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 ...............................................................................