finter fund

Audited annual report as of 31.12.2009

FINTER FUNDR.C.S. Luxembourg No B 40 352

Investment Fund under Luxembourg Law with Subfunds

FINTER FUND Conservative Portfolio (CHF)* FINTER FUND Emerging Markets FINTER FUND European Equities FINTER FUND Dynamic Portfolio (EUR) FINTER FUND CHF Bonds FINTER FUND USD Bonds FINTER FUND EUR Bonds FINTER FUND US Equities FINTER FUND Conservative Portfolio (EUR)

* formerly FINTER FUND Yield Portfolio (CHF) until 2 November 2009

FINTER FUND MANAgEMENT CoMPANY S.A.33A avenue J.F.Kennedy P.o. Box L-2010 LuxembourgT: +352 (441010) 6897 Fax: +352 (441010) 6249www.finter.lu

Audited annual report as of 31 December 2009

Table of contents Page ISIN

Management and Administration 2Features of the Fund 4Independent Auditor’s Report 5Investment objective and investment policy of the subfunds

7

Report of the Fund Manager and the Board of Directors 11

FINTER FUND 13FINTER FUND Conservative Portfolio (CHF) 15 LU0038841986FINTER FUND Emerging Markets 23 LU0062338560FINTER FUND European Equities 29 LU0095789946FINTER FUND Dynamic Portfolio (EUR) 34 LU0121265739FINTER FUND CHF Bonds 41 LU0121265903FINTER FUND USD Bonds 45 LU0121266034FINTER FUND EUR Bonds 49 LU0121266208FINTER FUND US Equities 53 LU0316676740FINTER FUND Conservative Portfolio (EUR) 57 LU0463621366

Notes to the Financial Statements 64Appendix 69Offices of Finter Bank Zürich Ltd 71

1

Annual Report as of 31 December 2009FINTER FUND

Management and Administration

Management Company

Finter Fund ManageMent CoMpany S.a.,33a, avenue J.F. Kennedy, L-1855 Luxembourgp.o. Box, L-2010 Luxembourgr.C.S. Luxembourg n° B 40 352

Board of Directors

Michiel Hagens, ChairmanMember of Board of directors of Finter Bank Zürich Ltd

Eric Delissy, Memberpartner in the law firm Hornung Hovagemyan avocats, geneva

Dr. Roberto C. Garobbio, MemberMember of Board of directors of Finter Bank Zürich Ltd

Gilbert Schintgen, Memberexecutive director, uBS Fund Services(Luxembourg) S.a., Luxembourg

Day to Day Manager

Valérie Bernard (until 31 July 2009)director, uBS Fund Services(Luxembourg) S.a., Luxembourg

Frédéric Delapierre (until 25 July 2009)director, uBS Fund Services(Luxembourg) S.a., Luxembourg

Christophe Hilbertassociate director, uBS Fund Services(Luxembourg) S.a., Luxembourg

Olivier Humbert (since 31 July 2009)associate director, uBS Fund Services(Luxembourg) S.a., Luxembourg

Siobhan Ronan (since 25 July 2009)director, uBS Fund Services (Luxembourg) S.a.,Luxembourg

Portfolio Manager

Finter Bank Zürich Ltd,Claridenstrasse 35, CH-8002 Zurich

Custodian Bank

uBS (Luxembourg) S.a.,33a, avenue J.F. Kennedy, L-1855 Luxembourgp.o. Box 2, L-2010 Luxembourg

Administration Agent

uBS Fund Services (Luxembourg) S.a.,33a, avenue J.F. Kennedy, L-1855 Luxembourgp.o. Box 91, L-2010 Luxemburg

Independent Auditors of the Fund and of the Management Company

ernst & young S.a.,7, parc d’activité Syrdall, L-5365 Munsbach

Representation and distribution

Luxembourg

Distributor, Selling and Paying AgentuBS (Luxembourg) S.a.,33a, avenue J.F. Kennedy, L-1855 Luxembourgp.o. Box 2, L-2010 Luxembourg

Switzerland

Representative, Selling and Paying AgentFinter Bank Zürich Ltd,Claridenstrasse 35, CH-8002 Zurich

the sales prospectus and the simplified prospectuses, management regula-tions, annual and semi-annual reports as well as the portfolio movements of the investment fund mentioned in this publication are available free of charge from Finter Bank Zürich Ltd, Claridenstrasse 35, CH-8002 Zurich

Federal Republic of Germany

Information Office and Paying AgentuBS deutschland ag,Stephanstrasse 14–16, d-60313 Frankfurt am Main

the sales prospectus and the simplified prospectuses, management regula-tions, annual and semi-annual reports as well as the portfolio movements of the investment fund mentioned in this publication are available free of charge from uBS deutschland ag, Stephanstrasse 14–16, d-60313 Frankfurt am Main.

22


Austria

Selling and Paying Agenterste Bank der österreichischen Sparkassen ag,graben 21, a-1010 Vienna

Estonia, Italy and Sweden

it is admissible to sell units of the fund in estonia, italy and in Sweden.

Restrictions on distribution and sale

there may be statutory restrictions imposed on the sale of unit certificates in certain countries. individu-als reading the prospectus should obtain information concerning potential tax implications, legal restric-tions, in particular restrictions concerning foreign and domestic currency transactions that may apply to them on the basis of the laws of their country of citi-zenship, residence or domicile, or that may influence the subscription, holding, or use of the units.

Other Distributors

uBS ag, aeschenvorstadt 1, CH-4002 Basel anduBS ag, Bahnhofstrasse 45, CH-8098 Zurich

the sales prospectus and the simplified prospectuses, management regula-tions, annual and semi-annual reports as well as the portfolio movements of the investment fund mentioned in this publication are available free of charge at the representative for Switzerland, at the selling agencies and at the registered office of the Management Company.

as the Fund is not registered under the united States Securities act, the units may be neither offered nor sold in any manner whatsoever in the united States or its territories or possessions; in addition, they may not in any manner be offered or sold for the account of or in favor of uS persons (as defined in regulation S), except if the offer and/or sale should be permissible pursuant to the uS Securities act and/or regulation S.

3


Features of the Fund

FINTER FUND was constituted in accordance with Part I of the Luxembourg Law of 30 March 1988 concern-ing “Undertakings for Collective Investment” (the “Law of 1988”) as an unincorporated open-ended investment fund under Luxembourg law in the form of a ”fonds commun de placement” (”FCP”) of the FINTER FUND MANAGEMENT COMPANY S.A. On 11 November 2006 it was adapted to the Luxembourg Law of 20 December 2002 (the “Law of 2002”).

FINTER FUND offers investors a number of subfunds under one and the same investment fund (“Umbrella Structure“), which invest in securities according to their individual investment policies. The entire set of all subfunds makes up the fund. However, the Manage-ment Company may liquidate existing subfunds and/or set up new subfunds at any time.

The subfunds are set up by FINTER FUND MANAGEMENT COMPANY S.A., which also deter-mines their respective investment policies. Among other reasons, the Sales Prospectus is updated every time a new subfund is constituted.

Currently, units are offered in the following sub-funds:

FINTER FUND Yield Portfolio (CHF)*FINTER FUND Emerging MarketsFINTER FUND European EquitiesFINTER FUND Dynamic Portfolio (EUR)FINTER FUND CHF BondsFINTER FUND USD BondsFINTER FUND EUR BondsFINTER FUND US EquitiesFINTER FUND Conservative Portfolio (EUR)

*formely FINTER FUND Yield Portfolio (CHF) until 2 November 2009

The subfunds’ securities and other assets are managed as special assets of the FINTER FUND MANAGEMENT COMPANY S.A., for the account and on behalf of the unitholders. These special assets are separate from the Management Company’s assets.

The life of the fund is indefinite.

The fund‘s financial year ends on 31 December.

All assets of the fund are jointly owned by all investors to an equal entitlement corresponding to the units they hold in the individual subfunds. The units may be documented by means of unit certificates. The investment fund and its subfunds jointly constitute one legal entity. However, each subfund is considered to be a separate entity in relation to the assets, capital gains and losses, liabilities, expenditures, etc. that are allocated exclusively to individual subfunds. Each Sub-fund is individually responsible for its own liabilities.

The Management Regulations of the FINTER FUND were stipulated by the Management Company on 14 August 1992. These provisions may be amended by the Management Company in compliance with the relevant statutory provisions. Amendments are published in the Mémorial, Recueil des Sociétés et Associations, the official journal of the Grand Duchy of Luxembourg (the “Mémorial”) and in at least two further newspapers, including, in Luxembourg “d’Wort”, and in Switzerland, the “Schweizerischen Handelsamtsblatt” and the “Neuen Zürcher Zeitung”. New Management Regulations come into effect fol-lowing signature by the Management Company and the Custodian Bank. First publication of the Manage-ment Regulations took place in the Mémorial of 21 September 1992 and the latest change was published by means of a notice of deposit on 17 November 2006. The consolidated version has been filed at the Commercial and Companies Register of the Luxem-bourg District Court.

The sale and redemption of units in the FINTER FUND in further countries are governed by the respective countries’ provisions.

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.

44


Independent Auditor’s Report

To the Unitholders of

FINTER FUND33A, avenue J.F. Kennedy, L-1855 Luxembourg

Following our appointment by the General Meeting of the Unitholders we have audited the accompany-ing financial statements of FINTER FUND and of each of its subfunds, which comprise the statement of net assets and the statement of investments in securities and other net assets as at 31 December 2009 and the statement of operations and the statement of changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory notes.

Responsibility of the Board of Directors of the Management Company for the financial state-ments

The Board of Directors of the Management Company is responsible for the preparation and fair presentation of these financial statements in accordance with Lux-embourg legal and regulatory requirements relating to the preparation of the financial statements. This responsibility includes: designing, implementing and maintaining internal control relevant to the prepara-tion and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error, selecting and applying appropriate ac-counting policies, and making accounting estimates that are reasonable in the circumstances.

Responsibility of the “Réviseur d’Entreprises”

Our responsibility is to express an opinion on these fi-nancial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted by the “Institut des Réviseurs d’Entreprises”. Those standards require that we com-ply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstate-ment.

An audit involves performing procedures to obtain au-dit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgement of the “Réviseur d’Entreprises”, including the assessment of the risks of material mis-statement of the financial statements, whether due to fraud or error. In making those risk assessments, the “Réviseur d’Entreprises” considers internal control rel-evant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control.

An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the Management Company, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

5


Opinion

In our opinion, the financial statements give a true and fair view of the financial position of FINTER FUND and its subfunds as of 31 December 2009, and of the results of their operations and changes in their net assets for the year then ended in accordance with the Luxembourg legal and regulatory requirements relat-ing to the preparation of the financial statements.

Other matter

Supplementary information included in the annual re-port has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole.

Luxembourg, 16 April 2010

ERNST & YOUNGSociété AnonymeRéviseur d’Entreprises

Nadia FABER

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Investment objective

The individual subfunds have as their objectives either a high regular income or a high capital growth with adequate returns.

FINTER FUND Yield Portfolio (CHF)*This subfund’s investment objective is to provide a high regular income. While aiming to preserve capital security and the subfund’s liquidity, the subfund seeks to generate as high a return as possible while limiting risk.

* formely FINTER FUND Yield Portfolio (CHF) until 2 November 2009

FINTER FUND Emerging MarketsThis subfund’s investment objective is optimum capi-tal growth. While aiming to preserve invested capital security and the subfund’s liquidity, the subfund seeks as high a return as possible by investing in the high-growth emerging markets.

FINTER FUND European EquitiesThis subfund’s investment objective is to achieve optimum capital growth. While aiming to preserve in-vested capital security and the subfund’s liquidity, the subfund seeks as high a return as possible by investing in Europe. The subfund will not invest in Eastern Euro-pean countries that are not EU Member States.

FINTER FUND Dynamic Portfolio (EUR)This subfund’s investment objective is to achieve optimum capital growth. While aiming to preserve in-vested capital security and the subfund’s liquidity, the subfund seeks to generate as high a return as possible while limiting risk.

FINTER FUND CHF BondsThis subfund’s investment objective is capital growth, with a reasonable level of income by means of invest-ments in Swiss Franc denominated bonds. At least two-thirds of the investments are made in fixed rate securities and a maximum of 10% in convertible and/or warrant bonds.

FINTER FUND USD BondsThis subfund’s investment objective is capital growth with a reasonable level of income by means of in-vestments in US dollar denominated bonds. At least two-thirds of the investments are made in fixed rate securities and a maximum of 10% in convertible and/or warrant bonds.

FINTER FUND EUR Bonds This subfund’s investment objective is capital growth with a reasonable level of income by means of invest-ments in euro denominated bonds. At least two-thirds of the investments are made in fixed rate securities and a maximum of 10% in convertible and/or war-rant bonds.

FINTER FUND US Equities This subfund’s investment objective is optimal capital growth. While giving due consideration to capital security and the liquidity of the subfund, fund man-agement aims to achieve the highest possible yields through investments in the United States.

FINTER FUND Conservative Portfolio (EUR)This sub-fund’s investment objective is achieve a con-sistently high return, while giving due consideration to the preservation of capital and the sub-fund’s liquid-ity, as well as an increase in value in line with the level of risk, while limiting risk.

Investment Policy

FINTER FUND Yield Portfolio (CHF)* The subfund invests at least 51% of its net assets in fixed or variable-income instruments. Its focus is close-ly aligned on Finter Bank Zurich Ltd’s published invest-ment strategies and the relevant Asset Allocation. Priority is given to diversification, first class borrower quality and to the maturity structure best adapted to interest rate expectations. Therefore, pursuant to the restrictions formulated in the “Investment Regula-tions” defined in Section 3.6 of the Sales Prospectus, the subfund fundamentally invests globally in bonds, notes, and similar fixed or variable interest debt instru-ments (including floating rate notes, convertible bond and bonds cum warrants with options on securities), directly or indirectly issued by public, semi-public and private borrowers (securities issued by issuers on offshore financial markets and guaranteed by compa-nies/corporations or a prime guarantor domiciled in an OECD country), in similar securities, and, subsidiarily, in options on bonds of such borrowers as well as in equities, equity-like securities, other capital shares, dividend-right certificates and indexed certificates recognized as being tradeable securities within the meaning of EU Directive 85/611/EEC; and within the scope of the investment restrictions formulated in Sec-tion 3.6 (see sales prospectus), also in money market paper as well as in other open and closed-ended UCI (Undertakings for Collective Investment, “Funds”).

*formely FINTER FUND Yield Portfolio (CHF) until 2 November 2009

Investment objective and investment policy of the subfunds

7


The currency CHF mentioned in the denominati-on of this subfund means that it merely has the function of a reference and not of an investment currency.

FINTER FUND Emerging MarketsThis subfund invests at least two-thirds of its net as-sets in emerging market countries listed in the MSCI Emerging Markets Index as well as in the Hong Kong and Singapore markets. The subfund invests mainly in equities, equity-like securities, other capital shares, participation certificates, index certificates recognized as tradable securities within the meaning of EU Direc-tive 85/611/EEC, bonds, notes, and similar fixed or variable interest debt instruments (including floating rate notes, convertible bonds and bonds cum war-rants with options on securities), directly or indirectly issued by public, semi-public and private borrowers, as well as in money market paper subject to the re-strictions formulated in the “Investment Regulations” defined in Section 3.6 (see sales prospectus), and in other closed-end UCI (“Funds”) (including Real Estate Investment Trusts). The subfund may also invest in other open-ended funds subject to the investment limitation stipulated in 3.6.3 (see sales prospectus).

Investments in other UCI will primarily be directed at funds mainly investing in equities and equity-like secu-rities, and which are governed in particular by the laws of the United States, Canada, Switzerland, or a Mem-ber State of the European Union. Shares and units in such UCI are securities whose price can rise or fall in a similar way as that of direct equity investments.

Investments in Emerging Markets (developing coun-tries with fledgling capital markets) involve both additional opportunities and supplementary risks. Emerging Markets are countries that, as defined by the World Bank, currently have low or medium per capita income but are experiencing dynamic eco-nomic development leading to expectations of longer term above average growth and the corresponding value rise potential. Investments in the FINTER FUND Emerging Markets grant unitholders the opportu-nity of long-term participation in the development of these countries’ financial markets.

However, concentration on Emerging Markets invest-ments also involves special risks, due for example to political instability, exchange rate variations, lacking or inadequate financial market regulation and/or super-vision, and a lack of experience among the judiciary system, prohibitive taxation, restrictions on foreign capital investment and return flows (transfer risk), lack of a regulatory framework providing protection for unitholders or creditors, potentially unclear ownership structures and relative lack of capital market transpar-ency as compared to international standards, low market capitalization, and potential market volatility or even illiquidity. It should also be taken into account that companies in emerging countries may be subject to less public control and to less structured legislation and that accounting conventions and financial state-ment audits may not always be comparable to the standards in effect in industrialized countries. Securi-ties transactions and cash management are subject to the customs of the relevant investment market, and do not always take place on a “delivery against pay-ment” basis. This can bring about additional interest rate and default risks.

Investing in the FINTER FUND Emerging Markets is therefore only suitable for internationally oriented, so-phisticated securities investors who are not risk averse. Investors are advised to remain informed about the subfund’s trends and other indicators by maintaining regular contact with their investment advisors.

FINTER FUND European EquitiesThe subfund invests its assets according to the princi-ple of risk diversification in equities, equity-like securi-ties or other capital shares in companies either having their registered headquarters in Europe, or companies which in their capacity as holding companies have majority equity holdings in companies either having their registered headquarters in Europe or whose pri-mary business activities are concentrated in Europe. At least two-thirds of the total investment takes place in European equities.

88


FINTER FUND Dynamic Portfolio (EUR)The subfund invests at least 30% of its net assets in fixed or variable-income instruments. Its focus is close-ly aligned on Finter Bank Zurich Ltd’s published invest-ment strategies and the relevant Asset Allocation. In terms of investment policy, priority is given to diversi-fication, first class borrower rating and to the maturity structure best adapted to interest rate expectations. Therefore, pursuant to the restrictions formulated in the “Investment Regulations” defined in Section 3.6 (see sales prospectus), the subfund fundamentally in-vests globally in bonds, notes, and similar fixed or vari-able interest debt instruments (including floating rate notes, convertible bonds and bonds cum warrants with options on securities), directly or indirectly issued by public, semi-public and private borrowers (securi-ties issued by issuers on offshore financial markets and guaranteed by companies/corporations or a prime guarantor domiciled in an OECD country), in similar securities, and, subsidiarily, in options on bonds issued by such borrowers. In addition, the subfund invests in equities, equity-like securities, other capital shares, participation certificates, index certificates recognized as tradable securities within the meaning of EU Direc-tive 85/611/EEC, subject to the restrictions formulated in the “Investment Regulations” defined in Section 3.6 (see sales prospectus), and in other open and closed-ended UCI (“Funds”).

The currency EUR mentioned in the denominati-on of this subfund means that it merely has the function of a reference and not of an investment currency.

FINTER FUND CHF BondsThis subfund invests in Swiss Fr-nc denominated (se-cured and unsecured) bonds and other fixed income securities (including convertible and warrant bonds), directly or indirectly issued by public, semi-public and private borrowers that are OECD, EU or USA citizens (i.e. securities issued by issuers on offshore financial markets and guaranteed by companies/corporations or a prime guarantor domiciled in an OECD country) and which are traded in markets based in the stipu-lated countries. Other securities included are variable-income debt instruments as well as short-term instru-ments provided that they do not amount to more than one third of the net assets of the subfund. Priority is given to first class borrower rating and to the maturity structure best adapted to interest rate expectations. This subfund may also invest in futures provided that the underlyings comply with the investment policy of the subfund.

FINTER FUND USD BondsThis subfund invests in US dollar denominated (se-cured and unsecured) bonds and other fixed income securities (including convertible and warrant bonds), directly or indirectly issued by public, semi-public and private borrowers that are OECD, EU or USA citizens (i.e. securities issued by issuers on offshore financial markets and guaranteed by companies/corporations or a prime guarantor domiciled in an OECD country) and which are traded in markets based in the stipu-lated countries. Other securities included are variable-income debt instruments and short-term instruments provided that they do not amount to more than one third of the net assets of the subfund. Priority is given to first class borrower rating and to the maturity structure best adapted to interest rate expectations. This subfund may also invest in futures provided that the underlyings comply with the investment policy of the subfund.

FINTER FUND EUR BondsThis subfund invests in EUR denominated (secured and unsecured) bonds and other fixed income securi-ties (including convertible and warrant bonds), directly or indirectly issued by public, semi-public and private borrowers that are OECD, EU or USA citizens (i.e. se-curities issued by issuers on offshore financial markets and guaranteed by companies/corporations or a prime guarantor domiciled in an OECD country) and which are traded in markets based in the stipulated coun-tries. Other securities included are variable-income debt instruments as well as short-term instruments provided that they do not amount to more than one third of the net assets of the subfund. Priority is given to first class borrower rating and to the maturity structure best adapted to interest rate expectations. This subfund may also invest in futures provided that the underlyings comply with the investment policy of the subfund.

9


FINTER FUND US Equities This subfund always invests on the principle of risk diversification in equities and other equity shares of companies which are either domiciled in the USA, are holding companies with majority investments in com-panies domiciled in the USA or are chiefly active in the USA. At least two-thirds of total investments will be in American equities. The subfund currency is the USD.

FINTER FUND Conservative Portfolio (EUR)The sub-fund invests at least 51% of its net assets in fixed or variable interest investments. It is pre-dominantly geared towards the investment strategies published by Finter Bank Zürich AG and the respective asset allocation. In terms of investment policy, high priority is assigned to diversification, high borrower quality and a maturity structure that is adjusted in line with interest rate expectations. In accordance with the restrictions set out in section 3.6 “Investment regula-tions” (see sales prospectus), the sub-fund invests, in principle, worldwide in bonds, notes and similar fixed or variable interest debt instruments (including float-ing rate notes, convertible bonds and warrant issues incorporating warrants on securities) issued directly or indirectly (securities issued by issuers in offshore financial centres and guaranteed by companies or a first-class guarantor with registered office in an OECD country) by public-sector, mixed and private-sector borrowers, in similar securities and, in connection with the aforementioned, in warrant issues incorporating bonds issued by such borrowers. The sub-fund also invests in equity-like securities, other equity shares, dividend-right certificates and index certificates rec-ognised as tradable securities pursuant to EU Directive 85/611/EEC and in other open-end and closed-end undertakings for collective investment (“funds“) within the scope of the restrictions set out in section 3.6 “Investment regulations” (see sales prospectus).

The currency EUR mentioned in the denomina-tion of this subfund means that it merely has the function of a reference and not of an investment currency

1010


Fund Manager’s report

Following the unprecedented turmoil in the fourth quarter of 2008 triggered by the Lehman bankruptcy, the crisis continued in the first quarter of 2009. Huge uncertainty was fuelled by the dramatic news from the financial and banking sector. Central banks – notably the US Federal Reserve, the SNB and the ECB – pursued extremely expansive monetary policies, with interest rates held at record lows and other liquidity injections. Support was proactively offered to major financial institutions that encountered difficulties in order to stabilise the global financial system. Massive stimulus packages were also drawn up to cushion and boost the dramatic decline in consumer demand.

The turnaround finally arrived in March as the financial markets began to recover from their crisis-induced lows, boosted by positive first-quarter earnings from major US financial institutions. There were hopes that the banking crisis had reached its low point and the raft of stimulus measures began to take effect. From then on, the financial markets saw a recovery which continued up to the end of the year with no major corrections. Sentiment was further boosted as economic news grew more favourable. The recession ended in most countries in the second or third quarter of 2009.

This newfound confidence is reflected across all asset classes. The global stock markets have on average recouped around half of their losses. The emerging markets are leading the global economic upturn and, accordingly, have posted above-average gains. Base metals have once again grown more expensive, as has energy.

The more positive outlook is reflected on the bond markets with higher yields on long-dated bonds, whereas central bank rates remain low at the short end, apart from a few peripheral markets. Credit spreads on corporate bonds have fallen sharply and are close to their long-term averages.

For Finter Funds, a successful year is drawing to a close. All equity, bond and portfolio funds registered positive price performance in 2009, with 6 of 8 funds beating their benchmark after costs.

The bond funds are managed with a particular focus on capital preservation. We invest predominantly in government bonds and bonds issued by other public-sector entities with a term of 7 to 10 years. Using a quantitative process, we manage interest-rate risk by employing futures.

The Finter Fund EUR Bonds posted a return of +4.03% (benchmark European government bond in-dex +5.41%). Euro yields witnessed little change since the beginning of the year, although they showed con-siderable volatility in the interim. The Finter Fund USD Bonds posted a gain of +0.57% (benchmark Treasury bonds index -2.96%). USD yields rose in 2009, lead-ing the index to post a loss. Within the fund, it was possible to preserve capital after costs thanks to the portfolio’s short duration. Yields on CHF bonds have actually fallen slightly over the past 12 months. The Finter Fund CHF Bonds posted a gain of +6.09% (benchmark Confederation bond index +4.34%). It also benefited from the improved liquidity in the mar-ket, which led to narrower bid-ask spreads.

The equity funds are also managed using a quantita-tive approach. This essentially involves seeking out stocks that are relatively cheap, and also have above-average momentum. The favourable trend on the stock markets enabled all regions to record consider-able gains. The Finter Fund Emerging Markets closed the year with an outstanding return of +84.66% (benchmark +74.50%). The Finter Fund European Equities also closed the year in positive territory, up +34.06% (benchmark +27.15%), as did the Finter Fund US Equities, which ended the period up +15.2% (benchmark +23.45%). Our quantitative equity selec-tion model thus delivered a very encouraging result in 2009 in Europe and the emerging markets, but failed to beat the benchmark in the US.

The portfolio funds are managed by Finter Bank Zürich Ltd using a top-down approach in line with the bank’s official investment strategy. Meanwhile, bottom-up stock selection is based on the quantitative stock se-lection model mentioned above.

Report of the Fund Manager and the Board of Directors

11


Although we were cautiously positioned for the ma-jority of the year with an underweight towards the eq-uity markets, it is due primarily to stock selection that we were able to post a positive overall result. Thanks to active currency management, the losses in USD were partially hedged. The narrowing in corporate bond credit spreads also had a positive impact. The Finter Fund Conservative Portfolio (CHF) – previously the Finter Fund Yield Portfolio (CHF) – rose by +9.55% (benchmark +9.9%), while the Finter Fund Dynamic Portfolio (EUR) gained some +20.30% (benchmark +16.4%).

The Finter Fund Conservative Portfolio (EUR) was launched in November 2009. Looking ahead, we see a number of issues. How sustainable is the global economy’s current recovery? Will the upturn continue once the government stimulus and investment pack-ages end? When will central banks begin to raise their key rates and will governments be successful in reduc-ing their budget deficits, which are huge in some cases? These are all elements of uncertainty that could lead to higher volatility on the markets in the coming months. The only thing we can say for certain is that the recovery will not continue at the same speed as we have seen over the past nine months. 2010 is set to be a challenging year, with disappointments and set-backs increasingly to be expected. Our investment policy is geared to such a scenario and we will take a proactive approach to managing the portfolios ac-cordingly.”

Report of the Board of Directors

The FINTER FUND’s total assets fell from CHF 347 mil-lion at the beginning of the year to CHF 282 million at the end of the year. Net outflows amounted to CHF 106 million, which were only partially offset by posi-tive market performance.

1212

Annual Report as of 31 December 2009

Consolidated Statement of Net AssetsCHF

Assets 31.12.2009Investments in securities, cost 252 854 725.74Investments in securities, unrealized appreciation (depreciation) 10 781 735.05

Total investments in securities (Note 1) 263 636 460.79Cash at banks, deposits on demand and deposit accounts 13 946 154.64Other liquid assets (Margins) 1 667 046.72Receivable on subscriptions 749 134.66Interest receivable on securities 3 408 574.18Interest receivable on liquid assets 1 939.69Receivable on dividends 81 678.47Formation expenses, net (Note 1) 7 176.21Unrealized gain (loss) on financial futures (Note 1) 1 516 718.33Unrealized gain (loss) on forward foreign exchange contracts (Note 1) –5 633.80Total Assets 285 009 249.89

LiabilitiesOther short-term liabilities (Margins) –1 395 575.14Interest payable on bank overdraft –863.98Payable on securities purchases (Note 1) –171 357.33Payable on redemptions –370 101.37Provisions for management fee (Note 2) –278 440.10Provisions for custodian bank fees (Note 2) –15 422.09Provisions for taxe d’abonnement (Note 3) –35 202.62Provisions for audit fees, legal and economic advice (Note 2) –158 065.87Provisions for other commissions and fees (Note 2) –105 157.71Provisions for formation expenses (Note 1) –7 415.86Provisions for distribution fees (Note 2) –23 995.43

Total provisions –623 699.68Total Liabilities –2 561 597.50

Net assets at the end of the financial year 282 447 652.39

FINTER FUND

The notes are an integral part of the financial statements. 13


Consolidated Statement of OperationsCHF

Income 1.1.2009–31.12.2009Interest on liquid assets 93 981.78Interest on securities 9 430 408.30Dividends 2 632 802.54Income on securities lending (Note 4) 29 255.98Other income 4 840.23Total income 12 191 288.83

ExpensesManagement fee (Note 2) –3 714 251.54Custodian bank fees (Note 2) –183 529.45Distribution fees (Note 2) –332 332.05Taxe d’abonnement (Note 3) –161 921.69Government fees (Note 2) –34 579.20Audit fees, legal and economic advice (Note 2) –154 390.67Publications, printing costs and publicity (Note 2) –117 724.57Amortization of formation expenses (Note 1) –239.65Other commissions and fees (Note 2) –445 207.76Interest on cash liquidity and bank overdraft –79 424.58Total expenses –5 223 601.16

Net income (loss) on investments 6 967 687.67

Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options 28 636 241.49Realized gain (loss) on financial futures –3 366 663.07Realized gain (loss) on forward foreign exchange contracts 97 057.41

Total realized gain (loss) on investments 25 366 635.83Realized gain (loss) on foreign exchange –279 083.66Total realized gain (loss) 25 087 552.17

Net realized gain (loss) of the financial year 32 055 239.84

Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options 9 385 013.12Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments 16.73Unrealized appreciation (depreciation) on financial futures 2 822 634.57Unrealized appreciation (depreciation) on forward foreign exchange contracts –5 633.80Total changes in unrealized appreciation (depreciation) 12 202 030.62

Net increase (decrease) in net assets as a result of operations 44 257 270.46

14 The notes are an integral part of the financial statements.14 The notes are an integral part of the financial statements.


Three-year comparison

Date ISIN 31.12.2009 31.12.2008 31.12.2007Net assets in CHF 26 106 225.92 30 875 173.19 43 538 714.90

LU0038841986Units outstanding 73 486.2520 95 211.0000 110 911.7540Net asset value per unit in CHF 355.25 324.28 392.55

FINTER FUND Conservative Portfolio (CHF)


Performance

Currency 2009 2008 2007FINTER FUND Conservative Portfolio (CHF) CHF 9.6% –17.4% –0.1%

Benchmark:Internal Composite1 CHF 9.9% –6.5% 2.0%

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

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

Economic Breakdown as a % of net assetsBanks & credit institutions 30.40Finance & holding companies 20.02Pharmaceuticals, cosmetics & medical products 5.76Petroleum 5.39Investment funds & pension foundations 4.93Energy & water supply 4.53Supranational organisations 3.83Insurance 2.88Public, non-profit institutions 1.98Mortgage & funding institutions 1.95Telecommunications 1.00Building industry & materials 0.87Internet, software & IT services 0.85Mining, coal & steel 0.77Retail trade, department stores 0.69Graphic design, publishing & media 0.56Biotechnology 0.47Electronics & semiconductors 0.42Miscellaneous consumer goods 0.39Food & soft drinks 0.39Mechanical engineering & industrial equipment 0.37Computer hardware & network equipment providers 0.36Tobacco & alcohol 0.36Aerospace industry 0.36Textiles, garments & leather goods 0.25Non-ferrous metals 0.25Real Estate 0.24Vehicles 0.19Miscellaneous unclassified companies 0.13Traffic & transportation 0.12Chemicals 0.12Miscellaneous services 0.12Lodging, catering & leisure 0.12Forestry, paper & pulp products 0.12Agriculture & fishery 0.03Total 91.22

Structure of the Securities Portfolio

Geographical Breakdown as a % of net assetsUnited States 26.56France 19.14Netherlands 11.35Germany 7.69United Kingdom 6.00Austria 4.99Supranationals 3.83Sweden 2.74Cayman Islands 1.95Italy 1.56Luxembourg 1.41Spain 1.00Switzerland 0.71Belgium 0.41Finland 0.40Cyprus 0.28Bermuda 0.28Poland 0.25Jersey 0.24Norway 0.23Greece 0.20Total 91.22

Annual Report as of 31 December 2009FINTER FUND Conservative Portfolio (CHF)

Statement of Net AssetsCHF

Assets 31.12.2009Investments in securities, cost 24 371 660.15Investments in securities, unrealized appreciation (depreciation) –558 245.82

Total investments in securities (Note 1) 23 813 414.33Cash at banks, deposits on demand and deposit accounts 1 885 048.13Other liquid assets (Margins) 165 522.08Receivable on subscriptions 59 678.64Interest receivable on securities 238 218.01Interest receivable on liquid assets 15.32Receivable on dividends 3 991.28Unrealized gain (loss) on financial futures (Note 1) 11 272.11Total Assets 26 177 159.90

LiabilitiesOther short-term liabilities (Margins) –11 272.11Interest payable on bank overdraft –191.57Payable on redemptions –1 065.69Provisions for management fee (Note 2) –25 717.85Provisions for custodian bank fees (Note 2) –1 160.43Provisions for taxe d’abonnement (Note 3) –3 263.28Provisions for audit fees, legal and economic advice (Note 2) –11 559.15Provisions for other commissions and fees (Note 2) –14 467.55Provisions for distribution fees (Note 2) –2 236.35

Total provisions –58 404.61Total Liabilities –70 933.98


Statement of OperationsCHF

Income 1.1.2009–31.12.2009Interest on liquid assets 8 382.35Interest on securities 673 955.12Dividends 183 945.49Income on securities lending (Note 4) 1 495.86Total income 867 778.82

ExpensesManagement fee (Note 2) –342 450.65Custodian bank fees (Note 2) –15 000.00Distribution fees (Note 2) –29 778.30Taxe d’abonnement (Note 3) –14 799.76Government fees (Note 2) –3 307.82Audit fees, legal and economic advice (Note 2) –12 857.43Publications, printing costs and publicity (Note 2) –12 463.78Other commissions and fees (Note 2) –50 005.33Interest on cash liquidity and bank overdraft –8 387.76Total expenses –489 050.83

Net income (loss) on investments 378 727.99

Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options 322 602.83Realized gain (loss) on financial futures –121 394.81Realized gain (loss) on forward foreign exchange contracts 16 200.00

Total realized gain (loss) on investments 217 408.02Realized gain (loss) on foreign exchange –42 196.31Total realized gain (loss) 175 211.71

Net realized gain (loss) of the financial year 553 939.70

Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options 2 173 566.18Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments 8.38Unrealized appreciation (depreciation) on financial futures 11 272.11Total changes in unrealized appreciation (depreciation) 2 184 846.67




Statement of Changes in Net AssetsCHF

1.1.2009–31.12.2009Net assets at the beginning of the financial year 30 875 173.19Subscriptions 2 556 070.38Redemptions –10 063 804.02

Total net subscriptions (redemptions) –7 507 733.64Net income (loss) on investments 378 727.99Total realized gain (loss) 175 211.71Total changes in unrealized appreciation (depreciation) 2 184 846.67

Net increase (decrease) in net assets as a result of operations 2 738 786.37Net assets at the end of the financial year 26 106 225.92

Development of the outstanding units

1.1.2009–31.12.2009Number of units outstanding at the beginning of the financial year 95 211.0000Number of units issued 7 220.0000Number of units redeemed –28 944.7480Number of units outstanding at the end of the financial year 73 486.2520



Statement of Investments in Securities and other Net Assets as of 31 December 2009

Description Quantity/ Valuation in CHF 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

Bearer shares

Belgium

EUR D'IETEREN TRADING NPV 119.00 49 260.47 0.19EUR KBC ANCORA NPV (POST SPLIT) 2 343.00 56 782.71 0.22

Total Belgium 106 043.18 0.41

Bermuda

USD ACCENTURE PLC SHS CL A 'NEW' 742.00 31 832.26 0.12USD MARVELL TECH GROUP COM USD0.002 1 927.00 41 334.75 0.16

Total Bermuda 73 167.01 0.28

Cyprus

NOK PROSAFE SE 11 209.00 73 915.00 0.28

Total Cyprus 73 915.00 0.28

Finland

EUR HUHTAMAKI OYJ NPV'I' 2 937.00 42 253.96 0.16EUR TIETO CORPORATION ORD NPV 2 881.00 61 958.80 0.24

Total Finland 104 212.76 0.40

France

EUR AXA EUR2.29 2 489.00 61 059.35 0.23EUR BONDUELLE EUR7 84.00 9 899.64 0.04EUR CNP ASSURANCES EUR4 607.00 61 003.37 0.23EUR EURAZEO NPV 928.00 67 215.73 0.26EUR SANOFI-AVENTIS EUR2 835.00 68 189.02 0.26

Total France 267 367.11 1.02

Germany

EUR HEIDELBERGCEMENT NPV 931.00 66 597.62 0.26

Total Germany 66 597.62 0.26

Italy

EUR DANIELI & C DI RISP EUR1(NON CNV) 4 638.00 63 286.39 0.24EUR GEMINA EUR1 71 262.00 60 245.50 0.23EUR INTESA SANPAOLO SPA-RNC 18 552.00 64 524.60 0.26EUR ITALCEMENTI DI RISP EUR1 5 340.00 40 313.53 0.15EUR TELECOM ITALIA SPA DI RISP EUR0.55 54 163.00 62 097.48 0.24EUR TREVI FINANZIARIA EUR0.50 3 554.00 58 141.29 0.22EUR UNIPOL GRUPPO FINANZIARIO SPA 63 244.00 57 875.70 0.22

Total Italy 406 484.49 1.56

Jersey

EUR ATRIUM EURP R/EST EUR5 9 002.00 62 752.15 0.24

Total Jersey 62 752.15 0.24

Netherlands

EUR SNS REAAL GROEP NV EUR1.63 8 728.00 54 887.36 0.21

Total Netherlands 54 887.36 0.21

Norway

NOK FRED OLSEN ENERGY NOK20 1 529.00 60 741.94 0.23

Total Norway 60 741.94 0.23

Poland

PLN KGHM POLSKA MIEDZ PLN10 BR 1 673.00 64 060.93 0.25

Total Poland 64 060.93 0.25

Spain

EUR CORP FINANC ALBA EUR1 1 146.00 62 124.62 0.24EUR PESCANOVA SA EUR6 241.00 8 049.65 0.03EUR TELEFONICA SA EUR1 2 167.00 62 737.97 0.24

Total Spain 132 912.24 0.51

Sweden

SEK BOLIDEN AB NPV (POST SPLIT) 4 799.00 63 991.40 0.25SEK TELIASONERA AB NPV 9 103.00 68 335.21 0.26

Total Sweden 132 326.61 0.51

United Kingdom

GBP AMLIN ORD GBP0.28125 10 421.00 62 400.56 0.24GBP ASTRAZENECA ORD USD0.25 1 392.00 67 632.36 0.26GBP AVIVA ORD GBP0.25 9 455.00 62 803.41 0.24GBP BALFOUR BEATTY GBP0.50 14 295.00 61 686.83 0.24GBP BP ORD USD0.25 6 403.00 64 133.13 0.25






GBP BRIT INSURANCE HLD ORD EUR1 17 620.00 57 974.93 0.22GBP KAZAKHMYS ORD GBP0.20 2 991.00 66 307.43 0.25GBP OLD MUTUAL PLC ORD GBP0.10 34 705.00 63 264.84 0.24GBP PRUDENTIAL ORD GBP0.05 6 289.00 67 190.72 0.26GBP TRINITY MIRROR ORD GBP0.10 9 563.00 24 041.80 0.09GBP XSTRATA PLC ORD USD0.50 3 833.00 71 728.57 0.27

Total United Kingdom 669 164.58 2.56

United States

USD 3M CO COM 387.00 33 073.06 0.13USD ABBOTT LABS COM 566.00 31 589.68 0.12USD ADOBE SYSTEMS INC COM USD0.0001 826.00 31 405.61 0.12USD ALTRIA GROUP INC COM 1 572.00 31 899.83 0.12USD AMERISOURCEBERGEN CORP COM 1 205.00 32 474.58 0.12USD AMGEN INC COM 535.00 31 286.39 0.12USD APPLIED MATLS INC COM 2 426.00 34 959.81 0.12USD AUTOMATIC DATA PROCESSING INC COM 680.00 30 100.32 0.12USD BARD C R INC COM 371.00 29 876.31 0.11USD BAXTER INTL INC COM USD1 550.00 33 363.25 0.13USD BECTON DICKINSON COM USD1 400.00 32 608.61 0.12USD BRISTOL MYERS SQUIBB CO COM 1 201.00 31 348.73 0.12USD CELGENE CORP COM 541.00 31 139.53 0.12USD CH ROBINSON WORLDW COM USD0.1 527.00 31 995.30 0.12USD CHEVRON CORP NEW COM 382.00 30 402.77 0.12USD CISCO SYSTEMS COM USD0.001 1 259.00 31 157.70 0.12USD COACH INC COM USD0.01 865.00 32 664.90 0.13USD COCA COLA CO COM 517.00 30 463.58 0.12USD COLGATE-PALMOLIVE COM USD1 356.00 30 232.43 0.12USD CORNING INC COM 1 824.00 36 410.16 0.13USD COSTCO WHSL CORP NEW COM 497.00 30 399.99 0.12USD DANAHER CORP DEL COM 415.00 32 261.27 0.12USD EBAY INC COM 1 283.00 31 221.13 0.12USD EXXON MOBIL CORP COM NPV 397.00 27 985.09 0.11USD FRANKLIN RES INC COM 266.00 28 968.88 0.11USD GAP INC DEL COM 1 379.00 29 865.09 0.11USD GEN DYNAMICS CORP COM USD1 446.00 31 429.95 0.12USD GENZYME CORP COM USD0.01 599.00 30 347.79 0.12USD GILEAD SCIENCES INC COM 640.00 28 634.05 0.11USD HEWLETT PACKARD CO COM USD0.01 590.00 31 416.59 0.12USD INTEL CORP COM 1 551.00 32 708.26 0.13USD INTERNATIONAL BUSINESS MACHS COM 235.00 31 799.70 0.12USD JOHNSON & JOHNSON COM 480.00 31 960.24 0.12USD KELLOGG CO COM USD0.25 558.00 30 687.49 0.12USD KIMBERLY CLARK CORP COM 458.00 30 163.98 0.12USD LILLY ELI & CO COM 817.00 30 159.73 0.12USD LOCKHEED MARTIN CORP COM 389.00 30 300.40 0.12USD MASTERCARD INC COM USD0.0001 CLASS 'A' 127.00 33 606.65 0.13USD MCDONALD'S CORP COM USD0.01 470.00 30 337.25 0.12USD MICROSOFT CORP COM USD0.0000125 1 005.00 31 676.63 0.12USD MONSANTO COM STK USD0.01 377.00 31 859.92 0.12USD NIKE INC CL B 466.00 31 827.74 0.12USD OCCIDENTAL PETRLM COM USD0.20 366.00 30 778.98 0.12USD ORACLE CORP COM USD0.01 1 331.00 33 765.11 0.13USD PEPSICO INC CAP USD0.016666 481.00 30 231.81 0.12USD PFIZER INC COM USD0.05 1 623.00 30 518.75 0.12USD PHILIP MORRIS INTL COM STK NPV 'WI' 601.00 29 939.66 0.11USD PROCTER & GAMBLE COM NPV 480.00 30 084.61 0.12USD QUALCOMM INC COM USD0.0001 660.00 31 562.04 0.12USD RAYTHEON CO COM NEW 585.00 31 156.40 0.12USD REYNOLDS AMERICAN COM USD0.0001 587.00 32 142.79 0.12USD STRYKER CORP COM USD0.10 607.00 31 606.48 0.12USD TJX COS INC NEW COM 778.00 29 395.61 0.11USD UNUM GROUP COM USD0.10 10.00 201.79 0.00USD VISA INC COM STK USD0.0001 374.00 33 814.00 0.12USD WAL MART STORES INC COM 550.00 30 389.67 0.12USD WALGREEN CO COM USD0.078125 763.00 28 962.95 0.11USD YAHOO INC COM 1 947.00 33 773.29 0.13USD ZIMMER HLDGS INC COM USD0.01 519.00 31 713.48 0.12

Total United States 1 818 107.79 6.96

Total Bearer shares 4 092 740.77 15.68

Other shares

Netherlands

EUR ING GROEP NV CVA EUR0.24 4 327.00 44 282.05 0.17


Total Other shares 44 282.05 0.17






Preference shares

Germany

EUR PROSIEBENSAT1 MEDI NPV PRF 5 207.00 62 246.42 0.24


Total Preference shares 62 246.42 0.24

Registered shares

France

EUR LAGARDERE SCA EUR6.10(REGD) 1 412.00 59 497.36 0.23

Total France 59 497.36 0.23

Germany

EUR ALLIANZ SE NPV(REGD)(VINKULIERT) 509.00 65 792.58 0.25EUR DEUTSCHE BANK AG NPV(REGD) 846.00 62 010.45 0.24EUR E.ON AG NPV 1 565.00 67 847.67 0.25EUR MUENCHENER RUECKVE NPV(REGD) 398.00 64 148.20 0.25


Greece

EUR PUBLIC POWER CORP EUR4.60(CR) 2 765.00 53 312.65 0.20

Total Greece 53 312.65 0.20

Spain

EUR BANCO SANTANDER SA EUR0.50(REGD) 3 687.00 63 160.69 0.24EUR BBVA(BILB-VIZ-ARG) EUR0.49 3 384.00 63 892.59 0.25

Total Spain 127 053.28 0.49

Switzerland

CHF CREDIT SUISSE GRP CHF0.04(REGD) 1 104.00 56 524.80 0.22CHF SWISS REINSURANCE CHF0.1(REGD) 1 323.00 66 030.93 0.25CHF ZURICH FIN SVS GRP CHF0.10 278.00 62 967.00 0.24

Total Switzerland 185 522.73 0.71

Total Registered shares 685 184.92 2.62

Depository receipts

Sweden

SEK ALLIANCE OIL COMPA SDR EACH REPR I USD1.00 4 555.00 67 596.39 0.26

Total Sweden 67 596.39 0.26

Total Depository receipts 67 596.39 0.26

Certificates on indices

Netherlands

EUR ABN AMRO BANK NV/NYSE ARCA GOLD BUGS INDEX IC 01-XX 500.00 220 777.69 0.85


Total Certificates on indices 220 777.69 0.85

Notes, fixed rate

CHF

CHF ELECTRICITE DE FRANCE 3.37500% 08-18.12.13 1 000 000.00 1 062 000.00 4.07

Total CHF 1 062 000.00 4.07

Total Notes, fixed rate 1 062 000.00 4.07

Medium term notes, fixed rate

CHF

CHF BANQUE FEDERATIVE DU CREDIT MUTUEL 3.00000% 06-23.08.13 1 000 000.00 1 025 500.00 3.93CHF EUROPEAN INVESTMENT BANK 2.37500% 05-10.07.20 1 000 000.00 1 000 000.00 3.83CHF GENERAL ELECTRIC CAPITAL CORP 3.00000% 06-28.06.13 1 000 000.00 1 024 000.00 3.92CHF HSBC FINANCE CORP 3.25000% 06-14.07.16 1 000 000.00 1 007 000.00 3.86CHF MBIA INC 2.75000% 07-07.02.17 1 000 000.00 542 500.00 2.08CHF NEDERLANDSE GASUNIE NV 4.00000% 08-09.12.11 1 000 000.00 1 052 500.00 4.03CHF OESTERREICHISCHE KONTROLLBANK AG 3.00000% 08-06.10.16 1 000 000.00 1 051 500.00 4.03CHF SANOFI-AVENTIS 3.25000% 08-19.12.12 1 000 000.00 1 053 000.00 4.03CHF SWEDISH EXPORT CREDIT CORP 2.25000% 08-15.05.13 500 000.00 514 750.00 1.97CHF TOYOTA MOTOR CREDIT CORP 3.62500% 08-06.08.12 1 000 000.00 1 052 500.00 4.03

Total CHF 9 323 250.00 35.71






USD

USD EUROHYPO SA LUXEMBOURG 5.12500% 06-21.01.16 350 000.00 366 824.69 1.41

Total USD 366 824.69 1.41

Total Medium term notes, fixed rate 9 690 074.69 37.12

Bonds, fixed rate

CHF

CHF ALLSTATE LIFE FUNDING LLC 4.75000% 00-12.05.10 500 000.00 508 150.00 1.95CHF EUROHYPO AG 4.00000% 99-01.09.14 1 000 000.00 1 085 000.00 4.15CHF KFW INTERNATIONAL FINANCE INC 4.00000% 00-15.02.12 500 000.00 534 000.00 2.05CHF NV BANK NEDERLANDSE GEMEENTEN 4.50000% 00-05.07.10 500 000.00 510 350.00 1.95CHF RABOBANK NEDERLAND NV 4.25000% 00-14.09.12 1 000 000.00 1 080 000.00 4.14CHF RESEAU FERRE DE FRANCE SA 3.25000% 99-01.06.11 500 000.00 518 000.00 1.98CHF TOTAL CAPITAL SA 2.37500% 03-23.06.10 1 000 000.00 1 010 200.00 3.87CHF UNICREDIT BANK AUSTRIA AG 4.00000% 00-18.01.10 250 000.00 250 350.00 0.96

Total CHF 5 496 050.00 21.05

Total Bonds, fixed rate 5 496 050.00 21.05

Total Transferable securities and money market instruments listed on an official stock exchange 21 420 952.93 82.06

Transferable securities and money market instruments traded on another regulated market


USD

USD GENERAL ELECTRIC CAPITAL CORP 7.37500% 00-19.01.10 200 000.00 207 251.78 0.79

Total USD 207 251.78 0.79

Total Medium term notes, fixed rate 207 251.78 0.79

Total Transferable securities and money market instruments traded on another regulated market 207 251.78 0.79

Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market

Medium term notes, zero coupon

EUR

EUR BARCLAYS BANK PLC 0.00000% 07-27.07.16 500 000.00 565 756.27 2.17

Total EUR 565 756.27 2.17

Total Medium term notes, zero coupon 565 756.27 2.17

Convertible bonds, zero coupon

GBP

GBP BARCLAYS BANK PLC/ENHANCED FRONTIER 0.00000% 07-27.04.17 300 000.00 332 434.60 1.27

Total GBP 332 434.60 1.27

Total Convertible bonds, zero coupon 332 434.60 1.27

Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market 898 190.87 3.44

UCITS/other UCIs in accordance with Article 41 (1) e)

Investment certificates, open end

United States

USD ISHARES INC-MSCI EMERGING MARKETS INDEX FUND 30 000.00 1 287 018.75 4.93


Total Investment certificates, open end 1 287 018.75 4.93

Total UCITS/other UCIs in accordance with Article 41 (1) e) 1 287 018.75 4.93

Total investments in securities 23 813 414.33 91.22






Derivative instruments

Derivative instruments listed on an official stock exchange

Financial Futures on Indices

EUR DJ EURO STOXX 50 INDEX FUTURE 19.03.10 –40.00 11 272.11 0.04

Total Financial Futures on Indices 11 272.11 0.04

Total Derivative instruments listed on an official stock exchange 11 272.11 0.04

Total Derivative instruments 11 272.11 0.04

Cash at banks, deposits on demand and deposit accounts and other liquid assets 2 050 570.21 7.85Bank overdraft and other short-term liabilities –11 272.11 –0.04Other assets and liabilities 242 241.38 0.93

Total net assets 26 106 225.92 100.00




Date ISIN 31.12.2009 31.12.2008 31.12.2007Net assets in USD 30 380 435.55 19 757 181.11 75 914 481.34

LU0062338560Units outstanding 141 430.2060 169 842.7910 218 875.9050Net asset value per unit in USD 214.81 116.33 346.84

FINTER FUND Emerging Markets


Performance

Currency 2009 2008 2007FINTER FUND Emerging Markets USD 84.7% –66.5% 46.2%

Benchmark:MSCI Emerging Markets USD 74.5% –54.5% 36.6%


Economic Breakdown as a % of net assetsBanks & credit institutions 13.16Vehicles 9.95Finance & holding companies 8.07Energy & water supply 6.86Miscellaneous unclassified companies 6.77Retail trade, department stores 5.67Real Estate 4.45Traffic & transportation 4.41Electrical devices & components 4.32Agriculture & fishery 4.05Building industry & materials 2.95Electronics & semiconductors 2.65Miscellaneous consumer goods 2.49Forestry, paper & pulp products 2.37Internet, software & IT services 2.19Issuance Centres 2.01Petroleum 1.72Textiles, garments & leather goods 1.57Rubber & tyres 1.54Non-ferrous metals 1.23Telecommunications 1.08Computer hardware & network equipment providers 1.05Pharmaceuticals, cosmetics & medical products 1.03Miscellaneous services 0.90Mechanical engineering & industrial equipment 0.55Insurance 0.49Chemicals 0.45Biotechnology 0.40Tobacco & alcohol 0.35Total 94.73


Breakdown by risk domicile in % of net assetsBrazil 22.66Hong Kong 14.27Turkey 12.46Thailand 8.84China 7.39South Korea 5.95Taiwan 5.23Malaysia 4.37Indonesia 3.04Russian Federation (CIS) 2.91Chile 2.76Israel 1.31Argentina 1.28Cayman Islands 1.23Singapore 0.65Philippines 0.38Total 94.73

Geographical Breakdown as a % of net assetsBrazil 22.66Hong Kong 15.50Turkey 12.46Thailand 8.84China 7.39South Korea 5.95Taiwan 5.23Malaysia 4.37Indonesia 3.04Russian Federation (CIS) 2.91Chile 2.76Israel 1.31Argentina 1.28Singapore 0.65Philippines 0.38Total 94.73

Annual Report as of 31 December 2009FINTER FUND Emerging Markets

Statement of Net AssetsUSD


Total investments in securities (Note 1) 28 779 634.02Cash at banks, deposits on demand and deposit accounts 1 402 379.39Receivable on subscriptions 232 659.85Interest receivable on liquid assets 205.57Receivable on dividends 49 461.91Total Assets 30 464 340.74

LiabilitiesInterest payable on bank overdraft –147.60Payable on redemptions –5 335.25Provisions for management fee (Note 2) –47 818.44Provisions for custodian bank fees (Note 2) –2 516.75Provisions for taxe d’abonnement (Note 3) –3 797.56Provisions for audit fees, legal and economic advice (Note 2) –12 916.27Provisions for other commissions and fees (Note 2) –8 856.57Provisions for distribution fees (Note 2) –2 516.75



Statement of OperationsUSD

Income 1.1.2009–31.12.2009Interest on liquid assets 2 409.23Dividends 794 371.84Income on securities lending (Note 4) 305.69Total income 797 086.76



Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options 14 377 781.49Realized gain (loss) on forward foreign exchange contracts –5 156.67



Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options 2 849 831.53Total changes in unrealized appreciation (depreciation) 2 849 831.53




Statement of Changes in Net AssetsUSD


Total net subscriptions (redemptions) –6 519 352.55Net income (loss) on investments 128 095.11Total realized gain (loss) 14 164 680.35Total changes in unrealized appreciation (depreciation) 2 849 831.53







Description Quantity/ Valuation in USD as a %Nominal Unrealized gain of net




Bearer shares

Brazil

BRL AES TIETE SA COM NPV 12 004.00 118 442.40 0.39BRL BCO DO BRASIL SA COM NPV 23 782.00 405 188.96 1.33BRL CIA SANEAMENTO MIN COM NPV 20 375.00 388 635.13 1.28BRL HYPERMARCAS SA COM NPV 32 927.00 755 553.01 2.49BRL MRV ENGENHARIA NPV 109 092.00 882 398.58 2.90BRL PDG REALTY SA EMPR COM NPV 82 561.00 821 726.34 2.70BRL POSITIVO INFORMATICA SA COM NPV 13 838.00 177 261.67 0.58BRL ROSSI RESIDENCIAL COM NPV 102 002.00 895 267.67 2.96

Total Brazil 4 444 473.76 14.63

Chile

CLP EMPRESAS LA POLAR COM NPV 147 059.00 838 692.92 2.76

Total Chile 838 692.92 2.76

China

HKD ANHUI EXPRESSWAY 'H'CNY1 272 000.00 189 423.59 0.62HKD BANK OF CHINA LTD 'H'HKD1 1 236 000.00 669 482.40 2.20HKD CHINA SHINEWAY PHA HKD0.1 48 000.00 90 007.16 0.30USD CHINACAST EDUC COR COM USD0.0001 14 500.00 109 620.00 0.36HKD CHONGQING MACHINER 'H'CNY1 706 000.00 167 530.52 0.55HKD FUFENG GROUP LTD 168 000.00 120 680.16 0.40HKD KINGSOFT CORP USD0.0005 803 000.00 664 847.40 2.19HKD SICHUAN EXPRESSWAY 'H'CNY1 440 000.00 233 220.06 0.77

Total China 2 244 811.29 7.39

Hong Kong

HKD AAC ACOUSTIC TECH USD0.01 226 000.00 373 652.48 1.23HKD GEELY AUTOMOBILE H HKD0.02 1 710 000.00 941 662.74 3.10HKD GREAT EAGLE HLDGS HKD0.50 67 000.00 174 541.05 0.57HKD JU TENG INTERNATIONAL HOLDINGS LTD 272 000.00 271 156.36 0.89HKD KINGBOARD CHEMICAL HKD0.10 132 500.00 526 305.61 1.73HKD LEE & MAN PAPER MA HKD0.025(PARALEL26/01/2010) 1 116 800.00 770 549.58 2.54HKD MINTH GRP HKD0.1 220 000.00 324 578.77 1.07HKD NINE DRAGONS PAPER HKD0.1 447 000.00 720 591.17 2.37HKD TCL MULTIMEDIA TEC HKD1.00 106 000.00 116 060.64 0.38HKD TEXWINCA HLDGS HKD0.05 206 000.00 192 609.02 0.63HKD TPV TECHNOLOGY USD0.01 480 000.00 295 896.98 0.97

Total Hong Kong 4 707 604.40 15.48

Indonesia

IDR GUDANG GARAM(PERUS IDR500 46 500.00 106 660.46 0.35IDR P.T. ASTRA INTL IDR500 221 000.00 816 253.36 2.69

Total Indonesia 922 913.82 3.04

Israel

ILS BEZEQ ISRAEL TELCM ILS1 129 858.00 328 347.39 1.08

Total Israel 328 347.39 1.08

Malaysia

MYR AMMB HOLDINGS BHD MYR1 512 500.00 748 393.69 2.47MYR KULIM(MALAYSIA)BHD MYR0.50 49 500.00 109 148.66 0.36MYR PPB GROUP BERHAD MYR1 67 900.00 316 496.50 1.04MYR SUPERMAX CORPORATION BHD 110 600.00 152 462.62 0.50

Total Malaysia 1 326 501.47 4.37

Philippines

PHP ABOITIZ POWER CORP PHP1 619 000.00 115 150.34 0.38PHP FIRST GEN CORPORAT PHP1 50.00 10.49 0.00

Total Philippines 115 160.83 0.38

Singapore

USD FLEXTRONICS INTL USD0.01 27 000.00 197 370.00 0.65

Total Singapore 197 370.00 0.65

South Korea

KRW NEXEN TIRE CP KRW5000 57 100.00 331 476.42 1.09KRW POONGSAN CORP(NEW) KRW5000 20 110.00 373 023.04 1.23KRW YOUNGONE CORP KRW 500 8.00 80.38 0.00KRW YOUNGONE HLDGS KRW500 2.00 59.94 0.00

Total South Korea 704 639.78 2.32

Taiwan

TWD ABILITY ENTERPRISE TWD10 72 000.00 141 366.27 0.47TWD ALTEK CORP TWD10 73 000.00 148 807.25 0.49






TWD CHENG SHIN RUBBER TWD10 59 000.00 135 579.18 0.45TWD CHINA LIFE INS TWD10 190 000.00 147 616.07 0.49TWD CHINA MOTOR CO TWD10 184 000.00 128 860.40 0.42TWD CHINA PETROLEUM CO TWD10 350 000.00 135 688.60 0.45TWD COMPAL ELECTRONIC TWD10 102 285.00 141 827.10 0.47TWD LI PENG ENTERPRISE TWD10 333 000.00 142 632.48 0.47TWD POU CHEN TWD10 178 000.00 141 353.76 0.47TWD POWERTECH TECHNOLO TWD10 48 000.00 162 826.32 0.51TWD WPG HOLDINGS TWD10 94 000.00 163 695.48 0.54

Total Taiwan 1 590 252.91 5.23

Thailand

THB CHAROEN POK FOODS THB1(ALIEN MKT) 2 350 300.00 803 641.87 2.64THB KIATNAKIN BANK THB10(ALIEN MKT) 126 400.00 96 676.66 0.32THB KRUNG THAI BNK LTD THB5.15(ALIEN MKT) 2 668 600.00 788 413.62 2.60THB LPN DEVELOPMENT THB1(ALIEN MKT) 793 200.00 168 917.82 0.56THB SUPALAI PUBLIC CO THB1 (ALIEN MKT) 1 021 900.00 185 437.76 0.61THB THANACHART CAPITAL THB10(ALIEN MKT) 617 100.00 409 055.49 1.35THB TISCO FINANCIAL GR THB10(ALIEN MKT) 320 100.00 232 346.13 0.76

Total Thailand 2 684 489.35 8.84

Turkey

TRY ALBARAKA TURK NPV 56 155.00 82 792.99 0.27TRY ANADOLU SIGORTA TRY1 0.93 0.83 0.00TRY SINPAS GAYRIMENKUL NPV 519 780.99 801 023.44 2.64TRY TOFAS OTOMOBIL FAB TRY1 288 767.00 909 290.00 2.99TRY TURK HAVA YOLLARI TRY1 241 248.00 917 384.57 3.03TRY TURKIYE VAKIFLAR TRY1 123 933.00 352 216.27 1.16TRY ZORLU ENERJI TRY1 346 557.00 721 343.50 2.37

Total Turkey 3 784 051.60 12.46


Other shares

Brazil

BRL SUL AMERICA SA UNITS (1 COM SHS & 2 PREFS) 20 444.00 609 731.28 2.01

Total Brazil 609 731.28 2.01


Preference shares

Brazil

BRL BANCO PANAMERICANO PRF NPV 57 430.00 347 571.42 1.14BRL BCO ABC BRASIL SA PRF STK NPV 11 692.00 79 145.02 0.26BRL BCO INDUSTRIAL&COM PRF NPV 20 675.00 144 103.52 0.47BRL ELETROPAULO METROP PRF CLASS B NPV 37 456.00 741 298.76 2.45

Total Brazil 1 312 118.72 4.32

South Korea

KRW HYUNDAI MOTOR CO 2ND PRF KRW5000 22 860.00 844 140.07 2.78KRW LG ELECTRONICS INC PRF KRW5000 NON VTG 5.00 214.69 0.00


Total Preference shares 2 156 473.48 7.10

Depository receipts

Argentina

USD BANCO MACRO SA SPON ADR B 13 016.00 387 356.16 1.28

Total Argentina 387 356.16 1.28

Brazil

USD BRASKEM S A SP ADR PFD A 31 798.00 521 805.18 1.72

Total Brazil 521 805.18 1.72

Israel

USD TEVA PHARMA IND ADR(CNV 1 ORD ILS0.10) 1 258.00 70 674.44 0.23

Total Israel 70 674.44 0.23

Russian Federation (CIS)

USD X 5 RETAIL GROUP NV-REGS GDR 27 755.00 885 384.50 2.91

Total Russian Federation (CIS) 885 384.50 2.91

Total Depository receipts 1 865 220.28 6.14








Bearer shares

South Korea

KRW KH VATEC KRW500 6 216.00 258 894.35 0.85


Total Bearer shares 258 894.35 0.85

Total Transferable securities and money market instruments traded on another regulated market 258 894.35 0.85


Other securities and rights

Philippines

PHP FIRST GEN CORP RIGHTS 14.01.10 87.50 5.11 0.00

Total Philippines 5.11 0.00

Total Other securities and rights 5.11 0.00

Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market 5.11 0.00


Cash at banks, deposits on demand and deposit accounts and other liquid assets 1 402 379.39 4.62Other assets and liabilities 198 422.14 0.65

Total net assets 30 380 435.55 100.00




Date ISIN 31.12.2009 31.12.2008 31.12.2007Net assets in EUR 22 282 623.55 23 695 806.65 79 053 273.08

LU0095789946Units outstanding 233 727.5590 333 187.1560 580 117.7470Net asset value per unit in EUR 95.34 71.12 136.27

FINTER FUND European Equities


Performance

Currency 2009 2008 2007FINTER FUND European Equities EUR 34.1% –47.8% –10.0%

Benchmark:MSCI Europe EUR 27.2% –45.9% 0.4%


Economic Breakdown as a % of net assetsInsurance 23.38Banks & credit institutions 12.71Petroleum 8.28Finance & holding companies 7.70Building industry & materials 7.06Mining, coal & steel 6.17Telecommunications 5.98Graphic design, publishing & media 4.53Pharmaceuticals, cosmetics & medical products 4.22Energy & water supply 3.85Non-ferrous metals 2.02Mechanical engineering & industrial equipment 1.97Real Estate 1.95Internet, software & IT services 1.94Vehicles 1.54Miscellaneous consumer goods 1.32Food & soft drinks 0.31Agriculture & fishery 0.25Total 95.18


Geographical Breakdown as a % of net assetsUnited Kingdom 20.63Italy 12.64Germany 12.10France 10.21Spain 8.13Sweden 6.18Switzerland 5.75Belgium 3.32Finland 3.25Netherlands 3.06Cyprus 2.31Poland 2.02Jersey 1.95Norway 1.89Greece 1.74Total 95.18

Annual Report as of 31 December 2009FINTER FUND European Equities

Statement of Net AssetsEUR


Total investments in securities (Note 1) 21 209 295.49Cash at banks, deposits on demand and deposit accounts 1 158 199.08Interest receivable on liquid assets 64.23Receivable on dividends 3 063.67Total Assets 22 370 622.47

LiabilitiesInterest payable on bank overdraft –18.12Payable on redemptions –23 994.69Provisions for management fee (Note 2) –33 165.46Provisions for custodian bank fees (Note 2) –947.56Provisions for taxe d’abonnement (Note 3) –2 785.33Provisions for audit fees, legal and economic advice (Note 2) –17 528.34Provisions for other commissions and fees (Note 2) –7 664.24Provisions for distribution fees (Note 2) –1 895.18



Statement of OperationsEUR

Income 1.1.2009–31.12.2009Interest on liquid assets 19 654.18Dividends 808 622.63Income on securities lending (Note 4) 1 752.69Total income 830 029.50



Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options 3 234 094.07Realized gain (loss) on financial futures 19 812.50



Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options 4 439 122.87Unrealized appreciation (depreciation) on financial futures –250.00Total changes in unrealized appreciation (depreciation) 4 438 872.87




Statement of Changes in Net AssetsEUR


Total net subscriptions (redemptions) –9 332 044.02Net income (loss) on investments 267 263.04Total realized gain (loss) 3 212 725.01Total changes in unrealized appreciation (depreciation) 4 438 872.87







Description Quantity/ Valuation in EUR as a %Nominal Unrealized gain of net




Bearer shares

Belgium

EUR D'IETEREN TRADING NPV 1 231.00 344 064.50 1.54EUR KBC ANCORA NPV (POST SPLIT) 24 392.00 396 126.08 1.78


Cyprus

NOK PROSAFE SE 115 965.00 514 319.63 2.31

Total Cyprus 514 319.63 2.31

Finland



France

EUR AXA EUR2.29 25 804.00 428 991.50 1.93EUR BONDUELLE EUR7 875.00 69 991.25 0.31EUR CNP ASSURANCES EUR4 6 238.00 424 246.38 1.90EUR EURAZEO NPV 9 575.00 466 924.88 2.10EUR SANOFI-AVENTIS EUR2 8 564.00 473 075.36 2.12

Total France 1 863 229.37 8.36

Germany

EUR HEIDELBERGCEMENT NPV 9 579.00 461 995.17 2.07


Italy


Total Italy 2 816 151.03 12.64

Jersey


Total Jersey 434 341.10 1.95

Netherlands



Norway


Total Norway 421 440.19 1.89

Poland


Total Poland 450 291.40 2.02

Spain

EUR CORP FINANC ALBA EUR1 11 923.00 435 785.65 1.96EUR PESCANOVA SA EUR6 2 458.00 55 354.16 0.25EUR TELEFONICA SA EUR1 22 373.00 436 720.96 1.95

Total Spain 927 860.77 4.16

Sweden


Total Sweden 911 030.43 4.09

United Kingdom

GBP AMLIN ORD GBP0.28125 107 419.00 434 738.30 1.95GBP ASTRAZENECA ORD USD0.25 14 325.00 466 206.31 2.09GBP AVIVA ORD GBP0.25 97 123.00 428 842.17 1.92GBP BALFOUR BEATTY GBP0.50 146 809.00 424 372.67 1.90GBP BP ORD USD0.25 65 932.00 443 913.31 1.99GBP BRIT INSURANCE HLD ORD EUR1 180 510.00 398 921.00 1.79GBP KAZAKHMYS ORD GBP0.20 30 524.00 449 371.67 2.02GBP OLD MUTUAL PLC ORD GBP0.10 358 390.00 437 742.91 1.96GBP PRUDENTIAL ORD GBP0.05 64 877.00 457 946.08 2.06






GBP TRINITY MIRROR ORD GBP0.10 98 154.00 167 687.62 0.75GBP XSTRATA PLC ORD USD0.50 39 003.00 485 558.19 2.21

Total United Kingdom 4 595 300.23 20.64


Other shares

Netherlands




Preference shares

Germany




Registered shares

France


Total France 412 843.47 1.85

Germany

EUR ALLIANZ SE NPV(REGD)(VINKULIERT) 5 248.00 457 363.20 2.05EUR DEUTSCHE BANK AG NPV(REGD) 8 699.00 429 904.58 1.93EUR E.ON AG NPV 16 106.00 470 778.38 2.11EUR MUENCHENER RUECKVE NPV(REGD) 4 118.00 447 503.06 2.01

Total Germany 1 805 549.22 8.10

Greece


Total Greece 388 138.88 1.74

Spain


Total Spain 883 866.35 3.97

Switzerland

CHF CREDIT SUISSE GRP CHF0.04(REGD) 11 318.00 389 244.53 1.75CHF SWISS REINSURANCE CHF0.1(REGD) 13 641.00 457 316.26 2.05CHF ZURICH FIN SVS GRP CHF0.10 2 856.00 434 519.50 1.95

Total Switzerland 1 281 080.29 5.75

Total Registered shares 4 771 478.21 21.41

Depository receipts

Sweden


Total Sweden 465 980.38 2.09




Cash at banks, deposits on demand and deposit accounts and other liquid assets 1 158 199.08 5.20Other assets and liabilities –84 871.02 –0.38

Total net assets 22 282 623.55 100.00






FINTER FUND Dynamic Portfolio (EUR)


Performance

Currency 2009 2008 2007FINTER FUND Dynamic Portfolio (EUR) EUR 20.3% –24.5% –1.3%

Benchmark:Internal Composite1 EUR 16.4% –15.4% 2.3%


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

Economic Breakdown as a % of net assetsBanks & credit institutions 40.78Finance & holding companies 11.67Investment funds & pension foundations 9.25Insurance 6.03Pharmaceuticals, cosmetics & medical products 3.49Petroleum 2.81Telecommunications 2.06Building industry & materials 1.80Internet, software & IT services 1.71Mining, coal & steel 1.62Retail trade, department stores 1.37Graphic design, publishing & media 1.17Energy & water supply 0.98Biotechnology 0.92Electronics & semiconductors 0.83Miscellaneous consumer goods 0.80Food & soft drinks 0.77Mechanical engineering & industrial equipment 0.75Computer hardware & network equipment providers 0.72Tobacco & alcohol 0.71Aerospace industry 0.70Non-ferrous metals 0.51Real Estate 0.50Textiles, garments & leather goods 0.49Vehicles 0.38Miscellaneous unclassified companies 0.26Traffic & transportation 0.24Miscellaneous services 0.24Chemicals 0.24Lodging, catering & leisure 0.23Forestry, paper & pulp products 0.23Agriculture & fishery 0.06Total 94.32


Geographical Breakdown as a % of net assetsUnited States 21.31United Kingdom 18.67France 14.01Germany 9.36Austria 9.14Netherlands 5.32Luxembourg 3.36Italy 3.24Spain 2.08Sweden 1.60Switzerland 1.49Finland 0.84Belgium 0.83Cyprus 0.59Bermuda 0.55Poland 0.51Jersey 0.50Norway 0.49Greece 0.43Total 94.32

Annual Report as of 31 December 2009FINTER FUND Dynamic Portfolio (EUR)


Assets 31.12.2009Investments in securities, cost 16 031 231.81Investments in securities, unrealized appreciation (depreciation) –387 182.80

Total investments in securities (Note 1) 15 644 049.01Cash at banks, deposits on demand and deposit accounts 592 955.72Other liquid assets (Margins) 139 500.00Receivable on subscriptions 749.95Interest receivable on securities 241 903.01Interest receivable on liquid assets 110.70Receivable on dividends 6 086.10Unrealized gain (loss) on financial futures (Note 1) 9 500.00Total Assets 16 634 854.49





Income 1.1.2009–31.12.2009Interest on liquid assets 9 118.29Interest on securities 415 896.02Dividends 193 165.29Income on securities lending (Note 4) 751.72Other income 3 263.43Total income 622 194.75



Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options 204 688.32Realized gain (loss) on financial futures –95 625.00Realized gain (loss) on forward foreign exchange contracts 58 110.64

Total realized gain (loss) on investments 167 173.96Realized gain (loss) on foreign exchange 25 495.32Total realized gain (loss) 192 669.28


Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options 2 652 027.29Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments 5.63Unrealized appreciation (depreciation) on financial futures 9 500.00Total changes in unrealized appreciation (depreciation) 2 661 532.92






Total net subscriptions (redemptions) –3 504 110.29Net income (loss) on investments 292 812.30Total realized gain (loss) 192 669.28Total changes in unrealized appreciation (depreciation) 2 661 532.92











Bearer shares

Belgium

EUR D'IETEREN TRADING NPV 225.00 62 797.50 0.38EUR KBC ANCORA NPV (POST SPLIT) 4 620.00 75 490.80 0.45


Bermuda

USD ACCENTURE PLC SHS CL A 'NEW' 1 384.00 40 032.06 0.24USD MARVELL TECH GROUP COM USD0.002 3 594.00 51 978.04 0.31


Cyprus

NOK PROSAFE SE 22 126.00 98 373.21 0.59


Finland



France

EUR AXA EUR2.29 4 869.00 80 533.26 0.49EUR BONDUELLE EUR7 164.00 13 031.44 0.08EUR CNP ASSURANCES EUR4 1 195.00 80 973.20 0.49EUR EURAZEO NPV 1 829.00 89 319.22 0.54EUR SANOFI-AVENTIS EUR2 1 650.00 90 849.00 0.54

Total France 354 706.12 2.14

Germany

EUR HEIDELBERGCEMENT NPV 1 834.00 88 453.82 0.53


Italy


Total Italy 536 592.93 3.24

Jersey



Netherlands



Norway



Poland


Total Poland 85 221.87 0.51

Spain

EUR CORP FINANC ALBA EUR1 2 259.00 82 566.45 0.50EUR PESCANOVA SA EUR6 474.00 10 674.48 0.06EUR TELEFONICA SA EUR1 4 271.00 83 369.92 0.50

Total Spain 176 610.85 1.06

Sweden


Total Sweden 175 797.54 1.06

United Kingdom

GBP AMLIN ORD GBP0.28125 20 531.00 82 889.11 0.50GBP ASTRAZENECA ORD USD0.25 2 780.00 91 068.54 0.55GBP AVIVA ORD GBP0.25 18 641.00 83 483.20 0.50GBP BALFOUR BEATTY GBP0.50 28 140.00 81 872.98 0.49GBP BP ORD USD0.25 12 616.00 85 197.90 0.51






GBP BRIT INSURANCE HLD ORD EUR1 34 724.00 77 032.20 0.46GBP KAZAKHMYS ORD GBP0.20 5 895.00 88 112.56 0.53GBP OLD MUTUAL PLC ORD GBP0.10 68 392.00 84 058.93 0.51GBP PRUDENTIAL ORD GBP0.05 12 403.00 89 343.44 0.54GBP TRINITY MIRROR ORD GBP0.10 18 845.00 31 943.10 0.19GBP XSTRATA PLC ORD USD0.50 7 550.00 95 259.55 0.59


United States

USD 3M CO COM 722.00 41 601.49 0.25USD ABBOTT LABS COM 1 056.00 39 737.54 0.24USD ADOBE SYSTEMS INC COM USD0.0001 1 540.00 39 478.10 0.24USD ALTRIA GROUP INC COM 2 933.00 40 128.80 0.24USD AMERISOURCEBERGEN CORP COM 2 247.00 40 828.92 0.25USD AMGEN INC COM 997.00 39 310.19 0.24USD APPLIED MATLS INC COM 4 525.00 43 964.80 0.27USD AUTOMATIC DATA PROCESSING INC COM 1 268.00 37 843.36 0.23USD BARD C R INC COM 693.00 37 626.56 0.23USD BAXTER INTL INC COM USD1 1 026.00 41 962.49 0.25USD BECTON DICKINSON COM USD1 746.00 41 003.35 0.25USD BRISTOL MYERS SQUIBB CO COM 2 240.00 39 421.50 0.24USD CELGENE CORP COM 1 008.00 39 118.62 0.24USD CH ROBINSON WORLDW COM USD0.1 983.00 40 238.08 0.24USD CHEVRON CORP NEW COM 713.00 38 260.23 0.23USD CISCO SYSTEMS COM USD0.001 2 347.00 39 161.65 0.24USD COACH INC COM USD0.01 1 614.00 41 093.86 0.25USD COCA COLA CO COM 963.00 38 258.23 0.23USD COLGATE-PALMOLIVE COM USD1 663.00 37 961.63 0.23USD CORNING INC COM 3 402.00 45 786.81 0.25USD COSTCO WHSL CORP NEW COM 926.00 38 188.83 0.23USD DANAHER CORP DEL COM 774.00 40 567.90 0.24USD EBAY INC COM 2 393.00 39 262.05 0.24USD EXXON MOBIL CORP COM NPV 741.00 35 217.84 0.21USD FRANKLIN RES INC COM 496.00 36 420.00 0.22USD GAP INC DEL COM 2 572.00 37 555.95 0.23USD GEN DYNAMICS CORP COM USD1 831.00 39 483.72 0.24USD GENZYME CORP COM USD0.01 1 117.00 38 155.89 0.23USD GILEAD SCIENCES INC COM 1 193.00 35 987.48 0.22USD HEWLETT PACKARD CO COM USD0.01 1 100.00 39 491.90 0.24USD INTEL CORP COM 2 892.00 41 119.92 0.25USD INTERNATIONAL BUSINESS MACHS COM 438.00 39 961.11 0.24USD JOHNSON & JOHNSON COM 895.00 40 179.09 0.24USD KELLOGG CO COM USD0.25 1 041.00 38 599.90 0.23USD KIMBERLY CLARK CORP COM 854.00 37 921.83 0.23USD LILLY ELI & CO COM 1 525.00 37 956.26 0.23USD LOCKHEED MARTIN CORP COM 726.00 38 127.97 0.23USD MASTERCARD INC COM USD0.0001 CLASS 'A' 238.00 42 462.62 0.26USD MCDONALD'S CORP COM USD0.01 877.00 38 166.84 0.23USD MICROSOFT CORP COM USD0.0000125 1 874.00 39 824.54 0.24USD MONSANTO COM STK USD0.01 702.00 39 998.95 0.24USD NIKE INC CL B 870.00 40 063.36 0.24USD OCCIDENTAL PETRLM COM USD0.20 683.00 38 725.95 0.23USD ORACLE CORP COM USD0.01 2 482.00 42 452.19 0.26USD PEPSICO INC CAP USD0.016666 898.00 38 054.30 0.23USD PFIZER INC COM USD0.05 3 028.00 38 389.49 0.23USD PHILIP MORRIS INTL COM STK NPV 'WI' 1 121.00 37 651.85 0.23USD PROCTER & GAMBLE COM NPV 894.00 37 778.86 0.23USD QUALCOMM INC COM USD0.0001 1 232.00 39 722.82 0.24USD RAYTHEON CO COM NEW 1 091.00 39 176.39 0.24USD REYNOLDS AMERICAN COM USD0.0001 1 095.00 40 426.66 0.24USD STRYKER CORP COM USD0.10 1 133.00 39 776.41 0.24USD TJX COS INC NEW COM 1 450.00 36 938.49 0.22USD VISA INC COM STK USD0.0001 697.00 42 487.97 0.26USD WAL MART STORES INC COM 1 026.00 38 222.48 0.23USD WALGREEN CO COM USD0.078125 1 423.00 36 419.28 0.22USD YAHOO INC COM 3 631.00 42 466.06 0.26USD ZIMMER HLDGS INC COM USD0.01 968.00 39 880.45 0.24



Other shares

Netherlands




Preference shares

Germany









Registered shares

France



Germany

EUR ALLIANZ SE NPV(REGD)(VINKULIERT) 1 001.00 87 237.15 0.53EUR DEUTSCHE BANK AG NPV(REGD) 1 664.00 82 234.88 0.50EUR E.ON AG NPV 3 089.00 90 291.47 0.54EUR MUENCHENER RUECKVE NPV(REGD) 784.00 85 197.28 0.51


Greece


Total Greece 71 617.00 0.43

Spain


Total Spain 168 926.16 1.02

Switzerland

CHF CREDIT SUISSE GRP CHF0.04(REGD) 2 177.00 75 151.32 0.45CHF SWISS REINSURANCE CHF0.1(REGD) 2 616.00 88 030.58 0.53CHF ZURICH FIN SVS GRP CHF0.10 549.00 83 839.52 0.51



Depository receipts

Sweden




Investment certificates, closed end

United States

USD MORGAN STANLEY EMERGING MARKETS FUND INC 15 000.00 146 053.32 0.88

Total United States 146 053.32 0.88

Total Investment certificates, closed end 146 053.32 0.88


EUR

EUR BANK OF SCOTLAND-SUB 6.12500% 01-05.02.13 1 400 000.00 1 451 086.00 8.75EUR E.ON INTERNATIONAL FINANCE BV 4.87500% 09-28.01.14 700 000.00 750 421.00 4.52EUR RAIFFEISEN ZENTRALBANK OESTERREICH-SUB 6.37500% 00-20.04.10 1 500 000.00 1 515 915.00 9.14EUR TOYOTA MOTOR CREDIT CORP 5.25000% 09-03.02.12 700 000.00 740 110.00 4.46

Total EUR 4 457 532.00 26.87

USD

USD CITIGROUP INC-SUB 7.25000% 00-01.10.10 500 000.00 361 072.66 2.18

Total USD 361 072.66 2.18


Bonds, fixed rate

EUR

EUR DEUTSCHE BANK AG 5.12500% 98-20.08.13 963 000.00 1 035 672.79 6.24EUR SOCIETE GENERALE-SUB 5.65000% 00-05.11.12 1 000 000.00 1 059 000.00 6.39

Total EUR 2 094 672.79 12.63









Medium term notes, zero coupon

EUR

EUR BARCLAYS BANK PLC 0.00000% 07-27.07.16 500 000.00 381 450.00 2.30

Total EUR 381 450.00 2.30

Total Medium term notes, zero coupon 381 450.00 2.30

Convertible bonds, zero coupon

GBP

GBP BARCLAYS BANK PLC/ENHANCED FRONTIER 0.00000% 07-27.04.17 500 000.00 373 562.44 2.25

Total GBP 373 562.44 2.25

Total Convertible bonds, zero coupon 373 562.44 2.25

Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market 755 012.44 4.55



France

EUR CARMIGNAC EMERGENTS FCP 3 DECIMALES 1 500.00 831 210.00 5.01

Total France 831 210.00 5.01

Luxembourg

USD PICTET FUNDS FCP – EMERGING MARKETS P 1 500.00 557 626.76 3.36

Total Luxembourg 557 626.76 3.36

Total Investment certificates, open end 1 388 836.76 8.37

Total UCITS/other UCIs in accordance with Article 41 (1) e) 1 388 836.76 8.37




Financial Futures on Indices

EUR DJ EURO STOXX 50 INDEX FUTURE 19.03.10 –50.00 9 500.00 0.06

Total Financial Futures on Indices 9 500.00 0.06



Cash at banks, deposits on demand and deposit accounts and other liquid assets 732 455.72 4.42Bank overdraft and other short-term liabilities –9 500.00 –0.06Other assets and liabilities 208 629.22 1.26

Total net assets 16 585 133.95 100.00




Date ISIN 31.12.2009 31.12.2008 31.12.2007Net assets in CHF 18 166 790.82 22 292 740.56 32 123 893.60

LU0121265903Units outstanding 152 003.0000 197 869.0000 276 930.0870Net asset value per unit in CHF 119.52 112.66 116.00

FINTER FUND CHF Bonds


Performance

Currency 2009 2008 2007FINTER FUND CHF Bonds CHF 6.1% –2.9% –0.5%

Benchmark:Bloomberg/EFFAS Bond Indices Switzerland Govt 5-7 Yr TR CHF 4.3% 9.3% 0.9%


Economic Breakdown as a % of net assetsBanks & credit institutions 35.10Cantons, federal states 17.51Supranational organisations 11.63Cities & municipal authorities 5.93Traffic & transportation 5.92Countries & central governments 5.61Electrical devices & components 5.60Mortgage & funding institutions 5.34Total 92.64


Geographical Breakdown as a % of net assetsAustria 24.09Germany 22.61Supranationals 11.63Denmark 5.93France 5.92Canada 5.91Poland 5.61Norway 5.60Luxembourg 5.34Total 92.64

Annual Report as of 31 December 2009FINTER FUND CHF Bonds

Statement of Net AssetsCHF

Assets 31.12.2009Investments in securities, cost 16 069 763.34Investments in securities, unrealized appreciation (depreciation) 761 486.66

Total investments in securities (Note 1) 16 831 250.00Cash at banks, deposits on demand and deposit accounts 914 000.18Other liquid assets (Margins) 187 958.80Interest receivable on securities 275 680.56Unrealized gain (loss) on financial futures (Note 1) 54 000.00Total Assets 18 262 889.54




Statement of OperationsCHF

Income 1.1.2009–31.12.2009Interest on liquid assets 206.45Interest on securities 548 713.53Income on securities lending (Note 4) 2 211.81Total income 551 131.79

ExpensesManagement fee (Note 2) –132 817.27Custodian bank fees (Note 2) –15 000.00Distribution fees (Note 2) –20 925.53Taxe d’abonnement (Note 3) –10 197.53Government fees (Note 2) –2 608.80Audit fees, legal and economic advice (Note 2) –9 104.67Publications, printing costs and publicity (Note 2) –10 960.80Other commissions and fees (Note 2) –42 662.66Interest on cash liquidity and bank overdraft –211.39Total expenses –244 488.65


Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options 349 289.68Realized gain (loss) on financial futures –510 661.20

Total realized gain (loss) on investments –161 371.52Realized gain (loss) on foreign exchange 111.24Total realized gain (loss) –161 260.28


Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options 960 430.32Unrealized appreciation (depreciation) on financial futures 128 500.00Total changes in unrealized appreciation (depreciation) 1 088 930.32




Statement of Changes in Net AssetsCHF


Total net subscriptions (redemptions) –5 360 262.92Net income (loss) on investments 306 643.14Total realized gain (loss) –161 260.28Total changes in unrealized appreciation (depreciation) 1 088 930.32












CHF

CHF DEUTSCHE PFANDBRIEFBANK AG 2.50000% 05-09.03.17 1 000 000.00 1 003 000.00 5.52CHF EUROPEAN INVESTMENT BANK 3.25000% 08-30.04.18 1 000 000.00 1 082 000.00 5.96CHF HYPO PFANDBRIEF BANK INTERNATIONAL SA 3.00000% 06-16.06.16 1 000 000.00 969 500.00 5.34CHF HYPO TIROL BANK AG 2.37500% 05-21.03.17 1 000 000.00 994 000.00 5.47CHF KOMMUNALKREDIT AUSTRIA AG 2.37500% 05-15.03.17 1 000 000.00 925 000.00 5.09CHF KOMMUNEKREDIT 3.25000% 08-08.05.18 1 000 000.00 1 076 500.00 5.93CHF LANDWIRTSCHAFTLICHE RENTENBANK 2.12500% 05-29.08.17 1 000 000.00 997 000.00 5.49CHF NORDIC INVESTMENT BANK 2.50000% 09-11.04.18 1 000 000.00 1 030 000.00 5.67CHF OBEROESTERREICHISCHE LANDESBANK AG 2.50000% 06-20.06.17 1 500 000.00 1 494 750.00 8.21CHF POLAND, REPUBLIC OF 3.62500% 08-21.04.17 1 000 000.00 1 019 000.00 5.61CHF QUEBEC, PROVINCE OF 3.37500% 08-19.01.18 1 000 000.00 1 073 500.00 5.91CHF REGIE AUTONOME DES TRANSPORTS PARISIENS 3.25000% 07-09.10.17 1 000 000.00 1 076 000.00 5.92CHF STATNETT SF 2.62500% 06-15.12.17 1 000 000.00 1 017 000.00 5.60

Total CHF 13 757 250.00 75.72


Bonds, fixed rate

CHF

CHF BERLIN, STATE OF 2.75000% 07-03.05.17 1 000 000.00 1 036 500.00 5.71CHF HESSEN, STATE OF 3.25000% 08-22.05.17 1 000 000.00 1 071 000.00 5.89CHF HYPO INVESTMENTBANK AG 2.25000% 05-02.08.17 1 000 000.00 966 500.00 5.32

Total CHF 3 074 000.00 16.92






Financial Futures on bonds

CHF SWISS 10 YEARS FEDERAL BOND FUTURE 08.03.10 –90.00 54 000.00 0.30

Total Financial Futures on bonds 54 000.00 0.30




Total net assets 18 166 790.82 100.00






FINTER FUND USD Bonds


Performance

Currency 2009 2008 2007FINTER FUND USD Bonds USD 0.6% 1.0% 7.8%

Benchmark:Bloomberg/EFFAS Bond Indices US Govt 5-7 Yr TR USD –3.0% 14.9% 10.6%


Economic Breakdown as a % of net assetsSupranational organisations 24.88Banks & credit institutions 20.95Public, non-profit institutions 14.65Finance & holding companies 13.37Countries & central governments 8.42Traffic & transportation 5.94Cantons, federal states 4.39Total 92.60


Geographical Breakdown as a % of net assetsSupranationals 24.89Japan 13.48Germany 9.58Italy 8.42Norway 7.28Spain 7.27Sweden 7.26Hong Kong 5.94Canada 4.39Austria 4.09Total 92.60

Annual Report as of 31 December 2009FINTER FUND USD Bonds



Total investments in securities (Note 1) 40 409 459.60Cash at banks, deposits on demand and deposit accounts 2 263 434.34Other liquid assets (Margins) 450 000.00Receivable on subscriptions 48 514.08Interest receivable on securities 447 890.83Unrealized gain (loss) on financial futures (Note 1) 896 875.10Total Assets 44 516 173.95





Income 1.1.2009–31.12.2009Interest on liquid assets 7 354.00Interest on securities 2 840 407.43Income on securities lending (Note 4) 2 377.71Total income 2 850 139.14



Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options 3 338 103.05Realized gain (loss) on financial futures –236 251.76



Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options –6 339 602.97Unrealized appreciation (depreciation) on financial futures 1 284 375.09Total changes in unrealized appreciation (depreciation) –5 055 227.88

Net increase (decrease) in net assets as a result of operations 128 833.00





Total net subscriptions (redemptions) –30 351 689.17Net income (loss) on investments 2 083 570.56Total realized gain (loss) 3 100 490.32Total changes in unrealized appreciation (depreciation) –5 055 227.88

Net increase (decrease) in net assets as a result of operations 128 833.00Net assets at the end of the financial year 43 637 495.22











USD

USD ASIAN DEVELOPMENT BANK 5.25000% 07-12.06.17 2 000 000.00 2 186 880.00 5.01USD COUNCIL OF EUROPE DEVELOPMENT BANK 5.12500% 07-20.04.17 3 000 000.00 3 243 210.00 7.43USD INSTITUTO DE CREDITO OFICIAL 5.00000% 06-14.11.16 3 000 000.00 3 172 950.00 7.27USD KOWLOON CANTON RAILWAY CORP-REG-S 5.12500% 09-20.05.19 2 500 000.00 2 591 171.25 5.94USD KREDITANSTALT FUER WIEDERAUFBAU 4.37500% 08-15.03.18 2 500 000.00 2 567 800.00 5.88USD LANDWIRTSCHAFTLICHE RENTENBANK 5.00000% 06-08.11.16 1 500 000.00 1 614 330.00 3.70USD NORDIC INVESTMENT BANK 5.00000% 07-01.02.17 1 000 000.00 1 071 899.00 2.46

Total USD 16 448 240.25 37.69


Bonds, fixed rate

USD

USD ASIAN DEVELOPMENT BANK 5.59300% 98-16.07.18 1 000 000.00 1 090 512.00 2.50USD DEVELOPMENT BANK OF JAPAN 5.12500% 07-01.02.17 3 000 000.00 3 218 790.00 7.38USD EKSPORTFINANS ASA 5.50000% 07-26.06.17 3 000 000.00 3 177 030.00 7.28USD EUROPEAN INVESTMENT BANK 5.12500% 07-30.05.17 3 000 000.00 3 266 400.00 7.49USD ITALY, REPUBLIC OF 5.37500% 07-12.06.17 3 450 000.00 3 675 733.50 8.41USD JAPAN FINANCE ORG FOR MUNI 5.00000% 07-16.05.17 2 500 000.00 2 665 081.85 6.11USD SWEDISH EXPORT CREDIT CORP 5.12500% 07-01.03.17 3 000 000.00 3 168 048.00 7.26

Total USD 20 261 595.35 46.43




Notes, fixed rate

USD

USD UNICREDIT BANK AUSTRIA AG-144A 7.25000% 97-15.02.17 1 500 000.00 1 784 538.00 4.09

Total USD 1 784 538.00 4.09


Bonds, fixed rate

USD

USD ONTARIO, PROVINCE OF 4.00000% 09-07.10.19 2 000 000.00 1 915 086.00 4.39

Total USD 1 915 086.00 4.39


Total Transferable securities and money market instruments traded on another regulated market 3 699 624.00 8.48





USD US 10YR TREASURY NOTE FUTURE 22.03.10 –300.00 896 875.10 2.06





Total net assets 43 637 495.22 100.00






FINTER FUND EUR Bonds


Performance

Currency 2009 2008 2007FINTER FUND EUR Bonds EUR 4.0% 3.2% 1.0%

Benchmark:Bloomberg/EFFAS Bond Indices Euro Govt 5-7 Yr TR EUR 5.4% 10.1% 2.9%


Economic Breakdown as a % of net assetsCountries & central governments 32.28Banks & credit institutions 31.50Cantons, federal states 15.78Supranational organisations 9.33Traffic & transportation 5.34Total 94.23


Geographical Breakdown as a % of net assetsGermany 27.08Belgium 14.67France 14.47Supranationals 9.33Greece 8.33Canada 7.54Portugal 7.43South Korea 3.52Finland 1.86Total 94.23

Annual Report as of 31 December 2009FINTER FUND EUR Bonds



Total investments in securities (Note 1) 52 749 889.81Cash at banks, deposits on demand and deposit accounts 1 785 716.35Other liquid assets (Margins) 432 502.35Interest receivable on securities 1 287 351.38Unrealized gain (loss) on financial futures (Note 1) 344 000.00Total Assets 56 599 459.89





Income 1.1.2009–31.12.2009Interest on liquid assets 20 999.31Interest on securities 3 103 335.60Income on securities lending (Note 4) 12 780.33Total income 3 137 115.24



Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options 2 868 243.84Realized gain (loss) on financial futures –1 574 090.27

Total realized gain (loss) on investments 1 294 153.57Total realized gain (loss) 1 294 153.57


Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options –1 048 061.33Unrealized appreciation (depreciation) on financial futures 908 000.00Total changes in unrealized appreciation (depreciation) –140 061.33






Total net subscriptions (redemptions) –33 278 926.50Net income (loss) on investments 2 165 935.17Total realized gain (loss) 1 294 153.57Total changes in unrealized appreciation (depreciation) –140 061.33












EUR

EUR DEXIA MUNICIPAL AGENCY 4.25000% 07-07.02.19 5 000 000.00 5 111 155.00 9.13EUR EUROPEAN INVESTMENT BANK 4.25000% 09-15.04.19 5 000 000.00 5 220 150.00 9.33EUR KREDITANSTALT FUER WIEDERAUFBAU 4.12500% 07-04.07.17 4 000 000.00 4 184 200.00 7.47EUR KREDITANSTALT FUER WIEDERAUFBAU 4.37500% 08-04.07.18 2 000 000.00 2 118 334.88 3.78EUR LANDWIRTSCHAFTLICHE RENTENBANK 4.37500% 07-27.11.17 4 000 000.00 4 245 974.96 7.58EUR QUEBEC, PROVINCE OF 4.75000% 08-29.04.18 4 000 000.00 4 218 684.00 7.54EUR REGIE AUTONOME DES TRANSPORTS PARISIENS 4.00000% 09-23.09.21 3 000 000.00 2 989 092.00 5.34

Total EUR 28 087 590.84 50.17


Bonds, fixed rate

EUR

EUR BELGIUM, KINGDOM OF 4.00000% 09-28.03.19 5 000 000.00 5 109 900.00 9.14EUR BELGIUM, KINGDOM OF OLO 4.00000% 08-28.03.18 3 000 000.00 3 103 035.00 5.54EUR FINLAND, REPUBLIC OF 3.87500% 06-15.09.17 1 000 000.00 1 040 182.00 1.86EUR GREECE, HELLENIC REPUBLIC OF 4.60000% 08-20.07.18 5 000 000.00 4 661 730.00 8.33EUR NORDRHEIN-WESTFALEN, STATE OF 3.75000% 05-03.03.17 3 000 000.00 3 064 357.47 5.47EUR PORTUGAL, REPUBLIC OF-OT 4.35000% 07-16.10.17 4 000 000.00 4 157 948.00 7.43EUR THE EXPORT-IMPORT BANK OF KOREA 4.62500% 07-20.02.17 2 000 000.00 1 972 840.00 3.52EUR THUERINGEN, STATE OF 4.00000% 07-15.03.17 1 500 000.00 1 552 306.50 2.77

Total EUR 24 662 298.97 44.06







EUR EURO-BUND FUTURE 08.03.10 –200.00 344 000.00 0.61




Cash at banks, deposits on demand and deposit accounts and other liquid assets 2 218 218.70 3.96Bank overdraft and other short-term liabilities –344 000.00 –0.61Other assets and liabilities 1 010 809.57 1.81

Total net assets 55 978 918.08 100.00






FINTER FUND US Equities


Performance

Currency 2009 2008 2007FINTER FUND US Equities USD 15.2% –39.6% –

Benchmark:S&P 500 USD 23.5% –38.5% –


Economic Breakdown as a % of net assetsPharmaceuticals, cosmetics & medical products 17.24Retail trade, department stores 9.14Internet, software & IT services 8.15Biotechnology 6.16Electronics & semiconductors 5.53Computer hardware & network equipment providers 4.78Tobacco & alcohol 4.77Finance & holding companies 4.76Aerospace industry 4.71Food & soft drinks 4.64Petroleum 4.52Telecommunications 3.45Textiles, garments & leather goods 3.27Miscellaneous consumer goods 3.06Banks & credit institutions 1.71Miscellaneous unclassified companies 1.71Mechanical engineering & industrial equipment 1.64Traffic & transportation 1.62Chemicals 1.61Miscellaneous services 1.61Lodging, catering & leisure 1.54Forestry, paper & pulp products 1.53Total 97.15


Geographical Breakdown as a % of net assetsUnited States 93.44Bermuda 3.71Total 97.15

Annual Report as of 31 December 2009FINTER FUND US Equities



Total investments in securities (Note 1) 6 000 482.16Cash at banks, deposits on demand and deposit accounts 207 686.23Receivable on dividends 10 855.99Total Assets 6 219 024.38

LiabilitiesPayable on redemptions –25 930.37Provisions for management fee (Note 2) –9 112.46Provisions for custodian bank fees (Note 2) –1 125.16Provisions for taxe d’abonnement (Note 3) –772.08Provisions for audit fees, legal and economic advice (Note 2) –2 988.01Provisions for other commissions and fees (Note 2) –1 935.32Provisions for distribution fees (Note 2) –520.71




Income 1.1.2009–31.12.2009Interest on liquid assets 26.68Dividends 128 383.55Income on securities lending (Note 4) 101.02Total income 128 511.25

ExpensesManagement fee (Note 2) –111 312.83Custodian bank fees (Note 2) –14 510.28Distribution fees (Note 2) –6 360.72Taxe d’abonnement (Note 3) –3 206.06Government fees (Note 2) –1 234.90Audit fees, legal and economic advice (Note 2) –2 713.66Publications, printing costs and publicity (Note 2) –6 585.73Other commissions and fees (Note 2) –34 624.14Interest on cash liquidity and bank overdraft –47.07Total expenses –180 595.39

Net income (loss) on investments –52 084.14

Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options 288 435.42Realized gain (loss) on financial futures –41 877.50

Total realized gain (loss) on investments 246 557.92Realized gain (loss) on foreign exchange –44.49Total realized gain (loss) 246 513.43


Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options 764 601.60Unrealized appreciation (depreciation) on financial futures –5 127.50Total changes in unrealized appreciation (depreciation) 759 474.10






Total net subscriptions (redemptions) –1 320 417.24Net income (loss) on investments –52 084.14Total realized gain (loss) 246 513.43Total changes in unrealized appreciation (depreciation) 759 474.10

Net increase (decrease) in net assets as a result of operations 953 903.39Net assets at the end of the financial year 6 176 640.27










Bearer shares

Bermuda

USD ACCENTURE PLC SHS CL A 'NEW' 2 403.00 99 724.50 1.61USD MARVELL TECH GROUP COM USD0.002 6 242.00 129 521.50 2.10


United States

USD 3M CO COM 1 254.00 103 668.18 1.68USD ABBOTT LABS COM 1 834.00 99 017.66 1.60USD ADOBE SYSTEMS INC COM USD0.0001 2 674.00 98 349.72 1.59USD ALTRIA GROUP INC COM 5 093.00 99 975.59 1.62USD AMERISOURCEBERGEN CORP COM 3 902.00 101 725.14 1.65USD AMGEN INC COM 1 732.00 97 979.24 1.59USD APPLIED MATLS INC COM 7 858.00 109 540.52 1.77USD AUTOMATIC DATA PROCESSING INC COM 2 202.00 94 289.64 1.53USD BARD C R INC COM 1 203.00 93 713.70 1.52USD BAXTER INTL INC COM USD1 1 783.00 104 626.44 1.69USD BECTON DICKINSON COM USD1 1 295.00 102 123.70 1.65USD BRISTOL MYERS SQUIBB CO COM 3 890.00 98 222.50 1.59USD CELGENE CORP COM 1 751.00 97 495.68 1.58USD CH ROBINSON WORLDW COM USD0.1 1 706.00 100 193.38 1.62USD CHEVRON CORP NEW COM 1 237.00 95 236.63 1.54USD CISCO SYSTEMS COM USD0.001 4 077.00 97 603.38 1.58USD COACH INC COM USD0.01 2 803.00 102 393.59 1.66USD COCA COLA CO COM 1 673.00 95 361.00 1.54USD COLGATE-PALMOLIVE COM USD1 1 152.00 94 636.80 1.53USD CORNING INC COM 5 909.00 114 102.79 1.88USD COSTCO WHSL CORP NEW COM 1 609.00 95 204.53 1.54USD DANAHER CORP DEL COM 1 343.00 100 993.60 1.64USD EBAY INC COM 4 155.00 97 808.70 1.58USD EXXON MOBIL CORP COM NPV 1 287.00 87 760.53 1.42USD FRANKLIN RES INC COM 861.00 90 706.35 1.47USD GAP INC DEL COM 4 467.00 93 583.65 1.52USD GEN DYNAMICS CORP COM USD1 1 443.00 98 369.31 1.59USD GENZYME CORP COM USD0.01 1 939.00 95 030.39 1.54USD GILEAD SCIENCES INC COM 2 073.00 89 719.44 1.45USD HEWLETT PACKARD CO COM USD0.01 1 910.00 98 384.10 1.59USD INTEL CORP COM 5 022.00 102 448.80 1.66USD INTERNATIONAL BUSINESS MACHS COM 760.00 99 484.00 1.61USD JOHNSON & JOHNSON COM 1 554.00 100 093.14 1.62USD KELLOGG CO COM USD0.25 1 809.00 96 238.80 1.56USD KIMBERLY CLARK CORP COM 1 483.00 94 481.93 1.53USD LILLY ELI & CO COM 2 648.00 94 560.08 1.53USD LOCKHEED MARTIN CORP COM 1 261.00 95 016.35 1.54USD MASTERCARD INC COM USD0.0001 CLASS 'A' 413.00 105 719.74 1.71USD MCDONALD'S CORP COM USD0.01 1 523.00 95 096.12 1.54USD MERCK & CO INC NEW COM USD0.01 2 062.00 75 345.48 1.22USD MICROSOFT CORP COM USD0.0000125 3 254.00 99 214.46 1.61USD MONSANTO COM STK USD0.01 1 220.00 99 735.00 1.61USD NIKE INC CL B 1 511.00 99 831.77 1.62USD OCCIDENTAL PETRLM COM USD0.20 1 186.00 96 481.10 1.56USD ORACLE CORP COM USD0.01 4 311.00 105 791.94 1.71USD PEPSICO INC CAP USD0.016666 1 559.00 94 787.20 1.53USD PFIZER INC COM USD0.05 5 258.00 95 643.02 1.55USD PHILIP MORRIS INTL COM STK NPV 'WI' 1 946.00 93 777.74 1.52USD PROCTER & GAMBLE COM NPV 1 553.00 94 158.39 1.52USD QUALCOMM INC COM USD0.0001 2 139.00 98 950.14 1.60USD RAYTHEON CO COM NEW 1 894.00 97 578.88 1.58USD REYNOLDS AMERICAN COM USD0.0001 1 901.00 100 695.97 1.63USD STRYKER CORP COM USD0.10 1 968.00 99 128.16 1.60USD TJX COS INC NEW COM 2 518.00 92 032.90 1.49USD VISA INC COM STK USD0.0001 1 211.00 105 914.06 1.71USD WAL MART STORES INC COM 1 782.00 95 247.90 1.54USD WALGREEN CO COM USD0.078125 2 472.00 90 771.84 1.47USD YAHOO INC COM 6 307.00 105 831.46 1.71USD ZIMMER HLDGS INC COM USD0.01 1 681.00 99 363.91 1.61





Cash at banks, deposits on demand and deposit accounts and other liquid assets 207 686.23 3.36Other assets and liabilities –31 528.12 –0.51

Total net assets 6 176 640.27 100.00



Most important figures

Date ISIN 31.12.2009Net assets in EUR 9 843 416.17

LU0463621366Units outstanding1 97 661.0000Net asset value per unit in EUR 100.79

1 Initial subscription: 3.11.2009

FINTER FUND Conservative Portfolio (EUR)


Performance

Currency 2009 2008 2007FINTER FUND Conservative Portfolio (EUR)1 EUR – – –Historical performance is no indicator of current or future performance.The performance data does not take account of any commissions and costs charged when subscribing and redeeming units.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.

Economic Breakdown as a % of net assetsFinance & holding companies 19.79Banks & credit institutions 15.57Supranational organisations 10.97Pharmaceuticals, cosmetics & medical products 8.49Energy & water supply 7.71Miscellaneous consumer goods 7.61Investment funds & pension foundations 5.88Insurance 1.59Petroleum 0.85Internet, software & IT services 0.64Telecommunications 0.62Retail trade, department stores 0.57Building industry & materials 0.48Mining, coal & steel 0.42Biotechnology 0.39Electronics & semiconductors 0.35Graphic design, publishing & media 0.31Computer hardware & network equipment providers 0.30Tobacco & alcohol 0.30Aerospace industry 0.30Food & soft drinks 0.29Mechanical engineering & industrial equipment 0.24Textiles, garments & leather goods 0.21Real Estate 0.13Miscellaneous unclassified companies 0.11Vehicles 0.10Traffic & transportation 0.10Miscellaneous services 0.10Chemicals 0.10Lodging, catering & leisure 0.10Forestry, paper & pulp products 0.10Total 84.72


Geographical Breakdown as a % of net assetsUnited States 23.23France 15.44Netherlands 14.65Supranationals 10.97Canada 7.49Ireland 7.40United Kingdom 1.41Italy 0.86Germany 0.82Spain 0.54Sweden 0.42Switzerland 0.39Bermuda 0.23Belgium 0.23Finland 0.22Cyprus 0.16Jersey 0.13Norway 0.13Total 84.72

Annual Report as of 31 December 2009FINTER FUND Conservative Portfolio (EUR)



Total investments in securities (Note 1) 8 338 537.02Cash at banks, deposits on demand and deposit accounts 1 279 071.87Receivable on subscriptions 268 128.00Interest receivable on securities 110 250.08Interest receivable on liquid assets 979.26Receivable on dividends 1 188.58Formation expenses, net (Note 1) 4 838.42Unrealized gain (loss) on forward foreign exchange contracts (Note 1) –3 798.48Total Assets 9 999 194.75

LiabilitiesPayable on securities purchases (Note 1) –115 534.30Payable on redemptions –11 088.75Provisions for management fee (Note 2) –9 116.24Provisions for custodian bank fees (Note 2) –1 273.97Provisions for taxe d’abonnement (Note 3) –1 230.43Provisions for audit fees, legal and economic advice (Note 2) –9 660.00Provisions for other commissions and fees (Note 2) –2 082.19Provisions for formation expenses (Note 1) –5 000.00Provisions for distribution fees (Note 2) –792.70


Net assets at the end of the period 9 843 416.17


Income 3.11.2009–31.12.2009Interest on liquid assets 979.32Interest on securities 34 951.97Dividends 6 158.46Total income 42 089.75

ExpensesManagement fee (Note 2) –17 347.43Custodian bank fees (Note 2) –2 424.65Distribution fees (Note 2) –1 508.45Taxe d’abonnement (Note 3) –1 230.43Government fees (Note 2) –21.25Audit fees, legal and economic advice (Note 2) –9 660.00Publications, printing costs and publicity (Note 2) –1 982.68Amortization of formation expenses (Note 1) –161.58Other commissions and fees (Note 2) –3 232.87Interest on cash liquidity and bank overdraft –0.07Total expenses –37 569.41


Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options –1 366.41

Total realized gain (loss) on investments –1 366.41Realized gain (loss) on foreign exchange 1 808.49Total realized gain (loss) 442.08

Net realized gain (loss) of the period 4 962.42

Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options 70 939.74Unrealized appreciation (depreciation) on forward foreign exchange contracts –3 798.48Total changes in unrealized appreciation (depreciation) 67 141.26





3.11.2009–31.12.2009Net assets at the beginning of the period 0.00Subscriptions 10 994 424.40Redemptions –1 223 111.91

Total net subscriptions (redemptions) 9 771 312.49Net income (loss) on investments 4 520.34Total realized gain (loss) 442.08Total changes in unrealized appreciation (depreciation) 67 141.26

Net increase (decrease) in net assets as a result of operations 72 103.68Net assets at the end of the period 9 843 416.17


3.11.2009–31.12.2009Number of units outstanding at the beginning of the period 0.0000Number of units issued 109 865.0000Number of units redeemed –12 204.0000Number of units outstanding at the end of the period 97 661.0000








Bearer shares

Belgium

EUR D'IETEREN TRADING NPV 37.00 10 326.70 0.10EUR KBC ANCORA NPV (POST SPLIT) 731.00 11 944.54 0.13


Bermuda

USD ACCENTURE PLC SHS CL A 'NEW' 345.00 9 979.09 0.10USD MARVELL TECH GROUP COM USD0.002 897.00 12 972.82 0.13


Cyprus

NOK PROSAFE SE 3 478.00 15 463.35 0.16


Finland

EUR HUHTAMAKI OYJ NPV'I' 906.00 8 788.20 0.09EUR TIETO CORPORATION ORD NPV 893.00 12 948.50 0.13


France

EUR AXA EUR2.29 774.00 12 801.96 0.13EUR CNP ASSURANCES EUR4 187.00 12 671.12 0.13EUR EURAZEO NPV 287.00 14 015.65 0.14EUR SANOFI-AVENTIS EUR2 257.00 14 150.42 0.14


Germany

EUR HEIDELBERGCEMENT NPV 287.00 13 842.01 0.14


Italy


Total Italy 84 458.75 0.86

Jersey



Netherlands



Norway

NOK FRED OLSEN ENERGY NOK20 473.00 12 669.24 0.13


Spain

EUR CORP FINANC ALBA EUR1 358.00 13 084.90 0.13EUR TELEFONICA SA EUR1 671.00 13 097.92 0.14

Total Spain 26 182.82 0.27

Sweden



United Kingdom

GBP AMLIN ORD GBP0.28125 3 221.00 13 004.04 0.13GBP ASTRAZENECA ORD USD0.25 430.00 14 086.14 0.14GBP AVIVA ORD GBP0.25 2 913.00 13 045.79 0.13GBP BALFOUR BEATTY GBP0.50 4 403.00 12 810.48 0.13GBP BP ORD USD0.25 1 977.00 13 351.00 0.14GBP BRIT INSURANCE HLD ORD EUR1 5 413.00 12 008.27 0.12GBP KAZAKHMYS ORD GBP0.20 915.00 13 676.50 0.14GBP OLD MUTUAL PLC ORD GBP0.10 10 748.00 13 210.11 0.13GBP PRUDENTIAL ORD GBP0.05 1 946.00 14 017.76 0.14






GBP TRINITY MIRROR ORD GBP0.10 2 944.00 4 990.20 0.05GBP XSTRATA PLC ORD USD0.50 1 170.00 14 762.08 0.16


United States

USD 3M CO COM 180.00 10 371.56 0.11USD ABBOTT LABS COM 264.00 9 934.39 0.10USD ADOBE SYSTEMS INC COM USD0.0001 384.00 9 843.89 0.10USD ALTRIA GROUP INC COM 732.00 10 015.10 0.10USD AMERISOURCEBERGEN CORP COM 561.00 10 193.60 0.10USD AMGEN INC COM 249.00 9 817.69 0.10USD APPLIED MATLS INC COM 1 129.00 10 969.34 0.11USD AUTOMATIC DATA PROCESSING INC COM 316.00 9 430.99 0.10USD BARD C R INC COM 173.00 9 393.07 0.10USD BAXTER INTL INC COM USD1 256.00 10 470.17 0.11USD BECTON DICKINSON COM USD1 186.00 10 223.36 0.10USD BRISTOL MYERS SQUIBB CO COM 559.00 9 837.78 0.10USD CELGENE CORP COM 252.00 9 779.65 0.10USD CH ROBINSON WORLDW COM USD0.1 245.00 10 028.82 0.10USD CHEVRON CORP NEW COM 178.00 9 551.64 0.10USD CISCO SYSTEMS COM USD0.001 586.00 9 777.90 0.10USD COACH INC COM USD0.01 403.00 10 260.74 0.10USD COCA COLA CO COM 240.00 9 534.76 0.10USD COLGATE-PALMOLIVE COM USD1 166.00 9 504.72 0.10USD CORNING INC COM 849.00 11 426.51 0.10USD COSTCO WHSL CORP NEW COM 231.00 9 526.59 0.10USD DANAHER CORP DEL COM 193.00 10 115.77 0.10USD EBAY INC COM 597.00 9 795.00 0.10USD EXXON MOBIL CORP COM NPV 185.00 8 792.58 0.07USD FRANKLIN RES INC COM 124.00 9 105.00 0.09USD GAP INC DEL COM 642.00 9 374.39 0.10USD GEN DYNAMICS CORP COM USD1 207.00 9 835.30 0.10USD GENZYME CORP COM USD0.01 279.00 9 530.43 0.10USD GILEAD SCIENCES INC COM 298.00 8 989.33 0.08USD HEWLETT PACKARD CO COM USD0.01 274.00 9 837.07 0.10USD INTEL CORP COM 722.00 10 265.76 0.10USD INTERNATIONAL BUSINESS MACHS COM 109.00 9 944.66 0.10USD JOHNSON & JOHNSON COM 223.00 10 011.10 0.10USD KELLOGG CO COM USD0.25 260.00 9 640.70 0.10USD KIMBERLY CLARK CORP COM 213.00 9 458.25 0.10USD LILLY ELI & CO COM 380.00 9 457.95 0.10USD LOCKHEED MARTIN CORP COM 181.00 9 505.73 0.10USD MASTERCARD INC COM USD0.0001 CLASS 'A' 59.00 10 526.45 0.11USD MCDONALD'S CORP COM USD0.01 219.00 9 530.83 0.10USD MICROSOFT CORP COM USD0.0000125 468.00 9 945.51 0.10USD MONSANTO COM STK USD0.01 175.00 9 971.25 0.10USD NIKE INC CL B 217.00 9 992.81 0.10USD OCCIDENTAL PETRLM COM USD0.20 170.00 9 638.96 0.10USD ORACLE CORP COM USD0.01 619.00 10 587.39 0.11USD PEPSICO INC CAP USD0.016666 224.00 9 492.39 0.10USD PFIZER INC COM USD0.05 756.00 9 584.69 0.10USD PHILIP MORRIS INTL COM STK NPV 'WI' 280.00 9 404.57 0.10USD PROCTER & GAMBLE COM NPV 223.00 9 423.59 0.10USD QUALCOMM INC COM USD0.0001 307.00 9 898.46 0.10USD RAYTHEON CO COM NEW 272.00 9 767.17 0.10USD REYNOLDS AMERICAN COM USD0.0001 273.00 10 078.98 0.10USD STRYKER CORP COM USD0.10 283.00 9 935.33 0.10USD TJX COS INC NEW COM 362.00 9 221.89 0.09USD VISA INC COM STK USD0.0001 174.00 10 606.75 0.11USD WAL MART STORES INC COM 256.00 9 536.99 0.10USD WALGREEN CO COM USD0.078125 355.00 9 085.62 0.09USD YAHOO INC COM 906.00 10 596.05 0.11USD ZIMMER HLDGS INC COM USD0.01 242.00 9 970.11 0.10



Other shares

Netherlands




Preference shares

Germany









Registered shares

France

EUR LAGARDERE SCA EUR6.10(REGD) 435.00 12 358.35 0.13


Germany

EUR ALLIANZ SE NPV(REGD)(VINKULIERT) 157.00 13 682.55 0.14EUR DEUTSCHE BANK AG NPV(REGD) 261.00 12 898.62 0.13EUR E.ON AG NPV 483.00 14 118.09 0.14EUR MUENCHENER RUECKVE NPV(REGD) 124.00 13 475.08 0.14


Spain


Total Spain 26 509.22 0.27

Switzerland

CHF CREDIT SUISSE GRP CHF0.04(REGD) 339.00 11 702.48 0.12CHF SWISS REINSURANCE CHF0.1(REGD) 409.00 13 763.19 0.14CHF ZURICH FIN SVS GRP CHF0.10 86.00 13 133.33 0.13



Depository receipts

Sweden




Notes, fixed rate

EUR

EUR PROCTER & GAMBLE CO 3.37500% 05-07.12.12 700 000.00 721 466.20 7.33EUR SANOFI-AVENTIS 3.12500% 09-10.10.14 700 000.00 708 575.00 7.20

Total EUR 1 430 041.20 14.53



EUR

EUR BMW FINANCE NV 4.12500% 06-24.01.12 700 000.00 722 428.00 7.34EUR CATERPILLAR INTERNATIONAL FINANCE 5.25000% 08-09.05.11 700 000.00 728 791.00 7.40EUR EUROPEAN COMMUNITY 3.25000% 09-07.11.14 700 000.00 713 419.00 7.25EUR GDF SUEZ 4.75000% 03-19.02.13 700 000.00 745 166.80 7.58EUR INTER-AMERICAN DEVELOPMENT BANK 1.00000% 02-16.12.14 400 000.00 366 116.00 3.72EUR NV BANK NEDERLANDSE GEMEENTEN 2.87500% 09-15.01.15 700 000.00 698 740.00 7.10EUR TOYOTA MOTOR CREDIT CORP 4.25000% 07-02.05.12 400 000.00 415 524.00 4.22

Total EUR 4 390 184.80 44.61


Bonds, fixed rate

EUR

EUR ROYAL BANK OF CANADA 4.50000% 07-05.11.12 700 000.00 737 720.89 7.49

Total EUR 737 720.89 7.49

Total Bonds, fixed rate 737 720.89 7.49









United States

USD ISHARES INC-MSCI EMERGING MARKETS INDEX FUND 20 000.00 578 498.00 5.88


Total Investment certificates, open end 578 498.00 5.88

Total UCITS/other UCIs in accordance with Article 41 (1) e) 578 498.00 5.88


Forward Foreign Exchange contracts

Forward Foreign Exchange contracts (Purchase/Sale)

EUR 202 470.14 USD 300 000.00 18.2.2010 –6 681.70 –0.07USD 300 000.00 EUR 206 270.63 18.2.2010 2 883.22 0.03

Total Forward Foreign Exchange contracts (Purchase/Sale) –3 798.48 –0.04

Cash at banks, deposits on demand and deposit accounts and other liquid assets 1 279 071.87 12.99Other assets and liabilities 229 605.76 2.33

Total net assets 9 843 416.17 100.00



Notes to the Financial Statements

Note 1 – Summary of significant accounting policies

The financial statements have been prepared in ac-cordance with the generally accepted accounting principles for investment funds in Luxembourg. The significant accounting policies are summarised as fol-lows:

a) Calculation of the net asset valueA unit’s net asset value is in principle calculated for each individual subfund on each business day ob-served by the Administrative Agent and on the basis of the last known market prices.

In this context, a “business day” shall mean the usual banking days (i.e. every day on which banks are open during normal business hours) in Luxembourg, except for individual, non statutory holidays in Luxembourg, as well as days on which the stock exchanges of the pertinent subfund’s main investment countries are closed, or on which 50% or more of the subfund’s assets cannot be appropriately valued.

The net asset value of a unit in a subfund is expressed in the subfund’s currency and results from the sub-fund’s total net asset value being divided by the num-ber of units in circulation in the subfund. The net asset value of each subfund corresponds to the difference between the sum of the subfund’s assets and the sum of its liabilities.

The fund’s net asset value is expressed in CHF and corresponds to the difference between the sum of its assets and the sum of its liabilities. For the purposes of this calculation, and to the extent that they are not already expressed in CHF, the net assets of each sub-fund are converted to Swiss currency and added up.

b) Valuation principles– Securities, money market instruments, derivatives

and other investments listed on a stock exchange are valued at the latest available market prices known. In the event that such securities, money market instruments, derivatives and other invest-ments should be quoted on several stock exchanges, the reference price shall be the last available price at that exchange which constitutes the main market for each type of investment.

The Management Company may value securities, money market instruments, derivatives and other investments that are traded only to a limited extent at a stock exchange and for which there is a second-ary market between securities traders with market-like pricing on the basis of such pricing. Securities, money market instruments, derivatives and other investments not listed on an exchange but which are traded at another regulated, recognized open market operating in a due and orderly fashion are valued at the last available price available on such market.

– Securities, money market instruments and other in-vestments not listed on an exchange or traded at an-other regulated market and for which no adequate price is available will be valued by the Management Company in accordance with other criteria to be determined by it in good faith on the basis of pos-sible selling price expectations.

– Derivatives not listed on a stock exchange (OTC derivatives) shall be valued by reference to inde-pendent pricing sources. In the event that only one independent pricing source should be available for a derivative, the plausibility of that valuation price will be verified by means of calculation models approved by the Management Company on the basis of the market price of the underlying security from which the derivative is derived.

– Units/shares in other Undertakings for Collective In-vestments in Transferable Securities (UCITS) and/or Undertakings for Collective Investments (UCI) shall be valued at their latest known net asset value.

– Time and escrow/trust deposits are valued at their nominal value plus accrued interest.

– The value of swaps is calculated by the counterparty in the swap on the basis of the net present value of all cash flows (both inflows and outflows). This valuation method has been approved by the Man-agement Company.

The Management Company is entitled temporar-ily to use other generally accepted and verifiable valuation principles to determine the value of the authorization assets in a subfund in the event that the abovementioned criteria for valuation should become inapplicable or appear inappropriate due to unusual circumstances.

In extraordinary circumstances it is possible to carry out further valuations within the same day, which will then apply to units to be issued or redeemed thereafter.



In the event of high volume redemption applications the Management Company may value the units of the subfund in question on the basis of the prices at which the necessary security sales are effected. In this case the same calculation method shall be applied to simultaneously submitted issuing and redemption applications.

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

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

e) 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.

f) Conversion of foreign currenciesBank accounts, other net assets and the valuation of the investments in securities held denominated in currencies other than the currency of account of the different subfunds are converted 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 clos-ing 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 currency of account 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 dates.

h) Consolidated financial statementsThe consolidated financial statements of the fund are expressed in CHF. The various items of the consoli-dated statement of net assets and the consolidated statement of operations as of 31 December 2009 of the fund are equal to the sum of the corresponding 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 2009:

Exchange rates

CHF 1 = DKK 5.016929CHF 1 = EUR 0.674230CHF 1 = GBP 0.599035CHF 1 = HKD 7.500895CHF 1 = JPY 90.055623CHF 1 = NOK 5.588198CHF 1 = PLN 2.768271CHF 1 = SEK 6.906989CHF 1 = USD 0.967352CHF 1 = BRL 1.686287CHF 1 = IDR 9088.270858CHF 1 = ILS 3.664328CHF 1 = MYR 3.312212CHF 1 = PHP 44.720677CHF 1 = KRW 1126.457073CHF 1 = TWD 30.940749CHF 1 = THB 32.251511CHF 1 = TRY 1.450012

i) Receivable on securities sales, Payable on securities purchasesThe account ”Receivables on securities sales” can also include receivables from foreign currency transac-tions. The account ”Payables on securities purchases” can also include payables from foreign currency trans-actions.

j) Income recognitionDividends, net of withholding taxes, are recognized as income on the date upon which the relevant securities are first listed as “ex-dividend”. Interest income is ac-crued on a daily basis.

Note 2 – Fees and costs

In addition to the taxation mentioned under Note 3 (”taxe d’abonnement”), the FINTER FUND bears the following fees and costs:– All other taxes that may be payable on the FINTER

FUND’s assets or returns;– Usual commissions and fees on securities transac-

tions;– Monthly compensation for the Management Com-

pany; the Portfolio Manager’s compensation and any applicable trail fees and retrocession payments to Selling Agents are paid out of the Management Company’s compensation;

– Compensation for the Custodian Bank, the Admin-istrative Agent including costs of additional services within the scope of the Law of 20 December 2002, the Paying Agent, the Selling Agents, and Represen-tatives abroad;



– Costs of extraordinary measures, in particular ex-pert’s reports and legal proceedings instituted in the interest and for the protection of the unitholders; and

– Printing costs for unit certificates, printing prepara-tion costs as well as the cost of filing and publishing agreements and other documents concerning the FINTER FUND, including fees for registration and listing with government or regulatory authorities and exchanges, costs of preparation, translation, printing and distribution of periodic publications and other documents required by the legislative or regulatory framework; price publications, costs of preparation and dissemination of information to unitholders, fees for auditors and legal advisors, and similar ongoing fees.

Advertising costs and fees directly connected with the offering and marketing of the units but not listed above shall not be borne by the FINTER FUND.

The setup costs for the FINTER FUND and for new sub-funds as well as other significant one-time costs can be depreciated over a period of up to five years.

In those subfunds that in accordance with their in-vestment policy may invest in other existing UCI or UCITS, fees may arise both in connection with the target fund and with the subfund itself. In the event of investment in units of funds that are either directly or indirectly managed by the Management Company or by another company to which the Management Company is linked by joint administration or control or by a direct or indirect holding of more than 10% of capital or voting rights, the subfund’s assets may, within the scope of such investments, only be charged with a reduced flat administrative fee amounting to an annual maximum of 0.25%. In addition, the Manage-ment Company may not charge any applicable issuing or redemption commissions in connection with the target fund to the investing subfunds.

When the Management Company invests in units of an affiliate fund as set out above, and the target fund has an actual flat administrative fee that is lower than that of the investing subfund, the Management Com-pany may, instead of the abovementioned reduced actual flat administrative fee based on the volume invested in such fund, charge the difference between the two funds’ actual flat administrative fees.

The costs to be borne by the FINTER FUND are backed by the fund’s assets as a whole. However, costs spe-cific to the individual subfunds will be charged to each subfund as applicable. The remaining costs will be charged to the individual subfunds prorated on their net assets.

Note 3 – Taxe d’abonnement

In accordance with the law and the regulations cur-rently in force, the fund is subject to a subscription tax at the annual rate of 0.05%, payable quarterly and calculated on the basis of the net assets at the end of each quarter.

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

Note 4 – Securities Lending

The fund may also lend portions of its securities portfolio to third parties. As a general rule, lending is permitted only via recognized clearing houses such as Clearstream International or Euroclear, as well as via first class financial institutions specialized in this type of activity and within their stated general conditions of business.

As at 31 December 2009, no securities were lent out for FINTER FUND.

Note 5 – Income distribution

In accordance with the Management Regulations, upon completion of the annual accounting process the Management Company determines whether and to what extent distributions can be performed for each subfund on the basis of returns on investment and the realized changes in net value after deduction of all costs and fees. Distributions must not result in the fund’s net asset value falling below the minimum capital required by law.

In principle, no distributions are planned.



Note 6 – Commitments on Financial Futures

Commitments on financial futures per subfund and currency as of 31 December 2009 are as follows:

Financial Financial Futures Futures FINTER FUND on indices (bought) on indices (sold)

Conservative Portfolio (CHF) – CHF 1 763 195.84 CHF

Dynamic Portfolio (EUR) – EUR 1 486 000.00 EUR

Financial Financial Futures Futures FINTER FUND on bonds (bought) on bonds (sold)

CHF Bonds – CHF 12 303 000.00 CHF

USD Bonds – USD 34 635 937.50 USD

EUR Bonds – EUR 24 238 000.00 EUR

Note 7 – Soft commission arrangements

During the period from 1 January 2009 until 31 De-cember 2009, no ”soft commission arrangements” were entered into on behalf of FINTER FUND and “soft dollar commissions“ amount to nil.

Note 8 – Total Expense Ratio (TER)

This ratio was calculated in accordance with the Swiss Funds Association‘s (SFA) “Guidelines on the calculation and disclosure of the TER and PTR” in the current 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:

FINTER FUND Total Expense Ratio (TER)

Conservative Portfolio (CHF) 1.61%

Emerging Markets 2.39%

European Equities 2.16%

Dynamic Portfolio (EUR) 1.87%

CHF Bonds* 1.17%

USD Bonds 1.22%

EUR Bonds 1.21%

US Equities 2.82%

Conservative Portfolio (EUR)** 2.51%

* Management Fee: until 31 Mai 2009 0.75% p.a. since 1 June 2009 0.55% p.a.

** annualized

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

Note 9 – Portfolio Turnover Rate (PTR)

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

PTR for the last 12 months:

FINTER FUND Portfolio Turnover Rate (PTR)

Conservative Portfolio (CHF) 92.91%

Emerging Markets 647.47%

European Equities 477.75%

Dynamic Portfolio (EUR) 198.38%

CHF Bonds 15.88%

USD Bonds –0.99%

EUR Bonds 36.52%

US Equities 647.84%

Conservative Portfolio (EUR) –35.57%

Note 10 – Change of Name

The Board of Directors of FINTER FUND MANAGE-MENT COMPANY S.A., Management Company of FINTER FUND decided to change

FINTER FUND Yield Portfolio (CHF)

as of 2 November 2009 into

FINTER FUND Conservative Portfolio (CHF)

Note 11 – Authoritative Language

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



Note 12 – illiquid securities

As at 31 December 2009, securities classified in the “Securities and money market instruments not traded on an official exchange or regulated market” section were valued at bid prices from issuers due to their il-liquidity.

The following percentages of the net asset value of the respective sub-fund represent the share of securi-ties valued at bid prices:

Finter Fund FCP 2009

– Dynamic Portfolio (EUR) 4.55%

– Conservative Portfolio (CHF) 3.44%



The appendix data were not audited:

Customized Benchmark FINTER FUND Conservative Portfolio (CHF)

10% Cash Switzerland Cash Index Libor TR 3M

65% Bonds Bloomberg/Effas Bond Indices Euro Gvt 5-7 Yr TR Bloomberg/Effas Bond Indices Swiss Gvt 5-7 Yr TR Bloomberg/Effas Bond Indices US Gvt 5-7 Yr TR

25% Equities EuroStoxx50 FTSE 100 Swiss Market Index S&P 500 Nikkei 300 MSCI Emerging Markets

Customized Benchmark FINTER FUND Dynamic Portfolio (EUR)

10% Cash Euro Cash Index Libor TR 3M

40% Bonds Bloomberg/Effas Bond Indices Euro Gvt 5-7 Yr TR Bloomberg/Effas Bond Indices US Gvt 5-7 Yr TR

50% Equities EuroStoxx50 FTSE 100 Swiss Market Index S&P 500 Nikkei 300 MSCI Emerging Markets

Customized BenchmarkFINTER FUND Conservative Portfolio (EUR)

10% Cash Euro Cash Index Libor TR 3M

65% Bonds Bloomberg/Effas Bond Indices Euro Gvt 5-7 Yr TR Bloomberg/Effas Bond Indices Swiss Gvt 5-7 Yr TR Bloomberg/Effas Bond Indices US Gvt 5-7 Yr TR Bloomberg/Effas Bond Indices Japan Gvt 5-7 Yr TR

25% Equities EuroStoxx50 FTSE 100 S&P 500 Nikkei 300 MSCI Emerging Markets

Appendix

69

Head Office ZURicH

Claridenstrasse 35P.O. Box 22998022 Zurich – SwitzerlandTelephone: +41 (0)44 289 55 00Fax: +41 (0)44 289 56 00E-Mail: [email protected]

LUGaNO BRaNcH

Via al Forte 1P.O. Box 58756901 Lugano – SwitzerlandTelephone: +41 (0)91 910 21 21Fax: +41 (0)91 910 21 41E-Mail: [email protected]

cHiaSSO aGeNcY

Corso San Gottardo 35P.O. Box 29626830 Chiasso – SwitzerlandTelephone: +41 (0)91 695 24 24Fax: +41 (0)91 695 24 44E-Mail: [email protected]

SUBSidiaRY

finter Bank & Trust (Bahamas) LimitedNorfolk HouseFrederick StreetP.O. Box N-9932Nassau – BahamasTelephone: +1 (242) 356 64 51Fax: +1 (242) 356 58 18E-Mail: [email protected]

Offices of Finter Bank Zürich Ltd

http://www.finter.lu

finter fund

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