IV Soclété d investissement a capital variable

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1 DB priji U IV Soclété d investissement a capital variable R.C.S. Luxembourg B Audited Annual Report as at 31 January 2012 Deutsche Bank No subscription can be accepted on the basis of the financial reports. Subscriptions are only valid if they are made on the basis of the latest published prospectus accompanied by the latest annual report and the most recent semiannual report, if published thereafter. DB Platinum, DB Platinum is a registered trademark of Deutsche Bank AG

2 Table of contents Management and Administration 3 Information for Residents of the Hong Kong SAR 5 Directors Report 6 Independent Auditor s Report 17 Statement of Net Assets 18 Key Figures as at 31 January Statement of Operations and Changes in Net Assets 41 Statistics 50 Statement of Investments * Dynamic Bond Portfolio 83 Dynamic ETF Selector 3 84 Dynamic ETF Selector 8 85 Dynamic ETF Selector 6 86 Dynamic Alternative Portfolio 87 Sovereign Plus 89 Dynamic Bond Plus 91 Dynamic Bond Stabilität Plus 92 Dynamic Cash 94 Skandia Leader Sheep 2014/I 97 CROCI Euro 98 CROCI US 100 CROCI Japan 102 Skandia Leader Sheep 2015/I 103 Corporate Cash 104 Balanced Currency Harvest Euro 106 CROCI Alpha Pairs Sectors Euro 107 RId TM Index Fund 108 CROCI Alpha Pairs Sectors USD 110 European Top Stars 111 Agriculture USD 113 Notes to the Financial Statements 115 Information to Shareholders unaudited 137 Page *No Statement of Investments for Sovereign Optima 2034, Lynx Index, CROCI Global 130/30, dbx Millburn MultiMarkets Index, IKOS FX Fund, Rohstoffe Direkt, QCM GDP Index Fund, Commodity Allocator, dbx Systematic Alpha Index Fund, Paulson Global and Institutional Fixed Income as at 31 January 2012, due to their structure.

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4 Werner Management and Administration Registered Office 69, route desch L1470 Luxembourg GrandDuchy of Luxembourg Board of Directors Burg (chairman of the Board of Directors), director, Deutsche Bank Luxembourg S.A. 2, boulevard Konrad Adenauer, L1115 Luxembourg, GrandDuchy of Luxembourg KlausMichael Vogel, member of the Management Board, Deutsche Bank Luxembourg S.A. 2, boulevard Konrad Adenauer, L1115 Luxembourg, GrandDuchy of Luxembourg Freddy Brausch, partner, Linklaters LLP 35, avenue John F. Kennedy, L1855 Luxembourg, GrandDuchy of Luxembourg Custodian RBC Dexia Investor Services Bank S.A. 14, Porte de France L4360 EschsurAlzette GrandDuchy of Luxembourg Administrative Agent, Paying Agent, Domiciliary Agent and Listing Agent RBC Dexia Investor Services Bank S.A. 14, Porte de France L4360 EschsurAlzette GrandDuchy of Luxembourg Registrar and Transfer Agent RBC Dexia Investor Services Bank S.A. 14, Porte de France L4360 EschsurAlzette GrandDuchy of Luxembourg Management Company DB Platinum Advisors 2, boulevard Konrad Adenauer L1115 Luxembourg GrandDuchy of Luxembourg Investment Adviser DWS Investment S.A. (for certain SubFunds registered in HongKong and Singapore) 2, boulevard Konrad Adenauer L1115 Luxembourg GrandDuchy of Luxembourg 3

5 Management and Administration (continued) Investment Manager 1 State Street Global Advisors Limited 20 Churchill Place, Canary Wharf London E14 5HJ United Kingdom Distributor Deutsche Bank AG, acting through its London branch Winchester House 1 Great Winchester Street London EC2N 2DB United Kingdom Independent Auditor of the Company Ernst & Young S.A. 7, rue Gabriel Lippmann Parc d Activité Syrdall 2 L5365 Munsbach GrandDuchy of Luxembourg Legal Adviser to the Company Linklaters LLP 35, avenue John F. Kennedy L1855 Luxembourg GrandDuchy of Luxembourg Hong Kong Representative RBC Dexia Trust Services Hong Kong Limited 51 st Floor, Central Plaza 18 Harbour Road Wanchai Hong Kong Capitalised terms used herein shall have the same meaning as in the current Prospectus. 1 In relation to certain SubFunds only, as further detailed in this report. 4

6 DB DB Information for Residents of the Hong Kong SAR As of 31 January 2012, only 4 SubFunds of : Platinum IV CROCI Euro CROCI US Platinum IV CROCI Japan Agriculture USD (collectively Authorised SubFunds ), are launched and authorised in Hong Kong SAR and included in the Audited Annual Report for the financial year ended 31 January In relation to each Authorised SubFund, only the following classes of shares are available for sale to the public in Hong Kong SAR: CROCI Euro, CROCI Japan and CROCI US: only classes R1CA and I1C shares as applicable (R1CA has not been launched for CROCI Japan). Agriculture USD: only classes R1CB and I1C shares. None of the SubFunds of, other than the Authorised SubFunds, are authorised for sale in Hong Kong SAR nor are they available to Hong Kong residents. Double Delight Guaranteed Fund matured on 24 March 2011 and the authorization of the Securities and Futures Commission has been withdrawn. It is the opinion of the Custodian that has in all material respects managed the Authorised SubFunds in accordance with provisions of its Articles of Incorporation and the Prospectus. CROCI Euro tracks the performance of the Deutsche Bank CROCI Euro IndexTM. The Deutsche Bank CROCI Euro IndexTM as at 31 January 2012 did not have any individual constituent which accounted for more than 10% of the weighting of the index. The performance of CROCI Euro share class I1C over the relevant period is 10.51% and the performance of the Deutsche Bank CROCI Euro IndexTM is 10.14%. The performance of CROCI Euro share class R1CA over the relevant period is 11.12% and the performance of the Deutsche Bank CROCI Euro IndexTM over the same period is lo.l4%. CROCI Japan tracks the performance of the Deutsche Bank CROCI Japan IndexTM. The Deutsche Bank CROCI Japan IndexTM as at 31 January 2012 did not have any individual constituent which accounted for more than 10% of the weighting of the index. The performance of CROCI Japan share class TiC over the relevant period is 14.38% and the performance of the Deutsche Bank CROCI Japan IndexTM is 14.08%. CROCI US tracks the performance of Deutsche Bank CROCI US IndexTM. The Deutsche Bank CROCI US IndexTM as at 31 January 2012 did not have any individual constituent which accounted for more than lo% of the weighting of the index. The performance of CROCI US share class I1C over the relevant period is 4.44% and the performance of the Deutsche Bank CROCI US IndexTM is 5.09%. The performance of CROCI US share class R1CA over the relevant period is 3.67% and the performance of the Deutsche Bank CROCI US IndexTM over the same period is 5.09%. Agriculture USD tracks the performance of the db Agriculture USD IndexTM. The db Agriculture USD IndexTM as at 31 January 2012 contained the following individual constituent, some of which accounted for more than 10% of the weighting of the index. Wheat : 21.03% Soybean : 19.44% Coffee : 6.22% Corn : 20.15% Cocoa : 6.62% Sugar : 19.93% Cotton : 6.60% The performance of Agriculture USD share class I1C over the relevant period is 18.47%, the performance of Agriculture USD share class R1CB over the relevant period is 18.91% and the performance of the db Agriculture USD IndexTM over the same period is 17.86%. 5

7 Directors Report has launched 4 new subfunds ( SubFunds or individually a SubFund ) during the financial year , called Sovereign Optima 2034, Lynx Index, dbx Miliburn MultiMarkets Index and IKOS FX Fund. On the other hand, 9 SubFunds called European Inflation 2011, Europa Gewinnstufen, Double Delight Guaranteed Fund, Double Joy Capital Guaranteed Fund USD, Long Short Momentum Fund, Dynamic EU 80, Dynamic US 80, Dynamic Emerging Markets 80 and Dynamic World 80 have been liquidated/matured. The SubFunds of cover a wide range of economic exposures: money market, bond, foreign exchange, equity, hedge funds and commodities to both retail and institutional clients. Dynamic Bond Portfolio The Investment Objective of the SubFund is to provide the Shareholders with a return linked to the performance of the Dynamic Bond Portfolio Index. The index is intended to reflect the total return performance of certain Euro iboxx indices and Deutsche Bank AG fixed income indices which represent sovereign, subsovereign, corporate, collateralised bonds and sovereign emerging market indices selected from a selection pool by Deutsche Bank AG, Private Banking Global Investment Strategy Committee or any successor thereto. Date 31 January 2012 Dynamic Bond Portfolio SubFund s Net Assets EUR 39,778,429 Share Class R1C RiD Number of Shares 156, , NAV per Share EUR EUR Dynamic ETF Selector Family of SubFunds The Investment Objective of these SubFunds is to provide the Shareholders with a return linked to the performance of the Underlying Assets. The Underlying Assets use an investment strategy derived from a computerbased quantitative asset allocation model that aims to identify on a monthly basis a diversified basket of exchange traded funds (ETFs) and/or other UCITS, and/or other collective investment undertakings. Each is representative of a specific market by reference to an asset class and geographical region, which would have generated the highest level of annualised return over the previous three months taking into account a defined risk profile. Additionally the investment strategy includes a volatility limiting mechanism which can result in the SubFund being fully invested in cash components including both money market investments and/or cash deposits until the Investment Strategy is next recomposed. Date 31 January 2012 Dynamic ETF Selector 3 SubFund s Net Assets EUR 4,618,510 Share Class R1C R1CA RiD R2C R2D Number of Shares 5, , , , NAV per Share EUR EUR EUR EUR EUR Date 31 January 2012 Dynamic ETF Selector 8 SubFund s Net Assets EUR 1,552,373 Share Class R1C R1CA RiD R2C R2D Number of Shares 2, , , , NAV per Share EUR EUR EUR EUR EUR

8 Directors Report (continued) Dynamic ETF Selector Family of SubFunds (continued) Date 31 January 2012 Dynamic ETF Selector 6 SubFund s Net Assets EUR 1,974,828 Share Class R1C R1CA RiD R2C Number of Shares 5, , , , NAVperShare EUR EUR84.56 EUR91.54 EUR1O5.14 Dynamic Alternative Portfolio The Investment Objective of the SubFund is to provide the Shareholders with a return linked to the performance of the Deutsche Bank Dynamic Alternative Portfolio Index of certain Deutsche Bank, iboxx and other third party indices. At any time the index may reflect the performance of a variety of alternative asset classes including currencies, commodities, futures, CTA deposits and hedge funds. TM. The index is intended to reflect the total return performance Date 31 January 2012 Dynamic Alternative Portfolio SubFund s Net Assets EUR 38,894,450 Share Class R1C RiD R2C R2D Number of Shares 147, , , NAV per Share EUR EUR EUR EUR Sovereign Plus The Investment Objective of the SubFund is to provide the Shareholders with a return linked to the performance of the Deutsche Bank Sovereign Plus Index indices, the Deutsche Bank Euro Sovereign Elite Index TM (the Fixed Income Index ) and the Deutsche Bank Liquid Commodity (Mean Reversion) Euro Index TM (the Commodity Index ). The Fixed Income Index is intended to reflect the performance of sovereign bonds issued by AAA rated eurozone issuers with a minimum maturity of one year. The Commodity Index is intended to reflect the performance of six commodities (Crude Oil, Heating Oil, Aluminium, Gold, Wheat and Corn) which at or about the Launch Date represent some of the most liquid commodities. The minimum Fixed Income Index weight is 70% and the maximum Commodity Index weight is 30%. TM. The index is intended to reflect the total return performance of two Date 31 January 2012 Sovereign Plus SubFund s Net Assets EUR 54,709,331 Share Class R1C R1CA Number of Shares 378, , NAV per Share EUR EUR Dynamic Bond Plus The Investment Objective of the SubFund is to provide a return linked to the Deutsche Bank Dynamic Bond Plus Index indices and Deutsche Bank indices. The index will reflect the performance of a wide range of asset classes, including sovereign, corporate and emerging market bonds, structured finance securities (comprising assetbacked securities and portfolio creditlinked notes), distressed (defaulted) debt, capital securities, commodities and currencies. TM. The index is intended to reflect the total return performance of certain Euro iboxx indices, customised iboxx Date 31 January 2012 Dynamic Bond Plus SubFund s Net Assets EUR 55,103,970 Share Class R1C R1CA RiD Number of Shares 128, , , NAV per Share EUR EUR EUR

9 Directors Report (continued) Dynamic Bond Stabilität Plus The Investment Objective of the SubFund is to provide the Shareholders with a return linked to the performance of the Deutsche Bank Dynamic Stability Plus Index. The index is intended to reflect the performance of two indices, the Deutsche Bank Global Inflation Linked Sovereign Index (EUR) (the Fixed Income Index ) and the Deutsche Bank Liquid Commodity (Mean Reversion) Euro Index TM (the Commodity Index ). The Fixed Income Index is intended to reflect the total return performance of liquid inflationlinked sovereign debt issued by OECD sovereign issuers with a minimum maturity of one year. The Commodity Index is intended to reflect the performance of six commodities (Crude Oil, Heating Oil, Aluminium, Gold, Wheat and Corn). The weight of the Commodity Index can never exceed 25% and the weight of the Fixed Income Index can never be less than 75 h. Date 31 January 2012 Dynamic Bond Stabilität Plus SubFund s Net Assets EUR 131,066,230 Share Class R1C R1CA RiD Number of Shares 387, , , NAV per Share EUR EUR EUR Dynamic Cash The Investment Objective of the SubFund is to provide the Shareholders with a return linked to the performance of the Deutsche Bank Dynamic Cash IndexrM. The index is intended to reflect performance of the following rate and indices, the Euro OverNight Index Average Rate (the EONIA ), the Deutsche Bank Euro Sovereign Elite Index TM (the Euro Sovereign Elite Index ) and the DBIQ 12 year EuroSovereign Index TM (the DBIQ 12 year EuroSovereign Index. The Euro Sovereign Elite Index is intended to reflect the total return of bonds that (1) are selected from the DBIQ Global Sovereign Index, (2) are issued by Eurozone sovereign issuers, and that (3) have an AAArating. The DBIQ 12 year EuroSovereign IndexTM is intended to reflect the total return performance of bonds that (1) are selected from the iboxx EuroZone Sovereign Index, (2) are issued by the three largest sovereign issuers in the Euro Zone, currently France, Germany and Italy, (3) that have a maturity of between 1 and 2 years, (4) are not zero coupon bonds nor structured bonds, and (5) are not privately issued debt. Moreover, the bonds must, inter alia, be denominated in euro currency only, pay a fixed rate coupon and have a minimum size of euro 2 billion. The maximum exposure to sovereign bonds is capped at 50% whereas the maximum exposure to EONIA is loon/a. Date 31 January 2012 Dynamic Cash SubFund s Net Assets EUR 1,103,664,281 Share Class R1C R1CA R2C I1C I1CG Number of Shares 1,083, , , , , NAV per Share EUR EUR EUR 10, EUR 10, GBP 10, Share Class I1CU Number of Shares 9, NAV per Share USD 10, Skandia Leader Sheep Family of SubFunds The Investment Objective of Skandia Leader Sheep 2014/1 is to provide the Shareholders upon the Termination Date with a return linked to the performance of a basket of shares. The SubFund will pay 300% of initial investment at maturity conditional on the performance of a basket of major European stocks. Date 31 January 2012 Skandia Leader Sheep 2014/I SubFund s Net Assets EUR 13,179,958 Share Class TiC Number of Shares 122, NAV per Share EUR

10 Directors Report (continued) Skandia Leader Sheep Family of SubFunds (continued) The Investment Objective of Skandia Leader Sheep 2015/I is to provide the Shareholders upon the Maturity Date with a Final Payout per Share linked to the performance of the DB Custom Performer Index. The index intends to reflect the performance of certain indices and commodities. Date 31 January 2012 Skandia Leader Sheep 2015/I SubFund s Net Assets EUR 3,352,017 Share Class I1C Number of Shares 19, NAV per Share EUR CROCI Family of SubFunds The Direct Investment Objective of these SubFunds is to track the price and income performance of the underlying securities in relation to the performance of the underlying assets, these being the Deutsche Bank CROCI Euro Index the Deutsche Bank CROCI US Index TM and the Deutsche Bank CROCI Japan Index The SubFunds will aim to invest in the underlying securities of the index in proportion to their weighting in the index. The indices aim is to reflect the total return performance of thirty shares with the lowest CROCI Economic Price Earnings Ratio. TM, TM. Date 31 January 2012 CROCI Euro SubFund s Net EUR 209,067,635 Assets Share Class R1C R1CA R1CB R2C I1C I2C Number of Shares 254, , , , ,096, , NAV per Share EUR EUR EUR EUR EUR EUR 13, Date 31 January 2012 CROCI US SubFund s Net USD 1,016,262,699 Assets Share Class R1C R1CA R1CB R2C TiC I2C Number of Shares 890, , , , ,001, , NAV per Share USD USD USD USD USD USD 16, Date 31 January 2012 CROCI Japan SubFund s Net JPY 17,386,949,439 Assets Share Class R1C R1CB R2C I1C 12C Number of Shares 29, , , ,791, , NAV per Share JPY 8, JPY 5, JPY 7, JPY 8, JPY 859,

11 Assets determined by using the present value of the Asset Swap spread of each such bond comprising the Reference Assets such Reference Assets. The Portfolio Advisor will use a rulebased strategy called the Sovereign Optima Strategy Sovereign Optima 2034 Investment Objective The of the SubFund is to outperform, on an expected yield basis, a specified German sovereign over the bond lifetime of the SubFund by providing Shareholders with exposure to a notional dynamic portfolio of grade bonds high or debt securities (the Reference Assets ) and asset swap transaction(s) (the Asset Swap(s) ) on which aims to suggest the bonds comprising the Reference Assets with the highest Intrinsic Value (which is SubFund s Net Assets EUR 30,987,337 Number of Shares 10, , Share Class R1C TiC 12C investing in liquid euro denominated shares. The equity market risk of such investment will be hedged right away by return, that will depend on the then prevailing Euribor M rate minus a spread. Euribor is the interest rate for interbank deposits of a certain maturity (Euribor M) made in the Euro zone. the adequate derivative contract, i.e. the shares will be sold forward for a period of in general 1 week up to 3 months. SubFund s Net Assets EUR 162,163,802 Number of Shares 468, ,560, Share Class I1C 12C Date 31 January 2012 the performance of a systematic investment in the global futures and forwards markets. Each Share Class is linked to transactions, which are exchange traded futures and options in relation to certain financial instruments, currencies, interest rates, commodities and equity indices traded on certain exchanges. the performance of the relevant Underlying Asset via a Share Class Portfolio which reflects the performance of the the Underlying Asset which is, in the case of the I1C Share Class, the Lynx Index (EUR) (the EUR Index ) and in the case of the 12C Share Class, the Lynx Index (USD) (the USD Index ). The indices are financial indices which reflect Number of Shares 1, Share Class lids 12DE SubFund s Net EUR 81,756,930 Sovereign Optima 2034 Date 31 January 2012 Investment Restrictions. above the asset swap spread of the specified German sovereign bond) upon the date of a rebalancing, after taking into account expected transaction costs and further adjustments such as, but not limited to, liquidity or the Sovereign Optima 2034 was launched on 21 December NAV per Share SEI< 95, EUR 101, Lynx Index The Investment Objective of the SubFund is to provide the Shareholders with a return linked to the performance of USD Index or the EUR Index, as appropriate and a cash deposit. Each index represents the performance of certain Lynx Index was launched on 18 February Lynx Index NAV per Share EUR USD Corporate Cash The Investment Objective of the SubFund is to provide the Shareholders with a money market return by mainly The difference between the spot price of the share and the forward price of the share will generate a money market Date 31 January 2012 Platinum DB IV Corporate Cash NAV per Share EUR 1, EUR 11, EUR 10, Directors Report (continued)

12 Directors Report (continued) Balanced Currency Harvest Euro The Investment Objective of the SubFund is to provide the Shareholders with a return linked to the performance of the Deutsche Bank Balanced Currency Harvest (EURFunded) Index TM. The index is a EURbased index which is intended to reflect the performance of a set of currencies selected within the GlO countries and certain countries without the GlO plus the performance of a money market component linked to EONIA minus a margin of 0,25 % p.a. The index offers notional exposure to foreign currency rates by taking (i) notional long positions in the currencies of the 2 GlO countries and of the 3 remaining countries (including both GlO currencies and other Eligible Currencies) having the highest 3month deposit; and (ii) notional short positions in the currencies of the 2 GlO countries and of the 3 remaining countries (including both GlO currencies and other Eligible Currencies) having the lowest 3month deposit rates. Date 31 January 2012 Balanced Currency Harvest Euro SubFund s Net Assets EUR 1,875,518 Share Class R1C R1CA R2C 12C Number of Shares 2, , , NAV per Share EUR EUR EUR EUR 11, CROCI Alpha Pairs Sectors Euro The Investment Objective of the SubFund is to provide the Shareholders with a return linked to the performance of the Deutsche Bank CROCI Alpha Pairs Sectors Euro Total Return Index TM. The index reflects the performance of stocks selected on the basis of the Alpha Pairs strategy. The Alpha Pairs strategy uses a multifactor approach and aims to select the optimal long versus short position in each of nine sectors in three geographical regions (Europe, USA and Japan) by selecting different pairs of stocks in each such sector according to a classification using multifactor criteria described below. The Alpha Pairs strategy also aims to reduce the volatility usually associated with a valuation based strategy by inclusion of the growth and earnings momentum factors. The Index is constructed by taking a 100% long position in the highest ranked stocks and a 100% short position in the lowest ranked stocks in each of the 70 selected pairs. Date 31 January 2012 CROCI Alpha Pairs Sectors Euro SubFund s Net Assets EUR 2,693,682 Share Class R1C Number of Shares 35, NAV per Share EUR RICI TM Index Fund The Investment Objective of the SubFund is to provide the Shareholders with a return linked to the performance of the Rogers International Commodity Index or RICI TM. The index is intended to reflect the performance of a basket of commodities consumed in the global economy, ranging from agricultural to energy and metals products. RICITM aims to be an effective measure of the price action of raw materials around the world. Indeed, the index s weightings attempt to balance consumption patterns worldwide (in developed and developing economies) and specific commodities liquidity. Date 31 January 2012 RICI TM Index Fund SubFund s Net Assets USD 23,290,582 Share Class R1CE Diapason TiCC Diapason T1CE Diapason TiCU Number of Shares 204, , , NAV per Share EUR CHF EUR USD

13 Directors Report (continued) CROCI Alpha Pairs Sectors USD The Investment Objective of the SubFund is to provide the Shareholders with a return linked to the performance of the Deutsche Bank CROCI Alpha Pairs Sectors USD Total Return Index tm. The index reflects the performance of stocks selected on the basis of the Alpha Pairs strategy. The Alpha Pairs strategy uses a multifactor approach and aims to select the optimal long versus short position in each of nine sectors in three geographical regions (Europe, USA and Japan) by selecting different pairs of stocks in each such sector according to a classification using multifactor criteria. The Alpha Pairs strategy also aims to reduce the volatility usually associated with a valuation based strategy by inclusion of the growth and earnings momentum factors. The index is constructed by taking a 100% long position in the highest ranked stocks and a 100% short position in the lowest ranked stocks in each of the 70 selected pairs. Date 31 January 2012 CROCI Alpha Pairs Sectors USD SubFund s Net Assets USD 3,497,275 Share Class R1CB Number of Shares 482, NAV per Share USD 7.25 European Top Stars The Investment Objective of the SubFund is to provide the Shareholders with a return linked to the performance of the Deutsche Bank db Solar Europe Index TM. The index is intended to reflect the total return performance of a variable selection of stocks traded or listed on European regulated markets. The index provides a longonly exposure to stocks recommended by the GME Research Department of Deutsche Bank AG, London branch. Date 31 January 2012 European Top Stars SubFund s Net Assets EUR 8,342,146 Share Class R1C R1CA RiD I1C 12C Number of Shares 66, , NAV per Share EUR EUR EUR EUR 11, EUR Agriculture USD The Investment Objective of the SubFund is to provide the Shareholders with a return linked to the performance of the db Agriculture USD Index TM. The index is intended to capture the performance of certain commodities in the Agriculture sector via a notional investment in future contracts. The Index is based on seven Optimum Yield Sub Strategies, each of which reflects the performance of a different one of the following future markets: Corn, Wheat, Soybean, Sugar, Cotton, Coffee and Cocoa. Date 31 January 2012 Agriculture USD SubFund s Net Assets USD 79,261,705 Share Class R1C R1CB R1CC I1C Number of Shares 379, ,103, , , NAV per Share USD USD 7.46 SGD 7.96 USD 7,

14 DB PIatnum IV Directors Report (continued) CROCI Global 130/30 The Investment Objective of the SubFund is to provide the Shareholders of each Share Class with a return linked to the performance of the Deutsche Bank CROCI Global 130/30 Index. The index is intended to reflect the total return performance of a leveraged long/short investment strategy in stocks traded or listed on certain regulated markets (the 130/30 Investment Technique ). The 130/30 Investment Technique involves obtaining a long position of 130 per cent of investment value in stocks which are expected to rise, and a 30 per cent investment value in stocks which are expected to fall across three geographical regions: Europe, the United States and Japan. The stocks are selected using a multifactor approach that focuses on valuation according to the proprietary research model developed by Deutsche Bank AG known as Cash Return on Capital Invested (CROCI). Date 31 January 2012 CROCI Global 130/30 SubFund s Net Assets EUR 104,656,881 Share Class I1C Number of Shares 6, NAV per Share EUR 15, dbx Millburn MultiMarkets Index The Investment Objective of the SubFund is to provide the Shareholders of each Share Class with a return linked to the performance of the dbx Millburn MultiMarkets Index. The index is designed to reflect the total return (positive or negative) that would be achieved by an investor over time were it to allocate a U.S. dollar cash amount to be mainly invested in exchangetraded futures, forwards and/or swap and options contracts on a diverse range of global markets (including energies, base and precious metals and crops, stock indices, bonds, interest rates and currencies) in accordance with the Millburn Trading Strategy. The Millburn Trading Strategy is a computerbased trading system owned and operated by Millburn Ridgefield Corporation. dbx Millburn MultiMarkets Index was launched on 31 May Date 31 January 2012 dbx Millburn Multi Markets Index SubFund s Net Assets USD 103,661,742 Share Class I1CE TiCU Number of Shares 468, , NAV per Share EUR USD IKOS FX Fund The Investment Objective of the SubFund is to provide the Shareholders of each Share Class with a return linked to the performance of the IKOS FX Program UCITS III Basket, which is a basket of foreign exchange transactions. Each Share Class is linked to the performance of the basket via a Share Class Portfolio. Each Share Class Portfolio reflects the performance of the relevant FX Basket which references the IKOS FX Basket plus a cash deposit. The SubFund aims to provide investors with returns linked to the performance of the IKOS FX Program (the Strategy ). The Strategy systematically trades the currencies of major developed economies, using three holding periods and three families of models: systematic global macro, carrymodels and trendfollowing models. IKOS FX Fund was launched on 1 July Date 31 January 2012 IKOS FX Fund SubFund s Net Assets EUR 10,852,774 Share Class TiC Number of Shares 120, NAV per Share EUR

15 Directors Report (continued) Rohstoffe Direkt The Investment Objective of the SubFund is to provide the Shareholders of each Share Class with a return linked an Underlying Asset which will be an index selected from a predetermined index universe composed of the following indices, the Deutsche Bank Rohstoffe Direkt EUR Index, the Deutsche Bank Rohstoffe Direkt USD Index and any other index that adheres to the procedure set out in the Product Annex. Each index comprises eight commodities, representing three broad commodity sectors i.e. energy, precious metals, and base metals and is intended to be re balanced quarterly to their respective base weight. Date 31 January 2012 Rohstoffe Direkt SubFund s Net Assets EUR 123,323,205 Share Class R1C2014 Number of Shares 1,207, NAV per Share EUR QCM GDP Index Fund The Investment Objective of the SubFund is to provide the Shareholders with a return linked to the performance of the Underlying Asset which is in the case of the Tic and R1C Share Classes, the QCM GDP Index (EUR) and in the case of the 12C and R2C Share Classes the QCM GDP Index (USD). The indices are financial indices which reflect the performance of a systematic investment in the global futures and forwards markets. Each Share Class is linked to the performance of the Underlying Asset via a Share Class Portfolio which reflects the performance of the indices, as appropriate and a cash deposit. Date 31 January 2012 QCM GDP Index Fund SubFund s Net Assets USD 33,711,064 Share Class R1C R2C I1C 12C Number of Shares , , NAV per Share EUR 8, USD 8, EUR USD Commodity Allocator The Investment Objective of the SubFund is to provide the Shareholders with a return linked to the performance of the Deutsche Bank Liquid Commodity Index Allocator the Deutsche Bank Liquid Commodity Index Allocator Hedged EUR TR TM for the Share Classes TiC, Ric, R1CA and RiD. The indices are intended to provide exposure to a directional commodity index (that is an index whose value will increase if the price of the underlying constituents increases) and a nondirectional commodity index (that is an index whose value is not directly correlated with an increase or decrease in the price of the underlying constituents) based on how the directional index is trending. TM for the Share Classes TiCU, I1CG, R1CG and R1CU and Date 31 January 2012 commodity Allocator SubFund s Net Assets USD 12,980,186 Share Class R1C R1CU Tic Number of Shares 2, , NAV per Share EUR USD EUR

16 Directors Report (continued) dbx Systematic Alpha Index Fund The Investment Objective of the SubFund is to provide the Shareholders of each Share Class with a return linked to the performance of the dbx Systematic Alpha Index of Deutsche Bank AG, London branch. The index is designed to reflect the total return (positive or negative) that would be achieved by an investor over time were it to allocate a U.S. dollar cash amount to be mainly invested in the global exchangetraded futures, forwards and options markets on commodities (including energies, base and precious metals and crops), equity indices, bonds, shortterm interest rates and currencies in accordance with the Winton Diversified Trading Program. The Winton Trading Strategy is a computerbased trading system owned and operated by Winton Capital Management Ltd. Date 31 January 2012 dbx Systematic Alpha Index Fund SubFund s Net Assets USD 1,676,230,816 Share Class R1CA R1CC R1CE R1CG Number of Shares , NAV per Share EUR 10, CHF 10, EUR 11, GBP 10, Share Class R1CS R1CU I1CC I1CE Number of Shares 1, , , ,740, NAV per Share SGD 20, USD 11, CHF EUR Share Class I1CG TiCU Number of Shares 2,431, ,679, NAV per Share GBP USD Paulson Global The Investment Objective of the SubFund is to provide the Shareholders of each Share Class with a return linked to the performance of a synthetic basket of investments consisting of a wide range of securities and financial instruments managed by Paulson & Co. Inc.. The principal investment strategy is to achieve capital appreciation, independent of the returns of the overall equity and debt markets, through the use of eventdriven investment strategies, such as merger arbitrage, distressed securities, relative value and special situations. Date 31 January 2012 Paulson Global SubFund s Net Assets USD 97,399,321 Share Class R1CE R1CG R1CU I1CE Number of Shares 1, , , NAV per Share EUR 6, GBP 6, USD 6, EUR Share Class I1CG TiCU Number of Shares 198, , NAV per Share GBP USD

17 Directors Report (continued) Institutional Fixed Income The Investment Objective of the SubFund is to provide the Shareholders with a fixed or variable income depending on the Class of Share, until the applicable Maturity Date. The SubFund will also aim to provide the Shareholders with a Final Payout upon the applicable Maturity Date. The SubFund will enter into one or more derivative contracts with Deutsche Bank AG, London branch to (i) swap most subscription proceeds for the return on a portfolio comprised of bonds issued by financial institutions, companies, certain special purpose vehicles and governments of certain developed countries, cash deposits and other assets determined by the SubFunds directors and (ii) swap the expected income and expected performance of that portfolio, as well as hedging certain market risks such as foreign exchange risks of the bonds against the dividend payment. Date 31 January 2012 Institutional Fixed Income SubFund s Net Assets USD 570,525,194 Share Class lid 12D 13D Number of Shares 2, , , NAV per Share EUR 89, EUR 136, GBP 100, We anticipate that will continue expanding its products as well its client base in In order to support its expansion, DB Platinum Advisors, the Management Company, will continue to appoint State Street Global Advisors Limited to act as Investment Manager for a number of SubFunds (details can be read in section 19 of the Notes to the Financial Statements). Luxembourg, 30 March 2012 While every effort is made to ensure the accuracy of this report, should there be any material differences with the data expressed in the Prospectus and/or Product Annex, the latter will prevail. 16

18 Independent Auditor s Report To the Shareholders of 69, route d Esch L1470 Luxembourg GrandDuchy of Luxembourg Following our appointment by the Annual General Meeting of the Shareholders of 15 April 2011, we have audited the accompanying financial statements of and of each of its SubFunds, which comprise the Statement of Net Assets and the Statement of Investments as at 31 January 2012 and the Statement of Operations and Changes in Net Assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements. Responsibility of the Board of Directors of the SICAV for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation and presentation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibility of the réviseur d entreprises agréé Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgement of the réviseur d entreprises agréé, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the réviseur d entreprises agréé considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements give a true and fair view of the financial position of and of each of its SubFunds as of 31 January 2012, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements. Other matter Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole. Ernst & Young Société Anonyme Cabinet de revision agréé Luxembourg, 30 March 2012 Bernard Lhoest 17

19

20 Statement of Net Assets as at 31 January 2012 Dynamic Bond Dynamic ETF Dynamic ETF Dynamic ETF Portfolio Selector 3 Selector 8 Selector 6 Note EUR EUR EUR EUR ASSETS Investment portfolio at market value 43,271,349 4,590,861 1,547,008 1,941,034 Cash at bank 8,258 50,587 8,280 17,728 Amounts receivable on sale of investments 201, ,963 Amounts receivable on subscriptions 130, Receivable due from swap (7) counterparty 10, Interest and dividends receivable, net 102, Net unrealised gain on forward foreign (11) exchange contracts Unrealised gain on swaps (7) Other assets TOTAL ASSETS 43,724,469 4,641,448 1,555,288 1,988,725 LIABILITIES Bank overdraft 30, Amounts payable on purchase of investments Amounts payable on redemptions 130,301 15, ,917 Payable due to swap counterparty (7) 1, Net unrealised loss on forward foreign (11) exchange contracts Net unrealised loss on forward on (12) securities Unrealised loss on swaps (7) 3,743, Management Company Fee (4) 28,426 5,190 2,315 2,226 Taxes and expenses payable 11,774 1, Other liabilities TOTAL LIABILITIES 3,946,040 22,938 2,915 13,897 TOTAL NET ASSETS 39,778,429 4,618,510 1,552,373 1,974,828 The accompanying notes form an integral part of these financial statements.

21 Statement of Net Assets (continued) as at 31 January 2012 Dynamic Sovereign Plus Dynamic Bond Plus Dynamic Bond Dynamic Cash Skandia Leader Alternative Stabilität Plus Sheep 2014/I Portfolio EUR EUR EUR EUR EUR EIJR 52,002,218 64,314,675 58,059, ,343,768 1,331,622,957 11,918, , ,789 2,940, , , , ,390, , , ,781, , , , , ,499 9,071,858 15, , ,878,483 65,647,156 59,383, ,735,915 2,599,345,393 13,190, , ,390, , , ,117 1,805, ,781, , ,533, ,073, ,739,050 10,596,602 3,962,499 10,667, ,341, ,631 58,446 46, ,971 73,124 7,287 11,507 16,922 16,308 46, ,176 3, ,984,033 10,937,825 4,279,911 12,669,685 1,495,681,112 10,685 38,894,450 54,709,331 55,103, ,066,230 1,103,664,281 13,179,958 The accompanying notes form an integral part of these financial statements. 19

22 Statement of Net Assets (continued) as at 31 January 2012 CROCI Euro CROCI US CROCI Japan Skandia Leader Sheep 2015/I Note EUR USD JPY EUR ASSETS Investment portfolio at market value 208,997,022 1,014,825,011 17,365,718,700 1,789,723 Cash at bank 603,101 1,447,971 14,325, ,399 Amounts receivable on sale of investments 986,052 1,093, Amounts receivable on subscriptions 0 383, Receivable due from swap (7) counterparty Interest and dividends receivable, net 0 816,608 21,073,457 1,957 Net unrealised gain on forward foreign (11) exchange contracts Unrealised gain on swaps (7) ,350,971 Other assets 105,144 23, TOTAL ASSETS 210,691,319 1,018,590,991 17,401,117,593 3,354,050 LIABILITIES Bank overdraft Amounts payable on purchase of investments Amounts payable on redemptions 1,448,731 1,588,734 2,438,112 0 Payable due to swap counterparty (7) Net unrealised loss on forward foreign (11) exchange contracts Net unrealised loss on forward on (12) securities Unrealised loss on swaps (7) Management Company Fee (4) 113, ,661 7,451,697 1,175 Taxes and expenses payable 61, ,897 4,278, Other liabilities TOTAL LIABILITIES 1,623,684 2,328,292 14,168,154 2,033 TOTAL NET ASSETS 209,067,635 1,016,262,699 17,386,949,439 3,352, The accompanying notes form an integral part of these financial statements.

23 Statement of Net Assets (continued) as at 31 January 2012 Sovereign Optima Lynx Index* Corporate Cash Balanced Currency CROCI Alpha Pairs RICI TM Index Fund 2034* Harvest Euro Sectors Euro EUR EUR EUR EUR EUR USD o o 32,583,698 1,930,579 3,618,942 23,371,017 65, , ,108 15, , , ,191,180 27, ,147, ,372, , ,645 25, , , , ,212, ,274,651 32,776,324 1,972,403 3,645,162 24,237, ,000 27, , ,105, , ,747, ,429,914 3,643, , , ,711 16,995 6,378 9,683 2,682 4,622 24,280 9,043 55,618 4, ,492 9, ,455,952 16,110,849 1,788,987 96, , ,999 81,756, ,163,802 30,987,337 1,875,518 2,693,682 23,290,582 * No Statements of Investment as at 31 January 2012 due to its structure. The accompanying notes form an integral part of these financial statements. 21

24 Statement of Net Assets (continued) as at 31 January 2012 CROCI Alpha Pairs European Top Stars Agriculture USD CROCI Global Sectors USD 130/30* Note USD EUR IJSD EUR ASSETS Investment portfolio at market value 3,870,503 8,725,115 79,275,292 0 Cash at bank 0 291, , ,531 Amounts receivable on sale of investments Amounts receivable on subscriptions Receivable due from swap (7) counterparty ,816,000 Interest and dividends receivable, net 81, Net unrealised gain on forward foreign (11) exchange contracts ,060 0 Unrealised gain on swaps (7) ,815,545 Other assets TOTAL ASSETS 3,951,864 9,016,649 79,714, ,785,076 LIABILITIES Bank overdraft 1, Amounts payable on purchase of investments Amounts payable on redemptions 0 78, ,176 0 Payable due to swap counterparty (7) 0 169, Net unrealised loss on forward foreign (11) exchange contracts Net unrealised loss on forward on (12) securities Unrealised loss on swaps (7) 444, , ,671 0 Management Company Fee (4) 5,984 11,884 69,976 89,531 Taxes and expenses payable 1,934 3,579 33,383 38,664 Other liabilities TOTAL LIABILITIES 454, , , ,195 TOTAL NET ASSETS 3,497,275 8,342,146 79,261, ,656, * No Statements of Investment as at 31 January 2012 due to its structure. The accompanying notes form an integral part of these financial statements.

25 Statement of Net Assets (continued) as at 31 January 2012 dbx Millburn Multi IKOS FX Fund* Rohstoffe Direkt* QCM GDP Index Commodity dbx Systematic Markets Index* Fund* Allocator* Alpha Index Fund* USD EIJR EUR USD USD USD o ,802 51, , ,816 24,562 1,205, , ,937, ,315,265 12,030, ,117,033 38,887,257 14,020,183 1,458,210, , ,514, ,022, ,409,036 44, ,623,567 12,082, ,074,616 39,065,073 14,044,745 1,693,277, ,137 3,180, ,910, , ,050, ,917,743 1,224, ,154,060 1,051, , ,586 4,566 8, ,465 39,665 4,128 50,183 14,785 5, , ,961,825 1,229, ,411 5,354,009 1,064,559 17,046, ,661,742 10,852, ,323,205 33,711,064 12,980,186 1,676,230,816 * No Statements of Investment as at 31 January 2012 due to its structure. The accompanying notes form an integral part of these financial statements. 23

26 Statement of Net Assets (continued) as at 31 January 2012 Combined Paulson Global* Institutional Fixed Income * ASSETS Note USD USD EUR Investment portfolio at market value 0 0 2,996,722,627 Cash at bank 463, ,436,222 Amounts receivable on sale of investments ,511,978 Amounts receivable on subscriptions 29, ,034,708 Receivable due from swap (7) counterparty 131,628, ,535,004 2,283,130,330 Interest and dividends receivable, net ,400,312 Net unrealised gain on forward foreign (11) exchange contracts 306, ,003,252 LJnrealised gain on swaps (7) 0 20,157, ,777,798 Other assets ,129 TOTAL ASSETS 132,428, ,692,191 6,819,213,356 LIABILITIES Bank overdraft 0 4,771 65,343 Amounts payable on purchase of investments ,390,934 Amounts payable on redemptions 213, ,750,186 Payable due to swap counterparty (7) ,094,651 Net unrealised loss on forward foreign (11) exchange contracts 0 0 2,073,302 Net unrealised loss on forward on (12) securities 0 0 1,747,161 Unrealised loss on swaps (7) 34,764, ,997,461 Management Company Fee (4) 25,077 23,038 1,744,314 Taxes and expenses payable 26, ,188 1,729,601 Other liabilities TOTAL LIABILITIES 35,029, ,997 1,699,593,109 TOTAL NET ASSETS 97,399, ,525,194 5,119,620,247 * No Statements of Investment as at 31 January 2012 due to its structure. The accompanying notes form an integral part of these financial statements.

27 Key Figures as at 31 January 2012 Dynamic Bond Dynamic ETF Dynamic ETF Dynamic ETF Portfolio Selector 3 Selector 8 Selector 6 EIJR EUR EUR EUR Net asset value per share R1C R1C (EUR) R1CA R1CA (EUR) R1CB R1CC (CHF) R1CC (SGD) R1C E (EUR) R1CG (GEP) R1CS (SGD) R1CU R1C2014 RiD R2C R2D ic I1C (EUR) I1CC (CHF) I1CE (EUR) Diapason I1CC (CHF) Diapason I1CE (EUR) Diapason I1CU lid (EUR) lids (SEK) 12D (EUR) 12DE 13D (GBP) 12C 12C (USD) 13C I1CG (GBP) I1CU (USD) CU

28 R1C 4, , Key Figures as at 31 January 2012 (continued) Dynamic Bond Dynamic ETF Dynamic ETF Dynamic ETF Portfolio Selector 3 Selector 8 Selector 6 EUR EUR EUR EUR Number of shares outstanding R1C 156, , , , R1CA 2, , R1CA R1CB R1CC R1CC R1CE R1CG R1CS R1CU R1C2014 RiD 172, , , , R2C 7, , R2D Tic Tic icc T1CE Dapason Ticc Diapason TicE Diapason Ticu lid lids 12D 12DE 13D T2 Tic 13C TlcG iicu iicu 26

29 Key Figures as at 31 January 2012 (continued) Dynamic Sovereign Plus Dynamic Bond Plus Dynamic Bond Alternative Stabilität Plus Portfolio EUR EUR EUR EUR Net asset value per share R1C R1C (EUR) R1CA R1CA (EUR) R1CB R1CC (CHF) R1CC (SGD) R1CE (EUR) R1CG (GBP) R1CS (SGD) R1CU R1C2014 RiD R2C R2D lic I1C (EUR) TiCC (CHF) I1CE (EUR) Diapason TiCC (CHF) Diapason I1CE (EUR) Diapason TiCU lid (EUR) lids (SEK) I2D (EUR) 12DE 13D (GBP) 12C 12C (USD) 13C I1CG (GBP) Ticu (USD) Ticu 27

30 12, Key Figures as at 31 January 2012 (continued) Dynamic Sovereign Plus Dynamic Bond Plus Dynamic Bond Alternative Stabilität Plus Portfolio EUR EUR EUR EUR Number of shares outstanding R1C 147, , , , R1C R1CA 1, , R1CA R1CB R1CC R1CC R1CE R1CG R1CS R1CU R1C2014 RiD 233, , , R2C 10, R2D I 1C I 1C icc I1CE Diapason I1CC Diapason I1CE Diapason I1CU lid lids I2D 12DE 13D 12C 12C 13C I1CG icu ncu 28

31 , Key Figures as at 31 January 2012 (continued) Dynamic Cash Skandia Leader CROCI Euro CROCI US Sheep 2014/I EUR EUR EUR USD Net asset value per share R1C R1C (EUR) R1CA R1CA (EUR) R1CB R1CC (CHF) R1CC (SGD) R1CE (EUR) R1CG (GBP) R1CS (SGD) R1CU R1C2014 RiD R2C 10, R2D Tic 10, I1C (EUR) I1CC (CHF) T1CE (EUR) Diapason Ticc (CHF) Diapason I1CE (EUR) Diapason Ticu lid (EUR) lids (SEK) 12D (EUR) T2DE 13D (GBP) 12C i6, C (USD) 13C 10, IlcG (GBP) Ticu (USD) 10, TicU 29

32 R2D 41, , DB Platinum IV Key Figures as at 31 January 2012 (continued) OB Platinum IV Dynamic Cash Skandia Leader CROCI Euro CROCI US Sheep 2014/I EUR EUR EUR USD Number of shares outstanding R1C 1,083, , , R1C R1CA 122, , , R1CA R1C8 R1CC R1CC R1CE 14, R1CS R1CU R1C2014 RiD R2C 1, , Tic 86, , ,096, ,001, Tic IlcE Diapason Ticc Diapason ncu lid lids 12D 12DE 13D 12C 1, ,9i C 13C IiCG 1, Ticu 9, ncu 30

33 Key Figures as at 31 January 2012 (continued) CROCI Japan Skandia Leader Sovereign Optima Lynx Index Sheep 2015/I 2034 JPY EUR EUR EUR Net asset value per share R1C 8, R1C (EUR) R1CA R1CA (EUR) R1C8 5, R1CC (CHF) R1CC (SGD) R1CE (EUR) R1CG (GBP) R1CS (SGD) R1CU R1C2014 RiD R2C 7, R2D TiC 8, TiC (EUR) Ticc (CHF) T1CE (EUR) Diapason I1CC (CHF) Diapason T1CE (EUR) Diapason I1CU lid (EUR) lids (SEK) 95, D (EUR) 12DE 101, D (GBP) 12C 859, C (USD) C I1CG (GBP) TicU (USD) Ticu 31

34 1, Key Figures as at 31 January 2012 (continued) CROCI Japan Skandia Leader Sovereign Optima Lynx Index Sheep 2015/I 2034 JPY EUR EUR EUR Number of shares outstanding R1C 29, R1C R1CA R1CA R1CB 7, R1CC R1CC R1CE R1CG R1CS R1CU R1C2014 RiD R2C 5, R2D Tic 1,791, , , Tic ncc IlcE Diapason ncc Diapason I1CE Diapason ncu lid lids 12D 12DE 13D 12c 1, I2c 1,560, I3c IicG Ticu Ticu 32

35 Key Figures as at 31 January 2012 (continued) DB Platinum XV Corporate Cash Balanced Currency CROCI Alpha Pairs RId 1M Index Fund Harvest Euro Sectors Euro EUR EUR EUR USD Net asset value per share R1C 1, R1C (EUR) R1CA R1CA (EUR) R1CB R1CC (CHF) R1CC (SGD) R1CE (EUR) R1CG (GBP) R1CS (SGD) R1CU R1C20i4 RiD R2C R2D Tic 11, Tic (EUR) ncc (CHF) I1CE (EUR) Diapason ncc (CHE) Diapason IiCE (EUR) 9i.05 Diapason ncu lid (EUR) lids (SEK) 12D (EUR) 12DE 13D (GBP) 12c 10, , c (USD) 13c IlcG (GBP) ncu (USD) ncu 33

36 9, , Key Figures as at 31 January 2012 (continued) Corporate Cash Balanced Currency CROCI Alpha Pairs RICI TM Index Fund Harvest Euro Sectors Euro EUR EUR EUR USD Number of shares outstanding R1C 10, , , R1C R1CA R1CA R1CB R1CC R1CC 204, R1CE R1CG R1CS R1CU R1C2014 RiD R2C R2D Tic 1, lic iicc I1CE Diapason Ticc Diapason IicE Diapason ncu lid lids 12D T2DE 13D T2C c 13C TlcG Ticu Ticu 34

37 Key Figures as at 31 January 2012 (continued) CROCI Alpha Pairs European Top Stars Agriculture USD CROCI Global Sectors IJSD 130/30 USD EUR USD EUR Net asset value per share R1C R1C (EUR) R1CA R1CA (EUR) R1CB 7.25 R1CC (CHF) R1CC (SGD) R1CE (EUR) R1CG (GBP) R1CS (SGD) R1CU R1C RiD R2C R2D Tic 11, , , TiC (EUR) Ticc (CHF) I1CE (EUR) Diapason TicC (CHF) Diapason IlcE (EUR) Diapason ncu lid (EUR) lids (SEK) 12D (EUR) T2DE I3D (GBP) 12C 12C (USD) 13c TlcG (GBP) Ticu (USD) Ticu 35

38 Key Figures as at 31 January 2012 (continued) CROCI Alpha Pairs European Top Stars Agriculture USO CROCI Global Sectors USD 130/30 USD EUR USD EUR Number of shares outstanding R1C 66, , R1C R1CA R1CA R1CB 482, ,103, R1CC 900, R1CC R1CE R1CG R1CS R1CU R1C2014 RiD 51, R2C R2D I1C , , lic Ticc I1CE Dapason ncc Diapason I1CE Diapason ncu lid lids 12D 12DE 13D 12C c 13c IicG ncu ncu 36

39 Key Figures as at 31 January 2012 (continued) dbx Millburn Multi IKOS FX Fund Rohstoffe Direkt QCM GDP Index Markets Index Fund USD EUR EUR USD Net asset value per share R1C R1C (EUR) R1CA R1CA (EUR) R1CB R1CC (CHF) RiGC (SGD) R1CE (EUR) R1CG (GBP) RiGS (SGD) 8, R1CU R1C2014 RiD R2C 8, R2D I1C Tic (EUR) I1CC (CHF) T1CE (EUR) Diapason Ticc (CHF) Diapason T1CE (EUR) Diapason hgu lid (EUR) lids (SEK) I2D (EUR) 12DE 13D (GBP) 12G C (USD) 13C I1CG (GBP) Ticu (USD) Ticu

40 Key Figures as at 31 January 2012 (continued) dbx Millburn Multi IKOS FX Fund Rohstoffe Direkt QCM GDP Index Markets Index Fund USD EUR EUR USD Number of shares outstanding R1C R1C R1CA R1CA R1CB R1CC R1CC R1CE R1CG R1CS R1CU R1C20i4 1,207, RiD R2C R2D Tic 120, Tic 131, Ticc TlcE 468, Diapason ncc Diapason TicE Diapason iicu T1D T1DS 12D 12DE 13D 12C 130, C T3C TlcG iicu Iicu 500,

41 10, , , , Key Figures as at 31 January 2012 (continued) Commodity dbx Systematic Paulson Global Institutional Fixed Allocator Alpha Index Fund Income USD USD USD IJSD 10, Net asset value per share R1C R1C (EUR) R1CA R1CA (EUR) R1CB R1CC (CHF) R1CC (SGD) R1CE (EUR) 6, R1CG (GBP) 6, R1CS (SGD) 6, R1CU , R1C2014 RiD R2C R2D lic I1C (EUR) Ticc (CHF) I1CE (EUR) Diapason Ticc (CHF) Diapason IiCE (EUR) Diapason iicu lid (EUR) 89, lids (SEK) 12D (EUR) 136, T2DE 100, D (GBP) 12C 12C (USD) 13C IicG (GBP) Ticu (USD) Ticu

42 5, , , ,740, ,431, ,679, Key Figures as at 31 January 2012 (continued) Commodity dbx Systematic Paulson Global Institutional Fixed Allocator Alpha Index Fund Income USD USD USD USD Number of shares outstanding R1C R1C 2, R1CA R1CA R1CB R1CC R1CC R1CE 1, R1CG R1CS R1CU , , R1C2014 RiD R2C R2D lic I1C 105, I1CC I1CE 451, Diapason I1CC Diapason I1CE Diapason I1CU lid 2, lids 12D 1, DE 13D 1, I2C 12C I3C I1CG 198, I1Cu I1CIJ 79,

43 Statement of Operations and Changes in Net Assets for the Year ended 31 January 2012 Dynamic Bond Dynamic ETF Dynamic ETF Dynamic ETF Portfolio Selector 3 Selector 8 Selector 6 Note EUR EUR EUR EUR NET ASSETS AT THE BEGINNING OF THE YEAR 60,803,698 7,200,469 2,068,601 3,260,759 INCOME Dividends, net 0 14, Interest on bonds, net 392, Bank interest 1, Securities lending fees (15) Other income TOTAL INCOME 394,071 15, EXPENSES Investment Advisory Fee (5) Management Company Fee (4) 409,289 73,367 31,276 32,350 Subscription tax (3) 23, Interest paid Other fees Fixed Fee (6) 48,152 8,373 2,689 3,630 TOTAL EXPENSES 480,860 82,643 34,060 36,490 NET INCOME / (LOSS) FROM INVESTMENTS (86,789) (67,537) (33,812) (35,957) Net realised gain I (loss) on sales of investments 431,083 (41,949) 83,915 4,492 Net realised gain I (loss) on swaps 4,038, Net realised gain / (loss) on forward foreign exchange contracts Net realised gain / (loss) on foreign exchange NET REALISED GAIN I (LOSS) 4,383,644 (109,486) 50,103 (31,465) Change in net unrealised appreciation / (depreciation) on investments (2,716,478) 17,935 (67,345) (52,358) Change in net unrealised appreciation / (depreciation) on forward foreign exchange contracts Change in net unrealised appreciation / (depreciation) on swaps 779, Change in net unrealised appreciation / (depreciation) on forward on securities NET INCREASE I (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 2,446,436 (91,551) (17,242) (83,823) EVOLUTION OF THE CAPITAL Subscriptions of shares 13,043,798 26, ,108 4,249 Redemptions of shares (35,933,080) (2,516,743) (776,094) (1,206,357) Dividends paid (10) (582,423) Currency translation NET ASSETS AT THE END OF THE YEAR 39,778,429 4,618,510 1,552,373 1,974,828 The accompanying notes form an integral part of these financial statements. 41

44 Statement of Operations and Changes in Net Assets (continued) for the Year ended 31 January 2012 Dynamic European Inflation Sovereign Plus Dynamic Bond Plus Alternative 2011 (matured as Portfolio of 21/12/11) Note EUR EUR EUR EUR NET ASSETS AT THE BEGINNING OF THE YEAR 59,761,989 19,241, ,369,032 79,290,959 INCOME Dividends, net Interest on bonds, net 962, ,533 1,159,382 1,472,104 Bank interest ,764 2,320 Securities lending fees (15) Other income TOTAL INCOME 962, ,667 1,161,146 1,474,424 EXPENSES Investment Advisory Fee (5) Management Company Fee (4) 728,836 87, , ,010 Subscription tax (3) 22,855 5,612 33,164 30,685 Interest paid Other fees Fixed Fee (6) 48,419 15,124 79,209 63,249 TOTAL EXPENSES 800, ,417 1,079, ,966 NET INCOME / (LOSS) FROM INVESTMENTS 162,048 97,250 81, ,458 Net realised gain I (loss) on sales of investments 2,553, ,202 1,270,835 2,040,785 Net realised gain / (loss) on swaps (3,884,589) 647,878 6,266,167 8,934,103 Net realised gain / (loss) on forward foreign exchange contracts Net realised gain / (loss) on foreign exchange (173) (1,200) NET REALISED GAIN / (LOSS) (1,168,097) 1,391,454 7,618,377 11,719,146 Change in net unrealised appreciation / (depreciation) on investments (4,387,923) (3,613,137) (28,056,409) (11,645,474) Change in net unrealised appreciation / (depreciation) on forward foreign exchange contracts Change in net unrealised appreciation / (depreciation) on swaps 3,264,097 2,405,619 22,886,745 2,202,025 Change in net unrealised appreciation I (depreciation) on forward on securities NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS (2,291,923) 183,936 2,448,713 2,275,697 EVOLUTION OF THE CAPITAL Subscriptions of shares 4,131,355 2,444,853 3,242, ,898 Redemptions of shares (22,706,971) (21,291,660) (116,350,603) (25,018,853) Dividends paid (10) 0 (578,907) 0 (1,667,731) Currency translation NET ASSETS AT THE END OF THE YEAR 38,894, ,709,331 55,103, The accompanying notes form an integral part of these financial statements.

45 Statement of Operations and Changes in Net Assets (continued) for the Year ended 31 January 2012 Dynamic Bond Dynamic Cash Skandia Leader Europa CROCI Euro CROCI US Stabilität Plus Sheep 2014/I Gewinnstufen (matured as of 01/03/ 11) EUR EUR EUR EUR EUR USD 272,425,478 1,895,896,465 14,006,380 5,325, ,747, ,940,643 o o 0 0 9,685,116 14,774,697 3,565,507 26,374, ,550 3, ,707 8,214 4, , , , ,573,214 26,382, ,691 74,091 10,379,041 14,774, ,128,182 1,122,989 92,028 3,302 1,829,907 5,414, , , , , , , ,938 2,412,026 13, , ,922 3,495,604 3,550, ,125 3,790 2,178,389 6,474,746 77,610 22,831,620 86,566 70,301 8,200,652 8,299,951 6,328,534 76,226,673 2,097 67,317 (16,735,083) 66,821,514 12,721,950 9,080,503 2, , (4,476,235) (3,252) (251,388) 0 (3) 0 1,811 19,124, ,411,173 91,160 1,091,470 (8,534,431) 75,123,276 (28,410,079) (41,647,299) (4,167) (536,521) (28,599,506) (30,395,678) 0 15,041, ,615,958 (50,172,666) 550,038 (477,724) ,330,721 26,632, ,031 77,225 (37,133,937) 44,727,598 47,399,184 4,618,299,801 1,281,335 7, ,761, ,049,430 (212,089,153) (5,437,164,907) (2,744,788) (5,410,908) (234,306,809) (531,454,972) ,066,230 1,103,664,281 13,179, ,067,635 1,016,262,699 The accompanying notes form an integral part of these flnancial statements. 43

46 Statement of Operations and Changes in Net Assets (continued) for the Year ended 31 January 2012 CROCI Japan Skandia Leader Sovereign Optima Lynx Index Sheep 20 15/I 2034 Note JPY EUR EUR EUR NET ASSETS AT THE BEGINNING OF THE YEAR 10,979,167,531 3,172, INCOME Dividends, net 403,050, Interest on bonds, net 0 27, Bank interest 19,198 1, Securities lending fees (15) Other income TOTAL INCOME 403,069,826 28, EXPENSES Investment Advisory Fee (5) Management Company Fee (4) 79,328,051 13,835 22,538 49,932 Subscription tax (3) 1,822, ,255 Interest paid 22, Other fees Fixed Fee (6) 15,363,875 3,220 9, ,763 TOTAL EXPENSES 96,536,645 17,379 31, ,247 NET INCOME I (LOSS) FROM INVESTMENTS 306,533,181 11,064 (31,577) (211,771) Net realised gain / (loss) on sales of investments (1,355,540,761) Net realised gain / (loss) on swaps 0 (6,945) 81,225,089 5,237,150 Net realised gain / (loss) on forward foreign exchange contracts 37, Net realised gain / (loss) on foreign exchange (149,926) 0 2 7,041,638 NET REALISED GAIN / (LOSS) (1,049,120,325) 4,119 81,193,514 12,067,017 Change in net unrealised appreciation / (depreciation) on investments (1,592,000,939) (1,257) 0 0 Change in net unrealised appreciation / (depreciation) on forward foreign exchange contracts Change in net unrealised appreciation I (depreciation) on swaps 0 176,742 (80,429,914) (3,643,330) Change in net unrealised appreciation / (depreciation) on forward on securities NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS (2,641,121,264) 179, ,600 8,423,687 EVOLUTION OF THE CAPITAL Subscriptions of shares 14,256,053,924 63,403 80,993, ,171,279 Redemptions of shares (5,207,150,752) (63,400) 0 (43,431,164) Dividends paid (10) Currency translation NET ASSETS AT THE END OF THE YEAR 17,386,949,439 3,352,017 81,756, ,163, The accompanying notes form an integral part of these financial statements.

47 Statement of Operations and Changes in Net Assets (continued) for the Year ended 31 January 2012 Double Delight Corporate Cash Balanced Currency CROCI Alpha Pairs RId TM Index Fund CROCI Alpha Pairs Guaranteed Fund Harvest Euro Sectors Euro Sectors USD (matured as of 24/03/11) USD EUR EUR EUR USD USD 18,026,597 63,929,906 9,005,626 11,325,935 36,468,735 5,867,111 o , , , , ,909 1,394 1, ,776 1,099 79, , , ,911 5, ,092 53,968 93, ,839 87, ,992 1,289 1,761 14,436 2, , ,565 21,752 3,842 12,915 45,116 8,760 11, ,879 59, , ,079 98,526 32,571 (183,780) 20,119 24,543 (54,796) 103,385 (73,147) 423, , ,093 40,053 36, , ,572 (887,296) 2,677,426 (933,373) (1,230,632) , , (49) (5,896) (1,636) (702,577) 239, ,991 (552,709) 3,419,259 (795,495) 135,654 1,531,056 (1,109,493) (2,294,487) (1,856,193) 98, , (1,386,483) 0 (179,971) 0 203,219 2,846,961 (4,035,906) 531,560 0 (1,531,213) , ,704 (76,283) (235) (3,859,323) (165,164) 18,665 40,381, , ,249,431 0 (18,047,910) (73,563,837) (7,411,192) (8,632,018) (19,568,261) (2,204,672) ,987,337 1,875,518 2,693,682 23,290,582 3,497,275 The accompanying notes form an integral part of these financial statements. 45

48 Statement of Operations and Changes in Net Assets (continued) for the Year ended 31 January 2012 European Top Stars Double Joy Capital Long Short Agriculture USD Guaranteed Fund Momentum Fund USD (matured as of (liquidated as of 21/04/11) 28/04/11) Note EUR USD EUR USD NET ASSETS AT THE BEGINNING OF THE YEAR 14,004,320 8,603, , ,483,283 INCOME Dividends, net Interest on bonds, net 0 37,279 8,491 0 Bank interest Securities lending fees (15) Other income TOTAL INCOME ,248 8, EXPENSES Investment Advisory Fee (5) 0 3, Management Company Fee (4) 171, ,540 1,085,151 Subscription tax (3) 4, ,392 Interest paid Other fees Fixed Fee (6) 16,182 1, ,082 TOTAL EXPENSES 192,377 6,936 2,871 1,279,626 NET INCOME / (LOSS) FROM INVESTMENTS (192,179) 31,312 5,626 (1,278,826) Net realised gain / (loss) on sales of investments 67,307 95,717 20,130 (20,607,723) Net realised gain / (loss) on swaps (1,437,555) 1,667 12,104 7,974,120 Net realised gain / (loss) on forward foreign exchange contracts 0 (758,459) 0 (49,411) Net realised gain / (loss) on foreign exchange 0 121,009 0 (576) NET REALISED GAIN / (LOSS) (1,562,427) (508,754) 37,860 (13,962,416) Change in net unrealised appreciation / (depreciation) on investments (67,310) 181,304 (23,600) (283,679) Change in net unrealised appreciation / (depreciation) on forward foreign exchange contracts 0 330, ,426 Change in net unrealised appreciation / (depreciation) on swaps (190,797) (5,407) 37,527 (7,972,907) Change in net unrealised appreciation / (depreciation) on forward on securities NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS (1,820,534) (2,207) 51,787 (22,078,576) EVOLUTION OF THE CAPITAL Subscriptions of shares 716,704 20, ,891 54,972,342 Redemptions of shares (4,558,344) (8,621,857) (1,015,026) (81,115,344) Dividends paid (10) Currency translation NET ASSETS AT THE END OF THE YEAR 8,342, ,261, The accompanying notes form an integral part of these financial statements.

49 Statement of Operations and Changes in Net Assets (continued) for the Year ended 31 January 2012 CROCI Global dbx Millburn Multi IKOS FX Fund Rohstoffe Direkt QCM GDP Index Commodity 130/30 Markets Index Fund Allocator EUR USD EUR EUR USD USD 104,088, ,043,396 36,060,805 40,941,537 o o , , , , ,846 34,054 3,032 1,514,405 60, ,376 9,830 8, ,411 6,764 2, , ,164 9, ,696 76,520 34,790 1,144, ,733 12,749 1,767, , ,712 (1,143,788) 162 (12,541) (1,766,029) (143,616) (218,256) , , ,545 (10,383,622) (4,798,769) 945,815 0 (5,055,322) , (2,173,651) 868,656 (805,801) (4,566,908) 118,004 (12,149,651) (7,116,036) 1,596, , ,374,285 (7,917,743) (1,224,955) (10,283,393) (7,799,180) (2,224,556) ,484 (12,427,233) (1,106,951) (22,433,044) (14,915,216) (628,341) 580, ,446,843 12,044,725 88,052,442 55,877, ,312 (580,476) (1,357,868) (85,000) (36,339,589) (43,311,789) (27,837,322) ,656, ,661,742 10,852, ,323,205 33,711,064 12,980,186 The accompanying notes form an integral part of these financial statements. 47

50 Statement of Operations and Changes in Net Assets (continued) for the Year ended 31 January 2012 dbx Systematic Paulson Global Institutional Fixed Dynamic EU 80 Alpha Index Fund Income (liquidated as of 12/10/11) Note USD USD USD USD NET ASSETS AT THE BEGINNING OF THE YEAR 383,980, ,730, ,791,816 2,011,202 INCOME Dividends, net Interest on bonds, net Bank interest 6,981 2, Securities lending fees (15) Other income 0 17, TOTAL INCOME 6,981 20, EXPENSES Investment Advisory Fee (5) Management Company Fee (4) 3,828, , ,878 14,315 Subscription tax (3) 197,172 28, Interest paid 4, Other fees Fixed Fee (6) 1,693, , ,985 2,045 TOTAL EXPENSES 5,723, , ,887 16,498 NET INCOME / (LOSS) FROM INVESTMENTS (5,716,384) (570,596) (786,743) (16,498) Net realised gain / (loss) on sales of investments Net realised gain I (loss) on swaps (119,218,122) (41,052,228) 20,691,346 (142,771) Net realised gain / (loss) on forward foreign exchange contracts (51,977,980) (651,368) 0 0 Net realised gain / (loss) on foreign exchange 1,107, ,400 (25,308,859) (1) NET REALISED GAIN / (LOSS) (175,805,149) (41,952,792) (5,404,256) (159,270) Change in net unrealised appreciation / (depreciation) on investments Change in net unrealised appreciation / (depreciation) on forward foreign exchange contracts (7,151,375) (1,998,859) 0 0 Change in net unrealised appreciation I (depreciation) on swaps 184,780,363 (42,109,538) 14,412,634 (18,632) Change in net unrealised appreciation / (depreciation) on forward on securities NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 1,823,839 (86,061,189) 9,008,378 (177,902) EVOLUTION OF THE CAPITAL Subscriptions of shares 1,631,727, ,513, ,725,000 0 Redemptions of shares (341,300,711) (230,782,829) 0 (1,833,300) Dividends paid (10) Currency translation NET ASSETS AT THE END OF THE YEAR 1,676,230,816 97,399, ,525, The accompanying notes form an integral part of these financial statements.

51 Statement of Operations and Changes in Net Assets (continued) for the Year ended 31 January 2012 Combined Dynamic US 80 Dynamic Emerging Dynamic World 80 (liquidated as of Markets 80 (liquidated as of 11/10/11) (liquidated as of 12/10/li) 11/10/li) USD USD USO EUR 2,130,962 2,150,247 2,105,356 4,858,695,875 o o 0 24,999, ,096, , , , ,029, ,726 15,404 18,370 15,084 22,014, , , ,328 2,201 2,396 2,155 6,811,928 17,752 20,929 17,429 29,615,589 (17,751) (20,929) (17,429) 31,413,835 O ,339,830 (17,656) (278,581) (68,174) 10,958, (49,516,711) (54) (1) (1) (12,005,193) (35,461) (299,511) (85,604) 77,190, (192,067,378) ,968,889 (138,096) (8,553) (112,452) 20,090, (1,531,213) (173,557) (308,064) (198,056) (88,348,593) 49, , ,618,040,430 (2,006,547) (2,094,119) (1,907,300) (7,348,386,503) (2,829,061) ,448, ,119,620,247 The accompanying notes form an integral part of these financial statements. 49

52 Statistics Dynamic Bond Dynamic ETF Dynamic ETF Dynamic ETF Portfolio Selector 3 Selector 8 Selector 6 EUR EUR EUR EUR Total Net Asset Value 31 January ,778,429 4,618,510 1,552,373 1,974, January ,803,698 7,200,469 2,068,601 3,260, January ,300,469 12,676,865 3,076,629 6,588,491 NAV per share at the end of the year 31 January 2012 R1C R1C (EUR) R1CA R1CA (EUR) R1CB RiGC (CHF) R1CC (SGD) R1CE (EUR) R1CG (GEP) R1CS (SGD) R1CU R1C2014 RiD R2C R2D C TiC (EUR) Ticc (CHF) I1CE (EUR) Diapason ncc (CHF) Diapason I1CE (EUR) Diapason ncu lid (EUR) lids (SEK) 12D (EUR) 12DE 13D (GBP) 12c 12c (USD) 13C IlcG (GEP) ncu (USD) Iicu 50

53 Statistics (continued) Dynamic Bond Dynamic ETF Dynamic ETF Dynamic ETF Portfolio Selector 3 Selector 8 Selector 6 EUR EUR EUR EUR NAV per share at the end of the year 31 January 2011 R1C R1C (EUR) R1CA R1CA (EUR) R1CB R1CC (CHF) R1CC (SGD) R1CE (EUR) R1CG (GBP) R1CS (SGD) R1CU R1C2014 RiD R2C R2D Tic Tic (EUR) Ticc (CHF) IlcE (EUR) Diapason Ticc (CHF) Diapason TicE (EUR) Diapason Ticu T1D (EUR) T1DS (SEK) T2D (EUR) T2DE 13D (GBP) T2C T2C (USD) T3C TicG (GBP) Ticu (USD) iicu 51

54 91.64 Statistics (continued) Dynamic Bond Dynamic ETF Dynamic ETF Dynamic ETF Portfolio Selector 3 Selector 8 Selector 6 EUR EUR EUR EUR NAV per share at the end of the year 31 January 2010 R1C R1C(EUR) R1CA R1CA (EUR) R1CB R1CC (CHF) R1CC (SGD) R1CE (EUR) R1CG (GBP) R1CS (SGD) R1CU R1C2014 RiD R2C R2D C Tic (EUR) Ticc (CHF) I1CE (EUR) Diapason Ticc (CHF) Diapason TlcE (EUR) Diapason Ticu T1D (EUR) T1DS (SEK) T2D (EUR) T2DE 13D (GBP) T2C T2C (USD) T3C TicG (GBP) Ticu (USD) ncu

55 ,709,331 Statistics (continued) Dynamic European Inflation Sovereign Plus Dynamic Bond Plus Alternative 2011 (matured as Portfolio of 21/12/11) EUR EUR EUR EUR Total Net Asset Value 31 January ,894,450 55,103, January ,761,989 19,241, ,369,032 79,290, January ,109,836 27,224, ,159, ,282,493 NAV per share at the end of the year 31 January 2012 R1C R1C (EUR) R1CA R1CA (EUR) R1CB R1CC (CHF) R1CC (SGD) R1CE (EUR) R1CG (GBP) R1CS (SGD) R1CU R1C2014 RiD R2C R2D Tic Tic (EUR) Ticc (CHF) I1CE (EUR) Diapason Ticc (CHF) Diapason IiCE (EUR) Diapason Ticu lid (EUR) lids (SEK) 12D (EUR) 12DE I3D (GBP) 12C 12C (USD) 13C IiCG (GBP) TicU (USD) Ticu 53

56 Statistics (continued) OB Platinum IV Dynamic European Inflation Sovereign Plus Dynamic Bond Plus Alternative 2011 (matured as Portfolio of 21/12/11) EUR EUR EUR EUR NAV per share at the end of the year 31 January 2011 R1C R1C (EUR) R1CA R1CA (EUR) R1CB R1CC (CHF) R1CC (SGD) R1CE (EUR) R1CG (GBP) R1CS (SGD) R1CU R1C2014 RiD R2C R2D I 1C I1C (EUR) Ticc (CHF) I1CE (EUR) Diapason TicC (CHF) Diapason I1CE (EUR) Diapason ncu lid (EUR) lids (SEK) I2D (EUR) 12DE 13D (GBP) I2C 12C (USD) 13C I1CG (GBP) ncu (USD) icu 54

57 Statistics (continued) Dynamic European Inflation Sovereign Plus Dynamic Bond Plus Alternative 2011 (matured as Portfolio of 21/12/11) EUR EUR EUR EUR NAV per share at the end of the year 31 January 2010 R1C R1C (EUR) R1CA R1CA (EUR) R1CB R1CC (CHF) R1CC (SGD) R1CE (EUR) R1CG (GBP) R1CS (SGD) R1CU. R1C2014 RiD R2C R2D Tic Tic (EUR) Ticc (CHF) I1CE (EUR) Diapason ncc (CHF) Diapason IiCE (EUR) Diapason Ticu T1D (EUR) T1DS (SEK) T2D (EUR) T2DE 13D (GBP) T2C T2C (USD) T3C TlcG (GBP) Ticu (USD) ncu 55

58 10, , Statistics (continued) Dynamic Bond Dynamic Cash Skandia Leader Europa Stabilität Plus Sheep 2014/I Gewinnstufen (matured as of 01/03/11) EUR EUR EUR EUR Total Net Asset Value 31 January ,066,230 1,103,664,281 13,179, January ,425,478 1,895,896,465 14,006,380 5,325, January ,130,848 3,442,753,320 13,355,722 6,898,709 NAV per share at the end of the year 31 January 2012 R1C R1C (EUR) R1CA R1CA (EUR) R1CB R1CC (CHF) R1CC (SGD) R1CE (EUR) R1CG (GBP) R1CS (SGD) R1CU R1C2014 RiD R2C R2D TiC Tic (EUR) TiCC (CHF) IlcE (EUR) Diapason Ticc (CHF) Diapason TlcE (EUR) Diapason Ticu T1D (EUR) T1DS (SEK) 12D (EUR) T2DE T3D (GBP) 12c 12c (USD) T3C TicG (GBP) 10, TicU (USD) 10, TicU 56

59 10, , , Statistics (continued) Dynamic Bond Dynamic Cash Skandia Leader Europa Stabilität Plus Sheep 2014/I Gewinnstufen (matured as of 01/03/11) EUR EUR EUR EUR NAV per share at the end of the year 10, January 2011 R1C R1C (EUR) RiGA RiGA (EUR) R1CB R1CC (CHF) R1CC (SGD) R1CE (EUR) R1CG (GBP) RiGS (SGD) R1CU R1C2014 RiD R2C R2D lic I1C (EUR) hgc (CHF) hice (EUR) Diapason IiCC (CHF) Diapason I1CE (EUR) Diapason hgu hid (EUR) hids (SEK) 12D (EUR) h2de 13D (GBP) 12C h2c (USD) 13C hlcg (GBP) hgu (USD) hgu 57

60 10, , Statistics (continued) Dynamic Bond Dynamic Cash Skandia Leader Europa Stabilität Plus Sheep 2014/I Gewinnstufen (matured as of 01/03/11) EUR EUR EUR EUR NAV per share at the end of the year 31 January 2010 R1C R1C (EUR) R1CA R1CA (EUR) R1CB R1CC (CHF) R1CC (SGD) R1CE (EUR) R1CG (GBP) R1CS (SGD) R1CU R1C2014 RiD R2C R2D Tic Tic (EUR) Ticc (CHF) I1CE (EUR) Diapason Ticc (HF) Diapason T1CE (EUR) Diapason TiCU lid (EUR) lids (SEK) T2D (EUR) T2DE T3D (GBP) T2C 12C (USD) 13C IicG (GBP) io, Ticu (USD) 10, Ticu

61 Statistics (continued) CROCI Euro CROCI US CROCI Japan Skandia Leader Sheep 2015/I EUR USD JPY EUR Total Net Asset Value 31 january ,067,635 1,016,262,699 17,386,949,439 3,352, January ,747, ,940,643 10,979,167,531 3,172, January ,278, ,052,103 6,236,410,225 2,945,871 NAV per share at the end of the year 31 January 2012 R1C , R1C (EUR) R1CA R1CA (EUR) , R1CB R1CC (CHF) R1CC (SGD) R1CE (EUR) R1CG (GBP) R1CS (SGD) R1CU R1C2014 RiD R2C , R2D I1C , I1C(EUR) I1CC (CHF) I1CE (EUR) Diapason TicC (CHF) Diapason I1CE (EUR) Diapason I1CU lid (EUR) lids (SEK) IZD(EUR) 12DE I3D (GBP) I2C 13, , , I2C (USD) 13C I1CG (GBP) Ticu (USD) Ticu 59

62 Statistics (continued) CROCI Euro CROCI US CROCI Japan Skandia Leader Sheep 20 15/I EUR USD JPY EUR NAV per share at the end of the year 31 January 2011 R1C , R1C (EUR) R1CA R1CA (EUR) RiGB , R1CC (CHF) R1CC (SGD) R1CE (EUR) R1CG (GBP) RiGS (SGD) R1CU R1C2014 RiD R2C , R2D TiC , Tic (EUR) TiCC (CHF) T1CE (EUR) Diapason TiCC (CHF) Diapason I1CE (EUR) Diapason TiCU lid (EUR) lids (SEK) 12D (EUR) 12DE 13D (GBP) 12C 14, , , C (USD) 13C I1CG (GBP) Ticu (USD) icu

63 Statistics (continued) OS Platinum IV CROCI Euro CROCI US CROCI Japan Skandia Leader Sheep 2015/I EUR USD JPY EUR NAV per share at the end of the year 31. January 2010 R1C , R1C (EUR) R1CA R1CA (EUR) R1CB , R1CC (CHF) R1CC (SGD) R1CE (EUR) R1CG (GBP) R1CS (SGD) R1CU R1C2014 RiD R2C , TiC , Tic (EUR) Ticc (CHE) I1CE (EUR) Diapason Ticc (CHF) Diapason T1CE (EUR) Diapason Ticu lid (EUR) lids (SEK) T2D (EUR) 12DE T3D (GBP) T2C 13, , , T2C (USD) 9, T3C TlcG (GBP) Ticu (USD) Ticu 61

64 22,976, Statistics (continued) Sovereign Optima Lynx Index Double Delight Corporate Cash 2034 Guaranteed Fund (matured as of 24/03/il) 11, , EUR EUR USD EIJR Total Net Asset Value 31 January ,756, ,163,802 30,987, January ,026,597 63,929, January ,629,421 NAV per share at the end of the year 31 January 2012 R1C 1, R1C (EUR) R1CA R1CA (EUR) R1CB R1CC (CHF) R1CC (SGD) R1CE (EUR) R1CG (GBP) RiGS (SGD) R1CU R1C2014 RiD R2C R2D I1C I1C(EUR) I1CC (CHF) I1CE (EUR) Diapason I1CC (CHF) Diapason IiCE (EUR) Diapason I1CU lid (EUR) lids (SEK) 95, D (EUR) 12DE 101, D (GBP) 12C 12C (USD) 13C I1CG (GBP) I1CU (USD) icu

65 Statistics (continued) Sovereign Optima Lynx Index Double Delight Corporate Cash 2034 Guaranteed Fund (matured as of 24/03/11) EUR EUR USD EUR NAV per share at the end of the year 31 January 2011 R1C 1, R1C (EUR) R1CA R1CA (EUR) R1CB R1CC (CHF) R1CC (SGD) R1CE (EUR) R1CG (GBP) R1CS (SGD) RiGU R1C2014 RiD R2C R2D lic 10, Tic (EUR) Ticc (CHF) I1CE (EUR) Diapason ncc (CHF) Diapason IlcE (EUR) Diapason ncu lid (EUR) lids (SEK) I2D (EUR) 12DE I3D (GEP) 12c 10, c (USD) 13c IicG (GBP) ncu (USD) ncu 63

66 Statistics (continued) Sovereign Optima Lynx Index Double Delight Corporate Cash 2034 Guaranteed Fund (matured as of 24/03/11) EUR EUR USD EUR NAV per share at the end of the year 31 January 2010 R1C 1, R1C (EUR) R1CA R1CA (EUR) R1CB R1CC (CHF) R1CC (SGD) R1CE (EUR) R1CG (GBP) R1CS (SGD) R1CU R1C2014 RiD R2C R2D lic 10, I1C (EUR) I1CC (CHF) I1CE (EUR) Diapason I1CC (CHF) Diapason I1CE (EUR) Diapason I1CU lid (EUR) lids (SEK) 12D (EUR) 12DE 13D (GBP) 12C 10, C (USD) I3C I1CG (GBP) I1CU (USD) icu 64

67 91.05 Statistics (continued) Balanced Currency CROCI Alpha Pairs RICI TM Index Fund CROCI Alpha Pairs Harvest Euro Sectors Euro Sectors USD EUR EUR USD USD Total Net Asset Value 31 January ,875,518 2,693,682 23,290,582 3,497, January ,005,626 11,325,935 36,468,735 5,867, January ,666,671 13,737,048 85,523,770 17,911,021 NAV per share at the end of the year 31 January 2012 R1C R1C (EUR) R1CA R1CA (EUR) R1CB R1CC (CHF) R1CC (SGD) R1CE (EUR) R1CG (GEP) R1CS (SGD) R1CU R1C2014 RiD R2C R2D I1c TiC (EUR) I1CC (CHE) I1CE (EUR) Diapason I1CC (CHF) Diapason I1CE (EUR) Diapason TicU lid (EUR) lids (SEK) I2D (EUR) I2DE 13D (GBP) 12C 11, I2C (USD) 13C I1CG (GBP) Ticu (USD) Ticu 65

68 Statistics (continued) Balanced Currency CROCI Alpha Pairs RICP Index Fund CROCI Alpha Pairs Harvest Euro Sectors Euro Sectors USD EUR EUR USD USD NAV per share at the end of the year 31 January 2011 R1C R1C (EUR) R1CA R1CA (EUR) RiGB R1CC (CHF) R1CC (SGD) R1CE (EUR) R1CG (GBP) R1CS (SGD) R1CU R1C20i4 Ri D R2C R2D 8, Tic TiC (EUR) Ticc (CHF) I1CE (EUR) Diapason Ticc (CHF) Diapason TlcE (EUR) Diapason Ticu T1D (EUR) T1DS (SEK) T2D (EUR) 12DE T3D (GBP) T2C 11, C (USD) T3C TicG (GBP) Ticu (USD) TicU 66

69 8, Statistics (continued) Balanced Currency CROCI Alpha Pairs RICI TM Index Fund CROCI Alpha Pairs Harvest Euro Sectors Euro Sectors USD EUR EUR USD USD NAV per share at the end of the year 31 January R1C R1C (EUR) R1CA R1CA (EUR) R1CB R1CC (CHF) R1CC (SGD) RICE (EUR) R1CG (GBP) R1CS (SGD) R1CU R1C2014 RiD R2C R2D Tic 8, Tic (EUR) Ticc (CHE) I1CE (EUR) Diapason Ticc (CHF) Diapason IicE (EUR) Diapason ncu lid (EUR) T1DS (SEK) T2D (EUR) T2DE 13D (GEP) 12C 11, T2C (USD) 13C TicG (GBP) TicU (USD) ncu 67

70 Statistics (continued) European Top Stars Double Joy Capital Long Short Agriculture USD Guaranteed Fund Momentum Fund USD (matured as of (liquidated as of 21/04/11) 28/04/11) 79,261, , EUR USD EUR USD Total Net Asset Value 31 January ,342, January ,004,320 8,603, , ,483, January ,556,234 9,186,969 14,991, ,266,995 NAV per share at the end of the year 31 January 2012 R1C R1C (EUR) R1CA R1CA (EUR) R1CB R1CC (CHF) R1CC (SGD) R1CE (EUR) R1CG (GBP) R1CS (SGD) R1CU R1C2014 RiD R2C R2D TiC 11, TiC (EUR) TiCC (CHF) T1CE (EUR) Diapason TiCC (CHF) Diapason I1CE (EUR) Diapason Ticu lid (EUR) lids (SEK) 12D (EUR) 12DE 13D (GBP) 12C c (USD) 13c IlcG (GBP) Ticu (USD) ncu 68

71 77.33 R2C Statistics (continued) European Top Stars Double Joy Capital Long Short Agriculture tjsd Guaranteed Fund Momentum Fund USD (matured as of (liquidated as of 21/04/11) 28/04/11) EUR USD EUR USD NAV per share at the end of the year 31 January 2011 R1C R1C (EUR) RiGA R1CA (EUR) R1CB R1CC (CHF) R1CC (SGD) R1CE (EUR) R1CG (GBP) R1CS (SGD) R1CU R1C2014 RiD R2D Tic 13, , I1C (EUR) Ticc (CHF) IicE (EUR) Diapason ncc (CHF) Diapason IlcE (EUR) Diapason ncu lid (EUR) lids (SEK) 12D (EUR) I2DE 13D (GEP) I2c C(USD) 13c IiCG (GBP) ncu (USD) ncu 69

72 80.18 Statistics (continued) European Top Stars Double Joy Capital Long Short Agriculture USD Guaranteed Fund Momentum Fund USD (matured as of (liquidated as of 21/04/11) 28/04/11) EUR USD EUR USD NAV per share at the end of the year 31 January R1C R1C (EUR) R1CA R1CA (EUR) R1CB R1CC (CHF) 7.20 R1CC (SGD) R1CE (EUR) R1CG (GBP) R1CS (SGD) R1CU R1C2014 RiD R2C R2D Tic 11, , Tic (EUR) Ticc (CHF) I1CE (EUR) Diapason iicc (CHF) Diapason TicE (EUR) Diapason Ticu lid (EUR) lids (SEK) T2D (EUR) T2DE T3D (GBP) T2C T2C (USD) T3C TlcG (GBP) Ticu (USD) Ticu

73 Statistics (continued) CROCI Global dbx Millburn Multi IKOS FX Fund Rohstoffe Direkt 130/30 Markets Index 15,448,048 EUR USD EUR EUR Total Net Asset Value 31 January ,656, ,661,742 10,852, ,323, January ,088,397 94,043, January ,736,211 NAV per share at the end of the year 31 January 2012 R1C R1C (EUR) R1CA R1CA (EUR) R1CB R1CC (CHF) R1CC (SGD) R1CE (EUR) R1CG (GBP) R1CS (SGD) R1CU R1C RiD R2C R2D TiC 15, TiC (EUR) Ticc (CHF) I1CE (EUR) Diapason Ticc (CHF) Diapason IlcE (EUR) Diapason iicu lid (EUR) lids (SEK) 12D (EUR) 12DE 13D (GBP) T2C 12c (USD) T3C IlcG (GBP) Ticu (USD) Ticu 71

74 Statistics (continued) CROCI Global dbx Millburn Multi IKOS FX Fund Rohstoffe Direkt 130/30 Markets Index EUR USD EUR EUR NAV per share at the end of the year 31 January 2011 R1C R1C (EUR) R1CA R1CA (EUR) R1CB R1CC (CHF) RiGC (SGD) R1CE (EUR) R1CG (GBP) R1CS (SGD) RiGU R1C Ri D R2C R2D Tic 15, Tic (EUR) ncc (ChIP) T1GE (EUR) Diapason Ticc (CHE) Diapason TicE (EUR) Diapason Ticu lid (EUR) lids (SEK) T2D (EUR) T2DE T3D (GEP) T2C T2C (USD) T3C Ticc (GBP) Ticu (USD) Ticu 72

75 RiD Statistics (continued) OB Platinum IV CROCI Global dbx Miliburn Multi IKOS FX Fund Rohstoffe Direkt 130/30 Markets Index EUR USD EUR EUR NAV per share at the end of the year 31 January 2010 R1C R1C (EUR) RiGA R1CA (EUR) R1CB R1CC (CHF) R1CC (SGD) R1CE (EUR) R1CG (GBP) R1CS (SGD) R1CU R1C R2C R2D lic 12, I1C (EUR) I1CC (CHF) I1CE (EUR) Diapason I1CC (CHF) Diapason I1CE (EUR) Diapason I1CU lid (EUR) lids (SEK) 12D (EUR) I2DE I3D (GBP) 12C 12C (USD) 13C I1CG (GBP) I1CU (USD) I1CU 73

76 10, , , Statistics (continued) QCM GDP Index Commodity dbx Systematic Paulson Global Fund Allocator Alpha Index Fund 10, USD USD USD USD Total Net Asset Value 31 January ,711,064 12,980,186 1,676,230,816 97,399, January ,060,805 40,941, ,980, ,730, January 2010 NAV per share at the end of the year 31 January 2012 R1C R1C (EUR) 8, R1CA R1CA (EUR) R1CB R1CC (CHF) R1CC (SGD) R1CE (EUR) 6, R1CG (GOP) 10, , R1CS (SGD) R1CU 11, , R1C2014 RiD R2C 8, R2D TiC TiC (EUR) Ticc (CHF) I1CE (EUR) Diapason iicc (CHF) Diapason I1CE (EUR) Diapason Ticu lid (EUR) lids (SEK) 12D (EUR) I2DE 13D (GBP) 12C C (USD) 13C I1CG (GBP) Ticu (USD) Ticu

77 , Statistics (continued) QCM GDP Index Commodity dbx Systematic Paulson Global Fund Allocator Alpha Index Fund USD USD USD USD NAV per share at the end of the year 31 January 2011 R1C R1C (EUR) R1CA R1CA (EUR) R1CB R1CC (CHF) R1CC (SGD) R1CE (EUR) 10, R1CG (GBP) R1CS (SGD) R1CU 10, R1C2014 RiD R2C R2D Tic Tic (EUR) iicc (CHE) I1CE (EUR) Diapason Ticc (CHF) Diapason I1CE (EUR) Diapason iicu lid (EUR) lids (SEK) I2D (EUR) 12DE 13D (GBP) 12C C (USD) 13C IiCG (GBP) Ticu (USD) Ticu

78 Statistics (continued) QCM GDP Index Commodity dbx Systematic Paulson Global Fund Allocator Alpha Index Fund USD USD USD USD NAV per share at the end of the year 31 January 2010 R1C R1C (EUR) R1CA R1CA (EUR) R1CB R1CC (CHF) R1CC (SGD) R1CE (EUR) R1CG (GBP) RiGS (SGD) R1CU R1C2014 RiD R2C R2D Tic Tic (EUR) Ticc (CHF) T1CE (EUR) Diapason ncc (CHF) Diapason I1CE (EUR) Diapason iicu lid (EUR) lids (SEK) 12D (EUR) 12DE 13D (GBP) 12C 12C (USD) 13C TlcG (GBP) ncu (USD) Ticu 76

79 Statistics (continued) Institutional Fixed Dynamic EU 80 Dynamic US 80 Dynamic Emerging Income (liquidated as of (liquidated as of Markets 80 12/10/11) 11/10/11) (liquidated as of 11/10/11) USD USD USD USD Total Net Asset Value 31 January ,525, January ,791,816 2,011,202 2,130,962 2,150, January ,296,683 NAV per share at the end of the year 31 January 2012 R1C R1C (EUR) R1CA R1CA (EUR) R1CB R1CC (CHF) R1CC (SGD) R1CE (EUR) R1CG (GBP) R1CS (SGD) R1CU R1C2014 RiD R2C R2D lic TiC (EUR) I1CC (CHF) I1CE (EUR) Diapason TiCC (CHF) Diapason T1CE (EUR) Diapason Ticu lid (EUR) 89, lids (SEK) 12D (EUR) 136, T2DE 13D (GBP) 100, C 12C (USD) 13C I1CG (GBP) Ticu (USD) Ticu 77

80 Statistics (continued) Institutional Fixed Dynamic EU 80 Dynamic US 80 Dynamic Emerging Income (liquidated as of (liquidated as of Markets 80 12/10/11) 11/10/11) (liquidated as of 11/10/11) USD USD USD USD NAV per share at the end of the year 31 January 2011 R1C R1C (EUR) RiGA R1CA (EUR) R1CB R1CC (CHF) R1CC (SGD) R1CE (EUR) R1CG (GBP) R1CS (SGD) R1CU R1C2014 RiD R2C R2D Tic Tic (EUR) Ticc (CHE) T1CE (EUR) Diapason Ticc (CHF) Diapason TicE (EUR) Diapason ncu lid (EUR) 102, lids (SEK) 12D (EUR) 85, DE T3D (GBP) T2C T2C (USD) T3C I1CG (GBP) Ticu (USD) Ticu 78

81 Statistics (continued) Institutional Fixed Dynamic EU 80 Dynamic Us 80 Dynamic Emerging Income (liquidated as of (liquidated as of Markets 80 12/10/11) 11/10/11) (liquidated as of 11/10/11) USD USD USD USD NAV per share at the end of the year 31 January 2010 R1C R1C (EUR) R1CA R1CA (EUR) R1CB R1CC (CHF) R1CC (SGD) R1CE (EUR) (GBP) R1CS (SGD) R1CU R1C20i4 RiD R2C Tic Tic (EUR) Ticc (CHF) I1CE (EUR) Diapason TicE (EUR) Diapason Ticu T1D (EUR) i02, T1DS (SEK) 12D (EUR) T2DE 13D (GBP) T2C Tzc (USD) T3C TlcG (GEP) Ticu (USD) Ticu 79

82 Statistics (continued) Dynamic World 80 (liquidated as of 12/10/11.) USD Total Net Asset Value 31 January January ,105, January 2010 NAV per share at the end of the year 31 January 2012 R1C R1C (EUR) R1CA R1CA (EUR) R1CB R1CC (CHF) R1CC (SGD) R1CE (EUR) R1CG (GBP) R1CS (SGD) R1CU R1C Ri D R2C R2D I 1C TiC (EUR) I1CC (CHF) I1CE (EUR) Diapason TiCC (CHF) Diapason I1CE (EUR) Diapason Ticu lid (EUR) lids (SEK) 12D (EUR) 12DE 13D (GBP) 12C 12C (USD) 13C IlcG (GBP) ncu (USD) Ticu

83 Statistics (continued) Dynamic World 80 (liquidated as of 12/10/11) USD NAV per share at the end of the year 31 January 2011 R1C R1C (EUR) R1CA R1CA (EUR) R1CB R1CC (ClIF) R1CC (SGD) R1CE (EUR) R1CG (GBP) R1CS (SGD) R1CU R1C2014 RiD R2C R2D lic I1C (EUR) TiCC (CHF) I1CE (EUR) Diapason TiCC (CHF) Diapason I1CE (EUR) Diapason TiCU lid (EUR) lids (SEK) I2D (EUR) 12DE 13D (GEP) 12C I2C (USD) 13C I1CG (GBP) TiCU (USD) Ticu 81

84 Statistics (continued) Dynamic World 80 (liquidated as of 12/10/11) USD NAV per share at the end of the year 31 January 2010 Ri C R1C (EUR) R1CA R1CA (EUR) R1CB R1CC (CHF) R1CC (SGD) R1CE (EUR) R1CG (GBP) R1CS (SGD) R1CU R1C2014 RiD R2C R2D Tic Tic (EUR) Ticc (CHF) T1CE (EUR) Diapason Ticc (CHF) Diapason TiCE (EUR) Diapason Ticu lid (EUR) lids (SEK) T2D (EUR) T2DE T3D (GBP) T2C T2C (USD) T3C TlcG (GBP) Ticu (USD) Ticu 82

85 Dynamic Bond Portfolio Statement of Investments as at 31 January 2012 (expressed in EUR) Face value Currency Cost Evaluation % net assets Description Transferable securities admitted to an official stock exchange listing Bonds Germany Dekabank Deutsche Girozentrale 0.79% 05 18/01/2013 Emtn 940,000,000 JPY 6,925,850 9,488, Hypothekenbank In Essen AG 0.71% 05 19/01/2013 Emtn 890,000,000 JPY 7,316,542 8,928, ,242,392 18,417, Great Britain Bank of Scotland Plc 0.50% 0510/05/2013 Emtn 80,000,000 JPY 620, , , , Italy Intesa Sanpaolo SpA 0.88% 0723/05/2013 Emtn 370,000,000 JPY 2,916,000 3,537, ,916,000 3,537, Japan Japan Finance Corp For Municipal Enterprises 1.55% 0221/02/ ,000,000 JPY 3,872,460 4,412, ,872,460 4,412, Luxembourg Norddeutsche Landesbank Covered Finance Bank SA 0.90% 0730/10/2015 Emtn 740,000,000 JPY 4,309,151 7,524, Norddeutsche Landesbank Luxembourg SA 0.50% 05 17/06/ ,000,000 JPY 3,791,832 6,150, ,100,983 13,675, Total Bonds 29,752,582 40,827, Total Transferable securities admitted to an official stock exchange 29,752,582 40,827, listing Other transferable securities Bonds Ireland Eirles Three Ltd % 0401/11/2014 Emtn 270,000,000 JPY 2,073,381 2,443, ,073,381 2,443, Total Bonds 2,073,381 2,443, Total Other transferable securities 2,073,381 2,443, TOTAL INVESTMENT PORTFOLIO 31,825,963 43,271, The accompanying notes form an integral part of these financial statements. 83

86 Dynamic ETF Selector 3 Statement of Investments as at 31 January 2012 (expressed in EUR) Quantity Currency Cost Evaluation % net assets Description Transferable securities admitted to an official stock exchange listing Investment funds France Easy ETF IBOXX Lq Soy Ex Shrt 447 EUR 69,885 71, Lyxor ETF Euro Cash Cap / Dis 4,409 EUR 470, , , , Germ a fly Ishares Ebrexx Mm / ETF 9,557 EUR 873, , , , Luxembourg CASAM ETF C Eonia i /cap ETF 8,488 EUR 868, , db xtrackers II EONIA Total Return Index 1C ETF 6,269 EUR 868, , db xtrackers II Short IBOXX Sovereigns Eurozone Total Return Index 1C ETF EUR db xtrackers MSCI EM Asia TRN Index 1C ETF 1,624 EUR 40,840 43, db xtrackers MSCI USA TRN Index 1C ETF 22,497 EUR 493, , ,135,629 3,174, Total Investment funds 4,549,250 4,590, Total Transferable securities admitted to an official stock exchange 4,549,250 4,590, listing TOTAL INVESTMENT PORTFOLIO 4,549,250 4,590, The accompanying notes form an integral part of these financial statements. 84

87 Dynamic ETF Selector 8 Statement of Investments as at 31 January 2012 (expressed in EUR) Quantity Currency Cost Evaluation % net assets Description Transferable securities admitted to an official stock exchange listing Investment funds France Lyxor ETF Euro Cash Cap / Dis 1,405 EUR 150, , , , Germany Ishares Ebrexx Mm / ETF 3,205 EUR 293, , , , Luxembourg CASAM ETF C Eonia i /cap ETF 2,883 EUR 296, , Comstage ETF MSCI USA Tm i 909 EUR 20,095 21, db xtrackers DJ Euro STOXX 50 1C ETF 7,232 EUR 187, , db xtrackers II EONIA Total Return Index 1C ETF 2,097 EUR 291, , db xtrackers MSCI USA TRN Index 1C ETF 12,137 EUR 268, , ,063,996 1,103, Total Investment funds 1,507,219 1,547, Total Transferable securities admitted to an official stock exchange 1,507,219 1,547, listing TOTAL INVESTMENT PORTFOLIO 1,507,219 1,547, The accompanying notes form an integral part of these financial statements. 85

88 Dynamic ETF Selector 6 Statement of Investments as at 31 January 2012 (expressed in EUR) Quantity Currency Cost Evaluation % net assets Description Transferable securities admitted to an official stock exchange listing Investment funds France Easy ETF IBOXX Lq Soy Ex Shrt 189 EUR 29,549 30, ,549 30, Germany Ishares Ebrexx Mm I ETF 3,642 EUR 333, , , , Luxembourg CASAM ETF C Eonia i /cap ETF 3,639 EUR 374, , Comstage ETF MSCI USA Tm i 1,185 EUR 25,862 28, db xtrackers DJ Euro STOXX 50 1C ETF 3,575 EUR 94,488 97, db xtrackers II EDNIA Total Return Index 1C ETF 2,680 EUR 372, , db xtrackers II Short IBOXX Sovereigns Eurozone Total Return Index 1C ETF EUR , db xtrackers MSCI USA TRN Index 1C ETF 14,638 EUR 319, , ,546,326 1,577, Total Investment funds 1,909,248 1,941, Total Transferable securities admitted to an official stock exchange 1,909,248 1,941, listing TOTAL INVESTMENT PORTFOLIO 1,909,248 1,941, The accompanying notes form an integral part of these financial statements. 86

89 Thueringen Dynamic Alternative Portfolio Statement of Investments as at 31 January 2012 (expressed in EUR) Face value Currency Cost Evaluation % net assets Description Transferable securities admitted to an official stock exchange listing Bonds Austria Hypo Noe Fm 1127/06/2014 2,500,000 EUR 2,505,750 2,510, ,505,750 2,510, France Dexia CLF 0.60% 0510/11/ ,000,000 JPY 3,004,447 3,445, ,004,447 3,445, Germa fly Dekabank Deutsche Girozentrale 0.79% 05 18/01/2013 Emtn 980,000,000 WY 6 028,928 9,891, Landesbank Berlin AG 3.25% 0515/06/ ,000,000 EUR 10,156,047 11,654, Landesbank Hessen Girozentrale 0.77% 0518/01/ ,000,000 JPY 1,212,480 1,513, ,397,455 23,060, Italy Intesa Sanpaolo SPA 0.88% 0723/05/2013 Emtn 250,000,000 JPY 2,017,634 2,390, ,017,634 2,390, Luxembourg Norddeutsche Landesbank Luxembourg SA 0.50% 05 17/06/ ,160,000,000 JPY 7,153,632 11,696, ,153,632 11,696, Spain AyT Cedulas Cajas IV Fondo De Titulizacion De Activos 4.00% 0313/03/ ,500,000 EUR 3 398,928 3,489, Banco Bilbao Vizcaya Argentaria SA 4.25% 04 15/07/ ,900,000 EUR 2,917,916 2,966, ,316,844 6,455, Total Bonds 38,395,762 49,558, Total Transferable securities admitted to an official stock exchange 38,395,762 49,558, listing The accompanying notes form an integral part of these financial statements. 87

90 Dynamic Alternative Portfolio Statement of Investments (continued) as at 31 January 2012 (expressed in EUR) Face value Currency Cost Evaluation % net assets Description Other transferable securities Bonds Ireland Eirles Three Ltd 147 O.90% 0401/11/2014 Emtn 270,000,000 JPY 1,770,928 2,443, ,770,928 2,443, Total Bonds 1,770,928 2,443, Total Other transferable securities 1,770,928 2,443, TOTAL INVESTMENT PORTFOLIO 40,166,690 52,002, The accompanying notes form an integral part of these financial statements. 88

91 Sovereign Plus Statement of Investments as at 31 January 2012 (expressed in EUR) Face value Currency Cost Evaluation % net assets Description Transferable securities admitted to an official stock exchange listing Bonds Denmark Danske Bank A/s 0.75 h 0528/10/2013 Emtn 440,000,000 JPY 3,009,286 4,252, ,009,286 4,252, France Dexia CLF 0.60% 0510/11/ ,000,000 JPY 1,718,648 2,756, ,718,648 2,756, Germa fly Bayerische Landesbank 1.40% 0122/04/2013 Emtn JPY 7,700,391 10,695, Dekabank Deutsche Girozentrale 0.79% 05 18/01/2013 Emtn JPY 1,697,162 2,422, Hypothekenbank In Essen AG 0.71% 05 19/01/2013 Emtn JPY 1,940,880 3,210, Landesbank Baden Wurttemberg 0.25% 05 13/07/2012 Emtn JPY ,717, Landesbank Hessen Thueringen Girozentrale 0.77% 0518/01/ ,000,000 JPY 5,502,075 9,183, ,763,064 31,229, Great Britain Abbey National Treasury Services Plc/London 3.375% 0508/06/2015 Emtn 1,500,000 EUR 1,422,933 1,530, ,422,933 1,530, Italy Intesa Sanpaolo SpA 0.88% 0723/05/2013 Emtn 300,000,000 JPY 1,802,874 2,868, ,802,874 2,868, Japan Development Bank of Japan 1.40% 0220/06/ ,000,000 JPY 933,740 1,228, ,740 1,228, Luxembourg Norddeutsche Landesbank Covered Finance Bank SA 0.90% 0730/10/2015 Emtn 150,000,000 JPY 1,068,603 1,525, Norddeutsche Landesbank Luxembourg SA 0.50% 05 17/06/ ,000,000 JPY 6,538,721 9,377, ,607,324 10,902, Spain AyT Cedulas Cajas IV Fondo De Titulizacion De Activos 4.00% 0313/03/ EUR 1,175,285 1,195, AyT Cedulas Cajas VIII Fondo De Titulizacion De Activos 4.00% 0418/11/ EUR 992, , Banco Bilbao Vizcaya Argentaria SA 4.2S% 04 15/07/ ,700,000 EUR 1,634,149 1,736, The accompanying notes form an integral part of these financial statements. 89

92 Sovereign Plus Statement of Investments (continued) as at 31 January 2012 (expressed in FUR) Face value Currency Cost Evaluation % net assets Description Transferable securities admitted to an official stock exchange listing (continued) Bonds (continued) Spain (continued) Banco Sabadell SA 4.25% 0624/01/2017 5,500,000 CUR 5,391,100 5,342, ,193,517 9,242, Total Bonds 46,451,386 64,010, Total Transferable securities admitted to an official stock exchange 46,451,386 64,010, listing Other transferable securities Bonds Ireland Eirles Three Ltd % 0401/11/2014 Emtn 30,000,000 JPY 196, , , , Total Bonds 196, , Total Other transferable securities 196, , TOTAL INVESTMENT PORTFOLIO 46,647,452 64,314, The accompanying notes form an integral part of these financial statements.

93 Dynamic Bond Plus Statement of Investments as at 31 January 2012 (expressed in EUR) Face value Currency Cost Evaluation % net assets Description Transferable securities admitted to an official stock exchange listing Bonds Austria Kommunalkredit Austria 4.125% 0707/02/2014 7,000,000 EUR 7,218,400 7,333, ,218,400 7,333, France CIF Euromortgage 4.625% 0211/10/2012 7,000,000 EUR 7,267,400 7,197, ,267,400 7,197, Germa fly Bayerische Landesbank O.73% 0519/01/2013 Emtn JPY lypothekenbank In Essen AG 0.71% 05 19/01/2013 Emtn ,000.JPY 2,564,140 4,213, Landesbank RheinlandPfalz 4.50% 0201/08/2012 Em ,000 EUR 3,910,960 3,869, ,989,350 10,806, Great Britain Bank of Scotland Plc 0.55% 0511/10/2012 Mtn 190,000,000 JPY 1,307,092 1,886, RBS 3.625% 1017/05/2013 3,000,000 EUR 2,998,800 3,025, ,305,892 4,911, Luxembourg Norddeutsche Landesbank Covered Finance Bank SA 0.90% 0730/10/2015 Emtn 1,070,000,000 JPY 6,233,130 10,879, Norddeutsche Landesbank Luxembourg SA 0.50% JPY /06/ ,122,748 18,643, Spain AyT Cedulas Calas IV Fondo Dc Titulizacion De Activos 4.00% 0313/03/ EUR 9,129,160 9,166, ,129,160 9,166, Total Bonds 50,032,950 58,059, Total Transferable securities admitted to an official stock exchange 50,032,950 58,059, listing TOTAL INVESTMENT PORTFOLIO 50,032,950 58,059, The accompanying notes form an integral part of these financial statements. 91

94 Wurttemberg Dynamic Bond Stabilität Plus Statement of Investments as at 31 January 2012 (expressed in EUR) Face value Currency Cost Evaluation % net assets Description Transferable securities admitted to an official stock exchange listing Bonds Denmark Danske Bank A/s 0.75% 0528/10/2013 Emtn 340,000,000 JPY 2,487,525 3,286, ,487,525 3,286, Ge rma fly Bayerische Landesbank 0.73% 0519/01/2013 Emtn 1,940,000,000 ]PY 12,720,362 19,571, Hypothekenbank In Essen AG 0.71% 05 19/01/2013 Emtn 2,850,000,000 JPY 18,689,797 28,592, Landesbank Baden 0.77% 05 18/01/2013 Emtn JPY 3,677,733 5,651, Landesbank Hessen Thueringen Girozentrale 0.77% 0518/01/2013 2,290,000,000 JPY 15,047,208 23,110, WI Bk Fm 1113/06/2014 2,800,000 EUR 2,807,000 2,804, ,942,100 79,731, Great Britain Bank of Scotland Plc 0.55% 0511/10/2012 Mtn 110,000,000 JPY 817,300 1,092, Bank of Scotland Plc 1.60% 0520/11/ ,000,000 JPY 1,531,040 1,902, RBS 3.625% 1017/05/2013 3,500,000 EUR 3,449,600 3,529, ,797,940 6,524, Italy Intesa Sanpaolo SpA 0.88% 0723/05/2013 Emtn 490,000,000 JPY 3,707,178 4,685, ,707,178 4,685, Luxembourg Norddeutsche Landesbank Covered Finance Bank SA 0.90% 0730/10/2015 Emtn 350,000,000 JPY 2,056,196 3,558, Norddeutsche Landesbank Luxembourg SA 0.50% 0517/06/ ,000,000 ]PY 3,983,294 5,445, ,039,490 9,003, Spain AyT Cedulas Cajas VIII Fondo De Titulizacion De Activos 4.00% 0418/11/ ,600,000 EUR 27,299,170 25,755, BBVA Senior Finance 0.80% 0702/02/2013 Emtn 360,000,000 JPY 2,838,811 3,506, ,137,981 29,261, Total Bonds 101,112, ,492, Total Transferable securities admitted to an official stock exchange 101,112, ,492, listing 92 The accompanying notes form an integral part of these financial statements.

95 Dynamic Bond Stabilität Plus Statement of Investments (continued) as at 31 January 2012 (expressed in FUR) Face value Currency Cost Evaluation % net assets Description Other transferable securities Bonds Ireland Eirles Three Ltd % 0401/11/2014 Emtn 330,000,000 JPY 2,380,910 2,986, Eirles Three Ltd % 0401/11/2014 Emtn 480,000,000 JPY 3,937,440 4,864, ,318,350 7,851, Total Bonds 6,318,350 7,851, Total Other transferable securities 6,318,350 7,851, TOTAL INVESTMENT PORTFOLIO 107,430, ,343, The accompanying notes form an integral part of these financial statements. 93

96 Wurttemberg Dynamic Cash Statement of Investments as at 31 January 2012 (expressed in EUR) Face value Currency Cost Evaluation % net assets Description Transferable securities admitted to an official stock exchange listing Bonds Austria Bundesimmobiliengesellschaft Mbh 4.625% 02 27/09/2012 7,600,000 EUR 8,046,120 7,790, Hypo AlpeAdriaBank International AG 0.87% 07 28/02/2013 Emtn 7,420,000,000 JPY 54,757,788 74,858, ,803,908 82,649, France Dexia CLF 0.60% 0510/11/2012 3,630,000,000 WY 25,759,744 35,731, ,759,744 35,731, G erma fly Bayerische Landesbank 0.73% 0519/01/2013 Emtn 7,150,000,000 JPY 52,483,370 72,130, Dekabank Deutsche Girozentrale 0.79% 05 18/01/2013 Emtn 3,010,000,000 WY 23,646,920 30,382, Dexia Kommunalbank Deutschland AG 5.25% 01 22/02/2013 S932 4,200,000 EUR 4,407,480 4,346, Dt Hypobk 2.625%ll09/04/ ,400,000 EUR 18,482,800 19,065, Hypothekenbank In Essen AG 0.71% 05 19/01/2013 Emtn 5,130,000,000 JPY 37,461,287 51,464, Landesbank Baden 0.25% 05 13/07/2012 Emtn 4,488,000,000 JPY 32,708,674 45,018, Landesbank Baden Wurttemberg 0.77% 05 18/01/2013 Emtn 5,830,000,000 JPY 45,588,976 58,835, ,779, ,242, Great Britain Bank of Scotland Plc 0.50% 0510/05/2013 Emtn 3,690,000,000 JPY 25,126,027 36,245, Bank of Scotland Plc 0.55% 0511/10/2012 Mtn 670,000,000 JPY 5,540,100 6,653, Bank of Scotland Plc 4.50% 0323/10/2013 8,350,000 EUR 8,734,935 8,741, Nationwide Building Society 3.50% 0507/12/2015 Emtn 8,820,000 EUR 8,243,110 9,150, ,644,172 60,791, Italy Bancapulia 3.75% 0501/08/ ,800,000 EUR 87,168,000 87,109, Cassa Depositi E Presti 3.00% 0531/01/ ,800,000 EUR 81,252,600 85,808, Intesa Sanpaolo SpA 0.88% 0723/05/2013 Emtn 9,640,000,000 WY 74,081,382 92,187, Italy 4.50% 9508/06/2015 1,860,000,000 WY 16,714,846 18,944, ,216, ,051, Japan Development Bank of Japan 1.60% 0420/06/2014 Emtn 3,000,000,000 JPY 23,976,794 31,078, ,976,794 31,078, The accompanying notes form an integral part of these financial statements.

97 Dynamic Cash Statement of Investments (continued) as at 31 January 2012 (expressed in EUR) Face value Currency Cost Evaluation D/ net assets Description Transferable securities admitted to an official stock exchange listing (continued) Bonds (continued) Luxembourg Norddeutsche Landesbank Covered Finance Bank SA 0.90% 0714/12/2015 Emtn 14,240,000,000 JPY 103,396, ,858, Norddeutsche Landesbank Covered Finance Bank JPY SA 0.90% 0730/10/2015 Emtn Norddeutsche Landesbank Luxembourg SA 0.50% 05 17/06/ ,720,000,000 JPY 55,920,830 77,846, ,026, ,399, Netherlands Deutsche Bahn 1.65% 0401/12/2014 3,875,000,000 JPY 28,887,679 40,106, ,887,679 40,106, Spain AyT Cedulas Cajas IV Fondo De Titulizacion De Activos 4.00% 0313/03/ EUR ,053 13,931, Banco Santander SA 4.00% 0308/07/ ,800,000 EUR 19,233,720 20,127, BBVA Senior Finance 0.80% 0702/02/2013 Emtn 10,370,000,000 WY 73,982, ,001, ,835, ,060, Sweden Swedish Bank 2.50% 1021/01/2013 5,000,000 EUR 5,065,500 5,099, ,065,500 5,099, Total Bonds 974,995,788 1,232,209, Total Transferable securities admitted to an official stock exchange 974,995,788 1,232,209, listing Other transferable securities Bonds Great Britain DB London Fm 0803/11/2015 S3276 2,500,000 USD 1,951,148 2,021, ,951,148 2,021, Ireland Eirles Three Ltd % 0401/11/2014 Emtn 360,000,000 JPY 2,668,173 3,260, ,668,173 3,260, The accompanying notes form an integral part of these financial statements. 95

98 Dynamic Cash Statement of Investments (continued) as at 31 January 2012 (expressed in EUR) Face value Currency Cost Evaluation % net assets Description Other transferable securities (continued) Bonds (continued) Luxembourg EHB 4.75% 0517/08/ ,500,000 USD 88,353,901 94,130, ,353,901 94,130, Total Bonds 92,973,222 99,413, Total Other transferable securities 92,973,222 99,413, TOTAL INVESTMENT PORTFOLIO 1,067,969,010 1,331,622, The accompanying notes form an integral part of these financial statements. 96

99 Wurttemberg Skandia Leader Sheep 2014/I Statement of Investments as at 31 January 2012 (expressed in EUR) Face value Currency Cost Evaluation % net assets Description Transferable securities admitted to an official stock exchange listing Bonds Germa fly By Lbk Fm 0404/08/2014 1,000,000 EUR 995, , Deutsche Genossen Hypothekenbank AG Fm 05 30/08/ ,000,000 EUR 1,991,940 1,994, Eurohypo Fm 0630/01/2014 1,500,000 EUR 1,484,850 1,467, HSH Nordbank Fm 0219/03/ ,000 EUR 694, , Landesbank Baden Fm 05 23/01/2015 1,000,000 EUR Landesbank Berlin Fm 0326/06/2013 1,000,000 EUR 1,004,800 1,001, Norddeutsche Landesbank Fm 0329/10/2014 3,000,000 EUR 2,998,050 2,988, West Immobilien Fm 0423/09/2014 1,800,000 EUR 1,786,680 1,775, ,958,535 11,918, Total Bonds 11,958,535 11,918, Total Transferable securities admitted to an official stock exchange 11,958,535 11,918, listing TOTAL INVESTMENT PORTFOLIO 11,958,535 11,918, The accompanying notes form an integral part of these financial statements. 97

100 CROCI Euro Statement of Investments as at 31 January 2012 (expressed in EUR) Quantity Currency Cost Evaluation % net assets Description Transferable securities admitted to an official stock exchange listing Shares Finland Fortum Oyj 423,187 EUR 7,124,230 7,109, ,124,230 7,109, France AlcatelLucent 5,468,438 EUR 8,371,714 7,431, Cap Gemini SA 272,208 EUR 8,941,579 7,597, EDF 380,505 EUR 6,809,535 6,704, GDF SUEZ 324,967 EUR 7,991,207 6,743, L Oreal SA 82,748 EUR 6,062,337 6,728, Michelin 5 143,177 EUR 7,518,366 7,488, PPR SA 58,756 EUR 6,614,301 7,068, SanofiAventis SA 120,780 EUR 6,081,749 6,820, Schneider Electric SA 156,919 EUR 8,202,694 7,450, Total SA 169,496 EUR 6,814,847 6,848, Vivendi 417,138 EUR 7,556,952 6,674, ,965,281 77,554, Germ a fly Adidas AG 127,555 EUR 5,557,163 7,025, BASF SE 120,398 EUR 5,919,104 7,076, Bayer 130,078 EUR 6,139,166 6,964, Deutsche Post AG 551,764 EUR 6,683,357 7,007, EON 403,360 EUR 8,483,557 6,592, K + S AG 188,104 EUR 8,055,516 6,857, Metro AG 232,777 EUR 7,095,378 6,845, Siemens AG 93,405 EUR 5,991,127 6,738, ,924,368 55,108, Ireland Ryanair Holdings Plc 1,743,695 EUR 6,877,090 7,238, ,877,090 7,238, Italy ENI SpA Roma 413,029 EUR 6,939,118 6,980, ,939,118 6,980, Luxembourg Arcelormittal SA Reg Shs 457,644 EUR 6,111,885 7,040, ,111,885 7,040, Netherlands Akzo Nobel NV 176,587 EUR 7,235,636 7,022, ASML Holding NV 210,304 EUR 4,965,730 6,905, The accompanying notes form an integral part of these financial statements.

101 CROCI Euro Statement of Investments (continued) as at 31 January 2012 (expressed in EUR) Quantity Currency Cost Evaluation % net assets Description Transferable securities admitted to an official stock exchange listing (continued) Shares (continued) Netherlands (continued) Koninklijke Ahold NV 660,602 EUR 5,970,037 6,691, Koninklijke DSM NV 184,892 EUR 6,669,623 7,252, Koninklijke KPN NV 784,917 EUR 8,175,400 6,577, Koninklijke Philips Electronics NV 446,766 EUR 8,867,921 6,902, ,884,347 41,352, Spain Iberdrola SA 1,468,654 EUR 7,064,091 6,611, ,064,091 6,611, Total Shares 210,890, ,997, Total Transferable securities admitted to an official stock exchange 210,890, ,997, listing TOTAL INVESTMENT PORTFOLIO 210,890, ,997, The accompanying notes form an integral part of these financial statements. 99

102 CROCI US Statement of Investments as at 31 January 2012 (expressed in USD) Quantity Currency Cost Evaluation % net assets Description Transferable securities admitted to an official stock exchange listing Shares Ireland Covidien 530,700 USD 24,416,430 27,331, ,416,430 27,331, United States Abbott Laboratories Inc 439,400 USD 21,857,584 23,793, Adobe Systems Inc 848,200 USD 24,391,940 26,251, Amgen Inc 376,600 USD 20,916,200 25,574, Apache Corp 251,600 USD 22,343,915 24,878, Applied Materials Inc 2,214,900 USD 25,937,730 27,198, Bristol Myers Squibb Co 712,616 USD 19,796,207 22,974, Broadcom Corp. A 808,800 USD 27,361,860 27,774, Celgene Corp 362,800 USD 22,814,829 26,371, Chevron Corp 225,200 USD 19,834,982 23,213, Cisco Systems Inc 1,292,300 USD 25,417,551 25,367, ConocoPhillips 335,603 USD 20,821,176 22,891, Corning Inc 1,805,100 USD 25,636,065 23,231, Dell Inc 1,589,700 USD 22,891,434 27,390, Eaton Corp 538,400 USD 22,624,206 26,397, Eli Lilly & Co 611,470 USD 22,736,178 24,299, Freeport Mcmoran Copper & Gold 630,300 USD 25,417,998 29,126, General Dynamics Corp 362,400 USD 22,673,819 25,063, General Electric Co 1,307,600 USD 25,009,167 24,465, Gilead Sciences Inc 569,900 USD 23,553,925 27,833, Halliburton Co 697,100 USD 24,111,342 25,639, Hess Corp 432,200 USD 27,402,964 24,332, HewlettPackard Co 922,700 USD 31,610,263 25,817, Illinois Tool Works 510,300 USD 22,845,810 27,061, Intel Corp 964,300 USD 21,114,378 25,476, Johnson & Johnson 376,200 USD 23,144,282 24,795, Lockheed Martin Corp 304,900 USD 23,379,014 25,099, Marathon Oil Corp 794,600 USD 22,614,807 24,942, Mckesson Corp 310,000 USD 20,465,785 25,333, Medtronic Inc 624,800 USD 22,736,230 24,098, Merck 633,870 USD 21,795,549 24,251, Microsoft Corp 867,500 USD 23,281,761 25,617, Northrop Grumman Corp 421,200 USD 24,395,748 24,450, Parker Hannifin 314,100 USD 26,044,308 25,341, Pfizer Inc 1,131,081 USD 22,506,559 24,205, Raytheon Co 507,200 USD 24,315,285 24,340, Stryker Corp 473,500 USD 23,358,626 26,246, Valero Energy Corp 1,197,200 USD 28,883,901 28,720, Xerox Corp 3,008,500 USD 25,134,604 23,315, The accompanying notes form an integral part of these financial statements.

103 CROCI US Statement of Investments (continued) as at 31 January 2012 (expressed in USD) Quantity Currency Cost Evaluation % net assets Description Transferable securities admitted to an official stock exchange listing (continued) Shares (continued) United States (continued) Yahoo Inc 1,571,300 USD 24,758,454 24,308, ,936, ,493, Total Shares 950,352,866 1,014,825, Total Transferable securities admitted to an official stock exchange 950,352,866 1,014,825, listing TOTAL INVESTMENT PORTFOLIO 950,352,866 1,014,825, The accompanying notes form an integral part of these financial statements. 101

104 CROCI Japan Statement of Investments as at 31 January 2012 (expressed in WY) Quantity Currency Cost Evaluation % net assets Description Transferable securities admitted to an official stock exchange listing Shares Japan Asahi Glass Co Ltd 872,000 JPY 733,484, ,512, Asahi Kasei Corp 1,207,000 JPY 608,716, ,774, Astellas Pharma Inc 179,400 JPY 564,328, ,522, Bridgestone Corp 323,100 JPY 541,465, ,547, Canon Inc 167,000 JPY 561,955, ,430, Dai Nippon Printing Co Ltd 752,000 JPY 721,730, ,640, Daiichi Sankyo Co Ltd 374,200 JPY 618,119, ,964, Eisai Co Ltd 178,300 JPY 550,299, ,536, Fuji Photo Film Co Ltd 298,800 JPY 629,379, ,931, Itochu Corp 711,200 JPY 567,156, ,584, Kddi Corp 1,128 JPY 560,052, ,824, Komatsu Ltd 303,900 WY 549,180, ,081, Kyocera Corp 91,300 JPY 702,146, ,450, Mitsubishi Chemical Hldgs Corp 1,298,500 JPY 680,166, ,758, Mitsubishi Electric Corp 770,000 JPY 667,960, ,680, Mitsui & Co Ltd 467,500 JPY 606,001, ,945, Nikon Corp 326,700 WY 584,448, ,622, Nintendo Co Ltd 52,500 JPY 646,865, ,850, Nissan Motor Co Ltd 816,700 JPY 587,038, ,207, Nitto Denko Corp 198,900 JPY 699,647, ,825, Sekisui House Ltd 815,000 JPY 601,432, ,540, ShinEtsu Chemical Co Ltd 149,400 JPY 602,457, ,624, SMC Corp /Japan 45,200 JPY 610,220, ,996, Sumitomo Chemical Co 1,928,000 WY 698,341, ,896, Sumitomo Corp 535,600 WY 557,559, ,482, Sumitomo Electric Industries 673,200 JPY 693,111, ,997, Takeda Pharmaceutical Co Ltd 167,500 JPY 633,151, ,425, TDK Corp 173,400 JPY 635,777, ,309, Tokyo Electron Ltd 144,100 JPY 672,907, ,394, Toshiba Corp 1,803,000 JPY 547,633, ,369, ,632,733,831 17,365,718, Total Shares 18,632,733,831 17,365,718, Total Transferable securities admitted to an official stock exchange 18,632,733,831 17,365,718, listing TOTAL INVESTMENT PORTFOLIO 18,632,733,831 17,365,718, The accompanying notes form an integral part of these financial statements.

105 Skandia Leader Sheep 20 15/I Statement of Investments as at 31 January 2012 (expressed in EUR) Face value Currency Cost Evaluation % net assets Description Transferable securities admitted to an official stock exchange listing Bonds Germany DGZ DekaBank Fm 0423/01/ ,000 EUR 696, , Eurohypo Fm 0630/01/ ,000 EUR 197, , KfW Fm 0929/05/ ,000 EUR 500, , Norddeutsche Landesbank Fm 0329/10/ ,000 EUR 199, , West Immobilien Fm 0423/09/ ,000 EUR 198, , ,793,095 1,789, Total Bonds 1,793,095 1,789, Total Transferable securities admitted to an official stock exchange 1,793,095 1,789, listing TOTAL INVESTMENT PORTFOLIO 1,793,095 1,789, The accompanying notes form an integral part of these financial statements. 103

106 Corporate Cash Statement of Investments as at 31 January 2012 (expressed in EUR) Quantity Currency Cost Evaluation % net assets Description Transferable securities admitted to an official stock exchange listing Shares Belgium AnheuserBush InBev SA 28,000 EUR 1,309,000 1,297, ,309,000 1,297, Finland Fortum Oyj 70,000 EUR 1,135,400 1,176, Kesko Oyj B 45,000 EUR 1,167,300 1,214, Konecranes Plc 75,000 EUR 1,087,500 1,401, Metso Corp 40,000 EUR 1,195,600 1,332, Neste Oil Oyj 130,000 EUR 1,097,200 1,115, Nokia Oyj 275,752 EUR 1,103,008 1,052, Outotec Oyj 25,000 EUR 920,500 1,004, Sampo Oyj A 50,000 EUR 937,000 1,007, ,643,508 9,302, France Cie De Saintgobain 30,000 EUR 899,400 1,020, France Télécom SA 100,000 EUR 1,235,000 1,146, Groupe Danone 25,000 EUR 1,210,500 1,179, ,344,900 3,346, G erma fly Adidas AG 20,000 EUR 1,038,800 1,101, Allianz SE 33,000 EUR 2,484,570 2,773, BASF SE 20,000 EUR 1,141,200 1,175, Bayer 25,000 EUR 1,303,000 1,338, BMW Bayerische Motoren Werke AG 25,000 EUR 1,403,750 1,634, Daimler AG 30,000 EUR 1,110,300 1,271, Deutsche Telekom AG 150,000 EUR 1,350,000 1,289, EON 65,000 EUR 1,121,250 1,062, RWE AG Essen A 30,000 EUR 852, , SAP AG 33,000 EUR 1,390,950 1,524, Volkswagen AG 8,000 EUR 1,011,200 1,082, ,207,020 15,132, Luxembourg Arcelormittal SA Reg Shs 63,102 EUR 937, , , , Netherlands ING Groep NV 195,410 EUR 1,076,709 1,359, The accompanying notes form an integral part of these financial statements.

107 Corporate Cash Statement of Investments (continued) as at 31 January 2012 (expressed in EUR) Quantity Currency Cost Evaluation /o net assets Description Transferable securities admitted to an official stock exchange listing (continued) Shares (continued) Netherlands (continued) Koninklijke KPN NV 140,000 EUR 1,304,800 1,173, ,381,509 2,532, Total Shares 30,823,002 32,583, Total Transferable securities admitted to an official stock exchange 30,823,002 32,583, listing TOTAL INVESTMENT PORTFOLIO 30,823,002 32,583, The accompanying notes form an integral part of these financial statements. 105

108 Wurttemberg Balanced Currency Harvest Euro Statement of Investments as at 31 January 2012 (expressed in EUR) Face value Currency Cost Evaluation % net assets Description Transferable securities admitted to an official stock exchange listing Bonds Germany Dekabank Deutsche Girozentrale 0.79% 05 18/01/2013 Emtn 50,000,000 JPY 312, , Landesbank Baden 0.25% 05 13/07/2012 Emtn 3,000,000 JPY 19,111 30, Landesbank Berlin AG 3.25% 0515/06/ ,000 EUR 443, , WI Bk Fm 1113/06/ ,000 EUR 300, , ,075,197 1,322, Spain AyT Cedulas Cajas IV Fondo De Titulizacion De Activos 4.00% 0313/03/ ,000 EUR 201, , Banco Bilbao Vizcaya Argentaria SA 4.25% 04 15/07/ ,000 EUR 416, , , , Total Bonds 1,692,597 1,930, Total Transferable securities admitted to an official stock exchange 1,692,597 1,930, listing TOTAL INVESTMENT PORTFOLIO 1,692,597 1,930, The accompanying notes form an integral part of these financial statements.

109 Wurttemberg CROCI Alpha Pairs Sectors Euro Statement of Investments as at 31 January 2012 (expressed in EUR) Face value Currency Cost Evaluation h net assets Description Transferable securities admitted to an official stock exchange listing Bonds Germany Bayerische Landesbank 0.73% 0519/01/2013 Emtn 20,000,000 JPY 170, , Landesbank Baden 0.77 h 05 18/01/2013 Emtn 80,000,000 JPY 495, , WI Bk Fm 1113/06/ ,000 EUR 401, , ,067,435 1,409, Japan Japan Finance Corp For Municipal Enterprises 1.55% 0221/02/ ,ooo,ooo JPY 801, , , , Luxembourg Norddeutsche Landesbank Luxembourg SAO.5 0% 80,000,000 JPY 460, , /06/ , , Spain Banco Santancter SA 3.25% 0507/02/2012 7th Issue 500,000 EUR 476, , , , Total Bonds 2,806,523 3,618, Total Transferable securities admitted to an official stock exchange 2,806,523 3,618, listing TOTAL INVESTMENT PORTFOLIO 2,806,523 3,618, The accompanying notes form an integral part of these financial statements. 107

110 RICF M Index Fund Statement of Investments as at 31 January 2012 (expressed in USD) Face value Currency Cost Evaluation % net assets Description Transferable securities admitted to an official stock exchange listing Bonds France Dexia CLF 0.60% 0510/11/ ,000,000 JPY 946,799 1,546, ,799 1,546, Germany Dekabank Deutsche Girozentrale 0.79% 05 18/01/2013 Emtn 260,000,000 JPY 2,249,609 3,435, Deutsche Hypothekenbank AG 1.49% 05 20/ 11/ ,000,000 JPY 1,112,903 1,325, Deutsche 1lypothekenbank AG 6.00% 00 14/02/2012 S ,000 EUR 410, , KfW 5.25% 0204/07/ ,000 EUR 792, , Landesbank Baden Wurttemberg 0.25% 05 13/07/2012 Emtn 244,000,000 JPY 2,782,958 3,204, Landesbank Hessen Thueringen Girozentrale 0.77% 0518/01/ ,000,000 JPY 2,305,002 3,831, ,652,524 12,884, Great Britain Bank of Scotland Plc 0.55% 0511/10/2012 Mtn 50,000,000 WY 448, , Nationwide Building Society 3.50% 0507/12/2015 Emtn 410,000 EUR 617, , ,066,017 1,207, Italy Intesa Sanpaolo SpA 0.88% 0723/05/2013 Emtn 140,000,000 JPY 1,245,961 1,752, ,245,961 1,752, Japan Development Bank of Japan 1.60% 0420/06/2014 Emtn ,000 JPY 2,368,207 2,983, ,368,207 2,983, Luxembourg Norddeutsche Landesbank Covered Finance Bank SA 0.90 h 0714/12/2015 Emtn 20,000,000 JPY 251,S2S 266, , , Netherlands Deutsche Bahn 1.65% 0401/12/2014 9S,000,000 JPY 1,047,322 1,287, ,047,322 1,287, The accompanying notes form an integral part of these financial statements.

111 T Index Fund RICI Statement of Investments (continued) as at 31 January 2012 (expressed in USD) Face value Currency Cost Evaluation % net assets Description Transferable securities admitted to an official stock exchange listing (continued) Bonds (continued) Spain AyT Cedulas Cajas IV Fondo De Titulizacion De Activos 4.00% 0313/03/ ,000 EUR , , , Total Bonds 17,558,955 22,840, Total Transferable securities admitted to an official stock exchange 17,558,955 22,840, listing Other transferable securities Bonds Ireland Eirles Three Ltd % 0401/11/2014 Emtn 40,000,000 JPY 505, , , , Total Bonds 505, , Total Other transferable securities 505, , TOTAL INVESTMENT PORTFOLIO 18,064,405 23,371, The accompanying notes form an integral part of these financial statements. 109

112 CROCI Alpha Pairs Sectors USD Statement of Investments as at 31 January 2012 (expressed in USD) Face value Currency Cost Evaluation % net assets Description Transferable securities admitted to an official stock exchange listing Bonds France Dexia Mun AG4.25% 0320/02/ ,000 EUR 438, , , , Germany Deutsche Hypothekenbank AG 6.00% 00 14/02/2012 S ,000 EUR 268, , Landesbank Berlin AG 3.25% 0515/06/ ,000 EUR 749, , ,018, , Great Britain Abbey National Treasury Services Plc/London 3.375% 0508/06/2015 Emtn 150,000 EUR 194, , , , Japan Development Bank of Japan 1.60% 0420/06/2014 Emtn 50,000,000 JPY 655, , Japan Finance Corp For Municipal Enterprises 1.55% 0221/02/ ,000,000 JPY 627, , ,283,238 1,334, Spain Banco Popular Espanol 4.25% 0412/02/2014 Ced.1 300,000 EUR 389, , Banco Santander SA 4.00% 0308/07/ ,000 EUR 537, , , , Total Bonds 3,861,088 3,870, Total Transferable securities admitted to an official stock exchange 3,861,088 3,870, listing TOTAL INVESTMENT PORTFOLIO 3,861,088 3,870, The accompanying notes form an integral part of these financial statements.

113 European Top Stars Statement of Investments as at 31 January 2012 (expressed in EUR) Quantity Currency Cost Evaluation % net assets Description Transferable securities admitted to an official stock exchange listing Shares Belgium AnheuserBush InBev SA 8,416 CUR 398, , , , France Casino GuichardPerrachon 5,231 EUR 363, , Cie De Saintgobain 7,564 EUR 261, , SanofiAventis SA 4,622 EUR 256, , Schneider Electric SA 5,841 EUR 283, , Société Générale A 10,073 EUR 229, , Vivendi 13,344 EUR 216, , ,610,868 1,570, Germa fly BASF SE 6,085 EUR 358, , Beiersdorf AG 9,465 EUR 411, , BMW Bayerische Motoren Werke AG 2,152 EUR 137, , Daimler AG 9,058 EUR 377, , Deutsche Post AG 32,022 EUR 411, , EON 6,448 CUR 102, , Freenet AG 20,588 EUR 216, , Fresenius AG 4,882 EUR 371, , Hugo Boss AG/Vorzugsaktie 3,389 EUR 225, , Metro AG 4,317 EUR 124, , SAP AG 5,192 EUR 229, , Software AG 1,427 EUR 36,681 35, Stada Arzneimittel AG 10,946 CUR 240, , ,242,982 3,298, Italy ENI SpA Roma 20,897 EUR 361, , Fiat Industrial SpA 44,885 CUR 363, , Intesa Sanpaolo SpA 292,029 EUR 425, , Saipem SpA 10,387 CUR 367, , Save SpA 45,569 CUR 304, , Telecom Italia SpA 409,120 EUR 334, , ,156,335 2,119, Netherlands ING Groep NV 51,777 CUR 367, , Koninklijke Ahold NV 40,731 CUR 420, , Koninklijke DSM NV 5,789 EUR 223, , The accompanying notes form an integral part of these financial statements. 111

114 European Top Stars Statement of Investments (continued) as at 31 January 2012 (expressed in EUR) Quantity Currency Cost Evaluation % net assets Description Transferable securities admitted to an official stock exchange listing (continued) Shares (continued) Netherlands (continued) Koninklijke Ten Cate NV 14,615 EUR 347, , ,359,219 1,346, Total Shares 8,768,322 8,725, Total Transferable securities admitted to an official stock exchange 8,768,322 8,725, listing TOTAL INVESTMENT PORTFOLIO 8,768,322 8,725, The accompanying notes form an integral part of these financial statements. 112

115 Agriculture USD Statement of Investments as at 31 January 2012 (expressed in USD) Quantity Currency Cost Evaluation % net assets Description Transferable securities admitted to an official stock exchange listing Shares Belgium AnheuserBush tnbev SA 61,802 EUR 3,781,981 3,750, Mobistar 59,958 EUR 3,008,141 3,000, ,790,122 6,751, France Arkema 24,403 EUR 1,972,753 1,973, Valeo 35,285 EUR 1,681,775 1,657, ,654,528 3,631, Germany Adidas AG 45,847 EUR 3,366,735 3,305, Allianz SE 25,028 EUR 2,812,409 2,754, BASF SE 46,560 EUR 3,697,904 3,582, Bayer 19,141 EUR 1,342,260 1,341, Beiersdorf AG 59,119 EUR 3,544,429 3,552, BMW Bayerische Motoren Werke AG 37,608 EUR 3,190,389 3,219, Daimler AG 66,609 EUR 3,735,009 3,683, Deutsche Lufthansa AG 70,363 EUR 1,003, , EON 124,187 EUR 2,672,105 2,657, Freenet AG 211,143 EUR 2,860,071 2,837, Fresenius AG 30,954 EUR 3,160,037 3,141, Hugo Boss AG/Vorzugsaktie 36,525 EUR 3,232,816 3,258, Man SE 26,923 EUR 2,897,012 2,832, Metro AG 58,010 EUR 2,256,033 2,233, SAP AG 56,566 EUR 3,398,423 3,420, Software AG 47,022 EUR 1,509,770 1,533, ,678,412 44,325, Italy ENI SpA Roma 114,308 EUR 2,530,842 2,528, Intesa Sanpaolo SpA 2,089,591 EUR 3,973,386 3,993, Recordati md Chimica/post Rag 137,704 EUR 1,062,393 1,091, ,566,621 7,613, Netherlands ASML Holding NV 59,978 EUR 2,580,673 2,578, Koninklijke Ahold NV 287,056 EUR 3,835,588 3,806, ,416,261 6,384, Switzerland Nestle 61,794 CHF 3,571,247 3,544, Novartis AG Basel 64,439 CHF 3,492,666 3,489, The accompanying notes form an integral part of these financial statements. 113

116 Agriculture USD Statement of Investments (continued) as at 31 January 2012 (expressed in USD) Quantity Currency Cost Evaluation h net assets Description Transferable securities admitted to an official stock exchange listing (continued) Shares (continued) Switzerland (continued) Roche Holding AG 20,862 CHF 3,567,065 3,534, ,630,978 10,568, Total Shares 79,736,922 79,275, Total Transferable securities admitted to an official stock exchange 79,736,922 79,275, listing TOTAL INVESTMENT PORTFOLIO 79,736,922 79,275, The accompanying notes form an integral part of these financial statements.

117 DB DB DB DB DB DB DB DB DB Notes to the Financial Statements as at 31 January General (the Company ) is registered in the GrandDuchy of Luxembourg as an undertaking for collective investment pursuant to Part I of the law of 17 December 2010 relating to undertakings for collective investment, as may be amended (the Law ). Until 30 June 2011, the Company was governed by Part I of the law of 20 December 2002, as amended. The Company qualifies as an undertaking for collective investment in transferable securities ( UCITS ) under article 1(2) of the Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities as may be amended (the UCITS Directive ) and may therefore be offered for sale in each member state of the European Union ( EU Member State ), subject to registration. The Company is an investment company that has been incorporated under the laws of the GrandDuchy of Luxembourg as a société d investissement a capital variable ( SICAV ) on 8 February 2002 for an unlimited period. The Articles of Incorporation have been deposited with the Luxembourg Trade and Companies Register ( Registre de Commerce et des Sociétés de Luxembourg ) and have been published in the Recueil des Sociétés et Associations of the GrandDuchy of Luxembourg (the Memorial ) on 1 March The Company is registered with the Luxembourg Trade and Companies Register under number B The Articles of Incorporation have been lastly amended by an extraordinary shareholders meeting held on 30 November The minutes of such extraordinary shareholders meeting were published in the Memorial on 10 December 2010 and 7 February The Company is presently structured as an umbrella fund to provide investors with a variety of SubFunds of which the performance may be linked partially or fully to the performance of an underlying asset, such as, for instance, a basket of securities or an index (the Underlying Asset ). As of 31 January 2012, the Company has 32 active SubFunds: Dynamic Bond Portfolio Platinum IV Dynamic ETF Selector 3 Dynamic ETF Selector 8 Platinum IV Dynamic ETF Selector 6 Dynamic Alternative Portfolio Platinum IV Sovereign Plus Dynamic Bond Plus Dynamic Bond Stabilität Plus Dynamic Cash Skandia Leader Sheep 2014/I Platinum IV CROCI Euro Platinum IV CROCI US CROCI Japan Platinum IV Skandia Leader Sheep 2015/I Sovereign Optima 2034 (launched on 21 December 2011) Lynx Index (launched on 18 February 2011) Corporate Cash Platinum IV Balanced Currency Harvest Euro CROCI Alpha Pairs Sectors Euro RICI TM Index Fund CROCI Alpha Pairs Sectors USD European Top Stars Agriculture USD Platinum IV CROCI Global 130/30 Platinum IV dbx Millburn MultiMarkets Index (launched on 31 May 2011) 115

118 DB DB DB DB DB DB DB Notes to the Financial Statements (continued) as at 31 January General (continued) DB DB DB Platinum IV IKOS FX Fund (launched on 1 July 2011) Platinum IV Rohstoffe Direkt Platinum IV QCM GDP Index Fund Platinum IV Commodity Allocator Platinum IV dbx Systematic Alpha Index Fund Platinum IV Paulson Global Platinum IV Institutional Fixed Income During the year, the following SubFunds have been liquidated / matured: DB DB DB DB DB DB Platinum IV Europa Gewinnstufen (matured on 1 March 2011) Platinum IV Double Delight Guaranteed Fund (matured on 24 March 2011) Platinum IV Double Joy Capital Guaranteed Fund USD (matured on 21 April 2011) Platinum IV Long Short Momentum Fund (liquidated on 28 April 2011) Platinum IV Dynamic US 80 (liquidated on 11 October 2011) Platinum IV Dynamic Emerging Markets 80 (liquidated on 11 October 2011) Platinum IV Dynamic EU 80 (liquidated on 12 October 2011) Platinum IV Dynamic World 80 (liquidated on 12 October 2011) Platinum IV European Inflation 2011 (matured on 21 December 2011) The Shares are divided into Shares of Classes I, R, E. Shares of Classes I and R will be issued by the Company exclusively in relation to SubFunds with an Investment Policy and will normally be subscribed in cash. Shares of Class I are available only to Institutional Investors whilst Shares of Class R are primarily designed for Retail Investors. Shares of Classes I and R are further subdivided into Shares of Classes I1D/12D/I1C/12C and R1D/R2D/R1C/R2C as differentiated by their respective fee structure (identified by the number 1 or 2 ) and further differentiating between Distribution Shares (identified by the letter D ) and Capitalisation Shares (identified by the letter C ). Within each Class of Shares, several types of subclasses may be issued (identified by capital alphabetic letters), differentiating between (but not limited to) dividend payment structures, dividend payment dates, fee structures and currency. Shares of Classes I and R may be listed for trading on one or more stock exchanges. Shares of Class E are Shares issued by the Company in relation to SubFunds with a Direct Investment Policy and will always be subscribed for and redeemed in kind. Shares of Class E will always be listed on one or more stock exchanges. 116

119 Notes to the Financial Statements (continued) as at 31 January Accounting policies The financial statements of the Company have been prepared according to accounting principles generally accepted in Luxembourg and applicable for investment funds. The significant accounting policies used detail as follows: a) Valuation of investments The Net Asset Value ( NAV ) of the SubFunds shall be determined in accordance with the following rules: (i) (ii) (iii) (iv) (v) The value of any cash on hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid, and not yet received is deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof is determined after making such discount as may be considered appropriate in such case to reflect the true value thereof. The value of all securities which are listed or traded on an official stock exchange or traded on any other Regulated Market are valued on the basis of their last available prices on the Business Day immediately preceding the Valuation Day or on the basis of the last available prices on the main market on which the investments of the SubFunds are principally traded. The Board of Directors will approve a pricing service which will supply the above prices. If, in the opinion of the Board of Directors, such prices do not truly reflect the fair market value of the relevant securities, the value of such securities will be determined in good faith by the Board of Directors either by reference to any other publicly available source, or by reference to such other sources, as it deems in its discretion appropriate. In particular, in respect of securities which suffer from lack of liquidity on the market or from large credit spreads, the valuation criteria used by the Board of Directors of the Company to estimate the valuation of those securities might be determined with prudence on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, i.e. where the fair values of financial instruments or securities recorded in the statement of net assets cannot be derived from active markets at the date of the net asset value calculation, they are determined using a variety of valuation techniques that include the use of mathematical models. Valuation techniques include net present value techniques, comparison to similar instruments for which market observable prices exist, options pricing models and other relevant valuation models, including valuation models provided by counterparties or service providers as well as broker statements in order to reflect what is believed to be the fair value of those securities at the portfolios valuation point. The input to these models is taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. The judgements include considerations of liquidity and model inputs such as correlation and volatility for longer dated instruments. Use of available information and application of judgement are inherent in the formation of estimates. Actual results in the future could differ from such estimates and the differences may be material to the valuation retained. Securities not listed or traded on a stock exchange or a Regulated Market are valued on the basis of the probable sales price, determined prudently and in good faith, by the Board of Directors. Securities issued by openended investment funds are valued at their last available NAV or in accordance with item (ii) above where such securities are listed. The liquidating value of futures, forward or options contracts that are not traded on exchanges or on other organised markets shall be determined pursuant to the policies established by the Board of Directors, on a basis consistently applied. The liquidating value of futures, forward or options contracts traded on exchanges or on other organised markets is based upon the last available settlement prices of these contracts on exchanges and organised markets on which the particular futures, forward or options contracts are traded; provided that if a futures, forward or options contract could not be liquidated on such Business Day with respect to which a NAV is being determined, then the basis for determining the liquidating value of such contract is such value as the Board of Directors may deem fair and reasonable. 117

120 DB DB DB DB DB DB DB DB Notes to the Financial Statements (continued) as at 31 January Accounting policies (continued) (vi) (vii) (viii) Liquid assets and money market instruments may be valued at nominal value plus any accrued interest or using an amortised cost method. This amortised cost method may result in periods during which the value deviates from the price the relevant SubFund would receive if it sold the investment. The Management Company may, from time to time, assess this method of valuation and recommend changes, where necessary, to ensure that such assets will be valued at their fair value as determined in good faith pursuant to procedures established by the Board of Directors. If the Board of Directors believes that a deviation from the amortised cost per Share may result in material dilution or other unfair results to Shareholders, the Board of Directors shall take such corrective action, if any, as they deem appropriate, to eliminate or reduce, to the extent reasonably practicable, the dilution or unfair results. The swap transactions will be consistently valued based on a calculation of the net present value of their expected cash flows. All other securities and other permissible assets as well as any of the above mentioned assets for which the valuation in accordance with the above subparagraphs would not be possible or practicable, or would not be representative of their fair value, will be valued at fair value, as determined in good faith pursuant to procedures established by the Board of Directors. b) Net realised gain / (loss) on sale of investments The net realised gain or loss on sale of investments is determined on the basis of the average cost of investments sold. c) Conversion of foreign currencies The accounts of the various SubFunds are expressed in the following currencies: DB DB DB DB DB DB DB DB DB DB DB DB DB Platinum IV Dynamic Bond Portfolio EUR Platinum IV Dynamic ETF Selector 3 EUR Platinum IV Dynamic ETF Selector 8 EUR Platinum IV Dynamic ETF Selector 6 EUR Platinum IV Dynamic Alternative Portfolio EUR Platinum IV European Inflation 2011 EUR Platinum IV Sovereign Plus EUR Platinum IV Dynamic Bond Plus EUR Platinum IV Dynamic Bond Stabilität Plus EUR Platinum IV Dynamic Cash EUR Platinum IV Skandia Leader Sheep 20 14/I EUR Platinum IV Europa Gewinnstufen EUR Platinum IV CROCI Euro EUR Platinum IV CROCI US USD Platinum IV CROCI Japan JPY Platinum IV Skandia Leader Sheep 2015/I EUR Platinum IV Sovereign Optima 2034 EUR Platinum IV Lynx Index EUR Platinum IV Double Delight Guaranteed Fund USD Platinum IV Corporate Cash EUR Platinum IV Balanced Currency Harvest Euro EUR 118

121 DB DB DB DB DB DB DB RICITM Notes to the Financial Statements (continued) as at 31 January Accounting policies (continued) c) Conversion of foreign currencies (continued) DB DB DB DB DB DB DB DB DB DB DB DB DB Platinum IV CROCI Alpha Pairs Sectors Euro EUR Platinum IV Index Fund USD Platinum IV CROCI Alpha Pairs Sectors USD USD Platinum IV European Top Stars EUR Platinum IV Double Joy Capital Guaranteed Fund USD USD Platinum IV Long Short Momentum Fund EUR Platinum IV Agriculture USD USD Platinum IV CROCI Global 130/30 EUR Platinum IV dbx Millburn MultiMarkets Index USD Platinum IV IKOS FX Fund EUR Platinum IV Rohstoffe Direkt EUR Platinum IV QCM GDP Index Fund USD Platinum IV Commodity Allocator USD Platinum IV dbx Systematic Alpha Index Fund USD Platinum IV Paulson Global USD Platinum IV Institutional Fixed Income USD Platinum IV Dynamic EU 80 USD Platinum IV Dynamic US 80 USD Platinum IV Dynamic Emerging Markets 80 USD Platinum IV Dynamic World 80 USD The values of assets denominated in currencies which are different to a SubFund currency are translated into that SubFund s currency at the exchange rates prevailing as at 31 January Income and expenses in currencies other than SubFund currency are translated into SubFund currency at the exchange rates prevailing at the transaction booking date. d) Combined financial statements of the Company The combined statements of the Company are expressed in EUR. The various items of the Statement of Net Assets and the Statement of Operations and Changes in Net Assets at 31 January 2012 of the Company are equal to the sum of the corresponding items in the financial statements of each SubFund translated into EUR at the closing exchange rates. The exchange rate difference is reported under currency translation in the Statement of Operations and Changes in Net Assets. The exchange rates used as at 31 January 2012: e) Acquisition cost of investments 1 EUR = JPY 1 EUR = SEK 1 EUR = SGD 1 EUR = USD 1 EUR CHF 1 EUR = GBP The costs of investments expressed in currencies which are different to a SubFund currency are translated into that SubFund s currency at the exchange rate prevailing at purchase booking date. f) Income Interest income is accrued pursuant to the terms of the underlying investment. Income is recorded net of respective withholding taxes, if any. Dividends are recognised on exdate. 119

122 Notes to the Financial Statements (continued) as at 31 January Taxation Under current law and practice, the Company is not liable to any Luxembourg income tax. The Company is, however, liable in Luxembourg to a tax of 0.05 per cent per annum in respect of Shares of Classes R and E and of 0.01 per cent per annum in respect of Shares of Class I ( Taxe d Abonnement ) in accordance with Article 174 of the Law. Investments by a SubFund in shares or units of another Luxembourg undertaking for collective investment are excluded from the Net Asset Value of the SubFund serving as basis for the calculation of the Taxe d Abonnement payable by that SubFund. The following SubFunds are also exempt from the Taxe d Abonnement: SubFunds (i) whose securities are reserved for institutional investors and, (ii) whose exclusive object is the collective investment in money market instruments or deposits with credit institutions and, (iii) the weighted residual portfolio maturity does not exceed 90 days and (iv) that have obtained the highest possible ranking by a recognised ranking agency. In case of several Share Classes within a SubFund, the exemption only applies to the Share Classes whose securities are reserved for institutional investors. The exemption also applies to SubFunds whose securities are reserved for pension funds or companies set up by one or more employers for the benefit of their employees; or SubFunds whose main objective is the investment into microfinance institutions; or SubFunds whose securities (i) are listed or traded on at least one stock exhange or another regulated market operating regularly, recognised and open to the public and (ii) whose exclusive objective is to replicate the performance of one or more indices (in case of several Share Classes within a SubFund, the exemption only applies to the Share Classes fulfilling the condition of subpoint (i) above). The Taxe d Abonnement is payable quarterly on the basis of the Net Asset Value of the SubFund at the end of the relevant calendar quarter. The benefit of the 0.01 per cent Taxe d Abonnement is available to Shares of Class I on the basis of the Luxembourg legal, regulatory and tax provisions as these are known to the Company at the time of admission of an investor in such Classes of Shares. Such assessment is subject to such changes in the laws and regulations of Luxembourg and to such interpretation on the status of an eligible investor in the Classes of Share I by any competent Luxembourg authority as will exist from time to time. Any such reclassification made by an authority as to the status of an investor may submit the entire class to a Taxe d Abonnement at the rate of 0.05 per cent per annum. No stamp or other tax will be payable in Luxembourg in connection with the issue of Shares by the Company. Under current law and practice in Luxembourg, no capital gains tax is payable on the realised capital appreciation of the assets of the Company and no tax is payable on the investment income received in respect of the assets. Investment income for dividends and interest received by the Company may however be subject to withholding taxes in the country of origin at varying rates; such withholding taxes are not recoverable. Under the Belgian Finance Act of December 22, 2003, that came into effect on January 1, 2004, a 0.06% yearly tax was applied on all money originating from Belgium included in the Company at December 31 of the prior year. This tax rate has been increased to 0.07% in 2005 and to 0.08% from 2007 onwards. 4. Management Company Fee In accordance with and subject to the terms of the Management Company Agreement, the annual Management Company Fee is a percentage that will be calculated upon each Valuation Day on the basis of the Net Assets of each SubFund or Class of Shares or the Initial Issue Price multiplied by the number of outstanding Shares of each Sub Fund or Class of Shares. Management Company Fees are payable monthly at a rate which is within a range specified in the relevant Product Annex of each SubFund. The Management Company is also entitled to receive reimbursement for any reasonable disbursements and outof pocket expenses. The Management Company Fee will be calculated upon each Valuation Day. 5. Investment Advisory Fee According to the Product Annexes, a number of SubFunds should pay an Investment Advisory Fee. The amount payable by the Management Company to the Investment Adviser, is a maximum percentage that will be calculated upon each Valuation Day on the basis of the Initial Issue Price multiplied by the number of outstanding Shares of each Class of Shares on such Valuation Day. Investment Advisory Fee is payable at a rate which is within a range specified in the relevant Product Annex of each SubFund. 120

123 Fees; and Annex. (the Fixed Fee Agent ), the Fixed Fee Agent will in exchange for the payment of a Fixed Fee, calculated on the quarterly basis, finance the payment of certain fees and expenses, unless otherwise specified in the relevant Product average daily Net Asset Value per SubFund or per Class as specified in the relevant Product Annex and payable on a 6. Fixed Fee Under the terms of an arrangement between the Company and Deutsche Bank AG, acting through its London branch as at 31 January 2012 Notes to the Financial Statements (continued) Expenses (e.g. legal fees incurred in prosecuting or defending, a claim or allegation, by or against, the Company); unamortized formation expenses incurred; taxes or fiscal charges which the Company may be required to pay, for example, the annual tax in Luxembourg (the Taxe d Abonnement )* or, if it should be payable, any value added tax or similar sales or commissions payable to sales agents arising out of any dealing in Shares; costs and expenses incurred outside of the Company s ordinary course of business such as Extraordinary services to the Company; services tax payable by the Company (VAT) (all such taxes or fiscal charges), unless otherwise specified in the costs of any marketing agencies appointed by the Company to provide certain marketing and distribution Distribution Fee; Investment Advisory Fee, where applicable; Investment Management Fee, where applicable; Management Company Fee, where applicable; relevant Product Annex of the Prospectus; expenses and costs: Except as otherwise provided for in the relevant Product Annex, the Fixed Fee does not include the following fees, The fees and expenses covered by the arrangement are: Transaction Administrative Administrative Agent Fee; Custodian Fee; Registrar and Transfer Agent Fee; Formation expenses; and Other Administrative Expenses (including, but not limited to, audit and legal expenses). the the the the the any any any any nor, Collateral Costs. * Except for Dynamic Cash and Institutional Fixed Income for which the Taxe 121 d Abonnement is included in the Fixed Fee. Expenses, including:

124 Notes to the Financial Statements (continued) as at 31 January Swaps The Counterparty of the swap transactions is Deutsche Bank AG, acting through its London branch. Unless Share Classes are specified, the below notional amounts apply at the SubFund level. Dynamic Bond Portfolio On 31 January 2012, the SubFund was invested in transferable securities and in liquid assets and the SubFund used swap transactions of one type to obtain exposure to the performance of the underlying index for a nominal value of: JPY 4,340,000,000 On 31 January 2012, the net unrealised depreciation on these transactions amounted to EUR 3,743,218. Dynamic Alternative Portfolio On 31 January 2012, the SubFund was invested in transferable securities and in liquid assets and the SubFund used swap transactions of one type to obtain exposure to the performance of the underlying index for a nominal value of: EUR 19,900,000 JPY 3,160,000,000 On 31 January 2012, the net unrealised depreciation on these transactions amounted to EUR 13,739,050. Sovereign Plus On 31 January 2012, the SubFund was invested in transferable securities and in liquid assets and the SubFund used swap transactions of one type to obtain exposure to the performance of the underlying index for a nominal value of: EUR 10,900,000 JPY 5,342,000,000 On 31 January 2012, the net unrealised depreciation on these transactions amounted to EUR 10,596,

125 Notes to the Financial Statements (continued) as at 31 January Swaps (continued) Dynamic Bond Plus On 31 January 2012, the SubFund was invested in transferable securities and in liquid assets and the SubFund used swap transactions of one type to obtain exposure to the performance of the underlying index for a nominal value of: EUR 30,000,000 JPY 2,720,000,000 On 31 January 2012, the net unrealised depreciation on these transactions amounted to EUR 3,962,499. Dynamic Bond Stabilität Plus On 31 January 2012, the SubFund was invested in transferable securities and in liquid assets and the SubFund used swap transactions of one type to obtain exposure to the performance of the underlying index for a nominal value of: EUR 32,900,000 JPY 10,840,000,000 On 31 January 2012, the net unrealised depreciation on these transactions amounted to EUR 10,667,237. Dynamic Cash On 31 January 2012, the SubFund was invested in transferable securities and in liquid assets and the SubFund used swap transactions of two types to obtain exposure to the performance of the underlying index and a spread (depending on the Share Class) for a nominal value of: EUR 262,770,000 USD 116,000,000 JPY 97,363,000,000 USD 92,770,000 (I1CU) GBP 10,230,000 (I1CG) EUR 12,222,411 (R1CA) EUR 860,072,680 (TiC) EUR 10,000,000 (R2C) On 31 January 2012, the net unrealised depreciation on these transactions amounted to EUR 232,341,048. Skandia Leader Sheep 2014/I On 31 January 2012, the SubFund was invested in transferable securities and liquid assets and the SubFund used swap transactions of one type to obtain a payout linked to the performance of the underlying basket constituents for a nominal value of: EUR 12,257,000 On 31 January 2012, the net unrealised appreciation on these transactions amounted to EUR 928,

126 Notes to the Financial Statements (continued) as at 31 January Swaps (continued) Skandia Leader Sheep 2015/I On 31 January 2012, the SubFund was invested in transferable securities and liquid assets and the SubFund used swap transactions of one type to obtain a payout linked to the performance of the underlying basket constituents for a nominal value of: EUR 1,986,000 On 31 January 2012, the net unrealised appreciation on these transactions amounted to EUR 1,350,971. Sovereign Optima 2034 On 31 January 2012, the SubFund has invested all of its net proceeds in swap transactions of two type to obtain a return linked to the performance of the underlying index for a nominal value of: EUR 70,000,000 (12DE) SEK 100,000,000 (I1DS) EUR 80,929,332 On 31 January 2012, the net unrealised depreciation on these transactions amounted to EUR 80,429,914. The type of swap agreement used results in a receivable due from swap counterparty reflecting the notional value. Lynx Index On 31 January 2012, the SubFund has invested all of its net proceeds in swap transactions of one type to obtain a return linked to the performance of the underlying index for a nominal value of: EUR 46,682,937 (TiC) USD 155,376,532 (12C) On 31 January 2012, the net unrealised depreciation on these transactions amounted to EUR 3,643,330. The type of swap agreement used results in a receivable due from swap counterparty reflecting the notional value. Balanced Currency Harvest Euro On 31 January 2012, the SubFund was invested in transferable securities and in liquid assets and the SubFund used swap transactions of one type to obtain exposure to the performance of the underlying index for a nominal value of: EUR 1,360,000 JPY 53,000,000 On 31 January 2012, the net unrealised depreciation on these transactions amounted to EUR 93,

127 Notes to the Financial Statements (continued) as at 31 January Swaps (continued) CROCI Alpha Pairs Sectors Euro On 31 January 2012, the SubFund was invested in transferable securities and in liquid assets and the SubFund used swap transactions of one type to obtain exposure to the performance of the underlying index for a nominal value of: FUR 900,000 JPY 270,000,000 On 31 January 2012, the net unrealised depreciation on these transactions amounted to EUR 945,366. RICITM Index Fund On 31 January 2012, the SubFund was invested in transferable securities and in liquid assets and the SubFund used swap transactions of one type to obtain exposure to the performance of the underlying index for a nominal value of: FUR 1,930,000 JPY 1,579,000,000 On 31 January 2012, the net unrealised depreciation on these transactions amounted to USD 843,711. CROCI Alpha Pairs Sectors USD On 31 January 2012, the SubFund was invested in transferable securities and in liquid assets and the SubFund used swap transactions of one type to obtain exposure to the performance of the underlying index for a nominal value of: FUR 1,890,000 JPY 100,000,000 On 31 January 2012, the net unrealised depreciation on these transactions amounted to USD 444,768. European Top Stars On 31 January 2012, the SubFund was invested in transferable securities and in liquid assets and the SubFund used swap transactions of two types to obtain exposure to the performance of the underlying index for a nominal value of: FUR 8,768,322 FUR 8,259,454 On 31 January 2012, the net unrealised depreciation on these transactions amounted to EUR 411,103. The swap agreements are concluded at the outset of the swap agreement with the transferable securities and money market instruments having a different cost compared to the notional value of the index swap. The difference between these notional values is accounted for and disclosed in the financial statements as a receivable due to swap counterparty or as payable due to the swap counterparty depending on which notional is higher. The receivable balances will be settled to the SubFund and the payable will be settled to the swap counterparty on termination of the respective agreement. 125

128 Notes to the Financial Statements (continued) as at 31 January Swaps (continued) Agriculture USD On 31 January 2012, the SubFund was invested in transferable securities and liquid assets and the SubFund used swap transactions of two types to obtain a return linked to the performance of the underlying index for a nominal value of: USD 79,736,922 USD 78,203,123 On 31 January 2012, the net unrealised depreciation on these transactions amounted to USD 211,671. The swap agreements are concluded at the outset of the swap agreement with the transferable securities and money market instruments having a different cost compared to the notional value of the index swap. The difference between these notional values is accounted for and disclosed in the financial statements as a receivable due to swap counterparty or as payable due to the swap counterparty depending on which notional is higher. The receivable balances will be settled to the SubFund and the payable will be settled to the swap counterparty on termination of the respective agreement. CROCI Global 130/30 The SubFund has invested all of its net proceeds in swap transactions of one type to obtain a return linked to the performance of the underlying index for a nominal value of: EUR 65,816,000 On 31 January 2012, the net unrealised appreciation on these transactions amounted to EUR 38,815,545. The type of swap agreement used results in a receivable due from swap counterparty reflecting the notional value. dbx Millburn MultiMarkets Index The SubFund has invested all of its net proceeds in swap transactions of one type to obtain a return linked to the performance of the underlying index for a nominal value of: USD 111,315,265 On 31 January 2012, the net unrealised depreciation on these transactions amounted to USD 7,917,743. The type of swap agreement used results in a receivable due from swap counterparty reflecting the notional value. IKOS FX Fund The SubFund has invested all of its net proceeds in swap transactions of one type to obtain a return linked to the performance of the underlying basket for a nominal value of: EUR 12,030,546 On 31 January 2012, the net unrealised depreciation on these transactions amounted to EUR 1,224,955. The type of swap agreement used results in a receivable due from swap counterparty reflecting the notional value. 126

129 performance of the underlying index for a nominal value of: Rohstoffe Direkt The SubFund has invested all of its net proceeds in swap transactions of one type to obtain a return linked to the 7. Swaps (continued) EUR 117,117,033 (R1C2014) On 31 January 2012, the net unrealised appreciation on these transactions amounted to EUR 6,022,424. The type of swap agreement used results in a receivable due from swap counterparty reflecting the notional value. QCM GDP Index Fund The SubFund has invested all of its net proceeds in swap transactions of one type to obtain a return linked to the EUR 13,056,455 (TiC) USD 12,897,847 (12C) EUR 2,161,804 (R1C) USD 2,931,892 (R2C) On 31 January 2012, the net unrealised depreciation on these transactions amounted to USD 2,154,060. The type of swap agreement used results in a receivable due from swap counterparty reflecting the notional value. Commodity Allocator The SubFund has invested all of its net proceeds in swap transactions of one type to obtain a return linked to the EUR 10,383,000 (I1C) EUR 296,530 (R1C) USD 39,610 (R1CU) On 31 January 2012, the net unrealised depreciation on these transactions amounted to USD 1,051,044. The type of swap agreement used results in a receivable due from swap counterparty reflecting the notional value. dbx Systematic Alpha Index Fund The SubFund has invested all of its net proceeds in swap transactions of one type to obtain a return linked to the USD 1,458,210,940 On 31 January 2012, the net unrealised appreciation on these transactions amounted to USD 212,409,036. The type of swap agreement used results in a receivable due from swap counterparty reflecting the notional value. 127 performance of the underlying index for a nominal value of; performance of the Underlying Asset for respective nominal values depending on the Share Class of; performance of the Underlying Asset for respective nominal values depending on the Share Class of; as at 31 January 2012 Notes to the Financial Statements (continued)

130 Notes to the Financial Statements (continued) as at 31 January Swaps (continued) Paulson Global The SubFund has invested all of its net proceeds in swap transactions of one type to obtain a return linked to the performance of the underlying basket for a nominal value of: USD 131,628,164 On 31 January 2012, the net unrealised depreciation on these transactions amounted to USD 34,764,051. The type of swap agreement used results in a receivable due from swap counterparty reflecting the notional value. Institutional Fixed Income The SubFund has invested all of its net proceeds in swap transactions of one type to obtain a return linked to the performance of the Reference Portfolio for a nominal value depending on the Share Class of: EUR 200,000,000 (lid) EUR 100,000,000 (12D) GBP 100,000,000 (13D) On 31 January 2012, the net unrealised appreciation on these transactions amounted to USD 20,157,191. The type of swap agreement used results in a receivable due from swap counterparty reflecting the notional value. 128

131 Notes to the Financial Statements (continued) as at 31 January Commercialisation of the SubFunds In addition to the GrandDuchy of Luxembourg, the Company as at 31 January 2012 has certain SubFunds registered for public distribution in the following jurisdictions: Germany, Belgium, Portugal, Spain, Hong Kong, Italy, Sweden, France, Singapore, Switzerland, Austria, Chile, Finland, Greece, Korea, Netherlands, Norway, Peru, Ireland and the United Kingdom. 9. Portfolio movements A detailed schedule of portfolio movements as at 31 January 2012 is available free of charge upon request at the registered office of the Company. 10. Dividend payment The Board of Directors of has decided to pay a dividend as detailed below. The dividend payment has been approved in the annual general meeting of the Shareholders of the Company. Share Amount SubFund Name Class Record Date Exdate Payment date Currency per share Dynamic Bond Portfolio RiD 20/04/ /04/ /04/2011 EUR 2.50 Dynamic Bond Plus RiD 20/04/ /04/ /04/2011 EUR 3.53 The Board of Directors decided to pay the following interim dividends: Share Amount SubFund Name Class Record Date Exdate Payment date Currency per share European Inflation 2011 RiD 16/12/ /12/ /12/2011 EUR Forward Foreign Exchange Contracts At 31 January 2012, the SubFund Dynamic Cash had the following forward foreign exchange contracts outstanding: Purchase Share Class Sale Maturity date Unrealised gain / (loss) EUR GBP I1CG 10,595,000 EUR 12,702,699 16/02/ ,317 EUR TiCU 45,743,142 USD 59,150,000 16/02/ ,197 USD TiCU 154,265,000 EUR 120,539,337 16/02/2012 (2,700,816) (2,073,302) 129

132 Notes to the Financial Statements (continued) as at 31 January Forward Foreign Exchange Contracts (continued) At 31 January 2012, the SubFund contracts outstanding: RICI Index Fund had the following forward foreign exchange Purchase Share Class Sale Maturity date Unrealised gain / (loss) USD CHF Diapason I1CC 230,580 USD 244,170 16/02/2012 6,574 USD Diapason I1CC 6,284 CHF 6,000 16/02/2012 (241) EUR Diapason I1CE 904,550 USD 1,158,419 16/02/ ,651 USD Diapason I1CE 44,335 EUR 35,000 16/02/2012 (1,481) EUR R1CE 17,658,000 USD 22,620,296 16/02/ ,291 USD R1CE 747,362 EUR 590,000 16/02/2012 (24,959) 499,835 At 31 January 2012, the SubFund DB contracts outstanding: Platinum IV Agriculture USD had the following forward foreign exchange Purchase Share Class Sale Maturity date Unrealised gain / (loss) USD SGD R1CC 7,279,000 USD 5,625,128 10/02/ , ,060 At 31 January 2012, the SubFund dbx Millburn MultiMarkets Index had the following forward foreign exchange contracts outstanding: Purchase Share Class Sale Maturity date Unrealised gain / (loss) USD EUR I1CE 45,270,000 USD 59,170,192 07/02/ ,361 EUR I1CE 45,270,000 USD 59,362,370 07/03/2012 (132,098) USD I1CE 59,358,024 EUR 45,270,000 07/02/ ,473 USD I1CE 2,814,694 EUR 2,150,000 07/03/2012 1,682 57,

133 Notes to the Financial Statements (continued) as at 31 January Forward Foreign Exchange Contracts (continued) At 31 January 2012, the SubFund DB foreign exchange contracts outstanding: Platinum IV dbx Systematic Alpha Index Fund had the following forward Purchase Share Sale Maturity date Unrealised gain / (loss) Class USD EUR 2,805,000 USD 3,639,098 01/02/ ,911 USD 10,739 CHF 10,000 01/02/2012 (135) USD 2,965,742 EUR 2,286,000 01/02/2012 (26,846) USD 1,240,556 GBP 796,000 01/02/2012 (15,558) USD 134,496 SGD 171,000 01/02/2012 (1,667) CHF I1CC 14,833,000 USD 15,860,529 07/02/ ,410 USD I1CC 16,118,284 CHF 14,833,000 07/02/2012 (11,655) CHF I1CC 14,628,000 USD 15,905,532 07/03/2012 3,602 EUR I1CE 548,170,000 USD 715,795,616 07/02/2012 1,796,738 USD I1CE 719,141,866 EUR 548,170,000 07/02/2012 1,549,549 EUR I1CE 548,092,000 USD 719,089,688 07/03/2012 (1,978,174) USD I1CE 3,639,426 EUR 2,805,000 07/03/2012 (30,591) GBP I1CG 264,849,000 USD 414,871,515 07/02/2012 3,045,375 USD I1CG 415,381,592 GBP 264,849,000 07/02/2012 (2,535,469) GBP I1CG 256,452,000 USD 402,240,729 07/03/2012 2,268,960 EUR R1CA 4,532,000 USD 5,919,559 07/02/ ,141 USD R1CA 5,942,358 EUR 4,532,000 07/02/2012 9,658 EUR R1CA 4,542,000 USD 5,955,768 07/03/2012 (13,115) CHF R1CC 6,710,000 USD 7,175,104 07/02/ ,591 USD R1CC 7,292,463 CHF 6,710,000 07/02/2012 (4,232) CHF R1CC 6,700,000 USD 7,285,014 07/03/2012 1,780 EUR R1CE 65,118,000 USD 84,927,882 07/02/ ,073 USD R1CE 85,382,722 EUR 65,118,000 07/02/ ,770 EUR R1CE 67,394,000 USD 88,342,099 07/03/2012 (165,272) GBP R1CG 9,201,000 USD 14,415,478 07/02/ ,185 USD R1CG 14,433,609 GBP 9,201,000 07/02/2012 (85,060) GBP R1CG 9,226,000 USD 14,469,018 07/03/ ,438 SGD R1CS 27,597,000 USD 21,347,374 07/02/ ,483 USD R1CS 21,936,330 SGD 27,597,000 07/02/2012 (38,526) SGD R1CS 27,768,000 USD 22,073,956 07/03/ ,258 5,514,

134 Notes to the Financial Statements (continued) as at 31 January Forward Foreign Exchange Contracts (continued) At 31 January 2012, the SubFund Paulson Global had the following forward foreign exchange contracts outstanding: Purchase Share Sale Maturity date Unrealised gain / (loss) Class USD GBP 5,000 USD 7,792 01/02/ USD 29,839 EUR 23,000 01/02/2012 (270) EUR I1CE 33,659,000 USD 43,927,438 07/02/ ,516 USD I1CE 44,130,447 EUR 33,659,000 07/02/ ,496 EUR I1CE 32,887,000 USD 43,124,592 07/03/2012 (95,964) GBP I1CG 13,928,000 USD 21,818,030 07/02/ ,574 USD I1CG 21,848,837 GBP 13,928,000 07/02/2012 (128,776) GBP I1CG 13,915,000 USD 21,823,103 07/03/ ,458 USD I1CG 7,790 GBP 5,000 07/03/2012 (97) EUR R1CE 7,892,000 USD 10,305,382 07/02/ ,790 USD R1CE 10,346,901 EUR 7,892,000 07/02/ ,729 EUR R1CE 7,876,000 USD 10,327,449 07/03/2012 (22,664) GBP R1CG 2,149,000 USD 3,365,830 07/02/ ,171 USD R1CG 3,371,136 GBP 2,149,000 07/02/2012 (19,867) GBP R1CG 2,149,000 USD 3,370,309 07/03/ , ,

135 Notes to the Financial Statements (continued) as at 31 January Forward on securities At 31 January 2012, the SubFund Corporate Cash had the following forward on securities contracts outstanding: Securities description Quantity sold Unrealised gain / (loss) on forward on securities EUR Adidas AG 20,000 (62,340) Allianz SE 33,000 (288,310) AnheuserBush Inbev SA 28,000 11,639 Arcelormittal Sa Reg Shs 63,102 (33,345) BASF SE 20,000 (33,895) Bayer 25,000 (34,923) BMW Bayerische Motoren Werke AG 25,000 (230,379) Cie De Saintgobain 30,000 (120,802) Daimler AG 30,000 (160,909) Deutsche Telekom AG 150,000 60,898 E.ON 65,000 59,322 Fortum Oyj 70,000 (40,112) France Télécom SA 100,000 89,047 Groupe Danone 25,000 31,411 ING Groep NV 195,410 (282,477) Kesko Oyj B 45,000 (46,298) Konecranes Plc 75,000 (313,032) Koninklijke KPN NV 140, ,177 Metso Corp 40,000 (135,886) Neste Oil Oyj 130,000 (17,729) Nokia Oyj 275,752 50,662 Outotec Oyj 25,000 (83,604) RWE AG Essen A 30,000 (24,823) Sampo Oyj A 50,000 (69,597) SAP AG 33,000 (132,704) Volkswagen AG 8,000 (71,152) TOTAL (1,747,161) 13. Transactions with connected parties The figures disclosed in this note concern only the SubFunds distributed in Hong Kong. These transactions have been entered into in the ordinary course of business and on normal commercial terms. Security investments and currency transactions with connected parties of the Management Company were as follows: SubFund Name Currency Total Purchases Percentage of Commissions* Average Rate & Sales Portfolio s Total of Transactions Commissions for the year CROCI Euro EUR 273,253, , CROCI US USD 2,850,571, , CROCI Japan JPY 52,989,387, Agriculture USD USD 3,357,325, * Commissions are included in the price paid for certain securities and may include, but not limited to, amounts of taxes or fees such as stamp duties or securities stock exchange commissions as well as other transaction costs of the counterparty. 133

136 Notes to the Financial Statements (continued) as at 31 January Collateral The Company has reduced for certain SubFunds the overall counterparty risk of the SubFund s OTC swap transactions by causing the Swap Counterparty to deliver collateral in accordance with the applicable UCITS regulations and CSSF circulars such as CSSF circular 11/512. Such collateral will be enforceable by the Company at all times and will be marked to market on each Valuation Date. The amount of collateral to be delivered will be at least equal to the value by which the overall exposure limit as determined in the Prospectus has been exceeded. The collateral can be in the form of cash or securities (the latter are valued as of 31 January 2012). Collateral SubFund Name Currency Collateral Amount Skandia Leader Sheep 2015/I EUR 1,150,000 Sovereign Optima 2034 EUR 87,614,985 Lynx Index EUR 189,074,012 CROCI Global 130/30 EUR 125,372,949 dbx Millburn MultiMarkets Index EUR 105,429,753 IKOS FX Fund EUR 12,927,822 Rohstoffe Direkt EUR 147,767,348 QCM GDP Index Fund USD 40,157,634 Commodity Allocator USD 15,543,951 dbx Systematic Alpha Index Fund EUR 1,232,521,889 Paulson Global EUR 72,475,869 Institutional Fixed Income EUR 434,245,612 In respect of any SubFund in respect of which the costs (if any) generated by the delivery by the Swap Counterparty of collateral ( Collateral Costs ) will be borne by such SubFund as disclosed in the relevant Product Annex for such SubFund, such costs will not be paid out of the Fixed Fee but will be paid by the SubFund directly. No such costs have been applied during the financial year. 15. Securities Lending CROCI Euro entered into a securities lending arrangement dated 17 May 2010 with Deutsche Bank AG, acting through its London branch. Deutsche Bank AG, acting through its London branch will pay CROCI Euro a market standard fee for borrowing such securities as agreed with the Management Company. As at 31 January 2012, the value of securities lent and market value of collateral received is detailed underneath: Market value of securities lent (in EUR) Market value of collateral received (in EUR) 26,460,605 27,797, Soft Commissions No soft commission arrangements were entered into by DB Platinum Advisors, DWS Investment S.A. or State Street Global Advisors Limited with brokers during the period in relation to the Company. 134

137 DB DB DB DB DB Notes to the Financial Statements (continued) as at 31 January Prehedging SubFunds to which a Maturity Date is designated will follow an investment strategy that aims at providing investors with one or more predefined payout(s) upon maturity of the SubFund. The predefined payout(s) may be either relating to minimum payout(s) or to fixed payout(s). The ability to provide investors with such a predefined payout is dependent upon a number of parameters, including certain market movements between the determination of the payout upon the inception of the SubFund and the moment the SubFund or one of its particular Share Classes is launched. In order to avoid adverse market movements which could alter the payout structure upon the SubFund s or the Class of Shares, as applicable, commercialisation and launch, the SubFund intends to take over, at the Launch Date, pre hedging arrangements which have been agreed upon by the Management Company on behalf of the SubFund to the extent and size required to deliver the predefined payout and in accordance with the Investment Restrictions. The cost per Share of such prehedging transactions will be equal to the difference between the Initial Issue Price per Share and the value per Share of the SubFund s portfolio (or in the case of the launch of new Class, the value per Share of the SubFund s portfolio attributable to such Class) (including such prehedging transactions) at the Launch Date. This cost (hereafter PreHedging Costs ) represents the cost of the Swap Counterparty bearing the market risk of entering into such prehedging arrangements prior to the Launch Date. Such PreHedging Costs will be accounted for in the relevant Swap Transaction and accordingly in determining the NAV per Share. Therefore, such PreHedging Costs will when positive be borne by investors upon subscription. In the event that the value per Share of the Sub Fund s portfolio at the Launch Date is higher than the Initial Issue Price per Share, the PreHedging Costs will be negative and the Swap Counterparty will bear such negative PreHedging Costs. The PreHedging Costs as determined above may continue to be borne by new investors in the SubFund, or Class of Shares, as applicable, for a period after the Launch Date, such period (which shall be no longer than one year after the Launch Date) to be agreed by the Swap Counterparty and the Management Company on or about the Launch Date, in order to avoid any dilution of the investments made by the investors who invested into the SubFund on or during such period after the Launch Date. After such period of time, the PreHedging Costs will be either written off or accrued, as appropriate, over a predefined period of time, unless otherwise specified in the SubFund s Product Annex. For the year ended 31 January 2012, the details are as follows: SubFund Name Share Currency Launched date Cost (in basis point) Sovereign Optima DE EUR 21 December Sovereign Optima 2034 lids SEK 21 December Main events occurred during the fiscal year The following SubFunds have been launched: Platinum IV Lynx Index (launched on 18 February 2011) dbx Millburn MultiMarkets Index (launched on 31 May 2011) Platinum IV IKOS FX Fund (launched on 1 July 2011) Sovereign Optima 2034 (launched on 21 December 2011) The following SubFunds have been liquidated / matured: Platinum IV Europa Gewinnstufen (matured on 1 March 2011) Double Delight Guaranteed Fund (matured on 24 March 2011) Double Joy Capital Guaranteed Fund USD (matured on 21 April 2011) Platinum IV Long Short Momentum Fund (liquidated on 28 April 2011) Dynamic US 80 (liquidated on 11 October 2011) Platinum IV Dynamic Emerging Markets 80 (liquidated on 11 October 2011) Dynamic EU 80 (liquidated on 12 October 2011) Dynamic World 80 (liquidated on 12 October 2011) European Inflation 2011 (matured on 21 December 2011) 135

138 DB DB DB DB DB DB DB DB DB DB Notes to the Financial Statements (continued) as at 31 January Appointed Investment Manager State Street Global Advisors Limited is acting as Investment Manager for the following SubFunds: DB DB DB DB DB DB DB DB DB DB Platinum IV Dynamic Bond Portfolio Platinum IV ETF Selector 3 Platinum IV ETF Selector 8 Platinum IV ETF Selector 6 Platinum IV Dynamic Alternative Portfolio Platinum IV Sovereign Plus Platinum IV Dynamic Bond Plus Platinum IV Dynamic Bond Stabilität Plus Platinum IV Dynamic Cash Platinum IV CROCI Euro Platinum IV CROCI US Platinum IV CROCI Japan Platinum IV Lynx Index Platinum IV Balanced Currency Harvest Euro Platinum IV CROCI Alpha Pairs Sectors Euro Platinum IV RICI TM Index Fund DB DB DB DB DB DB DB Platinum IV CROCI Alpha Pairs Sectors USD Platinum IV European Top Stars Platinum IV Agriculture USD Platinum IV CROCI Global 130/30 Platinum IV dbx Millburn MultiMarkets Index Platinum IV IKOS FX Fund Platinum IV Rohstoffe Direkt Platinum IV QCM GDP Index Fund Platinum IV Commodity Allocator Platinum IV dbx Systematic Alpha Index Fund Platinum IV Paulson Global 20. Transaction costs No SubFund did incur any transaction costs (brokerage fees) relating to the purchase or sale of transferable securities and money market instruments for the period from 1 February 2011 to 31 January 2012, due to their structure or to the fact that trades are executed at closing price. 136

139 DB DB DB DB DB Information to Shareholders unaudited There have been certain amendments to the definition of Product Business Day and/or Index Business Day in the Product Annexes of the following SubFunds as of May 2011: Dynamic Cash CROCI Euro CROCI Alpha Pairs Sectors Euro CROCI Alpha Pairs Sectors USD CROCI Global 130/30 dbx Systematic Alpha Index Fund European Top Stars Lynx Index Paulson Global QCM GDP Index Fund Skandia Leader Sheep 2015/I. Determination of the Global Exposure The methodology used in order to calculate the Global Exposure resulting from the use of financial derivative instruments is the commitment approach in accordance with the CSSF Circular 11/512 for the following SubFunds: DB DB DB DB DB DB DB DB DB DB DB Platinum IV Dynamic Bond Portfolio Platinum IV Dynamic ETF Selector 3 (no derivatives) Platinum IV Dynamic ETF Selector 8 (no derivatives) Platinum IV Dynamic ETF Selector 6 (no derivatives) Platinum IV Dynamic Alternative Portfolio Platinum IV Sovereign Plus Platinum IV Dynamic Bond Plus Platinum IV Dynamic Bond Stabilität Plus Platinum IV Dynamic Cash Platinum IV Skandia Leader Sheep 2014/I Platinum IV CROCI Euro Platinum IV CROCI US (no derivatives) Platinum IV CROCI Japan (no derivatives) DB DB DB DB DB DB DB DB DB DB Platinum IV Skandia Leader Sheep 2015/I Platinum IV Sovereign Optima 2034 Platinum IV Corporate Cash Platinum IV Balanced Currency Harvest Euro Platinum IV CROCI Alpha Pairs Sectors Euro Platinum IV RICITM Index Fund Platinum IV CROCI Alpha Pairs Sectors USD Platinum IV European Top Stars Platinum IV Agriculture USD Platinum IV CROCI Global 130/30 Platinum IV Rohstoffe Direkt Platinum IV Commodity Allocator Platinum IV Institutional Fixed Income For other SubFunds listed below, the ValueatRisk (VaR) approach is used. The VaR represents the maximum loss not exceeded with a given probability defined as the confidence level, over a given period of time to monitor the global exposure relating to derivative instruments. The Absolute VaR approach used for the following SubFunds shall not exceed 20% of the SubFund s Net Asset Value (determined on the basis of a 99 h confidence interval and a holding period of 20 business days). The minimum, maximum and average VaR levels during the year are as follows: SubFund name Start End Minimum Average Maximum Type of Para Leverage VaR VaR VaR model meters level reached 22/02/11 31/01/ % 11.45% 15.95% Parametric 99% 2,576.00% Lynx Index 20 days 01/07/11 31/01/ % 6.31% h Monte 99% 1,864.60% dbx Miliburn Multi Carlo 20 days Markets Index simulation 06/07/11 31/01/ % 9.56% 13.35% Parametric 99% % IKOS FX Fund days 01/02/11 31/01/ % 12.27% 16.35% Parametric 99% 1,799.00% QCM GDP Index days Fund 07/07/11 31/01/ % 4.97% 6.41% Monte 99% 1, h dbx Systematic Carlo 20 days Alpha Index Fund simulation 01/02/11 31/01/ % 11.27% 20.11% Monte 99% % Paulson Global Carlo 20 days simulation 137

140 DB DB DB Information to Shareholders unaudited (continued) French Savings Plan (Plan dépargne en actions) The following SubFund is eligible for investment in a Plan depargne en Actions ( PEA ): DB Platinum IV CROCI Euro During the year ended 31 January 2012, the SubFund CROCI Euro complied with the PEA eligibility criteria as set out in the French Monetary and Financial Code ( Code monétaire et financier ). Eligible PEA Assets are: (i) shares or investment certificates in companies and Investment certificates in cooperative bodies, (ii) units in limited liability companies or equivalent companies (i.e. units not tradable and not listed) and Units in companies governed by the French Law No of 10 September 1947 relating to cooperative bodies, and (iii) subscription rights or warrants for shares I units mentioned in (i) and (ii) above. There have been amendments to the Product Annexes of certain SubFunds. These are as follows: DB Platinum IV Dynamic ETF Selector 3, Dynamic ETF Selector 8 and Dynamic ETF Selector 6: Amendment to the definition of Reconstitution of the Investment Strategy. Platinum IV Dynamic Cash: Amendment in relation to the Index Reweighting to reflect a change of 10% instead of 50 h. Platinum IV CROCI Euro: Amendment in relation to the Index Recomposition with an insertion of definitions relating to the Selection Date and Trading Day. Platinum Lynx Index: Amendment to the definition of the Profile of the Typical Investor and to the definition of Redenomination under the section Change in the Methodology of an Index. 138