audited annual report - fundsquare

Audited annual report

BSI-MultinvestInvestment Company with variable Capital under Luxembourg Law(Société d’Investissement à Capital Variable, SICAV)

R.C.S. Luxembourg N° B 74 740

BSI-Multinvest – Absoluta Daily BSI-Multinvest – Alternative UCITS BSI-Multinvest – Asian Stocks BSI-Multinvest – Cash CHFBSI-Multinvest – Cash EUR BSI-Multinvest – Cash USDBSI-Multinvest – Global Dynamic Bonds BSI-Multinvest – Global Themes*BSI-Multinvest – Greater China Stocks Opportunities**BSI-Multinvest – Long Term Bonds CHF BSI-Multinvest – Long Term Bonds EUR BSI-Multinvest – Long Term Bonds USD BSI-Multinvest – Short Term Bonds CHF***BSI-Multinvest – Short Term Bonds EUR****BSI-Multinvest – Short Term Bonds USD*****BSI-Multinvest – Strategy Balanced (CHF)BSI-Multinvest – Strategy Balanced (EUR)BSI-Multinvest – Strategy Income (CHF)BSI-Multinvest – Strategy Income (EUR)BSI-Multinvest – Swiss StocksBSI-Multinvest – US Stocks

* formerly BSI-Multinvest – Life Sciences** Subfunds marked with * were liquidated during 2011 effective 28 January 2011. *** formerly BSI-Multinvest – CHF Bonds**** formerly BSI-Multinvest – EUR Bonds***** formerly BSI-Multinvest – USD Bonds

AS OF 31.12.2011

1

Audited annual report as of 31 December 2011

Table of contents Page ISIN

Management and Administration 2Features of the Company 4Independent auditor’s report 6

BSI-Multinvest 7BSI-Multinvest – Absoluta Daily 9 A/ LU0585206831 A (CHF hedged)/ LU0585207052 A (USD hedged)/ LU0585207219BSI-Multinvest – Alternative UCITS 15 A/ LU0527840770BSI-Multinvest – Asian Stocks 19 A/ LU0117786821 I/ LU0184285475 A (EUR hedged)/ LU0585204034 A (CHF hedged)/ LU0585204208BSI-Multinvest – Cash CHF 27 A/ LU0585204893BSI-Multinvest – Cash EUR 31 A/ LU0585204463BSI-Multinvest – Cash USD 36 A/ LU0585204547BSI-Multinvest – Global Dynamic Bonds 41 A/ LU0585205940 A (CHF hedged)/ LU0585206328 A (USD hedged)/ LU0585206674BSI-Multinvest – Global Themes* 50 A/ LU0528983660 A (EUR)/ LU0694240408 A (CHF)/ LU0694240580BSI-Multinvest – Greater China Stocks Opportunities 54 A/ LU0389392894 I/ LU0389393512BSI-Multinvest – Long Term Bonds CHF 56 A/ LU0585205783BSI-Multinvest – Long Term Bonds EUR 60 A/ LU0585205197BSI-Multinvest – Long Term Bonds USD 64 A/ LU0585205510BSI-Multinvest – Short Term Bonds CHF** 69 A/ LU0148516585BSI-Multinvest – Short Term Bonds EUR*** 74 A/ LU0148517047BSI-Multinvest – Short Term Bonds USD**** 80 A/ LU0148517476BSI-Multinvest – Strategy Balanced (CHF) 85 A/ LU0394160690BSI-Multinvest – Strategy Balanced (EUR) 90 A/ LU0394160260BSI-Multinvest – Strategy Income (CHF) 96 A/ LU0394159767BSI-Multinvest – Strategy Income (EUR) 102 A/ LU0394160005BSI-Multinvest – Swiss Stocks 107 A/ LU0153576656 I/ LU0585235699BSI-Multinvest – US Stocks 112 A/ LU0153576730

Notes to the Financial Statements 116Appendix 123

* formerly BSI-Multinvest – Life Sciences ** formerly BSI-Multinvest – CHF Bonds*** formerly BSI-Multinvest – EUR Bonds**** formerly BSI-Multinvest – USD Bonds

Sales restrictions

UNITED STATES OF AMERICA – The shares have not been registered under the provisions of the United States Securities Act of 1933; they may not therefore either be offered for sale or sold in anyway in the United States of America or in any of its territories or possessions; nor may they be offered for sale or sold to nationals of the United States of America or for their benefit.

Internet address

www.bsibank.com

2

Management and Administration

Registered Office33A, avenue J.F. Kennedy,P.O. Box 91, L-2010 LuxembourgR.C.S. Luxembourg N° B 74 740

Board of DirectorsChristian Ferry, Chairman (until 31 August 2011)Deputy-CEO, Generali Investments SpA, Trieste, Italy

Stefano Ambrogi, (Chairman since 1 September 2011)Senior Vice President, BSI SA, Lugano, Switzerland

Andrea Fincato, Member (since 1 September 2011)First Vice President, BSI SA, Lugano, Switzerland

Carlo Cavazzoni, MemberSenior Vice President, Generali Investments Italy,Milan, Italy

Nicola L. Battalora, MemberSenior Vice President, BSI Luxembourg SA, Luxembourg

Mark Porter, MemberManaging Director, UBS Fund Services(Luxembourg) S.A., Luxembourg

Portfolio ManagerBSI-Multinvest – Absoluta DailyBSI-Multinvest – Asian StocksBSI-Multinvest – Cash CHFBSI-Multinvest – Cash EURBSI-Multinvest – Cash USDBSI-Multinvest – Global Dynamic BondsBSI-Multinvest – Global Themes*BSI-Multinvest – Long Term Bonds CHFBSI-Multinvest – Long Term Bonds EURBSI-Multinvest – Long Term Bonds USDBSI-Multinvest – Short Term Bonds CHF**BSI-Multinvest – Short Term Bonds EUR***BSI-Multinvest – Short Term Bonds USD****

* formerly BSI-Multinvest – Life Sciences** formerly BSI-Multinvest – CHF Bonds*** formerly BSI-Multinvest – EUR Bonds**** formerly BSI-Multinvest – USD Bonds

BSI-Multinvest – Strategy Balanced (CHF)BSI-Multinvest – Strategy Balanced (EUR)BSI-Multinvest – Strategy Income (CHF)BSI-Multinvest – Strategy Income (EUR)BSI-Multinvest – Swiss StocksBSI-Multinvest – US StocksBSI SA, Via Magatti 2, CH-6901 Lugano

BSI-Multinvest – Alternative UCITSThalìa SA, Via Trevano 2a, CH-6900 Lugano

Custodian Bank and Paying agentUBS (Luxembourg) S.A.,33A, avenue J.F. Kennedy,P.O. Box 2, L-2010 Luxembourg

Domiciliation, Administrative and Transfer AgentUBS Fund Services (Luxembourg) S.A.,33A, avenue J.F. Kennedy,P.O. Box 91, L-2010 Luxembourg

Independent Auditor of the CompanyErnst & Young S.A.,7, Rue Gabriel Lippmann, Parc d’Activité Syrdall 2,L-5365 Munsbach

Sale in SwitzerlandRepresentative, Sales and Paying agentBSI SA,Via Magatti 2, CH-6901 Lugano

Sale in TaiwanThe shares of the subfundsBSI-Multinvest – Short Term Bonds CHF*BSI-Multinvest – Short Term Bonds EUR**BSI-Multinvest – Short Term Bonds USD***BSI-Multinvest – Swiss StocksBSI-Multinvest – US Stocksmay be sold in this country.

* formerly BSI-Multinvest – CHF Bonds** formerly BSI-Multinvest – EUR Bonds*** formerly BSI-Multinvest – USD Bonds

Annual Report as of 31 December 2011 BSI-Multinvest

3

Sale in Singapore** Restricted foreign schemeThe shares of the subfundsBSI-Multinvest – Absoluta DailyBSI-Multinvest – Asian StocksBSI-Multinvest – Global Dynamic BondsBSI-Multinvest – Short Term Bonds CHF*BSI-Multinvest – Short Term Bonds EUR**BSI-Multinvest – Short Term Bonds USD***BSI-Multinvest – US Stocksmay be sold in this country.

* formerly BSI-Multinvest – CHF Bonds** formerly BSI-Multinvest – EUR Bonds*** formerly BSI-Multinvest – USD Bonds

The sales prospectus and the simplified prospectuses, the articles of association of the Company, the annual and semi-annual reports as well as the portfolio movements of the Company mentioned in this publication are available free of charge from UBS Fund Services (Luxembourg) S.A., 33A, avenue J.F. Kennedy, P.O. Box 91, L-2010 Luxembourg, BSI AG, Via Magatti 2, CH-6901 Lugano.


4

Features of the Company

BSI-Multinvest (hereafter “the Company”) is an invest-ment company qualifying as a self-managed “société d’investissement à capital variable, SICAV” which was established for an indefinite period of time on 21 March 2000 in the form of a joint-stock company under Luxembourg law, in accordance with the provisions of the law on Trading Companies of 10 August 1915 including subsequent amendments and addenda, and of Part I of the law of 2002. This law is valid until 30 June 2011. From 1 July 2011 the Company is subject to the law of 17 December 2010.

The articles of association have been published for the first time in the Mémorial C, Recueil des sociétés et associations (“Mémorial”) dated 4 May 2000. The lat-est amendment of the articles of association has been published in the Mémorial on 15 October 2005. Any interested person may inspect and obtain a copy of the coordinated articles of association at the Register of Trade and Companies of Luxembourg in Luxembourg.

In accordance with the articles of association, shares may be issued in various subfunds of the Company’s assets at the Board of Directors’ discretion. Separate portfolios of assets are constituted for each subfund and invested in keeping with the investment objectives of the subfund concerned. The Company has therefore been established as an umbrella fund and allows the investor to choose between different investment objec-tives and to invest accordingly in one or more of the subfunds constituting the Company’s assets.

The share capital corresponds at all times to the aggre-gate value of the net assets of all the subfunds.

The Board of Directors may decide at any time that the Company will issue shares in further subfunds.

At present shares are issued in the following subfunds:

BSI-Multinvest – Absoluta DailyBSI-Multinvest – Alternative UCITSBSI-Multinvest – Asian StocksBSI-Multinvest – Cash CHFBSI-Multinvest – Cash EURBSI-Multinvest – Cash USDBSI-Multinvest – Global Dynamic BondsBSI-Multinvest – Global Themes*BSI-Multinvest – Long Term Bonds CHFBSI-Multinvest – Long Term Bonds EURBSI-Multinvest – Long Term Bonds USD

* formerly BSI-Multinvest – Life Sciences

BSI-Multinvest – Short Term Bonds CHF**BSI-Multinvest – Short Term Bonds EUR***BSI-Multinvest – Short Term Bonds USD****BSI-Multinvest – Strategy Balanced (CHF)BSI-Multinvest – Strategy Balanced (EUR)BSI-Multinvest – Strategy Income (CHF)BSI-Multinvest – Strategy Income (EUR)BSI-Multinvest – Swiss StocksBSI-Multinvest – US Stocks

** formerly BSI-Multinvest – CHF Bonds*** formerly BSI-Multinvest – EUR Bonds**** formerly BSI-Multinvest – USD Bonds

When launching the above-listed subfunds and new subfunds, the sales prospectus shall be supplemented in the necessary manner with detailed information about the new subfunds.

The Board of Directors reserves the right to issue vari-ous classes of shares for each subfund. These may dif-fer from one another, particularly in respect of dividend policy and commission structure.

Currently, the following share classes are offered: – Shares of “Class A” which are capitalizing shares dedicated to retail investors.

– Shares of “Class I” which are capitalizing shares dedicated to institutional investors.

– “Hedged” shares of “Class A” hedge the foreign currency exposure of the respective subfunds against their respective reference currency. Under normal circumstances the hedge ratio will be between 90% and 110% of the share classes NAV. Changes in underlying securities prices and/or large subscription redemptions in a particular share class can result in a hedge ratio that is momentarily out of the limits defined above.

The financial year of the Company ends on the last day of December.

The annual general meeting of shareholders is held in Luxembourg at the venue indicated in the notice of meeting, on the first Monday in the month of May at 2:00 p.m. If this day is a public or bank holiday in Luxembourg, the annual general meeting of share-holders will be held on the next banking day.

No person is authorized to supply any information other than the information contained in the sales prospectus and in the documents mentioned therein.


5

The annual and semi-annual reports are available free of charge to shareholders at the registered office of the Company and of the Custodian Bank.

No subscription may be accepted on the basis of the financial reports. Subscriptions are accepted only on the basis of the current sales prospectus accompanied by the latest annual report and the latest semi-annual report if available.


Independent auditor’s report

Annual Report as of 31 December 201 1BSI-Multinvest

To the Shareholders of

BSI-Mu Itinvest33A, avenue J.E Kennedy,P0. Box 91, L-2010 Luxembourg

We have audited the accompanying financial statements of BSI-Multinvest and of each of its subfunds,which comprise the statement of net assets and thestatement of investments in securities and other netassets as at 31 December 2011 and the statement ofoperations and the statement of changes in net assetsfor the year then ended and a summary of significantaccounting policies and other explanatory notes to thefinancial statements,

Responsibility of the Board of Directors of theSICAV for the financial statements

The Board of Directors of the SICAV is responsible forthe preparation and fair presentation of these financialstatements in accordance with Luxembourg legal andregulatory requirements relating to the preparation andpresentation of the financial statements and for suchinternal control as the Board of Directors of the SICAVdetermines is necessary to enable the preparation andpresentation of financial statements that are free frommaterial misstatement, whether due to fraud or error.

Responsibility of the “Réviseur d’entreprisesagréé”

Our responsibility is to express an opinion on thesefinancial statements based on our audit. We conductedour audit in accordance with International Standards onAuditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier’, Those standards require that we comply with ethical requirementsand plan and perform the audit to obtain reasonableassurance whether the financial statements are freefrom material misstatement.

An audit involves performing procedures to obtain auditevidence about the amounts and disclosures in thefinancial statements. The procedures selected dependon the judgement of the Réviseur d’entreprises agréé’,including the assessment of the risks of material misstatement of the financial statements, whether dueto fraud or error. In making those risk assessments,the ‘Réviseur d’entreprises agréé” considers internalcontrol relevant to the entity’s preparation and fair pre

sentation of the financial statements in order to designaudit 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 appropriatenessof accounting policies used and the reasonableness ofaccounting estimates made by the Board of Directorsof the SICAV, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for ouraudit opinion.

Opinion

In our opinion, the financial statements give a true andfair view of the financial position of BSI-Multinvest andof each of its subfunds as of 31 December 2011, andof the results of their operations and changes in theirnet assets for the year then ended in accordance withthe Luxembourg legal and regulatory requirementsrelating to the preparation and presentation of thefinancial statements.

Other matter

Supplementary information included in the annualreport has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standardsdescribed above, Consequently, we express no opinionon such information. However, we have no observationto make concerning such information in the context ofthe financial statements taken as a whole.

Luxembourg, 17 April 2012

Ernst & YoungSociété AnonyrneCabinet de revision agréé

lsabelle N s

7The notes are an integral part of the financial statements.

Annual Report as of 31 December 2011

Consolidated Statement of Net Assets EURAssets 31.12.2011

Investments in securities, cost 1 601 035 568.35Investments in securities, unrealized appreciation (depreciation) 5 126 606.44Total investments in securities (Note 1) 1 606 162 174.79Cash at banks, deposits on demand and deposit accounts 156 393 125.30Time deposits and fiduciary deposits 47 589 632.02Other liquid assets (Margins) 3 757 797.59Receivable on securities sales (Note 1) 14 384 141.21Receivable on subscriptions 615 199.43Interest receivable on securities 12 256 723.12Interest receivable on liquid assets 11 091.05Receivable on dividends 288 616.45Other receivables 1 156.45Unrealized gain (loss) on financial futures (Note 1) 329 175.90Unrealized gain (loss) on forward foreign exchange contracts (Note 1) 249 573.21

Total Assets 1 842 038 406.52

Liabilities

Bank overdraft -13 362 775.08Other short-term liabilities (Margins) -475 014.21Interest payable on bank overdraft -50 305.79Payable on securities purchases (Note 1) -31 140 860.68Payable on redemptions -2 492 612.08Other payables -45 890.14Provisions for flat fee (Note 2) -1 546 544.88Provisions for taxe d’abonnement (Note 3) -176 311.48Provisions for other taxes (Note 7) -143 308.73Total provisions -1 866 165.09

Total Liabilities -49 433 623.07

Net assets at the end of the financial year 1 792 604 783.45

BSI-Multinvest

8 The notes are an integral part of the financial statements.

Consolidated Statement of Operations EURIncome 1.1.2011-31.12.2011

Interest on liquid assets 355 424.85Interest on securities 25 865 543.82Dividends 3 484 940.89Income on securities lending (Note 4) 491 373.36Other income 616 389.70

Total income 30 813 672.62

Expenses

Flat fee (Note 2) -17 732 947.24Performance fee (Note 2) -306 424.48Taxe d’abonnement (Note 3) -645 825.42Interest on cash liquidity and bank overdraft -223 661.08

Total expenses -18 908 858.22

Net income (loss) on investments 11 904 814.40

Realized gain (loss) (Note 1)

Realized gain (loss) on market-priced securities without options -14 763 239.67Realized gain (loss) on options 1 675 476.39Realized gain (loss) on yield-evaluated securities and money market instruments 3 437 731.04Realized gain (loss) on financial futures 4 840 475.74Realized gain (loss) on forward foreign exchange contracts 3 596 358.36Total realized gain (loss) on investments -1 213 198.14Realized gain (loss) on foreign exchange -1 537 460.56

Total realized gain (loss) -2 750 658.70

Net realized gain (loss) of the financial year 9 154 155.70

Changes in unrealized appreciation (depreciation) (Note 1)

Unrealized appreciation (depreciation) on market-priced securities without options -42 925 977.35Unrealized appreciation (depreciation) on options -213 530.00Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments -1 277 249.46Unrealized appreciation (depreciation) on financial futures 290 018.24Unrealized appreciation (depreciation) on forward foreign exchange contracts 455 541.56

Total changes in unrealized appreciation (depreciation) -43 671 197.01

Net increase (decrease) in net assets as a result of operations -34 517 041.31




BSI-Multinvest – Absoluta Daily

Most important figures

DATE ISIN 31.12.2011

Net assets in EUR 82 995 174.23

CLASS A1 LU0585206831

Shares outstanding 563 076.7890Net asset value per share in EUR 98.32

CLASS A (CHF hedged)1 LU0585207052

Shares outstanding 80 627.4320Net asset value per share in CHF 98.48

CLASS A (USD hedged)1 LU0585207219

Shares outstanding 277 213.8360Net asset value per share in USD 98.79

1 Initial subscription: 11.3.2011

Performance

Currency 2011

CLASS A1 EUR -

CLASS A (CHF hedged)1 CHF -

CLASS A (USD hedged)1 USD -

Historical performance is no indicator of current or future performance.The performance data do not take account of any commissions and costs charged when subscribing and redeeming shares.The performance data were not audited.

1 The subfund does not have a benchmark, which means that the performance of the subfund cannot be compared with a benchmark. / Due to the launch on 11 March 2011, no historical performance data is available.


Report of the Portfolio Manager

2011 was a very complex year for the financial mar-kets and, for some reasons, it was similar to 2008. The turmoil known as “Arab Spring” and the question mark on the survivorship of the Euro currency has leaded the European continent and the countries in front of the Mediterranean Sea to be the object of worries of the majority of the investors. In our opinion, the sovereign debt crisis and the Arab revolution represent only the last effects of the same crisis that started in 2008 and with the definitive solution still difficult to guess. The stock markets, in particular the European stock market, suffered this situation obtaining double digit negative return. At same time, continued the rally of the refuge assets like “safe” government bonds, Swiss Franc and gold.

The subfund has maintained a very conservative port-folio for the majority of the year and mainly during the summer months. In particular, the Directional compo-nent was “net equity short” through option strategies and Etf short on the Euro stoxx 50 until the beginning of October, then we decided to leave more space for the equity investment themes like Timber, Value Managers and Global Basic. The Gold was always in the portfolio. Regarding the “Absolute” section, we have favored the bond component reducing at the same time the weight of the Global Macro and Forex Sections. The perfor-mance obtained was negative and below “target”, but limited taking into account the difficult situation faced by the financial markets during 2011.

Structure of the Securities Portfolio

GEOGRAPHICAL BREAKDOWN AS A % OF NET ASSETS

Luxembourg 56.56Ireland 14.48France 13.09United Kingdom 6.71Liechtenstein 3.22Jersey 2.81Eurozone 0.35

TOTAL 97.22

ECONOMIC BREAKDOWN AS A % OF NET ASSETS

Investment funds & pension foundations 94.06Finance & holding companies 3.16

TOTAL 97.22

Annual Report as of 31 December 2011 BSI-Multinvest – Absoluta Daily


Statement of Net Assets EURAssets 31.12.2011

Investments in securities, cost 80 950 029.88Investments in securities, unrealized appreciation (depreciation) -257 846.35Total investments in securities (Note 1) 80 692 183.53Cash at banks, deposits on demand and deposit accounts 2 636 123.74Other liquid assets (Margins) 43 050.00Receivable on subscriptions 107 727.08Interest receivable on liquid assets 402.91Unrealized gain (loss) on financial futures (Note 1) -44 850.00Unrealized gain (loss) on forward foreign exchange contracts (Note 1) 108 091.74

Total Assets 83 542 729.00

Liabilities

Interest payable on bank overdraft -5.73Payable on redemptions -458 279.98Provisions for flat fee (Note 2) -84 811.13Provisions for taxe d’abonnement (Note 3) -4 457.93Total provisions -89 269.06

Total Liabilities -547 554.77

Net assets at the end of the period 82 995 174.23

Statement of Operations EURIncome 11.3.2011-31.12.2011

Interest on liquid assets 14 139.89Income on securities lending (Note 4) 7 861.46Other income 172 093.22

Total income 194 094.57

Expenses

Flat fee (Note 2) -859 416.93Performance fee (Note 2) -271 114.93Taxe d’abonnement (Note 3) -12 619.59Interest on cash liquidity and bank overdraft -154.00


Net income (loss) on investments -949 210.88


Realized gain (loss) on market-priced securities without options 332 640.41Realized gain (loss) on options 951 017.99Realized gain (loss) on financial futures 76 005.50Realized gain (loss) on forward foreign exchange contracts 1 391 180.52Total realized gain (loss) on investments 2 750 844.42Realized gain (loss) on foreign exchange 625 445.61

Total realized gain (loss) 3 376 290.03

Net realized gain (loss) of the period 2 427 079.15


Unrealized appreciation (depreciation) on market-priced securities without options -44 316.35Unrealized appreciation (depreciation) on options -213 530.00Unrealized appreciation (depreciation) on financial futures -44 850.00Unrealized appreciation (depreciation) on forward foreign exchange contracts 108 091.74

Total changes in unrealized appreciation (depreciation) -194 604.61

Net increase (decrease) in net assets as a result of operations 2 232 474.54



Statement of Changes in Net Assets EUR 11.3.2011-31.12.2011

Net assets at the beginning of the period 0.00Subscriptions 156 531 258.28Redemptions -75 768 558.59Total net subscriptions (redemptions) 80 762 699.69Net income (loss) on investments -949 210.88Total realized gain (loss) 3 376 290.03Total changes in unrealized appreciation (depreciation) -194 604.61Net increase (decrease) in net assets as a result of operations 2 232 474.54


Changes in the Number of Shares outstanding

11.3.2011-31.12.2011

Class ANumber of shares outstanding at the beginning of the period 0.0000Number of shares issued 1 093 574.2990Number of shares redeemed -530 497.5100

Number of shares outstanding at the end of the period 563 076.7890

Class A (CHF hedged)Number of shares outstanding at the beginning of the period 0.0000Number of shares issued 256 484.1420Number of shares redeemed -175 856.7100


Class A (USD hedged)Number of shares outstanding at the beginning of the period 0.0000Number of shares issued 405 732.7110Number of shares redeemed -128 518.8750




Statement of Investments in Securities and other Net Assets as of 31 December 2011

Description Quantity/ Valuation in EUR as a % Nominal Unrealized gain of net (loss) on Futures/ assets Options/Forward Exchange Contracts/ Swaps (Note 1)

Transferable securities and money market instruments listed on an official stock exchange

Certificates on commodities

Jersey

EUR GOLD BULLION SECURITIES LIMITED CC 07-PRP 19 815.00 2 335 594.05 2.82

Total Jersey 2 335 594.05 2.82

Total Certificates on commodities 2 335 594.05 2.82

Total Transferable securities and money market instruments listed on an official stock exchange 2 335 594.05 2.82

UCITS/other UCIs in accordance with Article 41 (1) e) of the Luxembourg law of 17 December 2010

Investment certificates, open end

France

EUR CARMIGNAC GESTION CARMIGNAC PATRIMOINE FCP-A DE CAP 3 DEC 605.00 3 167 671.10 3.82EUR CARMIGNAC GESTION CARMIGNAC INVESTISSEMENT FCP-A 3 DECIMALES 220.00 1 788 952.00 2.15EUR DEXIA LONG SHRT RISK ARBITRAGE 83.00 3 391 373.36 4.09EUR EXANE ASSET MANAGEMENT - EXANE DIVIDEND FUND-I 3 DEC 283.00 2 517 794.40 3.03

Total France 10 865 790.86 13.09

Ireland

EUR ABSOLUTE INSIGHT UK EQUITY MARKET NEUTRAL FUND-B1P-EUR 4 200 000.00 5 029 500.00 6.06EUR MELLON GLOBAL FUNDS PLC - EUROLAND BOND FUND-C 2 300 000.00 3 500 830.00 4.22

Total Ireland 8 530 330.00 10.28

Liechtenstein

EUR LGT BOND FUND GLOBAL INFLATION LINKED (EUR)-I1 2 170.00 2 671 009.60 3.22

Total Liechtenstein 2 671 009.60 3.22

Luxembourg

EUR AMUNDI FUNDS SICAV-ABSOLUTE VOLATILITY EURO EQUITIES-AE-CAP 31 620.00 4 877 701.20 5.88EUR AMUNDI INTERNATIONAL SICAV-AHE-C CAP 37 500.00 4 521 375.00 5.45EUR AVIVA INVESTORS - INDEX OPPORTUNITIES FUND-I CAP 30 125.00 3 120 437.88 3.76EUR DB X-TRACKERS II SICAV - EONIA TOTAL RETURN INDEX ETF-1C-CAP 12 090.00 1 688 042.07 2.03EUR DEKA INSTITUTIONELL GELDMARKTGARANT-CF-T 595.00 3 383 931.60 4.08EUR DNCA INVEST - MIURA-I CAP 34 120.00 3 601 707.20 4.34EUR DNCA INVEST FUND-EUROSE-I 56 130.00 6 660 385.80 8.02EUR HSBC GLOBAL INVESTMENT FUNDS SICAV - GLOBAL MACRO-L-CAP 31 315.00 3 480 912.77 4.19EUR JULIUS BAER SICAV II-II ABSOLUTE RETURN BOND FUND-B 27 305.00 3 082 461.45 3.71EUR MELCHIOR SELECTED TRUST - EUROPEAN ABSOLUTE RETURN FUND-B1 47 800.00 5 616 987.56 6.77EUR PICTET - TIMBER-HP EUR CAP 16 930.00 1 138 711.80 1.37EUR VONTOBEL FUND - ABSOLUTE RETURN BOND EURO-B/CAP 38 855.00 5 767 247.65 6.95

Total Luxembourg 46 939 901.98 56.55

United Kingdom

EUR M&G OPTIMAL INCOME-C EUR ACC 181 455.00 2 723 458.10 3.28EUR M&G1 GLOBAL BASICS FD-C ACC EUR 112 645.00 2 845 446.49 3.43

Total United Kingdom 5 568 904.59 6.71

Total Investment certificates, open end 74 575 937.03 89.85

Total UCITS/other UCIs in accordance with Article 41 (1) e) of the Luxembourg law of 17 December 2010 74 575 937.03 89.85

Other UCIs (Undertakings for collective Investment)


Ireland

EUR ACPI GLOBAL FIXED INCOME UCITS FUND-B EUR 27 472.22 3 488 972.45 4.20

Total Ireland 3 488 972.45 4.20


Total Other UCIs (Undertakings for collective Investment) 3 488 972.45 4.20



Derivative instruments listed on an official stock exchange

Options on indices, classic-styled

EUR

EUR DOW JONES EUROSTOXX 50 INDEX CALL 2800.00000 15.06.12 680.00 88 400.00 0.11EUR DOW JONES EUROSTOXX 50 PUT 2000.00000 15.06.12 210.00 203 280.00 0.24

Total EUR 291 680.00 0.35

Total Options on indices, classic-styled 291 680.00 0.35

Total Derivative instruments listed on an official stock exchange 291 680.00 0.35

Total investments in securities 80 692 183.53 97.22

Derivative instruments


Financial Futures on bonds

EUR EURO-BUND FUTURE 08.03.12 -15.00 -44 850.00 -0.05Total Financial Futures on bonds -44 850.00 -0.05

Total Derivative instruments listed on an official stock exchange -44 850.00 -0.05

Total Derivative instruments -44 850.00 -0.05

Forward Foreign Exchange contracts

Forward Foreign Exchange contracts (Purchase/Sale)

EUR 4 000 000.00 CHF 4 903 200.00 28.6.2012 -68 012.26 -0.08EUR 1 000 000.00 CHF 1 230 500.00 28.6.2012 -20 873.11 -0.03CHF 8 042 000.00 EUR 6 591 803.28 31.1.2012 37 822.51 0.05USD 27 242 000.00 EUR 20 836 775.28 31.1.2012 159 237.91 0.19CHF 113 450.00 EUR 93 129.21 4.1.2012 333.29 0.00EUR 88 669.95 CHF 108 000.00 31.1.2012 -362.69 0.00EUR 76 509.81 USD 98 690.00 3.1.2012 486.24 0.00USD 121 000.00 EUR 93 798.45 31.1.2012 -540.15 0.00Total Forward Foreign Exchange contracts (Purchase/Sale) 108 091.74 0.13

Cash at banks, deposits on demand and deposit accounts and other liquid assets 2 679 173.74 3.23

Other assets and liabilities -439 424.78 -0.53

Total net assets 82 995 174.23 100.00





BSI-Multinvest – Alternative UCITS


DATE ISIN 31.12.2011 31.12.2010

Net assets in EUR 26 627 433.10 28 630 652.77

CLASS A1 LU0527840770

Shares outstanding 275 710.4590 279 548.1770Net asset value per share in EUR 96.58 102.42


Performance

Currency 2011 2010

CLASS A1 EUR -5.8% -


1 The subfund does not have a benchmark, which means that the performance of the subfund cannot be compared with a benchmark.


2011 was a challenging year for hedge fund strategies implemented through UCITS compliant vehicles. The general level of volatility in many markets across almost all asset classes was definitely higher if compared with the previous year. Many strategies, such as Event Driven, Equity long/short and Global Macro, suffered this envi-ronment and the uncertainty related to global economic outlook. Once again the unsolved problems in the Eurozone made the normal portfolio management activ-ity more difficult than in the past but our managers were in most cases able to cut the risk limiting the drawdown.

The fund does not track any benchmark. The portfolio structure is well diversified across strategies and geo-graphic exposures. The highest weight is dedicated to equity related managers, around 43% of the portfolio as of the end of December 2011. Other strategies are event driven which has a weight of roughly 14%, global macro and CTAs 20%, convertible bond arbitrage 8% and credit and fixed income at about 10%. The remain-ing cushion of cash is used to manage redemptions and is deployed tactically when opportunities arise.



Luxembourg 61.48Ireland 37.39

TOTAL 98.87


Investment funds & pension foundations 98.87

TOTAL 98.87



Investments in securities, cost 26 284 447.78Investments in securities, unrealized appreciation (depreciation) 40 833.82Total investments in securities (Note 1) 26 325 281.60Cash at banks, deposits on demand and deposit accounts 450 067.55Unrealized gain (loss) on forward foreign exchange contracts (Note 1) -74 319.26


Liabilities

Payable on redemptions -39 399.36Provisions for flat fee (Note 2) -32 929.04Provisions for taxe d’abonnement (Note 3) -1 268.39Total provisions -34 197.43


Net assets at the end of the financial year 26 627 433.10


Interest on liquid assets 6 881.88Other income 375.48


Expenses

Flat fee (Note 2) -432 202.39Performance fee (Note 2) -35 309.55Taxe d’abonnement (Note 3) -5 709.59

Total expenses -473 221.53



Realized gain (loss) on market-priced securities without options -248 531.73Realized gain (loss) on forward foreign exchange contracts -95 022.86Total realized gain (loss) on investments -343 554.59Realized gain (loss) on foreign exchange 6 207.26

Total realized gain (loss) -337 347.33

Net realized gain (loss) of the financial year -803 311.50


Unrealized appreciation (depreciation) on market-priced securities without options -801 587.89Unrealized appreciation (depreciation) on forward foreign exchange contracts -83 613.43



Annual Report as of 31 December 2011 BSI-Multinvest – Alternative UCITS



Net assets at the beginning of the financial year 28 630 652.77Subscriptions 3 314 549.91Redemptions -3 629 256.76Total net subscriptions (redemptions) -314 706.85Net income (loss) on investments -465 964.17Total realized gain (loss) -337 347.33Total changes in unrealized appreciation (depreciation) -885 201.32Net increase (decrease) in net assets as a result of operations -1 688 512.82



1.1.2011-31.12.2011

Class ANumber of shares outstanding at the beginning of the financial year 279 548.1770Number of shares issued 32 472.4540Number of shares redeemed -36 310.1720

Number of shares outstanding at the end of the financial year 275 710.4590







Ireland

EUR CASTLERIGG MERGER ARBITRAGE UCITS FUND-INST EUR 10 000.00 998 700.00 3.75EUR FUNDLOGIC ALT PLC INDUS PACIFIC ASIA FUND-S EUR 1 000.00 921 300.00 3.46EUR GLG INVESTMENTS VI PLC - GLG EM CREDIT OPP ALT-IN/EUR 10 913.72 1 170 605.93 4.40EUR GLG INVESTMENTS VI PLC - GLG EM DIVERS ALTERNATIVE-IN EUR 9 715.24 863 296.49 3.24EUR JPM MANSART INV ALPHA FDS PLC-CQS CONV ALPHA FDS-EURO INSTIT 1 468.14 1 488 504.12 5.59EUR MARSHALL WACE-MW DEVELOPED EUROPE TOPS FD-EUR-A-ACC 11 819.26 1 353 305.27 5.08EUR MS PSAM GLOBAL EVENT UCITS FUND-B 1 500.00 1 518 885.00 5.71EUR MS PSAM GLOBAL EVENT FD-B EUR EQUALIZATION 24.65 24.65 0.00

Total Ireland 8 314 621.46 31.23

Luxembourg

EUR ALIGNMENT GLOBAL FUND - STRATEGIC BOND A EUR CAP 14 659.05 1 531 475.24 5.75EUR BREVAN HOWARD INV FD II MACRO FX FD-EUR-B-CAPITALISATION 12 979.44 1 377 845.43 5.17EUR DB PLATINUM IV DBX SYSTEMATIC ALPHA INDEX-SHS I1C-E-CAP 12 959.00 1 474 475.02 5.54EUR MELCHIOR SELECTED TRUST - EUROPEAN ABSOLUTE RETURN FUND-B1 13 598.10 1 598 728.50 6.00EUR MERRILL LYNCH INV SOLUTIONS-GLG EUR OPPORTUNITIES UCITS-EU-B 4 891.00 428 255.96 1.61EUR MERRILL LYNCH INVEST SOLUTIONS-MARSHALL WT UCITS-EU B 13 257.84 1 362 242.85 5.12EUR MERRILL LYNCH INVESTMENT SOLUTIONS - YORK EVENT DRIVEN-EUR-B 12 097.50 1 276 770.36 4.79EUR MERRILL LYNCH INVEST SOLUTIONS-CCI HEALTHCARE LS UCITS-EU B 10 557.89 1 079 649.73 4.05EUR MERRILL LYNCH IS-GRAHAM CAPITAL SYSTEM MACRO UCITS-EUR D/CAP 9 974.07 818 870.90 3.08EUR PICTET FUNDS LUX - CONVERTIBLE BONDS-I CAP 9 162.98 844 094.09 3.17EUR RWC FUND - US ABSOLUTE ALPHA-B 10 222.01 972 828.79 3.65EUR RWC FUNDS SICAV - RWC EUROPE ABSOLUTE ALPHA FUND-B 12 974.14 1 372 949.65 5.16EUR SCHRODER GAIA EGERTON EUROPEAN EQUITY-C CAP 14 368.75 1 601 828.25 6.02USD SCHRODER GAIA SLOANE ROBINSON EMERGING MARKETS - C CAP 9 293.68 628 790.13 2.36






Ireland

USD MW GAVEKAL ASIAN OPPORTUNITIES UCITS FD-A USD 11 830.63 952 355.51 3.58USD MW GAVEKAL GREATER CHINA FD-A USD 11 099.63 689 499.73 2.59

Total Ireland 1 641 855.24 6.17






EUR 2 225 950.78 USD 2 985 000.00 25.1.2012 -74 319.26 -0.28Total Forward Foreign Exchange contracts (Purchase/Sale) -74 319.26 -0.28

Cash at banks, deposits on demand and deposit accounts and other liquid assets 450 067.55 1.69


Total net assets 26 627 433.10 100.00




BSI-Multinvest – Asian Stocks

Three-year comparison

DATE ISIN 31.12.2011 31.12.2010 31.12.2009

Net assets in USD 257 963 514.05 213 953 551.31 87 474 961.60

CLASS A LU0117786821

Shares outstanding 1 295 139.9540 794 378.9250 354 346.1910Net asset value per share in USD 172.50 226.95 191.89


Shares outstanding 64 718.6600 - -Net asset value per share in CHF 79.68 - -

CLASS A (EUR hedged)1 LU0585204034

Shares outstanding 54 691.0000 - -Net asset value per share in EUR 79.90 - -

CLASS I LU0184285475

Shares outstanding 167 214.3250 184 545.0000 127 565.0000Net asset value per share in USD 140.09 182.44 152.69


Performance

Currency 2011 2010 2009

CLASS A USD -24.0% 18.3% 68.4%

CLASS A (CHF hedged)1 CHF - - -

CLASS A (EUR hedged)1 EUR - - -

CLASS I USD -23.2% 19.5% 70.2%

Benchmark:

MSCI AC ASIA EX JAPAN TR USD USD -19.2% 17.0% 61.4%


1 Due to the launch on 25 February 2011, no historical performance data is available.



2011 was a year marked by market volatility. In the first part of the year, investors of Asia were concerned by inflation, tighter monetary policy and potential controls to stem capital inflow. Later on, concerns shifted away from inflation and towards economic slowdown. Events outside of Asia, namely uncertainty in the Middle East and North Africa and the problems in the Eurozone, were worrying.

The Fund underperformed its benchmark, MSCI AC ASIA EX JAPAN TR USD, by four hundred and eighty-three basis points. Performance was good until August. September was a cruel month: global equity markets were in free fall, and the Fund was overweight Chinese H-shares, Asia’s worst performing market. Corporate governance at Gome, one of the Fund’s Chinese hold-ings, also undermined performance.



China 21.20South Korea 14.73United States 12.11Taiwan 11.15Hong Kong 9.24Singapore 5.07Philippines 3.67Indonesia 3.31India 2.80Canada 2.56Thailand 2.30Malaysia 2.26Macau 2.00Australia 0.41South Africa 0.38

TOTAL 93.19


Banks & credit institutions 16.16Vehicles 9.98Finance & holding companies 7.73Investment funds & pension foundations 7.39Electronics & semiconductors 7.23Mining, coal & steel 7.08Precious metals & stones 4.37Mechanical engineering & industrial equipment 4.04Internet, software & IT services 3.97Real Estate 3.82Petroleum 3.68Lodging, catering & leisure 3.07Computer hardware & network equipment providers 2.32Tobacco & alcohol 2.04Building industry & materials 1.88Pharmaceuticals, cosmetics & medical products 1.55Insurance 1.20Telecommunications 1.08Retail trade, department stores 0.93Textiles, garments & leather goods 0.88Electrical devices & components 0.85Chemicals 0.67Energy & water supply 0.51Traffic & transportation 0.42Miscellaneous services 0.34

TOTAL 93.19

Annual Report as of 31 December 2011 BSI-Multinvest – Asian Stocks


Statement of Net Assets USDAssets 31.12.2011

Investments in securities, cost 236 512 868.38Investments in securities, unrealized appreciation (depreciation) 3 883 347.42Total investments in securities (Note 1) 240 396 215.80Cash at banks, deposits on demand and deposit accounts 33 484 939.87Other liquid assets (Margins) 1 522 757.69Receivable on securities sales (Note 1) 16 731 868.13Receivable on subscriptions 34 574.01Interest receivable on liquid assets 24.03Receivable on dividends 365 982.15Other receivables 976.56Unrealized gain (loss) on financial futures (Note 1) 108 124.81Unrealized gain (loss) on forward foreign exchange contracts (Note 1) -112 636.20


Liabilities

Bank overdraft -17 165 258.64Interest payable on bank overdraft -56 358.63Payable on securities purchases (Note 1) -16 733 601.07Payable on redemptions -22 017.28Other payables -3 906.24Provisions for flat fee (Note 2) -372 530.51Provisions for taxe d’abonnement (Note 3) -29 604.20Provisions for other taxes (Note 7) -186 036.23Total provisions -588 170.94



Statement of Operations USDIncome 1.1.2011-31.12.2011

Interest on liquid assets 42 636.76Dividends 3 704 895.78Income on securities lending (Note 4) 92 464.14


Expenses

Flat fee (Note 2) -3 979 012.19Taxe d’abonnement (Note 3) -117 269.44Interest on cash liquidity and bank overdraft -196 527.21




Realized gain (loss) on market-priced securities without options -21 339 182.88Realized gain (loss) on financial futures -5 931 845.91Realized gain (loss) on forward foreign exchange contracts -1 710 599.79Total realized gain (loss) on investments -28 981 628.58Realized gain (loss) on foreign exchange -2 346 446.20


Net realized gain (loss) of the financial year -31 780 886.94


Unrealized appreciation (depreciation) on market-priced securities without options -33 090 073.52Unrealized appreciation (depreciation) on financial futures 100 020.67Unrealized appreciation (depreciation) on forward foreign exchange contracts -112 636.20





Statement of Changes in Net Assets USD 1.1.2011-31.12.2011

Net assets at the beginning of the financial year 213 953 551.31Subscriptions 421 801 703.93Redemptions -312 908 165.20Total net subscriptions (redemptions) 108 893 538.73Net income (loss) on investments -452 812.16Total realized gain (loss) -31 328 074.78Total changes in unrealized appreciation (depreciation) -33 102 689.05Net increase (decrease) in net assets as a result of operations -64 883 575.99



1.1.2011-31.12.2011

Class ANumber of shares outstanding at the beginning of the financial year 794 378.9250Number of shares issued 1 188 784.0560Number of shares redeemed -688 023.0270

Number of shares outstanding at the end of the financial year 1 295 139.9540

Class A (CHF hedged)Number of shares outstanding at the beginning of the financial year 0.0000Number of shares issued 583 520.9280Number of shares redeemed -518 802.2680


Class A (EUR hedged)Number of shares outstanding at the beginning of the financial year 0.0000Number of shares issued 919 902.5390Number of shares redeemed -865 211.5390


Class INumber of shares outstanding at the beginning of the financial year 184 545.0000Number of shares issued 34 559.3250Number of shares redeemed -51 890.0000





Description Quantity/ Valuation in USD as a % Nominal Unrealized gain of net (loss) on Futures/ assets Options/Forward Exchange Contracts/ Swaps (Note 1)


Bearer shares

Canada

USD IVANHOE MINES COM NPV 372 000.00 6 599 280.00 2.56

Total Canada 6 599 280.00 2.56

China

HKD AGRICULTURAL BK CH ‘H’CNY1 13 500 000.00 5 803 985.17 2.25HKD BANK OF CHINA LTD ‘H’HKD1 14 000.00 5 153.95 0.00HKD CHINA BLUECHEMICAL ‘H’CNY1 998 000.00 755 359.90 0.29HKD CHINA CONST BK ‘H’CNY1 8 000 000.00 5 581 299.56 2.16HKD CHINA MINSHENG BAN ‘H’CNY1 2 600 000.00 2 252 342.71 0.87HKD CHINA NATIONAL BUI ‘H’CNY1 664 000.00 753 846.16 0.29HKD CHINA PETROLEUM & ‘H’CNY1 2 000 000.00 2 103 284.94 0.82HKD CHINA SHENHUA ENER ‘H’CNY1.00 3 000 000.00 13 013 592.84 5.05HKD CSR CORP LTD ‘H’CNY1 2 000 000.00 1 143 033.68 0.44HKD INDUSTRIAL & COM B ‘H’CNY1 9 000 000.00 5 340 593.14 2.07HKD PING AN INSURANCE ‘H’CNY1 470 000.00 3 097 518.28 1.20HKD SHANDONG WEIGAO GP ‘H’CNY0.1 2 000 000.00 1 799 505.72 0.70HKD SHANGHAI ELECTRIC ‘H’CNY1 712 000.00 329 018.64 0.13HKD SINOPHARM GROUP CO CNY1 500 000.00 1 200 957.68 0.47HKD TENCENT HLDGS LIMI HKD0.0001 270 000.00 5 425 162.19 2.10HKD ZTE CORP ‘H’CNY1 400 000.00 1 253 732.88 0.49

Total China 49 858 387.44 19.33

Hong Kong

HKD AGILE PROPERTY HLD HKD0.10 3 000 000.00 2 687 673.78 1.04HKD BOC HONG KONG HLDG HKD5 430 000.00 1 018 432.71 0.40HKD BOSIDENG INTL HLDG USD0.00001 8 000 000.00 2 265 472.14 0.88HKD CHINA RES LAND HKD0.10 1 239 000.00 1 990 361.45 0.77HKD HONG KONG EXCHANGE HKD1 268 000.00 4 281 073.01 1.66HKD KERRY PROPERTIES HKD1 260 000.00 860 107.10 0.33HKD KUNLUN ENERGY COMP HKD0.01 1 570 000.00 2 235 119.97 0.87HKD LONGKING HOLDINGS HKD0.1 3 000 000.00 1 011 739.27 0.39

Total Hong Kong 16 349 979.43 6.34

India

INR EDUCOMP SOLUTIONS LTD INR2 35 000.00 126 066.97 0.05INR RELIANCE CAPITAL INR10 13 600.00 59 918.58 0.02INR RELIANCE COMMUNICA INR5 272 000.00 357 700.03 0.14INR RELIANCE INFRASTRU INR10 20 400.00 129 927.77 0.05INR RELIANCE POWER INR10 68 000.00 90 190.41 0.04

Total India 763 803.76 0.30

Indonesia

IDR GUDANG GARAM(PERUS IDR500 200 000.00 1 368 624.44 0.53IDR H M SAMPOERNA IDR100 904 500.00 3 890 323.24 1.51IDR INDOCEMENT TUNGGAL IDR500 700 000.00 1 316 239.54 0.51IDR TAMBANG BATUBARA B IDR500 SER’B’ 1 016 500.00 1 944 998.95 0.75

Total Indonesia 8 520 186.17 3.30

Macau

HKD MGM CHINA HLDGS LT HKD1 700 000.00 915 456.70 0.36HKD SANDS CHINA LTD USD0.01 REG’S’ 1 500 000.00 4 238 106.27 1.64

Total Macau 5 153 562.97 2.00

Malaysia

MYR AIRASIA BHD MYR0.1 900 000.00 1 070 347.00 0.41MYR GENTING BHD MYR0.10 800 000.00 2 776 025.24 1.08MYR IJM CORP BERHAD MYR1 1 120 000.00 1 996 214.51 0.77

Total Malaysia 5 842 586.75 2.26

Philippines

PHP ABOITIZ POWER CORP PHP1 1 600 000.00 1 090 867.63 0.42PHP FILINVEST LAND PHP1 17 778 000.00 401 327.56 0.16PHP METRO PACIFIC INVE PHP1 30 000 000.00 2 503 705.40 0.97PHP NICKEL ASIA CORPOR PHP0.50 3 367 400.00 1 574 089.62 0.61PHP PHILIPPINE LNG DIS PHP5 20 000.00 1 159 274.89 0.45PHP SM DEVELOPMENT PHP1 1 272 300.00 197 278.30 0.08PHP SM INVEST CORP PHP10 100 000.00 1 328 240.80 0.51PHP SM PRIME HLDGS PHP1 4 000 000.00 1 213 088.59 0.47

Total Philippines 9 467 872.79 3.67



Singapore

SGD KEPPEL CORP NPV 373 999.00 2 678 312.64 1.04SGD SEMBCORP MARINE SGD0.10 3 200 000.00 9 412 851.81 3.65SGD WILMAR INTERNATIONAL LTD 260 000.00 1 001 039.54 0.38

Total Singapore 13 092 203.99 5.07

South Korea

KRW HANA FINANCIAL GRP KRW5000 80 000.00 2 468 749.84 0.96KRW HYUNDAI MOBIS KRW5000 20 800.00 5 272 221.88 2.04KRW HYUNDAI MOTOR CO KRW5000 60 000.00 11 093 749.29 4.30KRW KIA MOTORS CORP KRW5000 80 000.00 4 631 944.15 1.80KRW MANDO CORPORATION KRW5000 12 000.00 2 145 833.20 0.83KRW POSCO KRW5000 2 000.00 659 722.18 0.26KRW SAMSUNG ELECTRONIC KRW5000 10 400.00 9 551 388.28 3.70

Total South Korea 35 823 608.82 13.89

Taiwan

TWD ADVANCED SEMICONDT TWD10 (ASE) 1.00 0.86 0.00TWD CHINA MOTOR CO TWD10 1 000 000.00 908 220.22 0.35TWD CHINATRUST FIN HOL TWD10 4 333 212.00 2 704 769.21 1.05TWD DELTA ELECTRONIC TWD10 200 000.00 475 577.13 0.19TWD FOXCONN TECH CO TWD10 330 000.00 1 052 808.88 0.41TWD FUBON FINANCIAL HL TWD10 5 000 000.00 5 292 446.92 2.05TWD HIWIN TECH CORP TWD10 108 000.00 877 439.81 0.34TWD HON HAI PRECISION TWD10 360 000.00 985 633.61 0.38TWD PRESIDENT CHAIN ST TWD10 440 000.00 2 397 701.38 0.93TWD SINOPAC FIN HLDGS TWD10 8 000 000.00 2 436 011.76 0.95TWD TAISHIN FINANCIAL TWD10 2 600 000.00 901 614.98 0.35TWD TAIWAN SEMICON MAN TWD10 2 125 867.00 5 321 863.96 2.06TWD TSRC CORPORATION TWD10 400 000.00 981 538.36 0.38TWD UTD MICRO ELECT TWD10 2 000 000.00 838 865.22 0.33TWD WISTRON CORP TWD10 800 000.00 1 013 243.50 0.39TWD YUANTA FINANCIAL HOLDING CO LTD 3 711 877.00 1 894 002.43 0.73

Total Taiwan 28 081 738.23 10.89

United States

USD COEUR D’ALENE MINE COM STK USD1 66 000.00 1 585 980.00 0.61USD FREEPORT-MCMOR C&G COM STK USD0.10 32 000.00 1 169 280.00 0.45USD HECLA MNG CO COM 180 000.00 941 400.00 0.36USD INTERNATIONAL BUSINESS MACHS COM 26 000.00 4 840 680.00 1.88USD MASTERCARD INC COM USD0.0001 CLASS ‘A’ 13 000.00 4 917 510.00 1.91USD VISA INC COM STK USD0.0001 26 000.00 2 681 900.00 1.04

Total United States 16 136 750.00 6.25

Total Bearer shares 195 689 960.35 75.86

Preference shares

Philippines

PHP AYALA LAND INC PREF STK PHP1 1 400 000.00 3 192.34 0.00

Total Philippines 3 192.34 0.00

South Korea

KRW HYUNDAI MOTOR CO 2ND PRF KRW5000 9 500.00 553 341.98 0.22

Total South Korea 553 341.98 0.22

Total Preference shares 556 534.32 0.22

Depository receipts

Australia

USD BHP BILLITON LTD SPONSORED ADR 15 000.00 1 054 500.00 0.41

Total Australia 1 054 500.00 0.41

China

USD BAIDU INC ADS EACH REPR 10 ORD CLS’A 42 000.00 4 818 240.00 1.87

Total China 4 818 240.00 1.87

India

USD BAJAJ HOLDINGS AND INVESTMENT LTD REG S 19 000.00 242 661.98 0.09USD HDFC BANK LTD ADR REPS 3 SHS 240 000.00 6 206 400.00 2.41

Total India 6 449 061.98 2.50




South Africa

USD GOLD FIELDS LTD ADR REPR 1 ORD ZAR0.50(BNY) 64 000.00 977 280.00 0.38

Total South Africa 977 280.00 0.38

South Korea

USD SAMSUNG ELECTRS LTD GDR 95 COM144A 3 500.00 1 611 750.00 0.62

Total South Korea 1 611 750.00 0.62

Taiwan

USD HON HAI PRECISION GDR(REP 2 SHS TWD10)REG’S 2 888.00 15 551.88 0.01USD SINO-AMERICAN SILI GDR EACH REPR’REG S’ 420 000.00 654 780.00 0.25

Total Taiwan 670 331.88 0.26

Thailand

THB ASIAN PROPERTY DEV THB1(NVDR) 5 000 000.00 785 804.82 0.30THB PTT EXPLORTN & PRD THB1(NVDR) 900 000.00 4 805 133.08 1.86THB PTT PUBLIC COMPANY THB10(NVDR) 35 000.00 352 661.60 0.14

Total Thailand 5 943 599.50 2.30

Total Depository receipts 21 524 763.36 8.34

Certificates on indices

United States

USD IPATH MSCI INDIA TOTALRETURN INDEX ETN IC 18.12.36 75 000.00 3 544 500.00 1.37


Total Certificates on indices 3 544 500.00 1.37




United States

USD ISHARES INC-MSCI SOUTH KOREA INDEX FUND 190 000.00 9 918 000.00 3.85USD ISHARES INC-MSCI TAIWAN INDEX FUND 140 000.00 1 653 400.00 0.64






Hong Kong

HKD ISHARES FTSE/XINHUA A50 CHINA TRACKER 5 625 000.00 7 486 677.48 2.90

Total Hong Kong 7 486 677.48 2.90




Warrants on shares

Indonesia

IDR BAKRIE SUMATERA PLAN CALL WARRANT 530.00000 10-18.02.13 533 333.00 6 528.81 0.00IDR BUMI RESOURCES MINERAL CALL WARRANT 700.00000 10-10.12.12 1 866 666.00 15 851.48 0.01

Total Indonesia 22 380.29 0.01

Total Warrants on shares 22 380.29 0.01








Financial Futures on Indices

HKD HANG SENG INDEX FUTURE 30.01.12 175.00 108 124.81 0.04Total Financial Futures on Indices 108 124.81 0.04


Total Derivative instruments 108 124.81 0.04



EUR 4 483 000.00 USD 5 861 522.50 31.1.2012 -69 659.40 -0.03CHF 5 225 000.00 USD 5 600 214.36 31.1.2012 -42 976.80 -0.01Total Forward Foreign Exchange contracts (Purchase/Sale) -112 636.20 -0.04


Bank overdraft and other short-term liabilities -17 165 258.64 -6.65Other assets and liabilities -270 629.28 -0.11

Total net assets 257 963 514.05 100.00





BSI-Multinvest – Cash CHF



Net assets in CHF 73 876 976.03

CLASS A1 LU0585204893



Performance

Currency 2011

CLASS A1 CHF -




The 2011 was characterized by the euro area sovereign crisis. It starts with Greece, and then expands also to other countries. In Italy, Berlusconi resigned and a new technocrat government, led by Monti, came into power. In the last months, not only peripheral bonds but also European core bonds dropped by putting the existence of the single currency into question. In response to the strong CHF, the SNB introduced an exchange rate tar-get that will not tolerate a EUR/CHF below 1.20.

The Fund under performed its benchmark. At the begin-ning of the year the percentage in corporate/finan-cial issuers (floating rate notes) has been increased. Starting the second half of the year, when the crisis expands also to other counties, this percentage has been reduced and the duration of high quality issuers has been also reduced drastically. Moreover, to hedge the credit exposure, derivates has been used.



Netherlands 22.10France 21.39United Kingdom 12.99Ireland 5.41Sweden 5.40United States 4.15Denmark 4.00South Korea 3.39Australia 2.72Germany 2.51Switzerland 2.03

TOTAL 86.09


Banks & credit institutions 61.49Finance & holding companies 10.91Mortgage & funding institutions 5.40Tobacco & alcohol 2.79Energy & water supply 2.78Retail trade, department stores 2.72

TOTAL 86.09


Statement of Net Assets CHFAssets 31.12.2011

Investments in securities, cost 64 320 493.58Investments in securities, unrealized appreciation (depreciation) -720 666.25Total investments in securities (Note 1) 63 599 827.33Cash at banks, deposits on demand and deposit accounts 8 417 157.95Receivable on securities sales (Note 1) 1 501 078.41Interest receivable on securities 406 567.79Interest receivable on liquid assets 2.39


Liabilities

Payable on redemptions -5 983.80Other payables -18 549.63Provisions for flat fee (Note 2) -21 297.56Provisions for taxe d’abonnement (Note 3) -1 826.85Total provisions -23 124.41



Statement of Operations CHFIncome 8.3.2011-31.12.2011

Interest on liquid assets 75.02Interest on securities 942 687.20Income on securities lending (Note 4) 5 356.80


Expenses

Flat fee (Note 2) -232 035.88Taxe d’abonnement (Note 3) -6 544.02Interest on cash liquidity and bank overdraft -1 522.39


Net income (loss) on investments 708 016.73


Realized gain (loss) on market-priced securities without options -168 289.58Realized gain (loss) on yield-evaluated securities and money market instruments 14 159.26Realized gain (loss) on financial futures -15 888.74Total realized gain (loss) on investments -170 019.06Realized gain (loss) on foreign exchange -1 806.72


Net realized gain (loss) of the period 536 190.95


Unrealized appreciation (depreciation) on market-priced securities without options -725 213.61Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments 4 547.36


Net increase (decrease) in net assets as a result of operations -184 475.30

Annual Report as of 31 December 2011 BSI-Multinvest – Cash CHF


Statement of Changes in Net Assets CHF 8.3.2011-31.12.2011

Net assets at the beginning of the period 0.00Subscriptions 101 353 177.90Redemptions -27 291 726.57Total net subscriptions (redemptions) 74 061 451.33Net income (loss) on investments 708 016.73Total realized gain (loss) -171 825.78Total changes in unrealized appreciation (depreciation) -720 666.25Net increase (decrease) in net assets as a result of operations -184 475.30



8.3.2011-31.12.2011






Description Quantity/ Valuation in CHF as a % Nominal Unrealized gain of net (loss) on Futures/ assets Options/Forward Exchange Contracts/ Swaps (Note 1)


Medium term notes, fixed rate

CHF

CHF ANZ BANKING GROUP LTD 2.62500% 07-13.03.12 2 000 000.00 2 008 800.00 2.72CHF CARREFOUR SA 2.62500% 09-16.04.12 2 000 000.00 2 006 800.00 2.71CHF COMPAGNIE DE FINANCEMENT FONCIER 1.87500% 05-27.04.12 1 000 000.00 1 004 000.00 1.36CHF E.ON INTERNATIONAL FINANCE BV 3.25000% 08-24.09.12 3 000 000.00 3 058 800.00 4.14CHF GDF SUEZ 3.50000% 08-19.12.12 2 000 000.00 2 056 000.00 2.78CHF ING BANK NV 3.75000% 08-24.07.12 3 300 000.00 3 362 700.00 4.55CHF RABOBANK NEDERLAND NV 0.30000% 11-26.08.13 2 500 000.00 2 476 250.00 3.35CHF ROYAL BANK OF SCOTLAND PLC 2.25000% 09-09.10.12 2 920 000.00 2 930 804.00 3.97CHF SBAB BANK AB 1.00000% 10-10.02.12 2 000 000.00 2 001 600.00 2.71CHF THE EXPORT-IMPORT BANK OF KOREA 2.75000% 07-18.01.12 2 500 000.00 2 502 500.00 3.39

Total CHF 23 408 254.00 31.68

Total Medium term notes, fixed rate 23 408 254.00 31.68

Medium term notes, floating rate

CHF

CHF ABN AMRO BANK NV 3M CH LIBOR+72BP 10-29.10.12 2 900 000.00 2 873 030.00 3.89CHF BAYERISCHE LANDESBANK 3M LIBOR+8BP 11-25.01.13 1 890 000.00 1 856 925.00 2.51CHF BNP PARIBAS 3M LIBOR+34BP 11-15.04.13 2 990 000.00 2 889 237.00 3.91CHF COMPAGNIE DE FINANCEMENT FONCIER 3M LIBOR+5BP 10-23.04.12 3 000 000.00 2 994 000.00 4.05CHF CREDIT AGRICOLE SA 3M LIBOR+41BP 11-15.04.13 2 000 000.00 1 880 000.00 2.55CHF GROUPE BPCE 3M CH LIBOR+25BP 10-13.04.12 3 000 000.00 2 971 200.00 4.02CHF LLOYDS TSB BANK PLC 3M CH LIBOR+100BP 11-15.10.12 2 700 000.00 2 675 970.00 3.62CHF NYKREDIT BANK A/S 3M LIBOR+80BP 11-22.03.13 2 990 000.00 2 952 625.00 4.00CHF RABOBANK NEDERLAND NV 3M LIBOR+2BP 10-09.03.12 2 500 000.00 2 498 000.00 3.38CHF SWEDBANK MORTGAGE AB 3M CH LIBOR+22BP 11-08.02.13 2 000 000.00 1 990 400.00 2.70CHF UBS AG JERSEY BRANCH 3M LIBOR+35BP 10-16.01.12 1 500 000.00 1 500 000.00 2.03

Total CHF 27 081 387.00 36.66

Total Medium term notes, floating rate 27 081 387.00 36.66

Bonds, fixed rate

CHF

CHF PHILIP MORRIS INTERNATIONAL INC 3.25000% 09-11.03.13 2 000 000.00 2 060 000.00 2.79CHF RABOBANK NEDERLAND NV 4.25000% 00-14.09.12 2 000 000.00 2 055 600.00 2.78CHF TOYOTA MOTOR CREDIT CORP 4.00000% 09-03.02.12 1 000 000.00 1 002 700.00 1.36

Total CHF 5 118 300.00 6.93

Total Bonds, fixed rate 5 118 300.00 6.93


Other money market instruments in accordance with Article 41 (1) h)

Euro Certificates of Deposit, zero coupon

CHF

CHF UNICREDIT SPA LONDON ECD 0.00000% 30.12.11-30.03.12 4 000 000.00 3 992 632.48 5.41

Total CHF 3 992 632.48 5.41

Total Euro Certificates of Deposit, zero coupon 3 992 632.48 5.41

Euro Commercial Papers, zero coupon

CHF

CHF INTESA SANPAOLO BANK IRELAND ECP 0.00000% 12.10.11-12.01.12 4 000 000.00 3 999 253.85 5.41

Total CHF 3 999 253.85 5.41

Total Euro Commercial Papers, zero coupon 3 999 253.85 5.41

Total Other money market instruments in accordance with Article 41 (1) h) 7 991 886.33 10.82



Other assets and liabilities 1 859 990.75 2.52

Total net assets 73 876 976.03 100.00




BSI-Multinvest – Cash EUR




CLASS A1 LU0585204463

Shares outstanding 2 482 873.2820Net asset value per share in EUR 100.54


Performance

Currency 2011

CLASS A1 EUR -




The 2011 was characterized by the euro area sovereign crisis. The crisis starts with Greece for which a financial aid package has been created by EU/IMF. During the summer the crisis expands also to other countries. In Italy the Prime Minister Berlusconi resigned and a new technocrat government, led by Monti, came into power. In the last months, not only peripheral bonds but also European core bonds dropped by putting the existence of the single currency into question.

The Fund under performed its benchmark. At the beginning of the year the percentage in corporate/financial issuer has been increased. Starting the sec-ond half of the year this percentage has been reduced and “hedged” through the use of derivates. Thus, the segment in zero coupon has been increased. The dura-tion of the zero coupon of country like Netherlands or Germany has been increased, whereas the one of Italy has been kept very short.



Netherlands 15.95Italy 15.32Germany 10.77United Kingdom 9.97Spain 8.00France 7.18Ireland 5.49Austria 3.27Belgium 2.80Denmark 1.60Switzerland 1.42Canada 0.80United States 0.41

TOTAL 82.98


Banks & credit institutions 41.56Countries & central governments 19.52Finance & holding companies 8.70Public, non-profit institutions 4.00Miscellaneous unclassified companies 4.00Cantons, federal states 3.99Mortgage & funding institutions 1.00Insurance 0.21

TOTAL 82.98


Annual Report as of 31 December 2011 BSI-Multinvest – Cash EUR


Investments in securities, cost 207 351 980.98Investments in securities, unrealized appreciation (depreciation) -200 908.80Total investments in securities (Note 1) 207 151 072.18Cash at banks, deposits on demand and deposit accounts 58 828 710.32Receivable on subscriptions 79 722.53Interest receivable on securities 827 382.87Interest receivable on liquid assets 7 400.25


Liabilities

Payable on securities purchases (Note 1) -16 664 035.40Payable on redemptions -453 755.89Other payables -2 059.17Provisions for flat fee (Note 2) -114 271.19Provisions for taxe d’abonnement (Note 3) -30 864.53Total provisions -145 135.72




Interest on liquid assets 74 263.85Interest on securities 2 602 705.38Income on securities lending (Note 4) 72 108.36Other income 20 924.03


Expenses

Flat fee (Note 2) -1 217 135.42Taxe d’abonnement (Note 3) -103 745.18




Realized gain (loss) on market-priced securities without options -809 009.68Realized gain (loss) on yield-evaluated securities and money market instruments 1 178 182.03Realized gain (loss) on financial futures -162 039.50Total realized gain (loss) on investments 207 132.85

Total realized gain (loss) 207 132.85








Net assets at the beginning of the period 0.00Subscriptions 360 518 192.25Redemptions -112 344 235.35Total net subscriptions (redemptions) 248 173 956.90Net income (loss) on investments 1 449 121.02Total realized gain (loss) 207 132.85Total changes in unrealized appreciation (depreciation) -200 908.80Net increase (decrease) in net assets as a result of operations 1 455 345.07


Changes in the Number of Shares outstanding 18.3.2011-31.12.2011

Class ANumber of shares outstanding at the beginning of the period 0.0000Number of shares issued 3 604 383.1640Number of shares redeemed -1 121 509.8820

Number of shares outstanding at the end of the period 2 482 873.2820






Treasury bills, zero coupon

EUR

EUR ITALY, REPUBLIC OF TB 0.00000% 31.08.11-29.02.12 10 000 000.00 9 973 641.76 4.00EUR ITALY, REPUBLIC OF TB 0.00000% 02.01.12-29.06.12 10 000 000.00 9 845 176.18 3.94EUR NETHERLANDS, KINGDOM OF THE TB 0.00000% 06.04.11-30.03.12 10 000 000.00 10 004 737.80 4.01

Total EUR 29 823 555.74 11.95

Total Treasury bills, zero coupon 29 823 555.74 11.95

Notes, fixed rate

EUR

EUR KREDITANSTALT FUER WIEDERAUFBAU 0.87500% 11-15.11.13 1 700 000.00 1 699 677.00 0.68

Total EUR 1 699 677.00 0.68

Total Notes, fixed rate 1 699 677.00 0.68


EUR

EUR ALLIANZ FINANCE II BV 5.00000% 08-06.03.13 500 000.00 518 045.00 0.21EUR BANESTO FINANCIAL PRODUCTS 3.00000% 10-17.09.12 5 800 000.00 5 734 750.00 2.30EUR BANK NEDERLANDSE GEMEENTEN NV 4.62500% 02-13.09.12 1 300 000.00 1 330 576.00 0.53EUR BANK OF SCOTLAND PLC 4.12500% 07-06.02.12 4 000 000.00 3 993 680.00 1.60EUR INTESA SANPAOLO SPA 3.25000% 11-01.02.13 2 800 000.00 2 741 844.00 1.10EUR KREDITANSTALT FUER WIEDERAUFBAU 1.12500% 10-23.03.12 2 500 000.00 2 503 350.00 1.00EUR RAIFFEISEN ZENTRALBANK OESTERREICH AG 4.75000% 07-15.06.12 3 000 000.00 3 027 030.00 1.21EUR ROCHE HOLDINGS INC 4.62500% 09-04.03.13 1 000 000.00 1 037 250.00 0.42EUR UNICREDIT BANK AG 1.50000% 11-14.01.13 2 500 000.00 2 498 375.00 1.00

Total EUR 23 384 900.00 9.37



EUR

EUR ABN AMRO BANK NV 3M EURIBOR+95BP 10-15.01.13 5 000 000.00 4 993 550.00 2.00EUR BMW FINANCE NV 3M EURIBOR+27BP 11-27.05.13 7 000 000.00 6 970 880.00 2.79EUR BPCE SA 3M EURIBOR+60BP 11-27.05.13 3 000 000.00 2 946 720.00 1.18EUR CAISSE CENTRALE DESJARDINS 3M EURIBOR+43BP 10-12.03.12 2 000 000.00 2 002 020.00 0.80EUR DEUTSCHE BANK AG 3M EURIBOR+40BP 11-14.02.13 4 200 000.00 4 180 554.00 1.68EUR FORTIS BANK NEDERLAND NV 3M EURIBOR+75BP 10-23.04.12 3 000 000.00 3 003 450.00 1.20EUR ROYAL BANK OF SCOTLAND PLC 3M EURIBOR+145BP 10-17.09.12 3 000 000.00 2 991 960.00 1.20EUR SOCIETE GENERALE 3M EURIBOR+20BP 11-13.04.12 5 000 000.00 4 988 600.00 2.00EUR SYDBANK A/S 3M EURIBOR+100BP 10-03.09.12 4 000 000.00 3 993 360.00 1.60EUR UBS AG LONDON BRANCH 3M EURIBOR+45BP 11-17.06.13 3 600 000.00 3 550 680.00 1.42EUR UNICREDIT SPA 3M EURIBOR+85BP 10-14.09.12 4 000 000.00 3 915 080.00 1.57EUR VOLKSWAGEN BANK GMBH 3M EURIBOR+35BP 11-12.10.12 4 000 000.00 3 994 080.00 1.60EUR VOLKSWAGEN BANK GMBH 3M EURIBOR+40BP 11-13.05.13 7 000 000.00 6 991 439.00 2.80

Total EUR 54 522 373.00 21.84


Bonds, fixed rate

EUR

EUR AUSTRIA, REPUBLIC OF 5.00000% 02-15.07.12 5 000 000.00 5 129 650.00 2.06EUR BELGIUM, KINGDOM OF 2.00000% 09-28.03.12 1 000 000.00 1 003 800.00 0.40EUR GERMANY, REPUBLIC OF 0.50000% 10-15.06.12 5 000 000.00 5 012 250.00 2.01EUR ITALY, REPUBLIC OF-BTP 3.00000% 09-01.03.12 5 000 000.00 4 995 200.00 2.00

Total EUR 16 140 900.00 6.47


Bonds, floating rate

EUR

EUR FORTIS BANK NEDERLAND NV 3M EURIBOR+90BP 10-03.02.12 3 000 000.00 3 003 060.00 1.20

Total EUR 3 003 060.00 1.20

Total Bonds, floating rate 3 003 060.00 1.20



Treasury notes, zero coupon

EUR

EUR ITALY, REPUBLIC OF TB 0.00000% 14.10.11-15.10.12 7 000 000.00 6 773 977.00 2.71

Total EUR 6 773 977.00 2.71

Total Treasury notes, zero coupon 6 773 977.00 2.71


Transferable securities and money market instruments traded on another regulated market


EUR

EUR BELGIUM, KINGDOM OF TB 0.00000% 19.05.11-17.05.12 6 000 000.00 5 976 308.20 2.39

Total EUR 5 976 308.20 2.39


Total Transferable securities and money market instruments traded on another regulated market 5 976 308.20 2.39


Euro Certificates of Deposit, zero coupon

EUR

EUR UNICREDIT SPA LONDON ECD 0.00000% 30.12.11-30.04.12 8 000 000.00 7 954 443.13 3.19

Total EUR 7 954 443.13 3.19

Total Euro Certificates of Deposit, zero coupon 7 954 443.13 3.19


EUR

EUR ABN AMRO BANK NV ECP 0.00000% 20.12.11-20.02.12 10 000 000.00 9 986 437.75 4.00EUR CAISSE D’AMORTISSEMENT DETTE ECP 0.00000% 19.12.11-19.03.12 10 000 000.00 9 989 652.20 4.00EUR INSTITUTO DE CREDITO OFICIAL ECP 0.00000% 19.08.11-19.01.12 10 000 000.00 9 992 779.03 4.00EUR INTESA SANPAOLO BANK IRELAND ECP 0.00000% 30.12.11-30.03.12 8 000 000.00 7 965 628.98 3.19EUR SANTANDER COMM PAPER SA-REG-S ECP 0.00000% 30.12.11-29.02.12 10 000 000.00 9 974 113.76 4.00EUR UBS AG LONDON ECP 0.00000% 23.12.11-23.04.12 10 000 000.00 9 963 266.39 3.99

Total EUR 57 871 878.11 23.18





Other assets and liabilities -16 350 480.53 -6.55

Total net assets 249 629 301.97 100.00





BSI-Multinvest – Cash USD



Net assets in USD 158 522 832.51

CLASS A1 LU0585204547

Shares outstanding 1 587 897.2660Net asset value per share in USD 99.83


Performance

Currency 2011

CLASS A1 USD -




The 2011 was characterized by the euro area sover-eign crisis. It starts with Greece, and then expands also to other countries. In Italy, Berlusconi resigned and a new technocrat government, led by Monti, came into power. In the last months, not only peripheral bonds but also European core bonds dropped by putting the exis-tence of the single currency into question. After a sum-mer driven by the political quarrels about the necessity to raise the debt ceiling and the ensuing debt down-grade, some positive hard data has come.

The Fund under performed its benchmark. At the begin-ning of the year the percentage in corporate/finan-cial issuers (floating rate notes) has been increased. Starting the second half of the year, when the crisis expands also to others counties, this percentage has been reduced and the duration of high quality issuers has been also reduced drastically. Moreover, to hedge the credit exposure, derivates has been used.



United States 19.80France 18.90United Kingdom 10.69Netherlands 9.47Spain 9.43Supranationals 6.36Ireland 3.70Belgium 3.14Italy 2.47Norway 2.27Canada 0.63

TOTAL 86.86


Banks & credit institutions 39.09Countries & central governments 22.04Supranational organisations 6.37Public, non-profit institutions 6.30Miscellaneous unclassified companies 6.28Finance & holding companies 4.26Computer hardware & network equipment providers 1.89Pharmaceuticals, cosmetics & medical products 0.63

TOTAL 86.86



Investments in securities, cost 138 358 209.37Investments in securities, unrealized appreciation (depreciation) -659 707.26Total investments in securities (Note 1) 137 698 502.11Cash at banks, deposits on demand and deposit accounts 21 749 101.20Receivable on subscriptions 123 776.80Interest receivable on securities 190 562.06


Liabilities

Bank overdraft -51 600.77Interest payable on bank overdraft -72.81Payable on securities purchases (Note 1) -1 020 901.14Payable on redemptions -83 703.21Other payables -33 155.88Provisions for flat fee (Note 2) -45 755.85Provisions for taxe d’abonnement (Note 3) -3 920.00Total provisions -49 675.85




Interest on securities 709 819.05Income on securities lending (Note 4) 17 629.30


Expenses

Flat fee (Note 2) -472 579.77Taxe d’abonnement (Note 3) -13 556.92Interest on cash liquidity and bank overdraft -764.62




Realized gain (loss) on market-priced securities without options -43 991.06Realized gain (loss) on yield-evaluated securities and money market instruments 271 595.49Realized gain (loss) on financial futures -96 381.03Total realized gain (loss) on investments 131 223.40Realized gain (loss) on foreign exchange 4 491.74







Annual Report as of 31 December 2011 BSI-Multinvest – Cash USD



Net assets at the beginning of the period 0.00Subscriptions 210 899 340.28Redemptions -52 093 062.69Total net subscriptions (redemptions) 158 806 277.59Net income (loss) on investments 240 547.04Total realized gain (loss) 135 715.14Total changes in unrealized appreciation (depreciation) -659 707.26Net increase (decrease) in net assets as a result of operations -283 445.08



2.3.2011-31.12.2011


Number of shares outstanding at the end of the period 1 587 897.2660






Notes, fixed rate

USD

USD ROYAL BANK OF SCOTLAND PLC-REG-S 2.62500% 09-11.05.12 2 000 000.00 2 010 996.00 1.27

Total USD 2 010 996.00 1.27


Notes, floating rate

USD

USD EKSPORTFINANS ASA 3M LIBOR+20BP 11-05.04.13 4 000 000.00 3 604 520.00 2.28USD SOC FIN ECONOMIE FRANCAISE-REG-S 3M US LIB+20BP 09-16.07.12 5 000 000.00 4 995 950.00 3.15

Total USD 8 600 470.00 5.43

Total Notes, floating rate 8 600 470.00 5.43


USD

USD BANK NEDERLANDSE GEMEENTEN NV 0.75000% 10-23.11.12 6 000 000.00 5 976 240.00 3.77USD EUROPEAN INVESTMENT BANK-REG-S 1.12500% 10-16.04.12 4 000 000.00 4 005 240.00 2.52USD NEDERLANDSE WATERSCHAPSBANK NV 2.00000% 09-20.10.12 4 000 000.00 4 023 000.00 2.54

Total USD 14 004 480.00 8.83



USD

USD BARCLAYS BANK PLC 3M LIBOR+30BP 07-17.10.12 8 000 000.00 7 940 640.00 5.01USD BELGIUM, KINGDOM OF 3M LIBOR+10BP 09-06.08.12 5 000 000.00 4 977 330.00 3.14USD INTESA BANK IRELAND PLC 3M LIBOR+15BP 05-17.05.12 6 000 000.00 5 872 440.00 3.70

Total USD 18 790 410.00 11.85


Bonds, fixed rate

USD

USD ASIAN DEVELOPMENT BANK 2.12500% 09-15.03.12 2 600 000.00 2 608 814.00 1.64USD BANK NEDERLANDSE GEMEENTEN NV 2.37500% 09-04.06.12 2 000 000.00 2 011 960.00 1.27USD ITALY, REPUBLIC OF 2.12500% 09-05.10.12 4 000 000.00 3 910 484.01 2.47

Total USD 8 531 258.01 5.38





USD

USD CITIGROUP INC 3M LIBOR+85BP 11-15.02.13 1 600 000.00 1 570 179.20 0.99USD INTERNATIONAL BUSINESS MACHINES 3M LIBOR+3BP 10-15.06.12 3 000 000.00 3 000 348.00 1.89USD MORGAN STANLEY 3M LIBOR+98BP 11-29.04.13 800 000.00 754 536.00 0.48USD SANOFI 3M LIBOR+20BP 11-28.03.13 1 000 000.00 997 740.00 0.63USD TOTAL CAPITAL CANADA LTD 3M LIBOR+9BP 11-13.05.13 1 000 000.00 1 001 719.00 0.63

Total USD 7 324 522.20 4.62





USD

USD INTER-AMERICAN DEVELOPMENT BANK 0.50000% 02-19.12.12 3 500 000.00 3 478 055.00 2.19

Total USD 3 478 055.00 2.19


Treasury notes, fixed rate

USD

USD AMERICA, UNITED STATES OF 1.00000% 09-31.12.11 6 000 000.00 6 000 000.00 3.78USD AMERICA, UNITED STATES OF 0.37500% 10-31.08.12 5 000 000.00 5 008 790.00 3.16USD AMERICA, UNITED STATES OF 0.50000% 11-31.05.13 8 000 000.00 8 033 752.00 5.07USD AMERICA, UNITED STATES OF 0.37500% 11-30.06.13 7 000 000.00 7 016 681.00 4.43

Total USD 26 059 223.00 16.44

Total Treasury notes, fixed rate 26 059 223.00 16.44




USD

USD BANCO BILBAO VIZ ARG LN-REG-S ECP 0.00000% 07.12.11-07.02.12 7 000 000.00 6 990 632.02 4.41USD BANK NEDERLANDSE GEMEENTEN NV ECP 0.00000% 07.11.11-08.05.12 3 000 000.00 2 995 338.22 1.89USD BANQUE FED DU CRED MUT-REG-S ECP 0.00000% 07.12.11-07.02.12 7 000 000.00 6 992 850.59 4.41USD BPCE ECP 0.00000% 22.12.11-22.02.12 7 000 000.00 6 992 277.19 4.41USD CAISSE D’AMORTISSEMENT DETTE ECP 0.00000% 06.12.11-06.03.12 10 000 000.00 9 984 049.89 6.30USD INSTITUTO DE CREDITO OFICIAL ECP 0.00000% 30.12.11-29.02.12 5 000 000.00 4 981 301.66 3.14USD SANTANDER COMM PAPER SA-REG-S ECP 0.00000% 03.10.11-03.04.12 10 000 000.00 9 962 638.33 6.29

Total USD 48 899 087.90 30.85





Bank overdraft and other short-term liabilities -51 600.77 -0.03Other assets and liabilities -873 170.03 -0.55

Total net assets 158 522 832.51 100.00





BSI-Multinvest – Global Dynamic Bonds




CLASS A1 LU0585205940




CLASS A (USD hedged)1 LU0585206674



Performance

Currency 2011

CLASS A1 EUR -

CLASS A (CHF hedged)1 CHF -

CLASS A (USD hedged)1 USD -





2011 was a challenging year for financial markets and the world economy. The Arab Spring and a tsunami in Japan were the first shocks; a sharp deceleration in the US economy (which lost its AAA rating in August) and the complete degeneration of the european sover-eign crisis caused sharp losses in all risky assets in the summer-fall period. QE2 in the US didn’t help so much contain losses, specially beyond the US.

The fund overperformed its Customized Benchmark. The overperformance was gradually built through the year, thanks to a coherent strategy underweight the Euro peripherals. Corporate bonds and commodity exposure allowed the fund add some extra yield. Forex exposure was managed actively, while keeping a deep underweight of the EURO through all year. Non-US dollars were also used tactically.



United States 15.65Netherlands 14.88Luxembourg 10.48Jersey 7.55France 5.82Supranationals 5.19Australia 5.12United Kingdom 3.80Germany 3.19Italy 3.11Spain 2.65Norway 2.28Switzerland 1.40Turkey 0.84Canada 0.72South Korea 0.69Qatar 0.36

TOTAL 83.73


Finance & holding companies 26.73Banks & credit institutions 9.94Energy & water supply 7.97Investment funds & pension foundations 6.59Countries & central governments 5.79Retail trade, department stores 5.48Supranational organisations 5.19Telecommunications 3.58Insurance 2.08Lodging, catering & leisure 1.94Food & soft drinks 1.59Pharmaceuticals, cosmetics & medical products 1.42Mortgage & funding institutions 1.30Petroleum 1.29Miscellaneous unclassified companies 0.94Tobacco & alcohol 0.71Traffic & transportation 0.49Electronics & semiconductors 0.42Internet, software & IT services 0.28

TOTAL 83.73

Annual Report as of 31 December 2011 BSI-Multinvest – Global Dynamic Bonds



Investments in securities, cost 96 452 237.54Investments in securities, unrealized appreciation (depreciation) -1 032 795.20Total investments in securities (Note 1) 95 419 442.34Cash at banks, deposits on demand and deposit accounts 15 286 738.62Other liquid assets (Margins) 1 194 202.05Receivable on subscriptions 131 653.79Interest receivable on securities 2 071 595.91Interest receivable on liquid assets 2 357.36Unrealized gain (loss) on financial futures (Note 1) 66 608.94Unrealized gain (loss) on forward foreign exchange contracts (Note 1) 317 447.65


Liabilities

Bank overdraft -100 163.35Other short-term liabilities (Margins) -264 498.70Interest payable on bank overdraft -5 943.47Payable on redemptions -31 841.52Provisions for flat fee (Note 2) -117 534.85Provisions for taxe d’abonnement (Note 3) -13 652.12Total provisions -131 186.97






Interest on liquid assets 64 794.55Interest on securities 3 365 996.53Dividends 87 534.06Income on securities lending (Note 4) 23 313.78Other income 4 855.59


Expenses





Realized gain (loss) on market-priced securities without options 2 134 222.35Realized gain (loss) on options 724 458.40Realized gain (loss) on financial futures 1 998 419.30Realized gain (loss) on forward foreign exchange contracts 3 945 470.87Total realized gain (loss) on investments 8 802 570.92Realized gain (loss) on foreign exchange -637 942.07




Unrealized appreciation (depreciation) on market-priced securities without options -1 205 268.50Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments 172 473.30Unrealized appreciation (depreciation) on financial futures 66 608.94Unrealized appreciation (depreciation) on forward foreign exchange contracts 317 447.65






Net assets at the beginning of the period 0.00Subscriptions 129 837 212.03Redemptions -25 867 781.14Total net subscriptions (redemptions) 103 969 430.89Net income (loss) on investments 2 471 091.52Total realized gain (loss) 8 164 628.85Total changes in unrealized appreciation (depreciation) -648 738.61Net increase (decrease) in net assets as a result of operations 9 986 981.76



11.3.2011-31.12.2011

Class ANumber of shares outstanding at the beginning of the period 0.0000Number of shares issued 888 031.0300Number of shares redeemed -192 600.9750


Class A (CHF hedged)Number of shares outstanding at the beginning of the period 0.0000Number of shares issued 176 740.0000Number of shares redeemed -12 773.0000


Class A (USD hedged)Number of shares outstanding at the beginning of the period 0.0000Number of shares issued 38 320.0000Number of shares redeemed -280.0000








Jersey

USD ETFS COMMODITY SECURITIES LTD-LEVERAGED AGRICULTURE DJ-UBSCI 110 000.00 1 980 703.31 1.74USD ETFS LEVERAGED CRUDE OIL 1 600 000.00 5 506 297.42 4.83USD ETFS LEVERAGED SILVER 30 000.00 873 550.82 0.76

Total Jersey 8 360 551.55 7.33


Notes, fixed rate

EUR

EUR BNP PARIBAS-SUB 4.87500% 05-PRP 1 500 000.00 806 655.00 0.71EUR MEDIASET SPA 5.00000% 10-01.02.17 1 000 000.00 782 420.00 0.69

Total EUR 1 589 075.00 1.40

USD

USD ELECTRICITE DE FRANCE-REG-S 4.60000% 10-27.01.20 1 250 000.00 984 170.75 0.87USD PHILIP MORRIS INTERNATIONAL INC 4.87500% 08-16.05.13 1 000 000.00 812 891.43 0.71

Total USD 1 797 062.18 1.58



EUR

EUR UBS CAPITAL SECS LTD-SUB 8.83600%/3MO EURIBOR+465BP PRP 250 000.00 247 707.50 0.22

Total EUR 247 707.50 0.22

Total Notes, floating rate 247 707.50 0.22


AUD

AUD GE CAPITAL AUSTRALIA FUNDING PTY LTD 7.50000% 09-01.09.14 7 000 000.00 5 838 084.19 5.13AUD RABOBANK NEDERLAND (AUSTRALIA) 6.00000% 10-11.12.13 2 000 000.00 1 607 940.69 1.41AUD VOLKSWAGEN FINANCIAL SERVICES NV 5.12500% 11-30.09.14 3 000 000.00 2 382 911.81 2.09

Total AUD 9 828 936.69 8.63

BRL

BRL EUROPEAN BANK FOR RECONSTR & DEVT 9.50000% 10-14.04.14 2 000 000.00 844 446.06 0.74BRL EUROPEAN INVESTMENT BANK 9.00000% 10-05.06.13 2 000 000.00 823 904.02 0.72BRL EXPORT DEVELOPMENT CANADA 9.00000% 11-01.08.12 2 000 000.00 822 598.98 0.72BRL KOMMUNALBANK A/S 10.00000% 10-07.05.12 3 000 000.00 1 235 868.41 1.09

Total BRL 3 726 817.47 3.27

CHF

CHF ZURICH INSURANCE CO-SUB 4.25000% 10-PRP 2 000 000.00 1 589 916.71 1.40

Total CHF 1 589 916.71 1.40

EUR

EUR ALLIANZ FINANCE II BV 5.00000% 08-06.03.13 750 000.00 777 067.50 0.68EUR BANK NEDERLANDSE GEMEENTEN NV 4.62500% 02-13.09.12 500 000.00 511 760.00 0.45EUR BMW FINANCE NV 4.25000% 07-22.01.14 1 000 000.00 1 048 630.00 0.92EUR CARREFOUR SA 4.00000% 10-09.04.20 1 500 000.00 1 375 035.00 1.21EUR DEUTSCHE LUFTHANSA AG 6.50000% 09-07.07.16 500 000.00 555 690.00 0.49EUR EDP FINANCE BV 5.50000% 09-18.02.14 1 700 000.00 1 639 089.00 1.44EUR FINMECCANICA FINANCE SA 5.75000% 03-12.12.18 1 000 000.00 785 800.00 0.69EUR GAS NATURAL CAPITAL MARKETS SA 6.37500% 09-09.07.19 1 000 000.00 1 025 180.00 0.90EUR GLENCORE FINANCE EUROPE SA 5.25000% 10-22.03.17 2 000 000.00 2 003 640.00 1.76EUR GOLDMAN SACHS GROUP INC 5.37500% 08-15.02.13 500 000.00 500 610.00 0.44EUR KONINKLIJKE KPN NV 5.62500% 09-30.09.24 850 000.00 941 502.50 0.83EUR MCDONALD’S CORP 5.00000% 08-26.03.15 2 000 000.00 2 208 774.00 1.94EUR MERCK FINANCIAL SERVICES GMBH 3.37500% 10-24.03.15 1 000 000.00 1 037 740.00 0.91EUR NATIONAL GRID TRANSCO PLC 5.000% 03-02.07.18 500 000.00 553 990.00 0.48EUR SCHLUMBERGER FINANCE BV 4.50000% 09-25.03.14 1 000 000.00 1 061 000.00 0.93EUR SES SA 4.62500% 10-09.03.20 1 800 000.00 1 862 100.00 1.63EUR STATKRAFT AS 4.62500% 07-22.09.17 1 000 000.00 1 109 200.00 0.97EUR SUEZ ENVIRONNEMENT SA 5.50000% 09-22.07.24 500 000.00 580 010.00 0.51EUR UNICREDITO ITALIANO SPA-SUB 5.75000% 07-26.09.17 500 000.00 368 310.00 0.32

Total EUR 19 945 128.00 17.50



GBP

GBP GAZ CAPITAL SA/GAZPROM LPN 6.58000% 07-31.10.13 1 538 000.00 1 911 649.09 1.68GBP KOMMUNALBANKEN A/S 4.87500% 02-10.12.12 200 000.00 247 663.31 0.21

Total GBP 2 159 312.40 1.89

INR

INR INTER-AMERICAN DEVELOPMENT BANK 4.75000% 11-10.01.14 135 000 000.00 1 914 898.32 1.68

Total INR 1 914 898.32 1.68

JPY

JPY LANDWIRTSCHAFTLICHE RENTENBANK 1.37500% 01-25.04.13 20 000 000.00 202 946.23 0.18

Total JPY 202 946.23 0.18

MXN

MXN RABOBANK NEDERLAND NV 6.00000% 11-26.01.15 5 200 000.00 287 183.29 0.25

Total MXN 287 183.29 0.25

SGD

SGD MORGAN STANLEY 3.80000% 11-29.01.16 1 750 000.00 1 004 829.24 0.88

Total SGD 1 004 829.24 0.88

TRY

TRY MORGAN STANLEY & CO INTERNATIONAL STEP-UP 11-16.03.16 2 500 000.00 879 496.78 0.77TRY RABOBANK NEDERLAND NV 7.25000% 11-20.01.15 2 500 000.00 975 094.25 0.86

Total TRY 1 854 591.03 1.63

USD

USD EXPORT-IMPORT BANK OF KOREA 5.50000% 07-17.10.12 1 000 000.00 788 167.78 0.69USD LINDE FINANCE BV 3.62500% 09-13.11.14 500 000.00 402 303.28 0.35

Total USD 1 190 471.06 1.04


Medium term notes, zero coupon

MXN

MXN RABOBANK NEDERLAND NV 0.00000% 05-05.10.15 11 000 000.00 456 166.22 0.40

Total MXN 456 166.22 0.40

Total Medium term notes, zero coupon 456 166.22 0.40


EUR

EUR REPSOL INTERNATIONAL FINANCE BV 3M EURIBOR+25BP 07-16.02.12 400 000.00 399 932.00 0.35EUR VODAFONE GROUP PLC 3M EURIBOR+35BP 07-06.06.14 500 000.00 494 890.00 0.44

Total EUR 894 822.00 0.79

GBP

GBP SSE PLC-SUB 5.45300%/FLR 10-PRP 1 000 000.00 1 166 038.91 1.02

Total GBP 1 166 038.91 1.02


Bonds, fixed rate

EUR

EUR BANCO BILBAO VIZCAYA ARGENTARIA SA 4.12500% 11-13.01.14 2 000 000.00 1 989 460.00 1.75EUR CASINO GUICHARD PERRACHON 4.37900% 10-08.02.17 2 000 000.00 1 984 780.00 1.74EUR FMC FINANCE VIII SA-REG-S 6.50000% 11-15.09.18 1 000 000.00 1 071 020.00 0.94EUR ITALY, REPUBLIC OF BTP 3.00000% 10-15.06.15 1 000 000.00 914 550.00 0.80EUR NEDERLANDSE WATERSCHAPSBANK NV 2.37500% 10-04.06.15 2 000 000.00 2 036 960.00 1.79EUR TURKEY, REPUBLIC OF 5.12500% 10-18.05.20 1 000 000.00 958 750.00 0.84

Total EUR 8 955 520.00 7.86

GBP

GBP UNITED KINGDOM OF GREAT BRITAIN & N IRL 4.00000% 06-07.09.16 900 000.00 1 231 120.87 1.08

Total GBP 1 231 120.87 1.08

USD

USD ITALY, REPUBLIC OF 6.87500% 93-27.09.23 2 000 000.00 1 484 266.08 1.30

Total USD 1 484 266.08 1.30





Bonds, floating rate

EUR

EUR ALLIANDER FINANCE BV-SUB 4.875%/VAR 10-PRP 2 000 000.00 1 950 000.00 1.71EUR BANCA POPOLARE LODI INV TST-SUB 6.742%/3M EURI+525BP 05-PRP 300 000.00 141 000.00 0.12EUR BNP PARIBAS CAPITAL TRUST VI 5.86800%/FLR 03-16.01.PRP 300 000.00 238 500.00 0.21EUR RWE AG-SUB 4.625%/VAR 10-PRP 2 000 000.00 1 840 000.00 1.62EUR SUEZ ENVIRONNEMENT SA-SUB 4.82000%/VAR 10-PRP 1 000 000.00 902 500.00 0.79

Total EUR 5 072 000.00 4.45

Total Bonds, floating rate 5 072 000.00 4.45



Notes, fixed rate

USD

USD BAXTER INTERNATIONAL INC 1.80000% 10-15.03.13 750 000.00 584 605.98 0.51USD CORPORACION ANDINA DE FOMENTO 5.75000% 06-12.01.17 700 000.00 589 775.14 0.52USD ENEL FINANCE INTERNATIONAL SA-REG-S 5.70000% 07-15.01.13 1 000 000.00 773 231.14 0.68USD JP MORGAN CHASE & CO 3.70000% 09-20.01.15 700 000.00 559 075.22 0.49USD KONINKLIJKE PHILIPS ELECTRONICS NV 4.62500% 08-11.03.13 600 000.00 482 451.95 0.42USD KRAFT FOODS INC 4.12500% 10-09.02.16 700 000.00 585 455.38 0.52USD PEPSICO INC 4.50000% 10-15.01.20 500 000.00 436 310.13 0.38USD WAL-MART STORES INC 3.25000% 10-25.10.20 3 500 000.00 2 883 035.86 2.53

Total USD 6 893 940.80 6.05



IDR

IDR EUROPEAN BANK FOR RECONSTR & DEVT 7.25000% 11-08.02.16 20 000 000 000.00 1 739 806.34 1.53

Total IDR 1 739 806.34 1.53

USD

USD JOHN DEERE CAPITAL CORP 2.95000% 10-09.03.15 500 000.00 405 785.92 0.35

Total USD 405 785.92 0.35



USD

USD JOHN DEERE CAPITAL CORP 3M LIBOR+15BP 11-15.07.13 500 000.00 385 820.59 0.34

Total USD 385 820.59 0.34

Total Medium term notes, floating rate 385 820.59 0.34

Bonds, fixed rate

USD

USD ADOBE SYSTEMS INC 3.25000% 10-01.02.15 400 000.00 323 438.12 0.28USD KRAFT FOODS INC 2.62500% 10-08.05.13 1 000 000.00 786 986.86 0.69USD RAS LAFFAN LIQ NATURAL GAS CO LTD-REG-S 5.50000% 09-30.09.14 500 000.00 412 124.95 0.36

Total USD 1 522 549.93 1.33



USD

USD AMERICA, UNITED STATES OF 5.37500% 01-15.02.31 1 000 000.00 1 097 956.32 0.96USD AMERICA, UNITED STATES OF 3.75000% 11-15.08.41 1 000 000.00 905 976.97 0.80

Total USD 2 003 933.29 1.76








Luxembourg

EUR WORLD INVEST - ABSOLUTE STRATEGY-C CAP 36 000.00 3 539 520.00 3.11


United States

USD SPDR DOW JONES REIT ETF 80 000.00 3 968 724.72 3.48








USD US LONG BOND FUTURE 21.03.12 150.00 300 608.94 0.26EUR EURO BTP ITALY GOVERMENT FUTURE 08.03.12 100.00 -234 000.00 -0.20Total Financial Futures on bonds 66 608.94 0.06





USD 10 489 600.00 EUR 8 000 000.00 31.1.2012 84 550.08 0.07AUD 13 051 000.00 EUR 10 000 000.00 31.1.2012 278 099.54 0.24EUR 3 000 000.00 JPY 304 590 000.00 31.1.2012 -51 443.86 -0.04CHF 9 483 000.00 USD 10 000 000.00 31.1.2012 110 237.41 0.10EUR 20 000 000.00 USD 26 102 000.00 31.1.2012 -117 415.84 -0.10USD 6 011 400.00 AUD 6 000 000.00 31.1.2012 -92 082.18 -0.08CHF 17 500 000.00 EUR 14 344 262.30 31.1.2012 82 304.65 0.07USD 3 974 000.00 EUR 3 039 620.62 31.1.2012 23 229.25 0.02EUR 83 564.62 USD 107 790.00 3.1.2012 531.07 0.00USD 126 000.00 EUR 97 674.42 31.1.2012 -562.47 0.00Total Forward Foreign Exchange contracts (Purchase/Sale) 317 447.65 0.28


Bank overdraft and other short-term liabilities -364 662.05 -0.32Other assets and liabilities 2 036 635.10 1.79

Total net assets 113 956 412.65 100.00





BSI-Multinvest – Global Themes


DATE ISIN 31.12.2011 31.12.2010

Net assets in USD 10 462 556.25 45 723 912.00

CLASS A1 LU0528983660

Shares outstanding 99 852.5640 424 592.1620Net asset value per share in USD 104.55 107.69

CLASS A (CHF)2 LU0694240580

Shares outstanding 100.0000 -Net asset value per share in CHF 96.92 -

CLASS A (EUR)2 LU0694240408

Shares outstanding 100.0000 -Net asset value per share in EUR 96.91 -

1 Initial subscription: 3.8.20102 Initial subscription: 2.12.2011

Performance

Currency 2011 2010

CLASS A USD -2.9% -

CLASS A (CHF)1 CHF - -

CLASS A (EUR)1 EUR - -

Benchmark:

MSCI WORLD/HLTH CARE TR USD -0.1% -


1 Due to the launch on 2 December 2011, no historical performance data is available.


2011 has been a very uncertain year, during which some unexpected events occurred, (e.g the Fukushima nuclear disaster and the worsening of the European sovereign debt crisis) which have brought a lot of volatil-ity into the financial markets. We have seen a lot of per-formance dispersion across countries and sectors. U.S. market has been flat over the year, while Europe and Emerging Markets have suffered heavy losses. At sec-tor level, defensive sectors have posted positive returns (the best have been consumer staples and health care), while financials and materials have been the worst ones.

Net of all expenses, this subfund outperformed the benchmark (MSCI WORLD/HLTH CARE TR). We keep on investing in themes which are linked both directly and indirectly to the emerging markets growth (e.g. emerging markets consumption, agribusiness and global basics). However considering the high uncertainty surrounding us we prefer to have some “hedgings” (e.g. gold and pharma), which can help us to reduce the portfolio vol-atility. The fund has changed its investment policy on 2 November 2011.



Luxembourg 66.09United Kingdom 9.43France 9.31Jersey 4.78

TOTAL 89.61



TOTAL 89.61


Annual Report as of 31 December 2011 BSI-Multinvest – Global Themes


Investments in securities, cost 9 921 993.54Investments in securities, unrealized appreciation (depreciation) -546 633.35Total investments in securities (Note 1) 9 375 360.19Cash at banks, deposits on demand and deposit accounts 993 587.68Other liquid assets (Margins) 73 468.79Receivable on subscriptions 104.14Interest receivable on liquid assets 33.71Unrealized gain (loss) on financial futures (Note 1) 41 398.00Unrealized gain (loss) on forward foreign exchange contracts (Note 1) 26 667.10


Liabilities

Other short-term liabilities (Margins) -28 546.31Provisions for flat fee (Note 2) -19 078.41Provisions for taxe d’abonnement (Note 3) -438.64Total provisions -19 517.05




Interest on liquid assets 2 344.19Dividends 54 958.31Income on securities lending (Note 4) 8 361.45Other income 47 700.61


Expenses





Realized gain (loss) on market-priced securities without options 2 329 701.51Realized gain (loss) on financial futures 338 803.57Realized gain (loss) on forward foreign exchange contracts -380 387.43Total realized gain (loss) on investments 2 288 117.65Realized gain (loss) on foreign exchange -36 236.45




Unrealized appreciation (depreciation) on market-priced securities without options -2 770 047.97Unrealized appreciation (depreciation) on financial futures -1 330.37Unrealized appreciation (depreciation) on forward foreign exchange contracts 306 545.57





Net assets at the beginning of the financial year 45 723 912.00Subscriptions 1 067 387.43Redemptions -35 901 196.14Total net subscriptions (redemptions) -34 833 808.71Net income (loss) on investments -214 595.47Total realized gain (loss) 2 251 881.20Total changes in unrealized appreciation (depreciation) -2 464 832.77Net increase (decrease) in net assets as a result of operations -427 547.04



1.1.2011-31.12.2011



Class A (CHF)Number of shares outstanding at the beginning of the financial year 0.0000Number of shares issued 100.0000Number of shares redeemed 0.0000

Number of shares outstanding at the end of the financial year 100.0000

Class A (EUR)Number of shares outstanding at the beginning of the financial year 0.0000Number of shares issued 100.0000Number of shares redeemed 0.0000








Jersey

EUR GOLD BULLION SECURITIES LIMITED CC 07-PRP 3 270.00 500 352.32 4.78

Total Jersey 500 352.32 4.78

Total Certificates on commodities 500 352.32 4.78

Total Transferable securities and money market instruments listed on an official stock exchange 500 352.32 4.78



France

EUR ODDO ASSET MANAGEMENT ODDO AVENIR EUROPE-B 3 DECIMALS 5.30 974 237.68 9.31

Total France 974 237.68 9.31

Luxembourg

USD BLACKROCK GLOBAL FUNDS SICAV - WORLD GOLD FUND-D2-USD-CAP 15 670.00 906 666.20 8.67USD BLACKROCK GLOBAL FUND SICAV - WORLD HEALTHSCIENCE FD-D2-CAP 51 700.00 865 975.00 8.28EUR DWS INVEST GLOBAL AGRIBUSINESS EUR-FC-CAPITALISATION 6 520.00 973 352.87 9.30USD JPMORGAN FUNDS - EMERGING MARKETS INFRAST EQUITY-B US CAP 106 810.00 961 290.00 9.19USD PICTET SICAV - GENERICS-I CAPITALISATION 5 245.00 702 410.40 6.71USD SOCGEN INTERNATIONAL SICAV 208.00 979 528.16 9.36USD UBS (LUX) EQUITY FUND - ASIAN CONSUMPTION (USD) P-ACC 10 000.00 905 900.00 8.66USD VONTOBEL FUND-EMERGING MARKETS EQUITY-I-CAPITALISATION 4 445.00 619 766.35 5.92


United Kingdom

EUR M&G1 GLOBAL BASICS FD-C ACC EUR 30 065.00 985 881.21 9.43

Total United Kingdom 985 881.21 9.43







EUR DJ EURO STOXX 50 INDEX FUTURE 16.03.12 33.00 41 398.00 0.40Total Financial Futures on Indices 41 398.00 0.40





EUR 9 715.00 USD 12 702.36 31.1.2012 -97.35 0.00USD 3 529 980.00 EUR 2 700 000.00 31.1.2012 26 785.80 0.25CHF 9 715.00 USD 10 412.65 31.1.2012 -21.35 0.00Total Forward Foreign Exchange contracts (Purchase/Sale) 26 667.10 0.25



Total net assets 10 462 556.25 100.00



BSI-Multinvest – Greater China Stocks Opportunities


DATE ISIN 28.1.2011 31.12.2010 31.12.2009

Net assets in USD 44 756 952.55 44 301 244.74 33 674 394.90



CLASS I LU0389393512



As all shares of BSI-Multinvest – Greater China Stocks Opportunities have been merged as at 28 January 2011, there is no securities portfolio or securities portfolio structure at the end of the reporting period.




Interest on liquid assets 1.28Dividends 9.79

Total income 11.07

Expenses

Flat fee (Note 2) -22 212.97Taxe d’abonnement (Note 3) -437.09




Realized gain (loss) on market-priced securities without options 8 620 370.31Total realized gain (loss) on investments 8 620 370.31Realized gain (loss) on foreign exchange 4 896.50




Unrealized appreciation (depreciation) on market-priced securities without options -8 047 073.01


Net increase (decrease) in net assets as a result of operations 555 554.81


Net assets at the beginning of the financial year 44 301 244.74Redemptions -44 856 799.55Total net subscriptions (redemptions) -44 856 799.55Net income (loss) on investments -22 638.99Total realized gain (loss) 8 625 266.81Total changes in unrealized appreciation (depreciation) -8 047 073.01Net increase (decrease) in net assets as a result of operations 555 554.81

Net assets at the end of the financial year 0.00


1.1.2011-31.12.2011

Class ANumber of shares outstanding at the beginning of the financial year 9 618.0000Number of shares issued 0.0000Number of shares redeemed -9 618.0000


Class INumber of shares outstanding at the beginning of the financial year 231 800.0000Number of shares issued 0.0000Number of shares redeemed -231 800.0000


Annual Report as of 31 December 2011 BSI-Multinvest – Greater China Stocks Opportunities



BSI-Multinvest – Long Term Bonds CHF



Net assets in CHF 31 924 580.97

CLASS A1 LU0585205783



Performance

Currency 2011

CLASS A1 CHF -


1 The subfund does not have a benchmark, which means that the performance of the subfund cannot be compared with a benchmark. / Due to the launch on 24 February 2011, no historical performance data is available.


The year 2011 was characterized by a low interest rate environment. Swiss yields reached new historic low (10-years 0.68% at year end) and government bond with short maturities even paid negative yields. The Europe’s sovereign debt crisis worsened and the risk aversion rose. The corporate spread widened, espe-cially in the financial sector. In August the SNB lowered the target range for the 3 month LIBOR, narrowing it to 0%-0.25% and in September set a minimum exchange rate target in EUR/CHF at 1.20.

Since launch (24 February 2011) the fund underper-formed its benchmark, the SBI Foreign AAA-BBB. The performance was mostly penalized by corporate spreads widening during the second and the third quar-ter. Actually the fund presented an overexposure to bonds with rating A and BBB. The duration was main-tained slightly shorter than the duration of the bench-mark. Much attention was given to the diversification of the issuers.



Netherlands 23.32United Kingdom 11.59France 11.26Sweden 6.37United States 5.54Australia 5.24Finland 3.87Cayman Islands 3.21New Zealand 3.20Germany 3.14South Korea 2.65Austria 1.94Canada 1.69Mexico 1.64Luxembourg 1.60Poland 1.56Brazil 1.54Italy 1.50India 0.95Ireland 0.93

TOTAL 92.74


Banks & credit institutions 52.92Finance & holding companies 16.82Mortgage & funding institutions 9.59Public, non-profit institutions 4.84Cantons, federal states 3.87Countries & central governments 3.06Petroleum 1.64

TOTAL 92.74



Investments in securities, cost 29 233 653.72Investments in securities, unrealized appreciation (depreciation) 373 498.78Total investments in securities (Note 1) 29 607 152.50Cash at banks, deposits on demand and deposit accounts 1 973 546.90Interest receivable on securities 371 159.74


Liabilities

Provisions for flat fee (Note 2) -23 330.97Provisions for taxe d’abonnement (Note 3) -3 947.20Total provisions -27 278.17






Expenses





Realized gain (loss) on market-priced securities without options 65 555.48Realized gain (loss) on financial futures -75 257.48Total realized gain (loss) on investments -9 702.00Realized gain (loss) on foreign exchange -1 374.08




Unrealized appreciation (depreciation) on market-priced securities without options 373 498.78

Total changes in unrealized appreciation (depreciation) 373 498.78


Annual Report as of 31 December 2011 BSI-Multinvest – Long Term Bonds CHF



Net assets at the beginning of the period 0.00Subscriptions 48 303 290.82Redemptions -17 061 102.85Total net subscriptions (redemptions) 31 242 187.97Net income (loss) on investments 319 970.30Total realized gain (loss) -11 076.08Total changes in unrealized appreciation (depreciation) 373 498.78Net increase (decrease) in net assets as a result of operations 682 393.00



24.2.2011-31.12.2011








Notes, fixed rate

CHF

CHF BANK MOSCOW PLC LPN 4.50000% 10-10.09.13 300 000.00 297 900.00 0.93CHF WESTPAC BANKING CORP 2.50000% 10-16.02.17 1 000 000.00 1 042 000.00 3.27

Total CHF 1 339 900.00 4.20



CHF

CHF ABN AMRO BANK NV 2.50000% 06-30.12.15 1 000 000.00 1 071 000.00 3.35CHF AKADEMISKA HUS AB 2.50000% 08-26.07.13 500 000.00 516 000.00 1.62CHF AUSTRALIA & NEW ZEALAND BANKING GROUP 2.62500% 11-27.10.17 600 000.00 629 700.00 1.97CHF BANCO SANTANDER BRASIL SA 3.12500% 11-01.12.14 500 000.00 491 250.00 1.54CHF BANK NEDERLANDSE GEMEENTEN NV 2.12500% 10-06.11.18 600 000.00 633 000.00 1.98CHF BANK NEDERLANDSE GEMEENTEN NV 1.50000% 10-03.11.17 1 000 000.00 1 017 500.00 3.19CHF BANK OF SCOTLAND 2.37500% 05-20.12.13 500 000.00 497 750.00 1.56CHF BARCLAYS BANK PLC 2.50000% 11-29.03.16 300 000.00 298 800.00 0.94CHF BNZ INTERNATIONAL FUNDING LTD 2.00000% 10-18.02.15 1 000 000.00 1 021 500.00 3.20CHF CAISSE D’AMORTIS DE LA DETTE SOCIALE 2.37500% 11-19.04.23 500 000.00 510 500.00 1.60CHF CAISSE DE REFINANCEMENT DE L’HABITAT 2.50000% 11-29.03.21 500 000.00 521 250.00 1.63CHF CIF EUROMORTGAGE 3.00000% 03-23.06.14 1 000 000.00 1 033 000.00 3.23CHF COMPAGNIE DE FINANCEMENT FONCIER 2.87500% 09-10.09.19 1 000 000.00 1 011 000.00 3.17CHF CREDIT AGRICOLE SA LONDON 2.0000% 10-08.04.15 1 000 000.00 930 000.00 2.91CHF DAIMLER INTERNATIONAL FINANCE BV 1.62500% 11-12.10.16 400 000.00 407 600.00 1.28CHF DEUTSCHE BAHN FINANCE BV 1.75000% 10-03.06.20 500 000.00 520 750.00 1.63CHF DEUTSCHE BANK AG 2.00000% 10-05.03.15 1 000 000.00 1 001 500.00 3.14CHF ERSTE EUR PFANDBRIEF-& KOMMUNALBANK AG 2.75000% 07-09.02.22 550 000.00 512 050.00 1.60CHF EXPORT IMPORT BANK OF INDIA 3.50000% 11-13.04.16 300 000.00 303 600.00 0.95CHF HSBC BANK PLC 1.87500% 10-01.09.16 1 000 000.00 1 010 000.00 3.16CHF HYUNDAI CAPITAL SERVICES INC 2.00000% 11-27.11.13 325 000.00 327 762.50 1.03CHF ITALY, REPUBLIC OF 2.50000% 06-30.01.18 600 000.00 477 900.00 1.50CHF KOREA DEVELOPMENT BANK 4.12500% 08-16.05.13 500 000.00 519 450.00 1.63CHF LLOYDS TSB BANK PLC 2.50000% 10-23.03.15 1 000 000.00 963 500.00 3.02CHF MORGAN STANLEY 2.87500% 06-21.08.13 750 000.00 739 500.00 2.32CHF MUNICIPALITY FINANCE PLC 1.62500% 11-07.02.18 1 200 000.00 1 236 600.00 3.87CHF NEDERLANDSE WATERSCHAPSBANK NV 1.75000% 10-22.07.16 1 000 000.00 1 038 500.00 3.25CHF NEDERLANDSE WATERSCHAPSBANK NV 2.25000% 11-24.02.21 500 000.00 528 500.00 1.65CHF PETROLEOS MEXICANOS 3.50000% 09-13.10.14 500 000.00 522 250.00 1.64CHF POLAND, REPUBLIC OF 2.62500% 05-12.05.15 500 000.00 498 250.00 1.56CHF RESEAU FERRE DE FRANCE SA 2.62500% 11-10.03.31 500 000.00 519 500.00 1.63CHF ROYAL BANK OF CANADA 2.25000% 11-21.04.21 500 000.00 538 000.00 1.68CHF ROYAL BANK OF SCOTLAND NV 2.75000% 06-28.12.12 1 000 000.00 1 008 700.00 3.16CHF SBAB BANK AB 1.50000% 11-28.04.14 1 000 000.00 1 010 000.00 3.16CHF SWEDBANK MORTGAGE AB 1.12500% 11-28.02.14 500 000.00 507 250.00 1.59

Total CHF 24 373 412.50 76.34


Bonds, fixed rate

CHF

CHF GENERAL ELECTRIC CAPITAL CORP 2.00000% 10-15.01.15 1 000 000.00 1 029 000.00 3.22CHF LGT FINANCE LTD 2.50000% 10-12.05.17 1 000 000.00 1 025 000.00 3.21CHF OESTERREICHISCHE KONTROLLBANK AG 2.12500% 11-23.07.19 600 000.00 619 200.00 1.94CHF RABOBANK INTERNATIONAL 2.50000% 07-08.02.13 1 200 000.00 1 220 640.00 3.83

Total CHF 3 893 840.00 12.20





Other assets and liabilities 343 881.57 1.08

Total net assets 31 924 580.97 100.00




BSI-Multinvest – Long Term Bonds EUR




CLASS A1 LU0585205197



Performance

Currency 2011

CLASS A1 EUR -




2011 was affected by the heavy widening and wors-ening of the Eurozone sovereign debt market. Periph-erals markets have incurred extremely serious finan-cial losses notwithstanding received aid in order to give back confidence to international investors. Lot of uncertainty about the future developing of the situa-tion remains. German yields are the best performers as Finnish and Netherlands ones. Spread products gener-ally widened.

Since launch (24 February 2011) the fund has over-performed its benchmark, the JPMorgan EMU Government Bond Index, which is composed by government bonds only. The overperformance is mainly due to the intentional and important underweight on peripherals EU-countries since the beginning of the year, to the very carefully choice of spread paper, and finally, to the continuous active management of the positions on the different euro yield curves (duration and country risk).



Germany 25.10Italy 17.36France 8.97Finland 6.57Austria 6.25Netherlands 5.53United Kingdom 3.77Supranationals 2.93United States 2.85Canada 1.68Belgium 1.49Romania 1.01South Africa 0.76

TOTAL 84.27


Countries & central governments 62.36Banks & credit institutions 13.72Supranational organisations 2.93Finance & holding companies 2.28Pharmaceuticals, cosmetics & medical products 1.60Lodging, catering & leisure 1.38

TOTAL 84.27



Investments in securities, cost 53 992 528.12Investments in securities, unrealized appreciation (depreciation) 2 493 889.78Total investments in securities (Note 1) 56 486 417.90Time deposits and fiduciary deposits 9 753 628.12Receivable on subscriptions 11 432.88Interest receivable on securities 884 844.25


Liabilities







Expenses

Flat fee (Note 2) -419 602.13Taxe d’abonnement (Note 3) -24 298.80




Realized gain (loss) on market-priced securities without options 190 670.62Total realized gain (loss) on investments 190 670.62




Unrealized appreciation (depreciation) on market-priced securities without options 2 493 889.78

Total changes in unrealized appreciation (depreciation) 2 493 889.78


Annual Report as of 31 December 2011 BSI-Multinvest – Long Term Bonds EUR



Net assets at the beginning of the period 0.00Subscriptions 110 596 102.29Redemptions -47 235 838.78Total net subscriptions (redemptions) 63 360 263.51Net income (loss) on investments 988 923.45Total realized gain (loss) 190 670.62Total changes in unrealized appreciation (depreciation) 2 493 889.78Net increase (decrease) in net assets as a result of operations 3 673 483.85



24.2.2011-31.12.2011








Notes, fixed rate

EUR

EUR ITALY, REPUBLIC OF 4.50000% 10-01.03.26 2 000 000.00 1 575 700.00 2.35EUR SOUTH AFRICA, REPUBLIC OF 5.25000% 03-16.05.13 500 000.00 512 818.50 0.76EUR VIVENDI UNIVERSAL SA 3.87500% 05-15.02.12 920 000.00 922 180.40 1.38

Total EUR 3 010 698.90 4.49



EUR

EUR AUSTRIA, REPUBLIC OF-REG-S-144A 3.50000% 05-15.09.21 2 000 000.00 2 091 900.00 3.12EUR EUROPEAN INVESTMENT BANK 2.50000% 11-15.10.18 2 000 000.00 1 965 300.00 2.94EUR FINLAND, REPUBLIC OF 3.37500% 10-15.04.20 2 000 000.00 2 172 100.00 3.24EUR GLAXOSMITHKLINE CAPITAL PLC 3.87500% 09-06.07.15 1 000 000.00 1 073 080.00 1.60EUR GOLDMAN SACHS GROUP INC 4.50000% 11-09.05.16 2 000 000.00 1 911 260.00 2.85EUR LEASEPLAN CORPORATION NV 3.75000% 11-07.08.13 1 000 000.00 1 009 490.00 1.51EUR SIEMENS FINANCIERINGSMAATSCHAPPIJ NV 4.12500% 09-20.02.13 500 000.00 517 205.00 0.77

Total EUR 10 740 335.00 16.03



EUR

EUR ROYAL BANK OF SCOTLAND PLC 3M EURIBOR+115BP 11-18.05.13 1 500 000.00 1 454 580.00 2.17

Total EUR 1 454 580.00 2.17


Bonds, fixed rate

EUR

EUR AUSTRIA, REPUBLIC OF 3.20000% 10-20.02.17 2 000 000.00 2 095 300.00 3.12EUR BELGIUM, KINGDOM OF 4.00000% 06-28.03.22 1 000 000.00 996 190.00 1.49EUR BUONI POLIENNALI DEL TESORO 4.75000% 11-01.09.21 1 000 000.00 862 450.00 1.29EUR CANADA, GOVERNMENT 3.50000% 10-13.01.20 1 000 000.00 1 127 240.00 1.68EUR FINLAND, REPUBLIC OF 3.87500% 06-15.09.17 2 000 000.00 2 230 080.00 3.33EUR FRANCE, REPUBLIC OF OAT 2.50000% 10-25.10.20 1 000 000.00 955 730.00 1.43EUR FRANCE, REPUBLIC OF-OAT 4.00000% 06-25.10.38 2 000 000.00 2 120 380.00 3.16EUR FRANCE, REPUBLIC OF-OAT 3.25000% 11-25.10.21 2 000 000.00 2 013 500.00 3.00EUR GERMANY, REPUBLIC OF 3.25000% 09-04.01.20 2 000 000.00 2 257 900.00 3.37EUR GERMANY, REPUBLIC OF 3.25000% 10-04.07.42 3 000 000.00 3 568 950.00 5.32EUR GERMANY, REPUBLIC OF 2.00000% 11-04.01.22 3 000 000.00 3 046 500.00 4.54EUR GERMANY, REPUBLIC OF 2.00000% 11-26.02.16 2 000 000.00 2 115 800.00 3.16EUR ITALY, REPUBLIC OF-BTP 5.00000% 01-01.02.12 2 000 000.00 2 003 700.00 2.99EUR ITALY, REPUBLIC OF-BTP 3.00000% 10-.15.04.15 2 000 000.00 1 849 700.00 2.76EUR ITALY, REPUBLIC OF-BTP 3.75000% 11-15.04.16 3 000 000.00 2 774 550.00 4.14EUR ITALY, REPUBLIC OF-BTP 5.00000% 11-01.03.22 3 000 000.00 2 571 300.00 3.84EUR KREDITANSTALT FUER WIEDERAUFBAU 3.62500% 10-20.01.20 1 000 000.00 1 095 050.00 1.63EUR KREDITANSTALT FUER WIEDERAUFBAU 1.87500% 10-16.11.15 1 500 000.00 1 526 190.00 2.28EUR KREDITANSTALT FUER WIEDERAUFBAU 3.37500% 11-18.01.21 2 000 000.00 2 152 760.00 3.21EUR KREDITANSTALT FUER WIEDERAUFBAU 3.12500% 11-15.06.18 1 000 000.00 1 059 980.00 1.58EUR NETHERLANDS, KINGDOM OF THE 3.25000% 11-15.07.21 2 000 000.00 2 181 060.00 3.25EUR ROMANIA 5.25000% 11-17.06.16 700 000.00 676 494.00 1.01

Total EUR 41 280 804.00 61.58




Time deposits and fiduciary deposits 9 753 628.12 14.55


Total net assets 67 033 747.36 100.00




BSI-Multinvest – Long Term Bonds USD



Net assets in USD 14 755 905.78

CLASS A1 LU0585205510



Performance

Currency 2011

CLASS A1 USD -




During 2011 US fixed income markets have realized strong gains. But while in the first part of the period rates have been pretty stable, starting from summer time interest rates have declined rapidly and consider-ably. Several factors have determined this kind of pat-tern: first of all, the European sovereign debt crisis, but also fears about a renewed global economic slowdown and the downgrade of the US debt rating (first time in history). As a consequence, the shape of the curve (spread 2-10yr) has substantially flattened, while the corporate sector has suffered badly, in particular among financials.

In the period analyzed (from 24 February 2011) the fund has achieved a positive performance, even if lower than the benchmark, the Citigroup US GBI All Maturities index. During the first part of 2011 a posi-tive contribution came from the pretty relevant weight (around 30%) assigned to the corporate sector. A selection of emerging market currencies also added to the good relative performance. However, starting from summer time, the corporate allocation has strongly penalized the fund, notwithstanding the weight of the sector has been gradually reduced. Some tactical dura-tion bets during September have also been detrimental, while some other bets, played in the last part of the year, have not impacted significantly the performance. During December the government allocation of the portfolio has been increased toward a weight higher than 50% while the corporate exposure has been stabilized to the new target level of 25%.



United States 63.59Luxembourg 4.63Japan 4.18Germany 4.10Singapore 2.95Austria 2.71Supranationals 1.97France 1.54Cayman Islands 1.35British Virgin Islands 1.18Qatar 1.09Mexico 1.08Lithuania 1.00

TOTAL 91.37


Countries & central governments 56.46Banks & credit institutions 12.51Finance & holding companies 11.94Supranational organisations 1.97Chemicals 1.88Food & soft drinks 1.84Telecommunications 1.74Petroleum 1.08Biotechnology 1.03Mining, coal & steel 0.92

TOTAL 91.37



Investments in securities, cost 13 052 694.79Investments in securities, unrealized appreciation (depreciation) 429 901.67Total investments in securities (Note 1) 13 482 596.46Cash at banks, deposits on demand and deposit accounts 1 186 619.90Interest receivable on securities 103 159.92Interest receivable on liquid assets 24.23


Liabilities







Expenses





Realized gain (loss) on market-priced securities without options 279 545.53Realized gain (loss) on financial futures -44 611.40Total realized gain (loss) on investments 234 934.13Realized gain (loss) on foreign exchange -2 932.18







Annual Report as of 31 December 2011 BSI-Multinvest – Long Term Bonds USD



Net assets at the beginning of the period 0.00Subscriptions 26 081 233.22Redemptions -12 161 064.11Total net subscriptions (redemptions) 13 920 169.11Net income (loss) on investments 173 833.05Total realized gain (loss) 232 001.95Total changes in unrealized appreciation (depreciation) 429 901.67Net increase (decrease) in net assets as a result of operations 835 736.67



24.2.2011-31.12.2011








Notes, fixed rate

USD

USD ARCELORMITTAL 5.25000% 10-05.08.20 150 000.00 136 209.30 0.92USD DEXIA CREDIT LOCAL DE FRANCE-REG-S 2.75000% 10-29.04.14 250 000.00 227 172.50 1.54USD DOW CHEMICAL CO 5.90000% 09-15.02.15 250 000.00 278 180.25 1.88USD ENEL FINANCE INTERNATIONAL SA-REG-S 3.87500% 09-07.10.14 200 000.00 193 870.00 1.31USD FORD MOTOR CREDIT CO LLC 3.87500% 11-15.01.15 200 000.00 199 253.60 1.35USD GAZ CAPITAL SA-REG-S 8.12500% 09-31.07.14 200 000.00 215 500.00 1.46USD GOLD FIELDS OROGEN HLDING BVI LTD-REG-S 4.87500% 10-07.10.20 200 000.00 173 822.00 1.18USD GOLDMAN SACHS GROUP INC 3.62500% 11-07.02.16 200 000.00 193 244.60 1.31USD JAPAN FINANCE CORP 2.25000% 11-13.07.16 600 000.00 616 465.80 4.18USD JPMORGAN CHASE & CO 3.45000% 11-01.03.16 200 000.00 203 190.60 1.38USD LITHUANIA, REPUBLIC OF-REG-S 5.12500% 10-14.09.17 150 000.00 147 000.00 1.00USD NRW.BANK-REG-S 1.62500% 11-17.01.14 600 000.00 605 400.00 4.10USD TELECOM ITALIA CAPITAL 5.25000% 05-01.10.15 150 000.00 137 599.50 0.93

Total USD 3 326 908.15 22.54



MXN

MXN INTERNATIONAL FINANCE CORP 6.00000% 11-28.01.16 2 000 000.00 146 497.22 0.99

Total MXN 146 497.22 0.99

USD

USD AUSTRIA, REPUBLIC OF-REG-S 2.00000% 09-15.11.12 400 000.00 400 668.00 2.72

Total USD 400 668.00 2.72

Total Medium term notes, fixed rate 547 165.22 3.71

Bonds, fixed rate

USD

USD INTL BK FOR RECONSTR & DEVT WORLD BANK 7.62500% 93-19.01.23 100 000.00 143 871.40 0.98USD IPIC GMTN LTD-REG-S 3.75000% 11-01.03.17 200 000.00 199 500.00 1.35USD QATAR, STATE OF-REG-S 5.15000% 09-09.04.14 150 000.00 160 683.00 1.09USD TEMASEK FINANCIAL LTD-REG-S 4.50000% 05-21.09.15 400 000.00 436 038.80 2.95

Total USD 940 093.20 6.37

Total Bonds, fixed rate 940 093.20 6.37


USD

USD AMERICA, UNITED STATES OF 2.62500% 10-15.11.20 1 000 000.00 1 076 562.00 7.30USD AMERICA, UNITED STATES OF 1.37500% 10-30.11.15 1 000 000.00 1 030 469.00 6.98USD AMERICA, UNITED STATES OF 0.75000% 10-15.12.13 500 000.00 504 824.00 3.42USD AMERICA, UNITED STATES OF 1.50000% 11-31.07.16 1 000 000.00 1 033 828.00 7.01

Total USD 3 645 683.00 24.71




Notes, fixed rate

USD

USD AMGEN INC 3.87500% 11-15.11.21 150 000.00 151 367.25 1.03USD KRAFT FOODS INC 4.12500% 10-09.02.16 250 000.00 271 431.75 1.84USD PETROLEOS MEXICANOS 4.87500% 10-15.03.15 150 000.00 159 562.50 1.08USD TIME WARNER CABLE INC 4.12500% 10-15.02.21 250 000.00 256 725.00 1.74

Total USD 839 086.50 5.69

Total Notes, fixed rate 839 086.50 5.69




USD

USD SWISS RE TREASURY (US) CORP 4.12500% 09-17.09.13 200 000.00 206 864.00 1.40

Total USD 206 864.00 1.40

Total Medium term notes, fixed rate 206 864.00 1.40


USD

USD AMERICA, UNITED STATES OF 4.37500% 10-15.05.40 1 200 000.00 1 558 874.39 10.56USD AMERICA, UNITED STATES OF 3.12500% 11-15.11.41 300 000.00 314 296.80 2.13USD AMERICA, UNITED STATES OF 2.25000% 10-30.11.17 1 200 000.00 1 280 250.00 8.68USD AMERICA, UNITED STATES OF 1.75000% 11-21.10.18 800 000.00 823 375.20 5.58

Total USD 3 976 796.39 26.95






Total net assets 14 755 905.78 100.00





BSI-Multinvest – Short Term Bonds CHF


DATE ISIN 31.12.2011 31.12.2010 31.12.2009

Net assets in CHF 105 793 910.71 101 411 885.07 94 900 787.97


Shares outstanding 923 670.4110 892 451.9620 839 604.5000Net asset value per share in CHF 114.54 113.63 113.03

Performance

Currency 2011 2010 2009

CLASS A CHF 0.8% 0.5% 3.5%

Benchmark:

SBI® FOREIGN AAA-BBB 1-5 YEAR CHF 1.6% 2.4% 6.6%



The year 2011 was characterized by a low interest rate environment. Swiss yields reached new historic low (5-years 0.11% at year end) and government bond with short maturities even paid negative yields. The Europe’s sovereign debt crisis worsened and the risk aversion rose. The corporate spread widened, espe-cially in the financial sector. In August the SNB lowered the target range for the 3 month LIBOR, narrowing it to 0%-0.25% and in September set a minimum exchange rate target in EUR/CHF at 1.20.

In 2011 the fund underperformed its benchmark, the SBI® FOREIGN AAA-BBB 1-5 YEAR. The performance was mostly penalized by corporate spreads widening in response to a flight to quality movement. Actually the fund presented an overexpo-sure to bonds with rating A and BBB. The duration was maintained slightly shorter than the duration of the benchmark. Much attention was given to the diversifi-cation of the issuers.



Netherlands 20.92France 11.72Supranationals 10.99United States 7.09Sweden 5.32Luxembourg 3.35Germany 3.18Ireland 3.13South Korea 2.87India 2.34Canada 2.01New Zealand 1.94Poland 1.90Bermuda 1.89Brazil 1.86Austria 1.57United Arab Emirates 1.39United Kingdom 1.37Spain 1.18Australia 0.97Cayman Islands 0.95

TOTAL 87.94


Banks & credit institutions 31.34Finance & holding companies 24.23Supranational organisations 10.99Mortgage & funding institutions 6.58Cantons, federal states 3.20Traffic & transportation 2.18Telecommunications 2.01Countries & central governments 1.90Energy & water supply 1.48Retail trade, department stores 1.42Tobacco & alcohol 1.42Textiles, garments & leather goods 1.19

TOTAL 87.94



Investments in securities, cost 93 469 836.43Investments in securities, unrealized appreciation (depreciation) -438 674.43Total investments in securities (Note 1) 93 031 162.00Cash at banks, deposits on demand and deposit accounts 11 588 987.04Receivable on subscriptions 199.96Interest receivable on securities 1 289 492.35


Liabilities

Interest payable on bank overdraft -1 044.29Payable on redemptions -27 940.44Provisions for flat fee (Note 2) -73 865.40Provisions for taxe d’abonnement (Note 3) -13 080.51Total provisions -86 945.91




Interest on liquid assets 138.64Interest on securities 2 682 202.86Income on securities lending (Note 4) 7 860.70


Expenses





Realized gain (loss) on market-priced securities without options -1 187 929.40Realized gain (loss) on financial futures -128 249.42Total realized gain (loss) on investments -1 316 178.82Realized gain (loss) on foreign exchange -2 817.79


Net realized gain (loss) of the financial year 520 989.05





Annual Report as of 31 December 2011 BSI-Multinvest – Short Term Bonds CHF



Net assets at the beginning of the financial year 101 411 885.07Subscriptions 39 364 691.00Redemptions -35 687 256.88Total net subscriptions (redemptions) 3 677 434.12Net income (loss) on investments 1 839 985.66Total realized gain (loss) -1 318 996.61Total changes in unrealized appreciation (depreciation) 183 602.47Net increase (decrease) in net assets as a result of operations 704 591.52



1.1.2011-31.12.2011








Notes, fixed rate

CHF

CHF BANK MOSCOW PLC LPN 4.50000% 10-10.09.13 1 000 000.00 993 000.00 0.94CHF ELECTRICITE DE FRANCE 3.37500% 08-18.12.13 1 500 000.00 1 566 000.00 1.48CHF PHILIP MORRIS INTERNATIONAL INC 1.00000% 11-06.12.16 1 500 000.00 1 497 750.00 1.42

Total CHF 4 056 750.00 3.84



CHF

CHF ABN AMRO BANK NV 2.37500% 11-02.02.16 2 500 000.00 2 490 000.00 2.35CHF ADCB FINANCE CAYMAN LTD 3.00000% 11-08.12.15 1 000 000.00 1 001 000.00 0.95CHF ANZ NATIONAL (INT’L) LTD 2.12500% 11-25.02.16 2 000 000.00 2 054 000.00 1.94CHF BANCO SANTANDER BRASIL SA 3.12500% 11-01.12.14 2 000 000.00 1 965 000.00 1.86CHF BANK NEDERLANDSE GEMEENTEN NV 2.25000% 05-17.03.14 2 000 000.00 2 077 000.00 1.96CHF BANK OF AMERICA CORP 3.00000% 10-23.12.16 1 000 000.00 904 500.00 0.86CHF BANK OF IRELAND 3.00000% 10-18.02.13 1 500 000.00 1 356 000.00 1.28CHF BMW FINANCE NV 1.75000% 11-29.09.17 1 300 000.00 1 325 350.00 1.25CHF CARREFOUR SA 2.62500% 09-16.04.12 1 500 000.00 1 505 100.00 1.42CHF CORPORACION ANDINA DE FOMENTO 2.62500% 10-05.11.15 1 000 000.00 1 011 500.00 0.96CHF CREDIT AGRICOLE COVERED BONDS 1.00000% 11-07.02.14 2 000 000.00 2 006 000.00 1.90CHF DAIMLER INTERNATIONAL FINANCE BV 1.25000% 11-31.03.14 900 000.00 909 000.00 0.86CHF DEUTSCHE BANK AG 2.00000% 10-05.03.15 2 000 000.00 2 003 000.00 1.89CHF EBN BV 0.75000% 11-03.10.16 1 000 000.00 1 008 000.00 0.95CHF EDP FINANCE BV 3.50000% 11-14.02.14 2 000 000.00 1 934 000.00 1.83CHF ENEL FINANCE INTERNATIONAL NV 2.00000% 11-23.12.15 1 000 000.00 1 000 000.00 0.95CHF EXPORT-IMPORT BANK OF KOREA 2.37500% 11-30.03.15 2 000 000.00 2 023 000.00 1.91CHF FIRST GULF BANK 3.00000% 11-16.02.16 1 500 000.00 1 466 250.00 1.39CHF FRANCE TELECOM SA 3.50000% 07-04.12.14 2 000 000.00 2 131 000.00 2.01CHF GLENCORE FINANCE EUROPE SA 3.62500% 10-06.04.16 1 500 000.00 1 545 750.00 1.46CHF HYUNDAI CAPITAL SERVICES INC 2.00000% 11-27.11.13 1 000 000.00 1 008 500.00 0.95CHF ING BANK NV 2.12500% 10-07.10.16 2 000 000.00 1 926 000.00 1.82CHF LLOYDS TSB BANK PLC 2.50000% 10-23.03.15 1 500 000.00 1 445 250.00 1.37CHF LVMH MOET HENNESSY LOUIS VUITTON 3.37500% 07-22.11.13 1 200 000.00 1 260 000.00 1.19CHF MADRID, COMUNIDAD DE 3.50000% 08-15.07.15 1 500 000.00 1 254 000.00 1.19CHF NEDEDERLANDSE FINANCIERINGS-MAAT 2.62500% 08-22.09.15 2 000 000.00 2 131 000.00 2.01CHF NEDERLANDSE WATERSCHAPSBANK NV 2.50000% 05-20.04.15 2 000 000.00 2 118 000.00 2.00CHF OESTER POSTSPARKASSE BAWAG AG-SUB 4.50000% 00-16.10.15 1 500 000.00 1 659 000.00 1.57CHF POLAND, REPUBLIC OF 2.87500% 07-15.05.12 2 000 000.00 2 012 800.00 1.90CHF QUEBEC, PROVINCE OF 2.25000% 05-05.10.15 2 000 000.00 2 132 000.00 2.02CHF RABOBANK NEDERLAND NV 2.75000% 07-16.03.15 2 500 000.00 2 620 000.00 2.48CHF SBAB BANK AB 1.50000% 11-28.04.14 1 500 000.00 1 515 000.00 1.43CHF STATE BANK OF INDIA LTD 3.37500% 11-22.02.16 1 500 000.00 1 494 000.00 1.41CHF SWEDBANK MORTGAGE AB 1.12500% 11-28.02.14 2 000 000.00 2 029 000.00 1.92CHF UNION BANK OF INDIA 3.37500% 11-07.08.15 1 000 000.00 977 000.00 0.92CHF VEB FINANCE PLC LPN 3.75000% 11-17.02.16 1 000 000.00 962 500.00 0.91CHF WESTPAC BANKING CORP 2.00000% 11-15.12.16 1 000 000.00 1 025 000.00 0.97

Total CHF 59 284 500.00 56.04


Bonds, fixed rate

CHF

CHF CBQ FINANCE LTD 3.00000% 10-07.12.15 2 000 000.00 2 000 000.00 1.89CHF EUROHYPO AG 4.00000% 99-01.09.14 1 300 000.00 1 362 400.00 1.29CHF EUROPEAN INVESTMENT BANK 3.50000% 99-28.01.14 10 000 000.00 10 615 000.00 10.03CHF GENERAL ELECTRIC CAPITAL CORP 4.37500% 00-05.12.12 2 940 000.00 3 034 962.00 2.87




CHF GENERAL ELECTRIC CAPITAL CORP 2.25000% 11-19.12.16 2 000 000.00 2 064 000.00 1.95CHF RABOBANK NEDERLAND NV 4.25000% 00-14.09.12 3 500 000.00 3 597 300.00 3.40CHF SBERBANK 3.50000% 10-12.11.14 1 000 000.00 1 000 500.00 0.94CHF STE NATL DES CHEMINS DE FER FRANCAIS 5.00000% 95-20.10.15 2 000 000.00 2 302 000.00 2.18CHF SWEDISH EXPORT CREDIT CORP 2.62500% 06-12.05.14 2 000 000.00 2 084 000.00 1.97CHF TOTAL CAPITAL 3.12500% 07-29.09.15 1 500 000.00 1 629 750.00 1.54

Total CHF 29 689 912.00 28.06






Total net assets 105 793 910.71 100.00




BSI-Multinvest – Short Term Bonds EUR


DATE ISIN 31.12.2011 31.12.2010 31.12.2009

Net assets in EUR 332 928 017.21 355 218 385.28 244 406 318.44


Shares outstanding 2 454 897.9390 2 661 469.4680 1 860 368.4920Net asset value per share in EUR 135.62 133.47 131.38

Performance

Currency 2011 2010 2009

CLASS A EUR 1.6% 1.6% 4.8%

Benchmark:

JPM EMU BOND INDEX 1 TO 5 YEAR EUR 0.8% 1.2% 5.1%



2011 was affected by the heavy widening and wors-ening of the Eurozone sovereign debt market. Periph-erals markets have incurred extremely serious finan-cial losses notwithstanding received aid in order to give back confidence to international investors. Lot of uncertainty about the future developing of the situa-tion remains. German yields are the best performers as Finnish and Netherlands ones. Spread products gener-ally widened.

During 2011 the fund has over-performed its bench-mark, the JPM EMU BOND INDEX 1 TO 5 YEAR, which is composed by government bonds only. The overperformance is mainly due to the intentional and important underweight on peripherals EU-countries since the beginning of the year, to the very carefully choice of spread paper, and finally, to the continuous active management of the positions on the different euro yield curves (duration and country risk).



Germany 19.14Netherlands 14.96Italy 12.88France 12.10Supranationals 5.50United States 4.42Spain 3.78Finland 3.05United Kingdom 1.58Belgium 1.48Austria 1.26Luxembourg 1.14Ireland 1.05Switzerland 1.04Sweden 0.79India 0.78South Africa 0.62Latvia 0.60Denmark 0.38Czech Republic 0.31Romania 0.29

TOTAL 87.15


Countries & central governments 31.28Banks & credit institutions 28.93Finance & holding companies 11.84Supranational organisations 5.50Energy & water supply 2.42Public, non-profit institutions 1.91Mortgage & funding institutions 1.25Telecommunications 1.20Chemicals 0.91Traffic & transportation 0.60Aerospace industry 0.59Tobacco & alcohol 0.38Building industry & materials 0.21Lodging, catering & leisure 0.13

TOTAL 87.15



Investments in securities, cost 289 729 006.90Investments in securities, unrealized appreciation (depreciation) 427 622.02Total investments in securities (Note 1) 290 156 628.92Cash at banks, deposits on demand and deposit accounts 48 636.08Time deposits and fiduciary deposits 37 836 003.90Receivable on subscriptions 26 025.60Interest receivable on securities 5 490 241.09Interest receivable on liquid assets 32.35


Liabilities







Expenses

Flat fee (Note 2) -2 861 940.99Taxe d’abonnement (Note 3) -155 521.67Interest on cash liquidity and bank overdraft -922.54




Realized gain (loss) on market-priced securities without options -8 618 294.46Realized gain (loss) on yield-evaluated securities and money market instruments 2 024 995.74Total realized gain (loss) on investments -6 593 298.72Realized gain (loss) on foreign exchange 1 226.00




Unrealized appreciation (depreciation) on market-priced securities without options 5 353 259.27Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments -1 687 518.56

Total changes in unrealized appreciation (depreciation) 3 665 740.71


Annual Report as of 31 December 2011 BSI-Multinvest – Short Term Bonds EUR



Net assets at the beginning of the financial year 355 218 385.28Subscriptions 110 801 483.40Redemptions -137 718 323.49Total net subscriptions (redemptions) -26 916 840.09Net income (loss) on investments 7 552 804.03Total realized gain (loss) -6 592 072.72Total changes in unrealized appreciation (depreciation) 3 665 740.71Net increase (decrease) in net assets as a result of operations 4 626 472.02



1.1.2011-31.12.2011

Class ANumber of shares outstanding at the beginning of the financial year 2 661 469.4680Number of shares issued 825 323.4380Number of shares redeemed -1 031 894.9670

Number of shares outstanding at the end of the financial year 2 454 897.9390







EUR

EUR ITALY, REPUBLIC OF TB 0.00000% 30.09.11-30.03.12 5 000 000.00 4 967 354.82 1.49

Total EUR 4 967 354.82 1.49


Notes, fixed rate

EUR

EUR CLARIANT FINANCE LUXEMBOURG SA 4.37500% 06-05.04.13 1 000 000.00 1 001 970.00 0.30EUR EUROPEAN INVESTMENT BANK 2.87500% 11-15.07.16 5 000 000.00 5 162 250.00 1.55EUR FINLAND, REPUBLIC OF 3.50000% 11-15.04.21 1 500 000.00 1 646 925.00 0.50EUR GOLDMAN SACHS GROUP INC 4.50000% 06-23.05.16 2 000 000.00 1 905 860.00 0.57EUR KREDITANSTALT FUER WIEDERAUFBAU 2.12500% 11-11.04.14 7 700 000.00 7 889 728.00 2.37EUR KREDITANSTALT FUER WIEDERAUFBAU 0.87500% 11-15.11.13 3 300 000.00 3 299 373.00 0.99EUR LATVIA, REPUBLIC OF 4.25000% 04-02.04.14 2 000 000.00 2 010 000.00 0.60EUR SOUTH AFRICA, REPUBLIC OF 5.25000% 03-16.05.13 2 000 000.00 2 051 274.00 0.62

Total EUR 24 967 380.00 7.50



EUR

EUR ATLANTIA SPA 3.37500% 10-18.09.17 2 000 000.00 1 852 720.00 0.56EUR BANK NEDERLANDSE GEMEENTEN NV 2.50000% 11-18.01.16 4 000 000.00 4 074 480.00 1.22EUR BANQUE PSA FINANCE 3.25000% 10-26.11.12 1 000 000.00 999 230.00 0.30EUR BANQUE PSA FINANCE 4.25000% 11-25.02.16 700 000.00 638 834.00 0.19EUR BMW FINANCE NV 3.25000% 11-28.01.16 4 000 000.00 4 158 760.00 1.25EUR CARLSBERG BREWERIES AS 3.37500% 10-13.10.17 1 250 000.00 1 252 962.50 0.38EUR CATERPILLAR INTERNATIONAL FINANCE 2.75000% 11-06.06.14 900 000.00 924 921.00 0.28EUR CEZ AS 3.62500% 11-27.05.16 1 000 000.00 1 032 570.00 0.31EUR COMPAGNIE DE FINANCEMENT FONCIER 2.87500% 11-14.01.16 5 000 000.00 4 965 550.00 1.49EUR DAIMLER INTERNATIONAL FINANCE BV 7.75000% 09-26.03.12 5 000 000.00 5 069 750.00 1.52EUR EDP FINANCE BV 5.87500% 11-01.02.16 2 000 000.00 1 730 600.00 0.52EUR ENEL FINANCE INTERNATIONAL NV 4.00000% 09-14.09.16 2 000 000.00 1 964 900.00 0.59EUR EUROPEAN COMMUNITY 2.50000% 11-04.12.15 2 000 000.00 2 046 100.00 0.61EUR EUROPEAN INVESTMENT BANK 2.12500% 11-15.01.14 3 100 000.00 3 137 014.00 0.94EUR EUROPEAN INVESTMENT BANK 2.50000% 11-15.10.18 5 000 000.00 4 913 250.00 1.48EUR FIAT FINANCE & TRADE LTD SA 6.12500% 11-08.07.14 3 000 000.00 2 810 010.00 0.84EUR FRANCE TELECOM SA 4.62500% 04-23.01.12 4 000 000.00 4 006 880.00 1.20EUR GDF SUEZ 2.75000% 10-18.10.17 2 750 000.00 2 780 800.00 0.84EUR GDF SUEZ 4.37500% 09-16.01.12 2 200 000.00 2 202 244.00 0.66EUR GE CAPITAL EUROPEAN FUNDING 3.75000% 11-04.04.16 2 500 000.00 2 564 675.00 0.77EUR GOLDMAN SACHS GROUP INC 4.50000% 11-09.05.16 2 000 000.00 1 911 260.00 0.57EUR IBERDROLA FINANZAS SA 3.50000% 10-13.10.16 1 350 000.00 1 298 808.00 0.39EUR INTESA SANPAOLO SPA 3.25000% 11-01.02.13 1 900 000.00 1 860 537.00 0.56EUR INTESA SANPAOLO SPA 3.50000% 11-27.11.13 5 000 000.00 4 832 600.00 1.45EUR JPMORGAN CHASE & CO 3.75000% 11-15.06.16 1 700 000.00 1 729 257.00 0.52EUR KREDITANSTALT FUER WIEDERAUFBAU 2.25000% 09-21.05.12 1 000 000.00 1 006 350.00 0.30EUR KREDITANSTALT FUER WIEDERAUFBAU 3.12500% 11-08.04.16 6 000 000.00 6 402 600.00 1.92EUR KREDITANSTALT FUER WIEDERAUFBAU 1.87500% 11-16.05.13 3 000 000.00 3 045 540.00 0.92EUR LLOYDS TSB BANK PLC 4.50000% 11-15.09.14 1 300 000.00 1 281 514.00 0.39EUR MCDONALD’S CORP 4.00000% 11-17.02.21 400 000.00 430 896.00 0.13EUR MORGAN STANLEY 4.50000% 11-23.02.16 600 000.00 556 200.00 0.17EUR NATIONAL GRID PLC 4.12500% 06-21.03.13 2 000 000.00 2 058 320.00 0.62EUR NEDERLANDSE WATERSCHAPSBANK NV 3.12500% 09-20.01.12 1 000 000.00 1 000 600.00 0.30EUR RESEAU FERRE DE FRANCE SA 4.62500% 99-17.03.14 6 000 000.00 6 354 900.00 1.91EUR ROCHE HOLDINGS INC 4.62500% 09-04.03.13 4 000 000.00 4 149 000.00 1.25EUR ROYAL BANK OF SCOTLAND PLC 4.75000% 11-18.05.16 2 000 000.00 1 907 640.00 0.57EUR SANTANDER INTERNATIONAL DEBT SA 2.87500% 10-20.09.13 5 000 000.00 4 870 000.00 1.46EUR SANTANDER INTERNATIONAL DEBT SA 3.75000% 11-28.02.13 3 500 000.00 3 454 780.00 1.04EUR SHELL INTERNATIONAL FINANCE BV 3.37500% 09-09.02.12 2 000 000.00 2 004 940.00 0.60EUR STATE BANK OF INDIA LONDON 4.50000% 10-30.11.15 2 750 000.00 2 583 652.50 0.78EUR SWEDEN, KINGDOM OF 3.12500% 09-07.05.14 2 500 000.00 2 636 500.00 0.79EUR THALES 2.75000% 10-19.10.16 2 000 000.00 1 970 180.00 0.59EUR TOYOTA MOTOR CREDIT CORP 5.25000% 09-03.02.12 1 000 000.00 1 003 500.00 0.30EUR UNICREDIT BANK AG 1.50000% 11-14.01.13 1 000 000.00 999 350.00 0.30

Total EUR 112 475 175.00 33.78





EUR

EUR ITALCEMENTI FINANCE SA 5.375%/RATING LKD 10-19.03.20 1 000 000.00 690 000.00 0.21EUR UBS AG LONDON BRANCH 3M EURIBOR+45BP 11-17.06.13 3 500 000.00 3 452 050.00 1.03

Total EUR 4 142 050.00 1.24


Bonds, fixed rate

EUR

EUR AUSTRIA, REPUBLIC OF 3.20000% 10-20.02.17 4 000 000.00 4 190 600.00 1.26EUR BASF SE 3.37500% 05-30.05.12 3 000 000.00 3 025 440.00 0.91EUR BELGIUM, KINGDOM OF 2.75000% 10-28.03.16 5 000 000.00 4 943 450.00 1.48EUR CIE DE FINANCEMENT FONCIER 2.62500% 10-16.04.15 5 000 000.00 4 954 450.00 1.49EUR COMPAGNIE DE FINANCEMENT FONCIER 6.12500% 00-23.02.15 5 000 000.00 5 479 150.00 1.65EUR CREDIT SUISSE GROUP FIN (US) 3.12500% 05-14.09.12 3 000 000.00 3 022 470.00 0.91EUR DEUTSCHE PFANDBRIEFBANK AG 4.50000% 98-15.01.14 3 000 000.00 3 156 390.00 0.95EUR EUROPEAN INVESTMENT BANK 2.62500% 10-15.03.16 3 000 000.00 3 061 440.00 0.92EUR FINLAND, REPUBLIC OF 3.12500% 09-15.09.14 8 000 000.00 8 525 200.00 2.56EUR GENERALI FINANCE BV 4.75000% 99-12.05.14 5 500 000.00 5 512 320.00 1.66EUR GERMANY, REPUBLIC OF 2.25000% 10-04.09.20 5 000 000.00 5 248 349.99 1.58EUR GERMANY, REPUBLIC OF 3.25000% 10-04.07.42 2 000 000.00 2 379 300.00 0.71EUR GERMANY, REPUBLIC OF 2.00000% 11-04.01.22 5 000 000.00 5 077 500.00 1.52EUR GERMANY, REPUBLIC OF 0.75000% 11-13.09.13 5 000 000.00 5 055 700.00 1.52EUR GERMANY, REPUBLIC OF 2.25000% 09-11.04.14 3 000 000.00 3 147 450.00 0.95EUR GERMANY, REPUBLIC OF 1.25000% 11-14.10.16 5 000 000.00 5 114 599.99 1.54EUR INSTITUTO DE CREDITO OFICIAL 3.75000% 10-28.07.15 2 000 000.00 1 962 060.00 0.59EUR ITALY, REPUBLIC OF 2.25000% 10-01.11.13 5 000 000.00 4 758 500.00 1.43EUR ITALY, REPUBLIC OF 6.12500% 97-29.05.12 7 097 000.00 7 163 293.08 2.15EUR ITALY, REPUBLIC OF-BTP 5.00000% 01-01.02.12 3 000 000.00 3 005 550.00 0.90EUR ITALY, REPUBLIC OF-BTP 3.00000% 10-.15.04.15 5 000 000.00 4 624 250.00 1.39EUR ITALY, REPUBLIC OF-BTP 3.00000% 10-01.11.15 2 500 000.00 2 270 125.00 0.68EUR ITALY, REPUBLIC OF-BTP 3.00000% 11-01.04.14 5 000 000.00 4 775 750.00 1.43EUR ITALY, REPUBLIC OF-BTP 3.75000% 11-15.04.16 3 000 000.00 2 774 550.00 0.83EUR KREDITANSTALT FUER WIEDERAUFBAU 1.87500% 10-16.11.15 4 000 000.00 4 069 840.00 1.22EUR KREDITANSTALT FUER WIEDERAUFBAU 3.37500% 11-18.01.21 2 000 000.00 2 152 760.00 0.65EUR KREDITANSTALT FUER WIEDERAUFBAU 3.12500% 11-15.06.18 2 500 000.00 2 649 950.00 0.80EUR NEDERLANDSE WATERSCHAPSBANK NV 2.37500% 10-04.06.15 5 000 000.00 5 092 400.00 1.53EUR NETHERLANDS, KINGDOM OF THE 3.75000% 04-15.07.14 3 000 000.00 3 238 110.01 0.97EUR NETHERLANDS, KINGDOM OF THE 2.75000% 09-15.01.15 8 000 000.00 8 465 600.00 2.54EUR ROMANIA 5.25000% 11-17.06.16 1 000 000.00 966 420.00 0.29

Total EUR 129 862 968.07 39.01

FRF

FRF STE NATL DES CHEMINS DE FER FRANCAIS 6.75000% 93-16.09.13 970 000.00 160 523.35 0.05

Total FRF 160 523.35 0.05

NLG

NLG BANK NEDERLANDSE GEMEENTEN NV 5.25000% 98-03.04.13 6 000 000.00 2 843 568.35 0.85

Total NLG 2 843 568.35 0.85


Bonds, zero coupon

NLG

NLG BANK NEDERLANDSE GEMEENTEN NV 0.00000% 95-04.09.15 11 000 000.00 4 644 667.40 1.40

Total NLG 4 644 667.40 1.40

Total Bonds, zero coupon 4 644 667.40 1.40



Bonds, fixed rate

EUR

EUR BANCO BILBAO VIZCAYA ARGENTARIA SA 4.75000% 11-10.02.16 1 000 000.00 1 000 690.00 0.30

Total EUR 1 000 690.00 0.30





Treasury notes, floating rate

EUR

EUR FRANCE, REPUBLIC OF 0.450%/FRCPXTOB IDX LINKED 11-25.07.16 5 000 000.00 5 092 251.93 1.53

Total EUR 5 092 251.93 1.53

Total Treasury notes, floating rate 5 092 251.93 1.53



Time deposits and fiduciary deposits 37 836 003.90 11.37

Cash at banks, deposits on demand and deposit accounts and other liquid assets 48 636.08 0.01Other assets and liabilities 4 886 748.31 1.47

Total net assets 332 928 017.21 100.00





BSI-Multinvest – Short Term Bonds USD


DATE ISIN 31.12.2011 31.12.2010 31.12.2009

Net assets in USD 143 522 544.47 134 644 507.02 117 580 690.14



Performance

Currency 2011 2010 2009

CLASS A USD 2.6% 4.0% 3.3%

Benchmark:

JP MORGAN GOVT BOND INDEX US 1 - 5 UNHEDGED USD USD 3.6% 3.9% 1.5%



2011 was a challenging year for financial markets and the world economy. The Arab Spring and a tsunami in Japan were the first shocks; a sharp deceleration in the US economy (which lost its AAA rating in August) and the complete degeneration of the european sover-eign crisis caused sharp losses in all risky and a sharp decline in treasury yields to historic lows. QE2 also helped flatten the yield curve in H2.

The fund slightly underperformed its benchmark, the JP MORGAN GOVT BOND INDEX US 1 - 5 UNHEDGEDUSD. The underperformance was mainly caused by some exposure to financial sector corporates, whose spreads widened to unprecedented levels. Duration was kept in line or longer than the benchmark through all year thus allowing the fund to benefit from declines in yields.



United States 45.34Canada 9.38Supranationals 8.73United Kingdom 7.75Netherlands 7.00Norway 5.09Hong Kong 2.95Mexico 2.89Luxembourg 2.64Japan 2.44France 1.42Portugal 0.95

TOTAL 96.58


Banks & credit institutions 21.87Finance & holding companies 19.05Countries & central governments 17.72Supranational organisations 8.73Cantons, federal states 7.33Petroleum 5.10Computer hardware & network equipment providers 4.54Food & soft drinks 3.29Internet, software & IT services 2.22Energy & water supply 1.42Tobacco & alcohol 1.42Miscellaneous consumer goods 1.40Public, non-profit institutions 0.95Pharmaceuticals, cosmetics & medical products 0.81Telecommunications 0.73

TOTAL 96.58



Investments in securities, cost 136 082 056.02Investments in securities, unrealized appreciation (depreciation) 2 536 120.73Total investments in securities (Note 1) 138 618 176.75Cash at banks, deposits on demand and deposit accounts 3 445 860.84Other liquid assets (Margins) 462 656.10Receivable on subscriptions 4 974.88Interest receivable on securities 1 367 522.89Unrealized gain (loss) on financial futures (Note 1) -183 906.40


Liabilities

Interest payable on bank overdraft -18.65Payable on redemptions -69 419.45Provisions for flat fee (Note 2) -105 557.15Provisions for taxe d’abonnement (Note 3) -17 745.34Total provisions -123 302.49




Interest on liquid assets 1 380.83Interest on securities 5 235 839.54Income on securities lending (Note 4) 40 589.08


Expenses

Flat fee (Note 2) -1 236 099.98Taxe d’abonnement (Note 3) -70 359.33Interest on cash liquidity and bank overdraft -1 159.83




Realized gain (loss) on market-priced securities without options -830 453.09Realized gain (loss) on yield-evaluated securities and money market instruments 17 747.86Realized gain (loss) on financial futures -264 605.28Total realized gain (loss) on investments -1 077 310.51Realized gain (loss) on foreign exchange -3 365.23




Unrealized appreciation (depreciation) on market-priced securities without options 1 028 235.68Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments -15 858.70Unrealized appreciation (depreciation) on financial futures -183 906.40



Annual Report as of 31 December 2011 BSI-Multinvest – Short Term Bonds USD



Net assets at the beginning of the financial year 134 644 507.02Subscriptions 50 735 487.83Redemptions -45 575 435.53Total net subscriptions (redemptions) 5 160 052.30Net income (loss) on investments 3 970 190.31Total realized gain (loss) -1 080 675.74Total changes in unrealized appreciation (depreciation) 828 470.58Net increase (decrease) in net assets as a result of operations 3 717 985.15



1.1.2011-31.12.2011








Notes, fixed rate

USD

USD BANK OF SCOTLAND PLC-REG-S 5.25000% 07-21.02.17 500 000.00 523 593.50 0.36USD CITIGROUP INC 6.12500% 08-15.05.18 3 000 000.00 3 193 071.00 2.22USD ELECTRICITE DE FRANCE-REG-S 4.60000% 10-27.01.20 2 000 000.00 2 044 162.00 1.42USD ELI LILLY & CO 5.20000% 07-15.03.17 1 000 000.00 1 155 153.00 0.81USD EUROPEAN INVESTMENT BANK 2.25000% 11-15.03.16 8 000 000.00 8 168 960.00 5.69USD HSBC FINANCE CORP 5.25000% 06-15.01.14 1 000 000.00 1 021 156.00 0.71USD KRAFT FOODS INC 6.12500% 08-23.08.18 4 000 000.00 4 719 768.00 3.29USD ONTARIO, PROVINCE OF 2.9500% 10-15.02.15 5 000 000.00 5 265 535.00 3.67USD ZIMMER HOLDINGS INC 4.62500% 09-30.11.19 3 500 000.00 3 814 440.00 2.66

Total USD 29 905 838.50 20.83



USD

USD WPP FINANCE UK 8.000%/LINKED RATING 09-15.09.14 5 000 000.00 5 569 545.00 3.88

Total USD 5 569 545.00 3.88



USD

USD INTL BK FOR RECONSTR & DEVT WORLD BANK 5.50000% 98-25.11.13 4 000 000.00 4 367 200.00 3.04USD RABOBANK NEDERLAND NV 2.50000% 10-12.12.13 5 000 000.00 5 092 800.00 3.55

Total USD 9 460 000.00 6.59



USD

USD RABOBANK NEDERLAND NV-SUB 8.375%/5YR UST+642.5BP 11-31.12.49 800 000.00 796 000.00 0.56USD SIEMENS FINANCIERINGSMAATSCH NV 3M LIBOR+15BP 06-16.03.12 3 000 000.00 2 997 750.00 2.09

Total USD 3 793 750.00 2.65


Bonds, fixed rate

USD

USD BP CAPITAL MARKETS PLC 4.74200% 11-11.03.21 1 000 000.00 1 132 654.00 0.79USD DEVELOPMENT BANK OF JAPAN 5.12500% 07-01.02.17 3 000 000.00 3 494 880.00 2.44USD ONTARIO, PROVINCE OF 3.00000% 11-16.07.18 5 000 000.00 5 258 670.00 3.66USD TELECOM ITALIA CAPITAL 4.95000% 05-30.09.14 3 000 000.00 2 784 612.00 1.94

Total USD 12 670 816.00 8.83




Notes, fixed rate

USD

USD ABBEY NATIONAL TREASURY SERVICES PLC 2.87500% 11-25.04.14 3 000 000.00 2 777 160.00 1.94USD CISCO SYSTEMS INC 3.15000% 11-14.03.17 6 000 000.00 6 512 280.00 4.54USD CITIGROUP INC 4.58700% 10-15.12.15 3 000 000.00 3 019 191.00 2.10USD DEUTSCHE BANK AG LONDON 6.00000% 07-01.09.17 1 000 000.00 1 116 791.00 0.78USD ENEL FINANCE INTERNATIONAL SA-REG-S 5.70000% 07-15.01.13 1 000 000.00 1 003 770.00 0.70USD GENERAL ELECTRIC CAPITAL CORP 2.25000% 10-09.11.15 500 000.00 502 235.50 0.35USD HSBC FINANCE CORP-SUB 6.67600% 11-15.01.21 3 000 000.00 3 103 191.00 2.16USD HUTCHISON WHAMPOA INTL LTD-144A 4.62500% 09-11.09.15 4 000 000.00 4 233 960.00 2.95USD JP MORGAN CHASE & CO 3.70000% 09-20.01.15 3 000 000.00 3 110 415.00 2.17USD MICROSOFT CORP 3.00000% 10-01.10.20 3 000 000.00 3 191 574.00 2.22



USD PETROLEOS MEXICANOS 4.87500% 10-15.03.15 3 900 000.00 4 148 625.00 2.89USD PHILIP MORRIS INTERNATIONAL INC 2.90000% 11-15.11.21 2 000 000.00 2 039 098.00 1.42USD PROCTER & GAMBLE CO 1.37500% 10-01.08.12 2 000 000.00 2 008 660.00 1.40USD SIEMENS FINANCIERINGSMAATSCHAPPIJ-REG-S 5.75000% 06-17.10.16 1 000 000.00 1 159 980.00 0.81USD STATOIL ASA 3.12500% 10-17.08.17 3 000 000.00 3 164 103.00 2.20USD VERIZON COMMUNICATIONS INC 3.00000% 11-01.04.16 1 000 000.00 1 047 190.00 0.73

Total USD 42 138 223.50 29.36



USD

USD EKSPORTFINANS ASA 2.00000% 10-15.09.15 5 000 000.00 4 141 900.00 2.89USD SWISS RE TREASURY (US) CORP 4.12500% 09-17.09.13 4 000 000.00 4 137 280.00 2.88

Total USD 8 279 180.00 5.77


Bonds, fixed rate

USD

USD CANADA, GOVERNMENT 2.37500% 09-10.09.14 2 800 000.00 2 940 364.00 2.05USD METROPOLITANO DE LISBOA-REG-S 7.42000% 96-15.10.16 4 500 000.00 1 366 314.75 0.95

Total USD 4 306 678.75 3.00



USD

USD AMERICA, UNITED STATES OF 3.12500% 11-15.11.41 5 000 000.00 5 238 280.00 3.65USD AMERICA, UNITED STATES OF 3.50000% 10-15.05.20 15 000 000.00 17 255 865.00 12.02

Total USD 22 494 145.00 15.67







USD US LONG BOND FUTURE 21.03.12 -100.00 -183 906.40 -0.13Total Financial Futures on bonds -183 906.40 -0.13

Total Derivative instruments listed on an official stock exchange -183 906.40 -0.13

Total Derivative instruments -183 906.40 -0.13



Total net assets 143 522 544.47 100.00





BSI-Multinvest – Strategy Balanced (CHF)


DATE ISIN 31.12.2011 31.12.2010 31.12.2009

Net assets in CHF 39 613 649.40 46 144 819.80 21 355 200.74



Performance

Currency 2011 2010 2009

CLASS A CHF -3.4% -2.0% 11.4%

Benchmark:

CUSTOMIZED BENCHMARK1 CHF -3.7% 2.1% 17.2%


1 Please see the Appendix for the composition of the Customized Benchmark.


2011 was an extraordinary year, sadly characterized by several negative factors, which are, in one way or another, a continuation of the economic saga that began in 2007 and culminated in the severe recession 2008-2010. Words such as “debt crisis”, “spread” and “occupy”, will be remembered as the symbols of 2011, not to mention the geopolitical instability in the Middle East, exacerbated by the “Arab Spring”. A way to mea-sure what we just mentioned is the unusual negative performance of major equity markets, which closed the year strongly in red, except for the U.S. (flat). In con-trast, government bonds of Germany, Switzerland and USA have generated returns between 7.5% and 11%, while for the peripheral bonds has been a disastrous year. In this volatile context, the gold, despite the robust reassessment after the highs above 1900$, closed in positive territory (+10%). With regard to the currency market, the greenback managed to end in positive ter-ritory in 2011 (+0.45%), recovering 34% from the lows of August, helped by the September SNB intervention. Same pattern for Euro and Pound, where the former has lost “only” 2.6%, after recovering 20%, while the lat-ter ended virtually unchanged after a recovery of 26%.

The fund’s tactical policy has seen a largely defensive approach with an important use of stocks and bonds futures, in order to adjust the net exposure of the portfolio. This has allowed us to profitably exploit the extreme volatility experienced by the market. We maintained a significant weight in some themes such as gold, agribusiness and global basic. Dynamic foreign exchange hedging also made a positive contribution. Net of all expenses, the subfund outperformed the customized benchmark.



Luxembourg 54.32Ireland 10.80Germany 8.34United Kingdom 5.34Switzerland 5.29Liechtenstein 5.04Jersey 3.63France 2.42

TOTAL 95.18



TOTAL 95.18



Investments in securities, cost 39 007 000.85Investments in securities, unrealized appreciation (depreciation) -1 303 879.67Total investments in securities (Note 1) 37 703 121.18Cash at banks, deposits on demand and deposit accounts 1 745 450.16Other liquid assets (Margins) 229 002.24Receivable on subscriptions 734.96Interest receivable on liquid assets 86.03Unrealized gain (loss) on financial futures (Note 1) 98 568.69


Liabilities

Other short-term liabilities (Margins) -58 509.98Payable on redemptions -53 348.60Provisions for flat fee (Note 2) -49 217.84Provisions for taxe d’abonnement (Note 3) -2 237.44Total provisions -51 455.28






Expenses





Realized gain (loss) on market-priced securities without options -946 953.48Realized gain (loss) on financial futures 1 083 972.92Realized gain (loss) on forward foreign exchange contracts -108 199.66Total realized gain (loss) on investments 28 819.78Realized gain (loss) on foreign exchange 9 533.70


Net realized gain (loss) of the financial year -458 150.53


Unrealized appreciation (depreciation) on market-priced securities without options -1 150 861.97Unrealized appreciation (depreciation) on financial futures 98 568.69Unrealized appreciation (depreciation) on forward foreign exchange contracts -67.86



Annual Report as of 31 December 2011 BSI-Multinvest – Strategy Balanced (CHF)



Net assets at the beginning of the financial year 46 144 819.80Subscriptions 1 054 140.69Redemptions -6 074 799.42Total net subscriptions (redemptions) -5 020 658.73Net income (loss) on investments -496 504.01Total realized gain (loss) 38 353.48Total changes in unrealized appreciation (depreciation) -1 052 361.14Net increase (decrease) in net assets as a result of operations -1 510 511.67



1.1.2011-31.12.2011









Jersey


Total Jersey 1 437 978.13 3.63





France

EUR LYXOR ETF EUROMTS 10-15 Y SICAV-CAP 6 175.00 959 841.40 2.42

Total France 959 841.40 2.42

Germany

CHF DWS AKTIEN SCHWEIZ 95 300.00 3 302 145.00 8.34

Total Germany 3 302 145.00 8.34

Ireland

EUR BNY MELLON ABSOLUTE RETURN EQUITY FUND-T EUR(HEDGED) 955 000.00 1 175 620.33 2.97EUR MELLON GLOBAL FUNDS PLC - EUROLAND BOND FUND-C 1 679 300.00 3 102 804.47 7.83

Total Ireland 4 278 424.80 10.80

Liechtenstein

CHF LGT EQUITY FUND GLOBAL INFLATION LINKED CHF-B 1 745.00 1 996 454.50 5.04


Luxembourg

EUR AMUNDI INTERNATIONAL SICAV-AHE-C CAP 11 182.00 1 636 596.75 4.13CHF DB X-TRACKERS SMI ETF-1D DISTRIBUTION 52 780.00 3 140 937.80 7.93EUR DWS INVEST GLOBAL AGRIBUSINESS EUR-FC-CAPITALISATION 4 680.00 653 321.02 1.65USD INVESCO FUNDS SICAV - INVESCO ASIA INFRASTRUCTURE FUND-C 98 470.00 1 225 575.44 3.10CHF PICTET SICAV - CHF LIQUIDITY-I 21 285.00 2 665 946.25 6.73CHF SCHRODER INTL SELECTION FUND - SWISS EQUITY OPPORTUNITIES-C 31 400.00 3 138 116.00 7.92USD UBAM SICAV - YIELD CURVE US DOLLAR BOND-IC-CAPITALISATION 684.00 1 609 408.24 4.06CHF VONTOBEL FUND - ABSOLUTE RETURN BOND CHF-I CAP 23 940.00 2 472 762.60 6.24CHF VONTOBEL FUND SICAV-SWISS FRANC BOND-CAP-I 31 240.00 3 777 228.40 9.54USD VONTOBEL FUND SICAV-US VALUE EQUITY-I-CAPITALISATION 12 545.00 1 197 600.38 3.02


United Kingdom

EUR M&G1 GLOBAL BASICS FD-C ACC EUR 69 025.00 2 116 546.70 5.34






Switzerland

CHF BSI MULTI MANAGER DIRECTIONAL FUND (CHF HEDGED)-A 13 605.95 1 206 984.00 3.05CHF BSI MULTIMANAGER FUND - YIELD ENHANCEMENT (CHF HEDG) A 9 896.86 887 253.77 2.24

Total Switzerland 2 094 237.77 5.29














Total net assets 39 613 649.40 100.00





BSI-Multinvest – Strategy Balanced (EUR)


DATE ISIN 31.12.2011 31.12.2010 31.12.2009

Net assets in EUR 42 137 320.66 46 575 816.78 12 660 857.94


Shares outstanding 420 961.3430 464 360.7660 136 557.6350Net asset value per share in EUR 100.10 100.30 92.71

Performance

Currency 2011 2010 2009

CLASS A EUR -0.2% 8.2% 17.3%

Benchmark:

CUSTOMIZED BENCHMARK1 EUR -3.3% 9.3% 19.4%





2011 was an extraordinary year, sadly characterized by several negative factors, which are, in one way or another, a continuation of the economic saga that began in 2007 and culminated in the severe recession 2008-2010. Words such as “debt crisis”, “spread” and “occupy”, will be remembered as the symbols of 2011, not to mention the geopolitical instability in the Middle East, exacerbated by the “Arab Spring”. A way to mea-sure what we just mentioned is the unusual negative performance of major equity markets, which closed the year strongly in red, except for the U.S. (flat). In con-trast, government bonds of Germany, Switzerland and USA have generated returns between 7.5% and 11%, while for the peripheral bonds has been a disastrous year. In this volatile context, the gold, despite the robust reassessment after the highs above 1900$, closed in positive territory (+10%). With regard to the currency market, the greenback managed to end in positive ter-ritory in 2011 (+3.15%), recovering 13% from the lows of May. Same pattern for the Pound which closed at +2.8%.

The subfund’s tactical policy has seen a largely defen-sive approach with an important use of stocks and bonds futures, in order to adjust the net exposure of the portfolio. This has allowed us to profitably exploit the extreme volatility experienced by the market. We maintained a significant weight in some themes such as gold, agribusiness and global basic. Dynamic foreign exchange hedging also made a positive contribution. Net of all expenses, the subfund strongly outperformed the customized benchmark.



Luxembourg 48.04Ireland 15.78United Kingdom 13.20France 9.67Switzerland 5.97Jersey 3.84

TOTAL 96.50



TOTAL 96.50

Annual Report as of 31 December 2011 BSI-Multinvest – Strategy Balanced (EUR)



Investments in securities, cost 39 826 724.90Investments in securities, unrealized appreciation (depreciation) 834 158.30Total investments in securities (Note 1) 40 660 883.20Cash at banks, deposits on demand and deposit accounts 1 303 302.75Other liquid assets (Margins) 240 100.00Interest receivable on liquid assets 189.84Unrealized gain (loss) on financial futures (Note 1) 105 200.00Unrealized gain (loss) on forward foreign exchange contracts (Note 1) -23 615.07


Liabilities

Other short-term liabilities (Margins) -63 200.00Payable on redemptions -30 188.33Provisions for flat fee (Note 2) -52 644.54Provisions for taxe d’abonnement (Note 3) -2 707.19Total provisions -55 351.73






Expenses





Realized gain (loss) on market-priced securities without options -33 626.66Realized gain (loss) on financial futures 1 376 075.00Realized gain (loss) on forward foreign exchange contracts 40 040.51Total realized gain (loss) on investments 1 382 488.85Realized gain (loss) on foreign exchange 25 803.37




Unrealized appreciation (depreciation) on market-priced securities without options -1 032 597.02Unrealized appreciation (depreciation) on financial futures 105 200.00Unrealized appreciation (depreciation) on forward foreign exchange contracts -23 615.07






Net assets at the beginning of the financial year 46 575 816.78Subscriptions 4 774 491.23Redemptions -9 055 160.00Total net subscriptions (redemptions) -4 280 668.77Net income (loss) on investments -615 107.48Total realized gain (loss) 1 408 292.22Total changes in unrealized appreciation (depreciation) -951 012.09Net increase (decrease) in net assets as a result of operations -157 827.35



1.1.2011-31.12.2011









Jersey


Total Jersey 1 615 997.70 3.84





France

EUR CARMIGNAC GESTION CARMIGNAC INVESTISSEMENT FCP-A 3 DECIMALES 154.00 1 252 266.40 2.97EUR LYXOR ETF EUROMTS 10-15 Y SICAV-CAP 8 340.00 1 067 937.00 2.53EUR ODDO ASSET MANAGEMENT ODDO AVENIR EUROPE-B 3 DECIMALS 12.40 1 755 843.72 4.17

Total France 4 076 047.12 9.67

Ireland

EUR BNY MELLON ABSOLUTE RETURN EQUITY FUND-T EUR(HEDGED) 1 231 500.00 1 248 864.15 2.96EUR ISHARES EURO INFLATION LINKED BOND 9 240.00 1 641 578.40 3.90EUR MELLON GLOBAL FUNDS PLC - EUROLAND BOND FUND-C 2 469 880.00 3 759 404.35 8.92

Total Ireland 6 649 846.90 15.78

Luxembourg

EUR AMUNDI INTERNATIONAL SICAV-AHE-C CAP 20 809.00 2 508 941.13 5.95EUR DEKA INSTITUTIONELL GELDMARKTGARANT-CF-T 385.00 2 189 602.80 5.20EUR DWS INVEST GLOBAL AGRIBUSINESS EUR-FC-CAPITALISATION 9 380.00 1 078 700.00 2.56EUR GENERALI INVESTMENTS SICAV - EURO CORPORATE BONDS-BX 7 470.00 879 883.83 2.09EUR HENDERSON HORIZON FUND SICAV - PAN EUROPEAN EQUITY FUND-I2 212 900.00 3 440 464.00 8.16USD INVESCO FUNDS SICAV - INVESCO ASIA INFRASTRUCTURE FUND-C 125 800.00 1 289 833.99 3.06EUR JULIUS BAER MULTIBOND - ABSOLUTE RETURN BOND FUND-C CAP 16 000.00 2 084 480.00 4.95USD UBAM SICAV - YIELD CURVE US DOLLAR BOND-IC-CAPITALISATION 1 075.00 2 083 702.19 4.95EUR VONTOBEL FUND - ABSOLUTE RETURN BOND (EUR)-I CAPITALISATION 18 480.00 2 077 706.40 4.93USD VONTOBEL FUND SICAV-US VALUE EQUITY-I-CAPITALISATION 33 170.00 2 608 577.82 6.19


United Kingdom







Switzerland

EUR BSI MULTI MANAGER DIRECTIONAL FUND (EUR HEDGED)-A 14 829.77 1 312 583.12 3.12EUR BSI MULTIMANAGER FUND - YIELD ENHANCEMENT (EUR HEDG) A 12 086.79 1 202 877.14 2.85


















Total net assets 42 137 320.66 100.00





BSI-Multinvest – Strategy Income (CHF)


DATE ISIN 31.12.2011 31.12.2010 31.12.2009

Net assets in CHF 92 775 428.71 97 876 192.16 33 896 640.96



Performance

Currency 2011 2010 2009

CLASS A CHF 1.4% -1.8% 8.2%

Benchmark:

CUSTOMIZED BENCHMARK1 CHF 2.6% 1.0% 11.4%


1 Please see the Appendix for the composition of the Customized Benchmark



2011 was an extraordinary year, sadly characterized by several negative factors, which are, in one way or another, a continuation of the economic saga that began in 2007 and culminated in the severe recession 2008-2010. Words such as “debt crisis”, “spread” and “occupy”, will be remembered as the symbols of 2011, not to mention the geopolitical instability in the Middle East, exacerbated by the “Arab Spring”. A way to mea-sure what we just mentioned is the unusual negative performance of major equity markets, which closed the year strongly in red, except for the U.S. (flat). In con-trast, government bonds of Germany, Switzerland and USA have generated returns between 7.5% and 11%, while for the peripheral bonds has been a disastrous year. In this volatile context, the gold, despite the robust reassessment after the highs above 1900$, closed in positive territory (+10%).

With regard to the currency market, the greenback managed to end in positive territory in 2011 (+0.45%), recovering 34% from the lows of August, helped by the September SNB intervention. Same pattern for Euro and Pound, where the former has lost “only” 2.6%, after recovering 20%, while the latter ended virtually unchanged after a recovery of 26%.

The fund’s tactical policy has seen a largely defen-sive approach with an important use of stocks and bonds futures, in order to adjust the net exposure of the portfolio. This has allowed us to profitably exploit the extreme volatility experienced by the market. We maintained a significant weight in gold and, within our bond business, we used some absolute return funds and strategies maintaining a shorter duration relative to the benchmark. Dynamic foreign exchange hedging also made a positive contribution. Net of all expenses, the subfund recorded a positive return but underper-formed the customized benchmark.



Luxembourg 52.20Ireland 11.81Liechtenstein 9.58Germany 7.52Switzerland 6.10United Kingdom 4.32Jersey 3.93

TOTAL 95.46



TOTAL 95.46

Annual Report as of 31 December 2011 BSI-Multinvest – Strategy Income (CHF)



Investments in securities, cost 88 994 836.92Investments in securities, unrealized appreciation (depreciation) -431 346.10Total investments in securities (Note 1) 88 563 490.82Cash at banks, deposits on demand and deposit accounts 3 966 624.11Other liquid assets (Margins) 249 820.63Receivable on subscriptions 160 109.75Interest receivable on liquid assets 5.04Unrealized gain (loss) on financial futures (Note 1) 84 487.44


Liabilities

Other short-term liabilities (Margins) -40 787.04Interest payable on bank overdraft -13.70Payable on redemptions -87 552.43Provisions for flat fee (Note 2) -115 273.47Provisions for taxe d’abonnement (Note 3) -5 482.44Total provisions -120 755.91






Expenses



Net income (loss) on investments -1 213 025.88


Realized gain (loss) on market-priced securities without options -1 052 316.62Realized gain (loss) on financial futures 3 314 822.46Realized gain (loss) on forward foreign exchange contracts -7 991.80Total realized gain (loss) on investments 2 254 514.04Realized gain (loss) on foreign exchange 229 878.70




Unrealized appreciation (depreciation) on market-priced securities without options -131 033.49Unrealized appreciation (depreciation) on financial futures 84 487.44Unrealized appreciation (depreciation) on forward foreign exchange contracts -339.31






Net assets at the beginning of the financial year 97 876 192.16Subscriptions 6 528 328.98Redemptions -12 853 573.93Total net subscriptions (redemptions) -6 325 244.95Net income (loss) on investments -1 213 025.88Total realized gain (loss) 2 484 392.74Total changes in unrealized appreciation (depreciation) -46 885.36Net increase (decrease) in net assets as a result of operations 1 224 481.50



1.1.2011-31.12.2011









Jersey


Total Jersey 3 642 877.92 3.93





Germany

CHF DWS AKTIEN SCHWEIZ 201 390.00 6 978 163.50 7.52

Total Germany 6 978 163.50 7.52

Ireland

EUR ABSOLUTE INSIGHT UK EQUITY MARKET NEUTRAL FUND-B1P-EUR 1 900 000.00 2 761 926.12 2.98EUR MELLON GLOBAL FUNDS PLC - EUROLAND BOND FUND-C 4 436 500.00 8 197 220.30 8.83

Total Ireland 10 959 146.42 11.81

Liechtenstein

CHF LGT EQUITY FUND GLOBAL INFLATION LINKED CHF-B 7 765.00 8 883 936.50 9.58


Luxembourg

EUR AMUNDI INTERNATIONAL SICAV-AHE-C CAP 26 200.00 3 834 630.19 4.13CHF JULIUS BAER MULTIBOND SICAV - SWISS FRANC BOND FUND-C 43 920.00 8 250 811.20 8.89CHF JULIUS BAER MULTIBOND - ABSOLUTE RETURN BOND FUND-C 75 415.00 8 366 540.10 9.02CHF PICTET SICAV - CHF LIQUIDITY-I 68 670.00 8 600 917.50 9.27CHF VONTOBEL FUND - ABSOLUTE RETURN BOND CHF-I CAP 82 170.00 8 487 339.30 9.15CHF VONTOBEL FUND SICAV-SWISS FRANC BOND-CAP-I 72 310.00 8 743 002.10 9.42USD VONTOBEL FUND SICAV-US VALUE EQUITY-I-CAPITALISATION 22 530.00 2 150 812.01 2.32


United Kingdom

EUR M&G1 GLOBAL BASICS FD-C ACC EUR 130 710.00 4 008 023.44 4.32






Switzerland

CHF BSI MULTI MANAGER DIRECTIONAL FUND (CHF HEDGED)-A 28 094.01 2 492 219.89 2.69CHF BSI MULTIMANAGER FUND - YIELD ENHANCEMENT (CHF HEDG) A 35 304.75 3 165 070.75 3.41















Total net assets 92 775 428.71 100.00





BSI-Multinvest – Strategy Income (EUR)


DATE ISIN 31.12.2011 31.12.2010 31.12.2009

Net assets in EUR 77 344 755.22 73 274 366.78 15 084 755.02


Shares outstanding 685 743.6740 663 940.8310 142 599.9790Net asset value per share in EUR 112.79 110.36 105.78

Performance

Currency 2011 2010 2009

CLASS A EUR 2.2% 4.3% 9.5%

Benchmark:

CUSTOMIZED BENCHMARK1 EUR 1.1% 6.3% 13.2%




2011 was an extraordinary year, sadly character-ized by several negative factors, which are, in one way or another, a continuation of the economic saga that began in 2007 and culminated in the severe recession 2008-2010. Words such as “debt crisis”, “spread” and “occupy”, will be remembered as the symbols of 2011, not to mention the geopolitical instability in the Middle East, exacerbated by the “Arab Spring”. A way to mea-sure what we just mentioned is the unusual negative performance of major equity markets, which closed the year strongly in red, except for the U.S. (flat). In contrast, government bonds of Germany, Switzerland and USA have generated returns between 7.5% and 11%, while for the peripheral bonds has been a disastrous year. In this volatile context, the gold, despite the robust reas-sessment after the highs above 1900$, closed in posi-tive territory (+10%). With regard to the currency mar-ket, the greenback managed to end in positive territory in 2011 (+3.15%), recovering 13% from the lows of May. Same pattern for the Pound which closed at +2.8%.

The fund’s tactical policy has seen a largely defen-sive approach with an important use of stocks and bonds futures, in order to adjust the net exposure of the portfolio. This has allowed us to profitably exploit the extreme volatility experienced by the market. We maintained a significant weight in gold and, within our bond business, we used some absolute return funds and strategies maintaining a shorter duration relative to the benchmark. Dynamic foreign exchange hedging also made a positive contribution. Net of all expenses, the subfund recorded a positive return and strongly outperformed the customized benchmark.



Luxembourg 38.29Ireland 16.59France 14.41United Kingdom 12.08Liechtenstein 3.98Jersey 3.92Switzerland 3.75

TOTAL 93.02



TOTAL 93.02



Investments in securities, cost 70 943 115.00Investments in securities, unrealized appreciation (depreciation) 1 001 948.76Total investments in securities (Note 1) 71 945 063.76Cash at banks, deposits on demand and deposit accounts 6 253 644.36Other liquid assets (Margins) 222 950.00Interest receivable on liquid assets 534.12Unrealized gain (loss) on financial futures (Note 1) 75 400.00Unrealized gain (loss) on forward foreign exchange contracts (Note 1) -11 807.53


Liabilities

Other short-term liabilities (Margins) -36 400.00Payable on securities purchases (Note 1) -759 501.66Payable on redemptions -244 893.60Provisions for flat fee (Note 2) -94 332.49Provisions for taxe d’abonnement (Note 3) -5 901.74Total provisions -100 234.23






Expenses





Realized gain (loss) on market-priced securities without options -224 399.54Realized gain (loss) on financial futures 2 677 340.00Realized gain (loss) on forward foreign exchange contracts 21 150.73Total realized gain (loss) on investments 2 474 091.19Realized gain (loss) on foreign exchange 78 603.61




Unrealized appreciation (depreciation) on market-priced securities without options -107 071.13Unrealized appreciation (depreciation) on financial futures 75 400.00Unrealized appreciation (depreciation) on forward foreign exchange contracts -11 807.53



Annual Report as of 31 December 2011 BSI-Multinvest – Strategy Income (EUR)



Net assets at the beginning of the financial year 73 274 366.78Subscriptions 19 273 565.58Redemptions -16 710 004.31Total net subscriptions (redemptions) 2 563 561.27Net income (loss) on investments -1 002 388.97Total realized gain (loss) 2 552 694.80Total changes in unrealized appreciation (depreciation) -43 478.66Net increase (decrease) in net assets as a result of operations 1 506 827.17



1.1.2011-31.12.2011









Jersey


Total Jersey 3 032 205.75 3.92





France

EUR LYXOR ETF EUROMTS 10-15 Y SICAV-CAP 40 220.00 5 150 171.00 6.66EUR LYXOR ETF EUROMTS 3-5 Y SICAV-CAP 34 180.00 4 425 284.60 5.72EUR ODDO ASSET MANAGEMENT ODDO AVENIR EUROPE-B 3 DECIMALS 11.10 1 571 763.33 2.03

Total France 11 147 218.93 14.41

Ireland

EUR ABSOLUTE INSIGHT UK EQUITY MARKET NEUTRAL FUND-B1P-EUR 1 923 300.00 2 303 151.75 2.98EUR ISHARES EURO INFLATION LINKED BOND 21 740.00 3 862 328.40 4.99EUR MELLON GLOBAL FUNDS PLC - EUROLAND BOND FUND-C 4 381 400.00 6 668 928.94 8.62

Total Ireland 12 834 409.09 16.59

Liechtenstein

EUR LGT BOND FUND GLOBAL INFLATION LINKED (EUR)-I1 2 500.00 3 077 200.00 3.98


Luxembourg

EUR AMUNDI INTERNATIONAL SICAV-AHE-C CAP 25 360.00 3 057 655.20 3.95EUR DEKA INSTITUTIONELL GELDMARKTGARANT-CF-T 673.00 3 827 539.44 4.95EUR GENERALI INVESTMENTS SICAV - EURO CORPORATE BONDS-BX 26 300.00 3 097 850.70 4.01EUR HENDERSON HORIZON FUND SICAV - PAN EUROPEAN EQUITY FUND-I2 197 900.00 3 198 064.00 4.14EUR JULIUS BAER MULTIBOND - ABSOLUTE RETURN BOND FUND-C CAP 53 210.00 6 932 198.80 8.96EUR VONTOBEL FUND - ABSOLUTE RETURN BOND (EUR)-I CAPITALISATION 61 970.00 6 967 287.10 9.01USD VONTOBEL FUND SICAV-US VALUE EQUITY-I-CAPITALISATION 32 190.00 2 531 507.99 3.27


United Kingdom







Switzerland

EUR BSI MULTI MANAGER DIRECTIONAL FUND (EUR HEDGED)-A 21 275.02 1 883 052.29 2.44EUR BSI MULTIMANAGER FUND - YIELD ENHANCEMENT (EUR HEDG) A 10 207.43 1 015 843.63 1.31

















Bank overdraft and other short-term liabilities -36 400.00 -0.05Other assets and liabilities -1 104 095.37 -1.43

Total net assets 77 344 755.22 100.00





BSI-Multinvest – Swiss Stocks


DATE ISIN 31.12.2011 31.12.2010 31.12.2009

Net assets in CHF 32 866 490.96 40 040 381.64 29 559 318.12



CLASS I1 LU0585235699

Shares outstanding 600.0000 - -Net asset value per share in CHF 87.99 - -


Performance

Currency 2011 2010 2009

CLASS A CHF -11.3% 4.6% 20.7%

CLASS I1 CHF - - -

Benchmark:

SPI – SWISS PERFORMANCE INDEX CHF -7.7% 2.9% 23.2%


1 Due to the launch on 27 January 2011, no historical performance data is available.


The Swiss equity market lost 7.7% in 2011. Dur-ing the first quarter and until mid of May the Swiss Performance Index rallied reaching its top around 6 050 points. From then until the mid of August a sharp correction took place. From the top to the bottom the market lost about 25%. In the following months the SPI partially recovered, regaining part of the lost ground. Financials continued to suffer from an unstable situ-ation of sovereign debt and credit exposure of some important banks.

The Fund closed the year 2011 with an underper-formance in respect to its benchmark SPI – SWISS PERFORMANCE INDEX. This has not been a linear trend from the beginning of the Year. Almost 100% of the underperformance has matured during the summer, mainly due to our underexposure to defensives and overexposure in small caps. In the first part of the year the performance has been better than the benchmark. The main overweights are now Galenica, Schindler, Swatch, Syngenta and Temenos.



Switzerland 96.02Austria 1.28Germany 0.55United Kingdom 0.46

TOTAL 98.31


Pharmaceuticals, cosmetics & medical products 22.58Food & soft drinks 15.04Chemicals 11.04Banks & credit institutions 9.62Insurance 6.91Electrical devices & components 5.11Watches & jewellery 3.43Telecommunications 3.25Finance & holding companies 2.99Miscellaneous services 2.85Petroleum 2.34Traffic & transportation 2.27Building industry & materials 2.05Mechanical engineering & industrial equipment 1.97Electronics & semiconductors 1.78Biotechnology 1.47Real Estate 1.19Internet, software & IT services 0.81Retail trade, department stores 0.60Various capital goods 0.55Tobacco & alcohol 0.46

TOTAL 98.31



Investments in securities, cost 33 653 788.24Investments in securities, unrealized appreciation (depreciation) -1 341 734.07Total investments in securities (Note 1) 32 312 054.17Cash at banks, deposits on demand and deposit accounts 745 921.49Receivable on securities sales (Note 1) 313 861.65Receivable on subscriptions 92.23Interest receivable on liquid assets 41.38Other receivables 490.63


Liabilities





Interest on liquid assets 107.31Dividends 243 153.66Income on securities lending (Note 4) 16 991.18


Expenses





Realized gain (loss) on market-priced securities without options -1 346 547.15Realized gain (loss) on financial futures 25 600.00Total realized gain (loss) on investments -1 320 947.15Realized gain (loss) on foreign exchange 4 144.40


Net realized gain (loss) of the financial year -1 676 145.23


Unrealized appreciation (depreciation) on market-priced securities without options -2 920 300.88



Annual Report as of 31 December 2011 BSI-Multinvest – Swiss Stocks



Net assets at the beginning of the financial year 40 040 381.64Subscriptions 4 959 340.47Redemptions -7 536 785.04Total net subscriptions (redemptions) -2 577 444.57Net income (loss) on investments -359 342.48Total realized gain (loss) -1 316 802.75Total changes in unrealized appreciation (depreciation) -2 920 300.88Net increase (decrease) in net assets as a result of operations -4 596 446.11



1.1.2011-31.12.2011



Class INumber of shares outstanding at the beginning of the financial year 0.0000Number of shares issued 600.0000Number of shares redeemed 0.0000







Bearer shares

Austria

CHF AUSTRIAMICROSYSTEM NPV (BR) 11 000.00 422 400.00 1.29

Total Austria 422 400.00 1.29

Switzerland

CHF RICHEMONT(CIE FIN) CHF1 9 000.00 427 590.00 1.30CHF SIKA AG CHF0.60 (BR) 170.00 300 900.00 0.92CHF SWISS RE AG CHF0.10 15 000.00 718 050.00 2.18


United Kingdom

GBP BRIT AMER TOBACCO ORD GBP0.25 3 400.00 150 972.63 0.46

Total United Kingdom 150 972.63 0.46

Total Bearer shares 2 019 912.63 6.15

Participation certificates

Switzerland

CHF LINDT & SPRUENGLI PTG CERT CHF10 100.00 279 400.00 0.85CHF SCHINDLER-HLDG AG PTG CERT CHF0.10(POST-SUBD) 5 000.00 547 000.00 1.66

Total Switzerland 826 400.00 2.51

Total Participation certificates 826 400.00 2.51

Other shares

Switzerland

CHF ROCHE HLDGS AG GENUSSCHEINE NPV 20 000.00 3 184 000.00 9.69


Total Other shares 3 184 000.00 9.69

Registered shares

Germany

EUR SIEMENS AG NPV(REGD) 2 000.00 179 511.54 0.54

Total Germany 179 511.54 0.54

Switzerland

CHF ABB LTD CHF1.03(REGD) 95 000.00 1 679 600.00 5.11CHF ACTELION CHF0.50(REGD) 15 000.00 483 750.00 1.47CHF ADECCO SA CHF1(REGD) 8 000.00 314 800.00 0.96CHF ARYZTA AG CHF0.02 (REGD) 13 000.00 590 200.00 1.80CHF BALOISE-HLDGS CHF0.1(REGD) 2 000.00 128 800.00 0.39CHF BARRY CALLEBAUT AG CHF24.20 (REGD) 900.00 832 950.00 2.54CHF BQE CANT VAUDOISE CHF10.00(REGD) 300.00 136 875.00 0.42CHF CLARIANT CHF4.00(REGD) 10 000.00 92 700.00 0.28CHF CREDIT SUISSE GRP CHF0.04(REGD) 40 000.00 882 800.00 2.69CHF FLUGHAFEN ZURICH A CHF50 700.00 228 200.00 0.69CHF GALENICA AG CHF0.10 (REGD) 1 500.00 824 250.00 2.51CHF GAM HOLDING AG CHF0.05 (REGD) 10 000.00 102 000.00 0.31CHF GEBERIT CHF0.10(REGD) 1 500.00 271 500.00 0.83CHF GIVAUDAN AG CHF10 1 800.00 1 611 000.00 4.90CHF HOLCIM CHF2(REGD) 8 000.00 402 000.00 1.22CHF JULIUS BAER GRUPPE CHF0.02 (REGD) 16 000.00 587 840.00 1.79CHF KABA HOLDINGS AG CHF5.20’B’(REGD) 500.00 164 125.00 0.50CHF KUEHNE&NAGEL INTL CHF1(REGD)(POST-SUBD) 2 500.00 263 750.00 0.80CHF KUONI REISEN HLDG CHF1 SER’B’(REGD) 700.00 157 500.00 0.48CHF LONZA GROUP AG CHF1(REGD) 2 000.00 111 000.00 0.34CHF MEYER BURGER TECHN CHF0.05 15 000.00 220 500.00 0.67CHF MYRIAD GROUP AG CHF0.10 (REGD) 20 000.00 76 000.00 0.23CHF NESTLE SA CHF0.10(REGD) 60 000.00 3 240 000.00 9.86CHF NOVARTIS AG CHF0.50(REGD) 60 000.00 3 222 000.00 9.80CHF PANALPINA WELT AG CHF2 (REGD) 1 000.00 96 200.00 0.29CHF PARTNERS GROUP HLG CHF0.01 (REGD) 1 000.00 163 900.00 0.50CHF PSP SWISS PROPERTY CHF0.10 (REGD) 5 000.00 393 000.00 1.20CHF SGS LTD CHF1(REGD) 400.00 622 000.00 1.89CHF SULZER AG CHF0.01 1 000.00 100 400.00 0.31CHF SWATCH GROUP CHF0.45(REGD) 18 000.00 1 126 800.00 3.43



CHF SWISSCOM AG CHF1(REGD) 3 000.00 1 067 700.00 3.25CHF SYNGENTA CHF0.1(REGD) 5 500.00 1 512 500.00 4.60CHF TECAN GROUP AG CHF0.10(REGD) 3 000.00 190 500.00 0.58CHF TEMENOS GROUP AG CHF5(REGD)(CHF) 12 000.00 184 800.00 0.56CHF TRANSOCEAN LTD COM CHF15 12 000.00 435 240.00 1.32CHF U-BLOX HOLDING AG CHF0.90 (REGD) 2 000.00 82 400.00 0.25CHF UBS AG CHF0.1 130 000.00 1 453 400.00 4.42CHF VALORA HOLDING CHF1(REGD) 1 000.00 196 500.00 0.60CHF VZ HOLDINGS CHF0.25 1 000.00 96 500.00 0.29CHF WEATHERFORD INT LT CHF0.01 25 000.00 332 500.00 1.01CHF ZURICH FIN SVS GRP CHF0.10 6 700.00 1 423 750.00 4.33


Total Registered shares 26 281 741.54 79.96



Cash at banks, deposits on demand and deposit accounts and other liquid assets 745 921.49 2.27


Total net assets 32 866 490.96 100.00





BSI-Multinvest – US Stocks


DATE ISIN 31.12.2011 31.12.2010 31.12.2009

Net assets in USD 50 225 007.10 173 718 560.90 5 481 935.92


Shares outstanding 421 874.6600 1 384 789.1030 49 680.4060Net asset value per share in USD 119.05 125.45 110.34

Performance

Currency 2011 2010 2009

CLASS A USD -5.1% 13.7% 18.4%

Benchmark:

S&P 500 TR USD 2.1% 15.1% 21.3%



The year 2011 saw a strong uncertainty, particularly in Europe, due to the strong pressure over Italian and Spanish debt, and of course over the Greek one. In the US both macro and companies’ data were on aver-age positive. Growth rates lowered compared to 2010. The markets showed high volatility due to the crisis of public finances, especially in Europe. The S&P500 closed flat, with high swing during the period. Defen-sive sectors over performed cyclical.

Net of all expenses, this subfund underperformed the benchmark (S&P 500 TR). The subfund maintained a balanced strategy between cyclical and defensive funds, with a slight preference for the second ones. We maintained the Health Care and Global Brands themes to the portfolio, while in the last part of the year we exit the EM Infrastructure to enter into the Gold. Cash was always kept lower than 5% and equity exposure was dynamically managed via the futures index.



Luxembourg 67.91Ireland 16.18United Kingdom 9.04United States 4.11

TOTAL 97.24


Investment funds & pension foundations 97.24

TOTAL 97.24



Investments in securities, cost 47 989 150.68Investments in securities, unrealized appreciation (depreciation) 850 116.63Total investments in securities (Note 1) 48 839 267.31Cash at banks, deposits on demand and deposit accounts 1 657 742.40Other liquid assets (Margins) 100 000.00Receivable on dividends 8 685.30Unrealized gain (loss) on financial futures (Note 1) 3 250.00


Liabilities

Other short-term liabilities (Margins) -9 250.00Payable on securities purchases (Note 1) -52 641.44Payable on redemptions -255 414.36Provisions for flat fee (Note 2) -64 639.45Provisions for taxe d’abonnement (Note 3) -1 992.66Total provisions -66 632.11




Interest on liquid assets 848.56Dividends 49 972.31Income on securities lending (Note 4) 2 010.02Other income 256 928.29


Expenses





Realized gain (loss) on market-priced securities without options 6 223 148.83Realized gain (loss) on financial futures 40 955.00Total realized gain (loss) on investments 6 264 103.83Realized gain (loss) on foreign exchange 728.48




Unrealized appreciation (depreciation) on market-priced securities without options -13 406 052.31Unrealized appreciation (depreciation) on financial futures 3 250.00



Annual Report as of 31 December 2011 BSI-Multinvest – US Stocks



Net assets at the beginning of the financial year 173 718 560.90Subscriptions 53 619 893.72Redemptions -168 640 022.28Total net subscriptions (redemptions) -115 020 128.56Net income (loss) on investments -1 335 455.24Total realized gain (loss) 6 264 832.31Total changes in unrealized appreciation (depreciation) -13 402 802.31Net increase (decrease) in net assets as a result of operations -8 473 425.24



1.1.2011-31.12.2011

Class ANumber of shares outstanding at the beginning of the financial year 1 384 789.1030Number of shares issued 413 440.4790Number of shares redeemed -1 376 354.9220







Investment certificates open end

Ireland

USD JANUS CAPITAL FUNDS PLC US ALL CAP GROWTH FD-I DISTRIBUTING 245 080.00 2 536 578.00 5.05USD VANGUARD INVESTMENT SERIES PLC-US OPPORTUNITIES FUND-$ INST 7 675.00 2 014 818.74 4.01

Total Ireland 4 551 396.74 9.06

Luxembourg

USD ALGER SICAV-THE ALGER AMERICAN ASSET GROWTH FUND-I 78 060.00 2 263 740.00 4.51USD BLACKROCK GLOBAL FUNDS SICAV - WORLD GOLD FUND-D2-USD-CAP 42 570.00 2 463 100.20 4.90USD BLACKROCK GLOBAL FUND SICAV - WORLD HEALTHSCIENCE FD-D2-CAP 110 165.00 1 845 263.75 3.67USD BNP PARIBAS L1 SICAV - EQUITY USA SMALL CAP-I CAPITALISATION 14 430.00 1 660 460.10 3.31USD BNP PARIBAS L1 SICAV - OPPORTUNITIES USA-I CAP 380.00 3 445 213.38 6.86USD HENDERSON HORIZON - AMERICAN EQUITY FUND-I2 CAP 241 940.00 3 048 444.00 6.07USD MELCHIOR SELECTED TRUST-NORTH AMERICAN OPPORTUNITIES-B2 CAP 22 225.00 2 014 800.71 4.01USD MORGAN STANLEY INVESTMENTS FUNDS SICAV - GLOBAL BRANDS FD-Z 100 250.00 3 077 675.00 6.13USD MORGAN STANLEY INVESTMENT FUNDS - US ADVANTAGE FUND-Z 125 835.00 4 035 528.45 8.03USD SCHRODER INTERNATIONAL SELECTION-US SMALL & MID-CAP EQUITY-C 17 265.00 2 690 404.95 5.36USD UBAM - CALAMOS US EQUITY GROWTH-IC 11 315.00 2 957 514.70 5.89USD VONTOBEL FUND SICAV-US VALUE EQUITY-A2-CAPITALISATION 8 630.00 4 606 435.10 9.17


United Kingdom

USD THREADNEEDLE INVESTMENT FUNDS-AMERICAN SELECT GROWTH-$-2 2 247 960.00 4 539 080.83 9.04


United States

USD SPDR S&P 500 ETF TRUST-S1 16 441.00 2 065 885.63 4.11


Total Investment certificates open end 45 264 943.54 90.12



Investment certificates open end

Ireland

USD HEPTAGON FUND PLC-YACKTMAN US EQUITY FUND-I 34 364.83 3 574 323.77 7.12

Total Ireland 3 574 323.77 7.12

Total Investment certificates open end 3 574 323.77 7.12






USD S&P500 EMINI FUTURE 16.03.12 25.00 3 250.00 0.01Total Financial Futures on Indices 3 250.00 0.01



Cash at banks deposits on demand and deposit accounts and other liquid assets 1 757 742.40 3.50


Total net assets 50 225 007.10 100.00



Notes to the Financial Statements

Note 1 – Summary of significant accounting policies

The financial statements have been prepared in accordance with the generally accepted accounting principles for investment funds in Luxembourg. The significant accounting policies are summarised as follows:

a) Calculation of the net asset valueThe net asset value per share of each class is calcu-lated for each subfund under the responsibility of the Board of Directors in the currency of the respective subfund (“Reference Currency” of the subfund) on every Valuation Day except for the cases specified in the sales prospectus under “2. Temporary suspension of the calculation of the net asset value per share and of the issue, repurchase and conversion of shares”. The net asset value is calculated in conformity with the valuation rules and guidelines laid down in the articles of association and decreed by the Board of Directors.

The net asset value of the shares of each class will be computed as follows: by dividing the net assets attrib-utable to each class of each subfund by the number of shares of such class of a subfund then outstanding. The net assets of each class of each subfund are made up of the value of the assets attributable to such class within each subfund less the total liabilities attributable to such class calculated at such time as the Board of Directors shall have set for such purpose.

b) Valuation principles – Securities and other investments listed on a stock exchange are valued at the last available closing price. If the same security or other investment is quoted on several stock exchanges, the last avail-able closing price on the stock exchange that rep-resents the major market for this security will apply.

In the case of securities and other investments where the trade on the stock market is thin but which are traded between securities dealers on a secondary mar-ket using usual market price formation methods, the Company can use the prices on this secondary market as the basis for the valuation of these securities and investments. Securities and other investments that are not listed on a stock exchange, but which are traded on another regulated market which is recognized, open to the public and operating regularly, are valued at the last available closing price on this market.

– Securities and other investments that are not listed on a stock exchange are valued at the last available closing price; if this is not available, the Company values these securities according to other principles of its choosing on the basis of the likely sales prices.

– In the case of money market instruments, the valu-ation price is gradually brought into line with the redemption price starting from the net purchase price, while at the same time maintaining the return based on this price. If market conditions change sub-stantially, the valuation principles for the individual investments are adjusted to the new market returns.

– Time and sight deposits are valued at their nominal value plus accrued interest.

– The value of swap transactions is calculated by two external independent service providers based on underlying data of the swap contract. This valuation method is recognized by the Company.

– The financial derivative instruments which are not listed on any official stock exchange or traded on any other organised market will be valued in accor-dance with market practice.

– Shares or units in underlying open-ended investment funds (UCITS and UCIs) shall be valued at their last available net asset value reduced by any applicable charges. In some particular circumstances, subject to Board of Directors prior approval, shares or units in UCITS or UCIs may also be valued on the basis of the estimated net asset value for such shares or units available prior to the time of calculation of the net asset value of the subfund in case the estimated net asset value provides a more accurate value of these shares or units.

The Board may, at its discretion, employ any other valu-ation method if it is of the opinion that such a valuation reflects more accurately the probable realization value of an asset held by the Company.

c) Net realized gain (loss) on sales of securitiesThe realized gains or losses on the sales of securities are calculated on the basis of the average cost of the securities sold.

d) Valuation of forward foreign exchange contractsThe unrealized gain (loss) of outstanding forward foreign exchange contracts is valued on the basis of the forward exchange rates prevailing at valuation date.

e) Valuation of financial futures contractsFinancial futures contracts are valued based on the latest available price applicable on the valuation date. Realized gains and losses and the changes in unreal-ized gains and losses are recorded in the statement of operations. The realized gains and losses are calcu-lated in accordance with the FIFO method, i.e. the first contracts acquired are regarded as the first to be sold.



f) Conversion of foreign currenciesBank accounts, other net assets and the valuation of the investments in securities and money market instru-ments held denominated in currencies other than the reference currency of the different subfunds are con-verted at the mid closing spot rates on the valuation date. Income and expenses denominated in currencies other than the currency of the different subfunds are converted at the mid closing spot rates at payment date. Gain or loss on foreign exchange is included in the statement of operations.

The cost of securities denominated in currencies other than the reference currency of the different subfunds is converted at the mid closing spot rate prevailing on the day of acquisition.

g) Accounting of securities’ portfolio transactionsThe securities’ portfolio transactions are accounted for the bank business day following the transaction date.

h) Formation expensesFormation expenses are amortised during a period of five years.

i) Consolidated financial statementsThe consolidated financial statements of the Company are expressed in EUR. The various items of the con-solidated statement of net assets and the consolidated statement of operations as of 31 December 2011 of the Company are equal to the sum of the correspond-ing items in the financial statements of each subfund.

The following exchange rates were used for the con-version of foreign currencies and the consolidated financial statements as of 31 December 2011:

Exchange ratesEUR 1 = AUD 1.266241EUR 1 = BRL 2.421374EUR 1 = CAD 1.321841EUR 1 = CHF 1.213900EUR 1 = GBP 0.835307EUR 1 = IDR 11 770.969524EUR 1 = INR 68.938256EUR 1 = JPY 99.879661EUR 1 = MXN 18.116138EUR 1 = PLN 4.457782EUR 1 = SGD 1.683246EUR 1 = TRY 2.451686EUR 1 = USD 1.298150

j) Receivable on securities sales,Payable on securities purchases

The account “Receivable on securities sales” can also include receivables from foreign currency transactions. The account “Payable on securities purchases” can also include payables from foreign currency transac-tions.

k) Income recognitionDividends, net of withholding taxes, are recognized as income on the date upon which the relevant securi-ties are first listed as “ex-dividend”. Interest income is accrued on a daily basis.

Note 2 – Charges and expenses

Flat feeThe Company pays for the various subfunds a flat fee calculated on the average net asset value of the subfund and paid at the end of each month within a period of five banking days in Luxembourg, as shown in the table below:

BSI-Multinvest Flat fee class “A”

– Absoluta Daily maximum/effective 1.00% p.a.

– Alternative UCITS maximum/effective 1.50% p.a.

– Asian Stocks maximum 2.00% p.a. effective 1.70% p.a.

– Cash CHF maximum 1.00% p.a. effective 0.35% p.a.

– Cash EUR maximum 1.00% p.a. effective 0.55% p.a.

– Cash USD maximum 1.00% p.a. effective 0.35% p.a.

– Global Dynamic Bonds maximum 1.20% p.a. effective 1.10% p.a.

– Global Themes* maximum/effective 2.00% p.a.

– Greater China Stocks Opportunities maximum 2.00% p.a. effective 1.90% p.a.

– Long Term Bonds CHF maximum 1.20% p.a. effective 0.90% p.a.

– Long Term Bonds EUR maximum 1.20% p.a. effective 0.90% p.a.

– Long Term Bonds USD maximum 1.20% p.a. effective 0.90% p.a.

– Short Term Bonds CHF** maximum 1.00% p.a. effective 0.85% p.a.

– Short Term Bonds EUR*** maximum 1.00% p.a. effective 0.90% p.a.

– Short Term Bonds USD**** maximum 1.00% p.a. effective 0.90% p.a.




BSI-Multinvest Flat fee class “A”

– Strategy Balanced (CHF) maximum 2.00% p.a. effective 1.60% p.a.

– Strategy Balanced (EUR) maximum 2.00% p.a. effective 1.60% p.a.

– Strategy Income (CHF) maximum 2.00% p.a. effective 1.60% p.a.

– Strategy Income (EUR) maximum 2.00% p.a. effective 1.60% p.a.

– Swiss Stocks maximum 2.00% p.a. effective 1.60% p.a.

– US Stocks maximum 2.00% p.a. effective 1.60% p.a.

BSI-Multinvest Flat fee class “I”

– Asian Stocks maximum 1.00% p.a. effective 0.72% p.a.

– Greater China Stocks Opportunities maximum 1.00% p.a. effective 0.60% p.a.

– Swiss Stocks maximum 1.00% p.a. effective 0.35% p.a.

This flat fee is used to pay the Administrative Agent, the Custodian Bank, the Portfolio Manager, and the distributor. It also covers all the costs incurred by the Company and the subfunds or classes of shares relat-ing to: – the establishment expenses including notary fees; – costs of registration and annual charges by super-visory authorities and by stock exchanges in Luxembourg and abroad;

– audit fees; – cost of printing of Articles of Associations, Pro-spectuses, the annual and semi annual reports and related translations;

– price publication fees and fees related to the publi-cation of notices to investors;

with the exception of the following: – all taxes which are levied on the assets and the income of the Company, particularly the “taxe d’abonnement”;

– customary brokerage fees and commissions which are charged by other banks and brokers for securi-ties transactions and similar transactions;

– costs for extraordinary measures carried out in the interests of shareholders, particularly arranging expert opinions and dealing with legal proceedings, etc.

In the subfunds that may invest in other UCIs or UCITS under the terms of their investment policies, charges may be incurred both at the level of the rel-evant investment fund as well as at the level of the subfund. In the case of investments in units of funds

managed directly or indirectly by the Company itself or another company related to it by common manage-ment or control, or by a direct or indirect holding of more than 10% of the capital or the voting shares, the subfund may only be charged with a reduced flat fee of no more than 0.25% p.a. The Company may, moreover, not charge the subfund making the invest-ment with any of the related target fund’s issuing or redemption commissions.

If, in accordance with the above paragraph, the Company invests in a related fund that charges a lower flat fee than the flat fee charged by the subfund making the investment the Company may, instead of the afore-mentioned lower flat fee, charge the volume invested in this target fund with the difference between the flat fee charged by the subfund making the investment on the one hand and the flat fee of the target fund on the other hand.

Performance feeIn addition to the aforementioned costs, the Company will pay a performance fee which is applicable to the subfund BSI-Multinvest – Alternative UCITS. The perfor-mance fee will be calculated on basis of the Subfund’s NAV of which all fees have been deducted (hereafter cleared NAV).

The performance fee of 10% will be calculated on each “NAV calculation date of the BSI-Multinvest – Alternative UCITS” on the basis of the “cleared NAV” and accrued, chargeable to the net asset value of the subfund, according to the rates and conditions as set out below. After termination of each month, any per-formance fee will be paid out. The performance fee is subject to a “High Water Mark”. In order to trigger enti-tlement to the performance fee, the bi-monthly cleared NAV per Share must be above the High Water Mark (as defined hereinafter).

High Water Mark: the performance fee will only be payable if the net asset value of the subfund share (before the deduction of the performance fee) on the date when the performance fee is calculated exceeds the net asset values from all previous NAV calculation dates. It is understood that after price setbacks, the performance fee will be charged again once the set-backs have been offset, i.e. the original highest level of the net asset value per share class has again been exceeded.



BSI-Multinvest – Absoluta DailyThe performance fee of 20% will be calculated on each Valuation Day and accrued, chargeable to the net asset value of the subfund, according to the rates and conditions as set out below. After termination of each month, any performance fee will be paid out.

The performance fee is subject to a “High Water Mark” and to a “Hurdle Rate”. In order to trigger entitlement to the performance fee, the daily net asset value per Share must be above both, the High Water Mark as well as the Hurdle Rate (as defined hereinafter).

High Water Mark: the performance fee will only be pay-able if the net asset value of the subfund share (before the deduction of the performance fee) on the date when the performance fee is calculated exceeds the net asset values from all previous days. It is understood that after price setbacks, the performance fee will be charged again once the setbacks have been offset, i.e. the original highest level of the net asset value per share class has again been exceeded.

Hurdle rate: the performance fee will only be payable if the net asset value of the subfund share (before the deduction of the performance fee) on the date when the performance fee is calculated exceeds the mini-mum return which is defined as follows:

USD 3-months LIBOR for the Class A (USD)EUR 3-months LIBOR for the Class A (EUR)CHF 3-months LIBOR for the Class A (CHF)

The rate is adjusted on a daily basis to the current mar-ket conditions.

Note 3 – Taxe d’abonnement

In accordance with the law and the regulations currently in force, the Company is subject to a subscription tax at the following annual rates, payable quarterly and calculated on the basis of the net assets of each subfund at the end of each quarter:

BSI-Multinvest Class “A”

– Absoluta Daily 0.05% p.a.

– Alternative UCITS 0.05% p.a.

– Asian Stocks 0.05% p.a.

– Cash CHF 0.01% p.a.

– Cash EUR 0.01% p.a.

– Cash USD 0.01% p.a.

– Global Dynamic Bonds 0.05% p.a.

BSI-Multinvest Class “A”

– Global Themes* 0.05% p.a.

– Greater China Stocks Opportunities 0.05% p.a.

– Long term Bonds CHF 0.05% p.a.

– Long Term Bonds EUR 0.05% p.a.

– Long Term Bonds USD 0.05% p.a.

– Short Term Bonds CHF** 0.05% p.a.

– Short Term Bonds EUR*** 0.05% p.a.

– Short Term Bonds USD**** 0.05% p.a.

– Strategy Balanced (CHF) 0.05% p.a.

– Strategy Balanced (EUR) 0.05% p.a.

– Strategy Income (CHF) 0.05% p.a.

– Strategy Income (EUR) 0.05% p.a.

– Swiss Stocks 0.05% p.a.

– US Stocks 0.05% p.a.


BSI-Multinvest Class “I”

– Asian Stocks 0.01% p.a.

– Greater China Stocks Opportunities 0.01% p.a.

– Swiss Stocks 0.01% p.a.

The Taxe d’abonnement is waived for that part of the Company assets invested in units or shares of other undertakings for collective investment that have already paid the Taxe d’abonnement in accordance with the statutory provisions of Luxembourg law.

Under current law and practice, no capital gains tax is payable in Luxembourg on the realized or unrealized capital appreciation of the assets of the Company.

Capital gains, dividends and interest on securities issued in other countries may be subject to withholding or capital gains taxes imposed by such countries.

Note 4 – Securities Lending

The Company may also lend portions of its securities portfolio to third parties. In general, lendings may only be effected via recognized clearing houses such as Clearstream International or Euroclear, or through the intermediary of prime financial institutions that spe-cialize in such activities and in the modus specified by them.

During the period, UBS AG was the borrower of the securities lent.



The market value of the securities lent out on 31 December 2011 was for the following subfunds:

BSI-Multinvest Securities Lending

– Absoluta Daily - EUR

– Alternative UCITS - EUR

– Asian Stocks 21 896 941.00 USD

– Cash CHF 7 498 279.00 CHF

– Cash EUR 32 541 810.85 EUR

– Cash USD 28 361 253.00 USD

– Global Dynamic Bonds 19 472 279.77 EUR

– Global Themes* - USD

– Long Term Bonds CHF 4 508 756.50 CHF

– Long Term Bonds EUR 36 314 511.48 EUR

– Long Term Bonds USD 2 489 943.33 USD

– Short Term Bonds CHF** 5 050 137.75 CHF

– Short Term Bonds EUR*** 162 779 949.23 EUR

– Short Term Bonds USD**** 45 691 439.34 USD

– Strategy Balanced (CHF) 5 951.00 CHF

– Strategy Balanced (EUR) 1 178 700.00 EUR

– Strategy Income (CHF) - CHF

– Strategy Income (EUR) - EUR

– Swiss Stocks 10 045 528.20 CHF

– US Stocks - USD


Collateral is received in relation to securities lent. Collateral is composed of high quality securities in an amount typically at least equal to the market value of the securities lent; such collateral is held at UBS AG, Zurich, in a segregated account on behalf of the Company.

Note 5 – Income distribution

The distribution of dividends to the shareholders is not the principle objective of the Company’s earnings dis-tribution policy.

The income and capital gains generated by each subfund or class(es) of shares are capitalized in the subfund or class(es) of shares concerned. However, should the pay-ment of a dividend be deemed appropriate in connection with any subfund or class(es) of shares, the Directors may propose to the general meeting of shareholders the pay-ment of a dividend from the distributable net investment income and/or from the realized and/or unrealized capi-tal gains after deduction of the realized and/or unrealized capital losses within the limits of the law.

Any dividend announcements will be published in the Luxemburger “d’Wort” and, if so decided by the Board of Directors, in other newspapers.

Any dividends remaining unclaimed after five years shall be forfeited and revert to the subfund or class(es) of shares out of which they should have been paid.

Note 6 – Soft commission arrangements

During the period from 1 January 2011 until 31 December 2011, no “soft commission arrange-ments” were entered into on behalf of BSI-Multinvest and “soft commissions” amount to nil.

Note 7 – Commitments on Financial Futures

Commitments on Financial Futures per subfund and respective currency as of 31 December 2011 can be summarised as follows:

Financial Futures

BSI-Multinvest Financial Futures Financial Futures on bonds (bought) on bonds (sold)

– Absoluta Daily - EUR 2 085 600.00 EUR– Global Dynamic Bonds 25 893 946.89 EUR - EUR– Short Term Bonds USD* - USD 14 481 250.00 USD

BSI-Multinvest Financial Futures Financial Futures on Indices (bought) on Indices (sold)

– Asian Stocks 20 786 994.14 USD - USD

– Global Themes** 988 722.97 USD - USD

– Strategy Balanced (CHF) 3 081 849.49 CHF - CHF

– Strategy Balanced (EUR) 3 231 200.00 EUR - EUR

– Strategy Income (CHF) 3 362 017.62 CHF - CHF

– Strategy Income (EUR) 3 000 400.00 EUR - EUR

– US Stocks 1 565 750.00 USD - USD

* formerly BSI-Multinvest – USD Bonds** formerly BSI-Multinvest – Life Sciences

The broker for Financial Futures is BSI AG, Via Magatti 2, CH-6901 Lugano.

Note 8 – Total Expense Ratio (TER)

This ratio was calculated in accordance with the Swiss Funds Association’s (SFA) “Guidelines on the calcula-tion and disclosure of the TER and PTR” in the cur-rent version and expresses the sum of all costs and commissions charged on an ongoing basis to the net assets (operating expenses) taken retrospectively as a percentage of the net assets.



TER for the last 12 months:

BSI-Multinvest Total Expense thereof proportional Ratio (TER) performance fee

– Absoluta Daily A 2.76% 0.27%

– Absoluta Daily A (CHF hedged) 2.76% 0.28%

– Absoluta Daily A (USD hedged) 2.68% 0.20%

– Alternative UCITS A 4.11% 0.12%

– Asian Stocks A 1.76% 0.00%

– Asian Stocks A (CHF hedged) 1.50% 0.00%

– Asian Stocks A (EUR hedged) 1.95% 0.00%

– Asian Stocks I 0.74% 0.00%

– Cash CHF A 0.35% 0.00%

– Cash EUR A 0.58% 0.00%

– Cash USD A 0.35% 0.00%

– Global Dynamic Bonds A 1.15% 0.00%

– Global Dynamic Bonds A (CHF hedged) 1.21% 0.00%

– Global Dynamic Bonds A (USD hedged) 1.16% 0.00%

– Global Themes A* 3.34% 0.00%

– Global Themes A (CHF)* 3.49% 0.00%

– Global Themes A (EUR)* 3.49% 0.00%

– Long Term Bonds CHF A 0.95% 0.00%

– Long Term Bonds EUR A 0.95% 0.00%

– Long Term Bonds USD A 0.95% 0.00%

– Short Term Bonds CHF A** 0.90% 0.00%

– Short Term Bonds EUR A*** 0.95% 0.00%

– Short Term Bonds USD A**** 0.95% 0.00%

– Strategy Balanced (CHF) A 2.41% 0.00%

– Strategy Balanced (EUR) A 2.67% 0.00%

– Strategy Income (CHF) A 2.45% 0.00%

– Strategy Income (EUR) A 2.39% 0.00%

– Swiss Stocks A 1.68% 0.00%

– Swiss Stocks I 0.46% 0.00%

– US Stocks A 2.59% 0.00%


Transaction costs and any other costs incurred in connection with currency hedging are not included in the TER.

TER for classes of shares which were active less than a 12 month period are annualised.

Note 9 – Portfolio Turnover Rate (PTR)

This ratio was calculated in accordance with the Swiss Funds Association’s (SFA) “Guidelines on the calcula-tion and disclosure of the TER and PTR” in the current version. The PTR is considered as an indicator of the rel-evance of the additional costs incurred when buying and selling investments. It shows how many security transac-tions occurred as a result of voluntary investment shifts in relation to the average net assets. Transactions that resulted from uncontrollable subscriptions and redemp-tions are not included in this rate.

BSI-Multinvest Portfolio Turnover Rate (PTR)

– Absoluta Daily -82.53%

– Alternative UCITS 18.80%

– Asian Stocks 247.29%

– Cash CHF 16.82%

– Cash EUR 155.74%

– Cash USD 104.04%

– Global Dynamic Bonds -67.25%

– Global Themes* 108.26%

– Long Term Bonds CHF -82.09%

– Long Term Bonds EUR -51.97%

– Long Term Bonds USD -15.39%

– Short Term Bonds CHF** 26.70%

– Short Term Bonds EUR*** 41.52%

– Short Term Bonds USD **** 59.49%

– Strategy Balanced (CHF) 31.16%

– Strategy Balanced (EUR) 39.39%

– Strategy Income (CHF) 13.31%

– Strategy Income (EUR) 24.79%

– Swiss Stocks 92.26%

– US Stocks 47.11%


Note 10 – Mergers, name changes and subfunds launches

The Board of Directors of the Company decided to merge the following subfund:

Subfund Merged into Date

BSI-Multinvest – Greater China Stocks Generali Investments SICAVOpportunities – Greater China Equities 28.1.2011



The Board of Directors of the Company decided to rename the subfunds

BSI-Multinvest – CHF BondsBSI-Multinvest – EUR BondsBSI-Multinvest – USD BondsintoBSI-Multinvest – Short Term Bonds CHFBSI-Multinvest – Short Term Bonds EURBSI-Multinvest – Short Term Bonds USD

as per 1 February 2011.

and

BSI-Multinvest – Life SciencesintoBSI-Multinvest – Global Themes

as per 3 November 2011.

The following subfunds were launched:

Subfunds Currency Launch date

– Absoluta Daily EUR 11.3.2011

– Cash CHF CHF 8.3.2011

– Cash EUR EUR 18.3.2011

– Cash USD USD 2.3.2011

– Global Dynamic Bond EUR 11.3.2011

– Long Term Bonds CHF CHF 24.2.2011

– Long Term Bonds EUR EUR 24.2.2011

– Long Term Bonds USD USD 24.2.2011

Note 11 – Applicable law, place of performance and authoritative language

The Luxembourg District Court is the place of perfor-mance for all legal disputes between the shareholders, the Company and the Custodian Bank. Luxembourg law applies. However, in matters concerning the claims of investors from other countries, the Company and/or the Custodian Bank can elect to make themselves and the Company subject to the jurisdiction of the countries in which the Company shares were bought and sold.

The English version of these financial statements is the authoritative version and only this version was audited by the auditors. However, in the case of shares sold to investors from the other countries in which Company shares can be bought and sold, the Company and the Custodian Bank may recognize approved trans-lations (i.e. approved by the Company and the Custodian Bank) into the languages concerned as binding upon themselves and the Company.


123

Appendix

The appendix data were not audited:

Customized BenchmarkBSI Multinvest – Absoluta Daily

Class CHF: CHF Libor 3M+3% (Gross of fees)Class EURO: Euribor 3M+3% (Gross of fees) Class USD: USD Libor 3M+3% (Gross of fees)

Customized BenchmarkBSI Multinvest – Global Dynamic Bonds

50% JPMGBI GBI Global Unhedged in EUR50% EURO Libor 3m

Customized BenchmarkBSI-Multinvest – Strategy Balanced (CHF)

7.50% BSI MULTIMANAGER FUND – YIELD ENHANCEMENT (CHF HEDGED) A24.00% RETURN INDEX MSCI SWITZERLAND – INDEX2.00% RETURN INDEX MSCI UK – INDEX2.00% RETURN INDEX MSCI JAPAN – INDEX10.00% TOT RETURN INDEX MSCI USA – INDEX20.00% RETURN INDEX (OFCL) SALOMON BROS WGBI L SWITZERLAND 3-7 YEARS – INDEX2.00% RETURN INDEX (OFCL) SALOMON BROS WGBI L UK 3-7 YEARS – INDEX3.00% TOT RETURN INDEX MSCI EMU – INDEX2.00% RETURN INDEX (OFCL) SALOMON BROS WGBI L USA 3-7YEARS – INDEX3.00% RETURN INDEX SSB WGBI EMU 3-7 Y – INDEX7.00% CASH INDEX CITIGROUP SWISS FR. 3 MTH EURODEP (L) INDEX2.00% TOT RETURN INDEX MSCI ACASIA EXP JP U$ INDEX7.50% BSI MULTI MANAGER DIRECTIONAL FUND -A- (CHF HEDGED)2.00% RETURN INDEX BSI REAL ESTATE SWISS RETURN INDEX6.00% S&P GSCI COMMODITY SPOT – PRICE INDEX

Customized BenchmarkBSI-Multinvest – Strategy Balanced (EUR)

7.50% BSI MULTIMANAGER FUND – YIELD ENHANCEMENT (EUR HEDGED) A2.00% RETURN INDEX MSCI UK – INDEX2.00% RETURN INDEX MSCI JAPAN – INDEX13.00% TOT RETURN INDEX MSCI USA – INDEX2.00% RETURN INDEX (OFCL) SALOMON BROS WGBI L SWITZERLAND 3-7 YEARS – INDEX3.00% RETURN INDEX (OFCL) SALOMON BROS WGBI L UK 3-7 YEARS – INDEX24.00% TOT RETURN INDEX MSCI EMU – INDEX2.00% RETURN INDEX (OFCL) SALOMON BROS WGBI L USA 3-7YEARS – INDEX20.00% RETURN INDEX SSB WGBI EMU 3-7 Y – INDEX7.00% TOTAL RETURN CITIGROUP CGBI EMU EURO 3 MTH EURO DEP (L)2.00% TOT RETURN INDEX MSCI ACASIA EXP JP U$ INDEX7.50% BSI MULTI MANAGER DIRECTIONAL FUND -A- (EUR HEDGED)2.00% BSI REAL ESTATE EUROPE RETURN INDEX

6.00% S&P GSCI COMMODITY SPOT – PRICE INDEX

Customized BenchmarkBSI-Multinvest – Strategy Income (CHF)

11.25% BSI MULTIMANAGER FUND – YIELD ENHANCEMENT (CHF HEDGED) A8.00% RETURN INDEX MSCI SWITZERLAND – INDEX2.00% RETURN INDEX (OFCL) SALOMON BROS WGBI L JAPANESE 3-7 YRS INDEX4.00% TOT RETURN INDEX MSCI USA – INDEX40.00% RETURN INDEX (OFCL) SALOMON BROS WGBI L SWITZERLAND 3-7 YEARS – INDEX5.00% RETURN INDEX (OFCL) SALOMON BROS WGBI L UK 3-7 YEARS – INDEX2.00% TOT RETURN INDEX MSCI EMU – INDEX3.00% RETURN INDEX (OFCL) SALOMON BROS WGBI L USA 3-7YEARS – INDEX6.00% RETURN INDEX SSB WGBI EMU 3-7 Y – INDEX9.00% CASH INDEX CITIGROUP SWISS FR. 3 MTH EURODEP (L) INDEX3.75% BSI MULTI MANAGER DIRECTIONAL FUND -A- (CHF HEDGED)4.00% RETURN INDEX BSI REAL ESTATE SWISS RETURN INDEX2.00% S&P GSCI COMMODITY SPOT – PRICE INDEX

Customized BenchmarkBSI-Multinvest – Strategy Income (EUR)

11.25% BSI MULTIMANAGER FUND – YIELD ENHANCEMENT (EUR HEDGED) A2.00% RETURN INDEX MSCI UK – INDEX2.00% RETURN INDEX (OFCL) SALOMON BROS WGBI L JAPANESE 3-7 YRS INDEX4.00% TOT RETURN INDEX MSCI USA – INDEX3.00% RETURN INDEX (OFCL) SALOMON BROS WGBI L SWITZERLAND 3-7 YEARS – INDEX6.00% RETURN INDEX (OFCL) SALOMON BROS WGBI L UK 3-7 YEARS – INDEX8.00% TOT RETURN INDEX MSCI EMU – INDEX5.00% RETURN INDEX (OFCL) SALOMON BROS WGBI L USA 3-7YEARS – INDEX40.00% RETURN INDEX SSB WGBI EMU 3-7 Y – INDEX9.00% TOTAL RETURN CITIGROUP CGBI EMU EURO 3 MTH EURO DEP (L)3.75% BSI MULTI MANAGER DIRECTIONAL FUND -A- (EUR HEDGED)4.00% BSI REAL ESTATE EUROPE RETURN INDEX2.00% S&P GSCI COMMODITY SPOT – PRICE INDEX


124

Global Exposure Annual Report as of 31 December 2011 BSI-Multinvest

Risk managementRisk management in accordance with the commitment approach and the value-at-risk approach is applied pursu-ant to the applicable laws and regulatory provisions.

LeverageLeverage is defined pursuant to the applicable CESR directives as the total of the nominal values of the deriva-tives used by the respective subfund. According to this definition, leverage may result in artificially increased leverage amounts, as some derivatives that can be used for hedging purposes may be included in the calculation. Consequently, this information does not necessarily reflect the precise actual leverage risk that the investor is exposed to.

Subfund Global risk Model Min/Max/ Leverage Reference calculation used Avg VAR portfolio method (benchmark)– Absoluta Daily Commitment approach n.a. n.a./n.a./n.a. n.a. n.a.– Alternative UCITS Commitment approach n.a. n.a./n.a./n.a. n.a. n.a.– Asian Stocks Commitment approach n.a. n.a./n.a./n.a. n.a. n.a.– Cash CHF Commitment approach n.a. n.a./n.a./n.a. n.a. n.a.– Cash EUR Commitment approach n.a. n.a./n.a./n.a. n.a. n.a.– Cash USD Commitment approach n.a. n.a./n.a./n.a. n.a. n.a.– Global Dynamic Bonds Commitment approach n.a. n.a./n.a./n.a. n.a. n.a.– Global Themes* Commitment approach n.a. n.a./n.a./n.a. n.a. n.a.– Long Term Bonds CHF Commitment approach n.a. n.a./n.a./n.a. n.a. n.a.– Long Term Bonds EUR Commitment approach n.a. n.a./n.a./n.a. n.a. n.a.– Long Term Bonds USD Commitment approach n.a. n.a./n.a./n.a. n.a. n.a.– Short Term Bonds CHF** Commitment approach n.a. n.a./n.a./n.a. n.a. n.a.– Short Term Bonds EUR*** Commitment approach n.a. n.a./n.a./n.a. n.a. n.a.– Short Term Bonds USD**** Commitment approach n.a. n.a./n.a./n.a. n.a. n.a.– Strategy Balanced (CHF) Commitment approach n.a. n.a./n.a./n.a. n.a. n.a.– Strategy Balanced (EUR) Commitment approach n.a. n.a./n.a./n.a. n.a. n.a.– Strategy Income (CHF) Commitment approach n.a. n.a./n.a./n.a. n.a. n.a.– Strategy Income (EUR) Commitment approach n.a. n.a./n.a./n.a. n.a. n.a.– Swiss Stocks Commitment approach n.a. n.a./n.a./n.a. n.a. n.a.– US Stocks Commitment approach n.a. n.a./n.a./n.a. n.a. n.a.


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