).
It is possible to issue hedged distribution shares of classes I and D (IHA, DHA) and also hedged capitalisation shares of classes I and D (IHB, DHB).
Shares of classes B, H and DH are issued in one or more alternate currencies, depending on the sub- fund.
Currently only the share classes B, HB, IB, IHB, DB and DHB are available for subscription.
The Net Asset Value per share of the sub-funds are calculated on each business day in Luxembourg ("Valuation date"). The Net Asset Value is calculated weekly for the sub-fund Clariden Leu (Lux) Liquid Alternatives Fund.
8 Clariden Leu (Lux)
General information (continued)
The financial year starts on 1st October of each year and ends on 30th September of the following year.
The Net Asset Value per share and Redemption and Subscription Prices may be obtained at the registered office of the Company. The current full prospectus, the simplified prospectus, the Articles of incorporation, the most recent annual and semi-annual reports are available free of charge at the registered office of the Company, at the Paying and Financial Agents in the different countries of the distribution of the Company.
9 Clariden Leu (Lux)
Additional Information for investors in Switzerland
General information a) Authorization
The shares of the sub-funds have been authorized for public distribution by the Swiss Financial Market Supervisory Authority FINMA. However, the Company is not subject to the supervision of FINMA. b) Representative and Paying Agent Clariden Leu AG Bahnhofstrasse 32 CH-8070 Zurich has been appointed as the Representative, Paying Agent and non-exclusive distributor of the sub-fund in Switzerland ("the Representative" or "the Paying Agent"). Under the terms of Switzerland’s collective investment schemes legislation, the Representative represents the sub-funds in Switzerland with regard to the investors and the Swiss supervisory authority, without restrictions. Swiss investors or investors who subscribe their shares via Swiss banks or other financial intermediaries can send their subscription application forms to the Paying Agent in Switzerland, and can also settle payments via the latter. Investors resident in Switzerland or who have deposited their shares with a Swiss custodian are entitled to conduct the redemption or conversion of their shares or the collection of any distributions via the Swiss Paying Agent. c) Information
In Switzerland, the Net Asset Values excluding commissions of all share categories are published daily via the electronic platform "www.swissfunddata.ch". Copies of the Prospectus, the Simplified Prospectus, the Articles of Incorporation and the annual and semi-annual reports may be obtained free of charge in German from the registered office of the Representative and Paying Agent.
Notices to investors in Switzerland will be published in the Swiss Official Gazette of Commerce and on the electronic platform "www.swissfunddata.ch". d) Place of performance and jurisdiction
The Swiss courts are responsible for resolving any disputes arising in connection with shares of the sub-funds distributed in Switzerland. The place of jurisdiction is Zurich (as the place where the Representative has its registered office). Notices relating to such claims are to be submitted to the Representative at the above address.
In addition to this, the place of performance and the Paying Agent for shares distributed in Switzerland are established at the registered office of the Representative. These provisions on the place of performance, place of jurisdiction and the Paying Agent will remain in force even after any termination of distribution in Switzerland, or in the event of the withdrawal of authorization or a liquidation of the sub-funds.
10 Clariden Leu (Lux)
Additional Information for investors in Switzerland (continued)
Taxation a) Stamp duty
If shares of the Company are subscribed or acquired via a Swiss securities dealer, or if a securities dealer acts as an intermediary in such transactions, Swiss stamp duty on securities transactions - currently as a rule 0.15% - will fall due, plus minimal securities exchange supervision fees. The return of shares for redemption is exempt from stamp duty. However, the sale of shares or the issue of shares of a new sub-fund in connection with a conversion are not exempt. b) Swiss taxpayers
Shareholders who are Swiss taxpayers are asked to consult a qualified advisor as to the tax consequences of holding, acquiring and selling shares in the sub-funds.
Use of the management fee for distribution in Switzerland
Within the framework of distribution in Switzerland and from Switzerland, reimbursements may be paid from the Management Company fee to the following qualified shareholders that are, from the commercial perspective, holding the shares for third parties:
– life insurance companies; – Swiss fund management companies; – foreign fund management companies and fund companies; – pension funds and similar retirement savings schemes; – investment foundations; – investment companies.
Within the framework of the distribution of shares of the sub-funds in Switzerland, distributor fees may be paid to the following distributors and sales partners:
– authorized distributors; – distributors exempt from the requirement to obtain authorization; – sales partners who place fund shares exclusively with institutional shareholders with professional treasury facilities; – asset managers who place fund shares exclusively on the basis of a written asset management agreement.
11 Clariden Leu (Lux)
Additional Information for investors in Austria
Erste Bank der österreichischen Sparkassen AG, Graben 21, A-1010 Vienna, is the Paying Agent for Austria (the “Austrian Paying Agent“).
All payments intended for Shareholders may be channeled at their request via the Austrian Paying Agent and/or may be paid upon request in cash by the Austrian Paying Agent.
Applications for the redemption of Shares may be submitted to the Austrian Paying Agent.
The Prospectus, the Simplified Prospectus, copies of the Articles of Incorporation, the audited annual report and the unaudited semi-annual report are available free of charge from the Austrian Paying Agent.
The Net Asset Value is published daily on the Internet at www.credit-suisse.com and www.fundinfo.com. Furthermore, the Management Company publishes announcements to Shareholders in “Der Standard”.
12 Clariden Leu (Lux)
Performance of the sub-funds
01.01.12 – 31.03.12 01.01.11 – 31.12.11 01.01.10 – 31.12.10 01.01.09 – 31.12.09 % % % %
Clariden Leu (Lux) Biotechnology Equity Fund B 18.36 2.87 12.17 8.69 Clariden Leu (Lux) Biotechnology Equity Fund IB 18.59 3.73 13.10 9.26 1 NASDAQ Biotechnology TR 18.21 12.08 15.25 15.63
Clariden Leu (Lux) Biotechnology Equity Fund HB EUR 18.41 2.45 11.62 6.70 no comparable Benchmark
Clariden Leu (Lux) Commodity Instruments Fund B 5.62 -13.69 15.74 46.20 Clariden Leu (Lux) Commodity Instruments Fund HB EUR 5.32 -14.65 12.52 44.05 Clariden Leu (Lux) Commodity Instruments Fund HB CHF 5.20 -14.63 14.04 43.17 no comparable Benchmark
Clariden Leu (Lux) Energy Equity Fund B 4.78 -12.06 8.79 53.46 Clariden Leu (Lux) Energy Equity Fund IB 4.98 -11.36 9.62 54.73 MSCI World Energy NR 3.65 0.17 11.88 26.23
Clariden Leu (Lux) Energy Equity Fund HB EUR 4.39 -13.75 7.92 44.37 no comparable Benchmark
Clariden Leu (Lux) Emerging Financials Equity Fund B EUR 14.53 -21.86 23.19 -0.04 MSCI EM / Financials NR (EUR)2 11.36 -21.09 29.47 3.66
Clariden Leu (Lux) Emerging Financials Equity Fund B3 17.53 -24.39 9.08 - MSCI EM / Financials NR (USD)2 14.24 -23.64 12.74 -
Clariden Leu (Lux) Emerging Financials Equity Fund HB EUR4 17.20 -24.62 -1.76 - no comparable Benchmark
Clariden Leu (Lux) Infrastructure Fund B 10.40 -8.69 8.55 24.16 Clariden Leu (Lux) Infrastructure Fund IB 10.61 -7.96 9.25 25.21 Clariden Leu (Lux) Infrastructure Fund HB EUR 10.00 -9.78 6.87 15.71 no comparable Benchmark
Clariden Leu (Lux) Luxury Goods Equity Fund B 19.45 -1.20 49.06 16.69 Clariden Leu (Lux) Luxury Goods Equity Fund B USD5 22.58 -4.38 24.32 - no comparable Benchmark
Clariden Leu (Lux) Technology Equity Fund B 17.48 -5.04 13.56 58.14 MSCI World Information Technology NR 19.99 -2.49 10.50 52.36
Clariden Leu (Lux) Technology Equity Fund HB EUR 17.17 -5.45 12.11 56.00 no comparable Benchmark
Clariden Leu (Lux) Asia ex Japan Equity Fund B 9.61 -17.09 25.48 17.75 MSCI AC Far East ex Japan NR USD 13.11 -14.78 19.44 14.81
Clariden Leu (Lux) European Equity Fund B 7.32 -9.33 12.71 11.42 MSCI Europe NR EUR 7.87 -8.08 11.10 11.09
Clariden Leu (Lux) European Small Cap Equity Fund B 13.53 -25.99 30.13 44.08 Clariden Leu (Lux) European Small Cap Equity Fund IB 13.75 -25.40 30.83 44.63 MSCI Small Cap Europe NR EUR 15.68 -17.45 29.91 67.36
Clariden Leu (Lux) Japan Equity Fund B 17.02 -21.97 4.54 -5.43 Clariden Leu (Lux) Japan Equity Fund IB 17.26 -20.95 5.33 -5.13 TOPIX TR 18.55 -17.00 0.96 -4.64
Clariden Leu (Lux) North America Equity Fund B 8.68 -1.98 21.61 10.99 MSCI North America NR USD 12.08 -0.07 15.30 11.55
Clariden Leu (Lux) Emerging Markets Equity Fund B 15.08 -30.42 23.22 18.27 Clariden Leu (Lux) Emerging Markets Equity Fund IB6 15.30 -29.87 31.26 - MSCI EM (Emerging Markets) NR USD 14.08 -18.42 18.88 14.56
13 Clariden Leu (Lux)
Performance of the sub-funds (continued)
01.01.12 – 31.03.12 01.01.11 – 31.12.11 01.01.10 – 31.12.10 01.01.09 – 31.12.09 % % % %
Clariden Leu (Lux) Latin America Equity Fund USD B 15.24 -29.61 18.84 26.44 Clariden Leu (Lux) Latin America Equity Fund USD IB 15.47 -29.05 19.69 26.70 MSCI EM Latin America 10/40 NR 14.93 -18.57 11.43 18.14
Clariden Leu (Lux) Latin America Equity Fund HB EUR 14.82 -31.19 16.81 25.28 no comparable Benchmark
Clariden Leu (Lux) Russia Equity Fund B 22.12 -31.84 31.41 33.73 Clariden Leu (Lux) Russia Equity Fund IB 22.49 -31.01 32.95 34.34 MSCI Russia 10/40 NR 19.71 -23.66 28.66 18.14
Clariden Leu (Lux) Russia Equity Fund B RUB 12.00 -28.39 32.33 16.38 Clariden Leu (Lux) Russia Equity Fund HB EUR 21.78 -32.62 29.28 24.27 no comparable Benchmark
Clariden Leu (Lux) Silk Road Equity Fund B 13.34 -27.98 11.69 80.40 Clariden Leu (Lux) Silk Road Equity Fund HB EUR 12.85 -28.87 10.09 82.61 Clariden Leu (Lux) Silk Road Equity Fund HB CHF 12.76 -28.55 9.66 78.04 no comparable Benchmark
Clariden Leu (Lux) Liquid Alternatives Fund B7 2.87 -9.78 1.17 - Clariden Leu (Lux) Liquid Alternatives Fund DB7 2.98 -9.33 1.33 - Clariden Leu (Lux) Liquid Alternatives Fund HB EUR8 2.72 -9.26 -0.68 - Clariden Leu (Lux) Liquid Alternatives Fund DHB EUR8 2.84 -8.84 1.09 - Clariden Leu (Lux) Liquid Alternatives Fund HB CHF7 2.61 -10.71 0.67 - Clariden Leu (Lux) Liquid Alternatives Fund DHB CHF7 2.73 -10.32 0.83 - no comparable Benchmark
1) Comparison index from Amex Biotechnology Index to NASDAQ Biotechnology TR. with effect per 1st April 2007. 2) Comparison index from MSCI World Financials Index to MSCI EM / Financials NR, with effect per 15th March 2010. 3) Launching of new category of shares as at 2nd September 2010 4) Launching of new category of shares as at 29th October 2010 5) Launching of new category of shares as at 2nd September 2010 6) Launching of new category of shares as at 19th February 2010 7) Launching of new category of shares as at 27th August 2010 8) Launching of new category of shares as at 27th October 2010
The data were completed according to the database of LIPPER.
Note: All references to historical performance are not an indication of future results. All performance data are calculated on the basis of the net asset value after deduction of management and transaction fees with reinvested gross proceeds, but without considering the impacts of the fees and expenses incurred by the issue and redemption of shares.
14 Clariden Leu (Lux)
Consolidated statement of net assets as at 31st March 2012 (in USD)
Assets Securities portfolio at market value 1,815,481,401.15 Option contracts at market value 42,119.61 Deposits on futures contracts 875.75 Cash at banks 33,711,338.98 Other liquid assets 2,915,186.31 Receivable on sales of securities 21,551,232.33 Receivable on treasury transactions 3,914,982.62 Receivable on issues of shares 2,949,466.33 Income receivable on portfolio 3,286,843.49 Interest receivable on bank accounts 2.86 Unrealised gain on futures contracts 124,105.65 Unrealised gain on forward foreign exchange contracts 1,254,539.60 Other receivables 630,101.68 Prepaid expenses 230,372.38 Total assets 1,886,092,568.74
Liabilities Bank liabilities 3,179,986.20 Other liquid liabilities 225,197.19 Payable on purchases of securities 8,137,579.79 Payable on swap contracts 420,903.00 Payable on treasury transactions 489,641.05 Payable on redemptions of shares 6,443,551.71 Unrealised loss on futures contracts 129,860.89 Unrealised loss on forward foreign exchange contracts 40,844.44 Interest on bank liabilities and expenses payable 3,571,150.42 Other liabilities 149,768.05 Total liabilities 22,788,482.74
Net assets at the end of the period 1,863,304,086.00
The accompanying notes are an integral part of these financial statements.
15 Clariden Leu (Lux)
Consolidated statement of operations and other changes in net assets from 1st October 2011 to 31st March 2012 (in USD)
Income Dividends, net 13,582,482.93 Interest on bonds and other debt securities, net 4,233.43 Interest on bank accounts 5,227.58 Commissions received 252,846.10 Other income 1,271,490.70 Total income 15,116,280.74
Expenses Management fees 19,185,451.17 Custodian fees 336,226.17 Banking charges and other fees 529,742.04 Transaction fees 10,727,905.36 Central administration costs 820,229.12 Professional fees 199,348.16 Other administration costs 355,593.38 Subscription duty ("taxe d'abonnement") 454,432.67 Other taxes 325,996.57 Interest paid on bank liabilities 96,507.65 Other expenses 322,210.85 Total expenses 33,353,643.14
Net investment income -18,237,362.40
Net realised gain/(loss) - on securities portfolio -54,565,271.54 - on options -14,003.91 - on futures contracts 1,272,946.44 - on swap contracts 1,078,441.69 - on forward foreign exchange contracts -6,175,033.91 - on foreign exchange -517,654.64 Realised result -77,157,938.27
Net variation of the unrealised gain/(loss) - on securities portfolio 434,432,721.09 - on options -48,801.31 - on futures contracts -68,161.91 - on forward foreign exchange contracts 3,915,312.89 Result of operations 361,073,132.49
Subscriptions 148,041,842.36
Redemptions -677,336,272.50
Total changes in net assets -168,221,297.65
Total net assets at the beginning of the period 2,036,941,593.20
Revaluation difference -5,416,209.55
Total net assets at the end of the period 1,863,304,086.00
The accompanying notes are an integral part of these financial statements.
16 Clariden Leu (Lux)
Clariden Leu (Lux) Biotechnology Equity Fund
Statement of net assets as at 31st March 2012 (in USD)
Assets Securities portfolio at market value 140,760,809.31 Cash at banks 1,810,433.44 Receivable on issues of shares 19,772.50 Income receivable on portfolio 6,409.92 Unrealised gain on forward foreign exchange contracts 69,102.13 Other receivables 149,999.97 Prepaid expenses 273.38 Total assets 142,816,800.65
Liabilities Bank liabilities 579.62 Payable on redemptions of shares 589,045.28 Interest on bank liabilities and expenses payable 276,852.96 Total liabilities 866,477.86
Net assets at the end of the period 141,950,322.79
Number of share class B outstanding 786,472.076 Net asset value per share class B 172.45
Number of share class HB (in EUR) outstanding 40,357.253 Net asset value per share class HB (in EUR) EUR 117.56
Number of share class IB outstanding 10.000 Net asset value per share class IB 180.57
The accompanying notes are an integral part of these financial statements.
17 Clariden Leu (Lux)
Clariden Leu (Lux) Biotechnology Equity Fund
Statement of operations and other changes in net assets from 1st October 2011 to 31st March 2012 (in USD)
Income Dividends, net 118,080.68 Commissions received 4,303.18 Other income 996,214.70 Total income 1,118,598.56
Expenses Management fees 1,253,686.27 Custodian fees 22,553.44 Banking charges and other fees 4,877.47 Transaction fees 212,027.67 Central administration costs 56,188.99 Professional fees 12,845.10 Other administration costs 22,023.44 Subscription duty ("taxe d'abonnement") 32,372.80 Interest paid on bank liabilities 201.71 Other expenses 7,350.50 Total expenses 1,624,127.39
Net investment income -505,528.83
Net realised gain/(loss) - on securities portfolio 11,113,364.18 - on forward foreign exchange contracts -150,372.81 - on foreign exchange -89,176.48 Realised result 10,368,286.06
Net variation of the unrealised gain/(loss) - on securities portfolio 23,276,328.99 - on forward foreign exchange contracts 128,055.22 Result of operations 33,772,670.27
Subscriptions 33,938,328.48
Redemptions -24,775,910.14
Total changes in net assets 42,935,088.61
Total net assets at the beginning of the period 99,015,234.18
Total net assets at the end of the period 141,950,322.79
The accompanying notes are an integral part of these financial statements.
18 Clariden Leu (Lux)
Clariden Leu (Lux) Biotechnology Equity Fund
Statistical information as at 31st March 2012 (in USD)
Total net assets - as at 31.03.2012 141,950,322.79 - as at 30.09.2011 99,015,234.18 - as at 31.12.2010 120,139,875.90
Portfolio Turnover Rate (in %) (subscriptions and redemptions of shares are netted by NAV calculation) - as at 31.03.2012 31.54
Number of share class B - outstanding at the beginning of the period 721,105.990 - issued 192,005.021 - redeemed -126,638.935 - outstanding at the end of the period 786,472.076
Net asset value per share class B - as at 31.03.2012 172.45 - as at 30.09.2011 132.94 - as at 31.12.2010 141.63
TER per share class B (in %) - as at 31.03.2012 2.25
Number of share class HB (in EUR) - outstanding at the beginning of the period 25,780.456 - issued 52,741.916 - redeemed -38,165.119 - outstanding at the end of the period 40,357.253
Net asset value per share class HB (in EUR) - as at 31.03.2012 EUR 117.56 - as at 30.09.2011 EUR 91.03 - as at 31.12.2010 EUR 96.91
TER per share class HB (in EUR) (in %) - as at 31.03.2012 2.27
Number of share class IB - outstanding at the beginning of the period 10.000 - issued 0.000 - redeemed 0.000 - outstanding at the end of the period 10.000
Net asset value per share class IB - as at 31.03.2012 180.57 - as at 30.09.2011 138.64 - as at 31.12.2010 146.79
TER per share class IB (in %) - as at 31.03.2012 1.36
The accompanying notes are an integral part of these financial statements.
19 Clariden Leu (Lux)
Clariden Leu (Lux) Biotechnology Equity Fund
Statement of investments and other net assets as at 31st March 2012 (in USD)
Currency Number / nominal Description Cost Market value % of value total net assets
Investments in securities Transferable securities admitted to an official stock exchange listing Shares CHF 54,112 Actelion Ltd 2,955,793.93 1,976,967.62 1.39 CHF 10,000 Basilea Pharmaceutica AG Reg 826,703.04 560,752.84 0.39 CHF 32,948 Santhera Pharmaceuticals AG Reg 1,029,567.66 165,971.10 0.12 4,812,064.63 2,703,691.56 1.90 DKK 43,125 Genmab A/S 1,150,502.12 356,855.00 0.25 DKK 29,400 Novo Nordisk A/S B 2,588,411.50 4,067,864.92 2.87 3,738,913.62 4,424,719.92 3.12 GBP 20,400 Shire Plc 657,521.62 658,400.82 0.46
USD 60,000 Achillion Pharmaceuticals Inc 642,334.33 574,800.00 0.40 USD 70,000 Affymax Inc 782,221.68 821,800.00 0.58 USD 105,655 Affymetrix Inc 910,394.35 451,146.85 0.32 USD 102,252 Alexion Pharmaceuticals Inc 3,086,282.77 9,495,120.72 6.69 USD 11,100 Allergan Inc 919,302.00 1,059,273.00 0.75 USD 83,000 Alnylam Pharmaceuticals Inc 1,578,422.76 918,810.00 0.65 USD 130,000 Amarin Corp Plc ADR repr 1 Share 1,151,506.34 1,471,600.00 1.04 USD 120,973 Amgen Inc 7,433,625.87 8,224,954.27 5.79 USD 100,396 Amylin Pharmaceuticals Inc 1,338,497.86 2,505,884.16 1.77 USD 310,000 Ariad Pharmaceuticals Inc 2,635,306.64 4,944,500.00 3.48 USD 98,000 Auxilium Pharmaceuticals Inc 2,578,238.62 1,819,860.00 1.28 USD 20,000 Aveo Pharmaceuticals Inc 360,860.36 248,200.00 0.17 USD 65,745 Biogen IDEC Inc 4,912,324.16 8,281,897.65 5.83 USD 1,795,849 Biolife Solutions Inc 242,439.62 179,584.90 0.13 USD 169,444 BioMarin Pharmaceutical Inc 3,052,916.50 5,803,457.00 4.09 USD 125,638 Celgene Corp 6,813,458.49 9,739,457.76 6.86 USD 78,000 Cubist Pharmaceuticals Inc 2,759,045.61 3,373,500.00 2.38 USD 160,500 Dendreon Corp 3,796,003.80 1,710,127.50 1.21 USD 92,671 Exelixis Inc 539,797.41 480,035.78 0.34 USD 20,812 Gen Probe Inc 986,031.11 1,382,124.92 0.97 USD 180,742 Gilead Sciences Inc 7,575,161.05 8,829,246.70 6.22 USD 190,560 Human Genome Sciences Inc 3,007,816.71 1,570,214.40 1.10 USD 80,000 Idenix Pharmaceuticals Inc 967,418.52 783,200.00 0.55 USD 18,000 Illumina Inc 595,208.83 946,980.00 0.67 USD 210,000 Incyte Corp 2,963,991.86 4,053,000.00 2.86 USD 124,800 InterMune Inc 2,725,410.39 1,830,816.00 1.29 USD 110,200 Isis Pharmaceuticals Inc 1,621,309.45 966,454.00 0.68 USD 101,000 Life Technologies Corp 4,740,662.73 4,930,820.00 3.47 USD 35,000 Medivation Inc 1,480,466.94 2,615,200.00 1.84 USD 60,000 Momenta Pharmaceuticals Inc 888,600.00 919,200.00 0.65 USD 80,400 Myriad Genetics Inc 1,979,588.38 1,902,264.00 1.34 USD 229,000 Nektar Therapeutics 1,543,199.41 1,813,680.00 1.28 USD 65,000 Neurocrine Biosciences Inc 544,497.85 518,050.00 0.36 USD 130,000 Onyx Pharmaceuticals Inc 4,097,788.73 4,898,400.00 3.45 USD 65,000 Optimer Pharmaceuticals Inc 888,341.19 903,500.00 0.64 USD 144,410 Osiris Therapeutics Inc 1,708,274.10 739,379.20 0.52 USD 270,152 Progenics Pharmaceuticals Inc 1,667,794.98 2,674,504.80 1.88 USD 70,000 Regeneron Pharmaceuticals Inc 2,075,531.08 8,163,400.00 5.75 USD 125,600 Savient Pharmaceuticals Inc 1,558,393.08 273,808.00 0.19 USD 100,000 Seattle Genetics Inc 1,925,258.65 2,038,000.00 1.44 USD 180,000 Sequenom Inc 1,333,808.73 732,600.00 0.52 USD 55,400 Teva Pharma Ind Ltd ADR repr 1 Share 2,265,367.98 2,496,324.00 1.76 USD 65,000 Theravance Inc 1,355,891.13 1,267,500.00 0.89
The accompanying notes are an integral part of these financial statements.
20 Clariden Leu (Lux)
Clariden Leu (Lux) Biotechnology Equity Fund
Statement of investments and other net assets (continued) as at 31st March 2012 (in USD)
Currency Number / nominal Description Cost Market value % of value total net assets
USD 65,000 United Therapeutics Corp 3,200,677.49 3,063,450.00 2.16 USD 144,000 Vertex Pharmaceuticals Inc 5,144,079.84 5,905,440.00 4.16 USD 146,341 Zalicus Inc 228,225.39 175,609.20 0.12 104,601,774.77 128,497,174.81 90.52 Total shares 113,810,274.64 136,283,987.11 96.00 Other transferable securities Shares CHF 1,765 Polyphor Ltd Round D 2,814,595.02 4,298,920.56 3.03
USD 453,000 AlphaVax Inc Pref B 815,400.00 135,900.00 0.10 USD 140,000 AlphaVax Inc Pref Ser D 308,000.00 42,000.00 0.03 USD 89,286 Biostratum Inc Pref B 150,000.48 0.89 0.00 USD 75,000 Biostratum Inc Pref D 126,000.00 0.75 0.00 1,399,400.48 177,901.64 0.13 Total shares 4,213,995.50 4,476,822.20 3.16 Total investments in securities 118,024,270.14 140,760,809.31 99.16 Cash at banks 1,810,433.44 1.28 Bank liabilities -579.62 0.00 Other net assets/(liabilities) -620,340.34 -0.44 Total 141,950,322.79 100.00
The accompanying notes are an integral part of these financial statements.
21 Clariden Leu (Lux)
Clariden Leu (Lux) Biotechnology Equity Fund
Industrial and geographical classification of investments as at 31st March 2012
Industrial classification (in percentage of net assets)
Pharmaceuticals and biotechnology 98.49 % Health care equipment and services 0.67 % Total 99.16 %
Geographical classification (by domicile of the issuer) (in percentage of net assets)
United States of America 87.85 % Switzerland 4.93 % Denmark 3.12 % Israel 1.76 % United Kingdom 1.04 % Jersey 0.46 % Total 99.16 %
The accompanying notes are an integral part of these financial statements.
22 Clariden Leu (Lux)
Clariden Leu (Lux) Commodity Instruments Fund
Statement of net assets as at 31st March 2012 (in USD)
Assets Securities portfolio at market value 47,055,156.28 Option contracts at market value 42,119.61 Cash at banks 4,407,170.76 Receivable on sales of securities 417,647.92 Income receivable on portfolio 90,595.44 Other receivables 21,860.83 Prepaid expenses 27,188.60 Total assets 52,061,739.44
Liabilities Bank liabilities 357.02 Other liquid liabilities 185,000.00 Payable on purchases of securities 200,666.94 Payable on swap contracts 420,903.00 Payable on treasury transactions 110,690.29 Payable on redemptions of shares 47,623.18 Unrealised loss on forward foreign exchange contracts 337.44 Interest on bank liabilities and expenses payable 103,335.25 Total liabilities 1,068,913.12
Net assets at the end of the period 50,992,826.32
Number of share class B outstanding 310,568.884 Net asset value per share class B 83.64
Number of share class HB (in CHF) outstanding 73,442.765 Net asset value per share class HB (in CHF) CHF 77.72
Number of share class HB (in EUR) outstanding 176,805.270 Net asset value per share class HB (in EUR) EUR 79.35
The accompanying notes are an integral part of these financial statements.
23 Clariden Leu (Lux)
Clariden Leu (Lux) Commodity Instruments Fund
Statement of operations and other changes in net assets from 1st October 2011 to 31st March 2012 (in USD)
Income Dividends, net 260,058.72 Interest on bank accounts 32.72 Commissions received 3,376.80 Other income 187.54 Total income 263,655.78
Expenses Management fees 574,072.69 Custodian fees 10,136.90 Banking charges and other fees 48,387.59 Transaction fees 205,410.80 Central administration costs 26,332.35 Professional fees 5,871.61 Other administration costs 21,126.04 Subscription duty ("taxe d'abonnement") 12,230.69 Interest paid on bank liabilities 1,941.85 Other expenses 7,594.71 Total expenses 913,105.23
Net investment income -649,449.45
Net realised gain/(loss) - on securities portfolio -1,015,731.25 - on options -14,003.91 - on swap contracts 1,078,441.69 - on forward foreign exchange contracts -491,671.40 - on foreign exchange 13,617.34 Realised result -1,078,796.98
Net variation of the unrealised gain/(loss) - on securities portfolio 7,961,761.36 - on options -48,801.31 - on forward foreign exchange contracts 211,676.34 Result of operations 7,045,839.41
Subscriptions 670,813.36
Redemptions -14,149,208.07
Total changes in net assets -6,432,555.30
Total net assets at the beginning of the period 57,425,381.62
Total net assets at the end of the period 50,992,826.32
The accompanying notes are an integral part of these financial statements.
24 Clariden Leu (Lux)
Clariden Leu (Lux) Commodity Instruments Fund
Statistical information as at 31st March 2012 (in USD)
Total net assets - as at 31.03.2012 50,992,826.32 - as at 30.09.2011 57,425,381.62 - as at 31.12.2010 93,612,345.85
Portfolio Turnover Rate (in %) (subscriptions and redemptions of shares are netted by NAV calculation) - as at 31.03.2012 105.56
Number of share class B - outstanding at the beginning of the period 414,149.751 - issued 3,350.297 - redeemed -106,931.164 - outstanding at the end of the period 310,568.884
Net asset value per share class B - as at 31.03.2012 83.64 - as at 30.09.2011 73.91 - as at 31.12.2010 91.75
TER per share class B (in %) - as at 31.03.2012 2.42
Number of share class HB (in CHF) - outstanding at the beginning of the period 94,561.355 - issued 2,020.000 - redeemed -23,138.590 - outstanding at the end of the period 73,442.765
Net asset value per share class HB (in CHF) - as at 31.03.2012 CHF 77.72 - as at 30.09.2011 CHF 69.30 - as at 31.12.2010 CHF 86.54
TER per share class HB (in CHF) (in %) - as at 31.03.2012 2.42
Number of share class HB (in EUR) - outstanding at the beginning of the period 206,822.554 - issued 2,000.000 - redeemed -32,017.284 - outstanding at the end of the period 176,805.270
Net asset value per share class HB (in EUR) - as at 31.03.2012 EUR 79.35 - as at 30.09.2011 EUR 70.62 - as at 31.12.2010 EUR 88.27
TER per share class HB (in EUR) (in %) - as at 31.03.2012 2.42
The accompanying notes are an integral part of these financial statements.
25 Clariden Leu (Lux)
Clariden Leu (Lux) Commodity Instruments Fund
Statement of investments and other net assets as at 31st March 2012 (in USD)
Currency Number / nominal Description Cost Market value % of value total net assets
Investments in securities Transferable securities admitted to an official stock exchange listing Shares AUD 30,442 Aston Resources Ltd 319,222.87 310,318.08 0.61 AUD 84,868 Australian Agricultural Co Ltd 107,542.33 116,492.68 0.23 AUD 116,858 Fortescue Metals Group Ltd 730,048.10 720,301.32 1.41 AUD 9,755 GrainCorp Ltd 64,345.43 90,041.72 0.18 AUD 2,937 Iluka Resources Ltd 51,018.84 55,618.46 0.11 AUD 98,819 Incitec Pivot Ltd 321,547.16 319,399.21 0.63 AUD 8,811 Oil Search Ltd 60,582.09 64,259.40 0.13 1,654,306.82 1,676,430.87 3.30 BRL 21,240 Minerva SA 74,062.88 82,339.58 0.16 BRL 20,230 SLC Agricola SA 203,881.03 216,193.39 0.42 277,943.91 298,532.97 0.58 CAD 5,655 Agrium Inc 459,631.36 487,155.60 0.96 CAD 3,585 Celtic Exploration Ltd 63,836.11 52,159.80 0.10 CAD 2,675 Ceres Global Ag Corp 15,661.01 17,827.09 0.03 CAD 1,330 Crescent Point Energy Corp 61,058.69 57,147.35 0.11 CAD 3,050 Detour Gold Corp 99,811.52 75,902.84 0.15 CAD 3,810 EcoSynthetix Inc 36,134.68 21,197.38 0.04 CAD 22,900 First Quantum Minerals Ltd 551,125.91 435,841.30 0.85 CAD 10,995 Gran Tierra Energy Inc 70,115.03 69,203.53 0.14 CAD 2,791 Husky Energy Inc 84,269.79 70,881.65 0.14 CAD 14,000 Ivanhoe Mines Ltd 243,068.61 219,802.87 0.43 CAD 2,740 Maple Leaf Foods Inc 30,163.24 32,599.79 0.06 CAD 475 MEG Energy Corp 15,401.31 18,280.38 0.04 CAD 545 Niko Resources Ltd 28,241.46 19,136.49 0.04 CAD 2,115 Petrominerales Ltd 42,938.23 39,258.77 0.08 CAD 7,105 Potash Corp of Saskatschew Inc 322,566.55 323,772.15 0.63 CAD 8,655 Progress Energy Res Corp 102,478.71 86,606.29 0.17 CAD 6,800 Rubicon Minerals Corp 25,602.41 22,250.46 0.04 CAD 8,235 Talisman Energy Inc 121,078.48 103,334.07 0.20 CAD 2,565 Tourmaline Oil Corp 57,464.40 56,595.04 0.11 CAD 2,830 Transcanada Corp 108,844.52 121,287.74 0.24 2,539,492.02 2,330,240.59 4.56 CHF 1,224 Syngenta AG Reg 365,007.39 422,928.76 0.83
EUR 4,808 Asian Bamboo AG 213,239.66 74,389.70 0.15 EUR 19,833 Fiat Industrial SpA 214,477.39 211,443.58 0.41 EUR 2,649 Galp Energia SGPS SA B 44,087.10 43,562.54 0.09 EUR 7,751 Repsol YPF SA 192,604.98 194,295.45 0.38 EUR 47 Unilever NV Certif of Shares 1,307.04 1,598.13 0.00 665,716.17 525,289.40 1.03 GBP 22,422 Anglo American Plc 1,146,857.23 837,224.42 1.64 GBP 16,333 Antofagasta Plc 335,132.70 300,626.50 0.59 GBP 14,663 BG Group Plc 294,009.05 339,234.66 0.67 GBP 2,278 BHP Billiton Plc 74,699.06 69,426.79 0.14 GBP 3,946 Cairn Energy Plc 30,572.91 20,370.56 0.04 GBP 37,360 Glencore Intl PLC 244,919.11 232,440.41 0.46 GBP 44,164 Purecircle Ltd 154,724.91 74,091.18 0.15 GBP 28,776 Rio Tinto Plc 1,619,838.42 1,584,362.39 3.11 GBP 208 Royal Dutch Shell Plc A 7,166.01 7,256.47 0.01 GBP 4,159 Royal Dutch Shell Plc B 144,140.81 146,157.71 0.29 GBP 35,875 Zambeef Product PLC 23,991.21 21,208.13 0.04 4,076,051.42 3,632,399.22 7.14
The accompanying notes are an integral part of these financial statements.
26 Clariden Leu (Lux)
Clariden Leu (Lux) Commodity Instruments Fund
Statement of investments and other net assets (continued) as at 31st March 2012 (in USD)
Currency Number / nominal Description Cost Market value % of value total net assets
HKD 311,720 Asian Citrus Holdings Ltd 264,316.23 212,811.05 0.42 HKD 19,020 Beijing Enterprises Hgs Ltd 94,581.45 116,496.98 0.23 HKD 83,085 China Agri-Industries Ltd 79,882.93 53,725.44 0.11 HKD 3,415 China BlueChemical Ltd H 2,027.21 2,564.56 0.01 HKD 210,425 China Modern Dairy Hgs Ltd 68,423.10 60,715.42 0.12 509,230.92 446,313.45 0.89 ILS 2,716 Evogene Ltd 14,897.73 12,294.89 0.02 ILS 11,083 Israel Chemicals Ltd 124,197.76 127,517.81 0.25 139,095.49 139,812.70 0.27 INR 10,824 McLeod Russel India Ltd 59,425.65 59,223.45 0.12 INR 23,580 REI Agro Ltd 7,641.42 5,599.41 0.01 INR 1,358 Reliance Industries Ltd 28,604.39 19,820.32 0.04 95,671.46 84,643.18 0.17 JPY 47 INPEX Corp 266,504.49 322,011.66 0.63 JPY 10,000 Nihon Nohyaku Co Ltd 43,849.55 45,068.03 0.09 310,354.04 367,079.69 0.72 NOK 3,148 Petroleum Geo-Services ASA 49,666.20 45,957.21 0.09
PLN 3,920 Kernel Holding SA 82,719.66 85,282.97 0.17
SEK 16,885 Black Earth Farming Ltd DR 66,081.28 33,092.87 0.06 SEK 23,680 RusForest AB 49,511.30 5,604.94 0.01 SEK 63,520 Trigon Agri A/S 60,120.86 69,907.43 0.14 175,713.44 108,605.24 0.21 SGD 70,910 China Minzhong Food Corp Ltd 53,966.60 57,526.60 0.11 SGD 35,030 First Resources Ltd 27,618.11 53,632.98 0.11 SGD 307,330 Golden Agri-Resources Ltd 174,502.24 193,104.83 0.38 SGD 23,150 Olam Intl Ltd 40,356.17 43,637.56 0.09 SGD 27,685 Wilmar Intl Ltd 122,566.66 108,335.48 0.21 419,009.78 456,237.45 0.90 USD 13,750 Adecoagro SA 133,583.23 148,637.50 0.29 USD 480 AGCO Corp 19,721.47 22,660.80 0.04 USD 1,300 American Vanguard Corp 22,627.54 28,197.00 0.06 USD 3,875 Anadarko Petroleum Corp 221,482.73 303,567.50 0.60 USD 2,550 Apache Corp 283,987.38 256,122.00 0.50 USD 11,035 Archer-Daniels Midland Co 334,238.13 349,368.10 0.69 USD 4,700 AuRico Gold Inc 39,950.70 41,689.00 0.08 USD 8,905 Baker Hughes Inc 446,864.44 373,475.70 0.73 USD 14,300 Barrick Gold Corp 719,749.64 621,764.00 1.22 USD 16,561 BP Plc ADR repr 6 Shares 814,917.17 745,245.00 1.46 USD 2,060 Bristow Group Inc 97,071.26 98,323.80 0.19 USD 5,855 Bunge Ltd 351,056.79 400,716.20 0.79 USD 6,556 Cabot Oil & Gas Corp 140,802.13 204,350.52 0.40 USD 3,941 Cameco Corp 96,213.48 84,692.09 0.17 USD 12,250 Canadian Natural Resources Ltd 438,286.82 406,455.00 0.80 USD 2,000 Canadian Oil Sands Ltd 43,256.62 42,160.00 0.08 USD 6,512 Cenovus Energy Inc 178,128.25 234,041.28 0.46 USD 3,255 CF Industries Holdings Inc 373,455.77 594,525.75 1.17 USD 9,740 Chesapeake Energy Corp 266,815.78 225,675.80 0.44 USD 8,458 Chevron Corp 682,451.73 907,035.92 1.78 USD 4,955 Cobalt Intl Energy Inc 46,946.61 149,071.18 0.29 USD 3,980 Codexis Inc 47,424.39 14,527.00 0.03 USD 4,711 ConocoPhillips 275,448.38 358,083.11 0.70 USD 20,463 CONSOL Energy Inc 874,512.27 697,788.30 1.37 USD 4,090 Corn Products Intl Inc 198,343.89 235,788.50 0.46 USD 14,370 Cosan Ltd A 160,272.24 213,394.50 0.42 USD 13,980 Denbury Resources Holdings Inc 214,595.94 254,855.40 0.50 USD 4,190 Devon Energy Corp 285,861.57 297,992.80 0.58
The accompanying notes are an integral part of these financial statements.
27 Clariden Leu (Lux)
Clariden Leu (Lux) Commodity Instruments Fund
Statement of investments and other net assets (continued) as at 31st March 2012 (in USD)
Currency Number / nominal Description Cost Market value % of value total net assets
USD 2,480 Dow Chemical Co 71,659.50 85,907.20 0.17 USD 3,865 El Paso Corp 53,187.67 114,210.75 0.22 USD 12,789 EnCana Corp 296,784.46 251,303.85 0.49 USD 7,453 ENI SpA spons ADR repr 2 Shares 368,675.59 348,949.46 0.68 USD 3,619 Ensco Intl PLC ADR repr 1 Share A 164,523.72 191,553.67 0.38 USD 2,506 EOG Resources Inc 231,447.27 278,416.60 0.55 USD 2,232 EQT Corp 105,648.93 107,604.72 0.21 USD 2,955 Exco Resources Inc 29,143.44 19,591.65 0.04 USD 18,544 Exxon Mobil Corp 1,368,383.03 1,608,321.12 3.15 USD 8,350 Freeport Mcmor Copp & Gold Inc 378,427.50 317,634.00 0.62 USD 14,215 Gazprom OAO spons ADR repr 2 Shares 215,264.88 173,423.00 0.34 USD 5,685 Gevo Inc 61,715.23 52,245.15 0.10 USD 15,990 Goldcorp Inc 730,953.69 720,509.40 1.41 USD 7,600 Green Plains Renewable Energy Inc 80,115.42 82,004.00 0.16 USD 9,250 Halliburton Co (Hg Co) 277,738.69 307,007.50 0.60 USD 2,997 Hess Corp 193,111.89 176,673.15 0.35 USD 1,076 Imperial Oil Ltd 41,433.63 48,839.64 0.10 USD 33,450 Kinross Gold Corp 544,299.91 327,475.50 0.64 USD 1,895 KiOR Inc A 28,635.53 25,336.15 0.05 USD 2,661 Kosmos Energy Ltd 34,699.44 35,231.64 0.07 USD 4,082 Marathon Oil Corp 90,536.56 129,399.40 0.25 USD 3,283 Marathon Petroleum Corp 95,089.72 142,350.88 0.28 USD 2,055 MHP SA GDR repr 1 Share Reg S 24,038.33 28,770.00 0.06 USD 7,355 Monsanto Co 515,046.61 586,634.80 1.15 USD 7,175 Mosaic Co (The) 471,752.06 396,705.75 0.78 USD 1,932 National Oilwell Varco Inc 92,618.16 153,536.04 0.30 USD 3,367 Newfield Exploration Co 151,285.62 116,767.56 0.23 USD 2,335 Noble Corp Reg 79,579.03 87,492.45 0.17 USD 2,576 Noble Energy Inc 186,053.72 251,881.28 0.49 USD 4,615 Nordic American Tanker Ltd 90,203.33 73,286.20 0.14 USD 7,948 Occidental Petroleum Corp 616,674.61 756,888.04 1.48 USD 8,595 Patterson UTI Energy Inc 159,336.12 148,607.55 0.29 USD 7,847 Peabody Energy Corp 301,134.42 227,249.12 0.45 USD 3,364 Penn West Petroleum Ltd 62,330.36 65,833.48 0.13 USD 920 PetroChina Co Ltd ADR repr 100 H Shares 109,497.51 129,287.60 0.25 USD 1,245 Pioneer Natural Resources Co 110,881.54 138,929.55 0.27 USD 2,253 QEP Resources Inc 66,945.53 68,716.50 0.13 USD 3,887 Range Resources Corp 185,496.43 225,990.18 0.44 USD 7,385 Ros Agro Plc GDR repr 1/5 Share 104,105.33 52,064.25 0.10 USD 15,031 Rosneft Oil Co OJSC GDR repr 1 Share Reg 107,955.76 106,419.48 0.21 USD 3,630 Rowan Companies Inc 124,379.87 119,535.90 0.23 USD 13,329 Royal Dutch Shell Plc A ADR repr 2 Shares 864,717.83 934,762.77 1.83 USD 275 Sanderson Farms Inc 14,008.01 14,583.25 0.03 USD 6,280 Schlumberger Ltd 441,551.25 439,160.40 0.86 USD 1,499 SEACOR Holdings Inc 114,522.37 143,574.22 0.28 USD 975 Smithfield Foods Inc 20,681.52 21,479.25 0.04 USD 3,606 Southwestern Energy Co 121,401.31 110,343.60 0.22 USD 7,567 Statoil ASA ADR repr 1 Sh 170,894.45 205,141.37 0.40 USD 2,600 Steel Dynamics Inc 38,913.52 37,804.00 0.07 USD 8,731 Suncor Energy Inc 300,448.01 285,503.70 0.56 USD 640 Sunoco Inc 16,989.98 24,416.00 0.05 USD 4,765 Titan Intl Inc 84,020.32 112,692.25 0.22 USD 11,350 Total SA ADR repr 1 Share B 653,667.66 580,212.00 1.14 USD 1,560 Transocean Ltd 63,180.00 85,332.00 0.17 USD 3,264 Ultra Petroleum Corp 143,158.81 73,864.32 0.14 USD 6,831 Valero Energy Corp 171,952.52 176,034.87 0.35 USD 1,280 Walter Energy Inc 81,333.14 75,788.80 0.15 USD 8,058 Weatherford Intl Ltd Reg 239,350.63 121,595.22 0.24 USD 1,725 Whiting Petroleum Corp 95,092.72 93,667.50 0.18
The accompanying notes are an integral part of these financial statements.
28 Clariden Leu (Lux)
Clariden Leu (Lux) Commodity Instruments Fund
Statement of investments and other net assets (continued) as at 31st March 2012 (in USD)
Currency Number / nominal Description Cost Market value % of value total net assets
USD 6,885 WPX Energy Inc A 117,780.90 124,067.70 0.24 USD 7,035 Yacimientos Petrolif Fiscales ADR spons ADR repr 1 241,275.82 199,864.35 0.39 Share D USD 910 Zhongpin Inc 8,225.40 10,237.50 0.02 20,832,022.56 21,458,912.98 42.04 Total shares 32,192,001.28 32,078,666.68 62.90 Transferable securities dealt in on another regulated market Money market instruments USD 5,000,000 US 0% T-Bills 11/03.05.12 4,999,025.00 4,999,849.00 9.81 USD 5,000,000 US 0% T-Bills 11/12.04.12 4,999,675.00 4,999,965.00 9.81 Total money market instruments 9,998,700.00 9,999,814.00 19.62 Other transferable securities Shares USD 49,817 Union Agriculture Group Corp 493,493.95 553,965.04 1.09 Total shares 493,493.95 553,965.04 1.09 Warrants and rights SEK 94,720 RusForest AB Droits de sousc 04.04.12 0.00 6,568.85 0.01
USD 7,410 Deutsche Bk AG London Call Wts Reliance Ind Ltd 175,621.50 108,703.96 0.21 07.11.16
Total warrants and rights 175,621.50 115,272.81 0.22 Open-ended investment funds Investment funds (UCI) USD 468,199.755 Wellington Mgt Ptf (LU) II Commodities Ptf T USD 3,816,327.34 4,307,437.75 8.45 Total investment funds (UCI) 3,816,327.34 4,307,437.75 8.45 Total investments in securities 46,676,144.07 47,055,156.28 92.28 Options OTC financial instruments Options on transferable securities USD 178,073 REI Agro Ltd CALL 07/20 OTC .000001 82,718.14 42,119.61 0.08 Total options 82,718.14 42,119.61 0.08 Cash at banks 4,407,170.76 8.64 Bank liabilities -357.02 0.00 Other net assets/(liabilities) -511,263.31 -1.00 Total 50,992,826.32 100.00
The accompanying notes are an integral part of these financial statements.
29 Clariden Leu (Lux)
Clariden Leu (Lux) Commodity Instruments Fund
Industrial and geographical classification of investments as at 31st March 2012
Industrial classification (in percentage of net assets)
Energy 32.96 % Materials 21.94 % Countries and governments 19.62 % Investment funds 8.45 % Food, beverage and tobacco 6.80 % Automobiles and components 0.63 % Utilities 0.50 % Commercial services and supplies 0.33 % Diversified financial services 0.23 % Banks 0.21 % Capital goods 0.20 % Transportation 0.14 % Food retailing, drugstores and pharmacies 0.12 % Retailing 0.09 % Investment companies 0.03 % Pharmaceuticals and biotechnology 0.03 % Total 92.28 %
The accompanying notes are an integral part of these financial statements.
30 Clariden Leu (Lux)
Clariden Leu (Lux) Commodity Instruments Fund
Industrial and geographical classification of investments (continued) as at 31st March 2012
Geographical classification (by domicile of the issuer) (in percentage of net assets) United States of America 45.13 % Canada 10.70 % United Kingdom 10.37 % Grand Duchy of Luxembourg 8.97 % Australia 3.17 % Bermuda 1.99 % Switzerland 1.41 % France 1.14 % British Virgin Islands 1.09 % Italy 1.09 % Netherlands Antilles 0.86 % Japan 0.72 % Brazil 0.58 % Russia 0.55 % Singapore 0.52 % Jersey 0.52 % Norway 0.49 % Argentina 0.39 % Spain 0.38 % Mauritius 0.38 % Hong Kong 0.34 % Israel 0.27 % China 0.26 % India 0.17 % Germany 0.15 % Denmark 0.14 % Papua New Guinea 0.13 % Cayman Islands 0.12 % Cyprus 0.10 % Portugal 0.09 % Zambia 0.04 % Sweden 0.02 % Total 92.28 %
The accompanying notes are an integral part of these financial statements.
31 Clariden Leu (Lux)
Clariden Leu (Lux) Energy Equity Fund
Statement of net assets as at 31st March 2012 (in USD)
Assets Securities portfolio at market value 397,280,535.20 Cash at banks 13,235.09 Receivable on sales of securities 15,207,852.09 Receivable on issues of shares 1,973,365.54 Income receivable on portfolio 957,513.59 Interest receivable on bank accounts 2.86 Unrealised gain on forward foreign exchange contracts 312,621.84 Other receivables 110,556.40 Prepaid expenses 80,976.14 Total assets 415,936,658.75
Liabilities Bank liabilities 538,104.04 Payable on purchases of securities 844,116.50 Payable on treasury transactions 8,387.38 Payable on redemptions of shares 1,942,347.64 Interest on bank liabilities and expenses payable 785,110.36 Total liabilities 4,118,065.92
Net assets at the end of the period 411,818,592.83
Number of share class B outstanding 3,388,211.230 Net asset value per share class B 106.15
Number of share class HB (in EUR) outstanding 199,442.556 Net asset value per share class HB (in EUR) EUR 90.14
Number of share class IB outstanding 252,799.356 Net asset value per share class IB 111.50
The accompanying notes are an integral part of these financial statements.
32 Clariden Leu (Lux)
Clariden Leu (Lux) Energy Equity Fund
Statement of operations and other changes in net assets from 1st October 2011 to 31st March 2012 (in USD)
Income Dividends, net 4,059,267.54 Interest on bank accounts 92.27 Total income 4,059,359.81
Expenses Management fees 4,389,351.16 Custodian fees 68,149.53 Banking charges and other fees 79,071.52 Transaction fees 2,925,464.21 Central administration costs 121,472.03 Professional fees 46,332.06 Other administration costs 60,285.14 Subscription duty ("taxe d'abonnement") 103,610.99 Other taxes 257,316.49 Interest paid on bank liabilities 694.81 Other expenses 136,341.72 Total expenses 8,188,089.66
Net investment income -4,128,729.85
Net realised gain/(loss) - on securities portfolio -14,042,197.17 - on forward foreign exchange contracts -1,268,432.00 - on foreign exchange 107,699.79 Realised result -19,331,659.23
Net variation of the unrealised gain/(loss) - on securities portfolio 107,889,036.72 - on forward foreign exchange contracts 787,902.20 Result of operations 89,345,279.69
Subscriptions 18,361,498.47
Redemptions -165,060,409.47
Total changes in net assets -57,353,631.31
Total net assets at the beginning of the period 469,172,224.14
Total net assets at the end of the period 411,818,592.83
The accompanying notes are an integral part of these financial statements.
33 Clariden Leu (Lux)
Clariden Leu (Lux) Energy Equity Fund
Statistical information as at 31st March 2012 (in USD)
Total net assets - as at 31.03.2012 411,818,592.83 - as at 30.09.2011 469,172,224.14 - as at 31.12.2010 674,521,908.62
Portfolio Turnover Rate (in %) (subscriptions and redemptions of shares are netted by NAV calculation) - as at 31.03.2012 178.90
Number of share class B - outstanding at the beginning of the period 4,099,751.475 - issued 120,396.692 - redeemed -831,936.937 - outstanding at the end of the period 3,388,211.230
Net asset value per share class B - as at 31.03.2012 106.15 - as at 30.09.2011 87.93 - as at 31.12.2010 115.21
TER per share class B (in %) - as at 31.03.2012 2.23
Number of share class HB (in EUR) - outstanding at the beginning of the period 234,588.041 - issued 15,704.144 - redeemed -50,849.629 - outstanding at the end of the period 199,442.556
Net asset value per share class HB (in EUR) - as at 31.03.2012 EUR 90.14 - as at 30.09.2011 EUR 75.70 - as at 31.12.2010 EUR 100.12
TER per share class HB (in EUR) (in %) - as at 31.03.2012 2.24
Number of share class IB - outstanding at the beginning of the period 922,244.178 - issued 33,725.000 - redeemed -703,169.822 - outstanding at the end of the period 252,799.356
Net asset value per share class IB - as at 31.03.2012 111.50 - as at 30.09.2011 91.99 - as at 31.12.2010 119.82
TER per share class IB (in %) - as at 31.03.2012 1.44
The accompanying notes are an integral part of these financial statements.
34 Clariden Leu (Lux)
Clariden Leu (Lux) Energy Equity Fund
Statement of investments and other net assets as at 31st March 2012 (in USD)
Currency Number / nominal Description Cost Market value % of value total net assets
Investments in securities Transferable securities admitted to an official stock exchange listing Shares AUD 203,865 Karoon Gas Australia Ltd 1,500,004.81 1,421,335.26 0.34
CAD 267,200 Athabasca Oil Sands Corp 3,119,397.80 2,965,175.36 0.72 CAD 128,600 C&C Energia Ltd 1,111,301.87 998,585.08 0.24 CAD 375,500 Canadian Oil Sands Ltd 8,637,911.56 7,905,658.68 1.92 CAD 5,639,300 Falcon Oil & Gas Ltd 2,343,964.48 507,867.11 0.12 CAD 330,400 Gran Tierra Energy Inc 1,956,240.78 2,079,567.72 0.50 CAD 151,900 Imperial Oil Ltd 6,603,636.85 6,888,585.58 1.67 CAD 131,600 MEG Energy Corp 6,714,597.87 5,064,628.01 1.23 CAD 747,300 Southern Pacific Resource Corp 872,540.60 1,226,369.14 0.30 CAD 39,272 Suncor Energy Inc 1,252,631.94 1,280,706.94 0.31 32,612,223.75 28,917,143.62 7.01 EUR 194,578 ERG SpA 2,198,013.41 1,723,077.55 0.42 EUR 58,229 Fugro NV 3,452,259.88 4,145,332.00 1.01 EUR 357,522 Galp Energia SGPS SA B 5,715,051.78 5,879,413.90 1.43 EUR 508,108 Maire Tecnimont SpA 1,948,792.53 429,977.63 0.10 EUR 85,627 Motor Oil (Hellas) Cor Refi SA Reg 631,803.79 696,076.01 0.17 EUR 275,314 Repsol YPF SA 7,448,374.16 6,901,336.37 1.68 EUR 220,376 Total SA 11,626,189.37 11,230,479.08 2.73 33,020,484.92 31,005,692.54 7.54 GBP 664,440 BG Group Plc 14,580,232.52 15,372,098.46 3.73 GBP 108,910 Dragon Oil Plc 1,097,823.63 1,085,828.34 0.26 GBP 165,565 Vedanta Resources Plc 6,501,331.84 3,248,446.56 0.79 22,179,387.99 19,706,373.36 4.78 HKD 516,000 ENN Energy Hgs Ltd 1,544,661.82 1,864,387.56 0.45 HKD 3,070,000 Mongolian Mining Corp 2,612,843.43 2,922,378.36 0.71 4,157,505.25 4,786,765.92 1.16 INR 1,377,577 Gujarat Nre Coke Ltd 1,526,079.56 612,346.55 0.15
JPY 625 INPEX Corp 4,217,441.06 4,282,069.89 1.04 JPY 625,700 JX Holdings Inc 3,814,488.30 3,914,425.34 0.95 8,031,929.36 8,196,495.23 1.99 NOK 539,199 Statoil Fuel & Retail ASA 4,030,839.29 3,432,340.84 0.83
THB 19,031,300 IRPC PCL Foreign 2,170,072.50 2,871,951.39 0.70 THB 1,939,904 PTT Global PCL Foreign Reg 3,835,448.96 4,444,566.36 1.08 6,005,521.46 7,316,517.75 1.78 USD 127,300 Anadarko Petroleum Corp 8,171,608.34 9,972,682.00 2.42 USD 105,500 Apache Corp 9,379,955.62 10,596,420.00 2.57 USD 228,400 Baker Hughes Inc 10,025,338.75 9,579,096.00 2.33 USD 521,700 BP Plc ADR repr 6 Shares 23,203,847.31 23,476,500.00 5.70 USD 65,200 Cabot Oil & Gas Corp 2,201,107.33 2,032,284.00 0.49 USD 249,600 Canadian Natural Resources Ltd 9,334,616.30 8,281,728.00 2.01 USD 96,200 Chesapeake Energy Corp 2,179,951.83 2,228,954.00 0.54 USD 169,600 Chevron Corp 17,986,259.40 18,187,904.00 4.42 USD 83,600 Cobalt Intl Energy Inc 2,611,215.47 2,515,106.00 0.61 USD 116,300 ConocoPhillips 8,544,833.06 8,839,963.00 2.15 USD 133,100 Devon Energy Corp 9,030,250.45 9,466,072.00 2.30 USD 379,000 ENI SpA spons ADR repr 2 Shares 16,120,444.13 17,744,780.00 4.31 USD 65,800 Ensco Intl PLC ADR repr 1 Share A 3,178,028.14 3,482,794.00 0.85 USD 36,400 EOG Resources Inc 3,034,965.52 4,044,040.00 0.98
The accompanying notes are an integral part of these financial statements.
35 Clariden Leu (Lux)
Clariden Leu (Lux) Energy Equity Fund
Statement of investments and other net assets (continued) as at 31st March 2012 (in USD)
Currency Number / nominal Description Cost Market value % of value total net assets
USD 342,600 Exxon Mobil Corp 28,653,154.22 29,713,698.00 7.21 USD 80,900 Green Plains Renewable Energy Inc 870,435.83 872,911.00 0.21 USD 310,000 Halliburton Co (Hg Co) 11,230,168.75 10,288,900.00 2.50 USD 186,049 KazMunaiGas Explor Product JSC GDR repr Shares Reg 3,300,676.70 3,773,073.72 0.92 USD 227,118 Marathon Oil Corp 5,049,418.15 7,199,640.60 1.75 USD 48,809 Marathon Petroleum Corp 1,798,718.23 2,116,358.24 0.51 USD 131,900 Newfield Exploration Co 8,356,802.31 4,574,292.00 1.11 USD 103,000 Noble Corp Reg 3,120,036.34 3,859,410.00 0.94 USD 95,700 Noble Energy Inc 7,286,654.07 9,357,546.00 2.27 USD 90,000 Petroleo Brasileiro SA spons ADR repr 2 Pref Shares 2,902,089.31 2,300,400.00 0.56 USD 40,907 Petroleum Development Corp 1,453,125.43 1,517,240.63 0.37 USD 37,200 Pioneer Natural Resources Co 3,328,147.96 4,151,148.00 1.01 USD 474,664 Rosneft Oil Co OJSC GDR repr 1 Share Reg 2,817,485.69 3,360,621.12 0.82 USD 359,900 Royal Dutch Shell Plc ADR repr 2 Shares B 24,038,633.84 25,419,737.00 6.17 USD 738,900 SinoTech Energy Ltd Spons ADR repr 2 Shares 4,033,378.32 55,417.50 0.01 USD 209,300 Statoil ASA ADR repr 1 Sh 4,738,300.84 5,674,123.00 1.38 USD 275,000 Suncor Energy Inc 9,456,792.91 8,992,500.00 2.18 USD 78,400 Superior Energy Services Inc 2,179,355.36 2,066,624.00 0.50 USD 518,500 Talisman Energy Inc 8,292,690.95 6,533,100.00 1.59 USD 174,700 Total SA ADR repr 1 Share B 9,672,207.00 8,930,664.00 2.17 USD 79,300 Transcanada Corp 3,473,757.79 3,409,900.00 0.83 USD 345,174 Tsakos Energy Navigation Ltd 2,961,266.71 2,996,110.32 0.73 USD 54,200 Ultra Petroleum Corp 1,333,558.60 1,226,546.00 0.30 USD 119,100 Valero Energy Corp 3,077,270.07 3,069,207.00 0.74 USD 1,032,000 Vantage Drilling Co 1,321,305.49 1,651,200.00 0.40 USD 120,300 WPX Energy Inc A 1,852,594.85 2,167,806.00 0.53 USD 267,940 WSP Holding Ltd spons ADR repr 10 Shares 5,703,245.12 522,483.00 0.13 USD 198,400 Yacimientos Petrolif Fiscales ADR spons ADR repr 1 6,883,936.43 5,636,544.00 1.37 Share D 294,187,628.92 291,885,524.13 70.89 Total investments in securities 407,251,605.31 397,280,535.20 96.47 Cash at banks 13,235.09 0.00 Bank liabilities -538,104.04 -0.13 Other net assets/(liabilities) 15,062,926.58 3.66 Total 411,818,592.83 100.00
The accompanying notes are an integral part of these financial statements.
36 Clariden Leu (Lux)
Clariden Leu (Lux) Energy Equity Fund
Industrial and geographical classification of investments as at 31st March 2012
Industrial classification (in percentage of net assets)
Energy 91.30 % Utilities 2.51 % Materials 2.35 % Capital goods 0.21 % Diversified financial services 0.10 % Total 96.47 %
Geographical classification (by domicile of the issuer) (in percentage of net assets)
United States of America 38.02 % United Kingdom 17.24 % Canada 13.42 % France 4.90 % Italy 4.83 % Norway 2.21 % Japan 1.99 % Thailand 1.78 % Cayman Islands 1.70 % Spain 1.68 % Portugal 1.43 % Argentina 1.37 % The Netherlands 1.01 % Switzerland 0.94 % Kazakhstan 0.92 % Russia 0.82 % Bermuda 0.73 % Brazil 0.56 % Australia 0.34 % Ireland 0.26 % Greece 0.17 % India 0.15 % Total 96.47 %
The accompanying notes are an integral part of these financial statements.
37 Clariden Leu (Lux)
Clariden Leu (Lux) Emerging Financials Equity Fund
Statement of net assets as at 31st March 2012 (in USD)
Assets Securities portfolio at market value 43,237,781.16 Cash at banks 1,032,671.31 Receivable on sales of securities 530,916.57 Income receivable on portfolio 95,006.54 Unrealised gain on forward foreign exchange contracts 25,215.18 Prepaid expenses 95.72 Total assets 44,921,686.48
Liabilities Bank liabilities 171.59 Payable on redemptions of shares 1,476,631.43 Interest on bank liabilities and expenses payable 86,218.81 Total liabilities 1,563,021.83
Net assets at the end of the period 43,358,664.65
Number of share class B outstanding 361,118.087 Net asset value per share class B 96.94
Number of share class B (in EUR) outstanding 44,052.420 Net asset value per share class B (in EUR) EUR 110.20
Number of share class HB (in EUR) outstanding 16,282.053 Net asset value per share class HB (in EUR) EUR 86.79
The accompanying notes are an integral part of these financial statements.
38 Clariden Leu (Lux)
Clariden Leu (Lux) Emerging Financials Equity Fund
Statement of operations and other changes in net assets from 1st October 2011 to 31st March 2012 (in USD)
Income Dividends, net 262,604.73 Other income 13,366.77 Total income 275,971.50
Expenses Management fees 434,210.60 Custodian fees 7,778.12 Banking charges and other fees 11,109.94 Transaction fees 365,907.39 Central administration costs 21,574.94 Professional fees 4,580.32 Other administration costs 10,531.35 Subscription duty ("taxe d'abonnement") 10,457.27 Other taxes 5,165.67 Interest paid on bank liabilities 4,521.31 Other expenses 6,801.55 Total expenses 882,638.46
Net investment income -606,666.96
Net realised gain/(loss) - on securities portfolio -4,783,614.22 - on forward foreign exchange contracts -80,855.04 - on foreign exchange -563.22 Realised result -5,471,699.44
Net variation of the unrealised gain/(loss) - on securities portfolio 17,240,391.02 - on forward foreign exchange contracts 66,783.10 Result of operations 11,835,474.68
Subscriptions 3,698,656.41
Redemptions -12,683,112.07
Total changes in net assets 2,851,019.02
Total net assets at the beginning of the period 40,507,645.63
Total net assets at the end of the period 43,358,664.65
The accompanying notes are an integral part of these financial statements.
39 Clariden Leu (Lux)
Clariden Leu (Lux) Emerging Financials Equity Fund
Statistical information as at 31st March 2012 (in USD)
Total net assets - as at 31.03.2012 43,358,664.65 - as at 30.09.2011 40,507,645.63 - as at 31.12.2010 107,582,614.35
Portfolio Turnover Rate (in %) (subscriptions and redemptions of shares are netted by NAV calculation) - as at 31.03.2012 229.67
Number of share class B - outstanding at the beginning of the period 465,529.782 - issued 5,812.125 - redeemed -110,223.820 - outstanding at the end of the period 361,118.087
Net asset value per share class B - as at 31.03.2012 96.94 - as at 30.09.2011 73.43 - as at 31.12.2010 109.08
TER per share class B (in %) - as at 31.03.2012 2.34
Number of share class B (in EUR) - outstanding at the beginning of the period 41,089.292 - issued 21,630.063 - redeemed -18,666.935 - outstanding at the end of the period 44,052.420
Net asset value per share class B (in EUR) - as at 31.03.2012 EUR 110.20 - as at 30.09.2011 EUR 82.89 - as at 31.12.2010 EUR 123.14
TER per share class B (in EUR) (in %) - as at 31.03.2012 2.35
Number of share class HB (in EUR) - outstanding at the beginning of the period 19,677.790 - issued 256.026 - redeemed -3,651.763 - outstanding at the end of the period 16,282.053
Net asset value per share class HB (in EUR) - as at 31.03.2012 EUR 86.79 - as at 30.09.2011 EUR 66.34 - as at 31.12.2010 EUR 98.24
TER per share class HB (in EUR) (in %) - as at 31.03.2012 2.35
The accompanying notes are an integral part of these financial statements.
40 Clariden Leu (Lux)
Clariden Leu (Lux) Emerging Financials Equity Fund
Statement of investments and other net assets as at 31st March 2012 (in USD)
Currency Number / nominal Description Cost Market value % of value total net assets
Investments in securities Transferable securities admitted to an official stock exchange listing Shares BRL 100,000 Banco do Brasil SA 1,469,516.58 1,422,892.39 3.28 BRL 200,000 Even Constructora Incorpor SA 752,735.30 770,939.00 1.78 BRL 100,000 Tecnisa SA 566,211.21 540,095.96 1.24 2,788,463.09 2,733,927.35 6.30 HKD 2,000,000 Agricultural Bank of China H 1,041,690.07 855,306.37 1.97 HKD 2,000,000 Bank of China Ltd H 1,017,246.77 806,358.12 1.86 HKD 2,000,000 China Construction Bank Corp H 1,767,866.92 1,545,734.41 3.56 HKD 2,000,000 Evergrande Real Estate Gr Ltd 951,659.83 1,100,047.66 2.54 HKD 2,000,000 Industr & Cial Bk of China Ltd H 1,528,884.95 1,290,688.23 2.98 6,307,348.54 5,598,134.79 12.91 IDR 4,000,000 Bank Mandiri (PT) Tbk 3,050,933.75 2,996,491.40 6.91 IDR 4,000,000 Bank Negara Indonesia (PT) Tbk 1,647,097.14 1,771,648.20 4.09 IDR 4,000,000 Bank Rakyat Indonesia (PT) Tbk 3,065,414.91 3,105,852.40 7.16 IDR 7,000,000 Lippo Karawaci (PT) Tbk 489,355.52 620,076.87 1.43 IDR 7,000,000 PT Bumi Serpong Damai Tbk 781,985.30 995,185.10 2.29 9,034,786.62 9,489,253.97 21.88 MYR 200,000 CIMB Group Hgs Bhd 535,558.81 508,859.31 1.17
PHP 1,000,000 Ayala Land Inc 379,647.01 474,082.70 1.09 PHP 2,000,000 Banco De Oro Unibank Inc 2,878,177.34 3,051,834.56 7.04 PHP 1,000,000 Bank of Philippine Island BPI 1,647,989.27 1,715,783.32 3.96 PHP 1,000,000 Metropolitan Bank & Trust Co 1,562,623.07 2,032,615.00 4.69 PHP 2,000,000 Robinsons Land Corp 542,206.30 763,191.60 1.76 7,010,642.99 8,037,507.18 18.54 THB 400,000 Bangkok Bank PCL Foreign Reg 2,189,097.55 2,422,279.82 5.59 THB 400,000 Kasikornbank PCL Foreign Reg 1,820,550.52 2,046,632.14 4.72 THB 7,000,000 Krung Thai Bank PCL Foreign Reg 3,897,371.89 3,989,637.34 9.20 THB 7,000,000 Land and House Public Co Ltd Foreign 1,390,611.57 1,586,787.58 3.66 THB 400,000 Siam Commercial Bk PCL Foreign Reg 1,608,204.35 1,871,761.68 4.32 10,905,835.88 11,917,098.56 27.49 USD 100,000 Banco Bradesco SA spons ADR repr 1 Pref Share 1,533,341.92 1,750,000.00 4.04 USD 100,000 Itau Unibanco Hg SA spons ADR Repr 1 Share 2,157,598.78 1,919,000.00 4.43 USD 100,000 Sberbank of Russia OJSC spons ADR repr 4 Shares 1,390,865.89 1,284,000.00 2.96 5,081,806.59 4,953,000.00 11.43 Total investments in securities 41,664,442.52 43,237,781.16 99.72 Cash at banks 1,032,671.31 2.38 Bank liabilities -171.59 0.00 Other net assets/(liabilities) -911,616.23 -2.10 Total 43,358,664.65 100.00
The accompanying notes are an integral part of these financial statements.
41 Clariden Leu (Lux)
Clariden Leu (Lux) Emerging Financials Equity Fund
Industrial and geographical classification of investments as at 31st March 2012
Industrial classification (in percentage of net assets)
Banks 83.93 % Real estate 12.13 % Consumer durables and apparel 3.66 % Total 99.72 %
Geographical classification (by domicile of the issuer) (in percentage of net assets)
Thailand 27.49 % Indonesia 21.88 % Philippines 18.54 % Brazil 14.77 % China 10.37 % Russia 2.96 % Cayman Islands 2.54 % Malaysia 1.17 % Total 99.72 %
The accompanying notes are an integral part of these financial statements.
42 Clariden Leu (Lux)
Clariden Leu (Lux) Infrastructure Fund
Statement of net assets as at 31st March 2012 (in USD)
Assets Securities portfolio at market value 209,445,695.84 Cash at banks 3,969,807.08 Receivable on sales of securities 745,500.45 Receivable on treasury transactions 2,813,080.51 Receivable on issues of shares 21,799.92 Income receivable on portfolio 228,375.89 Unrealised gain on forward foreign exchange contracts 798,649.96 Other receivables 64,055.10 Prepaid expenses 27,430.00 Total assets 218,114,394.75
Liabilities Bank liabilities 746,214.54 Payable on purchases of securities 2,652,818.15 Payable on redemptions of shares 227,996.74 Interest on bank liabilities and expenses payable 395,642.26 Other liabilities 10,590.20 Total liabilities 4,033,261.89
Net assets at the end of the period 214,081,132.86
Number of share class B outstanding 1,252,250.883 Net asset value per share class B 104.20
Number of share class HB (in EUR) outstanding 539,398.707 Net asset value per share class HB (in EUR) EUR 87.33
Number of share class IB outstanding 190,658.939 Net asset value per share class IB 109.21
The accompanying notes are an integral part of these financial statements.
43 Clariden Leu (Lux)
Clariden Leu (Lux) Infrastructure Fund
Statement of operations and other changes in net assets from 1st October 2011 to 31st March 2012 (in USD)
Income Dividends, net 2,677,026.81 Interest on bank accounts 308.49 Commissions received 49,730.51 Other income 42,334.34 Total income 2,769,400.15
Expenses Management fees 2,116,065.66 Custodian fees 38,945.12 Banking charges and other fees 84,430.55 Transaction fees 663,585.46 Central administration costs 93,734.41 Professional fees 22,259.66 Other administration costs 33,908.54 Subscription duty ("taxe d'abonnement") 53,709.50 Other taxes 11,622.73 Interest paid on bank liabilities 678.85 Other expenses 22,913.68 Total expenses 3,141,854.16
Net investment income -372,454.01
Net realised gain/(loss) - on securities portfolio -2,500,872.15 - on forward foreign exchange contracts -2,835,935.87 - on foreign exchange -1,996.71 Realised result -5,711,258.74
Net variation of the unrealised gain/(loss) - on securities portfolio 40,821,062.62 - on forward foreign exchange contracts 2,021,218.01 Result of operations 37,131,021.89
Subscriptions 3,614,516.31
Redemptions -56,449,279.80
Total changes in net assets -15,703,741.60
Total net assets at the beginning of the period 229,784,874.46
Total net assets at the end of the period 214,081,132.86
The accompanying notes are an integral part of these financial statements.
44 Clariden Leu (Lux)
Clariden Leu (Lux) Infrastructure Fund
Statistical information as at 31st March 2012 (in USD)
Total net assets - as at 31.03.2012 214,081,132.86 - as at 30.09.2011 229,784,874.46 - as at 31.12.2010 359,567,530.79
Portfolio Turnover Rate (in %) (subscriptions and redemptions of shares are netted by NAV calculation) - as at 31.03.2012 82.26
Number of share class B - outstanding at the beginning of the period 1,661,463.790 - issued 34,455.639 - redeemed -443,668.546 - outstanding at the end of the period 1,252,250.883
Net asset value per share class B - as at 31.03.2012 104.20 - as at 30.09.2011 87.63 - as at 31.12.2010 103.36
TER per share class B (in %) - as at 31.03.2012 2.34
Number of share class HB (in EUR) - outstanding at the beginning of the period 656,489.666 - issued 1,984.044 - redeemed -119,075.003 - outstanding at the end of the period 539,398.707
Net asset value per share class HB (in EUR) - as at 31.03.2012 EUR 87.33 - as at 30.09.2011 EUR 74.23 - as at 31.12.2010 EUR 88.00
TER per share class HB (in EUR) (in %) - as at 31.03.2012 2.34
Number of share class IB - outstanding at the beginning of the period 205,273.631 - issued 331.000 - redeemed -14,945.692 - outstanding at the end of the period 190,658.939
Net asset value per share class IB - as at 31.03.2012 109.21 - as at 30.09.2011 91.49 - as at 31.12.2010 107.27
TER per share class IB (in %) - as at 31.03.2012 1.54
The accompanying notes are an integral part of these financial statements.
45 Clariden Leu (Lux)
Clariden Leu (Lux) Infrastructure Fund
Statement of investments and other net assets as at 31st March 2012 (in USD)
Currency Number / nominal Description Cost Market value % of value total net assets
Investments in securities Transferable securities admitted to an official stock exchange listing Shares AUD 222,729 Toll Holdings Ltd 1,377,056.03 1,354,420.95 0.63 AUD 1,802,949 Transfield Serv Ltd 5,053,948.46 4,650,734.89 2.17 AUD 1,451,380 Transurban Group 7,875,432.16 8,374,813.11 3.91 14,306,436.65 14,379,968.95 6.71 BRL 316,900 Cyrela Brazil Realty SA 3,250,336.20 2,806,270.05 1.31 BRL 239,700 EcoRodovias Infra Logistica SA 1,760,498.84 2,096,348.19 0.98 BRL 360,900 PDG Realty SA Empreen e Partic 1,557,842.98 1,248,679.37 0.58 BRL 261,100 Tractebel Energia SA 3,185,352.57 4,684,409.60 2.19 9,754,030.59 10,835,707.21 5.06 CAD 87,900 Enbridge Inc 2,309,846.34 3,407,460.85 1.59
DKK 80,829 De Sammenslut Vognmaend AS 1,726,898.54 1,831,379.87 0.86
EUR 250,280 Abertis Infraestructuras SA A 3,824,898.17 4,257,582.47 1.99 EUR 55,494 Aeroport de Paris (ADP) 4,235,315.28 4,551,134.03 2.13 EUR 188,122 E.ON AG Reg 3,968,477.51 4,502,586.07 2.10 EUR 26,920 Fugro NV 1,955,901.49 1,916,439.19 0.90 EUR 168,077 GDF Suez 6,703,317.23 4,338,643.96 2.03 EUR 141,384 HeidelbergCement AG 8,395,985.91 8,551,232.37 3.99 EUR 78,545 RWE AG A 3,431,721.86 3,747,816.57 1.75 EUR 170,112 Vinci SA 8,167,475.79 8,863,960.49 4.14 40,683,093.24 40,729,395.15 19.03 GBP 577,531 National Grid Plc 5,843,138.07 5,817,939.74 2.72 GBP 155,684 Severn Trent Plc 3,029,560.46 3,840,609.07 1.79 GBP 283,835 SSE Plc 6,071,937.55 6,026,980.06 2.82 GBP 112,558 Vedanta Resources Plc 3,996,632.15 2,208,429.61 1.03 GBP 2,956,919 Vodafone Group Plc 8,072,268.35 8,135,446.65 3.80 27,013,536.58 26,029,405.13 12.16 HKD 1,883,500 BBMG Corp 2,410,702.58 1,577,003.33 0.74 HKD 673,000 Cheung Kong Infrast Hg Ltd 3,841,039.19 4,070,092.60 1.90 HKD 2,706,000 China Shanshui Cement Gr Ltd 1,941,547.18 2,140,177.49 1.00 HKD 682,010 China Shenhua Energy Co Ltd H 2,270,262.22 2,872,712.24 1.34 HKD 1,548,000 ENN Energy Hgs Ltd 3,735,000.35 5,593,162.68 2.61 HKD 6,456,000 Guangdong Investment Ltd 3,363,730.48 4,440,771.31 2.07 HKD 5,326,000 Zhejiang Expressway Co Ltd H 4,952,433.47 3,985,941.53 1.86 22,514,715.47 24,679,861.18 11.52 JPY 83,900 Komatsu Ltd 2,094,973.21 2,432,814.58 1.14 JPY 725,000 Mitsui OSK Lines Ltd 4,632,656.06 3,249,817.72 1.52 JPY 87,100 Softbank Corp 3,211,570.74 2,594,377.99 1.21 9,939,200.01 8,277,010.29 3.87 MYR 282,300 Malaysia Airports Holdings Bhd 528,360.56 539,382.71 0.25
NOK 364,066 Telenor ASA 5,689,260.38 6,741,844.72 3.15
SEK 77,849 Tele2 AB B 1,473,610.08 1,584,443.69 0.74
SGD 1,420,000 Sakari Resources Ltd 2,566,637.70 2,654,100.06 1.24 SGD 883,000 Starhub Ltd 1,860,620.15 2,198,194.54 1.03 4,427,257.85 4,852,294.60 2.27
The accompanying notes are an integral part of these financial statements.
46 Clariden Leu (Lux)
Clariden Leu (Lux) Infrastructure Fund
Statement of investments and other net assets (continued) as at 31st March 2012 (in USD)
Currency Number / nominal Description Cost Market value % of value total net assets
USD 219,200 America Movil SAB de CV spons ADR repr 20 L Shares 5,579,221.82 5,442,736.00 2.54 USD 183,881 Cia Energetica Minas Gerais spons ADR repr 1 Pref 2,936,279.48 4,372,690.18 2.04 USD 21,900 Crown Castle Intl Corp 838,810.60 1,168,146.00 0.55 USD 294,336 El Paso Corp 4,462,204.74 8,697,628.80 4.06 USD 26,533 Fedex Corp 2,335,737.44 2,439,974.68 1.14 USD 7,140,000 Hutchison Port Holdings Trust Units 7,076,432.38 5,462,100.00 2.55 USD 24,360 Joy Global Inc 2,119,782.02 1,790,460.00 0.84 USD 239,600 KT Corp ADR repr 0.5 Share 4,858,679.86 3,280,124.00 1.53 USD 235,500 MetroPCS Communications Inc 4,070,371.20 2,124,210.00 0.99 USD 81,650 Mobile Telesystems OJSC ADR repr 2 Shs 1,467,456.59 1,497,461.00 0.70 USD 141,900 PG & E Corp 6,556,384.89 6,159,879.00 2.88 USD 76,400 Sempra Energy 3,994,462.04 4,580,944.00 2.14 USD 187,800 Spectra Energy Corp 3,670,684.11 5,925,090.00 2.77 USD 161,100 UGI Corp 4,359,970.15 4,389,975.00 2.05 USD 211,500 Williams Companies Inc 4,914,814.38 6,516,315.00 3.04 59,241,291.70 63,847,733.66 29.82 Total shares 199,607,537.99 207,735,888.01 97.03 Closed-ended investment funds GBP 859,546 3i Infrastructure Plc 1,618,675.21 1,709,807.83 0.80 Total closed-ended investment funds 1,618,675.21 1,709,807.83 0.80 Other transferable securities Shares USD 62,857 Enbridge Energy Management LLC Frac T 1502 53.51 0.00 0.00 Total shares 53.51 0.00 0.00 Total investments in securities 201,226,266.71 209,445,695.84 97.83 Cash at banks 3,969,807.08 1.85 Bank liabilities -746,214.54 -0.35 Other net assets/(liabilities) 1,411,844.48 0.67 Total 214,081,132.86 100.00
The accompanying notes are an integral part of these financial statements.
47 Clariden Leu (Lux)
Clariden Leu (Lux) Infrastructure Fund
Industrial and geographical classification of investments as at 31st March 2012
Industrial classification (in percentage of net assets)
Utilities 35.54 % Transportation 15.27 % Telecommunication services 15.03 % Capital goods 9.02 % Materials 8.34 % Investment companies 4.62 % Energy 3.94 % Commercial services and supplies 2.17 % Real estate 1.89 % Software and services 1.21 % Investment funds 0.80 % Total 97.83 %
The accompanying notes are an integral part of these financial statements.
48 Clariden Leu (Lux)
Clariden Leu (Lux) Infrastructure Fund
Industrial and geographical classification of investments (continued) as at 31st March 2012
Geographical classification (by domicile of the issuer) (in percentage of net assets)
United States of America 20.46 % United Kingdom 12.16 % France 8.30 % Germany 7.84 % Brazil 7.10 % Australia 6.71 % Singapore 4.82 % Hong Kong 3.97 % China 3.94 % Japan 3.87 % Cayman Islands 3.61 % Norway 3.15 % Mexico 2.54 % Spain 1.99 % Canada 1.59 % South Korea 1.53 % The Netherlands 0.90 % Denmark 0.86 % Jersey 0.80 % Sweden 0.74 % Russia 0.70 % Malaysia 0.25 % Total 97.83 %
The accompanying notes are an integral part of these financial statements.
49 Clariden Leu (Lux)
Clariden Leu (Lux) Luxury Goods Equity Fund
Statement of net assets as at 31st March 2012 (in EUR)
Assets Securities portfolio at market value 141,258,324.40 Cash at banks 2,073,999.67 Receivable on issues of shares 78,170.70 Income receivable on portfolio 27,337.87 Prepaid expenses 235.81 Total assets 143,438,068.45
Liabilities Bank liabilities 1,727.61 Payable on redemptions of shares 378,915.24 Interest on bank liabilities and expenses payable 271,692.16 Total liabilities 652,335.01
Net assets at the end of the period 142,785,733.44
Number of share class B outstanding 524,170.217 Net asset value per share class B 205.28
Number of share class B (in USD) outstanding 321,774.821 Net asset value per share class B (in USD) USD 145.71
The accompanying notes are an integral part of these financial statements.
50 Clariden Leu (Lux)
Clariden Leu (Lux) Luxury Goods Equity Fund
Statement of operations and other changes in net assets from 1st October 2011 to 31st March 2012 (in EUR)
Income Dividends, net 629,686.89 Interest on bank accounts 3,310.61 Commissions received 35,614.18 Total income 668,611.68
Expenses Management fees 1,305,994.00 Custodian fees 23,523.76 Banking charges and other fees 6,978.18 Transaction fees 415,439.94 Central administration costs 56,526.65 Professional fees 13,047.61 Other administration costs 19,967.43 Subscription duty ("taxe d'abonnement") 33,059.39 Other taxes 585.51 Interest paid on bank liabilities 13,938.77 Other expenses 8,004.09 Total expenses 1,897,065.33
Net investment income -1,228,453.65
Net realised gain/(loss) - on securities portfolio 8,190,305.68 - on foreign exchange -280,722.06 Realised result 6,681,129.97
Net variation of the unrealised gain/(loss) - on securities portfolio 27,073,292.36 Result of operations 33,754,422.33
Subscriptions 19,618,139.94
Redemptions -29,650,025.61
Total changes in net assets 23,722,536.66
Total net assets at the beginning of the period 119,063,196.78
Total net assets at the end of the period 142,785,733.44
The accompanying notes are an integral part of these financial statements.
51 Clariden Leu (Lux)
Clariden Leu (Lux) Luxury Goods Equity Fund
Statistical information as at 31st March 2012 (in EUR)
Total net assets - as at 31.03.2012 142,785,733.44 - as at 30.09.2011 119,063,196.78 - as at 31.12.2010 163,362,296.12
Portfolio Turnover Rate (in %) (subscriptions and redemptions of shares are netted by NAV calculation) - as at 31.03.2012 74.19
Number of share class B - outstanding at the beginning of the period 553,027.328 - issued 75,350.819 - redeemed -104,207.930 - outstanding at the end of the period 524,170.217
Net asset value per share class B - as at 31.03.2012 205.28 - as at 30.09.2011 158.45 - as at 31.12.2010 173.94
TER per share class B (in %) - as at 31.03.2012 2.24
Number of share class B (in USD) - outstanding at the beginning of the period 372,459.817 - issued 53,242.423 - redeemed -103,927.419 - outstanding at the end of the period 321,774.821
Net asset value per share class B (in USD) - as at 31.03.2012 USD 145.71 - as at 30.09.2011 USD 113.26 - as at 31.12.2010 USD 124.32
TER per share class B (in USD) (in %) - as at 31.03.2012 2.24
The accompanying notes are an integral part of these financial statements.
52 Clariden Leu (Lux)
Clariden Leu (Lux) Luxury Goods Equity Fund
Statement of investments and other net assets as at 31st March 2012 (in EUR)
Currency Number / nominal Description Cost Market value % of value total net assets
Investments in securities Transferable securities admitted to an official stock exchange listing Shares CHF 55 Chocolade Lindt & Spruengli AG Reg 987,594.71 1,535,017.25 1.08 CHF 121,800 Cie Financière Richemont SA 4,004,118.38 5,727,164.34 4.01 4,991,713.09 7,262,181.59 5.09 EUR 55,000 Christian Dior SA 4,735,702.75 6,327,750.00 4.43 EUR 45,000 Hermes Intl SA 5,792,657.56 11,369,250.00 7.96 EUR 77,900 LVMH Moët Hennessy L Vuitton 8,400,841.58 10,037,415.00 7.03 EUR 36,093 PPR SA 3,720,458.53 4,655,997.00 3.26 EUR 13,164 Rémy Cointreau SA 538,355.35 1,003,096.80 0.70 EUR 482,500 Salvatore Ferragamo SpA 4,825,109.45 7,498,050.00 5.25 EUR 80,000 Tod's SpA 5,689,964.30 6,748,000.00 4.73 33,703,089.52 47,639,558.80 33.36 GBP 360,000 Burberry Group Plc 3,373,266.12 6,461,257.12 4.53 GBP 202,000 Mulberry Group PLc 1,254,060.41 4,853,352.21 3.40 4,627,326.53 11,314,609.33 7.93 HKD 760,000 Chow Sang Sang Hgs Intl Ltd 1,473,265.93 1,491,238.67 1.04 HKD 4,000,000 Chow Tai Fook Jewellery Gr Ltd 5,841,429.05 4,685,976.83 3.28 HKD 16,000,000 Emperor Watch & Jewellery Ltd 1,594,545.20 1,840,367.14 1.29 HKD 2,061,000 Galaxy Entertainment Gr Ltd 2,178,400.46 4,253,176.41 2.98 HKD 1,509,156 I.T Ltd 578,233.97 654,964.86 0.46 HKD 710,000 Intime Departm Store Gr Co Ltd 584,743.58 648,526.43 0.45 HKD 552,000 Luk Fook Holdings (Intl) Ltd 1,447,166.19 1,264,517.81 0.89 HKD 1,200,000 MGM China Holdings Ltd 1,611,773.04 1,637,772.10 1.15 HKD 2,718,000 Oriental Watch Hgs Ltd 1,069,676.53 845,946.41 0.59 HKD 2,630,000 Prada Spa 9,867,796.38 13,231,650.10 9.27 HKD 1,850,000 Sands China Ltd REGS 4,975,111.69 5,552,273.60 3.89 HKD 500,000 Shangri-La Asia Ltd 561,490.14 835,124.58 0.58 HKD 6,000,000 Sitoy Group Holdings Ltd 1,722,777.54 1,989,220.36 1.39 HKD 1,292,000 Stella International Hg Ltd 2,012,994.66 2,430,204.80 1.70 HKD 1,000,000 Wynn Macau Ltd 2,205,644.53 2,160,304.91 1.51 37,725,048.89 43,521,265.01 30.47 KRW 1,000 Amorepacific Corp (New) 480,424.97 766,617.88 0.54
SGD 300,000 Banyan Tree Holdings Ltd 131,881.49 120,856.50 0.08
USD 60,000 Abercrombie & Fitch Co A 1,819,924.38 2,233,594.72 1.56 USD 8,300 Apple Inc 1,337,445.29 3,733,614.23 2.61 USD 90,000 Coach Inc 2,803,698.69 5,219,074.78 3.66 USD 132,000 Estée Lauder Companies Inc A 3,248,340.13 6,135,204.29 4.30 USD 80,000 Michael Kors Holdings Limited 1,680,991.55 2,796,833.38 1.96 USD 40,000 Polo Ralph Lauren Corp A 3,041,009.13 5,224,477.54 3.66 USD 250,000 Saks Inc 1,732,454.71 2,177,991.22 1.53 USD 60,000 Tiffany & Co 2,377,734.54 3,112,445.13 2.18 18,041,598.42 30,633,235.29 21.46 Total investments in securities 99,701,082.91 141,258,324.40 98.93 Cash at banks 2,073,999.67 1.45 Bank liabilities -1,727.61 0.00 Other net assets/(liabilities) -544,863.02 -0.38 Total 142,785,733.44 100.00
The accompanying notes are an integral part of these financial statements.
53 Clariden Leu (Lux)
Clariden Leu (Lux) Luxury Goods Equity Fund
Industrial and geographical classification of investments as at 31st March 2012
Industrial classification (in percentage of net assets)
Consumer durables and apparel 68.34 % Retailing 10.28 % Hotels, restaurants and leisure 7.21 % Household and personal products 4.84 % Materials 2.98 % Technology hardware and equipment 2.61 % Food, beverage and tobacco 1.78 % Diversified financial services 0.89 % Total 98.93 %
Geographical classification (by domicile of the issuer) (in percentage of net assets)
France 23.38 % United States of America 19.50 % Italy 19.25 % Cayman Islands 13.37 % United Kingdom 7.93 % Switzerland 5.09 % Hong Kong 4.27 % Bermuda 3.56 % British Virgin Islands 1.96 % South Korea 0.54 % Singapore 0.08 % Total 98.93 %
The accompanying notes are an integral part of these financial statements.
54 Clariden Leu (Lux)
Clariden Leu (Lux) Technology Equity Fund
Statement of net assets as at 31st March 2012 (in USD)
Assets Securities portfolio at market value 77,140,177.75 Cash at banks 410,116.77 Receivable on sales of securities 967,887.23 Receivable on treasury transactions 1,101,902.11 Receivable on issues of shares 213,432.11 Income receivable on portfolio 44,086.18 Unrealised gain on forward foreign exchange contracts 39,590.04 Other receivables 11,272.14 Prepaid expenses 32,584.31 Total assets 79,961,048.64
Liabilities Bank liabilities 185.10 Payable on purchases of securities 1,575,690.40 Payable on redemptions of shares 188,669.12 Interest on bank liabilities and expenses payable 146,500.79 Total liabilities 1,911,045.41
Net assets at the end of the period 78,050,003.23
Number of share class B outstanding 567,748.693 Net asset value per share class B 131.77
Number of share class HB (in EUR) outstanding 22,984.295 Net asset value per share class HB (in EUR) EUR 105.77
The accompanying notes are an integral part of these financial statements.
55 Clariden Leu (Lux)
Clariden Leu (Lux) Technology Equity Fund
Statement of operations and other changes in net assets from 1st October 2011 to 31st March 2012 (in USD)
Income Dividends, net 246,567.45 Interest on bank accounts 38.78 Other income 59,695.42 Total income 306,301.65
Expenses Management fees 805,200.50 Custodian fees 14,137.42 Banking charges and other fees 23,625.15 Transaction fees 322,412.13 Central administration costs 36,863.28 Professional fees 8,064.19 Other administration costs 17,428.81 Subscription duty ("taxe d'abonnement") 19,564.90 Interest paid on bank liabilities 543.63 Other expenses 6,568.62 Total expenses 1,254,408.63
Net investment income -948,106.98
Net realised gain/(loss) - on securities portfolio 2,591,391.92 - on forward foreign exchange contracts -157,754.87 - on foreign exchange -7,758.01 Realised result 1,477,772.06
Net variation of the unrealised gain/(loss) - on securities portfolio 16,044,040.32 - on forward foreign exchange contracts 107,843.87 Result of operations 17,629,656.25
Subscriptions 1,647,616.99
Redemptions -22,553,418.48
Total changes in net assets -3,276,145.24
Total net assets at the beginning of the period 81,326,148.47
Total net assets at the end of the period 78,050,003.23
The accompanying notes are an integral part of these financial statements.
56 Clariden Leu (Lux)
Clariden Leu (Lux) Technology Equity Fund
Statistical information as at 31st March 2012 (in USD)
Total net assets - as at 31.03.2012 78,050,003.23 - as at 30.09.2011 81,326,148.47 - as at 31.12.2010 97,584,475.38
Portfolio Turnover Rate (in %) (subscriptions and redemptions of shares are netted by NAV calculation) - as at 31.03.2012 172.78
Number of share class B - outstanding at the beginning of the period 736,343.742 - issued 12,850.191 - redeemed -181,445.240 - outstanding at the end of the period 567,748.693
Net asset value per share class B - as at 31.03.2012 131.77 - as at 30.09.2011 105.87 - as at 31.12.2010 118.11
TER per share class B (in %) - as at 31.03.2012 2.31
Number of share class HB (in EUR) - outstanding at the beginning of the period 29,169.295 - issued 752.000 - redeemed -6,937.000 - outstanding at the end of the period 22,984.295
Net asset value per share class HB (in EUR) - as at 31.03.2012 EUR 105.77 - as at 30.09.2011 EUR 86.00 - as at 31.12.2010 EUR 95.47
TER per share class HB (in EUR) (in %) - as at 31.03.2012 2.32
The accompanying notes are an integral part of these financial statements.
57 Clariden Leu (Lux)
Clariden Leu (Lux) Technology Equity Fund
Statement of investments and other net assets as at 31st March 2012 (in USD)
Currency Number / nominal Description Cost Market value % of value total net assets
Investments in securities Transferable securities admitted to an official stock exchange listing Shares HKD 150,800 AAC Technologies Hgs Inc 270,598.41 439,970.11 0.56 HKD 56,100 ASM Pacific Technology Ltd 624,682.30 829,580.20 1.06 895,280.71 1,269,550.31 1.62 JPY 58,270 Hitachi Ltd 296,288.39 389,316.08 0.50 JPY 30,470 Kakaku.com Inc 899,008.46 807,647.46 1.03 JPY 166 M3 Inc 719,337.72 614,030.60 0.79 JPY 8,450 Nidec Corp 784,673.87 779,099.84 1.00 2,699,308.44 2,590,093.98 3.32 KRW 1,031 Samsung Electronics Co Ltd 858,014.45 1,182,577.21 1.51
TWD 209,270 Advantech Co Ltd 655,470.76 706,911.71 0.91 TWD 71,500 Hiwin Technologies Corp 781,266.80 784,475.15 1.00 TWD 214,300 Hon Hai Precision Ind Co Ltd 538,646.58 806,759.36 1.03 TWD 212,930 Synnex Technology Intl Corp 538,525.90 529,346.07 0.68 TWD 399,000 Taiwan Semiconduct Mfg Co Ltd 1,021,563.83 1,151,599.11 1.48 3,535,473.87 3,979,091.40 5.10 USD 35,334 Accenture Plc A 1,521,298.59 2,279,043.00 2.92 USD 17,137 Alliance Data Syst Corp 1,048,965.14 2,158,576.52 2.77 USD 2,480 Amazon Com Inc 575,920.77 502,224.80 0.64 USD 12,525 Apple Inc 3,029,163.53 7,508,361.75 9.62 USD 32,920 Aruba Networks Inc 838,797.34 733,457.60 0.94 USD 38,450 ASML Holding NV 1,591,411.04 1,927,883.00 2.47 USD 40,965 Automatic Data Processing Inc 1,772,978.37 2,260,858.35 2.90 USD 45,420 Calix Inc 661,969.03 387,432.60 0.50 USD 212,640 Cisco Systems Inc 3,688,056.88 4,497,336.00 5.76 USD 15,872 Citrix Systems Inc 1,112,759.60 1,252,459.52 1.60 USD 31,000 Cypress Semiconductor Corp 483,807.47 484,530.00 0.62 USD 54,095 EBay Inc 1,659,907.01 1,995,564.55 2.56 USD 62,840 EMC Corp 1,524,493.95 1,877,659.20 2.41 USD 12,360 Equinix Inc 1,535,709.08 1,946,082.00 2.49 USD 17,376 ExlService Holdings Inc 319,781.27 476,797.44 0.61 USD 3,020 F5 Networks Inc 223,978.93 407,579.20 0.52 USD 34,110 Finisar Corp 600,979.90 687,316.50 0.88 USD 1,300 Fortinet Inc 36,022.61 35,945.00 0.05 USD 49,858 Genpact Ltd 747,878.17 812,685.40 1.04 USD 40,110 HiSoft Technology International Ltd ADR 651,866.75 602,452.20 0.77 USD 22,790 Huron Consulting Gr Inc 493,424.58 855,992.40 1.10 USD 11,279 IBM Corp 1,454,953.39 2,353,363.35 3.01 USD 17,430 Intuit Inc 938,538.02 1,048,065.90 1.34 USD 25,650 Juniper Networks Inc 540,568.93 586,872.00 0.75 USD 16,940 Linear Technology Corp 538,606.24 570,878.00 0.73 USD 21,790 Maxim Intergrated Products Inc 481,642.59 622,976.10 0.80 USD 131,385 Microsoft Corp 3,650,025.63 4,237,166.25 5.43 USD 8,130 Microstrategy Inc A 1,120,309.24 1,138,200.00 1.46 USD 161,678 Oracle Corp 4,444,054.46 4,714,530.48 6.04 USD 3,490 Priceline.com Inc 1,462,795.52 2,504,075.00 3.21 USD 77,670 Qualcomm Inc 3,745,428.97 5,283,113.40 6.77 USD 17,363 Red Hat Inc 840,449.19 1,039,870.07 1.33 USD 26,900 Riverbed Technologies Inc 684,788.66 755,352.00 0.97 USD 11,247 Salesforce.com Inc 1,548,881.50 1,737,773.97 2.23 USD 119,450 Sapient Corp 1,201,932.15 1,487,152.50 1.91 USD 6,729 Teradata Corp 241,351.67 458,581.35 0.59 USD 15,510 Tibco Software Inc 433,743.31 473,055.00 0.61 USD 15,190 Trimble Navigation Ltd 807,169.11 826,639.80 1.06
The accompanying notes are an integral part of these financial statements.
58 Clariden Leu (Lux)
Clariden Leu (Lux) Technology Equity Fund
Statement of investments and other net assets (continued) as at 31st March 2012 (in USD)
Currency Number / nominal Description Cost Market value % of value total net assets
USD 12,995 TripAdvisor Inc 381,887.33 463,531.65 0.59 USD 4,900 Vantiv Inc A 93,022.83 96,187.00 0.12 USD 20,600 Verisign Inc 677,544.62 789,804.00 1.01 USD 17,408 Visa Inc A 1,407,436.68 2,054,144.00 2.63 USD 67,460 Western Union Co (The) 1,237,395.94 1,187,296.00 1.52 52,051,695.99 68,118,864.85 87.28 Total investments in securities 60,039,773.46 77,140,177.75 98.83 Cash at banks 410,116.77 0.53 Bank liabilities -185.10 0.00 Other net assets/(liabilities) 499,893.81 0.64 Total 78,050,003.23 100.00
The accompanying notes are an integral part of these financial statements.
59 Clariden Leu (Lux)
Clariden Leu (Lux) Technology Equity Fund
Industrial and geographical classification of investments as at 31st March 2012
Industrial classification (in percentage of net assets)
Technology hardware and equipment 36.41 % Software and services 34.82 % Semiconductors and semiconductor equipment 8.67 % Retailing 6.41 % Diversified financial services 5.86 % Commercial services and supplies 3.81 % Capital goods 1.00 % Telecommunication services 0.94 % Health care equipment and services 0.79 % Banks 0.12 % Total 98.83 %
Geographical classification (by domicile of the issuer) (in percentage of net assets)
United States of America 80.08 % Taiwan 5.10 % Japan 3.32 % Ireland 2.92 % The Netherlands 2.47 % Cayman Islands 2.39 % South Korea 1.51 % Bermuda 1.04 % Total 98.83 %
The accompanying notes are an integral part of these financial statements.
60 Clariden Leu (Lux)
Clariden Leu (Lux) Asia ex Japan Equity Fund
Statement of net assets as at 31st March 2012 (in USD)
Assets Securities portfolio at market value 54,538,353.00 Cash at banks 1,124,875.90 Other liquid assets 767,915.86 Income receivable on portfolio 175,471.03 Other receivables 23,732.00 Prepaid expenses 152.49 Total assets 56,630,500.28
Liabilities Bank liabilities 19.94 Payable on redemptions of shares 78,127.70 Unrealised loss on futures contracts 11,991.33 Interest on bank liabilities and expenses payable 114,059.68 Total liabilities 204,198.65
Net assets at the end of the period 56,426,301.63
Number of share class B outstanding 420,253.375 Net asset value per share class B 134.27
The accompanying notes are an integral part of these financial statements.
61 Clariden Leu (Lux)
Clariden Leu (Lux) Asia ex Japan Equity Fund
Statement of operations and other changes in net assets from 1st October 2011 to 31st March 2012 (in USD)
Income Dividends, net 424,993.51 Commissions received 11,184.13 Other income 1,113.45 Total income 437,291.09
Expenses Management fees 850,349.96 Custodian fees 14,592.23 Banking charges and other fees 8,249.22 Transaction fees 673,671.78 Central administration costs 37,985.28 Professional fees 8,517.30 Other administration costs 15,223.73 Subscription duty ("taxe d'abonnement") 18,457.81 Other taxes 23,779.82 Interest paid on bank liabilities 170.19 Other expenses 11,408.22 Total expenses 1,662,405.54
Net investment income -1,225,114.45
Net realised gain/(loss) - on securities portfolio -2,402,784.66 - on futures contracts 948,172.40 - on foreign exchange 32,255.77 Realised result -2,647,470.94
Net variation of the unrealised gain/(loss) - on securities portfolio 13,726,210.98 - on futures contracts -148,172.84 Result of operations 10,930,567.20
Subscriptions 1,954,159.92
Redemptions -53,393,579.10
Total changes in net assets -40,508,851.98
Total net assets at the beginning of the period 96,935,153.61
Total net assets at the end of the period 56,426,301.63
The accompanying notes are an integral part of these financial statements.
62 Clariden Leu (Lux)
Clariden Leu (Lux) Asia ex Japan Equity Fund
Statistical information as at 31st March 2012 (in USD)
Total net assets - as at 31.03.2012 56,426,301.63 - as at 30.09.2011 96,935,153.61 - as at 31.12.2010 86,052,536.79
Portfolio Turnover Rate (in %) (subscriptions and redemptions of shares are netted by NAV calculation) - as at 31.03.2012 169.81
Number of share class B - outstanding at the beginning of the period 813,614.252 - issued 15,744.933 - redeemed -409,105.810 - outstanding at the end of the period 420,253.375
Net asset value per share class B - as at 31.03.2012 134.27 - as at 30.09.2011 119.14 - as at 31.12.2010 147.75
TER per share class B (in %) - as at 31.03.2012 2.31
The accompanying notes are an integral part of these financial statements.
63 Clariden Leu (Lux)
Clariden Leu (Lux) Asia ex Japan Equity Fund
Statement of investments and other net assets as at 31st March 2012 (in USD)
Currency Number / nominal Description Cost Market value % of value total net assets
Investments in securities Transferable securities admitted to an official stock exchange listing Shares HKD 1,500,000 Bank of China Ltd H 501,656.08 604,698.49 1.07 HKD 83,000 Beijing Enterprises Hgs Ltd 471,703.17 506,175.78 0.90 HKD 207,000 BOC Hong Kong (Holdings) Ltd 621,709.35 571,874.76 1.01 HKD 28,000 Cheung Kong Holdings Ltd 396,314.89 361,711.44 0.64 HKD 85,000 Cheung Kong Infrast Hg Ltd 359,421.29 517,278.02 0.92 HKD 388,000 China Coal Energy Co Ltd H 508,568.30 435,264.42 0.77 HKD 989,000 China Everbright Intl Ltd 355,486.09 464,935.22 0.82 HKD 150,000 China Mobile Ltd 1,502,935.43 1,650,846.19 2.93 HKD 300,000 China Overseas Land & Inv Ltd 678,627.02 570,309.88 1.01 HKD 672,000 China Petroleum & Chem Corp H 678,980.30 732,222.25 1.30 HKD 140,000 China Shenhua Energy Co Ltd H 657,522.82 590,530.90 1.05 HKD 740,000 China Telecom Corp Ltd H 480,958.88 409,829.73 0.73 HKD 81,400 CLP Holdings Ltd 614,751.68 702,429.10 1.25 HKD 549,000 CNOOC Ltd 927,131.29 1,128,518.07 2.00 HKD 306,000 Dongfeng Motor Group Co Ltd H 586,514.43 552,551.45 0.98 HKD 506,000 Giordano Intl Ltd 348,160.03 389,070.35 0.69 HKD 253,000 Great Wall Motor Co Ltd H 396,808.19 492,040.39 0.87 HKD 800,000 Guangdong Investment Ltd 518,154.30 557,430.26 0.99 HKD 40,000 Hang Seng Bank Ltd 619,935.89 531,671.00 0.94 HKD 53,000 Hengan Intl Group Co Ltd 476,961.91 535,856.88 0.95 HKD 53,607 HKT Ltd Stapled securtiy 35,473.40 41,702.47 0.07 HKD 726,000 Huaneng Power Intl Inc H 437,502.87 394,595.71 0.70 HKD 980,000 Hutchison Telecom HK Hgs Ltd 359,681.42 415,264.93 0.74 HKD 49,500 Hutchison Whampoa Ltd 479,380.49 494,732.23 0.88 HKD 1,356,300 Industr & Cial Bk of China Ltd H 1,002,463.15 875,178.77 1.55 HKD 370,000 Lenovo Group Ltd 328,547.10 333,105.79 0.59 HKD 928,000 PCCW Ltd 294,421.83 332,273.77 0.59 HKD 784,000 PetroChina Co Ltd H 946,345.75 1,108,719.51 1.97 HKD 255,000 PICC Prop and Casualty Co Ltd H 381,543.03 303,469.77 0.54 HKD 50,000 Power Assets Holdings Ltd 329,033.14 367,069.37 0.65 HKD 47,512 Sun Hung Kai Properties Ltd 698,171.58 590,519.05 1.05 HKD 800,000 Tianneng Power Intl Ltd 408,556.01 464,696.94 0.82 HKD 440,000 Want Want China Holdings Ltd 402,421.68 491,898.71 0.87 HKD 450,000 Yingde Gases Group Co Ltd 484,335.64 511,192.40 0.91 18,290,178.43 19,029,664.00 33.75 IDR 493,500 Bank Central Asia (PT) Tbk 340,059.63 431,757.23 0.77 IDR 191,000 Indocement Tunggal Prakar Tbk 277,770.53 385,382.70 0.68 IDR 5,900,000 Lippo Karawaci (PT) Tbk 479,823.44 516,183.92 0.92 IDR 820,000 Perusahaan Gas Negara (PT) Tbk Ser B 342,740.05 340,768.88 0.60 IDR 457,000 PT Nippon Indosari Corp Tbk 187,511.46 176,172.37 0.31 IDR 1,300,000 Sampoerna Agro (PT) Tbk 466,529.40 508,255.25 0.90 IDR 117,000 United Tractors (PT) Tbk 362,214.24 422,242.82 0.75 2,456,648.75 2,780,763.17 4.93 KRW 12,000 Handsome Corp 301,445.36 352,676.57 0.63 KRW 16,130 Hyundai Fire&Marine Ins Co Ltd 307,778.90 464,090.95 0.82 KRW 2,760 Hyundai Mobis 668,385.29 697,886.56 1.24 KRW 3,845 Hyundai Motor Co Ltd 585,959.79 790,684.81 1.40 KRW 13,800 KB Financial Gr Inc 539,317.53 503,623.20 0.89 KRW 9,270 Kia Motors Corp 141,973.44 606,246.26 1.07 KRW 12,000 LG Fashion Corp 519,437.46 423,105.98 0.75 KRW 10,000 LG Intl Corp 463,016.54 453,643.04 0.80 KRW 137,648 Meritz Financial Holdings Co 310,206.68 349,268.07 0.62 KRW 2,800 Posco 964,706.11 939,058.74 1.66 KRW 5,100 S-Oil Corp 400,314.08 504,126.27 0.89
The accompanying notes are an integral part of these financial statements.
64 Clariden Leu (Lux)
Clariden Leu (Lux) Asia ex Japan Equity Fund
Statement of investments and other net assets (continued) as at 31st March 2012 (in USD)
Currency Number / nominal Description Cost Market value % of value total net assets
KRW 2,925 Samsung Electronics Co Ltd 2,263,849.22 3,291,449.41 5.83 KRW 4,100 SK Innovation Co Ltd 644,526.37 598,870.59 1.06 KRW 3,900 SK Telecom Co Ltd 462,395.20 480,164.38 0.85 KRW 21,000 Youngone Corp 293,710.27 400,335.57 0.71 8,867,022.24 10,855,230.40 19.22 MYR 386,400 Dialog Group Bhd 294,613.34 273,702.63 0.49 MYR 430,000 DiGi.Com Bhd 502,647.47 569,871.06 1.01 MYR 297,200 Gamuda Bhd 281,508.88 353,128.12 0.63 MYR 136,500 Genting Bhd 416,120.26 482,996.57 0.86 MYR 181,773 Malayan Banking Bhd 454,024.41 526,302.11 0.93 MYR 330,600 TA Ann Holdings Bhd 600,889.76 672,315.33 1.19 MYR 322,000 Telekom Malaysia Bhd 428,801.01 559,177.41 0.99 2,978,605.13 3,437,493.23 6.10 PHP 5,935 Philippine Lg Distance Tel Co 342,622.93 373,226.97 0.66 PHP 6,180,000 Vista Land & Lifescapes Inc 448,748.02 554,163.26 0.98 791,370.95 927,390.23 1.64 SGD 41,000 DBS Group Holdings Ltd 444,405.27 462,569.12 0.82 SGD 83,000 Fraser & Neave Ltd 412,801.73 442,455.34 0.78 SGD 37,000 Keppel Corp Ltd 267,411.02 323,531.05 0.57 SGD 235,000 Singapore Telecom Ltd Board Lot 1000 530,117.82 588,972.43 1.04 SGD 124,000 Wilmar Intl Ltd 530,589.83 483,430.80 0.86 2,185,325.67 2,300,958.74 4.07 THB 113,000 Bangkok Bank PCL Foreign Reg 624,159.07 710,945.35 1.26 THB 87,000 Big C Supercenter PCL Units NvDR 309,830.28 462,720.93 0.82 THB 165,000 C.P. All Public Co Ltd Foreign 350,806.13 350,494.56 0.62 THB 550,000 Charoen Pokphand Foods PCL Foreign Reg 488,046.94 664,423.54 1.18 THB 11,600 Siam Cement Public Co Ltd Foreign 153,003.10 156,497.48 0.28 1,925,845.52 2,345,081.86 4.16 TWD 428,400 Asia Cement Corp 659,990.63 521,810.63 0.92 TWD 69,000 Catcher Technology Co Ltd 280,486.85 487,438.37 0.86 TWD 770,000 Chang Hwa Commercial Bank 588,337.13 439,597.48 0.78 TWD 295,000 China Motor Co Ltd 291,987.93 288,358.26 0.51 TWD 186,000 Chunghwa Telecom Co Ltd 625,931.53 572,850.63 1.02 TWD 156,000 Far Eastone Telecom Co Ltd 283,500.51 319,775.02 0.57 TWD 168,000 Formosa Chem and Fiber Corp 464,758.01 490,660.52 0.87 TWD 21,650 HTC Corp 657,579.18 437,922.03 0.78 TWD 1,472,880 Mega Financial Hg Co 1,150,474.17 1,040,490.19 1.84 TWD 478,053 Mercuries and Associates Ltd 466,894.68 501,304.11 0.89 TWD 140,000 Quanta Computer Inc 344,477.23 366,667.23 0.65 TWD 100,000 Standard Food Corporation 299,691.39 340,510.59 0.60 TWD 199,000 Taiwan Fertilizer Co Ltd 464,999.64 515,123.07 0.91 TWD 108,000 Taiwan Mobile Co Ltd 331,072.72 328,963.73 0.58 TWD 730,000 Taiwan Semiconduct Mfg Co Ltd 1,694,969.69 2,099,883.08 3.72 TWD 445,000 Teco Electric and Machinery Co 264,747.14 306,823.76 0.54 TWD 200,000 Wistron Corp 326,435.04 301,546.69 0.53 9,196,333.47 9,359,725.39 16.57 USD 3,700 Baidu Inc ADR repr 0.1 Share A 461,929.04 541,717.00 0.96 USD 10,000 Netease.com Inc ADR Repr 1 Share 474,401.67 583,400.00 1.03 936,330.71 1,125,117.00 1.99 Total shares 47,627,660.87 52,161,424.02 92.43
The accompanying notes are an integral part of these financial statements.
65 Clariden Leu (Lux)
Clariden Leu (Lux) Asia ex Japan Equity Fund
Statement of investments and other net assets (continued) as at 31st March 2012 (in USD)
Currency Number / nominal Description Cost Market value % of value total net assets
Closed-ended investment funds HKD 129,000 Link Real Esta Inv Trust (The) Units 481,941.69 480,165.37 0.85
SGD 685,000 Suntec Real Estate Inv Trust Units 728,090.09 681,266.66 1.21
Total closed-ended investment funds 1,210,031.78 1,161,432.03 2.06 Warrants and rights MYR 64,700 Dialog Group Bhd Call Wts Perpetual 0.00 11,827.00 0.02 Total warrants and rights 0.00 11,827.00 0.02 Transferable securities dealt in on another regulated market Shares KRW 3,000 GS Home Shopping Inc 439,468.65 297,603.95 0.53 Total shares 439,468.65 297,603.95 0.53 Open-ended investment funds Tracker funds (UCI) USD 15,300 iShares Inc MSCI South Korea Index Fd 893,296.23 906,066.00 1.61 Total tracker funds (UCI) 893,296.23 906,066.00 1.61 Total investments in securities 50,170,457.53 54,538,353.00 96.65 Cash at banks 1,124,875.90 1.99 Bank liabilities -19.94 0.00 Other net assets/(liabilities) 763,092.67 1.36 Total 56,426,301.63 100.00
The accompanying notes are an integral part of these financial statements.
66 Clariden Leu (Lux)
Clariden Leu (Lux) Asia ex Japan Equity Fund
Industrial and geographical classification of investments as at 31st March 2012
Industrial classification (in percentage of net assets)
Telecommunication services 11.78 % Semiconductors and semiconductor equipment 9.55 % Banks 8.31 % Materials 8.05 % Energy 6.16 % Automobiles and components 6.07 % Real estate 5.42 % Food, beverage and tobacco 5.19 % Diversified financial services 5.07 % Capital goods 4.72 % Technology hardware and equipment 4.23 % Utilities 4.11 % Retailing 2.91 % Consumer durables and apparel 2.63 % Real estate funds 2.06 % Software and services 1.99 % Food retailing, drugstores and pharmacies 1.75 % Investment funds 1.61 % Insurance 1.36 % Investment companies 0.99 % Household and personal products 0.95 % Commercial services and supplies 0.88 % Hotels, restaurants and leisure 0.86 % Total 96.65 %
The accompanying notes are an integral part of these financial statements.
67 Clariden Leu (Lux)
Clariden Leu (Lux) Asia ex Japan Equity Fund
Industrial and geographical classification of investments (continued) as at 31st March 2012
Geographical classification (by domicile of the issuer) (in percentage of net assets)
South Korea 19.75 % Hong Kong 18.97 % Taiwan 16.57 % China 12.56 % Malaysia 6.12 % Singapore 5.28 % Indonesia 4.93 % Cayman Islands 4.37 % Thailand 4.16 % Philippines 1.64 % United States of America 1.61 % Bermuda 0.69 % Total 96.65 %
The accompanying notes are an integral part of these financial statements.
68 Clariden Leu (Lux)
Clariden Leu (Lux) European Equity Fund
Statement of net assets as at 31st March 2012 (in EUR)
Assets Securities portfolio at market value 50,659,885.40 Cash at banks 4,431,991.84 Other liquid assets 244,965.63 Receivable on sales of securities 1,309.68 Income receivable on portfolio 185,055.43 Other receivables 71,710.00 Prepaid expenses 117.38 Total assets 55,595,035.36
Liabilities Bank liabilities 2,227.56 Payable on redemptions of shares 245,776.37 Unrealised loss on futures contracts 71,710.00 Interest on bank liabilities and expenses payable 95,651.44 Total liabilities 415,365.37
Net assets at the end of the period 55,179,669.99
Number of share class B outstanding 451,552.965 Net asset value per share class B 122.20
The accompanying notes are an integral part of these financial statements.
69 Clariden Leu (Lux)
Clariden Leu (Lux) European Equity Fund
Statement of operations and other changes in net assets from 1st October 2011 to 31st March 2012 (in EUR)
Income Dividends, net 686,299.17 Commissions received 14,764.72 Other income 90,988.71 Total income 792,052.60
Expenses Management fees 529,809.09 Custodian fees 10,592.41 Banking charges and other fees 2,960.04 Transaction fees 40,852.17 Central administration costs 30,275.84 Professional fees 5,916.39 Other administration costs 11,977.60 Subscription duty ("taxe d'abonnement") 14,764.18 Interest paid on bank liabilities 1,054.06 Other expenses 3,681.42 Total expenses 651,883.20
Net investment income 140,169.40
Net realised gain/(loss) - on securities portfolio -1,062,517.74 - on futures contracts -24,140.00 - on foreign exchange -7,238.05 Realised result -953,726.39
Net variation of the unrealised gain/(loss) - on securities portfolio 9,668,314.61 - on futures contracts -160,490.00 Result of operations 8,554,098.22
Subscriptions 7,075,962.14
Redemptions -22,168,197.60
Total changes in net assets -6,538,137.24
Total net assets at the beginning of the period 61,717,807.23
Total net assets at the end of the period 55,179,669.99
The accompanying notes are an integral part of these financial statements.
70 Clariden Leu (Lux)
Clariden Leu (Lux) European Equity Fund
Statistical information as at 31st March 2012 (in EUR)
Total net assets - as at 31.03.2012 55,179,669.99 - as at 30.09.2011 61,717,807.23 - as at 31.12.2010 56,856,959.23
Portfolio Turnover Rate (in %) (subscriptions and redemptions of shares are netted by NAV calculation) - as at 31.03.2012 106.96
Number of share class B - outstanding at the beginning of the period 584,009.830 - issued 62,337.236 - redeemed -194,794.101 - outstanding at the end of the period 451,552.965
Net asset value per share class B - as at 31.03.2012 122.20 - as at 30.09.2011 105.68 - as at 31.12.2010 125.58
TER per share class B (in %) - as at 31.03.2012 1.99
The accompanying notes are an integral part of these financial statements.
71 Clariden Leu (Lux)
Clariden Leu (Lux) European Equity Fund
Statement of investments and other net assets as at 31st March 2012 (in EUR)
Currency Number / nominal Description Cost Market value % of value total net assets
Investments in securities Transferable securities admitted to an official stock exchange listing Shares CHF 5,626 ABB Ltd Reg 78,861.31 86,559.88 0.16 CHF 2,460 Actelion Ltd 71,429.94 67,441.15 0.12 CHF 417 Alpiq Holding Ltd Reg 103,537.19 56,467.63 0.10 CHF 2,690 Aryzta AG 101,527.10 99,669.68 0.18 CHF 1,441 Baloise-Holding Reg 99,893.17 87,031.07 0.16 CHF 321 Barry Callebaut AG Reg 235,420.31 241,206.79 0.44 CHF 10 Chocolade Lindt & Spruengli AG Reg 260,858.09 279,094.05 0.51 CHF 3,910 Cie Financière Richemont SA 171,542.20 183,852.32 0.33 CHF 7,654 Credit Suisse Group AG Reg 250,331.69 163,607.86 0.30 CHF 688 Ems-Chemie Holding AG 100,005.61 97,680.17 0.18 CHF 313 Forbo Holding AG 158,454.50 171,488.52 0.31 CHF 280 Galenica AG Reg 125,885.05 137,241.66 0.25 CHF 616 Geberit AG Reg 90,162.30 96,669.30 0.18 CHF 144 Givaudan SA Reg 99,592.80 104,077.70 0.19 CHF 353 Helvetia Holding AG Reg 101,151.21 98,168.29 0.18 CHF 2,033 Holcim Ltd Reg 98,878.81 99,478.36 0.18 CHF 3,569 Julius Baer Gruppe AG Reg 98,045.44 108,044.05 0.20 CHF 1,041 Kuehne & Nagel Intl AG Reg 103,642.42 105,594.75 0.19 CHF 1,790 Lonza Group AG Reg 104,311.78 69,386.29 0.13 CHF 4,550 Meyer Burger Technology AG Reg 67,157.52 55,754.43 0.10 CHF 547 Mobimo Holding AG Reg 103,203.96 100,110.07 0.18 CHF 11,055 Nestlé SA Reg 423,884.85 521,654.56 0.95 CHF 7,278 Novartis AG Reg 280,639.93 302,071.96 0.55 CHF 1,112 Panalpina Welttransport Hg AG Reg 100,599.85 89,101.08 0.16 CHF 3,607 PSP Swiss Property AG Reg 236,746.11 240,323.61 0.44 CHF 2,048 Roche Holding AG B de jouis Pref 236,464.80 267,289.60 0.48 CHF 1,207 Schindler Holding AG Partizipsch 84,026.77 108,896.27 0.20 CHF 76 SGS SA Reg 96,465.58 110,870.00 0.20 CHF 63 Sika Finanz AG 105,488.65 102,268.30 0.19 CHF 591 Straumann Holding AG Reg 100,727.38 75,414.46 0.14 CHF 278 Swatch Group AG 69,435.00 95,960.33 0.17 CHF 1,668 Swiss Prime Site AG Reg 102,870.73 103,928.16 0.19 CHF 3,624 Swiss Re AG 147,143.60 173,565.51 0.31 CHF 324 Swisscom SA Reg 98,540.93 98,218.84 0.18 CHF 435 Syngenta AG Reg 80,648.92 112,786.98 0.20 CHF 20,488 UBS AG Reg 260,822.97 215,310.90 0.39 CHF 1,500 Zurich Insurance Group AG Reg 262,719.18 302,313.81 0.55 5,311,117.65 5,428,598.39 9.87 DKK 30 A.P. Moeller - Maersk A/S B 181,665.56 173,700.69 0.31 DKK 1,429 Carlsberg A/S B 88,117.43 88,539.64 0.16 DKK 13,696 Chr. Hansen Holding A/S 225,574.95 265,806.47 0.48 DKK 2,186 Coloplast A/S B 239,283.68 283,812.74 0.51 DKK 4,507 D/S Norden A/S 107,418.60 100,554.21 0.18 DKK 6,351 De Sammenslut Vognmaend AS 101,611.54 107,978.49 0.20 DKK 32,230 GN Great Nordic Ltd 221,476.95 257,956.62 0.47 DKK 10,186 H Lundbeck A/S 167,667.52 153,055.90 0.28 DKK 3,394 Novo Nordisk A/S B 275,089.13 352,382.98 0.64 DKK 10,900 Novozymes AS B 240,071.80 238,058.92 0.43 DKK 7,075 Sydbank A/S 102,667.48 96,515.50 0.17 DKK 39,430 TDC A/S 244,887.24 215,051.97 0.39 DKK 782 Topdanmark AS 99,098.18 101,843.93 0.18 DKK 2,717 Tryg A/S 105,142.10 114,882.26 0.21 DKK 2,090 William Demant Holding 132,577.35 146,067.71 0.26 2,532,349.51 2,696,208.03 4.87
The accompanying notes are an integral part of these financial statements.
72 Clariden Leu (Lux)
Clariden Leu (Lux) European Equity Fund
Statement of investments and other net assets (continued) as at 31st March 2012 (in EUR)
Currency Number / nominal Description Cost Market value % of value total net assets
EUR 102,870 A2A SpA 108,413.95 61,876.31 0.11 EUR 6,987 Abertis Infraestructuras SA A 96,918.47 89,189.06 0.16 EUR 15,170 ACEA SpA 98,771.93 72,330.56 0.14 EUR 8,443 Acerinox SA Reg 100,433.15 81,365.19 0.15 EUR 3,405 Actividad Const y Servicios SA 107,256.01 65,341.95 0.12 EUR 1,854 Adidas AG Reg Share 81,009.99 108,533.16 0.20 EUR 1,589 Aeroport de Paris (ADP) 100,340.20 97,787.06 0.18 EUR 1,054 Air Liquide SA 80,397.56 105,357.84 0.19 EUR 5,460 Aixtron SE Reg 66,160.70 71,307.60 0.13 EUR 2,373 Akzo Nobel NV 100,455.79 105,052.71 0.19 EUR 1,863 Andritz AG 130,244.30 136,706.94 0.25 EUR 6,739 Anheuser-Busch InBev SA 283,271.21 369,162.42 0.67 EUR 13,590 Ansaldo STS SpA 99,475.16 101,109.60 0.18 EUR 4,304 ArcelorMittal SA 99,179.40 61,740.88 0.11 EUR 975 Arkema 56,629.20 68,123.25 0.12 EUR 2,540 ASM Intl NV 73,174.67 73,279.00 0.13 EUR 7,151 ASML Holding NV 211,861.94 268,019.48 0.49 EUR 7,820 Atlantia SpA 108,340.78 97,359.00 0.18 EUR 11,380 Autogrill SpA 99,224.38 90,072.70 0.16 EUR 11,200 Azimut Holding SpA 69,796.33 91,224.00 0.17 EUR 20,000 Banca Pop di Sondrio SCARL 133,879.15 110,000.00 0.20 EUR 39,340 Banco de Sabadell SA Reg 101,438.43 80,331.89 0.14 EUR 28,850 Banco Popular Espanol SA Reg 100,616.51 77,606.50 0.14 EUR 23,954 Banco Santander SA 229,174.00 138,214.58 0.25 EUR 1,987 BASF SE Reg 93,873.99 130,327.33 0.24 EUR 2,280 Beiersdorf AG 101,865.23 111,549.00 0.20 EUR 12,953 Belgacom SA 315,496.45 312,232.07 0.57 EUR 2,517 BIC SA 165,879.24 189,379.08 0.34 EUR 1,517 Bilfinger Berger SE 100,950.06 106,842.31 0.19 EUR 1,244 BioMerieux 99,150.48 73,483.08 0.13 EUR 3,246 Boskalis Westminster NV 98,413.84 91,423.59 0.17 EUR 3,611 Bouygues SA 106,215.56 82,800.23 0.15 EUR 1,796 Bureau Veritas SA 102,185.91 118,536.00 0.21 EUR 28,500 C&C Group Plc 101,347.78 110,010.00 0.20 EUR 2,612 Cap Gemini SA 98,452.17 87,658.72 0.16 EUR 1,587 Casino Guichard Perrachon 99,703.70 117,279.30 0.21 EUR 1,617 Christian Dior SA 164,275.37 186,035.85 0.34 EUR 3,048 Colruyt NV 108,899.97 91,866.72 0.17 EUR 5,328 CSM NV 100,586.78 71,741.52 0.13 EUR 1,973 Danone 91,186.12 103,187.90 0.19 EUR 3,902 Dassault Systèmes SA 230,326.10 269,198.98 0.49 EUR 18,125 Davide Campari SpA 98,543.66 92,528.13 0.17 EUR 5,119 DCC Plc 104,784.19 96,697.91 0.18 EUR 1,999 Delhaize Groupe 105,880.08 78,860.55 0.14 EUR 5,223 Deutsche Bank AG Reg 233,967.86 194,844.02 0.35 EUR 3,735 Deutsche Euroshop AG Reg 103,191.97 98,790.75 0.18 EUR 19,711 Deutsche Post AG Reg 256,273.76 284,528.29 0.52 EUR 7,366 Dialog Semiconductor Plc 115,838.98 134,908.29 0.25 EUR 3,460 DiaSorin SpA 111,607.85 75,601.00 0.14 EUR 37,100 Distribuidora Int de Alimenta 136,084.08 137,900.70 0.25 EUR 4,597 Douglas Holding AG 168,583.65 153,539.80 0.28 EUR 3,640 Duerr AG 132,835.75 173,737.20 0.31 EUR 7,152 Ebro Foods SA 106,457.75 104,097.36 0.19 EUR 42,970 EDP-Energias de Portugal SA Reg 98,190.43 93,717.57 0.17 EUR 6,987 Elisa Corp 100,440.92 125,556.39 0.22 EUR 6,572 Enagas SA 101,181.09 94,833.96 0.17 EUR 23,863 ENEL SpA 106,198.65 64,716.46 0.12 EUR 6,477 ENI SpA 107,957.58 113,930.43 0.21 EUR 530 Eramet SA 111,105.46 56,180.00 0.10 EUR 11,290 ERG SpA 98,470.18 75,022.05 0.14 EUR 1,816 Essilor Intl SA 92,647.57 121,363.28 0.22 EUR 5,829 Eur Aero Defence and Space NV 126,044.52 178,979.45 0.33
The accompanying notes are an integral part of these financial statements.
73 Clariden Leu (Lux)
Clariden Leu (Lux) European Equity Fund
Statement of investments and other net assets (continued) as at 31st March 2012 (in EUR)
Currency Number / nominal Description Cost Market value % of value total net assets
EUR 3,319 Eutelsat Communications 101,077.63 92,002.68 0.17 EUR 14,800 Ferrovial SA 135,545.94 127,546.40 0.23 EUR 1,311 Fielmann AG 96,127.94 94,509.99 0.17 EUR 22,430 Finmeccanica SpA 133,104.26 91,065.80 0.16 EUR 14,754 France Telecom SA 238,060.07 163,843.17 0.30 EUR 1,796 Fraport AG 99,012.91 84,322.20 0.15 EUR 12,500 Freenet AG Reg 131,854.35 151,625.00 0.27 EUR 1,971 Fresenius Medical Care AG & Co KGaA 89,152.30 104,738.94 0.19 EUR 1,413 Fresenius SE & Co KGaA 86,693.86 108,645.57 0.20 EUR 1,965 Fugro NV 91,293.90 104,970.30 0.19 EUR 6,511 Galp Energia SGPS SA B 97,365.24 80,345.74 0.15 EUR 7,199 Gas Natural SDG SA 91,819.50 86,244.02 0.16 EUR 4,251 GDF Suez 121,663.40 82,341.87 0.15 EUR 3,043 Gemalto 98,500.90 150,598.07 0.27 EUR 6,664 Gerresheimer AG 229,408.43 218,579.20 0.40 EUR 2,640 Gerry Weber Intl AG Reg 68,462.24 75,952.80 0.14 EUR 7,128 Grifols SA 100,729.75 114,048.00 0.21 EUR 13,590 Groupe Eurotunnel Reg 100,001.88 88,498.08 0.16 EUR 3,599 Hamburger Hafen und Logis AG Reg 100,807.54 90,874.75 0.17 EUR 3,451 Hannover Rueckversicherung AG Reg 138,119.20 153,707.54 0.27 EUR 2,439 Heineken NV 96,499.25 101,645.33 0.18 EUR 2,110 Henkel AG & Co KGaA Pref 95,623.24 115,923.40 0.21 EUR 510 Hermes Intl SA 129,579.78 128,851.50 0.23 EUR 11,910 Huhtamaki Oyj 100,123.29 129,819.00 0.24 EUR 25,015 Iberdrola SA 152,910.57 106,488.86 0.19 EUR 1,249 Icade EMGP 105,588.45 83,545.61 0.15 EUR 2,572 Iliad SA 230,848.37 265,687.60 0.48 EUR 2,144 Imerys SA 99,217.48 97,744.96 0.18 EUR 4,419 Imtech NV 96,951.87 105,923.43 0.19 EUR 14,286 Indra Sistemas SA 169,799.39 131,259.77 0.24 EUR 1,602 Industria de Diseno Textil SA 73,483.11 115,055.64 0.21 EUR 12,444 Infineon Technologies AG Reg 57,361.35 95,395.70 0.17 EUR 4,216 Ipsen SA 99,178.03 86,428.00 0.16 EUR 4,702 JC Decaux SA 99,982.07 107,722.82 0.20 EUR 3,460 Kabel Deutschland Holding AG 134,701.06 160,232.60 0.29 EUR 3,529 Kerry Group Plc A 102,822.60 122,456.30 0.22 EUR 5,630 Kloeckner & Co. SE Reg 94,950.75 61,141.80 0.11 EUR 2,371 Kone Oyj B 89,047.91 99,036.67 0.18 EUR 33,498 Koninklijke Ahold NV 322,882.13 348,044.22 0.63 EUR 4,385 Koninklijke DSM NV 194,989.97 190,243.23 0.34 EUR 10,680 Koninklijke KPN NV 115,568.12 88,088.64 0.16 EUR 1,726 Krones AG 96,045.22 64,932.12 0.12 EUR 1,151 L'Oréal SA 80,199.61 106,455.99 0.19 EUR 3,599 Lagardère SCA Reg 100,846.07 83,244.87 0.15 EUR 3,670 Legrand Holding SA 106,073.45 101,255.30 0.18 EUR 837 Linde AG 85,374.63 112,618.35 0.20 EUR 4,631 Luxottica Group SpA 99,845.52 125,731.65 0.23 EUR 5,280 M6 Metropole Television SA 67,087.53 71,544.00 0.13 EUR 31,000 Mediaset SpA 70,071.10 64,108.00 0.12 EUR 1,315 Merck KGaA 100,267.14 109,118.70 0.20 EUR 1,808 Michelin SA B Reg 109,975.41 100,940.64 0.18 EUR 3,732 Mobistar 165,571.28 139,390.20 0.25 EUR 2,079 Munich Reinsurance Co Rest Transferability 223,181.30 235,030.95 0.43 EUR 1,790 Neopost SA 101,529.92 86,313.80 0.16 EUR 18,800 Nokia Oyj 82,126.18 76,741.60 0.14 EUR 4,533 Nutreco NV 231,972.48 244,419.36 0.44 EUR 10,480 OPAP SA 106,797.62 76,189.60 0.14 EUR 9,934 Orion Corp (New) B 167,977.12 147,221.88 0.27 EUR 5,790 Paddy Power Plc 233,139.20 273,403.80 0.50 EUR 3,590 Pernod-Ricard 243,569.88 281,456.00 0.51 EUR 5,370 Philips Electronics NV 81,693.69 81,624.00 0.15 EUR 12,530 Pohjola Bank Plc 101,218.59 104,061.65 0.19
The accompanying notes are an integral part of these financial statements.
74 Clariden Leu (Lux)
Clariden Leu (Lux) European Equity Fund
Statement of investments and other net assets (continued) as at 31st March 2012 (in EUR)
Currency Number / nominal Description Cost Market value % of value total net assets
EUR 823 PPR SA 77,987.64 106,167.00 0.19 EUR 4,883 Prosegur Cia de Seguridad SA 170,498.63 214,363.70 0.39 EUR 4,000 ProSieben Sat 1 Media AG Pref 68,516.21 77,080.00 0.14 EUR 2,691 Publicis Groupe SA 101,563.51 111,232.49 0.20 EUR 467 Puma SE 99,591.97 125,062.60 0.23 EUR 7,613 Qiagen NV 99,851.67 88,881.78 0.16 EUR 13,803 Recordati Ind Chim e Farm SpA 97,857.03 78,677.10 0.14 EUR 11,016 Reed Elsevier NV 96,622.88 105,489.22 0.19 EUR 5,945 Rhoen Klinikum AG 99,951.60 89,501.98 0.16 EUR 2,356 Rubis SA 98,036.19 103,298.82 0.19 EUR 1,729 Rémy Cointreau SA 98,101.47 131,749.80 0.24 EUR 4,636 Sampo Plc A 96,977.59 100,462.12 0.18 EUR 4,141 Sanofi 218,184.05 241,130.43 0.44 EUR 6,949 SAP AG 284,541.16 363,849.64 0.66 EUR 13,022 SES SA FDR repr 1 Reg Sh A 240,959.30 242,274.31 0.44 EUR 1,640 Siemens AG Reg 128,272.07 123,967.60 0.22 EUR 1,456 SMA Solar Technology AG 82,981.76 49,474.88 0.09 EUR 25,647 Snam SpA 102,953.53 92,483.08 0.17 EUR 1,875 Sodexo 96,441.61 115,425.00 0.21 EUR 972 Solvay SA 92,884.32 86,284.44 0.16 EUR 3,640 Springer (Axel) Verlag AG 134,778.57 137,846.80 0.25 EUR 9,773 Suedzucker AG 231,796.40 233,330.38 0.42 EUR 7,480 Suez Environnement Co 104,558.06 86,020.00 0.16 EUR 2,090 Technip 146,264.82 184,609.70 0.33 EUR 90,000 Telecom Italia SpA 73,804.43 80,235.00 0.15 EUR 6,419 Telefonica SA 110,219.56 78,857.42 0.14 EUR 14,750 Telekom Austria AG 140,125.39 128,797.00 0.23 EUR 3,246 Telenet Group Holding NV 87,251.44 100,723.38 0.18 EUR 9,380 Tenaris SA Reg 145,092.02 134,134.00 0.24 EUR 33,055 Terna Rete Elettr Nazional SpA 102,949.17 99,627.77 0.18 EUR 3,599 Thales SA 99,141.36 100,987.94 0.18 EUR 18,900 TomTom NV 68,750.34 65,242.80 0.12 EUR 6,214 Total SA 247,729.03 237,623.36 0.43 EUR 26,230 TUI AG 165,071.23 146,284.71 0.27 EUR 8,362 Télévision Française 1 SA TF1 100,332.10 76,771.52 0.14 EUR 4,414 Unilever NV Certif of Shares 96,101.49 112,623.21 0.20 EUR 9,380 United Internet AG & Co 134,614.88 132,539.40 0.24 EUR 1,761 Valeo SA 76,268.81 69,242.52 0.13 EUR 4,685 Vinci SA 191,551.60 183,183.50 0.33 EUR 4,460 Viscofan SA 131,161.60 149,633.00 0.27 EUR 5,280 Vivendi 85,384.55 72,652.80 0.13 EUR 2,640 Voestalpine 71,304.22 66,567.60 0.12 EUR 3,370 Vopak NV 137,280.88 145,567.15 0.26 EUR 1,173 Vossloh AG 100,661.36 86,825.46 0.16 EUR 1,910 Wincor Nixdorf AG 69,704.95 70,459.90 0.13 EUR 6,714 Wolters Kluwer NV 100,982.16 95,338.80 0.17 EUR 10,140 Zardoya Otis SA 101,152.03 98,459.40 0.18 EUR 2,908 Zodiac Aerospace 179,354.42 227,027.56 0.41 21,083,191.97 21,164,042.68 38.39 GBP 2,390 Admiral Group Plc 44,921.49 34,012.72 0.06 GBP 2,609 Aggreko Plc 51,355.62 70,380.01 0.13 GBP 3,939 AMEC Plc 39,516.65 52,326.11 0.09 GBP 11,689 Anglo American Plc 301,820.46 327,513.19 0.59 GBP 2,929 Antofagasta Plc 30,522.28 40,454.29 0.07 GBP 12,080 ARM Holdings Plc 62,974.40 85,739.58 0.16 GBP 12,206 Associated British Foods Plc 159,449.31 178,536.05 0.32 GBP 13,742 AstraZeneca Plc 459,795.15 457,858.43 0.83 GBP 27,324 Aviva Plc 126,118.59 108,597.68 0.20 GBP 24,997 BAE Syst Plc 92,194.72 89,878.76 0.16 GBP 138,349 Barclays Plc 465,527.86 390,209.98 0.71 GBP 33,561 BG Group Plc 452,412.35 582,634.47 1.06 GBP 21,707 BHP Billiton Plc 465,935.26 496,428.93 0.90
The accompanying notes are an integral part of these financial statements.
75 Clariden Leu (Lux)
Clariden Leu (Lux) European Equity Fund
Statement of investments and other net assets (continued) as at 31st March 2012 (in EUR)
Currency Number / nominal Description Cost Market value % of value total net assets
GBP 174,641 BP Plc 1,007,401.97 968,495.53 1.76 GBP 20,031 British American Tobacco Plc 507,943.68 756,614.82 1.37 GBP 9,553 British Sky Broadcast Gr Plc 71,297.59 77,424.64 0.14 GBP 45,294 BT Group Plc 78,044.59 122,944.71 0.22 GBP 6,511 Bunzl Plc 56,811.20 78,374.38 0.14 GBP 3,840 Burberry Group Plc 53,196.76 68,920.08 0.12 GBP 4,896 Carnival Plc 155,126.72 117,281.53 0.21 GBP 53,350 Centrica Plc 174,791.57 202,378.15 0.37 GBP 11,175 Compass Group Plc 52,506.50 87,823.95 0.16 GBP 26,464 Diageo Plc 328,002.10 476,719.25 0.86 GBP 15,898 Experian Plc 121,447.50 185,744.97 0.34 GBP 47,980 GlaxoSmithKline Plc 680,784.22 803,329.85 1.46 GBP 170,996 HSBC Holdings Plc 1,259,522.46 1,137,404.98 2.06 GBP 10,597 Imperial Tobacco Group Plc 235,857.04 322,072.48 0.58 GBP 3,080 Intercontinental Hotels Gr Plc 44,936.57 53,654.86 0.10 GBP 14,754 International Power Plc 49,242.23 71,640.32 0.13 GBP 14,585 J Sainsbury Plc 57,074.91 54,435.01 0.10 GBP 2,530 Johnson Matthey Plc 61,013.32 71,555.20 0.13 GBP 3,230 Kazakhmys Plc 57,745.98 35,162.61 0.06 GBP 60,456 Kingfisher Plc 178,414.00 222,303.30 0.40 GBP 50,241 Legal & General Group Plc 49,480.70 78,727.53 0.14 GBP 13,951 Marks & Spencer Group Plc 55,498.47 63,392.41 0.11 GBP 17,398 Morrison Supermarkets Plc 55,402.17 62,159.61 0.11 GBP 37,558 National Grid Plc 259,701.53 283,909.73 0.51 GBP 2,401 Next Plc 50,728.00 85,869.34 0.16 GBP 37,214 Old Mutual Plc 44,806.28 70,762.35 0.13 GBP 4,233 Pearson Plc 41,784.76 59,124.42 0.11 GBP 2,310 Petrofac Ltd 41,745.24 48,189.67 0.09 GBP 32,921 Prudential Plc 239,349.35 295,037.32 0.53 GBP 6,523 Reckitt Benckiser Group Plc 241,720.96 276,301.82 0.50 GBP 9,054 Reed Elsevier Plc 48,897.04 60,245.72 0.11 GBP 13,326 Rio Tinto Plc 476,989.72 550,563.99 1.00 GBP 12,075 Rolls-Royce Holdings PLC 67,634.98 117,553.59 0.21 GBP 31,918 Royal Dutch Shell Plc A 655,232.85 835,567.60 1.51 GBP 23,837 Royal Dutch Shell Plc B 483,458.67 628,591.19 1.14 GBP 47,910 RSA Insurance Group Plc 70,531.99 60,082.86 0.11 GBP 10,034 SABMiller Plc 220,391.44 301,893.68 0.55 GBP 15,900 Sage Group Plc 51,907.09 57,036.31 0.10 GBP 7,880 Smith & Nephew Plc 51,826.20 59,850.19 0.11 GBP 4,840 Smiths Group Plc 70,780.79 61,045.52 0.11 GBP 14,553 SSE Plc 206,371.68 231,883.71 0.42 GBP 24,064 Standard Chartered Plc 435,887.36 450,075.26 0.82 GBP 24,553 Standard Life Plc 57,182.86 67,617.37 0.12 GBP 85,853 Tesco Plc 385,987.80 339,673.87 0.62 GBP 5,856 Tullow Oil Plc 78,718.85 107,209.39 0.19 GBP 14,351 Unilever Plc 297,149.35 355,127.73 0.64 GBP 484,400 Vodafone Group Plc 788,104.91 1,000,069.09 1.81 GBP 2,180 Weir Group Plc 47,449.09 46,104.98 0.08 GBP 24,339 Xstrata Plc 334,149.37 311,649.69 0.56 13,892,574.55 15,794,166.76 28.59 NOK 121,300 DNO Intl ASA A 132,845.22 161,213.27 0.29 NOK 6,830 Fred Olsen Energy ASA 197,740.07 200,691.06 0.36 NOK 14,900 Gjensidige Forsikring ASA 134,099.32 131,855.17 0.24 NOK 158,800 Marine Harvest ASA 67,911.22 61,435.08 0.11 NOK 15,790 Orkla ASA A 102,973.49 93,625.02 0.17 NOK 30,940 Prosafe SE 165,702.76 184,350.93 0.33 NOK 4,146 SeaDrill Ltd 100,650.16 116,423.95 0.21 NOK 12,000 Statoil Fuel & Retail ASA 67,558.06 57,320.04 0.10 NOK 9,334 Telenor ASA 98,122.44 129,703.09 0.24 NOK 3,658 TGS Nopec Geophysical Co ASA 45,578.62 75,138.96 0.14 1,113,181.36 1,211,756.57 2.19
The accompanying notes are an integral part of these financial statements.
76 Clariden Leu (Lux)
Clariden Leu (Lux) European Equity Fund
Statement of investments and other net assets (continued) as at 31st March 2012 (in EUR)
Currency Number / nominal Description Cost Market value % of value total net assets
SEK 12,699 Assa Abloy AB B 232,508.56 298,530.68 0.54 SEK 8,370 Atlas Copco AB A 152,456.39 151,597.03 0.28 SEK 4,146 Axfood AB 101,029.98 111,536.00 0.20 SEK 15,600 Boliden AB 209,833.54 183,363.99 0.33 SEK 4,833 Electrolux AB B 83,332.21 76,490.66 0.13 SEK 3,640 Elekta AB Shares B 129,289.68 137,908.31 0.25 SEK 11,300 Ericsson B 88,478.22 87,631.41 0.16 SEK 14,910 Fabege AB 100,176.41 96,229.27 0.17 SEK 5,523 Getinge AB B 97,159.63 117,714.47 0.21 SEK 4,232 Hennes & Mauritz AB B 90,135.27 114,615.59 0.21 SEK 4,702 Holmen AB B 99,502.14 96,652.14 0.18 SEK 12,710 Hufvudstaden AB A 100,795.03 100,578.97 0.19 SEK 6,545 JM AB 108,608.41 90,702.58 0.17 SEK 4,014 Lundbergforetagen AB B 98,510.65 103,307.69 0.19 SEK 8,010 Lundin Petroleum AB 139,201.69 128,493.94 0.23 SEK 1,820 Millicom Intl Cellular SA SDR 141,035.95 154,421.07 0.28 SEK 4,412 NCC AB B 53,755.92 69,627.95 0.13 SEK 13,734 Nordea Bank AB 104,402.97 93,455.87 0.17 SEK 4,103 Saab AB B 68,786.50 57,324.78 0.10 SEK 33,050 Securitas AB B 235,684.00 238,542.65 0.43 SEK 18,709 Skandinaviska Enskilda Banken A 105,831.94 99,476.92 0.18 SEK 18,899 Skanska AB B 220,514.78 245,231.44 0.45 SEK 21,518 Svenska Cellulosa SCA AB B 243,965.06 278,971.87 0.50 SEK 4,808 Svenska Handelsbanken AB A 93,777.87 114,713.61 0.20 SEK 9,487 Swedish Match AB 236,481.26 282,695.29 0.51 SEK 4,920 Tele2 AB B 70,956.50 75,140.27 0.14 SEK 20,751 TeliaSonera AB 98,137.25 108,315.48 0.20 3,504,347.81 3,713,269.93 6.73 Total shares 47,436,762.85 50,008,042.36 90.64 Closed-ended investment funds EUR 1,038 Cofinimmo SICAFI 100,151.81 95,703.60 0.17 EUR 2,901 Eurocommercial 101,066.04 82,417.41 0.15 EUR 3,670 Klepierre 101,219.23 95,420.00 0.17 EUR 628 Unibail-Rodamco SE 75,683.99 94,168.60 0.17 EUR 2,002 Vastned Retail NV 98,435.06 78,828.75 0.14 EUR 1,459 Wereldhave NV 99,101.74 86,825.09 0.16 575,657.87 533,363.45 0.96 GBP 8,873 British Land Co Plc 50,655.50 51,052.14 0.09 GBP 7,784 Land Securities Group Plc Reits Dist 60,643.66 67,426.93 0.12 111,299.16 118,479.07 0.21 Total closed-ended investment funds 686,957.03 651,842.52 1.17 Other transferable securities Shares EUR 5,181 Irish Bank Resolution Corp Ltd 0.52 0.52 0.00 Total shares 0.52 0.52 0.00
The accompanying notes are an integral part of these financial statements.
77 Clariden Leu (Lux)
Clariden Leu (Lux) European Equity Fund
Statement of investments and other net assets (continued) as at 31st March 2012 (in EUR)
Currency Number / nominal Description Cost Market value % of value total net assets
Warrants and rights EUR 34,709 Immoeast AG Droits de sousc Perpetual 0.00 0.00 0.00 Total warrants and rights 0.00 0.00 0.00 Total investments in securities 48,123,720.40 50,659,885.40 91.81 Cash at banks 4,431,991.84 8.03 Bank liabilities -2,227.56 0.00 Other net assets/(liabilities) 90,020.31 0.16 Total 55,179,669.99 100.00
The accompanying notes are an integral part of these financial statements.
78 Clariden Leu (Lux)
Clariden Leu (Lux) European Equity Fund
Industrial and geographical classification of investments as at 31st March 2012
Industrial classification (in percentage of net assets)
Food, beverage and tobacco 11.38 % Energy 9.29 % Materials 7.97 % Pharmaceuticals and biotechnology 7.76 % Capital goods 6.50 % Banks 6.47 % Telecommunication services 5.66 % Insurance 3.69 % Utilities 3.25 % Transportation 3.23 % Media 3.17 % Consumer durables and apparel 3.05 % Software and services 2.52 % Health care equipment and services 2.26 % Retailing 1.87 % Commercial services and supplies 1.84 % Real estate 1.83 % Hotels, restaurants and leisure 1.75 % Household and personal products 1.60 % Food retailing, drugstores and pharmacies 1.53 % Semiconductors and semiconductor equipment 1.47 % Technology hardware and equipment 1.19 % Real estate funds 0.88 % Diversified financial services 0.64 % Automobiles and components 0.52 % Investment companies 0.49 % Total 91.81 %
The accompanying notes are an integral part of these financial statements.
79 Clariden Leu (Lux)
Clariden Leu (Lux) European Equity Fund
Industrial and geographical classification of investments (continued) as at 31st March 2012
Geographical classification (by domicile of the issuer) (in percentage of net assets)
United Kingdom 28.96 % France 10.76 % Switzerland 9.87 % Germany 9.26 % Sweden 6.45 % The Netherlands 5.54 % Denmark 4.87 % Spain 3.79 % Italy 3.07 % Belgium 2.31 % Norway 1.65 % Finland 1.42 % Ireland 1.10 % Grand Duchy of Luxembourg 1.07 % Austria 0.60 % Cyprus 0.33 % Portugal 0.32 % Bermuda 0.21 % Greece 0.14 % Jersey 0.09 % Total 91.81 %
The accompanying notes are an integral part of these financial statements.
80 Clariden Leu (Lux)
Clariden Leu (Lux) European Small Cap Equity Fund
Statement of net assets as at 31st March 2012 (in EUR)
Assets Securities portfolio at market value 29,916,226.01 Cash at banks 199,756.51 Receivable on sales of securities 1,053,360.55 Other receivables 16,737.50 Prepaid expenses 66.88 Total assets 31,186,147.45
Liabilities Other liquid liabilities 30,163.35 Payable on purchases of securities 559,726.33 Payable on redemptions of shares 8,542.40 Unrealised loss on futures contracts 16,737.50 Interest on bank liabilities and expenses payable 56,028.69 Total liabilities 671,198.27
Net assets at the end of the period 30,514,949.18
Number of share class B outstanding 175,036.344 Net asset value per share class B 157.55
Number of share class IB outstanding 18,300.000 Net asset value per share class IB 160.57
The accompanying notes are an integral part of these financial statements.
81 Clariden Leu (Lux)
Clariden Leu (Lux) European Small Cap Equity Fund
Statement of operations and other changes in net assets from 1st October 2011 to 31st March 2012 (in EUR)
Income Dividends, net 77,000.28 Commissions received 10,946.79 Total income 87,947.07
Expenses Management fees 299,509.96 Custodian fees 5,582.07 Banking charges and other fees 1,272.64 Transaction fees 528,318.30 Central administration costs 16,637.92 Professional fees 3,199.84 Other administration costs 8,726.07 Subscription duty ("taxe d'abonnement") 7,439.89 Interest paid on bank liabilities 1,127.19 Other expenses 1,987.08 Total expenses 873,800.96
Net investment income -785,853.89
Net realised gain/(loss) - on securities portfolio -3,628,669.97 - on futures contracts -352,222.50 - on foreign exchange 6,739.47 Realised result -4,760,006.89
Net variation of the unrealised gain/(loss) - on securities portfolio 9,121,037.80 - on futures contracts -16,737.50 Result of operations 4,344,293.41
Subscriptions 790,374.81
Redemptions -8,038,134.16
Total changes in net assets -2,903,465.94
Total net assets at the beginning of the period 33,418,415.12
Total net assets at the end of the period 30,514,949.18
The accompanying notes are an integral part of these financial statements.
82 Clariden Leu (Lux)
Clariden Leu (Lux) European Small Cap Equity Fund
Statistical information as at 31st March 2012 (in EUR)
Total net assets - as at 31.03.2012 30,514,949.18 - as at 30.09.2011 33,418,415.12 - as at 31.12.2010 36,014,214.70
Portfolio Turnover Rate (in %) (subscriptions and redemptions of shares are netted by NAV calculation) - as at 31.03.2012 542.16
Number of share class B - outstanding at the beginning of the period 200,555.128 - issued 5,432.159 - redeemed -30,950.943 - outstanding at the end of the period 175,036.344
Net asset value per share class B - as at 31.03.2012 157.55 - as at 30.09.2011 136.65 - as at 31.12.2010 187.49
TER per share class B (in %) - as at 31.03.2012 2.28
Number of share class IB - outstanding at the beginning of the period 43,340.000 - issued 0.000 - redeemed -25,040.000 - outstanding at the end of the period 18,300.000
Net asset value per share class IB - as at 31.03.2012 160.57 - as at 30.09.2011 138.73 - as at 31.12.2010 189.22
TER per share class IB (in %) - as at 31.03.2012 1.47
The accompanying notes are an integral part of these financial statements.
83 Clariden Leu (Lux)
Clariden Leu (Lux) European Small Cap Equity Fund
Statement of investments and other net assets as at 31st March 2012 (in EUR)
Currency Number / nominal Description Cost Market value % of value total net assets
Investments in securities Transferable securities admitted to an official stock exchange listing Shares CHF 9,000 DKSH Holding SA 359,003.96 361,505.50 1.18
DKK 4,000 Coloplast A/S B 505,581.85 519,327.98 1.70
EUR 34,876 Aareal Bank AG 544,131.49 528,197.02 1.73 EUR 10,000 Aixtron SE Reg 127,882.53 130,600.00 0.43 EUR 20,000 Andritz AG 1,326,330.48 1,467,600.00 4.81 EUR 15,000 Asian Bamboo AG 305,633.70 174,150.00 0.57 EUR 87,813 CBF China Bio Fertilizer AG 531,584.86 206,272.74 0.68 EUR 400,000 Commerzbank AG 768,549.76 758,800.00 2.49 EUR 73,000 Deutz AG 397,594.62 365,000.00 1.20 EUR 5,000 Dialog Semiconductor Plc 76,227.43 91,575.00 0.30 EUR 34,500 Dr Hoenle AG 413,589.83 382,950.00 1.26 EUR 27,031 Eckert & Ziegler AG 667,327.49 664,421.98 2.18 EUR 100,000 Finmeccanica SpA 396,833.71 406,000.00 1.33 EUR 11,000 Fresenius SE & Co KGaA 854,087.01 845,790.00 2.77 EUR 60,000 GEA Group AG 1,249,060.45 1,551,600.00 5.08 EUR 28,500 Gfk SE 936,074.37 1,140,000.00 3.74 EUR 20,000 Grifols SA 320,482.64 320,000.00 1.05 EUR 25,000 Haulotte Group 191,384.25 215,250.00 0.70 EUR 19,324 Imtech NV 441,309.09 463,196.28 1.52 EUR 17,000 Ingenico SA 509,256.08 617,185.00 2.02 EUR 435,000 IVG Immobilien AG 1,037,071.47 1,044,000.00 3.42 EUR 3,000 Kapsch TrafficCom AG 148,834.11 190,500.00 0.62 EUR 40,000 KBC Group SA 771,425.61 752,400.00 2.47 EUR 40,000 Kinghero AG 687,557.06 474,000.00 1.55 EUR 95,000 KUKA AG 1,524,796.25 1,529,500.00 5.01 EUR 5,000 Lanxess AG 302,926.32 309,900.00 1.02 EUR 40,000 Leoni AG Reg 1,375,356.79 1,560,000.00 5.11 EUR 126,109 LPKF Laser & Electronics Dév 1,391,073.08 1,470,430.94 4.82 EUR 264,140 MAX Automation AG 1,110,538.23 1,145,839.32 3.76 EUR 31,538 Mobotix AG 630,467.22 793,180.70 2.60 EUR 18,898 Muehlbauer Holding AG & Co 568,453.90 472,450.00 1.55 EUR 44,000 PSI AG fur Prod & Syst der Inf 721,963.61 741,180.00 2.43 EUR 34,500 Rheinmetall AG 1,428,735.42 1,531,627.50 5.02 EUR 26,000 Salvatore Ferragamo SpA 305,574.06 404,040.00 1.32 EUR 12,000 Schuler AG 122,453.46 179,940.00 0.59 EUR 5,378 Software AG 155,026.81 151,014.24 0.49 EUR 23,000 Wendel 1,382,782.95 1,473,150.00 4.83 EUR 10,000 Zumtobel AG 196,295.02 105,900.00 0.35 23,918,671.16 24,657,640.72 80.82 GBP 150,000 Barratt Developments Plc 265,582.82 253,573.05 0.83 GBP 67,000 Cape Plc 377,657.46 331,433.76 1.09 GBP 60,000 Premier Oil Plc 258,862.02 282,203.43 0.92 GBP 63,803 Spectris Plc 1,045,536.09 1,379,207.31 4.52 GBP 104,000 Telecity Group Plc 761,484.20 918,953.53 3.01 2,709,122.59 3,165,371.08 10.37 SEK 32,000 Elekta AB Shares B 1,116,563.02 1,212,380.73 3.97
Total investments in securities 28,608,942.58 29,916,226.01 98.04 Cash at banks 199,756.51 0.65 Other net assets/(liabilities) 398,966.66 1.31 Total 30,514,949.18 100.00
The accompanying notes are an integral part of these financial statements.
84 Clariden Leu (Lux)
Clariden Leu (Lux) European Small Cap Equity Fund
Industrial and geographical classification of investments as at 31st March 2012
Industrial classification (in percentage of net assets)
Capital goods 41.95 % Technology hardware and equipment 12.41 % Health care equipment and services 9.11 % Consumer durables and apparel 6.30 % Software and services 5.93 % Banks 5.40 % Pharmaceuticals and biotechnology 4.50 % Commercial services and supplies 3.74 % Real estate 3.42 % Diversified financial services 2.47 % Materials 1.59 % Energy 0.92 % Semiconductors and semiconductor equipment 0.30 % Total 98.04 %
Geographical classification (by domicile of the issuer) (in percentage of net assets)
Germany 59.50 % United Kingdom 9.58 % France 7.55 % Austria 5.78 % Sweden 3.97 % Italy 2.65 % Belgium 2.47 % Denmark 1.70 % The Netherlands 1.52 % Switzerland 1.18 % Jersey 1.09 % Spain 1.05 % Total 98.04 %
The accompanying notes are an integral part of these financial statements.
85 Clariden Leu (Lux)
Clariden Leu (Lux) Japan Equity Fund
Statement of net assets as at 31st March 2012 (in JPY)
Assets Securities portfolio at market value 3,260,496,400 Deposits on futures contracts 72,092 Cash at banks 121,843,517 Other liquid assets 80,559,020 Receivable on sales of securities 6,091,618 Income receivable on portfolio 31,433,684 Unrealised gain on futures contracts 3,000,000 Prepaid expenses 7,382 Total assets 3,503,503,713
Liabilities Bank liabilities 16,032 Payable on purchases of securities 12,391,509 Interest on bank liabilities and expenses payable 6,927,444 Other liabilities 3,920,466 Total liabilities 23,255,451
Net assets at the end of the period 3,480,248,262
Number of share class B outstanding 385,518.146 Net asset value per share class B 9,027
Number of share class IB outstanding 10.003 Net asset value per share class IB 9,262
The accompanying notes are an integral part of these financial statements.
86 Clariden Leu (Lux)
Clariden Leu (Lux) Japan Equity Fund
Statement of operations and other changes in net assets from 1st October 2011 to 31st March 2012 (in JPY)
Income Dividends, net 35,012,601 Commissions received 162,150 Total income 35,174,751
Expenses Management fees 35,455,534 Custodian fees 626,021 Banking charges and other fees 608,374 Transaction fees 942,806 Central administration costs 1,846,738 Professional fees 372,335 Other administration costs 770,054 Subscription duty ("taxe d'abonnement") 859,243 Interest paid on bank liabilities 11,203 Other expenses 226,494 Total expenses 41,718,802
Net investment income -6,544,051
Net realised gain/(loss) - on securities portfolio -284,500,718 - on futures contracts 7,995,000 - on foreign exchange -102,500 Realised result -283,152,269
Net variation of the unrealised gain/(loss) - on securities portfolio 588,378,061 - on futures contracts 3,000,000 Result of operations 308,225,792
Subscriptions 80,277,004
Redemptions -1,024,476,785
Total changes in net assets -635,973,989
Total net assets at the beginning of the period 4,116,222,251
Total net assets at the end of the period 3,480,248,262
The accompanying notes are an integral part of these financial statements.
87 Clariden Leu (Lux)
Clariden Leu (Lux) Japan Equity Fund
Statistical information as at 31st March 2012 (in JPY)
Total net assets - as at 31.03.2012 3,480,248,262 - as at 30.09.2011 4,116,222,251 - as at 31.12.2010 12,893,613,642
Portfolio Turnover Rate (in %) (subscriptions and redemptions of shares are netted by NAV calculation) - as at 31.03.2012 -22.42
Number of share class B - outstanding at the beginning of the period 502,265.204 - issued 10,259.028 - redeemed -127,006.086 - outstanding at the end of the period 385,518.146
Net asset value per share class B - as at 31.03.2012 9,027 - as at 30.09.2011 8,195 - as at 31.12.2010 9,886
TER per share class B (in %) - as at 31.03.2012 2.30
Number of share class IB - outstanding at the beginning of the period 10.003 - issued 0.000 - redeemed 0.000 - outstanding at the end of the period 10.003
Net asset value per share class IB - as at 31.03.2012 9,262 - as at 30.09.2011 8,374 - as at 31.12.2010 9,993
TER per share class IB (in %) - as at 31.03.2012 1.37
The accompanying notes are an integral part of these financial statements.
88 Clariden Leu (Lux)
Clariden Leu (Lux) Japan Equity Fund
Statement of investments and other net assets as at 31st March 2012 (in JPY)
Currency Number / nominal Description Cost Market value % of value total net assets
Investments in securities Transferable securities admitted to an official stock exchange listing Shares JPY 90,000 A&D Co Ltd 22,991,900 26,910,000 0.77 JPY 21,300 Askul Corp 23,277,632 30,991,500 0.89 JPY 15,000 Canon Inc 55,662,963 58,650,000 1.69 JPY 22,000 Capcom Co Ltd 39,761,705 41,602,000 1.20 JPY 21,000 Dowa Holdings Co Ltd 10,161,959 11,550,000 0.33 JPY 20,100 Eiken Chemical Co Ltd 19,921,842 22,351,200 0.64 JPY 20,000 Espec Corp 12,460,682 15,520,000 0.45 JPY 3,000 Fanuc Corp 32,994,073 44,040,000 1.27 JPY 17,500 Fuji Soft Inc 21,077,930 27,737,500 0.80 JPY 28,000 Fujitsu General Ltd 15,299,435 17,388,000 0.50 JPY 115,000 Furukawa Electric Co Ltd 38,827,067 25,300,000 0.73 JPY 14,300 Hakuto Co Ltd 12,426,700 11,783,200 0.34 JPY 19,000 Hamamatsu Photonics KK 60,863,160 59,375,000 1.71 JPY 127,000 Hankyu Hanshin Holdings Inc 43,861,902 45,847,000 1.32 JPY 38,000 Hokuto Corp 63,945,953 66,234,000 1.90 JPY 16,600 Honda Motor Co Ltd 48,612,891 52,207,000 1.50 JPY 23,000 Horiba Ltd 53,114,248 65,228,000 1.87 JPY 80 INPEX Corp 40,636,174 44,720,000 1.28 JPY 50,000 Itochu Corp 43,959,893 45,150,000 1.30 JPY 6,400 Kadokawa Group Holdings Inc 13,830,041 16,857,600 0.48 JPY 5,500 Kakaku.com Inc 12,050,031 11,924,000 0.34 JPY 40,000 Kanto Denka Kogyo Co Ltd 12,391,509 12,240,000 0.35 JPY 102,000 Kawasaki Kisen Kaisha Ltd 16,210,658 18,564,000 0.53 JPY 3,850 Keyence Corp 62,265,000 74,921,000 2.15 JPY 31,000 Komatsu Ltd 57,298,700 73,129,000 2.10 JPY 50,000 Kuraray Co Ltd 53,597,136 58,550,000 1.68 JPY 41,900 Kyokuto Securities Co Ltd 32,130,330 30,000,400 0.86 JPY 119,000 Kyosan Elect Manufact Co Ltd 56,112,561 42,245,000 1.21 JPY 31,000 Lintec Corp 55,058,843 52,018,000 1.49 JPY 33,800 Meiko Electronics Co Ltd 46,935,349 40,560,000 1.17 JPY 52,800 MIRAIT Holdings Corporation 32,709,366 31,838,400 0.91 JPY 44,000 Mitsubishi Electric Corp 31,064,000 32,208,000 0.93 JPY 130,000 Mitsubishi Heavy Ind Ltd 43,599,197 52,130,000 1.50 JPY 50,000 Mitsui Fudosan Co Ltd 63,784,710 79,150,000 2.27 JPY 11,000 Murata Manufacturing Co Ltd 44,086,864 53,955,000 1.55 JPY 4,000 Musashino Bank Ltd 11,065,070 11,392,000 0.33 JPY 30,000 Nabtesco Corp 33,383,634 50,940,000 1.46 JPY 18,900 NEC Networks Syst Integ Corp 23,369,352 22,339,800 0.64 JPY 10,200 Nidec Corp 69,116,818 76,908,000 2.21 JPY 27,000 Nifco Inc 52,965,901 61,074,000 1.75 JPY 117 Nifty Corp 12,914,004 11,091,600 0.32 JPY 105,000 Nippon Chemi Con Corp 35,861,924 34,650,000 1.00 JPY 116,000 Nippon Koei Co Ltd 36,697,717 33,408,000 0.96 JPY 32,000 Nippon Seiki Co Ltd 34,752,000 33,344,000 0.96 JPY 35,000 Nisshinbo Hgs Inc 25,655,867 27,405,000 0.79 JPY 23,000 Nissin Kogyo Co Ltd 32,598,467 31,073,000 0.89 JPY 16,900 Nitto Kogyo Corp 15,676,813 18,336,500 0.53 JPY 30,000 Nof Corp 11,870,465 12,090,000 0.35 JPY 34,000 Nomura Research Institute Ltd 59,969,082 69,802,000 2.01 JPY 15,900 Noritz Corp 20,769,647 24,963,000 0.72 JPY 400 NTT DoCoMo Inc 57,510,879 54,960,000 1.58 JPY 10,500 Osaka Steel Co Ltd 13,254,137 17,272,500 0.50 JPY 8,500 Pigeon Corp 24,261,136 26,222,500 0.75 JPY 320 Pilot Corp 36,768,686 50,752,000 1.46 JPY 48,000 Pocket Card Co Ltd 13,286,032 16,848,000 0.48 JPY 9,000 Rinnai Corp 45,618,973 53,640,000 1.54
The accompanying notes are an integral part of these financial statements.
89 Clariden Leu (Lux)
Clariden Leu (Lux) Japan Equity Fund
Statement of investments and other net assets (continued) as at 31st March 2012 (in JPY)
Currency Number / nominal Description Cost Market value % of value total net assets
JPY 10,000 Sanrio Co Ltd 40,979,151 32,300,000 0.93 JPY 32,800 Sato Holdings Corp 39,138,285 38,212,000 1.10 JPY 10,300 Seiko Epson Corp 14,708,450 11,948,000 0.34 JPY 137,000 Seiko Hgs Corp 31,716,969 27,263,000 0.78 JPY 60,000 Senko Co Ltd 18,525,058 19,920,000 0.57 JPY 212,900 Seven Bank Ltd 33,401,880 38,534,900 1.11 JPY 53,000 Shimadzu Corp 35,457,000 39,591,000 1.14 JPY 58,000 Shinagawa Refractories Co Ltd 13,398,548 13,050,000 0.37 JPY 44,000 Shizuoka Gas Co Ltd 20,891,934 26,004,000 0.75 JPY 30,700 SRA Holdings Inc 24,529,300 29,594,800 0.85 JPY 94,000 Sumitomo Mitsui Trust Hgs Inc 22,815,816 24,816,000 0.71 JPY 21,000 Sysmex Corp 58,388,256 70,140,000 2.02 JPY 84 T-Gaia Corp 12,742,800 11,533,200 0.33 JPY 43,000 Takuma Co Ltd 18,873,485 17,716,000 0.51 JPY 14,000 TDK Corp 46,825,069 65,660,000 1.89 JPY 5,300 Tocalo Co Ltd 8,347,500 8,692,000 0.25 JPY 44,400 Tomony Holdings Inc 12,686,895 17,848,800 0.51 JPY 96,000 Toray Industries Inc 53,301,573 58,944,000 1.69 JPY 895 Tosei Corp 31,674,300 29,177,000 0.84 JPY 32,000 Toyota Motor Corp 103,813,765 114,240,000 3.28 JPY 65,000 TSI HOLDINGS CO LTD 33,918,952 33,930,000 0.97 JPY 18,000 Tsukishima Kikai Co Ltd 13,651,912 13,158,000 0.38 JPY 15,000 Yakult Honsha Co Ltd 35,685,040 42,675,000 1.23 JPY 129,500 Yamaichi Electronics Co Ltd 28,146,650 23,180,500 0.67 JPY 15,200 Yusen Logistics Co Ltd 17,862,545 19,744,800 0.57 JPY 18,000 Yushin Precision Equip Co Ltd 28,332,000 29,754,000 0.85 Total shares 2,760,162,141 2,989,013,700 85.88 Closed-ended investment funds JPY 271 Advance Residence Inv Corp 36,342,299 42,574,100 1.22 JPY 110 Daiwa House Residential Investment Corp 48,268,859 59,840,000 1.72 JPY 70 Tokyu REIT Inc 33,837,358 30,660,000 0.88 Total closed-ended investment funds 118,448,516 133,074,100 3.82 Transferable securities dealt in on another regulated market Shares JPY 15,700 Furuya Metal Co Ltd 74,653,025 56,284,500 1.62 JPY 14,900 Iriso Electronics Co Ltd 19,685,897 25,270,400 0.73 JPY 35 Message Co Ltd 5,397,000 8,669,500 0.25 JPY 16,400 Shibaura Electronics Co Ltd 19,056,620 25,305,200 0.73 JPY 167 Village Vanguard Co Ltd 31,062,000 22,879,000 0.66 Total shares 149,854,542 138,408,600 3.99 Total investments in securities 3,028,465,199 3,260,496,400 93.69 Cash at banks 121,843,517 3.50 Bank liabilities -16,032 0.00 Other net assets/(liabilities) 97,924,377 2.81 Total 3,480,248,262 100.00
The accompanying notes are an integral part of these financial statements.
90 Clariden Leu (Lux)
Clariden Leu (Lux) Japan Equity Fund
Industrial and geographical classification of investments as at 31st March 2012
Industrial classification (in percentage of net assets)
Technology hardware and equipment 17.25 % Capital goods 12.63 % Automobiles and components 8.38 % Consumer durables and apparel 7.90 % Materials 5.89 % Health care equipment and services 5.55 % Software and services 5.52 % Real estate funds 3.82 % Food, beverage and tobacco 3.13 % Real estate 3.11 % Transportation 2.99 % Telecommunication services 2.82 % Retailing 2.37 % Household and personal products 2.21 % Banks 1.95 % Semiconductors and semiconductor equipment 1.62 % Diversified financial services 1.34 % Energy 1.28 % Commercial services and supplies 1.10 % Food retailing, drugstores and pharmacies 0.89 % Utilities 0.75 % Investment companies 0.71 % Media 0.48 % Total 93.69 %
Geographical classification (by domicile of the issuer) (in percentage of net assets)
Japan 92.01 % France 1.68 % Total 93.69 %
The accompanying notes are an integral part of these financial statements.
91 Clariden Leu (Lux)
Clariden Leu (Lux) North America Equity Fund
Statement of net assets as at 31st March 2012 (in USD)
Assets Securities portfolio at market value 37,947,680.32 Cash at banks 4,508,191.22 Other liquid assets 842,208.92 Receivable on issues of shares 98,396.00 Income receivable on portfolio 74,671.14 Unrealised gain on futures contracts 87,662.50 Other receivables 98,396.00 Prepaid expenses 92.10 Total assets 43,657,298.20
Liabilities Bank liabilities 98,728.63 Payable on redemptions of shares 718.60 Interest on bank liabilities and expenses payable 74,539.07 Other liabilities 87,662.50 Total liabilities 261,648.80
Net assets at the end of the period 43,395,649.40
Number of share class B outstanding 301,801.928 Net asset value per share class B 143.79
The accompanying notes are an integral part of these financial statements.
92 Clariden Leu (Lux)
Clariden Leu (Lux) North America Equity Fund
Statement of operations and other changes in net assets from 1st October 2011 to 31st March 2012 (in USD)
Income Dividends, net 461,813.36 Interest on bank accounts 3.71 Commissions received 4,772.23 Other income 26,128.53 Total income 492,717.83
Expenses Management fees 483,451.82 Custodian fees 9,482.06 Banking charges and other fees 3,270.13 Transaction fees 51,507.56 Central administration costs 29,733.46 Professional fees 5,284.41 Other administration costs 12,924.84 Subscription duty ("taxe d'abonnement") 12,595.84 Interest paid on bank liabilities 1,683.45 Other expenses 3,417.83 Total expenses 613,351.40
Net investment income -120,633.57
Net realised gain/(loss) - on securities portfolio 545,915.26 - on futures contracts 729,212.52 - on foreign exchange 56,630.74 Realised result 1,211,124.95
Net variation of the unrealised gain/(loss) - on securities portfolio 9,329,231.59 - on futures contracts 279,750.00 Result of operations 10,820,106.54
Subscriptions 7,651,644.64
Redemptions -42,127,068.66
Total changes in net assets -23,655,317.48
Total net assets at the beginning of the period 67,050,966.88
Total net assets at the end of the period 43,395,649.40
The accompanying notes are an integral part of these financial statements.
93 Clariden Leu (Lux)
Clariden Leu (Lux) North America Equity Fund
Statistical information as at 31st March 2012 (in USD)
Total net assets - as at 31.03.2012 43,395,649.40 - as at 30.09.2011 67,050,966.88 - as at 31.12.2010 67,169,742.74
Portfolio Turnover Rate (in %) (subscriptions and redemptions of shares are netted by NAV calculation) - as at 31.03.2012 233.15
Number of share class B - outstanding at the beginning of the period 565,613.687 - issued 57,580.574 - redeemed -321,392.333 - outstanding at the end of the period 301,801.928
Net asset value per share class B - as at 31.03.2012 143.79 - as at 30.09.2011 118.55 - as at 31.12.2010 134.98
TER per share class B (in %) - as at 31.03.2012 1.99
The accompanying notes are an integral part of these financial statements.
94 Clariden Leu (Lux)
Clariden Leu (Lux) North America Equity Fund
Statement of investments and other net assets as at 31st March 2012 (in USD)
Currency Number / nominal Description Cost Market value % of value total net assets
Investments in securities Transferable securities admitted to an official stock exchange listing Shares CAD 3,231 AGF Management Ltd B Pref 59,710.03 50,048.41 0.12 CAD 9,245 Algonquin Power & Utilities Corp 53,610.50 53,655.88 0.12 CAD 1,792 Alimentation Couche Tard Inc B 52,655.63 58,726.17 0.14 CAD 2,014 AltaGas Ltd 53,213.50 62,373.84 0.14 CAD 845 Atco Ltd Non voting 1 55,029.85 59,137.74 0.14 CAD 3,562 Atlantic Power Corp 53,526.19 49,151.93 0.11 CAD 883 Bank of Montreal 51,097.12 52,395.96 0.12 CAD 980 Bank of Nova Scotia 44,503.09 54,798.02 0.12 CAD 1,058 Barrick Gold Corp 42,727.99 45,894.13 0.11 CAD 1,387 BCE Inc 50,988.89 55,432.81 0.13 CAD 1,927 Bell Aliant Inc 54,857.93 52,641.32 0.12 CAD 1,769 Brookfield Asset Management Inc A 44,773.77 55,706.64 0.13 CAD 3,058 Brookfield Office Prop Inc 53,334.15 53,090.81 0.12 CAD 4,963 CAE Inc 53,317.89 50,804.51 0.12 CAD 725 Canadian Imp Bk of Commerce 53,536.64 55,309.95 0.13 CAD 746 Canadian National Railway Co 48,928.72 59,173.88 0.14 CAD 892 Canadian Pacific Railway Ltd 49,157.65 67,577.25 0.16 CAD 932 Canadian Tire Corp A 52,663.60 60,115.80 0.14 CAD 2,421 Canadian Utilities Ltd A Non Voting 142,873.05 157,612.71 0.36 CAD 1,730 Canadian Western Bank 53,727.37 50,514.23 0.12 CAD 8,245 Canexus Corp 53,854.59 65,095.36 0.15 CAD 2,146 Capital Power Corp 53,920.21 50,442.33 0.12 CAD 2,671 CGI Group Inc A 53,450.24 59,414.95 0.14 CAD 2,585 CI Financial Corp 53,579.03 58,821.13 0.14 CAD 2,141 Cineplex Inc 53,400.10 61,272.43 0.14 CAD 6,262 CML HealthCare Inc 53,826.32 66,420.37 0.15 CAD 3,033 Cogeco Cable Inc 143,189.86 158,850.47 0.37 CAD 2,599 Corus Entertainment Inc B Non Voting 53,192.54 61,766.40 0.14 CAD 6,904 Cott Corp 53,418.19 45,457.87 0.10 CAD 2,746 Davis Henderson Corp 53,765.46 50,834.04 0.12 CAD 1,645 Dollarama Inc 53,635.57 76,575.17 0.18 CAD 2,317 Dundee Corp A Reg 53,233.48 57,939.49 0.13 CAD 1,716 Emera Inc 54,955.05 58,227.41 0.13 CAD 955 Empire Co Ltd A Non voting 53,858.11 55,043.78 0.13 CAD 1,672 Enbridge Inc 47,640.55 64,815.41 0.15 CAD 2,043 EnCana Corp 53,894.17 40,048.40 0.09 CAD 6,701 EnerCare Inc 53,370.05 66,383.05 0.15 CAD 1,807 Enerplus Corp 53,159.98 40,394.64 0.09 CAD 135 Fairfax Financial Holdings Ltd Sub Voting 51,617.98 54,385.00 0.13 CAD 3,247 First Capital Realty Inc 54,889.72 57,996.65 0.13 CAD 1,665 Fortis Inc 55,143.33 53,764.50 0.12 CAD 1,252 Franco Nevada Corporation 54,015.54 53,733.21 0.12 CAD 2,824 Freehold Royalties Ltd 53,226.62 55,358.14 0.13 CAD 2,299 Genworth MI Canada Inc 54,094.93 50,909.96 0.12 CAD 784 George Weston Ltd 53,087.86 49,683.01 0.11 CAD 3,103 Gibson Energy Inc 53,598.53 65,453.78 0.15 CAD 2,263 Great-West Lifeco Inc 52,567.54 55,570.14 0.13 CAD 4,391 Group Aeroplan Inc 53,810.57 54,176.24 0.12 CAD 1,057 Home Capital Group Inc 53,063.87 53,243.99 0.12 CAD 2,010 Husky Energy Inc 54,062.95 51,046.98 0.12 CAD 1,193 IGM Financial Inc 57,674.92 55,450.89 0.13 CAD 1,265 Imperial Oil Ltd 53,260.77 57,367.09 0.13 CAD 1,462 Industrial Al Ins Fin Serv Inc 54,609.49 44,737.04 0.10 CAD 5,479 Innergex Renewable Energy Inc 54,783.04 57,512.09 0.13 CAD 985 Intact Financial Corp 53,548.89 59,168.01 0.14 CAD 11,864 Jean Coutu Group PJC Inc A 145,237.38 167,391.20 0.39
The accompanying notes are an integral part of these financial statements.
95 Clariden Leu (Lux)
Clariden Leu (Lux) North America Equity Fund
Statement of investments and other net assets (continued) as at 31st March 2012 (in USD)
Currency Number / nominal Description Cost Market value % of value total net assets
CAD 3,926 Just Energy Group Inc 53,884.33 54,214.04 0.12 CAD 3,236 Keyera Corp 144,244.76 133,215.63 0.31 CAD 1,243 Laurentian Bank of Canada 53,373.60 57,712.71 0.13 CAD 1,421 Loblaw Co Ltd 53,106.32 48,373.86 0.11 CAD 1,067 MacDonald Dettwiler & Ass Ltd 53,357.97 48,494.66 0.11 CAD 1,591 Manitoba Telecom Services Inc 53,684.36 55,625.70 0.13 CAD 4,439 Maple Leaf Foods Inc 53,844.66 52,814.04 0.12 CAD 1,137 Metro Inc 54,864.14 60,516.37 0.14 CAD 1,897 MI Developments Inc 52,804.58 65,583.98 0.15 CAD 2,587 Mullen Group Ltd 53,169.40 54,258.79 0.12 CAD 716 National Bank of Canada 56,717.91 56,865.88 0.13 CAD 4,512 Newalta Corp 53,769.70 67,678.87 0.16 CAD 5,102 Norbord Inc 54,080.90 58,711.16 0.14 CAD 3,237 Northland Power Inc 53,368.91 55,842.18 0.13 CAD 1,554 Onex Corp 53,293.75 57,084.44 0.13 CAD 3,755 Pason Syst Inc 52,969.36 52,754.49 0.12 CAD 4,866 Pembina Pipeline Corp 122,781.44 137,213.07 0.32 CAD 2,331 Peyto Exploration & Dev Corp 53,122.54 38,206.61 0.09 CAD 2,155 Power Corp of Canada 53,457.86 57,015.26 0.13 CAD 1,909 Power Financial Corp 51,858.00 56,046.49 0.13 CAD 2,598 Progressive Waste Solution Ltd 53,111.63 56,335.28 0.13 CAD 1,412 Rogers Communications Inc B Nv 51,130.79 55,951.57 0.13 CAD 5,239 RONA Inc 54,057.90 49,226.21 0.11 CAD 1,018 Royal Bank Canada 52,848.68 58,888.86 0.14 CAD 2,218 Russel Metals Inc 53,635.21 59,436.67 0.14 CAD 1,252 Saputo Inc 53,008.11 54,134.11 0.12 CAD 2,426 Shaw Communications Inc B 52,157.64 51,246.17 0.12 CAD 2,114 ShawCor Ltd 54,024.16 66,422.77 0.15 CAD 1,359 Shoppers Drug Mart Corp 53,504.17 59,562.92 0.14 CAD 1,024 SNC-Lavalin Group Inc 52,958.70 40,914.91 0.09 CAD 1,970 Sun Life Financial Inc 54,878.00 46,660.23 0.11 CAD 4,939 Superior Plus Corp 53,473.73 36,770.06 0.08 CAD 1,688 Thomson-Reuters Corp 53,340.43 48,713.58 0.11 CAD 1,147 Tim Hortons Inc 53,223.90 61,243.73 0.14 CAD 684 Toronto Dominion Bank 43,624.84 57,945.10 0.13 CAD 5,905 Total Energy Serv Inc 88,692.90 94,836.89 0.22 CAD 2,437 TransAlta Corp 53,827.53 45,601.54 0.11 CAD 1,269 Transcanada Corp 50,262.87 54,386.62 0.13 CAD 3,843 Veresen Inc 53,384.20 58,297.77 0.13 CAD 1,155 Vermilion Energy Inc 53,273.33 53,176.11 0.12 CAD 2,989 Zargon Oil & Gas Ltd 54,085.42 43,189.23 0.10 5,610,129.62 5,860,081.17 13.50 USD 640 3M Co 48,043.53 57,094.40 0.13 USD 1,069 Abbott Laboratories 51,974.23 65,519.01 0.15 USD 4,855 Activision Blizzard Inc 54,504.72 62,241.10 0.14 USD 1,554 Advisory Board Co (The) 89,597.53 137,715.48 0.32 USD 1,352 AGL Resources Inc 53,892.24 53,025.44 0.12 USD 649 Air Products and Chemicals Inc 51,279.30 59,578.20 0.14 USD 845 Airgas Inc 53,084.15 75,179.65 0.17 USD 715 Allergan Inc 46,004.89 68,232.45 0.16 USD 1,396 Allete Inc 54,342.35 57,920.04 0.13 USD 1,366 Alliant Energy Corp 53,967.81 59,175.12 0.14 USD 2,077 Altria Group Inc 47,378.84 64,116.99 0.15 USD 1,918 Amdocs Ltd 52,894.64 60,570.44 0.14 USD 5,058 Ameren Corp 143,102.44 164,789.64 0.38 USD 1,424 American Electric Power Co Inc 50,508.64 54,937.92 0.13 USD 1,612 American Financial Group Inc 52,710.88 62,190.96 0.14 USD 712 American National Insurance Co 52,965.11 51,634.24 0.12 USD 1,540 American States Water Co 52,810.65 55,655.60 0.13 USD 7,493 American Vanguard Corp 88,402.61 162,523.17 0.37 USD 2,320 Ametek Inc 92,231.26 112,543.20 0.26 USD 1,040 Amgen Inc 59,237.46 70,709.60 0.16
The accompanying notes are an integral part of these financial statements.
96 Clariden Leu (Lux)
Clariden Leu (Lux) North America Equity Fund
Statement of investments and other net assets (continued) as at 31st March 2012 (in USD)
Currency Number / nominal Description Cost Market value % of value total net assets
USD 2,449 AmTrust Financial Serv Inc 53,107.45 65,829.12 0.15 USD 1,125 Analogic Corp 52,781.89 75,982.50 0.18 USD 1,756 ANSYS Inc 89,434.02 114,175.12 0.26 USD 1,151 AON Corp 51,253.69 56,468.06 0.13 USD 1,932 Apollo Group Inc A 87,196.89 74,652.48 0.17 USD 372 Apple Inc 78,599.95 223,002.84 0.51 USD 1,102 AptarGroup Inc 53,031.31 60,356.54 0.14 USD 1,568 Arch Capital Group Ltd 52,616.55 58,392.32 0.13 USD 1,905 Argo Group Intl Holdings Ltd 53,163.67 56,902.35 0.13 USD 1,969 Arthur J Gallagher & Co 53,130.59 70,372.06 0.16 USD 2,067 Aspen Insurance Holdings Ltd 52,681.01 57,751.98 0.13 USD 1,578 Assurant Inc 52,740.07 63,909.00 0.15 USD 2,782 Astec Industries Inc 89,688.81 101,487.36 0.23 USD 1,853 AT&T Inc 48,220.58 57,869.19 0.13 USD 1,658 Atmos Energy Corp 54,420.90 52,160.68 0.12 USD 1,115 Automatic Data Processing Inc 54,562.29 61,536.85 0.14 USD 186 Autozone Inc 38,661.33 69,154.80 0.16 USD 2,219 Avista Corp 52,743.34 56,762.02 0.13 USD 1,804 Axis Capital Holdings Ltd 52,888.55 59,838.68 0.14 USD 2,099 AZZ Inc 90,816.98 108,392.36 0.25 USD 1,294 Bank of Hawaii Corp 52,933.81 62,564.90 0.14 USD 2,394 BankUnited Inc 53,642.85 59,850.00 0.14 USD 4,030 Barnes Group Inc 89,001.67 106,029.30 0.24 USD 985 Baxter Intl Inc 54,048.92 58,883.30 0.14 USD 2,559 BE Aerospace Inc 88,288.33 118,916.73 0.27 USD 943 Beam Inc 47,143.04 55,231.51 0.13 USD 658 Becton Dickinson & Co 53,078.41 51,093.70 0.12 USD 1,644 Bed Bath and Beyond Inc 77,932.87 108,125.88 0.25 USD 2,860 Belden Inc 89,412.47 108,422.60 0.25 USD 1,766 Bemis Co Inc 52,900.36 57,024.14 0.13 USD 526 Bio-Rad Laboratories Inc A 53,040.50 54,540.94 0.13 USD 2,014 BJ's Restaurants Inc 89,559.85 101,404.90 0.23 USD 5,817 Blount Intl Inc 92,625.97 97,027.56 0.22 USD 4,531 Body Central Corp 95,723.78 131,489.62 0.30 USD 5,594 Booz Allen Hamilton Hg Corp A 88,583.05 95,153.94 0.22 USD 3,677 Brinker International Inc 91,235.32 101,301.35 0.23 USD 1,895 Bristol Myers Squibb Co 46,419.23 63,956.25 0.15 USD 2,499 Broadridge Fin Solutions Inc 53,028.92 59,751.09 0.14 USD 3,010 BroadSoft Inc 91,696.53 115,132.50 0.27 USD 778 Brown-Forman Corp B Non voting 53,203.92 64,877.42 0.15 USD 3,916 Cabela's Inc 89,450.28 149,395.40 0.34 USD 1,802 CACI Intl Inc A 90,041.05 112,246.58 0.26 USD 1,721 Cal-Maine Foods Inc 53,352.83 65,845.46 0.15 USD 2,902 California Water Serv Group 52,964.70 52,845.42 0.12 USD 1,816 Cameron Intl Corp 81,274.55 95,939.28 0.22 USD 1,719 Campbell Soup Co 56,917.57 58,188.15 0.13 USD 4,827 Capitol Federal Financial Inc 53,194.06 57,248.22 0.13 USD 1,283 Cardinal Health Inc 45,414.53 55,310.13 0.13 USD 3,916 Cardtronics Inc 89,150.72 102,795.00 0.24 USD 2,171 Cascade Corp 91,345.79 108,810.52 0.25 USD 1,260 Casey's General Stores 52,748.84 69,879.60 0.16 USD 3,616 CBS Corp B 89,620.68 122,618.56 0.28 USD 958 Celgene Corp 51,973.60 74,264.16 0.17 USD 2,732 Centerpoint Energy Inc 52,690.03 53,875.04 0.12 USD 1,526 CenturyLink Inc 51,273.63 58,979.90 0.14 USD 3,292 Ceva Inc 87,133.22 74,761.32 0.17 USD 2,616 CH Energy Group Inc 141,532.96 174,565.68 0.40 USD 779 CH Robinson Worldwide Inc 49,674.03 51,016.71 0.12 USD 1,897 Chart Industries Inc 88,302.22 139,107.01 0.32 USD 1,348 Chesapeake Utilities Corp 53,262.87 55,429.76 0.13 USD 538 Chevron Corp 39,558.61 57,695.12 0.13 USD 1,274 Church & Dwight Co Inc 53,049.34 62,668.06 0.14
The accompanying notes are an integral part of these financial statements.
97 Clariden Leu (Lux)
Clariden Leu (Lux) North America Equity Fund
Statement of investments and other net assets (continued) as at 31st March 2012 (in USD)
Currency Number / nominal Description Cost Market value % of value total net assets
USD 2,953 Cintas Corp 89,714.95 115,521.36 0.27 USD 2,051 Clarcor Inc 87,743.38 100,683.59 0.23 USD 1,758 Clean Harbors Inc 88,794.62 118,366.14 0.27 USD 1,543 Cleco Corp 52,973.18 61,179.95 0.14 USD 2,824 CMS Energy Corp 52,826.87 62,128.00 0.14 USD 1,656 Coach Inc 76,068.14 127,975.68 0.29 USD 783 Coca-Cola Co 43,811.11 57,949.83 0.13 USD 1,973 Coca-Cola Enterprises Inc 53,082.65 56,427.80 0.13 USD 2,749 Cognex Corp 90,939.55 116,447.64 0.27 USD 3,609 Colfax Corp 88,975.27 127,181.16 0.29 USD 619 Colgate-Palmolive Co 50,112.98 60,525.82 0.14 USD 5,723 Columbia Banking System Inc 89,544.47 130,369.94 0.30 USD 1,480 Commerce Bancshares Inc 52,476.20 59,969.60 0.14 USD 3,857 Community Bank Syst Inc 89,229.54 111,004.46 0.26 USD 8,226 Comverse Technology Inc 53,541.82 56,512.62 0.13 USD 2,262 ConAgra Foods Inc 50,474.98 59,400.12 0.14 USD 2,838 Consolidated Com Hgs Inc 52,821.07 55,709.94 0.13 USD 974 Consolidated Edison of NY Inc 49,763.92 56,901.08 0.13 USD 2,642 Copart Inc 53,202.34 68,876.94 0.16 USD 2,077 CorVel Corp 89,269.08 82,851.53 0.19 USD 721 Costco Wholesale Corp 43,546.11 65,466.80 0.15 USD 1,246 Credit Acceptance Corp 89,044.02 125,858.46 0.29 USD 1,267 Crown Castle Intl Corp 52,817.47 67,581.78 0.16 USD 1,570 CVS Caremark Corp 54,216.43 70,336.00 0.16 USD 3,900 CYS Investments Inc 53,283.90 51,051.00 0.12 USD 794 D&B Corp 59,219.50 67,275.62 0.15 USD 1,090 Darden Restaurants Inc 52,769.16 55,764.40 0.13 USD 715 Davita Inc 53,215.91 64,471.55 0.15 USD 964 Deckers Outdoor Corp 87,575.71 60,780.20 0.14 USD 1,217 DirectTV 37,105.06 60,046.78 0.14 USD 1,658 Dollar General Corp 54,861.35 76,599.60 0.18 USD 786 Dollar Tree Inc 53,676.08 74,269.14 0.17 USD 1,075 Dominion Resources Inc 47,425.11 55,050.75 0.13 USD 3,493 Domino's Pizza Inc 90,913.36 126,795.90 0.29 USD 1,441 Dr Pepper Snapple Group Inc WI 53,229.49 57,942.61 0.13 USD 1,104 DTE Energy Company 52,396.98 60,753.12 0.14 USD 2,902 Duke Energy Corp 51,848.96 60,971.02 0.14 USD 3,958 DXP Enterprises Inc 92,283.74 172,133.42 0.40 USD 7,137 Earthlink Inc 52,729.52 57,024.63 0.13 USD 1,129 Ecolab Inc 51,564.63 69,681.88 0.16 USD 1,473 Edison Intl 52,215.97 62,617.23 0.14 USD 1,541 El Paso Electric Co 53,499.02 50,067.09 0.12 USD 1,492 Eli Lilly & Co 53,791.32 60,082.84 0.14 USD 840 Entergy Corp 57,353.77 56,448.00 0.13 USD 1,711 Equifax Inc 52,431.19 75,728.86 0.17 USD 646 Everest Reinsurance Group Ltd 52,681.56 59,767.92 0.14 USD 1,136 Exelis Inc 0.00 14,222.72 0.03 USD 2,597 Exelon Corp 108,379.81 101,828.37 0.23 USD 1,528 Expedia Inc 44,925.88 51,096.32 0.12 USD 1,107 Express Scripts Inc 48,123.22 59,977.26 0.14 USD 718 Exxon Mobil Corp 48,996.28 62,272.14 0.14 USD 1,062 Family Dollar Stores Inc 53,745.82 67,203.36 0.15 USD 2,750 Fastenal Co 83,019.46 148,775.00 0.34 USD 2,959 FBL Financial Group Inc A 89,415.47 99,718.30 0.23 USD 652 Fedex Corp 48,280.50 59,957.92 0.14 USD 1,890 Fidelity Natl Inform Serv Inc 53,057.88 62,596.80 0.14 USD 4,711 Finish Line Inc A 90,169.72 99,967.42 0.23 USD 343 First Citizens BancShares Inc A 61,188.25 62,940.50 0.15 USD 1,248 Firstenergy Corp 52,548.58 56,896.32 0.13 USD 967 Fiserv Inc 51,095.48 67,100.13 0.15 USD 3,326 FleetCor Technologies Inc 87,838.30 128,949.02 0.30 USD 2,483 Flowers Foods Inc 53,022.56 50,578.71 0.12
The accompanying notes are an integral part of these financial statements.
98 Clariden Leu (Lux)
Clariden Leu (Lux) North America Equity Fund
Statement of investments and other net assets (continued) as at 31st March 2012 (in USD)
Currency Number / nominal Description Cost Market value % of value total net assets
USD 1,548 Forest Laboratories Inc 50,713.27 53,700.12 0.12 USD 1,630 Forrester Research Inc 53,156.01 52,812.00 0.12 USD 943 Fortune Brands Home & Security Inc 0.00 20,812.01 0.05 USD 2,044 Franklin Electric Co Inc 89,229.99 100,299.08 0.23 USD 1,504 FTI Consulting Inc 53,488.97 56,430.08 0.13 USD 1,234 Gardner Denver Inc 91,264.65 77,766.68 0.18 USD 1,684 Garmin Ltd Reg 53,618.98 79,063.80 0.18 USD 2,622 GATX Corp 88,176.72 105,666.60 0.24 USD 1,458 General Mills Inc 52,706.78 57,518.10 0.13 USD 1,922 Genesco Inc 90,224.36 137,711.30 0.32 USD 3,328 Genpact Ltd 52,903.69 54,246.40 0.12 USD 1,051 Genuine Parts Co 48,334.43 65,950.25 0.15 USD 3,733 GNC Holdings Inc A 88,132.61 130,244.37 0.30 USD 3,559 Golub Capital BDC Inc 52,920.93 54,345.93 0.13 USD 2,873 Great Plains Energy Inc 56,947.24 58,235.71 0.13 USD 1,030 H J Heinz Co 52,143.16 55,156.50 0.13 USD 878 Haemonetics Corp 52,701.29 61,179.04 0.14 USD 3,044 Hancock Hg Co 89,051.29 108,092.44 0.25 USD 2,357 Harley Davidson Inc 88,445.07 115,681.56 0.27 USD 1,409 Hasbro Inc 53,081.01 51,738.48 0.12 USD 2,287 Hawaiian Elec Industries Inc 52,662.76 57,975.45 0.13 USD 4,163 HB Fuller Co 89,154.04 136,671.29 0.31 USD 3,773 Heartland Express Inc 52,696.49 54,557.58 0.13 USD 4,430 Heartland Payment Syst Inc 86,457.64 127,761.20 0.29 USD 832 Henry Schein Inc 52,609.70 62,965.76 0.15 USD 941 Hershey Co (The) 48,717.58 57,711.53 0.13 USD 4,224 Hexcel Corp 89,035.45 101,418.24 0.23 USD 3,219 Hi-Tech Pharmacal Co Inc 88,208.92 115,658.67 0.27 USD 2,644 Hillenbrand Inc 52,785.67 60,679.80 0.14 USD 6,607 Hilltop Holdings Inc 52,889.67 55,432.73 0.13 USD 2,299 Home Bancshares Inc 53,049.11 61,176.39 0.14 USD 1,697 Home Depot Inc 48,937.91 85,376.07 0.20 USD 1,894 Hormel Foods Corp 53,173.02 55,910.88 0.13 USD 1,177 Hospira Inc 50,826.45 44,008.03 0.10 USD 2,854 HSN Inc Del 89,628.11 108,537.62 0.25 USD 1,867 Huntington Inga Industries Inc 54,350.69 75,128.08 0.17 USD 308 IBM Corp 38,453.51 64,264.20 0.15 USD 1,432 Idacorp Inc 54,438.94 58,883.84 0.14 USD 1,087 Integrys Energy Group 55,748.11 57,600.13 0.13 USD 2,555 Intel Corp 48,913.39 71,821.05 0.17 USD 940 Intl Flavors & Fragrances Inc 52,537.80 55,084.00 0.13 USD 5,680 Intl Game Technology 89,847.05 95,367.20 0.22 USD 1,237 Intuit Inc 48,110.97 74,380.81 0.17 USD 256 Intuitive Surgical Inc 81,351.61 138,688.00 0.32 USD 6,635 Investors Bancorp Inc 92,504.12 99,657.70 0.23 USD 742 ITC Holdings Corp 53,483.69 57,089.48 0.13 USD 568 ITT Corp 53,774.59 13,029.92 0.03 USD 703 J.M. Smucker Co 44,997.25 57,196.08 0.13 USD 1,135 John Wiley & Sons Inc A 53,069.56 54,014.65 0.12 USD 826 Johnson & Johnson 51,406.91 54,482.96 0.13 USD 8,873 Jones Apparel Group Inc 91,638.64 111,444.88 0.26 USD 996 Kellogg Co 53,524.03 53,415.48 0.12 USD 808 Kimberly-Clark Corp 52,410.71 59,703.12 0.14 USD 1,675 Kirby Corp 90,498.68 110,198.25 0.25 USD 3,571 Knight Transportation Inc 52,578.04 63,063.86 0.15 USD 1,871 Kohl's Corp 90,951.97 93,606.13 0.22 USD 1,540 Kraft Foods Inc A 49,892.81 58,535.40 0.13 USD 2,334 Kroger Co 52,234.54 56,552.82 0.13 USD 766 L-3 Communications Hgs Inc 53,153.64 54,209.82 0.12 USD 630 Laboratory Corp of America Hgs 49,967.31 57,670.20 0.13 USD 1,432 Laclede Group (The) Inc 52,848.29 55,876.64 0.13 USD 908 Lancaster Colony Corp 53,040.87 60,345.68 0.14
The accompanying notes are an integral part of these financial statements.
99 Clariden Leu (Lux)
Clariden Leu (Lux) North America Equity Fund
Statement of investments and other net assets (continued) as at 31st March 2012 (in USD)
Currency Number / nominal Description Cost Market value % of value total net assets
USD 2,852 Lexmark Intl Inc A 86,904.54 94,800.48 0.22 USD 1,922 Linear Technology Corp 52,173.40 64,771.40 0.15 USD 7,456 Lions Gate Entertainment Corp 47,359.00 103,787.52 0.24 USD 5,078 Lithia Motors Inc A 88,927.29 133,043.60 0.31 USD 760 Lockheed Martin Corp 55,037.38 68,293.60 0.16 USD 1,439 Loews Corp 50,145.99 57,372.93 0.13 USD 2,152 Madison Square Garden Co A 52,820.58 73,598.40 0.17 USD 1,472 ManTech Intl Corp A 52,824.93 50,725.12 0.12 USD 139 Markel Corp 53,101.62 62,402.66 0.14 USD 782 Martin Marietta Materials Inc 53,192.05 66,962.66 0.15 USD 266 Master Card Inc A 82,051.38 111,863.64 0.26 USD 5,763 Mattel Inc 134,728.08 193,982.58 0.45 USD 2,309 Maxim Intergrated Products Inc 53,041.49 66,014.31 0.15 USD 1,649 Mc Donald's Corp 121,837.80 161,766.90 0.37 USD 1,146 McCormick & Co 53,121.22 62,376.78 0.14 USD 3,463 McGrath Rentcorp 88,791.65 111,196.93 0.26 USD 676 McKesson Corp 45,718.22 59,332.52 0.14 USD 2,603 MDU Resources Group Inc 52,812.40 58,281.17 0.13 USD 2,071 Mead Johnson Nutrition Co 143,871.32 170,816.08 0.39 USD 1,666 Medtronic Inc 58,409.84 65,290.54 0.15 USD 1,661 Merck Co Inc 51,621.50 63,782.40 0.15 USD 1,308 MGE Energy Inc 52,870.78 58,062.12 0.13 USD 2,106 Microsoft Corp 50,336.05 67,918.50 0.16 USD 1,205 Molson Coors Brewing Co B 53,095.10 54,526.25 0.13 USD 1,315 Motorola Solutions Inc 47,623.52 66,841.45 0.15 USD 8,657 Navigant Consulting Inc 89,067.18 120,418.87 0.28 USD 2,174 NeuStar Inc A 53,060.58 80,981.50 0.19 USD 1,185 New Jersey Resources Corp 52,750.76 52,815.45 0.12 USD 11,873 New York Times Co A 88,586.75 80,617.67 0.19 USD 904 Newmont Mining Corp 46,401.90 46,348.08 0.11 USD 975 NextEra Energy Inc 55,141.33 59,553.00 0.14 USD 2,616 NiSource Inc 52,914.53 63,699.60 0.15 USD 2,039 Nordstrom Inc 88,275.69 113,613.08 0.26 USD 770 Norfolk Southern Corp 44,834.13 50,689.10 0.12 USD 1,603 Northeast Utilities Inc 55,380.72 59,503.36 0.14 USD 1,006 Northrop Grumman Corp 49,724.91 61,446.48 0.14 USD 4,524 Northwest Bancshares Inc MD 54,447.76 57,454.80 0.13 USD 1,206 Northwest Natural Gas Co 53,611.42 54,752.40 0.13 USD 1,675 NorthWestern Corp 52,803.61 59,395.50 0.14 USD 2,293 Nu Skin Enterprises Inc A 88,313.32 132,787.63 0.31 USD 3,733 NV Energy Inc 56,410.80 60,175.96 0.14 USD 87 NVR Inc 52,759.19 63,190.71 0.15 USD 879 O Reilly Automotive Inc 52,911.82 80,296.65 0.18 USD 2,804 Old Dominion Freight Lines Inc 88,523.68 133,666.68 0.31 USD 6,171 Omnicell Inc 89,904.77 93,860.91 0.22 USD 1,290 Omnicom Group Inc 50,727.33 65,338.50 0.15 USD 10,888 On Assignment Inc 97,499.35 190,213.36 0.44 USD 4,365 Oritani Financial Corp 53,065.24 64,078.20 0.15 USD 2,537 Oxford Industries Inc 88,621.13 128,930.34 0.30 USD 1,859 Pall Corp 88,355.52 110,852.17 0.26 USD 1,876 Papa Johns Intl Inc 53,001.49 70,650.16 0.16 USD 865 Partnerre Ltd 52,992.02 58,724.85 0.14 USD 1,804 Patterson Companies Inc 52,779.24 60,253.60 0.14 USD 1,960 Paychex Inc 53,351.13 60,740.40 0.14 USD 2,305 Penn National Gaming Inc 89,707.01 99,068.90 0.23 USD 2,824 Pepco Holdings Inc 54,891.66 53,345.36 0.12 USD 840 Pepsico Inc 51,838.52 55,734.00 0.13 USD 2,342 Perkin Elmer Inc 52,861.07 64,779.72 0.15 USD 2,911 Pfizer Inc 47,733.95 65,963.26 0.15 USD 1,309 PG & E Corp 55,073.14 56,823.69 0.13 USD 2,089 Philip Morris Intl Inc 120,319.78 185,106.29 0.43 USD 1,263 Pinnacle West Capital Corp 55,292.58 60,497.70 0.14
The accompanying notes are an integral part of these financial statements.
100 Clariden Leu (Lux)
Clariden Leu (Lux) North America Equity Fund
Statement of investments and other net assets (continued) as at 31st March 2012 (in USD)
Currency Number / nominal Description Cost Market value % of value total net assets
USD 1,732 Polaris Industries Inc 89,373.62 124,963.80 0.29 USD 641 Polo Ralph Lauren Corp A 88,961.97 111,572.46 0.26 USD 2,258 Portland General Electric Co 55,782.48 56,404.84 0.13 USD 697 PPG Industries Inc 46,569.69 66,772.60 0.15 USD 2,003 PPL Corp 55,026.98 56,604.78 0.13 USD 535 Praxair Inc 46,709.25 61,332.40 0.14 USD 11,953 Premier Global Service Inc 89,674.33 108,055.12 0.25 USD 1,613 Pricesmart Inc 88,777.22 117,442.53 0.27 USD 765 ProAssurance Corp 52,875.92 67,404.15 0.16 USD 862 Procter & Gamble Co 48,866.05 57,935.02 0.13 USD 1,649 Public Serv Enterprise Gr Inc 52,873.98 50,475.89 0.12 USD 1,090 Quest Diagnostics Inc 54,728.18 66,653.50 0.15 USD 2,824 Questar Corp 49,398.65 54,390.24 0.13 USD 1,294 Raytheon Co 55,605.99 68,297.32 0.16 USD 835 RenaissanceRe Holdings Ltd 53,049.81 63,234.55 0.15 USD 1,902 Republic Services Inc 51,442.47 58,125.12 0.13 USD 6,087 Revlon Inc A 92,728.49 105,000.75 0.24 USD 1,519 Reynolds American Inc 47,578.91 62,947.36 0.15 USD 862 RLI Corp 52,989.58 61,753.68 0.14 USD 1,990 Robbins & Myers Inc 88,595.63 103,579.50 0.24 USD 1,120 Rockwell Collins Inc 51,378.68 64,467.20 0.15 USD 1,482 Ross Stores Inc 53,191.59 86,104.20 0.20 USD 765 Royal Gold Inc 53,004.00 49,893.30 0.11 USD 1,334 Ruddick Corp 52,894.02 53,493.40 0.12 USD 1,918 Ryder System Inc 88,225.38 101,270.40 0.23 USD 1,348 Safety Insurance Group Inc 52,700.95 56,130.72 0.13 USD 3,679 SAIC Inc 59,274.34 48,562.80 0.11 USD 2,974 Sara Lee Corp 46,663.00 64,030.22 0.15 USD 1,376 SCANA Corp 55,087.44 62,759.36 0.14 USD 1,594 Schweitzer-Mauduit Intl Inc 90,108.84 110,081.64 0.25 USD 6,009 Select Comfort Corp 92,023.35 194,631.51 0.45 USD 3,622 Selective Insurance Group Inc 52,942.71 63,783.42 0.15 USD 1,078 Sempra Energy 53,383.20 64,636.88 0.15 USD 709 Sherwin Williams Co 50,948.71 77,047.03 0.18 USD 2,611 Snyder's Lance Inc 52,962.16 67,572.68 0.16 USD 2,368 Solar Capital Ltd 52,531.27 52,261.76 0.12 USD 3,860 SolarWinds Inc 89,474.79 149,227.60 0.34 USD 1,776 Sonoco Products Co 53,043.41 58,963.20 0.14 USD 1,321 Southern Co 50,776.82 59,352.53 0.14 USD 2,108 Spectra Energy Corp 48,113.29 66,507.40 0.15 USD 724 Stepan Co 53,107.33 63,567.20 0.15 USD 1,086 Stryker Corp 50,016.75 60,251.28 0.14 USD 3,137 Sturm Ruger & Co Inc 90,080.17 154,026.70 0.35 USD 2,781 Superior Energy Services Inc 67,531.76 73,307.16 0.17 USD 4,844 Susser Holdings Corp 89,321.67 124,345.48 0.29 USD 2,352 Synopsys Inc 53,067.00 72,112.32 0.17 USD 1,899 Sysco Corp 50,938.51 56,704.14 0.13 USD 1,109 Target Corp 51,947.07 64,621.43 0.15 USD 3,878 Team Inc 89,855.93 120,024.10 0.28 USD 724 Techne Corp 52,972.34 50,752.40 0.12 USD 3,040 Teco Energy Inc 55,629.67 53,352.00 0.12 USD 1,763 Teledyne Technologies Inc 89,544.11 111,157.15 0.26 USD 1,012 Teleflex Inc 53,002.09 61,883.80 0.14 USD 5,353 Teletech Holdings Inc 90,104.13 86,183.30 0.20 USD 2,373 Tennant Co 90,371.09 104,412.00 0.24 USD 4,228 Tesoro Corp 88,235.82 113,479.52 0.26 USD 3,664 Texas Capital Bancshares Inc 89,689.90 126,847.68 0.29 USD 1,942 Texas Instruments Inc 49,400.35 65,270.62 0.15 USD 5,985 TFS Financial Corp 53,021.11 56,857.50 0.13 USD 3,787 Tibco Software Inc 87,237.76 115,503.50 0.27 USD 821 Time Warner Cable Inc 42,615.84 66,911.50 0.15 USD 1,760 Time Warner Inc 47,665.39 66,440.00 0.15
The accompanying notes are an integral part of these financial statements.
101 Clariden Leu (Lux)
Clariden Leu (Lux) North America Equity Fund
Statement of investments and other net assets (continued) as at 31st March 2012 (in USD)
Currency Number / nominal Description Cost Market value % of value total net assets
USD 1,990 TJX Cos Inc 44,010.78 79,022.90 0.18 USD 2,122 Tootsie Roll Industries Inc 52,706.80 48,615.02 0.11 USD 3,091 Total System Serv Inc 53,340.18 71,309.37 0.16 USD 1,518 Tractor Supply Co 89,256.37 137,470.08 0.32 USD 1,002 TransDigm Group Inc 90,232.35 115,991.52 0.27 USD 1,021 Travelers Cies Inc 50,999.81 60,443.20 0.14 USD 976 Treehouse Foods Inc 53,490.63 58,072.00 0.13 USD 2,409 Trimble Navigation Ltd 88,011.49 131,097.78 0.30 USD 1,528 TripAdvisor Inc 44,481.88 54,503.76 0.13 USD 1,816 Triumph Group 90,584.23 113,790.56 0.26 USD 2,470 Twin Disc Inc 89,553.75 64,442.30 0.15 USD 1,858 UGI Corp 52,863.89 50,630.50 0.12 USD 1,638 UIL Holdings Corp 54,018.02 56,936.88 0.13 USD 1,561 Ulta Salon Cosmetics & Fra Inc 85,091.26 145,001.29 0.33 USD 1,375 Under Armour Inc A 87,908.32 129,250.00 0.30 USD 1,459 Unisource Energy Corp 53,926.72 53,355.63 0.12 USD 1,960 United Health Group Inc 71,998.41 115,522.40 0.27 USD 810 United Parcel Service Inc B 47,247.49 65,383.20 0.15 USD 726 United Technologies Corp 44,995.45 60,214.44 0.14 USD 1,393 Universal Corp 53,107.29 64,913.80 0.15 USD 5,431 US Ecology Inc 89,279.95 118,069.94 0.27 USD 4,594 Valley National Bancorp 52,478.33 59,492.30 0.14 USD 3,052 Vector Group Ltd 53,121.03 54,081.44 0.12 USD 2,039 Vectren Corp 55,641.66 59,253.34 0.14 USD 2,397 VeriFone Systems Inc 89,253.88 124,332.39 0.29 USD 1,657 Verisk Analytics Inc A 53,904.77 77,829.29 0.18 USD 1,523 Verizon Communications Inc 40,614.74 58,224.29 0.13 USD 796 VF Corp 89,398.80 116,200.08 0.27 USD 5,188 Viad Corp 90,567.27 100,802.84 0.23 USD 4,408 ViewPoint Financial Group Inc 53,123.23 67,795.04 0.16 USD 1,068 Wal-Mart Stores Inc 56,135.46 65,361.60 0.15 USD 1,453 Walgreen Co 48,606.67 48,660.97 0.11 USD 1,684 Waste Connections Inc 52,927.14 54,780.52 0.13 USD 1,723 Waste Management Inc 58,854.24 60,236.08 0.14 USD 820 Watson Pharmaceuticals Inc 53,092.28 54,989.20 0.13 USD 1,385 Weis Markets Inc 53,124.32 60,386.00 0.14 USD 5,215 Wesbanco Inc 89,982.25 105,030.10 0.24 USD 1,279 West Pharmaceutical Serv Inc 52,567.63 54,395.87 0.13 USD 2,105 Westar Energy Inc 55,715.04 58,792.65 0.14 USD 3,115 Western Union Co (The) 53,530.11 54,824.00 0.13 USD 1,565 Westinghouse Air Brak Tec Corp 93,958.32 117,954.05 0.27 USD 1,376 WGL Holdings Inc 52,898.01 56,003.20 0.13 USD 1,426 Willis Group Holdings Plc 53,145.88 49,881.48 0.11 USD 4,412 Windstream Corp 52,813.62 51,664.52 0.12 USD 1,744 Wisconsin Energy Corp 50,149.70 61,353.92 0.14 USD 1,792 WR Berkley Corp 50,705.01 64,727.04 0.15 USD 385 WW Grainger Inc 55,677.61 82,701.85 0.19 USD 2,950 Wyndham Worlwide Corp 89,528.39 137,204.50 0.32 USD 2,268 Xcel Energy Inc 53,431.36 60,033.96 0.14 USD 1,136 Xylem Inc 0.00 31,524.00 0.07 USD 1,034 Yum Brands Inc 44,975.33 73,600.12 0.17 USD 1,000 Zimmer Holdings Inc 50,787.54 64,280.00 0.15 24,256,628.17 29,959,389.15 69.05 Total shares 29,866,757.79 35,819,470.32 82.55 Closed-ended investment funds CAD 2,257 Allied Prop Real Estate Inv Tr Units Trust 53,738.82 58,516.91 0.14 CAD 1,598 Canadian REIT Units of Benef Int 53,580.32 59,020.54 0.14 CAD 2,083 Riocan Real Estate Inv Trust Units 53,360.54 56,340.11 0.13 160,679.68 173,877.56 0.41
The accompanying notes are an integral part of these financial statements.
102 Clariden Leu (Lux)
Clariden Leu (Lux) North America Equity Fund
Statement of investments and other net assets (continued) as at 31st March 2012 (in USD)
Currency Number / nominal Description Cost Market value % of value total net assets
USD 1,650 American Capital Agency Corp 47,922.60 48,741.00 0.11 USD 7,062 ARMOUR Residential REIT Inc 53,086.89 47,668.50 0.11 USD 403 Avalon Bay Communities Inc 52,984.19 56,964.05 0.13 USD 3,244 Colony Financial Inc Dist 53,068.08 53,136.72 0.12 USD 2,273 EastGroup Properties Inc 90,443.51 114,150.06 0.26 USD 380 Essex Property Trust Inc 53,130.45 57,573.80 0.13 USD 612 Federal Realty Invest Trust 52,439.07 59,235.48 0.14 USD 2,107 General American Inv Co Inc 53,004.47 61,145.14 0.14 USD 1,897 Hatteras Financial Corp 53,375.59 52,926.30 0.12 USD 2,152 National Retail Properties Inc 54,415.85 58,512.88 0.13 USD 1,454 Plum Creek Timber Co Inc 51,060.27 60,428.24 0.14 USD 1,713 PS Business Parks Inc CA 90,686.64 112,270.02 0.26 USD 12,991 Retail Opportunity Inv Corp Dist 143,567.37 156,411.64 0.36 849,184.98 939,163.83 2.15 Total closed-ended investment funds 1,009,864.66 1,113,041.39 2.56 Open-ended investment funds Real estate funds (UCI) CAD 2,824 Boardwalk Real Estate Invt Tr 141,802.10 161,355.28 0.37 CAD 2,071 Calloway REIT Trust Units 54,245.17 56,181.33 0.12 CAD 2,623 Canadian Apartment Prop REIT Units 53,501.49 59,082.13 0.14 CAD 7,276 Chartwell Seniors Housing REIT Units 53,580.41 66,473.09 0.16 CAD 2,380 Cominar REIT Units 54,663.85 55,728.22 0.13 CAD 5,209 Dundee Intl REIT Dist 53,556.46 52,697.24 0.12 CAD 1,684 Dundee REIT 53,465.51 59,315.35 0.13 CAD 2,439 H & R Real Estate Inv Trust Stapled Units 53,228.13 57,744.27 0.13 CAD 6,867 Primaris Retail Real Estate Inv Trust Units 142,307.95 148,698.53 0.34 CAD 4,871 Transglobe Apartment REIT 53,198.68 58,636.24 0.14 713,549.75 775,911.68 1.78 USD 1,434 American Campus Communities Inc REIT 53,087.35 64,128.48 0.15 USD 2,909 Annaly Capital Management Inc 52,491.13 46,020.38 0.11 USD 5,473 CoreSite Realty Corp Dist 89,965.95 129,108.07 0.30 195,544.43 239,256.93 0.56 Total real estate funds (UCI) 909,094.18 1,015,168.61 2.34 Total investments in securities 31,785,716.63 37,947,680.32 87.45 Cash at banks 4,508,191.22 10.39 Bank liabilities -98,728.63 -0.23 Other net assets/(liabilities) 1,038,506.49 2.39 Total 43,395,649.40 100.00
The accompanying notes are an integral part of these financial statements.
103 Clariden Leu (Lux)
Clariden Leu (Lux) North America Equity Fund
Industrial and geographical classification of investments as at 31st March 2012
Industrial classification (in percentage of net assets)
Utilities 9.39 % Capital goods 7.49 % Retailing 5.56 % Software and services 5.27 % Food, beverage and tobacco 4.41 % Health care equipment and services 4.32 % Real estate funds 4.25 % Commercial services and supplies 4.21 % Consumer durables and apparel 4.04 % Insurance 3.87 % Diversified financial services 3.65 % Banks 3.42 % Energy 3.40 % Materials 3.16 % Technology hardware and equipment 2.84 % Media 2.55 % Hotels, restaurants and leisure 2.49 % Food retailing, drugstores and pharmacies 2.47 % Pharmaceuticals and biotechnology 2.13 % Transportation 1.90 % Telecommunication services 1.63 % Household and personal products 1.43 % Real estate 1.04 % Automobiles and components 0.90 % Semiconductors and semiconductor equipment 0.81 % Investment companies 0.39 % Central banks 0.29 % Investment funds 0.14 % Total 87.45 %
The accompanying notes are an integral part of these financial statements.
104 Clariden Leu (Lux)
Clariden Leu (Lux) North America Equity Fund
Industrial and geographical classification of investments (continued) as at 31st March 2012
Geographical classification (by domicile of the issuer) (in percentage of net assets)
United States of America 70.01 % Canada 15.93 % Bermuda 1.08 % Switzerland 0.18 % Guernsey 0.14 % Ireland 0.11 % Total 87.45 %
The accompanying notes are an integral part of these financial statements.
105 Clariden Leu (Lux)
Clariden Leu (Lux) Emerging Markets Equity Fund
Statement of net assets as at 31st March 2012 (in USD)
Assets Securities portfolio at market value 164,481,781.21 Cash at banks 37,729.57 Receivable on sales of securities 588,153.60 Receivable on issues of shares 476,925.10 Income receivable on portfolio 628,787.91 Prepaid expenses 48,368.11 Total assets 166,261,745.50
Liabilities Bank liabilities 621,923.55 Payable on redemptions of shares 699,716.28 Interest on bank liabilities and expenses payable 318,116.23 Total liabilities 1,639,756.06
Net assets at the end of the period 164,621,989.44
Number of share class B outstanding 1,247,827.917 Net asset value per share class B 116.69
Number of share class IB outstanding 179,189.000 Net asset value per share class IB 106.13
The accompanying notes are an integral part of these financial statements.
106 Clariden Leu (Lux)
Clariden Leu (Lux) Emerging Markets Equity Fund
Statement of operations and other changes in net assets from 1st October 2011 to 31st March 2012 (in USD)
Income Dividends, net 1,034,257.62 Interest on bonds and other debt securities, net 4,233.43 Interest on bank accounts 58.91 Commissions received 87,397.27 Total income 1,125,947.23
Expenses Management fees 1,736,041.44 Custodian fees 31,654.82 Banking charges and other fees 95,076.07 Transaction fees 800,296.33 Central administration costs 77,848.46 Professional fees 18,364.16 Other administration costs 29,288.18 Subscription duty ("taxe d'abonnement") 39,895.87 Other taxes 27,331.58 Interest paid on bank liabilities 40,965.12 Other expenses 12,627.29 Total expenses 2,909,389.32
Net investment income -1,783,442.09
Net realised gain/(loss) - on securities portfolio -16,712,937.62 - on foreign exchange -57,677.78 Realised result -18,554,057.49
Net variation of the unrealised gain/(loss) - on securities portfolio 41,948,935.70 Result of operations 23,394,878.21
Subscriptions 25,456,939.15
Redemptions -72,331,569.38
Total changes in net assets -23,479,752.02
Total net assets at the beginning of the period 188,101,741.46
Total net assets at the end of the period 164,621,989.44
The accompanying notes are an integral part of these financial statements.
107 Clariden Leu (Lux)
Clariden Leu (Lux) Emerging Markets Equity Fund
Statistical information as at 31st March 2012 (in USD)
Total net assets - as at 31.03.2012 164,621,989.44 - as at 30.09.2011 188,101,741.46 - as at 31.12.2010 297,169,442.53
Portfolio Turnover Rate (in %) (subscriptions and redemptions of shares are netted by NAV calculation) - as at 31.03.2012 12.01
Number of share class B - outstanding at the beginning of the period 1,708,972.598 - issued 188,613.490 - redeemed -649,758.171 - outstanding at the end of the period 1,247,827.917
Net asset value per share class B - as at 31.03.2012 116.69 - as at 30.09.2011 101.27 - as at 31.12.2010 145.73
TER per share class B (in %) - as at 31.03.2012 2.35
Number of share class IB - outstanding at the beginning of the period 163,885.000 - issued 41,404.000 - redeemed -26,100.000 - outstanding at the end of the period 179,189.000
Net asset value per share class IB - as at 31.03.2012 106.13 - as at 30.09.2011 91.75 - as at 31.12.2010 131.26
TER per share class IB (in %) - as at 31.03.2012 1.54
The accompanying notes are an integral part of these financial statements.
108 Clariden Leu (Lux)
Clariden Leu (Lux) Emerging Markets Equity Fund
Statement of investments and other net assets as at 31st March 2012 (in USD)
Currency Number / nominal Description Cost Market value % of value total net assets
Investments in securities Transferable securities admitted to an official stock exchange listing Shares EUR 28,640 Motor Sich JSC GDR repr 10 Shares 753,036.73 962,230.66 0.58 EUR 367,100 Ukrtelecom PJSC GDR spons repr 1 Share Reg-S 1,386,360.90 834,112.96 0.51 2,139,397.63 1,796,343.62 1.09 HKD 2,303,948 Aluminium Corp of China Ltd H 2,179,355.87 1,086,193.97 0.66 HKD 2,667,000 Bank of Communications Co Ltd H 2,472,796.63 1,992,528.94 1.21 HKD 1,700,000 China Coal Energy Co Ltd H 2,166,489.91 1,924,825.78 1.17 HKD 2,611,000 China Construction Bank Corp H 1,923,005.03 2,017,956.27 1.23 HKD 2,800,000 China Railway Construct Ltd H 1,992,590.14 1,871,884.37 1.14 HKD 2,837,660 China Railway Group Ltd H 2,157,300.82 964,979.12 0.59 HKD 1,051,181 China Unicom (Hong Kong) Ltd 1,599,918.56 1,752,126.30 1.06 HKD 4,930,042 China Water Affairs Group Ltd 1,754,936.80 1,676,517.83 1.02 HKD 5,059,837 Country Garden Holdings Co Ltd 2,174,490.79 2,020,467.41 1.23 HKD 4,452,417 Evergrande Real Estate Gr Ltd 1,995,762.34 2,448,935.44 1.49 HKD 3,920,200 Gome Electric App Holdings Ltd 1,572,604.42 807,945.07 0.49 HKD 2,489,600 Melco Intl Development Ltd 2,314,043.13 2,408,369.63 1.46 HKD 5,388,000 Qingling Motors Co Ltd H 1,524,900.54 1,603,220.27 0.97 HKD 3,148,814 Shanghai Electric Gr Co Ltd H 1,857,898.99 1,598,073.90 0.97 HKD 914,800 Sinotruk (Hong Kong) Ltd 800,052.39 510,231.99 0.31 HKD 1,100,000 United Co Rusal Plc 987,477.79 818,981.62 0.50 29,473,624.15 25,503,237.91 15.50 JOD 420,200 Alia-royal Jordanian Airlines 962,425.88 337,700.39 0.21 JOD 187,100 Jordan Petroleum Refinery Co 1,374,717.13 1,435,070.85 0.87 2,337,143.01 1,772,771.24 1.08 KRW 191,600 Daewoo Engineer & Const Co Ltd 2,216,111.86 1,742,586.79 1.06 KRW 12,800 Green Cross Corp 1,591,837.78 1,424,105.63 0.87 KRW 52,500 Hana Financial Group Inc 2,141,127.14 2,081,456.46 1.26 KRW 95,900 Hyundai Development Co - E&C 2,912,160.94 2,104,295.31 1.28 KRW 114,000 LG Display Co Ltd 2,069,724.18 2,697,747.71 1.64 KRW 25,937 LG Electronics Inc 1,831,534.84 1,928,384.01 1.17 KRW 61,000 LG Life Sciences Ltd 2,116,960.70 1,941,765.55 1.18 KRW 37,700 SK Chemicals Co Ltd 2,776,613.14 2,103,875.89 1.28 KRW 12,147 Yuhan Corp 1,672,928.43 1,260,284.47 0.77 19,328,999.01 17,284,501.82 10.51 PHP 51,431,200 Filinvest Land Inc PHP 1.00 Com 1,242,377.10 1,533,650.21 0.93
PLN 36,671 Ciech SA 324,934.84 194,014.01 0.12 PLN 151,800 Cyfrowy Polsat SA 829,773.41 680,951.04 0.41 PLN 598,100 Polish Oil & Gas Co 825,732.97 774,785.65 0.47 PLN 153,900 Polski Koncern Naftowy Orle SA 2,213,783.10 1,843,128.55 1.12 4,194,224.32 3,492,879.25 2.12 THB 6,826,620 Asian Property Development PCL Foreign Reg 1,237,620.64 1,359,576.21 0.83 THB 2,829,100 Bangchak Petroleum PCL 1,735,719.64 2,171,297.62 1.32 THB 6,706,528 CH Karnchang Public Co Ltd Foreign Reg 1,479,143.46 1,737,442.50 1.06 THB 6,119,279 ESSO (Thailand) PCL Foreign Reg 1,793,409.34 2,536,488.73 1.54 THB 13,631,000 Hemaraj Land & Dev PCL 881,652.75 1,271,284.99 0.77 THB 13,073,100 IRPC PCL Foreign 2,173,176.24 1,972,818.87 1.20 THB 5,872,400 Italian-Thai Development PCL Foreign Reg 725,211.28 673,196.12 0.41 THB 29,434,500 Quality Houses PCL Foreign Reg 2,066,218.33 1,725,273.49 1.05 THB 24,601,264 Sansiri PCL Foreign Re 919,683.41 1,561,479.21 0.95 THB 670,700 Thai Oil PCL Foreign Reg 1,292,234.57 1,563,808.31 0.95 THB 3,212,300 TPI Polene Pub Co Ltd 1,018,604.45 1,477,158.69 0.90 15,322,674.11 18,049,824.74 10.98
The accompanying notes are an integral part of these financial statements.
109 Clariden Leu (Lux)
Clariden Leu (Lux) Emerging Markets Equity Fund
Statement of investments and other net assets (continued) as at 31st March 2012 (in USD)
Currency Number / nominal Description Cost Market value % of value total net assets
TRY 148,032 Alkim Alkali Kimya A.S. 714,936.42 613,061.82 0.37 TRY 7 Dyo Boya FabrikSanayi ve Ti AS 9.91 6.52 0.00 TRY 389,554 Kordsa Gl End Ipl Kor Be Sa Ti 905,943.55 922,512.84 0.56 TRY 1,707,784 Petkim Petrokimya Holding AS 2,376,611.58 2,127,542.36 1.29 TRY 880,582 Trakya Cam Sanayii As 1,380,553.93 1,368,805.92 0.83 TRY 929,422 Turk Sise Cam 1,359,399.62 1,768,092.36 1.07 TRY 785,482 Vestel Elekt Sanayi Ticaret AS 1,254,735.73 982,954.47 0.60 7,992,190.74 7,782,976.29 4.72 TWD 1,849,403 Ardentec Corp 1,649,838.92 1,405,006.85 0.85 TWD 2,186,806 Chang Hwa Commercial Bank 1,405,813.25 1,234,876.03 0.75 TWD 1,815,000 Chin-Poon Industrial Co Ltd 1,547,266.15 1,631,253.17 0.99 TWD 2,164,100 China Motor Co Ltd 1,849,673.86 1,970,699.83 1.20 TWD 2,528,800 Compeq Manufacturing Co Ltd 1,022,567.05 1,102,088.51 0.67 TWD 1,000,000 Epistar Corp 2,140,119.13 2,540,274.70 1.54 TWD 1,924,000 Giga-Byte Technology Co Ltd 1,862,593.43 1,634,600.63 0.99 TWD 3,479,600 King Yuan Ele Co Ltd 2,065,831.67 1,292,237.40 0.78 TWD 2,342,000 King's TownBank 1,717,794.08 1,493,288.10 0.91 TWD 1,085,503 Pan Intl Industrial Corp 1,586,223.17 1,017,946.67 0.62 TWD 1,963,900 Pan Jit International Inc 1,946,748.32 965,797.86 0.59 TWD 520,000 Realtek Semiconductor Corp 1,044,736.81 929,421.73 0.56 TWD 1,575,500 Siliconware Precision Ind Co Ltd 2,067,195.00 1,870,188.22 1.14 TWD 999,366 TXC Corp 1,648,859.75 1,545,568.57 0.94 TWD 6,852,700 United Microelectronics Corp 3,462,626.34 3,300,265.87 2.00 TWD 3,871,625.9999998 Walsin Technology Corp 2,220,858.25 1,158,139.43 0.70 TWD 5,263,700 Yageo Corp 2,248,434.00 1,576,342.91 0.96 31,487,179.18 26,667,996.48 16.19 USD 191,770 Azovstal Iron & Steel Works spons ADR repr 10 Shares 521,774.33 315,116.46 0.19 USD 99,300 Centerenergo OJSC spons ADR repr 10 Shares 2,133,889.53 981,501.06 0.60 USD 74,050 Embraer SA spons ADR rep 4 Shares 2,279,811.93 2,368,119.00 1.44 USD 469,628 Gazprom OAO spons ADR repr 2 Shares 6,008,590.52 5,729,461.60 3.48 USD 49,000 JSC Surgutneftegaz ADR repr 10 Shares 524,149.15 479,220.00 0.29 USD 191,400 LDK Solar Co ADR Repr 1 Shs 1,645,859.31 765,600.00 0.46 USD 125,900 Mobile Telesystems OJSC ADR repr 2 Shs 2,515,598.33 2,309,006.00 1.40 USD 54,200 Oil Co Lukoil OJSC spons ADR repr 1 Share 3,208,149.03 3,262,840.00 1.98 USD 73,800 Perfect World Co Ltd spons ADR repr 5 Shares B 1,925,477.70 1,194,084.00 0.73 USD 258,000 Suntech Power Holdings Co Ltd ADR repr 1 Sh 2,382,343.34 789,480.00 0.48 23,145,643.17 18,194,428.12 11.05 Total shares 136,663,452.42 122,078,609.68 74.17 Equity / index linked certificates USD 836,404 Citigroup Gl Mks Hgs Inc Certif Lucky Cement 20.01.15 754,367.89 1,042,995.79 0.63 USD 828,000 JP Morgan Struct Products BV Certif Attock Refinery 1,330,293.15 1,184,868.00 0.72 01.06.16 USD 732,600 JP Morgan Struct Products BV Certif FaujFert 14.01.16 747,172.04 1,005,127.20 0.61 USD 359,100 JP Morgan Struct Products BV Certif Pakistan State 1,267,525.40 992,552.40 0.60 01.09.14 USD 6,452,830 JP Morgan Struct Products BV Certif PakisTel A 1,446,218.29 880,811.30 0.53 25.08.14 USD 1,443,000 JP Morgan Struct Products BV Certif QinSoInd 04.03.15 1,493,845.40 1,473,288.57 0.89 USD 464,300 JP Morgan Struct Products BV Certif Shandong Haihua 540,395.36 432,031.15 0.26 03.12.13 USD 426,100 JP Morgan Struct Products BV Certif Shandong Haihua 435,196.24 396,486.05 0.24 27.01.15 USD 1,108,000 JP Morgan Struct Products BV Certif Sinotrans 04.03.15 1,522,372.30 1,231,542.00 0.75 Total equity / index linked certificates 9,537,386.07 8,639,702.46 5.23
The accompanying notes are an integral part of these financial statements.
110 Clariden Leu (Lux)
Clariden Leu (Lux) Emerging Markets Equity Fund
Statement of investments and other net assets (continued) as at 31st March 2012 (in USD)
Currency Number / nominal Description Cost Market value % of value total net assets
Bonds related to a basket of shares USD 1,544,300 Credit Suisse Intl 0% Lk Emaar Properties PJSC 1,391,002.72 1,290,772.27 0.78 11/13.06.12 USD 4,784,150 Credit Suisse Intl 0% Lk Sorouh Real Estate 11/10.10.12 1,773,769.06 1,550,016.76 0.94 USD 2,811,700 Credit Suisse Intl VAR Lk AraTec Hg 11/13.06.12 1,082,541.16 2,319,483.80 1.41 USD 144,300 JP Morgan Struct Products BV 0% Lk Jaiprakash 252,799.17 231,745.80 0.14 09/26.05.14 Total bonds related to a basket of shares 4,500,112.11 5,392,018.63 3.27 Warrants and rights THB 6,928,400 Sansiri PCL Call Wts 20.01.15 33.18 228,852.59 0.14
USD 2,280,437 Citigroup Gl Mks Hgs Inc Call Wts Natl Bk Pakist 1,360,875.69 1,147,059.81 0.70 20.01.15 USD 1,891,512 Citigroup Gl Mks Hgs Inc Call Wts Nishat Mills Ltd 1,263,352.83 1,146,256.27 0.70 20.01.15 USD 703,760 Citigroup Gl Mks Inc Call Wts ParsvDev 24.10.12 839,085.45 773,432.24 0.47 USD 450,000 Standard Chartered Bank Call Wts Arvind Mills Ltd 895,615.00 743,301.00 0.45 31.01.17 USD 750,000 Standard Chartered Bank Call Wts Meifeng Chem 833,175.00 832,327.50 0.51 21.01.13 USD 156,000 Standard Chartered Bank Call Wts Reliance Infrast 1,769,742.00 1,864,075.20 1.13 31.01.17 USD 750,000 Standard Chartered Bank Ltd Call Wts Reliance Com 1,293,040.00 1,255,027.50 0.76 07.11.16 8,254,885.97 7,761,479.52 4.72 Total warrants and rights 8,254,919.15 7,990,332.11 4.86 Transferable securities dealt in on another regulated market Shares KRW 21,800 GS Home Shopping Inc 2,665,403.20 2,136,688.24 1.30
RUB 19,673,194 Quadra-Power Generation JGC 6,176.99 4,889.82 0.00 RUB 16,098,769 Territorial Generat Co 2 OJSC 3,285.55 1,497.79 0.00 9,462.54 6,387.61 0.00 TWD 1,100,000 Coretronic Corp 1,038,148.35 981,176.86 0.60 TWD 2,692,583 Etron Technology Inc 1,839,746.45 885,808.20 0.54 TWD 863,397 Sino-Ameri Silicon Product Inc 2,537,504.00 1,508,053.08 0.92 TWD 2,848,200 Vanguard Intl Semiconduct Corp 1,564,793.51 1,265,437.33 0.77 6,980,192.31 4,640,475.47 2.83 USD 34,595 Access Bank Nigeria Plc GDR repr Shs Reg S 86,278.76 129,419.90 0.08 USD 27,320 Acron OJSC 1,250,329.83 1,150,521.70 0.70 USD 570,760 Aeroflot Russian Airlines JSC 1,260,652.14 925,715.64 0.56 USD 1,740,000 Surgutneftegaz OJSC Pref 1,202,129.46 1,227,222.00 0.75 USD 930 Transneft OJSC Pref 1,168,308.87 1,818,427.88 1.10 USD 8,096 Verkhnaya Salda Met Prod OJSC 767,747.34 1,506,422.72 0.92 5,735,446.40 6,757,729.84 4.11 Total shares 15,390,504.45 13,541,281.16 8.24 Other transferable securities Equity / index linked certificates USD 1,900,000 UBS AG London Certif Alok Industries Ltd 23.10.13 877,619.46 743,850.00 0.45 Total equity / index linked certificates 877,619.46 743,850.00 0.45
The accompanying notes are an integral part of these financial statements.
111 Clariden Leu (Lux)
Clariden Leu (Lux) Emerging Markets Equity Fund
Statement of investments and other net assets (continued) as at 31st March 2012 (in USD)
Currency Number / nominal Description Cost Market value % of value total net assets
Bonds related to a basket of shares USD 212,000 UBS AG London 0% Lk Baoji Titanium 12/13.01.15 636,006.78 698,752.00 0.42 USD 360,000 UBS AG London 0% ShandHai 09/20.11.12 433,187.64 334,980.00 0.20 Total bonds related to a basket of shares 1,069,194.42 1,033,732.00 0.62 Warrants and rights USD 611,400 Citigroup Gl Mks Hgs Inc Call Wts JaiprAss 24.10.12 1,561,604.25 977,017.20 0.59 Total warrants and rights 1,561,604.25 977,017.20 0.59 Open-ended investment funds Investment funds (UCI) USD 2,500 Polunin Discovery Fds Frontier Mks A Cap 2,506,250.00 2,518,650.00 1.53 USD 1,451.4314 POLUNIN Em Markets Strategy Fd Small Cap Cap 1,200,275.00 1,566,587.97 0.95 Total investment funds (UCI) 3,706,525.00 4,085,237.97 2.48 Total investments in securities 181,561,317.33 164,481,781.21 99.91 Cash at banks 37,729.57 0.02 Bank liabilities -621,923.55 -0.38 Other net assets/(liabilities) 724,402.21 0.45 Total 164,621,989.44 100.00
The accompanying notes are an integral part of these financial statements.
112 Clariden Leu (Lux)
Clariden Leu (Lux) Emerging Markets Equity Fund
Industrial and geographical classification of investments as at 31st March 2012
Industrial classification (in percentage of net assets)
Energy 14.33 % Capital goods 11.92 % Diversified financial services 10.30 % Materials 10.13 % Banks 10.02 % Technology hardware and equipment 8.11 % Semiconductors and semiconductor equipment 7.56 % Consumer durables and apparel 6.00 % Real estate 4.74 % Telecommunication services 2.97 % Pharmaceuticals and biotechnology 2.82 % Automobiles and components 2.73 % Investment funds 2.48 % Retailing 1.79 % Utilities 1.08 % Commercial services and supplies 1.02 % Transportation 0.77 % Software and services 0.73 % Media 0.41 % Total 99.91 %
The accompanying notes are an integral part of these financial statements.
113 Clariden Leu (Lux)
Clariden Leu (Lux) Emerging Markets Equity Fund
Industrial and geographical classification of investments (continued) as at 31st March 2012
Geographical classification (by domicile of the issuer) (in percentage of net assets)
Taiwan 19.02 % South Korea 11.81 % Russia 11.18 % Thailand 11.12 % China 8.16 % The Netherlands 4.74 % Turkey 4.72 % United Kingdom 4.20 % Hong Kong 3.80 % Cayman Islands 3.20 % United States of America 3.09 % Grand Duchy of Luxembourg 2.48 % Poland 2.12 % Singapore 2.09 % Ukraine 1.88 % Bermuda 1.51 % Brazil 1.44 % Jordan 1.08 % Philippines 0.93 % Kenya 0.76 % Jersey 0.50 % Nigeria 0.08 % Total 99.91 %
The accompanying notes are an integral part of these financial statements.
114 Clariden Leu (Lux)
Clariden Leu (Lux) Latin America Equity Fund
Statement of net assets as at 31st March 2012 (in USD)
Assets Securities portfolio at market value 21,333,710.62 Cash at banks 269,810.15 Income receivable on portfolio 34,712.66 Prepaid expenses 82.61 Total assets 21,638,316.04
Liabilities Bank liabilities 37,551.22 Payable on treasury transactions 38,302.78 Unrealised loss on forward foreign exchange contracts 17,995.51 Interest on bank liabilities and expenses payable 42,141.29 Total liabilities 135,990.80
Net assets at the end of the period 21,502,325.24
Number of share class B outstanding 105,182.476 Net asset value per share class B 124.53
Number of share class HB (in EUR) outstanding 41,223.880 Net asset value per share class HB (in EUR) EUR 118.28
Number of share class IB outstanding 15,000.000 Net asset value per share class IB 127.03
The accompanying notes are an integral part of these financial statements.
115 Clariden Leu (Lux)
Clariden Leu (Lux) Latin America Equity Fund
Statement of operations and other changes in net assets from 1st October 2011 to 31st March 2012 (in USD)
Income Dividends, net 400,178.36 Interest on bank accounts 2.34 Total income 400,180.70
Expenses Management fees 254,351.25 Custodian fees 4,578.28 Banking charges and other fees 6,427.95 Transaction fees 224,922.59 Central administration costs 17,837.83 Professional fees 2,629.59 Other administration costs 9,448.77 Subscription duty ("taxe d'abonnement") 5,862.40 Interest paid on bank liabilities 129.17 Other expenses 1,617.92 Total expenses 527,805.75
Net investment income -127,625.05
Net realised gain/(loss) - on securities portfolio -2,835,103.42 - on forward foreign exchange contracts -118,133.94 - on foreign exchange -5,333.81 Realised result -3,086,196.22
Net variation of the unrealised gain/(loss) - on securities portfolio 8,172,890.07 - on forward foreign exchange contracts 46,833.60 Result of operations 5,133,527.45
Subscriptions 1,065,423.70
Redemptions -11,976,871.46
Total changes in net assets -5,777,920.31
Total net assets at the beginning of the period 27,280,245.55
Total net assets at the end of the period 21,502,325.24
The accompanying notes are an integral part of these financial statements.
116 Clariden Leu (Lux)
Clariden Leu (Lux) Latin America Equity Fund
Statistical information as at 31st March 2012 (in USD)
Total net assets - as at 31.03.2012 21,502,325.24 - as at 30.09.2011 27,280,245.55 - as at 31.12.2010 54,483,247.62
Portfolio Turnover Rate (in %) (subscriptions and redemptions of shares are netted by NAV calculation) - as at 31.03.2012 481.50
Number of share class B - outstanding at the beginning of the period 200,177.917 - issued 2,799.898 - redeemed -97,795.339 - outstanding at the end of the period 105,182.476
Net asset value per share class B - as at 31.03.2012 124.53 - as at 30.09.2011 101.63 - as at 31.12.2010 153.52
TER per share class B (in %) - as at 31.03.2012 2.35
Number of share class HB (in EUR) - outstanding at the beginning of the period 40,978.609 - issued 4,464.999 - redeemed -4,219.728 - outstanding at the end of the period 41,223.880
Net asset value per share class HB (in EUR) - as at 31.03.2012 EUR 118.28 - as at 30.09.2011 EUR 97.96 - as at 31.12.2010 EUR 149.71
TER per share class HB (in EUR) (in %) - as at 31.03.2012 2.35
Number of share class IB - outstanding at the beginning of the period 15,000.000 - issued 0.000 - redeemed 0.000 - outstanding at the end of the period 15,000.000
Net asset value per share class IB - as at 31.03.2012 127.03 - as at 30.09.2011 103.25 - as at 31.12.2010 155.05
TER per share class IB (in %) - as at 31.03.2012 1.55
The accompanying notes are an integral part of these financial statements.
117 Clariden Leu (Lux)
Clariden Leu (Lux) Latin America Equity Fund
Statement of investments and other net assets as at 31st March 2012 (in USD)
Currency Number / nominal Description Cost Market value % of value total net assets
Investments in securities Transferable securities admitted to an official stock exchange listing Shares BRL 70,000 Alpargatas SA N1 Pref 563,879.08 606,058.94 2.82 BRL 120,000 Banco do Brasil SA 1,867,813.15 1,707,470.87 7.94 BRL 70,000 Banco Est do Rio Gde do Sul SA Pref B 831,564.47 756,134.34 3.52 BRL 70,000 BR Malls Particip SA 913,677.32 913,118.57 4.25 BRL 70,000 BR Properties SA 820,496.43 899,684.72 4.18 BRL 270,000 Brookfield Incorporacoes SA 968,962.79 863,111.72 4.01 BRL 40,000 Cosan SA Industria e Comercio 717,724.85 744,838.93 3.46 BRL 400,000 Even Constructora Incorpor SA 1,734,523.21 1,541,878.00 7.17 BRL 40,000 Iguatemi Empresa Shop Centers SA 948,797.68 921,178.89 4.28 BRL 40,000 Lopes Brasil Cons Imo SA 819,198.68 812,611.38 3.78 BRL 70,000 Magazine Luiza SA 419,560.50 459,054.15 2.14 BRL 40,000 Marisa Lojas SA 409,444.62 545,030.84 2.54 BRL 470,000 PDG Realty SA Empreen e Partic 2,067,629.39 1,626,154.90 7.56 BRL 120,000 QGEP Participacoes SA 992,802.69 871,830.02 4.06 BRL 170,000 Rossi Residencial SA 1,217,449.93 919,095.27 4.27 BRL 270,000 Tecnisa SA 1,630,858.23 1,458,259.08 6.78 16,924,383.02 15,645,510.62 72.76 USD 40,000 Banco Bradesco SA spons ADR repr 1 Pref Share 724,370.77 700,000.00 3.26 USD 40,000 Cia de Minas Buenaventura SAA spons ADR repr 1 Share 1,663,011.49 1,612,400.00 7.50 USD 40,000 Itau Unibanco Hg SA spons ADR Repr 1 Share 886,752.59 767,600.00 3.57 USD 40,000 Petroleo Brasileiro SA spons ADR repr 2 Shares 1,159,208.17 1,062,400.00 4.94 USD 20,000 Telefonica Brasil SA spons ADR repr 1 Share 586,552.42 612,600.00 2.85 USD 40,000 Vale SA spons ADR repr 1 Share 1,107,510.66 933,200.00 4.34 6,127,406.10 5,688,200.00 26.46 Total investments in securities 23,051,789.12 21,333,710.62 99.22 Cash at banks 269,810.15 1.25 Bank liabilities -37,551.22 -0.17 Other net assets/(liabilities) -63,644.31 -0.30 Total 21,502,325.24 100.00
The accompanying notes are an integral part of these financial statements.
118 Clariden Leu (Lux)
Clariden Leu (Lux) Latin America Equity Fund
Industrial and geographical classification of investments as at 31st March 2012
Industrial classification (in percentage of net assets)
Real estate 37.73 % Banks 18.29 % Materials 11.84 % Energy 9.00 % Retailing 8.96 % Consumer durables and apparel 7.09 % Food retailing, drugstores and pharmacies 3.46 % Telecommunication services 2.85 % Total 99.22 %
Geographical classification (by domicile of the issuer) (in percentage of net assets)
Brazil 91.72 % Peru 7.50 % Total 99.22 %
The accompanying notes are an integral part of these financial statements.
119 Clariden Leu (Lux)
Clariden Leu (Lux) Russia Equity Fund
Statement of net assets as at 31st March 2012 (in USD)
Assets Securities portfolio at market value 192,450,581.21 Cash at banks 2,240,581.21 Receivable on sales of securities 1,613,769.00 Receivable on issues of shares 41,600.98 Income receivable on portfolio 197,767.76 Other receivables 32,359.68 Prepaid expenses 332.30 Total assets 196,576,992.14
Liabilities Bank liabilities 102,801.09 Payable on purchases of securities 1,967,840.00 Payable on treasury transactions 50,232.12 Payable on redemptions of shares 130,739.73 Unrealised loss on forward foreign exchange contracts 22,123.43 Interest on bank liabilities and expenses payable 424,106.29 Other liabilities 3,890.64 Total liabilities 2,701,733.30
Net assets at the end of the period 193,875,258.84
Number of share class B outstanding 1,227,358.568 Net asset value per share class B 146.34
Number of share class B (in RUB) outstanding 2,280.000 Net asset value per share class B (in RUB) RUB 1,237.28
Number of share class HB (in EUR) outstanding 52,892.713 Net asset value per share class HB (in EUR) EUR 131.95
Number of share class IB outstanding 32,225.952 Net asset value per share class IB 150.97
The accompanying notes are an integral part of these financial statements.
120 Clariden Leu (Lux)
Clariden Leu (Lux) Russia Equity Fund
Statement of operations and other changes in net assets from 1st October 2011 to 31st March 2012 (in USD)
Income Dividends, net 883,023.49 Commissions received 8,386.55 Other income 3,933.32 Total income 895,343.36
Expenses Management fees 2,152,420.75 Custodian fees 34,304.84 Banking charges and other fees 93,499.17 Transaction fees 2,446,218.74 Central administration costs 84,088.61 Professional fees 19,644.12 Other administration costs 24,822.29 Subscription duty ("taxe d'abonnement") 45,625.29 Interest paid on bank liabilities 4,551.38 Other expenses 11,573.75 Total expenses 4,916,748.94
Net investment income -4,021,405.58
Net realised gain/(loss) - on securities portfolio -26,762,304.48 - on forward foreign exchange contracts -210,795.56 - on foreign exchange -14,303.74 Realised result -31,008,809.36
Net variation of the unrealised gain/(loss) - on securities portfolio 72,326,915.40 - on forward foreign exchange contracts 70,595.41 Result of operations 41,388,701.45
Subscriptions 9,941,305.02
Redemptions -55,694,405.32
Total changes in net assets -4,364,398.85
Total net assets at the beginning of the period 198,239,657.69
Total net assets at the end of the period 193,875,258.84
The accompanying notes are an integral part of these financial statements.
121 Clariden Leu (Lux)
Clariden Leu (Lux) Russia Equity Fund
Statistical information as at 31st March 2012 (in USD)
Total net assets - as at 31.03.2012 193,875,258.84 - as at 30.09.2011 198,239,657.69 - as at 31.12.2010 316,807,076.81
Portfolio Turnover Rate (in %) (subscriptions and redemptions of shares are netted by NAV calculation) - as at 31.03.2012 347.38
Number of share class B - outstanding at the beginning of the period 1,407,478.448 - issued 33,452.416 - redeemed -213,572.296 - outstanding at the end of the period 1,227,358.568
Net asset value per share class B - as at 31.03.2012 146.34 - as at 30.09.2011 116.88 - as at 31.12.2010 175.74
TER per share class B (in %) - as at 31.03.2012 2.61
Number of share class B (in RUB) - outstanding at the beginning of the period 2,780.000 - issued 0.000 - redeemed -500.000 - outstanding at the end of the period 2,280.000
Net asset value per share class B (in RUB) - as at 31.03.2012 RUB 1,237.28 - as at 30.09.2011 RUB 1,081.82 - as at 31.12.2010 RUB 1,540.15
TER per share class B (in RUB) (in %) - as at 31.03.2012 2.61
Number of share class HB (in EUR) - outstanding at the beginning of the period 53,907.692 - issued 7,302.992 - redeemed -8,317.971 - outstanding at the end of the period 52,892.713
Net asset value per share class HB (in EUR) - as at 31.03.2012 EUR 131.95 - as at 30.09.2011 EUR 106.80 - as at 31.12.2010 EUR 160.66
TER per share class HB (in EUR) (in %) - as at 31.03.2012 2.62
The accompanying notes are an integral part of these financial statements.
122 Clariden Leu (Lux)
Clariden Leu (Lux) Russia Equity Fund
Statistical information (continued) as at 31st March 2012 (in USD)
Number of share class IB - outstanding at the beginning of the period 216,267.111 - issued 28,278.035 - redeemed -212,319.194 - outstanding at the end of the period 32,225.952
Net asset value per share class IB - as at 31.03.2012 150.97 - as at 30.09.2011 119.84 - as at 31.12.2010 178.60
TER per share class IB (in %) - as at 31.03.2012 1.39
The accompanying notes are an integral part of these financial statements.
123 Clariden Leu (Lux)
Clariden Leu (Lux) Russia Equity Fund
Statement of investments and other net assets as at 31st March 2012 (in USD)
Currency Number / nominal Description Cost Market value % of value total net assets
Investments in securities Transferable securities admitted to an official stock exchange listing Shares USD 170,000 AO Tatneft spons ADR repr 6 Reg Shares 5,055,311.50 6,936,000.00 3.58 USD 567,142 Cherepovets MK Severstal GDR repr 1 Reg Share Ser Oct 9,324,956.41 7,554,331.44 3.89 06 USD 291,800 CTC Media Inc 3,363,574.13 3,393,634.00 1.75 USD 650,000 Etalon Group Ltd GDR repr 1 Shares Reg S 2,489,740.25 4,452,500.00 2.30 USD 104,619 Eurasia Drilling Co Ltd GDR Repr 1 2,461,958.56 2,884,345.83 1.48 USD 1,554,266 Fed Hydrogenerating Co RusHydro OJSC ADR repr 100 5,431,372.49 5,697,939.16 2.94 shares USD 1,332,500 Gazprom OAO spons ADR repr 2 Shares 15,958,182.44 16,256,500.00 8.39 USD 361,958 Globaltrans Investment Plc GDR repr 1 Sh Reg S 4,866,932.60 6,189,481.80 3.20 USD 533,008 Hydraulic Machine & Sys Gr Plc GDR repr shares Reg-S 4,398,001.07 2,878,243.20 1.48 USD 274,864 JSFC Sistema JSC spons GDR repr 20 Reg Shares 5,981,587.81 5,412,072.16 2.79 USD 183,607 Magnitogorsk Iron Stl Wks JSC GDR repr 13 Shares 1,146,319.33 1,084,199.34 0.56 USD 138,203 Mail.RU Group Ltd spons GDR Repr 1 Sh Reg-S 4,289,439.87 5,452,108.35 2.81 USD 200,000 MMC Norilsk Nickel JSC ADR repr 1/10 Share 3,852,599.74 3,660,000.00 1.89 USD 238,290 Nomos Bank ZAO spons GDR repr Share 3,264,706.08 3,448,056.30 1.78 USD 100,308 NovaTek OAO spons GDR repr 10 Shares 13,732,219.22 13,591,734.00 7.01 USD 480,000 O'Key Group SA GDR Repr Sh REGs 4,297,873.78 4,363,200.00 2.25 USD 138,000 Oil Co Lukoil OJSC spons ADR repr 1 Share 8,152,254.91 8,307,600.00 4.29 USD 912,000 Sberbank of Russia OJSC spons ADR repr 4 Shares 8,513,293.23 11,710,080.00 6.04 USD 189,770 Trubnaya Metallurg Kompany OAO pons GDR Reg repr 4 2,417,811.02 2,542,918.00 1.32 Shares USD 1,202,790 Vneshtorgbank JSC GDR spons GDR repr 2000 Shares 5,715,673.08 5,424,582.90 2.80 Total shares 114,713,807.52 121,239,526.48 62.55 Transferable securities dealt in on another regulated market Shares USD 263,220 Dixy Group OJSC 3,300,263.21 3,397,538.47 1.75 USD 535,120,000 Fed Grid Co Uni Ener Syst OJSC 5,752,686.53 5,725,784.00 2.95 USD 265,054 Group LSR OJSC 8,313,089.86 6,409,376.80 3.31 USD 700,000 M Video Co JSC 4,515,238.89 5,921,440.00 3.05 USD 20,000 Magnit JSC 2,322,370.60 2,473,370.00 1.28 USD 31,958 Magnit JSC Emission 6 USD 2,938,036.72 3,948,724.09 2.04 USD 1,038,437 Mobile Telesystems OJSC 7,805,992.94 8,090,878.04 4.17 USD 688,256 Mostotrest OAO 3,888,177.87 4,909,880.65 2.53 USD 2,050,000 Sberbank of Russia OJSC Pref 4,912,542.66 5,434,960.00 2.80 USD 200,000 Siberian Cement Holding Co 3,061,437.50 3,040,000.00 1.57 USD 4,400,000 Surgutneftegaz OJSC Pref 2,971,280.73 3,103,320.00 1.60 USD 6,182,558,931 Territorial Generat Co 1 OJSC 2,420,239.97 1,854,767.68 0.96 USD 2,816,496 TNK-BP Holding 5,406,112.25 9,079,819.80 4.68 USD 4,000 Transneft OJSC Pref 6,136,453.68 7,821,195.20 4.03 Total shares 63,743,923.41 71,211,054.73 36.72 Total investments in securities 178,457,730.93 192,450,581.21 99.27 Cash at banks 2,240,581.21 1.16 Bank liabilities -102,801.09 -0.05 Other net assets/(liabilities) -713,102.49 -0.38 Total 193,875,258.84 100.00
The accompanying notes are an integral part of these financial statements.
124 Clariden Leu (Lux)
Clariden Leu (Lux) Russia Equity Fund
Industrial and geographical classification of investments as at 31st March 2012
Industrial classification (in percentage of net assets)
Energy 36.54 % Banks 13.42 % Materials 12.54 % Food retailing, drugstores and pharmacies 7.32 % Telecommunication services 6.96 % Utilities 6.85 % Capital goods 4.83 % Transportation 3.20 % Retailing 3.05 % Software and services 2.81 % Media 1.75 % Total 99.27 %
Geographical classification (by domicile of the issuer) (in percentage of net assets)
Russia 85.48 % Cyprus 3.20 % British Virgin Islands 2.81 % Guernsey 2.30 % Grand Duchy of Luxembourg 2.25 % United States of America 1.75 % Cayman Islands 1.48 % Total 99.27 %
The accompanying notes are an integral part of these financial statements.
125 Clariden Leu (Lux)
Clariden Leu (Lux) Silk Road Equity Fund
Statement of net assets as at 31st March 2012 (in USD)
Assets Securities portfolio at market value 51,017,271.63 Cash at banks 2,073,615.86 Income receivable on portfolio 88,552.04 Prepaid expenses 12,037.61 Total assets 53,191,477.14
Liabilities Bank liabilities 950,576.37 Payable on treasury transactions 117,009.14 Payable on redemptions of shares 68,366.26 Unrealised loss on forward foreign exchange contracts 388.06 Interest on bank liabilities and expenses payable 109,094.06 Total liabilities 1,245,433.89
Net assets at the end of the period 51,946,043.25
Number of share class B outstanding 161,107.962 Net asset value per share class B 167.72
Number of share class HB (in CHF) outstanding 35,644.452 Net asset value per share class HB (in CHF) CHF 155.77
Number of share class HB (in EUR) outstanding 87,339.074 Net asset value per share class HB (in EUR) EUR 161.34
The accompanying notes are an integral part of these financial statements.
126 Clariden Leu (Lux)
Clariden Leu (Lux) Silk Road Equity Fund
Statement of operations and other changes in net assets from 1st October 2011 to 31st March 2012 (in USD)
Income Dividends, net 463,638.69 Interest on bank accounts 42.96 Other income 7,260.53 Total income 470,942.18
Expenses Management fees 532,983.42 Custodian fees 9,492.89 Banking charges and other fees 45,425.15 Transaction fees 457,865.50 Central administration costs 27,611.11 Professional fees 5,432.86 Other administration costs 19,975.49 Subscription duty ("taxe d'abonnement") 12,694.43 Interest paid on bank liabilities 15,324.90 Other expenses 21,420.09 Total expenses 1,148,225.84
Net investment income -677,283.66
Net realised gain/(loss) - on securities portfolio -1,054,853.54 - on forward foreign exchange contracts -474,252.81 - on foreign exchange -104,300.61 Realised result -2,310,690.62
Net variation of the unrealised gain/(loss) - on securities portfolio 7,564,006.39 - on forward foreign exchange contracts 203,675.81 Result of operations 5,456,991.58
Subscriptions 1,402,416.55
Redemptions -10,466,547.22
Total changes in net assets -3,607,139.09
Total net assets at the beginning of the period 55,553,182.34
Total net assets at the end of the period 51,946,043.25
The accompanying notes are an integral part of these financial statements.
127 Clariden Leu (Lux)
Clariden Leu (Lux) Silk Road Equity Fund
Statistical information as at 31st March 2012 (in USD)
Total net assets - as at 31.03.2012 51,946,043.25 - as at 30.09.2011 55,553,182.34 - as at 31.12.2010 62,435,886.09
Portfolio Turnover Rate (in %) (subscriptions and redemptions of shares are netted by NAV calculation) - as at 31.03.2012 206.92
Number of share class B - outstanding at the beginning of the period 197,998.959 - issued 5,704.235 - redeemed -42,595.232 - outstanding at the end of the period 161,107.962
Net asset value per share class B - as at 31.03.2012 167.72 - as at 30.09.2011 150.13 - as at 31.12.2010 205.46
TER per share class B (in %) - as at 31.03.2012 2.46
Number of share class HB (in CHF) - outstanding at the beginning of the period 39,567.038 - issued 2,129.274 - redeemed -6,051.860 - outstanding at the end of the period 35,644.452
Net asset value per share class HB (in CHF) - as at 31.03.2012 CHF 155.77 - as at 30.09.2011 CHF 140.85 - as at 31.12.2010 CHF 193.33
TER per share class HB (in CHF) (in %) - as at 31.03.2012 2.46
Number of share class HB (in EUR) - outstanding at the beginning of the period 100,600.063 - issued 592.074 - redeemed -13,853.063 - outstanding at the end of the period 87,339.074
Net asset value per share class HB (in EUR) - as at 31.03.2012 EUR 161.34 - as at 30.09.2011 EUR 145.86 - as at 31.12.2010 EUR 201.01
TER per share class HB (in EUR) (in %) - as at 31.03.2012 2.46
The accompanying notes are an integral part of these financial statements.
128 Clariden Leu (Lux)
Clariden Leu (Lux) Silk Road Equity Fund
Statement of investments and other net assets as at 31st March 2012 (in USD)
Currency Number / nominal Description Cost Market value % of value total net assets
Investments in securities Transferable securities admitted to an official stock exchange listing Shares HKD 150,000 Cheung Kong Infrast Hg Ltd 912,175.90 907,152.88 1.75 HKD 900,000 China Resources Cement Hgs Ltd 756,594.63 667,757.27 1.29 HKD 930,000 China Shipping Develop Co Ltd H 518,458.81 643,296.02 1.24 HKD 2,000,000 China Sun Green Energ Corp Ltd H 460,345.93 381,281.15 0.73 HKD 2,000,000 China Telecom Corp Ltd H 1,182,677.86 1,084,590.31 2.09 HKD 400,000 China Unicom (Hong Kong) Ltd 731,878.01 666,726.78 1.28 HKD 200,000 Chow Sang Sang Hgs Intl Ltd 610,646.89 522,973.48 1.01 HKD 600,000 Chow Tai Fook Jewellery Gr Ltd 1,063,599.26 936,715.05 1.80 HKD 800,000 CNOOC Ltd 1,522,436.88 1,621,990.64 3.12 HKD 774,000 Daphne Intl Hg Ltd 937,417.60 1,062,800.61 2.05 HKD 490,000 ENN Energy Hgs Ltd 1,722,972.53 1,770,445.55 3.41 HKD 200,000 Galaxy Entertainment Gr Ltd 386,344.47 550,023.83 1.06 HKD 450,000 Golden Eagle Retail Group Ltd 1,098,957.74 1,176,690.32 2.27 HKD 3,000,000 Gome Electric App Holdings Ltd 844,140.29 618,293.76 1.19 HKD 140,000 Hengan Intl Group Co Ltd 1,185,726.58 1,423,750.20 2.74 HKD 500,000 Intime Departm Store Gr Co Ltd 741,935.11 608,632.92 1.17 HKD 6,241,000 Kosmopolito Hotels Intl Ltd 1,119,308.75 1,029,005.70 1.98 HKD 250,000 Luk Fook Holdings (Intl) Ltd 1,169,753.57 763,206.37 1.47 HKD 300,000 MGM China Holdings Ltd 507,104.95 545,644.25 1.05 HKD 360,000 Prada Spa 1,713,418.60 2,413,664.28 4.65 HKD 1,500,000 Sa Sa Intl Holdings Ltd 918,038.80 869,475.61 1.67 HKD 550,000 Sands China Ltd REGS 1,682,141.67 2,199,773.29 4.23 HKD 200,000 Stella International Hg Ltd 476,737.00 501,333.19 0.96 HKD 30,000 Tencent Holdings Ltd 790,420.19 830,832.25 1.60 HKD 1,700,000 Tianneng Power Intl Ltd 814,672.34 981,026.11 1.89 HKD 500,000 Wynn Macau Ltd 1,406,385.50 1,439,465.17 2.77 HKD 200,000 Yanzhou Coal Mining Co Ltd H 505,395.97 430,229.41 0.83 HKD 2,200,000 Zijin Mining Group Co Ltd H 1,023,582.19 878,492.39 1.69 26,803,268.02 27,525,268.79 52.99 IDR 120,000 PT Indo Tambangraya Megah (PT) Tbk 595,712.99 589,237.07 1.13 IDR 300,000 Tambang Batubar Bukit Asam Tbk Ser B 597,555.95 669,289.32 1.29 1,193,268.94 1,258,526.39 2.42 INR 345,000 Adani Port and SEZ Ltd 986,518.62 891,021.47 1.72 INR 230,000 GAIL India Ltd 2,242,313.58 1,692,218.59 3.26 INR 230,000 Gitanjali Gems Ltd 1,124,593.31 1,483,004.58 2.85 INR 100,000 Gujarat Gas Co Ltd 889,883.82 778,333.81 1.50 INR 40,000 ICICI Bank Ltd 750,808.50 698,341.66 1.34 INR 211,000 Indraprastha Gas Ltd 1,625,829.22 1,583,276.38 3.05 7,619,947.05 7,126,196.49 13.72 MYR 800,000 Gamuda Bhd 935,118.78 945,864.29 1.82 MYR 308,100 Genting Malaysia Bhd 377,191.19 389,433.17 0.75 MYR 778,000 Malaysia Airports Holdings Bhd 1,449,011.35 1,486,502.82 2.86 MYR 200,000 Parkson Holdings Bhd 356,947.19 350,779.78 0.68 3,118,268.51 3,172,580.06 6.11 SGD 500,000 Genting Singapore Plc 617,070.66 680,028.63 1.31
THB 150,000 C.P. All Public Co Ltd 312,846.22 316,952.72 0.61
TRY 120,000 Koza Altin Izletmeleri AS 1,693,049.08 2,276,094.28 4.38 TRY 60,000 Migros Ticaret AS 547,732.54 547,138.05 1.05 TRY 400,000 TAV Havalimanlari Holding AS 1,195,991.16 1,993,265.99 3.84 TRY 276,000 Ulker Biskuvi Sanayi AS 1,008,019.79 873,535.35 1.68 4,444,792.57 5,690,033.67 10.95
The accompanying notes are an integral part of these financial statements.
129 Clariden Leu (Lux)
Clariden Leu (Lux) Silk Road Equity Fund
Statement of investments and other net assets (continued) as at 31st March 2012 (in USD)
Currency Number / nominal Description Cost Market value % of value total net assets
USD 90,000 KazMunaiGas Explor Product JSC GDR repr Shares Reg 1,995,923.95 1,825,200.00 3.51
Total shares 46,105,385.92 47,594,786.75 91.62 Closed-ended investment funds TRY 2,316,666 Is Gayrimenkul Yatirim Orta AS 2,080,261.72 1,547,044.07 2.98 Total closed-ended investment funds 2,080,261.72 1,547,044.07 2.98 Transferable securities dealt in on another regulated market Shares QAR 47,420 Qatar Electricity & Water 1,336,356.79 1,875,440.81 3.61 Total shares 1,336,356.79 1,875,440.81 3.61 Total investments in securities 49,522,004.43 51,017,271.63 98.21 Cash at banks 2,073,615.86 3.99 Bank liabilities -950,576.37 -1.83 Other net assets/(liabilities) -194,267.87 -0.37 Total 51,946,043.25 100.00
The accompanying notes are an integral part of these financial statements.
130 Clariden Leu (Lux)
Clariden Leu (Lux) Silk Road Equity Fund
Industrial and geographical classification of investments as at 31st March 2012
Industrial classification (in percentage of net assets)
Utilities 14.83 % Materials 12.35 % Consumer durables and apparel 12.31 % Hotels, restaurants and leisure 12.09 % Transportation 9.66 % Retailing 8.36 % Energy 7.36 % Capital goods 3.57 % Telecommunication services 3.37 % Real estate funds 2.98 % Household and personal products 2.74 % Technology hardware and equipment 1.89 % Food, beverage and tobacco 1.68 % Software and services 1.60 % Diversified financial services 1.47 % Banks 1.34 % Food retailing, drugstores and pharmacies 0.61 % Total 98.21 %
The accompanying notes are an integral part of these financial statements.
131 Clariden Leu (Lux)
Clariden Leu (Lux) Silk Road Equity Fund
Industrial and geographical classification of investments (continued) as at 31st March 2012
Geographical classification (by domicile of the issuer) (in percentage of net assets)
Cayman Islands 28.14 % Turkey 13.93 % India 13.72 % Hong Kong 9.95 % China 6.58 % Malaysia 6.11 % Italy 4.65 % Bermuda 3.67 % Qatar 3.61 % Kazakhstan 3.51 % Indonesia 2.42 % Isle of Man 1.31 % Thailand 0.61 % Total 98.21 %
The accompanying notes are an integral part of these financial statements.
132 Clariden Leu (Lux)
Clariden Leu (Lux) Liquid Alternatives Fund
Statement of net assets as at 31st March 2012 (in USD)
Assets Securities portfolio at market value 43,556,633.47 Cash at banks 1,396,565.41 Unrealised gain on forward foreign exchange contracts 9,360.45 Prepaid expenses 109.53 Total assets 44,962,668.86
Liabilities Bank liabilities 77,307.88 Payable on treasury transactions 165,019.34 Payable on redemptions of shares 149,690.47 Interest on bank liabilities and expenses payable 47,073.69 Total liabilities 439,091.38
Net assets at the end of the period 44,523,577.48
Number of share class B outstanding 21,562.542 Net asset value per share class B 93.90
Number of share class DB outstanding 86,565.006 Net asset value per share class DB 94.62
Number of share class DHB (in CHF) outstanding 109,982.351 Net asset value per share class DHB (in CHF) CHF 92.89
Number of share class DHB (in EUR) outstanding 164,622.401 Net asset value per share class DHB (in EUR) EUR 94.77
Number of share class HB (in CHF) outstanding 2,454.988 Net asset value per share class HB (in CHF) CHF 92.24
Number of share class HB (in EUR) outstanding 15,859.818 Net asset value per share class HB (in EUR) EUR 92.57
The accompanying notes are an integral part of these financial statements.
133 Clariden Leu (Lux)
Clariden Leu (Lux) Liquid Alternatives Fund
Statement of operations and other changes in net assets from 1st October 2011 to 31st March 2012 (in USD)
Income Interest on bank accounts 235.52 Total income 235.52
Expenses Management fees 270,174.33 Custodian fees 8,969.05 Banking charges and other fees 2,905.58 Transaction fees 7,830.60 Central administration costs 24,634.82 Professional fees 5,112.37 Other administration costs 13,889.48 Subscription duty ("taxe d'abonnement") 1,920.16 Interest paid on bank liabilities 3,391.76 Other expenses 3,284.03 Total expenses 342,112.18
Net investment income -341,876.66
Net realised gain/(loss) - on securities portfolio -1,539,875.68 - on forward foreign exchange contracts -386,829.61 - on foreign exchange -63,963.06 Realised result -2,332,545.01
Net variation of the unrealised gain/(loss) - on securities portfolio 2,757,367.21 - on forward foreign exchange contracts 270,729.33 Result of operations 695,551.53
Subscriptions 973,427.34
Redemptions -16,108,070.67
Total changes in net assets -14,439,091.80
Total net assets at the beginning of the period 58,962,669.28
Total net assets at the end of the period 44,523,577.48
The accompanying notes are an integral part of these financial statements.
134 Clariden Leu (Lux)
Clariden Leu (Lux) Liquid Alternatives Fund
Statistical information as at 31st March 2012 (in USD)
Total net assets - as at 31.03.2012 44,523,577.48 - as at 30.09.2011 58,962,669.28 - as at 31.12.2010 44,958,779.30
Portfolio Turnover Rate (in %)
(subscriptions and redemptions of shares are netted by NAV calculation) - as at 31.03.2012 55.89
Number of share class B - outstanding at the beginning of the period 30,267.725 - issued 0.000 - redeemed -8,705.183 - outstanding at the end of the period 21,562.542
Net asset value per share class B - as at 31.03.2012 93.90 - as at 30.09.2011 92.38 - as at 31.12.2010 101.17
Synthetic TER per share class B (in %) - as at 31.03.2012 3.36
Performance Fee ratio (in % of the average net assets) - as at 31.03.2012 (*) 0.00 (*)The low amount of the performance fee explains the ratio equal to 0.
Number of share class DB - outstanding at the beginning of the period 126,853.898 - issued 2,560.353 - redeemed -42,849.245 - outstanding at the end of the period 86,565.006
Net asset value per share class DB - as at 31.03.2012 94.62 - as at 30.09.2011 92.87 - as at 31.12.2010 101.33
Synthetic TER per share class DB (in %) - as at 31.03.2012 2.83
Performance Fee ratio (in % of the average net assets) - as at 31.03.2012 0.01
Number of share class DHB (in CHF) - outstanding at the beginning of the period 145,754.733 - issued 5,126.111 - redeemed -40,898.493 - outstanding at the end of the period 109,982.351
Net asset value per share class DHB (in CHF) - as at 31.03.2012 CHF 92.89 - as at 30.09.2011 CHF 91.54 - as at 31.12.2010 CHF 100.83
Synthetic TER per share class DHB (in CHF) (in %) - as at 31.03.2012 2.82
The accompanying notes are an integral part of these financial statements.
135 Clariden Leu (Lux)
Clariden Leu (Lux) Liquid Alternatives Fund
Statistical information (continued) as at 31st March 2012 (in USD)
Performance Fee ratio (in % of the average net assets) - as at 31.03.2012 (*) 0.00 (*)The low amount of the performance fee explains the ratio equal to 0.
Number of share class DHB (in EUR) - outstanding at the beginning of the period 217,992.729 - issued 1,511.745 - redeemed -54,882.073 - outstanding at the end of the period 164,622.401
Net asset value per share class DHB (in EUR) - as at 31.03.2012 EUR 94.77 - as at 30.09.2011 EUR 93.07 - as at 31.12.2010 EUR 101.09
Synthetic TER per share class DHB (in EUR) (in %) - as at 31.03.2012 2.82
Performance Fee ratio (in % of the average net assets) - as at 31.03.2012 (*) 0.00 (*)The low amount of the performance fee explains the ratio equal to 0.
Number of share class HB (in CHF) - outstanding at the beginning of the period 4,458.475 - issued 0.000 - redeemed -2,003.487 - outstanding at the end of the period 2,454.988
Net asset value per share class HB (in CHF) - as at 31.03.2012 CHF 92.24 - as at 30.09.2011 CHF 91.11 - as at 31.12.2010 CHF 100.67
Synthetic TER per share class HB (in CHF) (in %) - as at 31.03.2012 3.36
Performance Fee ratio (in % of the average net assets) - as at 31.03.2012 (*) 0.00 (*)The low amount of the performance fee explains the ratio equal to 0.
Number of share class HB (in EUR) - outstanding at the beginning of the period 16,525.454 - issued 326.941 - redeemed -992.577 - outstanding at the end of the period 15,859.818
Net asset value per share class HB (in EUR) - as at 31.03.2012 EUR 92.57 - as at 30.09.2011 EUR 91.13 - as at 31.12.2010 EUR 99.32
Synthetic TER per share class HB (in EUR) (in %) - as at 31.03.2012 3.36
The accompanying notes are an integral part of these financial statements.
136 Clariden Leu (Lux)
Clariden Leu (Lux) Liquid Alternatives Fund
Statement of investments and other net assets as at 31st March 2012 (in USD)
Currency Number / nominal Description Cost Market value % of value total net assets
Investments in securities Open-ended investment funds Investment funds (UCITS) EUR 22,200 BayernInvest Bd Gl Select-Fds Dist 3,498,505.97 3,476,513.37 7.81 EUR 1,471,020.888 Cazenove Absolute Return Fd Co UK Dynamic P2 EUR 2,639,297.93 2,657,066.50 5.97 Hedged Cap EUR 99,591.83 Henderson Strategic Inv Fds Credit Alpha Y EUR Cap 1,378,530.09 1,347,676.11 3.03 EUR 8,726.589 ML Inv Solutions York Event-Driven Ucits Fd EUR B Cap 1,210,966.23 1,352,974.72 3.04 EUR 9,861.9329 Rivoli Equity Fd Cap 2,256,952.71 1,849,544.72 4.15 10,984,252.93 10,683,775.42 24.00 USD 29,382.96 BlackRock Strateg Fds Eur Cred USD Hedged I2 Cap 3,000,204.31 3,052,889.54 6.86 USD 18,644 BlackRock Strategic Fds Eu Divers Eq Abs Ret Hed D2 1,913,047.28 1,879,128.76 4.22 USD Cap USD 8,398.511 DB Platinum IV DBX Systematic Alpha Index I1C U Cap 889,940.17 941,221.13 2.11 USD 29,653.724 DB Platinum IV Platinum Paulson Global I1C U Cap 3,024,042.78 2,202,678.62 4.95 USD 220 Exane Fds 1 Archimedes USD A Cap 2,200,195.50 2,290,664.20 5.14 USD 2,619.548 FdLogic Alternatives Plc Indus PacifiChoice Asia Fd B Cap 2,665,111.06 2,406,735.92 5.41 USD 2,628.652 FdLogic Alternatives Plc MS PSAM Gl Event UCITS I Dist 2,624,608.96 2,646,921.13 5.95 USD 344,731.32 GAM Star Fd Plc Global Rates USD Cap 3,715,862.65 3,820,105.65 8.58 USD 116,526.71 GAM Star Fd Plc Keynes Quantitative Str USD Cap 1,229,953.45 1,169,555.28 2.63 USD 16,534.8713 Lutetia Patrimoine I USD Cap 1,773,996.51 1,785,435.40 4.01 USD 2,374,859.112 Matrix UCITS Fds Plc Lazard Opportunities Istl USD Cap 2,430,069.85 2,395,995.36 5.38 USD 17,892.382 ML Inv Solutions York Asian Event-Driv UCITS Fd USD D 1,851,454.45 1,727,330.56 3.88 C USD 15,253.706 ML Inv Solutions York Event-Driven Ucits Fd USD E (acc) 1,592,786.23 1,596,147.80 3.58 Cap USD 28,067.5023 RWC Fds US Absolute Alpha A Cap 2,721,349.56 2,730,266.29 6.13 31,632,622.76 30,645,075.64 68.83 Total investment funds (UCITS) 42,616,875.69 41,328,851.06 92.83 Investment funds (UCI) USD 9,713.8851 Lyxor/CFM Discus Fd Ltd B 2,353,084.41 2,227,782.41 5.00 Total investment funds (UCI) 2,353,084.41 2,227,782.41 5.00 Total investments in securities 44,969,960.10 43,556,633.47 97.83 Cash at banks 1,396,565.41 3.14 Bank liabilities -77,307.88 -0.17 Other net assets/(liabilities) -352,313.52 -0.80 Total 44,523,577.48 100.00
The accompanying notes are an integral part of these financial statements.
137 Clariden Leu (Lux)
Clariden Leu (Lux) Liquid Alternatives Fund
Industrial and geographical classification of investments as at 31st March 2012
Industrial classification (in percentage of net assets)
Investment funds 97.83 % Total 97.83 %
Geographical classification (by domicile of the issuer) (in percentage of net assets)
Grand Duchy of Luxembourg 39.91 % Ireland 27.95 % United Kingdom 9.00 % France 8.16 % Germany 7.81 % Jersey 5.00 % Total 97.83 %
The accompanying notes are an integral part of these financial statements.
138 Clariden Leu (Lux)
Clariden Leu (Lux) Generics Equity Fund
Statement of operations and other changes in net assets from 1st October 2011 to 11th November 2011 (in USD)
Income Dividends, net 9,285.67 Total income 9,285.67
Expenses Management fees 56,762.73 Custodian fees 942.88 Banking charges and other fees 1,056.05 Transaction fees 47,190.64 Central administration costs 4,040.04 Professional fees 350.74 Other administration costs 1,162.54 Subscription duty ("taxe d'abonnement") 1,350.04 Interest paid on bank liabilities 91.09 Other expenses 48,318.79 Total expenses 161,265.54
Net investment income -151,979.87
Net realised gain/(loss) - on securities portfolio 3,627,265.82 - on foreign exchange -6,771.04 Realised result 3,468,514.91
Net variation of the unrealised gain/(loss) - on securities portfolio -2,891,758.14 Result of operations 576,756.77
Subscriptions 62,727.00
Redemptions -27,354,197.95
Total changes in net assets -26,714,714.18
Total net assets at the beginning of the period 26,714,714.18
Total net assets at the end of the period 0.00
The accompanying notes are an integral part of these financial statements.
139 Clariden Leu (Lux)
Clariden Leu (Lux) Generics Equity Fund
Statistical information as at 31st March 2012 (in USD)
Total net assets - as at 31.03.2012 - - as at 30.09.2011 26,714,714.18 - as at 31.12.2010 32,896,242.36
Number of share class B - outstanding at the beginning of the period 240,847.935 - issued 550.000 - redeemed -241,397.935 - outstanding at the end of the period 0.000
Net asset value per share class B - as at 31.03.2012 - - as at 30.09.2011 110.92 - as at 31.12.2010 127.44
The accompanying notes are an integral part of these financial statements.
140 Clariden Leu (Lux)
Notes to the financial statements as at 31st March 2012
Note 1 - Significant accounting policies a) Presentation of the financial statements
The financial statements of the Company are established in accordance with the Luxembourg legal and regulatory requirements concerning undertakings for collective investment ("UCI").
The financial statements were drawn up on basis of the net asset value of 30th March 2012 using the last available prices on 30th March 2012. b) Valuation of securities
The value of all securities which are listed on an official stock exchange or traded on any other regulated market is determined on the basis of the last available price on the principal market on which such securities are traded, as provided by a pricing service approved by the Board. If such prices are not representative of their fair value, such securities as well as any of the sub-funds securities, money market instruments, which are not so listed, and all other investments, including permitted financial futures contracts and options, are be valued on the reasonably foreseeable sales prices determined prudently and in good faith. c) Conversion of foreign currencies
Transactions, income and expenses in currencies other than the currency of the sub-fund are converted at the exchange rate available at the date of the transaction.
Any assets or liabilities expressed in terms of currencies other than the reference currency of the relevant sub-fund are translated into the reference currency at the prevailing market rate available at the date of the report. d) Consolidation
The Company's consolidation currency is the USD. The consolidated financial statements are presented in USD and correspond to the sum of the financial statements of the sub-funds.
As at the report date, the exchange rates for consolidation were as follows:
1 USD = 0.7503846 EUR Euro 82.3200016 JPY Japanese Yen e) Formation expenses
The legal and other costs incurred in connection with the formation of the Company were amortised over five years on a straight line basis. f) Receivable / Payable on treasury transactions
The caption "Receivable on treasury transactions" comprises maturities of time deposits, new loans or foreign exchange transactions not yet recorded under the caption "Cash at banks".
The caption "Payable on treasury transactions" comprises new time deposits, maturities of loans or foreign exchange transactions not yet recorded under the caption "Cash at banks".
On sub-fund level, the amounts of the caption "Receivable / Payable on treasury transactions" are compensated in the statement of net assets.
141 Clariden Leu (Lux)
Notes to the financial statements (continued) as at 31st March 2012
g) Valuation of swap transactions
Swaps contracts are posted off-balance sheet and valued on the basis of the recalculated market prices by using the traditional elements of pricing considering the value, the volatility of the underlying, the interest rates and the residual value of the swap. Realised or unrealised gains or losses are recorded in the statement of operations and other changes in net assets. h) Valuation of foreign exchange contracts
Foreign exchange gains or losses resulting from outstanding forward foreign exchange contracts are determined on the closing date on the basis of the forward rate for the remaining term of the contract applicable at that date, and are recorded in the statement of net assets and the statement of operations and other changes in net assets. i) Valuation of future contracts
Future contracts are posted off-balance sheet and valued at their last known price. Realised or unrealised gains or losses are recorded in the statement of net assets and in the statement of operations and other changes in net assets. j) Valuation of option contracts
Premiums paid on the purchase of options are recorded as assets in the statement of net assets. Option contracts outstanding on the reporting date are valued at the last known price on the stock exchanges or regulated markets for that purpose. Realised or unrealised gains or losses are recorded in the statement of operations and other changes in net assets.
Premiums received on the sale of issued options are recorded as liabilities and are valued at the current market price. If a issued Call-Option is performed, the received premiums are recorded as a realised gain in the statement of operations and other changes in net assets. Realised or unrealised gains or losses are recorded in the statement of operations and other changes in net assets. k) Transaction fees
Transaction fees, which appears under the caption "transaction fees" in the charges of the "statement of operations and other changes in the net assets", are mainly composed of fees relating to purchases or sales of securities and of fees paid to the Custodian Bank.
Note 2 - Subscription duty ("Taxe d’abonnement")
The Company is governed by Luxembourg tax law.
Pursuant to the legislation and regulations in force, the Company is subject to an annual subscription duty ("taxe d’abonnement") of 0.05% which is payable quarterly and calculated on the basis of the net assets of each sub-fund on the last day of each quarter. The share class D has a reduced annual subscription duty of 0.01%.
Pursuant to Article 175 (a) of the Law of 17th December 2010 the net assets invested in undertakings for collective investment already subject to the "taxe d’abonnement" are exempt from this tax.
142 Clariden Leu (Lux)
Notes to the financial statements (continued) as at 31st March 2012
Note 3 - Management Company ("Management fee"), Investment Sub-Manager and Investment Advisor
The Board of Directors of the Company has appointed the Management Company for the day-to-day implementation of the investment policy. For each sub-fund, the Management Company is entitled to receive a management fee (calculated in percent per annum of the Net Asset Value of the sub-fund) (see table below). The management fee is calculated on the basis of the monthly average NAV of a given sub-fund on the Valuation Date, and is payable monthly in arrears within 7 days from the last Valuation Date of each month.
Share class Share class Sub-fund A / B / HB IA / IB / IHB/ DB / DHB Clariden Leu (Lux) Biotechnology Equity Fund 2.00% 1.20% Clariden Leu (Lux) Commodity Instruments Fund 2.00% 1.20% Clariden Leu (Lux) Energy Equity Fund 2.00% 1.20% Clariden Leu (Lux) Emerging Financials Equity Fund 2.00% 1.20% Clariden Leu (Lux) Infrastructure Fund 2.00% 1.20% Clariden Leu (Lux) Luxury Goods Equity Fund 2.00% 1.20% Clariden Leu (Lux) Technology Equity Fund 2.00% 1.20% Clariden Leu (Lux) Asia ex Japan Equity Fund 2.00% 1.20% Clariden Leu (Lux) European Equity Fund 1.75% - Clariden Leu (Lux) European Small Cap Equity Fund 2.00% 1.20% Clariden Leu (Lux) Japan Equity Fund 2.00% 1.20% Clariden Leu (Lux) North America Equity Fund 1.75% - Clariden Leu (Lux) Emerging Markets Equity Fund 2.00% 1.20% Clariden Leu (Lux) Latin America Equity Fund 2.00% 1.20% Clariden Leu (Lux) Russia Equity Fund 2.30% 1.10% Clariden Leu (Lux) Silk Road Equity Fund 2.00% 1.20% Clariden Leu (Lux) Liquid Alternatives Fund 1.50% 1.00% Clariden Leu (Lux) Generics Equity Fund 2.00% 1.20% (merged on 11th November 2011)
While retaining overall responsibility, the Management Company has, with the approval of the Board of Directors, appointed the following Investment Sub-Managers:
- Wellington Management Company LLP, Boston, - Sparx Asset Management Co. Limited, Tokyo, - Polunin Capital Partners Ltd., London and - Clariden Leu Asset Management (Hong Kong) Limited, Hong Kong.
While retaining overall responsibility, the Management Company has, with the approval of the Board of Directors of the Company, appointed the following Investment Advisor:
- Clariden Leu AG, Zurich
The remuneration of the Investment Sub-Manager and of the Investment Adviser is payable out of the Management fee by the Management Company.
Note 4 - Performance fee
The Company pays to the Management Company paid on a quartely basis a performance fee of 5% for the sub-fund Clariden Leu (Lux) Liquid Alternatives Fund.
A performance fee accrues only on the Valuation Date on which the Net Asset Value per share of a share Class in a sub-fund exceeds the highest Net Asset Value per share for the same share Class in the same sub-fund on a previous quarter-end. A "high water mark" will be used so that no performance fee will accrue until any previous decline in the Net Asset Value per share for the
143 Clariden Leu (Lux)
Notes to the financial statements (continued) as at 31st March 2012
relevant share Class in the relevant sub-fund is offset by subsequent gains (i.e. the Net Asset Value per share for that share Class in that sub-fund reaches a new high).
Note 5 - Total Expense Ratio ("TER") and Portfolio Turnover Ratio ("PTR")
The TER and the PTR disclosed under "Statistical Information" of this report are calculated in accordance with the "Guidelines on the calculation and disclosure of the TER and PTR of collective investment schemes" issued by the Swiss Funds Association "SFA" on 16th May 2008.
The TER and the PTR are calculated for the last 12 months preceding the date of this report.
Transaction fees are not taken into account in the calculation of the TER.
The PTR has been calculated according to the following formula (Total 1 - Total 2)/M*100 with Total 1 = Total securities transactions = X + Y X = Securities purchases Y = Securities sales
Total 2 = Total subscriptions and redemptions = S + T S = subscriptions T = redemptions S+T: subscriptions and redemptions are netted per NAV calculation day.
M = average net assets
If a sub-fund invests at least 10% of its assets in other funds which publish a TER, a synthetic TER of the fund of funds is to be calculated as at the closing date of the financial year or the end of the first half of the financial year. This corresponds to the sum of the prorated TER of the individual target fund, weighted on the basis of their proportion in the net fund assets of the sub-fund as at the closing date, the issue and redemption commissions of the target funds actually paid and the TER of the fund of funds minus the retrocessions received from the target funds during the reporting period.
The synthetic TER is calculated with the available information at the time of the establishment of the semi-annual report, i.e. for the sub-fund Clariden Leu (Lux) Liquid Alternatives Fund with:
- the last available TER of the target funds (37.81% of the Total Net Assets) - the management fees of the target funds (55.02% of the Total Net Assets).
There were no available information for the following target funds:
- Lyxor/CFM Discus Fd Ltd B (5.00% of the Total Net Assets)
If a performance-related fee is foreseen and has been calculated, the TER is disclosed including this fee. Moreover the performance fee ratio is calculated in percentage of the average net assets for the last 12 months preceding indicated reference date.
144 Clariden Leu (Lux)
Notes to the financial statements (continued) as at 31st March 2012
Note 6 - Foreign exchange contracts
The Company enters into foreign exchange contracts aimed at hedging risks related to changes to the exchange risks. As at 31st March 2012, the following foreign exchange contracts were outstanding: Clariden Leu (Lux) Biotechnology Equity Fund Currency Purchases Currency Sales Maturity Unrealised result (in USD) Forward foreign exchange contracts linked to share class HB (in EUR) EUR 5,975,000.00 USD 7,862,203.75 20.06.2012 103,714.87 EUR 150,000.00 USD 199,175.85 20.06.2012 805.37 USD 739,015.20 EUR 560,000.00 20.06.2012 -7,581.36 USD 1,438,692.20 EUR 1,100,000.00 20.06.2012 -27,836.75 69,102.13
Clariden Leu (Lux) Commodity Instruments Fund Currency Purchases Currency Sales Maturity Unrealised result (in USD) Forward foreign exchange contracts USD 252,863.40 AUD 246,000.00 19.02.2013 6,242.43 6,242.43 Forward foreign exchange contracts linked to share class HB (in EUR) EUR 14,100,000.00 USD 18,804,747.00 30.04.2012 -12,222.35 USD 660,325.00 EUR 500,000.00 30.04.2012 -6,076.58 -18,298.93 Forward foreign exchange contracts linked to share class HB (in CHF) CHF 5,677,000.00 USD 6,275,216.38 30.04.2012 11,719.06 11,719.06
Clariden Leu (Lux) Energy Equity Fund Currency Purchases Currency Sales Maturity Unrealised result (in USD) Forward foreign exchange contracts linked to share class HB (in EUR) EUR 18,524,000.00 USD 24,373,879.20 20.06.2012 322,468.35 USD 1,056,720.00 EUR 800,000.00 20.06.2012 -9,846.51 312,621.84
Clariden Leu (Lux) Emerging Financials Equity Fund Currency Purchases Currency Sales Maturity Unrealised result (in USD) Forward foreign exchange contracts linked to share class HB (in EUR) EUR 1,388,454.35 USD 1,826,900.46 20.06.2012 24,198.18 EUR 164,685.50 USD 218,884.82 20.06.2012 675.23 USD 32,069.12 EUR 24,059.35 20.06.2012 -7.00 USD 266,990.40 EUR 200,000.00 20.06.2012 348.77 25,215.18
Clariden Leu (Lux) Infrastructure Fund Currency Purchases Currency Sales Maturity Unrealised result (in USD) Forward foreign exchange contracts linked to share class HB (in EUR) EUR 46,585,000.00 USD 61,296,543.00 20.06.2012 810,958.10 USD 1,320,900.00 EUR 1,000,000.00 20.06.2012 -12,308.14 798,649.96
145 Clariden Leu (Lux)
Notes to the financial statements (continued) as at 31st March 2012
Clariden Leu (Lux) Technology Equity Fund Currency Purchases Currency Sales Maturity Unrealised result (in USD) Forward foreign exchange contracts linked to share class HB (in EUR) EUR 100,000.00 USD 132,725.00 20.06.2012 595.81 EUR 2,240,000.00 USD 2,947,392.00 20.06.2012 38,994.23 39,590.04
Clariden Leu (Lux) Latin America Equity Fund Currency Purchases Currency Sales Maturity Unrealised result (in USD) Forward foreign exchange contracts linked to share class HB (in EUR) EUR 4,956,001.76 USD 6,620,906.12 30.04.2012 -15,531.28 USD 37,556.12 EUR 28,140.67 30.04.2012 50.15 USD 263,950.40 EUR 200,000.00 30.04.2012 -2,610.23 USD 48,524.49 EUR 36,335.93 30.04.2012 95.85 -17,995.51
Clariden Leu (Lux) Russia Equity Fund Currency Purchases Currency Sales Maturity Unrealised result (in USD) Forward foreign exchange contracts linked to share class HB (in EUR) EUR 156,238.49 USD 208,683.06 30.04.2012 -447.91 EUR 6,961,815.63 USD 9,301,312.89 30.04.2012 -22,582.97 USD 400,748.40 EUR 300,000.00 30.04.2012 907.45 -22,123.43
Clariden Leu (Lux) Silk Road Equity Fund Currency Purchases Currency Sales Maturity Unrealised result (in USD) Forward foreign exchange contracts linked to share class HB (in EUR) EUR 13,920,000.00 USD 18,564,686.40 30.04.2012 -12,066.32 USD 453,424.00 EUR 340,000.00 30.04.2012 270.92 -11,795.40 Forward foreign exchange contracts linked to share class HB (in CHF) CHF 5,526,000.00 USD 6,108,304.69 30.04.2012 11,407.34 11,407.34
Clariden Leu (Lux) Liquid Alternatives Fund Currency Purchases Currency Sales Maturity Unrealised result (in USD) Forward foreign exchange contracts USD 11,335,600.00 EUR 8,500,000.00 27.04.2012 6,954.42 6,954.42 Forward foreign exchange contracts linked to share class HB (in EUR) and DHB (in EUR) EUR 16,900,000.00 USD 22,540,713.00 30.04.2012 -16,339.48 -16,339.48 Forward foreign exchange contracts linked to share class HB (in CHF) and DHB (in CHF) CHF 10,300,000.00 USD 11,387,884.62 30.04.2012 18,745.51 18,745.51
146 Clariden Leu (Lux)
Notes to the financial statements (continued) as at 31st March 2012
Note 7 - Futures contracts
As at 31st March 2012, the following futures contracts were outstanding: Clariden Leu (Lux) Asia ex Japan Equity Fund Number of Denomination Currency Market value Unrealised contracts (in USD) result (in USD) Purchase 16 Hang Seng China HKD 1,093,222.74 -6,491.33 Enterprises Index FUT 04/12 HKFE Purchase 11 MSCI Taiwan Index (The) USD 310,530.00 -5,500.00 USD FUT 04/12 SIMEX -11,991.33
Clariden Leu (Lux) European Equity Fund Number of Denomination Currency Market value Unrealised contracts (in EUR) result (in EUR) Purchase 180 Euro Stoxx 50 EUR (Price) EUR 4,336,200.00 -71,710.00 Index FUT 06/12 EUX -71,710.00
Clariden Leu (Lux) European Small Cap Equity Fund Number of Denomination Currency Market value Unrealised contracts (in EUR) result (in EUR) Sale 23 DAX Germany Index FUT EUR -4,002,575.00 -16,737.50 06/12 EUX -16,737.50
Clariden Leu (Lux) Japan Equity Fund Number of Denomination Currency Market value Unrealised contracts (in JPY) result (in JPY) Purchase 12 TOPIX INDEX (TOKYO) JPY 102,840,000 3,000,000 FUT 06/12 TSD 3,000,000
Clariden Leu (Lux) North America Equity Fund Number of Denomination Currency Market value Unrealised contracts (in USD) result (in USD) Purchase 38 S&P 500 Composite Index USD 2,666,175.00 24,225.00 FUT 06/12 CME Purchase 7 S&P 500 Composite Index USD 2,455,600.00 63,437.50 FUT 06/12 CME 87,662.50
147 Clariden Leu (Lux)
Notes to the financial statements (continued) as at 31st March 2012
Note 8 - Swap transactions
As at 31st March 2012, the following swap transactions (Total Return Swaps) were outstanding:
• Index swap contracts Clariden Leu (Lux) Commodity Instruments Fund Nominal value Currency Couterparty Maturity 120,313 USD Morgan Stanley & Co Intl Ltd 30.04.2012 927,336 USD Morgan Stanley & Co Intl Ltd 31.07.2012 3,170,653 USD Morgan Stanley & Co Intl Ltd 31.07.2012 978,650 USD Morgan Stanley & Co Intl Ltd 31.07.2012 3,260,238 USD Morgan Stanley & Co Intl Ltd 31.07.2012 132,969 USD Morgan Stanley & Co Intl Ltd 28.03.2013 1,093,590 USD Morgan Stanley & Co Intl Ltd 28.09.2012 241,733 USD Morgan Stanley & Co Intl Ltd 31.10.2012 245,133 USD Morgan Stanley & Co Intl Ltd 31.10.2012 80,124 USD Morgan Stanley & Co Intl Ltd 31.07.2012 3,075,715 USD Morgan Stanley & Co Intl Ltd 31.07.2012
As at 31st March 2012, the unrealised result on swap transactions for the sub-fund amounted to USD 0.00.
Note 9 - Securities Lending
The Company may lend securities.
The total value per sub-fund for "Securities Lending" (inclusive accrued interest) at the date of the report amounts to:
Sub-funds Counterparties Currency Total value Clariden Leu (Lux) Biotechnology Equity Fund Clariden Leu AG USD 8,868,700.00 Clariden Leu (Lux) Commodity Instruments Fund KBL European Private Bankers S.A. USD 69,624.30 Clariden Leu (Lux) Energy Equity Fund KBL European Private Bankers S.A. USD 11,250.00 Clariden Leu (Lux) Emerging Markets Equity Fund KBL European Private Bankers S.A. USD 4,793,907.98 Clariden Leu (Lux) Infrastructure Fund KBL European Private Bankers S.A. USD 6,048,231.80 Clariden Leu (Lux) Luxury Goods Equity Fund Clariden Leu AG EUR 19,621,651.20 Clariden Leu (Lux) European Equity Fund Clariden Leu AG EUR 4,088,434.20 Clariden Leu (Lux) European Small Cap Equity Fund Clariden Leu AG EUR 5,790,832.03 Clariden Leu (Lux) Japan Equity Fund Clariden Leu AG JPY 130,849,950 Clariden Leu (Lux) North America Equity Fund Clariden Leu AG USD 830,710.57 Clariden Leu (Lux) Russia Equity Fund Clariden Leu AG USD 4,533,851.66
To secure its securities lending transactions, the Company has received collateral of a value higher of the assessed value of the securities lent.
The commissions for securities lending are recorded under the caption "Commissions received" in the statement of operations and other changes in net assets.
Note 10 - Changes in the composition of the portfolio
The changes in the composition of the portfolio for the period referring to this report are available free of charge upon request at the registered office of the Company, at the Paying Agents in Switzerland, in Austria, in Italy, in Spain, in France and in Germany as well as at the Custodian Bank.
148 Clariden Leu (Lux)
Notes to the financial statements (continued) as at 31st March 2012
Note 11 - Events
The Board of Directors decided with effect on 11th November 2011 to merge the sub-fund Clariden Leu (Lux) Generics Equity (absorbed sub-fund) with Clariden Leu (Lux) Biotechnology Equity Fund (absorbing sub-fund). The last Net Asset Value of the absorbed sub-fund was calculated on 11th March 2011.
The reason for the merger is the intention to achieve a more efficient and economical management of the sub-funds. That is in the interest of the sub-funds and its shareholders as the absorbed sub-fund only had a low volume, which makes efficient management difficult.
The conversion rate amounted for Category B shares in EUR:
Clariden Leu (Lux) Eastern Europe Equity Fund / 1 : 0.85477015144061 Clariden Leu (Lux) Silk Road Equity Fund
The Board of Directors of the Company decided to appoint Clariden Leu Asset Management (Hong Kong) as Investment Sub-Manager instead of Clariden Leu AG as Investment Advisor for the sub- funds Clariden Leu (Lux) Luxury Goods Equity Fund and Clariden Leu (Lux) Silk Road Equity Fund.
Note 13 - Subsequent events
On 19th March 2012, the Board of Director has decided with effect on 2nd April 2012 to:
• change of the name of the Fund in Credit Suisse SICAV (Lux) (formerly Clariden Leu (Lux))
• change of the name of the sub-funds:
Credit Suisse SICAV (Lux) Equity Biotechnology formerly Clariden Leu (Lux) Biotechnology Equity Fund
Credit Suisse SICAV (Lux) Commodity Instruments formerly Clariden Leu (Lux) Commodity Instruments Fund
Credit Suisse SICAV (Lux) Equity Energy formerly Clariden Leu (Lux) Energy Equity Fund
Credit Suisse SICAV (Lux) Equity Emerging Financials formerly Clariden Leu (Lux) Emerging Financials Equity Fund
Credit Suisse SICAV (Lux) Infrastructure formerly Clariden Leu (Lux) Infrastructure Fund
Credit Suisse SICAV (Lux) Equity Luxury Goods formerly Clariden Leu (Lux) Luxury Goods Equity Fund
Credit Suisse SICAV (Lux) Equity Technology formerly Clariden Leu (Lux) Technology Equity Fund
Credit Suisse SICAV (Lux) Equity Asia ex Japan formerly Clariden Leu (Lux) Asia ex Japan Equity Fund
Credit Suisse SICAV (Lux) Equity Europe formerly Clariden Leu (Lux) European Equity Fund
Credit Suisse SICAV (Lux) Equity European Small Cap formerly Clariden Leu (Lux) European Small Cap Equity Fund
Credit Suisse SICAV (Lux) Equity Japan formerly Clariden Leu (Lux) Japan Equity Fund
Credit Suisse SICAV (Lux) Equity North America formerly Clariden Leu (Lux) North America Equity Fund
Credit Suisse SICAV (Lux) Equity Emerging Markets formerly Clariden Leu (Lux) Emerging Markets Equity Fund
Credit Suisse SICAV (Lux) Equity Latin America formerly Clariden Leu (Lux) Latin America Equity Fund
149 Clariden Leu (Lux)
Notes to the financial statements (continued) as at 31st March 2012
Credit Suisse SICAV (Lux) Equity Russia formerly Clariden Leu (Lux) Russia Equity Fund
Credit Suisse SICAV (Lux) Equity Silk Road formerly Clariden Leu (Lux) Silk Road Equity Fund
Credit Suisse SICAV (Lux) Liquid Alternatives formerly Clariden Leu (Lux) Liquid Alternatives Fund
• appoint Credit Suisse, Paradeplatz 8, CH-8001 Zurich as an Investment Advisor instead of Clariden Leu AG;
• appoint Credit Suisse (Singapore) Limited, with registered office at 1 Raffles Link, # 03-01, One Raffles Link, Singapore 039393 as an Investment Sub-Manager instead of Clariden Leu Asset Management (Hong Kong) Limited;
• appoint as Distributor: Credit Suisse AG, Zurich instead of Clariden Leu AG, Zurich.
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Clariden Leu Ltd Investment Funds Bahnhofstrasse 32 CH-8070 Zurich Tel. +41 844 844 001 [email protected] www.claridenleu.com