ATOMO - Audited Annual... · ATOMO Report 8 on activities of the Board of Directors ATOMO - MIXED...

Audited annual report as at 31st December 2011

ATOMO Investment Company with Variable Share Capital (SICAV) with multiple sub-funds under Luxembourg law

R.C.S. Luxembourg B 76 035

No subscription can be received on the basis of this financial report. Subscriptions are only valid if made on the basis of the current prospectus supplemented by the latest annual report and the most recent semi-annual report, if published thereafter.

ATOMO

Contents

1

Organisation ..................................................................................................................................................... 3

General information ......................................................................................................................................... 6

Report on activities of the Board of Directors............................................................................................... 8

Report of the réviseur d'entreprises agréé .................................................................................................. 13

Consolidated statement of net assets .......................................................................................................... 15

Consolidated statement of operations and other changes in net assets ................................................. 16

ATOMO - MIXED .............................................................................................................................................. 17 Statement of net assets ................................................................................................................................ 17 Statement of operations and other changes in net assets ........................................................................... 18 Statistical information .................................................................................................................................... 19 Statement of investments and other net assets ........................................................................................... 20 Industrial and geographical classification of investments ............................................................................. 21 Statement of changes in investments (unaudited) ....................................................................................... 22

ATOMO - GLOBAL FLEXIBLE ....................................................................................................................... 23 Statement of net assets ................................................................................................................................ 23 Statement of operations and other changes in net assets ........................................................................... 24 Statistical information .................................................................................................................................... 25 Statement of investments and other net assets ........................................................................................... 26 Industrial and geographical classification of investments ............................................................................. 28 Statement of changes in investments (unaudited) ....................................................................................... 29

ATOMO - MULTI STRATEGY ......................................................................................................................... 32 Statement of net assets ................................................................................................................................ 32 Statement of operations and other changes in net assets ........................................................................... 33 Statistical information .................................................................................................................................... 34 Statement of investments and other net assets ........................................................................................... 35 Industrial and geographical classification of investments ............................................................................. 37 Statement of changes in investments (unaudited) ....................................................................................... 38

ATOMO - PRISMA ........................................................................................................................................... 40 Statement of net assets ................................................................................................................................ 40 Statement of operations and other changes in net assets ........................................................................... 41 Statistical information .................................................................................................................................... 42 Statement of investments and other net assets ........................................................................................... 43 Industrial and geographical classification of investments ............................................................................. 45 Statement of changes in investments (unaudited) ....................................................................................... 46

ATOMO - DINAMIS TREND ............................................................................................................................ 48 Statement of net assets ................................................................................................................................ 48 Statement of operations and other changes in net assets ........................................................................... 49 Statistical information .................................................................................................................................... 50 Statement of investments and other net assets ........................................................................................... 51 Industrial and geographical classification of investments ............................................................................. 52 Statement of changes in investments (unaudited) ....................................................................................... 53

ATOMO - MARAVEDIS GLOBAL DIVERSIFIED ........................................................................................... 57 Statement of net assets ................................................................................................................................ 57 Statement of operations and other changes in net assets ........................................................................... 58 Statistical information .................................................................................................................................... 59 Statement of investments and other net assets ........................................................................................... 60 Industrial and geographical classification of investments ............................................................................. 61 Statement of changes in investments (unaudited) ....................................................................................... 62

ATOMO

Contents (continued)

2

ATOMO - MATRIX 20 ...................................................................................................................................... 63 Statement of net assets ................................................................................................................................ 63 Statement of operations and other changes in net assets ........................................................................... 64 Statistical information .................................................................................................................................... 65 Statement of investments and other net assets ........................................................................................... 66 Industrial and geographical classification of investments ............................................................................. 67 Statement of changes in investments (unaudited) ....................................................................................... 68

ATOMO - PLAB FLEX ABSOLUTE FUND ..................................................................................................... 69 Statement of net assets ................................................................................................................................ 69 Statement of operations and other changes in net assets ........................................................................... 70 Statistical information .................................................................................................................................... 71 Statement of investments and other net assets ........................................................................................... 72 Industrial and geographical classification of investments ............................................................................. 73 Statement of changes in investments (unaudited) ....................................................................................... 74

ATOMO - EUROPEAN EQUITY FUND ........................................................................................................... 75 Statement of operations and other changes in net assets ........................................................................... 75 Statistical information .................................................................................................................................... 76 Statement of changes in investments (unaudited) ....................................................................................... 77

ATOMO - WORLD EQUITY FUND .................................................................................................................. 79 Statement of operations and other changes in net assets ........................................................................... 79 Statistical information .................................................................................................................................... 80 Statement of changes in investments (unaudited) ....................................................................................... 81

Notes to the financial statements ................................................................................................................. 83

ATOMO

3

Organisation

Registered Office ATOMO

41, Boulevard Royal L-2449 LUXEMBOURG

Board of Directors Chairman Sylvain FERAUD

Managing Director CASA4FUNDS SA (formerly CASA4FUNDS LUXEMBOURG EUROPEAN ASSET MANAGEMENT S.A.) 41, Boulevard Royal L-2449 LUXEMBOURG

Directors Margherita BALERNA BOMMARTINI

Head of Operations CASA4FUNDS SA LUXEMBOURG, Swiss Branch, Paradiso (formerly CASA4FUNDS LUXEMBOURG EUROPEAN ASSET MANAGEMENT S.A., LUXEMBOURG, PARADISO BRANCH)

Via L. Zuccoli, 19 CH-6900 PARADISO

Arnaud BOUTEILLER Head of Risk Management & Fund Compliance CASA4FUNDS SA (formerly CASA4FUNDS LUXEMBOURG EUROPEAN ASSET MANAGEMENT S.A.) 41, Boulevard Royal L-2449 LUXEMBOURG (since 18th February 2011)

Giovanni PATRI Head of Fund Services CASA4FUNDS SA (formerly CASA4FUNDS LUXEMBOURG EUROPEAN ASSET MANAGEMENT S.A.) 41, Boulevard Royal L-2449 LUXEMBOURG (until 18th February 2011)

Management Company CASA4FUNDS SA (formerly CASA4FUNDS LUXEMBOURG EUROPEAN ASSET MANAGEMENT S.A.) 41, Boulevard Royal

L-2449 LUXEMBOURG

Board of Directors of the Management Company Chairman Giovanni Giacomo SCHRÄMLI

Executive Board Member BANCA ARNER S.A. Piazza Manzoni, 8 CH-6901 LUGANO

ATOMO

Organisation (continued)

4

Directors Margherita BALERNA BOMMARTINI

Head of Operations CASA4FUNDS SA LUXEMBOURG, Swiss Branch, Paradiso

(formerly CASA4FUNDS LUXEMBOURG EUROPEAN ASSET MANAGEMENT S.A., LUXEMBOURG, PARADISO BRANCH) Via L. Zuccoli, 19

CH-6900 PARADISO (since 21st

April 2011)

Oscar CRAMERI Executive Board Member HORAFIDES S.A. Via Bossi, 23 CH-6830 CHIASSO Sylvain FERAUD Managing Director CASA4FUNDS SA (formerly CASA4FUNDS LUXEMBOURG EUROPEAN ASSET MANAGEMENT S.A.) 41, Boulevard Royal L-2449 LUXEMBOURG Giovanni PATRI Head of Fund Services CASA4FUNDS SA (formerly CASA4FUNDS LUXEMBOURG EUROPEAN ASSET MANAGEMENT S.A.) 41, Boulevard Royal L-2449 LUXEMBOURG (until 7th February 2011) Giulio ROMANI Executive Board Member BANCA ARNER S.A. Piazza Manzoni, 8 CH-6901 LUGANO

Day-to-day managers Margherita BALERNA BOMMARTINI of the Management Company

Sylvain FERAUD Giovanni PATRI (until 1st February 2011)

Central Administration BANQUE DE LUXEMBOURG and Custodian Bank Société Anonyme 14, Boulevard Royal L-2449 LUXEMBOURG

ATOMO

Organisation (continued)

5

Administrative Agent, Registrar EUROPEAN FUND ADMINISTRATION S.A. and Transfer Agent 2, Rue d’Alsace L-1122 LUXEMBOURG Investment Managers

- for the Sub-Fund ATOMO - MARAVEDIS LGT CAPITAL MANAGEMENT LTD GLOBAL DIVERSIFIED Schützenstrasse 6 CH-8808 PFÄFFIKON - for all other Sub-Funds CASA4FUNDS SA (formerly CASA4FUNDS LUXEMBOURG EUROPEAN ASSET MANAGEMENT S.A.) 41, Boulevard Royal L-2449 LUXEMBOURG Investment Adviser PORTFOLIO LAB INVESTMENTS SRL for the Sub-Fund Via GB Morgagni 28 ATOMO - PLAB FLEX ABSOLUTE FUND I-20129 MILAN Correspondent Bank in Italy INTESA SANPAOLO S.p.A. Piazza San Carlo 156 I-10121 TORINO Representative and paying agent SPAREKASSEN FAABORG in Denmark 15 Markedspladsen DK-5600 FAABORG Cabinet de révision agréé MAZARS Luxembourg

10A, Rue Henri M. Schnadt L-2530 LUXEMBOURG

ATOMO

6

General information

ATOMO (hereafter the "Fund") is a Luxembourg Investment Company ("Société d'investissement à capital variable") incorporated for an unlimited duration in Luxembourg on 15th May 2000. The Fund is subject to the amended Law of 10th August 1915 related to commercial companies and to Part I of the amended Law of 20th December 2002 until 30th June 2011 and to Part I of the Law of 17th December 2010 relating to Undertakings for Collective Investment since 1st July 2011 and qualifies as an Undertaking for Collective Investment under the Council Directive 2009/65/EC as amended. The Articles of Incorporation of the Fund were published in the "Mémorial, Recueil des Sociétés et Associations" (the "Mémorial") on 5th July 2000. The Articles have been amended for the last time on 12th December 2005 and the coordinated Articles were published in the "Mémorial" on 2nd November 2006. The Articles have been filed with the "Registre de Commerce et des Sociétés de Luxembourg" where these documents are kept available for inspection and where copies thereof can be obtained. The Fund is structured as an umbrella fund, which means that it is made up of several Sub-Funds having each their specific assets and liabilities and their own distinct investment policy. At the date of the present report, the following Sub-Funds are currently being offered for subscription: - ATOMO - MIXED in EUR - ATOMO - GLOBAL FLEXIBLE in EUR - ATOMO - MULTI STRATEGY in EUR - ATOMO - PRISMA in EUR - ATOMO - DINAMIS TREND in EUR - ATOMO - MARAVEDIS GLOBAL DIVERSIFIED in EUR - ATOMO - MATRIX 20 (launched on 3rd March 2011) in EUR - ATOMO - PLAB FLEX ABSOLUTE FUND (launched on 19th October 2011) in EUR. With effect on 21st March 2011, the Board of Directors has decided to merge the Sub-Funds ATOMO - EUROPEAN EQUITY FUND and ATOMO - WORLD EQUITY FUND within the Sub-Funds VG SICAV - EUROPEAN EQUITY FUND and VG SICAV - WORLD EQUITY FUND. The following Classes of Shares can be subscribed:

Classes of Shares Description

Class C available to all types of shareholders

Class R retail shares class

Class I institutional shares class

Class R1 available to retail shareholders subscribing through distributors specifically authorised by the Board of Directors

For the Sub-Fund ATOMO - DINAMIS TREND the Class R and the Class I can be denominated in EUR, USD or CHF. When USD or CHF denominated shares are offered in the Sub-Fund whose reference currency is different, these shares are hedged against the foreign exchange risk. At the date of the present report, the Class R is available in EUR, USD and CHF and the Class I is only available in EUR. For the Sub-Funds ATOMO - MIXED, ATOMO - GLOBAL FLEXIBLE and ATOMO - MULTI STRATEGY, the Net Asset Value per share is determined every Wednesday in Luxembourg (under the responsibility of the Board of Directors of the Fund). If a Valuation Day is a (legal or bank) holiday in Luxembourg, the Valuation Day shall be the next following bank business day.

ATOMO

General information (continued)

7

For the Sub-Funds ATOMO - PRISMA, ATOMO - DINAMIS TREND, ATOMO - MARAVEDIS GLOBAL DIVERSIFIED, ATOMO - MATRIX 20 (launched on 3rd March 2011), ATOMO - PLAB FLEX ABSOLUTE FUND (launched on 19th October 2011), ATOMO - EUROPEAN EQUITY FUND (merged on 21st March 2011) and ATOMO - WORLD EQUITY FUND (merged on 21st March 2011) the Net Asset Value per share is determined each bank business day in Luxembourg. The Net Asset Value, the issue price and the redemption price are available at any time during business hours at the Fund's registered office. The prospectus, the simplified prospectus, copy of the Articles, the financial annual and semi-annual reports of the Fund are available free of charge at the Fund's registered office. The agreements with the Fund may also be consulted.

ATOMO

8

Report on activities of the Board of Directors

ATOMO - MIXED The investment policy of ATOMO - MIXED is designed to obtain a stable increase of capital on medium long term, using different asset classes and investment strategies. In 2011 the portfolio of ATOMO - MIXED was mainly invested in European Bonds: at the beginning of the year the portfolio weight of bond investments was 75,6%, declining during the next two quarters of the year (52% at the end of March and 53,5% at the end of June). In the second half of the year bond investments decreased to 39,5% at the end of November. The portfolio investments in Ucits was 19% in January and increased during the year, reaching 58,5% in November. The investments in cash was near 10% during the years, owing to the high uncertainty and risk on financial markets; it decreased to 2% in November.

5-gen-11 30-mar-11 29-giu-11 28-set-11 30-nov-11

Equities 0,17 0 0 0 0

Bonds 75,55 52,02 53,54 53,74 39,48

Ucits 19,04 37,16 36,97 36,9 58,51

Cash 5,24 10,82 9,49 9,36 2,01 The selection of Ucits aimed to invest the fund portfolio in different strategies, mainly using Ucits focused on passive replication of alternative strategies. The Lyxor Hedge Fund Index Fund is designed to replicate the performance of the Lyxor Hedge Fund Index in a UCITS III format. The global index is:

An investable, asset-weighted index which aims to measure the performance of the hedge fund industry

A highly diversified index invested across 14 alternative strategy indices The Lyxor Long/Short Equity Long Bias Index Fund is a fund offering access to the L/S Equity Long Bias Managers of the Lyxor Platform. These managers employ a directional strategy that primarily involves buying equities and equity derivatives that are expected to appreciate and selling those that are expected to depreciate while structurally maintaining a net long exposure to the equity market. The Lyxor Long/Short Equity Variable Bias Index Fund is a fund offering access to the L/S Equity Variable Bias Managers of the Lyxor Platform. These managers employ a directional strategy that primarily involves buying equities and equity derivatives that are expected to appreciate and selling those that are expected to depreciate while managing actively the net exposure to the market (possibly net long, net short or market neutral) depending on manager’s expectations. The Lyxor Long/Short Equity Statistical Arbitrage Index Fund is a fund offering access to the L/S Equity Statistical Arbitrage Managers of the Lyxor Platform. These managers employ a strategy that primarily consists in investing in equities adopting a long/short investment approach based on quantitative analysis, either fundamentally or price based. This strategy typically offers limited exposure to equity market risk.

ATOMO

Report on activities of the Board of Directors (continued)

9

The Lyxor Merger Arbitrage Index Fund is a fund offering access to the Merger Arbitrage Managers of the Lyxor Platform. These managers employ a strategy that primarily consists of investing in the equity of companies involved in merger/acquisition operations and aims to take advantage of the spread between the bid price for the takeover and prices observed in the market. The Lyxor Special Situations Index Fund is a fund offering access to the Special Situations Managers of the Lyxor Platform. These managers employ a strategy that encompasses a combination of investment processes targeting equities or bonds whose valuation is altered by a special situation such as spin-offs, industry consolidations, liquidations, reorganizations, share buybacks and other extraordinary corporate transactions that generate investment opportunities. The Lyxor CTA Long Term Index Fund is a fund offering access to the CTA Long Term Managers of the Lyxor Platform. These managers aim to capture price movements in fixed income, equity, currency and commodity markets with the use of systematic trading models. The Lyxor Credit Strategies Index Fund is a fund offering access to the Credit-linked Strategies of the Lyxor Platform. These managers aim to take advantage of attractive market opportunities in corporate fixed income securities. The 2011 performance of ATOMO - MIXED (as at 30th November 2011) was negative (-6,31%), in line with the return of Hedge Fund Research Index (Fund of Funds). In the same period international equity markets declined more (see the Msci Index in Euro -9,6%). The volatility of 2011 monthly returns of ATOMO - MIXED was 2,25% (at annual basis), lower than HFRI FoF standard deviation (4,85%) and international equities (11,33%).

Atomo Mixed

80

85

90

95

100

105

Dec Ja

nFeb M

arApr

May

June Ju

lAug

Sep O

ctNov

Atomo Mixed

HFRI FoF

MSCI Euro

ATOMO - GLOBAL FLEXIBLE The 2011 performance of the Sub-Fund has been of -7.8%. In 2011, the Sub-Fund management showed an average balanced approach of 50% on the international stock markets, 20% in liquidity, and the remaining in government and corporate bonds. The quotations of the Sub-Fund fluctuated between a minimum of 104.76 and a maximum of 121.60.

ATOMO


10

In the first quarter, the Sub-Fund reached its highest level of share investment. The worsening of the Greek scenery, as well as the intensifying of issues related to sovereign debts have successively driven the Sub-Fund to reducing the exposure on minor levels. The shares were chosen based on stocks offering interesting valuations and an adequate prospective of future growth. Stock investments, both in funds and in titles, were diversified from a geographic and a field viewpoint to express an appropriate monetary diversification. The above investment policy allowed the Sub-Fund to maintain an average level of risk. In the future, to further support the performance of the Sub-Fund, a more dynamic portfolio structure, less linked with the market development, will be implemented to get satisfactory results also in times of uncertainty, and to increase the volatility option to reach a profile with a higher level of risk. In addition, shares of companies best representing our ideas will be chosen. ATOMO - MULTI STRATEGY In the first half of 2011 ATOMO - MULTI STRATEGY has chosen a prudent strategy of investment. The equity component has never exceded 40% of the total, while the bond component consisted almost exclusively of short-term securities. Since the rates were very low, it was decided to not risk investing in the long term. The Sub-Fund trend has been linked to stock indexes, which in the first semester, moved in lateral. In the second part of the year the indexes fell very quickly in the first quarter, and the volatility increased. The Sub-Fund took advantage of the increase in volatility to reposition its portfolio and to increase its exposure to the stock market, including the use of trading strategies. In the month of December the stock market crash, due to the strong rate tensions into the euro area countries, extended the duration of the bond portfolio thanks to the opportunities provided by the collapse in prices .The performance of the Sub-Fund in the last quarter was unrelated to the equity indices, with positive outcomes. ATOMO - PRISMA 2011 was a very difficult and challenging year. Particularly in the equity sector our Sub-Fund suffered heavy losses. Emerging markets and precious metals stocks had a very poor performance and also investments in other areas did not fare well. Of course, 2011 was in general a very bad year for equities but our investments were hit especially hard. Our bond and bond funds holdings could not make up for those losses. Nevertheless we stick to our strategy and core holdings as we are convinced of their value and that eventually this will translate in higher market valuations. ATOMO - DINAMIS TREND ATOMO - DINAMIS TREND (the Sub-Fund hereafter) follows a core-satellite methodology, with the greatest part of the assets invested in short term bonds, and the remaining part in liquid listed derivatives and ETCs. The investment approach is bottom-up with predetermined limited concentrations on each instrument. The Sub-Fund does not have a specific benchmark, in order to have the greatest flexibility in the asset allocation, and to quickly react to the changes in market trends. Historically, the systematic strategies used in the Sub-Fund have performed particularly well in periods of market turbulence, though this is not a guarantee for the future. During these first months of life, the Sub-Fund had a slightly negative performance: -9.08% for the EURO R Class; -9.98% for the CHF R Class and -9.74% for the USD R Class.

ATOMO


11

The main drivers for the performance have been the futures on some of the most liquid currency pairs versus Us Dollar: Euro, Swiss Franc and GB Pound. The strategies implemented on these currencies were mainly trend following, with a trading frequency of less than two trades per day on the whole currency portfolio. This asset class has performed badly during the first 6 months of the year, due to the fears of default for Greece and Ireland. Another important part of the portfolio has been the option trading on some stocks of the S&P 500 index, picked through quantitative methods. The performance contribution of this asset class has been positive or neutral but October. The contribution of the positions in bond futures has been stable or positive in all the months except October, because of the turbulence of the euro area. The Sub-Fund maintained a stable market risk exposition. Volatility of the sub fund Class R Euro was 5,57%. Daily historical Value at risk at 99% confidence level for the Class R Euro was -1.00%. Correlation of the sub fund with Eurostoxx Index was at 0.18. The investment policy of the Sub-Fund remains unchanged with no or little exposure to credit risk and investments. Diversification is maintained while investing in high liquid markets. During the year the Sub-Fund advisor has done research and development efforts both in the automation and risk control. ATOMO - MARAVEDIS GLOBAL DIVERSIFIED ATOMO - MARAVEDIS GLOBAL DIVERSIFIED was launched on 29th November 2010. The allocation was gradually made into the dynamic and fixed income components to represent approximately 50% fixed income exposure, 35% equity and 15% commodity exposure. On the back of a positive market evolution in the dynamic components this allocation was reviewed weekly and as per 31st December 2010 the allocation represented a 22.1% fixed income, 47.9% equity and 22.1% commodity exposure. The fixed income exposure was achieved by using ETF and futures positions in US Treasury Bond Index, Germany Rex Bond Index and UK 10 Years Bond Index. The equity exposure was composed of S&P 500 Index, Euro Stoxx 50 Index, MSCI Emerging Market Index and FTSE 250 Index. The commodity exposure was split between an allocation to the CRB Commodity Index and the UBS CMCI Index. The allocation has been brought forward into 2011 without re-setting the positions. The allocation of the Sub-Fund was gradually modified throughout 2011 to adapt to the market conditions. Markets were volatile and moved largely side-ways throughout the first half of 2011. In August 2011, based on the strong market correction, the equity and commodity was strongly reduced and reinvested into the fixed income component. For the remainder of 2011 the Sub-Fund was largely invested in fixed income. The rapid market correction has caused a decline in the Sub-Fund value. The Sub-Fund ended the year at 93.30. As planned the Sub-Fund was reset early 2012 to take advantage of new performance opportunities resulting from a recovering equity and commodity market.

ATOMO


12

ATOMO - MATRIX 20 The Sub-Fund was launched in March 2011. It has no benchmark and the worldwide investment universe has been managed with the Matrix Risk Management Methodology during the whole period and returns a performance of -15.54%. Since the launch, there have not only been an atmosphere of crisis in the market, which certainly have accelerated since beginning of August, there have also been a couple of Black Swan events. To mention a few, Arab spring, earthquake in Japan, downgrade of US, acceleration of the European debt-crisis and the coordinated action from the largest central banks are examples of this. The return of the portfolio is apparently disappointing, but in line with the expected return under the current market conditions, which since mid August can be characterized as highly volatile but nevertheless trendless and these conditions have parasited the Risk Management Model. As long as Europe remain under pressure where the risk of recession is very probable, it might weight negatively on the rest of the world. Therefore the uncertainty and the lack of visibility may continue into 2012 and continuously generate volatile markets. ATOMO - PLAB FLEX ABSOLUTE RETURN In 2011 the severity of political risk rose in many countries, starting from the Arab Spring in North Africa to end up with the European financial crisis. Together with the Japanese Tsunami all these events caused multiple revisions down of global economic growth and put a massive pressure on the majority of financial assets; equity markets posted negative returns despite the strong growth of company profits whether bond markets suffered large credit spreads increase with few exceptions even in the government space. The inception of the Sub-Fund took place in the last quarter of the year, in the middle of a partial recovery of prices and a high level of economic and financial uncertainty. Even though expectations point to recession in Europe for 2012, we temporarily adopted an opportunistic strategy more incline to depressed stocks, such as european equities, gaining flexible exposure through derivatives and postponing an implementation of a more diversified cross-asset allocation for risky assets. We avoided exposure to governative bonds and we didn’t try to profit from volatility of european country spreads; as for the bond market we intend to build in the following months a more strategic position in corporate bonds, which looks more attractive from a relative value point of view. Luxembourg, 1st March 2012 The Board of Directors Note: The information in this report represents historical data and is not an indication of future results.

MAZARS LUXEMBOURG - RÉVISEURS D’ENTREPRISES

SOCIÉTÉ ANONYME - RCS LUXEMBOURG B 159962 - TVA INTRACOMMUNAUTAIRE LU 24665334

10A, RUE HENRI M. SCHNADT, L-2530 LUXEMBOURG

TEL: +352 27 114-1 - FAX: +352 27 114 20 - www.mazars.com

13

Report of the réviseur d'entreprises agréé

To the Shareholders of ATOMO Luxembourg Following our appointment by the annual general meeting of the Shareholders dated 27th April 2011, we have audited the accompanying financial statements of ATOMO and of each of its sub-funds, which comprise the statement of net assets and the statement of investments and other net assets as at 31st December 2011 and the statement of operations and other changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory information. Responsibility of the Board of Directors of the Fund for the financial statements The Board of Directors of the Fund is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the Fund determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibility of the réviseur d’entreprises agréé Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the réviseur d’entreprises agréé’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the réviseur d’entreprises agréé considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the Fund, as well as evaluating the overall presentation of the financial statements.

Report of the réviseur d'entreprises agréé (continued)

14

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements give a true and fair view of the financial position of ATOMO and of each of its sub-funds as of 31st December 2011, and of the results of their operations and changes in their net assets for the year then ended in accordance with the Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. Other matter Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole. Luxembourg, 5th April 2012 For Mazars Luxembourg, Cabinet de révision agréé 10A, Rue Henri M. Schnadt L-2530 LUXEMBOURG Frederic Mosele, Réviseur d’entreprises agréé Partner

ATOMO

Consolidated statement of net assets (in EUR) as at 31st December 2011

The accompanying notes are an integral part of these financial statements.

15

Assets Securities portfolio at market value 33,134,003.66 Deposits on futures contracts 159,420.40 Cash at banks 7,909,109.33 Other liquid assets 728,556.49 Formation expenses, net 92,504.62 Receivable on issues of shares 3,294.84 Income receivable on portfolio 168,745.77 Interest receivable on bank accounts 8.50 Unrealised gain on futures contracts 106,687.47 Other receivables 32,952.88 Prepaid expenses 5,500.00

Total assets 42,340,783.96

Liabilities Bank liabilities 0.48 Short option contracts at market value 9,300.00 Payable on redemptions of shares 80,213.30 Unrealised loss on futures contracts 32,111.39 Unrealised loss on forward foreign exchange contracts 211,473.72 Interest on bank liabilities and expenses payable 257,258.93 Other liabilities 11,140.00

Total liabilities 601,497.82

Net assets at the end of the year 41,739,286.14

ATOMO

Consolidated statement of operations and other changes in net assets (in EUR) from 1st January 2011 to 31st December 2011


16

Income Dividends, net 246,591.03 Interest on bonds and other debt securities, net 339,504.02 Interest on bank accounts 25,061.21 Commissions received 18,125.47 Other income 506.98

Total income 629,788.71

Expenses Management fees 582,289.44 Performance fees 96,138.78 Custodian fees 73,325.05 Banking charges and other fees 4,989.50 Transaction fees 129,845.78 Central administration costs 320,246.46 Professional fees 55,997.80 Other administration costs 321,247.67 Subscription duty ("taxe d'abonnement") 14,883.30 Interest paid on bank liabilities 1,260.98 Other expenses 102,544.18

Total expenses 1,702,768.94

Net investment loss -1,072,980.23

Net realised gain/(loss) - on securities portfolio -1,019,535.53 - on options 18,307.23 - on futures contracts -268,980.61 - on forward foreign exchange contracts -173,713.33 - on foreign exchange 111,958.30

Realised result -2,404,944.17

Net variation of the unrealised gain/(loss) - on securities portfolio -1,894,098.79 - on options 19,608.00 - on futures contracts 158,033.32 - on forward foreign exchange contracts -117,039.45

Result of operations -4,238,441.09

Subscriptions 22,738,369.08

Redemptions -16,961,753.47

Total changes in net assets 1,538,174.52

Total net assets at the beginning of the year 40,201,111.62

Total net assets at the end of the year 41,739,286.14

ATOMO - MIXED

Statement of net assets (in EUR) as at 31st December 2011


17

Assets Securities portfolio at market value 3,603,143.69 Cash at banks 88,416.59 Income receivable on portfolio 24,029.74 Prepaid expenses 774.55


Liabilities Interest on bank liabilities and expenses payable 20,157.34



Class C Shares outstanding 42,969.000 Net asset value per Class C Share 86.02

ATOMO - MIXED

Statement of operations and other changes in net assets (in EUR) from 1st January 2011 to 31st December 2011


18

Income Interest on bonds and other debt securities, net 80,822.48 Interest on bank accounts 2,446.97


Expenses Management fees 57,231.64 Custodian fees 12,513.80 Banking charges and other fees 260.99 Transaction fees 2,000.00 Central administration costs 27,066.36 Professional fees 7,048.09 Other administration costs 18,636.80 Subscription duty ("taxe d'abonnement") 1,095.86 Other expenses 7,150.48

Total expenses 133,004.02

Net investment loss -49,734.57

Net realised gain/(loss) - on securities portfolio -21,429.03 - on foreign exchange -1,095.37

Realised result -72,258.97

Net variation of the unrealised gain/(loss) - on securities portfolio -137,433.41

Result of operations -209,692.38

Subscriptions -

Redemptions -6,956.00

Total changes in net assets -216,648.38



ATOMO - MIXED

Statistical information (in EUR) as at 31st December 2011


19

Total net assets

- as at 31.12.2011 3,696,207.23 - as at 31.12.2010 3,912,855.61 - as at 31.12.2009 3,970,688.31

Number of Class C Shares

- outstanding at the beginning of the year 43,049.000 - issued 0.000 - redeemed -80.000

- outstanding at the end of the year 42,969.000

Net asset value per Class C Share

- as at 31.12.2011 86.02 - as at 31.12.2010 90.89 - as at 31.12.2009 91.97

ATOMO - MIXED

Statement of investments and other net assets (in EUR) as at 31st December 2011


20

Currency Number / nominal value

Description Cost Market value % of total net assets

Investments in securities

Transferable securities admitted to an official stock exchange listing

Bonds

EUR 100,000 Fiat Finance & Trade Ltd SA 6.625% Sen 06/15.02.13 105,550.00 100,275.00 2.71 EUR 400,000 Italia 2% BOT 10/01.06.13 391,770.00 390,000.00 10.55 EUR 400,000 Italia 3% BTP 10/15.04.15 389,798.00 370,280.00 10.02 EUR 200,000 Pernod-Ricard 4.875% 10/18.03.16 201,798.00 209,400.00 5.67 EUR 200,000 RCI Banque 4.375% EMTN Sen 10/27.01.15 203,510.00 196,760.00 5.32 EUR 200,000 Renault SA 6% EMTN 09/13.10.14 213,016.00 206,640.00 5.59

Total bonds 1,505,442.00 1,473,355.00 39.86

Open-ended investment funds

Investment funds (UCITS)

EUR 1,500 Alias Inv Lyxor L/S Eq Stat Arbit Idx EUR C 150,050.00 149,190.00 4.04 EUR 3,330 Alias Investment Lyxor CTA Long Term Index Fd I Cap 345,339.50 335,997.00 9.09 EUR 1,950 Alias Investment Lyxor Conv Bonds & Vol Arb Index Fd I Cap 202,265.00 195,292.50 5.28 EUR 1,950 Alias Investment Lyxor Credit Strateg Index Fd I Cap 201,894.50 187,551.00 5.07 EUR 3,886.572 Alias Investment Lyxor Hedge Fd Index I EUR Cap 399,134.90 383,526.92 10.38 EUR 2,000 Alias Investment Lyxor L/S Equity Long Bias Index Fd I Cap 200,035.00 183,919.98 4.98 EUR 3,600 Alias Investment Lyxor L/S Equity Var Bias Index Fd I Cap 348,084.00 324,360.00 8.78 EUR 1,500 Alias Investment Lyxor Merger Arbitrage Index Fd EUR Cap 146,720.00 146,145.00 3.95 EUR 911.161 Alias Investment Lyxor Special Sit Idx Fd I Cap 100,049.92 79,106.99 2.14 EUR 645 World Invest Absolute Return C Cap 134,997.15 144,699.30 3.91

Total investment funds (UCITS) 2,228,569.97 2,129,788.69 57.62

Total investments in securities 3,734,011.97 3,603,143.69 97.48

Cash at banks 88,416.59 2.39

Other net assets/(liabilities) 4,646.95 0.13

Total 3,696,207.23 100.00

ATOMO - MIXED

Industrial and geographical classification of investments as at 31st December 2011


21

Industrial classification

(in percentage of net assets)

Investment funds 57.62 %

Countries and governments 20.57 %

Food, beverage and tobacco 5.67 %

Automobiles and components 5.59 %

Banks 5.32 %

Diversified financial services 2.71 %

Total 97.48 %

Geographical classification

(by domicile of the issuer) (in percentage of net assets)

Grand Duchy of Luxembourg 60.33 %

Italy 20.57 %

France 16.58 %

Total 97.48 %

ATOMO - MIXED

Statement of changes in investments (unaudited) from 1st January 2011 to 31st December 2011

22

Currency Description Purchases Sales

Shares

EUR Snam SpA 0 1,826

Bonds

EUR Bank of America Corp 4.625% EMTN Sen 10/07.08.17 0 150,000 EUR Deutschland 3.5% Ser 148 06/08.04.11 300,000 1,090,000 EUR EIB 2.5% EMTN 09/15.04.12 0 590,000 EUR EIB 3.125% Ser Intl 05/15.10.15 0 210,000 EUR France 4.5% BTAN 07/12.07.12 350,000 350,000 EUR HeidelbergCement Finance BV 6.75% EMTN Reg-S 10/15.12.15 0 150,000 EUR Intesa Sanpaolo SpA 2.625% EMTN Sen 09/04.12.12 0 100,000 EUR Italia 2% BOT 10/01.06.13 400,000 0 EUR Italia 3% BTP 10/15.04.15 400,000 0 EUR Peugeot SA 5% EMTN 10/28.10.16 0 155,000


EUR Alias Inv Lyxor L/S Eq Stat Arbit Idx EUR C 1,500 0 EUR Alias Investment Lyxor CTA Long Term Index Fd I Cap 1,450 0 EUR Alias Investment Lyxor Conv Bonds & Vol Arb Index Fd I Cap 1,950 0 EUR Alias Investment Lyxor Credit Strateg Index Fd I Cap 1,950 0 EUR Alias Investment Lyxor Hedge Fd Index I EUR Cap 2,007.756 0 EUR Alias Investment Lyxor L/S Equity Var Bias Index Fd I Cap 3,600 0 EUR Alias Investment Lyxor Merger Arbitrage Index Fd EUR Cap 1,500 0 EUR Alias Investment Lyxor Special Sit Idx Fd I Cap 911.161 0 EUR Alias Investment Lyxor Top 10 Idx Fd I EUR Cap 1,000 1,000

ATOMO - GLOBAL FLEXIBLE



23

Assets Securities portfolio at market value 5,959,650.84 Deposits on futures contracts 88,270.00 Cash at banks 1,871,253.53 Income receivable on portfolio 27,734.38 Interest receivable on bank accounts 2.78 Other receivables 31,162.49 Prepaid expenses 1,724.29


Liabilities Unrealised loss on futures contracts 31,162.50 Interest on bank liabilities and expenses payable 90,997.35 Other liabilities 10,260.00



Class R Shares outstanding 70,252.463 Net asset value per Class R Share 111.70




24

Income Dividends, net 58,821.16 Interest on bonds and other debt securities, net 40,398.64 Interest on bank accounts 6,610.98 Commissions received 18,125.47


Expenses Management fees 144,941.38 Performance fees 60,443.54 Custodian fees 12,532.84 Banking charges and other fees 942.53 Transaction fees 31,624.51 Central administration costs 35,793.92 Professional fees 7,048.09 Other administration costs 36,553.07 Subscription duty ("taxe d'abonnement") 2,742.98 Other expenses 13,156.09



Net realised gain/(loss) - on securities portfolio 510,000.53 - on options -13,208.50 - on futures contracts 8,927.50 - on forward foreign exchange contracts 1,508.19 - on foreign exchange 12,855.81

Realised result 298,260.83

Net variation of the unrealised gain/(loss) - on securities portfolio -997,661.53 - on futures contracts -31,162.50




Total changes in net assets -4,052,095.36






25

Total net assets

- as at 31.12.2011 7,847,378.46 - as at 31.12.2010 11,899,473.82 - as at 31.12.2009 9,697,592.47

Number of Class R Shares

- outstanding at the beginning of the year 98,344.757 - issued 24,769.792 - redeemed -52,862.086


Net asset value per Class R Share

- as at 31.12.2011 111.70 - as at 31.12.2010 121.00 - as at 31.12.2009 113.41




26





Shares

CAD 4,000 First Quantum Minerals Ltd 44,690.36 60,666.81 0.77 EUR 7,000 Banca Pop dell'Emilia Ro SCARL 38,036.61 38,710.00 0.49 EUR 130,000 Banco Pop Societa Cooperativa 192,285.50 130,000.00 1.66 EUR 3,000 DiaSorin SpA 73,380.03 58,470.00 0.74 EUR 38,000 Unicredit SpA Post Raggruppamento 333,535.12 243,960.00 3.11

637,237.26 471,140.00 6.00

USD 15,000 Hewlett-Packard Co 276,314.18 297,551.21 3.79 USD 1,000 Silver Wheaton Corp 22,325.79 22,300.94 0.28

298,639.97 319,852.15 4.07

Total shares 980,567.59 851,658.96 10.84

Bonds

EUR 350,000 Fiat Finance & Trade Ltd SA 7.625% EMTN 09/15.09.14 346,550.00 345,947.00 4.41 EUR 400,000 Italia 5.25% BTP Sen 02/01.08.17 377,902.00 384,512.08 4.90 EUR 900,000 Italia FRN CCT 06/01.07.13 876,940.00 874,647.00 11.15

Total bonds 1,601,392.00 1,605,106.08 20.46



EUR 40.75 Carmignac Ptf SICAV Commodities Cap Reg 15,451.23 13,067.30 0.17 EUR 13,000 F Templeton Inv Fds Asian Growth Fd A Cap 303,600.00 304,070.00 3.87 EUR 7,000 Invesco Fds Balanced-Risk Allocation C Cap 94,270.00 94,570.00 1.20 EUR 9,000 M&G Investment Fd (3) Recovery C EUR Cap 177,771.20 196,910.10 2.51 EUR 8,000 M&G Investment Fds (1) Global Basics C EUR Cap 217,297.56 202,082.40 2.57 EUR 7,000 MFS Meridian Fds Global Equity A1 Cap 93,710.00 98,700.00 1.26 EUR 2,200 Merrill Lynch Inv Solutions Theorema EurEq LS Ucits Fd B Cap 239,322.00 226,864.00 2.89 EUR 160 UBAM Dr. Ehrhardt German Equity IC Cap 186,303.20 170,048.00 2.17

1,327,725.19 1,306,311.80 16.64

USD 2,000 Aberdeen Gl SICAV Asia Pacific Eq Fd I2 Cap 90,869.64 94,330.20 1.20 USD 6,000 Aberdeen Gl SICAV Chinese Eq Fd I2 Cap 94,030.38 101,158.63 1.29 USD 2,000 Aberdeen Global Emerging Mks Equity Fd I2 Cap 84,013.35 89,123.98 1.14 USD 33,000 Aberdeen Global World Equity Fd I2 Cap 216,818.72 236,626.21 3.02 USD 60 Amundi Intl SICAV AU C Cap 209,987.29 217,585.25 2.77 USD 34,000 Janus Capital Fds Plc Asia A USD Cap 227,465.48 225,689.20 2.88 USD 14,500 Threadneedle (Lux) Global Asset Allocation IU Cap 198,462.87 213,268.13 2.72 USD 1,000 Vontobel Fd Global Value Equity I Cap 70,408.15 79,177.58 1.01 USD 2,060.726 Vontobel Fd US Value Equity I Cap 154,616.02 162,004.87 2.06

1,346,671.90 1,418,964.05 18.09

Total investment funds (UCITS) 2,674,397.09 2,725,275.85 34.73

Tracker funds (UCITS)

EUR 70,000 Lyxor ETF Leveraged S&P/MIB Cap 457,025.62 423,850.00 5.40 EUR 10,000 Multi Units Luxembourg Lyxor ETF LevDAX 328,785.00 323,950.00 4.13

Total tracker funds (UCITS) 785,810.62 747,800.00 9.53


Statement of investments and other net assets (in EUR) (continued) as at 31st December 2011


27



Tracker funds (UCI)

USD 1,000 Direxion Shares ETF Trust Daily China Bear 3X Shares Dist 15,190.47 14,639.77 0.19 USD 1,000 Direxion Shares ETF Trust Daily Emerging Mks Bear 3X Dist 17,839.55 15,170.18 0.19

Total tracker funds (UCI) 33,030.02 29,809.95 0.38


Cash at banks 1,871,253.53 23.85


Total 7,847,378.46 100.00




28





Banks 5.26 %


Technology hardware and equipment 3.79 %

Materials 1.05 %

Pharmaceuticals and biotechnology 0.74 %

Total 75.94 %




Italy 22.05 %

France 5.40 %

United Kingdom 5.08 %

United States of America 4.17 %

Ireland 2.88 %

Canada 1.05 %

Total 75.94 %



29

Currency Description Purchases Sales Other

Shares

CAD First Quantum Minerals Ltd 8,000 4,000 0

EUR Assicurazioni Generali SpA 25,000 25,000 0 EUR Banca Pop dell'Emilia Ro SCARL 7,000 0 0 EUR Banca Popolare di Milano 100,000 100,000 0 EUR Banco Pop Societa Cooperativa 320,000 190,000 0 EUR Bilfinger Berger SE 4,500 4,500 0 EUR Buzzi Unicem SpA 0 14,167 0 EUR DiaSorin SpA 3,000 0 0 EUR ENI SpA 46,650 56,650 0 EUR Fondiaria Sai SpA 320,000 320,000 0 EUR Intesa Sanpaolo SpA 900,000 952,174 0 EUR Pirelli & C. SpA 20,000 20,000 0 EUR ThyssenKrupp AG 15,000 15,000 0 EUR Unicredit SpA 560,000 180,000 -380,000 EUR Unicredit SpA Post Raggruppamento 0 0 38,000 EUR Unione Banche Italiane ScpA 0 16,831 0

USD Barrick Gold Corp 0 10,000 0 USD Hewlett-Packard Co 15,000 0 0 USD Silver Wheaton Corp 4,000 3,000 0

Bonds

EUR BAT Holdings BV 4.375% EMTN 06/15.09.14 0 200,000 0 EUR Banca Italease Capital Trust FRN

06/06.09.Perpetual 0 500,000 0

EUR Fiat Finance & Trade Ltd SA 7.625% EMTN 09/15.09.14

350,000 0 0

EUR Findomestic Banca SpA FRN EMTN Ser 18 Tr 1 06/27.01.16

0 450,000 0

EUR Generali Finance BV VAR 07/08.02.Perpetual 0 500,000 0 EUR Italia 3% BTP 09/01.03.12 0 200,000 0 EUR Italia 3% BTP 10/15.04.15 400,000 400,000 0 EUR Italia 5.25% BTP Sen 02/01.08.17 400,000 0 0 EUR Italia FRN CCT 05/01.03.12 300,000 300,000 0 EUR Italia FRN CCT 06/01.07.13 900,000 0 0 EUR Italia FRN CCT 06/01.11.12 900,000 900,000 0 EUR Italia FRN CCT 08/01.12.14 300,000 300,000 0 EUR Merrill Lynch & Co Inc FRN EMTN Sen 04/22.03.11 0 350,000 0

NOK EIB 3.125% EMTN Sen 10/07.01.13 0 400,000 0

Index options

EUR Euro Stoxx 50 EUR (Price) Index CALL 04/11 EUX 2800

10 10 0


5 5 0


15 15 0


10 10 0


3 3 0


5 5 0


Statement of changes in investments (unaudited) (continued) from 1st January 2011 to 31st December 2011

30


EUR Euro Stoxx 50 EUR (Price) Index PUT 02/11 EUX

2900 30 30 0

EUR Euro Stoxx 50 EUR (Price) Index PUT 04/11 EUX 2500

15 15 0


25 25 0


10 10 0


10 10 0


5 5 0


8 8 0


5 5 0


9 9 0


6 6 0


EUR Amundi Fds Absolute Volatility EUR Equities ME Cap

4,119 8,527 0

EUR Amundi Fds Equity Emerging Europe ME Cap 6,987 6,987 0 EUR CB Accent Lux Swan Bond Opportunity A Cap 4,725 7,153 0 EUR Carmignac Ptf SICAV Commodities Cap Reg 440.75 700 0 EUR DWS Euro-Corp High Yield FCP Gl Certif 20,184.47 20,184.47 0 EUR DWS Eurorenta FCP Units Dist 19,539.72 19,539.72 0 EUR DWS Russia FCP Gl Certif Cap 3,145 3,145 0 EUR DWS Top 50 Asien 6,550 15,850 0 EUR DWS Tuerkei FCP Cap 2,630 2,630 0 EUR Da Vinci Strateg UI Fds Dist 0 384 0 EUR Dexia Equities L Australia I Capj 0 3,000 0 EUR F Templeton Inv Fds Asian Growth Fd A Cap 62,800 88,680 0 EUR F Templeton Inv Fds Asian Smaller Co A Cap 24,321 24,321 0 EUR F Templeton Inv Fds Gl Total Return A EUR H1 Cap 36,925 52,395 0 EUR F Templeton Inv Fds Gl Total Return N EUR H1 Cap 40,535 40,535 0 EUR F Templeton Inv Fds Global Bond A EUR H1 Cap 16,500 16,500 0 EUR F Templeton Inv Fds Global Real Estate EUR A H1

Cap 0 450.935 0

EUR F Templeton Inv Fds SICAV BRIC A Cap EUR 0 34,489 0 EUR Invesco Fds Balanced-Risk Allocation C Cap 7,000 0 0 EUR Janus Cap Fds Plc Emerging Markets A EUR Cap 30,000 30,000 0 EUR Janus Capital Fds Plc European Research A EUR

Cap 80,900 117,356 0

EUR Julius Baer Multilabel Artemide C Cap 3,000 3,000 0 EUR Lyxor ETF ES 50 Daily Leverage Cap/Dist 98,000 98,000 0 EUR M&G Investment Fd (3) Recovery C EUR Cap 9,000 0 0 EUR M&G Investment Fds (1) Global Basics C EUR Cap 0 28,750 0 EUR M&G Investment Fds (1) Japan Smaller Co C EUR

Cap 46,300 46,300 0

EUR M&G Investment Fds (1) North American Value C EUR Cap

57,987.5 57,987.5 0

EUR M&G Investment Fds (3) European High Yield Bd C EUR Cap

37,295 41,146 0

EUR MFS Meridian Fds Global Equity A1 Cap 7,000 0 0 EUR Merrill Lynch Inv Solutions Theorema EurEq LS

Ucits Fd B Cap 2,200 0 0

EUR Pictet Agriculture P EUR Cap 0 0.00781 0 EUR Pictet Biotech I EUR Cap 0 0.00581 0 EUR Pioneer Fds Asia (Ex Japan) Equity Units H Cap 2,640 2,927 0 EUR Robeco Capital Growth Fds Asia-Pacific Equities D

EUR Cap 4,000 4,000 0



31


EUR Robeco Capital Growth Fds Chinese Equities D EUR

Cap 9,545 9,545 0

EUR Robeco Capital Growth Fds Chinese Equities I EUR Cap

7,924 7,924 0

EUR Robeco Capital Growth Fds European High Yield Bds DH EUR Cap

5,324.25 5,324.25 0

EUR Threadneedle Focus Inv Fds Cred Opportunities 2 EUR Cap

970,390 970,390 0

EUR Threadneedle Spec Inv Fds ICVC Gl Ex Alpha 2 I EUR Cap

0 560,000 0

EUR UBAM Dr. Ehrhardt German Equity IC Cap 160 0 0 EUR UniEM Fernost Units I Cap 0 128.95 0 EUR Vontobel Fd Central and Eastern Eur Equity I Cap 0 1,904 0 EUR Vontobel Fd Far East Equity H (Hedged) Cap 0 5,792 0 EUR World Invest Absolute Return C Cap 0 190 0 EUR Zest Asset Management SICAV Global Strategy Fd I

EUR Cap 2,289 2,289 0

USD Aberdeen Gl SICAV Asia Pacific Eq Fd I2 Cap 2,000 0 0 USD Aberdeen Gl SICAV Chinese Eq Fd I2 Cap 6,000 0 0 USD Aberdeen Global Emerging Mks Equity Fd I2 Cap 2,000 0 0 USD Aberdeen Global World Equity Fd I2 Cap 40,000 7,000 0 USD Amundi Intl SICAV AU C Cap 80 20 0 USD Janus Capital Fds Plc Asia A USD Cap 34,000 0 0 USD Threadneedle (Lux) Global Asset Allocation IU Cap 20,005 5,505 0 USD Vontobel Fd Global Value Equity I Cap 3,000 2,000 0 USD Vontobel Fd US Value Equity I Cap 2,060.726 0 0


EUR Lyxor ETF China Enterp (HSCEI) A 10,000 10,000 0 EUR Lyxor ETF ES50 Daily Double Sh Cap 5,075 5,175 0 EUR Lyxor ETF Euro Cash Cap/Dist 3,800 3,800 0 EUR Lyxor ETF Korea A 15,000 15,000 0 EUR Lyxor ETF Leveraged S&P/MIB Cap 153,500 83,500 0 EUR Multi Units Lux Lyxor ETF Australia (S&P ASX 200)

D Cap 6,000 6,000 0

EUR Multi Units Luxembourg Lyxor ETF LevDAX 28,500 18,500 0 EUR db x-trackers MSCI Indonesia TRN Index ETF 1C

Cap 33,000 33,000 0

Tracker funds (UCI)

USD Direxion Shares ETF Trust Daily China Bear 3X Shares Dist

3,000 2,000 0

USD Direxion Shares ETF Trust Daily China Bull 3X Dist 3,000 3,000 0 USD Direxion Shares ETF Trust Daily Emerging Mks Bear

3X Dist 3,000 2,000 0

USD Direxion Shares ETF Trust Daily Emerging Mks Bull 3x Dist

4,000 4,000 0

ATOMO - MULTI STRATEGY



32

Assets Securities portfolio at market value 2,206,910.43 Cash at banks 496,939.48 Other liquid assets 4,318.03 Formation expenses, net 11,344.73 Receivable on issues of shares 3,294.84 Income receivable on portfolio 7,684.68 Prepaid expenses 558.64






Class R1 Shares outstanding 3,350.343 Net asset value per Class R1 Share 770.58




33

Income Dividends, net 31,930.81 Interest on bonds and other debt securities, net 18,568.50 Interest on bank accounts 1,361.24


Expenses Management fees 38,396.39 Custodian fees 12,509.10 Banking charges and other fees 174.02 Transaction fees 13,022.75 Central administration costs 31,232.08 Professional fees 6,983.30 Other administration costs 18,458.46 Subscription duty ("taxe d'abonnement") 1,264.27 Other expenses 7,930.47



Net realised gain/(loss) - on securities portfolio -162,602.45 - on options -11,627.50 - on futures contracts 6,060.00 - on foreign exchange 668.24






Total changes in net assets 509,749.23






34

Total net assets

- as at 31.12.2011 2,712,715.65 - as at 31.12.2010 2,202,966.42





- as at 31.12.2011 80.63 - as at 31.12.2010 98.61

Number of Class R1 Shares

- outstanding at the beginning of the year 2,192.492 - issued 1,449.653 - redeemed -291.802


Net asset value per Class R1 Share

- as at 31.12.2011 770.58 - as at 31.12.2010 936.41




35





Shares

EUR 20,000 A2A SpA 23,587.08 14,530.00 0.54 EUR 5,000 Amplifon SpA Post Frazionamento 18,714.86 16,360.00 0.60 EUR 4,500 Assicurazioni Generali SpA 66,383.15 52,335.00 1.93 EUR 2,100 Atlantia SpA 30,540.06 25,977.00 0.96 EUR 8,000 Autogrill SpA 67,635.00 60,320.00 2.22 EUR 14,000 Azimut Holding SpA 89,526.47 86,730.00 3.20 EUR 5,000 Banca Pop dell'Emilia Ro SCARL 56,112.00 27,650.00 1.02 EUR 700 Bayer AG Reg 32,505.49 34,580.00 1.28 EUR 400 Bayerische Motorenwerke AG 23,504.24 20,704.00 0.76 EUR 2,000 Boiron SA 49,955.90 40,040.00 1.48 EUR 20,000 Cementir SpA 41,213.16 31,800.00 1.17 EUR 2,000 Danieli & C Off Meccaniche SpA 42,284.40 32,620.00 1.20 EUR 2,000 DiaSorin SpA 50,132.24 38,980.00 1.44 EUR 20,000 ENEL SpA 82,895.86 62,880.00 2.32 EUR 3,000 Fiat Industrial SpA 27,382.35 19,875.00 0.73 EUR 10,000 Fiat SpA 61,597.95 35,500.00 1.31 EUR 10,000 Finmeccanica SpA 59,101.87 28,580.00 1.05 EUR 25,000 Gruppo Editoriale Espresso SpA 47,059.79 27,225.00 1.00 EUR 10,000 Impregilo SpA 20,941.80 23,900.00 0.88 EUR 4,000 Indesit Co SpA 29,843.49 14,856.00 0.55 EUR 1,000 Integralis AG Reg 8,444.00 5,800.00 0.21 EUR 62,856 Intesa Sanpaolo SpA 90,892.89 81,335.66 3.00 EUR 4,000 Luxottica Group SpA 86,347.45 86,800.00 3.20 EUR 15,000 Pirelli & C. SpA 96,488.00 97,575.00 3.60 EUR 800 SAP AG 32,697.80 32,664.00 1.20 EUR 10,000 STMicroelectronics NV 66,312.36 46,024.00 1.70 EUR 2,000 Saipem SpA 63,653.15 65,700.00 2.42 EUR 5,000 Solarworld AG 18,168.50 16,250.00 0.60 EUR 2,000 Tenaris SA Reg 34,068.00 28,560.00 1.05 EUR 800 Tod's SpA 53,652.49 50,440.00 1.86 EUR 2,000 Trevi Finanziaria SpA 21,800.31 9,832.00 0.36 EUR 94,826 Unione Alberghi Italiani SpA 43,968.64 31,766.71 1.17

1,537,410.75 1,248,189.37 46.01

USD 1,000 Cloud Peak Energy Inc 16,040.79 14,877.56 0.55

Total shares 1,553,451.54 1,263,066.93 46.56

Closed-end investment funds

EUR 30,000 Beni Stabili SpA 20,343.61 10,374.00 0.38 EUR 8 Estense Grande Distribuzione Dist 31.12.13 17,074.08 14,864.00 0.55

Total closed-end investment funds 37,417.69 25,238.00 0.93

Index linked certificates

EUR 2,000 Sal. Oppen jr & Cie AG Co KGaA Certif DJES 50 04.09.12 178,606.50 178,600.00 6.58

Total index linked certificates 178,606.50 178,600.00 6.58

Bonds

EUR 50,000 ENEL SpA FRN Sen 07/14.01.15 50,477.85 45,275.00 1.67 EUR 100,000 ENEL SpA FRN Sen 10/26.02.16 100,600.60 86,750.00 3.20 EUR 100,000 Italia 4.25% BTP 04/01.02.15 102,714.00 96,760.00 3.57 EUR 200,000 Italia 4.75% BTP 11/15.09.16 183,366.00 190,500.00 7.02 EUR 100,000 Italia FRN CCT 08/01.12.14 92,284.20 93,900.00 3.46 EUR 100,000 Oesterreich VAR EMTN Sen Ser 103 05/22.04.20 93,782.99 88,651.00 3.27

Total bonds 623,225.64 601,836.00 22.19




36



Index linked bonds

EUR 50,000 Intesa Sanpaolo SpA VAR Ser IV Lk Bsk of Index 06/25.09.06 48,747.30 48,669.50 1.79 EUR 100,000 Mediobanca SpA VAR Lk Basket of Index 08/25.03.14 101,942.22 89,500.00 3.30

Total index linked bonds 150,689.52 138,169.50 5.09


Cash at banks 496,939.48 18.32


Total 2,712,715.65 100.00




37





Banks 9.11 %

Utilities 7.73 %


Energy 4.07 %

Health care equipment and services 3.80 %

Capital goods 3.49 %

Hotels, restaurants and leisure 3.39 %

Materials 3.00 %


Consumer durables and apparel 2.41 %

Insurance 1.93 %

Semiconductors and semiconductor equipment 1.70 %

Software and services 1.41 %

Media 1.00 %

Transportation 0.96 %

Real estate funds 0.93 %

Total 81.35 %



Italy 62.67 %

Germany 10.63 %

Austria 3.27 %

The Netherlands 1.70 %

France 1.48 %



Total 81.35 %



38


Shares

EUR Ansaldo STS SpA 3,000 3,000 0 EUR Assicurazioni Generali SpA 4,000 4,500 0 EUR Atlantia SpA 0 1,500 100 EUR Autogrill SpA 6,000 0 0 EUR Azimut Holding SpA 14,000 0 0 EUR BNP Paribas SA 0 518 0 EUR Banca Popolare di Milano 0 32,600 27,600 EUR Banco Pop Societa Cooperativa 0 12,000 7,000 EUR Bayer AG Reg 700 0 0 EUR Beni Stabili SpA 0 0 -30,000 EUR Boiron SA 1,000 0 0 EUR Brembo SpA 2,000 2,000 0 EUR Bulgari SpA 0 2,000 0 EUR Cementir SpA 10,000 0 0 EUR Cie Industriali Riunite SpA 10,000 10,000 0 EUR Danieli & C Off Meccaniche SpA 1,000 0 0 EUR DiaSorin SpA 2,000 0 0 EUR ENEL SpA 10,000 5,000 0 EUR ENI SpA 73,000 75,000 0 EUR Fiat Industrial SpA 3,000 0 0 EUR Fiat SpA 10,000 0 0 EUR Finmeccanica SpA 5,000 2,500 0 EUR Indesit Co SpA 4,000 0 0 EUR Intesa Sanpaolo SpA 120,000 80,000 2,856 EUR Luxottica Group SpA 3,000 1,000 0 EUR Monte Dei Paschi Di Siena SpA 100,000 100,000 0 EUR Pirelli & C. SpA 87,500 80,000 0 EUR Prysmian SpA 0 3,000 0 EUR SAP AG 800 500 0 EUR STMicroelectronics NV 8,000 2,000 0 EUR Saipem SpA 21,500 20,500 0 EUR Snam SpA 20,000 20,000 0 EUR Solarworld AG 5,000 0 0 EUR Telecom Italia SpA 0 30,000 0 EUR Tenaris SA Reg 2,000 0 0 EUR Tod's SpA 800 0 0 EUR Unicredit SpA 280,000 295,000 0 EUR Unione Alberghi Italiani SpA 94,826 0 0 EUR Unione Banche Italiane ScpA 0 8,000 0 EUR Wirecard AG 2,000 2,000 0

USD Cloud Peak Energy Inc 1,000 0 0 USD Google Inc A 100 100 0


EUR Beni Stabili SpA 0 0 30,000


EUR Sal. Oppen jr & Cie AG Co KGaA Certif DJES 50 04.09.12

1,500 0 0



39


Bonds

EUR Fiat Finance & Trade Ltd SA 6.75% EMTN 01/25.05.11

0 30,000 0

EUR Italia 3.75% BTP 05/01.08.15 100,000 100,000 0 EUR Italia 4.75% BTP 11/15.09.16 200,000 0 0 EUR Italia FRN CCT 08/01.12.14 100,000 0 0 EUR Italia FRN CCT FRN 08/01.09.15 250,000 250,000 0 EUR Mediobanca SpA 0% 96/12.12.11 0 50,000 0 EUR Royal Bank of Scotland Plc VAR EMTN Sen

10/23.03.18 0 100,000 0

Money market instruments

EUR Italia 0% BOT 10/15.09.11 0 100,000 0 EUR Italia 0% BOT 10/15.12.11 100,000 250,000 0 EUR Italia 0% BOT 11/30.06.11 250,000 250,000 0 EUR Italia 0% BOT Ser 6MO 11/30.12.11 150,000 150,000 0 EUR Italia 0% BOT Ser 6MO 11/31.01.12 200,000 200,000 0

Warrants and rights

EUR Intesa Sanpaolo SpA Droits de sousc 22.06.11 0 4 4 EUR Unione Banche Italiane ScpA Droits de sousc

24.06.11 0 8,000 8,000

Options on transferable securities

EUR ENI SpA PUT 11/11 IM 13 10 10 0

Index options

EUR FTSE MIB Index CALL 11/11 IM 15250 10 10 0 EUR FTSE MIB Index CALL 12/11 IM 16000 10 10 0

ATOMO - PRISMA



40

Assets Securities portfolio at market value 4,347,524.43 Cash at banks 219,042.83 Formation expenses, net 8,748.30 Income receivable on portfolio 7,730.11 Prepaid expenses 974.79


Liabilities Payable on redemptions of shares 34,962.80 Interest on bank liabilities and expenses payable 21,614.21



Class I Shares outstanding 5,180.000 Net asset value per Class I Share 874.02

ATOMO - PRISMA



41

Income Dividends, net 28,632.96 Interest on bonds and other debt securities, net 37,918.46 Interest on bank accounts 1,482.61


Expenses Management fees 69,580.03 Custodian fees 12,517.02 Banking charges and other fees 513.28 Transaction fees 28,490.00 Central administration costs 40,536.43 Professional fees 7,050.25 Other administration costs 19,032.61 Subscription duty ("taxe d'abonnement") 435.86 Interest paid on bank liabilities 23.58 Other expenses 4,375.84



Net realised gain/(loss) - on securities portfolio -246,422.17 - on forward foreign exchange contracts -67,996.51 - on foreign exchange -2,660.85


Net variation of the unrealised gain/(loss) - on securities portfolio -355,822.88 - on forward foreign exchange contracts 74,618.51




Total changes in net assets 855,033.38



ATOMO - PRISMA



42

Total net assets

- as at 31.12.2011 4,527,443.45 - as at 31.12.2010 3,672,410.07

Number of Class I Shares

- outstanding at the beginning of the year 3,605.000 - issued 1,735.000 - redeemed -160.000


Net asset value per Class I Share

- as at 31.12.2011 874.02 - as at 31.12.2010 1,018.70

ATOMO - PRISMA



43





Shares

CAD 3,000 Alamos Gold Inc 35,024.05 39,826.78 0.88 CAD 20,000 Callinan Royalties Corp 45,983.12 44,630.20 0.99 CAD 7,000 Callinex Mines Inc 4,674.03 4,077.23 0.09 CAD 25,000 Cangold Ltd 8,556.62 5,295.11 0.12 CAD 20,000 Claude Resources Inc 29,555.13 20,575.28 0.45 CAD 100,000 Crocodile Gold Corp 51,387.02 39,335.09 0.87 CAD 45,500 Glass Earth Gold Ltd 10,302.41 11,530.10 0.25 CAD 20,000 Great Panther Resources Ltd 33,626.43 30,106.47 0.67 CAD 50,000 Hunter Bay Minerals Plc 12,269.96 8,510.00 0.19 CAD 1,200 Keyera Corp 30,385.69 45,386.64 1.00 CAD 100,000 Kiska Metals Corp 47,759.46 24,584.43 0.54 CAD 185,000 Kootenay Gold Inc 105,665.73 141,341.57 3.12 CAD 140,000 Lake Shore Gold Corp 191,898.78 135,554.78 2.99 CAD 10,000 Mirasol Resources Ltd 14,265.60 24,962.65 0.55 CAD 5,000 Thompson Creek Metals Co Inc 44,882.69 26,929.41 0.59 CAD 10,000 Timmins Gold Corp 14,330.73 14,750.66 0.33 CAD 54,500 VMS Ventures Inc 12,916.36 14,429.17 0.32

693,483.81 631,825.57 13.95

EUR 5,000 E.ON AG Reg 103,552.87 83,350.00 1.84 EUR 5,000 Philips Electronics NV 95,276.60 81,400.00 1.80 EUR 3,000 Total SA 109,174.89 118,500.00 2.62 EUR 2,500 Unilever NV Certif of Shares 53,177.09 66,425.00 1.47 EUR 10,000 Vestas Wind Systems A/S 147,303.30 84,280.00 1.86

508,484.75 433,955.00 9.59

USD 5,000 Blacksands Petroleum Inc 13,678.17 16,363.78 0.36 USD 5,000 Clean Energy Fuels Corp 42,284.22 47,974.74 1.06 USD 2,000 Dow Chemical Co 35,290.20 44,293.85 0.98 USD 5,000 Elster Group SE spons ADR repr 0.25 Share 52,477.35 50,053.90 1.11 USD 2,000 Pan American Silver Corp 35,425.18 33,590.02 0.74 USD 1,000 Potash Corp of Saskatschew Inc 31,411.88 31,788.08 0.70 USD 6,000 Research In Motion Ltd 165,416.59 66,995.23 1.48 USD 30,000 Threshold Pharmaceuticals 49,171.48 28,184.20 0.62

425,155.07 319,243.80 7.05

Total shares 1,627,123.63 1,385,024.37 30.59


USD 1,600 China Fd Inc 34,231.72 25,270.29 0.56 USD 5,000 MS India Investment Fd Inc 71,486.37 53,942.71 1.19

Total closed-end investment funds 105,718.09 79,213.00 1.75

Bonds

EUR 200,000 CS London FRN EMTN Sen 09/07.01.13 200,950.00 199,940.00 4.42 EUR 200,000 EIB FRN EMTN 10/15.01.18 199,760.00 191,400.00 4.23 EUR 500,000 France 0.75% BTF 09/20.09.12 493,669.00 501,967.50 11.09 EUR 200,000 GE Capital European Funding 2.875% EMTN 10/28.10.14 199,144.00 204,170.00 4.51 EUR 200,000 GE Capital European Funding FRN EMTN Sen 07/03.04.14 193,990.00 192,760.00 4.26 EUR 250,000 Goldman Sachs Group Inc FRN Sen 06/23.05.16 219,173.00 209,712.50 4.63 EUR 250,000 Morgan Stanley FRN EMTN 07/16.01.17 220,551.50 195,225.00 4.31 EUR 300,000 Rabobank Nederland NV FRN Ser EMTN 11/14.01.13 299,957.00 300,045.00 6.63

Total bonds 2,027,194.50 1,995,220.00 44.08

ATOMO - PRISMA



44



Other transferable securities

Shares

USD 50,000 Pegasi Energy Resources Corp 8,793.67 20,406.59 0.45

Total shares 8,793.67 20,406.59 0.45



EUR 2,035.841 ACPI Global UCITS Fds Plc Emerging Markets Fixed Inc E Cap 200,050.00 212,012.48 4.68 EUR 1,947.5828 ACPI Global UCITS Fds Plc Fixed Income E Cap 200,050.00 206,190.59 4.55 EUR 19,376 ACPI Luxembourg Fd Global Cred B EUR Cap 200,029.70 202,944.22 4.48

Total investment funds (UCITS) 600,129.70 621,147.29 13.71

Tracker funds (UCI)

USD 1,000 Market Vectors ETF Trust Africa Index Dist 22,100.01 19,829.05 0.44 USD 5,000 Market Vectors ETF Trust Vietnam Dist 77,931.70 56,021.87 1.24 USD 800 iShares Inc MSCI Brasil (Free) Idx Fd 36,758.52 35,355.00 0.78 USD 1,500 iShares Inc MSCI Emerging Markets Idx Fd 50,493.72 43,824.12 0.97 USD 10,000 iShares Trust Dow Jones US Home Construction Index Fd 88,410.77 91,483.14 2.02



Cash at banks 219,042.83 4.84

Other net assets/(liabilities) -39,123.81 -0.87

Total 4,527,443.45 100.00

ATOMO - PRISMA



45





Materials 14.38 %


Banks 11.05 %

Energy 4.49 %

International institutions 4.23 %

Technology hardware and equipment 2.59 %

Capital goods 1.86 %

Utilities 1.84 %

Consumer durables and apparel 1.80 %


Investment companies 0.99 %


Total 96.03 %




Ireland 18.00 %

Canada 16.68 %

France 13.71 %




Germany 2.95 %

Denmark 1.86 %

Total 96.03 %

ATOMO - PRISMA


46


Shares

CAD AM Gold Inc 0 40,000 0 CAD Alamos Gold Inc 5,000 2,000 0 CAD Andean American Mining Corp 0 30,000 0 CAD Aura Minerals Inc 25,000 25,000 0 CAD Callinan Mines Ltd 31,500 0 -31,500 CAD Callinan Royalties Corp 0 11,500 31,500 CAD Callinex Mines Inc 0 0 7,000 CAD Cangold Ltd 25,000 0 0 CAD Centamin Egypt Ltd 15,000 15,000 0 CAD Claude Resources Inc 20,000 0 0 CAD Continental Precious Minerals 100,000 100,000 0 CAD Crocodile Gold Corp 192,500 92,500 0 CAD Galway Resources Ltd 0 20,000 0 CAD Glass Earth Gold Ltd 0 14,500 0 CAD Gran Colombia Gold Corp 0 24,000 24,000 CAD Great Panther Resources Ltd 25,000 5,000 0 CAD Hana Mining Ltd 30,000 30,000 0 CAD Hunter Bay Minerals Plc 50,000 0 0 CAD Keyera Corp 1,200 0 0 CAD Kiska Metals Corp 70,000 0 0 CAD Kootenay Gold Inc 35,000 0 0 CAD Lake Shore Gold Corp 132,000 0 0 CAD Malaga Inc 0 50,000 0 CAD Medoro Resources Ltd 20,000 0 -20,000 CAD Mirasol Resources Ltd 0 6,300 0 CAD Mosquito Consldtd Gold Min Ltd 0 30,000 0 CAD St.Andrew Goldfields Ltd 40,000 40,000 0 CAD Thompson Creek Metals Co Inc 7,500 2,500 0 CAD Timmins Gold Corp 0 10,000 0 CAD Trade Winds Ventures Inc 0 50,000 0 CAD VMS Ventures Inc 0 45,500 0

EUR BASF SE Reg 1,000 1,000 0 EUR E.ON AG Reg 2,000 1,000 0 EUR Philips Electronics NV 5,000 0 0 EUR RWE AG A 4,000 4,000 0 EUR Total SA 3,000 0 0 EUR Unilever NV Certif of Shares 2,500 0 0 EUR Vestas Wind Systems A/S 10,000 0 0

USD A-Power Energy Gene Sys Ltd 0 20,000 0 USD Abbott Laboratories 1,000 1,000 0 USD Atlas Copco AB spons ADR repr 1 Shares A 2,000 2,000 0 USD Auxilium Pharmaceuticals Inc 1,500 1,500 0 USD Blacksands Petroleum Inc 0 0 -15,000 USD Blacksands Petroleum Inc 0 0 5,000 USD Celera Corp 0 6,000 0 USD China Sky One Medical Inc 5,000 5,000 0 USD Cisco Systems Inc 1,000 4,000 0 USD Clean Energy Fuels Corp 5,000 0 0 USD Dow Chemical Co 2,000 0 0 USD Dynavax Technologies Corp 20,000 20,000 0 USD Eldorado Gold Corp 3,000 3,000 0 USD Eli Lilly & Co 0 1,500 0 USD Elster Group SE spons ADR repr 0.25 Share 5,000 0 0 USD KB Home 0 4,000 0 USD Micron Technology Inc 0 10,000 0 USD Pan American Silver Corp 2,000 0 0 USD Pegasi Energy Resources Corp 50,000 0 0 USD Potash Corp of Saskatschew Inc 1,000 0 0 USD PulteGroup Inc 4,000 5,000 0 USD Research In Motion Ltd 6,000 0 0

ATOMO - PRISMA


47


USD Silver Wheaton Corp 2,000 2,000 0 USD Singapore Fd Inc 2,000 2,000 0 USD Threshold Pharmaceuticals 30,000 0 0 USD Valence Technology Inc 10,000 10,000 0


USD China Fd Inc 1,600 0 0 USD MS India Investment Fd Inc 4,800 1,000 0

Investment certificates

USD Deutsche Bk AG London Certif DBLCI Index 01.04.38

0 5,000 0


USD Goldman Sachs Intl Ltd Certif VIX Index Perpetual 14,800 30,000 0

Bonds

EUR ANZ Banking Group Ltd 3.375% EMTN Sen 06/01.03.11

0 200,000 0

EUR CS London FRN EMTN Sen 09/07.01.13 200,000 0 0 EUR Deutschland 3.5% Ser 148 06/08.04.11 0 400,000 0 EUR EIB FRN EMTN 10/15.01.18 500,000 300,000 0 EUR France 0.75% BTF 09/20.09.12 500,000 0 0 EUR GE Capital European Funding 2.875% EMTN

10/28.10.14 200,000 0 0

EUR GE Capital European Funding FRN EMTN Sen 07/03.04.14

200,000 0 0

EUR Goldman Sachs Group Inc FRN Sen 06/23.05.16 250,000 0 0 EUR Kommunalkredit Austria AG 2.375% 09/12.05.11 0 250,000 0 EUR Morgan Stanley FRN EMTN 07/16.01.17 250,000 0 0 EUR Netherlands 4% 08/15.01.11 0 500,000 0 EUR Rabobank Nederland NV FRN Ser EMTN

11/14.01.13 300,000 0 0

USD BP Capital Markets Plc 1.55% Sen 09/11.08.11 0 250,000 0 USD Qatar Diar Finance Q S C 3.5% Sen Ser 144 A

10/21.07.15 0 100,000 0

Warrants and rights

CAD Gran Colombia Gold Corp Call Wts 24.08.15 0 10,000 10,000


EUR db x-trackers ES 50 Short Daily ETF 1C Cap 0 1,500 0

Tracker funds (UCI)

USD Market Vectors ETF Trust Africa Index Dist 1,000 0 0 USD Market Vectors ETF Trust Vietnam Dist 5,000 0 0 USD iShares Inc MSCI Brasil (Free) Idx Fd 800 400 0 USD iShares Inc MSCI Japan Idx Fd 3,000 3,000 0 USD iShares Indonesia Investable Mk Idx Fd Dist 1,000 1,000 0 USD iShares Trust Dow Jones US Home Construction

Index Fd 10,000 0 0

ATOMO - DINAMIS TREND



48

Assets Securities portfolio at market value 2,354,156.90 Cash at banks 543,010.68 Other liquid assets 138,760.35 Formation expenses, net 20,791.16 Income receivable on portfolio 72,147.48 Interest receivable on bank accounts 5.72


Liabilities Short option contracts at market value 9,300.00 Unrealised loss on forward foreign exchange contracts 5,900.97 Interest on bank liabilities and expenses payable 29,617.93




Class R (CHF) Shares outstanding 1,750.000 Net asset value per Class R (CHF) Share CHF 89.14

Class R (USD) Shares outstanding 14,320.000 Net asset value per Class R (USD) Share USD 92.31




49

Income Interest on bonds and other debt securities, net 117,050.47 Interest on bank accounts 2,104.24


Expenses Management fees 71,867.71 Custodian fees 7,286.22 Banking charges and other fees 1,090.59 Transaction fees 21,662.67 Central administration costs 73,496.84 Professional fees 7,372.88 Other administration costs 65,198.53 Subscription duty ("taxe d'abonnement") 1,699.54 Interest paid on bank liabilities 139.13 Other expenses 11,552.69



Net realised gain/(loss) - on securities portfolio -223,161.82 - on options 43,143.23 - on futures contracts -39,829.18 - on forward foreign exchange contracts 16,681.28 - on foreign exchange -21,468.97


Net variation of the unrealised gain/(loss) - on securities portfolio 6,971.07 - on options 19,608.00 - on futures contracts 42,544.74 - on forward foreign exchange contracts 2,464.00


Subscriptions 554,826.09








50

Total net assets

- as at 31.12.2011 3,084,053.39 - as at 31.12.2010 4,241,255.41


- outstanding at the beginning of the year 2,000.000 - issued 0.000 - redeemed -2,000.000

- outstanding at the end of the year 0.000


- as at 31.12.2011 - - as at 31.12.2010 100.89





- as at 31.12.2011 90.46 - as at 31.12.2010 99.02

Number of Class R (CHF) Shares



Net asset value per Class R (CHF) Share

- as at 31.12.2011 CHF 89.14 - as at 31.12.2010 CHF 98.60

Number of Class R (USD) Shares

- outstanding at the beginning of the year 7,500.000 - issued 6,820.000 - redeemed 0.000


Net asset value per Class R (USD) Share

- as at 31.12.2011 USD 92.31 - as at 31.12.2010 USD 101.60




51





Bonds

EUR 160,000 BHP Billiton Finance Ltd 4.75% EMTN 09/04.04.12 163,221.20 160,960.00 5.22 EUR 100,000 Daimler Intl Fin BV 9% EMTN 08/30.01.12 103,771.33 100,510.74 3.26 EUR 400,000 Finland 5.375% 02/04.07.13 429,330.00 430,460.00 13.96 EUR 50,000 Gaz Capital SA 4.56% EMTN 05/09.12.12 51,250.00 50,905.00 1.65 EUR 180,000 Kraft Foods Inc 5.75% 08/20.03.12 184,496.00 181,485.00 5.88 EUR 180,000 Mc Donald's Corp 6.25% EMTN 00/20.07.12 187,687.40 185,013.00 6.00 EUR 100,000 Merck-Finanz AG 3.75% 05/07.12.12 102,270.00 102,115.33 3.31 EUR 50,000 Michelin Finance Luxembourg 6.5% 02/16.04.12 51,118.50 50,592.50 1.64 EUR 600,000 Netherlands 2.5% 09/15.01.12 603,746.00 600,510.00 19.47 EUR 200,000 Philip Morris Intl Inc 4.25% EMTN Sen 09/23.03.12 202,936.00 200,780.00 6.51 EUR 180,000 Shell Intl Finance BV 3.375% EMTN 09/09.02.12 181,724.00 180,390.83 5.85 EUR 110,000 Volkswagen Intl Finance NV 5.625% Ser A03/09-291

09/09.02.12 112,375.17 110,434.50 3.58


Short options

Listed financial instruments

Index options

EUR -24 Euro Stoxx 50 EUR (Price) Index CALL 01/12 EUX 2450 -2,808.00 -3,576.00 -0.11 EUR -40 Euro Stoxx 50 EUR (Price) Index CALL 01/12 EUX 2600 -8,420.00 -600.00 -0.02 EUR -84 Euro Stoxx 50 EUR (Price) Index PUT 01/12 EUX 2000 -17,680.00 -5,124.00 -0.17

Total short options -28,908.00 -9,300.00 -0.30

Cash at banks 543,010.68 17.61


Total 3,084,053.39 100.00




52






Hotels, restaurants and leisure 6.00 %


Total 76.33 %





Finland 13.96 %


Australia 5.22 %

Total 76.33 %



53


Shares

USD Adobe Systems Inc 9,500 9,500 0 USD Avon Products Inc 7,500 7,500 0 USD Best Buy Co Inc 6,000 6,000 0 USD Big Lots Inc 3,000 3,000 0 USD Bristol Myers Squibb Co 4,000 4,000 0 USD Campbell Soup Co 12,400 12,400 0 USD Cisco Systems Inc 13,300 13,300 0 USD Costco Wholesale Corp 1,800 1,800 0 USD Dendreon Corp 7,000 7,000 0 USD Family Dollar Stores Inc 1,600 1,600 0 USD Gilead Sciences Inc 1,600 1,600 0 USD Google Inc A 300 300 0 USD Hewlett-Packard Co 5,600 5,600 0 USD Home Depot Inc 6,000 6,000 0 USD Hospira Inc 2,100 2,100 0 USD Intuit Inc 2,400 2,400 0 USD Lowe's Companies Inc 5,000 5,000 0 USD Master Card Inc A 400 400 0 USD Medtronic Inc 6,000 6,000 0 USD Nike Inc B 2,900 2,900 0 USD Procter & Gamble Co 7,000 7,000 0 USD Target Corp 1,900 1,900 0 USD Walgreen Co 3,000 3,000 0 USD Warner Chilcott Plc 4,800 4,800 0 USD Waste Management Inc 13,800 13,800 0


USD ETFS Commodity Sec Ltd Certif Gold Perpetual 56,000 56,000 0

Bonds

EUR BHP Billiton Finance Ltd 4.75% EMTN 09/04.04.12 160,000 0 0 EUR Barclays Bank Plc 4.25% EMTN Sen 08/27.10.11 200,000 200,000 0 EUR Daimler Intl Fin BV 9% EMTN 08/30.01.12 150,000 50,000 0 EUR Denmark 3.125% EMTN 08/28.11.11 370,000 370,000 0 EUR Deutschland 5% Ser 01 01/04.07.11 0 700,000 0 EUR Dexia Créd Local de France 3.125% EMTN

09/28.10.11 200,000 200,000 0

EUR EIB 3.625% EMTN 06/15.10.11 340,000 340,000 0 EUR EIB 4.75% EMTN 08/15.04.11 0 390,000 0 EUR Finland 5.375% 02/04.07.13 400,000 0 0 EUR France 6.5% OAT 96/25.04.11 0 615,000 0 EUR Gaz Capital SA 4.56% EMTN 05/09.12.12 50,000 0 0 EUR IKB Deutsche Industriebank AG 2.25% 09/29.04.11 0 350,000 0 EUR Italia 5.25% BTP 01/01.08.11 190,000 190,000 0 EUR KFW AG 5% 01/04.07.11 0 400,000 0 EUR Kraft Foods Inc 5.75% 08/20.03.12 180,000 0 0 EUR Mc Donald's Corp 6.25% EMTN 00/20.07.12 180,000 0 0 EUR Merck-Finanz AG 3.75% 05/07.12.12 100,000 0 0 EUR Michelin Finance Luxembourg 6.5% 02/16.04.12 50,000 0 0 EUR Netherlands 2.5% 09/15.01.12 600,000 0 0 EUR Netherlands 5% 01/15.07.11 390,000 390,000 0 EUR Oesterreich 5.25% EMTN 01/04.01.11 0 560,000 0 EUR Philip Morris Intl Inc 4.25% EMTN Sen 09/23.03.12 200,000 0 0 EUR Shell Intl Finance BV 3.375% EMTN 09/09.02.12 180,000 0 0 EUR Sweden 1.5% EMTN 09/08.09.11 620,000 620,000 0 EUR Volkswagen Intl Finance NV 5.625% Ser A03/09-

291 09/09.02.12 160,000 50,000 0



54


Options on transferable securities

USD Accenture Plc A PUT 04/11 OPRA 50 24 24 0 USD Adobe Systems Inc PUT 08/11 OPRA 29 70 0 -70 USD Adobe Systems Inc PUT 08/11 OPRA 31 0 70 70 USD Air Products and Chemicals Inc PUT 02/11 OPRA

85 14 14 0

USD Airgas Inc PUT 02/11 CBOE 60 20 20 0 USD Alcon Inc PUT 04/11 CBOE 165 7 7 0 USD Altria Group Inc PUT 07/11 OPRA 26 50 50 0 USD Amarin Corp Plc ADR repr 1 Share PUT 05/11

OPRA 7 80 80 0

USD Amarin Corp Plc ADR repr 1 Share PUT 05/11 OPRA 8

80 80 0

USD Amazon Com Inc PUT 02/11 OPRA 175 7 7 0 USD Amazon Com Inc PUT 04/11 OPRA 175 7 7 0 USD Amazon Com Inc PUT 05/11 OPRA 185 6 6 0 USD Amgen Inc PUT 03/11 OPRA 50 24 24 0 USD Apollo Group Inc A PUT 01/11 OPRA 40 20 20 0 USD Apple Inc PUT 01/11 OPRA 320 2 2 0 USD Apple Inc PUT 05/11 OPRA 320 3 3 0 USD Avon Products Inc PUT 01/11 OPRA 30 11 11 0 USD Avon Products Inc PUT 02/11 OPRA 29 41 41 0 USD Avon Products Inc PUT 05/11 OPRA 27 45 45 0 USD Avon Products Inc PUT 08/11 OPRA 26 75 0 -75 USD Avon Products Inc PUT 08/11 OPRA 28 0 75 75 USD BMC Software Inc PUT 02/11 OPRA 47.5 25 25 0 USD Best Buy Co Inc PUT 07/11 OPRA 30 60 0 -60 USD Best Buy Co Inc PUT 07/11 OPRA 32 0 60 60 USD Big Lots Inc PUT 06/11 OPRA 35 30 0 -30 USD Big Lots Inc PUT 06/11 OPRA 37.5 0 30 30 USD Bristol Myers Squibb Co PUT 03/11 CBOE 25 48 48 0 USD Bristol Myers Squibb Co PUT 04/11 CBOE 26 46 46 0 USD Bristol Myers Squibb Co PUT 06/11 OPRA 29 0 40 40 USD Campbell Soup Co PUT 03/11 CBOE 34 0 46 46 USD Campbell Soup Co PUT 06/11 CBOE 35 0 33 33 USD Campbell Soup Co PUT 08/11 CBOE 34 0 45 45 USD CareFusion Corp PUT 01/11 OPRA 25 32 32 0 USD Cisco Systems Inc PUT 02/11 OPRA 19 0 63 63 USD Cisco Systems Inc PUT 04/11 OPRA 17 70 70 0 USD Cisco Systems Inc PUT 05/11 OPRA 17 0 70 70 USD Cisco Systems Inc PUT 08/11 OPRA 15 90 90 0 USD Coach Inc PUT 02/11 OPRA 52.5 23 23 0 USD Colgate-Palmolive Co PUT 04/11 OPRA 80 15 15 0 USD Colgate-Palmolive Co PUT 05/11 OPRA 80 15 15 0 USD Colgate-Palmolive Co PUT 06/11 OPRA 85 14 14 0 USD Colgate-Palmolive Co PUT 07/11 OPRA 87.5 14 14 0 USD Costco Wholesale Corp PUT 03/11 OPRA 72.5 0 18 18 USD Dean Foods Co PUT 01/11 CBOE 9 90 90 0 USD Dean Foods Co PUT 05/11 CBOE 10 80 80 0 USD Dean Foods Co PUT 05/11 CBOE 11 80 80 0 USD Dell Inc PUT 06/11 OPRA 16 75 75 0 USD Dendreon Corp PUT 07/11 OPRA 38 70 70 0 USD Dendreon Corp PUT 07/11 OPRA 40 0 70 70 USD Deutsche Bank AG Reg PUT 07/11 OPRA 55 20 20 0 USD EBay Inc PUT 01/11 OPRA 29 28 28 0 USD Electronic Arts Inc PUT 01/11 OPRA 16 50 50 0 USD Electronic Arts Inc PUT 02/11 OPRA 15 80 80 0 USD Estée Lauder Companies Inc A PUT 02/11 OPRA

80 15 15 0

USD Family Dollar Stores Inc PUT 01/11 OPRA 50 0 16 16 USD Fedex Corp PUT 07/11 OPRA 87.5 14 14 0 USD Garmin Ltd PUT 05/11 OPRA 32 65 65 0 USD Garmin Ltd PUT 05/11 OPRA 33 65 65 0 USD General Mills Inc PUT 07/11 OPRA 36 33 33 0



55


USD Genzyme Corp PUT 01/11 OPRA 70 11 11 0 USD Gilead Sciences Inc PUT 05/11 OPRA 40 30 30 0 USD Gilead Sciences Inc PUT 07/11 OPRA 41 14 30 16 USD Google Inc A PUT 01/11 OPRA 600 1 1 0 USD Google Inc A PUT 04/11 OPRA 575 0 3 3 USD Google Inc A PUT 07/11 OPRA 480 3 3 0 USD Hewlett-Packard Co PUT 03/11 OPRA 48 0 26 26 USD Hewlett-Packard Co PUT 06/11 OPRA 40 0 30 30 USD Home Depot Inc PUT 08/11 OPRA 32 60 0 -60 USD Home Depot Inc PUT 08/11 OPRA 35 0 60 60 USD Hospira Inc PUT 02/11 CBOE 55 0 21 21 USD Intuit Inc PUT 03/11 CBOE 50 0 24 24 USD Johnson & Johnson PUT 04/11 OPRA 57.5 21 21 0 USD Lexmark Intl Inc A PUT 02/11 OPRA 36 33 33 0 USD Lowe's Companies Inc PUT 03/11 OPRA 26 47 47 0 USD Lowe's Companies Inc PUT 06/11 OPRA 25 0 50 50 USD MEMC Electronic Materials Inc PUT 01/11 OPRA

11 73 73 0

USD MEMC Electronic Materials Inc PUT 02/11 OPRA 11

109 109 0

USD Master Card Inc A PUT 05/11 OPRA 275 4 4 0 USD Master Card Inc A PUT 06/11 OPRA 285 0 4 4 USD Master Card Inc A PUT 07/11 OPRA 265 20 20 0 USD Master Card Inc A PUT 07/11 OPRA 270 20 20 0 USD Mc Donald's Corp PUT 08/11 OPRA 77.5 25 25 0 USD Mc Donald's Corp PUT 08/11 OPRA 85 25 25 0 USD Mead Johnson Nutrition Co PUT 01/11 OPRA 60 13 13 0 USD Mead Johnson Nutrition Co PUT 02/11 OPRA 60 20 20 0 USD Medtronic Inc PUT 03/11 OPRA 41 0 30 30 USD Medtronic Inc PUT 06/11 OPRA 41 0 30 30 USD Merck Co Inc PUT 04/11 OPRA 32 37 37 0 USD Nike Inc B PUT 03/11 OPRA 85 0 15 15 USD Nike Inc B PUT 06/11 OPRA 82.5 0 14 14 USD Nike Inc B PUT 07/11 OPRA 77.5 16 16 0 USD Novartis AG spons ADR repr 1 Share PUT 04/11

OPRA 165 7 7 0

USD Potash Corp of Saskatschew Inc PUT 01/11 OPRA 160

5 5 0

USD Procter & Gamble Co PUT 08/11 OPRA 60 70 70 0 USD Procter & Gamble Co PUT 08/11 OPRA 62.5 0 70 70 USD Target Corp PUT 03/11 OPRA 50 5 24 19 USD Target Corp PUT 05/11 OPRA 49 25 25 0 USD Tivo Inc PUT 01/11 OPRA 9 89 89 0 USD Tivo Inc PUT 02/11 OPRA 9 133 133 0 USD Tivo Inc PUT 05/11 OPRA 7 130 130 0 USD Tivo Inc PUT 05/11 OPRA 8 130 130 0 USD Visa Inc A PUT 07/11 OPRA 65 15 15 0 USD Visa Inc A PUT 07/11 OPRA 72.5 15 15 0 USD Wal-Mart Stores Inc PUT 07/11 OPRA 52.5 23 23 0 USD Walgreen Co PUT 07/11 OPRA 42 0 30 30 USD Warner Chilcott Plc PUT 03/11 OPRA 24 0 48 48 USD Waste Management Inc PUT 08/11 OPRA 36 120 0 -120 USD Waste Management Inc PUT 08/11 OPRA 37 0 120 120 USD Whole Foods Market Inc PUT 02/11 OPRA 50 24 24 0 USD Xerox Corp PUT 02/11 OPRA 11 109 109 0 USD Zimmer Holdings Inc PUT 01/11 OPRA 55 15 15 0

Index options

EUR DAX Germany Index PUT 10/11 EUX 5600 25 25 0 EUR Euro Stoxx 50 EUR (Price) Index CALL 01/12 EUX

2450 0 24 0


0 40 0


20 20 0



56


EUR Euro Stoxx 50 EUR (Price) Index CALL 11/11 EUX

2525 40 40 0


20 20 0


0 84 0


10 10 0


20 20 0


20 20 0


40 40 0


30 30 0


20 20 0


25 25 0


10 10 0


20 20 0

ATOMO - MARAVEDIS GLOBAL DIVERSIFIED



57

Assets Securities portfolio at market value 9,502,906.46 Deposits on futures contracts 71,150.40 Cash at banks 168,536.93 Formation expenses, net 1,710.53 Income receivable on portfolio 24,591.34 Other receivables 1,790.39


Liabilities Payable on redemptions of shares 45,250.50 Unrealised loss on futures contracts 948.89 Unrealised loss on forward foreign exchange contracts 205,572.75 Interest on bank liabilities and expenses payable 35,342.07 Other liabilities 880.00







58

Income Dividends, net 70,498.79 Interest on bonds and other debt securities, net 44,745.47 Interest on bank accounts 4,116.42 Other income 506.98


Expenses Management fees 108,314.10 Performance fees 26,928.75 Custodian fees 8,335.58 Banking charges and other fees 815.60 Transaction fees 7,607.05 Central administration costs 57,515.18 Professional fees 7,960.01 Other administration costs 111,270.38 Subscription duty ("taxe d'abonnement") 4,709.37 Interest paid on bank liabilities 145.27 Other expenses 12,580.31



Net realised gain/(loss) - on securities portfolio -867,468.99 - on futures contracts -147,988.76 - on forward foreign exchange contracts 9,966.76 - on foreign exchange 35,658.64

Realised result -1,196,146.29

Net variation of the unrealised gain/(loss) - on securities portfolio 599,002.39 - on futures contracts 39,963.61 - on forward foreign exchange contracts -281,620.42










59

Total net assets

- as at 31.12.2011 9,482,691.84 - as at 31.12.2010 6,497,824.69


- outstanding at the beginning of the year 64,201.304 - issued 53,392.035 - redeemed -15,956.166



- as at 31.12.2011 93.30 - as at 31.12.2010 101.21




60





Bonds

DKK 3,700,000 Denmark 4% 08/15.11.12 514,480.61 514,833.91 5.43 EUR 700,000 Deutschland 1% Ser 1 10/16.03.12 699,378.00 701,634.50 7.40 EUR 500,000 Italia 2.5% BTP 09/01.07.12 495,105.00 498,995.00 5.26 EUR 500,000 Italia 5% BTP 01/01.02.12 506,625.00 501,325.00 5.29

1,701,108.00 1,701,954.50 17.95

Total bonds 2,215,588.61 2,216,788.41 23.38



EUR 6,040 db x-trackers II EONIA Total Return Index ETF 1C Cap 843,072.72 843,304.80 8.89 EUR 1,100 iShares II Plc ES 50 31,803.46 25,492.50 0.27 EUR 8,000 iShares eb Rex Go Ger 5.5-10.5 1,000,047.25 1,066,000.00 11.24

1,874,923.43 1,934,797.30 20.40

GBP 27,325 iShares II Plc FTSE All St Gilt Fd 342,457.24 387,489.83 4.09 GBP 1,730 iShares Plc FTSE 250 Fd 22,984.00 20,531.10 0.22

365,441.24 408,020.93 4.31

USD 3,141 Lyxor ETF Commodities CRB B 69,818.69 70,458.44 0.74 USD 10,000 Multi Units France Lyxor ETF iBoxx $ Treasuries 10Y+ Dist 765,475.78 965,578.32 10.18 USD 16,000 Multi Units France Lyxor ETF iBoxx $ Treasuries 5-7Y Cap 1,165,935.93 1,306,637.92 13.78 USD 3 UBS ETFs Plc CMCI Composite SF I Cap 230,446.10 230,032.03 2.43 USD 6,752 iShares II Plc Barclays Cap USD Treasury Bond 7-10 Dist 886,787.21 1,017,947.45 10.73 USD 12,000 iShares Plc Barclays Cap USD Treasury Bond 1-3 1,144,676.45 1,221,392.27 12.88 USD 2,607 iShares Plc MSCI Emerging Markets Dist 74,641.00 72,372.05 0.76 USD 6,083 iShares Plc S&P500 Dist 54,492.98 58,881.34 0.62

4,392,274.14 4,943,299.82 52.12

Total tracker funds (UCITS) 6,632,638.81 7,286,118.05 76.83


Cash at banks 168,536.93 1.78

Other net assets/(liabilities) -188,751.55 -1.99

Total 9,482,691.84 100.00




61





Total 100.21 %



Ireland 32.00 %

France 24.70 %

Germany 18.64 %

Italy 10.55 %


Denmark 5.43 %

Total 100.21 %



62


Bonds

DKK Denmark 4% 08/15.11.12 3,700,000 0 0 DKK Denmark 6% 99/15.11.11 3,700,000 3,700,000 0

EUR Deutschland 1% Ser 1 10/16.03.12 700,000 0 0 EUR Deutschland 1.25% Ser 2 09/16.12.11 500,000 500,000 0 EUR Italia 2.5% BTP 09/01.07.12 500,000 0 0 EUR Italia 5% BTP 01/01.02.12 500,000 0 0

Money market instruments

EUR Deutschland 0% T-Bills 11/13.07.11 500,000 500,000 0 EUR Italia 0% BOT Ser 365 10/15.07.11 500,000 500,000 0


USD LSAM SF 2 Plc CMCI Tracking Fd IA Cap 0 9,650.52517 -0.000003


EUR db x-trackers II EONIA Total Return Index ETF 1C Cap

6,040 0 0

EUR iShares II Plc ES 50 24,567 29,263 0 EUR iShares eb Rex Go Ger 5.5-10.5 13,596 6,426 0

GBP iShares II Plc FTSE All St Gilt Fd 48,667 33,498 0 GBP iShares Plc FTSE 250 Fd 41,389 50,932 0 GBP iShares Plc S&P500 Dist 6,940 6,940 0

USD Lyxor ETF Commodities CRB B 115,334 133,401 0 USD Multi Units France Lyxor ETF iBoxx $ Treasuries

10Y+ Dist 10,000 0 0

USD Multi Units France Lyxor ETF iBoxx $ Treasuries 5-7Y Cap

18,500 2,500 0

USD UBS ETFs Plc CMCI Composite SF I Cap 3 0 0 USD iShares II Plc Barclays Cap USD Treasury Bond 7-

10 Dist 19,964 17,113 0

USD iShares Plc Barclays Cap USD Treasury Bond 1-3 12,000 0 0 USD iShares Plc MSCI Emerging Markets Dist 65,181 85,670 0 USD iShares Plc S&P500 Dist 131,943 167,947 0

ATOMO - MATRIX 20



63

Assets Securities portfolio at market value 2,967,616.90 Cash at banks 60,867.73 Formation expenses, net 28,119.31 Income receivable on portfolio 898.34





Class C Shares outstanding 35,999.506 Net asset value per Class C Share 84.55

ATOMO - MATRIX 20

Statement of operations and other changes in net assets (in EUR) from 3rd March 2011 to 31st December 2011


64

Income Dividends, net 33,617.28 Interest on bank accounts 2,051.86


Expenses Management fees 40,364.79 Performance fees 5,189.25 Custodian fees 1,354.88 Banking charges and other fees 420.17 Transaction fees 19,260.00 Central administration costs 33,251.66 Professional fees 5,304.38 Other administration costs 34,327.61 Subscription duty ("taxe d'abonnement") 1,595.58 Interest paid on bank liabilities 32.73 Other expenses 12,748.19



Net realised gain/(loss) - on securities portfolio -484,318.47 - on forward foreign exchange contracts -6,676.33 - on foreign exchange 27,250.69


Net variation of the unrealised gain/(loss) - on securities portfolio 33,259.40





Total net assets at the beginning of the year -


ATOMO - MATRIX 20



65

Total net assets

- as at 31.12.2011 3,043,714.41

Number of Class C Shares

- outstanding at the beginning of the year 0.000 - issued 36,575.782 - redeemed -576.276


Net asset value per Class C Share

- as at 31.12.2011 84.55

ATOMO - MATRIX 20



66






EUR 1,550 Amundi ETF MSCI Europe Dist 176,412.47 182,171.50 5.98 EUR 5,600 CS ETF (IE) on EONIA B Cap 564,123.52 564,088.00 18.53 EUR 2,425 Lyxor ETF Brazil (IBOVESPA) FCP A (EUR) 56,652.06 54,223.00 1.78 EUR 950 Lyxor ETF China Enterp (HSCEI) A 94,454.49 92,406.50 3.04 EUR 2,600 Lyxor ETF DJIA 208,676.29 247,130.00 8.12 EUR 8,300 Lyxor ETF Eastern Europe FCP D EUR Dist 129,394.91 123,130.50 4.05 EUR 2,000 Lyxor ETF Euro Cash Cap/Dist 213,594.74 213,578.00 7.02 EUR 400 Lyxor ETF Japan Topix FCP 29,110.55 28,992.00 0.95 EUR 6,250 Lyxor ETF MSCI India A 59,529.75 54,687.50 1.80 EUR 575 Lyxor ETF South Africa FTSE40 A Cap/Dist 15,852.97 15,467.50 0.51 EUR 650 Lyxor ETF Turkey FCP 24,491.84 22,763.00 0.75 EUR 6,000 RBS Market Access Rogers Intl Commodity Idx Fd ETF Cap 149,162.37 157,080.00 5.16 EUR 4,650 db x-trackers MSCI Europe Small Cap TRN Index ETF 1C Cap 77,740.35 76,399.50 2.51 EUR 700 iShares III PLC Barclays Capital EUR T Bond 0-1 Dist 70,255.13 70,381.50 2.31 EUR 4,500 iShares eb.rexx Money Market (DE) 412,248.52 412,200.00 13.54

2,281,699.96 2,314,698.50 76.05

GBP 7,000 iShares Plc MSCI Japan 47,805.41 49,161.44 1.61 GBP 950 iShares Plc MSCI Korea 25,231.83 24,164.71 0.79

73,037.24 73,326.15 2.40

USD 12,000 iShares Plc S&P500 Dist 112,421.16 116,155.86 3.82

Total tracker funds (UCITS) 2,467,158.36 2,504,180.51 82.27

Tracker funds (UCI)

USD 2,550 Claymore ETF Trust 2 Guggenheim China Small Cap Dist 41,452.57 38,212.69 1.26 USD 1,400 IShares Inc MSCI Australia Idx Fd 24,830.91 23,114.12 0.76 USD 725 Market Vectors ETF Trust Brazil Small-Cap Cap 24,189.09 20,344.22 0.67 USD 4,500 Market Vectors ETF Trust Gulf States Dist 64,852.33 67,780.69 2.23 USD 1,150 Market Vectors ETF Trust Indonesia Index Dist 25,263.03 25,212.15 0.83 USD 1,750 Market Vectors ETF Trust Russia Dist 40,458.07 35,913.68 1.18 USD 4,950 PowerShares ETF Fd Trust DB Energy Index Dist 98,275.52 105,281.84 3.46 USD 500 SPDR Index Shares Fds Em Mid East & Africa ETF 24,978.66 24,160.63 0.79 USD 1,550 iShares Inc MSCI Canada Idx Fd 31,990.79 31,749.58 1.04 USD 775 iShares Inc MSCI Mexico Investable Market Index Fd 32,364.79 32,083.78 1.05 USD 1,050 iShares Trust Russell 2000 Index Fd 58,543.38 59,583.01 1.96



Cash at banks 60,867.73 2.00


Total 3,043,714.41 100.00

ATOMO - MATRIX 20



67




Total 97.50 %



France 34.00 %

Ireland 27.06 %


Germany 13.54 %


Total 97.50 %

ATOMO - MATRIX 20

Statement of changes in investments (unaudited) from 3rd March 2011 to 31st December 2011

68



EUR Amundi ETF MSCI Europe Dist 14,000 12,450 EUR CS ETF (IE) on EONIA B Cap 12,850 7,250 EUR Lyxor ETF Brazil (IBOVESPA) FCP A (EUR) 23,625 21,200 EUR Lyxor ETF China Enterp (HSCEI) A 9,600 8,650 EUR Lyxor ETF DJIA 7,200 4,600 EUR Lyxor ETF Eastern Europe FCP D EUR Dist 53,900 45,600 EUR Lyxor ETF Euro Cash Cap/Dist 19,200 17,200 EUR Lyxor ETF Japan Topix FCP 3,470 3,070 EUR Lyxor ETF MSCI India A 52,350 46,100 EUR Lyxor ETF South Africa FTSE40 A Cap/Dist 4,125 3,550 EUR Lyxor ETF Turkey FCP 6,700 6,050 EUR RBS Market Access Rogers Intl Commodity Idx Fd ETF Cap 56,400 50,400 EUR db x-trackers II EONIA Total Return Index ETF 1C Cap 21,350 21,350 EUR db x-trackers MSCI Europe Small Cap TRN Index ETF 1C Cap 43,750 39,100 EUR iShares III PLC Barclays Capital EUR T Bond 0-1 Dist 10,400 9,700 EUR iShares eb.rexx Money Market (DE) 13,900 9,400

GBP iShares Plc MSCI Japan 47,000 40,000 GBP iShares Plc MSCI Korea 11,750 10,800

USD db x-trackers USD Money Market ETF 1C Cap 2,000 2,000 USD iShares Plc S&P500 Dist 101,000 89,000

Tracker funds (UCI)

USD Claymore ETF Trust 2 Guggenheim China Small Cap Dist 28,600 26,050 USD IShares Inc MSCI Australia Idx Fd 15,600 14,200 USD Market Vectors ETF Trust Brazil Small-Cap Cap 7,725 7,000 USD Market Vectors ETF Trust Gulf States Dist 13,000 8,500 USD Market Vectors ETF Trust India Small Cap Index Dist 15,175 15,175 USD Market Vectors ETF Trust Indonesia Index Dist 11,950 10,800 USD Market Vectors ETF Trust Russia Dist 16,900 15,150 USD PowerShares ETF Fd Trust DB Energy Index Dist 29,700 24,750 USD SPDR Index Shares Fds Em Mid East & Africa ETF 4,125 3,625 USD iShares Inc MSCI Canada Idx Fd 16,850 15,300 USD iShares Inc MSCI Mexico Investable Market Index Fd 9,625 8,850 USD iShares Trust Russell 2000 Index Fd 11,850 10,800

ATOMO - PLAB FLEX ABSOLUTE FUND



69

Assets Securities portfolio at market value 2,192,094.01 Cash at banks 4,461,041.56 Other liquid assets 585,478.11 Formation expenses, net 21,790.59 Income receivable on portfolio 3,929.70 Unrealised gain on futures contracts 106,687.47 Prepaid expenses 1,467.73


Liabilities Bank liabilities 0.48 Interest on bank liabilities and expenses payable 27,406.98





Statement of operations and other changes in net assets (in EUR) from 19th October 2011 to 31st December 2011


70

Income Dividends, net 6,783.19 Interest on bank accounts 4,762.98


Expenses Management fees 24,806.24 Performance fees 3,577.24 Custodian fees 713.80 Banking charges and other fees 1.67 Transaction fees 3,745.32 Central administration costs 4,684.03 Professional fees 3,450.00 Other administration costs 5,605.86 Subscription duty ("taxe d'abonnement") 831.83 Interest paid on bank liabilities 29.24 Other expenses 1,644.41



Net realised gain/(loss) - on futures contracts -96,150.17 - on foreign exchange -6,404.11


Net variation of the unrealised gain/(loss) - on securities portfolio 56,598.01 - on futures contracts 106,687.47

Result of operations 23,187.73


Redemptions -


Total net assets at the beginning of the year -





71

Total net assets

- as at 31.12.2011 7,345,081.71


- outstanding at the beginning of the year 0.000 - issued 73,228.193 - redeemed 0.000



- as at 31.12.2011 100.30




72






EUR 50,000 ETFS Commodity Sec Ltd Certif DJUBs Pr Index Perpetual 209,554.73 215,500.00 2.93

Total investment certificates 209,554.73 215,500.00 2.93



EUR 2,153.85 AXA World Fds Euro Credit Plus I Cap 211,622.69 207,243.45 2.82 EUR 20,983.21 LO Fds BBB BB Bond I Cap 211,162.08 209,806.92 2.86 EUR 20,162.74 LO Fds Conv Bond I Cap 280,624.61 277,392.93 3.78 EUR 13,128 M&G Global Div Fd C EUR Cap 177,942.28 182,719.44 2.49

Total investment funds (UCITS) 881,351.66 877,162.74 11.95


EUR 9,000 db x-trackers Stoxx Gl Select Dividend 100 ETF 1D Dist 175,450.18 184,500.00 2.51 EUR 2,100 iShares III PLC Barclays Capital EUR Corp Bond 1-5 Dist 213,886.89 209,548.50 2.85 EUR 1,750 iShares Plc EUR Corporate Bond Fd Dist 211,053.52 209,024.38 2.84

Total tracker funds (UCITS) 600,390.59 603,072.88 8.20

Tracker funds (UCI)

USD 2,600 iShares Trust Barclays 3-7 Year Treasury Bond Fd 221,026.13 244,343.14 3.33 USD 3,100 iShares Trust Barclays 7-10 Year Treasury Bd Fd 223,172.89 252,015.25 3.43



Cash at banks 4,461,041.56 60.74

Bank liabilities -0.48 0.00


Total 7,345,081.71 100.00




73




Investment companies 2.93 %

Total 29.84 %





Ireland 5.69 %

Jersey 2.93 %


Total 29.84 %


Statement of changes in investments (unaudited) from 19th October 2011 to 31st December 2011

74



EUR ETFS Commodity Sec Ltd Certif DJUBs Pr Index Perpetual 50,000 0


EUR AXA World Fds Euro Credit Plus I Cap 2,153.85 0 EUR LO Fds BBB BB Bond I Cap 20,983.21 0 EUR LO Fds Conv Bond I Cap 20,162.74 0 EUR M&G Global Div Fd C EUR Cap 13,128 0


EUR db x-trackers Stoxx Gl Select Dividend 100 ETF 1D Dist 9,000 0 EUR iShares III PLC Barclays Capital EUR Corp Bond 1-5 Dist 2,100 0 EUR iShares Plc EUR Corporate Bond Fd Dist 1,750 0

Tracker funds (UCI)

USD iShares Trust Barclays 3-7 Year Treasury Bond Fd 2,600 0 USD iShares Trust Barclays 7-10 Year Treasury Bd Fd 3,100 0

ATOMO - EUROPEAN EQUITY FUND

Statement of operations and other changes in net assets (in EUR) from 1st January 2011 to 21st March 2011


75

Income Dividends, net 5,290.03 Interest on bank accounts 9.85


Expenses Management fees 6,838.53 Custodian fees 2,779.40 Banking charges and other fees 67.51 Transaction fees 80.00 Central administration costs 7,651.74 Professional fees 1,890.40 Other administration costs 2,454.20 Subscription duty ("taxe d'abonnement") 93.47 Interest paid on bank liabilities 1.23 Other expenses 8,652.68



Net realised gain/(loss) - on securities portfolio 170,886.13 - on foreign exchange -14.34




Subscriptions -




Total net assets at the end of the year 0.00




76

Total net assets

- as at 31.12.2011 - - as at 31.12.2010 1,960,533.31 - as at 31.12.2009 1,856,545.57





- as at 31.12.2011 - - as at 31.12.2010 97.77 - as at 31.12.2009 92.83





- as at 31.12.2011 - - as at 31.12.2010 111.83 - as at 31.12.2009 -


Statement of changes in investments (unaudited) from 1st January 2011 to 21st March 2011

77


Shares

CHF Actelion Ltd 0 790 CHF Credit Suisse Group AG Reg 0 710 CHF Logitech Intl SA Reg 0 2,030 CHF Novartis AG Reg 0 650 CHF Sika Finanz AG 0 20 CHF UBS AG Reg 0 2,460 CHF Zurich Financial Services AG Reg 0 75

EUR Adidas AG Reg Share 0 580 EUR Allianz SE Reg 0 300 EUR Andritz AG 0 490 EUR Axa SA 0 1,200 EUR BASF SE Reg 0 550 EUR BIC SA 0 410 EUR BNP Paribas SA 0 640 EUR Banco Bilbao Vizcaya Argent SA Reg 0 2,440 EUR Banco Santander SA 0 5,620 EUR Bayerische Motorenwerke AG 0 570 EUR Bekaert SA 0 450 EUR Belgacom SA 0 890 EUR Boskalis Westminster NV 0 760 EUR Christian Dior SA 0 290 EUR Deutsche Bank AG Reg 0 407 EUR ENI SpA 0 1,520 EUR ING Groep NV Certif 0 2,660 EUR Iliad SA 0 340 EUR Imerys SA 0 580 EUR Infineon Technologies AG Reg 0 5,070 EUR Intesa Sanpaolo SpA 0 6,200 EUR Legrand Holding SA 0 980 EUR M6 Metropole Television SA 0 1,390 EUR Merck KGaA 0 400 EUR Metso Oyj 0 800 EUR OMV AG 0 930 EUR Parmalat SpA 0 13,040 EUR Public Power Corp of Greece 0 1,870 EUR Publicis Groupe SA 0 720 EUR Puma SE 0 110 EUR Red Electrica Corporacion SA 0 690 EUR Repsol YPF SA 0 1,360 EUR Rhodia SA Regroupement 0 1,650 EUR STMicroelectronics NV 0 4,090 EUR Sanofi 0 550 EUR Société Générale A 0 480 EUR Software AG 0 280 EUR Suedzucker AG 0 1,630 EUR Symrise AG 0 1,220 EUR Total SA 0 620 EUR Unicredit SpA 0 11,700 EUR Unilever NV Certif of Shares 0 1,160 EUR United Internet AG & Co 0 2,600 EUR Vivendi 0 1,350 EUR Vopak NV 0 750

GBP Barclays Plc 0 7,840 GBP Drax Group Plc 0 5,100 GBP Greene King Plc 0 5,040 GBP HSBC Holdings Plc 0 11,490 GBP Kingfisher Plc 0 8,970 GBP Taylor Wimpey Plc 0 73,220 GBP Vodafone Group Plc 0 14,470


Statement of changes in investments (unaudited) (continued) from 1st January 2011 to 21st March 2011

78


NOK Marine Harvest ASA 0 35,530

SEK Alfa Laval AB 0 2,080 SEK Boliden AB 0 2,630 SEK Getinge AB B 0 1,450 SEK Husqvarna AB B 0 4,760 SEK Tele2 AB B 0 1,730


EUR iShares STOXX Europe 50 0 5,000

ATOMO - WORLD EQUITY FUND

Statement of operations and other changes in net assets (in EUR) from 1st January 2011 to 21st March 2011


79

Income Dividends, net 11,016.81 Interest on bank accounts 114.06


Expenses Management fees 19,948.63 Custodian fees 2,782.41 Banking charges and other fees 703.14 Transaction fees 2,353.48 Central administration costs 9,018.22 Professional fees 1,890.40 Other administration costs 9,710.15 Subscription duty ("taxe d'abonnement") 414.54 Interest paid on bank liabilities 889.80 Other expenses 22,753.02



Net realised gain/(loss) - on securities portfolio 304,980.74 - on forward foreign exchange contracts -127,196.72 - on foreign exchange 67,168.56


Net variation of the unrealised gain/(loss) - on securities portfolio -677,101.44 - on forward foreign exchange contracts 87,498.46


Subscriptions -




Total net assets at the end of the year 0.00




80

Total net assets

- as at 31.12.2011 - - as at 31.12.2010 5,813,792.29 - as at 31.12.2009 2,859,209.85





- as at 31.12.2011 - - as at 31.12.2010 107.14 - as at 31.12.2009 102.65





- as at 31.12.2011 - - as at 31.12.2010 109.15 - as at 31.12.2009 -


Statement of changes in investments (unaudited) from 1st January 2011 to 21st March 2011

81



ILS KSM Sal Indices Certif Ltd 0 5,360


EUR Lyxor ETF MSCI Malaysia 0 19,190


EUR Accion IBEX 35 ETF FI Units 0 19,020 EUR ETFlab DAXplus Maximum Div Dist 1,765 1,765 EUR Lyxor ETF CAC 40 FCP 3,978 3,978 EUR Lyxor ETF DJIA 1,824 1,824 EUR Lyxor ETF Eastern Europe FCP D EUR Dist 0 10,230 EUR Lyxor ETF FTSE Athex 20 0 39,990 EUR Lyxor ETF MSCI World A 0 1,800 EUR Lyxor ETF Russia (DJRusITit10) A 4,480 4,480 EUR Powershares Gl Fd Ireland Plc FTSE RAFI Asia Pac Ex-Jap Dist 28,173 28,173 EUR SPDR ETF AEX Index Mixte 4,467 4,467 EUR db x-trackers FTSE Vietnam Index ETF 1C Cap 0 6,800 EUR db x-trackers SLI ETF 1D Dist 0 2,920 EUR iShare V Plc MSCI World Monthly EUR Hedged Cap 20,423 20,423 EUR iShares ATX (DE) Dist 5,475 5,475 EUR iShares DJ Asia Pacific Sel Di 30 Dis 6,228 6,228 EUR iShares STOXX Europe 50 0 8,070

GBP Multi Units France Lyxor ETF FTSE All Share 43,008 43,008 GBP Multi Uts France Lyx ETF South Afr FTSE JSE TOP 40 Cap/Dist 0 8,160 GBP Powershares Gl Fd Ireland Plc FTSE Hong Kong China Dist 0 16,110 GBP iShares II Plc MSCI EM Latin America GBP Dist 7,679 7,679 GBP iShares II Plc MSCI Turkey 0 4,125 GBP iShares III PLC MSCI GCC Countries Ex-Saudi Arabia Dist 0 8,210 GBP iShares Plc Euro STOXX Select Dividend 30 GBP 8,218 8,218 GBP iShares Plc FTSE 100 Dist 0 33,330 GBP iShares Plc FTSE China 25 Dist 0 2,400 GBP iShares Plc MSCI Brazil 0 4,970 GBP iShares Plc MSCI Korea 0 9,350 GBP iShares Plc S&P500 Dist 0 24,950

PLN Multi Units Luxembourg Lyxor ETF WIG20 D Dist 2,290 2,290

USD iShares II Plc MSCI Turkey Fd 0 3,605

Tracker funds (UCI)

CAD iShares CDN S&P/TSX 60 Index Fd Dist 0 10,060 CAD iShares Trust Dow Jones Canada Sel Div Index Fd Dist 9,397 9,397

CHF CS ETF (CH) on SMI (R) 3,139 3,139

HKD Polaris Taiwan Top 50 Tr Fund HK Units 0 119,080 HKD Value China ETF Dist 37,900 37,900

HUF OTP BUX Index Tracking ETF Units Cap 7,803 41,223


Statement of changes in investments (unaudited) (continued) from 1st January 2011 to 21st March 2011

82


NOK DnB OBX ETF Units Dist 0 30,510

USD IndexIQ ETF Trust Taiwan Small Cap 6,455 6,455 USD Market Vectors ETF Trust Russia Dist 0 4,990 USD SPDR Index Shares Fds Em Mid East & Africa ETF 247 2,857 USD SPDR Index Shares Fds S&P Emgerging Europe ETF Dist 3,950 3,950 USD WisdomTree Trust ETF India Earnings Idx Dist 0 7,500 USD WisdomTree Trust Middle East Dividend Fd Dist 11,716 11,716 USD iShares Inc MSCI Israel Capped Investable Mk Idx Fd 3,378 3,378 USD iShares Inc MSCI Mexico Investable Market Index Fd 0 3,250 USD iShares Inc MSCI Singapore (Free) Idx Fd 0 15,070 USD iShares Inc MSCI Thailand Investable Mk Index Fd 0 3,920 USD iShares MSCI All Peru Capped Index Fd Dist 0 5,130 USD iShares Trust MSCI Philippines Invest Mk Idx Dist 8,672 8,672

ATOMO

Notes to the financial statements as at 31st December 2011

83

Note 1 - Principal accounting methods The financial statements are prepared in accordance with the Luxembourg legal and regulatory requirements applicable to Undertakings for Collective Investment. 1) Valuation

The assets of the Fund are valued as follows:

a. The value of any cash on hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, dividends and interests declared or due but not yet received is deemed to be the full value of such assets, unless it is unlikely that such values be received, in which case the value thereof shall be determined by deducting such amount the Fund may consider appropriate to reflect the true value of these assets.

b. The valuation of securities and/or money market instruments listed on an official stock

exchange or dealt in on another regulated market which operates regularly, is recognised and open to the public, is based on the last known quotation on the Valuation Day and, if such security is traded on several markets, on the basis of the last available price known on the market considered to be the main market for trading this security. If the last available price is not representative, the valuation is based on the value estimated by the Board of Directors with prudence and in good faith.

c. Shares or units in underlying open-ended investment funds shall be valued at their last

available Net Asset Value reduced by any applicable charges.

d. Securities not listed on a stock exchange or dealt in on another regulated market which operates regularly, is recognised and open to the public are assessed on the basis of the value estimated with prudence and in good faith.

e. The money market instruments which are not listed on any official stock exchange or traded

on any other organised market are valued in accordance with market practice.

f. The financial derivative instruments which are not listed on any official stock exchange or traded on any other organised market, operating regularly and recognised and open to the public, are valued in accordance with market practice.

g. Premiums received on the sale of options are recognised as liabilities and premiums paid on the purchase of options are carried as assets under the heading of transferable securities. Option contracts outstanding on the reporting date are valued at the last known price on the stock exchanges or regulated markets for that purpose. Realised and unrealised gains and losses are recorded in the statement of operations and other changes in net assets.

2) Net realised profit or loss on the securities portfolio

The net realised profit or loss on sales of investments is calculated on the basis of the average cost of the securities sold.

3) Currency translation and aggregation

Transactions, denominated in a currency other than the accounting currency, are translated on the basis of exchange rates prevailing on the date they occur or accrue to the Sub-Fund. Assets and liabilities, not expressed in the accounting currency, are converted at the last exchange rates ruling at the balance sheet date.

ATOMO

Notes to the financial statements (continued) as at 31st December 2011

84

4) Formation expenses

All formation expenses borne by the Sub-Funds are amortised over a maximum of five years. In case where further Sub-Funds are created in the future, these Sub-Funds will bear their own formation expenses which may also be amortised over five accounting years.

5) Consolidation The consolidated financial statements of the Fund are expressed in EUR and are equal to the sum of the corresponding items in the financial statements of each Sub-Fund.

6) Forward foreign exchange contracts Forward foreign exchange contracts are valued at forward market rates for the remaining period from valuation date to the maturity of the contract. Realised and unrealised gains or losses are recorded in the statement of operations and other changes in net assets.

7) Futures contracts Futures are valued at their liquidating value based upon the settlement price on the official stock exchange or another regulated market on which the futures contract is traded. Realised and unrealised gains or losses are recorded in the statement of operations and other changes in net assets.

8) Investment income

Dividend income is recognised on an ex-dividend basis and is recorded net of withholding taxes. Interest income is recorded on an accrual basis and is stated net of foreign withholding tax, if any.

9) Transaction fees

The transaction prices include costs that are part of the realised and unrealised gain / loss in the statement of operations and other changes in net assets. For the period from 1st July 2011 until 31st December 2011 these transaction costs amount to :

ATOMO - MIXED EUR 500.00

ATOMO - GLOBAL FLEXIBLE EUR 19,623.21

ATOMO - MULTI STRATEGY EUR 13,307.98

ATOMO - PRISMA EUR 7,407.25

ATOMO - DINAMIS TREND EUR 1,210.16

ATOMO - MARAVEDIS GLOBAL DIVERSIFIED EUR 30,887.41

ATOMO - MATRIX 20 EUR 16,108.55

ATOMO - PLAB FLEX ABSOLUTE FUND EUR 725.37

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85

Note 2 - Commission on shares issued, redeemed and converted The shares are currently issued at a price corresponding to the Net Asset Value per share of the Sub-Funds increased by an entry charge of maximum 5% to the benefit of the placing agents. Any shareholder may request the conversion of all or part of his shares of one Sub-Fund into shares of another Sub-Fund at a price equal to the respective net values of the shares of the different Sub-Funds. A conversion fee of maximum 2% of the Net Asset Value of the shares to be converted may be charged for the benefit of the various financial intermediaries concerned. Shares are repurchased at the Net Asset Value of the Fund as determined on the applicable Valuation day. Applications notified after this deadline are dealt with on the next following Valuation day. A redemption fee of maximum 2% of the Net Asset Value of the shares redeemed may be charged for the benefit of the various financial intermediaries concerned. Note 3 - Management and performance fees The Board of Directors of the Fund has appointed CASA4FUNDS SA (formerly CASA4FUNDS LUXEMBOURG EUROPEAN ASSET MANAGEMENT S.A.) as the Management Company to be responsible on a day-to-day basis, under supervision of the Directors, for providing administration, marketing and investment management services in respect of all Sub-Funds. The Management Company receives a management fee and a performance fee from each Sub-Fund. The Management Company remunerates the Investment Manager and the Investment Advisor out of the management fee. The Management Company receives the following management fee payable monthly on the value of the average net assets of each Sub-Fund during the relevant month:

Class C Class R Class I Class R1

ATOMO - MIXED 1.50% - - -

ATOMO - GLOBAL FLEXIBLE until 16th October 2011 since 17th October 2011

- 1.50% 2.00%

0.60% 0.60%

-

ATOMO - MULTI STRATEGY - 2.20% 0.80% 1.50%

ATOMO - PRISMA - 2.00% 1.50% -

ATOMO - DINAMIS TREND - 2.00% 1.00% -

ATOMO - MARAVEDIS GLOBAL DIVERSIFIED - 1.20% - -

ATOMO - MATRIX 20 (launched on 3rd March 2011)

1.50% - - -

ATOMO - PLAB FLEX ABSOLUTE FUND (launched on 19th October 2011)

- 1.75% 0.65% -

ATOMO - EUROPEAN EQUITY FUND (merged on 21st March 2011)

- 1.70% 1.50% -

ATOMO - WORLD EQUITY FUND (merged on 21st March 2011)

- 1.70% 1.50% -

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86

In addition to this management fee, a performance fee is added. The performance fee for each Sub-Fund is calculated as follows: - ATOMO - MIXED

The performance fee is 20% of the net increase as a result of operations of each quarter. The performance fee is based on the following formula: Net Asset Value of the Sub-Fund at the end of the quarter - Net subscriptions (i.e. subscriptions - redemptions) - Net Asset Value of the Sub-Fund at the beginning of the quarter (= Net Asset Value at the end of the previous quarter) + Dividends paid (if any) = Net Increase as a result of operations The performance fee is paid after the end of each quarter, however a provision for the accrued additional commission, if any, is made at each calculation of the Net Asset Value of the Sub-Fund. A negative balance in any given quarter is to be carried forward and no additional commission is due until all negative balances carried forward have been covered (high water mark). - ATOMO - GLOBAL FLEXIBLE

The performance fee is paid only if the Net Asset Value reaches the hurdle rate Euribor +2% calculated on a pro rata temporis basis and such performance fee is then applied to the whole performance of the Sub-Fund. The performance fee is 20% and is paid quarterly. However, a provision for the accrued additional commission, if any, is made at each calculation of the Net Asset Value of the Sub-Fund. If the Net Asset Value does not reach the percentage of Euribor +2% the performance fee will not be paid. - ATOMO - MULTI STRATEGY The performance fee is a quarterly amount equal to 20% of the difference between the performance of the Net Asset Value per Share during the previous quarter and the performance, during the same period, of the synthetic index and composed for 50% of Dow Jones Stoxx 600 (SXXP) and for 50% of JPM Global Government Bond Global Local Index (JPMGGLTR). The performance fee is calculated at the end of each quarter and is payable at the beginning of the following quarter. In the event the Sub-Fund beats the Benchmark but at the same time both the Sub-Fund and the Benchmark have a negative return, no performance fee will be due. A provision for the above-mentioned performance fee is made each Valuation Day in the Net Asset Value of the Sub-Fund. - ATOMO - PRISMA The rate of the performance fee is 15% of the quarterly return of the relevant Class, if it exceeds the Hurdle Rate (Libor +2%) calculated on a pro rata temporis basis. The performance fee is paid only if:

- The Net Asset Value per share at the end of the relevant quarter is superior to the last Net Asset Value per share on which a performance fee (HWM) has been paid, and

- The percentage increase of the Net Asset Value per share at the end of the quarter is higher

than Hurdle Rate (Libor +2%).

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87

The performance fee is calculated on the net increase (included the Hurdle Rate) between the Net Asset Value per share at the end of the relevant quarter and the last Net Asset Value on which a performance fee has been paid. The first performance fee calculation is made at 31st March 2010 considering the Net Asset Value at launching date as the initial Net Asset Value. - ATOMO - DINAMIS TREND The performance fee amounts to 20% p.a. of return of Class R and of 15% p.a. of return of Class I that exceeds the High Watermark. On each Valuation Day, an accrual for the previous Valuation Day’s performance fee is made when appropriate, and the performance fee is paid where applicable for each class of the relevant Sub-Fund. The performance fee is paid after the end of each quarter on the value of Net Asset Value, which is calculated on the last day of each quarter. - ATOMO - MARAVEDIS GLOBAL DIVERSIFIED The performance fee amounts to 10% on the over performance of the Sub-Funds NAV plus a fixed hurdle rate of 3% per annum according to the high watermark principle. In case, the Net Asset Value per share at a Valuation Day is higher than:

- the initial subscription price per share plus the prorate hurdle rate of 3%, and - the highest Net Asset Value per share of all preceding valuation days,

a performance fee is due which amounts to 10% of the performance per share exceeding the highest Net Asset Value per share of all preceding Valuation Days (including the initial subscription price per share) plus the prorated hurdle rate of 3% multiplied by the number of shares issued at the valuation day. In case the above-mentioned conditions are not met, no performance fee is due. The performance fee is payable monthly within the month following its calculation. Each investor should be aware that the Performance Fee is calculated on the performance of the Sub-Fund between two Valuation Days, which may differ from the performance of their position. - ATOMO - MATRIX 20 (launched on 3rd March 2011) The performance fee amounts to 15% p. a. of return that exceeds the greater of the Hurdle Rate (calculated as the sum of the average Euribor 12 months + 2.5% calculated on a pro rata temporis basis) and the High Watermark (calculated as the return necessary since the start of the quarter to equal the Net Asset Value per Share on the last Valuation Day of the last quarter in which a performance fee was charged). On each Valuation Day, an accrual for the previous Valuation Day’s performance fee is made when appropriate, and the performance fee is paid where applicable for each class of the Sub-Fund as described herein. In addition, the performance fee is calculated taking into account movements on the capital and applying the Crystallization Principle so that the performance fee is calculated on the basis of the Net Asset Value after deduction of all expenses, liabilities, and Management Fees (but not performance fee), and is adjusted to take account of all subscriptions and redemptions. If Shares are redeemed on any day before the last day of the period for which a performance fee is calculated, while provision has been made for performance fee, the performance fees for which provision has been made and which are attributable to the Shares redeemed is paid at the end of the period even if provision for performance fees is no longer made at that date. Gains which have not been realized may be taken into account in the calculation and payment of performance fees.

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88

The performance fee is paid after the end of each quarter on the value of Net Asset Value, which is calculated on the last day of each quarter. - ATOMO - PLAB FLEX ABSOLUTE FUND (launched on 19th October 2011) The performance fee amounts to 15% p. a. of return of the relevant Share Class that exceeds the High Watermark (calculated as the return necessary since the start of the quarter to equal the Net Asset Value per Share on the last Valuation Day of the last quarter in which a performance fee was charged). On each Valuation Day, an accrual for the previous Valuation Day’s performance fee is made when appropriate, and the performance fee is paid where applicable for each class of the Sub-Fund as described herein. In addition, the performance fee will be calculated taking into account movements on the capital and applying the Crystallization Principle so that the performance fee is calculated on the basis of the Net Asset Value after deduction of all expenses, liabilities, and management fees (but not performance fee), and is adjusted to take account of all subscriptions and redemptions. If Shares are redeemed on any day before the last day of the period for which a performance fee is calculated, while provision has been made for performance fee, the performance fees for which provision has been made and which are attributable to the Shares redeemed will be paid at the end of the period even if provision for performance pees is no longer made at that date. Gains which have not been realized are taken into account in the calculation and payment of performance fees. The performance fee will be paid after the end of each quarter on the value of Net Asset Value, which is calculated on the last day of each quarter. - ATOMO - EUROPEAN EQUITY FUND (merged on 21st March 2011)

The performance fee is 20% on the over performance of the Sub-Fund’s NAV compared to the Dow Jones Stoxx 50 Index (Bloomberg ticker: SX5P Index) (the "Index") and is calculated as follows: if the NAV of the Sub-Fund and the Index have both a positive performance and the NAV’s performance exceeds that of the Index, then there is over performance. If the NAV of the Sub-Fund has a positive performance and the Index has a negative one, the over performance is calculated on the basis of the difference between the Sub-Fund’s performance and the Index’s performance, which is considered to be in that case equal to zero. - ATOMO - WORLD EQUITY FUND (merged on 21st March 2011)

The performance fee is 20% on the over performance of the Sub-Fund’s NAV compared to the INDEX World EURO (Bloomberg ticker: MSERWI) (the "Index") and is calculated as follows: if the NAV of the Sub-Fund and the Index have both a positive performance and the NAV’s performance exceeds that of the Index, then there is over performance. If the NAV of the Sub-Fund has a positive performance and the Index has a negative one, the over performance is calculated on the basis of the difference between the Sub-Fund’s performance and the Index’s performance which is considered to be in that case equal to zero. The performance fee is paid after the end of each quarter on the value of Net Asset Value, which is calculated on the last day of each quarter.

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89

Note 4 - Subscription duty ("Taxe d’abonnement") The Fund is governed by Luxembourg Law. The Fund is not liable to any Luxembourg tax on income and capital gains. Dividends paid by the Fund are not subject to any Luxembourg withholding tax. Pursuant to the legislation and regulations which are prevailing, the Fund is subject to an annual subscription duty ("taxe d’abonnement") of 0.05% which is payable quarterly and calculated on the basis of the net assets of each Sub-Fund on the last day of each quarter. The rate of this tax is reduced to 0.01% for the Class B shares reserved to institutional investors. Pursuant to Article 175 (a) of the Law of 17th December 2010 the net assets invested in undertakings for collective investments already subject to the "taxe d’abonnement" are exempt from this tax. Note 5 - Risk management ATOMO calculates a fund’s global risk exposure by using the standard commitment approach, except for the Sub-Funds ATOMO - DINAMIS TREND and ATOMO - PLAB FLEX ABSOLUTE FUND (launched on 19th October 2011). The standard commitment approach means that the Sub-Funds convert each financial derivative instrument position into the market value of an equivalent position in the underlying asset of that derivative taking into account the netting and hedging arrangements in accordance with ESMA guidelines and CSSF Circulars. The Sub-Funds total commitment to financial derivative instruments is limited to 100% of the Sub-Funds total net assets. For the Sub-Funds ATOMO - DINAMIS TREND and ATOMO - PLAB FLEX ABSOLUTE FUND (launched on 19th October 2011), the calculation of the absolute VaR is carried out in accordance with the following parameters:

- VaR 1 month - Confidence interval of 99%, - Historical simulation, - Observation period of 1 year (250 business days).

VaR

ATOMO - DINAMIS TREND ATOMO - PLAB FLEX ABSOLUTE FUND

Max 15.690% N/A

Min 1.051% N/A

Average 4.518% N/A

Leverage level reached during the last financial year:

ATOMO - DINAMIS TREND ATOMO - PLAB FLEX ABSOLUTE FUND

Max 299.51% N/A

Min 26.97% N/A

Average 153.57% N/A

For the Sub-Fund ATOMO - PLAB FLEX ABSOLUTE FUND (launched on 19th October 2011), there is no data available.

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90

Note 6 - Forward foreign exchange contracts As at 31st December 2011, the Fund has entered into the following forward foreign exchange contracts:

ATOMO - DINAMIS TREND Currency Purchases Currency Sales Maturity Unrealised result

(in EUR)

Forward foreign exchange contracts linked to class R (CHF) shares CHF 156,195.00 EUR 128,444.55 30.03.2012 303.50

303.50

Forward foreign exchange contracts linked to class R (USD) shares USD 1,323,325.00 EUR 1,024,403.93 30.03.2012 -6,204.47

-6,204.47

ATOMO - MARAVEDIS GLOBAL DIVERSIFIED Currency Purchases Currency Sales Maturity Unrealised result

(in EUR)

EUR 292,585.87 GBP 250,000.00 05.03.2012 -6,341.16 EUR 981,354.27 USD 1,300,000.00 05.03.2012 -19,246.21 EUR 3,783,982.37 USD 5,150,000.00 05.03.2012 -179,985.38

-205,572.75

Note 7 - Option contracts As at 31st December 2011, the Fund has entered into the following option contracts:

ATOMO - DINAMIS TREND Currency Number of

contracts Denomination Commitment

(in EUR) Net commitment

(in EUR)

Index options Euro Stoxx 50 EUR (Price) Index

EUR

-24

Euro Stoxx 50 EUR (Price) Index CALL 01/12 EUX 2450

-103,410.79 EUR

-40

Euro Stoxx 50 EUR (Price) Index CALL 01/12 EUX 2600

-25,945.36

EUR

-84

Euro Stoxx 50 EUR (Price) Index PUT 01/12 EUX 2000

118,700.02

-10,656.13

10,656.13

Note 8 - Futures As at 31st December 2011, the Fund has entered into the following future contracts:

ATOMO - GLOBAL FLEXIBLE Number of

contracts Denomination Currency Market value

(in EUR) Unrealised

result (in EUR)

Sale 7 DAX Germany Index FUT 03/12 EUX

EUR -1,032,500.00 -31,162.50

-31,162.50

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ATOMO - MARAVEDIS GLOBAL DIVERSIFIED Number of


(in EUR) Unrealised

result (in EUR)

Purchase 22 Euro Stoxx 50 EUR (Price) Index FUT 03/12 EUX

EUR 507,760.00 880.00

Purchase 10 S&P 500 Composite Index FUT 03/12 CME

USD 482,250.12 -1,828.89

-948.89

ATOMO - PLAB FLEX ABSOLUTE FUND Number of


(in EUR) Unrealised

result (in EUR)

Purchase 9 DAX Germany Index FUT 03/12 EUX

EUR 1,327,500.00 36,450.00

Purchase 65 Euro Stoxx 50 EUR (Price) Index FUT 03/12 EUX

EUR 1,500,200.00 60,450.00

Purchase 3 FTSE MIB Index FUT 03/12 IM

EUR 226,695.00 7,770.00

Sale 2 Long Gilt Fut 10 Years FUT 03/12 LIFFE

GBP -279,964.94 -1,544.06

Purchase 20 NIKKEI 225 (CME) FUT 03/12 CME

USD 648,005.54 -14,246.11

Purchase 10 S&P 500 Composite Index FUT 03/12 CME

USD 482,250.12 17,807.64

106,687.47

The deposits on futures contracts are recorded in the statement of net assets.

Note 9 - Management fees of linked target funds In respect of a Sub-Fund's investments in UCITS and other UCIs linked to the Fund by common management or control, the total management fee (excluding any performance fee, if any) charged to such Sub-Fund and each of the UCITS or other UCIs concerned shall not exceed 3% of the relevant net assets under management. For the accounting year ending as at 31st December 2011, only the Sub-Fund ATOMO - MIXED invested in UCITS/other UCI’s linked to the Fund. Note 10 - Event The Management Company CASA4FUNDS LUXEMBOURG EUROPEAN ASSET MANAGEMENT S.A. changed its denomination in CASA4FUNDS SA with effect on 15th December 2011.

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