HSBC Global Investment Funds Unaudited Semi-Annual Report for the period from April 2011 to 30 September 2011 R.C.S Luxembourg B 25 087 Unaudited semi-annual report for the period from April 2011 to 30 September 2011 Société d’Investissement Capital Variable (SICAV), Luxembourg Information concerning the distribution of shares of HSBC Global Investment Funds in or from Switzerland HSBC Private Bank (Suisse) SA, Quai du Général Guisan 2, case postale 3580 CH-1211 Geneva 3, is the legal representative of the Company in Switzerland and the Company’s paying agent in that country The Prospectus, simplified Prospectuses, Articles and annual and semi-annual reports of the Company may be obtained free of charge upon request from the HSBC Private Bank (Suisse) S.A A breakdown of all transactions carried out on behalf of each sub-fund of HSBC Global Investment Funds for the period under review can be obtained, free of charge, from the Company’s representative in Switzerland Information concerning the distribution of shares of HSBC Global Investment Funds in or from Germany HSBC Trinkaus & Burkhardt AG, 21-23 Königsallee, D-40212 Düsseldorf, is the legal representative of the Company in Germany and the Company’s paying agent in that country The Prospectus, simplified Prospectuses, Articles and annual and semi-annual reports of the Company may be obtained free of charge upon request from the HSBC Trinkaus & Burkhardt AG A breakdown of all transactions carried out on behalf of each sub-fund of HSBC Global Investment Funds for the period under review can be obtained, free of charge, from the Company’s representative in Germany No subscription can be received on the basis of financial reports Subscriptions are only valid if made on the basis of the current Prospectus accompanied by the latest annual and the most recent semi-annual report, if published thereafter Unaudited semi-annual report for the period from April 2011 to 30 September 2011 Table of Contents Board of Directors Management and Administration Statement of Net Assets as at 30 September 2011 10 Key Figures as at 30 September 2011 22 Statement of Operations and Changes in Net Assets 68 Notes to the Financial Statements 80 Comparative Table of Net Assets 216 Portfolio of Investments and Other Net Assets 237 Currency Conversion Table 380 Dealing Days of the Fund 381 Fund Holiday Calendar for 2012 382 Board of Directors BOARD OF DIRECTORS OF THE COMPANY Didier Deleage (Chairman), Chief Operating Officer, HSBC Global Asset Management (France) Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France James Boucher, Managing Director, HSBC Bank (Mauritius) Limited 6th Floor, HSBC Centre, 18 CyberCity, Ebene, Mauritius Thies Clemenz, Chief Executive Officer, HSBC Trinkaus Investment Managers S.A 8, rue Lou Hemmer, L-1748 Luxembourg-Findel, Grand Duchy of Luxembourg George Efthimiou, Global Chief Operating Officer, HSBC Global Asset Management Limited Canada Square, London E14 5HQ, United Kingdom David Silvester, Head of Product Management - Global Funds, HSBC Global Asset Management (UK) Limited Canada Square, London E14 5HQ, United Kingdom Sylvie Vigneaux, Head of Regulatory and Wealth Engineering, HSBC Global Asset Management (France) Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France Edgar Ng, Director, Head of Business Support Asia Pacific, HSBC Global Asset Management (Hong Kong) Limited HSBC Main Building, Queen's Road Central, Hong Kong Dr Michael Boehm, Managing Director and Chief Operating Officer HSBC Global Asset Management (Deutschland) GmbH, Königsallee 21/23, 40212 Düsseldorf, Germany Management and Administration Registered Office 16, boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg R.C.S Luxembourg N° B-25087 Management Company HSBC Investment Funds (Luxembourg) S.A 16, boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg Custodian, Administration Agent, Transfer Agent and Central Paying Agent RBC Dexia Investor Services Bank S.A 14, Porte de France, L- 4360 Esch-sur-Alzette, Grand Duchy of Luxembourg Investment Advisers From July 2011 HSBC Global Asset Management (France) Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France HSBC Global Asset Management (Hong Kong) Limited Level 22, HSBC Main Building, Queen's Road Central, Hong Kong HSBC Global Asset Management (Singapore) Limited 21 Collyer Quay, #15-02 HSBC Building, Singapore 049320, Singapore HSBC Global Asset Management (UK) Limited 8, Canada Square, London E14 5HQ, United Kingdom HSBC Global Asset Management (USA) Inc 452 Fifth Avenue, 18th Floor, New York, NY 10018, USA HSBC Bank Brasil S.A – Banco Múltiplo Travessa Oliviera Belo, 11-B, 80020-030 Curitiba, Brazil HSBC Portfoy Yonetimi A.S Esentepe Mahallesi, Büyükdere Caddesi, No:128, 34394 Sisli, Istanbul, Turkey Management and Administration (continued) Investment Advisers (continued) Until 30 June 2011 Halbis Capital Management (France) Immeuble Ile de France, 4, place de la Pyramide, La Défense 9, 92800 Puteaux, France HSBC Global Asset Management (France) Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France HSBC Global Asset Management (Hong Kong) Limited Level 22, HSBC Main Building, Queen's Road Central, Hong Kong HSBC Global Asset Management (Singapore) Limited 21 Collyer Quay, #15-02 HSBC Building, Singapore 049320, Singapore HSBC Global Asset Management (UK) Limited 8, Canada Square, London E14 5HQ, United Kingdom HSBC Global Asset Management (USA) Inc 452 Fifth Avenue, 18th Floor, New York, NY 10018, USA HSBC Bank Brasil S.A – Banco Múltiplo Travessa Oliviera Belo, 11-B, 80020-030 Curitiba, Brazil HSBC Portfoy Yonetimi A.S Esentepe Mahallesi, Büyükdere Caddesi, No:128, 34394 Sisli, Istanbul, Turkey Sinopia Asset Management 4, place de la Pyramide, La Défense 9, 92800 Puteaux, France Sinopia Asset Management (UK) Limited 8, Canada Square, London E14 5HQ, United Kingdom Management and Administration (continued) Share Distributors Global Distributor HSBC Investment Funds (Luxembourg) S.A., 16, boulevard d’Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg Austria, Eastern Europe and Germany Distributor HSBC Trinkaus & Burkhardt AG, Königsallee 21/23, D-40212 Düsseldorf, Germany Hong Kong Representative and Distributor HSBC Investment Funds (Hong Kong) Limited, HSBC Main Building, Queen's Road Central, Hong Kong United Kingdom Representative and Distributor HSBC Global Asset Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom Republic of Ireland Distributor HSBC Global Asset Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom Republic of Ireland Representative HSBC Securities Services (Ireland) Limited, HSBC House, Grand Canal Square, Grand Canal Harbour, Dublin 2, Ireland Jersey Representative and Distributor HSBC Global Asset Management (International) Limited, HSBC House, Esplanade, St Helier, Jersey, JE1 1HS Channel Islands Singapore Representative and Distributor HSBC Global Asset Management (Singapore) Limited, 21, Collyer Quay, #15-02 HSBC Building, Singapore 049320, Singapore Swiss Representative and Paying Agent in Switzerland HSBC Private Bank (Suisse) S.A., Quai du Général Guisan 2, Case postale 3580, CH-1211 Geneva 3, Switzerland Korea Representative and Distributor HSBC Korea Ltd, HSBC Building #25, 1-Ka, Bongrae-Dong, Chung-Ku, Seoul, Korea Distributor for Continental Europe HSBC Global Asset Management (France), Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France Management and Administration (continued) Paying Agent in Hong Kong The Hong Kong and Shanghai Banking Corporation Limited, HSBC Main Building, Queen’s Road Central, Hong Kong Representative and Paying Agent in Poland HSBC Bank Polska S.A., Kraków Business Park 200, Ul Krakowska 280, 32-080 Zabierzów, Poland Réviseur d'Entreprises Agréé KPMG Luxembourg S.à r.l 9, allée Scheffer, L-2520 Luxembourg, Grand Duchy of Luxembourg Legal Adviser Elvinger, Hoss & Prussen, 2, place Winston Churchill, L - 1340 Luxembourg, Grand Duchy of Luxembourg Dealing Days of the Fund Dealing for Shares in the Company will take place on any Business Day (other than days during a period of suspension of dealing in Shares) and which is also for each sub-fund, a day where stock exchanges and regulated markets in countries where the sub-fund is materially invested are open for normal trading The Business Days which are not Dealing Days will be listed in the annual report and semi-annual reports and available at the registered office of the Company Any amendments to such lists are also available at the registered office of the Company Shareholders who deal through the Company's local distributor or representative should note that there will be no dealing for the Shares of the Company in the jurisdiction in which such distributor or representative operates on a day which is not a business day in such jurisdiction Shareholders in such jurisdictions can however deal via the Transfer Agent in Luxembourg The Company will determine the dealing/non-dealing calendar according to the latest market information obtained by the Company from time to time Shareholders can obtain the latest dealing/non-dealing calendar of the Company from the registered office of the Company or from the Company's local distributor or representative 381 HSBC Global Investment Funds (“HGIF”) Fund Holiday Calendar for 2012 This calendar is indicative as dates in some countries have yet to be confirmed and / or dates are subject to change All HGIF sub-funds will have no NAV calculated on the following days: all Saturdays and Sundays and on the following dates : 06-Apr 09-Apr 01-May 17-May 28-May 15-Aug 01-Nov 25-Dec 26-Dec Luxembourg Luxembourg Luxembourg Luxembourg Luxembourg Luxembourg Luxembourg Luxembourg Luxembourg In addition, the following funds will have non-dealing days on the following dates: Asian Currencies Bond (Hong Kong, Malaysia, Singapore, South Korea) 23-Jan Malaysia, Singapore, South Korea 24-Jan Hong Kong, Malaysia, Singapore, South Korea 25-Jan Hong Kong 01-Mar South Korea 04-Apr Hong Kong 06-Jun South Korea 02-Jul Hong Kong 09-Aug Singapore 20-Aug Malaysia, Singapore 31-Aug Malaysia 01-Oct Hong Kong, South Korea 03-Oct South Korea 23-Oct Hong Kong 26-Oct Malaysia, Singapore 13-Nov Malaysia, Singapore 15-Nov Malaysia Asia ex Japan Equity (Hong Kong, South Korea) 23-Jan South Korea 24-Jan Hong Kong, South Korea 25-Jan Hong Kong 01-Mar South Korea 04-Apr Hong Kong 06-Jun South Korea 02-Jul Hong Kong 01-Oct Hong Kong, South Korea 03-Oct South Korea 23-Oct Hong Kong 382 Asia ex Japan Equity Smaller Companies Taiwan Equity (Taiwan) 23-Jan 24-Jan 25-Jan 26-Jan 06-Feb 04-Apr 10-Oct 23-Oct Taiwan Taiwan Taiwan Taiwan Taiwan Taiwan Taiwan Taiwan Asia Pacific ex Japan Equity High Dividend (Australia, Hong Kong) 24-Jan Hong Kong 25-Jan Hong Kong 26-Jan Australia 04-Apr Hong Kong 25-Apr Australia 11-Jun Australia 02-Jul Hong Kong 01-Oct Australia, Hong Kong 23-Oct Hong Kong Brazil Bond (Brazil) 20-Feb 21-Feb 07-Jun 07-Sep 12-Oct 02-Nov 15-Nov Brazil Brazil Brazil Brazil Brazil Brazil Brazil Brazil Equity (Brazil, US**) 16-Jan 20-Feb 21-Feb 07-Jun 04-Jul 03-Sep 07-Sep 08-Oct 12-Oct 02-Nov 12-Nov 15-Nov 22-Nov US Brazil, US Brazil Brazil US US Brazil US Brazil Brazil US Brazil US 383 BRIC Equity BRIC Markets BRIC Markets Equity (Brazil, Hong Kong, India, UK, US**) 16-Jan US 24-Jan Hong Kong 25-Jan Hong Kong 26-Jan India 20-Feb Brazil, India, US 21-Feb Brazil 08-Mar India 04-Apr Hong Kong 05-Apr India 07-May UK 04-Jun UK 05-Jun UK 07-Jun Brazil 02-Jul Hong Kong 04-Jul US 10-Aug India 20-Aug India 27-Aug UK 03-Sep US 07-Sep Brazil 19-Sep India 21-Sep India 01-Oct Hong Kong 02-Oct India 08-Oct US 12-Oct Brazil 23-Oct Hong Kong 24-Oct India 26-Oct India 02-Nov Brazil 12-Nov US 13-Nov India 15-Nov Brazil 22-Nov US 28-Nov India Chinese Equity Hong Kong Equity (Hong Kong) 24-Jan 25-Jan 04-Apr 02-Jul 01-Oct 23-Oct 384 Hong Kong Hong Kong Hong Kong Hong Kong Hong Kong Hong Kong China Consumer Opportunities (France, Hong Kong, US**) 16-Jan US 24-Jan Hong Kong 25-Jan Hong Kong 20-Feb US 04-Apr Hong Kong 08-May France 02-Jul Hong Kong 04-Jul US 03-Sep US 01-Oct Hong Kong 08-Oct US 23-Oct Hong Kong 12-Nov US 22-Nov US Climate Change Russia Equity (UK, US**) 16-Jan 20-Feb 07-May 04-Jun 05-Jun 04-Jul 27-Aug 03-Sep 08-Oct 12-Nov 22-Nov US US UK UK UK US UK US US US US CIVETS (Indonesia, Turkey, South Africa, UK) 23-Jan Indonesia 21-Mar South Africa 23-Mar Indonesia 23-Apr Turkey 27-Apr South Africa 07-May UK 17-May Indonesia 18-May Indonesia 04-Jun UK 05-Jun UK 09-Aug South Africa 17-Aug Indonesia 20-Aug Indonesia, Turkey 21-Aug Indonesia, Turkey 22-Aug Indonesia 27-Aug UK 30-Aug Turkey 24-Sep South Africa 26-Oct Indonesia, Turkey 29-Oct Turkey 15-Nov Indonesia 16-Nov Indonesia 17-Dec South Africa 24-Dec Indonesia 31-Dec Indonesia 385 Emerging Inflation Linked Bond (Brazil, US**) 16-Jan 20-Feb 21-Feb 07-Jun 04-Jul 03-Sep 07-Sep 12-Oct 02-Nov 15-Nov 22-Nov US Brazil, US Brazil Brazil US US Brazil Brazil Brazil Brazil US Euro Bond Euro Credit Bond Euro High Yield Bond Global Currency UK Equity (UK) 07-May 04-Jun 05-Jun 27-Aug UK UK UK UK Emerging Wealth US Equity (US**) 16-Jan 20-Feb 04-Jul 03-Sep 08-Oct 12-Nov 22-Nov US US US US US US US European Equity (UK, France) 07-May 08-May 04-Jun 05-Jun 27-Aug UK France UK UK UK European Equity Absolute Return (UK, France, Germany) 07-May UK 08-May France 04-Jun UK 05-Jun UK 07-Jun Germany 27-Aug UK 03-Oct Germany 31-Oct Germany 21-Nov Germany 386 Euroland Growth Euroland Equity Euroland Equity Smaller Companies (France) 08-May France Frontier Markets (Qatar, UK) 07-May 04-Jun 05-Jun 27-Aug UK UK UK UK Global Currency (Brazil, Chile, UK, US**) 16-Jan US 20-Feb Brazil, US 21-Feb Brazil 07-May UK 21-May Chile 04-Jun UK 05-Jun UK 07-Jun Brazil, Chile 02-Jul Chile 04-Jul US 27-Aug UK 03-Sep US 07-Sep Brazil 11-Sep Chile 18-Sep Chile 19-Sep Chile 08-Oct US 12-Oct Brazil, Chile 02-Nov Brazil 12-Nov US 15-Nov Brazil 22-Nov US Global Emerging Markets Equity (Hong Kong, South Korea, UK) 23-Jan South Korea 24-Jan Hong Kong, South Korea 25-Jan Hong Kong 01-Mar South Korea 04-Apr Hong Kong 07-May UK 04-Jun UK 05-Jun UK 06-Jun South Korea 02-Jul Hong Kong 27-Aug UK 01-Oct Hong Kong, South Korea 03-Oct South Korea 23-Oct Hong Kong 387 GEM Equity Absolute Return (Brazil, Hong Kong, India, South Korea, Taiwan, UK, US**) 16-Jan US 23-Jan South Korea, Taiwan 24-Jan Hong Kong, South Korea, Taiwan 25-Jan Hong Kong Taiwan 26-Jan India, Taiwan 06-Feb Taiwan 20-Feb Brazil, India, US 21-Feb Brazil 01-Mar South Korea 08-Mar India 04-Apr Hong Kong, Taiwan 05-Apr India 07-May UK 04-Jun UK 05-Jun UK 06-Jun South Korea 07-Jun Brazil 02-Jul Hong Kong 04-Jul US 10-Aug India 20-Aug India 27-Aug UK 03-Sep US 07-Sep Brazil 19-Sep India 21-Sep India 01-Oct Hong Kong, South Korea 02-Oct India 03-Oct South Korea 08-Oct US 10-Oct Taiwan 12-Oct Brazil 23-Oct Hong Kong, Taiwan 24-Oct India 26-Oct India 02-Nov Brazil 12-Nov US 13-Nov India 15-Nov Brazil 22-Nov US 28-Nov India Global Bond (Japan, US**) 09-Jan 16-Jan 20-Feb 20-Mar 30-Apr 03-May 04-May 04-Jul 16-Jul 03-Sep 17-Sep 08-Oct 22-Nov 23-Nov 24-Dec 388 Japan US US Japan Japan Japan Japan US Japan US Japan Japan US Japan Japan Global Credit Bond (France, Germany, Italy, Netherlands, Spain, UK, US**) 06-Jan Italy, Spain 16-Jan US 20-Feb US 19-Mar Spain 25-Apr Italy 30-Apr Netherlands 07-May UK 08-May France 04-Jun UK 05-Jun UK 07-Jun Germany 04-Jul US 25-Jul Spain 27-Aug UK 03-Sep US 03-Oct Germany 12-Oct Spain 31-Oct Germany 21-Nov Germany 22-Nov US 06-Dec Spain Global Flex Allocation (France, Germany, US**) 16-Jan US 20-Feb US 08-May France 07-Jun Germany 04-Jul US 03-Sep US 03-Oct Germany 08-Oct US 31-Oct Germany 12-Nov US 21-Nov Germany 22-Nov US Global Emerging Markets Bond Global Emerging Markets Corporate Debt Global Emerging Markets Local Debt Global Emerging Markets Investment Grade Bond Global High Income Bond GEM Debt Total Return (UK, US**) 16-Jan 20-Feb 07-May 04-Jun 05-Jun 04-Jul 27-Aug 03-Sep 22-Nov US US UK UK UK US UK US US 389 Global Equity (Japan, UK, US**) 09-Jan Japan 16-Jan US 20-Feb US 20-Mar Japan 30-Apr Japan 03-May Japan 04-May Japan 07-May UK 04-Jun UK 05-Jun UK 04-Jul US 16-Jul Japan 27-Aug UK 03-Sep US 17-Sep Japan 08-Oct Japan, US 12-Nov US 22-Nov US 23-Nov Japan 24-Dec Japan Global Inflation Linked Bond (France, Germany, Italy, UK, US**) 06-Jan Italy 16-Jan US 20-Feb US 25-Apr Italy 07-May UK 08-May France 04-Jun UK 05-Jun UK 07-Jun Germany 04-Jul US 27-Aug UK 03-Sep US 03-Oct Germany 31-Oct Germany 21-Nov Germany 22-Nov US 08-May France 04-Jul US 03-Sep US 22-Nov US 390 Global Macro Global Macro II (Germany, Japan, UK, US**) 09-Jan Japan 16-Jan US 20-Feb US 20-Mar Japan 30-Apr Japan 03-May Japan 04-May Japan 07-May UK 04-Jun UK 05-Jun UK 07-Jun Germany 04-Jul US 16-Jul Japan 27-Aug UK 03-Sep US 17-Sep Japan 03-Oct Germany 08-Oct Japan, US 31-Oct Germany 12-Nov US 21-Nov Germany 22-Nov US 23-Nov Japan 24-Dec Japan Indian Equity (India) 26-Jan 20-Feb 08-Mar 05-Apr 10-Aug 20-Aug 19-Sep 21-Sep 02-Oct 24-Oct 26-Oct 13-Nov 28-Nov India India India India India India India India India India India India India Japanese Equity (Japan) 09-Jan 20-Mar 30-Apr 03-May 04-May 16-Jul 17-Sep 08-Oct 23-Nov 24-Dec Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan 391 Korean Equity (South Korea) 23-Jan 24-Jan 01-Mar 06-Jun 01-Oct 03-Oct South Korea South Korea South Korea South Korea South Korea South Korea Latin America Equity (Brazil, Mexico, US**) 06-Feb Mexico 16-Jan US 20-Feb Brazil, US 21-Feb Brazil 19-Mar Mexico 07-Jun Brazil 04-Jul US 03-Sep US 07-Sep Brazil 17-Sep Mexico 08-Oct US 12-Oct Brazil 02-Nov Brazil 12-Nov US 15-Nov Brazil 19-Nov Mexico 22-Nov US Latin American Local Debt (Brazil, Mexico) 06-Feb 20-Feb 21-Feb 19-Mar 07-Jun 07-Sep 17-Sep 12-Oct 02-Nov 15-Nov 19-Nov Mexico Brazil Brazil Mexico Brazil Brazil Mexico Brazil Brazil Brazil Mexico Middle East and North Africa Equity (Kuwait, Qatar, Saudi Arabia, UK) 07-May UK 04-Jun UK 05-Jun UK 27-Aug UK 392 Multi Government Bond Strategies (Germany, UK, US**) 16-Jan US 20-Feb US 07-May UK 04-Jun UK 05-Jun UK 07-Jun Germany 04-Jul US 27-Aug UK 03-Sep US 03-Oct Germany 08-Oct US 31-Oct Germany 12-Nov US 21-Nov Germany 22-Nov US RMB Fixed Income (China, Hong Kong, US**) 16-Jan US 23-Jan China 24-Jan China, Hong Kong 25-Jan Hong Kong 20-Feb US 04-Apr Hong Kong 02-Jul Hong Kong 04-Jul US 03-Sep US 01-Oct China, Hong Kong 02-Oct China 03-Oct China 23-Oct Hong Kong 22-Nov US Singapore Equity (Singapore) 23-Jan 24-Jan 09-Aug 20-Aug 26-Oct 13-Nov Singapore Singapore Singapore Singapore Singapore Singapore Thai Equity (Thailand) 07-Mar 13-Apr 16-Apr 07-May 04-Jun 02-Aug 13-Aug 23-Oct 05-Dec 10-Dec 31-Dec Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand 393 Turkey Equity (Turkey) 23-Apr 20-Aug 21-Aug 30-Aug 26-Oct 29-Oct Turkey Turkey Turkey Turkey Turkey Turkey US Dollar Bond (US**) 16-Jan 20-Feb 04-Jul 03-Sep 22-Nov ** 394 US US US US US The NYSE and Nasdaq are open on Columbus Day (8 October 2012) and Veterans Day (12 November 2012) therefore equity sub-funds listing the US as a material market will not have a holiday on these dates Bond markets will be closed to trading on these dates and bond sub-funds listing the US as a material market will have holiday days delayed by one business day in line with a policy adopted by the Board of Directors HSBC Global Asset Management, the sponsor of HSBC Global Investment Funds, is the asset management specialist of the HSBC Group and operates through HSBC Bank plc and its subsidiaries HSBC Global Asset Management is the trading name of HSBC Global Asset Management Limited HSBC Global Asset Management is established at Canada Square, London E14 5HQ which is its registered office © Copyright HSBC Global Asset Management Limited 2011 All Rights Reserved 14846/0608 ... 14,691,432 (897) (6,150) - - - (203) 25,637,579 - - - - 199,776 (6,800,951) - - (1,989,670) - (691,166) 1,102,212 - 113,388 2,102,773 (6,741,310) - (2,383,043) (971,004) - (180,929) BRIC Markets... 13,793,010 74,777,479 (3,303) - - (114,364) 52,775,965 Receivable from Brokers - - - - - - Payable to Brokers - Receivable from Shareholders Payable to Shareholders Global Emerging Global Emerging Markets... 1,494,486,779 5,005,974 7,292,709 1,467,330 22,598,794 - 1,643,401,196 162,394 - 50,191,109 - (763,228) - 1,050,619 - - 185,305 66,744 - (448,317) - - (538,703) (60,245) 68,389 197,159 2,219 181,344