DBpiiJiitirri Soclété d investissement a capital variable

Transcription

1 DBpiiJiitirri 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., is a registered trademark of Deutsche Bank AG

2 Table of contents Management and Administration 3 Directors Report 5 Independent Auditor s Report 20 Statement of Net Assets 21 Key Figures as at 31 January Statement of Operations and Changes in Net Assets 70 Statistics 80 Statement of Investments * Commodity Euro 152 European Inflation Dynamic Aktien Plus 156 Branchen Stars 158 CROCI Germany 160 Omega 161 Commodity USD 166 Accelerator 135% 169 Tosca Mid Cap Equity Fund 170 Germany Covered Bond Fund 171 Accelerator 135% II 172 CROCI Alpha 173 EMLINTM Sovereign Bond Fund 175 Agriculture Euro 177 CROCI Alpha II 179 PWM CROCI Multi Fund 181 Europa Gewinnstufen III 183 Europa Gewinnstufen II 185 Sloane Robinson Asia 187 Traxis Global Equity Macro 190 Notes to the Financial Statements 192 Information to Shareholders unaudited 223 Page * No Statement of Investments for CROCI World, Commodity Harvest, SALSA Euro, Currency Returns Plus, Express, Bonus, CROCI Sectors Fund, FX Concepts Global Currency Fund, AlMhedge Index, Alpha Control, DB Platinum CROCI Asia Pacific Fund, dbxmacro Trading Index Fund, dbxthf Equity Hedge Index Fund, dbxthf Event Driven Index Fund, dbxthf Systematic Macro Index Fund, DB Platinum dbxthf Equity Market Neutral Index Fund, dbxthf Credit and Convertible Index Fund, DB Platinum Fortinbras PRISM Index and Precious Metals as at 31 January 2012, due to their structure. 1 As at 6 May 2011, the subfund changed its name to become CROCI World (formerly CROCI World Giants ).

3

4 Werner KlausMichael 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 Vogel, member of the Management Board, Deutsche Bank Luxembourg SA. 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 Advisors 2, boulevard Konrad Adenauer L1115 Luxembourg GrandDuchy of Luxembourg Distributor Deutsche Bank AG, acting through its London branch Winchester House 1 Great Winchester Street London EC2N 2DB United Kingdom Investment Managers State Street Global Advisors Limited 20 Churchill Place, Canary Wharf London E14 5HJ United Kingdom Toscafund Asset Management LLP 7th Floor 90 Long Acre London WC2E 9RA United Kingdom Traxis Partners LP 600 Fifth Avenue 26th Floor New York, NY USA 1 In relation to certain SubFunds only, as further detailed in this report. 3

5 Management and Administration (continued) Investment Managers (continued) Sloane Robinson LLP 20 St Dunstans Hill London EC3R 8ND United Kingdom Omega Advisors Inc. 88 Pine Street Wall Street Plaza 31st Floor New York, NY USA 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 Capitalised terms used herein shall have the same meaning as in the current Prospectus. 4 In relation to certain SubFunds only, as further detailed in this report.

6 Directors Report The number of subfunds ( SubFunds and individually SubFund ) in has decreased during the course of the fiscal year Five new SubFunds called Omega, Sloane Robinson Asia, Traxis Global Equity Macro, Fortinbras PRISM Index and Precious Metals were launched offering different return profiles on equity, FX and commodity markets. In turn seven SubFunds called Dynamic Bond Alpha, Dynamic Cash USD, db Liquid Alpha Euro 4 Total Return, CROCI Carbon 100 Euro Total Return Fund, Option Overwriting Plus, Alpha Collect and CROCI Dividend Plus have been liquidated/matured. Commodity Euro The Investment Objective of the SubFund is to provide the Shareholders with a return linked to the performance of the Deutsche Bank Commodity Euro Index TM which is intended to reflect the performance of twelve commodities from four broad commodity sectors, i.e. energy, precious metals, base metals and agriculture. The twelve index commodities are represented by futures contracts employing Deutsche Bank s proprietary optimum yield methodology to select a new futures contract for all commodities except natural gas. Date 31 January 2012 Commodity Euro SubFund s Net Assets EUR 779,778,390 Share Class R1C R1CA R2CA Number of Shares 4,413, , , NAV per Share EUR EUR EUR Date 31 January 2012 Commodity Euro SubFund s Net Assets EUR 779,778,390 Share Class TiC 12C Number of Shares 9, , NAV per Share EUR 14, EUR European Inflation 2015 European Inflation 2015 is structured to offer investors a regular payout linked to the performance of the HTCP EUR Index, reflecting the weighted average of the harmonised indices of consumer prices ( HICP ) excluding tobacco for the sixteen countries of the EuroZone reported on a monthly basis. Date 31 January 2012 European Inflation 2015 SubFund s Net Assets EUR 22,238,428 Share Class RiD Number of Shares 209, NAV per Share EUR

7 Directors Report (continued) Dynamic Aktien Plus Dynamic Aktien Plus is structured to offer investors a return linked to the performance of the DB Dynamic Aktien Plus Index, which is composed of the Deutsche Bank Euro Value Index (after cost) (the Equity Index ) and of the Deutsche Bank Liquid Commodity Index Mean Reversion (after cost) (the Commodity Index ). The Equity Index is intended to reflect the total return performance of twenty shares with a high dividend yield contained in the Dow Jones EURO STOXX Large IndexsM. 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. Date 31 January 2012 Dynamic Aktien Plus SubFund s Net Assets EUR 10,311,362 Share Class R1C R1CA RiD Number of Shares 57, , , NAV per Share EUR EUR EUR Date 31 January 2012 Dynamic Aktien Plus SubFund s Net Assets EUR 10,311,362 Share Class TiC Number of Shares NAV per Share EUR 12, Branchen Stars Branchen Stars is structured to offer investors a return linked to the performance of the Deutsche Bank CROCI Sectors Index global economic sectors reflected in a pooi of international shares. The pooi covers the following sectors: Consumer Discretionary, Consumer Staples, Health Care, Information Technology, Industrials, Materials, Telecom Services, Utilities and Energy. Every month three sectors and ten shares from each of these sectors are selected on the basis of the lowest median CROCI Economic Price Earnings Ratio. TM, which is intended to reflect the total return performance of thirty shares selected from three Date 31 January 2012 Branchen Stars SubFund s Net Assets EUR 65,073,023 Share Class R1C R1CA R1CB Number of Shares 76, , , NAV per Share EUR EUR EUR Date 31 January 2012 Branchen Stars SubFund s Net Assets EUR 65,073,023 Share Class RiD I1C Number of Shares 230, NAV per Share EUR EUR 136,

8 Directors Report (continued) CROCI Germany CROCI Germany aims to track the Deutsche Bank CROCI Germany Index TM which is intended to reflect the total return performance of fifteen German shares selected by the Index Sponsor from a pool of German shares. From these shares a group of eligible shares, based on those shares that have a CROCI Economic Price Earnings Ratio per share that is higher than or equal to zero will be identified. From these eligible shares the fifteen shares with the lowest positive CROCI Economic Price Earnings Ratio per Share will be selected as Index Constituents. Date 31 January 2012 CROCI Germany SubFund s Net Assets EUR 18,319,597 Share Class R1C RiD R2C Number of Shares 36, , , NAV per Share EUR EUR EUR Date 31 January 2012 CROCI Germany SubFund s Net Assets EUR 18,319,597 Share Class I1C Number of Shares 65, NAV per Share EUR Omega The Investment Objective of the SubFund is to achieve capital growth through investments in securities and other instruments. Omega Advisors Inc. will seek to achieve this by implementing a discretionary long/short investment strategy with a long bias. Although the SubFunds principal investment focus is U.S. equities, the SubFund will hold a diversified portfolio of securities including, from time to time, nonu.s. equities and bonds, currencies and securities and investment funds linked to commodities. The SubFund may also hold cash. Omega was launched on 16 December Date 31 January 2012 Omega SubFund s Net Assets USD 35,887,522 Share Class 12CE 12CU Number of Shares 186, , NAV per Share EUR USD

9 DB PIatnum Directors Report (continued) Commodity USD Commodity USD offers investors a return linked to the performance of the Deutsche Bank Commodity USD IndexTM which is intended to reflect the performance of twelve commodities from four broad commodity sectors, i.e. energy, precious metals, base metals and agriculture. The twelve index commodities are represented by futures contracts employing Deutsche Bank s proprietary optimum yield methodology to select a new futures contract for all commodities except natural gas. Date 31 January 2012 Commodity USD SubFund s Net Assets USD 540,952,477 Share Class R1C R1CB R1CC Number of Shares 589, ,616, ,826, NAV per Share USD USD 6.45 SGD 5.56 Date 31 January 2012 Commodity USD SubFund s Net Assets USD 540,952,477 Share Class R1CS TiC 12C Number of Shares 317, , ,134, NAV per Share CHF USD 16, GBP Date 31 January 2012 Commodity USD SubFund s Net Assets USD 540,952,477 Share Class 13C 14C Number of Shares 21, , NAV per Share CHF USD 8.50 Accelerator 135% and Accelerator 135% II The Investment Objective of these SubFunds is to provide the Shareholders with a Final Payout at maturity linked to the positive performance of the Underlying Asset, which is a basket of shares and the protection of the Initial Issue Price at maturity. The Underlying Asset consists of a diversified basket of twenty global stocks selected within the largest market capitalisations of their specific region s stock markets on or at about the launch of the SubFund. The performance is multiplied by 135%. Date 31 January 2012 Accelerator 135% SubFund s Net Assets EUR 3,833,313 Share Class R1C Number of Shares 38, NAV per Share EUR Date 31 January 2012 Accelerator 135% II SubFund s Net Assets EUR 2,205,540 Share Class R1C Number of Shares 22, NAV per Share EUR

10 Directors Report (continued) Tosca Mid Cap Equity Fund The Investment Objective of the SubFund is to seek to generate long term capital returns through investment in a portfolio consisting primarily of equity securities of companies with a market capitalization of generally less than GBP 2 billion (or the equivalent amount in other currencies). Although the SubFund may invest in companies domiciled globally the main focus of attention will be on companies domiciled in the UK and the rest of Europe. In addition to listed companies, the SubFund may also make investments in companies whose shares are unquoted where there is an intention for that Company to make an IPO. Date 31 January 2012 Tosca Mid Cap Equity Fund SubFund s Net Assets GBP 35,510,964 Share Class R1C I1C 12C Number of Shares 1, , , NAV per Share GBP 7, GBP EUR Germany Covered Bond Fund The Investment Objective of the SubFund is to provide the Shareholders with a return linked to the performance of the iboxx Euro Germany Covered 710 years (Total Return) Index, which is intended to reflect the performance of the German Jumbo Pfanbriefe market. German Jumbo Pfandbriefe are debt securities issued either by the German government covered by public debt or by German financial institutions secured by mortgages and with a time to maturity comprised between seven and ten years. Date 31 January 2012 Germany Covered Bond Fund SubFund s Net Assets EUR 10,689,517 Share Class R1C RiD Number of Shares 57, , NAV per Share EUR EUR CROCI Alpha The Investment Objective of the SubFund is to provide the Shareholders with a return linked to the performance of the db CROCI Alpha Pairs Sectors Euro Total Return III Index TM which is intended to reflect the combined performance of the Alpha Strategy Index with a rate reflecting an EONIA (the Euro Overnight Index Average) rate less a performance fee. The Alpha Strategy Index is intended to reflect the performance of initially two subindices notionally comprising stocks traded or listed on certain global regulated markets. Date 31 January 2012 CROCI Alpha SubFund s Net Assets EUR 822,445 Share Class R1C R1CB RiD Number of Shares 5, , , NAV per Share EUR EUR 8.67 EUR Date 31 January 2012 CROCI Alpha SubFund s Net Assets EUR 822,445 Share Class R2C Number of Shares NAV per Share EUR

11 Directors Report (continued) EMLINTM Sovereign Bond Fund The Investment Objective of the SubFund is to provide the Shareholders with a return linked to the performance of the Deutsche Bank Emerging Market Local USD Unhedged Index. The index is intended to reflect the total return performance of certain emerging market sovereign and quasisovereign debt instruments which comply with the index bond eligibility criteria. Date 31 January 2012 EMLINTM Sovereign Bond Fund SubFund s Net Assets USD 20,216,710 Share Class R1CB I1C Number of Shares 54, , NAV per Share USD USD 11, Agriculture Euro The Investment Objective of the SubFund is to provide the Shareholders with a return linked to the performance of the db Agriculture Euro IndexrM. 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 futures markets: Corn, Wheat, Soybean, Sugar, Cotton, Coffee and Cocoa. Date 31 January 2012 Agriculture Euro SubFund s Net Assets EUR 164,285,539 Share Class R1C R1CA R1CB Number of Shares 1,562, , , NAV per Share EUR EUR EUR 6.91 Date 31 January 2012 Agriculture Euro SubFund s Net Assets EUR 164,285,539 Share Class RiD I1C 12C Number of Shares 364, , , NAV per Share EUR EUR 7, EUR CROCI Alpha II The Investment Objective of the SubFund is to provide the Shareholders with a return linked to the performance of the db CROCI Alpha Pairs Sectors Euro Total Return IV Index TM. The index is intended to reflect the combined performance of the Alpha Strategy Index with a rate reflecting an EONIA (the Euro Overnight Index Average) rate less a Performance Fee. The Alpha Strategy Index is intended to reflect the performance of initially two subindices notionally comprising stocks traded or listed on certain global regulated markets. Date 31 January 2012 CROCI Alpha II SubFund s Net Assets EUR 8,311,766 Share Class R1C RiD TiC Number of Shares 79, , NAV per Share EUR EUR EUR 8,

12 Directors Report (continued) CROCI World The Investment Objective of the SubFund is to provide the Shareholders with a return linked to the performance of the Deutsche Bank CROCI World USD Total Return Index for the Share Classes R1CU and I1CU and the Deutsche Bank CROCI World EUR Total Return Index for the Share Classes R1CE and I1CE. Both indices are intended to reflect the performance of shares traded or listed on certain global regulated markets in Europe, Japan, Asia/Pacific, Africa/Middle East and North America. Date 31 January 2012 CROCI World SubFund s Net Assets EUR 106,832,431 Share Class R1CE R1CU I1CE Number of Shares 104, , NAV per Share EUR USD EUR 11, Date 31 January 2012 CROCI World SubFund s Net Assets EUR 106,832,431 Share Class I1CU Number of Shares 5, NAV per Share USD 9, Commodity Harvest The Investment Objective of the SubFund is to provide the Shareholders with a return linked to the performance of the Underlying Asset for each Share Class. The index of each Share Class will be selected from a predetermined index universe composed of the db Commodity Harvest Euro Index and the db Commodity Harvest USD Index, db Commodity Harvest3.5 Euro Index and db Commodity Harvest3.5 USD Index, db Commodity HarvestlO Euro Index and db Commodity HarvestlO USD Index. The index universe aims to provide market neutral exposure to various commodities forming constituents of (a) the Deutsche Bank Commodity Booster Light Energy Benchmark Index and (b) the S&P GSCITM Light Energy Index. The volatility target will vary depending on the Share Class. Date 31 January 2012 Commodity Harvest SubFund s Net Assets EUR 23,448,954 Share Class R1CE R1CU 13CE Number of Shares 15, , , NAV per Share EUR USD EUR 11, Date 31 January 2012 Commodity Harvest SubFund s Net Assets EUR 23,448,954 Share Class R3CE R3CU Number of Shares 8, , NAV per Share EUR USD

13 Directors Report (continued) SALSA Euro The Investment Objective of the SubFund is to provide the Shareholders with a return linked to the performance of the db SALSA Euro TR Index. The Index is intended to reflect the performance of a notional long/short investment strategy in two Sector Baskets, each notionally comprised of two different Dow Jones Stoxx indices. The objective of the index is to observe the relative performance of five different sectors to generate return in a market neutral way by obtaining long and short positions on specific Sector Baskets. Each Sector Basket represents one of the following sectors pairs: (1) banking and insurance, (2) telecoms and technology, (3) healthcare and chemicals, (4) construction and material and (5) energy and utilities. Date 31 January 2012 SALSA Euro SubFund s Net Assets EUR 622,664 Share Class R1C I1C 12C Number of Shares 4, NAV per Share EUR EUR 11, EUR Currency Returns Plus The Investment Objective of the SubFund is to provide the Shareholders with a return linked to the performance of the Underlying Asset for each Share Class. The index of each Share Class will be selected from a predetermined index universe composed of one of the three Deutsche Bank Currency Returns + (EURFunded/ EURUnfunded/ USD Funded/ GBPFunded) currency strategy indices or to one of the three DBCRX (EURFunded/ USDFunded/ GBP Funded) currency strategy indices. The index universe aims to capture the bulk of returns in the currency markets. Date 31 January 2012 Currency Returns Plus SubFund s Net Assets EUR 109,228,476 Share Class R1C R2C I1C Number of Shares 26, , NAV per Share EUR USD EUR Date 31 January 2012 Currency Returns Plus SubFund s Net Assets EUR 109,228,476 Share Class 12C 13C 14C Number of Shares , NAV per Share USD EUR USD Date 31 January 2012 Currency Returns Plus SubFund s Net Assets EUR 109,228,476 Share Class 15D Number of Shares 184, NAV per Share GBP PWM CROCI Multi Fund The Investment Objective of the SubFund is to provide the Shareholders with a return linked to the performance of the Deutsche Bank PWM CROCI Multi Index minimum of three subindices selected by Deutsche Bank Private Asset Management from a selection pool comprising of (a) Deutsche Bank proprietary indices based on the CROCI methodology and (b) an index based on the average rate of overnight deposits for Euros. The objective of the index is to reflect the performance of certain CROCI Indices and, if selected, the EONIA Index. Date 31 January 2012 PWM CROCI Multi Fund SubFund s Net Assets EUR 122,157,781 Share Class R1C Number of Shares 1,043, NAV per Share EUR TM. The index is intended to reflect the total return performance of a 12

14 DB PIatnum Directors Report (continued) Express The Investment Objective of the SubFund is to provide the Shareholders of each Share Class with either an early payout per Share upon certain events occurring on specific dates or, in the case where no early payout is triggered, a final payout per Share shortly after the Maturity Date of such Share Class. The index of each Share Class will be selected from a predetermined index universe (the Index Universe ). The Index Universe is composed of the following indices: the Dow Jones Euro STOXX 50 SM (Price) Index and the DivDAX (Price) Index. Date 31 January 2012 Express SubFund s Net Assets EUR 13,439,142 Share Class R1C4 Number of Shares 132, NAV per Share EUR Europa Gewinnstufen III The Investment Objective of the SubFund is to provide the Shareholders of each Share Class upon a relevant Maturity Date with a Final Payout linked to the performance of the Dow Jones EURO STOXX 50 SM Index. The index operated by STOXX Limited is the most widely used regional bluechip index in Europe. It includes the stocks of fifty market sector leading eurozone companies. The index securities are selected from the Dow Jones EURO STOXX Index, in which the equity concentrations of the individual euro countries are comprised, namely Belgium, Germany, Finland, France, Greece, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal and Spain. The index targets coverage of the 50 market sector leaders from the companies included in the Dow Jones EURO STOXX index. Date 31 January 2012 Europa Gewinnstufen III SubFund s Net Assets EUR 5,549,112 Share Class R1C1 Number of Shares 55, NAV per Share EUR Bonus Bonus is structured to provide the Shareholders of each Share Class upon the Maturity Date of such Share Class with a range of bonus payout which is linked to the performance of different indices taken from an index universe. Each Share Class offers a variable final payout according to certain parameters, namely the Underlying Index, Maturity Date, Bonus Amount, Barrier Level and initial Reference Level. Date 31 January 2012 Bonus SubFund s Net Assets EUR 202,687,446 Share Class R1C3 R1C4 R1C5 Number of Shares 125, , , NAV per Share EUR EUR EUR Date 31 January 2012 Bonus SubFund s Net Assets EUR 202,687,446 Share Class R1C6 R1C8 R1C9 Number of Shares 96, , , NAVperShare EUR63.19 EUR71.12 EUR91.03 Date 31 January 2012 Bonus SubFund s Net Assets EUR 202,687,446 Share Class R1C1O RiCh R1C12 Number of Shares 551, , , NAV per Share EUR EUR EUR

15 Directors Report (continued) Europa Gewinnstufen II The Investment Objective of the SubFund is to provide the Shareholders upon the Maturity Date with a Final Payout linked to the performance of the Dow Jones EURO STOXX 50 SM Index. The index operated by STOXX Limited is the most widely used regional bluechip index in Europe. It includes the stocks of fifty market sector leading eurozone companies. The index securities are selected from the Dow Jones EURO STOXX Index, in which the equity concentrations of the individual euro countries are comprised, namely Belgium, Germany, Finland, France, Greece, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal and Spain. The Index targets coverage of the 50 market sector leaders from the companies included in the Dow Jones EURO STOXX index. Date 31 January 2012 Europa Gewinnstufen II SubFund s Net Assets EUR 5,802,861 Share Class R1C Number of Shares 57, NAV per Share EUR CROCI Sectors Fund The Investment Objective of the SubFund is to provide the Shareholders with a return linked to the performance of the Underlying Asset for each Share Class. The index of each Share Class will be selected from a predetermined index universe composed of the CROCI Sectors Index, the CROCI Sectors II Index and the CROCI Sectors III Index. The CROCI Sectors indices are intended to reflect the total return performance of thirty shares selected from a pool of shares covering the following sectors: Consumer Discretionary, Consumer Staples, Health Care, Information Technology, Industrial, Materials, Telecom Services, Utilities and Energy. Each month ten shares having the lowest positive CROCI Economic Price Earnings Ratio are selected from the three sectors with the lowest median CROCI Economic Price Earnings Ratio. Date 31 January 2012 CROCI Sectors Fund SubFund s Net Assets EUR 198,080,080 Share Class 12C Number of Shares 1,056,10344 NAV per Share EUR FX Concepts Global Currency 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 FX Concepts GCP UCIT III Basket (the GCP Basket ), which is a basket of foreign exchange transactions. Each Share Class is linked to the performance of the GCP Basket via a Share Class Portfolio. Each Share Class Portfolio reflects the performance of (i) the relevant FX Basket which references the GCP Basket plus (ii) a cash deposit. The exposure of each Share Class Portfolio to the FX Basket will be subject to a multiplication factor, which may be greater than one. Date 31 January 2012 FX Concepts Global Currency Fund SubFund s Net Assets EUR 11,425,079 Share Class R1CFXC I1CDB I2CFXC Number of Shares , , NAV per Share EUR 7, EUR USD Date 31 January 2012 FX Concepts Global Currency Fund SubFund s Net Assets EUR 11,425,079 Share Class R2CDB R2CFXC Number of Shares NAV per Share USD 8, USD 7,

16 Directors Report (continued) AlMhedge Index The Investment Objective of the SubFund is to provide the Shareholders with a return linked to the performance of the AlMhedge Index (EUR). The index is a financial index which reflects the performance of a systematic investment in the global futures and forwards markets. Each Share Class is linked to the performance of the index via a Share Class Portfolio which reflects the performance of the index and a cash deposit. Date 31 January 2012 AlMhedge Index SubFund s Net Assets EUR 28,684,111 Share Class TiC 12C Number of Shares 223, , NAV per Share EUR EUR Alpha Control The Investment Objective of the SubFund is to provide the Shareholders with a return linked to the performance of the Underlying Asset for each Share Class. Each Share Class is linked to an index selected from a predetermined index universe composed of the db Alpha Control 4% EUR Total Return Index, the db Alpha Control 4% USD Total Return Index, the S&P Alpha Control 3 Series II EUR Total Return Index, and S&P Alpha Control 3 Series II USD Total Return Index. The indices are intended to reflect the combined total return performance of a selection pool of proprietary indices of Deutsche Bank AG or Standard & Poor s with each index categorised into one of the five asset classes: equity, rates, commodity, FX and cash. Date 31 January 2012 Alpha Control SubFund s Net Assets EUR 7,368,200 Share Class R1C R2C 12C Number of Shares 24, , , NAV per Share EUR USD USD CROCI Asia Pacific Fund The Investment Objective of the SubFund is to provide the Shareholders with a return linked to the performance of the Deutsche Bank CROCI Asia Pacific Index, which reflects the total return performance of the thirty shares from a selection pool having the lowest positive CROCI Economic Price Earnings Ratio. The selection pool consists of the 150 shares with the highest Free Float Market Capitalisation contained in the Morgan Stanley Capital International All Countries Asia Pacific Ex Japan Index. Date 31 January 2012 CROCI Asia Pacific Fund SubFund s Net Assets USD 146,461,674 Share Class R1CB R2C TiC Number of Shares , , NAV per Share USD USD USD 19,

17 Directors Report (continued) dbxmacro Trading 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 dbxmacro Trading Index. The index is designed to be representative of a diversified exposure to global financial, currency and commodity futures and options markets and aims to reflect the return achievable from investments in a diversified portfolio of hedge funds operating Macro Trading and Trend Following strategies. Date 31 January 2012 dbxmacro Trading Index Fund SubFund s Net Assets USD 79,370,086 Share Class R1C R2C TiC Number of Shares 62, , , NAV per Share USD EUR USD 9, Date 31 January 2012 dbxmacro Trading Index Fund SubFund s Net Assets USD 79,370,086 Share Class 12C 14D R5C Number of Shares 2, , , NAV per Share EUR 9, GBP CHF Date 31 January 2012 dbxmacro Trading Index Fund SubFund s Net Assets USD 79,370,086 Share Class 15C Number of Shares 70, NAV per Share CHF dbxthf Equity Hedge 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 dbxthf Equity Hedge Index. The index is published by Deutsche Bank AG, London branch acting as the index sponsor and is intended to reflect the total return performance of an investment in a portfolio of hedge funds operating equity hedge strategies. Date 31 January 2012 dbxthf Equity Hedge Index Fund SubFund s Net Assets USD 12,453,048 Share Class TiC 12C Number of Shares 60, , NAV per Share USD EUR

18 Directors Report (continued) dbxthf Event Driven 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 dbxthf Event Driven Index. The index is published by Deutsche Bank AG, London branch acting as the index sponsor and is intended to reflect the total return performance of an investment in a portfolio of hedge funds operating event driven strategies. Date 31 January 2012 dbxthf Event Driven Index Fund SubFund s Net Assets USD 11,864,783 Share Class I1C 12C Number of Shares 57, , NAV per Share USD EUR dbxthf Systematic Macro 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 dbxthf Systematic Macro Index. The index is published by Deutsche Bank AG, London branch acting as the index sponsor and is intended to reflect the total return performance of an investment in a portfolio of hedge funds operating systematic macro strategies. Date 31 January 2012 dbxthf Systematic Macro Index Fund SubFund s Net Assets USD 17,004,334 Share Class I1C 12C Number of Shares 57, , NAV per Share USD EUR dbxthf Equity Market Neutral 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 dbxthf Equity Market Neutral Index. The index is published by Deutsche Bank AG, London branch acting as the index sponsor and is intended to reflect the total return performance of an investment in a portfolio of hedge funds operating equity market neutral strategies. Date 31 January 2012 dbxthf Equity Market Neutral Index Fund SubFund s Net Assets USD 11,337,225 Share Class I1C 12C Number of Shares 53, , NAV per Share USD EUR

19 Directors Report (continued) dbxthf Credit and Convertible 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 dbxthf Credit and Convertible Index. The index is published by Deutsche Bank AG, London branch acting as the index sponsor and is intended to reflect the total return performance of an investment in a portfolio of hedge funds operating credit and convertible strategies. Date 31 January 2012 dbxthf Credit and Convertible Index Fund SubFund s Net Assets USD 16,621,226 Share Class TiC 12C Number of Shares 56, , NAV per Share USD EUR Sloane Robinson Asia The Investment Objective of the SubFund is to seek to achieve and preserve above average long term real capital returns by investing primarily in assets in Asia (using the widest possible definition including Japan, Australia and the People s Republic of China). Sloane Robinson LLP (the Investment Manager ), under normal stock market conditions, seeks to build a portfolio of the listed shares of approximately 50 to 100 issuers. The portfolio will consist of those stocks identified from the Investment Manager s fundamental micro and macro research. Sloane Robinson Asia was launched on 3 May Date 31 January 2012 Sloane Robinson Asia SubFund s Net Assets USD 7,861,006 Share Class I1CU Number of Shares 100, NAV per Share USD Traxis Global Equity Macro The Investment Objective of the SubFund is to seek to achieve superior returns to international equities, with equitylike volatility, by investing primarily in equities across global markets. To diversify company specific risk and target macro exposures, the SubFund will primarily invest in customized equity baskets constructed to express country, industry, or sector views, exchange traded funds (ETFs), and to a more limited extent fixed income securities. Traxis Partners LP blends topdown, macrodriven fundamental research with technical/trading dynamics to identify meanreverting opportunities. Traxis Global Equity Macro was launched on 1 February Date 31 January 2012 Traxis Global Equity Macro SubFund s Net Assets USD 78,753,924 Share Class R1CU I1CE Number of Shares 5, , NAV per Share USD 9, EUR Date 31 January 2012 Traxis Global Equity Macro SubFund s Net Assets USD 78,753,924 Share Class TiCU 12CG Number of Shares 26, , NAV per Share USD GBP 9,

20 Directors Report (continued) Fortinbras PRISM Index The Investment Objective of the SubFund is to provide the Shareholders with a return linked to the performance of the Underlying Asset which is the Fortinbras PRISM Index (EUR). The index is proprietary, financial index of Deutsche Bank AG which reflect the performance of a systematic investment in twenty onexchange traded futures of the global futures markets in relation different asset classes (fixed income, foreign exchange rates and commodities). The systematic investment follows a rules bases momentum algorithm (the PRISM Strategy ), and attempts to extract alpha from fixed income, interest rate, foreign exchange and commodity markets by entering into long or short positions in the twenty futures. Fortinbras PRISM Index was launched on 1 December Date 31 January 2012 Fortinbras PRISM Index SubFund s Net Assets EUR 17,115,247 Share Class I1CE Number of Shares 173, NAV per Share EUR Precious Metals The Investment Objective of the SubFund is to provide the Shareholders with a return linked to the performance of the Deutsche Bank Precious Metals Spot USD IndexTM. The index is intended to reflect the performance of spot prices in USD of a weighted basket of five precious metals, namely gold, silver, platinum, palladium and rhodium. Precious Metals was launched on 26 May Date 31 January 2012 Precious Metals SubFund s Net Assets USD 72,158,499 Share Class R1CA R1CE RiGU Number of Shares 10, , , NAV per Share EUR EUR USD Date 31 January 2012 Precious Metals SubFund s Net Assets USD 72,158,499 Share Class I1CE I1CU Number of Shares 67, , NAV per Share EUR USD We anticipate that will continue expanding its products as well its client base in 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. 19

21

22 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 re viseur 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 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 Soclété Anonyme Cabinet de revision agréé Luxembourg, 30 March 2012 Bernard Lhoest 20

23

24 Statement of Net Assets as at 31 January 2012 Commodity Euro European Inflation Dynamic Aktien Branchen Stars 2015 Plus Note EUR EUR EUR EUR ASSETS Investment portfolio at market value 1,131,345,192 26,720,064 13,920,593 64,403,545 Options (long position) at market value Cash at bank 878,695 87,762 61, ,163 Amounts receivable on sale of investments Amounts receivable on subscriptions 951,475 10, Receivable due from swap (6) counterparty Interest and dividends receivable, net 6,952, ,002 93,928 2,290 Net unrealised gain on forward foreign (11) exchange contracts ,173 Unrealised gain on swaps (6) Net unrealised gain on CFD (7) Other assets ,593 TOTAL ASSETS 1,140,127,574 26,941,393 14,076,205 65,159,764 LIABILITIES Options (short position) at market (13) value Bank overdraft Amounts payable on purchase of investments Amounts payable on redemptions 2,107,193 10,565 6,406 10,767 Payable due to swap counterparty (6) Interest payable Interest payable on CFD Net unrealised loss on forward foreign (11) exchange contracts Unrealised loss on futures contracts (12) Unrealised loss on swaps (6) 357,237,214 4,678,842 3,744,863 0 Management Fee (4) 765,089 7,134 10,538 56,573 Performance fee payable (14) Taxes and expenses payable 239,688 6,424 3,036 19,401 Other liabilities TOTAL LIABILITIES 360,349,184 4,702,965 3,764,843 86,741 TOTAL NET ASSETS 779,778,390 22,238,428 10,311,362 65,073,023 The accompanying notes form an integral part of these flnancial statements. 21

25 Statement of Net Assets (continued) as at 31 January 2012 OB Platinum OB Platinum CROCI Germany Omega Commodity USD Accelerator 135% ASSETS Note EUR USD USD EUR Investment portfolio at market value 18,290,683 24,598, ,038,713 4,608,948 Options (long position) at market value Cash at bank 276,990 10,210,381 56,079 86,491 Amounts receivable on sale of investments 0 89,008 3,606,997 0 Amounts receivable on subscriptions 600,725 2,000, ,766 0 Receivable due from swap (6) counterparty Interest and dividends receivable, net 0 4,142 5,421,280 12,101 Net unrealised gain on forward foreign (11) exchange contracts 0 0 8,190,095 0 Unrealised gain on swaps (6) Net unrealised gain on CFD (7) Other assets 5, , TOTAL ASSETS 19,173,809 37,260, ,560,193 4,707,540 LIABILITIES Options (short position) at market (13) value 0 460, Bank overdraft ,886 0 Amounts payable on purchase of investments 0 275, Amounts payable on redemptions 838, ,943 0 Payable due to swap counterparty (6) ,114 0 Interest payable Interest payable on CFD Net unrealised loss on forward foreign (11) exchange contracts 0 121, Unrealised loss on futures contracts (12) Unrealised loss on swaps (6) ,170, ,114 Management Fee (4) 11,595 37, ,146 2,180 Performance fee payable (14) 0 471, Taxes and expenses payable 4,416 6, ,242 4,933 Other liabilities TOTAL LIABILITIES 854,212 1,373, ,607, ,227 TOTAL NET ASSETS 18,319,597 35,887, ,952,477 3,833, The accompanying notes form an integral part of these financial statements.

26 Statement of Net Assets (continued) as at 31 January 2012 Tosca Mid Cap Germany Covered Accelerator 135% CROCI Alpha EMLIN Sovereign Agriculture Euro Equity Fund Bond Fund II Bond Fund GBP EUR EUR EUR USD EUR 32,373,765 9,809,720 2,699, ,758 19,184, ,570, ,433, ,339 61,679 6,274 57, , , , , , , ,684 7, , , , , , , ,875,467 10,716,330 2,768,079 1,027,000 20,449, ,254, , , , , , ,759 7, , , ,194,714 43,944 5,295 1,333 1,390 14, , ,002 3,100 2, ,255 69,273 83, ,503 26, , , ,977 1,969,459 35,510,964 10,689,517 2,205, ,445 20,216, ,285,539 The accompanying notes form an integral part of these financial statements. 23

27 Statement of Net Assets (continued) as at 31 January 2012 CROCI Alpha II CROCI World * Commodity SALSA Euro* Harvest* Note EUR EUR EUR EUR ASSETS Investment portfolio at market value 8,509, Options (long position) at market value Cash at bank 71, ,249 87,530 7,228 Amounts receivable on sale of investments Amounts receivable on subscriptions 0 11,348, ,058 0 Receivable due from swap (6) counterparty 9, ,272,161 21,205, ,707 Interest and dividends receivable, net Net unrealised gain on forward foreign (11) exchange contracts Unrealised gain on swaps (6) 0 0 2,151, ,817 Net unrealised gain on CFD (7) Other assets TOTAL ASSETS 8,591, ,951,438 23,697, ,752 LIABILITIES Options (short position) at market (13) value Bank overdraft Amounts payable on purchase of investments Amounts payable on redemptions 38,591 65,599 48,967 0 Payable due to swap counterparty (6) 0 11,419, ,763 0 Interest payable Interest payable on CFD Net unrealised loss on forward foreign (11) exchange contracts Unrealised loss on futures contracts (12) Unrealised loss on swaps (6) 225, , Management Fee (4) 11,485 54,268 13, Performance fee payable (14) Taxes and expenses payable 3,600 40,275 10, Other liabilities TOTAL LIABILITIES 279,259 12,119, ,679 1,088 TOTAL NET ASSETS 8,311, ,832,431 23,448, , * No statements of investments as at 31 January 2012 due to its structure. The accompanying notes form an integral part of these financial statements.

28 Statement of Net Assets (continued) as at 31 January 2012 Currency Returns PWM CROCI Multi Express* Europa Bonus* Europa PluS* Fund Gewinnstufen III Gewinnstufen II EUR EUR EUR EUR EUR EUR o 121,306, ,784, ,823, ,114,603 64, , , ,187 14, , ,703, ,250, ,941, , , ,998, ,818, ,387,187 13,465,442 5,789, ,329,343 5,847, , , ,973 34,601 14, , ,926, , ,341 32, ,032 2,813 4,687 80,145 4, ,464 49,773 7,239 2, ,151 2, , ,589, ,406 26, , ,897 44, ,228, ,157,781 13,439,142 5,549, ,687,446 5,802,861 * No statements of investments as at 31 January 2012 due to its structure. The accompanying notes form an integral part of these financial statements. 25

29 Statement of Net Assets (continued) as at 31 January 2012 CROCI Sectors FX Concepts Global AlMhedge Index* Alpha Control* Fund* Currency Fund* ASSETS Note EUR EUR EUR EUR Investment portfolio at market value Options (long position) at market value Cash at bank 425, , ,332 51,735 Amounts receivable on sale of investments Amounts receivable on subscriptions 0 0 4,061 0 Receivable due from swap (6) counterparty 102,797,640 13,403,826 26,976,154 7,038,034 Interest and dividends receivable, net Net unrealised gain on forward foreign (11) exchange contracts Unrealised gain on swaps (6) 95,057, ,562, ,782 Net unrealised gain on CFD (7) Other assets TOTAL ASSETS 198,280,077 13,609,577 28,756,470 7,381,551 LIABILITIES Options (short position) at market (13) value Bank overdraft 0 165, Amounts payable on purchase of investments Amounts payable on redemptions ,359 0 Payable due to swap counterparty (6) Interest payable Interest payable on CFD Net unrealised loss on forward foreign (11) exchange contracts Unrealised loss on futures contracts (12) Unrealised loss on swaps (6) 0 1,997, Management Fee (4) 125, ,265 9,042 Performance fee payable (14) Taxes and expenses payable 74,421 20,812 13,735 4,309 Other liabilities TOTAL LIABILITIES 199,997 2,184,498 72,359 13,351 TOTAL NET ASSETS 198,080,080 11,425,079 28,684,111 7,368, * No statements of investments as at 31 January 2012 due to its structure. The accompanying notes form an integral part of these financial statements.

30 Statement of Net Assets (continued) as at 31 January 2012 CROCI Asia Pacific dbxmacro Trading dbxthf Equity dbxthf Event dbxthf dbxthf Equity Fund* Index Fund* Hedge Index Fund* Driven Index Fund* Systematic Macro Market Neutral Index Fund* Index Fund* USD USD USD USD USD USD o o o o , ,243 39,991 21,644 28,697 32, , ,008,717 82,395,797 12,700,835 12,255,958 17,783,776 11,984, ,451 4, ,660 4,715 73,207, ,608,072 82,671,491 12,745,585 12,277,602 17,821,133 12,022,205 o o , ,219, , , , ,551 89,365 48,170 1,145 1,111 1,578 1, ,033 33,687 4,761 4,697 6,631 4, ,398 3,301, , , , , ,461,674 79,370,086 12,453,048 11,864,783 17,004,334 11,337,225 * No statements of investments as at 31 January 2012 due to its structure. The accompanying notes form an integral part of these financial statements. 27

31 Statement of Net Assets (continued) as at 31 January 2012 dbxthf Credit and Sloane Robinson Traxis Global Equity Fortinbras PRISM Convertible Index Asia Macro Index* Fund* Note USD USD USD EUR ASSETS Investment portfolio at market value 0 6,388,399 75,555,516 0 Options (long position) at market value 0 41, Cash at bank 80,284 1,611,276 5,362,870 65,989 Amounts receivable on sale of investments 0 14, ,024 0 Amounts receivable on subscriptions ,075 0 Receivable due from swap (6) counterparty 16,181, ,276,643 Interest and dividends receivable, net 0 1,747 2,065 0 Net unrealised gain on forward foreign (11) exchange contracts 7, ,472 0 Unrealised gain on swaps (6) 359, Net unrealised gain on CFD (7) 0 41, ,936 0 Other assets ,779 0 TOTAL ASSETS 16,628,993 8,098,975 82,558,737 17,342,632 LIABILITIES Options (short position) at market (13) value 0 71, Bank overdraft 0 0 3,616,306 0 Amounts payable on purchase of investments 0 132, Amounts payable on redemptions Payable due to swap counterparty (6) Interest payable Interest payable on CFD 0 1,064 6,401 0 Net unrealised loss on forward foreign (11) exchange contracts 0 15, Unrealised loss on futures contracts (12) ,043 0 Unrealised loss on swaps (6) ,402 Management Fee (4) 1,515 10,014 22, Performance fee payable (14) Taxes and expenses payable 6,252 6,080 49,606 4,254 Other liabilities 0 1,248 75,424 0 TOTAL LIABILITIES 7, ,969 3,804, ,385 TOTAL NET ASSETS 16,621,226 7,861,006 78,753,924 17,115, * No statements of investments as at 31 January 2012 due to its structure. The accompanying notes form an integral part of these financial statements.

32 Statement of Net Assets (continued) as at 31 January 2012 Precious Metals* Combined USD EUR o 2,1g6,738,961 o 31, ,142 22,537, ,429,339 1,389,446 17,014,292 75,486, ,349, ,628, ,533 7,828, ,745, ,193 3, ,278 78,147,882 3,276,318, , ,189, , ,957,089 1,400,000 13,323, , , ,770 4,526, ,145,383 41,191 2,033, ,045 21,450 1,117, ,408 5,989, ,372,395 72,158,499 2,783,945,702 * No statements of investments as at 31 January 2012 due to its structure. The accompanying notes form an integral part of these financial statements. 29

33 Key Figures as at 31 January 2012 Commodity Euro European Inflation Dynamic Aktien Branchen Stars 2015 Plus EUR EUR EUR ELJR Net asset value per share R1C R1CA R1CA (EUR) R1CB R1CC (SGD) R1CE R1CE (EUR) R1CFXC R1CS (CHF) R1CU R1CU (USD) RiD R2C R2C (EUR) R2C (USD) R2CA hg 14, , , J1CAltarius I1CB I1CD I1CDB I1CE I1CE (EUR) I1CFXC icp I1CS (CHF) cu I1CU (USD) lid R1C1 R1C2 R1C3 Ri C4 R1C5 R1C6 R1C8 Ri C9 R1C1O RiCh R1C12 30

34 DB PIatnum Key Figures as at 31 January 2012 (continued) Commodity Euro European Inflation Dynamic Aktien Branchen Stars 2015 Plus EUR EIJR EUR EUR Net asset value per share 12C C (EUR) 12C (GBP) 12C (USD) 12CE (EUR) 12CFXC (USD) 12CG (GBP) 12CU 13C 13C (CHF) 13CE 13CU (USD) 14C 14C (USD) 14CE 14D (GBP) 15D (GBP) 16D (GBP) R3CE R3CU (USD) R5C (CHF) 15C (CHF) R2CDB (USD) R2CFXC (USD) 31

35 16.00 Key Figures as at 31 January 2012 (continued) Commodity Euro European Inflation Dynamic Aktien Branchen Stars 2015 PIus EUR EUR EUR EUR Number of shares outstanding R1C 4,413, , , R1CA 112, , , R1CA R1CB 670, R1CC R1CE R1CE R1CFXC R1CS R1CU R1CU RiD 209, , , R2C R2C R2C R2CA 18, I1C 9, I1CAltarius TiCB I1CD I1CDB I1CE I1CE I1CFXC icp iics ncu ncu lid Rid Rid? R1C3 R1C4 R1C5 R1C6 R1C8 R1c9 Riclo Rich R1C12 32

36 Key Figures as at 31 January 2012 (continued) Commodity Euro European Inflation Dynamic Aktien Branchen Stars 2015 Plus EUR EUR EUR EUR Number of shares outstanding 12C 102, C 12C 12C 12CE 12CFXC 12CG 12CU 13C 13C 13CE 13CU 14C 14C 14CE 14D ISD 16D R3CE R3CU R5C Sc R2cDB R2cFxc 33

37 Key Figures as at 31 January 2012 (continued) OB Platinum CROCI Germany Omega Commodity USD Accelerator l35% EUR USD USD EUR Net asset value per share R1C R1CA R1CA (EUR) R1CB R1CC (SGD) 5.56 R1CE R1CE (EUR) R1CFXC R1CS (CHF) R1CU RiGU (USD) RiD R2C R2C (EUR) R2C (USD) R2CA lic , licaltarius TiCB I1CD I1CDB I1CE I1CE (EUR) I1CFXC icp TiCS (CHF) icu ncu (USD) lid R1C1 R1C2 R1C3 R1C4 RiC5 RiC6 RiC8 Ri C9 RiC1O RiCh RiG 12 34

38 Key Figures as at 31 January 2012 (continued) CROCI Germany Omega Commodity USD Accelerator l35% EUR USD USD EUR Net asset value per share 12C 12C(EUR) 12C (GOP) C (USD) 12CE (EUR) CFXC (USD) 12CG (GOP) 12CU 13C 13C (CHF) CE 13CU (USD) 14C 14C (USD) 14CE 14D (GBP) 15D (GBP) 16D (GBP) R3CE R3CU (USD) RSC (CHF) 15C (CHF) R2CDB (USD) R2CFXC (USD) 35

39 589, Key Figures as at 31 January 2012 (continued) CROCT Germany Omega Commodity USD Accelerator l35% EUR USD USD EUR Number of shares outstanding R1C 36, , R1CA R1CA R1CB 3,616, R1CC 2,826, R1CE R1CE R1CFXC R1CS 317, R1CU R1CU 4, RiD R2C 29, R2C R2C R2CA I1C 65, , I1CAltarius I1CB I1CD I1CDB I1CE I1CE I1CFXC icp ics icu icu lid R1C1 R1C2 R1C3 R1C4 R1C5 Ri C6 R1C8 R1C9 R1C1O RiCh R1C12

40 254, Key Figures as at 31 January 2012 (continued) OB Platinum CROCI Germany Omega Commodity USD Accelerator 135% EUR USD USD EUR Number of shares outstanding 12C 2,134, C 12C 12CE 186, CEXC 12CG 95, C 13C 21, CU 14C 14C 14D 15D 16D R3CU R5C 15c R2CDB R2CFXC 37

41 Key Figures as at 31 January 2012 (continued) Tosca Mid Cap Germany Covered Accelerator 135% CROCI Alpha Equity Fund Bond Fund II GBP EIJR EUR EUR Net asset value per share R1C 7, R1CA R1CA (EUR) R1CB R1CC (SGD) R1CE R1CE (EUR) R1CFXC R1CS (CHF) R1CU R1CU (USD) RiD R2C R2C (EUR) R2C (USD) R2CA I1C I1CAltarius I1CB I1CD I1CDB I1CE I1CE (EUR) I1CFXC icp I1CS (CHF) icu Ticu (USD) lid R1C1 Ri C2 R1C3 R1C4 R1C5 Ri C6 R1C8 R1C9 R1C1O RiCh Ri ci 2 38

42 Key Figures as at 31 January 2012 (continued) Tosca Mid Cap Germany Covered Accelerator 135 Io CROCI Alpha Equity Fund Bond Fund II GBP EUR EUR EUR Net asset value per share 12C 12C (EUR) C (GBP) 12C (USD) 12CE (EUR) 12CFXC (USD) 12CG (GBP) 12CU 13C 13C (CHF) 13CU (USD) 14C 14C (USD) 14CE 15D (GBP) 16D (GBP) R3CU (USD) R5C (CHF) 15C (CHF) R2CDB (USD) R2CFXC (USD) 39

43 27, Key Figures as at 31 January 2012 (continued) Tosca Mid Cap Germany Covered Accelerator 135% CROCI Alpha Equity Fund Bond Fund II GBP EUR EUR EUR Number of shares outstanding R1C 1, , , , RiGA R1CA R1CB 8, R1CC R1CE R1CE R1CFXC R1CS R1CU R1CU RiD 2, R2C R2C R2C R2CA Tic 298, i icaitks icb IiCD I1CDB I1CE I1GE I 1CFXC Ticp iics iicu Ticu lid R1C1 R1C2 R1C3 R1C4 Rics Ri C6 R1C8 R1c9 Rlcio RiCh RiC12 40

44 Key Figures as at 31 January 2012 (continued) Tosca Mid Cap Germany Covered Accelerator 135% CROCI Alpha Equity Fund Bond Fund II GBP EUR EUR EUR Number of shares outstanding 12C 12C 8, C 12C 12CE 12CFXC 12CG 12CU 13C 13C 13CE 13CU 14C 14C 14CE 14D ISD 160 R3CE R3CU R5C 15C R2CDB R2CFXC 41

45 Key Figures as at 31 January 2012 (continued) EMLIN TM Sovereign Agriculture Euro CROCI Alpha II CROCI World Bond Fund USD EUR EUR EUR Net asset value per share R1C R1CA R1CA (EUR) R1CB R1CC (SGD) R1CE R1CE (EUR) R1CFXC R1C5 (CHF) R1CU R1CU (USD) RiD R2C R2C (EUR) R2C (USD) R2CA Tic 11, , , I1CAltarius TicB T1CD TiCDB TicE 11, T1CE (EUR) T1CFXC TicP Tics (CHF) Ticu ncu (USD) 9, ND RiCi R1C2 R1C3 RiC4 Ri cs R1C6 R1C8 Ricg Ri ci o RicH R1C12 42

46 Key Figures as at 31 January 2012 (continued) EMLIN TM Sovereign Agriculture Euro CROCI Alpha II CROCI World Bond Fund USD EIJR ELIR EUR Net asset value per share 12C 12C (OUR) 12C (GOP) 12C (USD) 12CE (OUR) 12CFXC (USD) 12CG (GOP) 12CU 13C 13C (CHF) 13CE 13CU (USD) 14C 14C (USD) 14CE 14D (GOP) IOD (GOP) 16D (GOP) R3CE R3CU (USD) RSC (CHF) ISC (CHF) R2CDB (USD) R2CFXC (USD) 43

47 52, , Key Figures as at 31 January 2012 (continued) EMLIN T Sovereign Agriculture Euro CROCI Alpha II CROCI World Bond Fund USD EUR EUR EUR Number of shares outstanding R1C 1,562, , R1CA R1CA R1CB 54, , R1CC R1CE 104, R1CE R1CFXC R1CS R1CU R1CU RiD 15, R2C R2C R2C R2CA TiC 1, , T1CAltarius TiCB I1CD T1CDB T1CE T1CE T1CFXC Ticp Tics ncu 5, ncu lid R1Ci R1C2 R1C3 R1C4 R1C5 R1C6 R1C8 Ric R1C1O Ricil R1C12 44

48 1, Key Figures as at 31 January 2012 (continued) EMLIN TM Sovereign Agriculture Euro CROCI Alpha II CROCI World Bond Fund USD EUR EUR EUR Number of shares outstanding 12C 12C 12C 12C 12CE 12CFXC 12CG 12CU 13C 13C 13CE 13CU 14C 14C 14CE 14D 15D 16D R3CE R3CU RSC 15C R2CDB R2CFXC 45

49 Key Figures as at 31 January 2012 (continued) Commodity SALSA Euro Currency Returns PWM CROCI Multi Harvest Plus Fund EUR EUR EUR EUR Net asset value per share R1C R1CA R1CA (EUR) R1CB R1CC (SGD) R1CE R1CE (EUR) R1CFXC R1CS (CHF) R1CU R1CU (USD) RiD R2C R2C (EUR) R2C (USD) R2CA lic 11, I1CAltarius TiCB I1CD I1CDB I1CE I1CE (EUR) I1CFXC icp hgs (CHF) icu ncu (USD) lid R1C1 R1C2 R1C3 Ri C4 R1C5 R1C6 Ri c8 R1C9 R1C1O Rich R1C12 46

50 Key Figures as at 31 January 2012 (continued) Commodity SALSA Euro Currency Returns PWM CROCI Multi Harvest Plus Fund EUR EUR EUR EUR Net asset va ue per share 12C 12C (EUR) 12C (GBP) 12C (USD) 12CE (EUR) 12CFXC (USD) 12CG (GBP) 12CU C 13C (CHF) 13CE 11, CU (USD) 14C 14C (USD) CE 14D (GBP) 15D (GBP) 16D (GBP) R3CE R3CU (USD) R5C(CHF) 15C (CHF) R2CDB (USD) R2CFXC (USD) 47

51 4, Key Figures as at 31 January 2012 (continued) Commodity SALSA Euro Currency Returns PWM CROCI Multi Harvest Plus Fund EUR EUR EUR EUR Number of shares outstanding R1C 26, ,043, R1CA RiGA R1CB R1CC R1CE 15, R1CE R1CFXC R1CS R1CU R1CU 23, RiD R2C R2C R2C R2CA I1C 603, I1CAltarius I1CB I1CD I1CDB I1CE I1CE I1CFXC ii cp ics icu icu lid R1C1 R1C2 R1C3 R1C4 Ri CS R1C6 R1C8 R1C9 RiC1O RiCh R1C12 48

52 Key Figures as at 31 January 2012 (continued) Commodity SALSA Euro Currency Returns PWM CROCI Multi Harvest Plus Fund EUR EUR EUR EUR Number of shares outstanding 12C C 12C C 12CE 12CFXC 12CG 12CU 13C 39, C 13CE 1, CU 14C C 14CE 14D 15D 184, D R3CE 8, R3CU 8, R5C 15C R2CDB R2CFXC 49

53 Key Figures as at 31 January 2012 (continued) Express Europa Bonus Europa Gewinnstufen III Gewinnstufen II EUR EUR EUR EUR 120.Oi Net asset value per share R1C R1CA R1CA (EUR) R1CB R1CC (SGD) R1CE R1CE (EUR) R1CFXC R1CS (CHF) R1CU R1CU (USD) RiD R2C R2C (EUR) R2C (USD) R2CA Tic I1CAltarius I1CB I1CD I1CDB I1CE I1CE (EUR) I1CFXC TicP Tics (CHF) Ticu Ticu (USD) lid R1Ci ioo.56 R1C2 R1C R1C R1C R1C RiC8 9i.03 RiC9 RlciO RicH RiCi2 50

54 Key Figures as at 31 January 2012 (continued) Express Europa Bonus Europa Gewinnstufen III Gewinnstufen H EUR EUR EUR EUR Net asset value per share 12C 12C (EUR) 12C (GBP) 12C (USD) 12CE (EUR) 12CFXC (USD) 12CG (GBP) 12CU 13C 13C (CHF) 13CE 13CU (USD) 14C 14C (USD) 14CE 14D (GBP) 15D (GBP) 16D (GBP) R3CE R3CU (USD) R5C (CHF) ISC (CHF) R2CDB (USD) R2CFXC (USD) 51

55 55, Key Figures as at 31 January 2012 (continued) Express Europa Bonus Europa Gewinnstufen III Gewinnstufen II EUR EUR EUR EUR Number of shares outstanding R1C R1CA 57, R1CA R1CB R1CC R1CE R1CE R1CFXC R1CS R1CU R1CU Ri D R2C R2C R2C R2CA ic I1CAltarius TiCB I1CD I1CDB I1CE T1CE I1CFXC TicP Tics Ticu Ilcu lid R1C1 R1C2 R1C3 125, R1C4 132, , R1C5 R1C6 R1C8 78, R1C9 3, R1C1O 790, RiCh 96, R1C12 52

56 12C Key Figures as at 31 January 2012 (continued) Express Europa Bonus Europa Gewinnstufen III Gewinnstufen II EUR EUR EUR EUR Number of shares outstanding 12C 12C 12C 12CE 12CFXC 12CG 12CU 13C 13C 13CE 13CU 14C 14C 14CE 14D ISD 16D R3CE R3CU R5C 15C R2CDB R2CFXC 53

57 Key Figures as at 31 January 2012 (continued) CROCI Sectors FX Concepts Global AlMhedge Index Alpha Control Fund Currency Fund EUR EUR EUR EUR Net asset value per share R1C R1CA RiGA (EUR) R1CB R1CC (SGD) R1CE R1CE (EUR) 7, R1CFXC R1CS (CHF) R1CU R1CU (USD) RiD R2C R2C (EUR) R2C (USD) R2CA I1C I1CAltarius I1CB I1CD IiCDB I1CE I1CE (EUR) icfxc TiCP TiCS (CHF) icu ncu (USD) LiD R1Ci R1C2 R1C3 R1C4 RiGS R1C6 RLC8 R1C9 R1C1O RiCh R1C12 54

58 , , Key Figures as at 31 January 2012 (continued) CROCI Sectors FX Concepts Global AlMhedge Index Alpha Control Fund Currency Fund EUR EUR EUR EUR Net asset value per share 12C C (GBP) 12C (USD) CE (EUR) 12CFXC (USD) 12CG (GBP) 12CU 13C 13C (CHF) 13CE 13CU (USD) 14C (USD) 14CE 14D (GBP) 15D (GBP) 16D (GBP) R3CE R3CU (USD) R5C (CHE) ISC (CHF) R2CDB (USD) R2CEXC (USD) 55

59 Key Figures as at 31 January 2012 (continued) OB Platinum CROCI Sectors FX Concepts Global AlMhedge Index Alpha Control Fund Currency Fund EUR EUR EUR EUR Number of shares outstanding R1C RiGA 24, R1CA R1CB R1CC R1CE R1CE R1CFXC R1CS RiGU RiGU RiD R2C R2C R2C R2CA Tic T1CAltarius TiCB I1GD IiGDB 7, IiGE I1GE I1GFxG ncp ncs Ticu ncu lid R1G1 R1C2 R1C3 R1C4 RiGS R1C6 RlcB Ri9 RiclO Rich R1C12

60 94.45 Key Figures as at 31 January 2012 (continued) CROCI Sectors FX Concepts Global AlMhedge Index Alpha Control Fund Currency Fund EUR EUR EUR EUR 51, Number of shares outstanding 12C 1,056, C 12C 49, C 12CE 12CFXC 135, CG 12CU 13C 13C t3ce 13CU 14C 14C 14CE 14D ISD 16D R3CE R3CU RSC 15C R2CDB R2CFXC

61 91.46 Key Figures as at 31 January 2012 (continued) CROCI Asia Pacific dbxmacro Trading dbxthf Equity dbxthf Event Fund Index Fund Hedge Index Fund Driven Index Fund USD USD USD USD Net asset value per share R1C R1CA RiGA (EUR) R1CB R1CC (SGD) R1CE R1CE (EUR) R1CFXC RiGS (CHF) R1CU R1CU (USD) RiD R2C R2C (EUR) R2C(USD) R2CA I1C 19, , I1CAltarius I1CB IiCD I1CDB I1CE I1CE (EUR) I1CFXC icp I1CS (CHF) icu hgu (USD) lid R1G1 R1C2 R1C3 R1C4 RiGS R1C6 R1C8 R1C9 RiG1O RiCh RiC12 58

62 9, Key Figures as at 31 January 2012 (continued) CROCI Asia Pacific dbxmacro Trading dbxthf Equity dbxthf Event Fund Index Fund Hedge Index Fund Driven Index Fund IJSD USD USD USD Net asset value per share 12C 12C (EUR) 12C (GBP) 12C (USD) (EUR) 12CFXC (USD) 12CG (GBP) 12CU 13C 13C (CHF) 13CE 13CU (USD) 14C 14C (USD) 14CE 14D (GBP) 15D (GBP) 16D (GBP) R3CE R3CU (USD) R5C (CHF) C (CHF) R2CDB (USD) R2CFXC (USD) 59

63 Key Figures as at 31 January 2012 (continued) CROCI Asia Pacific dbxmacro Trading dbxthf Equity dbxthf Event Fund Index Fund Hedge Index Fund Driven Index Fund USD USD USD USD Number of shares outstanding R1C 62, R1CA R1CA R1CB R1CC R1CE R1CE R1CFXC R1CS R1CU R1CU RiD 3, R2C R2C 56, R2C R2CA Tic 7, , , , I1CAltarius icb IiCD I1CDB,1CE TicB T1CFXC icp ics icu cu 1D R1C1 R1C2 R1C3 RiC4 Ri C5 R1C6 R1C8 R1C9 RiC1O RiCh RiC12

64 12C 3, , , Key Figures as at 31 January 2012 (continued) CROCI Asia Pacific dbxmacro Trading dbxthf Equity dbxthf Event Fund Index Fund Hedge Index Fund Driven Index Fund USD USD USD USD Number of shares outstanding 12C 12C 2, , , C 12CE 12CFXC 12CG 12CU 13C 13C 13CE 13CU 14C 14C 14CE 14D 15D 16D R3CE R3CU RSC 15C R2CDB R2CFXC 61

65 R2C Key Figures as at 31 January 2012 (continued) dbxthf dbxthf Equity dbxthf Credit and Sloane Robinson Systematic Macro Market Neutral Convertible Index Asia Index Fund Index Fund Fund USD USD USD USD Net asset value per share R1C R1CA R1CA (EUR) R1CB R1CC (SGD) R1CE R1CE (EUR) R1CFXC R1CS (CHF) R1CU R1CU (USD) Ri D R2C(EUR) R2C (USD) R2CA I1C I1CAltarius hgb hlcd I1CDB I1CE I1CE (EUR) I1CFXC h1cp I1CS (CHF) 11CU I1CU (USD) lid R1C1 R1C2 R1C3 R1C4 Ri C5 R1C6 Ri C8 R1C9 R1C1O RiCh R1C12

66 Key Figures as at 31 January 2012 (continued) dbxthf dbxthf Equity dbxthf Credit and Sloane Robinson Systematic Macro Market Neutral Convertible Index Asia Index Fund Index Fund Fund USD USD USD USD Net asset value per share 12C 12C (EUR) C (GBP) 12C (USD) 12CE (EUR) 12CFXC (USD) 12CG (GBP) 12CU 13C 13C(CHF) 13CE 13CU (USD) 14C 14C (USD) 14CE 14D (GBP) 15D (GBP) 16D (GBP) R3CE R3CU (USD) R5C (CHF) 15C (CHF) R2CDB (USD) R2CFXC (USD) 63

67 Key Figures as at 31 January 2012 (continued) dbxthf dbxthf Equity dbxthf Credit and Sloane Robinson Systematic Macro Market Neutral Convertible Index Asia Index Fund Index Fund Fund USD USD USD USD 100, Number of shares outstanding R1C R1CA R1CA R1C8 R1CC R1CE R1CE R1CFXC R1CS R1CU R1CU RiD R2C R2C R2C R2CA TiC 57, , , I1CAltarius I1CB I1CD I1CDB I1CE I1CE IlCFxC TicP Tics Ticu Ticu lid R1C1 R1C2 R1C3 R1C4 R1C5 R1C6 R1C8 R1C9 Ri Ci 0 RiCh R1C12 64

68 Key Figures as at 31 January 2012 (continued) dbxthf dbxthf Equity dbxthf Credit and Sloane Robinson Systematic Macro Market Neutral Convertible Index Asia Index Fund Index Fund Fund USD USD USD USD Number of shares outstanding 12C 12C 91, , , C 12C 12CE 12CFXC 12CG 12CU 13C 13C 13CE 13CU 14C 14C 14CE 14D 15D 16D R3CE R3CU R5C 15C R2CDB R2CFXC 65

69 98.69 Key Figures as at 31 January 2012 (continued) Traxis Global Equity Fortinbras PRISM Precious Metals Macro Index USD EIJR USD Net asset value per share R1C R1CA R1CA (EUR) R1CB R1CC (SGD) R1CE R1CE (EUR) R1CFXC R1CS (CHF) R1CU 9, R1CU (USD) RiD R2C R2C (EUR) R2C (USD) R2CA Tic licaltarius TicB I1CD I1CDB I1CE I1CE (EUR) I1CFXC ncp Tics (CHF) Ticu Ticu (USD) T1D Ri ci R1C2 R1C3 RiC4 Rics RiC6 R1C8 Ric Ri ci o Rich RiC12 66

70 Key Figures as at 31 January 2012 (continued) Traxis Global Equity Fortinbras PRISM Precious Metals Macro Index USO EUR USD Net asset value per share 12C 12C (EUR) 12C (GBP) 12C (USD) 12CE (EUR) 12CFXC (USD) 12CG (GBP) 9, CU 13C 13C (CHF) 13CE 13CU (USD) 14C 14C (USD) 14CE 14D (GBP) 15D (GBP) 16D (GBP) R3CE R3CU (USD) R5C (CHE) 15C (CHF) R2CDB (USD) R2CFXC (USD) 67

71 173, Key Figures as at 31 January 2012 (continued) Traxis Global Equity Fortinbras PRISM Precious Metals Macro Index USD EUR USD Number of shares outstanding R1C R1CA R1CA 10, RiGB R1CC R1CE R1CE 284, R1CFXC R1CS R1CU 5, , R1CU RiD R2C R2C R2C R2CA lic I1CAltarius TiCB I1CD I1CDB I1CE TiCB 33, , I1CFXC TicP IiCs TiCU 26, , icu lid R1C1 R1C2 Ri C3 R1C4 R1C5 R1C6 Ri C8 R1C9 RiCiO RiCh R1C12 68

72 Key Figures as at 31 January 2012 (continued) Traxis Global Equity Fortinbras PRISM Precious Metals Macro Index USD EUR USD Number of shares outstanding 12C 12C 12C 12C 12CE 12CFXC 12CG 1, CU 13C 13C 13CE 13CU 14C 14C 14CE 14D 15D 16D R3CE R3CU R5C 15C R2CDB R2CFXC 69

73 DB PlatEnum Statement of Operations and Changes in Net Assets for the Year ended 31 January 2012 Commodity Euro European Inflation Dynamic Aktien Dynamic 2015 Plus Bond Alpha (liquidated as of 28/04/11) Note EUR EUR EUR EUR NET ASSETS AT THE BEGINNING OF THE YEAR 1,559,512,489 21,506,479 15,536,805 5,263,745 INCOME Dividends, net Interest on bonds, net 17,849, , ,173 9,222 Bank interest 9, Other income TOTAL INCOME 17,859, , ,452 9,264 EXPENSES Nanagement Fee (4) 13,446,988 84, ,181 14,421 Performance Fee (14) Subscription tax (3) 482,222 10,916 5, Bank charges Interest paid 5, Interest paid on CFD Other charges Fixed Fee (5) 1,170,493 21,723 12,570 1,153 TOTAL EXPENSES 15,104, , ,684 16,110 NET INCOME / (LOSS) FROM INVESTMENTS 2,754, ,113 2,768 (6,846) Net realised gain / (loss) on sales of investments 44,053, ,812 88, ,985 Net realised gain I (loss) on CFD Net realised gain / (loss) on swaps 47,936, ,221 (759,948) 891,130 Net realised gain / (loss) on options Net realised gain / (loss) on forward foreign exchange contracts Net realised gain / (loss) on futures Net realised gain / (loss) on foreign exchange (16,404) 30 (30) 0 NET REALISED GAIN I (LOSS) 94,727,425 1,159,176 (668,888) 1,266,269 Change in net unrealised appreciation / (depreciation) on investments (23,078,986) 1,133,413 (85,187) (973,024) Change in net unrealised appreciation / (depreciation) on futures Change in net unrealised appreciation / (depreciation) on forward foreign exchange contracts Change in net unrealised appreciation / (depreciation) on CFD Change in net unrealised appreciation / (depreciation) on swaps (412,754,118) (858,680) (1,238,359) (324,905) Change in net unrealised appreciation / (depreciation) on options NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS (341,105,679) 1,433,909 (1,992,434) (31,660) EVOLUTION OF THE CAPITAL Subscriptions of shares 312,134,221 1,270, ,698 6,297 Redemptions of shares (750,762,641) (1,270,169) (3,398,735) (5,161,110) Dividends paid (10) 0 (701,998) (182,972) (77,272) Currency translation NET ASSETS AT THE END OF THE YEAR 779,778,390 22,238,428 10,311,362 0 The accompanying notes form an integral part of these financial statements.

74 Statement of Operations and Changes in Net Assets (continued) for the Year ended 31 January Platinum Branchen Stars CROCI Germany Omega CROCI Dividend Dynamic Cash USD Commodity USD Plus (matured as of (liquidated as of 19/12/11) 28/04/11) EUR EUR USD EUR USD USD 108,646,209 22,608, ,074,709 11,128, ,388,780 1,838, ,682 6, o ,769 37,707 14,759,628 1, ,591 1,839, ,186 6,366 39,937 37,708 14,808, , ,960 54,581 23,453 8,843 6,551, , ,273 5,207 1,091 1, , , ,983 19,885 6,110 3,122 3, , , , ,263 27,686 12,159 7,449,093 1,002, ,995 (526,897) 12,251 25,549 7,359,288 (1,405,251) (1,127,488) 150, , ,088 (1,417,714) (25,792) (188,701) (40,315,740) 0 0 (5,046) (2,121,786) 0 157, , (400,023) 0 (7,475) (78,638) (2,924,495) (783,493) (231,605) 291, ,145 (34,004,738) 1,045,359 (898,203) 1,904,657 (990,999) (3,321,495) (11,362,044) (241,741) 0 (121,979) 0 0 (2,755,587) ,009 2,742,614 (180,283,822) , (2,120,877) (1,681,696) 1,809,122 26,291 69,264 (228,406,191) 76,614,112 9,042,619 34,078, ,442 1,204, ,027,778 (116,854,186) (11,618,817) 0 (4,695,442) (12,402,074) (438,057,890) (1,212,235) (31,045) ,073,023 18,319,597 35,887, ,952,477 The accompanying notes form an integral part of these financial statements. 71

75 Statement of Operations and Changes in Net Assets (continued) for the Year ended 31 January 2012 Accelerator 135% Tosca Mid Cap Germany Covered Accelerator 135% Equity Fund Bond Fund II Note EUR GBP EUR EUR NET ASSETS AT THE BEGINNING OF THE YEAR 3,823,165 47,179,026 14,068,040 2,666,877 INCOME Dividends, net 0 822, Interest on bonds, net 38, ,123 30,792 Bank interest , Other income 0 2, TOTAL INCOME 39, , ,404 31,151 EXPENSES Management Fee (4) 25, ,692 75,953 17,219 Performance Fee (14) Subscription tax (3) 4,100 8,944 6,046 2,664 Bank charges Interest paid 8 6, Interest paid on CFD 0 394, Other charges 0 1, Fixed Fee (5) 5, ,245 12,675 3,614 TOTAL EXPENSES 35,510 1,220,438 94,704 23,568 NET INCOME I (LOSS) FROM INVESTMENTS 3,790 (394,718) 141,700 7,583 Net realised gain I (loss) on sales of investments 131,802 (1,514,013) (81,942) 20,749 Net realised gain / (loss) on CFD 0 (3,970,784) 0 0 Net realised gain / (loss) on swaps 53, ,334,610 (32,428) Net realised gain / (loss) on options Net realised gain / (loss) on forward foreign exchange contracts 0 (19,271) 0 0 Net realised gain / (loss) on futures Net realised gain / (loss) on foreign exchange (26) (41,855) (3) 0 NET REALISED GAIN / (LOSS) 188,910 (5,940,641) 1,394,365 (4,096) Change in net unrealised appreciation / (depreciation) on investments 168,526 (8,512,069) (832,803) 7,090 Change in net unrealised appreciation / (depreciation) on futures Change in net unrealised appreciation / (depreciation) on forward foreign exchange contracts 0 5, Change in net unrealised appreciation I (depreciation) on CFD 0 (1,088,291) 0 0 Change in net unrealised appreciation / (depreciation) on swaps (347,288) 0 761,086 5,727 Change in net unrealised appreciation / (depreciation) on options NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 10,148 (15,535,805) 1,322,648 8,721 EVOLUTION OF THE CAPITAL Subscriptions of shares 192,423 6,026,253 1,794, ,823 Redemptions of shares (192,423) (2,158,510) (6,363,082) (756,881) Dividends paid (10) 0 0 (132,995) 0 Currency translation NET ASSETS AT THE END OF THE YEAR 3,833,313 35,510,964 10,689,517 2,205, The accompanying notes form an integral part of these financial statements.

76 Statement of Operations and Changes in Net Assets (continued) for the Year ended 31 January 2012 CROCI Alpha EMLIN TM Sovereign Agriculture Euro CROCI Alpha II CROCI World Commodity Bond Fund Harvest EUR USD EUR EUR EUR EIJR 13,928,236 27,285, ,242,429 14,176,434 17,522,582 28,416, , o 682, , ,612 7, , ,019 3,031, , , , ,051 2, ,652 4,744 14,540 5, , ,288 46, ,316 15, ,602 44, , ,566 3,534, , , ,387 (102,011) 428,046 (3,527,124) (187,102) (799,045) (252,585) (2,464,527) 69,529 (38,441,660) (324,367) 632, ,730,861 3,746,077 (10,895,471) 23,373 (9,084,976) (1,585,552) (298) ,822, , ,323 4,243,354 (52,863,309) (488,096) (2,428,790) (1,620,390) (68,324) (778,690) (1,649,948) 324,366 14, (1,372) (2,112,582) 3,158, ,678 (440,538) 1,494, ,627 1,352,082 (51,354,584) 20,948 (2,855,295) (125,650) 3,344,264 2,277, ,498,228 1,106, ,453,697 32,046,137 (16,544,682) (10,697,630) (324,100,534) (6,992,400) (113,288,553) (36,887,710) ,445 20,216, ,285,539 8,311, ,832,431 23,448,954 The accompanying notes form an integral part of these financial statements. 73

77 Statement of Operations and Changes in Net Assets (continued) for the Year ended 31 January 2012 SALSA Euro Currency Returns PWM CROCI Multi db Liquid Alpha Plus Fund Euro 4 Total Return (liquidated as of 28/04/11) Note EUR EUR EUR EUR NET ASSETS AT THE BEGINNING OF THE YEAR 32,224, ,521, ,717,843 6,975,677 INCOME Dividends, net Interest on bonds, net ,906 Bank interest 222 2,021 1, Other income TOTAL INCOME 222 2,021 1,382 35,952 EXPENSES Management Fee (4) 57, ,003 1,726,701 22,902 Performance Fee (14) Subscription tax (3) ,472 60, Bank charges Interest paid Interest paid on CFD Other charges Fixed Fee (5) 9, , ,004 2,112 TOTAL EXPENSES 67, ,078 1,972,458 25,533 NET INCOME / (LOSS) FROM INVESTMENTS (67,309) (687,057) (1,971,076) 10,419 Net realised gain / (loss) on sales of investments 0 0 1,360,960 (103,220) Net realised gain / (loss) on CFD Net realised gain / (loss) on swaps 3,880,772 (556,726) (2,173,930) (112,236) Net realised gain / (loss) on options Net realised gain / (loss) on forward foreign exchange contracts Net realised gain / (loss) on futures Net realised gain / (loss) on foreign exchange 0 633, NET REALISED GAIN / (LOSS) 3,813,463 (610,047) (2,784,046) (205,037) Change in net unrealised appreciation / (depreciation) on investments 0 0 (163,932) (560,084) Change in net unrealised appreciation / (depreciation) on futures Change in net unrealised appreciation / (depreciation) on forward foreign exchange contracts Change in net unrealised appreciation / (depreciation) on CFD Change in net unrealised appreciation / (depreciation) on swaps (3,555,026) (6,083,919) 3,293, ,232 Change in net unrealised appreciation / (depreciation) on options NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 258,437 (6,693,966) 345, ,111 EVOLUTION OF THE CAPITAL Subscriptions of shares 14,094,903 84,099,656 9,520,701 9,999 Redemptions of shares (45,954,957) (191,699,181) (19,426,137) (7,169,787) Dividends paid (10) Currency translation NET ASSETS AT THE END OF THE YEAR 622, ,228, ,157, The accompanying notes form an integral part of these financial statements.

78 Statement of Operations and Changes in Net Assets (continued) for the Year ended 31 January 2012 Alpha Collect Express Europa Bonus Europa CROCI Sectors (liquidated as of Gewinnstufen III Gewinnstufen II Fund 04/10/11) EUR EUR EUR EUR EUR EUR 11,532,023 10,402,897 7,800, ,127,992 9,563, ,682,622 o o o o ,118 o o ,118 12,591 31,083 62,902 1,123,125 78,948 1,189, ,225 2, ,159 3,693 15, ,522 24,918 9, ,422 11, ,947 18,779 62,235 75,321 1,684,848 94,106 1,443,399 (18,765) (62,231) (75,272) (1,684,655) (93,830) (1,442,281) 0 0 (649,682) 0 (1,190,253) ,152 (108,683) 1,605,548 (7,379,269) 1,365,878 (8,807,661) ,387 (170,914) 880,594 (9,063,924) 81,795 (10,249,942) , , (652,458) (310,501) (863,853) (4,820,909) (49,444) 30,189, ,929 (481,415) 134,550 (13,884,833) 95,118 19,939,092 4,602,500 11,850,796 1,442,354 54,424,406 3,195,157 91,387,513 (16,363,452) (8,333,136) (3,828,652) (113,980,119) (7,051,406) (68,929,147) ,439,142 5,549, ,687,446 5,802, ,080,080 The accompanying notes form an integral part of these financial statements. 75

79 Statement of Operations and Changes in Net Assets (continued) for the Year ended 31 January 2012 FX Concepts Global AlMhedge Index Alpha Control CROCI Carbon 100 Currency Fund Euro Total Return Fund (liquidated as of 28/04/11) Note EUR EUR EUR EUR NET ASSETS AT THE BEGINNING OF THE YEAR 96,472,524 63,282,151 12,030,318 1,717,545 INCOME Dividends, net Interest on bonds, net Bank interest 415 1, Other income TOTAL INCOME 415 1, EXPENSES Management Fee (4) 31, , ,237 3,769 Performance Fee (14) Subscription tax (3) 16,033 3,864 2, Bank charges Interest paid Interest paid on CFD Other charges 484, Fixed Fee (5) 93,381 67,342 17, TOTAL EXPENSES 625, , ,814 4,321 NET INCOME I (LOSS) FROM INVESTMENTS (625,008) (404,817) (130,782) (4,319) Net realised gain / (loss) on sales of investments Net realised gain / (loss) on CFD Net realised gain / (loss) on swaps (15,244,828) 3,227, , ,089 Net realised gain / (loss) on options Net realised gain / (loss) on forward foreign exchange contracts Net realised gain / (loss) on futures Net realised gain / (loss) on foreign exchange 927, ,262 0 NET REALISED GAIN / (LOSS) (14,942,080) 2,823, , ,770 Change in net unrealised appreciation / (depreciation) on investments Change in net unrealised appreciation / (depreciation) on futures Change in net unrealised appreciation / (depreciation) on forward foreign exchange contracts Change in net unrealised appreciation / (depreciation) on CFD Change in net unrealised appreciation / (depreciation) on swaps 8,669,629 (3,868,675) (204,874) (618,673) Change in net unrealised appreciation / (depreciation) on options NET INCREASE I (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS (6,272,451) (1,045,633) 293,264 (4,903) EVOLUTION OF THE CAPITAL Subscriptions of shares 9,931,828 33,055, ,305 Redemptions of shares (88,706,822) (66,607,451) (4,955,382) (2,555,947) Dividends paid (10) Currency translation NET ASSETS AT THE END OF THE YEAR 11,425,079 28,684,111 7,368, The accompanying notes form an integral part of these financial statements.

80 Statement of Operations and Changes in Net Assets (continued) for the Year ended 31 January 2012 Option Overwriting CROCI Asia Pacific dbxmacro Trading dbxthf Equity dbxthf Event dbxthf Plus (liquidated as Fund Index Fund Hedge Index Fund Driven Index Fund Systematic Macro of 28/04/11) Index Fund EUR USD USD USD USD USD 13,319, ,800, ,119,137 12,171,752 13,314,279 11,631,366 o o o o , , ,223 1,160, ,595 14,286 16,357 14, ,398 20,645 1,283 1,482 1, , , ,546 19,193 21,982 20,093 36,940 1,408,625 1,002,269 34,762 39,821 36,406 (36,913) (1,408,617) (1,000,562) (34,665) (39,519) (36,226) (677,261) (10,147,057) (1,115,435) (95,007) (308,556) 274, ,028,832 (4,838) 7,456 (338,544) (15,775) (296) 899,218 (14,651) 150,189 30,422 (729,949) (11,555,970) (187,947) (149,161) (190,430) (70,143) (2,662,217) (269,684) (281,836) (265,783) ,733 (9,922,585) (1,390,118) (587,356) (810,870) (558,997) (258,216) (21,478,555) (4,240,282) (1,006,201) (1,283,136) (894,923) 0 52,073,066 56,023,058 2,418,269 8,122,608 6,960,625 (13,060,962) (35,933,149) (97,531,827) (1,130,772) (8,288,968) (692,734) ,461,674 79,370,086 12,453,048 11,864,783 17,004,334 The accompanying notes form an integral part of these financial statements. 77

81 Statement of Operations and Changes in Net Assets (continued) for the Year ended 31 January 2012 OB Platinum dbxthf Equity dbxthf Credit and Sloane Robinson Traxis Global Equity Market Neutral Convertible Index Asia Macro Index Fund Fund Note USD USD USD USD NET ASSETS AT THE BEGINNING OF THE YEAR 11,760,859 12,143, INCOME Dividends, net , ,945 Interest on bonds, net Bank interest ,708 Other income 0 42, TOTAL INCOME 99 42,736 54, ,653 EXPENSES Management Fee (4) 13,090 16,347 98, ,485 Performance Fee (14) ,271 Subscription tax (3) 1,176 1, ,933 Bank charges ,730 Interest paid 0 2 1,598 3,179 Interest paid on CFD 0 0 3, ,034 Other charges ,125 0 Fixed Fee (5) 17,381 22,003 19, ,807 TOTAL EXPENSES 31,647 39, , ,439 NET INCOME I (LOSS) FROM INVESTMENTS (31,548) 2,885 (80,586) (563,786) Net realised gain / (loss) on sales of investments 0 0 (1,644,725) (2,230,592) Net realised gain I (loss) on CFD 0 0 (356,492) (8,366,552) Net realised gain I (loss) on swaps (14,987) (180,512) 0 0 Net realised gain / (loss) on options ,101 0 Net realised gain / (loss) on forward foreign exchange contracts 1,044 (253,849) (46,578) (1,334,122) Net realised gain / (loss) on futures (1,101,709) Net realised gain / (loss) on foreign exchange (8,637) 17,025 23,051 (117,811) NET REALISED GAIN I (LOSS) (54,128) (414,451) (2,085,229) (13,714,572) Change in net unrealised appreciation / (depreciation) on investments 0 0 (18,682) 951,096 Change in net unrealised appreciation / (depreciation) on futures (35,043) Change in net unrealised appreciation I (depreciation) on forward foreign exchange contracts (269,728) (266,538) (15,425) 91,472 Change in net unrealised appreciation / (depreciation) on CFD , ,936 Change in net unrealised appreciation / (depreciation) on swaps (583,146) 99, Change in net unrealised appreciation I (depreciation) on options 0 0 (61,293) 0 NET INCREASE I (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS (907,002) (581,188) (2,138,994) (11,876,111) EVOLUTION OF THE CAPITAL Subscriptions of shares 855,743 10,092,912 10,000, ,989,120 Redemptions of shares (372,375) (5,034,324) 0 (88,359,085) Dividends paid (10) Currency translation NET ASSETS AT THE END OF THE YEAR 11,337,225 16,621,226 7,861,006 78,753, The accompanying notes form an integral part of these financial statements.

82 Statement of Operations and Changes in Net Assets (continued) for the Year ended 31 January 2012 Combined Fortinbras PRISM Precious Metals Index EUR USD EUR o 0 4,200,387,005 o o 3,645, ,471, , , ,221,556 1, ,533 32,362, , ,806 1,127, , , , ,351 4,111 43,954 4,611,002 6, ,626 39,577,798 (6,027) (286,433) (5,356,242) 0 0 (3,752,328) 0 0 (11,450,212) (21,358) 2,398,970 (26,862,528) ,501 0 (2,902,041) (4,617,781) 0 0 (841,610) 0 (81,123) 9,133,187 (27,385) (870,627) (43,736,013) 0 0 (46,333,487) 0 0 (26,770) 0 974,533 (4,698,847) 0 0 (645,308) (222,402) (4,526,742) (538,516,307) ,304 (249,787) (4,422,836) (633,806,428) 17,464,590 82,708,738 1,776,744,296 (99,556) (6,127,403) (2,598,486,089) 0 0 (2,338,518) ,445,436 17,115,247 72,158,499 2,783,945,702 The accompanying notes form an integral part of these financial statements. 79

83 Statistics Commodity Euro European Inflation Dynamic Aktien Dynamic 2015 Plus Bond Alpha (liquidated as of 28/04/11) Total Net Asset Value EUR EUR EUR EUR January ,778,390 22,238,428 10,311, January ,559,512,489 21,506,479 15,536,805 5,263, January ,344,577,735 24,502,390 20,147,614 13,309,044 NAV per share at the end of the year 31 January 2012 R1C R1CA R1CA (EUR) R1CB R1CC (SGD) R1C E R1CE (EUR) R1CFXC R1CS (CHF) R1CU R1CU (USD) RiD R2C R2C (EUR) R2C (USD) R2CA TiC 14, , I1CAltarius TiCB I1CD I1CDB I1CE I1CE (EUR) I1CFxC icp Tics (CHF) icu iicu (U5D) lid R1C1 R1C2 R1C3 R1C4 R1C5 R1C6 R1C8 R1C9 R1C1O RiCh R1C12 80

84 Statistics (continued) Commodity Euro European Inflation Dynamic Aktien Dynamic 2015 Plus Bond Alpha (liquidated as of 28/04/11) EUR EUR EUR EI.JR NAV per share at the end of the year 31 January C C (EUR.) 12C (GBP) 12C (USD) 12CE (EUR) 12CFXC (USD) 12CG (GBP) 12CU 13C 13C (CHF) 13CE 13CU (USD) 14C 14C (USD) 14CE 14D (GEP) ISD (GBP) 16D (GBP) R3CE R3CU (USD) R5C (CHE) 15C (CHF) R2CDB (USD) R2CEXC (USD) 81

85 R2C Statistics (continued) Commodity Euro European Inflation Dynamic Aktien Dynamic 2015 Plus Bond Alpha (liquidated as of 28/04/11) EUR EUR EUR EUR NAV per share at the end of the year 31 January 2011 R1C R1CA R1CA (EUR) R1CB R1CC (SGD) R1CE R1CE (EUR) R1CFXC R1CS (CHF) R1CU R1CU (USD) RiD R2C (EUR) R2C(USD) R2CA Tic 20, , I1CAltarius TicB IiCD IicDB I1CE T1CE (EUR) T1CFxC TicP Tics (CHF) Ticu Ticu (U5D) T1D Rid R1C2 R1C3 R1C4 R1C5 RiC6 R1c8 R1C9 RidlO Rich RiCi2 82

86 Statistics (continued) Commodity Euro European Inflation Dynamic Aktien Dynamic 2015 Plus Bond Alpha (liquidated as of 28/04/11) EUR EUR EUR EUR NAV per share at the end of the year 31 January C C (EUR) 12C (GBP) 12C (USD) 12CE (EUR) 12CFXC (USD) 12CG (GBP) 12CU 13C 13C (CHF) 13CE 13CU (USD) 14C 14C (USD) 14CE 14D (GOP) led (GBP) I6D (GBP) R3CE R3CU (USD) R5C (CHF) 15C (CFIF) R2CDB (USD) R2CFXC (USD) 83

87 , Statistics (continued) Commodity Euro European Inflation Dynamic Aktien Dynamic 2015 Plus Bond Alpha (liquidated as of 28/04/11) EUR EUR EUR EUR NAV per share at the end of the year 31 January R1C R1CA R1CA (EUR) R1CB R1CC (SGD) R1CE R1CE (EUR) R1CFXC R1CS (CHF) R1CU R1CU (USD) RiD R2C R2C (EUR) R2C (USD) R2CA Tic 17, T1CAltarius I1CB I1CD I1CDB I1CE I1CE (EUR) I1CFXC ncp Tics (CHF) ncu Ticu (U5D) T1D R1C1 Ri C2 R1C3 R1C4 Ri CS R1C6 R1C8 Ricg R1C1O Rich RiCi2 84

88 Statistics (continued) Commodity Euro European Inflation Dynamic Aktien Dynamic 2015 Plus Bond Alpha (liquidated as of 28/04/ 11) EUR EUR EUR EUR NAV per share at the end of the year 31 January C C (EUR) 12C (GEP) 12C (USD) 12CE (EUR) 12CFXC (USD) 12CG (GBP) 12CU 13C 13C (CHE) 13CE 13CU (USD) 14C 14C (USD) 14CE 14D (GBP) led (GBP) I6D (GBP) R3CE R3CU (USD) R5C(CHF) 15C (CHF) R2CDB (USD) R2CFXC (USD) 85

89 Statistics (continued) Branchen Stars CROCI Germany Omega CROCI Dividend Plus (matured as of 19/12/11) 4,074,709 6,644,473 EUR EUR USD EUR Total Net Asset Value 31 january ,073,023 18,319,597 35,887, January ,646,209 22,608, January ,863,623 4,128,807 NAV per share at the end of the year 31 January 2012 R1C R1CA R1CA (EUR) R1CB R1CC (SGD) R1CE R1CE (EUR) R1CFXC R1CS (CHE) R1CU R1CU (USD) RiD R2C R2C (EUR) R2C (USD) R2CA I1C 136, I1CAltarius TiCB Ii C D I1CDB I1CE I1CE (EUR) I1CFXC icp TiCS (CHF) icu Ticu (USD) lid RiCi R1C2 R1C3 R1C4 R1C5 Ri C6 R1C8 R1C9 R1C1O RiCH R1C12 86

90 Statistics (continued) Branchen Stars CROCI Germany Omega CROCI Dividend Plus (matured as of 19/12/li) NAV per share at the end of the year 31 January C 12C(EUR) 12C(GBP) 12C (USD) EUR EUR USD EUR 12CE (EUR) 12CFXC (USD) 12CG (GBP) 12CU 13C 13C (CHF) 13CE 13CU (USD) 14C 14C (USD) 14CE 14D (GBP) 15D (GBP) 16D (GBP) R3CE R3CU (USD) R5C (CHF) leg (CFIF) R2CDB (USD) R2CFXC (USD) 87

91 Statistics (continued) Branchen Stars CROCI Germany Omega CROCI Dividend Plus (matured as of 19/12/11) EUR EUR USD EUR NAV per share at the end of the year 31 January 2011 R1C R1CA R1CA (EUR) R1CB R1CC (SGD) R1CE R1CE (EUR) R1CFXC R1CS (CHE) R1CU R1CU (USD) RiD R2C R2C (EUR) R2C (USD) R2CA I1C 132, I 1CAltarius I1CB I1CD I1CDB I1CE I1CE (EUR) I1cFxc icp I1CS (CHF) ncu ncu (USD) lid R1C1 R1C2 R1C3 R1C4 R1C5 R1C6 R1C8 R1C9 R1C1O Rich R1C12 88

92 Statistics (continued) Branchen Stars CROCI Germany Omega CROCI Dividend Plus (matured as of 19/12/11) EUR EUR USD EUR NAV per share at the end of the year 31 January C 12C (EUR) 12C (GBP) 12C (USD) 12CE (EUR) 12CFXC (USD) 12CG (GEP) 12CU 13C 13C (CHE) 13CE 13CU (USD) 14C 14C (USD) 14CE 1413 (GBP) led (GBP) 16D (GEP) R3CE R3CU (USD) RSC (CHF) 15C (CHF) R2CDB (USD) R2CFXC (USD) 89

93 97.88 Statistics (continued) Branchen Stars CROCI Germany Omega CROCI Dividend Plus (matured as of 19/12/11) EUR EUR USD EUR NAV per share at the end of the year 31 January 2010 R1C R1CA R1CA (EUR) R1CB 8.88 R1CC (SGD) R1CE R1CE (EUR) R1CFXC R1CS (CHF) R1CU R1CU (USD) RiD R2C R2C (EUR) R2C (USD) R2CA Tic 112, I1CAltarius icb I1CD I 1CDB IiCE IiCE (EUR) I1CFXC icp Tics (crif) iicu iicu (USD) lid Rici R1C2 R1C3 Ri c4 R1C5 R1C6 R1C8 Ric Rlcio Rich RiCi2

94 Statistics (continued) Branchen Stars CROCI Germany Omega CROCI Dividend Plus (matured as of 19/12/11) EUR EUR USD EUR NAV per share at the end of the year 31 January C 12C (EUR) 12C (GBP) 12C (USD) 12CE (EUR) 12CEXC (USD) 12CG (GBP) 12CU 13C 13C (CHF) 13CE 13CU (USD) 14C 14C (USD) 14CE 14D (GEP) led (GBP) 16D (GBP) R3CE R3CU (USD) REC (CHF) ISC (CHF) R2CDB (USD) R2CFXC (USD) 91

95 540,952, , Statistics (continued) Dynamic Cash USD Commodity IJSD Accelerator 135% Tosca Mid Cap (liquidated as of Equity Fund 28/04/ 11) USD USD EUR GBP Total Net Asset Value 31 January ,833,313 35,510, January ,128, ,388,780 3,823,165 47,179, January ,851, ,370,673 4,584,151 NAV per share at the end of the year 31 January 2012 R1C , R1CA R1CA (EUR) R1CB 6.45 R1CC (SGD) 5.56 R1CE R1CE (EUR) R1CFXC R1CS (CHF) R1CU R1CU (USD) RiD R2C R2C (EUR) R2C (USD) R2CA I1C I1CAltarius TiCB I1CD I 1C DB I1CE I1CE (EUR) I1CFXC i ic_p TicS (CHF) Ticu iicu (USD) lid R1C1 R1C2 R1C3 R1C4 Ri C5 Ri C6 R1C8 R1C9 R1C1O RiCh RiG 12 92

96 Statistics (continued) Dynamic Cash USD Commodity USD Accelerator 135% Tosca Mid Cap (liquidated as of Equity Fund 28/04/11) NAV per share at the end of the year 31 January C USD USD EUR GBP C(EUR) 12C (GBP) 12C (USD) CE (EUR) 12CFXC (USD) 12CG (GBP) 12CU 13C 13C(CHF) 13CE CU (USD) 14C 14C (USD) CE 14D (GBP) ISD (GBP) 16D (GBP) R3CE R3CU (USD) R5C (CHF) 15C (CHF) P.2CDB (USD) R2CFXC (USD) 93

97 Statistics (continued) Dynamic Cash LJSD Commodity USD Accelerator 135% Tosca Mid Cap (liquidated as of Equity Fund 28/04/11) USD USD EUR GBP NAV per share at the end of the year 31 January 2011 R1C , R1CA R1CA (EUR) R1CB R1CC (SGD) R1CE R1CE (EUR) R1CFXC R1CS (CHE) R1CU R1CU (USD) RiD R2C R2C (EUR) R2C (USD) R2CA I1C 21, I1CAltarius TiCB I1CD I1CDB I1CE I1CE (EUR) I1CFXC icp I1CS (CHE) icu TiCU (USD) lid R1C1 R1C2 R1C3 R1C4 R1CS R1C6 R1C8 R1C9 R1C1O RiCh R1C

98 Statistics (continued) Dynamic Cash IJSD Commodity USD Accelerator l35% Tosca Mid Cap (liquidated as of Equity Fund 28/04/11) USD USD EUR GBP NAV per share at the end of the year 31 January C 12C (EUR) 12C (GBP) 12C (USD) 12CE (EUR) 12CFXC (USD) 12CG (GOP) 12CU 13C 13C (CHF) 13CE 13CU (USD) 14C C (USD) 14CE 14D (GBP) 15D (GBP) 16D (GBP) R3CE R3CU (USD) R5C (CHF) 15C (CHF) R2CDB (USD) R2CFXC (USD) 95

99 Statistics (continued) Dynamic Cash USD Commodity USD Accelerator 135% Tosca Mid Cap (liquidated as of Equity Fund 28/04/11) USD USD EUR GBP NAV per share at the end of the year 31 January , R1C R1CA R1CA (EUR) R1CB R1CC (SGD) R1CE R1CE (EUR) R1CFXC R1CS (CHF) R1CU R1CU (USD) RiD R2C R2C (EUR) R2C (USD) R2CA I1C I1CAltarius I1CB I1CD I1CDB I1CE I1CE (EUR) Ii CFXC icp 1cs (CHF) icu Iicu (USD) lid R1C1 R1C2 Ri C3 R1C4 R1CS R1C6 Ri CS R1C9 RiCiO RiCh R1C12 96

100 Statistics (continued) Dynamic Cash USD Commodity USD Accelerator 135% Tosca Mid Cap (liquidated as of Equity Fund 28/04/11) USD USD EUR GBP NAV per share at the end of the year 31 January C 12C (EUR) 12C (GBP) 12C (USD) 12CE (EUR) 12CFXC (USD) 12CG (GBP) 12CU 13C 13C (CHF) 13CE 13CU (USD) 14C 14C (USD) 14CE 14D (GBP) 15D (GBP) 16D (GBP) R3CE R3CU (USD) REC (CHF) 15C (CHF) R2CDB (USD) R2CFXC (USD) 97

101 87.98 Statistics (continued) Germany Covered Accelerator 135% CROCI Alpha EMLIN Bond Fund II Bond Fund T Sovereign , EUR EUR EUR USD Total Net Asset Value 31 January ,689,517 2,205, ,445 20,216, January ,068,040 2,666,877 13,928,236 27,285, January ,200,975 3,138,552 23,781,797 27,757,697 NAV per share at the end of the year 31 January 2012 R1C R1CA R1CA (EUR) R1C8 R1CC (SGD) R1CE R1CE (EUR) R1CFXC R1CS (CHF) R1CU R1CU (USD) RiD R2C R2C (EUR) R2C (USD) R2CA I1C I 1CAltarius TiCB I1CD I1CDB I1CE I1CE (EUR) I 1CFXC TicP TiCS (CHF) Ticu ncu (USD) lid R1C1 R1C2 R1C3 Ri C4 R1C5 R1C6 R1CS Ri C9 R1C1O RiCh R1C12 98

102 Statistics (continued) OB Platinum Germany Covered Accelerator 135% CROCI Alpha EMLIN TM Sovereign Bond Fund II Bond Fund EUR EUR EUR USD NAV per share at the end of the year 31 January C 12C (EUR) 12C (GBP) 12C (USD) 12CE (EUR) 12CFXC (USD) 12CG (GBP) 12CU 13C 13C (CHF) 13CE 13CU (USD) 14C 14C (USD) 14CE 14D (GBP) TED (GBP) 16D (GBP) R3CE R3CU (USD) R5C (CHF) 15C(CHF) R2CDB (USD) R2CFXC (USD) 99

103 8.78 9, Statistics (continued) Germany Covered Accelerator 135% CROCI Alpha EMLIN Sovereign Bond Fund II Bond Fund EUR EUR EUR USD NAV per share at the end of the year 31 January 2011 RiG R1CA R1CA (EUR) R1CB R1CC (SGD) R1CE R1CE (EUR) R1CFXC R1CS (CHF) R1CU R1CU (USD) RiD R2C R2C (EUR) R2C (USD) R2CA hg 10, I1CAltarius I1CB I1CD I 1C DB I1CE I1CE (EUR) I1CFXC icp I1CS (CHF) ncu ncu (USD) hid R1C1 R1C2 Ri C3 R1C4 R1C5 R1C6 Ri C8 R1G9 R1C1O R1Ci1 RiG 12

104 Statistics (continued) Germany Covered Accelerator l35% CROCI Alpha EMLIN TM Sovereign Bond Fund II Bond Fund EUR EUR EUR USD NAV per share at the end of the year 31 January C 12C (EUR) 12C (GBP) 12C (USD) 12CE (EUR) 12CFXC (USD) 12CG (GBP) 12CU 13C 13C (CHE) 13CE 13CU (USD) 14C 14C (USD) 14CE 14D (GBP) ISD (GBP) 16D (GBP) R3CE R3CU (USD) R5C(CHF) 15C (CHF) R2CDB (USD) R2CFXC (USD) 101

105 8.92 9, Statistics (continued) Germany Covered Accelerator 135% CROCI Alpha EMLIN TM Sovereign Bond Fund II Bond Fund EUR EUR EUR USD NAV per share at the end of the year 31 January 2010 R1C R1CA R1CA (EUR) R1CB 9.72 R1CC (SGD) R1CE R1CE (EUR) R1CFXC R1CS (CHF) R1CU R1CU (USD) RiD R2C R2C (EUR) R2C (USD) R2CA I1C 9, I1CAltarius I1CB I1CD I1CDB I1CE I1CE (EUR) I1CFXC cp I1CS (CHF) icu I1CU (USD) lid R1C1 R1C2 R1C3 Ri C4 R1C5 R1C6 R1C8 R1C9 R1C1O RiCh R1C12

106 Statistics (continued) Germany Covered Accelerator 135% CROCI Alpha EMUNr Sovereign Bond Fund II Bond Fund EUR EUR EUR USD NAV per share at the end of the year 31 January C 12C (EUR) 12C (GBP) 12C (USD) 12CE (EUR) 12CFXC (USD) 12CG (GBP) 12CU 13C 13C (CHF) 13CE 13CU (USD) 14C 14C (USD) 14CE 14D (GBP) 15D (GBP) 16D (GBP) R3CE R3CU (USD) R5C (CHF) 15C (CHE) R2CDB (USD) R2CFXC (USD) 103

107 98.73 Statistics (continued) Agriculture Euro CROCI Alpha II CROCI World Commodity Harvest 11, EUR EUR EUR EUR Total Net Asset Value 31 January ,285,539 8,311, ,832,431 23,448, January ,242,429 14,176,434 17,522,582 28,416, January ,678, ,594,221 29,431,092 81,163,005 NAV per share at the end of the year 31 January 2012 R1C R1CA R1CA (EUR) R1CB 6.91 R1CC (SGD) R1CE R1CE (EUR) R1CFXC R1CS (CHF) R1CU R1CU (USD) RiD R2C R2C (EUR) R2C (USD) R2CA hg 7, , hicaltarius TiCB I1CD I1CDB I1CE I1CE (EUR) I1CFXC I1cP I1CS (CHF) icu I1CU (USD) 9, hid R1C1 Ri C2 R1C3 R1C4 Ri C5 Ri C6 R1C8 R1C9 R1C1O RiCh R1C12 104

108 Statistics (continued) Agriculture Euro CROCI Alpha II CROCI World Commodity Harvest 11, EUR EUR EUR EUR NAV per share at the end of the year 31 January C 12C (EUR) C (GBP) 12C (USD) 12CE (EUR) 12CFXC (USD) 12CG (GBP) 12CU 13C 13C (CHF) 13CE 13CU (USD) 14C 14C (USD) 14CE 14D (GOP) 15D (GOP) 16D (GBP) R3CE R3CU (USD) RSC (CHF) 15C (CHF) R2CDB (USD) R2CFXC (USD) 105

109 Statistics (continued) Agriculture Euro CROCI Alpha II CROCI World Commodity Harvest EUR EUR EUR EUR NAV per share at the end of the year 31 )anuary 2011 R1C R1CA R1CA (EUR) R1CB 8.58 R1CC (SGD) R1CE R1CE (EUR) R1CFXC R1CS (ClIF) R1CU R1CU (USD) RiD R2C R2C (EUR) R2C (USD) R2CA Tic 8, , , I1CAltarius TiCB IiCD I1CDB I1CE 10, I1CE (EUR) IiCFXC ic_p I1CS (CHF) Cu T1CU (USD) T1D R1C1 R1C2 R1C3 R1C4 R1C5 Ri C6 R1C8 R1C9 R1C1O RiCh R1C12

110 Statistics (continued) Agriculture Euro CROCI Alpha II CROCI World Commodity Harvest EUR EUR EUR EUR NAV per share at the end of the year 11, , January C C (EUR) 12C (GBP) 12C (USD) 12CE (EIJR) 12CFXC (USD) 12CG (GBP) 12C U 13C 13C (CHF) 13CE 13CU (USD) 14C 14C (USD) 14CE 14D (GBP) 15D (GBP) 16D (GBP) R3CE R3CU (USD) R5C (CHF) 15C (CHF) R2CDB (USD) R2CFXC (USD) 107

111 R2C Statistics (continued) Agriculture Euro CROCI Alpha II CROCI World Commodity Harvest EUR EIJR EUR EUR NAV per share at the end of the year 31 January 2010 R1C R1CA R1CA (EUR) R1CB R1CC (SGD) R1CE R1CE (EUR) R1CFXC R1CS (CHE) R1CU R1CU (USD) RiD R2C (EUR) R2C (USD) R2CA 8, , I1C 6, T1CAltarius I1CB I1CD I1CDB I1CE 10, I1CE (EUR) I1CFXC icp Tics (CHE) Ticu Ticu (U5D) 9, lid RiCi Ri C2 R1C3 R1C4 R1C5 R1C6 R1C8 Ri C9 Ricio RiCh R1C12 108

112 Statistics (continued) Agriculture Euro CROCI Alpha II CROCI World Commodity Harvest EUR EUR EUR EUR NAV per share at the end of the year 31 January , C C (EUR) 12C (GBP) 12C (USD) 12CE (EUR) 12CFXC (USD) 12CG (GBP) 12CU 13C 13C (CHE) 13CE 11, CU (USD) 14C 14C (USD) 14CE 14D (GBP) 15D (GBP) 16D (GBP) R3CE R3CU (USD) RSC (CHF) ISC (CHF) R2CDB (USD) R2CFXC (USD) 109

113 Statistics (continued) SALSA Euro Currency Returns PWM CROU Multi db Liquid Alpha Plus Fund Euro 4 Total Return (liquidated as of 28/04/11) EUR EUR EUR EUR Total Net Asset Value 31 January , ,228, ,157, January ,224, ,521, ,717,843 6,975, January ,547, ,560, ,136,269 31,311,447 NAV per share at the end of the year 31 January 2012 R1C R1CA R1CA (EUR) R1CB R1CC (SGD) R1CE R1CE (EUR) R1CFXC R1CS (CHF) R1CU R1CU (USD) RiD R2C R2C (EUR) R2C (USD) R2CA I1C 11, I1CAltarius TiCB I1CD I 1CDB Ii CE I1CE (EUR) I1CFXC cp I1CS (CHF) icu ncu (USD) lid R1C1 R1C2 Ri C3 Ri C4 R1C5 R1C6 Ri C8 Ri C9 R1C1O RiCh R1C12

114 DB PIatnum Statistics (continued) SALSA Euro Currency Returns PWM CROCI Multi db Liquid Alpha Plus Fund Euro 4 Total Return (liquidated as of 28/04/11) EUR EUR EUR EUR NAV per share at the end of the year 31 January C 12C (EUR) C (GBP) 12C (IJSD) 12CE (EUR) CFXC (USD) 12CG (GBP) 12CU 13C 13C (CHF) CE 13CU (USD) 14C 14C(USD) 14CE 14D (GEP) ISO (GBP) 16D (GBP) R3CE R3CU (USD) R5C(CHF) 15C (CHF) R2CDB (USD) R2CFXC (USD) 111

115 Statistics (continued) OB Platinum SALSA Euro Currency Returns PWM CROCI Multi db Liquid Alpha Plus Fund Euro 4 Total Return (liquidated as of 28/04/11) EUR EUR EUR EUR NAV per share at the end of the year 31 )anuary 2011 R1C R1CA R1CA (EUR) R1CB R1CC (SGD) R1CE R1CE (EUR) R1CFXC R1CS (CHF) R1CU R1CU (USD) RiD R2C R2C (EUR) R2C (USD) R2CA Tic 11, I1CAltarius TicB T1CD T1CDB I1CE I1CE (EUR) TiCFXC ncp Tics (CHF) TiCU Ticu (USD) lid R1C1 Ri C2 Ri C3 R1C4 R1CS R1C6 R1C8 R1C9 R1C1O RiCh R1C12

116 Statistics (continued) SALSA Euro Currency Returns PWM CROCI Multi db Liquid Alpha Plus Fund Euro 4 Total Return (liquidated as of 28/04/ 11) EUR EUR EUR EUR NAV per share at the end of the year January C C (EUR) 12C (GBP) 12C (USD) 12CE (EUR) 12CFXC (USD) 12CG (GBP) 12CU 13C C (CHF) 13CE 13CU (USD) 14C 14C (USD) 14CE 14D (GBP) ISD (GBP) 16D (GBP) R3CE R3CU (USD) R5C (CHF) 15C (CHF) R2CDB (USD) R2CFXC (USD) 113

117 Statistics (continued) SALSA Euro Currency Returns PWM CROCI Multi db Liquid Alpha Plus Fund Euro 4 Total Return (liquidated as of 28/04/ 11) EUR EUR EUR EUR NAV per share at the end of the year 31 January R1C R1CA R1CA (EUR) R1C8 R1CC (SGD) R1CE R1CE (EUR) R1CFXC R1CS (CHF) R1CU R1CU (USD) RiD R2C R2C (EUR) R2C (USD) R2CA Tic 10, T1CAltarius TicB T1CD T1CDB TicB TicB (EUR) Tic FXC ncp ncs (CHF) ncu Ticu (USD) T1D Rid R1C2 R1C3 Ri C4 RicS R1C6 Rica Ricg Ricio RicH RiCi2

118 Statistics (continued) SALSA Euro Currency Returns PWM CROCI Multi db Liquid Alpha Plus Fund Euro 4 Total Return (liquidated as of 28/04/ 11) EUR EUR EUR EUR NAV per share at the end of the year 31 January C C (EUR) 12C (GBP) 12C (USD) CE (EUR) 12CFXC (USD) 12CG (GBP) 12CU 13C 13C (CHF) 13CE 13CU (USD) 14C 14C (USD) 14CE 14D (GBP) 15D (GBP) D (GBP) R3CE R3CU (USD) R5C(CHF) 15C (CHF) R2CDB (USD) R2CFXC (USD) 115

119 Statistics (continued) Alpha Collect Express Europa Bonus (liquidated as of Gewinnstufen III 04/10/11) EUR EUR EUR EUR Total Net Asset Value 31 January ,439,142 5,549, ,687, January ,532,023 10,402,897 7,800, ,127, January ,202,186 90,155,973 10,123, ,628,017 NAV per share at the end of the year 31 January 2012 R1C R1CA R1CA (EUR) R1CB R1CC (SGD) R1CE R1CE (EUR) R1CFXC R1CS (CHF) R1CU R1CU (USD) RiD R2C R2C (EUR) R2C (USD) R2CA Tic I1CAltarius TiCB I1CD I1CDB I1CE I1CE (EUR) TicFxc TicP ncs (CHF) Ticu Ticu (USD) lid Rid R1C2 R1C R1C R1C R1C R1C8 Ricg Ricio Rich RiCi2

120 Statistics (continued) Alpha Collect Express Europa Bonus (liquidated as of Gewinnstufen lit 04/10/11) NAV per share at the end of the year 31 january C 12C (EUR) 12C (GEP) EUR EUR EUR EUR 12C (USD) 12CE (EUR) 12CFXC (USD) 12CG (GBP) 12CU 13C 13C (CHF) 13CE 13CU (USD) 14C 14C (USD) 14CE 14D (GBP) 15D (GBP) 16D (GBP) R3CE R3CU (USD) R5C (CHF) 15C (CHF) R2CDB (USD) R2CFXC (USD) 117

121 Statistics (continued) Alpha Collect Express Europa Bonus (liquidated as of Gewinnstufen III 04/10/11) EUR EUR EUR EUR NAV per share at the end of the year 31 January 2011 R1C R1CA R1CA (EUR) R1CB R1CC (SGD) R1CE R1CE (EUR) R1CFXC R1CS (CHF) R1CU R1CU (USD) RiD R2C R2C (EUR) R2C (USD) R2CA Tic T1CAltarius TiCB IiCD T1CDB TiCB TiCE (EUR) IiCFXC Ticp Tics (CHF) Ticu Ticu (U5D) TiD RiCi i03.2i R1C2 i RiC RiC RiCS RiC Ri R1c9 10i.6i Ricio i27.03 Rich RiCi2

122 Statistics (continued) Alpha Collect Express Europa Bonus (liquidated as of Gewinnstufen III 04/10/11) EUR EUR EUR EUR NAV per share at the end of the year 31 January C 12C (EUR) 12C (GBP) 12C (USD) 12CE (EUR) 12CFXC (USD) 12CG (GBP) 12CU 13C 13C (CHF) 13CE 13CU (USD) 14C 14C (USD) 14CE 14D (GBP) led (GBP) 16D (GEP) R3CE R3CU (USD) REC (CHF) 15C (CHF) R2CDB (USD) R2CFXC (USD) 119

123 Statistics (continued) Alpha Collect Express Europa Bonus (liquidated as of Gewinnstufen III 04/10/11) EUR EUR EUR EUR NAV per share at the end of the year 31 January 2010 RiG R1CA R1CA (EUR) R1CB R1CC (SGD) R1CE R1CE (EUR) R1CFXC R1CS (CHE) R1CU R1CU (USD) RiD R2C R2C (EUR) R2C (USD) R2CA Tic I1CAltarius TiCB I1CD T1CDB I1CE I1CE (EUR) I1cFxc TicP Tics (CHF) ncu ncu (USD) lid R1C R1C R1C R1C R1C R1C R1C R1c9 Riclo RiCh R1C12 120

124 Statistics (continued) Alpha Collect Express Europa Bonus (liquidated as of Gewinnstufen III 04/10/11) EUR EUR EUR EUR NAV per share at the end of the year 31 January C 12C (EUR) 12C (GBP) 12C (USD) 12CE (EUR) 12CFXC (USD) 12CG (GBP) 12CU 13C 13C (CHF) 13CE 13CU (USD) 14C 14C (USD) 14CE 14D (GBP) 15D (GBP) 16D (GBP) R3CE R3CU (USD) R5C(CHF) 15C (CHF) R2CDB (USD) R2CFXC (USD) 121

125 79.85 Statistics (continued) Europa CROCI Sectors FX Concepts Global AlMhedge Index Gewinnstufen II Fund Currency Fund EUR EUR EUR EUR Total Net Asset Value 31 January ,802, ,080,080 11,425,079 28,684, January ,563, ,682,622 96,472,524 63,282, January ,107,798 84,155,781 6,970,119 NAV per share at the end of the year 31 January 2012 R1C R1CA R1CA (EUR) RiGB R1CC (SGD) R1CE R1CE (EUR) R1CFXC 7, R1CS (CHF) RiGU R1CU (USD) RiD R2C R2C (EUR) R2C(USD) R2CA Tic I1CAltarius TiCB I1CD I1CDB I1CE I1CE (EUR) I1CFXC TiCP I1CS (CHF) icu Ticu (USD) lid R1C1 R1C2 Ri C3 Ri C4 RiC5 R1C6 Ri C8 RiC9 RiCiO RiCh RiG

126 , Statistics (continued) OB Platinum Europa CROCI Sectors FX Concepts Global AlMhedge Index Gewinnstufen II Fund Currency Fund NAV per share at the end of the year 31 January C 12C (EIJR) 12C (GBP) EUR EUR EUR EUR C (USD) 12CE (EUR) 12CFXC (USD) 12CG (GBP) CU 13C 13C (CHF) 13CE 13CU (USD) 14C 14C (USD) 14CE 14D (GBP) 15D (GBP) 16D (GBP) R3CE R3CU (USD) RSC (ClIF) 15C (CHF) R2CDB (USD) R2CFXC (USD) 7,

127 Statistics (continued) Europa CROCI Sectors FX Concepts Global AlMhedge Index Gewinnstufen II Fund Currency Fund EUR EUR EUR EUR NAV per share at the end of the year January 2011 R1C R1CA R1CA (EUR) R1CB R1CC (SGD) R1CE R1CE (EUR) R1CFXC 8, R1CS (CHF) R1CU R1CU (USD) RiD R2C R2C (EUR) R2C (USD) R2CA Tic TiCAltarius TicB IiCD I1CDB IiCE IiCE (EUR) IiCFXC icp Tics (CHF) icu Ticu (USD) T1D Rid RiC2 Ri d3 RiC4 RidS RiC6 R1C8 Ri d9 RldiO Ridil RiCi2 124

128 Statistics (continued) Europa CROCI Sectors FX Concepts Global AIM hedge Index Gewinnstufen II Fund Currency Fund EUR EUR EUR EUR NAV per share at the end of the year 31 January C C(EUR) 12C (GBP) 12C (USD) 12CE (EUR) 12CFXC (USD) 12CG (GBP) 12CU 13C 13C (CHF) 13CE 13CU (USD) 14C 14C (USD) 14CE 14D (GBP) 15D (GBP) 16D (GBP) R3CE R3CU (USD) R5C (CHF) 15C (CHF) R2CDB (USD) 8, R2CFXC (USD) 8,

129 Statistics (continued) Europa CROCI Sectors FX Concepts Global AlMhedge Index Gewinnstufen II Fund Currency Fund EUR EUR EUR EUR NAV per share at the end of the year 31 January R1C R1CA R1CA (EUR) R1CB R1CC (SGD) R1CE R1CE (EUR) R1CFXC 8, R1CS (CHF) R1CU R1CU (USD) RiD R2C R2C (EUR) R2C (USD) R2CA lic I1CAltarius TiCB I1CD I1CDB I1CE I1CE (EUR) I1CFXC icp Tics (CHF) icu Ticu (USD) lid Rid R1C2 R1C3 R1C4 Rics Ri c6 R1C8 R1C9 Riclo Rich R1C12 126

130 Statistics (continued) Europa CROCI Sectors FX Concepts Global AlMhedge Index Gewinnstufen II Fund Currency Fund EUR EUR EUR EUR NAV per share at the end of the year 31 January C C (EUR) 12C (GEP) 12C (USD) 12CE (EUR) 12CFXC (USD) 12CG (GBP) 12CU 13C 13C (CHF) 13CE 13CU (USD) 14C 14C (USD) 14CE 14D (GBP) 15D (GBP) 16D (GEP) R3CE R3CU (USD) RSC (CHF) 15C (CHF) R2CDB (USD) R2CFXC (USD) 127

131 Statistics (continued) Alpha Control CROCI Carbon 100 Option Overwriting CROCI Asia Pacific Euro Total Return Plus (liquidated as Fund Fund (liquidated as of 28/04/11) of 28/04/11) 146,461, EUR EUR EUR USD Total Net Asset Value 31 January ,368, January ,030,318 1,717,545 13,319, ,800, January ,117,915 1,788,010 13,460, ,663,323 NAV per share at the end of the year 31 January 2012 R1C R1CA R1CA (EUR) R1CB R1CC (SGD) R1CE R1CE (EUR) R1CFXC R1CS (CHF) R1CU R1CU (USD) RiD R2C R2C (EUR) R2C (USD) R2CA iic I1CAltarius Ii CB I1CD I1CDB I1CE I1CE (EUR) I 1CFXC Ii CP I1CS (CHF) I1CU I1CU (USD) lid R1C1 R1C2 R1C3 Ri C4 R1C5 R1C6 R1C8 R1C9 R1C1O RiCh R1C12 19,

132 Statistics (continued) NAV per share at the end of the year 31 January C 12C (EUR) Alpha Control CROCI Carbon 100 Option Overwriting CROCI Asia Pacific Euro Total Return Plus (liquidated as Fund Fund (liquidated as of 28/04/li) of 28/04/11) EUR EUR EUR USD 12C (GBP) 12C (USD) 12CE (EUR) CFXC (USD) 12CG (GBP) 12CU 13C 13C (CHF) 13CE 13CU (USD) 14C 14C (USD) 14CE 14D (GBP) 15D (GBP) 16D (GBP) R3CE R3CU (USD) REC (CHF) 15C (CHF) R2CDB (USD) R2CFXC (USD) 129

133 Statistics (continued) Alpha Control CROCI Carbon 100 Option Overwriting CROCI Asia Pacific Euro Total Return Plus (liquidated as Fund Fund (liquidated as of 28/04/11) of 28/04/11) EUR EUR EUR USD NAV per share at the end of the year 31 January 2011 R1C R1CA R1CA (EUR) R1CB R1CC (SGD) R1CE R1CE (EUR) R1CFXC R1CS (CHF) R1CU R1CU (USD) RiD R2C R2C (EUR) R2C (USD) R2CA TiC , T1CAltarius TiCB I1CD TiC D B I1CE I1CE (EUR) I1CFXC Ticp Tics (CHF) ncu Ticu (USD) lid Rid R1C2 R1C3 R1C4 RidS R1C6 R1C8 Ricg R1C1O Rich Rid

134 Statistics (continued) Alpha Control CROCI Carbon 100 Option Overwriting Euro Total Return Fund (liquidated as Plus (liquidated as of 28/04/11) of 28/04/11) CROCI Asia Pacific Fund EUR EUR EUR USD NAV per share at the end of the year 31 January C 12C (EUR) 12C (GOP) 12C (USD) 12CE (EUR) 12CFXC (USD) 12CG (GOP) 12CU 13C 13C (CHF) 13CE 13CU (USD) 14C 14C (USD) 14CE 14D (GOP) 15D (GBP) 160 (GBP) R3C E R3CU (USD) R5C (CHF) IOC (CHF) R2CDB (USD) R2CFXC (USD)

135 DB PIatnum Statistics (continued) Alpha Control CROCI Carbon 100 Option Overwriting Euro Total Return Fund (liquidated as Plus (liquidated as of 28/04/11) of 28/04/11) CROCI Asia Pacific Fund EUR FUR EUR USD NAV per share at the end of the year 31 January 2010 R1C R1CA R1CA (EUR) R1CB R1CC (SGD) R1CE R1CE (EUR) R1CFXC R1CS (CHF) R1CU R1CU (USD) RiD R2C R2C(EUR) R2C (USD) R2CA I1C I1CAltarius TiCB I1CD I1CDB TiCB I1CE (EUR) I1CFXC IiCp TiCS (CHE) icu Ticu (USD) lid R1C1 R1C2 R1C3 Ri C4 R1C5 R1C6 R1C8 R1C9 R1C1O RiCh R1C12 132

136 Statistics (continued) Alpha Control CROCI Carbon 100 Option Overwriting Euro Total Return Fund (liquidated as Plus (liquidated as of 28/04/11) of 28/04/11) CROCI Asia Pacific Fund EUR EUR EUR USD NAV per share at the end of the year 31 January C 12C (EUR) 12C (GBP) 12C (USD) 12CE (EUR) 12CFXC (USD) 12CG (GEP) 12CU 13C 13C (CHF) 13CE 13CU (USD) 14C 14C (USD) 14CE 14D 15D 16D (GBP) (GOP) (GBP) R3CE R3CU (USD) R5C (CHF) 15C (CHF) R2CDB (USD) R2CFXC (USD)

137 Statistics (continued) dbxmacro Trading dbxthf Equity dbxthf Event dbxthf Index Fund Hedge Index Fund Driven Index Fund Systematic Macro Index Fund USD USD USD USD Total Net Asset Value 31 January ,370,086 12,453,048 11,864,783 17,004, January ,119,137 12,171,752 13,314,279 11,631, January ,629,991 NAV per share at the end of the year 31 January 2012 R1C R1CA R1CA (EUR) R1CB R1CC (SGD) R1CE R1CE (EUR) R1CFXC R1CS (CHF) R1CU R1CU (USD) RiD R2C R2C (EUR) R2C (USD) R2CA I1C 9, I1CAltarius I 1C B I1CD I1CDB Ii CE I1CE (EUR) I1CFXC cp 11CS (CHE) cu I1CU (USD) lid R1C1 R1C2 Ri C3 R1C4 R1C5 R1C6 R1C8 R1C9 R1C1O RiCh R1C12 134

138 Statistics (continued) dbxmacro Trading dbxthf Equity dbxthf Event dbxthf Index Fund Hedge Index Fund Driven Index Fund Systematic Macro Index Fund USD USD USD USD NAV per share at the end of the year 31 January C 12C (EUR) 12C (GBP) 9, C (USD) 12CE (EUR) 12CFXC (USD) 12CG (GBP) 12CU 13C 13C (CHF) 13CE 13CiJ (USD) 14C 14C (USD) 14CE 14D (GBP) 15D (GBP) D (GBP) R3CE R3CU (USD) RSC (CHF) C (CHE) R2CDB (USD) R2CFXC (USD) 135

139 Statistics (continued) 08 Platinum dbxmacro Trading dbxthf Equity dbxthf Event dbxthf Index Fund Hedge Index Fund Driven Index Fund Systematic Macro Index Fund USD USD USD USD NAV per share at the end of the year 31 January 2011 R1C R1CA R1CA (EUR) R1C8 R1CC (SGD) R1CE R1CE (EUR) R1CFXC R1C5 (CHF) R1CU R1CU (USD) RiD R2C R2C (EUR) R2C(USD) R2CA Tic 9, I1CAltarius I1CB IiCD I1CDB I1CE IiCE (EUR) TicFXC i icp Tics (CHF) ncu Ticu (U5D) lid Rid R1C2 R1C3 R1C4 Rics R1C6 R1C8 Ric Riclo Rich RiCi2 136

140 Statistics (continued) dbxmacro Trading dbxthf Equity dbxthf Event dbxthf Index Fund Hedge Index Fund Driven Index Fund Systematic Macro Index Fund USD USD USD USD NAV per share at the end of the year 31 January C 12C (EUR) 9, C (GBP) 12C (USD) 12CE (EUR) 12CFXC (USD) 12CG (GBP) 12CU 13C 13C (CHF) 13CE 13CU (USD) 14C 14C(USD) 14CE 14D (GBP) D (GBP) 16D (GEP) R3CE R3CU (USD) R5C (CHF) C (CHF) R2CDB (USD) R2CFXC (USD) 137

141 Statistics (continued) dbxmacro Trading dbxthf Equity dbxthf Event dbxthf Index Fund Hedge Index Fund Driven Index Fund Systematic Macro Index Fund USD USD USD USD NAV per share at the end of the year 31 January 2010 R1C R1CA R1CA (EUR) R1CB R1CC (SGD) R1CE R1CE (EUR) R1CFXC R1CS (CHF) R1CU R1CU (USD) RiD R2C R2C (EUR) R2C (USD) R2CA I1C 9, I1CAltarius TiCB I1CD I1CDB I1CE I1CE (EUR) I1CFXC icp IiCS (CHF) icu I1CU (USD) lid R1C1 R1C2 R1C3 Ri C4 Ri C5 R1C6 R1C8 R1C9 RiCiO RiCh R1C12 138

142 Statistics (continued) dbxmacro Trading dbxthf Equity dbxthf Event dbxthf Index Fund Hedge Index Fund Driven Index Fund Systematic Macro Index Fund IJSD USO USD USD NAV per share at the end of the year 31 January C 12C (EUR) 9, C (GBP) 12C (USD) 12CE (EUR) 12CFXC (USD) 12CG (GBP) 12CU 13C 13C (CHF) 13CE 13CU (USD) 14C 14C (USD) 14CE 14D (GBP) D (GBP) 16D (GBP) R3CE R3CU (USD) R5C (CHF) 15C (CHF) R2CDB (USD) R2CFXC (USD) 139

143 Statistics (continued) dbxthf Equity dbxthf Credit and Sloane RobinsonTraxis Global Equity Market Neutral Convertible Index Asia Macro Index Fund Fund USD USD USD USD Total Net Asset Value 31 January ,337,225 16,621,226 7,861,006 78,753, January ,760,859 12,143, January 2010 NAV per share at the end of the year 31 January 2012 R1C R1CA R1CA (EUR) R1CB RiGC (SGD) R1CE R1CE (EUR) R1CFXC R1CS (CHF) R1CU 9, R1CU (USD) RiD R2C R2C (EUR) R2C(USD) R2CA I1C I1CAIarius TiCB I1CD J1C DB I1CE I1CE (EUR) I1CFxc Ticp TiCS (CHF) TiCU ncu (USD) lid R1C1 R1C2 R1C3 Ri C4 R1C5 R1C6 R1C8 R1C9 R1C1O RiCh R1C12 140

144 Statistics (continued) dbxthf Equity dbxthf Credit and Sloane RobinsonTraxis Global Equity Market Neutral Convertible Index Asia Macro Index Fund Fund USD USD USD USD NAV per share at the end of the year 31 January C 12C (EUR) 12C (GBP) C (USD) 12CE (EUR) 12CFXC (USD) 12CG (GBP) 12CU 9, C 13C (CHF) 13CE 13CU (USD) 14C 14C (USD) 14CE 14D (GBP) 15D (GBP) 16D (GBP) R3CE R3CU (USD) R5C (CHF) 15C (CHF) R2CDB (USD) R2CFXC (USD) 141

145 Statistics (continued) dbxthf Equity dbxthf Credit and Sloane RobinsonTraxis Global Equity Market Neutral Convertible Index Asia Macro Index Fund Fund USD USD USD LJSD NAV per share at the end of the year 31 January 2011 R1C R1CA R1CA (EUR) R1CB R1CC (SGD) R1CE R1CE (EUR) R1CFXC R1CS (CHF) R1CU R1CU (USD) RiD R2C R2C (EUR) R2C (USD) R2CA I1C I1CAltarius IiCB I1CD I 1CD B I1CE I1CE (EUR) I1CFXC cp I1CS (CHF) icu ncu (USD) lid RiCi RiC2 R1C3 R1C4 R1C5 RiC6 R1C8 R1C9 R1C1O RiCh RiCi2 142

146 Statistics (continued) dbxthf Equity dbxthf Credit and Sloane RobinsonTraxis Global Equity Market Neutral Convertible Index Asia Macro Index Fund Fund USD USD USD USD NAV per share at the end of the year 31 January C 12C (EUR) C (GBP) 12C (USD) 12CE (EUR) 12CFXC (USD) 12CG (GBP) 12CU 13C 13C (CHF) 13CE 13CU (USD) 14C 14C (USD) 14CE 14D (GBP) ISD (GBP) 16D (GBP) R3CE R3CU (USD) R5C (CHF) 15C (CHF) R2CDB (USD) R2CFXC (USO) 143

147 Statistics (continued) dbxthf Equity dbxthf Credit and Sloane RobinsonTraxis Global Equity Market Neutral Convertible Index Asia Macro Index Fund Fund USD USD USD USD NAV per share at the end of the year 31 January 2010 R1C R1CA R1CA (EUR) R1CB R1CC (SGD) R1CE R1CE (EUR) R1C FXC R1CS (CHE) R1CU R1CU (USD) RiD R2C R2C (EUR) R2C (USD) R2CA ic T1CAltarius I1CB I1CD I1CD8 T1CE I1CE (EUR) IicFxc icp Tics (CHE) cu Ticu (USD) T1D R1C1 Ri C2 RiC3 R1C4 R1C5 RiC6 RiC8 RiC9 R1C1O RiCH RiC12 144

148 Statistics (continued) dbxthf Equity dbxthf Credit and Sloane RobinsonTraxis Global Equity Market Neutral Convertible Index Asia Macro Index Fund Fund USD USD USD USD NAV per share at the end of the year 31 January C 12C (EUR) 12C (GBP) 12C (USD) 12CE (EUR) 12CFXC (USD) 12CG (GBP) 12CU 13C 13C (CHF) 13CE 13CU (USD) 14C 14C (USD) 14CE 14D (GBP) 15D (GBP) 16D (GBP) R3CE R3CU (USD) R5C (CHF) ISC(CHF) R2CDB (USD) R2CFXC (USD) 145

149 Statistics (continued) Fortinbras PRISM Index Precious Metals EUR USD Total Net Asset Value 31 January ,115,247 72,158, January January 2010 NAV per share at the end of the year 31 January 2012 R1C R1CA R1CA (EUR) R1CB R1CC (SGD) R1CE R1CE (EUR) R1CFXC R1CS (CHF) R1CU R1CU (USD) RiD R2C R2C (EUR) R2C (USD) RZCA I1C I1CAltarius TiCB I1CD I1CDB I1CE I1CE (EUR) I1CFXC I1cP TiCS (CHF) TiCU I1CU (USD) lid R1C1 R1C2 R1C3 Ri C4 R1C5 R1C6 Ri C8 Ri C9 RiGiD RiCh R1C12 146

150 Statistics (continued) Fortinbras PRISM Index Precious Metals NAV per share at the end of the year 31 January C 12C (EUR) 12C (GBP) 12C (USD) 12CE (EUR) 12CFXC (USD) EUR USD 12CG (GBP) 12CU 13C 13C (CHE) 13CE 13CU (USD) 14C 14C (USD) 14CE 14D (GBP) 15D (GEP) 16D (GBP) R3CE R3CU (USD) R5C (CHF) IEC (CHF) R2CDB (USD) R2CFXC (USD) 147

151 Statistics (continued) Fortinbras PRISM Index Precious Metals NAV per share at the end of the year 31 January 2011 RiG R1CA R1CA (EUR) RiGB R1CC (SGD) R1CE R1CE (EUR) R1CFXC R1CS (CHF) RiCU R1CU (USD) RiD R2C R2C (EUR) R2C (USD) R2CA Tic I1CAltarius TiCB Tic D IiCDB T1CE TicE (EUR) TicFxc TicP Tics (CHF) Ticu Ticu (U5D) TiD RiCi R1C2 RiC3 RiC4 RiC5 RiC6 RiGS RiCO RiGiD RiCii RiCi2 EUR USD 148

152 Statistics (continued) Fortinbras PRISM Index Precious Metals NAV per share at the end of the year EUR USD 31 January C 12C (EUR) 12C (GBP) 12C (USD) 12CE (EUR) 12CFXC (USD) 12CG (GBP) 12CU 13C 13C (CHF) 13CE 13CU (USD) 14C 14C (USD) 14CE 14D (GBP) 15D (GBP) 16D (GEP) R3CE R3CU (USD) R5C (CHF) 15C (CHF) R2CDB (USD) R2CFXC (USD) 149

153 Statistics (continued) Fortinbras PRISM Index OB Platinum Precious Metals NAV per share at the end of the year 31 January 2010 R1C R1CA R1CA (EUR) R1CB R1CC (SGD) R1CE R1CE (EUR) R1CFXC R1CS (CHE) R1CU R1CU (USD) Ri D R2C R2C (EUR) R2C (USD) R2CA C J1CAltarius I1CB I1CD I 1CD B I1CE I1CE (EUR) I1CFXC cp I1CS (CHF) icu Iicu (USD) lid R1C1 R1C2 Ri C3 R1C4 R1C5 Ri C6 R1C8 R1C9 R1C1O R1Ci1 R1C12 EUR USD 150

154 Statistics (continued) Fortinbras PRISM Index Precious Metals NAV per share at the end of the year 31 January 2010 EUR USD 12C 12C (EUR) 12C (GBP) 12C (USD) 12CE (EUR) 12CFXC (USD) 12CG (GBP) 12CU 13C 13C (CHF) 13CE 13CU (USD) 14C 14C (USD) 14CE 14D (GBP) 15D (GBP) 16D (GBP) R3CE R3C U (USD) R5C (CHE) 15C (CHF) R2CDB (USD) R2CFXC (USD) 151

155 Thueringen Commodity 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 Austria Hypo AlpeAdriaBank International AG 087% 07 28/02/2013 Emtn 860,000,000 JPY ,675, Hypo Ndolb Fm 1019/10/2012 7,000,000 EUR 7,000,000 7,023, Hypo Noe Gruppe Bank Ag Fm 1127/06/ ,600,000 EUR 25,660,900 25,719, ,693,700 41,418, Denmark Danske Bank A/s 0.75% 0528/10/2013 Emtn 6,170,000,000 JPY 39,215,195 59,631, ,215,195 59,631, France Dexia CLF 0.60% 0510/11/2012 3,420,000,000.JPY 27,471,187 33,663, Dexia Mun AG 1.55% 0631/10/2013 1,000,000,000 JPY 5,990,999 9,908, ,462,186 43,572, Germany Bayerische Landesbank 0.73% 0519/01/2013 Emtn 740,000,000 JPY 4,477,010 7,465, Dekabank Deutsche Girozentrale 0.79% 05 18/01/2013 Emtn 6,710,000,000 JPY , Deutsche Hypothekenbank AG 1.49% 05 20/ 11/ ,000,000 JPY , Deutsche Hypothekenbank Fm 1013/01/ ,000,000 EUR 20,016,000 20,043, Deutsche Hypothekenbank 2.625% 1109/04/ ,600,000 EUR 31,742,200 32,785, Dexia Kommunalbank Deutschland AG 5.25% 01 22/02/2013 S EUR Eurohypo AG 4.25% 0720/11/ ,850,000 EUR 17,183,265 17,353, Hypothekenbank in Essen AG 0.71% 05 19/01/2013 Emtn 1,480,000,000 JPY 9,499,365 14,848, Landesbank Eaden Wurttemberg 0.25% 05 13/07/2012 Emtn 15,852,000,000 JPY 121,644, ,006, Landesbank Baden Wurttemberg 0.77% 05 18/01/2013 Emtn JPY Landesbank Berlin AG 3.25% 0515/06/ ,395,000 EUR 66,765,343 73,526, Landesbank Hessen Girozentrale 0.77% 0518/01/2013 6,060,000,000 JPY 41,594,609 61,156, ,391, ,557, Great Britain Abbey National Treasury Services Plc/ London 3.375% 0508/06/2015 Emtn 7, EUR , Bank of Scotland Plc 0.50% 0510/05/2013 Emtn 2,970,000,000 JPY 20,894,721 29,169, Bank of Scotland Plc 0.55% 0511/10/2012 Emtn 3,160,000,000 JPY 23,895,445 31,376, Nationwide Building Society 3.50% 0507/12/2015 Emtn 22,110,000 EUR 21,029,5S9 22,955, ,175,646 91,204, The accompanying notes form an integral part of these financial statements.

156 Commodity Euro Statement of Investments (continued) 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 (continued) Bonds (continued) Ireland Depfa Acs 3.875% 0315/07/2013 4,150,000 EUR 4,132,985 4,177, GE Capital UK 5.625% 0412/12/2014 5,280,000 GBP 3,827,993 6,938, German Postal Pensions Securitisation Plc 3.375% 05 18/0 1/ EUR ,580,483 31,233, Italy Intesa Sanpaolo SpA 0.88% 0723/05/2013 Emtn 4,800,000,000 JPY 35,110,926 45,897, Italy Buoni Poliennali del Tesoro 3.75% /08/ EUR ,105,588 48,956, Luxembourg Norddeutsche Landesbank Covered Finance Bank SA 0.90% 0714/12/2015 Emtn 6,430,000,000 JPY 41,607,801 65,404, Norddeutsche Landesbank Covered Finance Bank SA O. 90 %, 0730/10/2015 Emtn 2,020,000,000 JPY 15,944,941 20,539, Norddeutsche Landesbank Luxembourg SA 0.50% 0517/06/2013 6,580,000,000 JPY 47,649,994 66,348, ,202, ,292, Netherlands Achmea Hypotheekbank NV 4.25% 0726/02/ ,350,000 EUR 11,242,192 11,986, Deutsche Bahn 1.65% 0401/12/ ,000,000 JPY 1,864,800 2,483, ,106,992 14,470, Spain AyT Cedulas Cajas III Fondo De Titulizacion De Activos S. 2S% 0228/06/2012 2,700,000 EUR 2,912,490 2,700, AyT Cedulas Cajas IV Fondo De Titulizacion De Activos 4.00% 0313/03/ ,400,000 EUR 6,544,000 6, AyT Cedulas Cajas VI Fondo De Titulizacion De Activos 4.00% 0407/04/ ,400,000 EUR AyT Cedulas Cajas VIII Fondo De Titulizacion De Activos 4.00% 0418/11/ EUR Banco Espanol de Credito 2.75% 0507/09/2012 6,200,000 EUR 6,049,340 6,225, Banco Santander SA 3.50% 0606/02/2014 5,000,000 EUR 5,097,500 5,014, Banco Santander SA 4.00% 0308/07/ ,100,000 EUR 11,139,960 11,289, BBVA Senior Finance 0.8O% 0702/02/2013 Emtn 1,160,000,000 JPY 9,379,240 11,299, ,572,520 70,900, Sweden Swedish Bank 2.50% 1021/01/ ,000,000 EUR 20,292,000 20,399, ,292,000 20,399, The accompanying notes form an integral part of these financial statements. 153

157 Commodity Euro Statement of Investments (continued) 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 (continued) Bonds (continued) United States General Electric Capital Corp 1.00% 0521/03/2012 Emtn 858,000,000 JPY 6,205,440 8,583, WM Covered Bond 4.00% 0627/09/2016 5,000,000 EUR 4,974,500 5,274, ,179,940 13,858, Total Bonds 861,978,685 1,076,495, Total Transferable securities admitted to an official stock exchange 861,978,685 1,076,495, listing Other transferable securities Bonds Ireland Ejrles Three Ltd % 0401/11/2014 Emtn 2,975,000,000 JPY 18,950,623 26,923, Eirles Three Ltd % 040 1/11/2014 Emtn 730,000,000 JPY 5,497,249 7,398, Eirles Three Ltd % 0401/11/2014 Emtn 1,030,000,000 JPY 8,231,640 10,438, ,679,512 44,760, Netherlands Art Six Fm 1013/07/ ,000,000 EUR 9,995,000 10,089, ,995,000 10,089, Total Bonds 42,674,512 54,849, Total Other transferable securities 42,674,512 54,849, TOTAL INVESTMENT PORTFOLIO 904,653,197 1,131,345, The accompanying notes form an integral part of these financial statements.

158 European Inflation 2015 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 130,000,000 JPY 872,671 1,256, ,671 1,256, Germany Dekabank Deutsche Girozentrale 0.79% 05 18/01/2013 Emtn JPY 2,014,200 2,119, Landesbank Baden Wurttemberg 0.25% 05 13/07/2012 Emtn JPY 4,838,625 6,921, ,852,825 9,040, Italy Intesa Sanpaolo SPA 0.88% 0723/05/2013 Emtn 120,000,000 JPY 1,135,625 1,147, Italy Buoni Poliennali del Tesoro 4.50% 08/06/ ,000,000 JPY 1,843,722 1,729, ,979,347 2,876, apan Development Bank of Japan 1.40% 0220/06/ ,000,000 JPY 2,043,400 2,597, Japan Finance Corp for Municipal Enterprises 1.55% 0221/02/ ,000,000 JPY 3,129,300 4,091, ,172,700 6,689, Luxembourg Norddeutsche Landesbank Luxembourg SA 0.50% 05 17/06/ ,000,000 JPY 4,760,500 6,856, ,760,500 6,856, Total Bonds 20,638,043 26,720, Total Transferable securities admitted to an official stock exchange 20,638,043 26,720, listing TOTAL INVESTMENT PORTFOLIO 20,638,043 26,720, The accompanying notes form an integral part of these financial statements. 155

159 Wurttemberg Dynamic Aktien 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 Hypo AlpeAdriaBank International AG 0.87% 07 28/02/2013 Emtn 50,000,000 IPY 552, , , , Denmark Danske Bank A/s 0.75% 0528/10/2013 Emtn 70,000,000 JPY 465, , , , Germany Hypothekenbank in Essen AG 0.71% 05 19/01/2013 Emtn 40,000,000 JPY 329, , Landesbank Baden 0.25% 05 13/07/2012 Emtn 313, JPY 2,200,205 3,139, Landesbank Hessen Thueringen Girozentrale 0.77% 0518/01/ ,000,000 JPY 1,747,983 2,926, ,277,759 6,467, Great Britain Bank of Scotland Plc 0.55% 0511/10/2012 Emtn 80,000,000 JPY 562, , , , Italy Italy Buoni Poliennali del Tesoro 3.75% /08/ ,000 EUR 271, , , , Japan Japan Finance Corp for Municipal Enterprises 1.55% 022 1/02/ ,000,000 JPY 378, , , , Luxembourg Norddeutsche Landesbank Luxembourg SA 0.50% 05 17/06/ ,000,000 JPY 1,339,993 1,915, ,339,993 1,915, Spain AyT Cedulas Cajas III Fondo De Titulizacion De Activos 5.25% 0228/06/ ,000 EUR 105, , Banco Santander SA 3.25% 0507/02/2012 7th Issue 1,900,000 EUR 1,814,411 1,900, ,919,582 2,000, The accompanying notes form an integral part of these financial statements. 156

160 Dynamic Aktien Plus Statement of Investments (continued) 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 (continued) Bonds (continued) United States General Electric Capital Corp 1.00% 0521/03/2012 Emtn JPY 220, , , , Total Bonds 9,987,764 13,413, Total Transferable securities admitted to an official stock exchange 9,987,764 13,413, listing Other transferable securities Bonds Ireland Eirles Three Ltd % 0401/11/2014 Emtn 50,000,000 JPY 301, , , , Total Bonds 301, , Total Other transferable securities 301, , TOTAL INVESTMENT PORTFOLIO 10,289,426 13,920, The accompanying notes form an integral part of these financial statements. 157

161 Branchen 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 France SanofiAventis SA 37,895 EUR 1,899,155 2,139, Total SA 53,302 EUR 1,824,913 2,153, ,724,068 4,293, Italy ENI SpA Roma 130,451 EUR 2,131,646 2,204, ,131,646 2,204, Japan Astellas Pharma Inc 67,500 JPY 1,871,484 2,116, Daiichi Sankyo Co Ltd 140,300 WY 2,115,191 2,039, JX holdings 452,400 JPY 1,928,657 2,084, Kyocera Corp 34,000 JPY 2,275,907 2,214, Nintendo Co Ltd 19,500 JPY 2,277,868 2,020, Takeda Pharmaceutical Co Ltd 62,800 JPY 2,120,552 2,082, Toshiba Corp 674,000 JPY 2,131,121 2,181, ,720,780 14,738, United States Amgen Inc 41,900 USD 1,693,574 2,173, Apache Corp 27,954 USD 1,979,336 2,111, Applied Materials Inc 246,100 USD 2,381,021 2,308, Broadcom Corp A 89,900 USD 2,023,749 2,358, Chevron Corp 25,051 USD 1,813,470 1,972, ConocoPhillips 37,300 USD 1,815,434 1,943, Dell Inc 176,700 USD 1,907,294 2,325, Eli Lilly & Co 68,000 USD 1,796,123 2,064, Gilead Sciences Inc 63,300 USD 1,823,597 2,361, Halliburton Co 77,500 USD 2,133,058 2,177, Hess Corp 48,000 USD 2,074,653 2,064, HewlettPackard Co 102,500 USD 2,081,032 2,190, Intel Corp 107,200 USD 1,617,608 2,163, Marathon Oil Corp 88,300 USD 1,664,392 2,117, Medtronic Inc 69,400 USD 1,743,909 2,044, Merck 70,400 USD 1,618,098 2,057, Microsoft Corp 96,400 USD 1,876,865 2,174, Pfizer Inc 125,700 USD 1,723,136 2,054, Valero Energy Corp 133,000 USD 2,440,626 2,437, The accompanying notes form an integral part of these financial statements. 158

162 Branchen 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) United States (continued) Yahoo Inc 174,600 USD 1,676,500 2,063, ,883,475 43,166, Total Shares 58,459,969 64,403, Total Transferable securities admitted to an official stock exchange 58,459,969 64,403, listing TOTAL INVESTMENT PORTFOLIO 58,459,969 64,403, The accompanying notes form an integral part of these financial statements. 159

163 CROCI Germany 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 Germany Adidas AG 21,944 EUR 1,010,004 1,208, BASE SE 20,364 EUR 1,088,866 1,196, Bayer 21,966 EUR 1,119,340 1,176, Beiersdorf AG 27,489 EUR 1,195,782 1,261, Continental AG 20,421 EUR 1,190,158 1,247, Deutsche Post AG Bonn 94,804 EUR 1,200,690 1,204, EON 72,200 EUR 1,513,830 1,180, Hochtief AG 24,576 EUR 1,318,137 1,211, K+S Aktiengesellschaft 32,438 EUR 1,343,441 1,182, Lanxess AG 25,168 EUR 1,131,124 1,253, Man SE 15,467 EUR 1,245,023 1,242, Merck Kgaa 15,572 EUR 1,031,722 1,242, Metro AG 42,857 EUR 1,175,907 1,260, Puma AG 5,292 EUR 1,196,091 1,265, Siemens AG 16,051 EUR 1,243,962 1,157, ,006,077 18,290, Total Shares 18,006,077 18,290, Total Transferable securities admitted to an official stock exchange 18,006,077 18,290, listing TOTAL INVESTMENT PORTFOLIO 18,006,077 18,290, The accompanying notes form an integral part of these financial statements.

164 Omega 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 Telenet Group Holding 14,400 EUR 528, , , , Bermuda Islands Energy Xxi! Unrestrict 10,200 USD 313, , Validus Holdings 10,200 USD 305, , , , Great Britain Compass Group Plc 10,700 GBP 98,880 99, Vodafone Group Plc / Sadr 27,000 USD 734, , , , Ireland Xl Group 26,400 USD 523, , , , Luxembourg Altisource Portfolio Solutions 6,800 USD 344, , SES SA / Fdr 16,400 EUR 386, , , , Netherlands Reed Elsevier NV 27,200 EUR 303, , , , Spain Amadeus It Holding Sr. A 4,400 EUR 75,990 75, ,990 75, Switzerland Transocean Ltd 19,800 USD 789, , , , United States Anadarko Petroleum Corp 8,400 USD 611, , Apple Computer Inc 1,700 USD 656, , Atlas Energy Partnership Units 20,000 USD 482, , Bank of America Corp 48,500 USD 315, , Boston Scientific Corp 98,100 USD 509, , Broadridge Fncl Solutions /wh.iss. 17,800 USD 398, , Citrix Systems Inc 8,600 USD 543, , The accompanying notes form an integral part of these financial statements. 161

165 Omega 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) CVS Caremark Corp 8,900 USD 335, , Denbury Resources Inc 22,000 USD 328, , E Trade Financial Corp 53,800 USD 422, , Echostar Corp A 14,900 USD 314, , El Paso Energy Corp 37,300 USD 944,472 1,002, Express Scripts Inc 8,200 USD 368, , Forest Oil Corp 3,000 USD 36,727 39, Halliburton Co 13,800 USD 447, , JP Morgan Chase & Co 9,300 USD 292, , KKR Partnership Units 28,000 USD 362, , Lincoln National Corp 17,300 USD 311, , Linn Energy LIc /partnership 27,500 USD 1,006,167 1,025, Loral Space & Communicatns Inc 3,000 USD 190, , Mbia Inc. 14,600 USD 175, , Mcgraw Hill Companies Inc 15,800 USD 676, , Mcmoran Exploration Co 23,000 USD 305, , Metlife Inc 14,900 USD 443, , Nyse Euronext Inc 14,800 USD 387, , Ocwen Financial Corp 2,800 USD 40,312 40, Phillipsvan Heusen Corp 2,300 USD 159, , Qualcomm Inc 10,500 USD 554, , Range Resources 2,500 USD 143, , SIm Corp 102,000 USD 1,371,177 1,524, Sunoco Inc. 7,800 USD 265, , Tekelecom 5,100 USD 56,010 56, United Continental Holdings 17,700 USD 374, , Unitedhealth Group Inc 8,100 USD 411, , Warnaco Group Inc 7,500 USD 376, , Wellpoint Inc 8,500 USD 579, , Williams Companies Inc 9,600 USD 251, , WPX Energy Inc 3,200 USD 56,546 52, ,506,937 16,921, Total Shares 19,911,864 21,605, Investment funds United States Spdr Gold Trust 6,200 USD 965,084 1,049, The accompanying notes form an integral part of these financial statements.

166 Omega 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) Investment funds (continued) United States (continued) Spdr S&p500 Etf Trust S.1 14,800 USD 1,816,667 1,942, ,781,751 2,992, Total Investment funds 2,781,751 2,992, Total Transferable securities admitted to an official stock exchange 22,693,615 24,598, listing TOTAL INVESTMENT PORTFOLIO 22,693,615 24,598, The accompanying notes form an integral part of these financial statements. 163

167 Omega Statement of Investments (continued) as at 31 January 2012 (expressed in USD) Quantity Currency Cost Evaluation % net Description assets Transferable securities admitted to an official stock exchange listing Options Options short Call Apple Inc 21/04/ (3) USD (3,240) (5,460) (0.02) Call Citrix Systems Inc 17/03/ (11) USD (6,198) (7,260) (0.02) Call Citrix Systems Inc 17/03/ (6) USD (2,562) (1,260) 0.00 Call MCgraw Hill Companies 17/03/ (16) USD (2,082) (1,200) 0.00 Call MCgraw Hill Companies 19/05/ (51) USD (7,602) (6,630) (0.02) Call Mcgraw Hill Companies 19/05/ (8) USD (978) (760) 0.00 Call PhillipsVan Heusen Corp 17/03/ (12) USD (2,004) (2,292) (0.01) Call S&P 500 Indices 16/06/2012 1,450 (4) USD (3,988) (2,800) (0.01) Call S&P 500 Indices 22/09/2012 1,475 (12) USD (19,914) (16,800) (0.05) Call S&P 500 Indices 22/12/2012 1,475 (3) USD (8,391) (7,470) (0.02) Call S&P 500 Indices 22/12/2012 1,500 (5) USD (10,235) (9,100) (0.03) Call S&P 500 Indices 22/12/2012 1,525 (15) USD (20,655) (19,950) (0.06) Call S&P 500 Indicess 22/09/2012 1,450 (3) USD (6,891) (5,850) (0.02) Put Anadarko Petrol. Corp 18/08/ (5) USD (1,765) (1,420) 0.00 Put Anadarko Petrol. Corp 19/05/ (14) USD (5,885) (1,470) 0.00 Put Anadarko Petrol. Corp 19/05/ (9) USD (2,622) (1,566) 0.00 Put Apple Inc 21/04/ (3) USD (2,793) (318) 0.00 Put Apple Inc 21/04/ (5) USD (7,861) (1,840) (0.01) Put Express Scripts Inc 19/05/ (9) USD (2,638) (2,646) (0.01) Put Halliburton Co 21/04/ (70) USD (29,609) (6,160) (0.02) Put Halliburton Co 21/04/ (23) USD (4,990) (2,576) (0.01) Put Halliburton Co 21/04/ (20) USD (4,035) (2,820) (0.01) Put Halliburton Co 21/07/ (13) USD (2,693) (2,184) (0.01) Put JP Morgan Chase & Co 21/04/ (45) USD (7,803) (3,870) (0.01) Put MCgraw Hill Companies 19/05/ (18) USD (2,825) (1,710) 0.00 Put MCmoran Exploration Co 19/05/ (46) USD (8,788) (9,936) (0.03) Put Metlife Inc 16/06/ (30) USD (6,419) (3,690) (0.01) Put Metlife Inc 16/06/ (30) USD (6,896) (5,280) (0.01) Put PhillipsVan Heusen Corp 17/03/ (12) USD (3,144) (720) 0.00 Put Range Resources 16/06/ (6) USD (1,902) (1,680) 0.00 Put Range Resources 16/06/ (16) USD (5,604) (5,920) (0.02) Put S&P 500 Indices 16/06/2012 1,000 (12) USD (19,659) (10,800) (0.03) Put S&P 500 Indices 16/06/2012 1,050 (7) USD (9,559) (8,400) (0.02) Put S&P 500 Indices 16/06/ (40) USD (71,480) (20,000) (0.06) Put S&P 500 Indices 16/06/ (4) USD (6,068) (3,200) (0.01) Put S&P 500 Indices 21/04/2012 1,000 (8) USD (11,336) (2,960) (0.01) Put S&P 500 Indices 21/04/2012 1,050 (4) USD (5,268) (1,600) 0.00 Put S&P 500 Indices 21/04/2012 1,100 (3) USD (3,261) (2,100) (0.01) Put S&P 500 Indices 22/09/2012 1,050 (3) USD (7,341) (8,190) (0.02) Put S&P 500 Indices 22/09/ (50) USD (98,850) (36,750) (0.10) Put S&P 500 Indices 22/09/ (9) USD (14,373) (7,920) (0.02) Put S&P 500 Indices 22/09/ (10) USD (15,970) (12,600) (0.04) Put S&P 500 Indices 22/09/ (6) USD (10,062) (9,780) (0.03) Put S&P 500 Indices 22/12/2012 1,000 (5) USD (14,845) (15,850) (0.04) The accompanying notes form an integral part of these financial statements. 164

168 Omega 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) Options (continued) Options short (continued) Put S&P 500 Indices 22/12/2012 1,025 (3) USD (9,741) (11,160) (0.03) Put S&P 500 Indices 22/12/ (8) USD (10,956) (6,000) (0.02) Put S&P 500 Indices 22/12/ (30) USD (47,010) (28,500) (0.08) Put S&P 500 Indices 22/12/ (30) USD (54,210) (32,550) (0.09) Put S&P 500 Indices 22/12/ (9) USD (14,823) (10,620) (0.03) Put S&P 500 Indices 22/12/ (20) USD (36,940) (27,900) (0.08) Put S&P 500 Indices 22/12/ (6) USD (12,792) (13,920) (0.04) Put Unitedhealth Group Inc 16/06/ (70) USD (17,058) (12,250) (0.03) Put Warnaco Group Inc 21/07/ (4) USD (1,468) (1,300) 0.00 Put Wellpoint Inc 16/06/ (23) USD (7,719) (8,050) (0.02) Put Wellpoint Inc 16/06/ (43) USD (15,091) (25,800) (0.07) Total Options short (718,887) (460,838) (1.28) Total Investment in options (718,887) (460,838) (1.28) Total Transferable securities admitted to an official stock exchange (718,887) (460,838) (1.28) listing TOTAL INVESTMENTS 21,974,728 24,137, The accompanying notes form an integral part of these financial statements. 165

169 Thueringen Commodity 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 Austria Bundesimmobiliengesellschaft Mbh 4.625% 02 27/09/ ,850,000 EUR 27,333,239 25,323, Hypo Ndolb Fm 1019/10/ ,000,000 EUR 18,003,726 17,051, Pfandbriefstelle Oesterreichische Hypothekenbank Fm 0515/06/2015 4, EUR 5 776,088 5,573, ,113,053 47,948, Denmark Danske Bank A/s 0.75% 0528/10/2013 Emtn 890,000,000 JPY 10,685,301 11,260, ,685,301 11,260, Finland Op Mortgage Bank 3.125% 0919/11/ ,000,000 EUR 36,181,600 34,369, ,181,600 34,369, France Dexia CLF 0.60% 0510/11/2012 2,360,000,000 JPY 28,371,200 30,409, ,371,200 30,409, Germany Dekabank Deutsche Girozentrale 0.79% 05 18/01/2013 Emtn JPY 7 900, , Dexia Kommunalbank Deutschlancl AG 5.25% 01 22/02/2013 S932 3,000,000 EUR 4,684,852 4,067, Eurohypo AG 4.25% 0720/11/ ,150,000 EUR 18,935,500 17,729, Hypothekenbank in Essen AG 0.71% 05 19/01/2013 Emtn 1,390,000,000 JPY 17,953,600 18,255, Landesbank Baden Wurttemberg 0.77% 05 18/01/2013 Emtn 950,000,000 WY 11,040,402 12,550, Landesbank Berlin AG 3.25% 0515/06/ ,085,000 EUR 21,591,922 20,923, Landesbank Hessen Girozentrale 0.77% 0518/01/2013 1,930,000,000 JPY 24,870,925 25,497, Landesbank RheinlandPfalz 4.50% 0201/08/2012 Em EUR 1 627,050 1,599, Lbk Hessen Fm 0410/12/2015 /sub 15,000,000 EUR 19,950,000 19,642, Lbk Hessen 5.5% 0121/12/201S 2,200,000 EUR 3,248,247 3,279, Nordd Lbk 6.34% 0016/03/2015/sub 8,000,000 EUR 13,105,400 12,043, WL Bank Fm 1113/06/ ,300,000 EUR 41,962,244 38,419, ,870, ,597, Great Britain Abbey National Treasury Services Plc/ London 3.375% 0508/06/201S Emtn 2, EUR 3 988,602 3,606, Bank of Scotland Plc 0.55% 0511/10/2012 Emtn 2,480,000,000 JPY 30,174,044 32,235, Bank of Scotland Plc 3.25% 062S/01/ ,400,000 EUR 20,782,911 19,257, Bank of Scotland Plc 4.50% 0323/10/ ,000 EUR 1,319,240 1,234, The accompanying notes form an integral part of these financial statements.

170 Commodity USD 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) Great Britain (continued) Nationwide Building Society 3.50% 0507/12/2015 Emtn 1,650,000 EUR 2,271,374 2,242, ,536,171 58,576, Ireland GE Capital UK 5.625% 0412/12/2014 3,950,000 GBP 6,799,980 6,794, German Postal Pensions Securitisation Plc 3.375% 05 18/0 1/ ,900,000 EUR 30,465,558 30,355,528 S.61 37,265,538 37,150, Italy Bancapulia 3.75% 0501/08/2015 4,200,000 EUR 6,003,310 5,279, Cassa Depositi e Presti 3.00% 0531/01/2013 6,000,000 EUR 8,458,800 7,857, Intesa Sanpaolo SpA 0.88% 0723/05/2013 Emtn 370,000,000 JPY 3,493,056 4,631, Italy Buoni Poliennali del Tesoro 3.75% /08/ ,690,000 EUR 9,733,701 8,561, ,688,867 26,329, Luxembourg Europaische Hypothekenbank SA Luxembourg 07 20/03/20 17 Fm Emtn 72,700,000 USD 69,821,515 66,564, Norddeutsche Landesbank Covered Finance Bank SA 0.90% 0730/10/2015 Emtn JPY Norddeutsche Landesbank Luxembourg SA 0.5O% 05 17/06/ ,410,000,000 WY 14,488,110 18,612, ,246,023 92,231, Netherlands Achmea Hypotheekbank NV 4.25% 0726/02/ ,600,000 EUR 15,580,262 14,654, ,580,262 14,654, Spain AyT Cedulas Cajas Global 4.00% 0620/12/2016 3,300,000 EUR 4,747,876 3,997, AyT Cedulas Cajas III Fondo De Titulizacion De Activos 5.25% 0228/06/ EUR 3 476,189 3,273, AyT Cedulas Cajas IV Fondo De Titulizacion De Activos 4.00% 0313/03/ ,600,000 EUR 20,809,134 20,346, AyT Cedulas Cajas VI Fondo De Titulizacion De Activos 4.00% 0407/04/2014 4,800,000 EUR 7,118,998 6,163, AyT Cedulas Cajas VIII Fondo De Titulizacion De Activos 4.00% 0418/11/2014 5,400,000 EUR 6,754,612 6,844, Banco Bilbao Vizcaya Argentaria SA 4.25% 04 15/07/ ,000,000 EUR 16,001,206 14,711, Banco Espanol de Credito 2.75% 0507/09/2012 4,100,000 EUR 5,844,657 5,389, Banco Popular Espanol 4.25% 0412/02/2014 Ced ,000 EUR 5,268,117 4,534, Banco Sabadell SA 4.25% 0624/01/2017 8,900,000 EUR 12,398,201 11,316, Banco Santander SA 3.50% 0606/02/2014 5,100,000 EUR 7,737,17S 6,695, The accompanying notes form an integral part of these financial statements. 167

171 Commodity USD 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 (continued) Banco Santander SA 4.00% 0308/07/2013 3,200,000 EUR 4,182,332 4,260, Banco Santander SA 4.125% 0609/01/2017 1,400,000 EUR 1,970,399 1,810, ,308,896 89,344, Total Bonds 638,847, ,873, Total Transferable securities admitted to an official stock exchange 638,847, ,873, listing Other transferable securities Bonds Ireland Eirles Three Ltd % 0401/11/2014 Emtn 400,000,000 JPY 5,054,500 5,306, ,054,500 5,306, Netherlands Art Six Fm 1013/07/ ,000 EUR 914, , , , Total Bonds 5,969,345 6,164, Total Other transferable securities 5,969,345 6,164, TOTAL INVESTMENT PORTFOLIO 644,816, ,038, The accompanying notes form an integral part of these financial statements.

172 Wurttemberg Accelerator 135% 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 Dekabank Deutsche Girozentrale 0.79% 05 18/01/2013 Emtn JPY 709,947 1,009, Landesbank Baden 0.25 h 05 13/07/2012 Emtn JPY 963,490 1,193, ,673,437 2,203, Great Britain Bank of Scotland Plc 0.55% 0511/10/2012 Emtn 30,000,000 JPY 204, , , , Italy Italy Buoni Poliennali del Tesoro 3.75% /08/ ,000 EUR 96,925 97, ,925 97, Japan Development Bank of Japan 1.40% 0220/06/ ,000,000 JPY 1,043,859 1,147, Japan Finance Corp for Municipal Enterprises 1.SS% 022 1/02/ ,000,000 JPY 779, , ,823,330 2,010, Total Bonds 3,798,523 4,608, Total Transferable securities admitted to an official stock exchange 3,798,523 4,608, listing TOTAL INVESTMENT PORTFOLIO 3,798,523 4,608, The accompanying notes form an integral part of these financial statements. 169

173 Tosca Mid Cap Equity Fund Statement of Investments as at 31 January 2012 (expressed in GBP) Quantity / Currency Cost Evaluation % net Face value assets Description Transferable securities admitted to an official stock exchange listing Shares Bermuda Islands Jellybook Ltd 5,690,500 GBP 545, , , , Great Britain Aurelian Oil & Gas 13,579,131 GBP 4,512,616 2,240, Daisy Group Plc 508,584 GBP 511, , Findel Plc 26,062,686 GBP 2,217, , Healthcare Locums Plc 22,368,236 GEP 4,277, , Produce Investments 122,525 GBP 194, , Redrow Plc 2,074,192 GBP 2,554,994 2,557, Reneuron Group 30,326,356 GBP 1,447,743 1,580, ,717,121 8,716, United States Phoenix Companies Inc 1,079,100 USD 1,660,241 1,408, ,660,241 1,408, Total Shares 17,922,535 10,387, Total Transferable securities admitted to an official stock exchange 17,922,535 10,387, listing Transferable securities dealt in on another regulated market Treasury bills Great Britain UK 0% 1105/03/20 12 TB 7,000,000 GBP 6,996,937 6,992, UK 0% 1110/04/2012 TB 2,000,000 GBP 1,996,837 1,998, UK 0% 1113/02/2012 TB 3,000,000 GBP 2,997,660 2,996, UK 0% 1120/02/2012 TB 5,000,000 GBP 4,993,564 4,999, UK 0% 1123/04/2012 TB 2,000,000 GBP 1,998,505 1,999, UK 0% 1127/02/2012 TB 3,000,000 GBP 2,998,261 2,998, ,981,764 21,985, Total Treasury bills 21,981,764 21,985, Total Transferable securities dealt in on another regulated market 21,981,764 21,985, TOTAL INVESTMENT PORTFOLIO 39,904,299 32,373, The accompanying notes form an integral part of these financial statements. 170

174 Germany Covered Bond Fund 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 AlpeAdriaBank International AG 0.87% 07 28/02/2013 Emtn 50,000,000 JPY 502, , , , France Dexia CLF 0.60% 0510/11/ ,000,000 JPY 547, , , , Germany Dekabank Deutsche Girozentrale 0.79% 05 18/01/2013 Emtn 60,000,000 JPY 505, , Eurohypo AG 4.25% 0720/11/ ,000 EUR 691, , Hypothekenbank in Essen AG 0.71% 05 19/01/2013 Emtn 50,000,000 JPY 469, , ,665,599 1,776, Ireland Depfa Acs 3.875% 0315/07/2013 2,000,000 EUR 1,964,600 2,013, ,964,600 2,013, Luxembourg Norddeutsche Landesbank Luxembourg SA 0.50% 0517/06/ ,000,000 JPY 1,606,729 2,621, ,606,729 2,621, Spain Banco Espanol de Credito 2.75% 0507/09/2012 1,400,000 EUR 1,412,320 1,405, ,412,320 1,405, United States General Electric Capital Corp 1.00% 0521/03/2012 Emtn JPY 461, , , , Total Bonds 8,159,646 9,809, Total Transferable securities admitted to an official stock exchange 8,159,646 9,809, listing TOTAL INVESTMENT PORTFOLIO 8,159,646 9,809, The accompanying notes form an integral part of these financial statements. 171

175 Accelerator 135% II 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/ EUR , , Denmark Danske Bank A/s 0.75% 0528/10/2013 Emtn 20,000,000 WY 134, , , , Germany Dekabank Deutsche Girozentrale 0.79% 05 18/01/2013 Emtn 50,000,000 JPY 307, , Landesbank Baden Wurttemberg 0.25% 05 13/07/2012 Emtn 65,000,000 JPY 430, , ,546 1,156, Great Britain Bank of Scotland Plc 3.25% 0625/01/ ,000 EUR 330, , , , Japan Development Bank of Japan 1.40% 0220/06/ ,000,000 JPY 151, , Japan Finance Corp for Municipal Enterprises 1.55% /02/2012 JPY , , Luxembourg Norddeutsche Landesbank Covered Finance Bank SA 0.90% 0714/12/2015 Emtn 30,000,000 JPY 169, , , , Total Bonds 1,984,017 2,699, Total Transferable securities admitted to an official stock exchange 1,984,017 2,699, listing TOTAL INVESTMENT PORTFOLIO 1,984,017 2,699, The accompanying notes form an integral part of these financial statements. 172

176 CROCI Alpha 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 Belgacom SA 1,001 EUR 23,874 23, ,874 23, France Derichebourg 14,665 EUR 43,115 41, UnibailRodamco SE 188 EUR 27,608 27, ,723 68, Ge rma fly Adidas AG 202 EUR 11,296 11, Allianz SE 248 EUR 21,221 20, BASF SE 594 EUR 35,925 34, Bayer 764 EUR 40,798 40, Beiersdorf AG 458 EUR 20,910 21, BMW Bayerische Motoren Werke AG 463 EUR 29,910 30, Daimler AG 943 EUR 40,266 39, Deutsche Post AG Bonn 3,168 EUR 40,202 40, EON 1,402 EUR 22,972 22, Man SE 259 EUR 21,222 20, Merck Kgaa 490 EUR 38,475 39, Porsche A [lldg/pref 302 EUR 14,458 14, Sap AG 872 EUR 39,894 40, Volkswagen AGPfd 153 EUR 20,877 20, , , Italy Intesa Sanpaolo SpA 22,366 EUR 32,386 32, Parmalat Spa 17,584 EUR 25,655 25, Pirelli Et C 3,004 EUR 21,268 21, Saipem SpA 826 EUR 29,092 29, Save SpA 4,307 EUR 29,395 29, Telecom Italia SpA 36,486 EUR 28,605 28, , , Netherlands Koninklijke Ahold NV 2,567 EUR 26,119 26, Koninklijke DSM NV 465 EUR 18,377 18, Koninklijke KPN NV 2,895 EUR 23,768 24, Koninklijke Ten Cate NV 1,104 EUR 26,336 26, Reed Elsevier NV 3,060 EUR 27,999 27, The accompanying notes form an integral part of these financial statements. 173

177 CROCI Alpha 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) Wolters Kluwer NV 2,762 EUR 38,392 38, , , Total Shares 820, , Total Transferable securities admitted to an official stock exchange 820, , listing TOTAL INVESTMENT PORTFOUO 820, , The accompanying notes form an integral part of these financial statements.

178 Wurttemberg EMLIN TM Sovereign Bond 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 Austria Bundesimmobiliengesellschaft Mbh 4.625% 02 27/09/ ,000 EUR 930, , Hypo Noe Gruppe Bank Ag Fm 1127/06/2014 1,900,000 EUR 2,706,764 2,497, ,637,184 3,303, Germany Eurohypo AG 4.25% 0720/11/2012 1,060,000 EUR 1,486,389 1,429, Landesbank Baden 0.77% 05 18/01/2013 Emtn 70,000,000 JPY 854, , Landesbank Berlin AG 3.25% 0515/06/2015 1,700,000 EUR 2,258,811 2,357, ,599,450 4,711, Great Britain Bank of Scotland Plc 4.50% 0323/10/ ,000 EUR 1,010, , ,010, , Ireland Depfa Acs 3.875% 0315/07/ ,000 EUR 508, , GE Capital UK 5.625% 0412/12/ ,000 GBP 863, , ,372,012 1,183, Luxembourg Europaische Hypothekenbank SA Luxembourg 07 20/03/2017 Fm Emtn 2,850,000 USD 2,842,951 2,609, ,842,951 2,609, Netherlands Achmea Hypotheekbank NV 4.25% 0726/02/ ,000 EUR 651, , , , Spain AyT Cedulas Cajas IV Fondo De Titulizacion De Activos 4.00% 0313/03/ EUR , AyT Cedulas Cajas VI Fondo De Titulizacion De Activos 4.O0% 0407/04/2014 1,100,000 EUR 1,551,791 1,412, Banco Bilbao Vizcaya Argentaria SA 4.25% 04 15/07/ ,100,000 EUR 2,990,799 2,808, Banco Santander SA 3.25% 0507/02/2012 7th Issue 200,000 EUR 340, , ,764,010 5,265, Total Bonds 19,877,564 18,656, Total Transferable securities admitted to an official stock exchange 19,877,564 18,656, listing The accompanying notes form an integral part of these financial statements. 175

179 EMLIN T Sovereign Bond Fund Statement of Investments (continued) as at 31 January 2012 (expressed in USD) Face value Currency Cost Evaluation % net assets Description Other transferable securities Bonds Netherlands Art Six Fm 1013/07/ ,000 EUR 606, , , , Total Bonds 606, , Total Other transferable securities 606, , TOTAL INVESTMENT PORTFOLIO 20,483,864 19,184, The accompanying notes form an integral part of these financial statements.

180 Agriculture 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 Belgium AnheuserBush Inbev SA 140,633 EUR 6,648,425 6,519, ,648,425 6,519, France Arkema 80,676 EUR 5,004,332 4,984, Compagnie De SaintGobain 172,092 EUR 6,093,778 5,854, SanofiAventis SA 59,816 EUR 3,374,221 3,377, ,472,331 14,216, Ge rma fly Adidas AG 99,999 EUR 5,649,944 5,507, Allianz SE 83,598 EUR 7,145,121 7,027, BASF SE 105,588 EUR 6,335,280 6,206, Bayer 64,488 EUR 3,477,193 3,452, Beiersdorf AG 104,343 EUR 4,756,997 4,789, Daimler AG 185,655 EUR 8,053,714 7,842, Deutsche Lufthansa AG 700,294 EUR 7,521,158 7,398, EON 445,801 EUR 7,311,136 7,286, Fresenius AG 75,119 EUR 5,921,631 5,824, Fresenius Medical Care AG 106,753 EUR 5,822,309 5,823, Henkel Kgaa 59,538 EUR 2,849,786 2,807, Hugo Boss AG/Vorzugsaktie 118,708 EUR 8,097,072 8,089, Kabel Deutschland Holding AG 158,071 EUR 6,204,287 6,300, K+S Aktiengesellschaft 34,731 EUR 1,298,592 1,266, Linde AG 50,769 EUR 6,069,434 6,158, Metro AG 99,067 EUR 2,943,281 2,913, Sap AG 175,305 EUR 7,968,488 8,097, ,425,423 96,793, Italy Assicurazioni Generali SpA 247,503 EUR 3,106,163 2,952, ENI SpA Roma 379,950 EUR 6,466,749 6,421, Intesa Sanpaolo SpA 5,655,092 EUR 8,245,124 8,256, Save SpA 910,465 EUR 6,127,429 6,268, Telecom Italia SpA 9,206,689 EUR 7,254,871 7,158, ,200,336 31,057, Netherlands ING Groep NV 1,049,827 EUR 7,445,372 7,304, Koninklijke Ahold NV 334,766 EUR 3,421,309 3,391, The accompanying notes form an integral part of these financial statements. 177

181 Agriculture 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) Reed Elsevier NV 691,374 EUR 6,413,877 6,288, ,280,558 16,984, Total Shares 167,027, ,570, Total Transferable securities admitted to an official stock exchange 167,027, ,570, listing TOTAL INVESTMENT PORTFOLIO 167,027, ,570, The accompanying notes form an integral part of these financial statements.

182 CROCI Alpha II Statement of Investments as at 31 January 2012 (expressed in FUR) Quantity Currency Cost Evaluation % net assets Description Transferable securities admitted to an official stock exchange listing Shares Belgium AnheuserBush Inbev SA 7,765 EUR 364, , , , France Compagnie De SaintGobain 9,061 EUR 307, , Credit Agricole SA 60,232 EUR 301, , SanofiAventis SA 6,455 EUR 359, , Valeo 9,184 EUR 330, , Vivendi 15,827 EUR 252, , ,551,486 1,539, Germany Aareal Bank AG 11,686 EUR 197, , Allianz SE 4,978 EUR 422, , BASF SE 6,944 EUR 407, , Bayer 5,104 EUR 271, , Beiersdorf AG 2,230 EUR 97, , BMW AG 7,905 EUR 333, , BMW Bayerische Motoren Werke AG 5,053 EUR 320, , Daimler AG 8,034 EUR 332, , EON 19,108 EUR 305, , Henkel Kgaa 6,067 EUR 285, , Hugo Boss AG/Vorzugsaktie 5,722 EUR 385, , Man SE 4,137 EUR 327, , Merck Kgaa 5,225 EUR 403, , Muenchener Rueckversicherungs AG 2,843 EUR 284, , Porsche A Hldg/Pref 6,592 EUR 308, , ,684,518 4,749, Italy Intesa Sanpaolo SpA 206,716 EUR 300, , Save SpA 57,350 EUR 388, , Telecom Italia SpA 385,444 EUR 303, , , , Netherlands ING Groep NV 45,590 EUR 321, , Koninklijke Ahold NV 33,153 EUR 340, , Koninklijke DSM NV 2,753 EUR 109, , The accompanying notes form an integral part of these financial statements. 179

183 CROCI Alpha II 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) Reed Elsevier NV 11,419 EUR 105, , , , Total Shares 8,469,020 8,509, Total Transferable securities admitted to an official stock exchange 8,469,020 8,509, listing TOTAL INVESTMENT PORTFOLIO 8,469,020 8,509, The accompanying notes form an integral part of these financial statements.

184 PWM CROCI frlulti Fund 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 tnbev SA 124,903 EUR 5,904,789 5,789, ,904,789 5,789, France Christian Dior SA 32,506 EUR 3,525,276 3,517, Compagnie De SaintGobain 131,755 EUR 4,665,444 4,482, SanofiAventis SA 75,809 EUR 4,276,386 4,280, Valeo 71,762 EUR 2,643,712 2,575, ,110,818 14,855, Germany Aareal Bank AG 66,422 EUR 1,170,356 1,157, Adidas AG 97,098 EUR 5,486,037 5,348, Allianz SE 64,438 EUR 5,507,516 5,416, BASF SE 97,743 EUR 5,864,580 5,745, Bayer 110,131 EUR 5,938,264 5,896, Beiersdorf AG 9g,713 EUR 4,545,916 4,576, Daimler AG 119,440 EUR 5,181,307 5,045, Deutsche Lufthansa AG 421,899 EUR 4,531,195 4,457, Deutsche Post AG Bonn 50,776 EUR 641, , EON 364,006 EUR 5,969,697 5,949, Fresenius AG 65,457 EUR 5,159,975 5,075, K+S Aktiengesellschaft 141,592 EUR 5,294,125 5,161, Linde AG 32,043 EUR 3,830,741 3,886, Metro AG 186,812 EUR 5,550,185 5,494, Porsche A Hldg/Pref 88,966 EUR 4,291,720 4,169, Sap AG 85,631 EUR 3,892,357 3,955, ,855,780 71,981, Italy Diasorin SrI 51,882 EUR 1,216,114 1,201, ENI SpA Roma 197,078 EUR 3,354,268 3,330, Intesa Sanpaolo SpA 4,162,048 EUR 6,068,266 6,076, Saipem SpA 122,214 EUR 4,369,151 4,372, Save SpA 700,039 EUR 4,711,262 4,819, Snam Rete Gas SpA 527,666 EUR 1,818,337 1,818, ,537,398 21,619, Netherlands Aegon NV 294,946 EUR 1,100,738 1,092, ING Groep NV 698,732 EUR 4,955,408 4,861, The accompanying notes form an integral part of these financial statements. 181

185 PWM CROCI Multi Fund 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 109,151 EUR 1,115,523 1,105, ,171,669 7,060, Total Shares 122,580, ,306, Total Transferable securities admitted to an official stock exchange 122,580, ,306, listing TOTAL INVESTMENT PORTFOLIO 122,580, ,306, The accompanying notes form an integral part of these financial statements. 182

186 Europa Gewinnstufen III 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 Austria Amag Austria Metall 16,000 EUR 244, , , , Belgium AnheuserBush Inbev SA 5,000 EUR 239, , , , France Compagnie De SaintGobain 7,836 EUR 242, , Danone 3,500 EUR 171, , France Telecom SA 17,500 EUR 207, , SanofiAventis SA 4,000 EUR 227, , Vivendi 14,324 EUR 233, , ,081,255 1,087, G erma fly BASF SE 4,800 EUR 275, , Beiersdorf AG 5,500 EUR 244, , Deutsche Post AG Bonn 20,000 EUR 250, , EON 14,569 EUR 245, , Hugo Boss AG/Vorzugsaktie 4,000 EUR 267, , Merck Kgaa 2,500 EUR 194, , Software AG 8,000 EUR 194, , ,672,596 1,698, Italy Enel 63,015 EUR 196, , ENI SpA Roma 13,000 EUR 215, , Saipem SpA 8,083 EUR 285, , Save SpA 35,000 EUR 227, , Snam Rete Gas SpA 65,430 EUR 220, , Telecom Italia SpA 270,000 EUR 228, , ,374,511 1,382, Netherlands Heineken NV 5,500 EUR 203, , ING Groep NV 30,500 EUR 176, , Koninklijke Ahold NV 21,740 EUR 225, , Koninklijke DSM NV 7,450 EUR 276, , The accompanying notes form an integral part of these financial statements. 183

187 Europa Gewinnstufen III 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 KPN NV 23,225 EUR 200, , ,081,977 1,113, Total Shares 5,694,469 5,784, Total Transferable securities admitted to an official stock exchange 5,694,469 5,784, listing TOTAL INVESTMENT PORTFOLIO 5,694,469 5,784, The accompanying notes form an integral part of these financial statements.

188 Europa Gewinnstufen II 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 4,594 EUR 215, , , , France Arkema 5,001 EUR 306, , Christian Dior SA 1,616 EUR 169, , Metropole Television SA M6 18,645 EUR 234, , Valeo 5,694 EUR 204, , Vivendi 11,958 EUR 190, , ,105,001 1,117, Germany Allianz SE 3,036 EUR 257, , Beiersdorf AG 4,759 EUR 209, , EON 11,667 EUR 186, , Henkel Kgaa 4,192 EUR 197, , Hugo Boss AG/Vorzugsaktie 1,179 EUR 79,465 80, Linde AG 1,200 EUR 144, , Man SE 2,223 EUR 175, , Merck Kgaa 3,557 EUR 274, , Porsche A Hldg/Pref 5,613 EUR 262, , Sap AG 4,247 EUR 188, , ,976,377 2,009, Italy Banca Popolare Di Milano 576,062 EUR 225, , ENI SpA Roma 10,795 EUR 186, , Pirelli Et C 25,202 EUR 179, , Prysmian SpA 16,207 EUR 183, , Telecom Italia SpA 203,966 EUR 160, , , , Netherlands Aegon NV 50,190 EUR 190, , Corio NV 5,125 EUR 183, , ING Groep NV 29,556 EUR 208, , Koninklijke Ahold NV 25,493 EUR 261, , Koninklijke KPN NV 31,219 EUR 247, , Reed Elsevier NV 25,477 EUR 234, , The accompanying notes form an integral part of these financial statements. 185

189 Europa Gewinnstufen II 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) SBM Offshore NV 17,199 EUR 225, , ,551,062 1,548, Total Shares 5,783,585 5,823, Total Transferable securities admitted to an official stock exchange 5,783,585 5,823, listing TOTAL INVESTMENT PORTFOLIO 5,783,585 5,823, The accompanying notes form an integral part of these financial statements. 186

190 Sloane Robinson Asia Statement of Investments as at 31 January 2012 (expressed in USD) Quantity I Currency Cost Evaluation % net Face value assets Description Transferable securities admitted to an official stock exchange listing Shares Bermuda Islands Gome Electrical Appliance Holdings 308,000 HKD 113,529 73, Jardine Matheson Holdings Ltd 6,040 USD 300, , , , Cayman Islands New Orientaleducat.tech/adr 3,400 USD 76,977 80, Wynn Macau 29,200 HKD 77,418 74, , , China md & Corn Boc H 85,000 HKD 59,692 59, Petrochina I Sadr 1,800 USD 250, , Ping An Insurance (Group) Co. H 10,500 HKD 80,459 83, , , Great Britain Burberry Group Plc 2,785 GBP 60,449 58, Prudential Plc 15,671 GBP 184, , , , Hong Kong China Unico 38,000 HKD 77,547 69, China Unicorn (hk) Ltd /Sadr 3,800 USD 78,075 70, Cnooc /spadr H 500 USD 101, , , , Indonesia Perusahaan Gas Nega B 334,000 IDR 161, , Pt Bank Mandiri Persero Tbk 211,000 IDR 160, , Pt Jasa Marga Persero Tbk 486,000 IDR 191, , , , Japan Daito Trust Construction 1,800 JPY 160, , Hitachi Ltd 50,000 JPY 265, , Js Group Corp 3,900 JPY 84,966 80, Mizuho Financial Groupinc 83,400 JPY 123, , Sumitomo Mitsui Financial Group 4,000 JPY 122, , Yamaha Motor Co Ltd 8,900 JPY 126, , , , The accompanying notes form an integral part of these financial statements. 187

191 Sloane Robinson Asia Statement of Investments (continued) as at 31 January 2012 (expressed in USD) Quantity I Currency Cost Evaluation % net Face value assets Description Transferable securities admitted to an official stock exchange listing (continued) Shares (continued) South Korea Hyundai Department Store Co 271 KRW 44,301 44, Hyundai Greenfood Co Ltd 6,300 KRW 86,037 85, Hyundai Mobis 406 KRW 111, , Lg Household & Healthcare Ltd 270 KRW 116, , Lotte Shopping Ltd 332 KRW 118, , , , Thailand Big C Supercenter/ nvdr 3,200 THB 9,333 12, ,333 12, United States Apple Computer Inc 200 USD 75,728 91, ,728 91, Total Shares 3,420,050 3,401, Total Transferable securities admitted to an official stock exchange 3,420,050 3,401, listing Transferable securities dealt in on another regulated market Treasury bills United States USA 0% 1101/03/2012 TB 366,000 USD 365, , USA 0% 1108/03/2012 TB 985,000 USD 984, , USA 0% 1109/02/20 12 TB 98,000 USD 97,998 97, USA 0% 1115/03/20 12 TB 363,000 USD 362, , USA 0% 1123/02/2012 TB 366,000 USD 365, , USA 0% 1126/07/2012 TB 809,400 USD 809, , ,987,031 2,987, Total Treasury bills 2,987,031 2,987, Total Transferable securities dealt in on another regulated market 2,987,031 2,987, TOTAL INVESTMENT PORTFOLIO 2,987,031 6,388, The accompanying notes form an integral part of these financial statements. 188

192 Sloane Robinson Asia Statement of Investments (continued) as at 31 January 2012 (expressed in USD) Quantity / Currency Cost Evaluation % net Face value assets Description Other transferable securities Options Options long Call Topix Banks 25/04/ ,000 JPY 16,699 10, Call Topix Banks 26/04/ ,029 JPY 7,271 5, Call Topix Index (Tokyo) 08/06/ ,000 JPY 23,107 22, Put Korea Kospi 200 Index 08/03/ ,600,000 USD 26,057 1, Put Nse S&P Cnx Nifty Index 29/03/2012 4, USD 9, Total Options long 82,671 41, Options short Call Nse S&P Cnx Nifty Index 29/03/ ,120 (86) USD (4,816) (20,358) (0.26) Put Topix Banks 25/04/ (80,000) JPY (16,699) (19,953) (0.25) Put Topix Banks 26/04/ (174,029) JPY (7,271) (8,972) (0.11) Put Topix Index (Tokyo) 08/06/ (81,000) JPY (23,107) (22,342) (0.28) Total Options short (51,893) (71,625) (0.91) Total Investment in options 30,778 (30,515) (0.39) Total Other transferable securities 30,778 (30,515) (0.39) TOTAL INVESTMENTS 6,437,859 6,357, The accompanying notes form an integral part of these financial statements. 189

193 Traxis Global Equity Macro Statement of Investments as at 31 January 2012 (expressed in USD) Quantity / Currency Cost Evaluation % net Face value assets Description Transferable securities admitted to an official stock exchange listing Shares Bermuda Islands Kerry Properties Ltd 64,000 HKD 241, , , , Hong Kong Cheung Kong Holdings 124,000 HKD 1,569,738 1,669, Hang Lung Properties Ltd 184,000 HKD 632, , Henderson Land Dev. 96,000 HKD 511, , Sino Land Co Ltd 237,200 HKD 360, , Sun Hung Kai Properties Ltd 136,000 HKD 1,849,731 1,883, Swire Pacific Ltd A 80,000 HKD 818, , Swire Properties Ltd 56,000 HKD 129, , Wharf Holding Ltd 148,000 HKD 773, , ,645,628 6,974, United States Amazon Corn Inc 3,226 USD 598, , Apple Computer Inc 1,568 USD 616, , Broadcom Corp A 16,228 USD 550, , Emc Corp 22,884 USD 553, , Google Inc A 992 USD 576, , Juniper Networks Inc 19,604 USD 496, , Netapp Inc 13,582 USD 539, , Qualcornm Inc 10,404 USD 587, , Vmware Inc 6,562 USD 575, , ,093,484 5,199, Total Shares 11,980,417 12,418, Investment funds United States Ishares Tr./ftse China 25 Idx 68,000 USD 2,125,129 2,638, ,125,129 2,638, Total Investment funds 2,125,129 2,638, Total Transferable securities admitted to an official stock exchange 14,105,546 15,057, listing Transferable securities dealt in on another regulated market Treasury bills United States USA 0% 1101/03/2012 TB 11,000,000 USD 10,999,736 10,999, USA 0% 1102/02/20 12 TB 7,000,000 USD 6,999,951 6,999, The accompanying notes form an integral part of these financial statements.

194 Traxis Global Equity Macro Statement of Investments (continued) as at 31 January 2012 (expressed in USD) Quantity / Currency Cost Evaluation % net Face value assets Description Transferable securities dealt in on another regulated market (continued) Treasury bills (continued) United States (continued) USA 0% 1108/03/2012 TB 3,500,000 USD 3,499,984 3,499, USA 0% 1109/02/2012 TB 9,000,000 USD 9,000,000 8,999, USA 0 h 1115/03/2012 TB 14,000,000 USD 13,999,607 13,999, USA Q% 1116/02/2012 TB 12,000,000 USD 11,999,858 11,999, USA 0% 1129/03/20 12 TB 4,000,000 USD 3,999,738 3,999, ,498,874 60,498, Total Treasury bills 60,498,874 60,498, Total Transferable securities dealt in on another regulated market 60,498,874 60,498, TOTAL INVESTMENT PORTFOLIO 74,604,420 75,555, The accompanying notes form an integral part of these financial statements. 191

195 DB DB DB DB DB DB DB DB Notes to the FnanciaI 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 1 December 2004 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 17 December 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 39 active SubFunds: DB DB DB DB DB DB DB DB DB DB DB DB DB DB DB DB DB DB DB DB DB Platinum Commodity Euro Platinum European Inflation 2015 Platinum Dynamic Aktien Plus Platinum Branchen Stars Platinum CROCI Germany Platinum Omega (launched on 16 December 2011) Platinum Commodity USD Platinum Accelerator 135% Platinum Tosca Mid Cap Equity Fund Platinum Germany Covered Bond Fund Platinum Accelerator 135% II Platinum CROCI Alpha Platinum EMLINTM Sovereign Bond Fund Platinum Agriculture Euro Platinum CROCI Alpha II Platinum CROCI World Platinum Commodity Harvest Platinum SALSA Euro Platinum Currency Returns Plus Platinum PWM CROCI Multi Fund Platinum Express Platinum Europa Gewinnstufen III Platinum Bonus Platinum Europa Gewinnstufen II Platinum CROCI Sectors Fund Platinum FX Concepts Global Currency Fund Platinum AlMhedge Index Platinum Alpha Control Platinum CROCI Asia Pacific Fund 192

196 DB DB DB DB DB Notes to the Financial Statements (continued) as at 31 January General (continued) DB DB DB DB DB DB DB Platinum dbxmacro Trading Index Fund Platinum dbxthf Equity Hedge Index Fund Platinum dbxthf Event Driven Index Fund Platinum dbxthf Systematic Macro Index Fund Platinum dbxthf Equity Market Neutral Index Fund Platinum dbxthf Credit and Convertible Index Fund Platinum Sloane Robinson Asia (launched on 3 May 2011) Platinum Traxis Global Equity Macro (launched on 1 February 2011) Platinum Fortinbras PRISM Index (launched on 1 December 2011) Platinum Precious Metals (launched on 26 May 2011) During the year, the following SubFunds have been liquidated/matured Platinum Dynamic Bond Alpha (liquidated on 28 April 2011) Platinum Dynamic Cash USD (liquidated on 28 April 2011) db Liquid Alpha Euro 4 Total Return (liquidated on 28 April 2011) CROCI Carbon 100 Euro Total Return Fund (liquidated on 28 April 2011) Option Overwriting Plus (liquidated on 28 April 2011) Alpha Collect (liquidated on 4 October 2011) CROCI Dividend Plus (matured on 19 December 2011) The Shares are divided into Shares of Classes I, R and 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 while Shares of Class R are primarily designed for Retail Investors. Shares of Classes I and R are further subdivided into Shares of Classes I1D/I2D/I1C/I2C and R1D/R2D/R1C/R2C differentiated by their respective fee structure as more fully described in the Prospectus (identified by the number 1 or 2 ) and 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 and fee structures. 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 as specified in the relevant Product Annex and will always be subscribed for and redeemed in kind. Shares of Class E will always be listed on one or more stock exchanges. The Underlying Asset or Index referenced by a Share Class of a SubFund may differ from the Underlying Asset or Index referenced by other Share Classes in the same SubFund. The Prospectus sets out the relevant Underlying Asset or Index referenced by each Share Class. 2. 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 ( NAy ) of the SubFunds shall be determined in accordance with the following rules: (i) 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. 193

197 Notes to the Financial Statements (continued) as at 31 January Accounting policies (continued) (ii) A contract for difference (CFD) is valued at market value established by reference to the financial instrument on the year end date. 194 (iii) (iv) (v) (vi) (vii) (viii) (ix) 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 portfolio s 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 shall be 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. 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 it deems 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 abovementioned 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.

198 DB DB DB DB DB DB DB DB DB DB DB DB DB DB Notes to the Financial Statements (continued) as at 31 January Accounting policies (continued) b) Net realised gain / (loss) on sale of investments The net realised gain or loss on the 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: Commodity Euro EUR European Inflation 2015 EUR Dynamic Aktien Plus EUR Dynamic Bond Alpha EUR Branchen Stars EUR CROCI Germany EUR Omega USD CROCI Dividend Plus EUR Platinum Dynamic Cash USD USD Platinum Commodity USD USD Accelerator 135% EUR Platinum Tosca Mid Cap Equity Fund GBP Platinum Germany Covered Bond Fund EUR Accelerator 135% II EUR CROCI Alpha EUR Platinum EMLINTM Sovereign Bond Fund USD Platinum Agriculture Euro EUR CROCI Alpha II EUR CROCI World EUR Platinum Commodity Harvest EUR SALSA Euro EUR Currency Returns Plus EUR PWM CROCI Multi Fund EUR Platinum db Liquid Alpha Euro 4 Total Return EUR Alpha Collect EUR Express EUR Europa Gewinnstufen III EUR Platinum Bonus EUR Platinum Europa Gewinnstufen II EUR CROCI Sectors Fund EUR FX Concepts Global Currency Fund EUR AlMhedge Index EUR Alpha Control EUR CROCI Carbon 100 Euro Total Return Fund EUR Option Overwriting Plus EUR Platinum CROCI Asia Pacific Fund USD Platinum dbxmacro Trading Index Fund USD dbxthf Equity Hedge Index Fund USD dbxthf Event Driven Index Fund USD dbxthf Systematic Macro Index Fund USD Platinum dbxthf Equity Market Neutral Index Fund USD dbxthf Credit and Convertible Index Fund USD Sloane Robinson Asia USD Platinum Traxis Global Equity Macro USD Fortinbras PRISM Index EUR Precious Metals USD 195

199 Notes to the Financial Statements (continued) as at 31 January Accounting policies (continued) 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 in Net Assets. The exchange rates used as at 31 January 2012: e) Acquisition cost of investments 1 EUR = JPY 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 the purchase 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. 3. 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). 196

200 DB PIatnum Notes to the Financial Statements (continued) as at 31 January Taxation (continued) 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 Shares of Class 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 h 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 Fee The Management Fee is composed by the Management Company Fee and the Investment Management 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. The Investment Management Fee is payable monthly to the Investment Managers and is calculated on each Valuation Day on the basis of the Net Asset Value of the relevant Share Class. This Fee applied for the following SubFunds o o o o 5. Fixed Fee Omega Tosca Mid Cap Equity Fund Sloane Robinson Asia Traxis Global Equity Macro Under the terms of an arrangement between the Company and Deutsche Bank AG, acting through its London branch (the Fixed Fee Agent ), the Fixed Fee Agent will, in exchange for the payment of a Fixed Fee calculated on the average daily Net Asset Value per SubFund or per Class as specified in the relevant Product Annex and payable on a quarterly basis, finance the payment of certain fees and expenses, unless otherwise specified in the relevant Product Annex. The fees and expenses covered by the arrangement are: Transaction Administrative Fees; and Expenses, including: Administrative Agent Fee; Custodian Fee; Registrar and Transfer Agent Fee; Setting up costs; and Other Administrative Expenses (including, but not limited to, audit and legal expenses). 197

201 the any Notes to the Financial Statements (continued) as at 31 January Fixed Fee (continued) Except as otherwise provided for in the relevant Product Annex, the Fixed Fee does not include the following fees, expenses and costs: the the the the any any any Collateral costs of any marketing agencies appointed by the Company to provide certain marketing and distribution services to the Company; Distribution Fee; Investment Advisory Fee, where applicable; Investment Management Fee, where applicable; Management Company Fee; 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 services tax payable by the Company (VAT) (all such taxes or fiscal charges), unless otherwise specified in the relevant Product Annex of the Prospectus; 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 Expenses (e.g. legal fees incurred in prosecuting or defending, a claim or allegation, by or against, the Company); nor, Costs. * Except for Dynamic Cash USD for which the Taxe d Abonnement was included in the Fixed Fee. 6. 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. Commodity 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 344,250,000 GBP 5,280,000 JPY 77,505,000,000 On 31 January 2012, the net unrealised depreciation on these transactions amounted to EUR 357,237,214. European Inflation 2015 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 a regular payout linked to the performance of the underlying asset (HICP EUR Index) for a nominal value of: JPY 2,666,000,000 On 31 January 2012, the net unrealised depreciation on these transactions amounted to EUR 4,678,

202 Notes to the Financial Statements (continued) as at 31 January Swaps (continued) Dynamic Aktien 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 2,280,000 JPY 1,161,000,000 On 31 January 2012, the net unrealised depreciation on these transactions amounted to EUR 3,744,863. Commodity 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: EUR 286,561,000 USD 72,700,000 GBP 3,950,000 JPY 13,360,000,000 On 31 January 2012, the net unrealised depreciation on these transactions amounted to USD 106,170,385. Accelerator 135% On 31 January 2012, the SubFund was invested in transferable securities and in liquid assets and the SubFund used two types of swaps to obtain a payout linked to the performance of the underlying basket constituents with respective nominal values of: JPY 449,000,000 EUR 100,000 EUR 3,889,100 On 31 January 2012, the net unrealised depreciation on these transactions amounted to EUR 867,

203 Notes to the Financial Statements (continued) as at 31 January Swaps (continued) Germany Covered Bond 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: EUR 4,050,000 JPY 570,000,000 On 31 January 2012, the net unrealised appreciation on these transactions amounted to EUR 711,587. Accelerator 135% II On 31 January 2012, the SubFund was invested in transferable securities and in liquid assets and the SubFund used two types of swaps to obtain a payout linked to the performance of the underlying basket constituents with respective nominal values of: JPY 217,000,000 EUR 510,000 EUR 2,242,500 On 31 January 2012, the net unrealised depreciation on these transactions amounted to EUR 558,355. CROCI Alpha 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 respective nominal value of: EUR 820,415 EUR 819,657 On 31 January 2012, the net unrealised appreciation on these transactions amounted to EUR 209. 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 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. EMLINTM Sovereign Bond 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: EUR 11,160,000 GBP 420,000 JPY 70,000,000 USD 2,850,000 On 31 January 2012, the net unrealised appreciation on these transactions amounted to USD 634,

204 Notes to the Financial Statements (continued) as at 31 January Swaps (continued) Agriculture Euro 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 respective nominal value of: EUR 167,027,073 EUR 165,758,642 On 31 January 2012, the net unrealised depreciation on these transactions amounted to EUR 1,194,714. 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 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 Alpha II 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 respective nominal value of: EUR 8,469,020 EUR 8,328,959 On 31 January 2012, the net unrealised depreciation on these transactions amounted to EUR 225,583. 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 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 World The SubFund has invested all of its net proceeds in swap transactions of one type to obtain a payout linked to the performance of the underlying index for respective nominal values depending on the Share Class of: EUR 54,535,062 (Class I1CE) EUR 9,991,675 (Class R1CE) USD 90,442 (Class R1CU) USD 55,867,593 (Class I1CU) On 31 January 2012, the net unrealised depreciation on these transactions amounted to EUR 539,180. The type of swap agreement used results in a receivable due from swap counterparty reflecting the notional value. 201

205 Notes to the Financial Statements (continued) as at 31 January Swaps (continued) Commodity Harvest 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 respective nominal values depending on the Share Class of: EUR 16,521,590 (Class 13CE) EUR 1,484,600 (Class R1CE) EUR 844,970 (Class R3CE) USD 2,250,400 (Class R1CU) USD 831,920 (Class R3CU) On 31 January 2012, the net unrealised appreciation on these transactions amounted to EUR 2,151,351. The type of swap agreement used results in a receivable due from swap counterparty reflecting the notional value. SALSA Euro 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 509,707 On 31 January 2012, the net unrealised appreciation on these transactions amounted to EUR 106,817. The type of swap agreement used results in a receivable due from swap counterparty reflecting the notional value. Currency Returns Plus 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 respective nominal value depending on the Share Class of: EUR 61,076,869 (Class I1C) USD 74,751 (Class 12C) EUR 4,431,354 (Class 13C) USD 90,949 (Class 14C) GBP 18,745,102 (Class 15D) EUR 26,166,082 (Class R1C) USD 401,214 (Class R2C) On 31 January 2012, the net unrealised depreciation on these transactions amounted to EUR 5,926,292. The type of swap agreement used results in a receivable due from swap counterparty reflecting the notional value. 202

206 Notes to the Financial Statements (continued) as at 31 January Swaps (continued) PWM CROCI Multi Fund On 31 January 2012, the SubFund was invested in transferable securities and in liquid assets and the SubFund used two types of swap to obtain an exposure linked to the performance of the underlying index for a respective nominal value of: EUR 122,580,453 EUR 122,559,393 On 31 January 2012, the net unrealised appreciation on these transactions amounted to EUR 981,226. 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 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. Express The SubFund has invested all of its net proceeds in swap transactions of one type to obtain a payout linked to the performance of the underlying index for a nominal value of: EUR 13,250,000 (Class R1C4) On 31 January 2012, the net unrealised appreciation on these transactions amounted to EUR 201,018. The type of swap agreement used results in a receivable due from swap counterparty reflecting the notional value. Europa Gewinnstufen III 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 a payout linked to the performance of the underlying index for a respective nominal value of: EUR 5,518,400 EUR 5,694,469 On 31 January 2012, the net unrealised depreciation on these transactions amounted to EUR 233,035. 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 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. 203

207 Notes to the Financial Statements (continued) as at 31 January Swaps (continued) Bonus The SubFund has invested all of its net proceeds in swap transactions of one type to obtain a payout linked to the performance of the underlying index for respective nominal values depending on the Share Class of: EUR 12,575,900 (Class R1C3) EUR 10,831,600 (Class R1C4) EUR 1,759,300 (Class R1C5) EUR 9,688,700 (Class R1C6) EUR 7,814,700 (Class R1C8) EUR 398,600 (Class R1C9) EUR 55,123,200 (Class R1C1O) EUR 79,050,200 (Class RiCh) EUR 9,699,400 (Class R1C12) On 31 January 2012, the net unrealised appreciation on these transactions amounted to EUR 15,998,654. The type of swap agreement used results in a receivable due from swap counterparty reflecting the notional value. Europa Gewinnstufen II 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 a payout linked to the performance of the underlying index for a respective nominal value of: EUR 5,754,885 EUR 5,783,585 On 31 January 2012, the net unrealised depreciation on these transactions amounted to EUR 37,341. 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 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. 204

208 Notes to the Financial Statements (continued) as at 31 January Swaps (continued) CROCI Sectors Fund The SubFund has invested all of its net proceeds in swap transactions of one type to obtain a payout linked to the performance of the underlying index for a nominal value of: EUR 102,797,640 on 31 January 2012, the net unrealised appreciation on these transactions amounted to EUR 95,057,018. The type of swap agreement used results in a receivable due from swap counterparty reflecting the notional value. FX Concepts Global Currency 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 asset for respective nominal values depending on the Share Class of: EUR 1,254,491 (Class R1CFXC) USD 764,261 (Class R2CFXC) USD 13,347,948 (Class 12CFXC) EUR 663,754 (Class I1CDB) USD 923,565 (Class R2CDB) On 31 January 2012, the net unrealised depreciation on these transactions amounted to EUR 1,997,084. The type of swap agreement used results in a receivable due from swap counterparty reflecting the notional value. AlMhedge Index The SubFund has invested all of its net proceeds in swap transactions of one type to obtain a payout linked to the performance of the underlying index for respective nominal values depending on the Share Class of: EUR 21,975,012 (Class I1C) EUR 5,001,142 (Class 12C) On 31 January 2012, the net unrealised appreciation on these transactions amounted to EUR 1,562,923. The type of swap agreement used results in a receivable due from swap counterparty reflecting the notional value. Alpha Control 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 Asset for respective nominal values depending on the Share Class of: USD 4,827,634 (Class 12C) EUR 2,306,141 (Class R1C) USD 1,366,887 (Class R2C) On 31 January 2012, the net unrealised appreciation on these transactions amounted to EUR 291,782. The type of swap agreement used results in a receivable due from swap counterparty reflecting the notional value. 205

209 Notes to the Financial Statements (continued) as at 31 January Swaps (continued) CROCI Asia Pacific 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 index for a nominal value of: USD 73,008,717 On 31 January 2012, the net unrealised appreciation on these transactions amounted to USD 73,207,661. The type of swap agreement used results in a receivable due from swap counterparty reflecting the notional value. dbxmacro Trading Index 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 index for a nominal value of: USD 82,395,797 On 31 January 2012, the net unrealised depreciation on these transactions amounted to USD 3,219,548. The type of swap agreement used results in a receivable due from swap counterparty reflecting the notional value. dbxthf Equity Hedge Index 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 index for a nominal value of: USD 12,700,835 On 31 January 2012, the net unrealised depreciation on these transactions amounted to USD 286,631. The type of swap agreement used results in a receivable due from swap counterparty reflecting the notional value. dbxthf Event Driven Index 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 index for a nominal value of: USD 12,255,958 On 31 January 2012, the net unrealised depreciation on these transactions amounted to USD 399,475. The type of swap agreement used results in a receivable due from swap counterparty reflecting the notional value. 206

210 Notes to the Financial Statements (continued) as at 31 January Swaps (continued) dbxthf Systematic Macro Index 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 index for a nominal value of: USD 17,783,776 On 31 January 2012, the net unrealised depreciation on these transactions amounted to USD 808,590. The type of swap agreement used results in a receivable due from swap counterparty reflecting the notional value. dbxthf Equity Market Neutral Index 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 index for a nominal value of: USD 11,984,892 On 31 January 2012, the net unrealised depreciation on these transactions amounted to USD 679,551. The type of swap agreement used results in a receivable due from swap counterparty reflecting the notional value. dbxthf Credit and Convertible Index 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 index for a nominal value of: USD 16,181,639 On 31 January 2012, the net unrealised appreciation on these transactions amounted to USD 359,165. The type of swap agreement used results in a receivable due from swap counterparty reflecting the notional value. Fortinbras PRISM Index The SubFund has invested all of its net proceeds in swap transactions of one type to obtain a payout linked to the performance of the underlying index for respective nominal values depending on the Share Class of: FUR 17,276,643 (Class I1CE) On 31 January 2012, the net unrealised depreciation on these transactions amounted to EUR 222,402. The type of swap agreement used results in a receivable due from swap counterparty reflecting the notional value. 207

211 Notes to the Financial Statements (continued) as at 31 January Swaps (continued) Precious Metals 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 75,486,598 On 31 January 2012, the net unrealised depreciation on these transactions amounted to USD 4,526,742. The type of swap agreement used results in a receivable due from swap counterparty reflecting the notional value. 7. Contracts for difference As at 31 January 2012, the following CFD were outstanding for the SubFund Tosca Mid Cap Equity Fund. Net Description Quantity Currency Commitment unrealised in CFD gain / (loss) currency GBP AFREN PLC 1,297,568 GBP 1,563, ,948 AURELIAN OIL GAS 333,184 GBP 54,975 (2,709) BARRAT DEVEL. PLC 1,297,056 GBP 1,416, ,470 BOVIS HOMES GROUP PLC 281,779 GBP 1,251, ,322 BUZZI UNICEM (65,822) EUR (533,816) (79,214) CAB&WIRE WORLD 12,769,360 GBP 2,649,642 (1,266,358) CAPITA SHS (102,717) GBP (631,710) 22,145 CSR PLC 621,084 GBP 1,439, ,619 DAISY GROUP PLC 2,439,693 GBP 2,500,685 (68,715) DEBENHAMS PLC 487,900 GBP 330,796 5,860 DIXONS RETAIL PLC 11,023,685 GBP 1,554,340 (292,896) DOMING S PIZZA UK & IRL (117,415) GBP (537,291) (19,383) EURASIAN NATURAL RES CORP PLC 182,420 GBP 1,259,610 (42,548) FALKLAND OIL 1,527,595 GBP 908, ,027 HALFORDS GROUP PLC 170,685 GBP 544,485 (11,518) HEINEKEN NV (20,909) EUR (738,506) 17,082 FINDEL PLC 69,613 GBP 2,436 (2,263) INVENSYS PLC 785,965 GBP 1,589, ,185 JD SPORTS FASHION PLC 55,558 GBP 397,240 (7,311) KIMBERLY CLARK CORP (18,978) USD (1,358,066) 14,400 LAIRD PLC 873,748 GBP 1,464,402 89,397 MECOM GROUP 597,006 GBP 1,277,593 (94,129) NESTLE (31,630) CHF (1,668,483) (83,530) PACE PLC 1,140,131 GBP 971, ,057 PERSIMMON PLC 232,214 GBP 1,222, ,658 PLAYTECH LTD 764,265 GBP 2,287,063 9,

212 Notes to the Financial Statements (continued) as at 31 January Contracts for difference (continued) Net Description Quantity Currency Commitment unrealised in CFD gain / (loss) currency GBP PRODUCE INVESTMENTS (122,525) GBP (188,689) 4,514 RECKITT BENCKISER GROUP PLC (26,500) GBP (894,640) (33,914) REGUS PLC 1,764,670 GBP 1,623,496 34,443 RENTOKIL INITIAL PLC 1,462,416 GBP 1,097,543 75,331 SABMILLER PLC (41,254) GBP (993,396) (71,863) SAINT GOBAIN (8,538) EUR (290,463) (1,055) SHIRE PLC (24,299) GBP (511,737) 16,922 SPIRAXSARCO ENGINEERING PLC (37,245) GBP (737,079) (43,033) ULTRA ELECTRONICS HLDGS PLC (24,395) GBP (373,731) 3,689 UNILEVER PLC (41,830) GBP (855,842) 18,792 VICTREX PLC (31,698) GBP (404,783) (42,496) WILLIAMSSONOMA INC (29,154) USD (1,045,462) (39,047) WH SMITH PLC 76,128 GBP 420,227 (999 Total 38,679 As at 31 January 2012, the net unrealised gain on CFD was GBP 38,679. As at 31 January 2012, the following CFD were outstanding for the SubFund Sloane Robinson Asia. Net Description Quantity Currency Commitment unrealised in CFD gain / (loss) currency USD LYNAS CORP LTD 97,828 AUD 129,622 29,111 SANTOS LTD 13,500 AUD 181,710 17,503 MSCI DAILY NET EMERG. MKT 81 USD 124,583 (4,650) ICICI BK /SADR 1,286 USD 46,566 (329) Total 41,635 As at 31 January 2012, the net unrealised gain on CFD was USD 41,

213 DB PIatnum Notes to the Financial Statements (continued) as at 31 January Contracts for difference (continued) As at 31 January 2012, the following CFD were outstanding for the SubFund Traxis Global Equity Macro. Net Description Quantity Currency Commitment unrealised in CFD gain / (loss) currency USD MSCI DAILY NET EMERGING MARKET 859 USD 1,321,199 29,731 SET5O FUTURES JAN 12 40,000 USD 977,192 58,619 KOSPI2 INDEX FUTURE MAR 2 5,000,000 USD 1,149, ,488 DB CUSTOM THAI BANKS 10,156 USD 982,187 50,515 AMEX INDU SELECT INDEX 7,694 USD 2,785, ,565 ISHARES SHS/FTSE/XIN CHIN 13,900 USD 539,737 46,982 MV US OIL SERV TR INDEX 672 USD 1,406,321 57,100 RUSSELL 2000 TOTAL RETURN 560 USD 2,010, ,455 NASDAQ 100 TOTAL RETURN 864 USD 2,243, ,092 NASDAQ 100 TOTAL RETURN 296 USD 768,478 6,967 MV US OIL SERV TR INDEX 364 USD 761,757 1,549 MSCI DAILY NET EMERGING MARKET 365 USD 561,394 (10,865) KOSPI2 INDEX FUTURE MAR 2 5,000,000 USD 1,149,000 23,108 SETSO FUTURES JAN 12 37,000 USD 903,903 33,175 AMEX INDU SELECT INDEX 7,192 USD 2,604,007 2,656 ISHARES SHS/FTSE/XIN CHIN 81,900 USD 3,180,177 (2,457) MV US OIL SERV TR INDEX 967 USD 2,023,680 22,256 NASDAQ 100 TOTAL RETURN 936 USD 2,430,053 29,210 RUSSELL 2000 TOTAL RETURN 508 USD 1,824,206 21,983 DB CUSTOM THAI BANKS 9,333 USD 902,594 24,560 MSCI DAILY NET EMERGING MARKET 1,150 USD 1,768,776 (37,011) KOSPI2 INDEX FUTURE MAR 2 5,000,000 USD 1,149,000 (3,742 Total 830,936 As at 31 January 2012, the net unrealised gain on CFD was USD 830,

214 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, Italy, Singapore, Hong Kong, France, Switzerland, Austria, Chile, Denmark, Finland, Greece, the Netherlands, Norway, Peru, Sweden and 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 Record Payment Amount SubFund Name Exdate Currency Class date date per share Dynamic Aktien Plus RiD 20/04/ /04/ /04/2011 EUR 5.00 Dynamic Bond Alpha lid 20/04/ /04/ /04/2011 EUR 3.67 RiD 20/04/ /04/ /04/2011 EUR 2.69 Branchen Stars RiD 20/04/ /04/ /04/2011 EUR 5.00 CROCI Germany RiD 20/04/ /04/ /04/2011 EUR 5.00 Germany Covered Bond Fund RiD 20/04/ /04/ /04/2011 EUR 3.68 The Board of Directors decided to pay the following interim dividend: SubFund Name Share Record Exdate Payment Currency Amount Class date date per share European Inflation 2015 RiD 28/07/ /07/ /08/2011 EUR

215 Notes to the Financial Statements (continued) as at 31 January Forward Foreign Exchange Contracts At 31 January 2012, the SubFund Branchen Stars had the following forward foreign exchange contracts outstanding: Purchase Sale Maturity date Unrealised gain / (loss) EUR EUR 44,504,942 USD 57,493,798 29/02/ ,304 EUR 14,871,735 JPY 1,481,407,700 29/02/ ,371 JPY 32,742,100 EUR 326,907 29/02/2012 1,271 USD 818,000 EUR 626,912 29/02/2012 (1,773) 589,173 At 31 January 2012, the SubFund Omega had the following forward foreign exchange contracts outstanding: Purchase Share Class Sale Maturity date Unrealised gain / (loss) USD EUR 12CE 19,386,675 USD 25,469,632 29/02/2012 (101,993) USD 755,584 GBP 490,000 12/03/2012 (17,257) USD 495,706 EUR 380,000 13/03/2012 (1,410) USD 52,132 EUR 40,000 14/03/2012 (196) USD 392,093 EUR 300,000 16/03/2012 (347) EUR 10,000 USD 13,129 19/03/2012 (49) USD 405,600 EUR 310,000 19/03/ USD 109,564 GBP 70,000 19/03/2012 (828) (121,979) At 31 January 2012, the SubFund Commodity USD had the following forward foreign exchange contracts outstanding: Purchase Share Class Sale Maturity date Unrealised gain / (loss) USD CHF R1CS 25,840,000 USD 27,370,570 16/02/ ,138 CHF 13C 1,900,000 USD 2,012,519 16/02/ ,637 GBP 12C 172,900,000 USD 265,545,233 16/02/2012 7,251,373 SGD R1CC 16,700,000 USD 12,970,379 16/02/ ,064 USD R1CC 389,226 SGD 500,000 16/02/2012 (8,931) USD 13C 31,611 CHF 30,000 16/02/2012 (1,013) USD R1CS 526,846 CHF 500,000 16/02/2012 (16,879) USD 12C 5,219,153 GBP 3,400,000 16/02/2012 (145,294) 8,190,095 At 31 January 2012, the SubFund Tosca Mid Cap Equity Fund had the following forward foreign exchange contracts outstanding: Purchase Share Class Sale Maturity date Unrealised gain / (loss) GBP GBP 1,135,764 USD 1,760,000 09/02/ ,359 EUR 12C 690,000 GBP 576,035 17/02/2012 (3,597) GBP 12C 23,394 EUR 28,000 17/02/ ,

216 Notes to the Financial Statements (continued) as at 31 January Forward Foreign Exchange Contracts (continued) At 31 January 2012, the SubFund dbxmacro Trading Index Fund had the following forward foreign exchange contracts outstanding: Purchase Share Class Sale Maturity date Unrealised gain / (loss) USD CHF 15C 6,681,500 USD 7,158,308 07/02/ ,395 CHF R5C 4,384,000 USD 4,696,853 07/02/ ,466 EUR 12C 29,210,000 USD 38,190,877 07/02/ ,027 EUR R2C 5,232,000 USD 6,840,625 07/02/2012 8,424 GBP 14D 333,500 USD 522,380 07/02/2012 3,864 USD 12C 38,381,083 EUR 29,210,000 07/02/ ,180 USD 14D 523,253 GBP 333,500 07/02/2012 (2,991) USD R2C 6,883,211 EUR 5,232,000 07/02/ ,164 USD 15C 7,285,831 CHF 6,681,500 07/02/ ,127 USD R5C 4,780,525 CHF 4,384,000 07/02/ ,206 CHF 15C 6,681,500 USD 7,288,580 07/03/2012 (21,908) CHF R5C 4,384,000 USD 4,782,330 07/03/2012 (14,375) EUR 12C 27,315,000 USD 35,941,022 07/03/2012 (202,677) EUR R2C 5,219,000 USD 6,867,150 07/03/2012 (38,725) GBP 14D 316,500 USD 496,721 07/03/2012 2,504 USD 12C 268,727 EUR 207,000 07/03/2012 (2,108) USD R2C 15,578 EUR 12,000 07/03/2012 (122) 167,451 At 31 January 2012, the SubFund dbxthf Equity Hedge Index Fund had the following forward foreign exchange contracts outstanding: Purchase Share Class Sale Maturity date Unrealised gain / (loss) USD EUR 12C 4,846,000 USD 6,335,176 07/02/2012 8,573 USD 12C 6,354,075 EUR 4,846,000 07/02/ ,327 EUR 12C 4,846,000 USD 6,354,540 07/03/2012 (14,141) 4,759 At 31 January 2012, the SubFund dbxthf Event Driven Index Fund had the following forward foreign exchange contracts outstanding: Purchase Share Class Sale Maturity date Unrealised gain / (loss) USD USD 12C 6,849,941 EUR 5,234,900 07/02/2012 (2,904) EUR 12C 5,234,900 USD 6,843,585 07/02/2012 9,261 EUR 12C 4,760,900 USD 6,242,949 07/03/2012 (13.893) (7,536) At 31 January 2012, the SubFund dbxthf Systematic Macro Index Fund had the following forward foreign exchange contracts outstanding: Purchase Share Class Sale Maturity date Unrealised gain / (loss) USD EUR 12C 8,818,000 USD 11,527,771 07/02/ ,599 USD 12C 11,562,162 EUR 8,818,000 07/02/ ,792 EUR 12C 8,818,000 USD 11,563,008 07/03/2012 (25,731) 8,

217 Notes to the Financial Statements (continued) as at 31 January Forward Foreign Exchange Contracts (continued) At 31 January 2012, the SubFund dbxthf Equity Market Neutral Index Fund had the following forward foreign exchange contracts outstanding: Purchase Share Class Sale Maturity date Unrealised gain / (loss) USD EUR 12C 4,801,000 USD 6,276,347 07/02/2012 8,493 USD 12C 6,295,071 EUR 4,801,000 07/02/ ,231 EUR 12C 4,801,000 USD 6,295,532 07/03/2012 (14,009 ) 4,715 At 31 January 2012, the SubFund dbxthf Credit and Convertible Index Fund had the following forward foreign exchange contracts outstanding: Purchase Share Class Sale Maturity date Unrealised gain / (loss) USD EUR 12C 8,049,000 USD 10,522,458 07/02/ ,239 USD 12C 10,553,849 EUR 8,049,000 07/02/ ,153 EUR 12C 8,049,000 USD 10,554,622 07/03/2012 (23,487 ) 7,905 At 31 January 2012, the SubFund Sloane Robinson Asia had the following forward foreign exchange contracts outstanding: Purchase Sale Maturity date Unrealised gain / (loss) USD IDR 1,906,000,000 USD 211,573 13/02/ USD 414,528 IDR 3,812,000,000 13/02/2012 (8,884) USD 214,221 GBP 140,000 17/02/2012 (6.667 ) (15,425) At 31 January 2012, the SubFund DB Traxis Global Equity Macro had the following forward foreign exchange contracts outstanding: Purchase Share Class Sale Maturity date Unrealised gain / (loss) USD EUR I1CE 3,017,646 USD 3,964,870 29/02/2012 (16,253) GBP 12CG 10,184,843 USD 15,958,936 29/02/ ,725 91,472 At 31 January 2012, the SubFund Precious Metals had the following forward foreign exchange contracts outstanding: Purchase Share Class Sale Maturity date Unrealised gain / (loss) USD EUR R1CE 25,601,000 USD 32,782,117 10/02/ ,102 EUR I1CE 6,156,000 USD 7,844,993 10/02/ ,574 EUR R1CA 1,065,000 USD 1,364,291 10/02/ , ,

218 Notes to the Financial Statements (continued) as at 31 January Futures At 31 January 2012, the SubFund Traxis Global Equity Macro had the following futures contracts outstanding: Description Number of Currency Commitment Maturity Unrealised contracts Date gain / (loss) USD FTSE MIB INDEX 37 EUR 2,928,365 16/03/2012 (73,647) HONG KONG HANG SENG INDICES 12 HKD 12,214,200 28/02/2012 (2,676) TAMSCI MSCI TAIWAN IDX FUT 48 USD 1,287,360 24/02/ ,280 (35,043) 13. Options issued Omega As at 31 January 2012, the SubFund Omega was engaged in the following written option: Number of Type Description Expiration Date Strike Price Currency Commitment contracts (3) CALL Apple Inc 21/04/ USD 138,000 (11) CALL Citrix Systems Inc 17/03/ USD 66,000 (6) CALL Citrix Systems Inc 17/03/ USD 40,500 (16) CALL MCgraw Hill Companies 17/03/ USD 75,200 (51) CALL MCgraw Hill Companies 19/05/ USD 244,800 (8) CALL MCgraw Hill Companies 19/05/ USD 39,200 (12) CALL PhillipsVan Heusen Corp 17/03/ USD 96,000 (4) CALL S&P 500 Indices 16/06/2012 1,450 USD 580,000 (12) CALL S&P 500 Indices 22/09/2012 1,475 USD 1,770,000 (3) CALL S&P 500 Indices 22/12/2012 1,475 USD 442,500 (5) CALL S&P 500 Indices 22/12/2012 1,500 USD 750,000 (15) CALL S&P 500 Indices 22/12/2012 1,525 USD 2,287,500 (3) CALL S&P 500 Indices 22/09/2012 1,450 USD 435,000 (5) PUT Anadarko Petrol. Corp 18/08/ USD 32,500 (14) PUT Anadarko Petrol. Corp 19/05/ USD 87,500 (9) PUT Anadarko Petrol. Corp 19/05/ USD 60,750 (3) PUT Apple Inc 21/04/ USD 108,000 (5) PUT Apple Inc 21/04/ USD 200,000 (9) PUT Express Scripts Inc 19/05/ USD 42,750 (70) PUT Halliburton Co 21/04/ USD 224,000 (23) PUT Halliburton Co 21/04/ USD 75,

219 Notes to the Financial Statements (continued) as at 31 January Options issued (continued) Omega (continued) Number of Type Description Expiration Date Strike Price Currency Commitment contracts (20) PUT Halliburton Co 21/04/ USD 68,000 (13) PUT Halliburton Co 21/07/ USD 40,300 (45) PUT ]P Morgan Chase & Co 21/04/ USD 148,500 (18) PUT MCgraw Hill Companies 19/05/ USD 73,800 (46) PUT MCmoran Exploration Co 19/05/ USD 55,200 (30) PUT Metlife Inc 16/06/ USD 90,000 (30) PUT Metlife Inc 16/06/ USD 96,000 (12) PUT PhillipsVan Heusen Corp 17/03/ USD 81,000 (6) PUT Range Resources 16/06/ USD 30,000 (16) PUT Range Resources 16/06/ USD 84,000 (12) PUT S&P 500 Indices 16/06/2012 1,000 USD 1,200,000 (7) PUT S&P 500 Indices 16/06/2012 1,050 USD 735,000 (40) PUT S&P 500 Indices 16/06/ USD 3,600,000 (4) PUT S&P 500 Indices 16/06/ USD 390,000 (8) PUT S&P 500 Indices 21/04/2012 1,000 USD 800,000 (4) PUT S&P 500 Indices 21/04/2012 1,050 USD 420,000 (3) PUT S&P 500 Indices 21/04/2012 1,100 USD 330,000 (3) PUT S&P 500 Indices 22/09/2012 1,050 USD 315,000 (50) PUT S&P 500 Indices 22/09/ USD 4,000,000 (9) PUT S&P 500 Indices 22/09/ USD 765,000 (10) PUT S&P 500 Indices 22/09/ USD 900,000 (6) PUT S&P 500 Indices 22/09/ USD 570,000 (5) PUT S&P 500 Indices 22/12/2012 1,000 USD 500,000 (3) PUT S&P 500 Indices 22/12/2012 1,025 USD 307,500 (8) PUT S&P 500 Indices 22/12/ USD 560,000 (30) PUT S&P 500 Indices 22/12/ USD 2,250,000 (30) PUT S&P 500 Indices 22/12/ USD 2,325,000 (9) PUT S&P 500 Indices 22/12/ USD 720,000 (20) PUT S&P 500 Indices 22/12/ USD 1,650,000 (6) PUT S&P 500 Indices 22/12/ USD 555,000 (70) PUT Unitedhealth Group Inc 16/06/ USD 336,000 (4) PUT Warnaco Group Inc 21/07/ USD 20,000 (23) PUT Wellpoint Inc 16/06/ USD 143,750 (43) PUT wellpoint Inc 16/06/ USD 290,

220 Notes to the Financial Statements (continued) as at 31 January Options issued (continued) Sloane Robinson Asia As at 31 January 2012, the SubFund Sloane Robinson Asia was engaged in the following written option: Number of Type Description Expiration Date Strike Price Currency Commitment contracts (86) CALL Nse S&P Cnx Nifty Index 29/03/2012 5,120 USD 440,320 (81,000) PUT Topix Index (Tokyo) 06/08/ JPY 57,978,990 (80,000) PUT Topix Banks 25/04/ JPY 58,402,400 (174,029) PUT Topix Banks 26/04/ JPY 17,797, Performance Fee Performance Fees (or Incentive Fees) exist for 4 SubFunds: 1) Omega The performance fee amount calculated on each Valuation Day is equal to 20% of the amount by which the Gross Asset Value per Share exceeds the High Water Mark. Gross Asset Value per Share means, on any Valuation Day, the Net Asset Value per Share calculated on such Valuation Day without taking into account any deduction for the performance fee amount. High Water Mark means on any Valuation Day up to, and including, the first performance fee period end date, the initial issue price and on any Valuation Day thereafter, the greater of the Net Asset Value per Share as at the first immediately preceding performance fee period end date in respect of which a performance fee was payable and the initial issue price. The performance fee amount is payable out of the assets of the SubFund quarterly, within 14 Business Days following each performance fee period end date (the last Valuation Day of March, June, September and December in each year). If a Share is redeemed during a performance fee period and prior to a performance fee period end date, the performance fee amount calculated in respect of such Share as at the Valuation Day as of which such Share is redeemed shall be crystallised and become payable to the Investment Manager (Omega Advisors Inc.) within 14 Business Days of the date of redemption of such Share. During the period from 16 December 2011 (launch date) to 31 January 2012, performance fees have been recorded for USD 471,316 for Omega. 2) Tosca Mid Cap Equity Fund Where Performance Fees are payable by the SubFund, these will be charged for each Performance Fee Period. As a result, Performance Fees may be paid on unrealised gains which may subsequently never be realised by the SubFund as positions may be closed out at a loss in a later period with a consequent reduction in the Net Asset Value per Share on a later Transaction Day. No performance fees have been recorded during the year for Tosca Mid Cap Equity Fund. 217

221 Notes to the Financial Statements (continued) as at 31 January Performance Fee (continued) 3) Sloane Robinson Asia The performance fee amount calculated on each Valuation Day is equal to 20% of the amount by which the Gross Asset Value per Share exceeds the High Water Mark. Gross Asset Value per Share means, on any Valuation Day, the Net Asset Value per Share calculated on such Valuation Day without taking into account any deduction for the performance fee amount. High Water Mark means on any Valuation Day up to, and including, the first performance fee period end date, the initial issue price and on any Valuation Day thereafter, the greater of the Net Asset Value per Share as at the first immediately preceding performance fee period end date in respect of which a performance fee was payable and the initial issue price. The performance fee amount is payable out of the assets of the SubFund quarterly, within 14 Business Days following each performance fee period end date (the last Valuation Day of March, June, September and December in each year). If a Share is redeemed during a performance fee period and prior to a performance fee period end date, the performance fee amount calculated in respect of such Share as at the Valuation Day as of which such Share is redeemed shall be crystallised and become payable to the Investment Manager (Sloane Robinson LLP) within 14 Business Days of the date of redemption of such Share. No performance fees have been recorded during the year for Sloane Robinson Asia. 4) Traxis Global Equity Macro The performance fee amount calculated on each Valuation Day, equal to 20% of the amount (if any) by which the Gross Asset Value per Share exceeds the High Water Mark. Gross Asset Value per Share means, on any Valuation Day, the Net Asset Value per Share calculated on such Valuation Day without taking into account any deduction for the performance fee amount. High Water Mark means, except for Share Class 12CG on any Valuation Day up to, and including, the first performance fee period end date, the initial issue price and on any Valuation Day thereafter, the greater of the Net Asset Value per Share as at the first immediately preceding performance fee period End Date in respect of which a performance fee was payable and the initial issue price. Means for Share Class 12CG, equal to GBP 10,012 on the launch date of the 12CG Share Class, on any Valuation Day up to, and including, the first performance fee period end date, the initial issue price and on any Valuation Day thereafter, the greater of the Net Asset Value per Share as at the first immediately preceding performance fee period end date in respect of which a performance fee was payable and the initial issue price. The performance fee amount is payable out of the assets of the SubFund quarterly, within 14 Business Days following each performance fee period end date (the last Valuation Day of each calendar month). If a Share is redeemed during a performance fee period and prior to a performance fee period end date, the performance fee amount calculated in respect of such Share as at the Valuation Day as of which such Share is redeemed shall be crystallised and become payable to the Investment Manager (Traxis Partners LP) within 14 Business Days of the date of redemption of such Share. Over the last financial year, performance fees have been recorded for USD 24,271 for Traxis Global Equity Macro. 15. 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. 218

222 Notes to the Financial Statements (continued) as at 31 January Collateral (continued) The collateral can be in the form of cash or securities (the latter are valued as of 31 January 2012). SubFund Name Collateral Currency Collateral Amount CROCI World EUR 121,577,524 Commodity Harvest EUR 27,953,706 SALSA Euro EUR 737,860 Currency Returns Plus EUR 130,448,202 Express EUR 16,099,775 Bonus EUR 243,528,306 CROCI Sectors Fund EUR 237,425,590 FX Concepts Global Currency Fund EUR 13,687,925 AlMhedge Index EUR 32,747,647 Alpha Control EUR 8,782,877 CROCI Asia Pacific Fund USD 175,459,654 dbxmacro Trading Index Fund EUR 58,840,009 dbxthf Equity Hedge Index Fund EUR 9,266,669 dbxthf Event Driven Index Fund EUR 8,720,171 dbxthf Systematic Macro Index Fund EUR 12,572,143 dbxthf Equity Market Neutral Index Fund EUR 8,345,779 dbxthf Credit and Convertible Index Fund EUR 12,545,585 Fortinbras PRISM Index EUR 20,124,206 Precious Metals EUR 70,959,856 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 Collateral Costs have been borne by any SubFund other than FX Concepts Global Currency Fund and AlMhedge Index with Collateral Costs of 0.10% p.a. each, Fortinbras PRISM Index and Precious Metals with Collateral Costs of 0.15% p.a. each and dbxthf Equity Hedge Index Fund, dbxthf Event Driven Index Fund, dbxthf Systematic Macro Index Fund, DB Platinum dbxthf Equity Market Neutral Index Fund and dbxthf Credit and Convertible Index Fund with Collateral Costs of 0.25% p.a. each. All the above SubFunds are subject to Collateral Costs as set out in the relevant Product Annex of each SubFund. The Collateral Costs for each above SubFund is calculated on the basis of the value of the relevant Share Class Portfolio. 16. Soft Commissions Soft commission arrangements were entered into by the Investment Managers during the financial year as follows: Toscafund Asset Management LLP have entered into commission sharing agreements with their key broking relationships. The services that may be paid for under such arrangements are those permitted under the applicable rules and are limited to the execution of transactions on behalf of their customers or the provision of investment research to Toscafund for use for its customers. Traxis Partners LP has a soft dollar arrangement with Bloomberg Tradebook, all account transactions were in accordance with 28(e) of the Securities Exchange Act of Sloane Robinson LLP have entered into commission sharing agreements with their key braking relationships. The services that may be paid for under such arrangements are those permitted under the applicable rules. Omega Advisors Inc. has a soft dollar arrangement, all account transactions were in Securities Exchange Act of accordance with 28(e) of the 219

223 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. This note is not applicable for this fiscal year. 18. Main events occurred during the fiscal year During the year, the following SubFunds have been liquidated / matured: DB DB DB DB DB DB Platinum Dynamic Bond Alpha (liquidated on 28 April 2011) Platinum Dynamic Cash USD (liquidated on 28 April 2011) Platinum db Liquid Alpha Euro 4 Total Return (liquidated on 28 April 2011) Platinum CROCI Carbon 100 Euro Total Return Fund (liquidated on 28 April 2011) Platinum Option Overwriting Plus (liquidated on 28 April 2011) Platinum Alpha Collect (liquidated on 4 October 2011) Platinum CROCI Dividend Plus (matured on 19 December 2011) During the year, the following SubFunds have been launched: DB DB DB DB Platinum Omega (launched on 16 December 2011) Platinum Sloane Robinson Asia (launched on 3 May 2011) Platinum Traxis Global Equity Macro (launched on 1 February 2011) Platinum Fortinbras PRISM Index (launched on 1 December 2011) Platinum Precious Metals (launched on 26 May 2011) 220

224 DB DB DB DB DB DB DB DB DB DB DB DB DB DB Notes to the Financial Statements (continued) as at 31 January Appointed Investment Managers State Street Global Advisors Limited is acting as Investment Manager for the following SubFunds: Platinum Commodity Euro European Inflation 2015 Platinum Dynamic Aktien Plus Branchen Stars Platinum CROCI Germany Commodity USD Germany Covered Bond Fund CROCI Alpha EMLINTM Sovereign Bond Fund Platinum Agriculture Euro CROCI Alpha II CROCI World Platinum Commodity Harvest SALSA Euro Platinum Currency Returns Plus PWM CROCI Multi Fund Platinum Europa Gewinnstufen II CROCI Sectors Fund Platinum FX Concepts Global Currency Fund AlMhedge Index Platinum Alpha Control CROCI Asia Pacific Fund Platinum dbxmacro Trading Index Fund dbxthf Equity Hedge Index Fund Platinum dbxthf Event Driven Index Fund dbxthf Systematic Macro Index Fund dbxthf Equity Market Neutral Index Fund dbxthf Credit and Convertible Index Fund Platinum Fortinbras PRISM Index Platinum Precious Metals Toscafund Asset Management LLP is acting as Investment Manager for the following SubFund: DB Platinum Tosca Mid Cap Equity Fund Traxis Partners LP is acting as Investment Manager for the following SubFund: DB Platinum Traxis Global Equity Macro Sloane Robinson LLP is acting as Investment Manager for the following SubFund: DB Platinum Sloane Robinson Asia Omega Advisors Inc. is acting as Investment Manager for the following SubFund: Platinum Omega 221

225 DB DB Notes to the Financial Statements (continued) as at 31 January Transaction costs The following SubFunds incurred transaction costs relating to purchase or sale of shares as follows: DB DB Platinum Omega USD 39, (for the period from 16 December 2011 to 31 January 2012), Platinum Tosca Mid Cap Equity Fund GBP 45, (for the period from 1 February 2011 to 31 January 2012), Platinum Sloane Robinson Asia USD 53, (for the period from 3 May 2011 to 31 January 2012), Platinum Traxis Global Equity Macro USD 117, (for the period from 1 February 2011 to 31 January 2012). These transaction costs are composed of brokerage fees and are included in the cost of the shares. Others SubFunds did not 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. 21. Merger As at 6 May 2011, the existing share classes, namely R1CA, R1CB and TiCB merged into two existing share classes, namely R1C and TiC of the SubFund CROCI World Giants. Following the merger, the name of the SubFund has changed to become CROCI World. 222

226 as 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: asofmay2oll: AlMhedge Index Branchen Stars CROCI Alpha CROCI Alpha II CROCI Asia Pacific Fund CROCI Germany CROCI Sectors Fund dbxmacro Trading Index Fund dbxthf Credit and Convertible Index Fund dbxthf Equity Hedge Index Fund dbxthf Equity Market Neutral Index Fund dbxthf Event Driven Index Fund dbxthf Systematic Macro Index Fund FX Concepts Global Currency Fund PWM CROCI Multi Fund SALSA Euro Tosca Mid Cap Equity Fund Traxis Global Equity Macro as of October 2011: Commodity USD Commodity Euro of November 2011: CROCI World There have been amendments to the Product Annexes of certain SubFunds. These are as follows: Accelerator 135% and CROCI Sectors Fund: Amendment to the General Description of the Underlying Asset in relation to the price source. Traxis Global Equity Macro: Amendment to the definition of Performance Fee Amount with respect to share class 12CG. 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 Sub Funds: Commodity Euro European Inflation 2015 Dynamic Aktien Plus Branchen Stars CROCI Germany (no derivatives) Commodity USD Accelerator 135% Germany Covered Bond Fund Accelerator 135% II CROCI Alpha EMLINTM Sovereign Bond Fund Agriculture Euro CROCI Alpha II CROCI World Commodity Harvest 223

227 Information to Shareholders unaudited (continued) Determination of the Global Exposure (continued) SALSA Euro Currency Returns Plus PWM CROCI Multi Fund Express Europa Gewinnstufen III Bonus Europa Gewinnstufen II CROCI Sectors Fund Alpha Control CROCI Asia Pacific Fund dbxmacro Trading Index Fund dbxthf Equity Hedge Index Fund dbxthf Event Driven Index Fund dbxthf Systematic Macro Index Fund dbxthf Equity Market Neutral Index Fund dbxthf Credit and Convertible Index Fund Precious Metals 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 SubFunds Net Asset Value (determined on the basis of a 99% 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 19/12/11 31/01/ % 11.46% 12.77% Monte 99% % Omega Carlo 20 days si mu lati on 01/02/11 31/01/ % 15.25% 18.08% Parametric 99% % Tosca Mid Cap 20 days Equity Fund 01/02/11 31/01/ % 8.55% 13.44% Parametric 99% % FX Concepts 20 days Global Currency Fund 01/02/11 31/01/ % 10.82% 17.43% Parametric 99% 1,383.00% AlMhedge Index 20 days 01/02/11 31/01/ % 10.63% 19.21% Parametric 99% % Traxis Global 20 days Equity Macro 08/11/11 31/01/ % 9.22% 10.87% Parametric 99% 1,583.00% Fortinbras 20 days PRISM Index The Relative VaR approach used for the following SubFunds shall not exceed 200% of the SubFunds 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 Mininum Average Maximum Type of Para Leverage VaR VaR VaR model meters level reached 03/05/11 31/01/ % % % Monte Carlo 99% % Sloane simulation 20 days Robinson Asia Sloane Robinson Asia is using the Sloane Robinson deleveraged portfolio as a benchmark. 224