Relazione semestrale non certificata al 30/06/14

al 30/06/14

Database Publishing System: CO-Reporter® by CO-Link, Belgium.

Relazione semestrale non certificata

NEF

Nord Est Asset Management S.A.

NEF

Struttura Organizzativa ed Amministrativa

SEDE LEGALE Nord Est Asset Management 5, Allée Scheffer L-2520 Luxembourg SOCIETÀ DI GESTIONE Nord Est Asset Management 5, Allée Scheffer L-2520 Luxembourg GESTORI Bank Vontobel AG Gotthardstrasse 43, CH-8022 Zürich, Switzerland Amundi 90, Boulevard Pasteur F-75015 Paris, France Amundi - London Branch 41 Lothbury EC2R London, United Kingdom Raiffeisen Kapitalanlage-Gesellschaft m.b.H Schwarzenbergplatz 3, A-1010 Vienna, Austria AlpenBank Aktiengesellschaft, Kaiserjägerstraße 9, A-6020 Innsbruck, Austria Union Investment Luxembourg S.A. 308, Route d’Esch, L-1471 Luxembourg Franklin Advisers, Inc One Franklin Parkway San Mateo, California 94403, United States BlackRock Investment Management (UK) Limited 33 King William Street, London EC4R 9AS, United Kingdom Vontobel Asset Management Inc. 450 Park Avenue, 7th Floor New York, NY 10022, United States BNP Paribas Asset Management S.A.S. 14, Rue Bergère, F-75009 Paris - France Schroder Investment Management Limited 31 Gresham Street, London EC2V 7QA, United Kingdom

DWS Investment S.A. 2, Boulevard Konrad Adenauer L-1115 Luxembourg FIL Pensions Management Oakhill House 130 Tonbridge Road Hildenborough Tonbridge, Kent TN11 9DZ Fischer Francis Trees & Watts UK Limited 5 Aldermanbury Square London London EC2V 7BP, United Kingdom SOCIETA DI REVISIONE KPMG Luxembourg S.à r.l. 9, Allée Scheffer L-2520 Luxembourg DISTRIBUTORI E NOMINEE Cassa Centrale Banca - Credito Cooperativo del Nord Est S.p.A. Via Segantini, 5 IT-38100 Trento, Italy Federazione Veneta delle Banche di Credito Cooperativo Via Longhin, 1 IT-35129 Padova, Italy GESTORI DELEGATI European Investors Inc. 717 Fifth Avenue New York 10022, United States FIL Investment Management (Hong Kong) Ltd 17th Floor, One International Finance Centre 1Harbour View Street, Central Hong Kong Harcourt Investment Consulting AG Gottardstrasse 43, CH-8022 Zürich BANCA DEPOSITARIA, AGENTE DOMICILIATARIO ED AMMINISTRATIVO CACEIS Bank Luxembourg 5, Allée Scheffer L-2520 Luxembourg

NEF

Consiglio di Amministratione della Società di Gestione PRESIDENTE DEL CONSIGLIO DI AMMINISTRAZIONE Mr Paolo Crozzoli, Senior Client Advisor Fuchs & Associés Finance 47, Boulevard Prince Henri L - 1724 Luxembourg VICE - PRESIDENTE DEL CONSIGLIO DI AMMINISTRAZIONE Mr Mario Sartori, General Manager Cassa Centrale Banca - Credito Cooperativo del Nord Est Via Segantini, 5 IT-38100 Trento, Italy AMMINISTRATORI Mr Roberto Rigato, General Manager Banca Alto Vicentino - Credito Cooperativo Via Pista dei Veneti, 14 IT-36015 Schio VI, Italy Mr Nicola Polichetti, General Manager Cassa Rurale Alto Garda Via Delle Magnolie, 1 IT-38062 Arco, Italy Mr Danilo Vitali, Business Development Director CACEIS Bank Luxembourg 5, Allée Scheffer L-2520 Luxembourg Mr Gilberto Noacco, General Manager Credito Cooperativo Friuli Viale Duodo, 5 IT-33100 Udine, Italy Mr Vittorio Canciani Battain, General Manager Banca S. Biagio del Veneto Orientale di Cesarolo, Fossalta di Portogruaro Banca di Credito Cooperative s.c. Viale Venezia, 1 IT- 30025 Fossalta di Portoguaro (VE), Italy Mr Luigino Manfrin, General Manager Banca di Credito Cooperativo della Marca Via Garibaldi, 46 IT-31010 Orsago (TV), Italy Mr Fabio Colombera, General Manager Federazione Veneta Banche Di Credito Cooperativo Via Longhin, 1 IT-35129 Padova, Italy (dal 14 Maggio 2014)

4Pagina

NEFConsolidato

Le note allegate costituiscono parte integrante del presente bilancio

5Pagina

1,437,372,111.54Attivo1,346,040,980.34Portafoglio titoli a prezzo di mercato1,254,923,708.10Prezzo d'acquisto

91,117,272.24Plusvalenze latenti sul portafoglio titoli855,959.54Opzioni acquistate a prezzo di mercato864,115.83Opzioni acquistate a prezzo d'acquisto

46,697,114.13Depositi bancari a vista e liquidità3,500,000.00Depositi vincolati8,135,827.92Interessi maturati

13,313,910.34Crediti verso broker per vendita titoli3,508,325.44Sottoscrizioni da regolare2,053,018.84Dividendi da incassare

341,347.37Plusvalenze non realizzate su future su cambi127,421.17Plusvalenze non realizzate su future

1,511,690.79Plusvalenze non realizzate su swaps11,211,717.56Crediti verso cambio corto termine

74,798.10Altre voci dell'attivo

41,919,668.59Passivo99,088.39Opzioni vendute a prezzo di mercato

113,631.10Opzioni vendute a prezzo d'acquisto4,617,494.20Debiti bancari a vista

18,983,087.70Debiti verso broker per acquisto titoli154,982.37Tassa d'abbonamento

2,919,998.09Rimborsi chiesti e non regolati1,930,688.06Minusvalenze non realizzate su future su cambi

126,198.84Minusvalenze non realizzate su future1,679,017.84Commissioni di gestione e consulenza

55,698.76Spese della banca depositaria e sub-depositaria59,009.06Spese amministrative55,022.92Onorari

11,210,948.54Debiti verso cambio corto termine28,433.82Altre voci del passivo

1,395,452,442.95Valore netto d'inventario

NEF

Prospetti finanziari al 30/06/14

Valori espressi in EUR

Stato patrimoniale al 30/06/14

Consolidato

6Pagina

NEF- Obbligazionario Globale


7Pagina

46,073,845.91Attivo44,937,897.26Portafoglio titoli a prezzo di mercato39,270,792.30Prezzo d'acquisto5,667,104.96Plusvalenze latenti sul portafoglio titoli

906,593.88Depositi bancari a vista e liquidità71,334.30Sottoscrizioni da regolare34,167.62Dividendi da incassare

120,808.31Crediti verso cambio corto termine3,044.54Altre voci dell'attivo

386,587.78Passivo120,837.97Debiti verso broker per acquisto titoli

5,337.68Tassa d'abbonamento59,159.52Rimborsi chiesti e non regolati4,571.46Minusvalenze non realizzate su future su cambi

69,106.00Commissioni di gestione e consulenza2,700.51Spese della banca depositaria e sub-depositaria1,912.55Spese amministrative1,600.94Onorari

120,790.63Debiti verso cambio corto termine570.52Altre voci del passivo

45,687,258.13Valore netto d'inventario




NEF - Obbligazionario Globale

NEF AZIO GLOBALE I PART ICQuote parti a capitalizzazione 242,362.671 442,125.767 211,324.512 473,163.926

NEF AZIO GLOBALE R PART RCQuote parti a capitalizzazione 5,861,514.433 1,154,856.190 841,711.537 6,174,659.086

Modifica del numero di quote parti in circolazione dal 01/01/14 al 30/06/14

Quote partisottoscritte

Quote partiriscattate

Quote particircolanti al

30/06/14


01/01/14


8Pagina

Dati principali relativi agli ultimi 3 esercizi


NEF AZIO GLOBALE I PART IC

Quote parti a capitalizzazione

7.91473,163.926 242,362.671

7.4383,802.558

6.41Numero di quote partiValore d'inventario netto della quota parte

EUR EUR EUR

NEF AZIO GLOBALE R PART RC


6.796,174,659.086 5,861,514.433

6.425,626,250.186


EUR EUR EUR

Patrimonio netto 45,687,258.13 39,435,703.28 32,078,262.97

31/12/1231/12/1330/06/14Periodo fino al

EUR


9Pagina

SCHLUMBERGER LTD4,000 345,438.57 0.76%USD

Valori mobiliari quotati in una borsa valori ufficiale e/o negoziati in altri mercatiregolamentati 44,937,897.26 98.36%

Azioni 44,937,897.26 98.36%

Antille olandesi 345,438.57 0.76%

ANHEUSER-BUSCH INBEV NV3,700 310,430.00 0.68%EURBelgio 310,430.00 0.68%

BANK OF NOVA SCOTIA5,000 243,813.83 0.53%CADCanada 971,211.19 2.13%

MANULIFE FINANCIAL CORP20,000 290,767.02 0.64%CADSUNCOR ENERGY INC14,000 436,630.34 0.96%CAD

SAMSUNG ELECTRONICS CO LTD900 851,417.22 1.86%KRWCorea del Sud 851,417.22 1.86%

BNP PARIBAS SA10,000 495,450.00 1.08%EURFrancia 989,500.00 2.17%

LVMH MOET HENNESSY LOUIS VUITTON SA2,000 281,600.00 0.62%EURUNIBAIL-RODAMCO SE1,000 212,450.00 0.47%EUR

ALLIANZ SE REG SHS4,000 486,800.00 1.06%EURGermania 2,809,133.00 6.15%

BASF - NAMEN AKT5,100 433,653.00 0.95%EURBAYER AG REG SHS4,500 464,175.00 1.02%EURCONTINENTAL AG2,500 422,875.00 0.93%EURFRESENIUS AG4,000 435,600.00 0.95%EURLINDE AG950 147,535.00 0.32%EURPORSCHE AUTOMOBIL HLDG - VORZ.AKT-STIMMR5,500 418,495.00 0.92%EUR

ASICS CORP KOBE20,200 345,733.01 0.76%JPYGiappone 2,567,593.61 5.62%

FANUC CORP SHS1,650 212,309.19 0.46%JPYJAPAN TOBACCO12,700 338,623.99 0.74%JPYKOMATSU LTD27,800 473,008.35 1.04%JPYMAKITA CORP5,300 243,094.76 0.53%JPYNTT DOCOMO INC24,000 303,283.41 0.66%JPYRAKUTEN25,000 242,295.51 0.53%JPYSEVEN & I HOLDINGS CO LTD13,000 409,245.39 0.90%JPY

AIA GROUP LTD90,000 330,436.34 0.72%HKDHong Kong 1,012,183.81 2.22%

CHINA MOBILE LTD60,022 425,467.25 0.94%HKDSJM HOLDINGS LTD140,000 256,280.22 0.56%HKD

SAMSONITE INTERNATIONAL SA120,000 289,008.08 0.63%HKDLussemburgo 289,008.08 0.63%

AHOLD NV24,461 335,360.31 0.73%EURPaesi Bassi 2,660,853.84 5.82%

ING GROEP NV80,000 820,800.00 1.79%EURLYONDELLBASELL -A-3,500 250,237.96 0.55%USDNIELSEN6,000 212,666.57 0.47%USDROYAL DUTCH SHELL PLC18,600 562,464.00 1.23%EURUNILEVER NV15,000 479,325.00 1.05%EUR

AON5,000 329,806.71 0.72%USDRegno Unito 3,454,803.59 7.56%

BARCLAYS PLC150,000 398,253.28 0.87%GBPBG GROUP PLC20,000 308,172.18 0.67%GBPBHP BILLITON PLC16,000 377,192.76 0.83%GBPCOMPASS GROUP PLC20,000 253,774.17 0.56%GBPCRODA INT'L PLC7,200 197,719.28 0.43%GBPNEXT PLC6,370 514,606.99 1.13%GBPOLD MUTUAL PLC211,500 521,691.20 1.14%GBPRECKITT BENCKISER GROUP PLC8,700 553,587.02 1.21%GBP

SBERBANK ADR 4 SHS20,000 148,337.97 0.32%USDRussia 148,337.97 0.32%

AETNA INC8,300 492,725.14 1.08%USDStati Uniti d'America 25,058,337.45 54.85%

ALLIANCE DATA SYSTEMS CORP3,250 669,250.62 1.46%USDAMERIPRISE FINANCIAL INC5,000 439,302.97 0.96%USDAMGEN INC5,800 502,669.50 1.10%USD

Portafoglio titoli al 30/06/14EURValori espressi in


Quantità Denominazione Unità di conto % patrim.nettoQuotazione


10Pagina

ANADARKO PETROLEUM CORP5,200 416,784.30 0.91%USDARCHER-DANIELS MIDLAND CO9,000 290,664.81 0.64%USDAUTOZONE INC900 353,357.74 0.77%USDBARD INC4,000 418,831.45 0.92%USDBAXTER INTERNATIONAL INC7,900 418,194.46 0.92%USDCELGENE CORP12,014 755,427.09 1.65%USDCF INDUSTRIES HOLDINGS INC2,750 484,300.41 1.06%USDCHEVRON CORP4,500 430,132.52 0.94%USDCITIGROUP15,000 517,279.25 1.13%USDCOGNIZANT TECHNOLOGY SOLUTIONS -A-10,000 358,105.14 0.78%USDCOLGATE-PALMOLIVE CO9,100 454,267.10 0.99%USDCOOPER COMPANIES INC4,500 446,540.49 0.98%USDCUMMINS INC3,500 395,383.66 0.87%USDCVS CAREMARK CORP11,000 607,021.53 1.33%USDDEERE & CO3,000 198,894.42 0.44%USDDISCOVER FINANCIAL SERVICES - SHS WI10,300 467,413.97 1.02%USDDOVER CORP6,000 399,546.05 0.87%USDEBAY11,000 403,177.62 0.88%USDEI DU PONT DE NEMOURS & CO9,000 431,219.80 0.94%USDGILEAD SCIENCES INC5,000 303,521.75 0.66%USDGOOGLE -C- WHEN ISSUED1,875 789,756.92 1.73%USDGOOGLE INC1,875 802,647.72 1.76%USDHALLIBURTON6,500 337,944.79 0.74%USDHONEYWELL INTERNATIONAL INC5,000 340,276.76 0.74%USDJPMORGAN CHASE CO13,000 548,440.47 1.20%USDMCDONALD'S CORP6,400 472,057.40 1.03%USDMICROSOFT CORP29,000 885,415.14 1.94%USDMOODY S CORP5,700 365,838.34 0.80%USDNASDAQ STOCK MARKET INC13,000 367,594.08 0.80%USDNATIONAL OILWELL VARCO INC6,500 391,913.16 0.86%USDNOBLE ENERGY INC7,500 425,355.10 0.93%USDNORFOLK SOUTHERN CORP3,000 226,306.93 0.50%USDOCCIDENTAL PETROLEUM CORP5,400 405,770.98 0.89%USDORACLE CORP11,800 350,164.01 0.77%USDPEPSICO INC2,700 176,612.97 0.39%USDPHILIP MORRIS INTERNATIONAL INC10,725 662,047.70 1.45%USDPNC FINANCIAL SERVICES GROUP INC7,200 469,439.16 1.03%USDPRAXAIR INC2,200 213,975.69 0.47%USDPRICELINE.COM INC400 352,320.98 0.77%USDPRUDENTIAL FINANCIAL INC3,000 194,984.62 0.43%USDQUALCOMM INC3,750 217,454.97 0.48%USDROPER INDUSTRIES INC2,000 213,808.76 0.47%USDTIME WARNER9,000 462,915.51 1.01%USDTJX COS INC15,000 583,723.82 1.28%USDUNION PACIFIC CORP8,000 584,272.95 1.28%USDUNITED TECHNOLOGIES CORP10,000 845,292.14 1.85%USDUS BANCORP14,500 459,906.28 1.01%USDVISA INC -A-3,600 555,393.18 1.22%USDWAL-MART STORES INC7,300 401,238.10 0.88%USDWALT DISNEY CO6,000 376,658.37 0.82%USDWELLS FARGO AND CO14,000 538,761.17 1.18%USD21ST CENTURY -A- WHEN ISSUED15,000 386,037.49 0.84%USD

NESTLE SA REG SHS22,000 1,243,336.62 2.72%CHFSvizzera 3,469,648.93 7.59%

NOVARTIS AG REG SHS7,100 469,011.19 1.03%CHFROCHE HOLDING AG GENUSSSCHEIN5,000 1,087,940.11 2.38%CHFTE CONNECTIVITY LTD REG SHS7,000 316,942.45 0.69%USDTHE SWATCH GROUP800 352,418.56 0.77%CHF

Totale portafoglio titoli 44,937,897.26 98.36%




11Pagina

NEF- Azionario Euro


12Pagina


495,813.77Depositi bancari a vista e liquidità1,693,713.85Crediti verso broker per vendita titoli

621,945.94Sottoscrizioni da regolare743,753.46Dividendi da incassare21,693.44Altre voci dell'attivo

3,293,147.32Passivo2,498,626.10Debiti verso broker per acquisto titoli

21,236.71Tassa d'abbonamento497,072.34Rimborsi chiesti e non regolati254,313.04Commissioni di gestione e consulenza

6,488.23Spese della banca depositaria e sub-depositaria7,990.45Spese amministrative5,561.02Onorari1,859.43Altre voci del passivo





NEF - Azionario Euro

Azionario Euro - Category IQuote parti a capitalizzazione 729,370.944 878,548.674 322,755.657 1,285,163.961

Azionario Euro - Category RQuote parti a capitalizzazione 10,942,498.004 3,642,137.650 2,149,031.544 12,435,604.110





30/06/14


01/01/14


13Pagina



Azionario Euro - Category I


15.351,285,163.961 729,370.944

15.06522,312.020


EUR EUR EUR

Azionario Euro - Category R


13.3412,435,604.110 10,942,498.004

13.1610,613,932.508


EUR EUR EUR


31/12/1231/12/1330/06/14Periodo fino al

EUR


14Pagina

KBC GROUPE SA87,780 3,489,255.00 1.88%EUR


Azioni 185,363,513.92 99.85%

Belgio 3,489,255.00 1.88%

KONECRANES OYJ80,065 1,887,932.70 1.02%EURFinlandia 8,359,577.40 4.50%

SAMPO OYJ -A-175,146 6,471,644.70 3.48%EUR

AEROPORTS DE PARIS-ADP-9,307 895,519.54 0.48%EURFrancia 62,940,026.69 33.91%

ALCATEL-LUCENT SA844,916 2,203,540.93 1.19%EURCAP GEMINI SA97,169 5,062,504.90 2.73%EURCIE DE SAINT-GOBAIN SA94,166 3,880,110.03 2.09%EUREIFFAGE64,417 3,198,626.14 1.72%EURGDF SUEZ SA230,561 4,635,428.91 2.50%EURILIAD SA15,672 3,459,594.00 1.86%EURLAFARGE SA85,087 5,394,515.80 2.92%EURLEGRAND SA75,222 3,361,295.07 1.81%EURRENAULT SA79,408 5,243,310.24 2.82%EURREXEL SA66,415 1,134,368.20 0.61%EURSCHNEIDER ELECTRIC SA106,986 7,355,287.50 3.97%EURSOCIETE GENERALE SA108,179 4,138,387.65 2.23%EURTOTAL SA56,064 2,959,057.92 1.59%EURVINCI SA93,668 5,114,272.80 2.75%EURVIVENDI SA274,438 4,904,207.06 2.64%EUR

BAYER AG REG SHS89,799 9,262,766.85 4.99%EURGermania 36,125,610.32 19.46%

CONTINENTAL AG33,443 5,656,883.45 3.05%EURDEUTSCHE TELEKOM AG REG SHS471,646 6,037,068.80 3.25%EURDT ANNINGTON IMMOBILIEN NAM.AKT83,750 1,799,787.50 0.97%EURFRESENIUS AG43,192 4,703,608.80 2.53%EURLEG IMMOBILIEN - NAMEN AKT38,630 1,900,402.85 1.02%EURPROSIEBENSAT.1 NAMEN-AKT143,612 4,672,416.42 2.52%EURSIEMENS AG REG SHS21,697 2,092,675.65 1.13%EUR

RYANAIR HOLDING ORD.220,182 1,513,751.25 0.82%EURIrlanda 1,556,544.88 0.84%

RYANAIR HOLDING ORD.6,193 42,793.63 0.02%EUR

ATLANTIA SPA169,299 3,524,805.18 1.90%EURItalia 40,941,252.00 22.05%

AZIMUT HOLDING SPA93,861 1,766,464.02 0.95%EURBANCA POPOLARE DI MILANO5,270,345 3,452,075.98 1.86%EURENEL SPA1,068,752 4,546,471.01 2.45%EURENI SPA352,373 7,040,412.54 3.78%EURINTESA SANPAOLO SPA2,927,883 6,605,304.05 3.56%EURLUXOTTICA GROUP SPA68,651 2,901,877.77 1.56%EURMEDIASET SPA854,194 3,040,930.64 1.64%EURMONCLER SPA105,416 1,276,587.76 0.69%EURUNICREDIT SPA1,109,783 6,786,323.05 3.66%EUR

SES GLOBAL CERT.GC FID.DEP.REC(1-A-SHS)85,597 2,371,036.90 1.28%EURLussemburgo 2,371,036.90 1.28%

AHOLD NV262,078 3,593,089.38 1.94%EURPaesi Bassi 12,290,875.68 6.62%

AIRBUS GROUP123,286 6,033,616.84 3.24%EURRANDSTAD HOLDING67,294 2,664,169.46 1.44%EUR

BANCO ESPIRIT SANTO2,152,618 1,295,876.04 0.70%EURPortogallo 8,682,139.05 4.68%

EDP-ENERGIAS REG.SHS906,457 3,321,258.45 1.79%EURGALP ENERGIA SA REG SHS -B-303,812 4,065,004.56 2.19%EUR

IMPERIAL TOBACCO GROUP PLC83,434 2,737,759.45 1.47%GBPRegno Unito 2,737,759.45 1.47%

AMADEUS IT HOLDINGS -A-79,372 2,390,684.64 1.29%EURSpagna 5,869,436.55 3.16%

GRIFOLS-SHS.A87,154 3,478,751.91 1.87%EUR





15Pagina

NEF- Azionario Paesi Emergenti


16Pagina

204,772,890.73Attivo200,998,598.94Portafoglio titoli a prezzo di mercato166,325,628.61Prezzo d'acquisto34,672,970.33Plusvalenze latenti sul portafoglio titoli2,157,285.59Depositi bancari a vista e liquidità

626,667.52Crediti verso broker per vendita titoli161,189.51Sottoscrizioni da regolare634,633.50Dividendi da incassare193,113.76Crediti verso cambio corto termine


1,113,073.74Passivo190,289.96Debiti verso broker per acquisto titoli24,160.35Tassa d'abbonamento

328,693.96Rimborsi chiesti e non regolati342,915.21Commissioni di gestione e consulenza13,665.63Spese della banca depositaria e sub-depositaria8,477.42Spese amministrative

10,183.10Onorari192,717.86Debiti verso cambio corto termine

1,970.25Altre voci del passivo





NEF - Azionario Paesi Emergenti

Azionario Paesi Emergenti - Category IQuote parti a capitalizzazione 281,435.478 56,450.218 59,424.031 278,461.665

Azionario Paesi Emergenti - Category RQuote parti a capitalizzazione 5,165,706.592 797,063.584 1,166,649.118 4,796,121.058





30/06/14


01/01/14


17Pagina



Azionario Paesi Emergenti - Category I


46.75278,461.665 281,435.478

42.19209,696.482


EUR EUR EUR

Azionario Paesi Emergenti - Category R


39.754,796,121.058 5,165,706.592

36.114,668,553.255


EUR EUR EUR


31/12/1231/12/1330/06/14Periodo fino al

EUR


18Pagina

BTG PACT PART CTF BDR A B SHS PFD112,399 1,288,755.95 0.63%BRL


Azioni 200,998,598.91 98.69%

Bermuda 1,941,123.94 0.95%

DAIRY FARM INTERNATIONAL HOLDING84,057 652,367.99 0.32%USD

AMBEV ADR REPR 1 SHS923,829 4,761,865.69 2.33%USDBrasile 26,936,277.82 13.23%

BB SEGURIDADE180,176 1,948,173.27 0.96%BRLBMF BOVESPA1,021,996 3,948,048.01 1.94%BRLCIELO335,306 5,085,135.32 2.49%BRLCOMPANHIA CONCESSOES RODOVIARIAS259,768 1,558,504.10 0.77%BRLITAU UNIBANCO PFD ADR REPR 1 PFD SHS276,392 2,910,028.53 1.43%USDITAUSA INVESTIMENTOS ITAU SA-PREF701,390 2,031,557.60 1.00%BRLSOUZA CRUZ428,497 3,252,075.42 1.60%BRLTOTVS51,067 646,805.55 0.32%BRLULTRAPAR45,293 794,084.33 0.39%BRL

TSINGTAO BREWERY -H-283,714 1,620,657.42 0.80%HKDCina 1,620,657.42 0.80%

KANGWON LAND48,428 1,024,690.67 0.50%KRWCorea del Sud 3,786,311.18 1.86%

LG HOUSEHOLD AND HEALTHCARE3,006 966,001.08 0.47%KRWORION CORPORATION2,691 1,795,619.43 0.89%KRW

GALAXY ENTERTAINMENT GROUP LTD578,444 3,380,577.07 1.66%HKDHong Kong 10,985,691.85 5.39%

POWER ASSETS HOLDINGS827,090 5,282,018.30 2.59%HKDTHE LINK REIT - UNITS591,008 2,323,096.48 1.14%HKD

ASIAN PAINTS LTD178,009 1,261,737.20 0.62%INRIndia 50,319,888.33 24.71%

AXIS BK - DEMARTERIALISED78,979 1,840,983.22 0.90%INRCIPLA SHS DEMATERIALISED427,386 2,268,693.21 1.11%INRCOLGATE-PALMOLIVE (INDIA) LTD49,638 922,272.12 0.45%INRHAVELIS INDIA46,653 663,538.41 0.33%INRHCL TECHNOLOGIES DEMATERIALISED110,899 2,016,204.70 0.99%INRHDFC BANK LTD768,167 7,677,846.46 3.77%INRHINDUSTAN UNILEVER581,316 4,437,976.55 2.18%INRHOUSING DEVELOPMENT FINANCE CORP774,979 9,258,802.66 4.56%INRHOUSING DEVT FINANCE ADR REPR 3 SHS14,276 489,385.21 0.24%USDITC DEMATERIALISED1,945,530 7,680,935.72 3.78%INRKOTAK MAHINDRA BANK126,960 1,363,065.59 0.67%INRNESTLE INDIA DEMATERAILISED17,785 1,065,284.17 0.52%INRPOWER GRID INDIA399,347 678,741.06 0.33%INRSUN PHARMACEUTICAL INDUSTRIES.DEMATERIAL496,783 4,096,585.60 2.01%INRTATA CONSULT.SERVICES SVS DEMATERIALISED114,553 3,324,805.88 1.63%INRWESTLIFE DEVELOPMENT LTD92,800 394,313.53 0.19%INRZEE ENTERTAINMENT - DEMATERIALISED230,606 838,480.74 0.41%INRZEE ENTERTAINMENT 6 PREF SHS 14-224,419,072 40,236.30 0.02%INR

BANK CENTRAL ASIA DEP2,762,830 1,879,199.60 0.92%IDRIndonesia 7,422,934.95 3.64%

PT UNILEVER INDONESIA TBK1,015,162 1,867,447.43 0.92%IDRSEMEN GRESIK (PERSERO) TBK178,779 166,647.92 0.08%IDRTELKOM INDONESIA -B-22,886,787 3,509,640.00 1.72%IDR

RANDGOLD RESOURCES ADR21,496 1,331,499.19 0.65%USDIsola di Jersey 2,836,566.13 1.39%

RANDGOLD RESSOURCES LTD24,755 1,505,066.94 0.74%GBP

AUTOHOME -A- SPONS ADR REPR 1 SH-A-18,699 471,376.90 0.23%USDIsole Caiman 16,619,880.99 8.16%

BAIDU - SHS -A- ADR REPR 1 SH -A-25,800 3,528,846.10 1.73%USDBITAUTO -ADR - REP 1SH19,649 700,619.64 0.34%USDNETEASE.COM ADR REPR.SHS20,500 1,176,145.85 0.58%USDSANDS CHINA LTD1,201,618 6,631,795.97 3.26%HKDSOUFUN HLDG ADR REP 4SHS -A-94,685 678,698.31 0.33%USDTENCENT HLDG308,065 3,432,398.22 1.69%HKD

MAIL.RU GROUP GDR REPR 1 SH REGS55,966 1,444,429.27 0.71%USDIsole Vergini Britanniche 1,444,429.27 0.71%





19Pagina

BRITISH AMERICAN TOBACCO (M) BHD71,096 1,079,607.13 0.53%MYRMalesia 8,529,678.71 4.19%

GENTING MALAYSIA BHD2,107,100 1,982,396.24 0.97%MYRMALAYAN BANKING BHD1,231,828 2,758,410.23 1.36%MYRPUBLIC BANK BHD603,100 2,709,265.11 1.33%MYR

COCA COLA FEMSA ADR REPR.10 SHS L8,828 734,395.49 0.36%USDMessico 20,162,551.75 9.90%

COCA COLA FEMSA -L- (KOFL)36,261 301,308.35 0.15%MXNFEMSA SPON ADR REP.10UTS CONS-B-+20SH-D-63,189 4,332,735.28 2.13%USDFIBRO UNO497,853 1,272,430.91 0.62%MXNGRUPO FINANCIERO -B- ADR REPR 5 SHS -B-220,546 2,144,421.50 1.05%USDGRUPO TELEVISA ADR (5 ORD.PART.CERT.)121,542 3,053,233.28 1.50%USDINDUSTRIAL PENOLES SAB DE CV144,823 2,652,493.70 1.30%MXNWAL MART -V-2,894,999 5,671,533.24 2.79%MXN

YANDEX N.V.112,796 2,943,366.12 1.45%USDPaesi Bassi 2,943,366.12 1.45%

BRITISH AMERICAN TOBACCO PLC233,928 10,260,851.47 5.04%ZARRegno Unito 21,893,798.65 10.75%

BRITISH AMERICAN TOBACCO PLC43,074 1,869,137.52 0.92%GBPSABMILLER PLC228,983 9,763,809.66 4.79%ZAR

DBS GROUP HOLDINGS186,846 1,840,432.01 0.90%SGDSingapore 1,840,432.01 0.90%

MTN GROUP LTD122,611 1,899,322.80 0.93%ZARSudafrica 8,221,316.34 4.04%

NASPERS -N-34,425 2,980,704.99 1.46%ZARREMGRO LTD210,061 3,341,288.55 1.65%ZAR

ADVANCED INFO SERVICE -F-321,600 1,594,849.74 0.78%THBTailandia 9,941,719.35 4.88%

BANGKOK BANK PUBLIC CO LTD -F-400,100 1,745,141.20 0.86%THBCP SEVEN ELEVEN ALL FOREIGN REGISTERED2,536,600 2,744,569.77 1.34%THBKASIKORNBANK -F-404,097 1,867,327.69 0.92%THBTHAI BEVERAGE PUBLIC CO LTD5,521,700 1,989,830.95 0.98%SGD

PRESIDENT CHAIN STORE CORP506,868 2,961,814.03 1.45%TWDTaiwan 2,961,814.03 1.45%

COCA COLA ICECEK SANAYI A.S32,689 590,160.07 0.29%TRYTurchia 590,160.07 0.29%

PEACE MARK (HOLDING)311,100 0.03 0.00%HKD

Altri valori mobiliari 0.03 0.00%

Obbligazioni convertibili 0.03 0.00%

Bermuda 0.03 0.00%





20Pagina

NEF- Obbligazionario Globale


21Pagina

123,663,661.93Attivo102,573,795.70Portafoglio titoli a prezzo di mercato99,745,179.67Prezzo d'acquisto2,828,616.03Plusvalenze latenti sul portafoglio titoli3,752,085.75Depositi bancari a vista e liquidità3,500,000.00Depositi vincolati1,305,248.53Interessi maturati2,124,045.03Crediti verso broker per vendita titoli

339,600.13Sottoscrizioni da regolare10,066,438.27Crediti verso cambio corto termine


13,680,971.05Passivo60,453.15Debiti bancari a vista


101,783.84Rimborsi chiesti e non regolati443,392.75Minusvalenze non realizzate su future su cambi78,266.72Minusvalenze non realizzate su future88,995.08Commissioni di gestione e consulenza2,784.35Spese della banca depositaria e sub-depositaria4,549.58Spese amministrative3,081.68Onorari

10,065,064.49Debiti verso cambio corto termine1,113.93Altre voci del passivo






Obbligazionario Globale - Category IQuote parti a capitalizzazione 2,405,802.845 2,249,535.594 1,283,497.101 3,371,841.338

Obbligationario Globale - Category RQuote parti a capitalizzazione 3,541,775.373 1,224,998.384 398,918.088 4,367,855.669





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01/01/14


22Pagina



Obbligazionario Globale - Category I


15.233,371,841.338 2,405,802.845

14.151,326,663.252


EUR EUR EUR

Obbligationario Globale - Category R


13.424,367,855.669 3,541,775.373

12.522,565,871.710


EUR EUR EUR


31/12/1231/12/1330/06/14Periodo fino al

EUR


23Pagina

AUSTRALIA 122 5.25 05-19 15/03S2,500,000 1,891,793.36 1.72%AUD


Obbligazioni 82,463,731.95 74.98%

Australia 1,891,793.36 1.72%

BELGIQUE OLO -60- 4.25 10-41 28/03A100,000 129,707.00 0.12%EURBelgio 1,395,917.00 1.27%

BELGIQUE-OLO 59 2.75 10-16 28/03A600,000 627,720.00 0.57%EURBELGIUM KINGDOM 2.25 13-23 22/06A600,000 638,490.00 0.58%EUR

WOORI BANK 4.75 14-24 30/04S1,000,000 740,276.76 0.67%USDCorea del Sud 740,276.76 0.67%

CROATIA 3.875 14-22 30/05A1,200,000 1,203,456.00 1.09%EURCroazia 1,203,456.00 1.09%

ASIAN DEVELOP BANK 2.35 04-27 21/06S30,000,000 255,712.85 0.23%JPYFilippine 255,712.85 0.23%

BNP PARIBAS SA EMTN 2.375 14-24 20/05A500,000 506,445.00 0.46%EURFrancia 3,905,860.94 3.55%

BPCE MED T SN REGS 5.15 14-24 21/07S800,000 620,038.07 0.56%USDBPCE 144A SUB 5.70 13-23 22/10S400,000 323,394.35 0.29%USDFRANCE OAT 2.25 13-24 25/05A2,000,000 2,120,300.00 1.93%EURNUMERICABLE GROUP SA 6.00 14-22 15/05S300,000 229,331.52 0.21%USDNUMERICABLE GRP REGS 5.375 14-22 15/05S100,000 106,352.00 0.10%EUR

BRD 1.75 12-22 04/07A3,500,000 3,730,300.00 3.39%EURGermania 11,147,526.10 10.14%

BRD 2.50 12-44 04/07A500,000 536,575.00 0.49%EURDEUTSCHLAND REP 1.75 14-24 15/02A5,800,000 6,089,710.00 5.54%EURKRED.ANST.WIEDERAUFB. 2.60 07-37 20/06S90,000,000 790,941.10 0.72%JPY

DBJ REGD 1.70 02-22 20/09S335,000,000 2,650,016.92 2.41%JPYGiappone 2,650,016.92 2.41%

AIB MORTG BK 2.625 13-16 29/07A400,000 415,796.00 0.38%EURIrlanda 1,670,086.00 1.52%

AQUARIUS INVESTMENTS 4.25 13-42 02/10A500,000 543,335.00 0.50%EURFGA CAP IRELAND 2.625 14-19 17/04A400,000 411,108.00 0.37%EURRYANAIR LTD 1.875 14-21 17 06A300,000 299,847.00 0.27%EUR

ASSICURAZ GEN SUB 4.125 14-26 04/05A300,000 309,798.00 0.28%EURItalia 22,822,528.27 20.76%

INTESA SANPAOLO 5.017 14-24 26/06S1,100,000 817,268.27 0.74%USDINTESA SANPAOLO EMTN 5.00 09-19 23/09A900,000 993,924.00 0.90%EURITALY BOT 3.75 13-21 01/05S1,000,000 1,109,950.00 1.01%EURITALY BTP 2.50 14-19 01/05S4,000,000 4,214,200.00 3.83%EURITALY BTP 3.75 11-16 15/04S4,000,000 4,226,920.00 3.85%EURITALY BTP 4.50 08-19 01/03S4,500,000 5,155,875.00 4.70%EURITALY BTP 5.50 12-22 01/09S3,000,000 3,684,300.00 3.35%EURTELECOM ITALIA CAP 4.50 14-21 25/01A400,000 428,424.00 0.39%EURTELECOM ITALIA SPA 4.875 13-20 25/09A600,000 655,218.00 0.60%EURUNICREDIT 2.25 13-16 16/12A600,000 617,406.00 0.56%EURUNICREDIT SPA REGS 6.95 12-22 31/10A500,000 609,245.00 0.55%EUR

BEI EMTN 1.90 06-26 26/01S55,000,000 445,484.95 0.41%JPYLussemburgo 1,942,058.98 1.77%

EUROP.INVEST.BK 2.15 07-27 18/01S180,000,000 1,496,574.03 1.36%JPY

PEMEX REGS 3.125 13-20 27/11A439,000 470,147.05 0.43%EURMessico 470,147.05 0.43%

EDP FINANCE 2.625 14-19 15/04A600,000 607,584.00 0.55%EURPaesi Bassi 1,928,529.46 1.75%

ING BANK NV 1.25 14-19 13/12A700,000 699,860.00 0.64%EURVW INTL FINANCE 2.375 14-18 13/11S500,000 621,085.46 0.56%GBP

BCO ESPIRITO SANTO 4.00 14-19 21/01A1,000,000 977,060.00 0.89%EURPortogallo 9,756,109.00 8.87%

PORTUGAL 3.85 05-21 15/04A1,000,000 1,049,230.00 0.95%EURPORTUGAL 4.35 07-17 16/10A4,000,000 4,340,720.00 3.95%EURPORTUGUESE OT'S 4.75 09-19 14/06A3,050,000 3,389,099.00 3.08%EUR

AON 2.875 14-26 14/05A200,000 204,808.00 0.19%EURRegno Unito 8,342,086.67 7.58%

AVIVA SUB 6.125 13-43 05/07A500,000 591,060.00 0.54%EUR





24Pagina

IMPERIAL TOBACCO 4.875 14-32 07/06A100,000 127,470.99 0.12%GBPLBG CAP REG S 18 SUB 6.385 09-20 12/05A500,000 546,845.00 0.50%EURUK TSY 3.25 12-44 22/01S4,500,000 5,435,932.62 4.93%GBPUNITED KINGDOM 4.25 10-40 07/12S1,000,000 1,435,970.06 1.30%GBP

SLOVENIA (REP OF) 4.75 13-18 10/05S1,000,000 791,777.71 0.72%USDSlovenia 791,777.71 0.72%

CAJA AHORROS BARCEL 2.375 14-19 09/05A700,000 715,211.00 0.65%EURSpagna 5,211,606.46 4.74%

SPANISH 4.00 10-20 30/04A1,000,000 1,135,830.00 1.03%EURSPANISH GOV'T 5.50 02-17 30/07A2,700,000 3,082,806.00 2.81%EURTELEFONICA EMIS SA 5.462 11-21 16/02S334,000 277,759.46 0.25%USD

APPLE 2.85 14-21 06/05S800,000 591,834.82 0.54%USDStati Uniti d'America 6,338,242.42 5.76%

BANK OF AMERICA 3.30 13-23 11/01A500,000 361,388.93 0.33%USDBANK OF AMERICA 5.75 07-17 01/12S500,000 413,647.68 0.38%USDBBVA US SENIOR 4.664 12-15 09/10S1,000,000 765,836.87 0.70%USDGOLDMAN SACHS GROUP 2.90 13-18 19/07S500,000 378,199.59 0.34%USDGOLDMAN SACHS GROUP 4.00 14-24 03/03S400,000 298,195.93 0.27%USDJP MORGAN CHASE 6.30 09-19 23/04S500,000 432,918.43 0.39%USDMORGAN STANLEY 3.75 13-23 25/02S500,000 372,448.39 0.34%USDMORGAN STANLEY 5.00 13-25 24/11S500,000 392,173.08 0.36%USDUS TREASURY 3.00 12-42 15/05S1,700,000 1,169,232.32 1.05%USDUSA TREASURY NOTES 4.375 11-41 15/05S800,000 701,694.98 0.64%USDVERIZON COMMUNICATION 6.55 13-43 15/09S500,000 460,671.40 0.42%USD

FORTIS BANQUE -SUB FL.R 04-XX 31/12A400,000 401,916.00 0.37%EUR

Obbligazioni a tasso variabile 19,897,413.75 18.09%

Belgio 906,781.00 0.82%

KBC GROEP SUB FL.R 14-XX 19/03Q500,000 504,865.00 0.45%EUR

ACCOR FL.R 14-XX 30/06A500,000 497,795.00 0.45%EURFrancia 7,013,316.52 6.37%

AXA FL.R 10-40 16/04A600,000 676,698.00 0.62%EURBNP PARIBAS FL.R 14-26 20/03A500,000 508,430.00 0.46%EURBNP PARIBAS SUB REGS FL.R 05-XX 29/06S555,000 415,258.49 0.38%USDCNP ASSURANCES SA FL.R 06-XX 22/12A500,000 522,065.00 0.47%EURCNP ASSURANCES SUB FL.R 13-XX 18/01S200,000 160,748.28 0.15%USDCREDIT AGRICOLE FL.R 06-XX 24/02A500,000 645,614.47 0.59%GBPEDF SA REGS FL.R 13-XX 29/01S500,000 373,982.28 0.34%USDELECT.DE FRANCE SUB FL.R 14-XX 22/01A300,000 322,875.00 0.29%EURGDF SUEZ SUB FL.R 14-XX 02/06A1,000,000 1,009,890.00 0.92%EURORANGE SA SUB FL.R 14-XX 07/02A400,000 412,376.00 0.37%EURORANGE SUB FL.R 14-XX 07/02A600,000 636,030.00 0.58%EURSOLVAY FIN SUB FL.R 13-XX 12/05A300,000 312,534.00 0.28%EURVEOLIA ENVIRONNEMENT FL.R 13-XX 16/04A500,000 519,020.00 0.47%EUR

ALLIANZ SE FL.R 13-XX 24/10A500,000 544,620.00 0.50%EURGermania 2,352,638.00 2.14%

BAYER SUB FL.R 14-75 01/07A700,000 708,106.00 0.64%EURENBW ENERGIE FL.R 14-76 02/04A1,100,000 1,099,912.00 1.00%EUR

ENEL SPA FL.R 13-74 10/01A300,000 331,302.00 0.30%EURItalia 594,156.65 0.54%

ENEL SUB FL.R 14-76 15/09A200,000 262,854.65 0.24%GBP

AMERICA MOVIL SAB FL.R 13-73 06/09A1,000,000 1,074,290.00 0.98%EURMessico 1,074,290.00 0.98%

ABN AMRO BANK NV FL.R 06-XX 10/03A1,000,000 1,022,440.00 0.93%EURPaesi Bassi 3,386,741.42 3.08%

ING BANK EMTN SUB FL.R 05-20 16/09A1,000,000 1,018,200.00 0.93%EURTELEFONICA EUROPA SUB FL.R 13-XX 26/11A300,000 396,707.42 0.36%GBPVOLKSWAGEN INTL SUB FL.R 13-XX 04/09A500,000 527,950.00 0.48%EURVW INTL FIN FL.R 14-26 24/03A400,000 421,444.00 0.38%EUR

NATIONWIDE BUILD FL.R 14-XX 20/06S600,000 768,456.64 0.70%GBPRegno Unito 768,456.64 0.70%

BBVA FL.R 14-XX 19/02Q600,000 636,366.00 0.58%EURSpagna 1,152,031.00 1.05%

BBVA FL.R 14-24 11/04A500,000 515,665.00 0.47%EUR

JPMORGAN CHASE EMTN FL.R 07-17 30/05M1,000,000 1,232,538.99 1.12%GBPStati Uniti d'America 1,232,538.99 1.12%





25Pagina

CREDIT SUISSE FL.R 13-25 18/09A500,000 558,625.00 0.51%EURSvizzera 1,416,463.53 1.29%

CS GROUP REGS FL.R 13-XX 11/12S400,000 324,413.53 0.29%USDUBS AG SUB FL.R 14-26 12/02A500,000 533,425.00 0.49%EUR

CAIXA GERAL DEPOS. 3.00 14-19 15/01A200,000 212,650.00 0.19%EUR

Altri valori mobiliari 212,650.00 0.19%

Obbligazioni 212,650.00 0.19%

Portogallo 212,650.00 0.19%





26Pagina

NEF- Obbligazionario Euro


27Pagina

108,128,175.26Attivo102,256,868.25Portafoglio titoli a prezzo di mercato96,518,812.26Prezzo d'acquisto5,738,055.99Plusvalenze latenti sul portafoglio titoli4,322,159.33Depositi bancari a vista e liquidità1,320,285.73Interessi maturati

209,770.10Sottoscrizioni da regolare15,780.00Plusvalenze non realizzate su future3,311.85Altre voci dell'attivo

1,131,355.62Passivo845,021.08Debiti verso broker per acquisto titoli13,285.67Tassa d'abbonamento

154,406.50Rimborsi chiesti e non regolati106,349.46Commissioni di gestione e consulenza






NEF - Obbligazionario Euro

Obbligazionario Euro - Category IQuote parti a capitalizzazione 42,878.426 32,247.163 25,000.000 50,125.589

Obbligazionario Euro - Category RQuote parti a capitalizzazione 5,632,250.655 1,139,274.142 817,350.542 5,954,174.255





30/06/14


01/01/14


28Pagina



Obbligazionario Euro - Category I


18.0450,125.589 42,878.426

17.1425,000.000


EUR EUR EUR

Obbligazionario Euro - Category R


17.825,954,174.255 5,632,250.655

17.004,894,657.942


EUR EUR EUR


31/12/1231/12/1330/06/14Periodo fino al

EUR


29Pagina

AUSTRIA 3.20 10-17 20/02A1,300,000 1,404,910.00 1.31%EUR


Obbligazioni 99,850,542.25 93.32%

Austria 3,060,408.00 2.86%

AUSTRIA 3.50 05-21 15/09A600,000 706,098.00 0.66%EURAUSTRIA 3.90 04-20 15/07A800,000 949,400.00 0.89%EUR

BELFIUS BANQUE 2.25 13-18 26/09A700,000 729,743.00 0.68%EURBelgio 5,510,007.00 5.15%

BELGIQUE OLO -48- 4.00 06-22 28/03A300,000 362,424.00 0.34%EURBELGIQUE OLO -60- 3.50 11-17 28/06A2,800,000 3,072,664.00 2.87%EURBELGIUM KINGDOM 3.00 12-19 28/09A1,200,000 1,345,176.00 1.26%EUR

AUCHAN 3.625 11-18 19/10A1,000,000 1,114,170.00 1.04%EURFrancia 24,051,808.50 22.48%

BFCM 2.875 12-17 21/06A1,000,000 1,061,140.00 0.99%EURBNP PARIBAS 2.25 14-21 13/01A800,000 827,840.00 0.77%EURBNP PARIBAS 3.00 12-17 24/02A300,000 317,547.00 0.30%EURBPCE SA 1.625 13-17 08/02A500,000 510,490.00 0.48%EURBPCE SA 2.125 14-21 17/03A600,000 617,892.00 0.58%EURCARREFOUR EMTN 1.875 12-17 19/12A150,000 155,596.50 0.15%EURCM CIC CB EMTN 1.125 14-19 06/02A800,000 818,008.00 0.76%EURCREDIT AGRICOLE 4.50 10-20 31/03Q600,000 615,357.00 0.58%EURCRH 3.50 05-17 25/04A500,000 544,260.00 0.51%EURCRH 3.90 11-21 18/01A1,000,000 1,180,920.00 1.10%EURCRH 4.25 03-14 25/10A1,100,000 1,114,003.00 1.04%EURFRANCE BTAN 2.25 11-16 25/02A3,000,000 3,108,540.00 2.91%EURFRANCE OAT 1.00 12-18 25/05A1,200,000 1,231,020.00 1.15%EURFRANCE OAT 4.00 06-38 25/10A1,500,000 1,885,920.00 1.76%EURFRANCE OAT 4.25 06-23 25/10A300,000 373,431.00 0.35%EURFRANCE OAT 3.50 10-26 25/04A2,000,000 2,339,760.00 2.19%EURFRANCE TELECOM 5.625 08-18 22/05A500,000 588,955.00 0.55%EURHSBC FRANCE 1.625 13-18 03/12A600,000 618,246.00 0.58%EURKLEPIERRE 4.75 11-21 14/03A800,000 963,320.00 0.90%EURLA BQUE POSTALE 1.875 13-20 11/09A400,000 422,392.00 0.39%EURLEGRAND SA 4.25 10-17 24/02A500,000 545,665.00 0.51%EURSOCIETE GENERALE 3.125 10-17 21/09A600,000 644,928.00 0.60%EURTOTAL CAPITAL 2.125 13-21 19/11A400,000 421,968.00 0.39%EURUNEDIC 0.375 13-16 29/04A1,000,000 1,004,230.00 0.94%EURUNIBAIL RODAMCO 1.625 12-17 26/06A1,000,000 1,026,210.00 0.96%EUR

BRD 2.00 11-22 04/01A800,000 869,504.00 0.81%EURGermania 15,939,202.15 14.90%

BRD 3.00 10-20 04/07A2,150,000 2,467,985.00 2.31%EURBRD 3.25 10-42 04/07A600,000 738,558.00 0.69%EURBRD -159- 2.00 11-16 26/02A5,300,000 5,474,105.00 5.13%EURDEUTSCHLAND INDEXED 1.75 09-20 15/04U645,513 806,134.10 0.75%EURGERMANY 3.75 08-19 04/01A1,400,000 1,620,822.00 1.51%EURGERMANY -06- 3.75 06-17 04/01A1,900,000 2,077,422.00 1.94%EURGERMANY 164 0.50 12-17 13/10A1,000,000 1,013,570.00 0.95%EURKFW INT.FINANCE 1.125 13-18 16/10A845,000 871,102.05 0.81%EUR

IRISH TSY 3.40 14-24 18/03A1,000,000 1,090,280.00 1.02%EURIrlanda 1,090,280.00 1.02%

ATLANTIA 3.625 12-18 30/11A750,000 827,055.00 0.77%EURItalia 20,248,467.00 18.92%

ENI SPA 2.625 13-21 22/11A300,000 320,700.00 0.30%EURINTESA SAN PAOLO 3.625 12-22 05/12A500,000 566,675.00 0.53%EURINTESA SAN PAOLO 3.75 09-16 23/11A500,000 531,185.00 0.50%EURITALY BOT 4.75 13-28 01/09S1,300,000 1,511,120.00 1.41%EURITALY BTP 2.75 12-15 01/12S1,000,000 1,031,400.00 0.96%EURITALY BTP 3.50 12-17 01/11S500,000 541,115.00 0.51%EURITALY BTP 4.00 05-37 01/02S500,000 528,750.00 0.49%EURITALY BTP 4.00 06-17 01/02S3,000,000 3,249,000.00 3.04%EURITALY BTP 4.00 10-20 01/09S2,100,000 2,372,958.00 2.22%EURITALY BTP 4.25 09-19 01/09S1,500,000 1,709,745.00 1.60%EURITALY BTP 4.50 13-24 01/03S500,000 575,475.00 0.54%EURITALY BTP 5.00 09-40 01/09S3,000,000 3,552,600.00 3.31%EUR





30Pagina

ITALY BTPS 3.75 10-21 01/03S1,200,000 1,334,520.00 1.25%EURITALY BTPS 4.50 10-26 01/03S400,000 457,908.00 0.43%EURITALY BTPS 4.50 13-23 01/05S700,000 805,546.00 0.75%EURSNAM 3.375 13-21 29/01A300,000 332,715.00 0.31%EUR

EIB 1.50 13-20 15/07A1,000,000 1,043,950.00 0.98%EURLussemburgo 4,595,260.00 4.29%

EUROP INVEST BK 2.00 13-23 14/04A600,000 634,680.00 0.59%EUREUROPEAN UNION 2.75 12-22 04/04A1,500,000 1,681,275.00 1.57%EUREUROP.INVEST.BK 2.75 11-21 15/09A1,100,000 1,235,355.00 1.15%EUR

ABN AMRO BANK NV 3.625 10-17 06/10A450,000 490,788.00 0.46%EURPaesi Bassi 5,291,700.00 4.95%

BMW FINANCE 3.25 12-19 14/01A1,050,000 1,161,541.50 1.09%EURNEDERLAND 1.25 12-18 15/01A800,000 828,504.00 0.77%EURNETHERLANDS 2.50 12-33 15/01A1,000,000 1,059,630.00 0.99%EURNETHERLANDS 3.50 10-20 15/07A800,000 932,304.00 0.87%EURRABOBANK NED 4.25 07-17 16/01A750,000 818,932.50 0.77%EUR

CREDIT AGRICOLE LDN 2.375 14-24 20/05A400,000 406,948.00 0.38%EURRegno Unito 1,339,245.50 1.25%

HAMMERSON PLC 2.00 14 22 01/07A450,000 450,193.50 0.42%EURHSBC HOLDINGS SUB 6.00 09-10 10/06A400,000 482,104.00 0.45%EUR

BBVA 4.875 11-16 15/04A1,500,000 1,609,350.00 1.50%EURSpagna 17,065,775.60 15.95%

GAS NATURAL CAP REGS 4.125 12-14 24/04A1,000,000 1,091,060.00 1.02%EURGAS NATURAL CAPITAL 5.625 11-17 09/02A400,000 449,432.00 0.42%EURSPAIN 4.10 08-18 30/07A1,000,000 1,121,480.00 1.05%EURSPAIN 4.40 13-23 31/10A3,000,000 3,451,140.00 3.23%EURSPAIN 4.70 09-41 30/07A1,760,000 2,007,332.80 1.88%EURSPAIN STRIP 3.15 05-16 31/01A300,000 312,900.00 0.29%EURSPAIN STRIP 3.80 06-17 31/01A1,460,000 1,577,208.80 1.47%EURSPANISH 4.00 10-20 30/04A1,900,000 2,158,077.00 2.02%EURSPANISH GOVT 2.10 13-17 30/04A500,000 518,690.00 0.48%EURSPANISH GOVT 4.50 12-18 31/01A1,500,000 1,686,795.00 1.58%EURTELEFONICA EMIS SA 5.496 09-16 01/04A1,000,000 1,082,310.00 1.01%EUR

MICROSOFT 2.125 13-21 06/12S550,000 576,988.50 0.54%EURStati Uniti d'America 576,988.50 0.54%

VATTENFALL AB EMTN 5.25 09-16 17/03A1,000,000 1,081,400.00 1.01%EURSvezia 1,081,400.00 1.01%

BPCE FL.R 14-26 08/07A400,000 397,312.00 0.37%EUR


Francia 1,124,079.00 1.05%

EDF SA FL.R 14-XX 22/01A300,000 314,391.00 0.29%EURORANGE SA SUB FL.R 14-XX 07/02A400,000 412,376.00 0.39%EUR

ALLIANZ FL.R 12-42 17/10A300,000 352,125.00 0.33%EURGermania 1,070,289.00 1.00%

MUNICH RE EMTN FL.R 11-41 26/05A600,000 718,164.00 0.67%EUR

HSBC HLDGS FL.R 13-24 10/01A200,000 211,958.00 0.20%EURRegno Unito 211,958.00 0.20%





31Pagina

NEF- Obbligazionario Paesi Emergenti


32Pagina

143,293,138.72Attivo136,843,180.50Portafoglio titoli a prezzo di mercato135,689,991.77Prezzo d'acquisto

1,153,188.73Plusvalenze latenti sul portafoglio titoli838,107.54Depositi bancari a vista e liquidità

2,187,406.26Interessi maturati3,175,214.99Crediti verso broker per vendita titoli

237,380.57Sottoscrizioni da regolare11,848.86Altre voci dell'attivo

1,534,798.66Passivo16,256.22Tassa d'abbonamento

255,737.82Rimborsi chiesti e non regolati1,042,472.03Minusvalenze non realizzate su future su cambi

200,274.23Commissioni di gestione e consulenza6,042.29Spese della banca depositaria e sub-depositaria5,970.65Spese amministrative6,586.75Onorari1,458.67Altre voci del passivo





NEF - Obbligazionario Paesi Emergenti

Obbligazionario Paesi Emergenti -Category IQuote parti a capitalizzazione 303,553.215 362,569.566 162,210.919 503,911.862

Obbligazionario Paesi Emergenti -Category RQuote parti a capitalizzazione 5,381,948.569 777,961.503 1,108,121.933 5,051,788.139





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01/01/14


33Pagina



Obbligazionario Paesi Emergenti - Category I


29.10503,911.862 303,553.215

26.81150,069.753


EUR EUR EUR

Obbligazionario Paesi Emergenti - Category R


25.165,051,788.139 5,381,948.569

23.324,757,286.646


EUR EUR EUR


31/12/1231/12/1330/06/14Periodo fino al

EUR


34Pagina

ARMENIA 6.00 13-20 30/09S570,000 442,186.12 0.31%USD


Obbligazioni 109,077,998.27 76.94%

Armenia 442,186.12 0.31%

AZERBAIDJAN (REP) REGS 4.75 14-24 18/03S930,000 702,817.99 0.50%USDAzerbaigian 1,142,164.89 0.81%

STATE OIL REGS 4.75 13-23 13/03S600,000 439,346.90 0.31%USD

BRASIL TELECOM REGS 5.75 12-22 10/02S2,130,000 1,560,695.19 1.10%USDBrasile 3,646,922.32 2.57%

BRAZIL 5.625 09-41 07/01S800,000 629,913.61 0.44%USDBRAZIL 7.125 06-37 20/01S1,570,000 1,456,313.52 1.03%USD

PACIFIC RUB REGS 5.375 13-19 26/01S2,280,000 1,747,510.33 1.23%USDCanada 1,747,510.33 1.23%

CENCOSUD REGS 4.875 12-23 20/01S650,000 480,418.44 0.34%USDCile 480,418.44 0.34%

BANCOLOMBIA SUB 5.125 12-22 11/09S430,000 317,176.16 0.22%USDColombia 3,850,693.52 2.72%

COLOMBIA 5.625 14-44 26/02S1,550,000 1,275,362.42 0.91%USDCOLOMBIA 7.375 06-37 18/09S1,100,000 1,096,883.15 0.77%USDCOLOMBIA 7.375 09-19 18/03S1,300,000 1,161,271.79 0.82%USD

COTE D IVOIRE REGS FL.R 10-32 31/12S1,300,000 925,714.60 0.65%USDCosta d'Avorio 925,714.60 0.65%

BANCO DE COSTA RICA 5.25 13-18 12/08S255,000 192,047.22 0.14%USDCostarica 2,061,278.83 1.45%

BANCO NACIONAL REGS 6.25 13-23 01/11S1,130,000 852,828.16 0.60%USDCOSTA RICA REGS 4.25 12-23 26/01S1,444,000 1,016,403.45 0.71%USD

CROATIA 6.75 09-19 05/11S1,100,000 905,289.21 0.64%USDCroazia 3,705,090.64 2.61%

CROATIA REGS 6.00 13-24 26/01S960,000 754,603.01 0.53%USDCROATIA REGS 6.375 11-21 24/03S800,000 646,156.10 0.46%USDCROATIA 144A 5.50 13-23 04/04S200,000 152,675.35 0.11%USDHEP REGS 6.00 12-17 09/11S1,600,000 1,246,366.97 0.87%USD

DP WORLD REG S 6.85 07-37 02/07S4,910,000 4,012,948.96 2.83%USDEmirati arabi 4,012,948.96 2.83%

ECUADOR REG S 7.95 14-24 20/06S1,380,000 1,036,879.34 0.73%USDEquatore 1,621,382.92 1.14%

ECUADOR REG-S 9.375 05-15 15/12S750,000 584,503.58 0.41%USD

GABONESE REGS 6.375 13-24 12/12S1,610,000 1,292,939.15 0.91%USDGabon 1,292,939.15 0.91%

BANK OF GEOGIA REGS 7.75 12-17 05/07S800,000 631,126.08 0.45%USDGeorgia 2,242,181.87 1.58%

GEORG RAILWAY REGS 7.75 12-22 11/07S1,950,000 1,611,055.79 1.13%USD

GHANA 8.50 07-17 04/10A1,350,000 1,048,923.71 0.74%USDGhana 1,048,923.71 0.74%

INDONESIA REGS 3.75 12-22 25/04S1,550,000 1,105,098.47 0.77%USDIndonesia 3,856,837.19 2.72%

INDONESIA REGS 6.75 14-44 15/01S750,000 632,997.15 0.45%USDINDONESIA REGS 6.875 06-17 09/03S1,100,000 908,398.00 0.64%USDINDONESIA REG-S 5.875 04-24 15/01S925,000 748,838.23 0.53%USDPERUSAHAAN PERSEROAN 5.50 11-21 22/11S600,000 461,505.34 0.33%USD

IRAQ FL.R 06-28 15/01S3,250,000 2,141,316.45 1.51%USDIraq 2,141,316.45 1.51%

ALFA BOND ISS REGS 7.50 12-19 26/09S950,000 724,046.34 0.51%USDIrlanda 724,046.34 0.51%

BANCO BRASIL REG S 5.875 11-22 26/01S600,000 454,067.95 0.32%USDIsole Caiman 3,985,352.74 2.81%

CHINA OVERSEA FIN 5.50 10-20 10/11S1,100,000 852,753.69 0.60%USDDUBAI DOF 5.00 14-29 30/04S900,000 652,107.92 0.46%USDKUWAIT PROJ REGS 4.80 14-19 05/02S2,641,000 2,026,423.18 1.43%USD

FRANSHION DEVLT 6.75 11-21 15/04S450,000 350,316.66 0.25%USDIsole Vergini Britanniche 678,757.50 0.48%

HUANENG CAP REGS 3.375 13-18 11/06S455,000 328,440.84 0.23%USD





35Pagina

BELARUS (REP OF) EMTN 8.75 10-15 03/08S950,000 718,641.82 0.51%USDIT-Belarus 718,641.82 0.51%

KAZATOMPROM REG-S 6.25 10-15 20/05S390,000 295,603.90 0.21%USDKazakistan 295,603.90 0.21%

KENYA 5.875 14-19 24/06S360,000 269,567.73 0.19%USDKenya 689,437.04 0.49%

KENYA REGS 6.875 14-24 24/06S550,000 419,869.31 0.30%USD

LETTONIE REPU OF 2.75 12-20 12/01S1,700,000 1,230,975.25 0.87%USDLettonia 1,230,975.25 0.87%

LEBANESE REPUBLIC 6.00 12-23 27/01S1,459,000 1,078,536.21 0.76%USDLibano 3,032,998.35 2.14%

LEBANESE REPUBLIC 6.75 12-27 29/11S1,440,000 1,085,956.94 0.77%USDLEBANESE REPUBLIC 61 6.60 11-26 27/11S1,160,000 868,505.20 0.61%USD

LITHUANIA REGS 5.125 10-17 14/09S730,000 588,511.06 0.42%USDLituania 2,655,541.82 1.87%

REPUBLIC OF LITHUANIA 6.125 11-21 09/03S1,700,000 1,458,355.55 1.02%USDREPUBLIC OF LITHUANIA 6.75 09-15 15/01S200,000 151,228.59 0.11%USDREPUBLIC OF LITHUANIA 7.375 10-20 11/02S510,000 457,446.62 0.32%USD

GPN CAPITAL REGS 6.00 13-23 27/11S700,000 525,968.66 0.37%USDLussemburgo 1,143,148.05 0.81%

KAZMUNAIGAZ FIN REG-S 7.00 10-20 05/05S738,000 617,179.39 0.44%USD

BMCE REGS 6.25 13-18 27/11S1,830,000 1,406,278.22 0.99%USDMarocco 2,881,486.89 2.03%

MAROC REGS 4.25 12-22 11/12S2,000,000 1,475,208.67 1.04%USD

MEXICAN STATES 25 3.625 12-22 15/03S1,834,000 1,394,151.53 0.98%USDMessico 3,483,724.05 2.46%

MEXIQUE MTN 26 4.75 12-44 08/03S1,034,000 773,758.75 0.55%USDPEMEX REGS 4.875 13-24 18/01S935,000 734,479.54 0.52%USDPETROLEOS MEXICANOS 3.50 13-23 30/01S810,000 581,334.23 0.41%USD

MONGOLIE EMTN REGS 2 5.125 12-22 05/12S400,000 254,877.72 0.18%USDMongolia 562,955.40 0.40%

MONGOLIE REGS 4.125 12-18 05/01S450,000 308,077.68 0.22%USD

NIGERIA 6.375 13-23 12/07S900,000 713,193.00 0.50%USDNigeria 2,043,223.02 1.44%

NIGERIA REGS 5.125 13-18 12/07S1,000,000 761,773.32 0.54%USDNIGERIA REGS 6.75 11-21 28/01S700,000 568,256.70 0.40%USD

INDO ENERGY REGS 6.375 13-23 24/01S475,000 292,056.49 0.21%USDPaesi Bassi 2,330,431.47 1.64%

NORTHERN LIGHTS REGS 7.00 12-19 16/08Q2,200,000 1,764,155.80 1.24%USDZHAIKMUNAI INTL REGS 7.125 12-19 13/11S345,000 274,219.18 0.19%USD

PAKISTAN 7.25 14-19 15/04S1,100,000 827,778.60 0.58%USDPakistan 2,764,270.04 1.95%

PAKISTAN 8.255 14-24 15/04S2,550,000 1,936,491.44 1.37%USD

PANAMA (REP.) 4.30 13-53 29/04S550,000 352,788.47 0.25%USDPanama 3,190,556.08 2.25%

PANAMA (REP.) 6.70 06-36 26/01S2,350,000 2,128,868.06 1.50%USDPANAMA (REP.) 9.375 99-29 01/04S500,000 544,988.29 0.38%USDPANAMA (REP.OF) 5.20 09-20 30/01S200,000 163,911.26 0.12%USD

PERU 8.75 03-33 21/11S1,000,000 1,118,721.63 0.79%USDPerù 3,901,195.65 2.75%

PERU (REP OF) 5.625 10-50 18/11S1,100,000 905,297.27 0.64%USDREPUBLIC OF PERU 7.125 09-19 30/03S2,100,000 1,877,176.75 1.32%USD

DOMINICAN REP REGS 7.45 14-44 30/04S1,230,000 964,808.83 0.68%USDRep. Domenicana 2,788,581.55 1.97%

DOMINICAN REP.REG S 6.60 13-24 28/01S400,000 320,896.17 0.23%USDDOMINICAN REPUBLIC 7.50 10-21 06/05S1,790,000 1,502,876.55 1.06%USD

ROMANIA 6.75 12-22 07/02S1,146,000 1,003,861.77 0.71%USDRomania 2,924,065.76 2.06%

ROMANIA REGS 4.375 13-23 22/08S740,000 557,492.31 0.39%USDROMANIA REGS 4.875 14-24 22/01S428,000 333,895.16 0.24%USDROMANIA REGS 6.125 14-44 22/01S1,232,000 1,028,816.52 0.72%USD

RUSSIA REG -S- 5.00 10-20 29/04S500,000 392,081.56 0.28%USDRussia 2,824,012.04 1.99%

RUSSIA REG -S- 12.75 98-28 24/06S300,000 382,057.40 0.27%USD





36Pagina

RUSSIA REG-S STEP UP 7.50 00-30 31/03S2,411,200 2,049,873.08 1.44%USD

EL SALVADOR REGS 5.875 12-25 30/01S1,880,000 1,352,765.85 0.96%USDSalvador 2,084,458.52 1.47%

EL SALVADOR REP REG S 7.625 11-41 01/02S750,000 587,161.37 0.41%USDEL SALVADOR REP REG-S 7.65 05-35 15/06S182,000 144,531.30 0.10%USD

SENEGAL (REP OF) 8.75 11-21 13/06S1,166,000 991,176.84 0.70%USDSenegal 991,176.84 0.70%

SERBIA REGS 5.25 12-17 21/11S500,000 383,105.14 0.27%USDSerbia 2,160,252.83 1.52%

SERBIE REGS 4.875 13-20 25/02S1,505,000 1,120,320.33 0.79%USDSERBIE REGS 5.875 13-18 03/12S840,000 656,827.36 0.46%USD

SRI LANKA 5.875 12-22 25/07S3,000,000 2,262,036.90 1.59%USDSri Lanka 3,521,665.33 2.48%

SRI LANKA REGS 5.125 14-19 11/04S650,000 485,796.24 0.34%USDSRI LANKA REGS 6.00 14-19 14/01S1,000,000 773,832.19 0.55%USD

SOUTH AFRICA (REP OF) 5.50 10-20 09/03S1,500,000 1,202,646.80 0.85%USDSudafrica 1,925,369.38 1.36%

TRANSNET REG S EMTN 4.00 12-22 26/07S1,050,000 722,722.58 0.51%USD

PETR TRIN&TOBAC.REG S 9.75 09-19 14/08S250,000 231,988.58 0.16%USDTrinidad e Tobago 231,988.58 0.16%

FINANSBANK REGS 6.25 14-19 30/04S2,000,000 1,518,392.15 1.08%USDTurchia 4,708,078.05 3.33%

TURKEY 6.00 11-41 14/01S400,000 313,758.97 0.22%USDTURKEY 7.50 09-19 07/11S170,000 147,545.77 0.10%USDTURKEY 11.875 00-30 15/01S550,000 691,257.14 0.49%USDTURKEY 7.00 06-16 26/09S800,000 647,679.02 0.46%USDTURKEY (REP OF) 5.625 10-21 30/03S400,000 319,742.27 0.23%USDTURKEY(REP.OF) 7.375 05-25 05/02S1,200,000 1,069,702.73 0.75%USD

HUNGARY (REPUBLIC OF) 6.375 11-21 29/03A3,750,000 3,137,858.77 2.21%USDUngheria 3,700,935.35 2.61%

HUNGARY (REPUBLIC OF) 7.625 11-41 29/03S600,000 563,076.58 0.40%USD

URUGUAY 4.125 12-45 20/11S2,290,000 1,458,621.69 1.03%USDUruguay 1,458,621.69 1.03%

VENEZUELA 5.75 05-16 26/02S3,028,000 2,104,125.23 1.49%USDVenezuela 8,201,006.49 5.80%

VENEZUELA 9.25 97-27 15/09S2,523,000 1,586,342.25 1.12%USDVENEZUELA 9.375 04-34 13/01S960,000 592,897.34 0.42%USDVENEZUELA 11.95 11-31 05/08S830,000 596,156.10 0.42%USDVENEZUELA REGS 12.75 10-22 23/08S2,035,000 1,528,708.45 1.08%USDVENEZUELA REGS 11.75 11-26 21/10S2,500,000 1,792,777.12 1.27%USD

ZAMBIA REGS 5.375 12-22 20/09S1,490,000 1,026,930.51 0.72%USDZambia 1,026,930.51 0.72%

BRAZIL MINAS SPE REGS FL.R 13-28 15/02S1,880,000 1,397,102.36 0.99%USD


Brasile 1,397,102.36 0.99%

ICICI BANK -SUB- FL.R 07-22 30/04S900,000 684,745.94 0.48%USDIndia 684,745.94 0.48%

ALFA BANK NOTES FL.R 07-17 22/02S1,765,000 1,317,391.97 0.93%USDIrlanda 1,317,391.97 0.93%

DUBAI TIER 1 SUKUK FL.R 13-XX 20/03S2,046,000 1,520,808.07 1.07%USDIsole Caiman 2,381,086.29 1.68%

EMIRATES BANK REGS FL.R 13-19 30/05S1,200,000 860,278.22 0.61%USD

SB CAPITAL SA REGS FL.R 14-24 26/02S2,050,000 1,475,195.49 1.04%USDLussemburgo 1,475,195.49 1.04%

FBN FINANCIAL REGS FL.R 13-20 07/08S1,380,000 1,062,644.45 0.75%USDPaesi Bassi 1,062,644.45 0.75%

TANZANIA FL.R 13-20 08/03S2,170,000 1,700,331.16 1.20%USDTanzania 1,700,331.16 1.20%

INTL BK AZERBAIJAN 5.625 14-19 11/06S5,100,000 3,750,243.81 2.65%USD

Altri valori mobiliari 3,750,243.81 2.65%

Obbligazioni 3,750,243.81 2.65%

Lussemburgo 3,750,243.81 2.65%





37Pagina

PARVEST BD WRLD EMERGING CORP -I- CAP153,520 13,996,440.76 9.87%USD

Azioni/Quote di OICR/OIC 13,996,440.76 9.87%

Azioni/Quote di fondo d'investimento 13,996,440.76 9.87%

Lussemburgo 13,996,440.76 9.87%






38Pagina


3,530,288.73Plusvalenze latenti sul portafoglio titoli-7,500.00Opzioni acquistate a prezzo di mercato

8,298,068.59Depositi bancari a vista e liquidità1,745,968.68Interessi maturati1,026,755.19Sottoscrizioni da regolare

405.43Altre voci dell'attivo

5,819,301.66Passivo-29,875.00Opzioni vendute a prezzo di mercato22,375.00Debiti bancari a vista


529,308.23Rimborsi chiesti e non regolati101,318.66Commissioni di gestione e consulenza






NEF - Obbligazionario Breve Termine Euro

Obbligazionario Breve Termine Euro -Category IQuote parti a capitalizzazione 24,905.124 40,172.075 12,953.500 52,123.699

Obbligazionario Breve Termine Euro -Category RQuote parti a capitalizzazione 11,647,874.187 3,121,212.859 2,218,503.264 12,550,583.782





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01/01/14


39Pagina



Obbligazionario Breve Termine Euro - Category I


14.5552,123.699 24,905.124

14.3213,341.057


EUR EUR EUR

Obbligazionario Breve Termine Euro - Category R


13.7512,550,583.782 11,647,874.187

13.569,949,781.969


EUR EUR EUR


31/12/1231/12/1330/06/14Periodo fino al

EUR


40Pagina

COMMONW BK AUSTRALIA 2.625 12-17 12/01A1,000,000 1,057,220.00 0.61%EUR


Obbligazioni 166,572,084.00 96.09%

Australia 2,293,208.00 1.32%

WESTPAC BANKING 2.125 12-16 16/02A1,200,000 1,235,988.00 0.71%EUR

BELGIAN 1.25 13-18 22/06A1,500,000 1,552,155.00 0.90%EURBelgio 5,776,585.00 3.33%

BELGIUM -47- 3.25 06-16 28/09A3,000,000 3,210,750.00 1.85%EURKBC BANK 0.875 13-26 29/08A1,000,000 1,013,680.00 0.58%EUR

OP MORTGAGE BANK 1.625 12-17 23/05A600,000 622,296.00 0.36%EURFinlandia 622,296.00 0.36%

BANQUE PSA FINANCE 4.00 11-15 24/06A1,000,000 1,024,940.00 0.59%EURFrancia 14,900,052.00 8.60%

BPCE SFH 2.75 12-17 16/02A2,000,000 2,125,820.00 1.23%EURCIE DE FIN.FONCIER 2.25 12-15 21/08A2,700,000 2,761,182.00 1.59%EURCIF EUROMORTGAGE 4.00 06-16 25/10A2,000,000 2,169,400.00 1.25%EURFRANCE BTAN 2.25 11-16 25/02A1,500,000 1,554,270.00 0.90%EURFRANCE BTAN 2.50 10-16 25/07A3,000,000 3,148,140.00 1.82%EURSTE GAL SFH EMTN 3.25 11-16 06/06A2,000,000 2,116,300.00 1.22%EUR

DAIMLER 1.75 12-15 21/05A800,000 810,080.00 0.47%EURGermania 10,425,040.00 6.01%

DEUT PFANDBRIEFBANK 0.875 13-17 30/01A1,000,000 1,014,780.00 0.59%EURFMS 0.375 13-16 14/11A1,500,000 1,507,305.00 0.87%EURKFW EMTN 0.625 14-18 12/02A2,000,000 2,023,760.00 1.16%EURLANDESBK HESS.THUERIN 0.75 13-17 11/12A1,500,000 1,519,905.00 0.87%EURLANDWIRT.RENTENBANK 0.625 13-16 05/09A1,000,000 1,011,540.00 0.58%EURMERCK FIN SERVICES 3.375 10-15 24/03A200,000 204,414.00 0.12%EURVOLKSWAGEN LEASING 1.00 14-17 04/10A1,300,000 1,310,036.00 0.76%EURVOLKSWAGEN LEASING 2.75 11-15 13/07A1,000,000 1,023,220.00 0.59%EUR

AIB MORTG BK 2.625 13-16 29/07A500,000 519,745.00 0.30%EURIrlanda 9,563,987.00 5.52%

AIB MORTG BK REG S 4 FL.R 07-17 29/06A1,500,000 1,681,800.00 0.97%EURBANK OF IRELAND 4.625 09-14 16/09A1,000,000 1,008,650.00 0.58%EURBANK OF IRLAND MRT BK 1.875 13-17 13/05A800,000 826,016.00 0.48%EURGE CAP EURO FUNDING 1.25 12-15 15/10A300,000 303,138.00 0.17%EURGENERAL ELECTRIC CAP 1.625 13-18 15/03A800,000 825,968.00 0.48%EURIRELAND T-BOND 4.60 99-16 18/04A3,000,000 3,234,390.00 1.87%EURIRLANDE 5.50 12-17 18/10A1,000,000 1,164,280.00 0.67%EUR

ITALY BTP 1.15 14-17 15/05S4,000,000 4,035,920.00 2.33%EURItalia 47,027,928.00 27.12%

ITALY BTP 1.50 14-16 15/12S3,000,000 3,054,240.00 1.76%EURITALY BTP 2.25 13-16 15/05S5,000,000 5,153,750.00 2.97%EURITALY BTP 2.50 12-15 01/03S5,000,000 5,070,500.00 2.92%EURITALY BTP 2.50 14-19 01/05S5,000,000 5,267,750.00 3.04%EURITALY BTP 2.75 13-16 15/11A4,000,000 4,188,400.00 2.42%EURITALY BTP 3.00 10-15 01/11S4,000,000 4,133,400.00 2.38%EURITALY BTP 3.50 12-17 01/11S5,000,000 5,411,150.00 3.12%EURITALY BTP 3.75 06-16 01/08S5,000,000 5,321,900.00 3.07%EURITALY BTP 3.75 11-16 15/04S5,000,000 5,283,650.00 3.05%EURSNAM EMTN 12-16 11/07A100,000 107,268.00 0.06%EUR

EFSF 0.50 13-16 07/03A3,000,000 3,020,550.00 1.74%EURLussemburgo 9,206,732.00 5.31%

EFSF 2.00 12-17 15/05A2,000,000 2,102,160.00 1.21%EUREUR FIN STAB EMTN 1.25 13-18 05/02A1,750,000 1,806,000.00 1.04%EURGAZPROM OAO REG-S 3.755 12-17 15/03A500,000 518,480.00 0.30%EURGAZPROM REGS 3.70 13-18 25/07A1,400,000 1,451,268.00 0.84%EURJOHN DEERE BANK 1.50 13-18 16/07A300,000 308,274.00 0.18%EUR

AMERICA MOVIL 1.00 14-18 04/06A500,000 500,340.00 0.29%EURMessico 500,340.00 0.29%

DNB NOR BOLIGKR 2.75 10-15 20/04A1,600,000 1,632,240.00 0.94%EURNorvegia 2,234,502.00 1.29%

SANTANDER CONSUM BK 1.00 14-16 10/06A600,000 602,262.00 0.35%EUR

BK NEDERLANDSE GEME 0.25 13-15 20/11A2,000,000 2,002,680.00 1.16%EURPaesi Bassi 7,708,810.00 4.45%





41Pagina

ING BANK 3.25 11-16 03/03A1,000,000 1,050,090.00 0.61%EURING EMTN 2.125 12-15 10/07A1,000,000 1,017,060.00 0.59%EURPETROBRAS GLOBAL FIN 2.75 14-18 15/01A500,000 513,190.00 0.30%EURSNS BANK 3.50 09-15 27/10A3,000,000 3,125,790.00 1.79%EUR

POLAND 1.625 13-19 15/01A750,000 772,935.00 0.45%EURPolonia 772,935.00 0.45%

PORTUGAL 4.35 07-17 16/10A2,000,000 2,170,360.00 1.25%EURPortogallo 2,170,360.00 1.25%

ABBEY NAT TREAS 2.00 14-19 14/01A700,000 725,389.00 0.42%EURRegno Unito 5,423,413.50 3.13%

ABBEY NAT TREAS.SERV 1.75 13-18 15/01A450,000 461,866.50 0.27%EURDIAGEO FINANCE REGS 1.125 14-19 20/05A1,400,000 1,412,194.00 0.81%EURROYAL BK SCOTLAND 2.50 11-14 07/09A1,500,000 1,506,375.00 0.87%EURUBS AG LONDON 2.00 11-15 10/04A1,300,000 1,317,589.00 0.76%EUR

SLOVAKIA(REPUBLIC OF) 4.375 09-15 21/01A1,000,000 1,023,280.00 0.59%EURSlovacchia 1,023,280.00 0.59%

SLOVENIA 4.00 07-18 22/03A800,000 874,720.00 0.50%EURSlovenia 2,095,408.00 1.21%

SLOVENIA (REP OF) 1.75 14-17 09/10A1,200,000 1,220,688.00 0.71%EUR

BANCO SANTANDER SA 2.875 13-18 30/01A1,000,000 1,072,320.00 0.62%EURSpagna 38,239,698.00 22.06%

BANCO SANTANDER SA 3.25 12-15 17/02A400,000 407,008.00 0.23%EURBANKINTER 3.125 13-18 05/02A1,700,000 1,831,308.00 1.06%EURBANKINTER 4.125 12-17 22/03A800,000 872,064.00 0.50%EURBBVA 4.25 11-15 30/03A1,000,000 1,027,830.00 0.59%EURCAIXABANK 3.00 13-18 22/03A600,000 645,828.00 0.37%EURSPAIN 2.75 12-15 31/03A5,000,000 5,091,650.00 2.94%EURSPAIN 3.25 10-16 30/04A5,000,000 5,253,400.00 3.03%EURSPAIN 3.30 13-16 30/07A3,000,000 3,171,000.00 1.83%EURSPAIN 4.00 12-15 30/07A5,000,000 5,196,650.00 3.00%EURSPAIN STRIP 3.15 05-16 31/01A5,000,000 5,215,000.00 3.01%EURSPAIN STRIPPABLE 2.75 14-19 30/04A5,000,000 5,343,500.00 3.08%EURSPANISH GOVT 2.10 13-17 30/04A3,000,000 3,112,140.00 1.80%EUR

BMW US CAPITAL 1.25 12-16 20/07A500,000 507,215.00 0.29%EURStati Uniti d'America 1,933,596.00 1.12%

MORGAN STANLEY 4.50 09-14 29/10A500,000 506,680.00 0.29%EURTOYOTA MOTOR CREDIT 1.25 13-17 01/08A900,000 919,701.00 0.54%EUR

NORDEA BANK 2.75 10-15 18/08A850,000 873,145.50 0.50%EURSvezia 4,653,913.50 2.68%

SEB EMTN 2.50 10-15 17/06A1,100,000 1,124,299.00 0.65%EURSTADSHYPOTEK AB 1.00 13-18 19/06A900,000 918,270.00 0.53%EURSWEDEN 0.875 13-18 31/01A1,700,000 1,738,199.00 1.00%EUR

BMW FINANCE FL.R 13-16 05/09Q700,000 700,000.00 0.40%EUR


Paesi Bassi 700,000.00 0.40%

SVENSKA HANDELSB SUB FL.R 14-24 15/01A400,000 413,304.00 0.24%EURSvezia 413,304.00 0.24%

CAIXA GERAL DEPOS. 3.00 14-19 15/01A400,000 425,300.00 0.25%EUR



Portogallo 425,300.00 0.25%

EURX EURO SCHATZ /PU-300 15,000.00 0.00%EUR

Strumenti derivati 22,375.00 0.01%

Opzioni 22,375.00 0.01%

Germania 7,500.00 0.00%

EURX EURO SCHATZ /PU300 -7,500.00 0.00%EUR

EURIBOR 3 MONTH /PUT-170 14,875.00 0.01%EURRegno Unito 14,875.00 0.01%





42Pagina

NEF- Obbligazionario Convertibile


43Pagina


863,459.54Opzioni acquistate a prezzo di mercato864,115.83Opzioni acquistate a prezzo d'acquisto800,642.06Depositi bancari a vista e liquidità118,743.98Interessi maturati550,764.29Crediti verso broker per vendita titoli63,736.70Sottoscrizioni da regolare


2,131,610.17Passivo128,963.39Opzioni vendute a prezzo di mercato113,631.10Opzioni vendute a prezzo d'acquisto

5,023.83Debiti bancari a vista1,151,310.82Debiti verso broker per acquisto titoli

4,399.86Tassa d'abbonamento47,863.69Rimborsi chiesti e non regolati

284,725.67Minusvalenze non realizzate su future su cambi11,332.12Minusvalenze non realizzate su future52,621.88Commissioni di gestione e consulenza1,110.84Spese della banca depositaria e sub-depositaria1,815.10Spese amministrative1,115.25Onorari






NEF - Obbligazionario Convertibile

Obbligazionario Convertibile - Category IQuote parti a capitalizzazione 571,438.031 569,781.113 473,294.817 667,924.327

Obbligazionario Convertibile - Category RQuote parti a capitalizzazione 2,234,916.276 817,656.522 389,917.300 2,662,655.498





30/06/14


01/01/14


44Pagina



Obbligazionario Convertibile - Category I


14.40667,924.327 571,438.031

14.0236,667.267


EUR EUR EUR

Obbligazionario Convertibile - Category R


12.492,662,655.498 2,234,916.276

12.232,074,070.952


EUR EUR EUR


31/12/1231/12/1330/06/14Periodo fino al

EUR


45Pagina

CGG7,495 76,898.70 0.18%EUR


Azioni 726,944.75 1.69%

Francia 76,898.70 0.18%

KDDI CORP7,000 311,441.53 0.73%JPYGiappone 311,441.53 0.73%

STANLEY BLCK DECK (PREFERRED)3,503 338,604.52 0.78%USDStati Uniti d'America 338,604.52 0.78%

CFS RET CORP EMTN CV 5.75 11-16 04/07S251,000 183,093.42 0.43%AUD

Obbligazioni convertibili 38,439,879.37 89.63%

Australia 320,888.70 0.75%

CFS RET.PROP TRT CV 5.075 07-14 21/08S200,000 137,795.28 0.32%AUD

STEINHOFF FIN HLDG CV 4.00 14-21 30/01S100,000 122,701.00 0.29%EURAustria 122,701.00 0.29%

BEKAERT NV SA CV 0.75 14-18 18/06A300,000 296,857.50 0.69%EURBelgio 377,800.20 0.88%

COFINIMMO SA CV 2.00 13-18 20/06A706 80,942.70 0.19%EUR

LOTTE SHIPPING CV 0.00 13-18 24/01U400,000,000 291,784.08 0.68%KRWCorea del Sud 291,784.08 0.68%

AABAR INV REGS CV 4.00 11-16 27/05S200,000 240,268.00 0.56%EUREmirati arabi 684,289.09 1.60%

DP WORLD CV 1.75 14-24 19/06S600,000 444,021.09 1.04%USD

SOLIDIUM CV REGS 0.50 12-15 29/09A300,000 304,767.00 0.71%EURFinlandia 304,767.00 0.71%

AIR FRANCE KLF CV 4.97 09-15 01/04A17,196 211,689.53 0.49%EURFrancia 3,031,462.61 7.07%

AIR FRANCE KLM CV 2.03 13-23 15/02A23,459 297,874.54 0.69%EURALCATEL LUCENT CV 0.00 14-19 30/01U58,500 227,623.50 0.53%EURBNP PARIBAS CV 0.25 12-15 21/09A200,000 223,950.00 0.52%EURFAURECIA CV 3.25 12-18 01/01A4,246 128,863.77 0.30%EURFONCIERE DES REGIONS 3.34 11-17 01/01S4,500 437,084.01 1.03%EURINGENICO CV 2.75 11-17 01/01A1,450 92,731.93 0.22%EURNEXITY SA CV 0.625 14-20 01/01S6,000 267,240.00 0.62%EURORPEA CV 1.75 13-20 01/01S1,600 96,993.89 0.23%EURORPEA CV 3.875 10-16 01/01A1,200 67,401.34 0.16%EURPEUGEOT SA 4.45 09-16 01/01S15,500 413,224.23 0.96%EURTECHNIP SA CV 0.25 11-17 01/01A2,450 256,393.18 0.60%EURUNIBAIL RODAMCO CV 0.00 14-21 01/07U1,079 310,392.69 0.72%EUR

DEUTSCHE WOHNEN REGS 0.50 13-20 22/11S300,000 311,457.00 0.72%EURGermania 516,002.00 1.20%

FRESENIS REGS CV 0.00 14-19 24/09U100,000 102,925.00 0.24%EURRAG STIFTUNG CV 0.00 14-18 31/12U100,000 101,620.00 0.24%EUR

ABC MART CV REGS 0.00 13-18 05/02U40,000,000 363,173.96 0.84%JPYGiappone 5,323,697.83 12.41%

ALPS ELECTRIC CO LTD 0.00 14-19 25/03U30,000,000 229,676.70 0.54%JPYFUKUYAMA TRANSPORT CV 0.00 12-17 22/03U30,000,000 254,099.22 0.59%JPYKAWASAKI KISEN CV 0.00 13-18 26/09U30,000,000 215,912.30 0.50%JPYMITSUI OSK LINES CV 0.00 14-18 24/04U400,000 290,888.86 0.68%USDMITSUI OSK LINES CV 0.00 14-20 24/04U400,000 293,410.46 0.68%USDNIDEC CV (NIDEC) 0.00 10-15 18/09U45,000,000 397,113.34 0.92%JPYOSG CORP CV 0.00 12-22 04/04U30,000,000 275,596.92 0.64%JPYPARK24 CV 0.00 13-18 26/04U40,000,000 295,103.69 0.69%JPYRESORTTRUST REGS CV 0.00 13-18 27/07U35,000,000 295,206.65 0.69%JPYSHIZUOKA BANK CV 0.00 13-18 25/04U400,000 302,697.32 0.71%USDSUMITOMO FOR CV REGS 0.00 13-18 24/08U40,000,000 293,778.80 0.68%JPYTAIYO YUDEN REGS CV 0.00 14-21 27/01U20,000,000 145,283.70 0.34%JPYTAKASHIMAYA CV REGS 0.00 13-18 11/12U30,000,000 222,094.61 0.52%JPYTAKASHIMAYA REGS CV 0.00 13-20 11/12U40,000,000 304,300.12 0.71%JPYTOPPAN PRINTING CV 0.00 13-16 19/12U30,000,000 219,841.59 0.51%JPYTORAY INDUSTRIES CV 0.00 14-19 30/08U30,000,000 225,464.43 0.53%JPYTORAY INDUSTRIES CV 0.00 14-21 31/08U30,000,000 230,324.74 0.54%JPYYAMADA DENKI CV 0.00 14-19 28/06U30,000,000 222,312.79 0.52%JPYYAMAGUCHI FIN CV 0.00 13-18 20/12U300,000 247,417.63 0.58%USD





46Pagina

CPTL SHOPPING CENTER 2.50 12-18 04/10S100,000 133,494.70 0.31%GBPIsola di Jersey 362,269.94 0.84%

DERWENT LONDON CAP CV 1.125 13-19 24/07S100,000 129,074.24 0.30%GBPGABRIEL FINANCE CV 2.00 13-16 26/11S100,000 99,701.00 0.23%EUR

GOLDEN AGRI RES REGS 2.50 12-17 04/10S200,000 145,968.66 0.34%USDIsola Maurizio 145,968.66 0.34%

ASM PACIFIC TECHNO CV 2.00 14-19 28/03S2,000,000 206,811.39 0.48%HKDIsole Caiman 3,327,221.74 7.76%

CHINA OVER FIN CV 0.00 14-21 04/02U600,000 445,721.19 1.05%USDCTRIP.COM INTL CV 1.25 13-18 15/10S205,000 164,063.04 0.38%USDENN ENERGY HLD CV 0.00 13-18 26/02U250,000 230,180.11 0.54%USDFUFENG GROUP CV 3.00 13-18 27/11S1,000,000 120,787.61 0.28%CNHHAITIAN INTL CV 2.00 14-19 13/02S250,000 188,792.28 0.44%USDHENGAN INTL GROUP CV 0.00 13-18 27/06U3,000,000 292,294.06 0.68%HKDKINGSOFT CORP LTD 1.25 14-19 11/04S4,000,000 358,679.19 0.84%HKDPK HLDG CO REGS 0.00 12-17 01/10U250,000 185,997.22 0.43%USDSHENZHOU INTL -G- 0.50 14-19 18/06S2,000,000 191,235.50 0.45%HKDSIEM KAPITAL INC 1.00 12-19 12/09S600,000 440,010.25 1.03%USDSINA CORP CV 1.00 13-18 01/12S393,000 263,452.15 0.61%USDSOUFUN HOLDING CV REGS2.00 13-18 15/12S247,000 164,372.74 0.38%USDZHEN DING REGS CV 0.00 14-19 26/06U100,000 74,825.01 0.17%USD

BILL EXPRE INV CV 0.75 10-15 18/10S300,000 225,742.42 0.53%USDIsole Vergini Britanniche 1,424,124.02 3.32%

LOGO STAR CV 1.50 13-18 22/11S2,000,000 220,664.17 0.51%HKDNEWFORD CAPITAL CV 0.00 11-16 12/05U200,000 156,574.90 0.37%USDPB ISSUER N2 CV 1.75 10-16 12/04S350,000 256,434.32 0.60%USDSHINE POWER INTL LTD 0.00 14-19 28/07U6,000,000 564,708.21 1.31%HKD

BENI STABILI CV 2.625 13-19 17/04S100,000 114,036.00 0.27%EURItalia 1,084,548.00 2.53%

BUZZI UNICEM CV 1.375 13-19 17/07S100,000 110,310.00 0.26%EURENI SPA CV 0.625 13-16 18/01A600,000 653,016.00 1.52%EURSAFILO CV 1.25 14-19 22/05S100,000 102,900.00 0.24%EURSCHEMATRENTQUATTRO CV 0.25 13-16 29/11A100,000 104,286.00 0.24%EUR

ARCELORMITTAL CV 6.00 13-16 15/01Q24,400 395,352.17 0.92%USDLussemburgo 2,567,687.90 5.99%

GAGFAH REGS 1.50 14-19 20/05S100,000 106,712.00 0.25%EURGBL VERWALTUNG CV 1.25 13-17 07/02A300,000 351,669.00 0.82%EURGLENCORE FINANCE CV 5.00 09-14 31/12S1,400,000 1,135,334.60 2.65%USDQIAGEN FINANCE CV 0.875 14-21 19/03S200,000 160,049.79 0.37%USDSUBSEA 7 INC CV 1.00 06-17 05/10S400,000 294,072.34 0.69%USDTELECOM ITALIA 6.125 13-16 15/11A100,000 124,498.00 0.29%EUR

MARINE HARVEST CV 0.875 14-19 06/05S100,000 108,263.00 0.25%EURNorvegia 108,263.00 0.25%

ACS ACTIVIDADES CV 1.625 14-19 27/03Q600,000 632,496.00 1.47%EURPaesi Bassi 3,530,149.54 8.23%

ACS ACTIVIDADES CV 2.625 13-18 22/10Q300,000 333,918.00 0.78%EURCEZ MH BV CV 0.00 14-17 04/08U100,000 100,731.00 0.23%EURLUKOIL INTL CV (SHS) 2.625 10-15 16/06S800,000 599,138.97 1.40%USDQIAGEN FINANCE CV 0.375 14-19 19/03S600,000 471,600.53 1.10%USDSIEMENS FIN. CV 1.65 12-19 16/08S750,000 635,352.90 1.49%USDSONAE INV CV 1.625 14-19 11/06S200,000 195,840.00 0.46%EURSTMICROELECTRONICS 1.00 14-21 03/07S400,000 288,285.25 0.67%USDVW INTL FINANCE 5.50 12-15 09/11A100,000 117,329.00 0.27%EURYANDEX NV CV 1.125 13-18 15/12S214,000 155,457.89 0.36%USD

AMORIM ENERGY CV 3.375 13-18 03/06S200,000 225,078.00 0.52%EURPortogallo 631,456.00 1.47%

PARPUBLICA SGPS SA CV 5.25 10-17 28/09A350,000 406,378.00 0.95%EUR

PENNON GROUP CV 4.625 09-14 20/08S100,000 161,629.45 0.38%GBPRegno Unito 303,237.68 0.71%

TUI TRAVEL CV 6.00 09 14 05/10S100,000 141,608.23 0.33%GBP

CAPITALAND CV 1.85 13-20 19/06S500,000 280,314.66 0.65%SGDSingapore 619,040.78 1.44%

RUBY ASSETS CV 1.60 10-17 01/02S500,000 338,726.12 0.79%SGD

ABENGOA CV 4.50 10-17 03/02S150,000 166,989.00 0.39%EURSpagna 1,070,744.00 2.50%





47Pagina

CAIXABANK 4.50 13-16 22/11A200,000 213,954.00 0.50%EURINDRA SISTEMAS REGS 1.75 13-18 17/10S100,000 110,175.00 0.26%EURINTL CONSOL AIRLIN CV 1.75 13-18 31/05S100,000 127,810.00 0.30%EURLA CAXA CV 1.00 13-17 25/11S400,000 451,816.00 1.05%EUR

AKAMAI TECHNOLOGIES 0.00 14-19 15/02U462,000 346,016.28 0.81%USDStati Uniti d'America 11,282,412.09 26.30%

AMERICAN RLTY CAP CV 3.00 13-18 01/08S250,000 186,486.85 0.43%USDBIOMARIN PHARM CV SUB 0.75 13-18 15/10S188,000 143,115.65 0.33%USDCITRIX SYS CV 144A 0.50 14-19 15/04S750,000 582,496.52 1.36%USDCOLONY FINL CV 3.875 14-21 15/01S150,000 113,312.71 0.26%USDCONCUR TECHNO CV 0.50 14-18 15/06S210,000 172,698.79 0.40%USDELEC.DATA.SYST CV 0.75 11-16 15/07S473,000 438,101.62 1.02%USDGILEAD SCIENCES CV 1.625 11-16 01/05S655,000 1,750,046.05 4.08%USDHEALTH CAREE REIT CV 3.00 10-29 01/12S150,000 135,910.46 0.32%USDHOMEAWAY 144A 0.125 14-19 01/04S195,000 139,616.74 0.33%USDHOST HOTELS -144A- 2.50 09-29 15/10Q104,000 129,817.25 0.30%USDILLUMINA CV 0.00 14-19 15/06U67,000 50,481.54 0.12%USDILLUMINA INC CV 0.50 14-21 15/06S67,000 50,038.09 0.12%USDINTEL DEDS CV 2.95 05-35 15/12S860,000 784,339.15 1.83%USDJARDEN SUB CV 1.50 13-19 15/06S193,000 170,280.32 0.40%USDJARDEN SUB CV 144A 1.125 14-34 15/03S568,000 425,498.87 0.99%USDLIBERTY INTERAC CV 1.00 13-43 30/09Q400,000 304,006.44 0.71%USDNETSUITE CONV 0.25 14-18 01/06S209,000 157,706.40 0.37%USDNOVELLUS SYSTEMS CV 2.625 11-41 15/05S329,000 487,554.97 1.14%USDNUANCE COM CV 2.75 11-31 01/11S814,000 598,878.24 1.40%USDPRICELINE.COM CV 0.35 13-20 15/06S400,000 349,023.28 0.81%USDPRICELINE.COM CV 1.00 13-18 15/03S214,000 222,265.12 0.52%USDSALESFORCE COM CV 0.25 14-18 01/04S268,000 224,803.69 0.52%USDSANDISK CV 0.50 13-20 15/10S150,000 138,426.57 0.32%USDSERVICENOW INC 0.00 13-18 01/11U95,000 76,548.80 0.18%USDSHUTTERFLY INC 0.25 13-18 15/05S395,000 291,935.02 0.68%USDSTANDARD PACIFIC CV 1.25 12-32 01/08S408,000 376,505.32 0.88%USDTIBCO SOFTWARE CV 2.25 12-32 01/05S190,000 141,448.31 0.33%USDTOLL BROTHERS CV 0.50 12-32 15/09S555,000 431,057.58 1.01%USDUS STEEL CV 2.75 13-19 01/04S160,000 146,673.31 0.34%USDVERINT SYSTEMS CV 1.50 14-21 01/06S150,000 113,300.63 0.26%USDWELLPOINT CV 2.75 12-42 15/10S386,000 434,361.63 1.01%USDXILINX CV 144A 2.625 10-17 15/06S409,000 495,321.82 1.15%USDYAHOO 144A CV 0.00 13-18 01/12U923,000 674,338.07 1.57%USD

AB INDUSTRIVARDEN 0.00 14-19 15/05U2,000,000 218,404.13 0.51%SEKSvezia 218,404.13 0.51%

PEGATRON CV 0.00 12-17 06/02U200,000 208,428.76 0.49%USDTailandia 208,428.76 0.49%

ADVANCED SEMI CV REGS 0.00 13-18 05/09U200,000 183,414.85 0.43%USDTaiwan 368,352.62 0.86%

EPISTAR CORP 0.00 13-18 07/08U200,000 184,937.77 0.43%USD

MNV CV 3.375 13-19 02/04S200,000 214,178.00 0.50%EURUngheria 214,178.00 0.50%

AGEASFIN LUX S.A. REG-S FL.R 02-XX 29/11Q250,000 174,487.50 0.41%EUR

Obbligazioni a tasso variabile 174,487.50 0.41%

Lussemburgo 174,487.50 0.41%

PALTO ALTO NET CV 144A 0.00 14-19 01/07U120,000 90,434.91 0.21%USD



Stati Uniti d'America 90,434.91 0.21%

ALCATEL LUCENT 0.125 14-20 30/01S63,600 239,500.09 0.56%EUR

Obbligazioni convertibili 1,689,226.83 3.94%

Francia 470,342.40 1.10%

MAUREL & PROM CV 1.625 14-19 01/07U13,053 230,842.31 0.54%EUR

ADVANTEST CORPORATION 0.00 14-19 14/03U30,000,000 228,624.71 0.53%JPYGiappone 533,834.96 1.24%

BIC CAMERA INC CV 0.00 14-21 28/06U20,000,000 150,309.62 0.35%JPYGS YUASA CORP CV 0.00 14-19 13/03U20,000,000 154,900.63 0.36%JPY





48Pagina

STMICROELCTRONICS NV 0.00 14-19 03/07U400,000 287,488.65 0.67%USDPaesi Bassi 592,945.65 1.39%

WERELDHAVE NV CV 1.00 14-19 22/05S300,000 305,457.00 0.72%EUR

LIVE NATION ENT CV 2.50 14-19 15/05S120,000 92,103.82 0.21%USDStati Uniti d'America 92,103.82 0.21%

AMUNDI TRESO EONIA ISR FCP CAP5 1,055,465.59 2.46%EUR



Irlanda 1,055,465.59 2.46%

CAP GEMINI /CALL100 28,000.00 0.07%EUR

Strumenti derivati 734,496.15 1.71%

Opzioni 734,496.15 1.71%

Francia 136,775.00 0.32%

CAP GEMINI /CALL-50 -4,850.00 -0.01%EURKERING /CALL30 27,540.00 0.06%EURSUEZ ENV /CALL90 2,610.00 0.01%EURTECHNIP /CALL90 97,470.00 0.22%EURTECHNIP /CALL-45 -13,995.00 -0.03%EUR

ADIDAS /CALL78 23,712.00 0.06%EURGermania 203,538.00 0.47%

DEUTSCHE POST /CALL570 100,320.00 0.22%EURDEUTSCHE POST /CALL136 29,376.00 0.07%EURDEUTSCHE POST /CALL200 24,800.00 0.06%EURDEUTSCHE POST /CALL-150 -1,500.00 0.00%EURDJ EUR STOXX 50 /PUT30 13,230.00 0.03%EURSIEMENS /CALL80 13,600.00 0.03%EUR

KDDI CORP /CALL-62 -2,767.86 -0.01%JPYGiappone 55,114.48 0.13%

KDDI CORP /PUT62 10,312.50 0.02%JPYORIX CORP /CALL362 47,569.84 0.12%JPY

CAP GEMINI /CALL-22 -1,122.00 0.00%EURLussemburgo -1,122.00 0.00%

SHIRE /CALL15 121,740.49 0.28%GBPRegno Unito 53,056.77 0.12%

SHIRE /CALL-15 -68,683.72 -0.16%GBP

ALLEGHENY TECH /CALL75 15,375.60 0.04%USDStati Uniti d'America 287,133.90 0.67%

DANAHER /CALL100 19,036.46 0.04%USDDANAHER /PUT-50 -2,745.64 -0.01%USDFORD MOTOR /CALL440 34,792.80 0.08%USDGILEAD SCIENCES /CAL-150 -19,768.63 -0.05%USDGILEAD SCIENCES /PUT150 25,259.92 0.06%USDGOLDCORP /CALL130 26,079.95 0.06%USDGOLDCORP /CALL-130 -380.73 0.00%USDLAM RESEARCH /PUT55 6,543.78 0.02%USDSP 500 /PUT14 24,088.45 0.06%USDTEVA PHARMA /CALL90 31,629.81 0.07%USDTEVA PHARMA /PUT-45 -1,054.33 0.00%USDWELLPOINT /CALL140 117,110.85 0.27%USDWELLPOINT /CALL-40 -12,095.48 -0.03%USDXILINX /CALL90 11,070.43 0.03%USDXILINX /PUT111 12,190.66 0.03%USD





49Pagina

NEF- Azionario EE.ME.A


50Pagina


301,544.05Sottoscrizioni da regolare275,334.96Dividendi da incassare


154,774.65Passivo5,962.64Tassa d'abbonamento

55,174.45Rimborsi chiesti e non regolati85,260.91Commissioni di gestione e consulenza3,517.17Spese della banca depositaria e sub-depositaria2,181.87Spese amministrative2,054.87Onorari

622.74Altre voci del passivo





NEF - Azionario EE.ME.A

Azionario EE.ME.A - Category IQuote parti a capitalizzazione 117,983.723 118,464.474 24,162.077 212,286.120

Azionario EE.ME.A - Category RQuote parti a capitalizzazione 2,058,866.934 345,920.970 311,091.934 2,093,695.970





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01/01/14


51Pagina



Azionario EE.ME.A - Category I


26.56212,286.120 117,983.723

26.5223,018.094


EUR EUR EUR

Azionario EE.ME.A - Category R


22.242,093,695.970 2,058,866.934

22.372,099,140.630


EUR EUR EUR


31/12/1231/12/1330/06/14Periodo fino al

EUR


52Pagina

COMMERCIAL INTERNATIONAL BANK200,000 729,227.26 1.40%EGP


Azioni 44,285,293.21 84.84%

Egitto 2,898,946.77 5.55%

EASTERN COMPANY28,748 441,712.51 0.85%EGPEFG HERMES REG SHS71,533 112,240.12 0.22%EGPEGYPTIAN INTL PHARMACEUTICAL IND35,000 182,173.67 0.35%EGPGLOBAL TELECOM1,500,000 788,118.51 1.50%EGPJUHAYNA FOOD INDUSTRIES150,000 184,508.84 0.35%EGPNATIONAL COMPANY FOR MAIZE PRODUCTS193,000 460,965.86 0.88%EGP

FOLLI FOLLIE S.A.17,000 494,700.00 0.95%EURGrecia 1,144,700.00 2.19%

GREEK ORGANISAT.OF FOOTBALL PROGNOSTICS50,000 650,000.00 1.24%EUR

POLYMETAL INTERNATIONAL PLC20,000 144,354.34 0.28%GBPIsola di Jersey 144,354.34 0.28%

EURASIA DRILLIN GDR SHS REG-S13,000 299,824.28 0.57%USDIsole Caiman 299,824.28 0.57%

MAIL.RU GROUP GDR REPR 1 SH REGS10,000 258,090.50 0.49%USDIsole Vergini Britanniche 258,090.50 0.49%

BRAIT50,000 225,799.98 0.43%ZARMalta 225,799.98 0.43%

ACCESS BANK NIGERIA5,000,000 214,616.39 0.41%NGNNigeria 1,777,201.80 3.40%

FBN HOLDINGS PLC5,000,000 350,577.55 0.67%NGNFLOUR MILLS NIGERIA PLC1,500,000 525,866.33 1.00%NGNGUINNESS (NIGERIA) PLC100,000 89,891.68 0.17%NGNNESTLE FOOD NIGERIA50,000 258,438.58 0.50%NGNNIGERIAN BREWERIES437,000 337,811.27 0.65%NGN

YANDEX N.V.30,000 782,837.90 1.50%USDPaesi Bassi 782,837.90 1.50%

ALIOR BANK14,000 279,541.96 0.54%PLNPolonia 5,801,710.44 11.12%

CCC SA10,000 273,046.57 0.52%PLNGRUPA PEKAO SA25,000 1,045,575.92 2.00%PLNKGHM POLSKA MIEDZ SA29,000 868,227.96 1.66%PLNPGE POLSKA GRUPA ENERGETYCZNA S.A.70,000 364,583.33 0.70%PLNPKO BANK POLSKI SA150,000 1,360,421.48 2.61%PLNPOLISH OIL AND GAS COMPANY SA280,000 353,637.41 0.68%PLNPOLSKI KONCERN NAFTOWY ORLEN SA30,000 295,900.69 0.57%PLNPOWSZECHNY ZAKLAD UBEZPIECZEN9,000 960,775.12 1.84%PLN

JERONIMO MARTINS SGPS SA16,000 192,240.00 0.37%EURPortogallo 192,240.00 0.37%

IBS GROUP REG-S -GDR-9,000 204,750.00 0.39%EURRegno Unito 437,102.45 0.84%

MONDI17,346 232,352.45 0.45%ZAR

CEZ AS28,000 617,054.60 1.18%CZKRepubblica Ceca 1,053,655.34 2.02%

KOMERCNI BANKA AS2,600 436,600.74 0.84%CZK

AEROFLOT200,000 243,348.66 0.47%RUBRussia 20,810,059.45 39.87%

ALROSA CJSC377,300 339,100.38 0.65%USDAO TATNEFT170,000 811,021.23 1.55%USDDIXY GROUP (SHS)20,000 173,756.48 0.33%USDGAZPROM OAO ADR REPR 2 SHS350,000 2,233,306.49 4.28%USDGROUP LSR OJSC -GDR- REPR SHS REG -S99,787 285,157.90 0.55%USDLUKOIL HOLDINGS ADR REPR.1 SHS60,000 2,627,910.38 5.04%USDM VIDEO COMPANY JSC25,000 145,500.34 0.28%RUBMAGNIT JSC12,000 2,292,471.20 4.39%RUBMEGAFON GDR REPR SHS REGS15,000 345,951.09 0.66%USDMMC NORILSK NICKEL ADR REPR.1/10SHS80,000 1,160,345.59 2.22%USDMOBILE TELESYSTEMS ADR REPR.2 SHS105,000 1,517,572.12 2.91%USDMOBILE TELESYSTEMS OJSC9,600 62,338.70 0.12%USDMOSCOW EXCHANGE180,000 261,784.17 0.50%RUB





53Pagina

NOVATEK GDR REPR 1/100 SHS REG-S12,000 1,092,985.80 2.09%USDROSTELECOM72,217 94,951.34 0.18%USDSBERBANK1,720,000 3,125,002.49 6.00%USDSOLLERS JSC5,000 64,146.93 0.12%RUBSOLLERS JSC5,000 63,966.44 0.12%USDSURGUTNEFTEGAZ JSC ADR -REPR.10SHS140,000 792,356.13 1.52%USDSURGUTNEFTEGAZ PREF SHS2,300,000 1,384,684.87 2.65%USDSYNERGY OJSC10,000 120,315.93 0.23%RUBTATNEFT PREF.SHS150,000 424,113.63 0.81%USDTRANSNEFT PREF.SHS300 480,296.54 0.92%USDURALKALIY GDR REPR.5SHS REG-S39,000 658,185.68 1.26%USDURALSIB BANK15,000,000 9,488.94 0.02%USD

KRKA DD5,000 350,000.00 0.67%EURSlovenia 350,000.00 0.67%

ANGLOVAAL INDUSTRIES LTD35,000 148,256.88 0.28%ZARSudafrica 3,393,974.92 6.50%

ASPEN PHARMACARE HOLDINGS PLC10,000 206,705.53 0.40%ZARDISCOVERY LIMITED30,000 201,560.20 0.39%ZARFIRSTRAND LTD70,000 197,272.42 0.38%ZARHOLDSPORT LIMITED62,000 175,798.94 0.34%ZARMASSMART HOLDINGS LTD15,000 136,932.30 0.26%ZARMR.PRICE GROUP12,000 150,052.91 0.29%ZARMTN GROUP LTD30,000 464,719.19 0.89%ZARNASPERS -N-13,000 1,125,611.18 2.15%ZARSHOPRITE HOLDINGS LTD (SHP)32,000 340,809.28 0.65%ZARTHE FOSCHINI GROUP LTD15,000 115,666.30 0.22%ZARTIGER BRANDS LTD6,158 130,589.79 0.25%ZAR

AKBANK180,000 484,034.66 0.93%TRYTurchia 4,056,566.78 7.78%

ARCELIK30,000 133,591.08 0.26%TRYCOCA COLA ICECEK SANAYI A.S16,000 288,860.51 0.55%TRYFORD OTOMOTIV30,000 273,395.70 0.52%TRYHACI OMER SABANCI HOLDING AS65,000 221,909.63 0.43%TRYKOC HOLDING AS -B-150,000 538,506.68 1.02%TRYPINAR SUT MAMULLERI25,000 155,338.47 0.30%TRYTAV HAVALIMALARI HOLDING AS50,000 290,828.13 0.56%TRYTURK HAVA YOLLARI AO70,000 156,822.81 0.30%TRYTURKIYE GARANTI BANKASI AS (NAMEN-AKT)180,000 515,102.35 0.99%TRYTURKIYE HALK BANKA -SHS-90,000 493,976.32 0.95%TRYTURKIYE SINAI KALK577,236 344,719.62 0.66%TRYYAPI VE KREDI BANKASI AS100,000 159,480.82 0.31%TRY

MOL HUNGARIAN OIL AND GAS PLC -A-7,500 293,404.46 0.56%HUFUngheria 658,228.26 1.26%

RICHTER GEDEON26,000 364,823.80 0.70%HUF

DB LONDON (QATAR NTL BK) 14.04.17 WAR7,000 229,916.53 0.44%USD

Warrant, Diritti 229,916.53 0.44%

Regno Unito 229,916.53 0.44%

DEUTSCHE BK (AL RAJHI) 27.09.16 WAR29,250 383,989.24 0.74%USD


Warrant, Diritti 2,492,606.90 4.77%

Germania 383,989.24 0.74%

DB LDN (AL TAYYAR ) 06.03.17 WAR8,750 205,008.05 0.39%USDRegno Unito 2,108,617.66 4.03%

DB LDN (FAWAZ) 13.09.16 WAR10,000 371,869.97 0.71%USDDB LDN (SAUDI BASIC)REGS 13.09.16 WAR25,000 558,829.99 1.07%USDDB LONDON (ALMARAI) 13.09.16 WAR20,000 273,246.45 0.52%USDDB LONDON (KUWAIT FOOD) 29.11.21 WAR40,000 295,504.47 0.57%USDDEUTSCHE BK (SAVOLA AL) 13.09.16 WAR30,000 404,158.73 0.77%USD





54Pagina

NEF- Azionario Stati Uniti


55Pagina

58,310,678.38Attivo54,150,251.76Portafoglio titoli a prezzo di mercato44,668,112.01Prezzo d'acquisto9,482,139.75Plusvalenze latenti sul portafoglio titoli1,752,890.29Depositi bancari a vista e liquidità2,317,606.64Crediti verso broker per vendita titoli

51,850.61Sottoscrizioni da regolare37,269.41Dividendi da incassare

809.67Altre voci dell'attivo


6,168.95Tassa d'abbonamento161,716.58Rimborsi chiesti e non regolati88,632.36Commissioni di gestione e consulenza3,295.88Spese della banca depositaria e sub-depositaria2,334.20Spese amministrative2,125.84Onorari






NEF - Azionario Stati Uniti

Azionario Stati Uniti - Category IQuote parti a capitalizzazione 1,083,739.704 319,908.115 492,920.039 910,727.780

Azionario Stati Uniti - Category RQuote parti a capitalizzazione 6,197,223.677 1,755,056.074 1,416,659.207 6,535,620.544





30/06/14


01/01/14


56Pagina



Azionario Stati Uniti - Category I


8.77910,727.780 1,083,739.704

8.07112,282.967


EUR EUR EUR

Azionario Stati Uniti - Category R


7.316,535,620.544 6,197,223.677

6.776,691,957.020


EUR EUR EUR


31/12/1231/12/1330/06/14Periodo fino al

EUR


57Pagina

MEAD JOHNSON NUTRITION CO4,310 294,012.81 0.53%USD


Azioni 54,150,251.76 97.16%

Alimenti e bevande analcoliche 660,975.32 1.19%

PEPSICO INC5,610 366,962.51 0.66%USD

APPLE INC10,560 718,509.88 1.29%USDArticoli per ufficio e computer 1,820,638.59 3.27%

CISCO SYSTEMS INC12,440 226,339.14 0.41%USDEMC CORP30,960 597,076.00 1.07%USDIBM CORP2,100 278,713.57 0.50%USD

HARTFORD FINANCIAL SERVICES GROUP INC38,360 1,005,763.36 1.80%USDAssicurazioni 2,453,951.97 4.40%

METLIFE INC35,600 1,448,188.61 2.60%USD

BANK OF AMERICA CORP49,003 551,454.17 0.99%USDBanche ed istituti finanziari 7,157,712.84 12.83%

BLACKROCK INC1,630 381,423.34 0.68%USDCITIGROUP20,848 718,949.19 1.29%USDDISCOVER FINANCIAL SERVICES - SHS WI24,790 1,124,970.13 2.01%USDJPMORGAN CHASE CO30,480 1,285,881.97 2.30%USDMASTERCARD INC -A-20,800 1,118,887.10 2.01%USDUS BANCORP17,920 568,380.73 1.02%USDVISA INC -A-3,530 544,593.86 0.98%USDWELLS FARGO AND CO22,430 863,172.35 1.55%USD

PROCTER AND GAMBLE CO6,800 391,281.30 0.71%USDBeni di consumo vari 616,328.89 1.11%

STANLEY BLCK DECK3,500 225,047.59 0.40%USD

CELGENE CORP3,540 222,591.30 0.40%USDBiotecnologia 648,735.83 1.16%

GILEAD SCIENCES INC7,020 426,144.53 0.76%USD

AXIALL29,880 1,034,139.41 1.85%USDChimica 1,797,287.60 3.22%

CYTEC INDUSTRIES INC3,810 294,076.88 0.53%USDEI DU PONT DE NEMOURS & CO9,790 469,071.31 0.84%USD

AMAZON.COM INC1,190 282,975.69 0.51%USDCommercio al dettaglio e grande distribuzione 1,700,110.92 3.05%

EBAY8,330 305,315.42 0.55%USDLOWE'S COMPANIES INC3,270 114,897.72 0.21%USDROSS STORES INC9,040 437,703.32 0.79%USDTARGET CORP13,180 559,218.77 0.99%USD

CATERPILLAR INC2,123 168,916.69 0.30%USDCostruzioni meccaniche 168,916.69 0.30%

ADT CORP27,810 711,437.55 1.28%USDEdilizia e materiali da costruzione 711,437.55 1.28%

INTEL CORP16,360 370,130.33 0.67%USDElettronica e semiconduttori 874,447.07 1.57%

INTERSIL HOLDING CORP -A-9,920 108,583.98 0.19%USDMAXIM INTEGRATED PRODUCTS INC6,780 167,837.02 0.30%USDSILICON LABORATORIES INC6,320 227,895.74 0.41%USD

COBALT INTERNATIONAL ENERGY12,270 164,851.74 0.30%USDEnergia ed acqua 164,851.74 0.30%

CME GROUP -A-6,450 335,061.87 0.60%USDHolding e società finanziarie 3,364,743.45 6.04%

EXPRESS SCRIPTS14,870 754,822.89 1.35%USDGENERAL ELECTRIC CO39,880 767,349.83 1.38%USDHMS HOLDINGS CORP7,870 117,606.31 0.21%USDINVESCO LTD10,290 284,410.24 0.51%USDWALT DISNEY CO17,610 1,105,492.31 1.99%USD

BOEING CO COM.4,210 392,179.16 0.70%USDIndustria aeronautica ed Aerospaziale 1,304,302.83 2.34%

HONEYWELL INTERNATIONAL INC4,820 328,026.80 0.59%USDUNITED TECHNOLOGIES CORP6,910 584,096.87 1.05%USD

ABBOTT LABORATORIES LTD11,390 341,082.88 0.61%USDIndustria farmaceutica e cosmetica 6,900,375.96 12.38%





58Pagina

ALLERGAN INC2,340 289,921.51 0.52%USDCVS CAREMARK CORP8,090 446,436.74 0.80%USDELI LILLY & CO4,930 224,409.21 0.40%USDJOHNSON & JOHNSON8,590 657,992.24 1.18%USDPFIZER INC13,020 282,935.72 0.51%USDROCHE HOLDING / SP.ADR REPR.1/8 NVTG SHS49,700 1,357,307.07 2.44%USDSANOFI AVENTIS ADR REPR 1/2 SHS20,774 808,722.79 1.45%USDVALEANT PHARMA20,240 1,868,991.65 3.35%USDZOETIS INC -A-26,350 622,576.15 1.12%USD

ADOBE SYSTEMS INC32,680 1,731,384.39 3.11%USDInternet e servizi di Internet 8,241,095.77 14.78%

CATAMARAN CORP8,730 282,264.46 0.51%USDEQUINIX15,280 2,350,399.18 4.21%USDGOOGLE -C- WHEN ISSUED1,960 825,559.23 1.48%USDGOOGLE INC1,930 826,192.05 1.48%USDMICROSOFT CORP56,300 1,718,926.64 3.08%USDORACLE CORP12,080 358,472.98 0.64%USDYAHOO INC5,750 147,896.84 0.27%USD

REPUBLIC SERVICES -A-17,610 489,567.80 0.88%USDMedio Ambiente e reciclaggio 489,567.80 0.88%

ANADARKO PETROLEUM CORP15,830 1,268,787.60 2.28%USDPetrolio 4,986,281.27 8.95%

CHEVRON CORP5,420 518,070.73 0.93%USDCONOCOPHILLIPS CO5,262 330,290.86 0.59%USDEXXON MOBIL CORP9,430 695,132.82 1.25%USDHALLIBURTON11,530 599,462.07 1.08%USDMARATHON OIL CORP9,770 285,560.40 0.51%USDOASIS PETROLEUM INC5,900 241,434.32 0.43%USDSCHLUMBERGER LTD12,130 1,047,542.47 1.88%USD

AETNA INC19,500 1,157,607.26 2.08%USDSalute e servizi sociali 1,157,607.26 2.08%

LYONDELLBASELL -A-5,820 416,109.97 0.75%USDServizi diversi 416,109.97 0.75%

ACTAVIS PLC10,720 1,750,692.63 3.14%USDSettori vari 1,750,692.63 3.14%

CBRE GROUP8,780 205,968.08 0.37%USDSocietà immobiliari 205,968.08 0.37%

ALTRIA GROUP4,580 140,639.33 0.25%USDTabacco ed alcool 272,122.93 0.49%

PHILIP MORRIS INTERNATIONAL INC2,130 131,483.60 0.24%USD

NIKE INC15,020 852,834.24 1.53%USDTessile ed abbigliamento 852,834.24 1.53%

AT AND T INC27,380 708,856.93 1.27%USDTrasmissione delle informazioni 1,888,332.70 3.39%

QUALCOMM INC20,340 1,179,475.77 2.12%USD

FEDEX CORP5,379 596,187.60 1.07%USDTrasporti 2,418,547.88 4.34%

GENESEE&WYOMING -A-9,370 720,347.05 1.30%USDKANSAS CITY SOUTHERN INDUSTRIES INC6,466 508,976.18 0.91%USDUNION PACIFIC CORP8,120 593,037.05 1.06%USD

BORG WARNER17,800 849,598.77 1.52%USDVeicoli stradali 1,126,273.98 2.02%

GENERAL MOTORS CO10,410 276,675.21 0.50%USD





59Pagina

NEF- Azionario Pacifico


60Pagina


370,966.65Depositi bancari a vista e liquidità240,744.33Crediti verso broker per vendita titoli44,310.29Sottoscrizioni da regolare49,614.48Dividendi da incassare



2,965.31Tassa d'abbonamento144,932.22Rimborsi chiesti e non regolati44,364.16Commissioni di gestione e consulenza1,957.88Spese della banca depositaria e sub-depositaria1,386.59Spese amministrative

749.33Onorari259,512.43Debiti verso cambio corto termine






NEF - Azionario Pacifico

Azionario Pacifico - Category IQuote parti a capitalizzazione 1,096,106.313 523,983.080 304,388.325 1,315,701.068

Azionario Pacifico - Category RQuote parti a capitalizzazione 2,594,839.594 701,157.234 415,315.507 2,880,681.321





30/06/14


01/01/14


61Pagina



Azionario Pacifico - Category I


8.911,315,701.068 1,096,106.313

8.54194,475.762


EUR EUR EUR

Azionario Pacifico - Category R


7.422,880,681.321 2,594,839.594

7.162,236,410.345


EUR EUR EUR


31/12/1231/12/1330/06/14Periodo fino al

EUR


62Pagina

AUSTAL LIMITED503,880 440,206.09 1.34%AUD


Azioni 32,323,673.24 97.65%

Australia 1,768,004.47 5.34%

BOART LONGYEAR LTD553,858 72,389.78 0.22%AUDBRAMBLES25,709 162,880.85 0.49%AUDCLINUVEL PHARMACEUTICALS77,517 90,650.68 0.27%AUDGOODMAN GROUP - STAPLED SECURITY44,390 154,511.52 0.47%AUDGREENCROSS LTD2,743 17,623.73 0.05%AUDILUKA RESOURCES19,170 109,452.43 0.33%AUDKAROON GAS AUSTRALIA7,153 15,106.08 0.05%AUDNAVITAS23,706 116,923.73 0.35%AUDNEWCREST MINING LTD11,750 87,617.80 0.26%AUDQUANTAS AIRWAYS LTD139,813 121,183.45 0.37%AUDSIMS METAL MANAGEMENT LTD12,360 81,623.44 0.25%AUDSINO GAS AND ENERGY HOLDINGS LTD937,258 109,605.74 0.33%AUDSLATER AND GORDON LTD35,519 127,298.61 0.38%AUDSTARPHARMA HOLDINGS LTD154,043 60,930.54 0.18%AUD

AGTECH HOLDINGS SHS884,000 119,158.80 0.36%HKDBermuda 1,650,161.78 4.99%

CHINA ANIMAL HEALTHCARE538,000 273,343.58 0.84%HKDCHINA SINGYES SOLAR TECHNOLOGIES HLDGS113,000 139,110.35 0.42%HKDDIGITAL CHINA HOLDINGS215,000 141,864.70 0.43%HKDDUKANG DISTILL1,101,000 126,447.91 0.38%SGDGUOCOLEISURE LTD137,000 91,916.68 0.28%SGDHUABAO INTL284,000 122,876.51 0.37%HKDLABIXIAOXIN SNACKS GROUP LTD346,000 64,903.33 0.20%HKDLUK FOOK HOLDING58,000 124,105.69 0.37%HKDNEWOCEAN ENREGY218,000 119,185.20 0.36%HKDNOBLE GROUP LTD251,000 200,023.44 0.60%SGDSILVERLAKE AXIS -SHS-47,000 33,048.17 0.10%SGDVTECH HOLDINGS LTD9,700 94,177.42 0.28%HKD

CHINA LONGYUAN POWER GROUP CORP -H-145,000 114,948.11 0.35%HKDCina 1,692,143.36 5.11%

CHINA SUNTIEN GREEN ENERGY CORP LTD-H-728,505 173,049.72 0.52%HKDCITIC SECURITIES CO -H-145,000 233,723.26 0.71%HKDGUANGSHEN RAILWAY -H-546,000 148,740.18 0.45%HKDHUADIAN POWER INTERNATIONAL CORPORATION54,000 23,872.86 0.07%HKDPING AN INS (GRP) CO -H-59,000 333,688.39 1.02%HKDROTAM GLB AGRO72,000 110,021.49 0.33%TWDSHANGAI FOSUN PHARMACEUTICAL H32,000 87,173.73 0.26%HKDSINOTRANS -H-392,000 185,862.55 0.56%HKDWEIFU FUEL INJECTION -B-50,951 126,072.35 0.38%HKDXINJIANG GOLDWIND SCIENCE & TECHN CO LTD118,600 100,950.92 0.30%HKDYT CHANGYU PIO WINE -B-33,100 54,039.80 0.16%HKD

DAOU TECHNOLOGY36,822 304,467.88 0.92%KRWCorea del Sud 3,915,742.01 11.83%

DSHM7,747 99,862.03 0.30%KRWHYUNDAI MOTOR CO LTD2,228 368,450.62 1.12%KRWHYUNDAI WIA CORP863 120,592.53 0.36%KRWICD CO LTD12,798 68,483.97 0.21%KRWKEPCO PLANT SERVICE ENGINEERING CO LTD1,955 98,261.78 0.30%KRWKOH YOUNG TECHNOLOGY INC15,669 276,095.76 0.83%KRWKOREA ELECTRIC POWER CORP11,030 301,089.73 0.91%KRWKOREAN REINSURANCE CO17,550 132,440.87 0.40%KRWLG CHEM1,199 254,562.92 0.77%KRWLG HOUSEHOLD AND HEALTHCARE373 119,866.40 0.36%KRWLOTTE CHILSUNG BEVERAGE CO96 122,222.78 0.37%KRWMEGASTUDY2,344 100,717.10 0.30%KRWNAVER489 298,043.69 0.90%KRWSAMSUNG CORP5,744 307,784.65 0.93%KRWSAPPHIRE TECHNOLOGY CO LTD2,041 52,176.49 0.16%KRWSOULBRAIN CO LTD4,389 109,824.05 0.33%KRWSUPREMA INC4,233 69,696.62 0.21%KRWT.K. CORP6,511 76,171.29 0.23%KRW





63Pagina

VIROMED5,019 196,446.87 0.59%KRWWEMADE3,687 104,106.66 0.31%KRWWOORI FINANCE HOLDINGS CO LTD38,910 334,377.32 1.02%KRW

ALLIANCE GLOBAL GROUP352,400 172,342.94 0.52%PHPFilippine 299,546.12 0.90%

AYALA LAND INC248,200 127,203.18 0.38%PHP

ACOM CO LTD69,700 221,325.60 0.67%JPYGiappone 7,735,506.10 23.37%

AEON FINANCIAL SERVICE CO LTD19,800 376,667.63 1.14%JPYAEON MALL CO LTD15,700 303,984.01 0.92%JPYARUZE CORP9,600 123,179.72 0.37%JPYFUJIBO97,000 202,548.96 0.61%JPYHAMAKYOREX CO LTD2,700 60,267.86 0.18%JPYHIS CO LTD4,300 102,793.78 0.31%JPYHONEYS8,730 61,854.26 0.19%JPYHOYA CORP6,100 150,655.24 0.46%JPYJAPAN TOBACCO11,000 293,296.37 0.89%JPYJIN5,600 130,241.94 0.39%JPYLEOPALACE21 CORP65,800 251,582.66 0.76%JPYLIDA GROUP HOLDINGS CO LTD14,094 156,081.31 0.47%JPYLIXIL GROUP CORPORATION5,800 116,309.04 0.35%JPYMANDOM CORP3,200 84,792.63 0.26%JPYMESSAGE CO LTD2,700 75,529.23 0.23%JPYMIRAIAL CO LTD4,500 61,207.52 0.18%JPYMITSUBISHI MOTORS CORP14,300 116,249.28 0.35%JPYMIZUHO FINANCIAL GROUP INC152,000 226,555.30 0.68%JPYNIHON M&A CENTER INC8,700 180,164.17 0.54%JPYNIHON NOHYAKU CO LTD11,000 98,927.13 0.30%JPYNIHON PARKERIZING CO LTD5,000 84,101.38 0.25%JPYNIPPON PAINT CO LTD3,000 47,415.03 0.14%JPYNIPPON SEIKI CO LTD30,000 423,819.12 1.28%JPYNITTA CORP7,300 125,048.24 0.38%JPYNSD SHS11,600 112,926.27 0.34%JPYNUFLARE TECHNOLOGY1,200 48,300.69 0.15%JPYOKI ELECTRIC INDUSTRY CO LTD65,000 108,582.95 0.33%JPYORIX CORP73,800 906,558.18 2.75%JPYRAKUTEN19,300 187,052.13 0.57%JPYRHOTO PHARMACEUTIC28,800 328,271.89 0.99%JPYSEGA SAMMY HOLDINGS INC11,600 166,633.06 0.50%JPYSOFTBANK CORP12,600 686,612.90 2.07%JPYSONY CORP13,200 162,053.57 0.49%JPYT AND D HOLDINGS INC8,000 81,797.24 0.25%JPYTEMP HOLDINGS5,500 134,054.58 0.40%JPYTOKYO TATEMONO CO17,000 116,165.03 0.35%JPYTORIDOLL CORP13,500 89,721.34 0.27%JPYTOYO ENGINEERING CORP36,000 114,832.95 0.35%JPYTOYO TIRE RUBBER9,500 118,544.79 0.36%JPYWACOM CO LTD19,300 79,073.30 0.24%JPYXEBIO CO LTD4,600 65,846.77 0.20%JPYYAMATO KOGYO CO LTD7,100 153,881.05 0.46%JPY

AIA GROUP LTD113,400 416,349.79 1.26%HKDHong Kong 1,459,992.28 4.41%

BRILLIANCE CHINA AUTO HLDGS112,000 153,504.20 0.46%HKDBYD ELECTRONIC -RC-221,000 138,115.89 0.42%HKDCHINA OVERSEAS231,000 104,517.99 0.32%HKDCHINA SOUTH CITY HOLDINGS LTD460,000 176,477.80 0.53%HKDCITIC 1616 HOLDINGS -SHS-674,000 185,515.66 0.56%HKDCSPC PHARMACEUTICAL108,000 63,016.20 0.19%HKDFAR EAST HORIZON LTD235,000 125,378.23 0.38%HKDSINO MEDIA HOLDINGS LTD172,000 97,116.52 0.29%HKD

BANK RAKYAT INDONESIA328,000 210,420.48 0.64%IDRIndonesia 1,679,519.40 5.07%

CIPUTRA DEVELOPMENT TBK2,412,000 139,448.86 0.42%IDRCLIPAN FINANCE INDONESIA2,831,100 75,099.76 0.23%IDRGLOBAL MEDIACOM1,017,100 133,958.21 0.40%IDRGUDANG GARAM36,400 119,514.88 0.36%IDR





64Pagina

INDO CORPINDO812,500 72,094.37 0.22%IDRMATAHARI DEPT -A-131,100 115,111.07 0.35%IDRMEDIA NUSANTARA SHS1,126,400 190,839.94 0.58%IDRMITRA ADIPERKASA376,900 113,030.05 0.34%IDRMODERN INTERNASIONAL TBK1,484,000 62,856.55 0.19%IDRPP TBK1,165,700 131,545.42 0.40%IDRPT MNC SKY VISION TBK678,800 90,241.51 0.27%IDRTIGA PILAR SEJAHTER -A-1,584,600 225,358.30 0.67%IDR

AIRMEDIA GROUP ADR67,300 112,347.34 0.34%USDIsole Caiman 7,910,070.25 23.90%

AIRTAC INTL10,000 77,748.52 0.23%TWDAMVIG HOLDINGS -SHS-428,000 110,139.79 0.33%HKDBAIDOO FAMILY INTERACTIVE LTD548,000 72,318.00 0.22%HKDBITAUTO -ADR - REP 1SH10,500 374,395.96 1.13%USDBONJOUR HOLDINGS789,800 90,082.48 0.27%HKDCHAILEASE HOLDING COMPANY LTD56,000 102,275.98 0.31%TWDCHAOWEI POWER250,000 102,510.20 0.31%HKDCHEETAH MOBILE -A- ADR REPR 10 SHS A113 1,757.30 0.01%USDCHINA AUTOMATION GROUP LTD482,000 64,062.51 0.19%HKDCHINA DISTANCE EDUCATION HLDG LTD ADR7,400 90,806.85 0.27%USDCHINA HONGQIAO GROUP LTD233,500 122,597.02 0.37%HKDCHINA HUIYUAN JUICE GROUP LTD229,500 81,340.79 0.25%HKDCHINA ITS HOLDINGS REGS776,000 116,304.54 0.35%HKDCHINA LODGING ADR REP.4SHS11,300 207,665.84 0.63%USDCHINA STATE CONSTRUCTION INTL HLDG LTD96,000 123,068.80 0.37%HKDCHINACACHE ADR REPR 16 SHS22,500 257,651.19 0.78%USDCNINSURE INC -ADR- REPR 20 SHS29,000 145,658.22 0.44%USDCOSMO LADY CN103,193 34,823.39 0.11%HKDDONGPENG HOLDINGS LTD211,000 57,877.97 0.17%HKDEMBRY HOLDINGS LTD30,000 12,697.13 0.04%HKDEVA PRECISION INDUSTRIAL HOLDINGS LTD710,000 119,128.64 0.36%HKDFUFENG GROUP318,000 87,228.41 0.26%HKDGCL POLY ENERGY HOLDINGS LTD557,000 135,985.56 0.41%HKDGOODBABY INTL254,000 91,460.78 0.28%HKDGOURMET MASTER14,000 75,988.18 0.23%TWDGREATVIEW ASEPTIC PACKAGING COMPANY318,000 158,869.61 0.48%HKDHC INTL190,000 322,018.72 0.97%HKDHUTCHISON CHINA MEDITECH LTD17,900 202,673.11 0.61%GBPKINGDEE INTL SOFTWARE GROUP CO LTD430,000 102,953.24 0.31%HKDKINGSOFT196,000 431,400.64 1.30%HKDKONGZHON ADR (40 SHS)12,400 78,805.10 0.24%USDLEE MAN PAPER MANUFACTURING LTD134,000 52,040.31 0.16%HKDLI NING CO142,500 83,280.70 0.25%HKDNETEASE.COM ADR REPR.SHS2,100 120,483.23 0.36%USDNEW ORIENTAL EDUCATION & TECH.GR ADR RE113,500 262,626.30 0.79%USDPERFECT WORLD -B- ADR REC. REPR 5 SHS -B7,600 109,231.22 0.33%USDPHOENIX HEALTHCARE98,000 107,896.35 0.33%HKDPHOENIX SATELLITE TELEVISION442,000 120,408.72 0.36%HKDSANDS CHINA LTD32,400 178,817.39 0.54%HKDSHENGUAN HOLDINGS (GROUP) LTD374,000 115,280.85 0.35%HKDSINOSOFT TECHNOLOGY248,000 62,182.93 0.19%HKDSITC INTERNATIONAL HOLDINGS CO LTD356,000 106,376.84 0.32%HKDSOUFUN HLDG ADR REP 4SHS -A-30,600 219,339.58 0.66%USDSPRINGLAND INTL254,000 73,503.82 0.22%HKDSUNAC CHINA265,000 109,660.00 0.33%HKDTAL EDUCAT GR - A- ADR REPR 2 SHS-A-4,500 90,606.24 0.27%USDTENCENT HLDG49,500 551,519.04 1.68%HKDTIBET 5100 WATER RESOURCES HLDG327,000 81,991.20 0.25%HKDTPK HOLDING CO LTD16,000 114,617.94 0.35%TWDVIPSHOP HOLDINGS ADR1,300 178,695.27 0.54%USDVST HOLDINGS LTD492,000 88,580.13 0.27%HKDWUXI PHARMA TECH SPONSORED ADR REPR 810,000 240,591.59 0.73%USD2VIANET GROUP -A- ADR REPR 6SHS20,100 441,057.99 1.34%USD51JOB ADR REPR 2 SHS4,900 236,640.80 0.71%USD

COLAND HOLDING LTD51,496 97,701.27 0.30%TWDIsole Vergini Britanniche 97,701.27 0.30%





65Pagina

MUHIBBAH ENGINEERING BHD231,100 160,040.09 0.48%MYRMalesia 160,040.09 0.48%

OIL SEARCH20,121 133,706.31 0.40%AUDNuova Guinea Papuasia 133,706.31 0.40%

FORTUNE OIL PLC334,500 51,124.45 0.15%GBPRegno Unito 51,124.45 0.15%

CORDLIFE GROUP LTD422,000 290,548.46 0.88%SGDSingapore 1,465,322.86 4.43%

FIRST RESSOURCES60,000 82,620.41 0.25%SGDGLOBAL LOGISTIC PROPERTIES LTD149,000 233,112.62 0.70%SGDGOODPACK302,000 419,395.29 1.27%SGDOSIM INTL165,000 264,912.69 0.80%SGDSINO GRANDNESS FOOD INDUSTRY GRP LTD426,000 174,733.39 0.53%SGD

JOHN KEELLS108,329 135,014.95 0.41%LKRSri Lanka 135,014.95 0.41%

BONA FILM GR ADR REP 1/2 SH22,200 100,776.10 0.30%USDStati Uniti d'America 330,524.78 1.00%

CHINA BIOLOGIC PRODUCTS INC3,100 100,934.98 0.30%USDGL DYNAMICS INC DEP INT REPR 0.2322,856 128,813.70 0.40%AUD

TOYO THAI CORPORATION PUBLIC COMPANY509,665 390,611.28 1.18%THBTailandia 390,611.28 1.18%

CHC HEALTHCARE56,000 115,693.71 0.35%TWDTaiwan 1,448,941.48 4.38%

CHINA METAL PRODUCTS CO LTD65,000 55,780.90 0.17%TWDCLEANAWAY CO24,000 104,447.07 0.32%TWDHERMES MICROVISION INC5,000 144,250.40 0.44%TWDHIWIN TECHNOLOGIES CORP15,000 132,759.27 0.40%TWDKING SLIDE WORKS CO LTD24,000 254,076.30 0.76%TWDLUNGYEN LIFE SERVICE CO LTD36,000 75,518.75 0.23%TWDMERIDA INDUSTRY28,000 137,257.92 0.41%TWDPRIME VIEW INTERNATIONAL CO LTD188,000 92,158.89 0.28%TWDTONG HSING ELECTRONICS INDUSTRIES LTD55,000 213,808.43 0.65%TWDWPG HOLDING122,000 123,189.84 0.37%TWD

BNP PAR ARB (DAQIN) 03.08.15 WAR20,900 15,564.35 0.05%USD


Paesi Bassi 135,282.50 0.41%

BNP PAR ARB (SAIC) 05.08.15 WAR66,300 119,718.15 0.36%USD

UBS (KWEICHOW MOUTAI) 16.07.15 WAR4,764 79,812.34 0.24%USD



Regno Unito 341,387.96 1.03%

UBS LONDON (CHINA INTL) 07.11.14 WAR24,318 95,285.20 0.29%USDUBS LONDON (DAQIN RAILWAY) 18.03.15 WAR222,100 166,290.42 0.50%USD





66Pagina

NEF- Obbligazionario Euro Corporate


67Pagina


832,373.70Interessi maturati1,915,878.19Crediti verso broker per vendita titoli

147,570.65Sottoscrizioni da regolare487.10Altre voci dell'attivo


8,489.36Tassa d'abbonamento129,680.20Rimborsi chiesti e non regolati36,600.00Minusvalenze non realizzate su future80,999.02Commissioni di gestione e consulenza1,953.05Spese della banca depositaria e sub-depositaria3,191.27Spese amministrative3,152.38Onorari






NEF - Obbligazionario Euro Corporate

Obbligazionario Euro Corporate -Category IQuote parti a capitalizzazione 1,192,650.671 1,039,040.502 1,573,439.302 658,251.871

Obbligazionario Euro Corporate -Category RQuote parti a capitalizzazione 3,642,754.812 1,232,064.562 514,119.489 4,360,699.885





30/06/14


01/01/14


68Pagina



Obbligazionario Euro Corporate - Category I


16.83658,251.871 1,192,650.671

16.111,095,336.782


EUR EUR EUR

Obbligazionario Euro Corporate - Category R


15.064,360,699.885 3,642,754.812

14.493,227,974.614


EUR EUR EUR


31/12/1231/12/1330/06/14Periodo fino al

EUR


69Pagina

TEVA PHARMA FINANCE 2.875 12-19 15/04A100,000 108,026.00 0.14%EUR


Obbligazioni 66,142,368.02 86.16%

Antille olandesi 108,026.00 0.14%

BHP BILLITON FINANCE 2.125 12-18 29/11A150,000 157,977.00 0.21%EURAustralia 1,030,903.60 1.34%

BHP BILLITON FINANCE 2.25 12-20 25/09A400,000 423,412.00 0.54%EUROPTUS FINANCE EMTN 3.50 10-20 15/09A120,000 134,571.60 0.18%EURTELSTRA CORP EMTN 2.50 13-23 15/09A300,000 314,943.00 0.41%EUR

KELAG 3.00 14-26 25/06A320,000 336,081.20 0.45%EURAustria 1,537,048.20 2.00%

NOVOMATIC EMTN 3.00 14-21 23/06A300,000 299,964.00 0.39%EUROMV 1.75 13-19 25/11A200,000 207,808.00 0.27%EURTELEKOM FINANZ 3.125 13-21 03/12A150,000 163,455.00 0.21%EURTELEKOM FINANZ 6.375 09-16 29/01A200,000 217,930.00 0.28%EURVOESTALPINE 1 EMTN 4.75 11-18 05/02A100,000 110,726.00 0.14%EURVORARLBERG 1.50 14-19 22/05A200,000 201,084.00 0.26%EUR

ANHEUSER BUSH INBEV 2.70 04-26 31/03A220,000 230,175.00 0.30%EURBelgio 968,789.00 1.26%

ANHEUSER-BUSCH INBEV 2.00 12-19 16/12A300,000 316,056.00 0.41%EURBELGACOM 2.375 14-24 01/04A200,000 207,382.00 0.27%EURSOLVAY SA 5.00 09-15 12/06A100,000 104,259.00 0.14%EURUCB SA 4.125 13-21 04/01A100,000 110,917.00 0.14%EUR

TOTAL CAPITAL EMTN 1.875 13-20 09/07A500,000 522,885.00 0.68%EURCanada 522,885.00 0.68%

AP MOLLER-MAERSK A/S 4.375 10-17 24/11A300,000 335,034.00 0.44%EURDanimarca 1,433,942.20 1.87%

CARLSBERG BREWERIES 2.625 12-19 03/07A200,000 212,618.00 0.28%EURDONG ENERGY 2.625 12-22 19/09A300,000 319,251.00 0.42%EURDONG ENERGY 4.00 09-16 16/12A420,000 454,675.20 0.58%EURTDC AS 4.375 11-18 23/02A100,000 112,364.00 0.15%EUR

EMIRATE TEL CORP GMTN 1.75 14-21 18/06A200,000 200,126.00 0.26%EUREmirati arabi 824,930.00 1.07%

XSTRATA FIN REG S 1.75 12-16 19/05A200,000 203,444.00 0.27%EURXSTRATA FINANCE REGS 2.375 12-18 19/11A400,000 421,360.00 0.54%EUR

EESTI ENERGIA AS 4.25 12-18 02/10A200,000 221,638.00 0.29%EUREstonia 221,638.00 0.29%

CRH FINLAND SERVICES 2.75 13-20 15/10A150,000 160,974.00 0.21%EURFinlandia 264,151.00 0.34%

FORTUM OYJ 2.25 12-22 06/09A100,000 103,177.00 0.13%EUR

ADP 2.75 13-28 05/06A100,000 104,846.00 0.14%EURFrancia 10,470,304.00 13.65%

AIR LIQUIDE FINANCE 1.50 13-19 17/06A200,000 205,328.00 0.27%EURAIR LIQUIDE SA 1.875 14-24 05/06A200,000 199,822.00 0.26%EURALSTOM 2.25 12-17 11/10A200,000 208,004.00 0.27%EURALSTOM 3.00 13-19 08/07A100,000 107,643.00 0.14%EURAREVA 3.25 13-20 04/09A100,000 107,127.00 0.14%EURAUCHAN 2.25 13-23 06/04A200,000 206,676.00 0.27%EURAUCHAN 3.00 11-16 02/12A100,000 105,810.00 0.14%EURAUCHAN SA 1.75 14-21 23/04A300,000 305,685.00 0.40%EURAUTOROUTES DU SUD FRA 4.125 10-20 13/04A250,000 289,060.00 0.38%EURAXA SUB FL.R 14-XX 08/10A100,000 99,224.00 0.13%EURBNP PARIBAS 2.00 13-19 28/01A300,000 310,251.00 0.40%EURBOUYGUES 3.641 10-19 29/10A100,000 111,997.00 0.15%EURBPCE SA 2.125 14-21 17/03A200,000 205,964.00 0.27%EURCARREFOUR 1.75 13-19 22/05A300,000 309,594.00 0.40%EURCARREFOUR EMTN 1.875 12-17 19/12A300,000 311,193.00 0.41%EURCASINO GUICHARD 3.157 12-19 06/08A400,000 435,996.00 0.57%EURCASINO GUICHARD 3.248 14-24 07/03A200,000 213,734.00 0.28%EURCIE SAINT GOBAIN EMTN 3.50 11-15 30/09A100,000 103,655.00 0.14%EURDANONE 1.125 12-17 27/11A200,000 203,524.00 0.27%EURDANONE 1.25 13-18 06/06A200,000 203,988.00 0.27%EURDANONE SA 2.25 13-21 15/11A100,000 105,548.00 0.14%EUREDF 2.25 13-21 27/04A300,000 315,939.00 0.41%EUR





70Pagina

EDF 3.875 12-22 18/01A300,000 348,216.00 0.45%EUREDF ENERGY EMTN 4.625 10-30 26/04A100,000 124,542.00 0.16%EUREDF SA 2.75 12-23 10/03A100,000 107,473.00 0.14%EUREUTELSAT 2.625 13-20 13/01A200,000 211,266.00 0.28%EURFRANCE TELECOM 1.875 13-19 02/10A300,000 310,485.00 0.40%EURGDF SUEZ 1.375 14-20 19/05A700,000 707,763.00 0.92%EURORANGE 3.125 13-24 09/01A200,000 217,508.00 0.28%EURPERNOD RICARD 2.00 14-20 22/06A200,000 205,238.00 0.27%EURPERNOD RICARD 4.875 10-16 18/03A300,000 321,600.00 0.42%EURPPR SA 3.75 10-15 08/04A150,000 153,783.00 0.20%EURRCI BANQUE EMTN 2.125 12-14 24/11A300,000 301,848.00 0.39%EURRTE EDF TRANSPORT 2.75 14-29 20/06A400,000 405,920.00 0.53%EURRTE EDF TRANSPORT 4.875 08-15 06/05A150,000 155,676.00 0.20%EURSANOFI 1.875 13-20 04/09A800,000 831,936.00 1.07%EURSCHNEIDER ELECTRIC 2.50 13-21 06/09A300,000 320,334.00 0.42%EURSFR EMTN 5.00 09-14 09/07A100,000 100,076.00 0.13%EURSTE DE AUTOROUTE 2.25 14-20 16/01A100,000 104,685.00 0.14%EURSUEZ 2.75 13-23 09/10A100,000 107,156.00 0.14%EURVEOLIA ENVIRONNEMENT 4.625 12-27 30/03A100,000 120,239.00 0.16%EURVINCI EMTN 3.375 12-20 30/03A200,000 223,176.00 0.29%EURVIVENDI 4.125 12-17 18/07A100,000 110,260.00 0.14%EURVIVENDI SA 2.375 13-19 21/01A200,000 210,516.00 0.27%EUR

ALLEMAGNE 1.50 14-24 15/05A1,400,000 1,433,040.00 1.88%EURGermania 7,449,236.60 9.70%

BASF 1.875 13-14 04/02A400,000 417,732.00 0.54%EURBASF REGS 2.50 14-24 22/01A200,000 212,342.00 0.28%EURBAYER 1.125 14-18 24/01A200,000 203,358.00 0.26%EURBERTELSMANN 2.625 12-22 02/08A100,000 106,348.00 0.14%EURBSH BOSCH SIEMENS 1.875 13-20 13/11A200,000 206,496.00 0.27%EURDAIMLER 1.50 13-18 19/11A300,000 308,844.00 0.40%EURDAIMLER 1.75 12-15 21/05A100,000 101,260.00 0.13%EURDAIMLER AG 2.00 13-21 25/06A200,000 207,800.00 0.27%EURDAIMLER AG EMTN 1.75 12/20 21/01A300,000 310,890.00 0.40%EURDEUTSCHE POST FIN REGS2.875 12-24 11/12A400,000 426,812.00 0.56%EURFRAPORT AG 5.25 09-19 10/09A100,000 118,053.00 0.15%EURHOCHTIEF 2.625 14-19 28/05A100,000 101,633.00 0.13%EURLINDE AG 1.75 12-20 17/09A200,000 208,006.00 0.27%EURMERCK FIN SERVICES 3.375 10-15 24/03A100,000 102,207.00 0.13%EURO2 TELEFONICA DF REGS 2.375 14-21 10/02A200,000 207,318.00 0.27%EURPROSIEBEN MEDIA AG 2.625 14-21 15/04A200,000 203,108.00 0.26%EURSAP REGS 1.00 12-15 13/11A250,000 251,552.50 0.33%EURSAP REGS 2.125 12-19 13/11A370,000 387,253.10 0.50%EURVIER GAS TRANSPORT 2.00 13-20 12/06A300,000 311,073.00 0.41%EURVOLKSWAGEN BANK GMBH 1.50 14-19 13/02A200,000 204,406.00 0.27%EURVOLKSWAGEN LEASING 1.00 14-17 04/10A900,000 906,948.00 1.19%EURVOLKSWAGEN LEASING 1.50 12-15 15/09A200,000 202,398.00 0.26%EURVW LEASING GMBH 2.125 14-22 04/04A300,000 310,359.00 0.40%EUR

BORD GAIS EIREANN 3.625 12-17 04/12A100,000 108,848.00 0.14%EURIrlanda 1,742,041.50 2.27%

DAA FINANCE REGS 6.5872 08-18 09/07A150,000 179,623.50 0.23%EURESB FINANCE REGS 4.375 12-19 21/11A100,000 115,774.00 0.15%EURGE CAP EUR FD 1.00 13-17 02/05A400,000 404,724.00 0.53%EURGE CAP EUR FD EMTN 2.25 13-20 20/07A400,000 423,424.00 0.56%EURGE CAP FUNDING 2.875 10-15 17/09A300,000 308,772.00 0.40%EURLUNAR FDG V LOAN PART 1.875 14-21 08/09A100,000 102,608.00 0.13%EURRZD CAPITAL PLC 3.3744 13-21 20/05100,000 98,268.00 0.13%EUR

BAA FUNDING 4.125 10-18 12/10A500,000 538,355.00 0.70%EURIsola di Jersey 1,067,575.00 1.39%

BAA FUNDING LTD 4.375 12-17 25/01A300,000 327,270.00 0.43%EURHEATHROW FDG 1.875 14-22 23/05A200,000 201,950.00 0.26%EUR

HUTCHISON WHAMPOA 4.75 09-16 14/11A100,000 109,254.00 0.14%EURIsole Caiman 530,945.00 0.69%

IPIC GMTN REG 2.375 12-18 30/05A300,000 315,792.00 0.41%EURTWUCFH 3.25 10-16 09/11A100,000 105,899.00 0.14%EUR

AEROPORTI DI ROMA SPA 3.25 13-21 20/02A200,000 217,524.00 0.28%EURItalia 3,155,246.72 4.11%





71Pagina

ATLANTIA EMTN 2.875 13-21 26/02A200,000 215,984.00 0.28%EURATLANTIA SPA 4.375 12-20 16/03A200,000 232,480.00 0.30%EURA2A EMTN REGS 4 3.625 13-22 13/01A100,000 110,041.00 0.14%EUREDISON SPA 3.875 10-17 10/11A500,000 547,880.00 0.72%EURENI SPA 3.75 13-25 12/09A250,000 285,820.00 0.37%EURENI SPA 4.25 12-20 03/02A150,000 173,742.00 0.23%EURINTESA SAN PAOLO 2.00 14-21 18/06A250,000 249,922.50 0.33%EURLOTTOMATICA SPA 3.50 12-20 05/03A200,000 218,426.00 0.28%EURLUXOTTICA GROUP 4.00 10-15 10/11A100,000 104,698.00 0.14%EURPRADA 2.75 13-18 01/08A150,000 156,631.22 0.20%EURSNAM 2.375 13-17 30/06A300,000 312,903.00 0.41%EURSNAM EMTN 3.50 12-20 13/02A200,000 222,270.00 0.29%EURTERNA 2.875 12-18 16/02A100,000 106,925.00 0.14%EUR

GAZ CAPITAL -GARPROM 5.364 07-14 31/10A50,000 50,684.50 0.07%EURLussemburgo 1,313,248.50 1.71%

GAZ CAPITAL REGS 5.136 06-17 22/03A100,000 107,199.00 0.14%EURGAZPROM 3.389 13-20 20/03A400,000 406,980.00 0.52%EURGLENCORE FINANCE 3.75 14-26 01/04A300,000 328,935.00 0.43%EURNESTLE FINANCE 1.25 13-20 04/05U200,000 204,334.00 0.27%EURNOVARTIS FIN EMTN 4.25 09-16 15/06A200,000 215,116.00 0.28%EUR

AMERICA MOVIL 1.00 14-18 04/06A400,000 400,272.00 0.53%EURMessico 1,393,707.20 1.82%

AMERICA MOVIL SAB 3.00 12-21 12/07A200,000 217,026.00 0.28%EURPEMEX 5.50 09-17 09/01A200,000 222,184.00 0.29%EURPEMEX REGS 3.125 13-20 27/11A200,000 214,190.00 0.28%EURPEMEX REGS 3.75 14-26 16/04A320,000 340,035.20 0.44%EUR

STATKRAF SF 4.625 07-17 22/09A400,000 448,520.00 0.58%EURNorvegia 2,091,069.60 2.72%

STATKRAFT AS REGS 2.50 12-22 28/11A300,000 316,995.00 0.41%EURSTATOIL ASA 2.00 13-20 10/09A600,000 630,180.00 0.83%EURSTATOILHYDRO EMTN 4.375 09-15 11/03A100,000 102,818.00 0.13%EURTELENOR ASA 1.75 12-18 15/01A300,000 310,590.00 0.40%EURTELENOR ASA -EMTN- 4.125 10-20 26/03A100,000 116,285.00 0.15%EURTELNOR ASA REGS 2.50 13-25 22/05A160,000 165,681.60 0.22%EUR

ABB FINANCE 2.625 12-19 26/03A300,000 323,475.00 0.42%EURPaesi Bassi 11,560,148.30 15.07%

ABN AMRO BANK NV 3.625 10-17 06/10A100,000 109,064.00 0.14%EURADECCO INT FIN EMTN 2.75 13-19 15/11A150,000 159,615.00 0.21%EURASML HOLDING NV 3.375 13-23 19/09A200,000 217,698.00 0.28%EURBAT HOLDINGS BV 3.125 14-29 06/03A300,000 315,144.00 0.41%EURBHARTI AIRTEL 3.375 14-21 20/05A100,000 103,002.00 0.13%EURBMW FINANCE 3.25 12-19 14/01A100,000 110,623.00 0.14%EURBMW FINANCE EMTN 2.125 12-15 13/01A250,000 252,422.50 0.33%EURBMW FINANCE REGS 1.625 14-19 17/07A100,000 103,566.00 0.13%EURCOCA COLA HBC FIN.BV 4.25 09-16 16/11A250,000 269,745.00 0.35%EURCONTI GUMMI FINANCE 2.50 13-17 20/03A200,000 208,888.00 0.27%EURDEUTCHE TELECOM INTL 2.125 13-21 18/01A500,000 526,455.00 0.70%EURDEUTSCHE BAHN FIN 2.875 11-16 30/06A200,000 209,986.00 0.27%EURDEUTSCHE POST FIN EMTN1.875 12-17 27/06A300,000 310,725.00 0.40%EURDEUTSCHE TEL FIN 3.25 13-28 17/01A500,000 547,875.00 0.72%EURE ON INTER FINANCE 5.50 09-16 19/01A500,000 539,820.00 0.71%EURENBW INTL FINANCE 4.125 09-15 07/07A100,000 103,751.00 0.14%EURENEL FINANCE 3.625 12-18 17/04A400,000 436,856.00 0.58%EURENEL FINANCE INTL 4.875 12-20 11/03A500,000 590,075.00 0.78%EURENEL FINANCE INTL 5.00 09-22 14/09A100,000 121,599.00 0.16%EURGAS NATURAL FENOSA 3.50 13-21 15/04A300,000 335,910.00 0.44%EURGAS NATURAL FENOSA 3.875 13-22 11/04A100,000 114,459.00 0.15%EURGASUNIE REGS 0.875 12-15 30/10A200,000 201,308.00 0.26%EURHEINEKEN NV 2.125 12-20 04/08A150,000 157,113.00 0.20%EURHEINEKEN NV 2.875 12-25 04/08A150,000 159,262.50 0.21%EURHIT FINANCE 5.75 11-18 09/03A200,000 233,744.00 0.30%EURIBERDROLA INTL 2.875 13-20 11/11A100,000 108,392.00 0.14%EURIBERDROLA INTL 4.50 12-17 21/09A200,000 222,998.00 0.29%EURIBERDROLA SA 2.50 14-22 24/10A100,000 104,525.00 0.14%EURKPN 3.25 12-21 01/02A400,000 433,860.00 0.58%EURMETRO EMTN 4.25 10-17 22/02A200,000 217,544.00 0.28%EUR





72Pagina

PETROBRAS GLOBAL FIN 4.75 14-25 14/01A300,000 318,186.00 0.41%EURREPSOL INTL FIN 2.625 13-20 28/05A400,000 425,124.00 0.56%EURROCHE FINANCE 2.00 12-18 25/06A250,000 263,692.50 0.34%EURRWE FINANCE 1.875 13-20 30/01A300,000 310,785.00 0.40%EURRWE FINANCE EMTN 3.00 13-24 17/01A100,000 108,635.00 0.14%EURSCHLUMBERGER FIN REGS 1.50 13-19 04/03A200,000 206,060.00 0.27%EURSHELL INTL FIN 2.50 14-26 24/03A400,000 419,200.00 0.55%EURSHELL INTL FINANCE 1.625 14-21 24/03A400,000 410,500.00 0.53%EURSIEMENS FIN EMTN 0.375 12-14 10/09A180,000 180,055.80 0.23%EURSIEMENS FINANCIERING 1.50 12-20 10/03A300,000 308,682.00 0.40%EURSUEDZUCKER INT FIN 4.125 11-18 29/03A200,000 220,958.00 0.29%EURSYNGENTA FINANCE EMTN 1.875 14-21 02/11A100,000 102,826.00 0.13%EURTENNET HOLDING B.V 3.875 11-18 21/02A100,000 110,957.00 0.14%EURVOLKSWAGEN INT.EMTN 1.00 13-16 26/10A300,000 302,781.00 0.39%EURWUERTH FIN INTL 3.75 11-18 25/05A20,000 22,206.00 0.03%EUR

ANGLO AMER CAPITAL 1.75 13-17 20/11A400,000 408,388.00 0.54%EURRegno Unito 4,542,370.00 5.92%

ANGLO AMER CAPITAL 2.50 13-21 29/04A100,000 102,971.00 0.13%EURBAT INTL FINANCE 5.875 08-15 12/03A100,000 103,804.00 0.14%EURBG ENERGY CAP 3.00 11-18 16/11A100,000 108,655.00 0.14%EURBP CAPITAL 2.177 12-16 16/02A200,000 205,620.00 0.27%EURBP CAPITAL 2.994 12-19 18/02A100,000 109,293.00 0.14%EURBP CAPITAL MKT 2.177 14-21 28/09A200,000 209,262.00 0.27%EURBRITISH TELECOM 6.125 09-14 11/07A150,000 150,193.50 0.20%EURCOMPASS GROUP EMTN 3.125 12-19 13/02A250,000 273,507.50 0.36%EURCS AG LONDON 1.375 14-19 29/11A100,000 100,755.00 0.13%EURDIAGEO FINANCE REGS 1.125 14-19 20/05A300,000 302,613.00 0.39%EUREVERYTHING EVERYWHERE 3.25 12-18 03/08A300,000 322,422.00 0.42%EURFCE BANK EMTN 1.625 13-16 09/09A200,000 203,838.00 0.27%EURGLAXOSMITHKLINE CAP 3.875 09-15 06/07A250,000 258,952.50 0.34%EURG4S INTL FINANCE PLC 2.625 12-18 06/12A200,000 210,260.00 0.27%EURIMPERIAL TABACCO 2.25 14-21 26/02A300,000 309,405.00 0.40%EURMORRISON SUPERMKTS 2.25 13-20 19/06A200,000 202,280.00 0.26%EURNGG FINANCE PLC 4.25 13-76 18/06A200,000 213,422.00 0.28%EURTESCO CORP 2.50 14-24 01/07A200,000 199,426.00 0.26%EURTESCO PLC-EMTN- 5.125 07-47 10/04A250,000 305,642.50 0.40%EURVODAFONE GROUP 4.65 10-22 20/01A200,000 241,660.00 0.31%EUR

CEZ EMTN 3.625 11-16 27/05A100,000 105,737.00 0.14%EURRepubblica Ceca 105,737.00 0.14%

PETROL D.D. LJUBLJANA 3.25 14-19 24/06A100,000 102,205.00 0.13%EURSlovenia 102,205.00 0.13%

ABERTIS INFRAESTRUCT. 2.50 14-25 27/02A300,000 298,662.00 0.39%EURSpagna 1,990,338.00 2.59%

ENAGAS EMTN 2.50 14-22 11/04A100,000 104,653.00 0.14%EURFERROVIAL EMISIONES 3.375 13-18 30/01A200,000 215,402.00 0.28%EURGAS NATURAL CAPITAL 4.125 10-18 26/01A100,000 110,873.00 0.14%EURSANTANDER INTL DEBT 1.375 14-17 25/03A300,000 303,261.00 0.40%EURTELEFONICA EMIS SA 2.242 14-22 27/05A400,000 405,592.00 0.52%EURTELEFONICA EMISIONES 3.661 10-17 18/09A300,000 324,957.00 0.42%EURTELEFONICA EMISIONES 3.961 13-21 26/03A200,000 226,938.00 0.30%EUR

AMERICAN HONDA FIN. 3.875 09-14 16/09A100,000 100,746.00 0.13%EURStati Uniti d'America 9,404,183.70 12.25%

AMGEN 2.125 12-19 13/09A200,000 209,054.00 0.27%EURAT T 2.40 14-24 15/03A300,000 306,912.00 0.40%EURAT&T INC 2.65 13-21 17/12A200,000 213,852.00 0.28%EURATT T 3.55 12-32 17/12A300,000 321,930.00 0.42%EURBANK OF AMERICA 2.375 14-24 19/06A100,000 99,866.00 0.13%EURBMW US CAPITAL 1.25 12-16 20/07A300,000 304,329.00 0.40%EURBMW US CAPITAL LLC 1.00 13-17 18/07A600,000 605,892.00 0.79%EURBRISTOL MYERS SQUIBB 4.375 06-16 15/11A100,000 109,017.00 0.14%EURCARGILL INC 4.50 04-14 29/09A100,000 101,015.00 0.13%EURENEXIS HOLDING NV 1.875 12-20 13/11A200,000 207,068.00 0.27%EURIBM 1.375 12-19 19/11A300,000 306,234.00 0.40%EURIBM CORP 1.875 13-20 06/11A150,000 156,084.00 0.20%EURIBM CORP 2.875 13-25 07/11A200,000 214,680.00 0.28%EURKRAFT FOODS INC 6.25 08-15 20/03A100,000 104,039.00 0.14%EUR





73Pagina

MERCK CO INC 5.375 07-14 01/10A100,000 101,265.00 0.13%EURMICROSOFT 3.125 13-28 06/12A400,000 436,628.00 0.57%EURMONDELEZ INTL 1.125 13-17 26/01A340,000 342,662.20 0.45%EURMONDELEZ INTL 2.375 13-21 26/01A300,000 312,954.00 0.41%EURNATIONAL GRID 1.75 13-18 20/02A500,000 515,020.00 0.67%EURNATIONAL GRID 3.25 11-15 03/06A200,000 205,082.00 0.27%EURPFIZER INC REG-S 4.75 09-16 03/06A700,000 757,470.00 0.99%EURPHILIP MORRIS 1.75 13-20 19/03A400,000 410,376.00 0.53%EURPHILIP MORRIS 2.875 14-29 14/05A350,000 357,353.50 0.47%EURPHILIP MORRIS EMTN 1.875 14-21 03/03A200,000 205,076.00 0.27%EURPRAXAIR 1.50 14-20 11/03A200,000 203,264.00 0.26%EURPROCTER GAMB REGS 2.00 12-22 16/08A200,000 207,382.00 0.27%EURROCHE HLDG INC -2- 5.625 09-16 04/03A200,000 217,584.00 0.28%EURSABMILLER HLDGS REGS 1.875 12-20 20/01A100,000 103,768.00 0.14%EURTOYOTA MOTOR CREDIT 1.25 13-17 01/08A200,000 204,378.00 0.27%EURTOYOTA MOTOR CREDIT 1.80 13-20 23/07A410,000 424,473.00 0.55%EURVERIZON COMMUNICATION 2.375 14-15 17/02A400,000 417,812.00 0.54%EURWAL-MART STORES 1.90 14-22 08/04A400,000 410,044.00 0.53%EURWELLS FARGO CO 2.25 13-20 03/09A200,000 210,874.00 0.27%EUR

NORDEA BANK 2.00 14-21 17/02A400,000 414,764.00 0.54%EURSvezia 2,311,698.90 3.01%

ORLEN CAPITAL AB 2.50 14-21 30/06S500,000 495,995.00 0.64%EURPGE SA EMTN 1.625 14-19 09/06A100,000 100,358.00 0.13%EURPGNIG FINANCE REGS 4.00 12-17 14/02A220,000 235,624.40 0.31%EURSCA AB 3.625 11-16 26/08A150,000 159,472.50 0.21%EURSCANIA CV AB EMTN 1.75 12-16 22/03A150,000 152,943.00 0.20%EURSEB EMTN 2.00 14-21 19/02A100,000 103,396.00 0.13%EURSKF 2.375 13-20 29/10A100,000 105,297.00 0.14%EURTELIASONERA 3.00 12-27 07/09A200,000 213,766.00 0.28%EURTELIASONERA 3.625 12-24 14/02A100,000 113,803.00 0.15%EURVATTENFALL AB EMTN 5.25 09-16 17/03A200,000 216,280.00 0.28%EUR

RAIFFEISEN BANK FL.R 14-25 21/02A200,000 204,136.00 0.27%EUR


Austria 204,136.00 0.27%

BPCE FL.R 14-26 08/07A100,000 99,328.00 0.13%EURFrancia 2,070,015.00 2.70%

EDF SA FL.R 14-XX 22/01A500,000 523,985.00 0.69%EURELECT.DE FRANCE FL.R 13-XX 29/01A100,000 106,691.00 0.14%EURGDF SUEZ FL.R 13-18 10/07A200,000 210,006.00 0.27%EURGDF SUEZ FL.R 14-XX 02/06A200,000 202,652.00 0.26%EURGDF SUEZ SUB FL.R 14-XX 02/06A300,000 302,967.00 0.39%EURORANGE SA SUB FL.R 14-XX 07/02A400,000 412,376.00 0.54%EURORANGE SUB FL.R 14-XX 07/02A200,000 212,010.00 0.28%EUR

ALLIANZ SE FL.R 13-XX 24/10A300,000 326,772.00 0.43%EURGermania 1,587,875.00 2.07%

BAYER SUB FL.R 05-XX 29/07A200,000 206,550.00 0.27%EURENBW ENERGIE FL.R 14-76 02/04A550,000 549,956.00 0.72%EURLB BADEN WUERTT 2.875 14-26 27/05A400,000 401,616.00 0.52%EURRWE FL.R 10-XX 28/09A100,000 102,981.00 0.13%EUR

HUTCHISON WHAMPOA FL.R 13-XX 10/05A550,000 556,963.00 0.73%EURIsole Caiman 556,963.00 0.73%

RABOBANK EMTN FL.R 14-26 26/05A500,000 497,200.00 0.64%EURPaesi Bassi 917,335.00 1.19%

SIEMENS FIN NV FL.R 06-66 14/09A100,000 108,048.00 0.14%EURVW INTL FIN SUB FL.R 14-XX 24/03A300,000 312,087.00 0.41%EUR

JP MORGAN CHASE FL.R 06-18 31/03A150,000 149,602.50 0.19%EURStati Uniti d'America 149,602.50 0.19%





74Pagina

NEF- Cedola


75Pagina

62,229,759.76Attivo49,958,011.17Portafoglio titoli a prezzo di mercato52,277,140.69Prezzo d'acquisto-2,319,129.52Minusvalenze non realizzate del portafoglio titoli10,003,624.16Depositi bancari a vista e liquidità

247,774.83Interessi maturati67,210.25Sottoscrizioni da regolare

341,347.37Plusvalenze non realizzate su future su cambi100,101.19Plusvalenze non realizzate su future

1,511,690.79Plusvalenze non realizzate su swaps

4,947,232.35Passivo4,361,461.57Debiti bancari a vista

248,570.00Debiti verso broker per acquisto titoli6,642.34Tassa d'abbonamento

279,245.48Rimborsi chiesti e non regolati38,385.18Commissioni di gestione e consulenza1,543.90Spese della banca depositaria e sub-depositaria2,522.68Spese amministrative5,140.25Onorari3,720.95Altre voci del passivo





NEF - Cedola

Cedola - Category IQuote parti a capitalizzazione 1,322,710.305 72,529.041 866,489.165 528,750.181

Cedola - Category RQuote parti a capitalizzazione 4,271,374.251 447,411.724 1,505,221.562 3,213,564.413

Cedola - Category DQuote parti a distribuzione 3,627,627.008 61,117.058 1,327,462.100 2,361,281.966





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NEF - Cedola

Cedola - Category I


9.81528,750.181 1,322,710.305

9.712,931,161.300


EUR EUR EUR

Cedola - Category R


9.633,213,564.413 4,271,374.251

9.565,776,046.571


EUR EUR EUR

Cedola - Category D

Quote parti a distribuzione

8.950.07

2,361,281.966 3,627,627.0088.950.15

5,523,100.6119.180.34

Numero di quote partiValore d'inventario netto della quota parteDividendo della quota parte

EUR EUR EUR


31/12/1231/12/1330/06/14Periodo fino al

EUR


77Pagina

NEW S WALES 6.00 08-19 01/04S750,000 582,566.90 1.02%AUD


Obbligazioni 42,633,878.80 74.42%

Australia 9,481,884.82 16.55%

NSW TREASURY CORP 6.00 09-20 01/05S1,290,000 1,012,237.81 1.77%AUDQUEENSLAND TREAS 16 6.00 10-16 21/04S4,636,000 3,375,538.67 5.89%AUDTREASURY CORP OF VICT 5.75 04-16 15/11S6,137,000 4,511,541.44 7.87%AUD

CDC 1.125 13-18 10/12A2,500,000 2,562,175.00 4.47%EURFrancia 2,562,175.00 4.47%

ALLEMAGNE 1.50 14-24 15/05A4,500,000 4,606,200.00 8.04%EURGermania 11,194,978.77 19.54%

FMS 1.625 13-18 20/11S3,300,000 2,424,598.77 4.23%USDGERMANY 0.50 12-17 07/04A1,000,000 1,012,320.00 1.77%EURKRED WIEDERAUFBAU 1.625 14-21 15/01A3,000,000 3,151,860.00 5.50%EUR

BEI 2.25 12-22 14/10A2,000,000 2,162,260.00 3.77%EURLussemburgo 2,235,877.66 3.90%

GAZ CAPITAL REGS 8.125 09-14 31/07S100,000 73,617.66 0.13%USD

KOMMUNALBANKEN EMTN 0.75 13-16 21/11A1,750,000 1,281,146.58 2.24%USDNorvegia 1,281,146.58 2.24%

BNG EMTN 1.00 14-19 19/03A2,000,000 2,034,380.00 3.56%EURPaesi Bassi 2,387,355.00 4.17%

ENEL FINANCE INTL 4.625 11-15 24/06A100,000 103,935.00 0.18%EURNWB 0.625 14-19 03/07A250,000 249,040.00 0.43%EUR

TELEFONICA EMISIONES 4.967 11-16 03/02A100,000 106,685.00 0.19%EURSpagna 106,685.00 0.19%

BANK OF AMERICA CORP 4.625 10-17 07/08A200,000 222,610.00 0.39%EURStati Uniti d'America 13,383,775.97 23.36%

INTER-AM.DEV.BK 3.00 14-24 21/02S500,000 376,768.20 0.66%USDUS TREASURY INDEXEE 0.125 13-23 15/01S15,000,000 11,230,191.91 19.60%USDUSA TREASURY BONDS 6.875 95-25 15/08S1,500,000 1,554,205.86 2.71%USD

BNG REGS FL.R 13-15 07/05Q6,000,000 4,394,830.87 7.68%USD


Paesi Bassi 7,324,132.37 12.79%

NWB EMTN FL.R 13-15 17/03Q4,000,000 2,929,301.50 5.11%USD



NEF - Cedola


78Pagina

NEF- Flessibile


79Pagina


342,433.41Interessi maturati79,576.13Sottoscrizioni da regolare55,631.50Dividendi da incassare11,539.98Plusvalenze non realizzate su future

260,151.71Passivo168,180.65Debiti bancari a vista

3,777.91Tassa d'abbonamento28,574.87Rimborsi chiesti e non regolati45,031.63Commissioni di gestione e consulenza1,529.59Spese della banca depositaria e sub-depositaria1,883.75Spese amministrative

987.28Onorari10,186.03Altre voci del passivo





NEF - Flessibile

Flessible - Category IQuote parti a capitalizzazione 539,589.228 885,431.527 247,436.286 1,177,584.469

Flessible - Category RQuote parti a capitalizzazione 2,558,154.496 969,447.871 476,016.135 3,051,586.232





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NEF - Flessibile

Flessible - Category I


11.201,177,584.469 539,589.228

10.861,194.188


EUR EUR EUR

Flessible - Category R


10.393,051,586.232 2,558,154.496

10.132,893,487.037


EUR EUR EUR


31/12/1231/12/1330/06/14Periodo fino al

EUR


81Pagina

AXA SA41,600 726,128.00 1.62%EUR


Azioni 16,120,485.60 35.90%

Francia 4,509,090.00 10.04%

BNP PARIBAS SA13,700 678,766.50 1.51%EURCARREFOUR SA14,200 382,548.00 0.85%EURCIE DE SAINT-GOBAIN SA19,100 787,015.50 1.75%EURSOCIETE GENERALE SA14,800 566,174.00 1.26%EURTOTAL SA10,100 533,078.00 1.19%EURVINCI SA15,300 835,380.00 1.86%EUR

AAREAL BANK AG12,900 434,214.00 0.97%EURGermania 6,932,829.00 15.44%

BAYER AG REG SHS7,900 814,885.00 1.81%EURBECHTLE5,500 344,135.00 0.77%EURBMW AG7,600 703,912.00 1.57%EURDAIMLER AG REG SHS12,100 827,640.00 1.84%EURDEUTSCHE POST AG REG SHS30,400 802,864.00 1.79%EURDEUTSCHE TELEKOM AG REG SHS65,400 837,120.00 1.86%EURDRILLISCH16,900 491,790.00 1.10%EURFIELMANN AG4,100 431,935.00 0.96%EURRHOEN KLINIKUM AG17,200 414,864.00 0.92%EURSIEMENS AG REG SHS8,600 829,470.00 1.85%EUR

INTESA SANPAOLO SPA358,400 808,550.40 1.80%EURItalia 1,432,280.40 3.19%

UNICREDIT SPA102,000 623,730.00 1.39%EUR

AIRBUS GROUP15,300 748,782.00 1.67%EURPaesi Bassi 1,864,579.50 4.15%

ING GROEP NV76,000 779,760.00 1.73%EURROYAL PHILIPS ELECTRONICS NV14,500 336,037.50 0.75%EUR

IBERDROLA S A170,900 954,134.70 2.13%EURSpagna 1,381,706.70 3.08%

REPSOL SA22,200 427,572.00 0.95%EUR

ITALY BTP 3.75 05-15 01/08S2,700,000 2,795,580.00 6.23%EUR

Obbligazioni 18,477,575.00 41.16%

Italia 9,269,490.00 20.65%

ITALY BTP 4.75 12-17 01/06S3,250,000 3,611,985.00 8.05%EURITALY BTPS 4.50 10-26 01/03S2,500,000 2,861,925.00 6.37%EUR

PORTUGAL 4.35 07-17 16/10A1,000,000 1,085,180.00 2.42%EURPortogallo 5,148,330.00 11.47%

PORTUGAL 5.65 13-24 15/02A3,500,000 4,063,150.00 9.05%EUR

SPAIN 4.60 09-19 30/07A3,500,000 4,059,755.00 9.04%EURSpagna 4,059,755.00 9.04%

REPSOL 04.07.14 RIGHT22,200 11,033.40 0.02%EUR


Spagna 11,033.40 0.02%

UNIISTITUTIONAL GLB CORP BD28,161 1,594,475.82 3.55%EUR



Germania 1,594,475.82 3.55%

UNIEUROASPIRANT FCP -A- DIS17,980 901,876.80 2.01%EURLussemburgo 6,612,132.03 14.73%

UNIINST GLOBAL HY BOND DIS84,651 3,928,652.91 8.75%EURUNIL G COR BONDS PLUS DIS5,256 564,179.04 1.26%EURUNISECTOR FCP BASIC INDUSTRIES -A- DIS13,479 1,217,423.28 2.71%EUR



NEF - Flessibile


82Pagina

NEF- Immobiliare


83Pagina


562,619.42Depositi bancari a vista e liquidità279,285.50Crediti verso broker per vendita titoli84,260.02Sottoscrizioni da regolare

222,613.91Dividendi da incassare132,327.24Crediti verso cambio corto termine



4,285.56Tassa d'abbonamento101,527.63Rimborsi chiesti e non regolati155,526.15Minusvalenze non realizzate su future su cambi59,230.62Commissioni di gestione e consulenza1,496.04Spese della banca depositaria e sub-depositaria1,842.43Spese amministrative1,738.39Onorari






NEF - Immobiliare

Immobiliare - Category IQuote parti a capitalizzazione 1,358,190.982 790,905.967 489,324.867 1,659,772.082

Immobiliare - Category RQuote parti a capitalizzazione 4,492,967.932 765,567.336 766,581.480 4,491,953.788





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NEF - Immobiliare

Immobiliare - Category I


7.481,659,772.082 1,358,190.982

6.89713,967.703


EUR EUR EUR

Immobiliare - Category R


7.084,491,953.788 4,492,967.932

6.543,954,644.337


EUR EUR EUR


31/12/1231/12/1330/06/14Periodo fino al

EUR


85Pagina

CFS RETAIL PROP - STAPLED SECURITY168,261 236,123.30 0.53%AUD


Azioni 43,605,059.41 98.61%

Australia 1,736,238.30 3.93%

GPT GROUP STAPLED SECURITY200,000 532,434.48 1.20%AUDSCENTRE GRP - STAPLED SECURITY156,702 341,711.04 0.77%AUDSTOCKLAND235,744 625,969.48 1.43%AUD

HONG KONG LAND HOLDINGS LTD154,900 748,528.34 1.69%USDBermuda 1,774,240.89 4.01%

KERRY PROPERTIES239,298 611,288.45 1.38%HKDSHANGRI - LA ASIA LTD362,150 414,424.10 0.94%HKD

RIOCAN REIT (UNITS)61,184 1,145,338.98 2.59%CADCanada 1,145,338.98 2.59%

GUANGZHOU R&F PROPERTIES COMPANY LTD -H-210,000 189,438.86 0.43%HKDCina 189,438.86 0.43%

ICADE SA14,000 1,096,200.00 2.48%EURFrancia 2,255,969.60 5.10%

KLEPIERRE SA6,000 223,290.00 0.50%EURUNIBAIL-RODAMCO SE4,408 936,479.60 2.12%EUR

AEON MALL CO LTD48,000 929,377.88 2.10%JPYGiappone 5,108,269.73 11.55%

DAIWA HOUSE INDUSTRY CO LTD78,300 1,209,342.60 2.73%JPYMITSUBISHI ESTATE53,000 969,707.66 2.19%JPYMITSUI FUDOSAN CO LTD62,000 1,526,339.29 3.46%JPYSUMITOMO REALTY & DEVELOPMENT CO LTD15,000 473,502.30 1.07%JPY

CHINA OVERSEAS LAND INVESTMENT LTD -RC-247,696 438,949.62 0.99%HKDHong Kong 2,550,938.01 5.77%

HANG LUNG PROPERTIES LTD300,400 676,761.53 1.53%HKDHYSAN DEVELOPMENT260,529 891,457.27 2.02%HKDSUN HUNG KAI PROPERTIES LTD54,268 543,769.59 1.23%HKD

CHINA RESOURCES LAND LTD -RC-119,100 159,193.68 0.36%HKDIsole Caiman 724,399.60 1.64%

LIFESTYLE INTERNATIONAL395,000 565,205.92 1.28%HKD

CAPITAL COUNTIES PROPERTIES PLC92,946 377,698.22 0.85%GBPRegno Unito 3,614,223.58 8.17%

DERWENT LONDON PLC25,200 842,305.68 1.91%GBPGREAT PORTLAND EST103,865 834,548.47 1.89%GBPHAMMERSON PLC62,000 448,658.76 1.01%GBPLAND SECURITIES GROUP PLC REIT65,100 841,467.25 1.90%GBPSHAFTESBURY32,933 269,545.20 0.61%GBP

CAPITALAND LTD403,050 746,301.42 1.69%SGDSingapore 1,666,955.71 3.77%

CITY DEVELOPMENT132,500 788,043.48 1.78%SGDWING TAI HOLDINGS LTD114,880 132,610.81 0.30%SGD

MELIA HOTELS74,857 671,093.01 1.52%EURSpagna 885,323.01 2.00%

MERLIN PROPERTIES SOCIMI SA22,200 214,230.00 0.48%EUR

ALEXANDRIA REAL ESTATE20,200 1,148,285.25 2.60%USDStati Uniti d'America 20,979,563.92 47.44%

AMERICAN CAMPUS COMMUNITIES INC24,900 697,156.25 1.58%USDAMERICAN HOMES 4 RENT41,100 534,438.42 1.21%USDBOSTON PROPERTIES INC18,900 1,635,380.00 3.70%USDEQTY RESIDENTIAL PPTYS TR SHS BEN.INT.28,400 1,310,001.46 2.96%USDEQUITY ONE INC31,300 540,611.36 1.22%USDESSEX PROPERTY TRUST10,368 1,403,680.54 3.17%USDFED RLTY INV TR / SHS.OF BENEF.INTEREST11,100 982,729.54 2.22%USDHEALTH CARE REIT22,400 1,027,828.38 2.32%USDHOST HOTELS & RESORTS - SHS60,600 976,574.90 2.21%USDKILROY REALTY CORP14,100 642,955.04 1.45%USDLASALLE HOTEL PROPERTIES SHS BENEF.INT16,800 434,084.05 0.98%USDMACERICH CO11,900 581,582.22 1.32%USDPLUM CREEK TIMBER23,300 769,387.90 1.74%USDPROLOGIS55,393 1,666,494.63 3.77%USDSIMON PROPERTY GROUP INC23,051 2,806,355.45 6.35%USD


NEF - Immobiliare



86Pagina

STARWOOD HOTELS AND RESORTS15,300 905,363.89 2.05%USDTAUBMAN CENTERS15,600 865,892.52 1.96%USDVENTAS INC11,904 558,680.92 1.26%USDVORNADO REALTY TRUST SHS OF BENEF.INT17,000 1,328,459.51 3.00%USDWASHINGTON PRIME GROUP INC11,925 163,621.69 0.37%USD

CASTELLUM41,300 533,341.69 1.21%SEKSvezia 533,341.69 1.21%

CENTRAL PATTANA PUBLIC CO NVDR LTD399,100 440,817.53 1.00%THBTailandia 440,817.53 1.00%

SUN HUNG KAI (SHS) 22.04.16 WAR4,472 4,265.99 0.01%HKD


Hong Kong 4,265.99 0.01%



NEF - Immobiliare


87Pagina

NEF- Raiffeisen Return


88Pagina


936,816.52Plusvalenze latenti sul portafoglio titoli802,698.61Depositi bancari a vista e liquidità35,592.80Interessi maturati

389,990.00Crediti verso broker per vendita titoli291.00Sottoscrizioni da regolare


1,806.23Tassa d'abbonamento45,120.76Rimborsi chiesti e non regolati21,220.40Commissioni di gestione e consulenza

452.70Spese della banca depositaria e sub-depositaria1,250.00Spese amministrative

948.94Onorari570.13Altre voci del passivo





NEF - Raiffeisen Return

Raiffeisen Return - Category RQuote parti a capitalizzazione 2,056,479.778 109,539.483 234,766.449 1,931,252.812





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Raiffeisen Return - Category R


11.011,931,252.812 2,056,479.778

10.821,968,704.734


EUR EUR EUR


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EUR


90Pagina

INTESA SANPAOLO SPA 3.375 10-15 19/01A200,000 203,058.00 0.95%EUR


Obbligazioni 4,318,535.50 20.30%

Italia 3,157,052.03 14.84%

ITALY 4.50 04-14 31/07A250,000 250,796.50 1.18%EURITALY BOT -14 14/11U250,000 248,783.92 1.17%EURITALY BOT (12MESI) 14-15 14/01U300,000 298,637.36 1.40%EURITALY BTP 3.00 10-15 01/11S685,000 707,844.75 3.33%EURITALY BTP 4.75 11-16 15/09S600,000 653,268.00 3.07%EURITALY CTZ 0.00 13-15 31/12U450,000 446,224.50 2.10%EURITALY CTZS 0.00 13-15 30/06U350,000 348,439.00 1.64%EUR

ESPAGNE ZCP 100415250,000 249,271.02 1.17%EURSpagna 1,161,483.47 5.46%

SPAIN 3.30 13-16 30/07A250,000 264,250.00 1.24%EURSPAIN T-BILLS 14-15 15/05U450,000 448,760.33 2.11%EURSPAIN T-BILLS 13-14 17/10U200,000 199,202.12 0.94%EUR

BLACKROCK STR FD VAR FIXED INM STR -D2-12,030 1,424,833.20 6.71%EUR



Lussemburgo 13,572,696.82 63.83%

BRGF EURO BOND FD -D2- EUR CAP61,400 1,638,152.00 7.71%EURBRGF EURO MARKETS FD -D2- CAP14,500 358,005.00 1.68%EURBRGF EURO SHORT DUR BD FD -D2- CAP11,200 179,648.00 0.84%EURFAST EM MKT -Y- CAP USD2,100 216,534.63 1.02%USDINVESCO FD VAR PAN EU STRU EQ FD -C- CAP56,300 881,095.00 4.14%EURINVESCO PAN EUR HIGH INC FD C-ACC SHARES49,800 978,072.00 4.60%EURMFS MERIDIAN EUROPEAN VALUE -I1- CAP1,600 317,216.00 1.49%EURMORGAN STANLEY INV DIV ALP + -Z-14,400 508,896.00 2.39%EURMORGAN STANLEY INV US ADVANTAGE -I-15,100 586,509.74 2.76%USDMSIF GI QUAL -Z- CAP19,900 420,059.31 1.98%USDPICTET SICAV EME LOC CUR DBT -I- CAP1,200 173,287.45 0.81%USDPICTET-USA IDX - IS USD- CAP1,900 238,105.14 1.12%USDROBECO CAP US PREMIUM EQ.-SHS -I USD-CAP3,350 515,622.35 2.42%USDSCHRODER GAIA SIRIO US -E EUR HEDGED-CAP3,000 372,300.00 1.75%EURSCHRODER GAIA SIRIOS US EQ-C EUR HDG-CAP1,500 181,545.00 0.85%EURSCHRODER GAIA VAR EGERTON EQ -C- CAP2,600 395,668.00 1.86%EURSCHRODER INT SEL EURO BOND -C- CAP111,100 2,280,883.00 10.73%EURSCHRODER INT SEL EURO CORP BOND -C- CAP60,300 1,251,225.00 5.89%EURSISF EUROPEAN OPP -C- CAP6,400 655,040.00 3.08%EUR

FIRST STATE ASIA PACIFIC LEADERS FD -B-40,000 226,031.19 1.06%GBPRegno Unito 2,919,021.46 13.72%

M G GLO DVD ACC -A- NET EUR15,400 317,966.88 1.50%EURM&G OPTIMAL INCOME FUND -C- EUR CAP42,500 810,908.50 3.80%EURTHREADNEEDLE FOCUS INV CDT OPP -2- GROSS590,000 752,545.00 3.54%EURTHREADNEEDLE INV EU SMALLER CIE -INS-CAP53,700 359,451.69 1.69%EURTHREADNEEDLE INV EUE HY BD -4 INS GROSS-179,000 452,118.20 2.13%EUR





Relazione semestrale non certificata al 30/06/14

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Transcript of Relazione semestrale non certificata al 30/06/14