HSBC Global Investment Funds · PDF file2 Information concerning the distribution of shares of...

HSBC Global Investment FundsAudited Report for the year from1 April 2010 to 31 March 2011

R.C.S. Luxembourg B 25 087

HSBc m Global Asset Management

HSBc m Global Asset Management

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Audited report for the year from 1 April 2010 to 31 March 2011

Société d’Investissement à Capital Variable (SICAV), Luxembourg

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Information concerning the distribution of shares of HSBC Global Investment Funds in or from Switzerland. HSBC Private Bank (Suisse) SA, Quai du Général Guisan 2, case postale 3580 CH-1211 Geneva 3, is the legal representative of the Company in Switzerland and the Company’s paying agent in that country. The Prospectus, simplified Prospectuses, Articles and annual and semi-annual reports of the Company may be obtained free of charge upon request from the HSBC Private Bank (Suisse) S.A. A breakdown of all transactions carried out on behalf of each sub-fund of HSBC Global Investment Funds for the period under review can be obtained, free of charge, from the Company’s representative in Switzerland. Information concerning the distribution of shares of HSBC Global Investment Funds in or from Germany.

HSBC Trinkaus & Burkhardt AG, 21-23 Königsallee, D-40212 Düsseldorf, is the legal representative of the Company in Germany and the Company’s paying agent in that country. The Prospectus, simplified Prospectuses, Articles and annual and semi-annual reports of the Company may be obtained free of charge upon request from the HSBC Trinkaus & Burkhardt AG. A breakdown of all transactions carried out on behalf of each sub-fund of HSBC Global Investment Funds for the period under review can be obtained, free of charge, from the Company’s representative in Germany.

No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current Prospectus accompanied by the latest annual and the most recent semi-annual report, if published thereafter. Audited report for the year from 1 April 2010 to 31 March 2011

Table of Contents

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Board of Directors 4 Management and Administration 5 Directors’ Report 8 Report of the Réviseur d’Entreprises agréé 26 Statement of Net Assets as at 31 March 2011 28 Key Figures as at 31 March 2011 39 Statement of Operations and Changes in Net Assets 66 Notes to the Financial Statements 77 Comparative Table of Net Assets 191 Portfolio of Investments and Other Net Assets 208 Currency Conversion Table 353 Dealing Days of the Fund 354 Holiday calendar 355

Board of Directors

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BOARD OF DIRECTORS OF THE COMPANY Didier Deleage (Chairman), Chief Operating Officer, HSBC Global Asset Management (France) Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France. James Boucher, Managing Director, HSBC Bank (Mauritius) Limited 6th Floor, HSBC Centre, 18 CyberCity, Ebene, Mauritius (appointed on 30 April 2010). Thies Clemenz, Chief Executive Officer, HSBC Trinkaus Investment Managers S.A. 8, rue Lou Hemmer, L-1748 Luxembourg-Findel, Grand Duchy of Luxembourg. David Dibben, Chief Operating Officer - Global Funds, HSBC Global Asset Management Limited 8 Canada Square, London E14 5HQ, United Kingdom (resigned on 30 July 2010). George Efthimiou, Global Chief Operating Officer, HSBC Global Asset Management Limited 8 Canada Square, London E14 5HQ, United Kingdom. David Silvester, Head of Product Management - Global Funds, HSBC Global Asset Management Limited 8 Canada Square, London E14 5HQ, United Kingdom. Sylvie Vigneaux, Head of Regulatory and Wealth Engineering, HSBC Global Asset Management (France) Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France. Edgar Ng, Director, Head of Business Support Asia Pacific, HSBC Global Asset Management (Hong Kong) Limited HSBC Main Building, 1 Queen's Road Central, Hong Kong.

Management and Administration

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Registered Office

16, boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg. R.C.S. Luxembourg N° B-25087 Management Company

HSBC Investment Funds (Luxembourg) S.A., 16, boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg. Custodian, Administration Agent, Transfer Agent and Central Paying Agent

RBC Dexia Investor Services Bank S.A. 14, Porte de France, L- 4360 Esch-sur-Alzette, Grand Duchy of Luxembourg. Investment Advisers

Halbis Capital Management (France), Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France. HSBC Global Asset Management (Hong Kong) Limited (previously Halbis Capital Management (Hong Kong) Limited and Sinopia Asset Management (Asia Pacific) Limited until 31 December 2010), Level 22, HSBC Main Building, 1, Queen’s Road Central, Hong Kong. HSBC Global Asset Management (USA) Inc. (previously Halbis Capital Management (USA) Inc. until 31 December 2010), 452 Fifth Avenue, 18th Floor, New York, NY 10018, USA. HSBC Global Asset Management (UK) Limited (previously Halbis Capital Management (UK) Limited until 31 December 2010), 8, Canada Square, London E14 5HQ, United Kingdom. Sinopia Asset Management, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France. Sinopia Asset Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom. HSBC Global Asset Management (France), Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France. HSBC Global Asset Management (Singapore) Limited, 21 Collyer Quay, #15-02 HSBC Building, Singapore 049320, Singapore. HSBC Bank Brazil S.A. - Banco Múltiplo, Travessa Oliviera Belo, 11-B, 80020-030 Curitiba, Brazil. HSBC Portfoy Yonetimi A.S., Esentepe Mahallesi, Büyükdere Caddesi, No:128, 34394 Sisli, Istanbul, Turkey.

Management and Administration (continued)

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Share Distributors

Global Distributor HSBC Investment Funds (Luxembourg) S.A., 16, boulevard d’Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg. Austria, Eastern Europe and Germany Distributor HSBC Trinkaus & Burkhardt AG, Königsallee 21/23, D-40212 Düsseldorf, Germany. Hong Kong Representative and Distributor HSBC Investment Funds (Hong Kong) Limited, HSBC Main Building, 1 Queen's Road Central, Hong Kong. United Kingdom Representative and Distributor HSBC Global Asset Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom. Republic of Ireland Distributor HSBC Global Asset Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom. Republic of Ireland Representative HSBC Securities Services (Ireland) Limited, HSBC House, 1 Grand Canal Square, Grand Canal Harbour, Dublin 2, Ireland. Jersey Representative and Distributor HSBC Global Asset Management (International) Limited, HSBC House, Esplanade, St Helier, Jersey, JE1 1HS Channel Islands. Singapore Representative and Distributor HSBC Global Asset Management (Singapore) Limited, 21, Collyer Quay, #15-02 HSBC Building, Singapore 049320, Singapore. Swiss Representative and Paying Agent in Switzerland HSBC Private Bank (Suisse) S.A., Quai du Général Guisan 2, Case postale 3580, CH-1211 Geneva 3, Switzerland. Korea Representative and Distributor HSBC Korea Ltd, HSBC Building #25, 1-Ka, Bongrae-Dong, Chung-Ku, Seoul, Korea. Distributor for Continental Europe HSBC Global Asset Management (France), Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France.

Management and Administration (continued)

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Paying Agent in Hong Kong

The Hong Kong and Shanghai Banking Corporation Limited, HSBC Main Building, 1, Queen’s Road Central, Hong Kong. Representative and Paying Agent in Poland

HSBC Bank Polska S.A., Kraków Business Park 200, Ul. Krakowska 280, 32-080 Zabierzów, Poland.

Réviseur d'Entreprises Agréé

KPMG Audit S. à r. l. 9, allée Scheffer, L-2520 Luxembourg, Grand Duchy of Luxembourg. Legal Adviser Elvinger, Hoss & Prussen, 2, place Winston Churchill, L - 1340 Luxembourg, Grand Duchy of Luxembourg.

Directors’ Report

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Directors’ Comments

The Board of Directors present the Audited Annual Report for HSBC Global Investment Funds (the “Company”) for the year ending 31 March 2011. The Fund

The Company is a variable capital investment company, incorporated under the laws of the Grand Duchy of Luxembourg and is organized as an “umbrella” with a number of sub-funds, each of which has their own investment policies and restrictions. At present, the Company has issued shares in 52 sub-funds. During the year, the total net assets of the Company increased from USD 24.2 billion to USD 27.5 billion at year end. The Company qualifies as an Undertaking for Collective Investments in Transferable Securities under the amended EC Directive 85/611 of 20 December 1985 and may therefore be offered for sale in European Union Member States, subject to registration in countries other than the Grand Duchy of Luxembourg. In addition, applications to register the Company and its sub-funds may be made in other countries. The Company and its sub-funds are currently registered for offer and distribution in the Grand Duchy of Luxembourg and in the following jurisdictions: Austria, Bahrain, Belgium, Brunei, Chile, Colombia, Costa Rica, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, Ireland, Italy, Japan, Jersey, Jordan, Korea, Lebanon, Macau, Malta, Mauritius, Netherlands, Norway, Oman, Panama, Peru, Poland, Portugal, Qatar, Singapore, Slovakia, Spain, Sweden, Switzerland, Taiwan, United Arab Emirates and United Kingdom. Responsibility of the Directors

The responsibility of the Directors of the Company is governed exclusively by Luxembourg law. With respect to these financial statements, the duties of the Directors are governed by general corporate law and the law of 19 December 2002 on, inter alia, the accounting and annual accounts of undertakings and by the law of 20 December 2002 relating to undertakings for collective investments. Annual General Meeting

The next Annual General Meeting of the Company will be held on Friday, 29 July 2011. Investment Manager’s comments regarding sub-fund performance during the year.

Reserve Sub-Fund

HGIF Euro Reserve

For the year ending 31 March 2011, the Fund delivered a return of 0.33% (net of fees, share class AC), compared with a benchmark return of 0.52% (European Overnight Index Average-EONIA). Eurozone news was dominated by sovereign debt issues; following the Greek bail-out, there were fears that Spain and Portugal might experience similar problems with their deficits. The economic uncertainty surrounding the turmoil in the Middle East and North Africa, the tragic disaster in Japan, ongoing debt worries within peripheral European countries, and rising commodity prices and inflation, kept central Banks focused on balancing policy decisions during the period under review. Therefore, the European Central Bank (ECB) maintained its key interest rate at 1.00%. In this context, the strategy of the Fund has been to remain cautious and to maintain liquidity for shareholders by investing a majority of the Fund in government bonds. The remainder of the Fund was mainly invested in other bonds within the one and three month duration.

Directors’ Report (continued)

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Bond Sub-Funds

HGIF Brazil Bond

For the year ending 31 March 2011, the Fund delivered a return of 17.6% (net of fees share class AC, not considering the swing price effect on that date) compared with a benchmark return of 20.3% (Brazilian Interbank Rate). The local currency had a positive performance after a volatile period in second quarter of 2010, on the back of the worries of the European crisis. The strong flows led the Central Bank to raise the IOF flat fee on foreign fixed income investors from 2% to 6% in October, prompting a mild correction, after which the currency slowly drifted upwards, as the Central Bank continues to buy US dollars, absorbing flows and reducing volatility.

The basic interest rate was hiked from 8.75% to 10.75% in July, as the strong pick-up in activity prompted deterioration in inflation expectations. A series of very low inflation prints caused the Central Bank to abort the cycle in August. This proved to be only a seasonal adjustment within an environment of very strong demand, and inflation expectations shot up again, with consequent resumption of the hiking cycle in January taking rates to 11,75% in March. In this period, the interest rate curve moved up, adjusting to the new reality.

In this period, the Fund kept a low exposure to duration, which was increased marginally as the period approached the end of 2010.

HGIF Euro Bond (formerly, Euro Core Bond)

For the year ending 31 March 2011, the Fund delivered a return of –0.09% (net of fees, share class AC) outperforming the benchmark return of –1.19% (100% Barclays Euro Aggregate Bond Index).

The Fund benefited from an investment strategy focusing around the following three points: An overweight towards credit versus government bonds as we were convinced that most corporates and many banks were fundamentally much more sound than some European governments; an overweight towards selective subordinated financials bonds versus senior issues as new regulations should incite issuers to call their bonds at first date; and, numerous optional strategies on duration and curve to optimise tactical bets with limited losses.

For the last 6 months, exposure to Ireland or Portugal was limited or negated and the exposure to Spain was underweighted. On duration, we were short or neutral during the first quarter versus benchmark, which is the Fund’s current position today.

HGIF Euro Credit Bond (formerly, Euro Core Credit Bond)

For the year ending 31 March 2011, the Fund delivered a return of 1.70% (net of fees, share class AC) compared with a benchmark return of 1.41% (100% Iboxx Euro Corporate).

The main performance drivers were the decisions to keep an overweight towards subordinated financials and towards defensive high yield credit. Underweight positions were also kept on names; in particular financial institutions from peripheral European countries. The investment decision on subordinated debt was based on two factors; strong technicals (after the draft of Basel 3 regulation) and strong fundamentals, as investments were made in national champions and defensive retail banks with strong balance sheets. On xover names and corporate hybrids, these names continue to perform as investors look for yields in an improving macro economic environment.

HGIF Euro High Yield Bond

For the year ending 31 March 2011, the Fund delivered a return of 7.99% (net of fees, share class AC) underperforming the benchmark return of 8.58% (100% MERRILL LYNCH Euro High Yield Constraint BB-B). The performance level was in line with the average yield of the portfolio, meaning that capital gains and losses were minimal. The absence of any significant capital loss results from the good credit quality of the euro high yield market over the period. The default rate amongst high yield issuers over the period has been very low as the economic recovery and the cost-cutting plans implemented during the downturn allowed the majority of issuers to post strong results.

The Fund maintained an investment strategy around the following three points: firstly, a high investment ratio as there was a large number of investment opportunities in this environment of strong credit quality and relatively attractive valuations; secondly, an underweight on the lower rated issuers as their risk/return profile appeared less compelling to us; and thirdly, an overweight on the financial sector because credit fundamentals continued to improve strongly in this sector while valuations were very attractive.


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HGIF Global Bond (formerly, Global Core Plus Bond)

For the period 1 April 2010 to 31 March 2011, the Fund returned 6.1% (net of fees, Class A), compared to a benchmark return of 8.7% (Barclays Global Aggregate)

Global bond markets continued to rally over this period despite the low yields at the start of the period and further strength in the global economy. A lacklustre employment market in the US encouraged the US Federal Reserve to leave policy rates at historic low levels. Europe had a two stage economy with Northern Europe performing well, with strong exports to emerging economies, and peripheral countries such as Ireland, Greece and Portugal struggling with significant fiscal issues. The Fund underperformed largely because of a short duration position in the second half of 2010. The manager was concerned that yields would rise, affected the capital value of the Fund. Yields fell over this period, so the Fund did not fully participate in the subsequent rally. There was also a positive effect from the overweight position in credit and financials. The manager expects that yields will rise modestly over the medium-term.

HGIF Global Credit Bond (formerly, Global Core Credit Bond)

For the year ending 31 March 2011, the Fund delivered a return of 2.54% (net of fees, share class AC) compared with a benchmark return of 4.14% (50% Merrill Lynch Euro Corporate (USD hedged) + 50% Merril Lynch Euro US Corporates 1-10yr). The Fund maintained a strategic overweight towards credit positions and overweight positions on subordinated financials across the euro and US dollar sleeves and increased exposures to xover names.

The underperformance against the benchmark came from an underweight duration position on the US dollar sleeve; however, this position should pay off as strong economic figures hint at interest rate hikes by central banks. Overweight positions were maintained on tier 1 and lower tier 2 financials, as strong technical are likely to drive these bonds tighter as fundamental improve.

GIF Global Emerging Markets Bond

For the year ending 31 March 2011, the Fund delivered a return of 8.59% (net of fees, Class IC), compared with a benchmark return of 8.65% (JPMorgan Emerging Markets Bond Index Global).

The asset class performed well as a whole, with small drops in May and towards the end of the calendar year as concerns around the Eurozone debt crisis caused sell offs in the market. Positive attribution was driven primarily by overweight holdings in high yield countries which outperformed the investment grade sector over the period as the global recovery gained momentum and risk assets were back in favour. Additionally, asset allocations into off benchmark corporate debt and local currency debt contributed to outperformance in the first half of the period but local currency exposure cost the Fund over the three months from November to January as the asset class underperformed. At the end of the period, the Fund was positioned with calculated risk positions in higher beta external credits such as Venezuela and Argentina, and the team held had a cautious view on emerging currencies with minimal exposure in the Fund. The Fund closed the period fully invested and with slightly underweight duration.

GIF Global Emerging Markets Corporate Debt

For the three months ending 31 March 2011, the Fund returned 1.52% (net of fees, Class IC), compared with a benchmark return of 1.43% (JPMorgan CEMBI Diversified Composite).

The teams investment process dictates top down fundamental country analysis to decide country positioning, combined with bottom up fundamental research for security selection, which both drove positive attribution over the short time period, with the strongest gains at the beginning of the year. The Fund is positioned with an overall lower credit quality that the benchmark as the lower credit quality instruments in the index offer more compelling investment opportunities and suitable compensation for the liquidity risk that the fund incurs. The Fund closed the period fully invested with a higher yield than that of the index.


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GIF Global Emerging Markets Investment Grade Bond

For the three months ending 31 March 2011, the Fund returned 1.63% (net of fees, Class IC), compared with a benchmark return of 2.15% (Blended 50/50 JPMorgan GBI-EM Global Diversified Investment Grade / JPMorgan EMBI Global Investment Grade).

In the short time period since launch the Fund saw minor underperformance against the benchmark due to an underweight allocation to emerging market local currency denominated debt, an asset class which saw sharp gains in the early part of the year. The Fund still drew some positive attribution from country selection and security selection, but the asset class allocation decision detractor outweighed the positives. At the end of the period, the Fund was fully invested and maintained an overweight to hard currency debt and an underweight to local currency debt.

GIF Global Emerging Markets Local Debt

For the year ending 31 March 2011, the Fund returned 10.61% (net of fees, Class IC), compared with a benchmark return of 13.09% (the benchmark for this Fund changed on January 1st 2011 from the JPMorgan GBI-EM Global Diversified Composite to a blended 50/50 JPMorgan GBI-EM Global Diversified Composite/JPMorgan ELMI+ Composite).

The Fund holdings continued to shift away from bonds/interest rates and into foreign exchange in the first half of the period leading to an underweight in duration and yield when compared to the benchmark. This duration and yield underweight hurt the Funds’ relative performance. The team increased duration exposure and was able to better keep pace with the benchmark in the fourth quarter. In the first months of 2011, the Fund marginally underperformed the benchmark in rising markets due to the team’s cautious view on emerging market currencies. The Fund remains fully invested with a small duration overweight position.

HGIF Global High Income Bond

For the period 28 July 2010 to 31 March 2011, the Fund returned 5.6% (net of fees, Class A), compared to a benchmark return of 5.0% (Barclays Composite Index (15% Barclays Euro Aggregate Corporate Baa Hedged USD + 15% Barclays Euro High Yield BB Only Hedged (USD) + 20% Barclays US Aggregate Corporate Baa + 35% Barclays US Emerging Markets Unhedged (USD) + 15% Barclays US High Yield Ba).

The Fund started on 28 July 2010. Since inception, the markets in the benchmark have performed well, especially the high yield markets in the US and Europe. The credit markets in the US and Europe have experienced falling spreads, especially in the lower rated bonds in which the Fund invests. In addition, emerging market government and corporate debt benefited from stronger national metrics and good corporate performance. The Fund also had a 10% allocation to asset backed securities (ABS). These bonds were largely US Commercial Mortgage Backed Securities which performed well with the underlying commercial real estate markets benefiting from the stronger economy and health of the corporate sector. The Fund relative performance benefited from an overweight in European financials and within emerging markets an overweight position in corporates versus government bonds. In addition, the ABS investments rose 16%, well ahead of the benchmark. The manager believes that credit spreads can fall further in the US and European bond markets and that strong fundamentals should support positive returns in emerging market debt.

HGIF Global Inflation Linked Bond

Since inception on 30 June 2010 through to 31 March 2011, the Fund returned 3.70% (net of fees, Class I USD) outperforming its benchmark the Barclays World Government Inflation-Linked Bond hedged US dollar Index, which posted a performance of 3.26%. During the period under review, upward surprises on economic data and the rally in the oil and agricultural commodities’ prices contributed to higher inflation figures and expectations.

In this context, international inflation linked bonds strongly outperformed nominal bonds in the main developed countries. The active management of the duration and the country allocation both contributed positively to the relative performance. In particular, the overweight bets on Japanese ILBs and TIPS, which outperformed, and the underweight bet on Eurozone linkers who underperformed were successful. Moreover, the US short-term breakeven long position benefited from both the higher than expected US inflation releases and economists' upward revision to US inflation. At the end of the period, the portfolio remained slightly underexposed in sensitivity compared to the benchmark (-4%) and the country allocation favours US, Japan and Australia against Eurozone, UK, Canada and Sweden.


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HGIF US Dollar Bond (formerly, US Dollar Core Plus Bond)

For the period 1 April 2010 to 31 March 2011, the Fund returned 3.0% (net of fees, Class P), compared to a benchmark return of 8.7% (Barclays US Aggregate).

US bond markets continued to rally over this period despite the stronger economy. The Federal Reserve maintained policy rates at historic low levels with the labour market showing few signs of meaningful recovery. Corporate bonds outperformed government bonds with falling credit spreads. The corporate sector reported strong results with limited capital expenditures helping to strengthen balance sheets. In addition, financials have continued to recover with rising profitability and higher bank capital ratios. Despite the economic recovery, house prices continued to fall in most areas and mortgage foreclosures have continued. The Fund underperformed largely because of a short duration position in the second half of 2010. The manager was concerned that yields would rise, affecting the capital value of the Fund. Yields fell over this period, so the Fund did not fully participate in the subsequent rally. There was also a positive effect from the overweight position in credit and financials. The manager expects that yields will rise modestly over the medium-term.

Equity Sub-Funds

International and Regional Equity Sub-Funds

HGIF Asia ex Japan Equity

For the year ending 31 March 2011, the Fund delivered a return of 23.04% (gross of fee), compared with a benchmark return of 19.80% (MSCI Asia ex-Japan). The strong outperformance was mostly driven by superior stock selections. Active positions in Korea and India contributed positively to Fund performance, while stock-picking in China detracted from returns. Allocation effects were positive in Korea, where the Fund was overweight. The Fund’s underweight in Hong Kong also had a positive impact to performance. At a sector level, active positions in the financials, materials and consumer discretionary sectors were positive contributors, while telecommunication stocks detracted from Fund performance. The Fund’s aggregate overweight in materials sector and underweight in utilities contributed to the performance. Residual cash levels caused some performance drag in the rising market.

HGIF Asia ex Japan Equity Smaller Companies

For the year ending 31 March 2011, the Fund delivered a return of 20.63% (gross of fees), compared with a benchmark return of 16.22% (MSCI Asia ex-Japan Small Cap). The strong outperformance was mostly driven by superior stock selections. Active positions in a number of markets helped drive performance, with Hong Kong, Taiwan and Korea being the largest contributors. Stock picking in India detracted from the Fund’s return. At an allocation level, the Fund’s overweight position in the Philippines was positive, while residual cash levels caused some performance drag in the rising market. At a sector level, stock selection was very positive overall, particularly in the information technology and industrials sectors, while materials holdings were negative for performance. An overweight allocation to the consumer staples sector and an underweight in utilities contributed positively to the Fund’s performance.

HGIF Asia Pacific ex Japan Equity High Dividend

For the year ending 31 March 2011, the Fund delivered a return of 17.99% (gross of fees), compared with a benchmark return of 18.38% (MSCI Asia Pacific ex-Japan).

At a country level, allocation effect was positive while stock selection was mixed. Active positions in India outperformed strongly while stock picking in Taiwan and Thailand detracted from performance. The Fund was overweight Thailand and underweight India, which contributed positively to performance. At a sector level, stock selection contributed positively, where stock picking in financials, energy and materials added value. Allocation effect was mixed among sectors. An underweight in financials contributed to performance while an overweight in telecommunication sector detracted from returns.


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HGIF BRIC Equity

For the year ending 31 March 2011, the Fund returned 17.47% (net of fees, share class AC) compared with the benchmark return of 14.99% (custom BRIC benchmark – 25% equal weighting to MSCI Brazil, Russia, India and China).

In 2010 we saw BRIC markets continue their positive run but the returns were, on the face of it, less dramatic than 2009. During the year, concerns over a number of issues, such as the outlook for China growth and European Sovereign risk, had an impact on emerging equity markets. In 2010, Brazil and China were up modestly (3.8% and 2.3% respectively) whilst Russia returned 17.2% and India delivered 19.4%.

In 2010, the Fund performed strongly relative to peers delivering first quartile performance. Stock selection contributed positively, with the Fund’s positions in Brazil working particularly well. Petrobras was the top contributor to performance at the stock level, because of the Fund’s large underweight to the stock (Petrobras shares fell over the year because of a huge equity issuance). Concerning allocation, performance was initially detracted because of the Fund’s underweight to India (which performed best in absolute terms in 2010) and the Fund’s overweight to Russian energy names. Both were selected in line with the Fund’s valuation-oriented approach. However, in the fourth quarter of 2010 and in first quarter of 2011, these positions were the Fund’s principal contributors. The Fund’s focus is on mid and long-term returns and the Fund is prepared to take large conviction relative positions.

In first quarter 2011, the Fund performed strongly both in absolute terms and relative to its benchmark and peers. Over the quarter, the primary contributions to performance came from the Fund’s allocation to, and stock selection in, Russia and India. In Russia, the top performing BRIC country over first quarter, the Fund’s large overweight (averaging +8% in the first quarter relative to the benchmark) added significant value. The market was particularly strong and benefited from a combination of factors, not least attractive valuations, oil prices in excess of $100 and strong expected earnings revisions. In particular, the Fund’s overweight to the energy sector, which benefited from all of the aforementioned reasons, was positive. Elsewhere, the Fund’s underweight through the quarter to India, especially in January and February when the market suffered a correction, was favourable. India finished the quarter with returns of -5.2%. The Fund’s underweight allocations to ‘expensive’ names such Infosys Technology, Icici Bank and Reliance Industries contributed well. Subsequent to the market’s performance in January and February, the Fund’s exposure to the Indian market was incrementally increased, and it was roughly neutral at quarter end. Contribution to relative performance was marginally positive from China and marginally negative from Brazil.

HGIF BRIC Markets

For the year ending 31 March 2011, the Fund delivered a return of 13.91% (net of fees, share class AC) in US dollar terms compared with a benchmark return of 9.56% (MSCI BRIC).

Russia was the stand-out performer over the year, as investors were attracted by its low valuation and its exposure to the record oil price. The other three markets performed more or less in line with each other. Markets initially dipped because of concerns over monetary policy tightening in China and sovereign debt problems in the peripheral countries of the Eurozone. They then recovered as global economic data continued to be beat expectations and risk appetite returned to the markets. Emerging market equities strongly outperformed developed market equities, and there were substantial inflows into the asset class. Towards the end of the period, markets weakened again, as all the BRIC markets raised interest rates in response to ongoing inflationary pressures, and there was a general switch out of emerging markets and into developed markets. Volatility continued to the period end because of the unrest in the Middle East and North Africa, and the earthquake and tsunami in Japan.


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HGIF BRIC Markets Equity

For the year ending 31 March 2011, the Fund returned +11.75% (net of fees, share class AC) in US dollar compared with the benchmark, which rose +12.0% in US dollar (MSCI BRIC, net total return) over the same period.

BRIC equities underperformed the developed markets, which rose +13.4% according to the MSCI World, net total return, in US dollar. Emerging equities remained in a large trading range over the year. The European debt crisis and the end to Quantitative Easing 1 led stocks lower in the second quarter of 2010, but emerging equities rallied sharply in the second-half of 2010 following the announcement of Quantitative Easing 2 and the fall of risk aversion. The first quarter of 2011 ended positive. Despite concerns about inflation in emerging economies, Middle East and North African countries’ political changes and the Japanese earthquake triggered a pullback in emerging returns in March. The Brent and the CRB index surged respectively +44% and +32% over the year. Brazil, China and India registered similar performances, while Russia outperformed, given the appreciation in oil and commodity prices.

The country allocation had a positive impact on the Fund’s relative performance as the Fund was overexposed on Russia over the year. The active stock selection was globally positive, thanks to the Fund’s value-added scoring model. The exposure management had no significant impact on the performance, as the Fund’s exposure remained close to 100% over the year.

HGIF Climate Change

From 31 March 2010 to 31 March 2011, the Fund posted a +5.79% performance (A share, net of fees) vs. a +8.34% performance for its benchmark.

Equity markets began the year on a downbeat tone amidst European countries default fears and while macro data confirmed the economic recovery is uneven. Record corporate earnings and improving economic indicators gradually rekindled investors’ optimism during the summer. Over the second half, the recovery theme underpinned market sentiment. Markets traded up despite lingering concerns over inflation and Europe’s sovereign-debt woes, unrest in the Middle East and North Africa and a nuclear crisis risk in Japan. Indeed a second round of quantitative easing, encouraging economic data, record corporate earnings and ongoing merger-and-acquisition activity were supportive. The MSCI World index ended the year up +14.08% (net return), while light crude prices surged 27% to $107. Climate change related stocks underperformed developed markets. Industrial and transport efficiency names displayed the best performances. At the other end of the spectrum, wind names were dragged down by the underperformance of heavyweight Vestas Wind. Integrated power names significantly lagged.

HGIF Emerging Wealth

For the year ending 31 March 2011, the Fund returned +13.91% (net of fees, share class AC) in US dollar terms compared with the reference index, which rose +13.64 % over the same period. Emerging equities remained in a large trading range over the year. The European debt crisis and the end to Quantitative Easing 1 led stocks lower in the second quarter of 2010, but emerging equities rallied sharply in the second half of 2010 following the announcement of Quantitative Easing 2 and the fall of risk-aversion. The first quarter of 2011 ended on a positive note. Despite concerns on inflation in emerging economies, Middle-East countries’ political changes and the Japanese earthquake triggered a pull-back in emerging returns in March. Over the year, the Brent and the CRB index surged by +44% and +32% respectively. Given the economic rebound, consumption and especially car producers outperformed, supporting the Fund return.


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HGIF Euroland Equity

For the year ending 31 March 2011, the Fund delivered a return of 5.3% (net of fees, share class AC) compared with a benchmark return of 5.8% (MSCI EMU (NR)). The year was dominated initially by the fear of the impact of the sovereign debacle on European economies. However, the size of the response by governments and central bankers and the surprisingly strong profitability improvement of corporate Europe were sufficient to calm most deflation fear during summer. Investors started pricing some form of economic normalisation in the third quarter, initially driven by strong emerging economies but with a gradual contagion to developed economies.

Economically sensitive companies benefited strongly from the economic rebound and their operational leverage. Automobile, capital goods and chemicals were the strongest sectors. As the other hand of the spectrum, the banking sector suffered a lot as a natural holder of sovereign debt under a lot of regulatory pressure. Defensive sectors also lagged as should be expected in a year of positive economic surprise. Geography also played a key role in the market performance with Germany up close to 15% and Greece down by around 30%.

Stock selection outperformed slightly the overall market over the period notably in banks (Deutsche Bank), energy (Repsol) and transportation (Ferrovial). Selection equally detracted from performance in auto (BMW) and material (BASF) and having no exposure to luxury goods, which outperformed strongly. Geography there was no impact on relative performance as an under-weight stance in Germany was compensated by the limited exposure to Ireland and Italy. During the last 12 months exposure to cyclicals such as capital goods (Siemens, consumer services (Accor) or material (Umicore) were reduced and positions in food (Unilever, Kerry Group) and healthcare (Synthes, Grifols) were raised.

The prospects for European equities remain favourable. Valuations do not reflect the strong improvement in profitability currently engineered by Corporate Europe. Rising M&A activity could serve as a catalyst for a correction of this undervaluation. The economic backdrop although less of a support given the raw material price increase, the higher euro and slightly rising interest rates should remain sufficiently robust to ensure further equity market progress over the next 12-months.

HGIF Euroland Equity Smaller Companies

For the year ending 31 March 2011, the Fund delivered a return of 19.74% (gross of fees), against a benchmark (MSCI EMU Small Cap) return of 14.57%; ending the year ranked 11th in its peer group.

The Fund performed well despite a very difficult trading environment. Fortunately, quantitative easing in the US, low short and long-term interest rates, improving macroeconomic figures in the US and Europe, favourable banking sector stress tests and upward revisions of expected profits in the small and mid-Cap segment reassured the financial markets. The Fund benefited from its large exposure to companies invested in the emerging countries, or exposed to energy and materials, and from its strong underweight position in PIIGS stock markets.

Privatisations expectations led the manager to buy Greek utilities. A holding was maintained in a paper and packaging company in Ireland, as the valuation was found attractive. There was no exposure to Portugal, whilst Italy was underweight during 2010/11. The underweight position in domestic consumption has been reduced at the beginning of 2011. Financials and pharmaceuticals have been and are still underweight due to a very selective stock-picking approach. Industrials and the Netherlands were the great winners of the year; outperformance being mainly due to stock-picking (75%) and country and sector allocation (25%).

HGIF Euroland Growth

For the year ending 31 March 2011, the Fund delivered a return of 2.60% (net of fees, share class M1D) compared with a benchmark return of 5.31% (100% MSCI EMU (EUR) NR).

The underperformance of the Fund is largely concentrated in the month of April 2010. For the rest of the period, performance was on average flat, despite the growth style outperforming broad indices. The negative contribution to relative performance came from a strong defensive stance taken early in 2010 on the back of declining macroeconomic figures. The implementation of the second wave of quantitative easing in the summer has allowed economic momentum to reaccelerate as well as reignited appetite for risk. The cyclical growth theme was the key beneficiary in this environment, of which we were underweight. Positive contribution came from pure growth stories in the technology and healthcare sector.

Turnover was modest. The defensive/quality bias of the Fund is maintained as cyclical indicators seem to be topping-out, margins in most cyclical sectors are at all-time highs and stable growth seems significantly undervalued.


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HGIF European Equity

For the period 1 April 2010 to 31 March 2011, the Fund returned 11.1% (net of fees, Class P), compared to a benchmark return of 8.2% (the FTSE World Europe (RI)).

European equity markets rose over the 12-month period, largely driven by strong rises in corporate earnings. The economic situation was broadly positive with good economic growth in Northern Europe. Some countries such as Greece, Ireland and Portugal had significant fiscal issues which were reflected in government bond yields well above equivalent yields in Germany. Over this period, the corporate sector has continued to perform well with profits rising strongly. Capital expenditure has been modest and many companies have increased dividend payments. The Fund holdings have concentrated on companies with sustainable cash flows and good balance sheets. The Fund performance was led by companies releasing good results. The valuation of the equity market is well below 15-year averages. With corporate earnings expected to grow through 2011, we believe that investors should receive modest gains from equities over the medium-term.

HGIF Global Emerging Markets Elite

For the year ending 31 March 2011, the Fund returned 16.46% (net of fees, Class YC) compared with the benchmark return of 18.46% (MSCI Emerging Markets).

On a quarter-by-quarter basis, in Q2 2010, the MSCI Emerging Markets index returned -8.4% in second quarter, amid concerns over the global recovery and worries over the sovereign debt outlook in the Eurozone. Market sentiment deteriorated and the Fund underperformed by 3.3% (gross). The Fund’s overweight to Korean industrials, a play on global economic growth, detracted from relative performance. Increased risk aversion also hurt the Fund’s positions in Russia and Taiwan. However, over the quarter, allocation to Russia was increased in light of the attractive valuations the market is trading at. The Fund benefited from stock selection in India, notably in energy name Oil & Natural Gas Corp.

In the third quarter of 2010, emerging markets rose 18%, with the Fund outperforming by 0.8% (gross). Turkey and Korea, the Fund’s second and third largest country overweights, were the top two contributors on a relative basis. In Turkey, which rose 32% over the quarter, we benefited from a combination of allocation and stock selection. The Fund’s positions in airline name Turk Hava Yollari and Tupras, a petrochemical conglomerate, contributed most significantly at the stock level. In Korea, stock selection in industrials names, which are highly linked to the global recovery, proved particularly profitable. The Fund’s positions in Daewoo Shipbuilding, Hyundai Mipo Dock and Samsung Heavy Industries were the top performers. The Fund’s exposure to China, Thailand and South Africa also contributed strongly. In the fourth quarter of 2010, emerging markets moved 7.3% higher, with the Fund outperforming by 1.0% (gross). The Fund’s valuation oriented approach worked well. Underweight allocations to Brazil and India, which looked expensive based on the Fund’s valuation and profitability metrics, generated strong relative performance. Both markets underperformed over the quarter. The Fund’s underweight in Brazilian large cap names such as CVRD and Petrobras was particularly profitable. The Fund’s exposure to Korea and South Africa also contributed strongly. Both markets outperformed relative to the broader EM index. The Fund’s overweight to Russia, which staged a strong rally in December, was also beneficial. At the sector level, materials and financials stocks contributed most positively.

In the first quarter, emerging market equities rose 2.3%, with the Fund outperforming by 0.2% (gross). The Fund’s conviction in Russia, the Fund’s largest overweight, contributed significantly, in particular the Fund’s exposure to energy names such as Gazprom, Rosneft and Sistema. Korea was again strong. The Fund’s underweight to India, a position aligned with the Fund’s valuation approach, also contributed positively, as the markets returned -5.2% in the first quarter.


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HGIF Global Emerging Markets Equity

For the year ending 31 March 2011, the Fund returned 14.91% (net of fees, share class AC) compared with the benchmark return of 18.46% (MSCI Emerging Markets). On a quarter-by-quarter basis, in second quarter of 2010, the MSCI Emerging Markets index returned -8.4% in the second quarter, amid concerns over the global recovery and worries over the sovereign debt outlook in the Eurozone. Market sentiment deteriorated and the Fund underperformed by 3.3% (gross). The Fund’s overweight to Korean industrials, a play on global economic growth, detracted from relative performance. Increased risk-aversion also hurt the Fund’s positions in Russia and Taiwan. However, over the quarter, allocation to Russia was increased in light of the attractive valuations the market is trading at. The Fund benefited from stock selection in India, notably in energy name Oil & Natural Gas Corp. In the third quarter of 2010, emerging markets rose 18%, with the Fund outperforming by 0.8% (gross). Turkey and Korea, the Fund’s second and third largest country overweights, were the top two contributors on a relative basis. In Turkey, which rose 32% over the quarter, we benefited from a combination of allocation and stock selection. The Fund’s positions in airline name Turk Hava Yollari and Tupras, a petrochemical conglomerate, contributed most significantly at the stock level. In Korea, stock selection in industrials names, which are highly linked to the global recovery, proved particularly profitable. The Fund’s positions in Daewoo Shipbuilding, Hyundai Mipo Dock and Samsung Heavy Industries were the top performers. The Fund’s exposure to China, Thailand and South Africa also contributed strongly. In the fourth quarter of 2010, emerging markets moved 7.3% higher, with the Fund outperforming by 1.0% (gross). The Fund’s valuation oriented approach worked well. Underweight allocations to Brazil and India, which looked expensive based on the Fund’s valuation and profitability metrics, generated strong relative performance. Both markets underperformed over the quarter. The Fund’s underweight in Brazilian large cap names such as CVRD and Petrobras was particularly profitable. The Fund’s exposure to Korea and South Africa also contributed strongly. Both markets outperformed relative to the broader EM index. The Fund’s overweight to Russia, which staged a strong rally in December, was also beneficial. At the sector level, materials and financials stocks contributed most positively. In the first quarter, emerging market equities rose 2.3%, with the Fund outperforming by 0.2% (gross). The Fund’s conviction in Russia, the Fund’s largest overweight, contributed significantly, in particular the Fund’s exposure to energy names such as Gazprom, Rosneft and Sistema. Korea was again strong. The Fund’s underweight to India, a position aligned with the Fund’s valuation approach, also contributed positively, as the markets returned -5.2% in the first quarter. HGIF Global Equity

For the year ending 31 March 2011, the Fund returned +10.6% (net of fees, share class AC) in US dollar compared with the benchmark, which rose +13.45% in US dollar (MSCI World, net total return) over the same period.

Global equities remained in a large trading range over the year. The European debt crisis and the end to Quantitative Easing 1 led stocks lower in the second quarter of 2010, but equities rallied sharply in the second-half of 2010 following the announcement of Quantitative Easing 2 and the fall of risk aversion. The first quarter of 2011 ended on a positive note. Despite concerns about inflation in emerging economies, Middle East and North African countries’ political changes and the Japanese earthquake, risk-appetite remained stable thanks to improving macro and micro economic fundamentals. Over the year, North America outperformed. Asia underperformed, hurt by the Japanese counter-performance.

Over the year, the country allocation had a positive impact on the Fund’s relative performance, in particular in the Fund’s European allocations where the Fund was underexposed on Southern Europe and overexposed in Germany. The stock selection was negative, in particular in the Fund’s North American exposures. Our long-term value-added inputs (valuation and momentum) counter-performed as investors were not focused on the prospective fundamentals. The exposure management had no significant impact on the performance, as the Fund’s exposure remained close to 100% over the year.


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HGIF Latin American Equity

For the year ending 31 March 2011, the Fund outperformed its benchmark, the MSCI World Index.

Equities were hit by the worsening of the European sovereign credit crisis, whilst EM policy tightened and Chinese and US growth slowed down. In terms of valuations, the Fund continued to trade at relative attractive multiples. Despite this, Latin American equities surged, beating emerging market equities, Asian (ex-Japan) and developed markets. By year end, the Fund had outperformed its benchmark. The announcement of the second wave of quantitative easing in the US, the expansion of commodities, the overall better-than-expected economic data and a slightly weaker US dollar supported the performance of equities around the globe. From a sector perspective, overweights in financials, industrials and consumer discretionary and underweights in steel (in Brazil) contributed positively. Stock selection worked well across the board. In general, throughout the region, the latest increase in volatility has created opportunities which are being captured, although the benefit had yet to be seen. HGIF Middle East and North Africa Equity

For the year ending 31 March 2011, the Fund delivered a return of 0.30% (net of fees, share class AC) compared with a benchmark return of 1.82% (75% S&P Pan-Arab Investable Large and Mid, Net USD (TR) / 25% S&P Saudi Arabia Large and Mid, Net USD (TR) Index). Following Dubai’s debt restructuring announcement in Q4 2009 the MENA markets recovered in 2010. Visibility and confidence were improving in the region and in 2010, a number of IPO’s and corporate bond issuances were announced, a sign of improved sentiment. Commodities were also supportive. The Fund benefited in particular from its positions in Kuwait, Saudi Arabia, Egypt and Oman. In Kuwait, the Fund’s more positive outlook on the country (compared with peers) has been the right decision whilst in Saudi Arabia, the Fund’s exposure to financials like Samba group worked well. Furthermore, in Egypt we bought into the second tier mid-cap stocks, a strategy that has also paid off well. From October we reduced the Fund’s weighting in Egypt and ended the year with a neutral weighting. In 2011 the Middle East and North Africa (MENA) market equities started the year by under performing both emerging and developed markets in a tumultuous month for the asset class. In the second part of January markets were subject to a strong sell off. Political uprisings in Tunisia were later followed by more aggravated and contracted protests in Egypt which led to the ousting of President Mubarak and the Egypt stock exchange to close on 27 January for almost two months. After falls in February of 5.4% MENA Equities rose 3.4% in March. From an investment perspective, whilst recent events are a reminder of the risks of investing in MENA markets, many of which are going through important phases of their evolution, ultimately we continue to see interesting opportunities for investment in the region. In Egypt’s case for example, we believe that ultimately, change should be favourable for the mid and long-term outlook of the economy. The Fund slightly under performed the benchmark in a volatile market but took advantage of the rebound in the market especially by the Fund’s overweights in UAE and Qatar. Although we were underweight on aggregate in Egypt the Fund’s allocation to some of the smaller more illiquid names hurt relative performance.


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Market Specific Equity Sub-Funds

HGIF Brazil Equity

For the year ending 31 March 2011, the Fund outperformed its benchmark, the MSCI Brazil 10/40 Index. In Brazil, the most important event took place on 3 September with the second quarter of 2010 GDP release. Brazil’s GDP expanded 1.2% quarter-on-quarter, above market expectations implying GDP growth of 5.1% in annualised terms. From a sector perspective, overweights in industrials and zero exposure to utilities did not disappoint. However, exposure within consumer discretionary and staples as well as financials did work as well as expected. By year end, the Fund had outperformed its benchmark by 3.93%. The announcement of the second wave of quantitative easing in the US, the expansion of commodities, the overall better-than-expected economic data and a slightly weaker US dollar supported the performance of equities around the globe. Brazil continued to present a strong household consumption (supported by healthy credit expansion, unemployment rate at record lows and real wage gain) and the impressive recovery of investments. In general, the latest increase in volatility has created some opportunities which are being captured, although the benefit has not yet been realised.

HGIF Chinese Equity

For the year ending 31 March 2010, the Fund delivered a return of 9.22%, compared with a benchmark return of 9.44% (MSCI China 10/40).

Stock selection contributed positively to performance over the period, especially active positions in the Consumer Discretionary and Financials sectors. Xinyi Glass (Consumer Discretionary) was the largest contributing stock to performance. In the financials sector, the Fund's underweight in insurance names such as Ping An Insurance also helped performance. Allocation effect was mixed over the period. An average overweight in IT added value, whilst an average overweight in consumer discretionary cost performance. Residual cash detracted from returns.

HGIF Hong Kong Equity

For the year ended 31 March 2011, the Fund delivered a return of 12.76% (net of fees, share class AC), compared with a benchmark return of 14.16% (Hang Seng Index). The market rebounded during the first half of the reporting period primarily driven by ample liquidity, solid corporate earnings and improving macro sentiment, but remained range bound during the latter half of the reporting period due to the market's concerns over inflation and the adverse impact from interest rate hikes.

Positive stock selection in energy and consumer discretionary sectors added value. However, the Fund’s overweight in materials and information technology sectors hurt performance.

HGIF Indian Equity

For the year ending 31 March 2011, the Fund delivered a positive return of 2.20% compared with a benchmark return of 8.07% (S&P/IFCI Investable India). This comes on the back of a strong performance for the preceding year, where the Fund returned 147.89% (Benchmark: 110.68%).

The Fund’s performance was positive in five sectors and negative in another five. The top contributors were energy (+139bps) and information technology (+99bps) and utilities (+62 bps). The sectors which hurt performance the most were Financials (-392bps), Industrials (-221bps) and consumer staples (-152bps). 74% of the total effect was from stock selection, while the rest was from sector selection.

The third and fourth quarters of calendar year 2011 saw record Foreign Institutional Investor (FII) inflows, with flows going to a select group of index names, especially banks. Underweight positions in some index heavyweights in financials were the key reason for underperformance. We did not consider them as good value, as other large cap stocks (just below the level of the mega large caps) offered better valuation.


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HGIF Japanese Equity

For the year ending 31 March 2011, the Fund delivered a return of -3.2% (net of fees, share class AC, USD) compared with a benchmark return of 1.45% (MSCI Japan NR USD). The Japanese equity market enjoyed a strong recovery during the fourth quarter of 2010 and the beginning of 2011, as the global economy exhibited a strong recovery. The earthquake and subsequent nuclear disaster in March caused an initial fall of almost 20% in the Japan equity market, less than half of which has been recovered. The strong performance of the Yen over the period has made Japanese exports less competitive than rivals such as Germany and China. The manager’s strategy of favouring companies which are cheap relative to their peers, and with positive earnings sentiment, is not yet bearing fruit. However, there has been positive signs of a turn in performance in recent quarters.

HGIF Korean Equity

For the year ending 31 March 2011, the Fund delivered a return of 30.55% (net of fees, share class AD), compared with a benchmark return of 31.47% (MSCI Korea). After a very strong rally in the previous twelve months, the Korean markets did not lose the momentum thanks to strong upgrades in earnings expectations, recovered export competitiveness, government stimulus measures, low interest rates and improved global sentiment. Market performance was highly correlated with the strong foreign buying, with top performing sectors being the heaviest foreign net bought ones. HGIF Russia Equity

For the year ending 31 March 2011, the HGIF Russia Fund returned 25.39% (net of fees, share class AC) compared with the benchmark return of 29.38% (MSCI Russia 10/40 index). During 2010, Russian equities displayed a high correlation to global markets and to commodities, which make up roughly 2/3 of the index. The MSCI Russia index moved higher and was largely driven by global risk appetite, itself the result of global growth expectations on one hand and risk factors on the other. Growth expectations were predominantly dominated by US and China data, and whether the recovery or the high demand can be sustained respectively. The sovereign debt crisis in the Eurozone was also an ever-present theme in 2010, coming to the fore notably in April when Greece required debt assistance and later, towards the end of the summer, when Ireland followed. Russia equities are high beta and for much of the year underperformed emerging markets until a strong up tick occurred in December. In terms of the macro economy, the recovery has been late compared with much of the world and as a result, is still playing catch up. Inflation is at historically low levels and interest rates are also low. In the fourth quarter, the market benefited from a number of recent positive catalysts, especially the 2018 World Cup win, enhanced merger and acquisition activity (e.g. Wimm Bill Dann), privatisation plans and various reform announcements. The valuation argument, with Russia still trading at a 30-40% discount to emerging markets, also remains and appears supportive. In terms of performance, the Fund was hurt during 2010 from its bias to value. Value was found predominantly in the energy sector (35% of the benchmark) and the Fund’s overweight to the sector, which underperformed over the year, detracted from relative performance. Furthermore, the Fund’s underweight to gold, which looked expensive, also detracted as gold continued to rally higher. Overall, the top market performers were insulated domestic stocks (expensive) rather than stocks linked to global growth. In the first quarter of 2011, the Fund’s overweight towards energy names paid off as the market moved higher, led by the increasing commodity prices.


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HGIF Singapore Equity

For the year ending March 31, 2011, the Fund returned 17.78% in USD terms, while the benchmark MSCI Singapore returned 22.95%, underperforming by 5.16%.

The sector allocation effect accounted for 61% of the total effect, with the rest coming from the stock selection and interaction effect.

An overweight position in telecom helped performance (+79bps), while overweight positions in industrials (-101bps), energy (-58bps) and information technology (-42bps) hurt performance. An underweight position in consumer staples helped performance (+55bps) while in financials, the underweight cost 45 basis points of performance. Against a rising market, the Fund's cash position acted as a drag. The average cash weight of 2.6% during the year cost about 78 basis points of performance.

HGIF Taiwan Equity

For the year ending 31 March 2011, the Fund delivered a return of 23.29%, compared with a benchmark return of 22.19% (MSCI Taiwan).

The outperformance was mostly driven by superior stock selection. Active positions in the information technology sector added much value to returns. Largan Precision and Chimei Innolux are the top two contributors to performance over the period. From an allocation perspective, an overweight in Industrials contributed positively while an average underweight of consumer discretionary cost performance.

HGIF Thai Equity

For the year ended March 31, 2011, the Fund returned 40.83%, while its benchmark, the Thailand SET Index, returned 48.69%, underperforming by 7.86%.

Sector allocation effect contributed to 38% of the total effect, while the rest came from the stock effect. The Fund’s underweight in energy added to performance (+0.99%). Other underweight sectors such as consumer staples, industrials and telecom detracted from performance. Among the overweight sectors, financials was the worst performer (-2.54%), where the Fund’s stock-picking hurt performance the most. Overweight in information technology and utilities also took away from performance.

HGIF Turkey Equity

For the year ending 31 March 2011, the Fund returned 5.47% (net of fees, share class AC) compared with a benchmark performance of 4.72% (MSCI Turkey Gross Index).

Overweight positions in selected industrial companies were the main contributors. From April until mid-November Turkish equity market outperformed both developed markets and emerging peers and reached all-time-high levels. In the first half of the year, European sovereign debt sustainability was on markets' focus and concerns related to this issue led to a sell-off while Turkish equities remained resilient given strong fiscal performance, robust growth prospects led by domestic demand, historically low interest rates along with political stability. However, by mid-November, with the implementation of unconventional monetary measures by the Central Bank of Turkey, Turkish equities started to underperform emerging markets until March 2011. These measures consisted of decreasing policy rates and increasing reserve requirements for banks simultaneously and resulted in deterioration of banks' future profit estimates, sharp depreciation of TRY and foreign Fund outflows. In addition to these factors, social unrest in the Middle East and North Africa region and rising food and oil prices hurt Turkey's performance due to high sensitivity of its current account deficit to oil prices and trade relations with the MENA region.


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HGIF UK Equity

For the period 1 April 2010 to 31 March 2011, the Fund returned 12.2% (net of fees, Class A), compared to a benchmark return of 8.7% (the FTSE All Share (TR)).

The UK equity market rose over the 12-month period, largely driven by strong rise in corporate earnings. The UK economy continued to recover for most of 2010, but growth halted in fourth quarter, affected by the very severe weather. The UK economy has benefited from growth elsewhere in Europe, the US and emerging economies such as China. Sentiment in the equity market was also affected by the continued fiscal problems in countries such as Greece, Ireland and Portugal. Over this period, the corporate sector has continued to perform well with profits rising strongly. Capital expenditure has been modest and many companies have increased dividend payments. The Fund holdings have concentrated on companies with sustainable cash flows and good balance sheets. The Fund performance was led by companies releasing good results. The valuation of the equity market is well below 15-year averages. With corporate earnings expected to grow through 2011, we believe that investors should receive modest gains from equities over the medium-term.

HGIF US Equity

For the year ending 31 March 2011, the Fund returned 13.93% (net of fees, share AC) in US dollar terms compared with the benchmark return of 15.65% (S&P 500 Composite (RI)). During the first half of the year, macro data confirmed the recovery was uneven. Better than expected earnings seasons in the US rekindled investors’ optimism, sending equity markets up and volatility down. In the wake of a sluggish August, equities recorded their best September month in 7 decades. Upbeat macro data eased concerns regarding the pace of the economic recovery. However, rising oil prices and inflation during the first quarter 2011 could affect the growth in consumer spending and business investment, as well as US long-term fiscal problems. Standard &Poor’s revised its outlook on the country’s long term credit rating to negative from stable.

The Fund benefited from a strong stock selection. Most of the gains came from the financial and healthcare sectors. Stock selection within oil, gas & consumer fuels sector also contributed positively to the Fund performance (Overweight position on Conoco Phillips +62%) The Fund suffered from a negative sector allocation. The overweight position on Diversified Financials (-1.04%) generated part of the losses. The energy equipment & services was the best performing industry over the period (+56%) while the diversified financials recorded the sole negative performance. The gains issued from the overweight on the automobile sector (+24%) helped the Fund in limiting its underperformance. As numbers of uncertainties kept weighing on the market, the Fund remained cautious and maintained a 100% market exposure over the period.

Other Sub-Funds

HGIF European Equity Absolute Return Fund (formerly, European Equity Alpha)

For the year ended 31 Mar 2011, the Fund returned -2.69%. The long positions achieved a return of 3.76%, compared with 3.41% for MSCI Europe Index. However, a number of positions in the short portfolio rallied strongly and the short portfolio lost -6.45%. The Fund had started well, returning +5.6% by the end of last August when the market struggled under the European sovereign crisis, sluggish recovery in the U.S. and a lingering fear of deflation. All of this gain was reversed after investors were enticed back to the market by the US Federal Reserve Chairman Bernanke’s second quarter earnings announcement. The ensuing rally favoured low quality and more financially geared companies, which has proven very damaging to the short portfolio. Short positions comprised names with poor quality and valuation metrics. These names, however, were the ones, which rallied quickly based on earnings upgrades. Although the rally is a little long in the tooth, it has appeared fairly resilient so far. Signs have recently emerged that investors are becoming hesitant (cue the recent wild swings in commodity markets). The strategy of the Fund remains the same – the manager continues to look for companies with strong profitability at cheap valuations, and vice versa for the shorts.


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HGIF GEM Debt Total Return (formerly, New World Income)

For the year ending 31 March 2011, the Fund delivered a return of 4.04% (net of fees, share class M1C) compared with a return of 0.56% for the benchmark (3 Month USD LIBOR Constant Maturity).The Global Emerging Markets Debt Total Return strategy maintains its place as one performing emerging markets debt products available on a risk adjusted basis.

Absolute performance was strong for the first seven months of the period as both hard currency and local currency debt performed well. However, in November, and through to January, the asset class faltered, as concerns around the Eurozone debt crisis caused a sell off. The Fund maintained a net invested position of around 60% - 70% for the majority of the year, ensuring that the Fund captured the majority of market gains, but still maintained protection against any losses in the markets and controlled volatility. A significant amount of performance has been driven by country selection, with gains from both external debt and local currency exposure. Overall, the Fund remained constructive on emerging markets debt, amid improving fundamentals, but took a short term cautious stance regarding emerging market local currencies. The Fund maintained high levels of liquidity and stood ready to add aggressively when compelling investment opportunities presented themselves.

HGIF GEM Equity Absolute Return (formerly, Global Emerging Markets Equity Alpha)

The inception date for this Fund was 16 April 2010. From this point to 31 March 2011, the Fund delivered a return of 6.8% (net of fees, class L1) in USD, against a benchmark return of 0.3% (1 month USD Libor).

The GEM Equity Absolute Return Fund employs a value-driven long-short approach to exploit the inefficiencies inherent in emerging markets, selecting around 35 long and 35 short stock positions based upon fundamental analysis, from a universe of over 700 stocks, thereby aiming to generate ‘double alpha’ through managing both sides of the book. Over the period, gross exposure for the Fund varied between 90% and 150%. Net exposure varied from -8% to +8% over this period. The Fund’s current position reflects the net exposures of those stocks identified from Fundamental analysis that provide mismatches of price-to-book value ratios and returns on equity; in particular, those stocks with low price-to-book value ratios and high return on equity for the long book and high price-to-book value ratios and low return on equity for the short book. Currently, with market valuations in a neutral zone, the Fund managers are focusing on individual stocks (both long and short) to drive the portfolio and the net position of the Fund is close to zero. Gross exposure is near the steady state level of 150%.

HGIF Global Bond Market Neutral

For the year ending 31 March 2011, the Fund delivered a return of 1.49% (net of fees, share class L1C) against a benchmark return of 0.52% (EONIA).

Ten-year government nominal yields declined noticeably, especially over the first part of the fiscal year, following poor economic data and renewed woes on sovereign credit risk. In addition to their natural propensity to amplify the general trend, US treasuries were supported by disappointing economic data combined with the fact that the Federal Reserve reaffirmed its pledge to maintain rates at a record low for an extended period. In this environment, the relative value on nominal bonds driver especially benefited from its +22% average long position on the US market. At the end of March, main active positions concern the UK (short), Canada (short), Germany (short), Switzerland (long) and the US (long). Shorter maturities now price European Central Bank and Bank of England hikes before year-end since hawkish comments from both Central Banks.

In the foreign exchange market, investors were torn between the volatility in risk-aversion, the rise of commodity prices and monetary policy expectations. The US dollar dropped against the currencies of its major trade partners as a result of the Fed’s monetary policy. Dollar bloc currencies delivered a higher performance than European currencies due to higher commodity prices. Within the European bloc, the Swiss franc strongly outperformed the euro on peripherals concerns. In this environment, the fund benefited from the overall short exposure on the US dollar, especially against dollar bloc currencies but was penalised by its short position on the Swiss franc. The major part of the driver’s risk budget is currently dedicated to i) short exposure on the Swiss franc vs. other European currencies and ii) global short exposure on the US dollar vs. all other OECD currencies. At the end of March, and since the beginning of the crisis, the rise of the Swiss franc is still quite large (between 15% and 45%) compared to other European currencies and cannot be explained only by changes in fundamentals. The US dollar may continue to suffer from the accommodative monetary policy from the Fed.


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HGIF Global Currency

For the year ending 31 March 2011, the Fund delivered a return of, -4.80% (net of fees, Class L1) USD Institutional share class, against a benchmark return of 0.11 % (3-month USD T-bill). The year of 2010 was a difficult year in the FX Market. The difficulties started with the European Sovereign Debt Crisis and continued with the second round of Quantitative Easing in the US (QE2) in August 2010. Central Banks around the world left interest rates low and they remained fairly static throughout the year. FX Markets remained volatile in the first quarter of 2011 based on tragic event in Japan, an earthquake in New Zealand, the Libya crisis and inflationary pressures in Europe. The European Central Bank has signalled a gradual pace of interest rate hikes for the remainder of the year. It appears that global Interest Rates have started to increase, and yield curves are indicating future interest rates increases. The manager uses a quantitatively-based methodology and employs both short-term and long-term investment strategies. The latter focused on carry effects (differences in interest rates between currencies) whilst the former aimed to exploit predictability in short-term spot foreign exchange moves. The period of the report was characterised by difficult and volatile financial markets, which are a continuation of the financial crisis of 2007-2008.

HGIF Global Flex Allocation

For the year ending 31 March 2011, the Fund delivered a return of –0.71% (net of fees, share class AC) in line with the benchmark return of –0.66 % (60% CG EGBI + 40 % MSCI World).

The Fund benefited from an investment strategy focused around the following three points: firstly, a large investment in equities up to end mid-January, which was then reduced (as it was thought that despite an attractive valuation after more than a 6-month rally, equities were sensitive to higher macro and micro risk); secondly, preferred equities markets being UK, Switzerland, Russia, Korea and Canada; and thirdly, the portfolio being invested in various bonds with a median risk exposure. A balanced credit risk of between AAA euro government bonds and non-financial euro-denominated bonds were held. The next period is commencing with low-beta equity risk and a cautious stance in credit selection.

HGIF Global Macro

For the year ending 31 March 2011, the Fund delivered a return of 0.64% (net of fees, share class L1C).

This period was marked by a continuation of the recovery in the global economy and financial markets, notwithstanding a discernible phase of mid-year slowdown in the economy and heightened market volatility during the summer months. Global equities gained 13.2% as measured by MSCI AC World Total Return Index in US dollar, whilst global government bonds returned 6-7% across the three major markets (US, Eurozone and UK) as measured by JP Morgan Government Bond Indices in local currency terms. Though a extension of the positive track record in 2008 and 2009, we fell short of the Fund’s target alpha return. Equity strategies provided recurring positive returns with diversified and relative value bets. Results were mixed in bonds and currencies. In bonds, we suffered losses, primarily in the discretionary sleeve, owing to a short duration exposure. It was driven by the view that bonds were overvalued relative to other asset classes and under-compensate investors for risks. The Fund has managed its risk budget prudently when high frequency swings in market prices did not produce any significant signal in either valuation or sentiment extremes. By year-end, its risk profile converged back towards the target volatility.


25

HGIF Global Macro II

The Macro II Fund was launched on 4th October 2011. For the period up to 31 March 2011, the Fund delivered a return of 3.44% (net of fees, share class L1C).

This period was marked by a continuation of the recovery in the global economy and financial markets. Global equities gained 13.9% as measured by MSCI AC World Total Return Index in USD. Though positive, we fell short of the Fund’s target alpha return. Equity strategies provided positive returns with diversified and relative value bets. Results were mixed in bonds and currencies. In bonds, we suffered losses, primarily in the discretionary sleeve, owing to a short duration exposure. It was driven by the view that bonds were overvalued relative to other asset classes and under-compensate investors for risks. The Fund has managed its risk budget prudently when high frequency swings in market prices did not produce any significant signal in either valuation or sentiment extremes. By year-end, its risk profile converged back towards the target volatility.

Report of the Reviseur d'Entreprises agree

To the Shareholders of HSBC Global Investment Funds 16, Boulevard d'Avranches L -1 160 Luxembourg Grand Duchy 01 Luxembourg

REPORT OF THE REviSEUR O'ENTREPRISES AGREE

Following our appointment by the Annual General Meeting of the shareholders dated 30 July 2010, we have audited the accompanying financial statements of H$BC Global Investment Funds ("the CompanyH) and each of its sub-funds, which comprise the statement of nel assets and the statement of investments in securities and other net assets as at 31 March 2011 and the statement of operations and changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory information.

Board of Directors of the Company responsibility for the financial statements

The Board of Directors of the Company is responsible for the preparation and fair presentation of these financial statements in accordance with luxembourg legal and regulatory requirements relating to the preparation of the financial statements, and for such internal control as the Board of Directors of the Company determines is necessary to enable the preparation of financial statements that are free from material misstatement whether due to fratKf or error.

Responsibility of the Reviseur d'Entreprises agree

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statemems. The procedures selected depend on the judgment of the Reviseur d'Enueprises agree, including the assessment of the risks of matenal misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Aeviseur d'Entreprises agree considers internal control relevant to the entity's preparation and fair presentation of the financial statements in OHler 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 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.

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of HSBC Global Investment Funds and each of its sub-funds as of 31 March 2011, and of the results of tlleir operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.

Orher matter

Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to mak.e cooc:erning such information in the context of the financial statements tak.en as a whole.

Luxembourg, 11 Jut'( 20 11

KPMG Audit S.a r.l. cabinet de revision agree

A. Beegun

26

27

28

Statement of Net Assets as at 31 March 2011

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

Portfolio at Cost

Unrealised Appreciation/(Depreciation)

Portfolio at Market Value

Cash at Bank

Bank Overdraft

Receivable from Brokers

Payable to Brokers

Receivable from Shareholders

Payable to Shareholders

Other Assets (note 18)

Other Liabilities (note18)

Total Net Assets

CONSOLIDATEDUSD

23,325,420,357

3,177,291,953

26,502,712,310

865,387,961

(6,824,339)

325,575,158

(320,972,675)

283,589,305

(185,390,381)

203,607,752

(117,131,225)

27,550,553,866

USD

Asia ex JapanEquity

643,245,532

123,716,611

766,962,143

5,256,703

(2,271,224)

18,448,554

(16,228,662)

547,954

(1,548,584)

6,033,634

(1,193,963)

776,006,555

International andRegional Equity

Sub-Funds

USD

Asia ex JapanEquity Smaller

Companies

59,879,995

12,893,129

72,773,124

204,421

-

1,136,306

(601,559)

514,372

(757,112)

80,090

(219,450)

73,130,192

USD

Asia Pacific exJapan Equity

High Dividend

116,606,387

42,646,423

159,252,810

3,759,365

-

1,057,915

(672,598)

757,838

(753,193)

497,323

(355,307)

163,544,153

29


USDBRIC Equity

1,669,677,527

380,320,091

2,049,997,618

28,510,108

(7)

21,452,067

(19,215,180)

3,861,463

(6,616,435)

1,324,347

(2,281,069)

2,077,032,912

USDBRIC Markets

30,723,086

11,185,372

41,908,458

40,334

-

-

-

-

-

50,378

(44,117)

41,955,053

USD

BRIC MarketsEquity

532,559,347

136,100,866

668,660,213

36,060,253

-

-

-

1,917,647

(1,321,106)

2,391,770

(887,238)

706,821,539

USDClimate Change

38,009,067

210,265

38,219,332

3,124,599

-

1,401,768

(312,648)

155,827

(1,736,436)

78,866

(64,694)

40,866,614

USDEmerging Wealth

27,376,253

2,250,116

29,626,369

2,392,916

(6,482)

-

-

127,455

(754,592)

149,434

(55,196)

31,479,904

EUREuroland Equity

1,020,309,930

(18,882,329)

1,001,427,601

2,042,023

-

-

-

25,055,848

(15,099,719)

295,921

(1,322,111)

1,012,399,563

30



Portfolio at Cost



Cash at Bank

Bank Overdraft


Payable to Brokers





Total Net Assets

EUR

Euroland EquitySmaller

Companies

57,406,637

11,818,051

69,224,688

1,654,289

-

1,306,800

(136,047)

316,869

(362,292)

126,274

(102,005)

72,028,576

EUREuroland Growth

97,431,262

(6,863,005)

90,568,257

162,838

-

-

-

36,095

(218,162)

27,139

(83,892)

90,492,275

EUREuropean Equity

110,949,973

8,021,374

118,971,347

220,848

-

667,298

-

288,615

(472,449)

1,067,296

(142,190)

120,600,765

USD

Global EmergingMarkets Elite

12,823,487

983,445

13,806,932

270,522

(3)

142,092

(234,559)

-

-

17,977

(26,216)

13,976,745

31


USD

Global EmergingMarkets Equity

658,131,584

53,763,714

711,895,298

7,944,110

(268)

8,879,626

(6,959,225)

526,446

(1,403,694)

874,028

(1,540,383)

720,215,938

USDGlobal Equity

73,652,264

7,078,758

80,731,022

10,384,603

(527,719)

6,845,201

-

15,634

(9,397,195)

206,052

(89,747)

88,167,851

USD

Latin AmericanEquity

272,341,304

56,005,667

328,346,971

8,269,051

-

-

(985,232)

1,877,253

(366,970)

712,572

(399,067)

337,454,578

USD

Middle East andNorth Africa

Equity

10,280,935

(32,815)

10,248,120

212,761

(2)

201,976

(201,976)

18,289

(167,608)

41,714

(19,811)

10,333,463

USDBrazil Equity

1,961,045,740

541,497,274

2,502,543,014

59,338,021

-

29,566,303

(3,826,253)

13,667,941

(45,252,524)

8,366,063

(20,788,811)

2,543,613,754

Market SpecificEquity Sub-Funds

USDChinese Equity

2,351,962,609

550,639,205

2,902,601,814

57,069,086

-

39,188,924

(31,958,397)

2,409,825

(11,475,686)

643,709

(4,435,119)

2,954,044,156

32



Portfolio at Cost



Cash at Bank

Bank Overdraft


Payable to Brokers





Total Net Assets

USDHong Kong Equity

369,602,782

70,386,904

439,989,686

1,252,747

-

3,249,093

(5,317,019)

703,996

(1,987,361)

460,536

(441,850)

437,909,828

USDIndian Equity

4,975,156,701

887,720,034

5,862,876,735

56,639,997

-

17,112,536

(24,727,461)

24,182,042

(9,406,606)

61,847

(8,956,334)

5,917,782,756

JPYJapanese Equity

5,608,098,412

(552,000,302)

5,056,098,110

190,714,998

-

261,449,339

-

42,335,893

(370,378,457)

74,278,452

(7,132,200)

5,247,366,135

USDKorean Equity

103,362,505

40,038,001

143,400,506

46,769

-

1,870,900

(8,243,215)

15,155,645

(863,355)

2,280,067

(187,390)

153,459,927

33


USDRussia Equity

412,177,248

82,282,856

494,460,104

11,100,770

-

-

(1,408,145)

17,830,046

(17,296,886)

57,116

(859,870)

503,883,135

USDSingapore Equity

59,144,411

10,373,570

69,517,981

3,504,141

-

-

-

144,362

(280,718)

1

(106,207)

72,779,560

USDTaiwan Equity

33,450,664

1,439,978

34,890,642

57,615

-

728,194

(4,115,209)

3,990,909

(309,937)

1,410

(48,343)

35,195,281

USDThai Equity

108,356,618

28,220,713

136,577,331

2,357,868

-

-

-

1,126,631

(4,740,008)

1,116,161

(208,510)

136,229,473

EURTurkey Equity

154,499,722

(15,089,138)

139,410,584

2,360,846

-

118,822

-

1,588,237

(753,623)

224,836

(233,926)

142,715,776

GBPUK Equity

40,624,653

7,200,624

47,825,277

627,951

-

-

(59,742)

243,682

(152,870)

214,718

(74,597)

48,624,419

34



Portfolio at Cost



Cash at Bank

Bank Overdraft


Payable to Brokers





Total Net Assets

USDUS Equity

131,532,156

17,173,447

148,705,603

18,619,708

-

661,779

-

1,781,827

(644,076)

1,671,301

(196,706)

170,599,436

USDBrazil Bond

52,712,816

3,080,217

55,793,033

798,649

-

-

-

235,363

(214,020)

3,762,572

(66,220)

60,309,377

Bond Sub-Funds

EUR

Euro Bond(Formerly Euro

Core Bond)

75,950,068

(1,052,689)

74,897,379

1,790,027

-

661,323

(633,378)

26,115

(146,348)

1,445,719

(38,943)

78,001,894

EUR

Euro Credit Bond(Formerly Euro

Core Credit Bond)

402,594,327

(3,329,826)

399,264,501

4,550,513

-

20,041,182

(24,460,651)

529,666

(174,317)

10,787,156

(587,544)

409,950,506

35


EUR

Euro High YieldBond

483,519,194

20,229,285

503,748,479

7,183,984

-

1,297,003

(26,321,556)

31,707,077

(3,547,322)

14,389,224

(422,613)

528,034,276

USD

Global Bond(Formerly GlobalCore Plus Bond)

106,002,729

4,044,819

110,047,548

8,665,451

-

-

(17,492,070)

9,992,695

(211,230)

1,219,281

(206,174)

112,015,501

USD

Global CreditBond (Formerly

Global CoreCredit Bond)

19,337,613

268,890

19,606,503

770,555

(111,038)

963,446

(573,555)

-

-

328,608

(361,682)

20,622,837

USD

Global EmergingMarkets Bond

1,234,246,320

37,450,510

1,271,696,830

12,378,690

-

9,457,535

(47,403,462)

60,379,723

(3,388,663)

33,574,245

(5,540,781)

1,331,154,117

USD

Global EmergingMarkets

Corporate Debt(launched as at 16

December 2010)

9,310,061

75,644

9,385,705

577,276

-

298,323

(269,839)

-

-

189,865

(2,644)

10,178,686

USD


Investment GradeBond (launched

as at 16December 2010)

20,073,321

163,396

20,236,717

1,544,820

-

30,000

(722,235)

1,094,184

-

546,059

(116,806)

22,612,739

36



Portfolio at Cost



Cash at Bank

Bank Overdraft


Payable to Brokers





Total Net Assets

USD

Global EmergingMarkets Local

Debt

463,327,596

24,716,553

488,044,149

168,456,503

-

201,460

-

1,150,519

(1,020,297)

18,075,707

(6,355,796)

668,552,245

USD

Global HighIncome Bond

(launched as at 28July 2010)

1,143,248,372

31,385,181

1,174,633,553

29,234,675

-

15,783,446

(14,302,169)

24,762,819

(14,775,305)

24,929,775

(29,928,985)

1,210,337,809

USD

Global InflationLinked Bond

(launched as at 30June 2010)

35,944,272

1,944,292

37,888,564

162,183

(108,920)

396,012

-

1,518

(39,619)

532,093

(11,561)

38,820,270

USD

US Dollar Bond(Formerly US

Dollar Core PlusBond)

114,298,740

809,451

115,108,191

14,860,374

-

1,000,000

(30,861,747)

43,029

(202,142)

806,875

(5,750,825)

95,003,755

37


EUREuro Reserve

23,583,999

16,040

23,600,039

29,836

-

2,965,000

(2,899,785)

34,149

(1,718,021)

4,129

(7,192)

22,008,155

Reserve Sub-Fund

EUR

European EquityAbsolute Return

(launched as at 16April 2010)(Formerly

European EquityAlpha)

16,228,711

568,878

16,797,589

4,140,955

(4)

798,868

-

-

(2,311,430)

23,678

(680,497)

18,769,159

Other Sub-Funds

USD

GEM Debt TotalReturn (Formerly

New WorldIncome)

836,149,301

14,249,937

850,399,238

156,031,245

-

60,111,099

(4,998,646)

3,026,916

(2,155,037)

45,697,777

(9,348,739)

1,098,763,853

USD

GEM EquityAbsolute Return

(launched as at 16April 2010)

(Formerly GlobalEmerging

Markets EquityAlpha)

21,911,050

1,098,133

23,009,183

5,902,832

-

1,917,072

(425,863)

-

(374)

138,811

(444,869)

30,096,792

EUR

Global BondMarket Neutral

66,260,388

44,254

66,304,642

7,504,117

(13,284)

551,464

-

28,390

(17,012)

283,499

(840,160)

73,801,656

USDGlobal Currency

53,965,108

16,027

53,981,135

19,030,527

(683,377)

13,500,000

-

56,942

(751,095)

18,944

(391,365)

84,761,711

38



Portfolio at Cost



Cash at Bank

Bank Overdraft


Payable to Brokers





Total Net Assets

EUR

Global FlexAllocation

(launched as at 6December 2010)

12,551,456

117,906

12,669,362

2,522,456

(71,330)

57,203

-

-

-

113,526

(369,760)

14,921,457

EURGlobal Macro

570,218,548

1,584,212

571,802,760

49,183,935

(1,921,375)

15,000,000

(863,659)

4,020,447

(3,879,953)

2,840,316

(5,265,588)

630,916,883

EUR

Global Macro II(launched as at 4

October 2010)

22,803,266

127,827

22,931,093

6,092,335

(183,716)

3,500,000

(86,366)

70,612

(1,805)

302,478

(442,168)

32,182,463

39

Class AC Number of Shares OutstandingNet Asset Value per Share

3,460,027.276 57.83

Class ACH Number of Shares OutstandingNet Asset Value per Share

2,530,770.101 26.94

Class AD Number of Shares OutstandingNet Asset Value per Share

5,289,244.409 53.57

Class ADH Number of Shares OutstandingNet Asset Value per Share

94,731.069 26.28

Class AM Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class AMD Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class EC Number of Shares OutstandingNet Asset Value per Share

179,363.330 53.19

Class ED Number of Shares OutstandingNet Asset Value per Share

3,658.093 52.70

Class IC Number of Shares OutstandingNet Asset Value per Share

1,672,235.700 58.00

Class ICH Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class ICHEUR

Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class ICHGBP


N/AN/A

Class ID Number of Shares OutstandingNet Asset Value per Share

143,461.750 57.90

Class IDH Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class J1C Number of Shares OutstandingNet Asset Value per Share

7,442,952.605 12.24

Class L1C Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class L1D Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class LCH1CHF


N/AN/A

Class LCH1EUR


N/AN/A

Class LCH1GBP


N/AN/A

Class LCH1JPY


N/AN/A

Class LCH1SEK


N/AN/A

Class LCH1USD


N/AN/A

Class LDH1EUR


N/AN/A

Class LDH1GBP


N/AN/A

Class LDH1USD


N/AN/A

Class M1C Number of Shares OutstandingNet Asset Value per Share

N/AN/A


Sub-Funds

USD

Asia ex JapanEquity

350,072.421 38.88

N/AN/A

1,354,706.345 37.02

N/AN/A

N/AN/A

N/AN/A

143,049.085 38.14

N/AN/A

98,867.380 39.51

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


Companies

1,934,430.622 20.03

N/AN/A

4,864,074.363 17.10

N/AN/A

N/AN/A

N/AN/A

34,666.235 19.70

N/AN/A

737,314.462 17.95

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


High Dividend

5,793,397.773 27.71

N/AN/A

82,183.826 27.82

N/AN/A

N/AN/A

N/AN/A

164,455.248 27.11

N/AN/A

6,060,218.192 28.02

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

17,228,736.043 21.00

4,000.000 27.86

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,566,247.794 29.35

USDBRIC Equity

Key Figures as at 31 March 2011

40


N/AN/A

Class M1D Number of Shares OutstandingNet Asset Value per Share

N/AN/A


N/AN/A

Class MCH1CHF


N/AN/A

Class MCH1EUR


N/AN/A

Class MCH1GBP


N/AN/A

Class MCH1JPY


N/AN/A

Class MCH1SEK


N/AN/A

Class MCH1USD


N/AN/A

Class MDH1GBP


N/AN/A

Class MDH1SEK


N/AN/A

Class PC Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class PD Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class R1C Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class S1D Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class S2C Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class WC Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class WD Number of Shares OutstandingNet Asset Value per Share

9,548.946 11.29

Class XC Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class YC Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class YD Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class ZC Number of Shares OutstandingNet Asset Value per Share

N/AN/A

Class ZCHGBP


N/AN/A

Class ZD Number of Shares OutstandingNet Asset Value per Share

285,348.015 54.78

Class ZDH1PGBP


N/AN/A

Class ZM Number of Shares OutstandingNet Asset Value per Share

N/AN/A


Sub-Funds

USD

Asia ex JapanEquity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


Companies

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

319,330.090 18.15

N/AN/A

1,260,257.068 17.38

N/AN/A

N/AN/A

USD


High Dividend

37,433,593.639 28.22

N/AN/A

9,731,424.436 28.31

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

4,203.078 28.04

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDBRIC Equity



41


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class LCH1CHF


N/AN/A

Class LCH1EUR


N/AN/A

Class LCH1GBP


N/AN/A

Class LCH1JPY


N/AN/A

Class LCH1SEK


N/AN/A

Class LCH1USD


N/AN/A

Class LDH1EUR


N/AN/A

Class LDH1GBP


N/AN/A

Class LDH1USD


N/AN/A


N/AN/A


Sub-Funds

USDBRIC Markets

14,038,788.753 16.98

N/AN/A

11,104,558.636 16.93

N/AN/A

N/AN/A

N/AN/A

2,092,061.877 16.58

8,508.310 16.58

486,307.140 17.64

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

13,318,649.672 17.80

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

BRIC MarketsEquity

2,088,973.998 6.67

N/AN/A

3,032,618.759 6.62

N/AN/A

N/AN/A

N/AN/A

613,887.128 6.56

N/AN/A

412,844.665 6.87

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDClimate Change

922,533.788 8.77

N/AN/A

2,704,560.564 8.65

N/AN/A

N/AN/A

N/AN/A

456.488 8.76

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDEmerging Wealth


42


N/AN/A


N/AN/A


N/AN/A

Class MCH1CHF


N/AN/A

Class MCH1EUR


N/AN/A

Class MCH1GBP


N/AN/A

Class MCH1JPY


N/AN/A

Class MCH1SEK


N/AN/A

Class MCH1USD


N/AN/A

Class MDH1GBP


N/AN/A

Class MDH1SEK


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


4,075.000 31.53


1,679.995 31.53


1,293,785.000 32.29

Class ZCHGBP


N/AN/A


N/AN/A

Class ZDH1PGBP


N/AN/A


N/AN/A


Sub-Funds

USDBRIC Markets

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD

BRIC MarketsEquity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDClimate Change

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDEmerging Wealth



43


13,102,077.397 28.19


N/AN/A


6,456,336.150 26.84


N/AN/A


N/AN/A


N/AN/A


78,124.333 27.59


8,899.418 26.59


15,179,606.387 29.24


N/AN/A

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class LCH1CHF


N/AN/A

Class LCH1EUR


N/AN/A

Class LCH1GBP


N/AN/A

Class LCH1JPY


N/AN/A

Class LCH1SEK


N/AN/A

Class LCH1USD


N/AN/A

Class LDH1EUR


N/AN/A

Class LDH1GBP


N/AN/A

Class LDH1USD


N/AN/A


N/AN/A


Sub-Funds

EUREuroland Equity

1,172,403.816 43.82

N/AN/A

143,212.888 42.33

N/AN/A

N/AN/A

N/AN/A

56,208.791 42.93

N/AN/A

216,866.592 45.59

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUR


Companies

2,253.064 11.26

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

7,564,460.000 11.39

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

216,207.715 11.29

EUREuroland Growth

648,402.837 33.24

N/AN/A

18,888.421 30.74

N/AN/A

N/AN/A

N/AN/A

10,565.782 31.34

84,914.594 30.31

202,576.000 34.14

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUREuropean Equity


44


N/AN/A


N/AN/A


N/AN/A

Class MCH1CHF


N/AN/A

Class MCH1EUR


N/AN/A

Class MCH1GBP


N/AN/A

Class MCH1JPY


N/AN/A

Class MCH1SEK


N/AN/A

Class MCH1USD


N/AN/A

Class MDH1GBP


N/AN/A

Class MDH1SEK


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


90,702.668 32.07

Class ZCHGBP


N/AN/A


699,671.054 29.61

Class ZDH1PGBP


N/AN/A


N/AN/A


Sub-Funds

EUREuroland Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

46,183.718 49.72

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUR


Companies

N/AN/A

175,124.968 10.69

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUREuroland Growth

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

5,159.000 34.61

2,689,613.759 30.40

N/AN/A

N/AN/A

N/AN/A

N/AN/A

27,027.027 18.55

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

198,239.430 31.24

N/AN/A

N/AN/A

EUREuropean Equity



45


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class LCH1CHF


N/AN/A

Class LCH1EUR


N/AN/A

Class LCH1GBP


N/AN/A

Class LCH1JPY


N/AN/A

Class LCH1SEK


N/AN/A

Class LCH1USD


N/AN/A

Class LDH1EUR


N/AN/A

Class LDH1GBP


N/AN/A

Class LDH1USD


N/AN/A


N/AN/A


Sub-Funds

USD


2,846,653.623 19.60

N/AN/A

5,759,376.210 19.18

N/AN/A

N/AN/A

N/AN/A

1,079,872.204 18.53

38,028.487 18.41

1,331,939.493 20.18

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


234,056.747 24.17

N/AN/A

894,574.760 23.77

N/AN/A

N/AN/A

N/AN/A

15,161.420 23.92

N/AN/A

278,671.356 25.02

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDGlobal Equity

511,535.316 21.30

N/AN/A

1,089,870.224 21.30

N/AN/A

N/AN/A

N/AN/A

119,273.365 21.19

N/AN/A

5,330,093.945 21.60

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,903,616.139 21.54

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

4,111,232.376 21.49

USD



46


N/AN/A


N/AN/A


N/AN/A

Class MCH1CHF


N/AN/A

Class MCH1EUR


N/AN/A

Class MCH1GBP


N/AN/A

Class MCH1JPY


N/AN/A

Class MCH1SEK


N/AN/A

Class MCH1USD


N/AN/A

Class MDH1GBP


N/AN/A

Class MDH1SEK


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


500.000 12.41


N/AN/A


1,173,344.398 11.91

Class ZCHGBP


N/AN/A


N/AN/A

Class ZDH1PGBP


N/AN/A


N/AN/A


Sub-Funds

USD


N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

23,834,180.637 13.33

1,558,480.110 13.16

N/AN/A

1,401,514.306 9.45

N/AN/A

N/AN/A

7,806,788.891 19.77

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

28,821.154 19.63

N/AN/A

N/AN/A

USD


N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

2,134.887 26.38

N/AN/A

2,085,657.115 25.82

N/AN/A

N/AN/A

USDGlobal Equity

N/AN/A

2,636,304.375 21.37

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD




47


277,910.546 9.52


N/AN/A


31,561.490 9.45


N/AN/A


N/AN/A


N/AN/A


81,209.441 9.47


N/AN/A


181,387.000 9.64


N/AN/A

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class LCH1CHF


N/AN/A

Class LCH1EUR


N/AN/A

Class LCH1GBP


N/AN/A

Class LCH1JPY


N/AN/A

Class LCH1SEK


N/AN/A

Class LCH1USD


N/AN/A

Class LDH1EUR


N/AN/A

Class LDH1GBP


N/AN/A

Class LDH1USD


N/AN/A


N/AN/A


Sub-Funds

USD


Equity

26,506,270.209 40.84

N/AN/A

18,939,190.128 40.50

N/AN/A

N/AN/A

N/AN/A

1,803,951.194 39.81

7,055.744 39.81

4,747,248.975 42.92

N/AN/A

N/AN/A

N/AN/A

710,268.357 41.83

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A


USDBrazil Equity

6,917,320.595 82.28

N/AN/A

26,780,223.720 80.26

N/AN/A

N/AN/A

N/AN/A

509,161.522 79.83

2,457.758 79.73

729,374.834 86.35

N/AN/A

N/AN/A

N/AN/A

3,179.620 82.81

N/AN/A

115,446.860 85.45

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDChinese Equity

225,804.145 123.55

N/AN/A

27,062.268 115.76

N/AN/A

N/AN/A

N/AN/A

16,668.588 121.17

N/AN/A

160,023.263 127.50

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,019,655.054 8.34

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDHong Kong Equity


48


N/AN/A


N/AN/A


N/AN/A

Class MCH1CHF


N/AN/A

Class MCH1EUR


N/AN/A

Class MCH1GBP


N/AN/A

Class MCH1JPY


N/AN/A

Class MCH1SEK


N/AN/A

Class MCH1USD


N/AN/A

Class MDH1GBP


N/AN/A

Class MDH1SEK


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


499,000.000 9.76

Class ZCHGBP


N/AN/A


N/AN/A

Class ZDH1PGBP


N/AN/A


N/AN/A


Sub-Funds

USD


Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

9,020,937.954 43.04

N/AN/A

N/AN/A

5,431.533 46.08

N/AN/A

N/AN/A

N/AN/A

N/AN/A


USDBrazil Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,452,457.259 83.64

N/AN/A

N/AN/A

USDChinese Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

2,669,858.694 114.28

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

101,835.855 123.80

N/AN/A

480,301.499 121.24

N/AN/A

N/AN/A

USDHong Kong Equity



49


9,156,617.968 182.85


N/AN/A


21,405,433.151 182.26


N/AN/A


N/AN/A


N/AN/A


490,211.640 175.71


1,519.549 175.71


953,228.012 195.84


N/AN/A

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


218,713.047 191.44


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class LCH1CHF


N/AN/A

Class LCH1EUR


N/AN/A

Class LCH1GBP


N/AN/A

Class LCH1JPY


N/AN/A

Class LCH1SEK


N/AN/A

Class LCH1USD


N/AN/A

Class LDH1EUR


N/AN/A

Class LDH1GBP


N/AN/A

Class LDH1USD


N/AN/A


N/AN/A


USDIndian Equity

275,365.691 4,659.37

N/AN/A

99,332.264 691.15

N/AN/A

N/AN/A

N/AN/A

172,223.378 665.44

1,483.799 665.31

194,515.953 4,856.65

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

JPYJapanese Equity

1,662,657.245 18.07

N/AN/A

3,967,902.291 18.07

N/AN/A

N/AN/A

N/AN/A

481,465.003 17.72

1,752.980 17.73

1,883,692.608 18.88

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

413,414.846 18.40

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDKorean Equity

10,559,701.497 9.39

N/AN/A

34,104,475.288 9.39

N/AN/A

N/AN/A

N/AN/A

3,814,385.095 9.25

N/AN/A

5,046,323.094 9.69

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDRussia Equity


50


N/AN/A


N/AN/A


N/AN/A

Class MCH1CHF


N/AN/A

Class MCH1EUR


N/AN/A

Class MCH1GBP


N/AN/A

Class MCH1JPY


N/AN/A

Class MCH1SEK


N/AN/A

Class MCH1USD


N/AN/A

Class MDH1GBP


N/AN/A

Class MDH1SEK


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class ZCHGBP


N/AN/A


142,705.810 190.79

Class ZDH1PGBP


N/AN/A


N/AN/A


USDIndian Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,741.381 4,748.48

3,749,575.799 714.87

N/AN/A

N/AN/A

N/AN/A

N/AN/A

15,412.998 6,424.35

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

68,011.806 700.70

N/AN/A

N/AN/A

JPYJapanese Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDKorean Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

40,467.744 9.47

N/AN/A

N/AN/A

USDRussia Equity



51


365,190.795 41.92


N/AN/A


834,922.103 36.15


N/AN/A


N/AN/A


N/AN/A


63,822.654 41.01


N/AN/A


1,000.000 36.23


N/AN/A

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class LCH1CHF


N/AN/A

Class LCH1EUR


N/AN/A

Class LCH1GBP


N/AN/A

Class LCH1JPY


N/AN/A

Class LCH1SEK


N/AN/A

Class LCH1USD


N/AN/A

Class LDH1EUR


N/AN/A

Class LDH1GBP


N/AN/A

Class LDH1USD


N/AN/A


N/AN/A


USDSingapore Equity

237,085.945 12.87

N/AN/A

2,279,892.277 12.83

N/AN/A

N/AN/A

N/AN/A

227,449.676 12.78

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDTaiwan Equity

905,931.758 15.43

N/AN/A

6,876,022.226 13.96

N/AN/A

N/AN/A

N/AN/A

957,042.599 15.10

N/AN/A

733,104.681 16.12

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDThai Equity

3,128,843.757 22.30

N/AN/A

901,448.812 16.84

N/AN/A

N/AN/A

N/AN/A

1,360,858.793 21.89

N/AN/A

1,138,931.652 22.91

N/AN/A

N/AN/A

N/AN/A

6,534.000 16.93

N/AN/A

200,000.000 8.90

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EURTurkey Equity


52


N/AN/A


N/AN/A


N/AN/A

Class MCH1CHF


N/AN/A

Class MCH1EUR


N/AN/A

Class MCH1GBP


N/AN/A

Class MCH1JPY


N/AN/A

Class MCH1SEK


N/AN/A

Class MCH1USD


N/AN/A

Class MDH1GBP


N/AN/A

Class MDH1SEK


N/AN/A


N/AN/A


680,527.221 36.20


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class ZCHGBP


N/AN/A


N/AN/A

Class ZDH1PGBP


N/AN/A


N/AN/A


USDSingapore Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDTaiwan Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDThai Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EURTurkey Equity



53


253,687.072 28.15


N/AN/A


1,676,067.091 24.58


N/AN/A


N/AN/A


N/AN/A


3,285.861 27.86


N/AN/A


146.913 28.60


N/AN/A

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


7,246.000 27.43


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class LCH1CHF


N/AN/A

Class LCH1EUR


N/AN/A

Class LCH1GBP


N/AN/A

Class LCH1JPY


N/AN/A

Class LCH1SEK


N/AN/A

Class LCH1USD


N/AN/A

Class LDH1EUR


N/AN/A

Class LDH1GBP


N/AN/A

Class LDH1USD


N/AN/A


N/AN/A


GBPUK Equity

831,222.383 21.53

2,008,041.707 26.22

322,979.261 24.10

24,924.843 27.15

N/AN/A

N/AN/A

183,271.591 21.09

866.292 23.42

1,683,848.888 22.04

N/AN/A

N/AN/A

N/AN/A

8,763.535 9.04

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDUS Equity

1,707,542.249 22.07

N/AN/A

261,493.615 15.40

N/AN/A

N/AN/A

N/AN/A

650,490.611 21.78

N/AN/A

39,869.269 22.47

N/AN/A

N/AN/A

N/AN/A

190,000.000 18.65

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

Bond Sub-Funds

USDBrazil Bond

338,495.561 20.14

N/AN/A

59,335.569 16.98

N/AN/A

N/AN/A

N/AN/A

43,415.804 19.89

N/AN/A

3,314,012.488 20.92

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUR


Core Bond)


54


N/AN/A


N/AN/A


N/AN/A

Class MCH1CHF


N/AN/A

Class MCH1EUR


N/AN/A

Class MCH1GBP


N/AN/A

Class MCH1JPY


N/AN/A

Class MCH1SEK


N/AN/A

Class MCH1USD


N/AN/A

Class MDH1GBP


N/AN/A

Class MDH1SEK


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class ZCHGBP


N/AN/A


N/AN/A

Class ZDH1PGBP


N/AN/A


N/AN/A


GBPUK Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,086,256.161 24.69

N/AN/A

N/AN/A

N/AN/A

N/AN/A

20,741.426 141.35

N/AN/A

N/AN/A

1,874,375.838 8.87

N/AN/A

N/AN/A

168,801.188 24.47

N/AN/A

N/AN/A

USDUS Equity

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

Bond Sub-Funds

USDBrazil Bond

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUR


Core Bond)



55


5,687,980.116 19.61


N/AN/A


213,664.565 15.04


N/AN/A


N/AN/A


N/AN/A


166,816.218 19.37


N/AN/A


14,160,930.760 20.57


N/AN/A

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class LCH1CHF


N/AN/A

Class LCH1EUR


N/AN/A

Class LCH1GBP


N/AN/A

Class LCH1JPY


N/AN/A

Class LCH1SEK


N/AN/A

Class LCH1USD


N/AN/A

Class LDH1EUR


N/AN/A

Class LDH1GBP


N/AN/A

Class LDH1USD


N/AN/A


N/AN/A

Bond Sub-Funds

EUR


Core Credit Bond)

8,024,290.896 27.56

N/AN/A

346,229.404 19.73

N/AN/A

N/AN/A

N/AN/A

290,281.403 27.20

427.650 23.28

10,010,129.294 29.14

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUR

Euro High YieldBond

40,285.578 16.18

N/AN/A

2,502,384.618 14.07

N/AN/A

N/AN/A

N/AN/A

33,493.801 12.49

N/AN/A

1,329,194.994 16.50

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


1,374.350 106.42

3,600.000 149.14

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

39,991.667 107.27

3,600.000 150.06

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD




56


N/AN/A


N/AN/A


N/AN/A

Class MCH1CHF


N/AN/A

Class MCH1EUR


N/AN/A

Class MCH1GBP


N/AN/A

Class MCH1JPY


N/AN/A

Class MCH1SEK


N/AN/A

Class MCH1USD


N/AN/A

Class MDH1GBP


N/AN/A

Class MDH1SEK


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class ZCHGBP


N/AN/A


38,586.789 16.90

Class ZDH1PGBP


N/AN/A


N/AN/A

Bond Sub-Funds

EUR


Core Credit Bond)

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

17,605.993 29.88

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUR

Euro High YieldBond

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

659,332.830 11.49

N/AN/A

N/AN/A

N/AN/A

N/AN/A

8,737.161 193.89

N/AN/A

N/AN/A

N/AN/A

559,128.812 15.01

N/AN/A

2,491,126.734 14.51

N/AN/A

N/AN/A

USD


N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

50.000 107.63

N/AN/A

N/AN/A

139,850.000 108.00

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD





57


431,511.939 27.62


N/AN/A


54,183.400 27.62


77,112.000 19.06


299,730.533 24.74


N/AN/A


403,202.332 27.27


11,541.390 23.40


19,406,494.841 28.49


N/AN/A

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


3,386,277.946 20.32


10,236,697.129 20.64


N/AN/A


N/AN/A


N/AN/A

Class LCH1CHF


N/AN/A

Class LCH1EUR


N/AN/A

Class LCH1GBP


N/AN/A

Class LCH1JPY


N/AN/A

Class LCH1SEK


N/AN/A

Class LCH1USD


N/AN/A

Class LDH1EUR


N/AN/A

Class LDH1GBP


N/AN/A

Class LDH1USD


N/AN/A


N/AN/A

Bond Sub-Funds

USD


500.000 10.13

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,150.000 10.15

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD



December 2010)

500.000 10.25

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

200,500.000 10.27

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD




9,984,341.422 14.38

N/AN/A

3,846,424.466 13.10

N/AN/A

N/AN/A

N/AN/A

272,430.030 14.29

N/AN/A

9,716,460.637 14.75

N/AN/A

N/AN/A

N/AN/A

14,202,819.273 13.56

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


Debt


58


N/AN/A


N/AN/A


N/AN/A

Class MCH1CHF


N/AN/A

Class MCH1EUR


N/AN/A

Class MCH1GBP


N/AN/A

Class MCH1JPY


N/AN/A

Class MCH1SEK


N/AN/A

Class MCH1USD


N/AN/A

Class MDH1GBP


N/AN/A

Class MDH1SEK


N/AN/A


6,170,469.835 27.64


8,527,898.030 18.84


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


1,040,514.708 28.48


N/AN/A


N/AN/A


N/AN/A

Class ZCHGBP


N/AN/A


63,225.012 25.14

Class ZDH1PGBP


N/AN/A


4,149,491.616 24.63

Bond Sub-Funds

USD


N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

999,000.000 10.17

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD



December 2010)

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,999,000.000 10.28

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD




N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

2,302,567.735 13.12

N/AN/A

8,114,766.876 12.89

USD


Debt



59


882,605.847 10.57


N/AN/A


N/AN/A


N/AN/A


N/AN/A


117,587,305.228 10.21


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class LCH1CHF


N/AN/A

Class LCH1EUR


N/AN/A

Class LCH1GBP


N/AN/A

Class LCH1JPY


N/AN/A

Class LCH1SEK


N/AN/A

Class LCH1USD


N/AN/A

Class LDH1EUR


N/AN/A

Class LDH1GBP


N/AN/A

Class LDH1USD


N/AN/A


N/AN/A

Bond Sub-Funds

USD



1,090.775 103.39

20,000.000 146.96

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

10,000.000 103.70

N/AN/A

64,928.955 147.63

16,662.928 167.84

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD



55,544.546 13.80

N/AN/A

317,570.764 10.28

N/AN/A

N/AN/A

N/AN/A

100,240.100 13.63

N/AN/A

121,632.894 13.91

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD



1,090,659.638 17.28

N/AN/A

43,918.996 15.41

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

143,702.589 17.28

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

Reserve Sub-Fund

EUREuro Reserve


60


N/AN/A


N/AN/A


N/AN/A

Class MCH1CHF


N/AN/A

Class MCH1EUR


N/AN/A

Class MCH1GBP


N/AN/A

Class MCH1JPY


N/AN/A

Class MCH1SEK


N/AN/A

Class MCH1USD


N/AN/A

Class MDH1GBP


N/AN/A

Class MDH1SEK


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class ZCHGBP


N/AN/A


N/AN/A

Class ZDH1PGBP


N/AN/A


N/AN/A

Bond Sub-Funds

USD



N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

214,877.748 104.01

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD



N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,812,456.387 10.32

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,428,563.068 10.37

N/AN/A

N/AN/A

N/AN/A

487,316.651 14.49

N/AN/A

4,351,585.589 10.88

N/AN/A

N/AN/A

USD



N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

Reserve Sub-Fund

EUREuro Reserve



61


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


N/AN/A


N/AN/A


N/AN/A


94,719.510 9.73


N/AN/A

Class LCH1CHF


N/AN/A

Class LCH1EUR


N/AN/A

Class LCH1GBP


N/AN/A

Class LCH1JPY


N/AN/A

Class LCH1SEK


N/AN/A

Class LCH1USD


8,970.909 6.48

Class LDH1EUR


N/AN/A

Class LDH1GBP


N/AN/A

Class LDH1USD


N/AN/A


217,995.000 9.71

Other Sub-Funds

EUR




N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

17,821,146.813 12.99

5,985,660.070 12.39

N/AN/A

558,284.949 12.81

N/AN/A

N/AN/A

N/AN/A

N/AN/A

31,708,378.731 12.83

N/AN/A

N/AN/A

12,509,809.618 13.11

USD


New WorldIncome)

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

145,919.000 10.68

N/AN/A

N/AN/A

107,648.248 15.52

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

450,616.850 10.62

USD





N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

66,888.544 1,031.38

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

4,773.263 1,008.56

EUR



62


N/AN/A


N/AN/A


N/AN/A

Class MCH1CHF


N/AN/A

Class MCH1EUR


N/AN/A

Class MCH1GBP


23,238.727 8.91

Class MCH1JPY


N/AN/A

Class MCH1SEK


N/AN/A

Class MCH1USD


11,381.909 6.44

Class MDH1GBP


N/AN/A

Class MDH1SEK


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


1,559,055.690 9.87

Class ZCHGBP


N/AN/A


N/AN/A

Class ZDH1PGBP


N/AN/A


N/AN/A

Other Sub-Funds

EUR




N/AN/A

10,262,117.993 12.25

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

7,149,650.711 12.53

N/AN/A

N/AN/A

USD


New WorldIncome)

N/AN/A

N/AN/A

N/AN/A

N/AN/A

9,993.817 15.38

3,944.204 18.12

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

2,004,280.907 10.91

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD





N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUR




63


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class ICHEUR


N/AN/A

Class ICHGBP


N/AN/A


N/AN/A


N/AN/A


N/AN/A


514,009.191 10.19


N/AN/A

Class LCH1CHF


259,050.180 10.42

Class LCH1EUR


544,962.661 14.95

Class LCH1GBP


154,453.814 15.43

Class LCH1JPY


318,320.387 115.12

Class LCH1SEK


375,000.000 1.54

Class LCH1USD


N/AN/A

Class LDH1EUR


N/AN/A

Class LDH1GBP


N/AN/A

Class LDH1USD


N/AN/A


43,886.868 9.48

Other Sub-Funds

USDGlobal Currency

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

50.000 99.29

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

50.000 99.07

EUR



N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

3,065,660.502 118.97

31,837.304 119.63

N/AN/A

N/AN/A

54,994.706 121.87

N/AN/A

12,038.278 129.06

105,818.688 125.18

N/AN/A

31,122.917 121.98

305.297 98.17

471,888.565 117.01

EURGlobal Macro

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

89,591.003 103.42

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

76,069.803 114.70

N/AN/A

25,231.589 103.08

EUR


October 2010)


64


N/AN/A


2,745,793.126 10.20


N/AN/A

Class MCH1CHF


N/AN/A

Class MCH1EUR


14,339.227 13.51

Class MCH1GBP


26,031.563 15.86

Class MCH1JPY


150.000 114.25

Class MCH1SEK


N/AN/A

Class MCH1USD


N/AN/A

Class MDH1GBP


2,250.000 15.32

Class MDH1SEK


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A


N/AN/A

Class ZCHGBP


N/AN/A


N/AN/A

Class ZDH1PGBP


N/AN/A


N/AN/A

Other Sub-Funds

USDGlobal Currency

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

50.000 98.95

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

149,850.000 99.48

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUR



N/AN/A

53,009.088 117.16

N/AN/A

35,477.187 77.41

N/AN/A

183,319.690 113.76

N/AN/A

715,726.054 127.41

20,912.952 109.02

444,613.973 113.75

926.685 128.14

N/AN/A

N/AN/A

23,651.498 100.29

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

583.698 100.49

N/AN/A

46,979.000 115.63

N/AN/A

EURGlobal Macro

N/AN/A

560.397 100.77

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

111,000.000 103.92

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUR


October 2010)



65

66

Statement of Operations and Changes in Net Assets as at 31 March 2011


24,286,177,739 Net Assets at the Beginning of the Year

INCOME

649,197,973 Investment Income

1,200,855 Bank Interest

17,380,286 Other Income (note 15)

667,779,114 Total Income

EXPENSES

(318,993,341)Management Fees (note 4.2)

(934,385)Performance Fees (note 4.3)

(92,227,923)Operating, Administrative and ServicingFees (note 4.4)

(30,006,340)Interest Paid

(442,161,989)Total Expenses

225,617,125 Net Investment Profit/(Loss)

1,630,848,297 Realised Profit/(Loss) on Sale ofInvestments

1,856,465,422 Realised Profit/(Loss) for the year beforeForeign Currency Movement

(25,119,413)Profit/(Loss) on Foreign Currency

189,233,918 Change in unrealisedappreciation/(depreciation) ofInvestments, futures, forward foreignexchange contracts, CFD and swaps

2,020,579,927 Change in Total Net Assets as a Result of Operations

17,070,024,838 Proceeds on Issue of Shares (note 18)

(15,913,122,728)Payments on Redemption of Shares(note 18)

(130,260,406)Dividends Paid (note 13)

217,154,496 Currency Translation

27,550,553,866 Net Assets as at 31 March 2011

CONSOLIDATEDUSD

732,481,378

14,796,167

628

505,092

15,301,887

(9,458,499)

-

(2,413,042)

(207)

(11,871,748)

3,430,139

119,996,669

123,426,808

(2,427,729)

25,006,895

146,005,974

216,885,904

(318,279,801)

(1,086,900)

-

776,006,555


Sub-Funds

USD

Asia ex JapanEquity

55,570,392

1,197,503

34

77,636

1,275,173

(1,006,179)

-

(235,195)

(288)

(1,241,662)

33,511

10,329,119

10,362,630

(219,331)

(443,594)

9,699,705

71,606,899

(63,625,457)

(121,347)

-

73,130,192

USD


Companies

130,080,396

4,082,192

54

81,677

4,163,923

(1,659,987)

-

(454,940)

(107)

(2,115,034)

2,048,889

7,664,632

9,713,521

(124,044)

12,844,065

22,433,542

60,221,804

(47,945,658)

(1,245,931)

-

163,544,153

USD

Asia Pacific exJapan Equity High

Dividend

67



2,020,189,397

30,752,692

27

854,334

31,607,053

(18,041,100)

-

(7,268,055)

(3,720)

(25,312,875)

6,294,178

214,336,932

220,631,110

(562,937)

107,194,567

327,262,740

543,360,866

(813,780,091)

-

-

2,077,032,912

USDBRIC Equity

42,863,997

772,344

-

44,349

816,693

(388,514)

-

(97,963)

(7,192)

(493,669)

323,024

1,960,388

2,283,412

61,941

558,053

2,903,406

10,967,462

(14,779,812)

-

-

41,955,053

USDBRIC Markets

693,145,864

13,237,791

56,972

344,877

13,639,640

(8,164,833)

-

(2,220,127)

(4,069)

(10,389,029)

3,250,611

31,841,380

35,091,991

386,890

42,546,330

78,025,211

131,655,875

(195,744,161)

(261,250)

-

706,821,539

USD

BRIC MarketsEquity

44,102,409

777,412

9,857

52,672

839,941

(584,861)

-

(134,765)

(1,273)

(720,899)

119,042

(1,158,925)

(1,039,883)

132,703

3,109,202

2,202,022

16,648,163

(22,036,934)

(49,046)

-

40,866,614

USDClimate Change

34,703,204

684,221

4,903

26,268

715,392

(483,248)

-

(133,330)

(1,673)

(618,251)

97,141

2,775,906

2,873,047

21,649

1,208,977

4,103,673

5,509,362

(12,659,128)

(177,207)

-

31,479,904

USDEmerging Wealth

1,111,987,486

25,850,422

45,968

3,936,945

29,833,335

(11,898,601)

-

(3,111,907)

(3,871)

(15,014,379)

14,818,956

(19,841,604)

(5,022,648)

(98,159)

45,903,026

40,782,219

547,837,350

(684,332,058)

(3,875,434)

-

1,012,399,563

EUREuroland Equity

68



69,348,554 Net Assets at the Beginning of the Year

INCOME


4,151 Bank Interest

178,466 Other Income (note 15)


EXPENSES

(915,738)Management Fees (note 4.2)

-Performance Fees (note 4.3)

(227,909)Operating, Administrative and ServicingFees (note 4.4)

-Interest Paid


257,551 Net Investment Profit/(Loss)

10,873,103 Realised Profit/(Loss) on Sale ofInvestments

11,130,654 Realised Profit/(Loss) for the year beforeForeign Currency Movement

(41,845)Profit/(Loss) on Foreign Currency

(155,771)Change in unrealisedappreciation/(depreciation) ofInvestments, futures, forward foreignexchange contracts, CFD and swaps

10,933,038 Change in Total Net Assets as a Result of Operations

47,825,205 Proceeds on Issue of Shares (note 18)

(56,027,302)Payments on Redemption of Shares(note 18)

(50,919)Dividends Paid (note 13)

-Currency Translation

72,028,576 Net Assets as at 31 March 2011

EUR


Companies

125,960,642

3,201,911

7,916

512,225

3,722,052

(867,159)

-

(287,755)

-

(1,154,914)

2,567,138

(6,717,177)

(4,150,039)

(33,994)

7,176,863

2,992,830

16,831,219

(55,251,749)

(40,667)

-

90,492,275

EUREuroland Growth

112,787,066

3,391,537

1,967

351,493

3,744,997

(1,128,917)

-

(381,457)

(156)

(1,510,530)

2,234,467

6,899,351

9,133,818

(168,533)

(431,879)

8,533,406

99,408,658

(98,263,622)

(1,864,743)

-

120,600,765

EUREuropean Equity

13,979,295

307,449

116

9,633

317,198

(143,187)

-

(35,811)

(133)

(179,131)

138,067

2,446,598

2,584,665

(10,580)

(576,642)

1,997,443

-

(1,999,993)

-

-

13,976,745

USD


69



722,049,225

15,013,308

5,910

533,215

15,552,433

(6,344,730)

-

(2,340,422)

(11,434)

(8,696,586)

6,855,847

105,610,708

112,466,555

261,741

(14,121,593)

98,606,703

111,624,738

(209,960,744)

(2,103,984)

-

720,215,938

USD


109,115,760

1,761,936

30,728

235,617

2,028,281

(447,593)

-

(298,506)

(544)

(746,643)

1,281,638

10,630,541

11,912,179

308,105

(3,893,527)

8,326,757

40,447,603

(68,340,482)

(1,381,787)

-

88,167,851

USDGlobal Equity

264,783,920

6,039,266

710

49,268

6,089,244

(2,794,979)

-

(1,085,834)

(2,353)

(3,883,166)

2,206,078

21,272,528

23,478,606

(93,899)

19,421,450

42,806,157

196,082,802

(165,952,820)

(265,481)

-

337,454,578

USD


6,610,924

347,062

10

-

347,072

(61,476)

-

(32,926)

(381)

(94,783)

252,289

(95,278)

157,011

(50,049)

(83,174)

23,788

6,521,434

(2,820,805)

(1,878)

-

10,333,463

USD

Middle East andNorth Africa Equity

2,472,031,818

63,455,571

136

117,456

63,573,163

(40,751,271)

-

(9,635,619)

(29,398)

(50,416,288)

13,156,875

191,291,534

204,448,409

(2,471,384)

193,255,239

395,232,264

2,421,016,039

(2,741,721,752)

(2,944,615)

-

2,543,613,754


USDBrazil Equity

3,367,916,217

64,193,247

22

4,448,551

68,641,820

(44,309,480)

-

(12,220,417)

(1,384)

(56,531,281)

12,110,539

177,149,986

189,260,525

(4,081,171)

26,890,873

212,070,227

459,075,939

(1,079,364,918)

(5,653,309)

-

2,954,044,156

USDChinese Equity

70




INCOME


9 Bank Interest



EXPENSES




(211)Interest Paid













USDHong Kong Equity

6,876,598,268

52,828,872

643

191,153

53,020,668

(97,192,888)

-

(26,486,434)

(17,045)

(123,696,367)

(70,675,699)

491,458,433

420,782,734

(7,504,300)

(384,543,369)

28,735,065

953,926,913

(1,941,383,376)

(94,114)

-

5,917,782,756

USDIndian Equity

7,109,597,023

109,832,756

403,278

2,192,731

112,428,765

(61,976,844)

-

(19,163,394)

(18,591)

(81,158,829)

31,269,936

(832,668,245)

(801,398,309)

(6,111,067)

(9,046,131)

(816,555,507)

4,484,971,812

(5,528,927,688)

(1,719,505)

-

5,247,366,135

JPYJapanese Equity

123,443,939

1,095,346

5,319

142,203

1,242,868

(1,673,528)

-

(475,880)

(1,075)

(2,150,483)

(907,615)

18,334,172

17,426,557

(356,621)

15,110,179

32,180,115

107,932,461

(110,096,588)

-

-

153,459,927

USDKorean Equity

71



112,840,000

1,803,689

78

50,898

1,854,665

(3,740,051)

-

(876,862)

(9,121)

(4,626,034)

(2,771,369)

15,861,804

13,090,435

32,977

67,574,824

80,698,236

684,835,439

(374,490,540)

-

-

503,883,135

USDRussia Equity

73,472,733

2,297,580

-

60,384

2,357,964

(1,011,523)

-

(297,841)

(51)

(1,309,415)

1,048,549

11,618,016

12,666,565

(132,947)

(878,609)

11,655,009

35,033,373

(46,269,910)

(1,111,645)

-

72,779,560

USDSingapore Equity

7,187,878

181,761

48

-

181,809

(158,651)

-

(40,248)

(62)

(198,961)

(17,152)

436,309

419,157

(59,307)

464,061

823,911

39,828,929

(12,633,283)

(12,154)

-

35,195,281

USDTaiwan Equity

107,711,690

4,910,707

88

41,067

4,951,862

(1,998,144)

-

(472,706)

(2,910)

(2,473,760)

2,478,102

27,490,449

29,968,551

(948,938)

15,742,436

44,762,049

211,557,577

(226,211,767)

(1,590,076)

-

136,229,473

USDThai Equity

33,564,070

1,139,001

47,826

502,749

1,689,576

(1,794,024)

-

(407,639)

(128)

(2,201,791)

(512,215)

6,321,693

5,809,478

(366,917)

(21,155,073)

(15,712,512)

308,277,127

(183,392,510)

(20,399)

-

142,715,776

EURTurkey Equity

51,436,817

1,460,933

878

15,946

1,477,757

(724,367)

-

(152,132)

(131)

(876,630)

601,127

4,744,734

5,345,861

(5,237)

265,339

5,605,963

13,582,913

(21,130,327)

(870,947)

-

48,624,419

GBPUK Equity

72




INCOME


6,882 Bank Interest



EXPENSES




-Interest Paid


(235,302)Net Investment Profit/(Loss)



87,401 Profit/(Loss) on Foreign Currency





(104,450)Dividends Paid (note 13)



USDUS Equity

43,646,193

5,610,765

1,836

-

5,612,601

(497,848)

-

(166,541)

(194)

(664,583)

4,948,018

2,459,308

7,407,326

(58,016)

633,158

7,982,468

47,507,729

(38,087,621)

(739,392)

-

60,309,377

Bond Sub-Funds

USDBrazil Bond

67,323,983

3,290,085

5,597

7,308

3,302,990

(344,474)

-

(144,208)

(57,083)

(545,765)

2,757,225

424,060

3,181,285

(6)

(2,891,609)

289,670

78,465,657

(68,055,632)

(21,784)

-

78,001,894

EUR


Core Bond)

375,061,060

19,158,540

30,500

77,993

19,267,033

(2,591,205)

-

(1,072,041)

(643,619)

(4,306,865)

14,960,168

6,914,015

21,874,183

(42,574)

(13,862,202)

7,969,407

310,045,396

(283,042,175)

(83,182)

-

409,950,506

EUR


Core Credit Bond)

73



237,598,720

22,035,420

17,520

89,366

22,142,306

(2,817,290)

-

(918,966)

(4,271)

(3,740,527)

18,401,779

9,406,785

27,808,564

(32,681)

(3,052,011)

24,723,872

647,110,791

(381,262,832)

(136,275)

-

528,034,276

EUR

Euro High YieldBond

87,144,986

3,912,166

9,033

4,581

3,925,780

(339,570)

-

(186,363)

(4,203)

(530,136)

3,395,644

390,859

3,786,503

(70,683)

2,562,007

6,277,827

71,408,971

(50,292,942)

(2,523,341)

-

112,015,501

USD


15,581,391

929,159

1,033

-

930,192

(20,290)

-

(44,302)

(983)

(65,575)

864,617

(99,408)

765,209

81,255

(246,682)

599,782

4,441,664

-

-

-

20,622,837

USD

Global Credit Bond(Formerly Global

Core Credit Bond)

918,079,559

79,074,546

33,793

-

79,108,339

(7,679,948)

-

(3,341,927)

(3,579,568)

(14,601,443)

64,506,896

37,850,429

102,357,325

739,524

(11,913,450)

91,183,399

1,815,743,864

(1,466,027,024)

(27,825,681)

-

1,331,154,117

USD


-

179,396

-

-

179,396

(39)

-

(7,259)

(94)

(7,392)

172,004

(75,047)

96,957

-

75,160

172,117

10,006,569

-

-

-

10,178,686

USD

Global EmergingMarkets CorporateDebt (launched as

at 16 December2010)

-

446,737

103

-

446,840

(139)

-

(14,636)

(112,571)

(127,346)

319,494

(7,582)

311,912

(10,970)

253,865

554,807

22,057,932

-

-

-

22,612,739

USD


Investment GradeBond (launched as

at 16 December2010)

74




INCOME


222,081 Bank Interest



EXPENSES




(6,366,238)Interest Paid





(1,650,241)Profit/(Loss) on Foreign Currency



1,218,710,813 Proceeds on Issue of Shares (note 18)





USD


Debt

-

42,890,790

25,471

-

42,916,261

(9,043,774)

-

(1,959,832)

(73,976)

(11,077,582)

31,838,679

(7,483,122)

24,355,557

4,026,876

15,975,235

44,357,668

1,865,599,261

(658,417,619)

(41,201,501)

-

1,210,337,809

USD



-

552,179

246

-

552,425

(35,319)

-

(42,059)

(2,305)

(79,683)

472,742

147,208

619,950

(266,281)

2,171,455

2,525,124

39,486,458

(3,191,312)

-

-

38,820,270

USD



87,491,283

5,177,228

27,224

2,192

5,206,644

(207,812)

-

(162,307)

(1,170)

(371,289)

4,835,355

(1,777,896)

3,057,459

(203,508)

583,813

3,437,764

60,183,367

(53,326,601)

(2,782,058)

-

95,003,755

USD



75



29,795,236

92,220

804

-

93,024

(55,439)

-

(25,158)

(113)

(80,710)

12,314

70,960

83,274

(1,186)

(2,828)

79,260

17,856,649

(25,722,990)

-

-

22,008,155

Reserve Sub-Fund

EUREuro Reserve

-

258,217

5,707

-

263,924

(129,006)

(39)

(82,559)

(143,196)

(354,800)

(90,876)

(1,043,835)

(1,134,711)

(12,683)

(98,909)

(1,246,303)

38,281,406

(18,265,944)

-

-

18,769,159

Other Sub-Funds

EUR




567,173,302

55,903,580

136,891

897,194

56,937,665

(5,183,999)

(542,462)

(2,500,432)

(15,704,003)

(23,930,896)

33,006,769

43,733,253

76,740,022

(7,412,210)

619,702

69,947,514

979,976,492

(507,884,562)

(10,448,893)

-

1,098,763,853

USD


New WorldIncome)

-

275,175

149

-

275,324

(104,677)

(106,207)

(113,527)

(229,422)

(553,833)

(278,509)

1,281,384

1,002,875

156,970

1,003,832

2,163,677

38,552,379

(10,619,264)

-

-

30,096,792

USD



(Formerly GlobalEmerging Markets

Equity Alpha)

128,604,573

1,968,400

28,451

-

1,996,851

(795,603)

(3,104)

(251,272)

(1,636,694)

(2,686,673)

(689,822)

2,026,502

1,336,680

(375,139)

19,102

980,643

53,276,387

(109,059,947)

-

-

73,801,656

EUR


68,435,114

-

32,112

63,814

95,926

(1,201,408)

-

(296,626)

(5,201)

(1,503,235)

(1,407,309)

(42,736)

(1,450,045)

2,384,404

385,837

1,320,196

68,982,764

(53,976,363)

-

-

84,761,711

USDGlobal Currency

76



-Net Assets at the Beginning of the Year

INCOME

104,447 Investment Income

2,357 Bank Interest

-Other Income (note 15)

106,804 Total Income

EXPENSES

(56)Management Fees (note 4.2)



(202)Interest Paid

(13,319)Total Expenses

93,485 Net Investment Profit/(Loss)

119,003 Realised Profit/(Loss) on Sale ofInvestments

212,488 Realised Profit/(Loss) for the year beforeForeign Currency Movement


(249,274)Change in unrealisedappreciation/(depreciation) ofInvestments, futures, forward foreignexchange contracts, CFD and swaps

(78,543)Change in Total Net Assets as a Result of Operations


-Payments on Redemption of Shares(note 18)

-Dividends Paid (note 13)



EUR



353,479,140

1,211,706

205,863

-

1,417,569

(6,729,701)

(197,683)

(1,582,369)

(182,592)

(8,692,345)

(7,274,776)

13,978,290

6,703,514

(1,565,806)

(4,079,884)

1,057,824

766,824,801

(490,444,882)

-

-

630,916,883

EURGlobal Macro

-

82,937

4,052

-

86,989

(49,776)

(1)

(32,192)

(21,087)

(103,056)

(16,067)

548,260

532,193

(284,274)

5,134

253,053

32,155,158

(225,748)

-

-

32,182,463

EUR


October 2010)

Notes to the Financial Statements

77

1. Basis of presentation

HSBC Global Investment Funds (the “Company”) is incorporated under the laws of the Grand Duchy of Luxembourg as an investment company with variable capital (Société d’Investissement à Capital Variable or “SICAV”). The capital comprises various Classes of Shares each relating to a separate portfolio (a “sub-fund”) consisting of securities, cash and other sundry assets and liabilities. The accompanying financial statements present the assets and liabilities of the individual sub-funds and of the Company taken as a whole. The financial statements of each individual sub-fund are expressed in the currency designated in the Prospectus for that particular sub-fund and the financial statements of the Company are expressed in United States Dollars (USD). The financial statements have been prepared in accordance with the format prescribed by the Luxembourg authorities for Luxembourg investment companies.

The Company is an officially registered investment fund under Part I of the law of 20 December 2002 (the “2002 Law”) and has been certified as a UCITS fund under the directive 85/611/CEE of the Council of Europe.

Certain sub-funds of the Company are authorised by the Hong Kong Securities and Futures Commission under Section 104 of the “Securities and Futures Ordinance”.

In the Prospectus and in the various reports, the short names of the sub-funds are used. The complete name of each sub-fund consists of “HSBC Global Investment Funds” plus the short name of the sub-fund.

From 1 April 2010 to 31 March 2011: 1) The following sub-funds were open:

• European Equity Absolute Return on 16 April 2010. • GEM Equity Absolute Return on 16 April 2010. • Global Inflation Linked Bond on 30 June 2010. • Global High Income Bond on 28 July 2010. • Global Macro II on 4 October 2010. • Global Flex Allocation on 6 December 2010. • Global Emerging Markets Corporate Debt on 16 December 2010. • Global Emerging Markets Investment Grade Bond on 16 December 2010. 2) The following sub-funds changed their names: • Euro Core Bond changed its name to Euro Bond. • Euro Core Credit Bond changed its name to Euro Credit Bond. • Global Core Credit Bond changed its name to Global Credit Bond. • Global Core Plus Bond changed its name to Global Bond. • US Dollar Core Plus Bond changed its name to US Dollar Bond. • New World Income changed its name to GEM Debt Total Return. • European Equity Alpha changed its name to European Equity Absolute Return. • Global Emerging Markets Equity Alpha changed its name to GEM Equity Absolute Return.

3) The changes in investment advisers:

The investment adviser of the sub-fund Japanese Equity has changed from Sinopia Asset Management (Asia Pacific) Limited to Sinopia Asset Management (UK) Limited as at 20 December 2010.

Notes to the Financial Statements (Continued)

78

1. Basis of presentation (continued)

3) The changes in investment advisers (continued):

The following investment advisers changed their names from 1 January 2011.

Investment advisers until 31 December 2010 Investment advisers from 1 January 2011

Halbis Capital Management (Hong Kong) Limited

HSBC Global Asset Management (Hong Kong) Limited

Halbis Capital Management (USA) Inc. HSBC Global Asset Management (USA) Inc.

Halbis Capital Management (UK) Limited HSBC Global Asset Management (UK) Limited

Sinopia Asset Management (Asia Pacific) Limited

HSBC Global Asset Management (Hong Kong) Limited

4) The new Share Classes opened:

The Class ZM has been incorporated within the following sub-funds: - Global Emerging Markets Bond - Global Emerging Markets Local Debt

Further, in order to protect investors from some of the performance dilution they may suffer as a result of significant flows into and out of the sub-funds, an amendment was made to the “pricing adjustment” permitted to mitigate transaction costs associated with investing in Brazil. Since October 2010, where net capital inflows in the Brazil Bond, Brazil Equity, Latin American Equity and Latin American Local Debt sub-funds exceed a predefined threshold, the net asset value per Share may be adjusted by a maximum of 7% to additionally mitigate the effects of a financial transactions tax (IOF) payable in Brazil.

2. Accounting Policies

The following accounting policies have been used consistently in dealing with items which are considered material in relation to the Company’s financial statements.

a) Accounting convention

The financial statements have been prepared under the historical cost convention modified by the revaluation of investments.

b) Assets and portfolio securities valuation

Portfolio securities and/or financial derivative instruments which are listed on an official stock exchange are valued at the last available price on the principal market on which such securities are traded. Securities traded on other organised markets are valued at the last available price or yield equivalents obtained from one or more dealers in such organised markets at the time of valuation. If such prices are not representative of their fair value, all such securities and all other permitted assets will be valued at their fair value at which it is expected they may be resold as determined in good faith by or under the direction of the Directors.

The assets of each share class within each sub-fund are valued using prices available at different times during the day of 31 March 2011. If the Company had calculated the net asset values solely with a view to publication, the market prices used to value the net assets would have been the closing prices on 31 March 2011. However, these net asset values would not have been significantly different from those shown in these financial statements.

Notes to the Financial Statements (Continued)

79

1. Basis of presentation (continued)

2. Accounting Policies (continued)

b) Assets and portfolio securities valuation (continued)

The financial derivative instruments which are not listed on any official stock exchange or traded on any other organised market are valued in accordance with market practice. Shares or units in underlying open-ended investment sub-funds are valued at their last available net asset value reduced by any applicable charges.

The Company uses the amortized cost method of valuation in valuing its portfolio of financial instruments in the form of short term debt (such as commercial paper, certificate of deposit, treasury bills,…).

c) Income and Expenses

Interest is accrued on a day-to-day basis. Dividends are accounted for on an ex-dividend basis.

d) Foreign Exchange

The cost of investments, income and expenses in currencies other than the fund relevant reporting currency have been recorded at the rate of exchange ruling at the time of the transaction. The market value of investments and other assets and liabilities in currencies other than the relevant reporting currency have been converted at the rates of exchange ruling at 31 March 2011.

e) Realised Profit/(Loss) on Sale of Investments

Realised profit/(loss) on sale of investments is the difference between the historical average cost of the investment and the sale proceeds.

f) Segregated Liability

The Company has segregated liability between its sub-funds; meaning, the assets of a sub-fund are exclusively available to satisfy the rights of shareholders in relation to that sub-fund and the rights of creditors whose claims have arisen in connection with the creation, operation and liquidation of that sub-fund.

Notes to the Financial Statements (continued)

80

3. Share capital

The Company has issued either A, AM, E, I, J, L, M, P, R, S, W, X, Y, YP, Z, ZM and ZP Shares to investors in one or several sub-funds as detailed below.

Within each Share Class of a sub-fund, the Company is entitled to create different sub-classes distinguished by their distribution policy (Capital-Accumulation (C) and Distribution (D) Shares), their hedging activity (H) and/or by any other criterion to be stipulated by the Directors.

All share classes are available as both ‘Capital Accumulation’ and ‘Distribution’ shares.

Class Description Minimum Initial

Investment

Minimum Holding

Class A A Shares are available to all investors.

USD 5,000

Class AM AM Shares are available in certain countries, subject to the relevant regulatory approval, through specific distributors selected by the Distributor.

USD 5,000

Class E E Shares are available in certain countries, subject to the relevant regulatory approval, through specific distributors selected by the Distributor. E Shares will incur annual management fee, equivalent to that of the Class A Shares plus 0.3% to 0.5% per annum of the Net Asset Value of Class E Shares, which may be payable to specific distributors in certain countries.

USD 5,000

Class I I Shares are available through specific distributors selected by the Distributor.

USD 1,000,000

Class J J Shares are available for investment by fund of fund ranges managed by the HSBC Group only.

USD 100,000

Class L L Shares are available through specific distributors selected by the Distributor, provided that the investors qualify as institutional investors within the meaning of article 129 of the 2002 Law.

USD 1,000,000

Class M M Shares are available to all investors. USD 5,000 Class P P Shares are available for subscription in certain jurisdictions or

through certain distributors selected by the Distributor. USD 50,000

Class R R Shares are available in certain countries, subject to the relevant regulatory approval, through specific distributors selected by the Distributor. R Shares will incur annual management fees equivalent to that of the Class M shares plus 0.3% to 0.5% per annum of the Net Asset Value of Class R Shares, which may be payable to specific distributors in certain countries.

USD 5,000

Class S S Shares are available in certain jurisdictions or through certain distributors selected by the Distributor provided that the investors qualify as institutional investors within the meaning of article 129 of the 2002 Law.

USD 100,000


81

3. Share capital (continued)

Class Description Minimum Initial

Investment

Minimum Holding

Class W W Shares are available through specific distributors that will also be members or affiliated entities of the HSBC Group as selected by the Distributor provided that the investors qualify as institutional investors within the meaning of article 129 of the 2002 Law. No Operating, Administrative and Servicing Expenses will be charged to Class W Shares. All the fees and charges allocated to this class will be paid directly by members or affiliated entities of the HSBC Group.

USD 100,000

Class X X Shares are available through specific distributors selected by the Distributor, provided that the investors qualify as institutional investors within the meaning of article 129 of the 2002 Law and fall into one of the following categories: companies or company pension funds, insurance companies or registered charities or funds managed or advised by an HSBC Group entity and other such institutional investors, as agreed by the Board of Directors.

USD 10,000,000Unless otherwise

provided in the Sub-Fund characteristics

of the Prospectus

Class Y Y Shares are available in certain jurisdictions through specific distributors appointed by the Distributor.

USD 1,000

Class YP YP Shares are available in certain jurisdictions through specific distributors appointed by the Distributor.

USD 1,000

Class Z Z Shares are available to investors having entered into a discretionary management agreement with an HSBC Group entity and to investors subscribing via distributors selected by the Distributor, provided that such investors qualify as institutional investors within the meaning of article 129 of the 2002 Law.

USD 1,000,000

Class ZM ZM Shares are available to investors having entered into a discretionary management agreement with an HSBC Group entity and to investors subscribing via distributors selected by the Distributor provided that such investors qualify as institutional investors within the meaning of article 129 of the 2002 Law.

USD 1,000,000

Class ZP ZP Shares are available to investors having entered into a discretionary management agreement with an HSBC Group entity and to investors subscribing via distributors selected by the Distributor provided that such investors qualify as institutional investors within the meaning of article 129 of the 2002 Law.

USD 1,000,000


82

3. Share capital (continued)

The Board of Directors of the Company is authorised to issue different Classes of Shares in one or more sub-funds. Details of the characteristics of such Share Classes offered will be determined at the sole discretion of the Board of Directors. In case of the creation of any additional Classes of Shares, the Prospectus will be updated.

The subscription proceeds of all Shares in a sub-fund are invested in one common underlying portfolio of investments. All Shares of the same Class have equal rights and privileges. Each Share is, upon issue, entitled to participate equally in assets of the relevant class of the sub-fund to which it relates on liquidation and in dividends and other distributions as declared for such sub-fund. The Shares will carry no preferential or pre-emptive rights and each whole Share will be entitled to one vote at all meetings of shareholders.

The minimum initial investment amount may be waived or reduced at the discretion of the Company.

Share Class Denominations and Successive Classes:

The Share Classes issued in the different sub-funds are designated by their class name, followed by their distribution characteristics and, if applicable, their specific hedging policy and the currency into which the Base Currency is hedged. This means that for example Shares issued in Class A which are distributing income and applying a hedging policy to Euro, as defined above, would be identified as ADHEUR whereas Class I Shares accumulating income would be identified as IC.

Successive Classes J, L, M, R, YP, ZM and ZP in a given sub-fund are numbered 1, 2, 3… and will be referred to as J1, J2, J3, (…), L1, L2, L3 (…), M1, M2, M3 (…) etc.

Successive Classes S Shares will be issued in different sub-funds, and numbered 1, 2, 3 etc. and will be referred to as S1, S2, S3, etc. for the S Class launched in the first sub-fund, S Class launched in the second sub-fund and S Class launched in the third sub-fund, respectively and as disclosed in the relevant sub-fund characteristics (see Section 3.2. of the Prospectus).

Within each Share Class of a sub-fund, separate currency hedged classes may be issued (suffixed by “H” and the currency into which the Base Currency is hedged e.g. “HEUR” or “HGBP”). Any fees of the Administrator relating to the execution of the currency hedging policy will be borne by the relevant currency hedged class. These fees are in addition to the operating, administrative and servicing expenses detailed below. Any gains or losses shall also accrue to the relevant currency hedged class.

4. Charges and Expenses

1. Explanation of the Charging Structure

Investment in the Company is generally offered via charging structures, as represented by the A, AM, E, I, J, L, M, P, R, S, W, X, Y, YP, Z, ZM and ZP Classes of Shares.

The Management Company is entitled, in respect of each Class of Shares, to a management fee to cover all investment management, investment advisory and distribution services provided in relation to the relevant class (see paragraph (2) headed “Management Fee” below).

In addition, the Company pays to the Management Company a fee to cover operating, administrative and servicing expenses. To safeguard shareholders from fluctuations in a sub-fund’s operating, administrative and servicing expenses, the Company has agreed with the Management Company that the fee charged to cover such operating, administrative and servicing expenses is fixed at an annual rate. The potential excess of such expenses above such annual rate will be borne directly by the Management Company (see paragraph (4) headed “Operating, Administrative and Servicing Expenses / operating currency hedging fees” below).


83

4. Charges and Expenses (continued)

2. Management Fee The Company pays to the Management Company an annual management fee calculated as a percentage of the Net Asset Value of each sub-fund or share class (“Management Fee”). The Management Fee is accrued daily and payable monthly in arrears at the rates specified in the table on page 172. The maximum rate for Class E, I, J, L and M Shares is 3.5%. The maximum rate for Class A, AM, P, R, S, X, Y, YP, Z, ZM and ZP Shares is as stated in the Prospectus. No Management Fee is currently charged for Class W Shares. The Management Fee covers management and distribution services provided in relation to the relevant sub-fund of the Company by the Management Company, the Investment Advisers and the Share Distributors. The Management Company is responsible for discharging, out of such fee, the fees of the Investment Advisers and the Share Distributors and may pay part of such fee to recognised intermediaries or such other person as the Management Company may determine, at its discretion. The Management Company may instruct the Company to pay a portion of the Management Fee directly out of the assets of the Company to any of such service providers. In such case, the Management Fee due to Management Company is reduced accordingly. 3. Performance Fee Unless otherwise provided in the Prospectus, for sub-funds issuing Classes J Shares, L Shares, M Shares, R Shares, YP Shares and ZP Shares, the Management Company is also entitled to a Performance Fee, payable annually in arrears after the end of each twelve month period. Each Dealing Day, the Performance Fee accrual will be calculated as 20% of the difference between the change in the Net Asset Value per share of the relevant Class of the sub-fund since the previous Dealing Day (net of all other fees and expenses and excluding the effect of subscriptions and redemptions) and the simple daily equivalent of the percentage defined below for the relevant sub-funds (hereafter the "Percentage") provided that on such Dealing Day the Net Asset Value per Share of the relevant Class of the sub-fund is higher than the Low Tide Mark (as defined below). On a Dealing Day when the Net Asset Value exceeds the Low Tide Mark but immediately follows a Dealing Day when the Net Asset Value per share was below the Low Tide Mark, no accrual is made. On the first issue of the relevant Class of Shares in a sub-fund, the Low Tide Mark will equal the initial offer price of the relevant Class of Shares of the sub-fund. The Low Tide Mark will not be set at a level below the initial offer price of the relevant Class of Shares of the sub-fund. The cumulative Performance Fee accrual from the beginning of the twelve month period will be included in the calculation of the Net Asset Value per Share. In the event of any change in the Net Asset Value per Share of the relevant Class of the sub-fund being less than the simple daily equivalent of the Percentage, the daily Performance Fee accrual will be negative and will reduce the cumulative Performance Fee accrual until the accrual reaches a minimum level of zero. If the cumulative Performance Fee accrual reaches zero, the Net Asset Value per Share on the previous day will be set as the ‘Low Tide Mark’. No further daily Performance Fee accrual will be made until the Net Asset Value per Share exceeds the Low Tide Mark.


84


3. Performance Fee (continued)

At the end of the twelve month period, the positive balance (if any) of the Performance Fee accrual will become payable to the Management Company and the Performance Fee accrual in the Net Asset Value per Share of the relevant Class of Shares will be reset to zero and the Net Asset Value per Share on that day will be set as the Low Tide Mark. When there is a positive Performance Fee accrual during a period of significant new subscriptions into a sub-fund with the relevant Class of Shares, followed by a period of negative performance, all shareholders will participate (in proportion with their shareholding) in the reduction in the cumulative Performance Fee accrual, regardless of their actual contribution to the cumulative Performance Fee accrual. Also, if the Net Asset Value per Share is rising but is still below the Low Tide Mark, the Management Company will not benefit from any Performance Fee accruals on any relevant Class of Shares of the sub-fund, including Shares that are newly issued and which only experience positive performance.

The detailed Performance Fee information can be found in the Prospectus dated October 2010.

If there is a positive balance of the Performance Fee, it will become payable to the Management Company and will be included in the “performance fees” balance from the statement of operations. If there was a positive balance of the Performance Fees accrued as at 31 March 2010 but no performance fees paid during the year ended 31 March 2011 or payable as at 31 March 2011, the 31 March 2010 accrual reversal is included in the “other income” balance from the statement of operations.

With effect from 1 June 2011, the Board of Directors has decided to bring into line the Performance Period starting on the first issue of each relevant Class of Shares and used for the calculation of the Performance Fee payable annually.

The positive balance (if any) of the Performance Fee accrual will therefore become payable to the Management Company each year on the last Business Day of November.

The first date on which Performance Fees will be paid simultaneously for all relevant Class of Shares is on 30 November 2011.

As a consequence: 1. Any Class of Shares that is due to pay a Performance Fee between 2 January 2011 and 31 May 2011 will continue to make any payment on its anniversary date; 2. Any Class of Share that is due to pay a Performance Fee between 1 June 2011 and 30 November 2011 will delay its payment date until 30 November 2011 (and consequently the next following performance period will be between 12 to 18 months). 3. Any Class of Share that is due to pay a Performance Fee between 1 December 2011 and 31 May 2012 will have an earlier payment date, on 30 November 2011 (and consequently the next following performance period will be between 6 to 12 months).

In relation to performance fees, the following sub-funds stopped paying performance fees compared to last year: - BRIC Equity - Euroland Growth - GEM Equity

4. Operating, Administrative and Servicing Expenses / Operating Currency Hedging Fees

The Company pays to the Management Company a fee to cover certain Operating, Administrative and Servicing Expenses. The Management Company is responsible for discharging out of this fee, the expenses described below, inter alia, payable to the Custodian, Administration, Registrar and Transfer Agent.

This fee is set, for each sub-fund and/or Class, at a fixed percentage of the Net Asset Value of the relevant sub-fund or class specified in the Company’s Prospectus (as specified in the table on page 170). Such fee is accrued daily and payable monthly in arrears.


85


4. Operating, Administrative and Servicing Expenses / Operating Currency Hedging Fees (continued)

No Operating, Administrative and Servicing Expenses will be charged to Class W Shares. All the fees and charges allocated to such Class of Shares will be paid directly by a member or an affiliated entity of HSBC Group.

The maximum rate for class A, AM, E, I, J, L, M, P, R, S, X, Y, YP, Z, ZM and ZP Shares is 1.0% (but not including the fees of the Administration Agent relating to the execution of the currency hedging for the currency hedged Share Classes). However, the Board of Directors reserves the right to amend the fixed level of the Operating, Administrative and Servicing Expenses applicable to each Class of Shares. In the event of an increase of such expenses, the concerned shareholders will be given at least three months prior notice of such increase. During this three months notice, such shareholders may request the redemption of their Shares, free of charge.

Operating, Administrative and Servicing Expenses cover the ongoing custody fees and safekeeping charges payable to the Custodian and its correspondent banks, fees for fund accounting and administration services (including domiciliary services) payable to the Administrative Agent and transfer agency fees for registrar and transfer agency services payable to the Registrar and Transfer Agent.

Operating, Administrative and Servicing Expenses also cover expenses relating to the creation of new sub-funds; the costs of the Subsidiaries (see below); the Luxembourg asset-based taxe d’abonnement, at the rate referred to under Section “Taxation” of the Company’s Prospectus; attendance fees and reasonable out-of-pocket expenses incurred by the Board of Directors; legal and auditing fees and expenses; ongoing registration and listing fees, including translation expenses; the costs and expenses of preparing, printing, and distributing the Company’s Prospectus, Simplified Prospectuses, financial reports, statements and other documents made available directly or through intermediaries to its shareholders.

The Company pays to the Management Company a fee to cover the expense of the Administration Agent relating to the execution of the hedged Share Classes launched on or after 1 December 2008.

The Management Company may instruct the Company to pay a portion of the aforesaid fees directly out of the assets of the Company to any of the aforementioned service providers. In such case the fee due to the Management Company is reduced accordingly.

5. Transaction expenses and extraordinary expenses

The transaction expenses linked to security dealing are written off against the realised profit/loss from the sale of investments.

Each sub-fund bears the costs and expenses of buying and selling portfolio securities and financial instruments, brokerage fees and commissions, interest or taxes payable, and other transaction related expenses. These transaction fees are accounted for on a cash basis and are paid when incurred or invoiced from the net assets of the sub-fund to which they are attributable. Transaction fees are allocated across each sub-fund’s Share Classes.

The Company bears any extraordinary expenses including, without limitation, litigation expenses and the full amount of any tax, levy, duty or similar charge and any unforeseen charges imposed on the Company or its assets.

6. Indian Equity and Global Emerging Markets Equity

The Company's wholly owned subsidiaries in Mauritius, HSBC Global Investment Funds Mauritius Limited ("HSBC Mauritius") and HSBC GIF Mauritius No. 2 Limited ("HSBC Mauritius No. 2"), (each a Subsidiary or collectively, the "Subsidiaries") are located at Rogers House, 5 President John Kennedy Street, Port Louis, Mauritius. HSBC Mauritius manages the Indian Equity sub-fund's investments in India, whilst HSBC Mauritius No. 2 manages the Global Emerging Markets Equity sub-fund's investments in India.


86

6. Indian Equity and Global Emerging Markets Equity (continued)

HSBC Mauritius was incorporated in Mauritius on 3 October 1995. The accounts of the Indian Equity sub-fund and of HSBC Mauritius are consolidated.

HSBC Mauritius No. 2 was incorporated in Mauritius on 21 November 2007. The accounts of the Global Emerging Markets Equity sub-fund and of HSBC Mauritius No. 2 are consolidated.

The Subsidiaries have appointed Multiconsult Limited, Rogers House, 5 President John Kennedy Street, Port Louis, Mauritius, to provide administrative services to the Subsidiaries in Mauritius, including maintenance of its accounts, books and records.

Both Subsidiaries have appointed KPMG Mauritius, KPMG Centre, 30 St George Street, Port Louis, Mauritius, as auditors of the Subsidiaries in Mauritius to perform the auditor’s duties required by Mauritius law.

7. Taxation of the Company

The following summary is based on the Company’s understanding of the law and practice currently in force in the Grand Duchy of Luxembourg and in other jurisdictions and is subject to changes therein.

Belgium

The Belgian government has enacted a law which charges an annual net asset value tax on foreign investment funds registered with the Belgian Banking and Finance Commission. An annual tax of 0.08% is charged on the net outstanding amounts of sub-funds placed in Belgium through Belgian financial intermediaries, or where that figure is not substantially documented, the tax authorities may calculate the tax on the total asset of those sub-funds.

To date as the amounts are small, the Management Company has paid this tax cost on behalf of the Company out of the Operating, Administrative and Servicing Expenses it receives. However, should the cost become substantial or long term, the Management Company may require the sub-funds concerned to bear that tax charge for future periods.

India

On the basis that they are a Mauritian tax resident, the Subsidiaries will benefit from the tax advantages available to them under the India-Mauritius double taxation treaty, which became effective on 1 July 1983. The Subsidiaries will file, through their Custodian, a declaration of Mauritian residency with the registrar of each Indian company in which it invests. Capital gains resulting from the purchase and sale by the Subsidiaries of stocks on the Indian stock exchanges will be exempt from tax on the basis that the Subsidiaries are able to benefit from the provisions of the India-Mauritius double taxation treaty.

Interest on certain notified securities and bonds and on deposits in foreign currency with scheduled banks is exempt from income tax. The sale and purchase of stocks and securities is exempt from Indian Sales tax.

The above-stated tax treatment under the India-Mauritius tax treaty will be available provided that the Subsidiaries neither have a permanent establishment nor its effective management and control in India. No guarantee or warranty can be given or should be assumed that the tax benefits of the said treaty will continue to be available to the Indian Equity and in Global Emerging Markets Equity sub-funds in future periods due to, among others, changes in the regulatory environment in Mauritius, India or the European Union.

The Indian Central Board of Direct Taxes has confirmed the availability of the treaty benefits to companies holding a certificate of Mauritian tax residence. The Supreme Court of India confirmed on 7 October 2003 the validity of this position.

Dividends paid by the Indian companies are exempt from tax in the hands of the recipients if the said company pays a dividend distribution tax at the prescribed tax rate on dividends declared, distributed or paid by them on or after 1 April 2003.


87

7. Taxation of the Company (continued)

The new Indian Direct Tax Code is expected to come into force from 1 April 2012. This will broadly tax all capital gains of foreign investors at 30% unless relief is available under an appropriate double tax treaty with India. However, the new Indian Direct Tax Code gives considerable discretion to the tax authorities, which may be used to seek to deny treaty benefits to foreign investors. Such actions could result in a significant financial cost for investors. Luxembourg The Company is not liable to any Luxembourg tax on profits or income. The Company is however liable in Luxembourg to a tax of 0.05% per annum of its net asset value, such tax being payable quarterly on the basis of the value of the net assets of the Company at the end of the relevant calendar quarter. The tax rate is reduced to 0.01% per annum for the Euro Reserve sub-fund and Classes J, L, S1, W, X, Z and ZP Shares in the relevant sub-funds. No stamp duty or other tax is payable in Luxembourg on the issue of shares. The classes/sub-funds may be exempted from this 0.01% tax if they comply with the requirements of the Luxembourg law of 19 December 2003 which include: (i) the shares of the class/sub-fund must be reserved to institutional investors in the meaning of article 129 of the 2002 Law; (ii) the exclusive object of the class/sub-fund’s portfolio must be the investment in money market instruments and/or deposits with credit institutions; (iii) the remaining average maturity of the class/sub-fund’s portfolio must be less than 90 days; and (iv) the class/sub-fund must benefit from the highest possible rating of a recognized rating agency. No Luxembourg tax is payable on the realised or unrealised capital appreciation of the assets of the Company. Mauritius The Subsidiaries are registered with the Financial Services Commission in Mauritius as offshore companies. As a result they are subject to a reduced rate of Mauritian income tax on their income. In addition, no Mauritian capital gains tax will be payable in respect of the Subsidiaries investments in India and any dividends and redemption proceeds paid by the Subsidiaries to the Indian Equity or Global Emerging Markets Equity sub-funds will be exempt from Mauritian withholding tax. A certificate of Mauritian tax residence has been granted to the Subsidiaries by the Mauritius Revenue Authority. On the basis that they are Mauritian tax residents, the Subsidiaries will qualify for certain reliefs from Indian tax as set out in the Indian tax paragraph above. Thailand Where possible, Thai stocks of the Thai Equity sub-fund are held through custody arrangements in London which enables the Company to benefit from the United Kingdom-Thailand double tax treaty and therefore gains realised by the sub-fund are currently not liable to tax in Thailand. Although the Company will seek to maintain this favourable position, no guarantee or warranty can be given or should be assumed that the tax benefits of the treaty will continue to be available to the sub-fund in future periods. Should the sub-fund become subject to Thai tax on its gains this will have an adverse effect on investment returns and a possible impact on the net asset value. United Kingdom It is the intention of the Board of Directors to conduct the affairs of the Company so that it does not become resident in the United Kingdom. On the basis that the Company is not resident in the United Kingdom for tax purposes it should not be subject to United Kingdom corporation tax on its income and capital gains. The Company has received certification as a distributing fund under Schedule 27 of the Income and Corporation Taxes Act 1988.


88

7. Taxation of the Company (continued)

General Dividends and interest received by the Company on its investments are generally subject to non-recoverable withholding taxes in the countries of origin. For the purpose of eligibility requirements of Article L-221-31 of the French Monetary and Financial Code, the following sub-funds have invested in excess of 75% of equity or equity equivalent securities, which have their registered office in a country which is a member of the EU or the European Economic Area. % of holdings in shares Euroland Equity 98.92 Euroland Equity Smaller Companies 96.11 Euroland Growth 100.08 European Equity 98.65 UK Equity 98.36 8. Public and bank holidays in Hong Kong

HSBC Investment Funds (Hong Kong) Limited has been appointed by the Company as its Representative and Share Distributor in Hong Kong. There will be no dealing for the shares of the Company in Hong Kong on a day which is a public or bank holiday in Hong Kong.

9. Forward foreign exchange contracts

As at 31 March 2011, the Company had entered into various forward foreign currency contracts for the purpose of hedging the portfolio which obliges the Company to deliver currencies at specified future dates. Open contracts are as follows: Contracts with a settlement date of 31 March 2011 still appear because they were open at the time of the preparation and publication of the net asset value of 31 March 2011.

Sub-funds Contract Date In exchange for Settlement Contract to

deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Asia ex Japan Equity

29/12/2010 EUR 47,610,000 31/03/2011 USD 62,559,540 5,175,207

04/01/2011 EUR 1,337,000 31/03/2011 USD 1,787,703 114,447

05/01/2011 EUR 848,000 31/03/2011 USD 1,124,677 81,773

06/01/2011 USD 718,072 31/03/2011 EUR 548,000 (61,568)

07/01/2011 EUR 681,000 31/03/2011 USD 883,700 85,159

10/01/2011 USD 1,118,603 31/03/2011 EUR 867,000 (114,878)

11/01/2011 USD 1,091,545 31/03/2011 EUR 844,000 (109,214)

12/01/2011 EUR 614,000 31/03/2011 USD 800,349 73,189

13/01/2011 EUR 25,000 31/03/2011 USD 32,825 2,743


89

9. Forward foreign exchange contracts (continued)


deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Asia ex Japan Equity (continued)

17/01/2011 EUR 647,000 31/03/2011 USD 859,637 60,850

20/01/2011 EUR 741,000 31/03/2011 USD 995,830 58,391

21/01/2011 USD 1,869,017 31/03/2011 EUR 1,382,000 (97,155)

24/01/2011 USD 891,643 31/03/2011 EUR 658,000 (44,494)

26/01/2011 USD 34,211 31/03/2011 EUR 25,000 (1,356)

27/01/2011 EUR 24,000 31/03/2011 USD 32,836 1,309

01/02/2011 USD 1,206,794 31/03/2011 EUR 881,000 (46,605)

09/02/2011 EUR 20,000 31/03/2011 USD 27,283 1,171

10/02/2011 USD 845,835 31/03/2011 EUR 620,000 (36,239)

11/02/2011 USD 1,073,960 31/03/2011 EUR 793,000 (54,241)

14/02/2011 USD 796,166 31/03/2011 EUR 591,000 (44,650)

15/02/2011 EUR 987,000 31/03/2011 USD 1,333,289 70,916

21/02/2011 EUR 595,000 31/03/2011 USD 814,495 32,011

23/02/2011 USD 1,811,910 31/03/2011 EUR 1,321,000 (67,477)

25/02/2011 USD 1,393,459 31/03/2011 EUR 1,008,000 (40,622)

28/02/2011 EUR 784,000 31/03/2011 USD 1,084,665 30,733

04/03/2011 EUR 593,000 31/03/2011 USD 827,472 16,189

07/03/2011 EUR 991,000 31/03/2011 USD 1,385,220 24,676

11/03/2011 USD 772,907 31/03/2011 EUR 559,000 (22,382)

14/03/2011 USD 3,004,450 31/03/2011 EUR 2,152,000 (57,200)

15/03/2011 EUR 907,000 31/03/2011 USD 1,259,370 31,019

16/03/2011 USD 2,205,026 31/03/2011 EUR 1,579,000 (41,417)

17/03/2011 EUR 896,000 31/03/2011 USD 1,256,954 17,786

18/03/2011 USD 1,169,959 31/03/2011 EUR 832,000 (13,728) 22/03/2011 EUR 1,000,000 31/03/2011 USD 1,424,200 (1,500)

23/03/2011 EUR 734,000 31/03/2011 USD 1,039,528 4,734 25/03/2011 EUR 473,000 31/03/2011 USD 669,569 3,368

29/03/2011 USD 64,845,997 31/03/2011 EUR 45,847,000 (380,530) 29/03/2011 EUR 45,869,000 30/06/2011 USD 64,767,028 369,979

30/03/2011 EUR 587,000 30/06/2011 USD 825,997 7,581

USD 5,027,975


90



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Emerging Markets Equity 30/03/2011 USD 356,659 05/04/2011 ZAR 2,439,048 (2,376)

USD (2,376)

US Equity 07/03/2011 EUR 34,920,000 20/04/2011 USD 48,832,163 836,509 11/03/2011 USD 982,228 20/04/2011 EUR 710,000 (27,651) 16/03/2011 USD 704,431 20/04/2011 EUR 506,000 (15,285) 18/03/2011 EUR 2,406,000 20/04/2011 USD 3,400,149 22,039 21/03/2011 EUR 505,000 20/04/2011 USD 717,692 598 25/03/2011 EUR 506,500 20/04/2011 USD 712,587 7,836 USD 824,046

Global Bond (Formerly Global Core Plus Bond)

24/01/2011 USD 1,358,291 21/04/2011 EUR 1,002,389 (67,487)

03/02/2011 USD 688,676 06/04/2011 EUR 500,000 (22,620)

01/03/2011 GBP 372,000 07/04/2011 USD 605,702 (7,216)

01/03/2011 JPY 65,355,000 07/04/2011 USD 796,264 (7,173)

01/03/2011 USD 357,341 07/04/2011 CAD 347,000 (667)

01/03/2011 USD 4,185,196 07/04/2011 EUR 3,025,000 (118,071)

04/03/2011 USD 711,739 07/04/2011 EUR 510,000 (13,770)

08/03/2011 USD 1,389,750 04/05/2011 EUR 1,000,000 (32,034)

09/03/2011 EUR 210,000 07/04/2011 USD 291,973 6,766

09/03/2011 GBP 348,000 07/04/2011 USD 562,826 (2,952)

09/03/2011 USD 132,045 07/04/2011 CAD 128,000 (16)

09/03/2011 USD 107,624 07/04/2011 JPY 8,900,000 166

14/03/2011 CAD 26,000 07/04/2011 USD 26,648 177

14/03/2011 EUR 186,000 07/04/2011 USD 260,245 4,352

14/03/2011 GBP 32,000 07/04/2011 USD 51,816 (333)

14/03/2011 JPY 15,910,000 07/04/2011 USD 194,925 (2,829)

15/03/2011 KRW 981,000,000 18/05/2011 USD 861,471 33,201

15/03/2011 TWD 9,700,000 18/05/2011 USD 329,932 (287)

16/03/2011 AUD 993,000 18/05/2011 USD 971,777 49,543

16/03/2011 CHF 667,000 18/05/2011 USD 733,780 (4,410)


91



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Bond (Formerly Global Core Plus Bond) (continued)

16/03/2011 DKK 1,987,000 18/05/2011 USD 370,902 7,783

16/03/2011 MXN 3,113,000 18/05/2011 USD 256,182 3,899

16/03/2011 PLN 712,000 18/05/2011 USD 241,762 9,461

16/03/2011 SEK 3,846,000 18/05/2011 USD 592,782 18,298

22/03/2011 CAD 150,000 07/04/2011 USD 153,102 1,656

22/03/2011 EUR 400,000 07/04/2011 USD 567,842 1,184

22/03/2011 JPY 35,000,000 07/04/2011 USD 432,252 (9,665)

22/03/2011 USD 916,788 07/04/2011 GBP 560,000 15,842

23/03/2011 JPY 2,600,000 07/04/2011 USD 32,131 (739)

24/03/2011 USD 1,412,176 16/06/2011 EUR 1,000,000 (8,179)

25/03/2011 JPY 61,800,000 31/03/2011 USD 760,732 (14,581)

25/03/2011 EUR 1,130,000 07/04/2011 USD 1,600,593 6,904

25/03/2011 GBP 170,000 07/04/2011 USD 273,571 (69)

25/03/2011 JPY 19,600,000 07/04/2011 USD 241,270 (4,621)

25/03/2011 USD 368,791 07/04/2011 CAD 360,000 (2,631)

25/03/2011 AUD 153,000 18/05/2011 USD 155,751 1,612

25/03/2011 CHF 92,000 18/05/2011 USD 100,876 (273)

25/03/2011 SEK 582,000 18/05/2011 USD 91,668 805

29/03/2011 GBP 433,967 31/03/2011 USD 695,119 3,112

29/03/2011 JPY 161,264,090 31/03/2011 USD 1,973,470 (26,424)

29/03/2011 CAD 124,000 07/04/2011 USD 127,162 772

29/03/2011 EUR 883,000 07/04/2011 USD 1,247,635 8,489

29/03/2011 USD 448,463 07/04/2011 GBP 280,000 (2,011)

29/03/2011 USD 1,052,460 07/04/2011 JPY 86,000,000 14,105

USD (160,931)

Global Credit Bond (Formerly Global Core Credit Bond)

28/01/2011 EUR 720,000 01/04/2011 USD 984,720 39,608

28/01/2011 USD 9,920,000 01/04/2011 EUR 7,252,146 (397,481)

30/03/2011 EUR 7,045,054 01/04/2011 USD 9,920,000 102,851

30/03/2011 USD 1,013,904 01/04/2011 EUR 720,000 (10,425)

30/03/2011 EUR 720,000 01/06/2011 USD 1,012,738 10,133

30/03/2011 USD 9,920,000 01/06/2011 EUR 7,053,199 (100,293)

31/03/2011 EUR 35,178 04/04/2011 USD 50,000 44

USD (355,563)


92



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Emerging Markets Bond

14/10/2010 PHP 196,650,000 15/04/2011 USD 4,500,000 27,866

25/10/2010 INR 136,200,000 27/04/2011 USD 3,000,000 30,722

26/10/2010 INR 45,630,000 27/04/2011 USD 1,000,000 15,359

26/10/2010 PHP 43,640,000 27/04/2011 USD 1,000,000 4,244

27/10/2010 INR 113,500,000 27/04/2011 USD 2,500,000 25,602

04/01/2011 USD 5,300,000 06/04/2011 CLP 2,607,600,000 (113,432)

04/01/2011 PHP 108,700,000 15/04/2011 USD 2,500,000 2,818

14/01/2011 USD 3,000,000 27/04/2011 INR 138,300,000 (78,050)

26/01/2011 CLP 344,050,000 06/04/2011 USD 700,000 14,248

27/01/2011 USD 14,400,000 04/04/2011 TRY 22,943,520 (459,592)

27/01/2011 SGD 21,108,450 14/04/2011 USD 16,500,000 251,202

27/01/2011 USD 10,800,000 15/04/2011 PHP 478,872,000 (226,185)

27/01/2011 INR 352,184,000 27/04/2011 USD 7,600,000 236,798

27/01/2011 BRL 4,677,400 03/05/2011 USD 2,733,723 116,310

27/01/2011 USD 5,800,000 29/07/2011 IDR 53,824,000,000 (260,508)

10/02/2011 PLN 31,269,436 11/08/2011 USD 10,668,885 269,695

10/02/2011 ZAR 37,629,000 15/08/2011 USD 5,038,361 394,326

11/02/2011 MXN 74,711,000 08/08/2011 USD 6,105,336 81,556

17/02/2011 USD 10,681,276 11/08/2011 PLN 31,269,435 (260,788)

22/02/2011 USD 9,300,000 15/08/2011 ZAR 68,228,520 (561,668)

23/02/2011 TRY 6,023,000 04/04/2011 USD 3,741,691 159,081

24/02/2011 EUR 149,968,576 31/03/2011 USD 206,632,701 6,727,590

04/03/2011 IDR 53,556,000,000 29/07/2011 USD 6,000,000 25,050

08/03/2011 EUR 10,473 31/03/2011 USD 14,559 341

10/03/2011 CLP 2,263,550,000 06/04/2011 USD 4,692,268 6,862

10/03/2011 PHP 173,522,000 15/04/2011 USD 3,975,304 20,041

10/03/2011 USD 1,000,000 27/04/2011 PHP 43,640,000 (4,249)

10/03/2011 ZAR 38,902,031 15/08/2011 USD 5,513,717 102,764

14/03/2011 TRY 16,565,892 04/04/2011 USD 10,477,812 251,022

15/03/2011 USD 5,147,518 31/03/2011 EUR 3,707,625 (127,320)

15/03/2011 USD 16,500,000 14/04/2011 SGD 21,182,700 (310,116)

15/03/2011 USD 11,000,000 27/04/2011 INR 503,360,000 (202,319)

15/03/2011 USD 13,500,000 03/05/2011 BRL 22,835,250 (418,327)


93



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Emerging Markets Bond (continued)

15/03/2011 USD 13,600,000 08/08/2011 MXN 166,028,800 (151,159)

17/03/2011 EUR 12,778 31/03/2011 USD 17,898 282

18/03/2011 USD 2,138,378 31/03/2011 EUR 1,513,865 (15,398)

21/03/2011 EUR 11,355 31/03/2011 USD 16,115 40

22/03/2011 EUR 1,866,781 31/03/2011 USD 2,652,491 3,379

22/03/2011 ZAR 556,000 15/08/2011 USD 78,601 1,671

23/03/2011 EUR 12,130 31/03/2011 USD 17,154 104

23/03/2011 USD 33,188 30/08/2011 RUB 952,550 36

28/03/2011 EUR 35,119 31/03/2011 USD 49,304 660

29/03/2011 USD 206,351,469 31/03/2011 EUR 146,660,603 (2,302,571)

29/03/2011 USD 34,281 01/04/2011 EUR 24,370 (389)

29/03/2011 EUR 146,660,603 29/04/2011 USD 206,257,165 2,288,492

30/03/2011 USD 3,516,684 04/04/2011 EUR 2,496,404 (34,777)

30/03/2011 EUR 3,038,680 29/04/2011 USD 4,280,436 40,448

31/03/2011 EUR 76,761 05/04/2011 USD 109,231 (30)

USD 5,571,731

Global Emerging Markets Investment Grade Bond

02/02/2011 BRL 1,340,235 03/05/2011 USD 790,000 26,632

02/02/2011 USD 240,000 08/08/2011 MYR 733,800 (377)

11/02/2011 USD 640,104 08/08/2011 MXN 7,824,636 (7,975)

14/02/2011 PLN 2,080,190 11/08/2011 USD 700,000 27,686

22/02/2011 USD 100,000 15/08/2011 ZAR 733,640 (6,039)

24/02/2011 USD 250,000 10/08/2011 PEN 697,500 1,362

09/03/2011 HUF 27,285,387 12/09/2011 USD 135,613 7,177

23/03/2011 RUB 24,905,750 30/08/2011 USD 867,736 (941)

29/03/2011 USD 330,000 06/04/2011 CLP 159,159,000 (414)

29/03/2011 SGD 441,700 14/04/2011 USD 350,000 523

29/03/2011 KRW 122,485,000 28/04/2011 USD 110,000 1,829

29/03/2011 BRL 249,675 03/05/2011 USD 150,000 2,132

29/03/2011 MXN 2,179,980 08/08/2011 USD 180,000 526

29/03/2011 MYR 334,620 08/08/2011 USD 110,000 (387)

29/03/2011 PLN 372,970 11/08/2011 USD 130,000 471


94



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Emerging Markets Investment Grade Bond (continued)

29/03/2011 ZAR 1,190,459 15/08/2011 USD 170,000 1,873

29/03/2011 USD 500,000 30/08/2011 RUB 14,390,000 (826)

29/03/2011 HUF 22,327,250 12/09/2011 USD 115,000 1,842

USD 55,094

Global Emerging Markets Local Debt

26/04/2010 CNY 33,025,000 28/04/2011 USD 5,000,000 51,042

06/05/2010 USD 4,929,104 28/04/2011 CNY 33,025,000 (121,802)

04/06/2010 USD 10,000,000 08/06/2011 ARS 45,000,000 (888,718)

04/10/2010 INR 126,700,000 06/04/2011 USD 2,800,000 36,560

08/10/2010 ARS 45,000,000 08/06/2011 USD 10,765,550 103,660

14/10/2010 PHP 65,550,000 15/04/2011 USD 1,500,000 9,289

22/10/2010 PHP 56,810,000 26/04/2011 USD 1,300,000 7,369

25/10/2010 PHP 52,260,000 26/04/2011 USD 1,200,000 2,659

04/01/2011 USD 1,100,000 06/04/2011 CLP 541,200,000 (23,543)

11/01/2011 SGD 9,380,590 13/04/2011 USD 7,250,000 194,174

12/01/2011 SGD 4,911,880 14/04/2011 USD 3,800,000 97,960

14/01/2011 SGD 5,786,550 14/04/2011 USD 4,500,000 92,079

14/01/2011 PHP 177,320,000 26/04/2011 USD 4,000,000 80,665

14/01/2011 USD 1,700,000 27/04/2011 INR 78,370,000 (44,228)

19/01/2011 PHP 84,398,000 15/04/2011 USD 1,900,000 43,264

20/01/2011 ILS 14,458,000 26/04/2011 USD 4,000,000 150,111

25/01/2011 USD 20,000,000 04/04/2011 TRY 31,636,000 (489,263)

25/01/2011 ILS 32,451,930 26/04/2011 USD 9,000,000 315,197

25/01/2011 INR 1,859,700,000 27/04/2011 USD 40,000,000 1,382,044

25/01/2011 USD 20,000,000 27/04/2011 INR 931,080,000 (723,945)

25/01/2011 USD 4,000,000 27/04/2011 PHP 179,120,000 (122,063)

25/01/2011 CNY 52,152,000 27/07/2011 USD 8,000,000 3,089

25/01/2011 HKD 311,192,000 27/07/2011 USD 40,000,000 18,046

25/01/2011 TWD 228,480,000 27/07/2011 USD 8,000,000 (238,991)

26/01/2011 USD 15,800,000 06/04/2011 CLP 7,765,700,000 (321,748)


95


Sub-funds Contract

Date

In exchange

for

Settlement Contract to

deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Emerging Markets Local Debt (continued)

26/01/2011 RON 43,112,000 28/07/2011 USD 13,600,000 1,036,481 26/01/2011 THB 206,963,000 28/07/2011 USD 6,700,000 93,354 27/01/2011 USD 20,100,000 04/04/2011 TRY 32,025,330 (641,514)

27/01/2011 SGD 61,790,190 14/04/2011 USD 48,300,000 735,335

27/01/2011 USD 400,000 15/04/2011 PHP 17,736,000 (8,377)

27/01/2011 INR 4,634,000 27/04/2011 USD 100,000 3,116

27/01/2011 BRL 40,639,820 03/05/2011 USD 23,752,087 1,010,569

27/01/2011 USD 9,500,000 29/07/2011 IDR 88,160,000,000 (426,694)

31/01/2011 USD 12,000,000 03/05/2011 BRL 20,496,000 (493,760)

09/02/2011 THB 330,239,400 28/07/2011 USD 10,725,541 114,237

10/02/2011 USD 3,300,000 27/07/2011 HKD 25,662,681 (118)

10/02/2011 IDR 68,145,000,000 29/07/2011 USD 7,455,689 210,623

10/02/2011 USD 5,000,000 29/07/2011 IDR 45,850,000,000 (161,414)

10/02/2011 PLN 132,459,779 11/08/2011 USD 45,194,233 1,142,449

10/02/2011 USD 1,751,551 15/08/2011 CZK 31,183,732 (53,008)

10/02/2011 ZAR 72,455,000 15/08/2011 USD 9,701,413 759,278

11/02/2011 MXN 403,346,000 08/08/2011 USD 32,961,183 440,302

14/02/2011 USD 10,390,000 08/08/2011 MXN 127,007,360 (129,446)

14/02/2011 USD 11,130,000 11/08/2011 PLN 33,059,439 (440,640)

17/02/2011 USD 14,983,797 11/08/2011 PLN 43,865,066 (365,835)

22/02/2011 USD 14,700,000 15/08/2011 ZAR 107,845,080 (887,798)

22/02/2011 ZAR 58,691,000 15/08/2011 USD 8,003,355 470,159

23/02/2011 TRY 18,200,000 04/04/2011 USD 11,306,455 480,703

23/02/2011 USD 7,000,000 27/04/2011 INR 320,180,000 (125,609)

23/02/2011 ZAR 30,583,140 15/08/2011 USD 4,200,000 215,441

24/02/2011 USD 14,200,000 31/08/2011 COP 26,937,400,000 (237,112)

25/02/2011 IDR 34,204,750,000 29/07/2011 USD 3,790,000 58,034

03/03/2011 USD 5,900,000 28/07/2011 THB 180,705,200 (31,697)

09/03/2011 MYR 18,622,106 08/08/2011 USD 6,108,813 (8,695)

09/03/2011 HUF 3,984,200,000 12/09/2011 USD 19,802,187 1,047,929

10/03/2011 USD 3,028,912 15/04/2011 PHP 132,212,000 (15,280)

10/03/2011 PHP 179,120,000 27/04/2011 USD 4,104,491 17,418

18/03/2011 INR 103,027,500 27/04/2011 USD 2,271,830 20,738


96


Sub-funds Contract Date In exchange

for


deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Emerging Markets Local Debt (continued)

21/03/2011 USD 8,500,000 14/04/2011 SGD 10,761,850 (40,366)

21/03/2011 USD 2,500,000 27/07/2011 HKD 19,475,750 (4,500)

21/03/2011 USD 2,000,000 28/07/2011 RON 5,967,000 (26,245)

21/03/2011 USD 2,600,000 11/08/2011 PLN 7,484,880 (18,587)

21/03/2011 PEN 15,076,800 23/09/2011 USD 5,400,000 (26,312)

22/03/2011 USD 7,000,000 08/08/2011 MXN 84,938,000 (34,289)

22/03/2011 USD 3,000,000 11/08/2011 PLN 8,627,100 (18,149)

22/03/2011 ZAR 16,964,000 15/08/2011 USD 2,398,179 50,998

23/03/2011 KRW 4,837,056,000 28/07/2011 USD 4,270,000 117,210

23/03/2011 RUB 600,138,000 30/08/2011 USD 20,909,275 (22,673)

30/03/2011 USD 2,831,285 06/04/2011 INR 126,700,000 (5,284) 30/03/2011 INR 126,700,000 08/08/2011 USD 2,771,216 (24,615)

USD 3,389,264

Global High Income Bond 25/01/2011 USD 38,200,000 01/04/2011 EUR 27,976,883 (1,602,148)

26/01/2011 USD 2,100,000 01/04/2011 EUR 1,536,762 (86,320) 27/01/2011 EUR 365,368 01/04/2011 USD 500,000 19,802

28/01/2011 USD 305,900,000 01/04/2011 EUR 222,983,518 (11,334,135) 31/01/2011 EUR 1,242,286 01/04/2011 USD 1,700,000 67,374

01/02/2011 EUR 798,625 01/04/2011 USD 1,100,000 36,186

02/02/2011 EUR 363,345 01/04/2011 USD 500,000 16,923

09/02/2011 EUR 365,768 01/04/2011 USD 500,000 20,370 11/02/2011 EUR 370,506 01/04/2011 USD 500,000 27,111 15/02/2011 EUR 741,592 01/04/2011 USD 1,000,000 55,048 16/02/2011 EUR 2,211,488 01/04/2011 USD 3,000,000 146,237 17/02/2011 USD 3,000,000 01/04/2011 EUR 2,210,173 (144,368) 18/02/2011 EUR 1,320,993 01/04/2011 USD 1,800,000 79,349 23/02/2011 EUR 1,235,638 01/04/2011 USD 1,700,000 57,916 25/02/2011 EUR 218,594 01/04/2011 USD 300,000 10,989 01/03/2011 USD 16,528,523 07/04/2011 EUR 11,970,000 (499,616) 01/03/2011 USD 13,009,692 07/04/2011 GBP 7,991,000 153,510 02/03/2011 EUR 3,617,531 01/04/2011 USD 5,000,000 146,586


97



for


deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global High Income Bond (continued)

02/03/2011 USD 2,800,000 01/04/2011 EUR 2,025,818 (82,089) 04/03/2011 EUR 1,788,279 01/04/2011 USD 2,500,000 44,147

09/03/2011 EUR 719,129 01/04/2011 USD 1,000,000 23,089 14/03/2011 EUR 1,715,739 01/04/2011 USD 2,400,000 40,946

17/03/2011 EUR 1,140,426 01/04/2011 USD 1,600,000 22,460 22/03/2011 EUR 1,056,087 01/04/2011 USD 1,500,000 2,472

24/03/2011 EUR 1,415,150 01/04/2011 USD 2,000,000 13,304

25/03/2011 USD 5,808,383 07/04/2011 GBP 3,615,000 (7,552) 30/03/2011 USD 323,400,000 01/06/2011 EUR 229,511,291 (2,659,731)

USD (15,432,140)

Global Inflation Linked Bond

04/03/2011 USD 817,708 19/04/2011 AUD 811,351 (19,913)

04/03/2011 USD 796,176 19/04/2011 CAD 774,431 (2,641) 04/03/2011 USD 8,231,147 19/04/2011 EUR 5,899,588 (160,178)

04/03/2011 USD 8,816,289 19/04/2011 GBP 5,421,208 95,080 04/03/2011 USD 2,606,721 19/04/2011 JPY 215,129,000 9,125

04/03/2011 USD 359,111 19/04/2011 SEK 2,276,767 (3,267) 04/03/2011 EUR 8,986,970 20/04/2011 USD 12,557,574 225,097 04/03/2011 GBP 1,716,615 20/04/2011 USD 2,791,665 (30,120) 09/03/2011 CAD 286,835 19/04/2011 USD 295,509 358

09/03/2011 USD 214,197 19/04/2011 EUR 153,920 (4,733) 11/03/2011 EUR 12,200 20/04/2011 USD 16,804 549

11/03/2011 GBP 11,000 20/04/2011 USD 17,589 107 14/03/2011 USD 61,410 20/04/2011 EUR 44,000 (1,174) 15/03/2011 EUR 227,521 19/04/2011 USD 317,842 5,773 15/03/2011 USD 724,502 19/04/2011 GBP 450,846 (785) 15/03/2011 USD 53,377 20/04/2011 EUR 38,465 (1,334) 17/03/2011 EUR 60,720 20/04/2011 USD 84,985 1,380 17/03/2011 GBP 18,160 20/04/2011 USD 29,297 (83) 21/03/2011 EUR 44,539 19/04/2011 USD 63,121 230 21/03/2011 GBP 370,141 19/04/2011 USD 600,829 (5,374)


98



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Inflation Linked Bond (continued)

21/03/2011 USD 196,568 19/04/2011 EUR 138,702 (715) 24/03/2011 USD 182,305 20/04/2011 EUR 129,000 (1,179) 25/03/2011 EUR 5,880 31/03/2011 USD 8,303 62 29/03/2011 EUR 15,600 04/04/2011 USD 21,943 250 29/03/2011 USD 66,206 20/04/2011 EUR 47,080 (759) 29/03/2011 USD 14,357 20/04/2011 GBP 9,000 (122) 30/03/2011 EUR 5,310 05/04/2011 USD 7,483 70 USD 105,704

US Dollar Bond (Formerly US Dollar Core Plus Bond)

24/01/2011 USD 2,716,582 21/04/2011 EUR 2,004,778 (134,973) 24/01/2011 USD 2,032,755 26/04/2011 EUR 1,500,000 (100,480) 08/03/2011 USD 2,779,500 04/05/2011 EUR 2,000,000 (64,068) 24/03/2011 USD 2,824,352 16/06/2011 EUR 2,000,000 (16,358) 24/03/2011 USD 1,409,745 01/07/2011 EUR 1,000,000 (10,277) USD (326,156)

European Equity Absolute Return (Formerly European Equity Alpha)

28/02/2011 GBP 191,701 31/03/2011 EUR 224,914 (8,117) 28/02/2011 USD 191,758 31/03/2011 EUR 138,700 (3,915) 30/03/2011 EUR 218,373 31/03/2011 GBP 191,701 1,576 30/03/2011 EUR 136,201 31/03/2011 USD 191,758 1,417 30/03/2011 GBP 181,777 31/05/2011 EUR 207,146 (1,436) 30/03/2011 USD 185,669 31/05/2011 EUR 132,028 (1,337) EUR (11,812)

GEM Debt Total Return (Formerly New World Income)

04/06/2010 USD 25,000,000 08/06/2011 ARS 112,750,000 (2,261,172) 30/09/2010 ARS 59,164,000 08/06/2011 USD 14,000,000 278,640 04/10/2010 INR 371,050,000 06/04/2011 USD 8,200,000 107,067 08/10/2010 ARS 53,586,000 08/06/2011 USD 12,789,021 143,424 14/10/2010 PHP 174,800,000 15/04/2011 USD 4,000,000 24,595 04/01/2011 PHP 173,920,000 15/04/2011 USD 4,000,000 4,334 05/01/2011 USD 2,700,000 04/04/2011 TRY 4,224,420 (34,452) 14/01/2011 USD 8,041,829 06/04/2011 INR 371,050,000 (265,665)


99



for


deliver

Unrealised

Gain /

(Loss) by

Sub-Fund

GEM Debt Total Return (Formerly New World Income) (continued) 19/01/2011 PHP 146,586,000 15/04/2011 USD 3,300,000 74,996 21/01/2011 TRY 7,920,000 04/04/2011 USD 5,000,000 126,545 21/01/2011 PHP 46,861,500 15/04/2011 USD 1,050,000 28,939 27/01/2011 USD 15,000,000 04/04/2011 TRY 23,899,500 (470,251) 27/01/2011 SGD 39,381,840 14/04/2011 USD 30,800,000 443,543 27/01/2011 USD 23,800,000 15/04/2011 PHP 1,054,992,000 (490,498) 27/01/2011 USD 14,569,539 03/05/2011 BRL 24,928,482 (599,934) 27/01/2011 USD 15,500,000 29/07/2011 IDR 143,840,000,000 (696,186) 09/02/2011 USD 12,400,000 04/04/2011 TRY 19,816,440 (427,294) 09/02/2011 PLN 25,278,750 11/08/2011 USD 8,750,000 32,470 11/02/2011 MXN 299,267,000 08/08/2011 USD 24,455,912 318,906 14/02/2011 USD 21,700,000 14/04/2011 SGD 27,831,335 (379,956) 17/02/2011 USD 8,634,927 11/08/2011 PLN 25,278,749 (149,554) 22/02/2011 USD 16,600,000 15/08/2011 ZAR 121,784,240 (1,079,371) 22/02/2011 ZAR 4,656,000 15/08/2011 USD 634,912 40,175 23/02/2011 USD 13,022,302 04/04/2011 TRY 20,962,000 (546,583) 24/02/2011 EUR 281,085,030 31/03/2011 USD 387,290,197 11,597,568 24/02/2011 USD 9,990,473 31/03/2011 EUR 7,251,717 (300,439) 25/02/2011 EUR 5,525,618 31/03/2011 USD 7,611,816 229,589 01/03/2011 USD 4,000,000 15/08/2011 ZAR 28,506,000 (135,878) 03/03/2011 TRY 1,605,250 04/04/2011 USD 1,000,000 39,064 04/03/2011 EUR 29,915 31/03/2011 USD 41,792 661 04/03/2011 USD 52,949,450 02/06/2011 MXN 640,000,000 (406,502) 07/03/2011 USD 3,290,287 31/03/2011 EUR 2,348,688 (42,737) 08/03/2011 EUR 763,974 31/03/2011 USD 1,061,548 22,608 08/03/2011 USD 8,288 31/03/2011 EUR 5,964 (175) 08/03/2011 USD 2,500,000 04/04/2011 TRY 3,994,750 (85,824) 09/03/2011 USD 20,553 31/03/2011 EUR 14,765 (400) 09/03/2011 TRY 7,663,950 04/04/2011 USD 5,000,000 (39,194) 09/03/2011 USD 3,500,000 04/04/2011 TRY 5,570,915 (106,075) 10/03/2011 EUR 330,916 31/03/2011 USD 456,539 13,063 10/03/2011 USD 317,153 31/03/2011 EUR 229,918 (9,124) 10/03/2011 PHP 512,824,500 15/04/2011 USD 11,748,557 58,715 10/03/2011 ZAR 137,315,801 15/08/2011 USD 19,462,235 447,595


100



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

GEM Debt Total Return (Formerly New World Income) (continued)

11/03/2011 EUR 3,043,238 31/03/2011 USD 4,210,293 108,367 14/03/2011 EUR 408,480 31/03/2011 USD 570,682 8,991

15/03/2011 EUR 31,121 31/03/2011 USD 43,458 705 15/03/2011 USD 9,200,000 14/04/2011 SGD 11,810,960 (170,211)

15/03/2011 USD 7,700,000 27/04/2011 INR 352,352,000 (140,926) 15/03/2011 USD 23,400,000 08/08/2011 MXN 285,667,200 (252,559)

16/03/2011 EUR 706,636 31/03/2011 USD 983,544 19,242 16/03/2011 USD 1,085,665 31/03/2011 EUR 779,771 (20,908)

17/03/2011 EUR 37,782 31/03/2011 USD 52,962 655 17/03/2011 USD 3,107,495 08/08/2011 MXN 38,000,000 (38,890)

18/03/2011 EUR 5,000,000 31/03/2011 USD 7,068,420 27,080 18/03/2011 USD 7,671 31/03/2011 EUR 5,426 (29)

18/03/2011 INR 345,763,500 27/04/2011 USD 7,624,333 68,905 18/03/2011 USD 54,919,353 26/09/2011 MXN 672,405,100 (481,225)

21/03/2011 EUR 139,593 31/03/2011 USD 197,957 140 22/03/2011 EUR 910,774 31/03/2011 USD 1,294,070 (1,590)

22/03/2011 ZAR 4,409,000 15/08/2011 USD 623,295 15,979

23/03/2011 EUR 852,492 31/03/2011 USD 1,203,916 5,853

23/03/2011 TRY 20,380,027 04/04/2011 USD 13,054,103 137,705 23/03/2011 RUB 346,844,500 30/08/2011 USD 12,084,332 (44,319)

24/03/2011 EUR 175,812 31/03/2011 USD 249,615 (120) 24/03/2011 USD 53,000,000 12/09/2011 HUF 10,250,200,000 (646,523)

28/03/2011 EUR 1,048,471 31/03/2011 USD 1,479,271 8,615

28/03/2011 EUR 130,038 13/05/2011 USD 183,282 1,055 29/03/2011 EUR 1,723,291 31/03/2011 USD 2,424,672 20,853 29/03/2011 USD 409,598,535 31/03/2011 EUR 291,176,893 (3,610,594) 29/03/2011 EUR 291,366,942 13/05/2011 USD 409,549,176 3,479,782 30/03/2011 USD 24,259 13/05/2011 EUR 17,224 (157) USD 4,001,109


101



deliver

Unrealised

Gain /

(Loss) by

Sub-Fund

GEM Equity Absolute Return (Formerly Global Emerging Markets Equity Alpha)

15/02/2011 EUR 180,074 31/03/2011 USD 243,197 12,994 16/02/2011 EUR 182,508 31/03/2011 USD 246,447 13,207

16/02/2011 GBP 43,700 31/03/2011 USD 70,132 179 07/03/2011 EUR 7,000 31/03/2011 USD 9,810 149

10/03/2011 EUR 1,500 31/03/2011 USD 2,073 61 11/03/2011 EUR 897,929 31/03/2011 USD 1,237,521 39,962

15/03/2011 USD 6,931 31/03/2011 EUR 4,991 (170)

16/03/2011 EUR 4,943 31/03/2011 USD 6,901 131

30/03/2011 USD 1,787,265 31/03/2011 EUR 1,268,963 (18,088) 30/03/2011 USD 70,099 31/03/2011 GBP 43,700 (212) 30/03/2011 EUR 1,275,000 31/05/2011 USD 1,793,708 17,654

30/03/2011 GBP 44,000 31/05/2011 USD 70,528 213 USD 66,080

Global Bond Market Neutral 04/03/2011 CAD 340,000 19/04/2011 EUR 250,010 (3,744)

04/03/2011 CHF 730,000 19/04/2011 EUR 562,744 (271) 04/03/2011 EUR 139,614 19/04/2011 GBP 120,000 4,055

04/03/2011 EUR 36,812 19/04/2011 NZD 70,000 (776) 04/03/2011 EUR 64,506 19/04/2011 USD 90,000 1,069 04/03/2011 JPY 3,800,000 19/04/2011 EUR 33,036 (717) 04/03/2011 SEK 210,000 19/04/2011 EUR 23,778 (334)

07/03/2011 EUR 308,414 19/04/2011 CAD 420,000 4,203 07/03/2011 EUR 680,472 19/04/2011 CHF 880,000 2,421

07/03/2011 AUD 1,190,000 20/04/2011 EUR 858,637 6,629 07/03/2011 EUR 1,704,472 20/04/2011 CAD 2,320,000 24,114

07/03/2011 EUR 7,005,913 20/04/2011 CHF 9,080,000 9,692 07/03/2011 EUR 1,428,810 20/04/2011 JPY 164,280,000 31,583

07/03/2011 EUR 1,412,974 20/04/2011 USD 1,980,000 17,375

07/03/2011 GBP 1,700,000 20/04/2011 EUR 1,979,347 (58,934) 07/03/2011 NOK 26,080,000 20/04/2011 EUR 3,347,081 (27,473)

07/03/2011 NZD 860,000 20/04/2011 EUR 451,790 9,972

07/03/2011 SEK 21,580,000 20/04/2011 EUR 2,428,490 (19,497)

08/03/2011 SEK 8,230,000 20/04/2011 EUR 928,437 (9,716)

08/03/2011 USD 160,000 20/04/2011 EUR 115,220 (2,445)

15/03/2011 CAD 520,000 20/04/2011 EUR 376,553 80


102



deliver

Unrealised

Gain /

(Loss) by

Sub-Fund

Global Bond Market Neutral (continued)

15/03/2011 CHF 4,490,000 20/04/2011 EUR 3,521,251 (61,667)

15/03/2011 EUR 465,864 20/04/2011 AUD 660,000 (14,062)

15/03/2011 EUR 1,129,673 20/04/2011 GBP 980,000 22,609

15/03/2011 EUR 1,758,433 20/04/2011 NOK 13,950,000 (17,215) 15/03/2011 EUR 204,081 20/04/2011 NZD 390,000 (5,328)

15/03/2011 EUR 1,663,505 20/04/2011 SEK 14,940,000 (4,262) 15/03/2011 JPY 172,630,000 20/04/2011 EUR 1,540,192 (71,958)

15/03/2011 USD 1,310,000 20/04/2011 EUR 943,671 (20,323) 17/03/2011 CAD 670,000 19/04/2011 EUR 484,172 1,118

17/03/2011 CHF 210,000 19/04/2011 EUR 166,491 (4,684) 17/03/2011 EUR 6,992 19/04/2011 AUD 10,000 (280)

17/03/2011 EUR 128,504 19/04/2011 JPY 14,200,000 7,729 17/03/2011 EUR 169,273 19/04/2011 NZD 330,000 (7,936)

17/03/2011 EUR 77,690 19/04/2011 SEK 700,000 (456) 17/03/2011 EUR 598,708 19/04/2011 USD 840,000 6,631

17/03/2011 GBP 500,000 19/04/2011 EUR 575,690 (10,861) 17/03/2011 NOK 690,000 19/04/2011 EUR 86,810 1,022

18/03/2011 AUD 1,050,000 20/04/2011 EUR 736,004 27,466 18/03/2011 CAD 420,000 20/04/2011 EUR 303,202 1,002

18/03/2011 EUR 2,256,783 20/04/2011 CHF 2,870,000 45,408 18/03/2011 EUR 22,861 20/04/2011 GBP 20,000 268 18/03/2011 JPY 2,050,000 20/04/2011 EUR 17,874 (439) 18/03/2011 NOK 6,960,000 20/04/2011 EUR 878,436 7,471

18/03/2011 NZD 550,000 20/04/2011 EUR 283,273 12,040 18/03/2011 SEK 2,410,000 20/04/2011 EUR 267,693 1,337

18/03/2011 USD 640,000 20/04/2011 EUR 453,966 (2,865)

21/03/2011 EUR 2,645,300 20/04/2011 CHF 3,390,000 33,265

21/03/2011 EUR 7,067 20/04/2011 USD 10,000 18

21/03/2011 GBP 1,000,000 20/04/2011 EUR 1,147,506 (17,851)

21/03/2011 NOK 11,980,000 20/04/2011 EUR 1,519,532 5,350

25/03/2011 EUR 216,023 19/04/2011 GBP 190,000 1,389

25/03/2011 USD 600,000 19/04/2011 EUR 424,357 (1,446)

28/03/2011 USD 600,000 19/04/2011 EUR 425,773 (2,862)

29/03/2011 CHF 740,000 20/04/2011 EUR 570,858 (681)

29/03/2011 EUR 2,485,886 20/04/2011 AUD 3,420,000 (848)


103



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Bond Market Neutral (continued)

29/03/2011 EUR 370,792 20/04/2011 CAD 510,000 1,402

29/03/2011 EUR 89,637 20/04/2011 JPY 10,400,000 1,183 29/03/2011 EUR 1,185,411 20/04/2011 NOK 9,380,000 (8,534)

29/03/2011 GBP 1,450,000 20/04/2011 EUR 1,645,384 (7,385) 29/03/2011 NZD 1,840,000 20/04/2011 EUR 986,053 1,903

29/03/2011 SEK 14,250,000 20/04/2011 EUR 1,591,971 (1,231) 29/03/2011 USD 270,000 20/04/2011 EUR 191,755 (1,446)

EUR (98,723)

Global Currency 07/12/2010 USD 73,948 05/05/2011 CAD 74,424 (2,730)

11/11/2010 USD 3,226,809 05/05/2011 CAD 3,252,846 (124,577) 11/11/2010 AUD 9,795,263 06/05/2011 USD 9,592,482 490,508

11/11/2010 EUR 1,032,785 06/05/2011 USD 1,412,164 54,424 11/11/2010 GBP 339,411 06/05/2011 USD 547,239 (1,162)

11/11/2010 NOK 12,940,499 06/05/2011 USD 2,170,250 166,520 11/11/2010 NZD 1,075,736 06/05/2011 USD 830,379 (11,959)

11/11/2010 USD 2,338,617 06/05/2011 CHF 2,264,766 (135,540) 11/11/2010 USD 138,815 06/05/2011 JPY 11,401,820 1,245

11/11/2010 USD 2,231,221 06/05/2011 SEK 15,257,250 (193,024) 12/11/2010 CAD 186,491 05/05/2011 USD 184,252 7,883

12/11/2010 CHF 119,272 06/05/2011 USD 122,657 7,643 12/11/2010 EUR 22,039 06/05/2011 USD 30,165 1,131

12/11/2010 SEK 332,889 06/05/2011 USD 48,566 4,319 12/11/2010 USD 845,692 06/05/2011 AUD 871,283 (51,412)

12/11/2010 USD 55,992 06/05/2011 GBP 34,857 (89) 12/11/2010 USD 11,123 06/05/2011 JPY 912,166 117 12/11/2010 USD 164,375 06/05/2011 NOK 982,000 (12,977) 12/11/2010 USD 120,716 06/05/2011 NZD 157,471 914 15/11/2010 USD 177,359 05/05/2011 CAD 180,191 (8,291) 15/11/2010 AUD 73,627 06/05/2011 USD 71,029 4,761 15/11/2010 NOK 186,685 06/05/2011 USD 30,973 2,738 15/11/2010 USD 88,266 06/05/2011 CHF 86,739 (6,492) 15/11/2010 USD 59,770 06/05/2011 EUR 43,958 (2,654)


104



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Currency (continued)

15/11/2010 USD 94,245 06/05/2011 GBP 58,772 (313)

15/11/2010 USD 72,785 06/05/2011 JPY 6,026,590 70 15/11/2010 USD 69,945 06/05/2011 NZD 91,898 29

15/11/2010 USD 70,774 06/05/2011 SEK 488,939 (6,916) 16/11/2010 CAD 241,967 05/05/2011 USD 237,285 12,005

16/11/2010 CHF 168,328 06/05/2011 USD 171,292 12,600 16/11/2010 JPY 1,716,338 06/05/2011 USD 20,653 56

16/11/2010 SEK 1,288,437 06/05/2011 USD 185,786 18,907 16/11/2010 USD 546,443 06/05/2011 AUD 570,052 (40,533)

16/11/2010 USD 161,356 06/05/2011 EUR 118,981 (7,607) 16/11/2010 USD 66,848 06/05/2011 GBP 41,854 (491)

16/11/2010 USD 132,735 06/05/2011 NOK 802,910 (12,276) 17/11/2010 USD 489,575 05/05/2011 CAD 502,111 (27,753)

17/11/2010 AUD 1,018,828 06/05/2011 USD 973,208 75,547 17/11/2010 EUR 43,966 06/05/2011 USD 59,195 3,238

17/11/2010 GBP 23,799 06/05/2011 USD 37,727 563 17/11/2010 JPY 2,359,537 06/05/2011 USD 28,330 139

17/11/2010 NOK 1,150,583 06/05/2011 USD 188,272 19,498 17/11/2010 USD 246,580 06/05/2011 CHF 245,074 (21,151)

17/11/2010 USD 299,784 06/05/2011 SEK 2,097,732 (33,540) 18/11/2010 USD 390,061 05/05/2011 CAD 398,565 (20,582)

18/11/2010 AUD 1,422,865 06/05/2011 USD 1,376,472 88,188 18/11/2010 EUR 200,000 06/05/2011 USD 272,431 11,575

18/11/2010 GBP 74,082 06/05/2011 USD 118,245 945 18/11/2010 NOK 1,509,164 06/05/2011 USD 250,456 22,066

18/11/2010 NZD 260,296 06/05/2011 USD 199,441 (1,407) 18/11/2010 USD 287,903 06/05/2011 CHF 283,628 (21,947) 18/11/2010 USD 69,622 06/05/2011 JPY 5,783,044 (154) 18/11/2010 USD 331,610 06/05/2011 SEK 2,286,216 (31,655) 19/11/2010 USD 175,850 05/05/2011 CAD 180,160 (9,770) 19/11/2010 AUD 498,446 06/05/2011 USD 480,370 32,717 19/11/2010 EUR 148,564 06/05/2011 USD 202,321 8,644 19/11/2010 NOK 727,744 06/05/2011 USD 120,303 11,111 19/11/2010 NZD 67,354 06/05/2011 USD 51,613 (370)


105



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


19/11/2010 USD 216,738 06/05/2011 CHF 216,254 (19,509)

19/11/2010 USD 30,571 06/05/2011 GBP 19,184 (294) 19/11/2010 USD 24,045 06/05/2011 JPY 2,003,937 (134)

19/11/2010 USD 208,154 06/05/2011 SEK 1,438,857 (20,472) 22/11/2010 USD 458,191 05/05/2011 CAD 468,658 (24,669)

22/11/2010 AUD 592,809 06/05/2011 USD 572,653 37,569 22/11/2010 GBP 81,240 06/05/2011 USD 129,399 1,308

22/11/2010 JPY 4,149,778 06/05/2011 USD 49,795 275 22/11/2010 NOK 1,027,732 06/05/2011 USD 169,395 16,191

22/11/2010 NZD 212,694 06/05/2011 USD 161,800 17 22/11/2010 SEK 1,870,579 06/05/2011 USD 269,386 27,791

22/11/2010 USD 148,894 06/05/2011 CHF 147,712 (12,474) 22/11/2010 USD 505,961 06/05/2011 EUR 372,484 (22,995)

23/11/2010 CAD 403,582 05/05/2011 USD 392,439 23,358 23/11/2010 CHF 406,192 06/05/2011 USD 408,896 34,854

23/11/2010 JPY 2,692,628 06/05/2011 USD 32,522 (34) 23/11/2010 SEK 1,884,719 06/05/2011 USD 268,227 31,196

23/11/2010 USD 1,012,488 06/05/2011 AUD 1,062,365 (81,443) 23/11/2010 USD 465,894 06/05/2011 EUR 348,802 (29,438)

23/11/2010 USD 155,201 06/05/2011 GBP 98,256 (2,884) 23/11/2010 USD 169,375 06/05/2011 NOK 1,044,003 (19,186)

23/11/2010 USD 121,790 06/05/2011 NZD 161,904 (1,390) 24/11/2010 CAD 186,536 05/05/2011 USD 183,873 8,309

24/11/2010 AUD 243,486 06/05/2011 USD 234,485 16,153 24/11/2010 EUR 140,052 06/05/2011 USD 187,026 11,852

24/11/2010 NOK 912,199 06/05/2011 USD 148,934 15,789 24/11/2010 USD 151,890 06/05/2011 CHF 150,681 (12,721) 24/11/2010 USD 74,397 06/05/2011 GBP 47,215 (1,568) 24/11/2010 USD 296,324 06/05/2011 JPY 24,678,225 (1,433) 24/11/2010 USD 9,997 06/05/2011 NZD 13,276 (103) 24/11/2010 USD 119,583 06/05/2011 SEK 832,977 (12,774) 25/11/2010 CAD 192,006 05/05/2011 USD 189,609 8,208 25/11/2010 SEK 1,085,666 06/05/2011 USD 155,578 16,901 25/11/2010 USD 81,068 06/05/2011 CHF 80,819 (7,222)


106



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


25/11/2010 USD 71,972 06/05/2011 EUR 53,888 (4,554)

25/11/2010 USD 109,876 06/05/2011 JPY 9,166,001 (717) 25/11/2010 USD 121,772 06/05/2011 NOK 745,817 (12,931)

25/11/2010 USD 128,713 06/05/2011 NZD 171,102 (1,465) 26/11/2010 CAD 43,787 05/05/2011 USD 42,779 2,333

26/11/2010 CHF 266,536 06/05/2011 USD 266,464 24,717 26/11/2010 SEK 2,407,531 06/05/2011 USD 341,698 40,784

26/11/2010 USD 1,274,370 06/05/2011 AUD 1,347,495 (113,207) 26/11/2010 USD 282,389 06/05/2011 EUR 213,686 (21,068)

26/11/2010 USD 115,265 06/05/2011 GBP 73,944 (3,705) 26/11/2010 USD 24,566 06/05/2011 JPY 2,062,376 (318)

26/11/2010 USD 133,158 06/05/2011 NOK 827,421 (16,287) 26/11/2010 USD 158,107 06/05/2011 NZD 213,268 (4,157)

29/11/2010 CAD 854,646 03/05/2011 USD 831,967 48,580 29/11/2010 USD 832,502 03/05/2011 CAD 854,646 (48,079)

29/11/2010 CAD 229,452 05/05/2011 USD 223,657 12,739 29/11/2010 CHF 185,625 06/05/2011 USD 185,925 16,864

29/11/2010 JPY 10,180,649 06/05/2011 USD 120,967 1,869 29/11/2010 SEK 3,540,406 06/05/2011 USD 502,271 60,190

29/11/2010 USD 537,672 06/05/2011 AUD 571,333 (50,667) 29/11/2010 USD 288,231 06/05/2011 EUR 220,121 (24,366)

29/11/2010 USD 84,790 06/05/2011 GBP 54,590 (3,041) 29/11/2010 USD 234,773 06/05/2011 NOK 1,466,082 (30,027)

29/11/2010 USD 19,716 06/05/2011 NZD 26,786 (665) 29/11/2010 CAD 854,646 09/05/2011 USD 832,366 48,077

29/11/2010 AUD 2,675,793 10/05/2011 USD 2,514,673 238,381 29/11/2010 CHF 2,050,279 10/05/2011 USD 2,051,905 188,036 29/11/2010 JPY 213,743,329 10/05/2011 USD 2,540,819 38,198 29/11/2010 USD 4,679,106 10/05/2011 EUR 3,575,674 (398,403) 29/11/2010 USD 385,066 10/05/2011 GBP 247,808 (13,619) 30/11/2010 USD 313,689 05/05/2011 CAD 323,340 (19,451) 30/11/2010 AUD 298,549 06/05/2011 USD 281,084 26,234 30/11/2010 JPY 850,255 06/05/2011 USD 10,204 55 30/11/2010 NOK 913,632 06/05/2011 USD 146,448 18,534


107



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


30/11/2010 NZD 19,777 06/05/2011 USD 14,535 512

30/11/2010 SEK 829,425 06/05/2011 USD 117,567 14,203 30/11/2010 USD 133,025 06/05/2011 CHF 132,476 (11,698)

30/11/2010 USD 356,231 06/05/2011 EUR 273,673 (32,418) 30/11/2010 CAD 28,355 09/05/2011 USD 27,519 1,692

30/11/2010 AUD 143,220 10/05/2011 USD 134,889 12,466 30/11/2010 GBP 47,583 10/05/2011 USD 73,998 2,554

30/11/2010 JPY 51,889,802 10/05/2011 USD 623,089 3,011 30/11/2010 USD 222,584 10/05/2011 EUR 170,846 (20,020)

01/12/2010 CAD 99,483 05/05/2011 USD 97,201 5,293 01/12/2010 AUD 167,036 06/05/2011 USD 157,755 14,187

01/12/2010 CHF 52,990 06/05/2011 USD 52,948 4,942 01/12/2010 EUR 33,204 06/05/2011 USD 43,361 3,789

01/12/2010 GBP 19,406 06/05/2011 USD 30,161 1,061 01/12/2010 NZD 75,537 06/05/2011 USD 55,698 1,771

01/12/2010 USD 129,955 06/05/2011 JPY 10,916,972 (1,764) 01/12/2010 USD 112,408 06/05/2011 NOK 700,563 (14,125)

01/12/2010 USD 23,973 06/05/2011 SEK 168,992 (2,879) 01/12/2010 CAD 228,326 09/05/2011 USD 223,020 12,197

01/12/2010 EUR 345,966 10/05/2011 USD 451,519 39,726 01/12/2010 USD 203,210 10/05/2011 AUD 215,152 (18,244)

01/12/2010 USD 273,999 10/05/2011 CHF 274,335 (25,708) 01/12/2010 USD 292,244 10/05/2011 GBP 187,869 (10,008)

01/12/2010 USD 312,684 10/05/2011 JPY 26,270,943 (4,299) 02/12/2010 CAD 237,666 05/05/2011 USD 235,795 9,063

02/12/2010 AUD 184,433 06/05/2011 USD 176,672 13,179 02/12/2010 CHF 22,005 06/05/2011 USD 22,270 1,770 02/12/2010 EUR 50,194 06/05/2011 USD 66,376 4,901 02/12/2010 GBP 66,560 06/05/2011 USD 103,692 3,396 02/12/2010 JPY 1,550,931 06/05/2011 USD 18,605 108 02/12/2010 NOK 326,992 06/05/2011 USD 53,472 5,575 02/12/2010 NZD 424,484 06/05/2011 USD 316,550 6,397 02/12/2010 SEK 1,485,747 06/05/2011 USD 214,169 21,871 02/12/2010 CAD 826,007 09/05/2011 USD 819,597 31,341


108



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


02/12/2010 AUD 524,621 10/05/2011 USD 502,445 37,324

02/12/2010 CHF 654,297 10/05/2011 USD 661,680 53,143 02/12/2010 JPY 101,890,128 10/05/2011 USD 1,221,326 8,075

02/12/2010 USD 821,905 10/05/2011 EUR 621,638 (60,823) 02/12/2010 USD 350,284 10/05/2011 GBP 224,782 (11,355)

03/12/2010 USD 485,416 05/05/2011 CAD 489,269 (18,675) 03/12/2010 AUD 828,870 06/05/2011 USD 804,144 49,073

03/12/2010 GBP 148,115 06/05/2011 USD 232,465 5,837 03/12/2010 JPY 14,707,270 06/05/2011 USD 178,253 (801)

03/12/2010 NOK 624,935 06/05/2011 USD 103,530 9,319 03/12/2010 NZD 291,133 06/05/2011 USD 219,445 2,049

03/12/2010 SEK 395,719 06/05/2011 USD 57,668 5,199 03/12/2010 USD 117,512 06/05/2011 CHF 114,637 (7,724)

03/12/2010 USD 48,999 06/05/2011 EUR 36,657 (3,058) 03/12/2010 USD 648,659 09/05/2011 CAD 653,686 (24,777)

03/12/2010 AUD 780,246 10/05/2011 USD 756,281 46,494 03/12/2010 CHF 10,484 10/05/2011 USD 10,747 707

03/12/2010 GBP 17,535 10/05/2011 USD 27,513 698 03/12/2010 JPY 21,853,377 10/05/2011 USD 264,821 (1,139)

03/12/2010 USD 419,978 10/05/2011 EUR 314,394 (26,459) 06/12/2010 USD 1,030,625 05/05/2011 CAD 1,042,215 (43,165)

06/12/2010 AUD 2,551,943 06/05/2011 USD 2,471,587 155,316 06/12/2010 GBP 46,590 06/05/2011 USD 72,977 1,982

06/12/2010 NOK 2,759,560 06/05/2011 USD 455,170 43,146 06/12/2010 USD 782,951 06/05/2011 CHF 770,857 (59,175)

06/12/2010 USD 215,968 06/05/2011 JPY 17,849,114 607 06/12/2010 USD 61,801 06/05/2011 NZD 82,357 (858) 06/12/2010 USD 348,879 06/05/2011 SEK 2,409,587 (33,989) 06/12/2010 CAD 652,874 09/05/2011 USD 645,331 27,249 06/12/2010 AUD 528,696 10/05/2011 USD 511,687 32,275 06/12/2010 CHF 625,433 10/05/2011 USD 635,366 47,923 06/12/2010 JPY 72,546,234 10/05/2011 USD 878,007 (2,668) 06/12/2010 USD 1,203,116 10/05/2011 EUR 907,136 (85,017) 06/12/2010 USD 99,740 10/05/2011 GBP 63,710 (2,759)


109



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


07/12/2010 AUD 200,650 06/05/2011 USD 195,946 10,598

07/12/2010 GBP 110,130 06/05/2011 USD 173,828 3,360 07/12/2010 NOK 412,435 06/05/2011 USD 68,801 5,676

07/12/2010 NZD 134,280 06/05/2011 USD 101,605 555 07/12/2010 SEK 2,066,280 06/05/2011 USD 301,969 26,298

07/12/2010 USD 96,854 06/05/2011 CHF 94,535 (6,422) 07/12/2010 USD 91,212 06/05/2011 EUR 68,198 (5,636)

07/12/2010 USD 22,267 06/05/2011 JPY 1,842,058 42 07/12/2010 CAD 39,862 09/05/2011 USD 39,579 1,487

07/12/2010 EUR 120,875 10/05/2011 USD 161,645 9,988 07/12/2010 GBP 294,293 10/05/2011 USD 464,577 8,887

07/12/2010 JPY 13,714,823 10/05/2011 USD 165,847 (365) 07/12/2010 USD 111,714 10/05/2011 AUD 114,496 (6,118)

07/12/2010 USD 207,057 10/05/2011 CHF 202,172 (13,814) 08/12/2010 USD 72,945 05/05/2011 CAD 73,924 (3,218)

08/12/2010 USD 263,839 06/05/2011 AUD 273,804 (18,088) 08/12/2010 USD 100,750 06/05/2011 CHF 99,368 (7,804)

08/12/2010 USD 105,260 06/05/2011 EUR 79,601 (7,782) 08/12/2010 USD 190,267 06/05/2011 GBP 120,487 (3,585)

08/12/2010 USD 159,674 06/05/2011 JPY 13,381,050 (1,776) 08/12/2010 USD 242,627 06/05/2011 NOK 1,469,537 (22,783)

08/12/2010 USD 396,915 06/05/2011 NZD 535,116 (10,226) 08/12/2010 USD 84,147 06/05/2011 SEK 584,104 (8,664)

08/12/2010 USD 707,407 09/05/2011 CAD 716,269 (30,506) 08/12/2010 GBP 270,239 10/05/2011 USD 426,616 8,150

08/12/2010 USD 73,021 10/05/2011 AUD 75,793 (4,985) 08/12/2010 USD 363,175 10/05/2011 CHF 358,021 (27,960) 08/12/2010 USD 15,012 10/05/2011 EUR 11,348 (1,102) 08/12/2010 USD 1,315,147 10/05/2011 JPY 110,191,414 (14,414) 09/12/2010 USD 342,043 05/05/2011 CAD 346,739 (15,201) 09/12/2010 AUD 570,850 06/05/2011 USD 552,035 35,583 09/12/2010 EUR 119,935 06/05/2011 USD 158,078 12,233 09/12/2010 USD 237,457 06/05/2011 CHF 233,726 (17,878) 09/12/2010 USD 47,421 06/05/2011 JPY 3,973,864 (526)


110



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


09/12/2010 USD 113,677 06/05/2011 NOK 692,175 (11,336)

09/12/2010 USD 283,533 06/05/2011 NZD 384,193 (8,782) 09/12/2010 USD 19,168 06/05/2011 SEK 133,253 (2,006)

09/12/2010 USD 76,837 09/05/2011 CAD 77,924 (3,441) 09/12/2010 AUD 214,838 10/05/2011 USD 207,544 13,497

09/12/2010 CHF 144,103 10/05/2011 USD 146,439 10,995 09/12/2010 JPY 26,626,132 10/05/2011 USD 317,740 3,530

09/12/2010 USD 294,831 10/05/2011 EUR 223,759 (22,909) 09/12/2010 USD 19,969 10/05/2011 GBP 12,697 (458)

10/12/2010 AUD 259,229 06/05/2011 USD 251,114 15,730 10/12/2010 CHF 52,224 06/05/2011 USD 53,222 3,831

10/12/2010 EUR 101,235 06/05/2011 USD 133,618 10,139 10/12/2010 GBP 63,336 06/05/2011 USD 99,861 2,040

10/12/2010 NOK 1,441,001 06/05/2011 USD 238,061 22,152 10/12/2010 USD 33,311 06/05/2011 JPY 2,788,583 (335)

10/12/2010 USD 124,757 06/05/2011 NZD 168,492 (3,440) 10/12/2010 USD 214,608 06/05/2011 SEK 1,487,735 (21,786)

10/12/2010 USD 110,796 09/05/2011 CAD 112,217 (4,812) 10/12/2010 AUD 184,552 10/05/2011 USD 178,682 11,199

10/12/2010 GBP 169,981 10/05/2011 USD 268,012 5,457 10/12/2010 JPY 12,675,095 10/05/2011 USD 151,428 1,509

10/12/2010 USD 91,206 10/05/2011 CHF 89,534 (6,610) 10/12/2010 USD 273,104 10/05/2011 EUR 206,901 (20,697)

13/12/2010 CAD 342,657 05/05/2011 USD 340,012 13,016 13/12/2010 CHF 63,331 06/05/2011 USD 65,582 3,605

13/12/2010 GBP 28,011 06/05/2011 USD 44,396 671 13/12/2010 NZD 399,820 06/05/2011 USD 298,551 5,632 13/12/2010 SEK 2,908,008 06/05/2011 USD 423,091 38,901 13/12/2010 USD 171,754 06/05/2011 AUD 175,848 (9,301) 13/12/2010 USD 20,590 06/05/2011 EUR 15,387 (1,261) 13/12/2010 USD 191,392 06/05/2011 NOK 1,142,011 (14,858) 13/12/2010 CHF 275,720 10/05/2011 USD 285,448 15,777 13/12/2010 EUR 181,526 10/05/2011 USD 242,696 15,056 13/12/2010 JPY 4,672,589 10/05/2011 USD 56,003 376


111



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


13/12/2010 USD 135,093 10/05/2011 AUD 138,460 (7,401)

13/12/2010 USD 44,135 10/05/2011 GBP 27,856 (680) 14/12/2010 USD 575,999 05/05/2011 CAD 581,920 (23,551)

14/12/2010 AUD 1,148,344 06/05/2011 USD 1,127,116 54,960 14/12/2010 GBP 58,729 06/05/2011 USD 92,739 1,750

14/12/2010 JPY 1,589,076 06/05/2011 USD 19,111 62 14/12/2010 NOK 191,786 06/05/2011 USD 32,322 2,310

14/12/2010 SEK 272,514 06/05/2011 USD 39,838 3,456 14/12/2010 USD 293,292 06/05/2011 CHF 282,117 (14,909)

14/12/2010 USD 292,267 06/05/2011 EUR 217,791 (17,016) 14/12/2010 USD 37,730 06/05/2011 NZD 50,591 (761)

14/12/2010 USD 168,783 09/05/2011 CAD 170,536 (6,905) 14/12/2010 AUD 595,102 10/05/2011 USD 583,803 28,482

14/12/2010 CHF 45,270 10/05/2011 USD 47,099 2,358 14/12/2010 USD 313,709 10/05/2011 EUR 233,705 (18,149)

14/12/2010 USD 469,781 10/05/2011 GBP 297,449 (8,765) 14/12/2010 USD 230,816 10/05/2011 JPY 19,182,581 (640)

15/12/2010 CAD 681,229 05/05/2011 USD 675,096 26,750 15/12/2010 CHF 643,048 06/05/2011 USD 670,429 32,078

15/12/2010 NOK 322,925 06/05/2011 USD 54,177 4,136 15/12/2010 NZD 44,818 06/05/2011 USD 33,049 1,049

15/12/2010 SEK 2,040,156 06/05/2011 USD 298,125 25,993 15/12/2010 USD 1,679,896 06/05/2011 AUD 1,724,544 (95,729)

15/12/2010 USD 360,579 06/05/2011 EUR 270,542 (23,617) 15/12/2010 USD 340,884 06/05/2011 GBP 218,278 (10,306)

15/12/2010 USD 153,589 06/05/2011 JPY 12,872,698 (1,727) 15/12/2010 CAD 1,032,130 09/05/2011 USD 1,023,139 40,143 15/12/2010 AUD 2,837,134 10/05/2011 USD 2,763,255 155,798 15/12/2010 CHF 2,617,592 10/05/2011 USD 2,729,367 130,365 15/12/2010 JPY 193,765,460 10/05/2011 USD 2,312,734 25,231 15/12/2010 USD 4,829,633 10/05/2011 EUR 3,622,927 (314,901) 15/12/2010 USD 1,148,109 10/05/2011 GBP 735,197 (34,706) 16/12/2010 USD 403,941 05/05/2011 CAD 407,226 (15,622) 16/12/2010 AUD 498,143 06/05/2011 USD 484,327 28,448


112



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


16/12/2010 GBP 63,434 06/05/2011 USD 98,943 3,115

16/12/2010 SEK 1,307,759 06/05/2011 USD 189,991 17,771 16/12/2010 USD 358,418 06/05/2011 CHF 347,185 (20,867)

16/12/2010 USD 275,908 06/05/2011 EUR 208,426 (20,079) 16/12/2010 USD 79,252 06/05/2011 JPY 6,650,535 (991)

16/12/2010 USD 115,455 06/05/2011 NOK 693,347 (9,767) 16/12/2010 USD 289,879 06/05/2011 NZD 396,378 (11,713)

16/12/2010 CAD 198,047 09/05/2011 USD 196,327 7,698 16/12/2010 GBP 399,150 10/05/2011 USD 622,125 20,035

16/12/2010 JPY 27,709,593 10/05/2011 USD 330,167 4,175 16/12/2010 USD 11,040 10/05/2011 AUD 11,359 (650)

16/12/2010 USD 217,910 10/05/2011 CHF 211,070 (12,683) 16/12/2010 USD 525,645 10/05/2011 EUR 397,210 (38,394)

17/12/2010 CAD 393,255 05/05/2011 USD 389,077 16,080 17/12/2010 CHF 495,528 06/05/2011 USD 515,953 25,394

17/12/2010 JPY 11,721,137 06/05/2011 USD 139,705 1,717 17/12/2010 NZD 294,518 06/05/2011 USD 215,216 8,853

17/12/2010 SEK 2,444,519 06/05/2011 USD 357,160 31,198 17/12/2010 USD 1,032,133 06/05/2011 AUD 1,064,374 (63,788)

17/12/2010 USD 134,916 06/05/2011 EUR 101,701 (9,509) 17/12/2010 USD 46,636 06/05/2011 GBP 29,982 (1,603)

17/12/2010 USD 39,166 06/05/2011 NOK 234,814 (3,243) 17/12/2010 CAD 911,372 09/05/2011 USD 901,595 37,286

17/12/2010 CHF 558,322 10/05/2011 USD 581,310 28,659 17/12/2010 EUR 278,857 10/05/2011 USD 369,992 25,963

17/12/2010 USD 782,178 10/05/2011 AUD 806,861 (48,217) 17/12/2010 USD 666,737 10/05/2011 GBP 428,966 (23,403) 20/12/2010 USD 1,421,658 05/05/2011 CAD 1,452,802 (75,169) 20/12/2010 AUD 2,827,226 06/05/2011 USD 2,761,920 148,353 20/12/2010 EUR 149,865 06/05/2011 USD 196,592 16,222 20/12/2010 GBP 88,747 06/05/2011 USD 137,460 5,324 20/12/2010 NOK 201,310 06/05/2011 USD 33,406 2,947 20/12/2010 USD 761,633 06/05/2011 CHF 732,666 (38,773) 20/12/2010 USD 226,554 06/05/2011 JPY 18,927,070 (1,812)


113



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


20/12/2010 USD 724,576 06/05/2011 NZD 986,972 (26,374)

20/12/2010 USD 254,844 06/05/2011 SEK 1,755,166 (24,040) 20/12/2010 USD 1,692,336 09/05/2011 CAD 1,730,617 (90,591)

20/12/2010 AUD 1,752,383 10/05/2011 USD 1,710,338 92,643 20/12/2010 CHF 295,530 10/05/2011 USD 307,307 15,561

20/12/2010 USD 901,674 10/05/2011 EUR 687,520 (74,612) 20/12/2010 USD 128,265 10/05/2011 GBP 82,818 (4,976)

20/12/2010 USD 479,226 10/05/2011 JPY 40,028,769 (3,758) 21/12/2010 CAD 117,982 05/05/2011 USD 115,488 6,064

21/12/2010 AUD 392,199 06/05/2011 USD 384,650 19,069 21/12/2010 EUR 203,001 06/05/2011 USD 266,227 22,041

21/12/2010 GBP 15,754 06/05/2011 USD 24,341 1,006 21/12/2010 JPY 1,403,949 06/05/2011 USD 16,811 129

21/12/2010 NOK 1,951,615 06/05/2011 USD 323,797 28,622 21/12/2010 USD 265,990 06/05/2011 CHF 254,532 (12,075)

21/12/2010 USD 142,638 06/05/2011 NZD 193,848 (4,854) 21/12/2010 USD 428,617 06/05/2011 SEK 2,943,111 (39,021)

21/12/2010 CAD 690,832 09/05/2011 USD 676,558 35,126 21/12/2010 EUR 169,892 10/05/2011 USD 222,918 18,315

21/12/2010 JPY 18,943,523 10/05/2011 USD 226,760 1,811 21/12/2010 USD 423,404 10/05/2011 AUD 431,909 (21,080)

21/12/2010 USD 144,802 10/05/2011 CHF 138,513 (6,523) 21/12/2010 USD 711,689 10/05/2011 GBP 460,669 (29,457)

22/12/2010 USD 676,623 05/05/2011 CAD 688,895 (33,146) 22/12/2010 AUD 1,582,381 06/05/2011 USD 1,556,528 72,334

22/12/2010 NOK 1,132,781 06/05/2011 USD 187,429 17,126 22/12/2010 SEK 2,151,661 06/05/2011 USD 311,958 29,874 22/12/2010 USD 243,172 06/05/2011 CHF 231,352 (9,571) 22/12/2010 USD 554,290 06/05/2011 EUR 423,619 (47,298) 22/12/2010 USD 92,222 06/05/2011 JPY 7,685,257 (505) 22/12/2010 USD 20,893 06/05/2011 NZD 28,419 (730) 22/12/2010 USD 217,623 09/05/2011 CAD 221,615 (10,690) 22/12/2010 AUD 3,919,951 10/05/2011 USD 3,855,444 177,691 22/12/2010 CHF 2,359,208 10/05/2011 USD 2,480,450 96,997


114



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


22/12/2010 JPY 196,250,892 10/05/2011 USD 2,355,899 12,054

22/12/2010 USD 5,584,929 10/05/2011 EUR 4,266,467 (473,514) 22/12/2010 USD 544,254 10/05/2011 GBP 353,764 (24,900)

23/12/2010 USD 540,097 05/05/2011 CAD 549,546 (26,100) 23/12/2010 AUD 1,144,164 06/05/2011 USD 1,130,716 47,057

23/12/2010 GBP 152,275 06/05/2011 USD 234,035 10,959 23/12/2010 NOK 1,560,253 06/05/2011 USD 258,562 23,185

23/12/2010 USD 193,636 06/05/2011 CHF 184,798 (8,248) 23/12/2010 USD 300,077 06/05/2011 EUR 229,417 (25,722)

23/12/2010 USD 428,250 06/05/2011 JPY 35,482,429 133 23/12/2010 USD 311,514 06/05/2011 NZD 422,334 (9,821)

23/12/2010 USD 189,161 09/05/2011 CAD 192,510 (9,167) 23/12/2010 CHF 557,792 10/05/2011 USD 584,792 24,599

23/12/2010 GBP 495,508 10/05/2011 USD 761,179 36,004 23/12/2010 USD 48,837 10/05/2011 AUD 49,435 (2,036)

23/12/2010 USD 530,594 10/05/2011 EUR 405,664 (45,455) 23/12/2010 USD 365,115 10/05/2011 JPY 30,249,778 123

29/12/2010 CAD 896,345 05/05/2011 USD 891,891 31,582 29/12/2010 CHF 289,072 06/05/2011 USD 304,968 10,833

29/12/2010 GBP 52,351 06/05/2011 USD 80,503 3,725 29/12/2010 NOK 452,576 06/05/2011 USD 75,450 6,275

29/12/2010 NZD 478,374 06/05/2011 USD 359,189 4,758 29/12/2010 SEK 3,514,090 06/05/2011 USD 510,931 47,349

29/12/2010 USD 641,103 06/05/2011 AUD 643,572 (21,469) 29/12/2010 USD 45,981 06/05/2011 EUR 35,063 (3,813)

29/12/2010 CAD 1,376,570 09/05/2011 USD 1,370,271 47,848 29/12/2010 EUR 484,362 10/05/2011 USD 635,158 52,598 29/12/2010 GBP 188,970 10/05/2011 USD 290,519 13,499 29/12/2010 JPY 180,759,043 10/05/2011 USD 2,203,863 (22,833) 29/12/2010 USD 1,421,272 10/05/2011 AUD 1,426,918 (47,078) 29/12/2010 USD 1,909,010 10/05/2011 CHF 1,810,077 (68,496) 30/12/2010 CAD 1,079,425 05/05/2011 USD 1,076,420 35,674 30/12/2010 CHF 713,191 06/05/2011 USD 761,899 17,237 30/12/2010 EUR 290,387 06/05/2011 USD 384,896 27,463


115



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


30/12/2010 JPY 28,255,070 06/05/2011 USD 347,140 (6,226)

30/12/2010 NOK 391,363 06/05/2011 USD 65,996 4,676 30/12/2010 NZD 1,079,928 06/05/2011 USD 824,752 (3,143)

30/12/2010 SEK 185,744 06/05/2011 USD 27,185 2,324 30/12/2010 USD 2,175,485 06/05/2011 AUD 2,176,105 (64,828)

30/12/2010 USD 76,201 06/05/2011 GBP 49,386 (3,257) 30/12/2010 CAD 1,420,871 09/05/2011 USD 1,416,333 47,424

30/12/2010 CHF 756,191 10/05/2011 USD 807,364 18,778 30/12/2010 EUR 852,846 10/05/2011 USD 1,130,310 80,665

30/12/2010 JPY 24,557,481 10/05/2011 USD 301,766 (5,457) 30/12/2010 USD 1,109,017 10/05/2011 AUD 1,110,365 (33,573)

30/12/2010 USD 567,467 10/05/2011 GBP 367,863 (24,369) 01/03/2011 USD 149,923 05/05/2011 CAD 145,664 (150)

04/01/2011 CAD 815,542 05/05/2011 USD 814,488 25,736 04/01/2011 EUR 55,787 06/05/2011 USD 74,242 4,978

04/01/2011 GBP 430,070 06/05/2011 USD 669,972 21,966 04/01/2011 JPY 7,424,315 06/05/2011 USD 90,749 (1,170)

04/01/2011 SEK 5,598,054 06/05/2011 USD 829,560 59,798 04/01/2011 USD 1,410,349 06/05/2011 AUD 1,423,666 (55,381)

04/01/2011 USD 411,951 06/05/2011 NOK 2,429,719 (26,855) 04/01/2011 USD 110,421 06/05/2011 NZD 145,137 0

04/01/2011 CAD 1,624,911 09/05/2011 USD 1,621,982 51,974 04/01/2011 EUR 2,697,630 10/05/2011 USD 3,589,129 241,295

04/01/2011 GBP 1,251,480 10/05/2011 USD 1,949,613 63,793 04/01/2011 USD 3,304,308 10/05/2011 AUD 3,337,911 (130,623)

04/01/2011 USD 2,766,879 10/05/2011 CHF 2,620,497 (96,009) 04/01/2011 USD 723,797 10/05/2011 JPY 59,243,163 8,970 05/01/2011 USD 181,744 05/05/2011 CAD 181,081 (4,821) 05/01/2011 AUD 246,782 06/05/2011 USD 243,139 10,892 05/01/2011 EUR 43,581 06/05/2011 USD 57,318 4,568 05/01/2011 USD 252,951 06/05/2011 CHF 243,788 (13,377) 05/01/2011 USD 63,311 06/05/2011 GBP 40,912 (2,513) 05/01/2011 USD 339,739 06/05/2011 JPY 28,258,213 (1,213) 05/01/2011 USD 57,534 06/05/2011 NOK 341,938 (4,220)


116



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


05/01/2011 USD 280,288 06/05/2011 NZD 371,347 (2,238)

05/01/2011 USD 213,106 06/05/2011 SEK 1,449,267 (17,168) 05/01/2011 CAD 302,950 09/05/2011 USD 303,951 8,143

05/01/2011 GBP 208,377 10/05/2011 USD 322,329 12,912 05/01/2011 USD 574,043 10/05/2011 AUD 582,857 (25,770)

05/01/2011 USD 172,858 10/05/2011 CHF 166,589 (9,139) 05/01/2011 USD 59,672 10/05/2011 EUR 45,377 (4,763)

05/01/2011 USD 849,953 10/05/2011 JPY 70,700,778 (3,119) 06/01/2011 USD 106,119 05/05/2011 CAD 106,083 (3,177)

06/01/2011 CHF 169,747 06/05/2011 USD 176,184 9,258 06/01/2011 GBP 11,694 06/05/2011 USD 18,103 711

06/01/2011 JPY 17,125,796 06/05/2011 USD 206,216 417 06/01/2011 SEK 581,393 06/05/2011 USD 84,660 7,705

06/01/2011 USD 314,369 06/05/2011 AUD 320,442 (15,555) 06/01/2011 USD 156,362 06/05/2011 EUR 119,790 (13,754)

06/01/2011 USD 129,082 06/05/2011 NOK 772,030 (10,349) 06/01/2011 USD 40,334 06/05/2011 NZD 53,756 (565)

06/01/2011 USD 2,160,660 09/05/2011 CAD 2,159,741 (64,322) 06/01/2011 AUD 4,393,894 10/05/2011 USD 4,307,282 213,482

06/01/2011 EUR 1,442,046 10/05/2011 USD 1,882,174 165,419 06/01/2011 GBP 4,151,526 10/05/2011 USD 6,426,483 252,575

06/01/2011 USD 3,224,570 10/05/2011 CHF 3,107,450 (170,303) 06/01/2011 USD 5,381,723 10/05/2011 JPY 447,096,861 (12,923)

07/01/2011 CAD 566,046 05/05/2011 USD 569,508 13,669 07/01/2011 CHF 546,024 06/05/2011 USD 567,264 29,248

07/01/2011 GBP 54,283 06/05/2011 USD 84,436 2,899 07/01/2011 JPY 10,985,927 06/05/2011 USD 132,579 (27) 07/01/2011 NZD 123,702 06/05/2011 USD 93,409 703 07/01/2011 SEK 260,039 06/05/2011 USD 37,546 3,766 07/01/2011 USD 1,439,110 06/05/2011 AUD 1,462,332 (66,471) 07/01/2011 USD 309,408 06/05/2011 EUR 238,480 (29,264) 07/01/2011 USD 93,037 06/05/2011 NOK 557,219 (7,599) 07/01/2011 USD 42,238 09/05/2011 CAD 41,996 (1,027) 07/01/2011 AUD 1,011,034 10/05/2011 USD 994,019 46,207


117



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


07/01/2011 CHF 65,510 10/05/2011 USD 67,999 3,571

07/01/2011 GBP 883,236 10/05/2011 USD 1,373,806 47,161 07/01/2011 JPY 250,034,168 10/05/2011 USD 3,015,435 1,464

07/01/2011 USD 591,613 10/05/2011 EUR 456,281 (56,318) 10/01/2011 USD 13,483 05/05/2011 CAD 13,454 (379)

10/01/2011 CHF 27,593 06/05/2011 USD 28,495 1,649 10/01/2011 GBP 78,057 06/05/2011 USD 121,328 4,258

10/01/2011 JPY 9,453,142 06/05/2011 USD 114,478 (420) 10/01/2011 USD 412,765 06/05/2011 AUD 422,550 (22,296)

10/01/2011 USD 68,137 06/05/2011 EUR 52,707 (6,714) 10/01/2011 USD 15,289 06/05/2011 NOK 91,796 (1,290)

10/01/2011 USD 16,448 06/05/2011 NZD 21,826 (157) 10/01/2011 USD 1,707,260 09/05/2011 CAD 1,703,471 (47,667)

10/01/2011 AUD 850,752 10/05/2011 USD 830,909 44,408 10/01/2011 GBP 674,234 10/05/2011 USD 1,047,944 36,777

10/01/2011 USD 346,842 10/05/2011 CHF 335,936 (20,166) 10/01/2011 USD 181,618 10/05/2011 EUR 140,494 (17,887)

10/01/2011 USD 576,162 10/05/2011 JPY 47,599,377 1,830 11/01/2011 CAD 774,431 05/05/2011 USD 779,497 18,372

11/01/2011 CHF 24,758 06/05/2011 USD 25,425 1,622 11/01/2011 EUR 72,136 06/05/2011 USD 93,429 9,006

11/01/2011 GBP 29,139 06/05/2011 USD 45,391 1,490 11/01/2011 JPY 15,142,038 06/05/2011 USD 181,824 874

11/01/2011 NZD 416,267 06/05/2011 USD 313,393 3,303 11/01/2011 SEK 2,342,297 06/05/2011 USD 340,572 31,546

11/01/2011 USD 1,014,737 06/05/2011 AUD 1,043,578 (59,760) 11/01/2011 USD 232,980 06/05/2011 NOK 1,397,621 (19,437) 11/01/2011 CAD 2,586,655 09/05/2011 USD 2,602,776 61,951 11/01/2011 EUR 721,314 10/05/2011 USD 934,570 89,640 11/01/2011 JPY 12,502,064 10/05/2011 USD 150,150 700 11/01/2011 USD 2,441,379 10/05/2011 AUD 2,512,045 (143,906) 11/01/2011 USD 312,482 10/05/2011 CHF 303,939 (19,570) 11/01/2011 USD 716,499 10/05/2011 GBP 459,902 (23,411) 12/01/2011 USD 134,693 05/05/2011 CAD 133,080 (2,416)


118



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


12/01/2011 AUD 405,092 06/05/2011 USD 396,585 20,406

12/01/2011 CHF 29,881 06/05/2011 USD 30,789 1,854 12/01/2011 GBP 88,015 06/05/2011 USD 137,974 3,633

12/01/2011 NOK 333,964 06/05/2011 USD 56,146 4,161 12/01/2011 NZD 298,746 06/05/2011 USD 224,635 2,651

12/01/2011 USD 58,110 06/05/2011 EUR 44,533 (5,132) 12/01/2011 USD 37,782 06/05/2011 JPY 3,143,281 (143)

12/01/2011 USD 872,962 09/05/2011 CAD 862,774 (15,867) 12/01/2011 AUD 2,118,958 10/05/2011 USD 2,072,985 107,156

12/01/2011 EUR 256,715 10/05/2011 USD 334,932 29,584 12/01/2011 GBP 261,527 10/05/2011 USD 410,085 10,665

12/01/2011 USD 679,492 10/05/2011 JPY 56,581,595 (3,218) 13/01/2011 CAD 150,091 05/05/2011 USD 151,384 3,249

13/01/2011 AUD 160,752 06/05/2011 USD 158,282 7,192 13/01/2011 CHF 60,746 06/05/2011 USD 63,075 3,288

13/01/2011 EUR 225,826 06/05/2011 USD 300,837 19,843 13/01/2011 NOK 2,264,017 06/05/2011 USD 384,447 24,385

13/01/2011 NZD 176,620 06/05/2011 USD 134,585 (212) 13/01/2011 USD 48,548 06/05/2011 GBP 30,654 (771)

13/01/2011 USD 247,939 06/05/2011 SEK 1,666,083 (16,780) 13/01/2011 USD 1,489,265 09/05/2011 CAD 1,475,889 (31,196)

13/01/2011 AUD 286,954 10/05/2011 USD 282,599 12,641 13/01/2011 EUR 3,363,836 10/05/2011 USD 4,483,718 292,667

13/01/2011 USD 485,936 10/05/2011 CHF 467,758 (25,088) 13/01/2011 USD 2,867,761 10/05/2011 GBP 1,810,052 (44,307)

13/01/2011 USD 1,254,385 10/05/2011 JPY 103,736,989 2,699 14/01/2011 CAD 465,200 05/05/2011 USD 468,072 11,208 14/01/2011 CHF 347,606 06/05/2011 USD 361,029 18,718 14/01/2011 EUR 596,996 06/05/2011 USD 796,843 50,911 14/01/2011 GBP 20,220 06/05/2011 USD 32,076 456 14/01/2011 NZD 167,658 06/05/2011 USD 127,426 128 14/01/2011 USD 1,158,227 06/05/2011 AUD 1,187,418 (64,356) 14/01/2011 USD 38,373 06/05/2011 JPY 3,175,346 60 14/01/2011 USD 94,716 06/05/2011 NOK 558,286 (6,110)


119



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


14/01/2011 USD 506,876 06/05/2011 SEK 3,407,052 (34,460)

14/01/2011 USD 103,993 09/05/2011 CAD 103,267 (2,393) 14/01/2011 CHF 625,383 10/05/2011 USD 649,359 33,875

14/01/2011 EUR 1,391,073 10/05/2011 USD 1,856,099 119,116 14/01/2011 JPY 37,273,870 10/05/2011 USD 450,369 (625)

14/01/2011 USD 1,588,305 10/05/2011 AUD 1,628,348 (87,489) 14/01/2011 USD 1,011,366 10/05/2011 GBP 637,703 (14,590)

17/01/2011 USD 159,952 05/05/2011 CAD 158,062 (2,895) 17/01/2011 AUD 432,472 06/05/2011 USD 424,467 20,708

17/01/2011 GBP 121,863 06/05/2011 USD 193,663 2,402 17/01/2011 JPY 1,980,761 06/05/2011 USD 23,995 (96)

17/01/2011 NOK 1,348,976 06/05/2011 USD 228,906 14,689 17/01/2011 NZD 169,383 06/05/2011 USD 129,804 (938)

17/01/2011 SEK 845,323 06/05/2011 USD 125,273 9,023 17/01/2011 USD 133,814 06/05/2011 CHF 128,929 (7,036)

17/01/2011 USD 273,579 06/05/2011 EUR 206,054 (19,038) 17/01/2011 USD 2,573,455 09/05/2011 CAD 2,551,898 (55,512)

17/01/2011 EUR 3,980,403 10/05/2011 USD 5,283,575 368,287 17/01/2011 USD 10,173,457 10/05/2011 AUD 10,376,219 (504,843)

17/01/2011 USD 1,610,885 10/05/2011 CHF 1,555,221 (88,185) 17/01/2011 USD 4,627,056 10/05/2011 GBP 2,914,534 (61,933)

17/01/2011 USD 5,462,357 10/05/2011 JPY 450,525,353 26,335 18/01/2011 USD 428,320 05/05/2011 CAD 425,704 (10,275)

18/01/2011 AUD 736,185 06/05/2011 USD 724,190 33,619 18/01/2011 EUR 120,686 06/05/2011 USD 161,445 9,933

18/01/2011 GBP 43,860 06/05/2011 USD 70,073 494 18/01/2011 NOK 1,407,870 06/05/2011 USD 239,825 14,406 18/01/2011 USD 208,765 06/05/2011 CHF 200,877 (10,684) 18/01/2011 USD 199,909 06/05/2011 JPY 16,519,298 594 18/01/2011 USD 82,784 06/05/2011 NZD 108,318 377 18/01/2011 USD 114,045 06/05/2011 SEK 762,559 (7,115) 19/01/2011 USD 15,704 05/05/2011 CAD 15,646 (416) 19/01/2011 AUD 426,014 06/05/2011 USD 421,480 17,047 19/01/2011 GBP 179,662 06/05/2011 USD 286,885 2,172


120



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


19/01/2011 NZD 87,734 06/05/2011 USD 67,081 (333)

19/01/2011 SEK 672,068 06/05/2011 USD 101,346 5,425 19/01/2011 USD 49,027 06/05/2011 CHF 46,998 (2,316)

19/01/2011 USD 190,985 06/05/2011 EUR 141,668 (10,196) 19/01/2011 USD 47,133 06/05/2011 JPY 3,863,331 519

19/01/2011 USD 18,560 06/05/2011 NOK 108,271 (993) 20/01/2011 CAD 224,057 05/05/2011 USD 223,179 7,659

20/01/2011 CHF 404,601 06/05/2011 USD 419,442 22,570 20/01/2011 EUR 108,848 06/05/2011 USD 145,924 8,644

20/01/2011 JPY 9,843,444 06/05/2011 USD 118,702 65 20/01/2011 USD 1,312,775 06/05/2011 AUD 1,351,320 (78,587)

20/01/2011 USD 211,903 06/05/2011 GBP 133,706 (3,217) 20/01/2011 USD 462,041 06/05/2011 NOK 2,731,603 (31,287)

20/01/2011 USD 629,322 06/05/2011 NZD 841,123 (10,629) 20/01/2011 USD 102,252 06/05/2011 SEK 685,165 (6,611)

21/01/2011 CAD 303,595 05/05/2011 USD 304,975 7,809 21/01/2011 EUR 344,122 06/05/2011 USD 466,796 21,868

21/01/2011 NOK 1,369,823 06/05/2011 USD 234,714 12,646 21/01/2011 USD 41,404 06/05/2011 AUD 42,343 (2,193)

21/01/2011 USD 30,876 06/05/2011 CHF 29,605 (1,466) 21/01/2011 USD 274,700 06/05/2011 GBP 171,963 (1,971)

21/01/2011 USD 120,318 06/05/2011 JPY 9,938,502 404 21/01/2011 USD 7,851 06/05/2011 NZD 10,449 (99)

21/01/2011 USD 57,462 06/05/2011 SEK 380,774 (3,037) 24/01/2011 USD 148,300 05/05/2011 CAD 147,735 (3,909)

24/01/2011 AUD 579,666 06/05/2011 USD 571,963 24,730 24/01/2011 GBP 119,365 06/05/2011 USD 190,707 1,338 24/01/2011 NOK 73,153 06/05/2011 USD 12,611 598 24/01/2011 NZD 95,901 06/05/2011 USD 72,727 235 24/01/2011 SEK 1,826,058 06/05/2011 USD 277,143 12,961 24/01/2011 USD 83,991 06/05/2011 CHF 79,693 (3,070) 24/01/2011 USD 122,779 06/05/2011 EUR 89,914 (4,906) 24/01/2011 USD 24,011 06/05/2011 JPY 1,977,193 155 25/01/2011 CAD 289,562 05/05/2011 USD 289,526 8,799


121



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


25/01/2011 CHF 223,689 06/05/2011 USD 237,215 7,157

25/01/2011 EUR 79,420 06/05/2011 USD 108,293 4,486 25/01/2011 JPY 15,778,902 06/05/2011 USD 191,428 (1,046)

25/01/2011 NOK 669,102 06/05/2011 USD 115,231 5,594 25/01/2011 NZD 298,468 06/05/2011 USD 226,568 507

25/01/2011 USD 965,838 06/05/2011 AUD 985,304 (48,623) 25/01/2011 USD 782,535 06/05/2011 GBP 495,398 (14,515)

25/01/2011 USD 56,971 06/05/2011 SEK 374,423 (2,517) 26/01/2011 CAD 134,025 05/05/2011 USD 134,295 3,786

26/01/2011 AUD 185,586 06/05/2011 USD 182,478 8,559 26/01/2011 CHF 214,027 06/05/2011 USD 227,179 6,638

26/01/2011 EUR 39,302 06/05/2011 USD 53,715 2,095 26/01/2011 GBP 128,613 06/05/2011 USD 204,060 2,864

26/01/2011 NZD 176,510 06/05/2011 USD 134,193 95 26/01/2011 USD 318,895 06/05/2011 JPY 26,220,383 2,530

26/01/2011 USD 35,229 06/05/2011 NOK 203,836 (1,582) 27/01/2011 CAD 301,099 05/05/2011 USD 301,941 8,271

27/01/2011 CHF 203,292 06/05/2011 USD 214,743 7,347 27/01/2011 GBP 16,715 06/05/2011 USD 26,581 312

27/01/2011 NZD 474,210 06/05/2011 USD 363,514 (2,735) 27/01/2011 SEK 2,904,220 06/05/2011 USD 449,689 11,701

27/01/2011 USD 569,313 06/05/2011 AUD 580,486 (28,350) 27/01/2011 USD 37,709 06/05/2011 EUR 27,524 (1,377)

27/01/2011 USD 31,571 06/05/2011 JPY 2,617,329 (9) 27/01/2011 USD 394,928 06/05/2011 NOK 2,295,423 (19,613)

28/01/2011 USD 234,863 05/05/2011 CAD 235,092 (7,349) 28/01/2011 EUR 31,139 06/05/2011 USD 42,398 1,820 28/01/2011 USD 11,586 06/05/2011 CHF 10,918 (341) 28/01/2011 USD 34,486 06/05/2011 GBP 21,786 (565) 28/01/2011 USD 18,071 06/05/2011 JPY 1,484,528 160 28/01/2011 USD 42,259 06/05/2011 NOK 246,667 (2,288) 28/01/2011 USD 67,412 06/05/2011 NZD 87,764 642 28/01/2011 USD 12,272 06/05/2011 SEK 80,099 (454) 31/01/2011 CAD 36,262 05/05/2011 USD 36,262 1,097


122



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


31/01/2011 AUD 344,600 06/05/2011 USD 338,953 15,770

31/01/2011 EUR 165,619 06/05/2011 USD 226,747 8,437 31/01/2011 GBP 34,778 06/05/2011 USD 55,321 633

31/01/2011 NZD 150,783 06/05/2011 USD 115,479 (763) 31/01/2011 SEK 476,704 06/05/2011 USD 73,575 2,158

31/01/2011 USD 66,545 06/05/2011 CHF 62,577 (1,818) 31/01/2011 USD 91,486 06/05/2011 JPY 7,497,920 1,019

31/01/2011 USD 182,028 06/05/2011 NOK 1,057,352 (8,924) 01/02/2011 USD 311,529 05/05/2011 CAD 309,663 (7,512)

01/02/2011 AUD 1,547,248 06/05/2011 USD 1,547,771 44,926 01/02/2011 EUR 266,995 06/05/2011 USD 367,757 11,385

01/02/2011 NOK 2,184,567 06/05/2011 USD 380,097 14,387 01/02/2011 NZD 485,839 06/05/2011 USD 375,839 (6,212)

01/02/2011 USD 246,116 06/05/2011 CHF 231,432 (6,714) 01/02/2011 USD 111,058 06/05/2011 GBP 68,846 292

01/02/2011 USD 636,101 06/05/2011 JPY 51,816,049 10,908 01/02/2011 USD 57,574 06/05/2011 SEK 369,091 (1,065)

02/02/2011 CAD 789,345 05/05/2011 USD 797,033 16,202 02/02/2011 CHF 345,787 06/05/2011 USD 367,696 10,064

02/02/2011 EUR 126,672 06/05/2011 USD 174,610 5,269 02/02/2011 GBP 68,153 06/05/2011 USD 110,039 (388)

02/02/2011 JPY 3,893,175 06/05/2011 USD 47,713 (739) 02/02/2011 NZD 49,235 06/05/2011 USD 38,069 (611)

02/02/2011 USD 982,212 06/05/2011 AUD 987,739 (34,695) 02/02/2011 USD 166,677 06/05/2011 NOK 961,275 (6,921)

02/02/2011 USD 117,601 06/05/2011 SEK 761,134 (3,325) 03/02/2011 USD 746,912 05/05/2011 CAD 741,290 (16,825) 03/02/2011 AUD 1,055,234 06/05/2011 USD 1,055,404 30,827 03/02/2011 SEK 824,194 06/05/2011 USD 126,566 4,373 03/02/2011 USD 281,837 06/05/2011 CHF 266,729 (9,553) 03/02/2011 USD 420,848 06/05/2011 EUR 308,979 (17,926) 03/02/2011 USD 150,179 06/05/2011 GBP 93,210 214 03/02/2011 USD 303,856 06/05/2011 JPY 24,790,078 4,748 03/02/2011 USD 16,122 06/05/2011 NOK 92,968 (667)


123



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


03/02/2011 USD 112,070 06/05/2011 NZD 146,156 877

04/02/2011 CAD 135,980 05/05/2011 USD 137,648 2,448 04/02/2011 AUD 650,377 06/05/2011 USD 654,351 15,130

04/02/2011 EUR 514,497 06/05/2011 USD 700,648 29,954 04/02/2011 GBP 68,379 06/05/2011 USD 110,072 (57)

04/02/2011 NOK 300,232 06/05/2011 USD 52,089 2,127 04/02/2011 NZD 136,264 06/05/2011 USD 104,514 (845)

04/02/2011 USD 90,379 06/05/2011 CHF 85,616 (3,154) 04/02/2011 USD 332,846 06/05/2011 JPY 27,157,808 5,170

04/02/2011 USD 326,194 06/05/2011 SEK 2,116,914 (10,136) 07/02/2011 USD 826,989 05/05/2011 CAD 817,557 (15,323)

07/02/2011 AUD 1,464,122 06/05/2011 USD 1,471,084 36,045 07/02/2011 GBP 157,572 06/05/2011 USD 253,583 (66)

07/02/2011 NOK 707,733 06/05/2011 USD 121,745 6,056 07/02/2011 USD 358,036 06/05/2011 CHF 342,682 (16,330)

07/02/2011 USD 351,084 06/05/2011 EUR 259,504 (17,433) 07/02/2011 USD 394,238 06/05/2011 JPY 32,465,606 2,521

07/02/2011 USD 312,387 06/05/2011 NZD 408,547 1,568 07/02/2011 USD 68,422 06/05/2011 SEK 445,250 (2,319)

08/02/2011 CAD 428,108 05/05/2011 USD 430,374 10,690 08/02/2011 CHF 372,917 06/05/2011 USD 389,630 17,769

08/02/2011 EUR 150,548 06/05/2011 USD 205,403 8,380 08/02/2011 JPY 27,690,747 06/05/2011 USD 338,461 (4,356)

08/02/2011 USD 1,973,427 06/05/2011 AUD 1,962,152 (46,568) 08/02/2011 USD 467,979 06/05/2011 GBP 291,076 (332)

08/02/2011 USD 484,154 06/05/2011 NOK 2,800,094 (21,523) 08/02/2011 USD 40,060 06/05/2011 NZD 51,969 523 08/02/2011 USD 70,190 06/05/2011 SEK 451,958 (1,615) 09/02/2011 USD 118,857 05/05/2011 CAD 118,445 (3,175) 09/02/2011 AUD 72,504 06/05/2011 USD 72,444 2,190 09/02/2011 CHF 97,653 06/05/2011 USD 101,275 5,408 09/02/2011 SEK 395,395 06/05/2011 USD 61,047 1,769 09/02/2011 USD 190,606 06/05/2011 EUR 139,988 (8,187) 09/02/2011 USD 81,283 06/05/2011 GBP 50,682 (259)


124



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


09/02/2011 USD 124,536 06/05/2011 JPY 10,279,992 501

09/02/2011 USD 165,206 06/05/2011 NOK 959,026 (7,989) 09/02/2011 USD 138,266 06/05/2011 NZD 180,430 997

10/02/2011 CAD 80,526 05/05/2011 USD 80,706 2,257 10/02/2011 AUD 541,731 06/05/2011 USD 538,002 19,642

10/02/2011 CHF 72,204 06/05/2011 USD 74,739 4,142 10/02/2011 EUR 213,535 06/05/2011 USD 290,303 12,924

10/02/2011 GBP 132,175 06/05/2011 USD 212,386 269 10/02/2011 NZD 40,907 06/05/2011 USD 31,117 5

10/02/2011 SEK 1,665,659 06/05/2011 USD 256,273 8,349 10/02/2011 USD 212,655 06/05/2011 JPY 17,674,573 (600)

10/02/2011 USD 687,127 06/05/2011 NOK 4,024,449 (39,677) 11/02/2011 CAD 311,754 05/05/2011 USD 314,331 6,858

11/02/2011 CHF 35,472 06/05/2011 USD 36,513 2,239 11/02/2011 JPY 13,614,196 06/05/2011 USD 163,452 811

11/02/2011 SEK 661,054 06/05/2011 USD 101,653 3,368 11/02/2011 USD 576,184 06/05/2011 AUD 580,988 (21,967)

11/02/2011 USD 47,830 06/05/2011 EUR 35,335 (2,349) 11/02/2011 USD 36,448 06/05/2011 GBP 22,801 (237)

11/02/2011 USD 208,437 06/05/2011 NOK 1,223,200 (12,470) 11/02/2011 USD 75,463 06/05/2011 NZD 99,827 (486)

14/02/2011 USD 362,721 05/05/2011 CAD 358,970 (7,118) 14/02/2011 AUD 2,507,311 06/05/2011 USD 2,488,672 92,289

14/02/2011 GBP 144,841 06/05/2011 USD 231,544 1,490 14/02/2011 NOK 2,344,557 06/05/2011 USD 399,265 24,111

14/02/2011 NZD 26,634 06/05/2011 USD 20,023 241 14/02/2011 SEK 2,229,110 06/05/2011 USD 341,771 12,366 14/02/2011 USD 299,524 06/05/2011 CHF 290,274 (17,587) 14/02/2011 USD 756,957 06/05/2011 JPY 63,030,260 (3,541) 15/02/2011 GBP 88,769 06/05/2011 USD 143,273 (453) 15/02/2011 NOK 1,981,835 06/05/2011 USD 339,060 18,816 15/02/2011 NZD 131,511 06/05/2011 USD 98,378 1,675 15/02/2011 SEK 224,094 06/05/2011 USD 34,474 1,128 15/02/2011 USD 191,820 06/05/2011 AUD 193,757 (7,663)


125



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


15/02/2011 USD 232,500 06/05/2011 EUR 172,231 (12,082)

15/02/2011 USD 80,938 06/05/2011 JPY 6,776,828 (829) 16/02/2011 CAD 91,095 05/05/2011 USD 92,188 1,665

16/02/2011 CHF 230,846 06/05/2011 USD 238,678 13,513 16/02/2011 GBP 40,745 06/05/2011 USD 65,320 235

16/02/2011 NOK 528,448 06/05/2011 USD 90,995 4,431 16/02/2011 NZD 73,735 06/05/2011 USD 55,119 978

16/02/2011 USD 109,745 06/05/2011 AUD 110,894 (4,426) 16/02/2011 USD 110,878 06/05/2011 EUR 82,128 (5,751)

16/02/2011 USD 54,744 06/05/2011 JPY 4,587,667 (608) 16/02/2011 USD 41,061 06/05/2011 SEK 265,908 (1,185)

17/02/2011 AUD 228,866 06/05/2011 USD 227,453 8,136 17/02/2011 JPY 1,267,009 06/05/2011 USD 15,158 130

17/02/2011 NOK 1,933,423 06/05/2011 USD 334,422 14,711 17/02/2011 NZD 235,393 06/05/2011 USD 176,535 2,552

17/02/2011 SEK 75,390 06/05/2011 USD 11,637 340 17/02/2011 USD 89,861 06/05/2011 CHF 85,974 (4,062)

17/02/2011 USD 78,548 06/05/2011 EUR 58,014 (3,837) 17/02/2011 USD 81,734 06/05/2011 GBP 50,729 116

18/02/2011 USD 200,653 05/05/2011 CAD 197,796 (3,132) 18/02/2011 AUD 796,301 06/05/2011 USD 797,064 22,628

18/02/2011 EUR 51,304 06/05/2011 USD 69,472 3,381 18/02/2011 GBP 206,331 06/05/2011 USD 334,222 (2,257)

18/02/2011 NOK 615,638 06/05/2011 USD 107,185 3,986 18/02/2011 NZD 43,907 06/05/2011 USD 33,199 205

18/02/2011 SEK 1,790,298 06/05/2011 USD 276,989 7,434 18/02/2011 USD 133,184 06/05/2011 CHF 126,824 (5,366) 18/02/2011 USD 173,885 06/05/2011 JPY 14,495,808 (1,016) 21/02/2011 CAD 136,876 05/05/2011 USD 138,915 2,104 21/02/2011 CHF 92,453 06/05/2011 USD 97,572 3,430 21/02/2011 EUR 260,999 06/05/2011 USD 356,507 14,120 21/02/2011 JPY 4,786,581 06/05/2011 USD 57,603 150 21/02/2011 NOK 202,258 06/05/2011 USD 35,434 1,090 21/02/2011 NZD 223,379 06/05/2011 USD 169,649 298


126



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


21/02/2011 USD 144,855 06/05/2011 AUD 144,544 (3,952)

21/02/2011 USD 36,207 06/05/2011 GBP 22,353 243 21/02/2011 USD 12,634 06/05/2011 SEK 81,223 (270)

22/02/2011 USD 544,587 05/05/2011 CAD 538,840 (10,569) 22/02/2011 AUD 1,148,053 06/05/2011 USD 1,141,145 40,631

22/02/2011 EUR 38,728 06/05/2011 USD 52,909 2,086 22/02/2011 NOK 2,127,450 06/05/2011 USD 373,673 10,498

22/02/2011 USD 15,536 06/05/2011 CHF 14,610 (424) 22/02/2011 USD 102,311 06/05/2011 JPY 8,497,381 (215)

22/02/2011 USD 1,159,114 06/05/2011 NZD 1,556,202 (24,904) 22/02/2011 USD 647,592 06/05/2011 SEK 4,174,538 (15,640)

23/02/2011 CAD 634,000 05/05/2011 USD 637,958 15,230 23/02/2011 CHF 451,159 06/05/2011 USD 483,474 9,402

23/02/2011 JPY 51,995,609 06/05/2011 USD 630,119 (2,761) 23/02/2011 SEK 252,892 06/05/2011 USD 39,428 749

23/02/2011 USD 2,604,812 06/05/2011 AUD 2,623,367 (96,039) 23/02/2011 USD 160,895 06/05/2011 EUR 117,051 (5,325)

23/02/2011 USD 326,531 06/05/2011 GBP 201,306 2,652 23/02/2011 USD 412,592 06/05/2011 NOK 2,330,897 (8,333)

23/02/2011 USD 170,475 06/05/2011 NZD 229,704 (4,294) 24/02/2011 CAD 730,427 05/05/2011 USD 742,493 10,041

24/02/2011 CHF 295,853 06/05/2011 USD 319,769 3,440 24/02/2011 EUR 37,751 06/05/2011 USD 51,957 1,651

24/02/2011 JPY 59,326,821 06/05/2011 USD 726,535 (10,721) 24/02/2011 USD 1,322,427 06/05/2011 AUD 1,324,071 (40,718)

24/02/2011 USD 200,539 06/05/2011 GBP 123,905 1,189 24/02/2011 USD 210,939 06/05/2011 NOK 1,185,184 (3,085) 24/02/2011 USD 357,011 06/05/2011 NZD 479,665 (7,937) 24/02/2011 USD 98,558 06/05/2011 SEK 630,952 (1,684) 25/02/2011 USD 394,655 05/05/2011 CAD 387,790 (4,875) 25/02/2011 AUD 335,801 06/05/2011 USD 337,130 8,534 25/02/2011 NOK 2,234,430 06/05/2011 USD 395,578 7,910 25/02/2011 NZD 492,963 06/05/2011 USD 367,771 7,275 25/02/2011 USD 138,608 06/05/2011 CHF 128,596 (1,878)


127



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


25/02/2011 USD 159,000 06/05/2011 EUR 115,461 (4,962)

25/02/2011 USD 185,823 06/05/2011 GBP 115,603 (170) 25/02/2011 USD 202,258 06/05/2011 JPY 16,561,896 2,429

25/02/2011 USD 58,314 06/05/2011 SEK 374,152 (1,129) 28/02/2011 CAD 355,719 05/05/2011 USD 363,035 3,450

28/02/2011 AUD 1,029,133 06/05/2011 USD 1,036,088 23,275 28/02/2011 CHF 115,723 06/05/2011 USD 124,716 1,707

28/02/2011 EUR 30,871 06/05/2011 USD 42,663 1,175 28/02/2011 GBP 254,605 06/05/2011 USD 413,131 (3,499)

28/02/2011 SEK 3,483,138 06/05/2011 USD 546,460 6,902 28/02/2011 USD 58,746 06/05/2011 JPY 4,810,475 705

28/02/2011 USD 349,977 06/05/2011 NOK 1,968,325 (5,470) 28/02/2011 USD 1,087,133 06/05/2011 NZD 1,452,049 (17,627)

01/03/2011 AUD 479,985 06/05/2011 USD 485,151 8,933 01/03/2011 NOK 2,413,262 06/05/2011 USD 430,308 5,474

01/03/2011 NZD 52,499 06/05/2011 USD 39,310 631 01/03/2011 USD 92,655 06/05/2011 CHF 86,103 (1,409)

01/03/2011 USD 47,453 06/05/2011 EUR 34,346 (1,321) 01/03/2011 USD 120,866 06/05/2011 GBP 74,296 1,332

01/03/2011 USD 193,671 06/05/2011 JPY 15,897,563 1,857 02/03/2011 USD 81,189 05/05/2011 CAD 79,219 (428)

02/03/2011 CHF 109,348 06/05/2011 USD 118,230 1,229 02/03/2011 GBP 33,607 06/05/2011 USD 54,779 (708)

02/03/2011 JPY 7,216,908 06/05/2011 USD 88,136 (1,059) 02/03/2011 SEK 1,250,509 06/05/2011 USD 197,506 1,161

02/03/2011 USD 55,314 06/05/2011 EUR 40,023 (1,521) 02/03/2011 USD 171,795 06/05/2011 NOK 961,637 (1,859) 02/03/2011 USD 514,269 06/05/2011 NZD 695,611 (14,988) 03/03/2011 AUD 353,172 06/05/2011 USD 356,796 6,750 03/03/2011 EUR 72,779 06/05/2011 USD 100,864 2,484 03/03/2011 NOK 495,793 06/05/2011 USD 88,898 632 03/03/2011 NZD 79,563 06/05/2011 USD 59,140 1,391 03/03/2011 SEK 355,308 06/05/2011 USD 56,206 241 03/03/2011 USD 69,137 06/05/2011 CHF 63,974 (752)


128



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


03/03/2011 USD 51,879 06/05/2011 GBP 31,904 549

03/03/2011 USD 167,073 06/05/2011 JPY 13,652,850 2,342 04/03/2011 USD 135,743 05/05/2011 CAD 132,166 (424)

04/03/2011 AUD 207,420 06/05/2011 USD 208,481 5,032 04/03/2011 EUR 181,082 06/05/2011 USD 252,795 4,347

04/03/2011 NOK 580,073 06/05/2011 USD 103,866 882 04/03/2011 USD 114,498 06/05/2011 GBP 70,328 1,348

04/03/2011 USD 160,951 06/05/2011 JPY 13,295,758 530 04/03/2011 USD 222,609 06/05/2011 NZD 303,460 (8,283)

04/03/2011 USD 252,349 06/05/2011 SEK 1,599,479 (1,762) 07/03/2011 USD 47,160 05/05/2011 CAD 45,808 (35)

07/03/2011 AUD 457,158 06/05/2011 USD 462,143 8,443 07/03/2011 EUR 65,544 06/05/2011 USD 91,873 1,201

07/03/2011 GBP 156,403 06/05/2011 USD 255,225 (3,589) 07/03/2011 JPY 5,852,513 06/05/2011 USD 71,418 (804)

07/03/2011 NOK 567,303 06/05/2011 USD 102,083 360 07/03/2011 SEK 161,613 06/05/2011 USD 25,476 199

07/03/2011 USD 38,999 06/05/2011 CHF 36,045 (379) 07/03/2011 USD 99,969 06/05/2011 NZD 135,789 (3,347)

08/03/2011 CAD 457,284 05/05/2011 USD 469,536 1,588 08/03/2011 CHF 54,569 06/05/2011 USD 58,593 1,021

08/03/2011 EUR 89,125 06/05/2011 USD 123,986 2,574 08/03/2011 JPY 11,228,155 06/05/2011 USD 136,066 (592)

08/03/2011 NZD 711,010 06/05/2011 USD 524,626 16,311 08/03/2011 USD 1,257,363 06/05/2011 AUD 1,253,905 (33,522)

08/03/2011 USD 625,084 06/05/2011 GBP 386,434 3,353 08/03/2011 USD 268,590 06/05/2011 NOK 1,501,765 (2,601) 08/03/2011 USD 157,742 06/05/2011 SEK 1,004,952 (1,917) 09/03/2011 CAD 100,640 05/05/2011 USD 103,819 (133) 09/03/2011 AUD 79,836 06/05/2011 USD 80,257 1,925 09/03/2011 CHF 59,150 06/05/2011 USD 63,774 846 09/03/2011 GBP 87,827 06/05/2011 USD 142,447 (1,143) 09/03/2011 NOK 74,784 06/05/2011 USD 13,397 107 09/03/2011 NZD 182,154 06/05/2011 USD 134,433 4,150


129



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


09/03/2011 SEK 554,507 06/05/2011 USD 87,613 481

09/03/2011 USD 51,486 06/05/2011 EUR 36,979 (1,026) 09/03/2011 USD 114,633 06/05/2011 JPY 9,473,659 328

10/03/2011 CAD 345,758 05/05/2011 USD 355,847 375 10/03/2011 CHF 75,919 06/05/2011 USD 81,309 1,630

10/03/2011 JPY 23,490,379 06/05/2011 USD 283,317 108 10/03/2011 SEK 363,600 06/05/2011 USD 56,961 804

10/03/2011 USD 660,548 06/05/2011 AUD 662,352 (21,354) 10/03/2011 USD 107,134 06/05/2011 EUR 77,549 (2,991)

10/03/2011 USD 63,003 06/05/2011 GBP 38,940 353 10/03/2011 USD 390,356 06/05/2011 NOK 2,198,686 (6,692)

10/03/2011 USD 458,318 06/05/2011 NZD 625,888 (17,900) 11/03/2011 CAD 42,106 05/05/2011 USD 43,042 339

11/03/2011 EUR 55,344 06/05/2011 USD 76,164 2,427 11/03/2011 JPY 44,645,491 06/05/2011 USD 543,279 (4,604)

11/03/2011 NZD 296,548 06/05/2011 USD 217,450 8,163 11/03/2011 SEK 96,831 06/05/2011 USD 15,069 314

11/03/2011 USD 787,292 06/05/2011 AUD 792,496 (28,610) 11/03/2011 USD 17,783 06/05/2011 CHF 16,613 (366)

11/03/2011 USD 533,696 06/05/2011 GBP 333,854 (3,441) 11/03/2011 USD 472,565 06/05/2011 NOK 2,691,473 (13,482)

14/03/2011 USD 175,328 05/05/2011 CAD 170,623 (458) 14/03/2011 AUD 902,104 06/05/2011 USD 903,132 25,470

14/03/2011 EUR 107,784 06/05/2011 USD 150,447 2,609 14/03/2011 GBP 52,384 06/05/2011 USD 84,338 (58)

14/03/2011 NOK 2,543,862 06/05/2011 USD 452,676 6,689 14/03/2011 NZD 332,471 06/05/2011 USD 244,538 8,406 14/03/2011 USD 91,379 06/05/2011 CHF 84,682 (1,133) 14/03/2011 USD 446,264 06/05/2011 JPY 36,500,014 5,868 14/03/2011 USD 333,951 06/05/2011 SEK 2,119,941 (2,847) 15/03/2011 USD 413,328 05/05/2011 CAD 410,157 (9,250) 15/03/2011 CHF 293,611 06/05/2011 USD 318,933 1,826 15/03/2011 JPY 76,364,639 06/05/2011 USD 939,417 (18,032) 15/03/2011 NZD 345,115 06/05/2011 USD 250,743 11,821


130



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


15/03/2011 USD 2,687,227 06/05/2011 AUD 2,736,726 (130,465)

15/03/2011 USD 318,456 06/05/2011 EUR 229,610 (7,603) 15/03/2011 USD 298,726 06/05/2011 GBP 186,714 (1,678)

15/03/2011 USD 131,823 06/05/2011 NOK 751,983 (3,976) 15/03/2011 USD 424,685 06/05/2011 SEK 2,744,752 (11,391)

16/03/2011 CAD 571,469 05/05/2011 USD 581,368 7,397 16/03/2011 CHF 38,554 06/05/2011 USD 42,085 34

16/03/2011 EUR 184,233 06/05/2011 USD 256,655 4,962 16/03/2011 GBP 115,126 06/05/2011 USD 184,953 273

16/03/2011 JPY 20,643,706 06/05/2011 USD 256,023 (6,944) 16/03/2011 NZD 284,712 06/05/2011 USD 208,275 8,334

16/03/2011 USD 307,410 06/05/2011 AUD 311,728 (13,535) 16/03/2011 USD 235,569 06/05/2011 NOK 1,338,846 (6,209)

16/03/2011 USD 55,433 06/05/2011 SEK 357,645 (1,388) 17/03/2011 CAD 236,188 05/05/2011 USD 239,045 4,291

17/03/2011 CHF 197,351 06/05/2011 USD 219,002 (3,402) 17/03/2011 GBP 14,533 06/05/2011 USD 23,438 (56)

17/03/2011 JPY 68,187,879 06/05/2011 USD 869,002 (46,274) 17/03/2011 NOK 1,836,878 06/05/2011 USD 325,705 5,995

17/03/2011 SEK 327,178 06/05/2011 USD 50,840 1,139 17/03/2011 USD 880,131 06/05/2011 AUD 900,563 (47,094)

17/03/2011 USD 410,063 06/05/2011 EUR 292,621 (5,472) 17/03/2011 USD 276,415 06/05/2011 NZD 384,737 (16,331)

18/03/2011 USD 163,456 05/05/2011 CAD 160,682 (2,091) 18/03/2011 AUD 644,688 06/05/2011 USD 635,510 28,115

18/03/2011 GBP 91,201 06/05/2011 USD 147,293 (560) 18/03/2011 JPY 30,940,410 06/05/2011 USD 380,319 (7,005) 18/03/2011 NOK 1,941,972 06/05/2011 USD 346,431 4,246 18/03/2011 SEK 561,785 06/05/2011 USD 88,545 705 18/03/2011 USD 350,556 06/05/2011 CHF 315,531 5,849 18/03/2011 USD 92,250 06/05/2011 NZD 127,263 (4,582) 21/03/2011 USD 213,613 05/05/2011 CAD 208,771 (1,477) 21/03/2011 AUD 940,866 06/05/2011 USD 940,527 27,977 21/03/2011 EUR 437,470 06/05/2011 USD 619,454 1,768


131



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


21/03/2011 NOK 2,924,111 06/05/2011 USD 523,867 4,163

21/03/2011 USD 18,196 06/05/2011 CHF 16,455 220 21/03/2011 USD 185,999 06/05/2011 GBP 114,409 1,928

21/03/2011 USD 203,406 06/05/2011 JPY 16,518,165 4,104 21/03/2011 USD 134,475 06/05/2011 NZD 183,577 (5,203)

21/03/2011 USD 660,204 06/05/2011 SEK 4,154,672 156 22/03/2011 CAD 100,811 05/05/2011 USD 103,247 614

22/03/2011 AUD 298,849 06/05/2011 USD 300,720 6,908 22/03/2011 CHF 49,776 06/05/2011 USD 55,140 (761)

22/03/2011 EUR 12,618 06/05/2011 USD 17,946 (28) 22/03/2011 GBP 151,143 06/05/2011 USD 247,453 (4,280)

22/03/2011 NOK 284,610 06/05/2011 USD 51,087 307 22/03/2011 SEK 1,024,138 06/05/2011 USD 163,024 (320)

22/03/2011 USD 33,606 06/05/2011 JPY 2,720,719 779 22/03/2011 USD 66,840 06/05/2011 NZD 90,099 (1,711)

23/03/2011 USD 405,718 05/05/2011 CAD 398,494 (4,840) 23/03/2011 AUD 293,172 06/05/2011 USD 294,489 7,295

23/03/2011 JPY 1,742,797 06/05/2011 USD 21,527 (499) 23/03/2011 NOK 463,323 06/05/2011 USD 82,773 893

23/03/2011 USD 158,974 06/05/2011 CHF 143,206 2,526 23/03/2011 USD 173,424 06/05/2011 EUR 122,650 (744)

23/03/2011 USD 144,429 06/05/2011 NZD 196,038 (4,728) 23/03/2011 USD 33,996 06/05/2011 SEK 215,202 (193)

23/03/2011 USD 12,450,327 12/05/2011 CAD 12,241,323 (159,871) 23/03/2011 AUD 8,398,886 13/05/2011 USD 8,435,942 202,321

23/03/2011 CHF 6,621,422 13/05/2011 USD 7,318,289 (84,134) 23/03/2011 EUR 6,346,426 13/05/2011 USD 8,981,576 29,340 23/03/2011 GBP 1,752,911 13/05/2011 USD 2,852,560 (32,539) 23/03/2011 JPY 3,029,893,074 13/05/2011 USD 37,455,381 (895,994) 23/03/2011 SEK 116,524,310 13/05/2011 USD 18,354,741 150,368 23/03/2011 USD 2,989,116 13/05/2011 EUR 2,117,514 (17,432) 23/03/2011 USD 364,125 13/05/2011 GBP 224,173 3,486 23/03/2011 USD 4,774,041 13/05/2011 JPY 386,155,450 114,574 23/03/2011 USD 3,915,409 13/05/2011 NOK 21,948,648 (46,605)


132



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


23/03/2011 USD 11,543,107 13/05/2011 NZD 15,643,334 (354,275)

24/03/2011 CAD 2,791,207 05/05/2011 USD 2,852,828 22,855 24/03/2011 USD 82,170 05/05/2011 CAD 80,365 (628)

24/03/2011 AUD 586,063 06/05/2011 USD 593,459 9,819 24/03/2011 CHF 1,375,000 06/05/2011 USD 1,517,325 (15,186)

24/03/2011 EUR 91,139 06/05/2011 USD 128,828 593 24/03/2011 GBP 16,203 06/05/2011 USD 26,201 (132)

24/03/2011 JPY 79,592,102 06/05/2011 USD 983,955 (23,628) 24/03/2011 NOK 1,482,419 06/05/2011 USD 265,354 2,338

24/03/2011 NZD 1,588,900 06/05/2011 USD 1,186,272 22,562 24/03/2011 USD 12,706,621 06/05/2011 AUD 12,550,988 (213,988)

24/03/2011 USD 1,458,716 06/05/2011 EUR 1,032,573 (7,577) 24/03/2011 USD 1,050,219 06/05/2011 GBP 649,687 4,943

24/03/2011 USD 139,524 06/05/2011 JPY 11,287,798 3,330 24/03/2011 USD 3,719,523 06/05/2011 NOK 20,791,390 (35,012)

24/03/2011 USD 176,533 06/05/2011 NZD 236,334 (3,277) 24/03/2011 USD 198,546 06/05/2011 SEK 1,257,598 (1,250)

24/03/2011 CAD 4,824,541 12/05/2011 USD 4,946,877 22,989 24/03/2011 AUD 10,836,112 13/05/2011 USD 11,001,060 143,893

24/03/2011 EUR 7,755,977 13/05/2011 USD 10,993,027 19,227 24/03/2011 NOK 53,947,707 13/05/2011 USD 9,692,599 45,394

24/03/2011 NZD 3,603,956 13/05/2011 USD 2,700,257 40,469 24/03/2011 USD 1,495,547 13/05/2011 CHF 1,354,068 16,172

24/03/2011 USD 12,696,457 13/05/2011 GBP 7,856,874 56,629 24/03/2011 USD 682,759 13/05/2011 JPY 55,200,208 16,697

24/03/2011 USD 22,251,364 13/05/2011 SEK 140,707,744 (94,495) 24/03/2011 USD 2,842,685 29/09/2011 CAD 2,791,207 (22,371) 24/03/2011 AUD 12,550,988 30/09/2011 USD 12,478,707 206,665 24/03/2011 EUR 1,032,573 30/09/2011 USD 1,453,961 5,741 24/03/2011 GBP 649,687 30/09/2011 USD 1,047,759 (5,157) 24/03/2011 NOK 20,791,390 30/09/2011 USD 3,687,550 33,235 24/03/2011 SEK 442,496 30/09/2011 USD 69,237 546 24/03/2011 USD 1,519,191 30/09/2011 CHF 1,375,000 15,664 24/03/2011 USD 985,437 30/09/2011 JPY 79,592,102 24,261


133



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


24/03/2011 USD 1,175,050 30/09/2011 NZD 1,588,900 (23,747)

25/03/2011 USD 4,119,163 12/05/2011 CAD 4,030,345 (32,614) 25/03/2011 AUD 6,300,264 13/05/2011 USD 6,440,256 39,572

25/03/2011 CHF 716,287 13/05/2011 USD 783,685 (1,114) 25/03/2011 EUR 571,805 13/05/2011 USD 808,174 3,698

25/03/2011 GBP 1,371,912 13/05/2011 USD 2,204,930 2,153 25/03/2011 SEK 10,218,633 13/05/2011 USD 1,604,032 18,779

25/03/2011 USD 1,766,162 13/05/2011 JPY 143,270,904 37,414 25/03/2011 USD 7,909,183 13/05/2011 NOK 44,198,636 (69,184)

25/03/2011 USD 13,073 13/05/2011 NZD 17,346 (119) 25/03/2011 USD 412,670 29/09/2011 CAD 404,086 (2,102)

25/03/2011 AUD 1,088,077 30/09/2011 USD 1,089,408 10,319 25/03/2011 GBP 132,408 30/09/2011 USD 212,599 (114)

25/03/2011 SEK 1,484,062 30/09/2011 USD 231,869 2,171 25/03/2011 USD 115,022 30/09/2011 CHF 104,885 334

25/03/2011 USD 15,027 30/09/2011 EUR 10,651 (30) 25/03/2011 USD 31,418 30/09/2011 JPY 2,548,493 642

25/03/2011 USD 99,185 30/09/2011 NOK 557,714 (630) 25/03/2011 USD 345,070 30/09/2011 NZD 463,652 (4,724)

28/03/2011 CAD 8,103,452 12/05/2011 USD 8,302,785 44,759 28/03/2011 CHF 541,007 13/05/2011 USD 591,114 (43)

28/03/2011 EUR 1,059,401 13/05/2011 USD 1,492,597 11,584 28/03/2011 NZD 867,486 13/05/2011 USD 649,457 10,246

28/03/2011 USD 1,381,273 13/05/2011 AUD 1,353,348 (10,703) 28/03/2011 USD 588,955 13/05/2011 EUR 419,640 (6,873)

28/03/2011 USD 1,365,576 13/05/2011 GBP 853,710 (7,846) 28/03/2011 USD 1,567,971 13/05/2011 JPY 128,040,028 23,005 28/03/2011 USD 2,234,456 13/05/2011 NOK 12,509,378 (23,641) 28/03/2011 USD 2,560,928 13/05/2011 SEK 16,344,957 (34,873) 28/03/2011 USD 400,768 29/09/2011 CAD 393,833 (3,486) 28/03/2011 AUD 591,029 30/09/2011 USD 593,710 3,647 28/03/2011 GBP 154,153 30/09/2011 USD 245,582 1,800 28/03/2011 NOK 3,305,774 30/09/2011 USD 582,971 8,624 28/03/2011 USD 152,058 30/09/2011 CHF 139,519 (500)


134



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


28/03/2011 USD 179,522 30/09/2011 EUR 128,303 (1,863)

28/03/2011 USD 136,023 30/09/2011 JPY 11,098,670 1,994 28/03/2011 USD 238,309 30/09/2011 NZD 321,358 (4,142)

28/03/2011 USD 434,426 30/09/2011 SEK 2,801,898 (7,507) 29/03/2011 AUD 1,138,347 31/03/2011 USD 1,164,643 12,351

29/03/2011 CHF 814,185 31/03/2011 USD 884,118 5,215 29/03/2011 GBP 114,579 31/03/2011 USD 183,189 1,232

29/03/2011 NOK 39,402,064 31/03/2011 USD 7,019,421 109,477 29/03/2011 NZD 5,632,410 31/03/2011 USD 4,253,033 42,243

29/03/2011 USD 511,180 31/03/2011 AUD 498,129 (3,861) 29/03/2011 USD 118,637 31/03/2011 CHF 109,075 (505)

29/03/2011 USD 2,789,621 31/03/2011 EUR 1,980,702 (25,155) 29/03/2011 USD 762,139 31/03/2011 GBP 476,993 (5,605)

29/03/2011 USD 1,065,307 31/03/2011 JPY 87,724,989 7,041 29/03/2011 USD 375,550 31/03/2011 NZD 500,000 (5,750)

29/03/2011 USD 4,389,483 31/03/2011 SEK 27,885,486 (48,492) 29/03/2011 CAD 3,392,602 12/05/2011 USD 3,473,973 20,821

29/03/2011 AUD 498,129 13/05/2011 USD 508,472 3,855 29/03/2011 EUR 1,809,510 13/05/2011 USD 2,546,520 22,697

29/03/2011 GBP 476,993 13/05/2011 USD 761,767 5,602 29/03/2011 JPY 81,476,383 13/05/2011 USD 989,402 (6,289)

29/03/2011 SEK 26,071,033 13/05/2011 USD 4,096,816 43,498 29/03/2011 USD 884,350 13/05/2011 CHF 814,185 (5,177)

29/03/2011 USD 105,151 13/05/2011 EUR 74,657 (850) 29/03/2011 USD 6,427,103 13/05/2011 NOK 36,157,261 (99,803)

29/03/2011 USD 4,240,782 13/05/2011 NZD 5,632,410 (42,655) 29/03/2011 CAD 673,467 29/09/2011 USD 687,135 4,127 29/03/2011 CHF 109,075 30/09/2011 USD 118,800 469 29/03/2011 EUR 171,192 30/09/2011 USD 240,134 1,872 29/03/2011 JPY 6,248,606 30/09/2011 USD 76,287 (829) 29/03/2011 NZD 500,000 30/09/2011 USD 371,139 6,021 29/03/2011 SEK 1,814,453 30/09/2011 USD 281,579 4,564 29/03/2011 USD 1,138,608 30/09/2011 AUD 1,138,347 (12,202) 29/03/2011 USD 182,687 30/09/2011 GBP 114,579 (1,191)


135



deliver

Unrealised

Gain / (Loss)

by Sub-Fund


29/03/2011 USD 572,114 30/09/2011 NOK 3,244,803 (8,664)

30/03/2011 CAD 32,621 31/03/2011 USD 33,626 7 30/03/2011 USD 311,773 31/03/2011 CAD 302,793 (418)

30/03/2011 CHF 150,005 01/04/2011 USD 162,889 961 30/03/2011 EUR 558,447 01/04/2011 USD 787,131 6,466

30/03/2011 JPY 201,035,626 01/04/2011 USD 2,421,532 3,657 30/03/2011 NZD 272,036 01/04/2011 USD 206,883 556

30/03/2011 SEK 73,661,584 01/04/2011 USD 11,633,739 88,987 30/03/2011 USD 1,245,361 01/04/2011 AUD 1,206,857 (2,319)

30/03/2011 USD 705,397 01/04/2011 CHF 651,152 (5,858) 30/03/2011 USD 301,957 01/04/2011 EUR 214,260 (2,524)

30/03/2011 USD 10,156,847 01/04/2011 GBP 6,324,707 (22,965) 30/03/2011 USD 15,875 01/04/2011 JPY 1,319,043 (37)

30/03/2011 USD 7,372,705 01/04/2011 NOK 41,235,116 (87,475) 30/03/2011 USD 2,067,529 01/04/2011 NZD 2,712,224 (665)

30/03/2011 CAD 302,793 12/05/2011 USD 311,498 416 30/03/2011 AUD 290,148 13/05/2011 USD 297,770 649

30/03/2011 CHF 651,152 13/05/2011 USD 705,588 5,820 30/03/2011 GBP 6,324,707 13/05/2011 USD 10,151,819 23,142

30/03/2011 NOK 39,966,733 13/05/2011 USD 7,130,887 83,428 30/03/2011 NZD 2,712,224 13/05/2011 USD 2,061,912 674

30/03/2011 USD 786,531 13/05/2011 EUR 558,447 (6,380) 30/03/2011 USD 2,422,052 13/05/2011 JPY 201,035,626 (3,689)

30/03/2011 USD 11,476,772 13/05/2011 SEK 72,815,801 (87,220) 30/03/2011 USD 33,478 29/09/2011 CAD 32,621 (5)

30/03/2011 AUD 916,709 30/09/2011 USD 925,043 1,482 30/03/2011 EUR 214,260 30/09/2011 USD 300,738 2,153 30/03/2011 JPY 1,319,043 30/09/2011 USD 15,900 29 30/03/2011 NOK 1,268,383 30/09/2011 USD 224,356 2,632 30/03/2011 USD 163,101 30/09/2011 CHF 150,005 (922) 30/03/2011 USD 204,442 30/09/2011 NZD 272,036 (769) 30/03/2011 USD 132,230 30/09/2011 SEK 845,783 (1,162) USD (193,339)


136

9.Forward foreign exchange contracts (continued)


deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Flex Allocation

21/01/2011 USD 402,032 21/04/2011 AUD 411,600 (16,044)

16/03/2011 GBP 298,000 17/06/2011 EUR 343,391 (6,090) 16/03/2011 USD 800,000 17/06/2011 EUR 574,451 (11,199)

30/03/2011 AUD 411,600 21/04/2011 USD 423,535 889 EUR (32,444)

Global Macro

07/03/2011 CAD 28,000,000 18/05/2011 AUD 28,568,397 (371,475) 07/03/2011 EUR 10,000,000 18/05/2011 CHF 12,946,940 36,056

07/03/2011 EUR 10,000,000 18/05/2011 HUF 2,739,635,000 (238,631) 07/03/2011 MXN 304,245,342 18/05/2011 EUR 18,000,000 (53,561)

07/03/2011 SGD 10,268,010 18/05/2011 GBP 5,000,000 73,630 07/03/2011 SGD 15,000,000 18/05/2011 JPY 973,645,500 108,447

07/03/2011 SGD 12,639,790 18/05/2011 USD 10,000,000 21,103 07/03/2011 USD 10,000,000 18/05/2011 CHF 9,246,670 (72,391)

07/03/2011 USD 35,761,968 18/05/2011 GBP 22,000,000 261,384 07/03/2011 USD 15,000,000 18/05/2011 HUF 2,938,818,000 (418,336)

07/03/2011 USD 20,000,000 18/05/2011 JPY 1,641,014,000 139,521 07/03/2011 KRW 15,690,000,000 20/05/2011 EUR 10,000,000 52,468

07/03/2011 KRW 72,930,000,000 20/05/2011 USD 65,000,000 961,438 14/03/2011 AUD 33,954,439 16/06/2011 EUR 24,300,000 210,867

14/03/2011 CAD 22,663,837 16/06/2011 EUR 16,700,000 (257,401) 14/03/2011 EUR 45,400,000 16/06/2011 CHF 58,630,377 239,490

14/03/2011 EUR 39,900,000 16/06/2011 GBP 34,573,550 712,609 14/03/2011 EUR 41,100,000 16/06/2011 JPY 4,686,172,680 1,235,173

14/03/2011 EUR 59,900,000 16/06/2011 NOK 470,732,656 130,339 14/03/2011 SEK 243,431,930 16/06/2011 EUR 27,400,000 (201,984) 14/03/2011 USD 126,802,130 16/06/2011 EUR 91,000,000 (1,627,514) 14/03/2011 KRW 119,780,000,000 20/06/2011 USD 106,000,000 1,942,326 14/03/2011 TWD 1,697,682,000 20/06/2011 USD 58,100,000 (285,677) 15/03/2011 EUR 10,000,000 18/05/2011 CHF 12,792,900 154,456 15/03/2011 SGD 15,000,000 18/05/2011 JPY 948,525,000 321,690 15/03/2011 CHF 3,562,987 21/06/2011 EUR 2,780,000 (35,229)


137

9.Forward foreign exchange contracts (continued)


deliver

Unrealised

Gain /

(Loss) by

Sub-Fund

Global Macro (continued)

15/03/2011 GBP 76,838,593 21/06/2011 EUR 88,700,000

(1,602,149)

15/03/2011 SEK 797,834,214 21/06/2011 EUR 89,090,700 38,377

15/03/2011 USD 22,856,476 21/06/2011 EUR 16,430,600

(318,855)

16/03/2011 GBP 50,600 21/06/2011 EUR 58,249 (893) 21/03/2011 CAD 2,903,951 16/06/2011 EUR 2,100,000 6,817

21/03/2011 CHF 8,190,605 16/06/2011 EUR 6,400,000 (91,197)

21/03/2011 EUR 5,000,000 16/06/2011 AUD 7,103,145

(128,591)

21/03/2011 NOK 22,934,360 16/06/2011 EUR 2,900,000 12,029 21/03/2011 USD 1,725,707 16/06/2011 EUR 1,220,000 (3,690)

21/03/2011 EUR 1,898,000 21/06/2011 GBP 1,656,715 20,069 21/03/2011 EUR 777,000 21/06/2011 USD 1,099,127 2,214

21/03/2011 SEK 436,684 21/06/2011 EUR 49,000 (216) 22/03/2011 GBP 156,115 21/06/2011 EUR 180,000 (3,041)

22/03/2011 SEK 15,539,126 21/06/2011 EUR 1,730,000 5,935 24/03/2011 SEK 9,214,380 21/06/2011 EUR 1,026,600 2,773

25/03/2011 HUF 2,682,100,000 18/05/2011 EUR 10,000,000 22,366 25/03/2011 HUF 2,844,000,000 18/05/2011 USD 15,000,000 61,736

25/03/2011 GBP 1,367,072 21/06/2011 EUR 1,554,240 (4,642) 28/03/2011 EUR 4,700,000 16/06/2011 AUD 6,479,016 23,140

28/03/2011 EUR 2,600,000 16/06/2011 USD 3,654,089 24,491 28/03/2011 GBP 6,000,000 16/06/2011 EUR 6,832,421 (31,805)

28/03/2011 SEK 58,534,574 16/06/2011 EUR 6,500,000 39,916 28/03/2011 USD 439,337 21/06/2011 EUR 312,000 (2,307)

30/03/2011 USD 25,000,000 18/05/2011 JPY 2,077,725,000 (50,192) 30/03/2011 EUR 5,000,000 20/05/2011 KRW 7,777,500,000 17,041

30/03/2011 USD 20,000,000 20/05/2011 KRW 22,100,000,000 (78,281) 30/03/2011 GBP 107,188 21/06/2011 EUR 122,000 (502)

EUR 999,341


138



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Macro II

07/03/2011 CAD 2,666,000 18/05/2011 AUD 2,720,120 (35,370)

07/03/2011 EUR 1,000,000 18/05/2011 CHF 1,294,694 3,606 07/03/2011 EUR 1,000,000 18/05/2011 HUF 273,963,500 (23,863)

07/03/2011 MXN 29,072,333 18/05/2011 EUR 1,720,000 (5,118) 07/03/2011 SGD 979,568 18/05/2011 GBP 477,000 7,024

07/03/2011 SGD 1,500,000 18/05/2011 JPY 97,364,550 10,845 07/03/2011 SGD 1,207,100 18/05/2011 USD 955,000 2,015

07/03/2011 USD 950,000 18/05/2011 CHF 878,434 (6,877) 07/03/2011 USD 3,412,017 18/05/2011 GBP 2,099,000 24,938

07/03/2011 USD 1,500,000 18/05/2011 HUF 293,881,800 (41,834) 07/03/2011 USD 1,910,000 18/05/2011 JPY 156,716,837 13,324

07/03/2011 KRW 1,498,395,000 20/05/2011 EUR 955,000 5,011 07/03/2011 KRW 6,941,814,000 20/05/2011 USD 6,187,000 91,514

14/03/2011 AUD 3,213,795 16/06/2011 EUR 2,300,000 19,959 14/03/2011 CAD 2,103,530 16/06/2011 EUR 1,550,000 (23,891)

14/03/2011 EUR 3,900,000 16/06/2011 CHF 5,036,530 20,573 14/03/2011 EUR 4,200,000 16/06/2011 GBP 3,639,321 75,011

14/03/2011 EUR 3,850,000 16/06/2011 JPY 438,972,380 115,704 14/03/2011 EUR 5,500,000 16/06/2011 NOK 43,222,531 11,968

14/03/2011 SEK 23,987,818 16/06/2011 EUR 2,700,000 (19,903) 14/03/2011 USD 12,680,213 16/06/2011 EUR 9,100,000 (162,751)

14/03/2011 KRW 11,074,000,000 20/06/2011 USD 9,800,000 179,574 14/03/2011 TWD 154,866,000 20/06/2011 USD 5,300,000 (26,060)

15/03/2011 EUR 1,000,000 18/05/2011 CHF 1,279,290 15,446 15/03/2011 SGD 1,500,000 18/05/2011 JPY 94,852,500 32,169

15/03/2011 GBP 7,449,965 21/06/2011 EUR 8,600,000 (155,338) 21/03/2011 CAD 331,880 16/06/2011 EUR 240,000 779 21/03/2011 CHF 250,837 16/06/2011 EUR 196,000 (2,793) 21/03/2011 EUR 380,000 16/06/2011 AUD 539,839 (9,773) 21/03/2011 EUR 278,000 16/06/2011 USD 393,235 839 21/03/2011 NOK 798,748 16/06/2011 EUR 101,000 419 21/03/2011 EUR 127,000 21/06/2011 GBP 110,855 1,343 22/03/2011 GBP 308,544 21/06/2011 EUR 356,000 (6,260)


139



deliver

Unrealised

Gain / (Loss)

by Sub-Fund

Global Macro II (continued)

25/03/2011 HUF 268,210,000 18/05/2011 EUR 1,000,000 2,237

25/03/2011 HUF 284,400,000 18/05/2011 USD 1,500,000 6,174 28/03/2011 EUR 380,000 16/06/2011 AUD 523,835 1,871

28/03/2011 EUR 128,000 16/06/2011 NOK 1,013,480 (686) 28/03/2011 SEK 6,213,670 16/06/2011 EUR 690,000 4,237

28/03/2011 USD 491,897 16/06/2011 EUR 350,000 (3,302) 28/03/2011 KRW 743,182,000 20/06/2011 USD 664,000 7,606

28/03/2011 TWD 12,493,320 20/06/2011 USD 428,000 (2,412) 29/03/2011 GBP 132,134 21/06/2011 EUR 150,000 (224)

30/03/2011 USD 2,500,000 18/05/2011 JPY 207,772,500 (5,019) 30/03/2011 EUR 500,000 20/05/2011 KRW 777,750,000 1,703

30/03/2011 USD 2,000,000 20/05/2011 KRW 2,210,000,000 (7,828) EUR 116,587


140

10. Futures

As at 31 March 2011, the Company had entered into the following outstanding futures contracts: Sub-funds Number

of

contracts

Currency Commitments Maturity

Date

Unrealised

gain / (loss) in

sub-fund

currency

BRIC Markets Equity

HSCEI - HKD CHINA ENT 298 HKD 197,961,400 28/04/2011 819,936

SGX S&P CNX NIFTY INDEX 1,335 USD 15,670,230 28/04/2011 352,786

USD 1,172,722

Climate Change

NIKKEI 225 INDICES D 4 JPY 39,040,000 09/06/2011 (33,323)

S&P 500 EMINI INDEX 21 USD 1,390,463 17/06/2011 36,540

USD 3,217

Emerging Wealth

CAC 40 1 EUR 40,160 15/04/2011 4,553

HSCEI - HKD CHINA ENT 11 HKD 7,307,300 28/04/2011 30,266 WIG 20 WARSAW STOCK EXCH INDEX 25 PLN 705,000 17/06/2011 7,529

SGX S&P CNX NIFTY INDEX 60 USD 704,280 28/04/2011 15,532

TAMSCI MSCI TAIWAN IDX FUT 14 USD 429,940 28/04/2011 5,460

USD 63,340

Euroland Equity DOW JONES EURO STOXX 50/PR.IND 510 EUR 14,524,800 17/06/2011 (61,200)

EUR (61,200)


141

10. Futures (continued)

Sub-funds

Number

of

contracts Currency Commitments

Maturity

Date

Unrealised

gain / (loss) in

sub-fund

currency

Global Equity

S&P / ASX 200 INDEX 1 AUD 121,625 16/06/2011 6,105

S&P INDICES S&P/TSX 60 INDEX (10) CAD (1,620,200) 16/06/2011 (53,930)

SMI INDEX/OHNE DIVIDENDENKORR. (1) CHF (62,700) 17/06/2011 (3,521)

AEX 1 EUR 73,190 15/04/2011 5,833

BEL-20 (15) EUR (402,570) 15/04/2011 (26,868)

CAC 40 (11) EUR (441,760) 15/04/2011 (48,514)

DAX-INDEX 6 EUR 1,063,650 17/06/2011 88,456

FTSE MIB INDEX (4) EUR (428,800) 17/06/2011 (27,885)

IBEX-35 INDICES BOLSA ESPANOL. (1) EUR (106,160) 15/04/2011 (7,372)

UKX FTSE 100 INDEX (24) GBP (1,420,440) 17/06/2011 (126,795)

HONG KONG HANG SENG INDICES 14 HKD 16,460,500 28/04/2011 49,562

TOPIX INDEX (TOKYO) 7 JPY 60,620,000 09/06/2011 (61,310)

SWED OPTI OMX STOCKHOLM 30 IDX (38) SEK (4,278,800) 15/04/2011 (50,026)

SIMSCI MSCI SINGAPORE FREE 8 SGD 587,040 28/04/2011 9,523

S&P 500 INDICES 27 USD 8,939,025 16/06/2011 242,388

USD (4,354)

Japanese Equity TOPIX INDEX (TOKYO) 24 JPY 207,840,000 09/06/2011 14,205,000

JPY 14,205,000

US Equity S&P 500 INDICES 83 USD 27,479,225 16/06/2011 715,413

USD 715,413

Euro Bond

(Formerly Euro Core Bond)

EURO BOBL (12) EUR (1,374,360) 08/06/2011 13,540

EURO BUND (22) EUR (2,666,400) 08/06/2011 3,960

EURO SCHATZ 97 EUR 10,395,490 08/06/2011 6,305

EUR 23,805


142


Sub-funds Number

of

contracts


Date

Unrealised

gain / (loss) in

sub-fund

currency

Euro Credit Bond (Formerly Euro Core Credit Bond)

EURO BOBL (249) EUR (28,517,970) 08/06/2011 144,300

EURO BUND (162) EUR (19,634,400) 08/06/2011 25,420

EURO SCHATZ 83 EUR 8,895,110 08/06/2011 (6,435)

EUR 163,285

Global Credit Bond (Formerly Global Core Credit Bond)

EURO BOBL (6) EUR (687,180) 08/06/2011 2,661

EURO BUND (4) EUR (484,800) 08/06/2011 1,024

EURO SCHATZ 9 EUR 964,530 08/06/2011 832

USD 4,517

Global High Income Bond

EURO BOBL (17) EUR (1,947,010) 08/06/2011 4,567

EURO BUND (21) EUR (2,545,200) 08/06/2011 17,627

USD 22,194

Global Bond Market Neutral

10 YEAR TREAS.BOND AUSTRAL.6% 26 AUD 2,687,864 15/06/2011 (17,097)

10 YEARS CANADIAN BONDS (159) CAD (19,080,000) 21/06/2011 (144,694)

EURO BUND (77) EUR (9,338,560) 08/06/2011 8,400

LONG GILT STERLING FUTURES (163) GBP (19,098,710) 28/06/2011 (123,179)

JAPANESE GOV. BDS FUTURE 10Y 2 JPY 278,380,000 09/06/2011 (10,113)

JP 10Y MINI GV BDS 83 JPY 1,155,360,000 08/06/2011 23,143

10Y TREASURY NOTES USA 259 USD 30,829,094 21/06/2011 56,368

TREASURY BONDS USA 154 USD 18,508,875 21/06/2011 70,547

EUR (136,625)


143

10.Futures (continued)

Sub-funds Number

of

contracts


Date

Unrealised

gain / (loss) in

sub-fund

currency

Global Currency

90 DAY BANK ACCEPTED BILL AUST 50 AUD 49,369,424 08/03/2012 (12,431)

90 DAY BANK ACCEPTED BILL AUST 61 AUD 60,249,766 08/12/2011 31,367 BANKERS ACC.CANADIAN 3 MONTHS 48 CAD 11,754,000 19/03/2012 (21,394)

BANKERS ACC.CANADIAN 3 MONTHS

74 CAD 18,165,150 19/12/2011 (23,740)

EURO CHF 3 MONTH (81) CHF (20,067,750) 19/03/2012 40,334

EURO CHF 3 MONTH 9 CHF 2,239,425 19/09/2011 (2,458)

EURO CHF 3 MONTH (71) CHF (17,629,300) 19/12/2011 11,333

EURIBOR 360 /3 MONATE (68) EUR (16,607,300) 19/03/2012 37,410

EURIBOR 360 /3 MONATE (35) EUR (8,567,563) 19/12/2011 11,706

3M SHORT STERLING (99) GBP (12,160,913) 21/03/2012 22,815

3M SHORT STERLING (125) GBP (15,393,750) 21/12/2011 (32,211)

90 DAYS - EURO $ FUTURE 79 USD 19,574,225 19/03/2012 (31,263)

90 DAYS - EURO $ FUTURE 122 USD 30,307,850 19/12/2011 (12,625)

USD 18,843

Global Flex Allocation

S&P / ASX 200 INDEX (8) AUD (973,000) 16/06/2011 (36,611)

S&P INDICES S&P/TSX 60 INDEX 1 CAD 162,020 16/06/2011 4,656 SMI INDEX/OHNE DIVIDENDENKORR. (2) CHF (125,400) 17/06/2011 (3,600)

AEX 1 EUR 73,190 15/04/2011 4,752

CAC 40 (6) EUR (240,960) 15/04/2011 (18,857)

DAX-INDEX (5) EUR (886,375) 17/06/2011 (29,225) DOW JONES EURO STOXX 50/PR.IND (171) EUR (4,870,080) 17/06/2011 (241,530)

EURO BOBL 20 EUR 2,290,600 08/06/2011 (3,520)

EURO BUND 35 EUR 4,242,000 08/06/2011 (7,000)

EURO-BUXL-FUTURES (5) EUR (507,700) 08/06/2011 6,600

EURO SCHATZ 14 EUR 1,500,380 08/06/2011 (70)

FTSE MIB INDEX 5 EUR 536,000 17/06/2011 5,491


144


Sub-funds Number

of

contracts


Date

Unrealised

gain / (loss)

in sub-fund

currency

Global Flex Allocation (continued)

IBEX-35 INDICES BOLSA ESPANOL. (1) EUR (106,160) 15/04/2011 (5,461)

LONG GILT STERLING FUTURES (2) GBP (234,100) 28/06/2011 (1,289)

SHORT GILT FUTURE 8 GBP 861,600 28/06/2011 2,739

UKX FTSE 100 INDEX (8) GBP (473,480) 17/06/2011 (21,718)

TOPIX INDEX (TOKYO) 1 JPY 8,660,000 09/06/2011 (6,255) SWED OPTI OMX STOCKHOLM 30 IDX (10) SEK (1,126,000) 15/04/2011 (9,966)

SIMSCI MSCI SINGAPORE FREE (3) SGD (220,140) 28/04/2011 (2,543)

2Y TREASURY NOTES USA (10) USD (2,180,938) 30/06/2011 0

5Y TREASURY NOTES USA 13 USD 1,517,953 30/06/2011 1,285

DJ CBOT MINI SIZED DJ IND AV 7 USD 430,780 17/06/2011 7,503

NASDAQ 100 E-MINI INDEX (9) USD (420,435) 17/06/2011 (4,163)

S&P 500 EMINI INDEX 13 USD 860,763 17/06/2011 24,074

TREASURY BONDS USA (5) USD (599,688) 21/06/2011 (27)

EUR (334,735)

Global Macro

S&P / ASX 200 INDEX (220) AUD (26,757,500) 16/06/2011 (1,007,157)

S&P INDICES S&P/TSX 60 INDEX (8) CAD (1,293,600) 16/06/2011 (29,334) SMI INDEX/OHNE DIVIDENDENKORR. 291 CHF 18,239,880 17/06/2011 178,937

CAC 40 (42) EUR (1,683,570) 15/04/2011 (51,030)

DAX-INDEX 28 EUR 4,952,850 17/06/2011 123,200 DOW JONES EURO STOXX 50/PR.IND 735 EUR 20,903,400 17/06/2011 815,620

EURO BUND (786) EUR (95,381,100) 08/06/2011 91,120

IBEX-35 INDICES BOLSA ESPANOL. 18 EUR 1,911,240 15/04/2011 44,190

LONG GILT STERLING FUTURES 1,162 GBP 136,604,720 28/06/2011 1,222,470

UKX FTSE 100 INDEX 249 GBP 14,693,490 17/06/2011 434,310



NIKKEI 225 INDICES D 643 JPY 3,124,980,000 09/06/2011 (833,045)

10Y TREASURY NOTES USA (1,311) USD (156,295,781) 21/06/2011 289,949


145


Sub-funds Number

of

contracts


Date

Unrealised

gain / (loss)

in sub-fund

currency

Global Macro (continued)

2Y TREASURY NOTES USA (886) USD (193,244,907) 30/06/2011 (87,675)

5Y TREASURY NOTES USA (382) USD (44,658,188) 30/06/2011 152,391

S&P 500 EMINI INDEX (288) USD (19,054,800) 17/06/2011 (188,410)


EUR 1,758,931

Global Macro II

S&P / ASX 200 INDEX (15) AUD (1,824,375) 16/06/2011 (68,670)

S&P INDICES S&P/TSX 60 INDEX (1) CAD (161,700) 16/06/2011 (3,667) SMI INDEX/OHNE DIVIDENDENKORR. 20 CHF 1,253,600 17/06/2011 12,298

CAC 40 (3) EUR (120,255) 15/04/2011 (3,645)

DAX-INDEX 2 EUR 353,775 17/06/2011 8,800 DOW JONES EURO STOXX 50/PR.IND

68 EUR 1,933,920 17/06/2011 75,760

EURO BUND (78) EUR (9,465,300) 08/06/2011 9,710

IBEX-35 INDICES BOLSA ESPANOL. 1 EUR 106,180 15/04/2011 2,455

LONG GILT STERLING FUTURES 115 GBP 13,519,400 28/06/2011 109,014

UKX FTSE 100 INDEX 21 GBP 1,239,210 17/06/2011 36,629



NIKKEI 225 INDICES D 60 JPY 291,600,000 09/06/2011 (69,014)


2Y TREASURY NOTES USA (84) USD (18,321,188) 30/06/2011 (8,312)


S&P 500 EMINI INDEX (28) USD (1,852,550) 17/06/2011 (17,849)


EUR 179,479


146

11. Swaps

Euro Bond (Formerly Euro Core Bond) As at 31 March 2011, the Company entered into the following CDS swaps: Counterparty Currency Maturity

Date

Net

notional

amount

Unrealised

gain / (loss)

in EUR

BNP PARIBAS EUR 20/09/2015 2,000,000 16,331 BNP PARIBAS EUR 20/09/2011 1,000,000 3,548 CREDIT SUISSE FIRST BOSTON EUR 20/09/2011 1,000,000 3,417 J.P. MORGAN CHASE LONDON EUR 20/03/2015 1,000,000 (12,609) J.P. MORGAN CHASE LONDON EUR 20/03/2015 1,000,000 (11,234) J.P. MORGAN CHASE LONDON EUR 20/12/2015 1,000,000 (2,902) J.P. MORGAN CHASE LONDON EUR 20/09/2013 1,000,000 37,839 SOCIETE GENERALE PARIS EUR 20/12/2015 1,000,000 (13,317)

EUR 21,073 Euro Credit Bond (Formerly Euro Core Credit Bond) As at 31 March 2011, the Company entered into the following CDS swaps: Counterparty Currency Maturity

Date

Net

notional

amount

Unrealised

gain / (loss)

in EUR

BNP PARIBAS EUR 20/06/2015 5,000,000 (85,177) CREDIT SUISSE FIRST BOSTON EUR 20/03/2015 5,000,000 39,026 J.P. MORGAN CHASE LONDON EUR 20/09/2015 5,000,000 77,478 J.P. MORGAN CHASE LONDON EUR 20/12/2015 5,000,000 (342,471) J.P. MORGAN CHASE LONDON EUR 20/06/2016 10,000,000 219,851 MORGAN STANLEY CIE INTL USD 20/09/2014 3,000,000 (59,478) MORGAN STANLEY CIE INTL USD 20/09/2014 3,000,000 (904) MORGAN STANLEY CIE INTL EUR 20/06/2016 5,000,000 (239,752) MORGAN STANLEY CIE INTL EUR 20/12/2014 4,000,000 (63,151) MORGAN STANLEY CIE INTL EUR 20/03/2016 5,000,000 (77,053) SOCIETE GENERALE PARIS EUR 20/12/2015 5,000,000 224,304 EUR (307,327)


147

11. Swaps (continued)

Euro High Yield Bond As at 31 March 2011, the Company entered into the following CDS swaps: Counterparty Currency Maturity

Date

Net

notional

amount

Unrealised

gain / (loss)

in EUR

BNP PARIBAS LONDON EUR 20/09/2012 1,000,000 15,511 BNP PARIBAS LONDON EUR 20/03/2013 1,000,000 (33,565) CREDIT SUISSE FIRST BOSTON EUR 20/12/2012 2,000,000 (44,209) CREDIT SUISSE FIRST BOSTON EUR 20/12/2017 2,000,000 (112,615) HSBC BANK PLC LONDON EUR 20/06/2013 1,000,000 (4,552) HSBC FRANCE EUR 20/06/2013 1,000,000 27,771 HSBC FRANCE EUR 20/12/2013 1,000,000 58,666 J.P. MORGAN CHASE LONDON EUR 20/09/2015 2,000,000 44,615 J.P. MORGAN CHASE LONDON EUR 20/03/2014 1,000,000 96,632 J.P. MORGAN CHASE LONDON EUR 20/03/2014 1,000,000 157,182 MORGAN STANLEY CIE INTL EUR 20/06/2015 1,000,000 13,181 SOCIETE GENERALE PARIS EUR 20/03/2014 1,000,000 157,648 SOCIETE GENERALE PARIS EUR 20/06/2015 2,000,000 45,584

EUR 421,849 Global Emerging Markets Bond

As at 31 March 2011, the Company entered into the following CDS swaps: Counterparty Currency Maturity

Date

Net notional

amount

Unrealised

gain / (loss)

in USD

BARCLAYS CAPITAL USD 20/03/2016 3,000,000 (29,046) CITIBANK NA LONDON USD 20/03/2016 3,500,000 (33,888) USD (62,934)

As at 31 March 2011, the Company entered into the following interest rate swaps: Counterparty Currency Maturity

Date

Net notional

amount

Unrealised

gain / (loss)

in USD

BARCLAYS BANK LONDON MXN 13/02/2012 56,000,000 92,844 BARCLAYS BANK LONDON MXN 15/03/2012 39,000,000 61,813 BARCLAYS CAPITAL BRL 02/01/2012 59,129,491 115,808 USD 270,465


148


Global Emerging Markets Corporate Debt


Date

Net notional

amount

Unrealised

gain / (loss)

in USD

BARCLAYS CAPITAL USD 20/03/2016 50,000 (484)

USD (484) Global Emerging Markets Investment Grade Bond


Date

Net notional

amount

Unrealised

gain / (loss)

in USD

BARCLAYS CAPITAL USD 20/03/2016 100,000 (968)

USD (968) As at 31 March 2011, the Company entered into the following interest rate swaps: Counterparty Currency Maturity

Date

Net notional

amount

Unrealised

gain / (loss)

in USD

BARCLAYS CAPITAL BRL 02/01/2012 7,705,626 15,035 BARCLAYS CAPITAL BRL 02/01/2012 7,944,436 21,309

USD 36,344 Global Emerging Markets Local Debt


Date

Net notional

amount

Unrealised

gain / (loss)

in USD

DEUTSCHE BANK NEW YORK BRL 02/01/2012 193,313,798 363,797 DEUTSCHE BANK NEW YORK CZK 18/03/2012 1,280,000,000 (226,605) BARCLAYS BANK LONDON MXN 14/07/2014 34,000,000 56,327 BARCLAYS CAPITAL BRL 02/01/2012 112,274,080 240,026

USD 433,545


149


Global Inflation Linked Bond


Date

Net notional

amount

Unrealised

gain / (loss)

in USD

ROYAL BANK OF CANADA LONDON USD 02/08/2011 7,500,000 115,736 CREDIT SUISSE INTERNATIONAL USD 02/07/2020 419,000 (10,970) UNION DES BANQUES SUISSES EUR 06/07/2020 180,000 (9,406) UNION DES BANQUES SUISSES AUD 06/07/2020 1,240,000 21,110 CREDIT SUISSE INTERNATIONAL USD 08/10/2020 150,000 (6,379) UNION DES BANQUES SUISSES GBP 13/10/2020 55,000 2,692 ROYAL BANK OF CANADA LONDON GBP 01/12/2020 280,000 12,790 CREDIT SUISSE INTERNATIONAL USD 03/12/2020 220,000 (4,115)

USD 121,458 Global Bond Market Neutral


Date

Net notional

amount

Unrealised

gain / (loss)

in EUR

CREDIT SUISSE FIRST BOSTON CHF 12/10/2020 8,600,000 (258,842) CREDIT SUISSE INTERNATIONAL CAD 25/01/2021 5,900,000 46,666 CREDIT SUISSE INTERNATIONAL CHF 07/03/2021 4,000,000 (20,815) HSBC FRANCE SEK 25/03/2021 37,200,000 8,421 ROYAL BANK OF CANADA LONDON GBP 04/10/2020 1,490,000 103,233 ROYAL BANK OF CANADA LONDON GBP 03/03/2021 5,000,000 (14,132) ROYAL BANK OF CANADA LONDON NZD 07/03/2021 5,700,000 (23,898) UNION DES BANQUES SUISSES CHF 20/09/2020 6,690,000 (155,730) UNION DES BANQUES SUISSES GBP 08/12/2020 3,000,000 38,792 UNION DES BANQUES SUISSES NZD 13/12/2020 6,200,000 60,611 UNION DES BANQUES SUISSES CHF 24/01/2021 3,500,000 (13,745) UNION DES BANQUES SUISSES NOK 11/02/2021 72,200,000 53,073 UNION DES BANQUES SUISSES NZD 25/03/2021 8,900,000 (61,869) UNION DES BANQUES SUISSES NOK 01/04/2021 47,300,000 5,718 EUR (232,517)


150

11. Swaps (continued) GEM Debt Total Return As at 31 March 2011, the Company entered into the following CDS swaps: Counterparty Currency Maturity

Date

Net notional

amount

Unrealised

gain / (loss)

in USD

BANK OF AMERICA NEW YORK USD 20/06/2015 5,000,000 284,785 BARCLAYS BANK LONDON USD 20/06/2015 15,000,000 854,355 BARCLAYS BANK NY USD 20/06/2016 105,000,000 14,475,154 BARCLAYS CAPITAL USD 20/12/2015 25,000,000 895,717 CITIBANK NA LONDON USD 20/03/2016 5,000,000 (48,411) GOLDMAN SACHS LONDON USD 20/03/2016 10,000,000 (96,821) STANDARD CHARTERED LONDON USD 20/09/2015 10,000,000 76,440 STANDARD CHARTERED LONDON USD 20/09/2015 15,000,000 114,660 STANDARD CHARTERED LONDON USD 20/03/2016 3,000,000 43,024 USD 16,598,903


Date

Net notional

amount

Unrealised

gain / (loss)

in USD

BARCLAYS BANK NY CZK 18/03/2012 3,000,000,000 (546,049) BARCLAYS BANK LONDON MXN 15/03/2012 42,000,000 66,549 BARCLAYS BANK LONDON MXN 13/02/2012 168,000,000 278,455 BARCLAYS CAPITAL BRL 02/01/2012 152,692,748 298,533 DEUTSCHE BANK AG LONDON BRL 02/01/2012 116,304,751 104,885 DEUTSCHE BANK NEW YORK CZK 18/03/2012 750,000,000 (132,316) J.P. MORGAN CHASE LONDON USD 17/03/2021 100,000,000 855,095 ROYAL BANK OF SCOTLAND LONDON MXN 23/04/2015 100,000,000 39,503 ROYAL BANK OF SCOTLAND LONDON MXN 01/05/2015 250,000,000 208,602 USD 1,173,257

As at 31 March 2011, the Company entered into the following total return swaps: Counterparty Currency Maturity

Date

Net notional

amount

Unrealised

gain / (loss)

in USD

STANDARD BANK LONDON. USD 13/06/2011 654,450 99,804 STANDARD BANK LONDON. USD 13/06/2011 2,545,500 388,189 STANDARD BANK LONDON. USD 13/06/2011 2,469,498 376,598 STANDARD BANK LONDON. USD 13/06/2011 2,873,000 438,133

USD 1,302,723


151


European Equity Absolute Return (Formerly European Equity Alpha)

As at 31 March 2011, the Company entered into the following CFDS:

Description Quantity Currency Commitment Unrealised

gain / (loss)

in EUR

ACCIONA SA (2,500) EUR (192,875) (31,202) ACCIONA SA (1,000) EUR (77,150) (13,900) ACCOR SA (5,000) EUR (159,425) (32,084) ACCOR SA (4,460) EUR (142,207) 4,576 ACERINOX SA (6,000) EUR (83,700) (17,548) ACERINOX SA (3,560) EUR (49,662) (9,817) ACERINOX SA (1,100) EUR (15,345) (1,415) AGGREKO 27,300 GBP 438,165 31,159 AIR FRANCE - KLM (12,700) EUR (149,733) 15,425 AIR FRANCE - KLM (8,800) EUR (103,752) (600) ANHEUSER-BUSH INBEV SA (6,200) EUR (249,457) 813 ASHTEAD GROUP PLC (69,800) GBP (139,879) (58,943) ASHTEAD GROUP PLC (68,900) GBP (138,076) (59,881) ASTRAZENECA PLC 19,900 GBP 574,712 (9,670) ATLAS COPCO AB "A" 6,500 SEK 1,090,700 7,949 BABCOCK INTERNATIONAL (54,900) GBP (340,380) (39,320) BAYER (5,400) EUR (295,488) (1,732) BRISA AUTO ESTRADAS DE PTG (31,100) EUR (149,218) 4,233 BRISA AUTO ESTRADAS DE PTG (21,100) EUR (101,238) 2,553 BRISA AUTO ESTRADAS DE PTG (7,700) EUR (36,945) 3,835 BT GROUP PLC (102,800) GBP (191,208) (55,827) BT GROUP PLC (51,800) GBP (96,348) (9,432) BT GROUP PLC (9,400) GBP (17,484) (16) CAB & WIRE WRLD (149,800) GBP (78,570) 15,772 CAB & WIRE WRLD (120,280) GBP (63,087) 13,521 CAB & WIRE WRLD (97,700) GBP (51,244) 16,076 CAB & WIRE WRLD (88,900) GBP (46,628) 10,305 CAB & WIRE WRLD (5,083) GBP (2,666) (3,015) CAP GEMINI SA (5,000) EUR (207,950) (7,756) CARNIVAL PLC (10,500) GBP (259,875) 9,120 CENTRICAPLC 127,800 GBP 419,184 (87) CIEGEN.GEOPHYSIQUE/VERITAS (9,700) EUR (249,387) (113,807)


152


European Equity Absolute Return (Formerly European Equity Alpha) (continued)


gain / (loss)

in EUR

CIE GEN.GEOPHYSIQUE/ VERITAS (1,100) EUR (28,281) (10,874) CSM NV (6,500) EUR (162,273) (547) DAILY MAIL & GENERAL TR "A" (69,700) GBP (347,036) (1,080) DANONE (3,700) EUR (171,125) (9,652) EDP RENOVAVEIS SA (34,100) EUR (173,535) (18,878) EDP RENOVAVEIS SA (10,700) EUR (54,452) (4,986) EDP RENOVAVEIS SA (7,000) EUR (35,623) (4,113) ELISA CORPORATION "A" (21,900) EUR (340,764) 10,175 ERICSSON TEL."B" 37,100 SEK 3,034,780 21,322 FISCHER GEORG AG/NAM. (200) CHF (103,200) (16,483) FISCHER GEORG AG/NAM. (120) CHF (61,920) (1,828) FISCHER GEORG AG/NAM. (100) CHF (51,600) (2,624) FRANKFURT AIRPORT (6,200) EUR (318,494) (13,528) HEXAGON AB "B" (12,000) SEK (1,807,200) (16,265) HOLCIM LTD /NAM. (7,700) CHF (533,995) (10,809) IMERYS (880) EUR (45,734) (5,512) IMERYS (1,400) EUR (72,758) (9,209) IMERYS (400) EUR (20,788) (4,233) IMERYS (5,700) EUR (296,229) (26,214) INMARSAT PLC 8,500 GBP 51,808 (5,541) INMARSAT PLC 15,800 GBP 96,301 (7,521) INMARSAT PLC 23,700 GBP 144,452 (23,637) J.SAINSBURY PLC (38,400) GBP (129,638) 11,174 KERRY GROUP "A" (6,100) EUR (160,796) 1,525 LAFARGE SA (9,400) EUR (416,890) (20,655) LINDE A.G. (2,700) EUR (301,050) (6,156) MEGGITT PLC (42,000) GBP (144,228) (4,740) MODERN TIMES GROUP AB "B" 7,800 SEK 3,744,000 36,423 NEXANS PARIS (3,900) EUR (263,679) (23,406) NEXT PLC 2,500 GBP 49,625 (2,607) NEXT PLC 6,300 GBP 125,055 (2,665) NEXT PLC 7,800 GBP 154,830 10,213


153


European Equity Absolute Return (Formerly European Equity Alpha) (continued)


gain / (loss)

in EUR

NORSK HYDRO AS (14,600) NOK (665,468) (16,025) NORSK HYDRO AS (9,800) NOK (446,684) (4,557) NORSK HYDRO AS (7,320) NOK (333,646) (7,796) PERNOD-RICARD (3,900) EUR (258,336) (7,845) RECKITT BENCKISER GROUP 17,300 GBP 559,136 27,361 RENTOKIL INITIAL PLC (352,800) GBP (317,520) (6,902) REXEL SA (17,700) EUR (314,706) (22,960) RHEINMETALL AG DUESSELDORF (3,100) EUR (181,877) (24,664) RHEINMETALL AG DUESSELDORF (300) EUR (17,601) (2,798) RHOEN KLINIKUM AG (9,800) EUR (150,087) 2,241 SAINT-GOBAIN (9,900) EUR (430,254) (33,891) SCOTTISH & SOUTHERN 551 GBP 6,987 7,901 SUBSEA 7 SA 600 NOK 84,060 1,164 SUBSEA 7 SA 4,200 NOK 588,420 6,756 SUBSEA 7 SA 5,960 NOK 834,996 7,956 SUEZ ENVIRONNEMENT (11,860) EUR (173,097) (10,980) SUEZ ENVIRONNEMENT (6,700) EUR (97,787) (10,447) SUEZ ENVIRONNEMENT (4,800) EUR (70,056) (2,694) TELE2 AB 21,100 SEK 3,086,930 23,045 TELECOM ITALIA SPA (128,500) EUR (139,937) 617 TELECOM ITALIA SPA (99,100) EUR (107,920) (10,614) TELECOM ITALIA SPA (68,200) EUR (74,270) (7,352) TELECOM ITALIA SPA (17,700) EUR (19,275) 427 TGS NOPEC GEOPHYSICAL CO 10,700 NOK 1,600,720 17,465 UCB (5,900) EUR (159,212) (1,715) UNITED BUSINESS MEDIA LTD (59,000) GBP (355,475) (6,398) UNITED UTILITIES GROUP PLC 63,100 GBP 376,707 14,863 VEOLIA ENVIRONNEMENT (6,700) EUR (147,936) (13,191) VEOLIA ENVIRONNEMENT (6,100) EUR (134,688) (2,699) VEOLIA ENVIRONNEMENT (3,000) EUR (66,240) (1,383) VESTAS WIND SYSTEMS AS / REG (14,600) DKK (3,322,960) (72,001) WHITBREAD PLC (14,000) GBP (232,260) (5,213) EUR (655,975)


154



As at 31 March 2011, the Company entered into the following CFDS: Description Quantity Currency Commitment Unrealised

gain / (loss)

in USD

ALL AMERICA LATINA. (72,471) USD (605,319) 183,759 ALUMINIUM CORP OF CHINA -H- (416,000) USD (395,539) (6,727) ALUMINIUM CORP OF CHINA -H- (154,000) USD (146,426) (2,482) ALUMINIUM CORP OF CHINA -H- (138,000) USD (131,212) (1,203) BANCO DO BRASIL SA 900 USD 16,220 1,338 BANCO DO BRASIL SA 8,800 USD 158,597 10,210 BANCO DO BRASIL SA 19,800 USD 356,842 32,663 CAIRN INDIA LIMITED 14,115 USD 111,206 16,342 CAIRN INDIA LIMITED 17,806 USD 140,285 12,404 CAIRN INDIA LIMITED 19,778 USD 155,822 4,894 CAIRN INDIA LIMITED 26,622 USD 209,743 24,015 CANARA BANK /DEMAT. 10,097 USD 141,952 7,137 CANARA BANK /DEMAT 10,470 USD 147,196 5,912 CANARA BANK /DEMAT 10,610 USD 149,164 12,006 CENCOSUD SA (92,247) USD (659,798) (23,278) CHEIL INDUSTRIAL INC (2,747) USD (291,422) (25,961) CHEIL INDUSTRIAL INC (2,715) USD (288,028) (20,491) CHEIL INDUSTRIAL INC (157) USD (16,656) (1,331) CHINA LG PWR -H (470,000) USD (504,857) (90,185) CHINA MERCHANTS HOLDINGS (95,200) USD (401,825) (48,341) CHINA MERCHANTS HOLDINGS (34,000) USD (143,509) (31,836) CHINA MERCHANTS HOLDINGS (1,097) USD (4,630) (4,630) CHINA MERCHANTS HOLDINGS (346) USD (1,460) (1,460) CHINA RESOURCES ENTERPRISE LTD (138,000) USD (560,312) 30,100 CHINA SOUTH LOCOMOTIVE -H- (437,000) USD (446,950) 151,465 CIA BRAS -A- (12,424) USD (511,826) (6,839) CIA BRAS -A- (3,900) USD (160,667) (22,225) COMPAL ELECTRONICS 5,726 USD 5,686 5,686 COMPAL ELECTRONICS 14,229 USD 14,129 (5,569) COMPAL ELECTRONICS 49,000 USD 48,656 (20,855) COMPAL ELECTRONICS 79,000 USD 78,445 (28,449) COMPAL ELECTRONICS 81,000 USD 80,431 (33,907) COMPAL ELECTRONICS 81,228 USD 80,658 (29,251) EMPRESAS COPEC SA (29,104) USD (510,129) 42,841 EMPRESAS COPEC SA (9,495) USD (166,427) (15,931) FALABELLA SA COMERC.E INDUST. (57,400) USD (581,817) (9,966)


155


GEM Equity Absolute Return (Formerly Global Emerging Markets Equity Alpha) (continued)


gain / (loss)

in USD

FAR EAST DEPT STORES (401,000) USD (633,413) 35,836 FAR EASTERN TEXTILE (172,000) USD (265,839) 757 FAR EASTERN TEXTILE (170,399) USD (263,365) 4,844 FAR EASTERN TEXTILE (105,000) USD (162,286) (13,885) FORMOSA PETROCHEMICAL CO (199,000) USD (653,036) (116,990) GAMUDA BHD (395,900) USD (504,931) (14,617) GMRI (488,000) USD (444,080) (27,371) GMRI (172,000) USD (156,520) (7,818) GRUPO BIMBO SAB DE CV A (33,000) USD (274,194) 5,821 GRUPO BIMBO SAB DE CV A (16,900) USD (140,421) (3,947) GRUPO BIMBO SAB DE CV A (16,100) USD (133,774) 5,000 GRUPO FIN.I.SAB DE CV"O" (125,900) USD (568,061) (18,398) GRUPO MODELO SA DE CV C (97,186) USD (585,160) 9,342 HDFCB (9,250) USD (487,128) (9,749) ICICI (23,000) USD (577,415) (12,591) JPA (276,000) USD (576,840) (28,204) PDG REALTY SA 25,180 USD 141,038 5,814 POLISH TELECOM (73,305) USD (451,947) (17,636) POLISH TELECOM (24,740) USD (152,529) (7,090) ROSSI RESIDENCIAL ON 14,900 USD 125,829 4,950 ROSSI RESIDENCIAL ON 16,000 USD 135,118 (2,137) ROSSI RESIDENCIAL ON 17,600 USD 148,630 9,530 ROSSI RESIDENCIAL ON 35,500 USD 299,794 6,360 RPWR (200,000) USD (586,000) (29,741) RURAL ELECTRIFICATION LTD 24,153 USD 137,560 10,731 RURAL ELECTRIFICATION LTD 25,000 USD 142,384 9,212 RURAL ELECTRIFICATION LTD 26,462 USD 150,711 6,199 RURAL ELECTRIFICATION LTD 29,532 USD 168,195 22,490 SAMSUNG SDI CO LTD (2,734) USD (418,260) (12,099) SAMSUNG SDI CO LTD (965) USD (147,630) (4,656) SESA GOA LTD 10,713 USD 70,069 (3,238) SESA GOA LTD 14,590 USD 95,427 (16,425) SESA GOA LTD 18,899 USD 123,610 (27,626) SESA GOA LTD 42,700 USD 279,283 (18,670) SILICONWARE PRECISION (220,000) USD (275,313) 27,083 SILICONWARE PRECISION (108,000) USD (135,154) (2,233)


156


GEM Equity Absolute Return (Formerly Global Emerging Markets Equity Alpha) (continued)


gain / (loss)

in USD

SILICONWARE PRECISION (98,000) USD (122,640) 11,445 SIME DARBY BHD (175,800) USD (536,142) (49,530) SINOPHARM GROUP CO -H- (72,000) USD (255,332) 50,891 SINOPHARM GROUP CO -H- (32,000) USD (113,481) 2,826 SINOPHARM GROUP CO -H- (30,000) USD (106,388) 6,706 SINOPHARM GROUP CO -H- (26,000) USD (92,203) 14,550 TAIWAN FERTILIZER CO (68,000) USD (200,024) 21,303 TAIWAN FERTILIZER CO (46,000) USD (135,310) 7,382 TAIWAN FERTILIZER CO (29,000) USD (85,304) (5,924) TAIWAN FERTILIZER CO (28,000) USD (82,363) 6,361 TAIWAN FERTILIZER CO (21,000) USD (61,772) 4,836 TAIWAN FERTILIZER CO (1,000) USD (2,942) 263 TATA STEEL LTD /DEMATERIAL. 11,413 USD 159,428 8,316 TATA STEEL LTD /DEMATERIAL. 26,817 USD 374,607 12,490 TELEKOM MALAYSIA (435,000) USD (580,671) (93,977) TSINGTAO BREWERY CO LTD (20,000) USD (95,338) 7,504 TSINGTAO BREWERY CO LTD (64,000) USD (305,083) 36,402 TSINGTAO BREWERY CO LTD (18,000) USD (85,805) 18,625 ULTRAPAR PARTICIPACOES/PR (31,600) USD (534,690) (39,833) ULTRAPAR PARTICIPACOES/PR (9,600) USD (162,437) (11,075) UNI-PRESIDENT ENT. (441,100) USD (604,503) 29,739 UNSP (26,250) USD (621,863) (449) WAL-MART DE MEXICO V (146,800) USD (440,219) (4,383) WAL-MART DE MEXICO V (51,337) USD (153,948) (2,825) YULON MOTOR CO (161,000) USD (297,291) 15,947 YULON MOTOR CO (78,000) USD (144,029) 7,336 ZEE ENTERTAINMENT (218,000) USD (608,220) (4,696) ZTE CORP -H- (151,000) USD (702,344) (89,314) USD (160,381)


157


Global Macro


Date

Net notional

amount

Unrealised

gain / (loss)

in EUR

BNP PARIBAS EUR 20/06/2016 30,000,000 (546,208) MORGAN STANLEY CIE INTL EUR 20/06/2016 215,000,000 (3,914,487)

(4,460,695)

Global Macro II


Date

Net notional

amount

Unrealised

gain / (loss)

in EUR

BNP PARIBAS EUR 20/06/2016 7,000,000 (127,448) JPM CHASE LONDON EUR 20/06/2016 4,500,000 (81,931) MORGAN STANLEY CIE INTL EUR 20/06/2016 11,500,000 (209,380)

(418,759)


158

12. Options

As at 31 March 2011, the Company had entered into the following written options contracts:

Sub-funds Quantity Strike Currency Maturity

Date

Commitment Unrealised

Gain /

(Loss)

Euro Bond (Formerly Euro Core Bond)

CALL FUT EURO BOBL (15,000) 115.5 EUR 31/03/2011 (1,732,500) 4,725 PUT FUT EURO SCHATZ (150,000) 107 EUR 31/03/2011 (16,050,000) 5,250

EUR 9,975 Global Emerging Markets Bond

CALL ISHARES/MSCI EMERGING (482,600) 53 USD 16/04/2011 (25,577,800) 287,823 EUR 287,823

Global Emerging Markets Local Debt CALL ISHARES/MSCI EMERGING (275,800) 53 USD 16/04/2011 (14,617,400) 158,971 USD 158,971 GEM Debt Total Return (Formerly New World Income)

CALL ISHARES/MSCI EMERGING (965,300) 53 USD 16/04/2011 (51,160,900) 575,705

CALL USD/TRY SPOT CROSS (50,000) 1.60 USD 08/04/2011 (80,000) 121,913

CALL USD/TRY SPOT CROSS (50,000) 1.57 USD 13/04/2011 (78,500) 101,323

CALL USD/MXN SPOT CROSS (57,000) 12.10 USD 19/04/2011 (689,700) 125,622

CALL USD/MXN SPOT CROSS (57,000) 12.10 USD 19/04/2011 (689,700) 13,810 CALL USD/ZAR SPOT CROSS (50,000) 6.77 USD 04/04/2011 (338,500) 87,808 CALL USD/KRW SPOT CROSS (50,000) 1200 USD 04/04/2011 (60,000,000) 64,875

PUT USD/KRW SPOT CROSS (50,000) 1100 USD 04/04/2011 (55,000,000) 58,515

USD 1,149,571

Global Macro

PUT NIKKEI 225 INDICE (200,000) 8,500 JPY 08/04/2011 (1,700,000,000) 392,203

PUT NIKKEI 225 INDICE (200,000) 8,000 JPY 08/04/2011 (1,600,000,000) 601,059 EUR 993,262

Global Macro II

PUT NIKKEI 225 INDICE (20,000) 8,500 JPY 08/04/2011 (170,000,000) 39,220

PUT NIKKEI 225 INDICE (20,000) 8,000 JPY 08/04/2011 (160,000,000) 60,106

EUR 99,326


159

13. Dividends

All distributing fund share classes in issue as at 31 March 2011 have UK Reporting Fund status, either from 1 April 2010 or from the launch of the fund share class concerned. As and when new fund share classes are launched, UK Reporting Fund applications will be made to HM Revenue & Customs accordingly. Details of the distributing share classes that have UK Reporting Fund status can be found on the HM Revenue & Customs’ website (www.hmrc.gov.uk). At the date of this Report, the status can be found at www.hmrc.gov.uk/collective/rep-funds.xls. The Company will make available to Shareholders the reportable income information that they will require for their UK tax returns at www.assetmanagement.hsbc.com/uk/globalfunds/gif by 30 September 2011. If investors do not have access to the internet they can apply in writing at the registered office of the Company. The Company paid the following dividends during the period ended 31 March 2011.

Sub-

Fund

Share

class Currency

Dividend

per share Ex-date

Payment

date

Number of

shares

Total amount

paid

Asia ex Japan Equity ADH USD 0.060689 16/07/2010 30/07/2010 116,074 7,044 AD USD 0.133845 16/07/2010 30/07/2010 5,924,141 792,917 ID USD 0.078023 16/07/2010 30/07/2010 142,000 11,079 WD USD 0.030085 16/07/2010 30/07/2010 7,019 211 ZD USD 0.776255 16/07/2010 30/07/2010 355,100 275,648 Asia ex Japan Equity Smaller Companies

AD USD 0.098134 16/07/2010 30/07/2010 1,236,544 121,347 Asia Pacific ex Japan Equity High Dividend

AD USD 0.016457 16/07/2010 30/07/2010 4,869,842 80,143 AD USD 0.148892 08/02/2011 14/02/2011 4,405,498 655,943 ZD USD 0.039911 16/07/2010 30/07/2010 1,382,561 55,179 ZD USD 0.366008 08/02/2011 14/02/2011 1,242,228 454,665 BRIC Markets Equity

AD USD 0.021620 16/07/2010 30/07/2010 12,083,722 261,250

Climate Change

AD USD 0.015878 16/07/2010 30/07/2010 3,088,921 49,046 Emerging Wealth

AD USD 0.046273 16/07/2010 30/07/2010 3,829,600 177,207


160

13. Dividends (continued)

Sub-Fund

Share

class Currency

Dividend

per share Ex-date

Payment

date

Number of

shares

Total amount

paid

Euroland Equity AD EUR 0.398213 16/07/2010 30/07/2010 8,451,457 3,365,480 ED EUR 0.280362 16/07/2010 30/07/2010 7,018 1,968 ZD EUR 0.849035 16/07/2010 30/07/2010 598,311 507,987 Euroland Equity Smaller Companies AD EUR 0.388828 16/07/2010 30/07/2010 130,955 50,919 Euroland Growth M1D EUR 0.199630 16/07/2010 30/07/2010 203,714 40,667 European Equity

AD EUR 0.414932 16/07/2010 30/07/2010 19,072 7,914 ED EUR 0.283409 16/07/2010 30/07/2010 90,739 25,716 PD EUR 0.533677 16/07/2010 30/07/2010 3,042,220 1,623,563 WD EUR 0.528354 16/07/2010 30/07/2010 27,027 14,280 ZD EUR 0.826762 16/07/2010 30/07/2010 233,768 193,271 Global Emerging Markets Equity PD USD 0.002592 16/07/2010 30/07/2010 2,027,588 5,256 WD USD 0.274743 16/07/2010 30/07/2010 7,613,263 2,091,691 ZD USD 0.231306 16/07/2010 30/07/2010 30,424 7,037 Global Equity AD USD 0.110569 16/07/2010 30/07/2010 986,784 109,108 ZD USD 0.457115 16/07/2010 30/07/2010 2,784,155 1,272,679 Latin American Equity L1D USD 0.058258 16/07/2010 30/07/2010 1,901,034 110,750 M1D USD 0.051878 16/07/2010 30/07/2010 2,982,585 154,731 Middle East and North Africa Equity AD USD 0.068761 19/07/2010 30/07/2010 27,316 1,878 Brazil Equity AD USD 0.146246 16/07/2010 30/07/2010 18,384,615 2,688,676 ED USD 0.000904 16/07/2010 30/07/2010 6,129 6 ID USD 0.443454 16/07/2010 30/07/2010 577,135 255,933


161


Sub-Fund

Share

class Currency

Dividend

per share Ex-date

Payment

date

Number of

shares

Total amount

paid

Chinese Equity AD USD 0.104470 16/07/2010 30/07/2010 31,605,367 3,301,813 ID USD 0.721014 16/07/2010 30/07/2010 3,179 2,292 ZD USD 1.272008 16/07/2010 30/07/2010 1,846,847 2,349,204 Hong Kong Equity

AD USD 0.498674 16/07/2010 30/07/2010 29,335 14,629 PD USD 0.970126 16/07/2010 30/07/2010 2,896,569 2,810,037 ZD USD 2.138059 16/07/2010 30/07/2010 532,566 1,138,657 Indian Equity

ZD USD 0.598129 16/07/2010 30/07/2010 157,348 94,114 Japanese Equity

WD JPY 77.049937 16/07/2010 30/07/2010 16,368 1,261,137 ZD JPY 6.640706 16/07/2010 30/07/2010 69,024 458,368 Singapore Equity AD USD 0.594249 16/07/2010 30/07/2010 992,046 589,523 PD USD 0.733562 16/07/2010 30/07/2010 711,763 522,122 Taiwan Equity AD USD 0.022090 16/07/2010 30/07/2010 550,203 12,154 Thai Equity AD USD 0.182029 16/07/2010 30/07/2010 8,564,204 1,558,933 ZD USD 0.324828 16/07/2010 30/07/2010 95,875 31,143 Turkey Equity AD EUR 0.058879 16/07/2010 30/07/2010 346,452 20,399 UK Equity AD GBP 0.431813 16/07/2010 30/07/2010 1,863,984 804,892 ID GBP 0.655094 16/07/2010 30/07/2010 100,833 66,055


162


Sub-Fund

Share

class Currency

Dividend

per share Ex-date

Payment

date

Number of

shares

Total amount

paid

US Equity ID USD 0.007772 16/07/2010 30/07/2010 13,687 106 WD USD 1.477806 16/07/2010 30/07/2010 22,921 33,873 YD USD 0.017559 16/07/2010 30/07/2010 1,990,519 34,952 ZD USD 0.206234 16/07/2010 30/07/2010 172,227 35,519 Brazil Bond AD USD 2.528538 16/07/2010 30/07/2010 292,394 739,330 ED USD 0.136435 16/07/2010 30/07/2010 455 62 Euro Bond (Formerly Euro Core Bond)

AD EUR 0.583245 16/07/2010 30/07/2010 37,349 21,784 Euro Credit Bond (Formerly Euro Core Credit Bond) AD EUR 0.544315 16/07/2010 30/07/2010 77,205 42,024 ZD EUR 0.786365 16/07/2010 30/07/2010 52,340 41,158 Euro High Yield Bond

AD EUR 0.905833 16/07/2010 30/07/2010 149,126 135,083 ED EUR 1.009570 16/07/2010 30/07/2010 1,181 1,192 Global Bond (Formerly Global Core Plus Bond) AD USD 0.348363 16/07/2010 30/07/2010 2,774,557 966,553 PD USD 0.311677 16/07/2010 30/07/2010 763,190 237,869 WD USD 6.633816 16/07/2010 30/07/2010 9,988 66,262 ZD USD 0.476010 16/07/2010 30/07/2010 2,631,578 1,252,657 Global Emerging Markets Bond

IDH USD 0.896158 16/07/2010 30/07/2010 8,368,562 7,499,554 AD USD 1.001903 16/07/2010 30/07/2010 10,446,273 10,466,153 AM USD 0.073328 31/01/2011 09/02/2011 325,683 23,882 AM USD 0.095099 28/02/2011 09/03/2011 305,949 29,095 AM USD 0.147188 31/03/2011 11/04/2011 299,731 44,117 ED USD 1.183670 16/07/2010 30/07/2010 7,952 9,413 ID USD 0.999269 16/07/2010 30/07/2010 3,667,475 3,664,794 ZD USD 1.579036 16/07/2010 30/07/2010 2,654,244 4,191,148 ZM USD 0.198912 31/01/2011 09/02/2011 3,392,088 674,727 ZM USD 0.118515 28/02/2011 09/03/2011 4,129,547 489,413 ZM USD 0.176741 31/03/2011 11/04/2011 4,149,492 733,385


163


Sub-

Fund

Share

class Currency

Dividend

per share Ex-date

Payment

date

Number of

shares

Total amount

paid

Global Emerging Markets Local Debt AD USD 0.475633 16/07/2010 30/07/2010 2,162,514 1,028,563 ID USD 0.569711 16/07/2010 30/07/2010 10,341,940 5,891,917 ZD USD 0.627271 16/07/2010 30/07/2010 6,226,314 3,905,586 ZM USD 0.096760 31/01/2011 09/02/2011 6,656,920 644,124 ZM USD 0.050120 28/02/2011 09/03/2011 8,082,757 405,108 ZM USD 0.074505 31/03/2011 11/04/2011 8,114,767 604,591 Global High Income Bond AMD USD 0.050000 30/09/2010 12/10/2010 93,023,185 4,651,159 AMD USD 0.050000 31/01/2011 09/02/2011 125,231,489 6,261,574 AMD USD 0.050000 28/02/2011 09/03/2011 121,656,167 6,082,808 AMD USD 0.050000 31/03/2011 11/04/2011 117,587,305 5,879,365 AMD USD 0.050000 29/10/2010 09/11/2010 111,391,301 5,569,565 AMD USD 0.050000 30/11/2010 09/12/2010 126,086,086 6,304,305 AMD USD 0.050000 31/12/2010 11/01/2011 129,054,488 6,452,725 US Dollar Bond (Formerly US Dollar Core Plus Bond) AD USD 0.223380 16/07/2010 30/07/2010 880,214 196,622 PD USD 0.248791 16/07/2010 30/07/2010 2,038,315 507,114 WD USD 0.324940 16/07/2010 30/07/2010 1,646,139 534,897 ZD USD 0.325182 16/07/2010 30/07/2010 4,746,341 1,543,425 GEM Debt Total Return (Formerly New World Income) LDH1 EUR USD 0.124282 16/07/2010 30/07/2010 38,877,954 4,831,830 L1D USD 0.061619 16/07/2010 30/07/2010 2,383,439 146,865 M1D USD 0.129826 16/07/2010 30/07/2010 8,652,418 1,123,309 ZD USD 0.654428 16/07/2010 30/07/2010 6,642,273 4,346,889


164

14. Equalisation received/(paid) Equalisation has been calculated for the following sub-funds. Equalisation received reflects the amounts received by a sub-fund in respect of undistributed income on the shares issued during the accounting period. Equalisation paid reflects the amounts paid by a sub-fund in respect of undistributed income on shares purchased during the year. Sub-fund Currency Total amount received /

(paid)

Brazil Bond USD 367,035

Euro Bond (Formerly Euro Core Bond) EUR (99,685)

Euro Credit Bond (Formerly Euro Core Credit Bond) EUR 920,044 Euro High Yield Bond EUR 8,440,411 Global Bond (Formerly Global Core Plus Bond) USD 467,647 Global Credit Bond (Formerly Global Core Credit Bond) USD 68,111 Global Emerging Markets Bond USD 3,179,970 Global Emerging Markets Corporate Debt USD 42 Global Emerging Markets Investment Grade Bond USD 27,788 Global Emerging Markets Local Debt USD 231,169 Global High Income Bond USD 3,321,878 Global Inflation Linked Bond USD 53,031 US Dollar Bond (Formerly US Dollar Core Plus Bond) USD (390,444) Euro Reserve EUR (782)

15. Securities lending The Company has entered into stock lending agreements for a number of equity and fixed income sub-funds. As at 31 March 2011, the value of securities lent is as follows: Sub-fund Currency

Asia ex Japan Equity 54,120,517.69 USD Asia ex Japan Equity Smaller Companies 3,752,932.99 USD Asia Pacific Equity High Dividend 13,058,302.35 USD BRIC Equity 150,346,622.28 USD BRIC Markets 2,654,618.16 USD BRIC Markets Equity 68,601,032.04 USD Climate Change 11,468,819.79 USD Emerging Wealth 2,825,132.05 USD Euroland Equity 950,609,681.31 EUR Euroland Growth 68,244,771.41 EUR European Equity 56,736,013.01 EUR Global Emerging Markets Elite 154,635.36 USD Global Emerging Markets Equity 49,061,078.62 USD Global Equity 8,555,787.77 USD Latin American Equity 6,846,655.20 USD Chinese Equity 852,214,131.76 USD


165

15. Securities lending (continued) Sub-fund Currency

Hong Kong Equity 41,422,700.73 USD Indian Equity 30,866,825.91 USD Japanese Equity 13,721,128.91 JPY Korean Equity 2,333,118.81 USD Russia Equity 33,818,259.82 USD Singapore Equity 8,733,247.42 USD Turkey Equity 29,608,325.92 USD UK Equity 7,718,504.93 GBP US Equity 17,828,474.25 USD Euro Credit Bond (Formerly Euro Core Credit Bond) 117,421,703.61 EUR Euro High Yield Bond 189,614,394.30 EUR Euroland Equity Smaller Companies 33,318,340.43 USD

In return for making securities available for loan throughout the period, the sub-funds participating in the programs received fees which are reflected in the financial statements as "other income" for USD 16,400,406. The Management Company is entitled to collect a fee of up to 10% of the stock lending gross fee payable to the Company as a result of any stock lending programme, to cover the administration work the Management Company has to undertake in the monitoring and oversight of the stock lending activity. With regards to the holding of collateral as at 31 March 2011, collaterals were held for USD 2,518,808,923.88 as cash collateral and for USD 449,621,051 as non-cash collateral. As at 31 March 2011, the cash collateral was reinvested in the following securities: Asset Type Sec Name Local

Collateral

Currency

Sec Description /

Yield / Maturity

Date

Non Cash Collateral

Received [Base

Currency USD]

Mutual fund HSBC EURO LIQUIDITY FUND EUR N/A 2,518,808,923.88


166

16. Total Brokerage Commission paid per sub-fund

HGIF transactions with connected persons. All the figures are expressed in USD

Name Total Aggregate

value of transactions

for the period with

HSBC

(USD)

Total Brokerage

Commission paid

per sub-fund

(USD)

Average rate of

commission

(%)

Percentage of

such

transaction

(%)

Asia Ex Japan Equity 42,836,619 106,058 0.25 2.31 Asia Ex Japan Equity Smaller Companies 7,897,547 18,975 0.24 5.10 Asia Ex Japan Equity High Dividend 9,614,962 21,497 0.22 8.85 BRIC Equity 459,122,127 728,771 0.16 7.27 BRIC Markets Equity 2,273,816,380 190,599 0.01 44.40 Climate Change 56,222,316 3,489 0.01 11.70 Emerging Wealth 79,316,849 7,279 0.01 15.30 Euroland Equity 27,054,051 56,872 0.11 3.00 Euroland Equity Smaller Companies 2,141,306 2,492 0.12 1.00 Euroland Growth 988,764 1,485 0.15 0.00 European Equity 29,242,923 44,504 0.15 6.80 Global Emerging Markets Elite 5,313,359 12,915 0.24 5.70 Global Emerging Markets Equity 478,214,533 633,365 0.13 13.70 Global Equity 855,518,597 59,178 0.01 38.50 Latin American Equity 71,206,923 88,816 0.12 15.50 Middle East and North Africa Equity 3,660,495 9,878 0.27 20.80 Brazil Equity 1,292,449,096 7,189,898 0.56 17.84 Chinese Equity 249,690,025 465,565 0.19 2.88 Hong Kong Equity 30,649,550 47,278 0.15 3.99 Indian Equity 89,027,985 614,989 0.69 1.86 Korean Equity 1,651,920 4,130 0.25 0.54 Russia Equity 701,023 1,052 0.15 0.10 Singapore Equity 6,997,287 69,973 1.00 4.66 Taiwan Equity 2,474,217 6,186 0.25 4.63 Turkey Equity 208,524,118 467,732 0.22 52.61 UK Equity 13,924,319 21,686 0.16 11.70 US Equity 510,693,264 8,473 0.00 7.70 Euro Bond 3,954,179 569 0.01 2.00 Euro Credit Bond 86,910,838 2,867 0.00 5.00 Euro High Yield Bond 75,552,634 0 0.00 9.00 Global Credit Bond 26,966,710 0 0.00 4.00 Global High Income Bond 11,817,824 0 0.00 13.00 European Equity Absolute Return 2,056,153 3,290 0.16 1.60 GEM Equity Absolute Return 5,330,744 12,613 0.24 4.50 Global Bond Market Neutral 2,844,113,712 62,290 0.00 55.40 Global Flex Allocation 1,482,686 0 0.00 1.00 Global Macro 278,077,663 3,603 0.00 2.00 Global Macro II 8,233,778 96 0.00 2.00


167

16. Total Brokerage Commission paid per sub-fund (continued)

The investment adviser and its connected persons of the following sub-funds have entered into soft commission arrangements with certain brokers, for which goods and services used to support the investment decision making process were received by it or its connected persons: Asia ex Japan Equity Asia ex Japan Equity Smaller Companies Asia Pacific ex Japan Equity High Dividend Chinese Equity Hong Kong Equity Korean Equity Taiwan Equity BRIC Equity The investment adviser or its connected persons do not make direct payment for these services, but transact and agree an amount of business with brokers on behalf of the sub-funds concerned. All transactions were entered into in the ordinary course of business and on normal commercial terms. Commissions were paid by the Company on these transactions. The goods and services utilized for the Company include the following: research and advisory services; portfolio analysis, including valuation and performance measurement; market analysis, data and quotation services; computer hardware and software incidental to the above goods and services; clearing and custodian services and investment related publications. Pursuant to Note 15 - Securities Lending, the Company also entered into stock lending arrangements for a number of equity and fixed income sub-funds. In return for making securities available for loan throughout the period, the sub-funds participating in the programs received fees of USD 16,196,306, which is reflected in the financial statements as "other income". The stock lending agent is not an affiliate of the Company. HSBC Investment Funds (Luxembourg) S.A. (the "Management Company") is entitled to collect a fee of up to 10% of the stock lending gross fee payable to the Company to cover the administration work associated with the monitoring and oversight of this activity. As at 31 March 2011, only the following sub-funds were involved in a program where the level of the securities lent represented 30% or more of their total net assets. Only cash was held as collateral against securities lent. Sub-fund

Nature of

collateral

Counterparty providing

the collateral

Total value secured by

collateral, including

asset class, if non-cash

Collateral

credit rating

Euroland Equity Cash HSBC Bank 105.00% - Euroland Growth Cash HSBC Bank 105.00% - European Equity Cash BNP Paribas Arbitrage 111.04%. Equities - Euro High Yield Bond Cash Credit Suisse Securities 105.20%. Fixed Income - The Management Company is also entitled to a Performance Fee, which is payable annually in arrears after the end of each twelve month period. Performance Fees are disclosed in the Statement of Operations, whilst the Performance Fee calculation method is explained on Page 83. Detailed Performance Fee information may also be found in the Prospectus dated October 2010.


168

17. List of movements in the investment portfolio

The detailed list of movements in the investment portfolio can be obtained free of charge upon request at the registered office of the Company. The current Prospectus, the Articles of Incorporation, together with both the interim and audited annual reports are available free of charge upon request from the German payment and information officer from the Management Company.

18. Single Swinging Prices (SSP)

In the SSP method, the expenses resulting from subscriptions and redemptions for the acquisition and disposal of shares (price/offer margins, market-appropriate brokerages, commissions, charges etc.) are included in the calculation of the net asset value. The net amount resulting from the difference between subscriptions and redemptions determines the adjustment of the portfolio and thus the resulting expenses. The transaction costs incurred on the day of trading for subscriptions and redemptions will be paid by the investors who commission these transactions. If the subscriptions on a particular day of trading exceed the redemptions, then the fund management will add the transaction costs incurred by the excess of subscriptions at the calculated "valuation net asset value". This amount is known as the "modified net asset value". On the other hand, if the redemptions on a particular valuation day exceed the subscriptions, then the transaction costs resulting from the excess of redemptions will be deducted from the "valuation net asset value". The surcharge on or deduction from the transaction costs that is incurred by subscriptions is effected at a flat rate, and is based on an average value from a previous period of a maximum of one year. If the fund has been on the market for less than one year, then depending on the fund's special features this factor will be determined so that a representative figure results. The following Single Swinging Price values were posted on 31 March 2011: European Equity EUR 719,289 Other Asset

Brazil Equity USD (16,641,660) Other liabilities

Korean Equity USD 1,594,586 Other Asset

Brazil Bond USD 3,413,738 Other Asset

Global High Income Bond USD (4,858,385) Other liabilities

The amounts shall be booked on the following day after capital has been definitively booked.


169

19. Subsequent events

The following Investment Adviser changes have occurred after the year ended 31 March 2011:

Name of the Sub-fund Investment Adviser from 1 July 2011 Euro Bond (Formerly Euro Core Bond) HSBC Global Asset Management (France) Euro Credit Bond (Formerly Euro Core Credit Bond) HSBC Global Asset Management (France) Euro High Yield Bond HSBC Global Asset Management (France) Global Credit Bond (Formerly Global Core Credit Bond) HSBC Global Asset Management (France) Global Inflation Linked Bond HSBC Global Asset Management (France) BRIC Markets HSBC Global Asset Management (UK) Limited BRIC Markets Equity HSBC Global Asset Management (France) Climate Change HSBC Global Asset Management (France) Euroland Equity HSBC Global Asset Management (France) Euroland Equity Smaller Companies HSBC Global Asset Management (France) Euroland Growth HSBC Global Asset Management (France) Global Equity HSBC Global Asset Management (France) Japanese Equity HSBC Global Asset Management (UK) Limited US Equity HSBC Global Asset Management (France) Global Flex Allocation HSBC Global Asset Management (France) Global Macro HSBC Global Asset Management (France) Global Macro II HSBC Global Asset Management (France) Global Bond Market Neutral (*) HSBC Global Asset Management (France) (*) has been renamed Multi Government Bond Strategies from 1 May 2011. Name of the Sub-fund Investment Adviser from 1 June 2011 Emerging Wealth HSBC Global Asset Management (UK) Limited Name of the Sub-fund Sub-Investment Adviser Global High Income Bond HSBC Global Asset Management (UK) Limited has

appointed HSBC Global Asset Management (USA) Inc to provide discretionary investment management services in respect of a part of the sub-fund's portfolio. Halbis Capital Management (France) (and HSBC Global Asset Management (France) from 1 July 2011) will continue to provide discretionary investment management services in respect of a part of the sub-fund's portfolio.

BRIC Markets Until 30 June 2011, Sinopia Asset Management (UK) Limited has appointed HSBC Global Asset Management (UK) Limited to provide non-binding investment advice in respect of a part of the sub-fund’s portfolio.

The following sub-fund was liquidated on 20 May 2011: • GEM Elite The following sub-fund was launched on 30 June 2011: • Emerging Inflation Linked Bonds

Charges and Expenses

170

Operating, Administration and Servicing Expenses (refer also to note 4.4)

Sub-fund Class A, AM,E,

M, P, R, S1

Class I, J, L, Y, Z,

ZP, S2, S3

Class X Class W

RESERVE SUB-FUND Euro Reserve 0.15% 0.10% - - BOND SUB-FUNDS Brazil Bond 0.35% 0.25% 0.20% - Euro Bond (Formerly Euro Core Bond) 0.25% 0.15% 0.15% - Euro Credit Bond (Formerly Euro Core Credit Bond)

0.25% 0.20% 0.15% -

Euro High Yield Bond 0.25% 0.20% 0.15% - Global Bond (Formerly Global Core Plus Bond) 0.25% 0.15% 0.15% 0.00% Global Credit Bond (Formerly Global Core Credit Bond)

0.25% 0.20% 0.15% -

Global Emerging Markets Bond 0.35% 0.25% 0.20% 0.00% Global Emerging Markets Corporate Debt 0.35% 0.25% 0.20% - Global Emerging Markets Investment Grade Bond 0.35% 0.25% 0.20% - Global Emerging Markets Local Debt 0.35% 0.25% 0.20% 0.00% Global High Income Bond 0.25% 0.20% 0.15% -

Global Inflation Linked Bond 0.25% 0.20% Z=0.15%

0.15% -

US Dollar Bond (Formerly US Dollar Core Plus Bond)

0.25% 0.15% 0.15% 0.00%

EQUITY SUB-FUNDS a) International and Regional sub-funds Asia ex Japan Equity 0.35% 0.25% 0.20% - Asia ex Japan Equity Smaller Companies 0.35% 0.25% 0.20% - Asia Pacific ex Japan Equity High Dividend 0.35% 0.25% 0.20% - BRIC Equity 0.40% 0.30% 0.25% - BRIC Markets - Y=0.35% /

Z=0.25% - -

BRIC Markets Equity 0.35% 0.25% 0.20% - Climate Change 0.35% 0.25% 0.20% - Emerging Wealth 0.40% 0.25% - - Euroland Equity 0.35% 0.25% 0.20% - Euroland Equity Smaller Companies 0.35% 0.25% 0.20% - Euroland Growth 0.35% 0.25% 0.20% - European Equity 0.35% 0.25% 0.20% 0.00% Global Emerging Markets Elite - J,Z=0.25% /

Y=0.35% - -

Global Emerging Markets Equity 0.40%*** 0.30% 0.20% 0.00% Global Equity 0.35% 0.25% 0.20% 0.00%

*0.25% for share class Z ** 0.25% for share class J *** 0.30% for share class S1

Charges and Expenses

171

Operating, Administration and Servicing Expenses (refer also to note 4.4) (continued)

Sub-fund Class A, AM, E, M,

P, R, S1

Class I, J, L,Y, Z, ZP

S2,S3,S4

Class X Class W

Latin American Equity 0.40% 0.30%* 0.25% - Middle East and North Africa Equity 0.40% 0.30%** 0.25% - b) Market Specific sub-funds Brazil Equity 0.40% 0.30% 0.20% - Chinese Equity 0.40% 0.30% 0.20% - Hong Kong Equity 0.35% 0.25% 0.20% - Indian Equity 0.40% 0.30% 0.20% - Japanese Equity 0.35% 0.25% 0.20% 0.00% Korean Equity 0.40% 0.30% 0.20% - Russia Equity 0.40% 0.30% 0.20% - Singapore Equity 0.40% 0.30% 0.20% - Taiwan Equity 0.40% 0.30% 0.20% 0.00% Thai Equity 0.35% 0.25% 0.20% - Turkey Equity 0.40% 0.30% 0.20% - UK Equity 0.31% 0.25% 0.20% - US Equity 0.35% 0.25% 0.20% 0.00% OTHER SUB-FUNDS European Equity Absolute Return (Formerly European Equity Alpha)

0.40% 0.30% - -

GEM Debt Total Return

(Formerly New World Income) 0.35% 0.25% - 0.00%


0.50% 0.40%

Global Bond Market Neutral 0.30% 0.20% - - Global Currency 0.30% 0.20% - - Global Flex Allocation 0.30% 0.20% - - Global Macro 0.30% 0.20% - - Global Macro II 0.30% 0.20% - - ** 0.25% for class Z

Charges and Expenses (continued)

172

Management Fee Percentages (refer also to note 4.2)

Class Class Class Class Class Class Class Class Class Class Class Class Class Class

Sub-Fund A AM

E I M P Z, ZM,

ZP J L R S W Y X

RESERVE SUB-FUND Euro Reserve 0.50 - - 0.25 - - 0.00 - - - - - - - BOND SUB-FUNDS Brazil Bond 1.00 - 1.30 0.50 - - 0.00 - - - - - - 0.50Euro Bond (1) 0.75 - 1.05 0.375 - 0.50 0.00 0.60 - - - - - 0.30Euro Credit Bond (2) 0.85 - 1.15 0.425 - - 0.00 0.60 - - - - - 0.35Euro High Yield Bond 1.10 - 1.40 0.55 - - 0.00 0.60 - - - - - 0.50Global Bond (3) 0.75 - 1.05 0.375 0.50 0.00 0.60 - - - 0.00 - 0.35Global Credit Bond (4) 1.00 - 1.30 0.50 - - 0.00 - - - - - - 0.35Global Emerging Markets Bond 1.25 - 1.55 0.50 - 1.00 0.00 0.60 - - - 0.00 - 0.50

Global Emerging Markets Corporate Debt 1.50 - 1.80 0.75 - - 0.00 0.60 - - - - - 0.70

Global Emerging Markets Investment Grade Bond 1.10 - 1.40 0.475 - - 0.00 0.60 - - - - - 0.45

Global Emerging Markets Local Debt 1.25 - 1.55 0.625 - - 0.00 0.60 - - - 0.00 - 0.60

Global High Income Bond 1.25 1.25 1.55 0.625 - - 0.00 - - - - - - 0.50Global Inflation Linked Bond 0.70 - 1.00 0.35 - - 0.00 - - - - - - 0.35US Dollar Bond (5) 0.75 - 1.05 0.375 - 0.50 0.00 - - - - 0.00 - 0.35 EQUITY SUB-FUNDS a) International and Regional sub-funds Asia ex Japan Equity 1.50 - 2.00 0.75 - - 0.00 0.60 - - - - - 0.70Asia ex Japan Equity Smaller Companies 1.50 - 2.00 0.75 - - 0.00 0.60 - - - - - 0.70

Asia Pacific ex Japan Equity High Dividend 1.50 - 2.00 0.75 - - 0.00 0.60 - - - - - 0.70

BRIC Equity 1.50 - 2.00 0.75 1.00 - 0.00 0.60 0.50 - - - - 0.70BRIC Markets - - - - - - 1.00 - - - - - 1.50 - BRIC Markets Equity 1.50 - 2.00 0.75 - - 0.00 0.60 - - - - - 0.70Climate Change 1.50 - 2.00 0.75 0.00 0.60 - - - - - 0.60Emerging Wealth 1.50 - 2.00 0.75 - - 0.00 0.60 - - - - - - Euroland Equity 1.50 - 2.00 0.75 - - 0.00 - - - - - - 0.60Euroland Equity Smaller Companies 1.50 - 2.00 0.75 - - 0.00 - - - - - - 0.70

Euroland Growth 1.50 - 2.00 0.75 1.25 - 0.00 - - - - - - 0.60European Equity 1.50 - 2.00 0.75 - 1.00 0.00 - - - - 0.00 - 0.60Global Emerging Markets Elite - - - - - - 1.00 0.60 - - - - 1.50 -

Global Emerging Markets Equity 1.50 - 2.00 0.75 - 1.00 0.00 0.60 - - 0.55 0.00 - 0.70

Charges and Expenses (continued)

173

Management Fee Percentages (refer also to note 4.2) (continued)

Class Class Class Class Class Class Class Class Class Class Class Class Class Class

Sub-Fund A AM

E I M P Z, ZM,

ZP J L R S W Y X

Global Equity 1.50 - 2.00 0.75 - - 0.00 0.60 - - - 0.00 - 0.60 Latin American Equity 1.50 - 2.00 0.75 1.00 - 0.00 - 0.50 - 1.75 - - 0.70 Middle East and North Africa Equity 1.50 - 2.00 0.75 - - 0.00 0.60 - - - - - 0.70

b) Market Specific Equity sub-funds

Brazil Equity 1.75 - 2.25 0.875 - - 0.00 - - - 0.55 - - 0.70 Chinese Equity 1.50 - 2.00 0.75 - - 0.00 0.60 - - - - - 0.70 Hong Kong Equity 1.50 - 2.00 0.75 - 1.00 0.00 0.60 - - - - - 0.70 Indian Equity 1.50 - 2.00 0.75 - - 0.00 0.60 - - - - - 0.70 Japanese Equity 1.50 - 2.00 0.75 - 1.00 0.00 - - - - - - 0.60 Korean Equity 1.50 - 2.00 0.75 - - 0.00 0.60 - - - - - 0.70 Russia Equity 1.75 - 2.25 0.875 - - 0.00 - - - - 0.70 Singapore Equity 1.50 - 2.00 0.75 - 1.00 0.00 0.60 - - - - - 0.70 Taiwan Equity 1.50 - 2.00 0.75 - - 0.00 0.60 - - - - - 0.70 Thai Equity 1.50 - 2.00 0.75 - - 0.00 0.60 - - - - - 0.70 Turkey Equity 1.75 2.25 0.875 - - 0.00 0.60 - - - - - 0.70 UK Equity 1.50 - 2.00 0.75 - - 0.00 - - - - - - 0.60 US Equity 1.50 - 2.00 0.75 - 1.00 0.00 - - - - 0.00 0.30 0.50 OTHER SUB-FUNDS European Equity Absolute Return (6)

- - - - 1.50 - 0.00 - 1.00 2.00 - - - -

GEM Debt Total Return (7) - - - - 1.00 - 0.00 0.60 0.50 1.50 1.00 0.00 - - GEM Equity Absolute Return (8) - - - - 1.50 - 0.00 - 1.00 2.00 - - - -

Global Bond Market Neutral - - - - 1.25 - 0.00 - 0.70 1.75 - - - - Global Currency - - - - 1.50 - 0.00 - 1.00 2.00 - - - - Global Flex Allocation - - - - 1.20 - 0.00 - 0.60 1.70 - - - - Global Macro - - - - 1.50 - 0.00 - 1.00 2.00 - - - - Global Macro II - - - - 1.50 - 0.00 - 1.00 2.00 - - - -

(1) Formerly Euro Core Bond (2) Formerly Euro Core Credit Bond (3) Formerly Global Core Plus Bond (4) Formerly Global Core Credit Bond (5) Formerly US Dollar Core Plus Bond (6) Formerly European Equity Alpha (7) Formerly New World Income (8) Formerly Global Emerging Markets Equity Alpha

Publication of TER (Total Expense Ratio) – Information concerning the Swiss Investors

174

Sub-Fund

Share class

TER excluding the

performance fee (in %)

EQUITY SUB-FUNDS

a) International and Regional sub-funds

Asia ex Japan Equity AC 1.85% ACH 1.84% AD 1.85% ADH 1.85% EC 2.33% ED 2.36% IC 1.00% ID 1.00% J1C 0.85% WD 0.00% ZD 0.25% Asia ex Japan Equity Smaller Companies AC 1.87% AD 1.85% EC 2.37% ED 2.37% IC 0.99% Asia Pacific ex Japan Equity High Dividend AC 1.85% AD 1.85% EC 2.33% IC 0.99% ZC 0.25% ZD 0.25% BRIC Equity AC 1.92% AD 1.85% EC 2.38% IC 1.05% J1C 0.90% L1C 0.81% M1C 1.40% M2C 1.40% M2D 1.40% XC 0.95%


175

TER excluding the Sub-Fund

Share class performance fee (in %)

BRIC Markets YC 1.84%

YD 1.86%

ZC 1.26%

BRIC Markets Equity AC 1.85%

AD 1.85%

EC 2.35%

ED 2.35%

IC 1.02%

J1C 0.85%

Climate Change AC 1.85%

AD 1.85%

EC 2.35%

IC 0.99%

Emerging Wealth AC 1.89%

AD 1.90%

EC 2.73%

Euroland Equity AC 1.84%

AD 1.85%

EC 2.33%

ED 2.33%

IC 0.99%

ZC 0.25%

ZD 0.25%

Euroland Equity Smaller Companies AC 1.84%

AD 1.84%

EC 2.33%

IC 1.00%

ZC 0.25%


176



Euroland Growth AC 1.85%

IC 0.99%

M1C 1.59%

M1D 1.59%

European Equity AC 1.83%

AD 1.85%

EC 2.29%

ED 2.34%

IC 0.98%

PC 1.34%

PD 1.35%

WD 0.00%

ZD 0.25%

Global Emerging Markets Elite YC 0.25%

ZC 1.25%

Global Emerging Markets Equity AC 1.92%

AD 1.92%

EC 2.45%

ED 2.40%

IC 1.07%

PC 1.42%

PD 1.42%

S1D 1.47%

WD 0.02%

ZD 0.32%

Global Equity AC 1.86%

AD 1.87%

EC 2.30%

IC 1.00%

ZC 0.24%

ZD 0.25%


177



Latin American Equity AC 1.94%

AD 1.90%

EC 2.41%

IC 1.08%

L1D 0.84%

M1C 1.44%

M1D 1.44%

S2C 2.22%

Middle East and North Africa Equity AC 1.88%

AD 1.67%

EC 2.29%

IC 1.02%

ZC 0.30%

Brazil Equity AC 2.16%

AD 2.15%

EC 2.66%

ED 2.65%

IC 1.17%

ID 1.17%

XC 0.90%

ZC 0.30%

Chinese Equity AC 1.90%

AD 1.90%

EC 2.40%

ED 2.40%

IC 1.04%

ID 1.10%

J1C 0.90%

ZD 0.30%


178



Hong Kong Equity AC 1.85%

AD 1.85%

EC 2.33%

IC 0.99%

J1C 0.85%

PD 1.35%

ZC 0.25%

ZD 0.25%

Indian Equity AC 1.91%

AD 1.91%

EC 2.41%

ED 2.41%

IC 1.06%

ID 1.06%

ZD 0.30%

Japanese Equity AC 1.89%

AD 1.90%

EC 2.36%

ED 2.39%

IC 0.99%

PC 1.39%

PD 1.38%

WD 0.00%

ZD 0.25%

Korean Equity AC 1.90%

AD 1.90%

EC 2.39%

ED 2.40%

IC 1.05%

J1C 0.90%


179



Russia Equity AC 2.13%

AD 2.12%

EC 2.61%

IC 1.20%

ZD 0.30%

Singapore Equity AC 1.89%

AD 1.90%

EC 2.39%

IC 0.73%

PD 1.40%

Taiwan Equity AC 1.94%

AD 1.93%

EC 2.51%

Thai Equity AC 1.83%

AD 1.86%

EC 2.28%

IC 1.00%

ZD 0.17%

Turkey Equity AC 2.17%

AD 2.15%

EC 2.65%

IC 1.19%

ID 1.21%

J1C 0.90%

UK Equity AC 1.81%

AD 1.81%

EC 2.18%

IC 0.95%

ID 0.99%

ZC 0.20%


180



US Equity AC 1.85%

ACH 1.85%

AD 1.84%

ADH 1.85%

EC 2.32%

ED 2.43%

IC 0.99%

ID 1.00%

PD 1.35%

WD 0.00%

YD 0.55%

ZD 0.25%

BOND SUB-FUNDS

Brazil Bond AC 1.35%

AD 1.35%

EC 1.64%

ED 1.65%

IC 0.75%

ID 0.76%

Euro Bond (Formerly Euro Core Bond) AC 1.01%

AD 1.01%

EC 1.32%

IC 0.53%

Euro Credit Bond (Formerly Euro Core Credit Bond) AC 1.30%

AD 1.26%

EC 1.56%

IC 0.71%

ZD 0.24%


181



Euro High Yield Bond AC 1.49%

AD 1.47%

EC 1.76%

ED 1.83%

IC 0.81%

ZC 0.24%

Global Bond (Formerly Global Core Plus Bond) AC 1.00%

AD 1.00%

EC 1.31%

IC 0.51%

PD 0.75%

WD 0.00%

ZC 0.15%

ZD 0.15%

Global Credit Bond (Formerly Global Core Credit Bond) AC 1.21%

ACH 1.32%

IC 0.73%

ICH 0.73%

XC 0.50%

ZC 0.24%

Global Emerging Markets Bond AC 1.57%

AD 1.59%

ADH 1.46%

AM 1.57%

EC 1.72%

ED 1.72%

IC 0.75%

ID 0.75%

IDH 0.75%

PC 1.35%


182




(continued) PD 1.34%

XC 0.77%

ZC 0.26%

ZD 0.25%

ZM 0.25%

Global Emerging Markets Corporate Debt AC 1.83%

IC 0.97%

ZC 0.25%

Global Emerging Markets Investment Grade Bond AC 1.44%

IC 0.63%

ZC 0.25%

Global Emerging Markets Local Debt AC 1.59%

AD 1.59%

EC 1.89%

IC 0.87%

ID 0.87%

XC 0.80%

ZD 0.25%

ZM 0.25%

Global High Income Bond AC 1.46%

AMD 1.51%


183


Share class performance fee

(in %)

Global Inflation Linked Bond AC 0.96%

ACH 0.95%

IC 0.55%

ICH EUR 0.54%

ICH GBP 0.55%

ZC 0.15%

US Dollar Bond (Formerly US Dollar Core Plus Bond) AC 1.01%

AD 1.01%

EC 1.32%

IC 0.52%

PD 0.75%

WD 0.00%

ZC 0.15%

ZD 0.15%

Reserve Sub-Fund

Euro Reserve AC 0.32%

AD 0.32%

IC 0.27%


184



(in %)

OTHER SUB-FUNDS

European Equity Absolute Return (Formerly European Equity Alpha) L1C 1.29%

LCH1 USD 1.31%

M1C 1.91%

MCH1 GBP 1.91%

MCH1 USD 1.90%

ZC 0.30%

GEM Debt Total Return (Formerly New World Income) L1C 0.75%

L1D 0.75%

LCH1 EUR 0.89%

LDH1 EUR 0.75%

M1C 1.34%

M1D 1.35%

ZD 0.25%

GEM Equity Absolute Return (Formerly Global Emerging Markets Equity Alpha) L1C 1.39%

LCH1 EUR 1.32%

M1C 1.99%


185



(in %)

GEM Equity Absolute Return (Continued) (Formerly Global Emerging Markets Equity Alpha) M1D 1.89%

MCH1 EUR 2.01%

MCH1 GBP 1.85%

MDH1 GBP 2.03%

ZC 0.40%

Global Bond Market Neutral L1C 0.90%

M1C 1.55%

Global Currency L1C 1.21%

LCH1 CHF 1.21%

LCH1 EUR 1.21%

LCH1 GBP 1.20%

LCH1 JPY 1.19%

LCH1 SEK 1.20%

M1C 1.79%

M1D 1.80%

MCH1 EUR 1.80%

MCH1 GBP 1.83%

MCH1 JPY 1.80%

MDH1 GBP 1.81%

Global Flex Allocation L1C 0.80%

M1C 1.49%

R1C 1.99%

ZC 0.20%


186



(in %)

Global Macro L1C 1.19%

L1D 1.21%

LCH1 GBP 1.20%

LCH1 SEK 1.21% LCH1 USD 1.19% LDH1 GBP 1.17%

LDH1 USD 1.20%

M1C 1.79%

M1D 1.80%

MCH1 CHF 1.36%

MCH1 GBP 1.79%

MCH1 SEK 1.81%

MCH1 USD 1.79%

MDH1 GBP 1.81%

MDH1 SEK 1.80%

R1C 2.21%

ZCH1 GBP 0.20%

ZDH1P GBP 0.20%

Global Macro II L1C 1.20%

LDH1 GBP 1.15%

M1C 1.63%

M1D 1.72%

ZC 0.20%


187

TER including the Sub-Fund


European Equity Absolute Return (Formerly European Equity Alpha) L1C 1.31%

LCH1 USD 1.31%

M1C 1.91%

MCH1 GBP 1.91%

MCH1 USD 1.91%

ZC 0.30%

GEM Debt Total Return (Formerly New World Income) L1C 0.88%

L1D 1.29%

LCH1 EUR 3.61%

LDH1 EUR 0.75%

M1C 1.35%

M1D 1.35%

ZD 0.25%

GEM Equity Absolute Return (Formerly Global Emerging Markets Equity Alpha) L1C 3.08%

LCH1 EUR 2.60%

M1C 3.03%

M1D 2.56%

MCH1 EUR 4.38%

MCH1 GBP 6.24%

MDH1 GBP 10.18%

ZC 0.40%

Global Bond Market Neutral L1C 0.90%

M1C 1.55%


188

TER including the Sub-Fund


(in %)

Global Macro L1C 1.29%

L1D 1.20%

LCH1 GBP 1.20%

LCH1 SEK 1.20% LCH1 USD 1.19% LDH1 GBP 1.19%

LDH1 USD 2.12%

M1C 1.80%

M1D 1.80%

MCH1 CHF 1.36%

MCH1 GBP 1.79%

MCH1 SEK 1.81%

MCH1 USD 1.80%

MDH1 GBP 1.80%

MDH1 SEK 1.80%

R1C 2.26%

ZCH1 GBP 0.20%

ZDH1P GBP 0.20%

Publication of PTR (Portfolio Turnover Ratio) – Information concerning the Swiss Investors

189

% Asia ex Japan Equity 201.22 Asia ex Japan Equity Smaller Companies 90.87 Asia Pacific ex Japan Equity High Dividend 28.83 BRIC Equity 172.84 BRIC Markets 20.74 BRIC Markets Equity 37.64 Climate Change 33.79 Emerging Wealth 147.42 Euroland Equity (31.87) Euroland Equity Smaller Companies 168.16 Euroland Growth 15.07 European Equity 109.38 Global Emerging Markets Elite 311.17 Global Emerging Markets Equity 298.81 Global Equity 229.38 Latin American Equity 51.41 Middle East and North Africa Equity 93.99 Brazil Equity 37.67 Chinese Equity 258.04 Hong Kong Equity 137.61 Indian Equity 42.69 Japanese Equity 109.07 Korean Equity 114.65 Russia Equity 91.42 Singapore Equity 120.85 Taiwan Equity 181.81 Thai Equity (5.25) Turkey Equity (2.68) UK Equity 67.87 US Equity 194.02 Brazil Bond 193.60 Euro Bond (Formerly Euro Core Bond) 68.38 Euro Credit Bond (Formerly Euro Core Credit Bond) 272.08 Euro High Yield Bond (19.03) Global Bond (Formerly Global Core Plus Bond) 365.50 Global Credit Bond (Formerly Global Core Credit Bond) 106.46

Publication of PTR (Portfolio Turnover Ratio) – Information concerning the Swiss Investors

190

% Global Emerging Markets Bond 19.38 Global Emerging Markets Corporate Debt 24.09 Global Emerging Markets Investment Grade Bond 25.18 Global Emerging Markets Local Debt (71.08) Global High Income Bond 36.74 Global Inflation Linked Bond 81.17 US Dollar Bond (Formerly US Dollar Core Plus Bond) 971.14 Euro Reserve 981.30 European Equity Absolute Return (Formerly European Equity Alpha) 329.37 GEM Debt Total Return (Formerly New World Income) 166.09 GEM Equity Absolute Return (Formerly Global Emerging Markets Equity Alpha) 725.86 Global Bond Market Neutral 754.59 Global Currency 341.66 Global Flex Allocation (4.50) Global Macro 377.71 Global Macro II 4.78

With reference to section 2.6 (2) of the Prospectus dated October 2010, adjustments related to swing pricing methodology are included in the PTR figures.

191

Asia ex Japan EquityUSD

AC 57.8347.3228.89

ACH 26.9421.1012.84

AD 53.5743.9727.23

ADH 26.2820.6612.74

EC 53.1943.7426.84

ED 52.7043.3326.85

IC 58.0047.0628.49

ID 57.9047.0627.98

J1C 12.249.926.00

WD 11.299.10N/A

ZD 54.7844.9027.79

Total Net Assets 318,220,865 732,481,378 776,006,555

Net Asset Value per Share

Asia ex Japan Equity Smaller CompaniesUSD

AC 38.8832.5915.45

AD 37.0231.1315.01

EC 38.1432.1315.31

ED N/A30.8914.90

IC 39.5132.83N/A

Total Net Assets 18,640,611 55,570,392 73,130,192


Asia Pacific ex Japan Equity High DividendUSD

AC 20.0317.2010.32

AD 17.1014.848.99

EC 19.7017.0110.26

IC 17.9515.28N/A

ZC 18.1515.34N/A

ZD 17.3815.049.13

Total Net Assets 70,708,171 130,080,396 163,544,153


Comparative Table of Net Assets

at 31 March 2010at 31 March 2009 at 31 March 2011

192

BRIC EquityUSD

AC 27.7123.59N/A

AD 27.82N/AN/A

EC 27.11N/AN/A

IC 28.0223.66N/A

J1C 21.0017.708.52

L1C 27.8623.47N/A

M1C 29.3524.8712.03

M2C 28.2223.9211.57

M2D 28.3123.9911.60

XC 28.04N/AN/A

Total Net Assets 829,973,305 2,020,189,397 2,077,032,912


BRIC MarketsUSD

YC 31.5327.8514.26

YD 31.53N/AN/A

ZC 32.2928.3514.43

Total Net Assets 28,854,219 42,863,997 41,955,053


BRIC Markets EquityUSD

AC 16.9815.198.56

AD 16.9315.178.56

EC 16.5814.918.44

ED 16.5814.918.44

IC 17.6415.658.74

ID N/AN/AN/A

J1C 17.8015.778.79

ZC N/AN/A8.64

Total Net Assets 328,357,517 693,145,864 706,821,539




193

Climate ChangeUSD

AC 6.676.314.35

AD 6.626.274.35

EC 6.566.244.33

IC 6.876.444.41

Total Net Assets 28,012,784 44,102,409 40,866,614


Emerging WealthUSD

AC 8.777.704.82

AD 8.657.644.82

EC 8.767.69N/A

ZC N/AN/A4.87

Total Net Assets 23,790,937 34,703,204 31,479,904


Euroland EquityEUR

AC 28.1926.7716.75

AD 26.8425.9116.54

EC 27.5926.3316.56

ED 26.5925.6716.37

IC 29.2427.5317.08

ZC 32.0729.9718.46

ZD 29.6128.5818.29

Total Net Assets 572,821,302 1,111,987,486 1,012,399,563


Euroland Equity Smaller CompaniesEUR

AC 43.8237.2821.96

AD 42.3336.4421.81

EC 42.9336.7021.72

IC 45.5938.4622.46

ZC 49.7241.6324.13

Total Net Assets 30,100,075 69,348,554 72,028,576




194

Euroland GrowthEUR

AC 11.2611.01N/A

IC 11.3911.04N/A

M1C 11.2911.017.31

M1D 10.6910.647.25

Total Net Assets 92,656,030 125,960,642 90,492,275


European EquityEUR

AC 33.2430.0619.67

AD 30.7428.2319.02

EC 31.3428.48N/A

ED 30.3127.8418.73

IC 34.1430.6119.85

PC 34.6131.1520.28

PD 30.4027.9218.82

WD 18.5517.0211.50

ZD 31.2428.6719.36

Total Net Assets 93,859,080 112,787,066 120,600,765


Global Emerging Markets EliteUSD

YC 12.4110.666.04

ZC 11.9110.335.91

Total Net Assets 7,999,301 13,979,295 13,976,745




195

Global Emerging Markets EquityUSD

AC 19.6017.059.85

AD 19.1816.699.71

EC 18.5316.209.40

ED 18.4116.109.36

IC 20.1817.419.97

PC 13.3311.54N/A

PD 13.1611.40N/A

S1D 9.458.194.76

WD 19.7717.189.76

ZD 19.6317.079.94

Total Net Assets 169,609,139 722,049,225 720,215,938


Global EquityUSD

AC 24.1721.8614.95

AD 23.7721.6114.89

EC 23.9221.7314.94

IC 25.0222.4315.21

ZC 26.3823.47N/A

ZD 25.8223.4716.22

Total Net Assets 73,141,164 109,115,760 88,167,851


Latin American EquityUSD

AC 21.30N/AN/A

AD 21.30N/AN/A

EC 21.1918.42N/A

IC 21.6018.52N/A

L1D 21.5418.49N/A

M1C 21.4918.508.19

M1D 21.3718.458.23

S2C N/A18.42N/A

Total Net Assets 66,218,462 264,783,920 337,454,578




196

Middle East and North Africa EquityUSD

AC 9.529.49N/A

AD 9.459.49N/A

EC 9.47N/AN/A

IC 9.649.53N/A

ZC 9.769.57N/A

Total Net Assets N/A 6,610,924 10,333,463


Brazil EquityUSD

AC 40.8435.1414.71

AD 40.5035.0014.64

EC 39.8134.4314.48

ED 39.8134.4314.48

IC 42.9236.5715.15

ID 41.8336.1015.10

XC 43.0436.58N/A

ZC 46.0838.9215.99

Total Net Assets 418,214,041 2,472,031,818 2,543,613,754


Chinese EquityUSD

AC 82.2876.5850.72

AD 80.2674.8349.84

EC 79.8374.6749.70

ED 79.7374.5849.70

IC 86.3579.6952.34

ID 82.8177.2051.40

J1C 85.4578.7451.63

ZD 83.6477.9851.88

Total Net Assets 2,209,848,264 3,367,916,217 2,954,044,156




197

Hong Kong EquityUSD

AC 123.55111.1969.58

AD 115.76104.7266.52

EC 121.17109.5768.92

IC 127.50113.7870.61

J1C 8.347.434.61

PD 114.28103.3765.65

ZC 123.80109.65N/A

ZD 121.24109.6569.60

Total Net Assets 290,694,033 428,756,893 437,909,828


Indian EquityUSD

AC 182.85181.6573.27

AD 182.26181.0773.03

EC 175.71175.4471.11

ED 175.71175.4471.11

IC 195.84192.9277.15

ID 191.44188.5875.77

ZD 190.79187.1375.16

Total Net Assets 2,241,664,016 6,876,598,268 5,917,782,756


Japanese EquityJPY

AC 4,659.375,135.454,099.60

AD 691.15761.78611.49

EC 665.44736.95591.15

ED 665.31736.78591.03

IC 4,856.655,304.914,199.03

PC 4,748.485,207.144,135.96

PD 714.87783.92630.23

WD 6,424.357,039.035,682.94

ZC N/AN/A4,325.35

ZD 700.70767.58619.63

Total Net Assets 10,095,771,137 7,109,597,023 5,247,366,135




198

Korean EquityUSD

AC 18.0713.848.27

AD 18.0713.848.27

EC 17.7213.648.19

ED 17.7313.658.19

IC 18.8814.348.50

J1C 18.4013.96N/A

Total Net Assets 83,683,768 123,443,939 153,459,927


Russia EquityUSD

AC 9.397.493.10

AD 9.397.493.10

EC 9.257.423.09

IC 9.697.663.14

ZD 9.47N/AN/A

Total Net Assets 20,046,275 112,840,000 503,883,135


Singapore EquityUSD

AC 41.9236.1318.06

AD 36.1531.7316.42

EC 41.0135.5217.85

IC 36.2336.7318.18

PD 36.2031.7516.44

Total Net Assets 43,907,698 73,472,733 72,779,560


Taiwan EquityUSD

AC 12.8710.296.65

AD 12.8310.286.65

EC 12.7810.27N/A

Total Net Assets 4,420,988 7,187,878 35,195,281




199

Thai EquityUSD

AC 15.4311.065.32

AD 13.9610.185.05

EC 15.1010.875.26

IC 16.1211.455.47

J1C N/AN/A4.13

ZD N/A10.525.23

Total Net Assets 72,684,841 107,711,690 136,229,473


Turkey EquityEUR

AC 22.3021.158.11

AD 16.8416.036.33

EC 21.8920.878.04

IC 22.9121.528.17

ID 16.93N/AN/A

J1C 8.90N/AN/A

Total Net Assets 6,482,386 33,564,070 142,715,776


UK EquityGBP

AC 28.1525.0817.56

AD 24.5822.3516.06

EC 27.8624.9417.56

IC 28.6025.2617.69

ID 27.4324.9217.69

ZC N/A26.9218.56

Total Net Assets 47,251,610 51,436,817 48,624,419




200

US EquityUSD

AC 21.5318.9013.46

ACH 26.2221.9715.49

AD 24.1021.1515.07

ADH 27.1522.7015.99

EC 21.0918.6013.31

ED 23.4220.6514.79

IC 22.0419.1813.55

ID 9.047.88N/A

PD 24.6921.5715.35

WD 141.35123.4188.01

YD 8.877.70N/A

ZC N/AN/A14.22

ZD 24.4721.3615.23

Total Net Assets 132,835,254 155,416,819 170,599,436


Brazil BondUSD

AC 22.0717.5512.63

AD 15.4014.7210.59

EC 21.7817.3712.54

ED N/A17.37N/A

IC 22.4717.7612.71

ID 18.6514.75N/A

ZC N/AN/A13.01

Total Net Assets 12,717,810 43,646,193 60,309,377


Euro Bond (Formerly Euro Core Bond)EUR

AC 20.1420.1617.10

AD 16.9817.5815.46

EC 19.8919.9716.99

IC 20.9220.8417.59

Total Net Assets 46,473,023 67,323,983 78,001,894




201

Euro Credit Bond (Formerly Euro Core Credit Bond)EUR

AC 19.6119.2814.99

AD 15.0415.3412.48

EC 19.3719.1114.89

IC 20.5720.1115.54

ZD 16.9017.2314.01

Total Net Assets 192,334,689 375,061,060 409,950,506


Euro High Yield BondEUR

AC 27.5625.5215.90

AD 19.7319.2012.76

EC 27.2025.2615.79

ED 23.2822.6515.06

IC 29.1426.7916.58

ZC 29.8827.3216.80

Total Net Assets 78,225,553 237,598,720 528,034,276


Global Bond (Formerly Global Core Plus Bond)USD

AC 16.1815.2513.61

AD 14.0713.6012.50

EC 12.4911.8110.57

IC 16.5015.4713.75

PD 11.4911.1110.21

WD 193.89187.36172.31

ZC 15.01N/AN/A

ZD 14.5114.0212.90

Total Net Assets 78,776,684 87,144,986 112,015,501




202

Global Credit Bond (Formerly Global Core Credit Bond)USD

AC 106.42103.78N/A

ACH 149.14138.19N/A

IC 107.27104.00N/A

ICH 150.06138.29N/A

XC 107.63104.10N/A

ZC 108.00104.19N/A



Global Emerging Markets BondUSD

AC 27.6225.6118.95

AD 27.6218.4314.49

ADH 19.06N/AN/A

AM 24.74N/AN/A

EC 27.2725.3518.82

ED 23.4022.9118.02

IC 28.4926.2419.30

ID 20.3219.68N/A

IDH 20.6418.89N/A

PC 27.64N/AN/A

PD 18.84N/AN/A

XC 28.4826.23N/A

ZC N/A24.5719.81

ZD 25.1424.5719.29

ZM 24.63N/AN/A

Total Net Assets 234,514,986 918,079,559 1,331,154,117


Global Emerging Markets Corporate Debt (launched asat 16 December 2010)USD

AC 10.13N/AN/A

IC 10.15N/AN/A

ZC 10.17N/AN/A

Total Net Assets N/A N/A 10,178,686




203

Global Emerging Markets Investment Grade Bond(launched as at 16 December 2010)USD

AC 10.25N/AN/A

IC 10.27N/AN/A

ZC 10.28N/AN/A



Global Emerging Markets Local DebtUSD

AC 14.3813.109.50

AD 13.1012.409.30

EC 14.2913.059.50

IC 14.7513.349.61

ID 13.5612.839.31

ZD 13.1212.419.29

ZM 12.89N/AN/A

Total Net Assets 44,558,057 188,366,728 668,552,245


Global High Income Bond (launched as at 28 July2010)USD

AC 10.57N/AN/A

AMD 10.21N/AN/A

Total Net Assets N/A N/A 1,210,337,809


Global Inflation Linked Bond (launched as at 30 June2010)USD

AC 103.39N/AN/A

ACH 146.96N/AN/A

IC 103.70N/AN/A

ICH EUR 147.63N/AN/A

ICH GBP 167.84N/AN/A

ZC 104.01N/AN/A





204

US Dollar Bond (Formerly US Dollar Core Plus Bond)USD

AC 13.8013.4312.17

AD 10.2810.229.61

EC 13.6313.3012.08

IC 13.9113.4712.17

PD 10.3210.259.64

WC N/AN/A14.28

WD 10.3710.319.69

ZC 14.4913.9812.56

ZD 10.8810.8110.17

Total Net Assets 79,033,476 87,491,283 95,003,755


Euro ReserveEUR

AC 17.2817.2317.18

AD 15.4115.3615.64

IC 17.2817.2517.19

Total Net Assets 56,371,637 29,795,236 22,008,155


European Equity Absolute Return (launched as at 16April 2010) (Formerly European Equity Alpha)EUR

L1C 9.73N/AN/A

LCH1 USD 6.48N/AN/A

M1C 9.71N/AN/A

MCH1 GBP 8.91N/AN/A

MCH1 USD 6.44N/AN/A

ZC 9.87N/AN/A





205

GEM Debt Total Return (Formerly New World Income)USD

L1C 12.9912.419.46

L1D 12.3911.949.43

LCH1 EUR 12.81N/AN/A

LDH1 EUR 12.8311.78N/A

M1C 13.1112.569.54

M1D 12.2511.859.24

ZD 12.5312.539.44

Total Net Assets 254,293,923 567,173,302 1,098,763,853


GEM Equity Absolute Return (launched as at 16 April2010) (Formerly Global Emerging Markets EquityAlpha)USD

L1C 10.68N/AN/A

LCH1 EUR 15.52N/AN/A

M1C 10.62N/AN/A

M1D N/AN/AN/A

MCH1 EUR 15.38N/AN/A

MCH1 GBP 18.12N/AN/A

ZC 10.91N/AN/A



Global Bond Market NeutralEUR

L1C 1,031.381,016.24N/A

M1C 1,008.561,000.12N/A





206

Global CurrencyUSD

L1C 10.1910.68N/A

LCH1 CHF 10.429.46N/A

LCH1 EUR 14.9514.74N/A

LCH1 GBP 15.4315.19N/A

LCH1 JPY 115.12107.44N/A

LCH1 SEK 1.54N/AN/A

M1C 9.4810.00N/A

M1D 10.2010.75N/A

MCH1 EUR 13.5113.49N/A

MCH1 GBP 15.8615.53N/A

MCH1 JPY 114.25106.12N/A

MDH1 GBP 15.3215.14N/A



Global Flex Allocation (launched as at 6 December2010)EUR

L1C 99.29N/AN/A

M1C 99.07N/AN/A

R1C 98.95N/AN/A

ZC 99.48N/AN/A





207

Global MacroEUR

L1C 118.97118.22112.37

L1D 119.63118.46N/A

LCH1 GBP 121.87119.70N/A

LCH1 SEK 129.06N/AN/A

LCH1 USD 125.18130.81N/A

LDH1 GBP 121.98119.90N/A

LDH1 USD 98.17N/AN/A

M1C 117.01116.66111.37

M1D 117.16116.82111.32

MCH1 CHF 77.41N/AN/A

MCH1 GBP 113.76N/AN/A

MCH1 SEK 127.41N/AN/A

MCH1 USD 109.02N/AN/A

MDH1 GBP 113.75N/AN/A

MDH1 SEK 128.14N/AN/A

R1C 100.29N/AN/A

ZCH GBP 100.49N/AN/A

ZDH1P GBP 115.63N/AN/A

Total Net Assets 49,978,596 353,479,140 630,916,883


Global Macro II (launched as at 4 October 2010)EUR

L1C 103.42N/AN/A

LDH1 GBP 114.70N/AN/A

M1C 103.08N/AN/A

M1D 100.77N/AN/A

ZC 103.92N/AN/A





Portfolio of Investments and Other Net Assets as at 31 March 2011

208

HONGKONG LAND HOLDINGSLTD 783,000 5,481,000 0.71USD

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING

SHARES

BERMUDA ISLANDS

KERRY PROPERTIES LTD 1,294,000 6,468,253 0.83HKD

ORIENT OVERSEAS(INTERNATIONAL) 791,000 8,294,110 1.06HKD

SKYWORTH DIGITAL HLD LTD 9,794,704 5,550,512 0.72HKD

25,793,875 3.32

CH HS TRANSMISS EQ GRCO. LTD 4,420,000 7,076,906 0.91HKD

CAYMAN ISLANDS

CHINA METAL RECYCLINGHOLDINGS 7,568,400 9,064,068 1.16HKD

COMBA TELECOM SYST 5,027,000 5,910,621 0.76HKD

FUFENG GROUP LTD 5,883,000 4,029,296 0.52HKD

KINGBOARD LAMINATESHLDGS LTD 6,377,500 5,318,612 0.69HKD

KWG PORPERTY HOLDINGLTD 7,647,000 6,180,802 0.80HKD

PEAK SPORT PDT 9,038,000 6,201,785 0.80HKD

TENCENT HOLDINGS 105,600 2,571,439 0.33HKD

46,353,529 5.97

AIR CHINA LTD -H- 4,378,000 4,050,526 0.52HKD

CHINA

BANK OF CHINA LTD -H- 23,569,200 13,114,021 1.69HKD

BBMG -H- 4,536,500 7,403,341 0.95HKD

CHAODA MODERNAGRICULTURE HOLDING 6,830,000 4,239,074 0.55HKD

CHINA CONSTRUCTION BANKCO. -H- 20,634,810 19,329,968 2.49HKD

DONGFENG MOTOR -H- 5,050,000 8,591,767 1.11HKD

IND & COM BOC -H- 30,341,235 25,186,562 3.25HKD

PETROCHINA CO. LTD /-H- 9,686,000 14,661,989 1.89HKD

PING AN INSURANCE GRPCO. -H- 1,680,500 17,027,204 2.19HKD

WEICHAI POWER CO LTD /-H- 1,374,000 8,342,413 1.08HKD

YANZHOU COAL MINING CO.-H- 1,558,000 5,665,745 0.73HKD

127,612,610 16.45

INVESTMENTS

Asia ex Japan EquityStatement of investments as at 31 March 2011(expressed in USD)

Description Currency Evaluation % netassets

Quantity/Facevalue

CAIRN ENERGY 625,436 4,687,323 0.60GBP

GREAT BRITAIN

4,687,323 0.60

CATHAY PACIFIC AIRWAYS 1,649,000 3,949,751 0.51HKD

HONG KONG

CHEUNG KONG HOLDINGS 426,000 6,941,159 0.89HKD

CHINA MOBILE LTD 2,021,500 18,612,001 2.40HKD

CNOOC LTD 7,812,000 19,675,302 2.53HKD

HUTCHISON WHAMP 496,000 5,870,086 0.76HKD

SUN HUNG KAI PROPERTIESLTD 731,197 11,575,726 1.49HKD

THE WHARF HOLDING 1,327,425 9,151,301 1.18HKD

75,775,326 9.76

BANK NEGARA INDO TBK 15,682,063 7,158,689 0.92IDR

INDONESIA

INDO TAMBANGRAYAMEGAH (ITM) 2,074,500 11,006,484 1.42IDR

PERUSAHAAN GAS NEGA -B- 10,528,500 4,715,462 0.61IDR

PT BANK RAKYAT INDONESIA 12,129,500 8,009,473 1.03IDR

30,890,108 3.98

WEST CHINA CEMENT 18,810,000 8,314,772 1.07HKD

JERSEY

8,314,772 1.07

AIRASIA BHD 4,343,800 3,860,840 0.50MYR

MALAYSIA

RHB CAPITAL BHD 987,300 2,798,957 0.36MYR

6,659,797 0.86

ABOITIZ POWER 12,510,400 8,647,564 1.11PHP

PHILIPPINES

8,647,564 1.11

DBS GROUP HOLDINGS LTD 341,000 3,961,622 0.51SGD

SINGAPORE

SINGAPORE TELECOM/BOARD LOT 1000 1,075,000 2,576,280 0.33SGD

STX OSV HOLDINGS 8,610,000 8,130,695 1.05SGD

UTD OVERSEAS BANK /LOCAL 223,958 3,341,196 0.43SGD

18,009,793 2.32

BS FINL SHS 766,670 11,141,708 1.44KRW

SOUTH KOREA

DC CHEMICAL CO. LTD 29,707 13,413,186 1.73KRW


Quantity/Facevalue

209


GRAND KOREA LEISURE CO.LTD 236,000 3,569,901 0.46KRW

HANA FINANCIAL GROUP INC. 64,400 2,792,983 0.36KRW

HYUNDAI HEAVY INDUSTRIES 28,931 13,697,441 1.77KRW

HYUNDAI MOBIS 47,481 14,212,726 1.82KRW

HYUNDAI MOTOR CO. LTD 53,341 9,896,996 1.28KRW

KIA MOTORS CORP. 210,610 13,282,330 1.71KRW

KOLON INDUSTRIES INC. 129,463 8,685,362 1.12KRW

KOREA ZINC CO. LTD 25,348 9,244,061 1.19KRW

LG CHEMICAL LTD 24,050 10,111,582 1.30KRW

LG CORP. 131,409 9,824,820 1.27KRW

LG INTERNATIONAL CORP. 77,580 2,999,413 0.39KRW

POSCO 25,339 11,695,722 1.51KRW

SAMSUNG ELECTRONICS CO.LTD 36,972 31,494,525 4.05KRW

SAMSUNG FIRE&MARINEINSURANCE 34,490 7,644,536 0.99KRW

SAMSUNG HEAVYINDUSTRIES 206,517 7,531,386 0.97KRW

SKC 102,270 4,832,646 0.62KRW

S-OIL CORP. 38,910 5,405,688 0.70KRW

191,477,012 24.68

ADVANCEDSEMICONDUCTOR ENG. INC. 7,351,000 7,974,302 1.03TWD

TAIWAN

CATHAY FINANCIAL HOLDING 1,894,000 3,126,978 0.40TWD

EVERGREEN MARINE CORP.(TAIWAN) 9,751,000 8,107,436 1.04TWD

FORMOSA PLASTICS 1,096,000 3,857,505 0.50TWD

HON HAI PRECISIONINDUSTRY CO. LTD 2,463,158 8,627,501 1.11TWD

HTC CORP. 192,000 7,508,525 0.97TWD

TAISHIN FINANCIALHOLDINGS CO. 8,666,000 4,906,688 0.63TWD

TAIWAN SEMICONDUCTORMANUFACTURING 9,664,849 23,203,597 3.00TWD

TRIPOD TECHNOLOGY CO.LTD 1,642,000 7,231,002 0.93TWD

WISTRON CORP. 4,695,125 7,440,269 0.96TWD

81,983,803 10.57

ADVANCED INFO SERVICEPUB./ FOR. RG 1,601,500 4,765,536 0.61THB

THAILAND

BANGKOK BANK PUBLIC/FOREIGN 1,452,100 8,329,871 1.07THB



Quantity/Facevalue

BANPU PUBLIC CO. LTD/FOR.REG 252,550 6,412,847 0.83THB

SIAM CEMENT PUBLIC CO./FOREIGN 712,800 8,932,008 1.15THB

28,440,262 3.66

84.35654,645,774TOTAL SHARES

MOR ST AS 13.05.14CW/DRRD 172,313 6,340,321 0.82USD

WARRANTS / EQUITY LINKED SECURITIES

CAYMAN ISLANDS

6,340,321 0.82

BNP PARIBAS AR 01.04.15CW/NJSP 512,000 8,014,763 1.03USD

NETHERLANDS

BNPP AR 01.04.15 CW /SBIN 78,500 4,873,186 0.63USD

JP MORGAN STRUCTUREPROD BV 25.08.14 CERT/ITC 1,540,400 6,297,157 0.81USD

JP MORGAN STRUCTURE 09-08.09.14 CERT 900,000 9,692,550 1.25USD

JP MORGAN STRUCTURE 09-08.09.14 CERT/ICICI BK 388,000 9,722,429 1.26USD

JP MORGAN STRUCTURE15.09.14 CERT/HCLT 572,051 6,137,878 0.79USD

JP MORGAN STRUCTURE25.08.14 CERT/RIL 250,000 5,887,866 0.76USD

50,625,829 6.53

MER LY INTL 04.11.15CW/INFO IN 96,425 7,016,328 0.90USD

NETHERLANDS ANTILLES

7,016,328 0.90

CITIGROUP GM 24.10.12CW/TTMT 212,700 5,935,606 0.76USD

UNITED STATES

5,935,606 0.76

9.0169,918,084TOTAL WARRANTS / EQUITY LINKEDSECURITIES

PERFECT WORLD CO. LTD/SADR -B- 248,100 5,239,872 0.68USD

SADR (Sponsored American Dep. Receipt)

CAYMAN ISLANDS

5,239,872 0.68

0.685,239,872TOTAL SADR (Sponsored American Dep.Receipt)


Quantity/Facevalue


210

SPREADTRUMCOMMUNICATIONS /ADR 244,250 4,501,528 0.58USD

ADR (American Depositary Receipt)

CAYMAN ISLANDS

4,501,528 0.58

0.584,501,528TOTAL ADR (American Depositary Receipt)

94.62TOTAL TRANSFERABLE SECURITIESADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING

734,305,258

ASIANA AIRLINE INC 405,620 3,685,123 0.47KRW

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET

SHARES

SOUTH KOREA

INDUSTRIAL BANK OF KOREA 482,440 8,333,957 1.08KRW

MELFAS INC 161,506 6,635,361 0.86KRW

18,654,441 2.41

CHIPBOND TECHNOLOGY 4,753,000 6,925,868 0.89TWD

TAIWAN

6,925,868 0.89

3.3025,580,309TOTAL SHARES

3.30TOTAL TRANSFERABLE SECURITIES TRADEDON ANOTHER REGULATED MARKET

25,580,309

PEACE MARK HOLDINGSLIMITED 4,314,000 - 0.00HKD

OTHER TRANSFERABLE SECURITIES

SHARES

BERMUDA ISLANDS

- 0.00

AIA GROUP 2,299,400 7,076,576 0.91HKD

HONG KONG

7,076,576 0.91


AYALA LAND INC. /PREF 12,129,600 - 0.00PHP

PREFERENTIAL SHARES

PHILIPPINES

- 0.00

0.00-TOTAL PREFERENTIAL SHARES

0.91TOTAL OTHER TRANSFERABLE SECURITIES 7,076,576



Quantity/Facevalue

98.83TOTAL INVESTMENTS 766,962,143

1.17OTHER NET ASSETS LESS LIABILITIES 9,044,412

100.00TOTAL NET ASSETS 776,006,555


Quantity/Facevalue

211


KUNLUN ENERGY COMPANYLTD 646,000 1,029,336 1.41HKD


SHARES

BERMUDA ISLANDS

MANDARIN ORIENT 589,000 1,231,011 1.68USD

ORIENT OVERSEAS(INTERNATIONAL) 77,000 807,391 1.10HKD

TRINITY 1,092,000 1,014,528 1.39HKD

4,082,266 5.58

AAC ACOUSTICTECHNOLOGIES HOLDING 296,000 798,756 1.09HKD

CAYMAN ISLANDS

AMVIG HOLDINGS LTD 1,316,000 1,014,636 1.39HKD

CHINA STATECONSTRUCTIONINTERNATIONAL HOLDINGLTD 1,466,080 1,337,578 1.83HKD

COMBA TELECOM SYST 681,896 801,756 1.10HKD

EVA PRECISION INDUSTRIALHLDG 1,454,000 1,063,114 1.45HKD

HAITAN INTL HLDGS LTD 1,058,000 1,359,531 1.85HKD


MIE HOLDINGS 944,000 450,038 0.62HKD


REAL GOLD MINING 527,500 749,688 1.03HKD

TCL COMM TECH HLDGS 845,000 817,626 1.12HKD

XINYI GLASS HOLDING CO.LTD 1,176,000 1,221,017 1.67HKD

11,977,700 16.38

CHINA NATIONAL MATERIALCO. -H- 1,214,000 1,091,993 1.49HKD

CHINA

SICHUAN EXPRESSWAY CO.LTD H 1,850,000 1,200,511 1.64HKD

2,292,504 3.13

DAH CHONG HONGHOLDINGS LTD 1,008,000 1,130,779 1.55HKD

HONG KONG

GUANGZHOU INVESTMENTCO. LTD 4,586,000 1,019,491 1.39HKD

INVESTMENTS

Asia ex Japan Equity Smaller CompaniesStatement of investments as at 31 March 2011(expressed in USD)


Quantity/Facevalue

HYSAN DEVELOPMENT CO 226,000 929,312 1.27HKD

SINGAMAS CONTAINER HLDSLTD 3,924,000 1,638,760 2.24HKD

TECHTRONIC INDUSTRIES COLTD 927,500 1,287,185 1.76HKD

6,005,527 8.21

BW PLANTATION 3,551,500 477,189 0.65IDR

INDONESIA

LIPPO KARAWACI 18,463,625 1,293,422 1.78IDR

TAMBANG BATUBARA /S.-B- 335,000 807,899 1.10IDR

2,578,510 3.53

GAMUDA BHD 845,300 1,078,097 1.47MYR

MALAYSIA

PARKSON HOLDINGS BHD 449,185 845,980 1.16MYR

1,924,077 2.63

ALLIANCE GLOBAL GROUPINC. 5,366,000 1,473,765 2.02PHP

PHILIPPINES

1,473,765 2.02

AMTEK ENGINEERING 1,426,000 1,437,146 1.96SGD

SINGAPORE

CHINA MINZHONG FOODCORP. LTD 973,000 1,258,572 1.72SGD

MOBILEONE LTD 506,000 967,710 1.32SGD

RAFFLES MEDICAL GROUPLTD 609,000 1,082,537 1.48SGD

SINGAPORE AIRPORTTERMINAL SERVICES 502,000 999,896 1.37SGD

WING TAI HOLDINGS 572,000 694,488 0.95SGD

YANGZIJIANG SHIPBUILDINGLTD 751,000 1,078,689 1.48SGD

7,519,038 10.28

BS FINL SHS 47,960 696,984 0.95KRW

SOUTH KOREA

CHEIL WORLDWIDE INC. 72,834 965,269 1.32KRW

HYUNDAI DEPARTMENTSTORE CO. 8,860 1,149,922 1.57KRW

HYUNDAI HYSCO 46,690 1,359,187 1.85KRW

KOLON INDUSTRIES INC. 16,957 1,137,604 1.56KRW

LG HOUSEHOLD &HEALTHCARE LTD 2,802 1,053,863 1.44KRW

LOCK & LOCK CO. LTD 15,050 526,156 0.72KRW

ORION CORPORATION 3,227 1,163,569 1.59KRW


Quantity/Facevalue


212

SAMSUNG ENGINEERING CO.LTD 4,540 867,258 1.19KRW

SILICON WORKS CO. LTD 25,248 874,606 1.20KRW

9,794,418 13.39

CHROMA ATE INC. 388,930 1,256,466 1.71TWD

TAIWAN

E SUN FINANCIAL HOLDINGLTD 1,323,791 832,811 1.14TWD

FAR EASTERN DEPARTMENTSTORES 726,000 1,146,774 1.57TWD

HUAKU DEVELOPMENT CO.LTD 334,000 935,900 1.28TWD

KINSUS INTERCONNECTTECHN.CORP 262,000 809,880 1.11TWD

LARGAN PRECISION CO. LTD 32,000 866,201 1.18TWD

ORIENTAL UNION CHEMICALCORP. 686,000 965,784 1.32TWD

PRESIDENT CHAIN STORECORP. 191,000 847,617 1.16TWD

RALINK TECH 82,000 262,118 0.36TWD

SYNNEX TECHNOLOGYINTERNATIONAL 361,357 842,978 1.15TWD

TAISHIN FINANCIALHOLDINGS CO. 731,320 414,073 0.57TWD

TAIWAN FERTILIZER CO. LTD 316,000 929,520 1.27TWD

TRIPOD TECHNOLOGY CO.LTD 182,850 805,231 1.10TWD

TXC CORPORATION 402,384 747,117 1.02TWD

UNIMICRON TECHNOLOGYCORP. 479,000 814,444 1.11TWD

WPG HOLDING CO. LTD 433,000 728,868 1.00TWD

13,205,782 18.05

ASIAN PROPERTYDEVELOPMENT PUBLIC /FOREIGN 3,330,400 693,712 0.95THB

THAILAND

BEC WORLD PUBLIC CO./FOREIGN 736,800 822,178 1.12THB

ESSO THAILAND PUBLIC COLTD 2,591,400 933,905 1.28THB

THANACHART CAPITALPUBLIC /FOREIGN 481,500 517,395 0.71THB

2,967,190 4.06




Quantity/Facevalue

JP MORGAN INTERNATIONALJE 08-18.03.13 CERT / HCL 66,600 714,591 0.98USD


JERSEY

714,591 0.98

BNP PARIBAS AR 01.04.15CW /GNC 842,538 935,312 1.28USD

NETHERLANDS

BNP PARIBAS AR 05.05.14CW /RDCK 364,418 1,065,562 1.45USD

BNP PARIBAS AR 05.05.14CW/STR 98,165 812,624 1.11USD

BNP PARIBAS AR 05.05.15CW/INDIABULLS 295,901 1,028,297 1.41USD

JP MORGAN STRUCTURE01.09.14 CERT/NJCC 218,491 493,899 0.68USD

JP MORGAN STRUCTURE15.09.14 CERT/HCLT 26,799 287,543 0.39USD

4,623,237 6.32



69,158,605

KGI SECURITIES CO. LTD 2,125,000 1,018,905 1.40TWD


SHARES

CHINA

1,018,905 1.40

MELFAS INC 20,336 835,490 1.14KRW

SOUTH KOREA

835,490 1.14

CHIPBOND TECHNOLOGY 683,000 995,238 1.36TWD

TAIWAN

995,238 1.36



2,849,633


Quantity/Facevalue

213


WINTEK CORP SPONSOREDGDR 86,344 764,886 1.05USD


GDR (Global Depositary Receipt)

TAIWAN

764,886 1.05

1.05764,886TOTAL GDR (Global Depositary Receipt)

AYALA LAND INC. /PREF 5,644,800 - 0.00PHP

PREFERENTIAL SHARES

PHILIPPINES

- 0.00

0.00-TOTAL PREFERENTIAL SHARES

1.05TOTAL OTHER TRANSFERABLE SECURITIES 764,886


0.49OTHER NET ASSETS LESS LIABILITIES 357,068




Quantity/Facevalue


214

ANZ BANKING GROUP 102,245 2,519,051 1.54AUD


SHARES

AUSTRALIA

BHP BILLITON LTD 147,347 7,098,879 4.34AUD

CHALLENGER LTD 498,487 2,542,940 1.55AUD

COCHLEAR LIMITED 10,803 927,696 0.57AUD

COMPUTERSHARE LIMITEDCPU 81,298 778,980 0.48AUD

CWTHBK OF AUSTRALIA 50,423 2,733,980 1.67AUD

NATIONAL AUSTRALIA BANKLTD 98,732 2,640,912 1.61AUD

NEWCREST MINING 66,957 2,758,879 1.69AUD

QANTAS AIRWAYS LTD 326,653 736,849 0.45AUD

QBE INSURANCE GROUP 60,179 1,100,315 0.67AUD

RIO TINTO LIMITED 34,449 3,021,007 1.85AUD

TELSTRA CORPORATION LTD 448,980 1,310,121 0.80AUD

WESFARMERS LTD 56,524 1,858,755 1.14AUD

WESTPAC BANKING CORP. 130,559 3,286,884 2.01AUD

WOOLWORTHS 59,900 1,666,063 1.02AUD

34,981,311 21.39

HONGKONG LAND HOLDINGSLTD 153,000 1,071,000 0.65USD

BERMUDA ISLANDS

JOHNSON ELECTRICHOLDINGS LTD 972,500 569,846 0.35HKD

KERRY PROPERTIES LTD 190,500 952,243 0.58HKD

ORIENT OVERSEAS(INTERNATIONAL) 126,000 1,321,185 0.82HKD

PACIFIC BASIN SHIPPING LTD 1,058,000 668,889 0.41HKD

SKYWORTH DIGITAL HLD LTD 672,905 381,325 0.23HKD

TPV TECHNOLOGY LTD 1,476,000 887,637 0.54HKD

VTECH HLDGS SHS 40,800 462,677 0.28HKD

6,314,802 3.86

ANTA SPORTS PRODUCTSLTD 388,000 602,285 0.37HKD

CAYMAN ISLANDS

FUFENG GROUP LTD 706,000 483,543 0.30HKD

HENGAN INTL GROUP 81,500 604,278 0.37HKD


INVESTMENTS

Asia Pacific ex Japan Equity High DividendStatement of investments as at 31 March 2011(expressed in USD)


Quantity/Facevalue

LONKING HOLDINGS LTD 2,233,000 1,569,564 0.95HKD

TENCENT HOLDINGS 38,900 947,244 0.58HKD

5,454,109 3.33

AGILE PROPERTY HOLDINGSLTD 668,000 1,052,374 0.64HKD

CHINA


CHINA COAL ENERGY CO.LTD -H- 501,000 682,412 0.42HKD


CHINA LIFE INSURANCE CO.LTD -H- 428,000 1,605,942 0.98HKD

CHINA PETROLEUM & CHEMCORP. -H- 844,000 845,941 0.52HKD

DONGFENG MOTOR -H- 700,000 1,190,938 0.73HKD

GUANGSHEN RAILWAY COLTD -H- 1,960,000 742,987 0.45HKD

HUANENG POWERINTERNATIONAL -H- 1,082,000 632,618 0.39HKD

IND & COM BOC -H- 4,041,955 3,355,267 2.05HKD


ZHEJIANG EXPRESSWAY CO.LTD -H- 774,000 704,170 0.43HKD

18,154,846 11.10

CAIRN ENERGY 185,220 1,388,130 0.85GBP

GREAT BRITAIN

STANDARD CHARTERED PLC 28,876 763,634 0.47HKD

2,151,764 1.32

BOC HONG KONG HOLDINGSLTD 227,000 739,447 0.45HKD

HONG KONG

CHEUNG KONG HOLDINGS 58,000 945,040 0.58HKD

CHINA MOBILE LTD 278,500 2,564,156 1.57HKD

CLP HOLDINGS LTD 161,000 1,301,307 0.80HKD

CNOOC LTD 1,388,000 3,495,816 2.13HKD

GUANGDONG INVESTMENTLTD 1,210,000 611,056 0.37HKD

H.K.EXCHANGES ANDCLEARING LTD 43,500 944,668 0.58HKD

HONGKONG ELECTRICHOLDINGS LTD 200,000 1,336,400 0.82HKD

HSBC HOLDINGS PLC 136,394 1,432,802 0.88HKD

HUTCHISON WHAMP 103,000 1,218,990 0.75HKD


Quantity/Facevalue

215


LI & FUNG LTD 116,000 594,004 0.36HKD

SHANGHAI INDUSTRIALHOLDINGS 124,000 474,833 0.29HKD

SUN HUNG KAI PROPERTIESLTD 71,512 1,132,121 0.69HKD

16,790,640 10.27

BANK NEGARA INDO TBK 1,939,472 885,347 0.55IDR

INDONESIA

PERUSAHAAN GAS NEGA -B- 1,944,000 870,671 0.54IDR

PT ASTRA INTERNATIONALTBK 111,000 726,593 0.44IDR

PT BANK RAKYAT INDONESIA 1,021,000 674,197 0.41IDR

TELKOM INDONESIA S -B- 997,500 841,964 0.51IDR

3,998,772 2.45

BUMIPUTRA-COMMERCEHOLDINGS 294,000 796,564 0.49MYR

MALAYSIA

KUALA LUMPUR KEPONGBHD 102,200 715,890 0.44MYR

PET CHEM 415,900 994,918 0.60MYR

TENAGA NASIONAL 195,375 403,468 0.25MYR

2,910,840 1.78

METROPOLITAN BANK &TRUST 436,993 646,414 0.40PHP

PHILIPPINES

646,414 0.40

ALLGREEN PROPERTIES LTD 764,000 654,779 0.40SGD

SINGAPORE

MOBILEONE LTD 342,060 654,179 0.40SGD

OVERSEA-CHINESE BANKCORP. 256,940 1,953,327 1.19SGD

SEMBCORP MARINE LTD 246,000 1,140,054 0.70SGD

SINGAPORE AIRLINES LTD 69,001 749,064 0.46SGD

SINGAPORE PRESSHOLDINGS LTD 222,000 694,108 0.42SGD

SINGAPORE TELECOM/BOARD LOT 1000 682,000 1,634,440 1.00SGD

7,479,951 4.57

DONGBU INSURANCE CO.LTD 18,290 837,525 0.51KRW

SOUTH KOREA

GRAND KOREA LEISURE CO.LTD 52,870 799,749 0.49KRW



Quantity/Facevalue

HONAM PETROCHEMICALCO. LTD 3,160 1,119,193 0.68KRW

HYUNDAI DEVELOPMENT CO.ENGINEERING &CONSTRUCTION 9,280 671,768 0.41KRW

HYUNDAI FIRE & MARINE INSCO. 30,730 859,469 0.53KRW

HYUNDAI HEAVY INDUSTRIES 1,981 937,908 0.57KRW

HYUNDAI MIPO DOCKYARDCO. LTD 3,340 570,866 0.35KRW

KANGWON LAND INC. 42,910 998,142 0.61KRW

KB FINANCIAL GROUP INC. 15,179 797,732 0.49KRW


KOREA EXCHANGE BANK 68,360 604,192 0.37KRW

KT CORPORATION 38,380 1,364,586 0.83KRW

KT&G CORPORATION 15,400 803,717 0.49KRW


LG CORP. 11,817 883,500 0.54KRW

LG DISPLAY CO. LTD 21,350 671,278 0.41KRW

LOTTE SHOPPING LTD 2,541 1,042,791 0.64KRW

POSCO 2,160 996,991 0.61KRW


S-OIL CORP. 11,910 1,654,632 1.01KRW

WOORI INVESTMENT &SECURITIES CO. 41,640 764,985 0.47KRW

25,159,077 15.38

ACER INC. 380,775 776,918 0.48TWD

TAIWAN

ASIA CEMENT CORP. 512,940 576,492 0.35TWD

CHINA STEEL 941,809 1,125,755 0.69TWD

CHINATRUST FINANCIALHOLDING CO. 1,456,616 1,238,342 0.76TWD

CHUNGHWA TELECOM CO.LTD 699,571 2,179,128 1.33TWD

DELTA ELECTRONICINDUSTRIAL 233,000 923,076 0.56TWD

FAR EASTERN TEXTILE LTD 503,880 778,783 0.48TWD

FORMOSA CHEMICALS &FIBER CO. 390,000 1,478,751 0.90TWD

FUBON FINANCIAL HOLDINGCO. LTD 1,036,362 1,376,221 0.84TWD

HON HAI PRECISIONINDUSTRY CO. LTD 346,272 1,212,859 0.74TWD

HTC CORP. 41,072 1,606,199 0.98TWD


Quantity/Facevalue


216


TAIWAN SEMICONDUCTORMANUFACTURING 1,407,161 3,378,344 2.06TWD



UNITED MICROELECTRONICCORP 1,179,000 613,424 0.38TWD

WISTRON CORP. 628,027 995,222 0.61TWD

20,496,929 12.53

ADVANCED INFO SERVICEPUB./ FOR. RG 271,600 808,192 0.49THB

THAILAND

BANGKOK BANK PUBLIC/FOREIGN 302,700 1,736,417 1.07THB

BANGKOK EXPRESSWAY/FOR. REG 1,274,900 796,673 0.49THB

PTT PLC CO. LTD /FOREIGNREG 77,300 904,743 0.55THB

4,246,025 2.60

90.98148,785,480TOTAL SHARES

THE LINK REIT 343,500 1,074,803 0.66HKD

INVESTMENT FUNDS

HONG KONG

1,074,803 0.66

CPN RETAIL GROWTHLEASEHOLD 2,918,334 1,186,813 0.72THB

THAILAND

1,186,813 0.72

1.382,261,616TOTAL INVESTMENT FUNDS

DEUTSCHE BANK LN 07-27.03.17 CW /INDIABULLS 209,972 585,678 0.36USD


GREAT BRITAIN

585,678 0.36

BNP PARIBAS AR 01.04.15CW /DRRD 19,952 734,471 0.45USD

NETHERLANDS

BNP PARIBAS AR 01.04.15CW/NJSP 52,455 821,122 0.50USD

JP MORGAN STRUCTURE15.09.14 CERT/HCLT 171,766 1,842,980 1.14USD



Quantity/Facevalue

JP MORGAN STRUCTURE15.10.14 CERT /MM 59,770 939,722 0.57USD

JP MORGAN STRUCTURE25.08.14 CERT/SBIN 13,819 857,867 0.52USD

LARSEN TOUBRO 05.05.15CW/NLT IN 22,634 839,356 0.51USD

6,035,518 3.69



157,668,292

CORETRONIC CORP. 284,000 458,741 0.28TWD


SHARES

TAIWAN

458,741 0.28

0.28458,741TOTAL SHARES


458,741

AIA GROUP 365,800 1,125,777 0.69HKD


SHARES

HONG KONG

1,125,777 0.69







Quantity/Facevalue

217


KUNLUN ENERGY COMPANYLTD 7,030,000 11,201,602 0.54HKD


SHARES

BERMUDA ISLANDS

11,201,602 0.54

ANHANGUERAEDUCACIONAL PART 202,990 4,993,200 0.24BRL

BRAZIL

BANCO DO BRASIL SA 537,677 9,693,487 0.47BRL

BR MALLS PARTICIPAES SA 1,302,402 13,640,706 0.66BRL

BRF FOODS 720,548 13,713,535 0.66BRL

CIA DE CONCESSOESRODOVIARIAS 400,842 11,834,484 0.57BRL

CIA HERING 464,777 8,602,429 0.41BRL

DIAGNOST DA AMERICA SABRL 555,083 7,054,319 0.34BRL

DURATEX 1,207,474 12,891,824 0.62BRL

ECORODOVIAS 677,800 5,496,356 0.26BRL

GAFISA SA 699,300 4,400,499 0.21BRL

GERDAU /PREF. 391,900 4,871,908 0.23BRL

GOL LINHAS AEREASINTELIGENTES 335,900 4,556,297 0.22BRL

HYPERMARCAS SA 549,900 7,299,951 0.35BRL

INVESTIMENTOS ITAU /PREF. 264,800 2,059,249 0.10BRL

IOCHPE MAXION SA 372,360 4,966,026 0.24BRL

JBS AS 1,488,785 5,463,434 0.26BRL

MARCOPOLO POMO /PREF. 2,068,742 8,725,381 0.42BRL

METALURGICA GERDAU/PREF. 302,038 4,487,520 0.22BRL

MRV ENGHENHARIA 1,284,400 10,328,350 0.50BRL

PDG REALTY SA 1,344,000 7,538,851 0.36BRL

PETROBRAS PETROLEOBRASILEIRO 1,708,494 34,304,552 1.66BRL

SAO CARLOSEMPREENDIMENTOS 400,307 5,669,027 0.27BRL

VALE RIO DOCE /NAM. 419,470 13,804,990 0.67BRL

206,396,375 9.94

BELLE INTERNATIONALHOLDING LTD 2,928,000 5,365,296 0.26HKD

CAYMAN ISLANDS

INVESTMENTS

BRIC EquityStatement of investments as at 31 March 2011(expressed in USD)


Quantity/Facevalue

CHINA MODERN DAIRYHODLINGS 3,118,000 993,644 0.05HKD


CN RESO CEMENT 9,860,000 9,768,647 0.47HKD

GCL-POLY ENERGYHOLDINGS LTD 7,029,000 4,317,423 0.21HKD

INTIME DEPT.STORE (GROUP)CO LTD 4,532,000 6,149,743 0.30HKD


SINA CORPORATION 58,500 6,224,400 0.30USD


60,027,655 2.89

AGRICULT BK CHINA /H-SHARES 17,147,000 9,716,948 0.47HKD

CHINA


ANHUI CONCH CEMENT CO. -H- 1,736,000 10,852,647 0.52HKD


BBMG -H- 3,828,000 6,247,105 0.30HKD

CHANGSHA ZOOMLIONHEAVY -H- 3,237,600 8,295,670 0.40HKD

CHINA COMMUNICATIONSCONSTRUCTION -H- 5,108,000 4,870,325 0.23HKD


CHINA INTERNATIONALMARINE B 1,625,167 3,648,329 0.18HKD

CHINA LIFE INSURANCE CO.LTD -H- 6,509,000 24,423,070 1.18HKD

CHINA MENGNIU DAIRY CO.LTD 2,632,000 6,967,167 0.34HKD

CHINA PACI INSU (GROUP)LTD -H- 2,206,600 9,272,023 0.45HKD

CHINA PETROLEUM & CHEMCORP. -H- 15,238,000 15,273,047 0.74HKD

CHINA SHENHUA ENERGYCO. -H- 4,081,500 19,221,926 0.93HKD

CHINA SHIPPING CONTAINER-H- 12,214,000 4,834,057 0.23HKD

CHINA TELECOM CORP. LTD -H- 19,808,000 12,090,308 0.58HKD

DONGFENG MOTOR -H- 526,000 894,905 0.04HKD


Quantity/Facevalue


218

GREAT WALL MOTOR CO.LTD -H- 3,228,500 5,965,719 0.29HKD

IND & COM BOC -H- 57,416,595 47,662,089 2.28HKD

JIANGXI COPPER CO. LTD -H- 3,346,000 11,157,488 0.54HKD


PING AN INSURANCE GRPCO. -H- 957,000 9,696,539 0.47HKD

WEICHAI POWER CO LTD /-H- 692,000 4,201,565 0.20HKD

YANTAI CHANGYU PIONEERWINE -B- 636,700 6,243,375 0.30HKD


331,606,695 15.96

AK SBEREGATELNY BANKSBERBANK 26,498,314 99,580,664 4.79USD

FEDERATION OF RUSSIA

GAZPROM OAO 14,220,278 112,923,228 5.43USD

MMC NORILSK NICKEL 41,598 10,928,252 0.53USD

223,432,144 10.75

CAIRN ENERGY 10,630,000 79,666,419 3.84GBP

GREAT BRITAIN

79,666,419 3.84


HONG KONG

CHINA UNICO (HK) 5,550,000 9,214,221 0.44HKD

CNOOC LTD 15,767,000 39,710,767 1.91HKD

COSCO PACIFIC LTD 1,160,000 2,194,163 0.11HKD

82,657,815 3.98

CANARA BANK /DEMAT. 157,927 2,217,774 0.11INR

INDIA

HCL TECHNOLOGIES /DEMAT. 4,285,530 45,930,385 2.21INR

INDIABULLS POWER 12,856,273 6,529,747 0.31INR

JINDAL STEEL & POWER/DEMAT. 215,615 3,371,411 0.16INR

MARUTI SUZUKI INDIA LTD 2,466,000 69,793,846 3.36INR

ST.BK OFINDIA/DEMATERIALISED 700,000 43,406,361 2.09INR

UNITED SPIRITS LIMITED/DEMAT. 25,000 574,503 0.03INR

WIPRO LTD /DEMAT. 87,044 937,290 0.05INR

172,761,317 8.32



Quantity/Facevalue

ENERGYO SOL RUS 1,080,700 7,316,471 0.35SEK

SWEDEN

7,316,471 0.35

56.571,175,066,493TOTAL SHARES

MOR ST AS 03.03.15 WRT/RECL 250,000 1,423,841 0.07USD


CAYMAN ISLANDS

MOR ST AS 09-15.04.14CW/STLT IN 2,900,000 11,308,342 0.54USD

MOR ST AS 21.04.14 CW/UT 1,510,000 1,369,491 0.07USD

14,101,674 0.68

DB LN 03.10.17 CERT/POWER 2,000,000 4,571,800 0.22USD

GREAT BRITAIN

DB LN 08-19.03.18 CERT/RECLIN 3,500,000 19,933,774 0.96USD

DB LN 09-24.07.19 CW/ESOIL 2,500,000 6,981,705 0.34USD

HSBC BK PLC 08-12.11.18CW/LT 350,000 12,979,347 0.62USD

HSBC 22.10.18 CW / UNSP 50,000 1,150,297 0.06USD

45,616,923 2.20

ABN AMRO BANK 03.07.09WRT/HCL TC. 3,433,200 36,836,859 1.77USD

NETHERLANDS

ABN AMRO BANK 06-30.06.09WRT/JSP IN 1,200,000 18,784,600 0.90USD

BNP PARIBAS AR 01.04.15CW/NJSP 200,000 3,130,767 0.15USD

BNP PARIBAS AR 05.05.14CW /WPRO 400,000 4,312,044 0.21USD

BNP PARIBAS 01.04.15 CW /UNITECH 9,458,331 8,578,214 0.41USD

JP MORGAN STRUCTURE STR09-08.09.14 CERT/STERLIT 7,750,000 30,190,125 1.45USD

JP MORGAN STRUCTURE 09-08.09.14 CERT 3,250,000 35,000,875 1.69USD

JP MORGAN STRUCTURE10.07.14 CERT/UT 8,000,000 7,255,584 0.35USD

JP MORGAN STRUCTURE 11-18.01.16 CERT/CBK 900,000 12,652,935 0.61USD

JP MORGAN STRUCTURE13.10.14 WRT/IBPOW 24,850,000 12,635,604 0.61USD

169,377,607 8.15


Quantity/Facevalue

219


CITIGPOUP GM 24.10.12CW/DRRD 50,000 1,839,769 0.09USD

UNITED STATES

CITIGROUP HOLDING 06-24.10.12 CW / UNITED 450,000 10,352,677 0.51USD

CITIGROUP HOLDING24.10.12 CW/IBPOW 950,000 483,051 0.02USD

CITIGROUP 24.01.10 CW / UT 1,000,000 906,948 0.04USD

CITIGROUP 24.10.12CW/HCLT 198,000 2,124,461 0.10USD

15,706,906 0.76


BRF BR FOODS /SADR 4,700 90,851 0.00USD


BRAZIL

GERDAU SA SADR PREF. SHS 300,844 3,781,609 0.18USD

PETROBRAS /SADR 232,529 8,287,334 0.40USD

PETROLEO BRASILEIRO/SADR 495,309 20,144,216 0.97USD

VALE / -A- /SADR 132,100 3,892,987 0.19USD

VALE /SADR 304,909 10,187,010 0.49USD

VIVO PARTICIPACOES SA/SADR 129,252 5,145,522 0.25USD

51,529,529 2.48

GAZPROM OAO /SADR REGS 2,585,136 83,680,852 4.03USD


LUKOIL /SADR (REP.1 SHS.) 1,245,319 89,227,107 4.30USD

MMC NORILSK NICKEL /SADR 1,215,647 32,141,707 1.55USD

MOBILE TELESYSTEMSOJS/SADR 498,859 10,685,560 0.51USD

215,735,226 10.39

INFOSYS TECHNOLOGIES /SADR 50,000 3,610,500 0.17USD

INDIA

3,610,500 0.17


GP INVESTMENTS LTD /BDR 772,116 3,042,636 0.15BRL

BDR (Bearer Depositary Receipt)

BERMUDA ISLANDS

3,042,636 0.15

0.153,042,636TOTAL BDR (Bearer Depositary Receipt)



Quantity/Facevalue

AFK SISTEMA / SGDR 629,632 18,363,217 0.88USD



NOVATEK OAO /SGDR 235,577 32,792,837 1.58USD

ROSNEFT OIL COMPANYOJSC /SGDR 5,049,420 46,106,254 2.22USD

SEVERSTAL CHEREPOVETSMET/SGDR 487,325 9,522,331 0.46USD

VNESHTORGBANK SGDR 1,972,854 13,703,641 0.66USD

120,488,280 5.80

FINANCIAL TECHNOLOGIES/GDR 3 8 0.00USD

INDIA

8 0.00

5.80120,488,288TOTAL GDR (Global Depositary Receipt)

BANCO DAYCOVAL SA /PREF. 830,748 5,959,128 0.29BRL

PREFERENTIAL SHARES

BRAZIL

BANRISUL PNB -B- /PREF 393,522 4,853,304 0.23BRL

BRADESPAR SA BRASIL/PREF. 1,287,800 33,715,465 1.62BRL

CIA VALE DO RIO DOCE A/PREF. 183,906 5,365,108 0.26BRL

CONTAXPARTICIPACOES/PREF. SHS 387,971 5,828,766 0.28BRL

ITAU HOLDING /PREF 304,970 7,221,940 0.35BRL

VIVO PARTICIPACOES SA/PREF. SHS 83,623 3,294,257 0.16BRL

66,237,968 3.19

3.1966,237,968TOTAL PREFERENTIAL SHARES

GAFISA SA 146,073 1,866,813 0.09USD


BRAZIL

ITAU HOLDING ITAU / PFD. /SADR 1,140,477 27,303,019 1.31USD

29,169,832 1.40

MECHEL OJSC /ADR 175,835 5,503,636 0.26USD


5,503,636 0.26

DR REDDY SLABORATORIES/ADR 150,000 5,620,500 0.28USD

INDIA


Quantity/Facevalue


220

STERLITE INDUSTRIES (INDIA)/ADR 100,000 1,548,000 0.07USD

7,168,500 0.35



1,922,355,718

AEROFLOT MOSCOW 2,452,464 6,278,308 0.30USD


SHARES


TNK-BP HOLDING 1,227,911 3,683,733 0.18USD

9,962,041 0.48


RUSHYDRO OJSC /SADR 1,978,966 10,072,937 0.48USD



10,072,937 0.48


CHERKIZOVO GROUP /SGDR 432,042 8,424,819 0.41USD



GROUPE LSR /SGDR REPR.SREG S 939,153 8,820,525 0.42USD

POLYMETAL JT STK CO/SGDRREGS 86,734 1,647,946 0.08USD

URALKALITY /GDR 346,997 14,389,965 0.70USD

33,283,255 1.61



53,318,233

GOME ELECTRICALAPPLIANCE HOLDING 11,746,000 4,135,649 0.20HKD


SHARES

BERMUDA ISLANDS

4,135,649 0.20



Quantity/Facevalue

MAGNIT JSC 96,452 13,503,281 0.65USD


RUSHYDRO OJSC 9 - 0.00USD

13,503,281 0.65


INDIABULLS PROPERTIESINVESTMENT TRUST 21,780,000 4,148,076 0.20SGD

INVESTMENT FUNDS

SINGAPORE

4,148,076 0.20


MOR ST AS 11.08.14CW/MSIL 1,855 52,560 0.00USD


CAYMAN ISLANDS

52,560 0.00

DEUTSCHE BANK 07-17.01.17WRT/HCL 800,000 8,576,000 0.41USD

GERMANY

DEUTSCHE BANK 07-24.01.17WRT /ICICI 360,000 9,020,810 0.44USD

17,596,810 0.85

HSBC BANK PLC 09-23.04.19CW/UNITE 2,500,000 2,267,370 0.11USD

GREAT BRITAIN

2,267,370 0.11

RBS NL 09-30.06.11CERT/IBPOW IN 1,686,975 857,785 0.04USD

NETHERLANDS

857,785 0.04


MAGNIT JSC 65,714 1,991,791 0.10USD



OAO TATFNEFT /SGDR REP GREG.S 630,402 27,857,464 1.34USD

29,849,255 1.44



Quantity/Facevalue

221


POLYUS ZOLOTO OAO /SADR 54,467 1,912,881 0.09USD



1,912,881 0.09



98.70TOTAL INVESTMENTS 2,049,997,618


100.00TOTAL NET ASSETS 2,077,032,912



Quantity/Facevalue


222

BRILLIANCE CHINAAUTOMOTIVE 36,000 36,063 0.09HKD


SHARES

BERMUDA ISLANDS

CHINA YURUN FOOD GROUPLTD 16,000 53,633 0.13HKD

HUABA0 INTERNATIONAL 25,000 38,529 0.09HKD

KUNLUN ENERGY COMPANYLTD 36,000 57,332 0.13HKD

185,557 0.44

ALL AMERICA /CONV 6,900 57,193 0.14BRL

BRAZIL

BANCO DO BRASIL SA 8,300 146,920 0.35BRL

BM&F BOVESPA BOLSA DEVALORES 28,300 206,077 0.49BRL

BR MALLS PARTICIPAES SA 4,400 45,926 0.11BRL

BRF FOODS 9,500 177,319 0.42BRL

B2W COMPANHIA GLOBALDO VAREJO 1,600 21,809 0.05BRL

CIA DE CONCESSOESRODOVIARIAS 2,700 80,136 0.19BRL

CIELO 8,900 75,246 0.18BRL

COSAN SA INDUSTRIA ECOMERCIO 2,700 41,941 0.10BRL

CPFL ENERGIA SA 1,800 51,170 0.12BRL

CYRELA BRAZIL REALTY SA 5,400 50,628 0.12BRL

DIAGNOST DA AMERICA SABRL 4,000 49,929 0.12BRL

DURATEX 4,400 45,791 0.11BRL

EDP-ENERGIAS DO BRASIL SA 1,000 24,652 0.06BRL

ELETROBRAS. CENTR. ELETR.BRASIL 3,541 53,049 0.13BRL

ELETROBRAS. EL.BRASIL./PREF. B 3,300 62,041 0.15BRL

FIBRIA 2,900 46,811 0.11BRL

GAFISA SA 6,700 41,549 0.10BRL

HYPERMARCAS SA 4,400 58,218 0.14BRL

INVESTIMENTOS ITAU /PREF. 30,412 231,167 0.55BRL

JBS AS 8,600 31,101 0.07BRL

LOJAS RENNER SA 2,100 68,595 0.16BRL

MARFRIG ALIMENTOS SA 3,400 29,288 0.07BRL

INVESTMENTS

BRIC MarketsStatement of investments as at 31 March 2011(expressed in USD)


Quantity/Facevalue

METALURGICA GERDAU/PREF. 4,000 58,746 0.14BRL

MRV ENGHENHARIA 4,200 33,214 0.08BRL

NATURA COSMETICOS SA 2,500 70,916 0.17BRL

OGX PETROLEO E GASPARTICIP SA 19,700 239,009 0.57BRL

PDG REALTY SA 16,600 92,443 0.22BRL

REDECARD SA 5,900 85,673 0.20BRL

ROSSI RESIDENCIAL ON 2,500 21,044 0.05BRL

SOUZA CRUZ 5,500 56,699 0.14BRL

TELEMAR 1,400 31,985 0.08BRL

USIMINAS 2,600 45,975 0.11BRL

2,432,260 5.80

ALIBABA CO. 23,000 39,405 0.09HKD

CAYMAN ISLANDS

ANTA SPORTS PRODUCTSLTD 18,000 27,926 0.07HKD

BELLE INTERNATIONALHOLDING LTD 52,000 95,234 0.23HKD

CH HS TRANSMISS EQ GRCO. LTD 13,000 20,803 0.05HKD

CHINA ZHONGWANG 36,000 16,922 0.04HKD

COUNTRY GARDENHOLDINGS 91,000 39,737 0.09HKD

EVERGRANDE REAL 82,000 45,074 0.11HKD

GCL-POLY ENERGYHOLDINGS LTD 110,000 67,529 0.16HKD

HENGAN INTL GROUP 8,500 62,989 0.15HKD

HIDILI INDUSTRYINTERNATIONALDEVELOPEMENT LTD 15,000 13,235 0.03HKD

LI NING COMPANY LTD 8,500 14,301 0.03HKD

PARKSON RETAIL GROUP LTD 18,000 24,736 0.06HKD

REHNE COMMERCIALHOLDING COMP LTD 110,000 20,485 0.05HKD

SOHO CHINA LTD 45,500 38,977 0.09HKD

TENCENT HOLDINGS 13,200 321,257 0.78HKD

TINGYI HOLDING CORP. 24,000 58,626 0.14HKD

WANT WANT CHINAHOLDINGS LTD 87,000 68,270 0.16HKD

975,506 2.33

AGILE PROPERTY HOLDINGSLTD 18,000 28,342 0.07HKD

CHINA


Quantity/Facevalue

223


AGRICULT BK CHINA /H-SHARES 226,000 128,002 0.31HKD

AIR CHINA LTD -H- 32,000 29,591 0.07HKD

ALUMINIUM CORP. OF CHINA-H- 48,000 45,619 0.11HKD

ANGANG STEEL COMPANYLTD -H- 14,000 19,203 0.05HKD

ANHUI CONCH CEMENT CO. -H- 12,000 74,978 0.18HKD

BANK OF CHINA LTD -H- 802,400 446,220 1.05HKD

BANK OF COMMUNICATIONSCO. -H- 82,025 90,176 0.21HKD

BEIJING CAPITALINTERNATIONAL AIRPORT -H- 44,000 23,169 0.06HKD

BYD COMPANY LIMITED -H- 7,500 28,704 0.07HKD

CHAODA MODERNAGRICULTURE HOLDING 32,000 19,850 0.05HKD

CHINA CITIC BANK -H- 89,000 64,696 0.15HKD

CHINA COAL ENERGY CO.LTD -H- 50,000 68,068 0.16HKD

CHINA COMMUNICATIONSCONSTRUCTION -H- 61,000 58,130 0.14HKD

CHINA COMMUNICATIONSSERVICES -H- 52,000 31,589 0.08HKD

CHINA CONSTRUCTION BANKCO. -H- 611,850 572,851 1.36HKD

CHINA COSCO HOLDINGS -H- 43,000 43,959 0.10HKD

CHINA LIFE INSURANCE CO.LTD -H- 96,000 360,018 0.86HKD

CHINA MENGNIU DAIRY CO.LTD 14,000 37,040 0.09HKD

CHINA MERCHANTS BANK -H- 48,223 133,466 0.32HKD

CHINA MINSHENG BK -H- 48,000 44,078 0.11HKD

CHINA NATIONAL BUILDINGMATERIAL -H- 22,000 80,668 0.19HKD

CHINA OILFIELD SERVICES -H- 18,000 40,687 0.10HKD

CHINA PACI INSU (GROUP)LTD -H- 11,600 48,716 0.12HKD


CHINA RAILWAYCONSTRUCTION CORP. -H- 34,000 35,283 0.08HKD

CHINA RAILWAY GROUP LTD-H- 58,000 37,394 0.09HKD

CHINA RESOURCES LAND 24,000 44,879 0.11HKD

CHINA SHENHUA ENERGYCO. -H- 42,000 197,694 0.47HKD



Quantity/Facevalue

CHINA SHIPPING CONTAINER-H- 49,100 19,422 0.05HKD

CHINA SHIPPINGDEVELOPMENT -H- 16,000 17,960 0.04HKD

CHINA SOUTH LOCOMOTIVE -H- 31,000 31,692 0.08HKD

CHINA SOUTHERN AIRLINES-H- 34,000 15,109 0.04HKD

CHINA TELECOM CORP. LTD -H- 200,700 122,436 0.29HKD

DATANG INT. POWERGENERATION -H- 46,000 17,074 0.04HKD


GUANGZHOU AUTO 41,714 50,627 0.12HKD

GUANGZHOU R&F PROPERTY-H- /NEW 12,000 17,847 0.04HKD

HUANENG POWERINTERNATIONAL -H- 44,000 25,712 0.06HKD

IND & COM BOC -H- 773,300 641,578 1.52HKD

JIANGXI COPPER CO. LTD -H- 19,800 65,989 0.16HKD

METALLURGICAL CORP. OFCHINA -H- 55,000 22,886 0.05HKD

NINE DRAGONS PAPERHOLDINGS LTD 26,000 31,121 0.07HKD

PETROCHINA CO. LTD /-H- 261,200 395,174 0.93HKD

PICC PROPERTY & CASUALTY-H- 30,000 36,140 0.09HKD

PING AN INSURANCE GRPCO. -H- 27,800 281,525 0.67HKD

SHANGHAI ELECTRIC GROUPCO. -H- 40,000 19,984 0.05HKD

SHIMAO PROPERTY HOLDINGLTD 19,500 27,599 0.07HKD

SINOFERT HOLDINGS LTD 46,000 19,791 0.05HKD

TSINGTAO BREWERY CO. LTD-H- 4,000 19,059 0.05HKD

WEICHAI POWER CO LTD /-H- 6,000 36,410 0.09HKD

YANZHOU COAL MINING CO.-H- 28,000 101,769 0.24HKD


ZIJIN MINING GROUP -H- 50,000 39,814 0.09HKD

ZTE CORP. -H- 6,100 28,360 0.07HKD

5,200,696 12.39


Quantity/Facevalue


224

AK SBEREGATELNY BANKSBERBANK 337,838 1,270,271 3.03USD


1,270,271 3.03

BEIJING ENTERPRISESHOLDING LTD 6,500 37,065 0.09HKD

HONG KONG

CHINA EVERBRIGHT LTD 12,000 26,878 0.06HKD

CHINA INSURANCEINTERNATIONAL HOLDING 11,400 33,601 0.08HKD

CHINA MERCHANTSHOLDINGS 15,894 67,056 0.16HKD

CHINA MOBILE LTD 76,900 707,640 1.70HKD

CHINA OVERSEASLAND&INVESTMENT 51,341 104,314 0.25HKD

CHINA RESOURCESENTERPRISE LTD 18,000 73,052 0.17HKD

CHINA RESOURCES POWERHOLDINGS 20,200 38,863 0.09HKD

CHINA UNICO (HK) 72,486 120,278 0.29HKD

CITIC PACIFIC LTD 20,000 55,482 0.13HKD

CNOOC LTD 228,200 574,436 1.37HKD

COSCO PACIFIC LTD 30,000 56,715 0.14HKD

FUSHAN INTERNAT ENERGYGROUP 42,000 30,207 0.07HKD

KINGBOARD CHEMICALSHOLDINGS 7,500 39,396 0.09HKD

LENOVO GROUP LTD 82,000 46,654 0.11HKD

SHANGHAI INDUSTRIALHOLDINGS 8,000 30,618 0.07HKD

2,042,255 4.87

ACC LTD /DEMAT. 1,509 36,541 0.09INR

INDIA

ADANI ENTERPRISESLTD/DEMAT. 6,600 95,219 0.23INR

ADITYA BIRLA NUVO LTD /DEMATER. 1,100 20,031 0.05INR

AMBUJA CEMENTSLTD/DEMAT. 17,500 57,556 0.14INR

AXIS BANK LTD/DEMAT. 6,485 202,824 0.48INR

BAJAJ AUTO LTD 2,600 83,881 0.20INR

BHARAT HEAVY ELECTRICALS/DEMAT. 3,319 155,037 0.37INR

BHARATPETROLEUM/DEMAT. 2,453 33,345 0.08INR



Quantity/Facevalue

CAIRN INDIA LIMITED 12,806 100,517 0.24INR

CANARA BANK /DEMAT. 2,500 35,118 0.08INR

CIPLA LTD /DEMAT. 9,411 67,449 0.16INR

COAL INDIA /IPO 15,000 115,941 0.28INR

DLF LIMITED 11,709 68,533 0.16INR

GMR INFRASTRUCTURE 26,734 23,539 0.06INR

HCL TECHNOLOGIES /DEMAT. 4,690 49,417 0.12INR

HERO HONDA MOTORS/DEMAT. 2,722 97,303 0.23INR

HINDALCO INDUSTRIES /DEMAT. 31,730 147,293 0.35INR

HOUSING DEVT FIN CORP. 34,515 542,837 1.28INR

INDIABULLS REAL ESTATE/DEMAT. 9,200 24,889 0.06INR

INDUSIND BANK LTD 8,800 52,384 0.12INR

INFRASTRUCTUREDEVELOPMENT FINANCE/DEMAT. 31,228 108,968 0.26INR

ITC LTD /DEMAT. 72,000 292,452 0.70INR

JAIPRAKASH ASSOCIATIONLTD 33,475 67,798 0.16INR

JINDAL STEEL & POWER/DEMAT. 12,704 198,593 0.47INR

JSW STEEL LTD / DEMAT. 2,434 49,493 0.12INR

KOTAK MAHIND 7,366 75,055 0.18INR

LIC HSG FINANCE 8,000 39,987 0.10INR

LUPIN LTD 4,100 38,061 0.09INR

MAHINDRA & MAHINDRA 7,494 117,779 0.28INR

MARUTI SUZUKI INDIA LTD 1,959 55,652 0.13INR

NTPC LTD / DEMAT. 29,103 125,189 0.30INR

OIL & NATURAL GAS CORPLTD 21,856 141,390 0.34INR

PIRAMAL HEALTHCARE LTD 2,974 28,148 0.07INR

POWER GRID CORP. OF INDIALTD 35,000 79,551 0.19INR

RELIANCE CAPITAL LTD/DEMAT. 2,841 36,624 0.09INR

RELIANCECOMMUNICATIONS /DEMAT. 14,812 35,624 0.08INR

RELIANCE POWER LTD 16,000 45,525 0.11INR

RURAL ELECTRIFICATIONCORP LTD 9,200 52,405 0.12INR

SESA GOA LTD /DEMAT. 9,797 63,587 0.15INR

SIEMENS LTD /DEMAT. 2,356 46,605 0.11INR

STEEL AUTHORITY OFINDIA/DEMAT 12,981 48,830 0.12INR


Quantity/Facevalue

225


SUN PHARMACEUTICAL SHS 8,795 87,527 0.21INR

SUZLON ENERGY LTD 25,800 25,722 0.06INR

TATA CONSULTANCYSERVICES /DEMAT. 14,970 398,909 0.95INR

TATA POWER CO. /DEMAT. 2,803 83,905 0.20INR

TATA STEEL LTD /DEMAT. 10,084 139,586 0.33INR

ULTRA TECH CEMENT LTD 2,000 50,322 0.12INR

UNITECH LTD /DEMAT. 34,900 31,589 0.08INR

UNITED PHOSPHORUS LTD/DEMAT. 6,200 20,933 0.05INR

UNITED SPIRITS LIMITED/DEMAT. 2,339 54,811 0.13INR

ZEE ENTERTAINMENTENTERPRISE LTD /DEMAT. 12,454 34,166 0.08INR

4,684,440 11.16

SINO-OCEAN LANDHOLDINGS LTD 53,500 33,119 0.08HKD

VIRGIN ISLANDS

33,119 0.08


LYXOR INTERNATIONAL ETFRUSSIA -A- 22,500 1,190,619 2.84EUR

INVESTMENT FUNDS

FRANCE

1,190,619 2.84


ISHARES MSCI CHINATRACKER 337,900 969,920 2.32HKD

EXCHANGE TRADED FUNDS

HONG KONG

969,920 2.32

ISHARES MSCI BRAZIL /INDEXFD 6,806 522,156 1.24USD

UNITED STATES

522,156 1.24

3.561,492,076TOTAL EXCHANGE TRADED FUNDS

RIGHT B2W VAREJO 11-26.04.11 671 494 0.00BRL


BRAZIL

494 0.00



Quantity/Facevalue

BARCLAYS BANK 6-36-A-WRT/MSCI INC. 20,130 1,450,769 3.46USD

GREAT BRITAIN

DEUTSCHE BANK LN 30.01.17WRT /HIND.LEV 28,500 181,629 0.43USD

1,632,398 3.89


SANTANDERBR/UNITS(55SH+50PFD) 9,000 108,860 0.26BRL

UNIT SHARES

BRAZIL

108,860 0.26

0.26108,860TOTAL - UNIT SHARES

BANCO BRADESCO /SADR 25,946 523,071 1.25USD


BRAZIL

BRASIL TELECOM /SADR 1,964 52,301 0.12USD

CEMIG /SADR 5,603 107,578 0.26USD

CIA SIDER. NAC/SADR(REP.1SH) 11,000 183,150 0.44USD

COPEL /SADR (1000 PREF. B) 2,014 55,748 0.13USD

EMBRAER SA /SADR 2,000 66,600 0.16USD

GERDAU SA SADR PREF. SHS 9,500 117,610 0.28USD


PETROLEO BRASILEIRO/SADR 22,800 921,348 2.20USD

SABESP /SADR 1,200 68,808 0.16USD

TELE NORT. LE. TNLP /PREF.SADR 4,400 77,528 0.18USD

TIM PARTICIPACOES SA/SADR 800 34,272 0.08USD

ULTRAPAR PARTICIPATION/SADR PREF. 4,400 74,932 0.18USD

USIMINAS -A- SADR (10000PREF. REGS) 6,600 80,520 0.19USD

VALE / -A- /SADR 28,900 841,279 2.01USD

VALE /SADR 18,500 609,020 1.45USD

4,922,098 11.73

GAZPROM OAO /SADR REGS 72,530 2,330,366 5.56USD


JSC SURGUTNEFTEGAZ/SADR 30,850 326,702 0.78USD


Quantity/Facevalue


226

JSC SURGUTNEFTEGAZ/SADR PREF. 29,900 178,802 0.43USD

LUKOIL /SADR (REP.1 SHS.) 18,300 1,281,000 3.05USD

MMC NORILSK NICKEL /SADR 30,600 809,982 1.93USD

MOBILE TELESYSTEMSOJS/SADR 24,033 517,671 1.23USD

WIMM-BILL-DANN FODDS/SADR 3,050 101,718 0.24USD

5,546,241 13.22

ICICI BANK /SADR 12,860 643,386 1.53USD

INDIA


WIPRO LTD /SADR 14,000 203,560 0.49USD

1,880,042 4.48


AFK SISTEMA / SGDR 4,127 118,610 0.28USD



NOVATEK OAO /SGDR 3,952 544,586 1.30USD

NOVOLIPETSK STEEL REGS/GDR 3,920 172,833 0.41USD

ROSNEFT OIL COMPANYOJSC /SGDR 68,600 633,863 1.52USD

SEVERSTAL CHEREPOVETSMET/SGDR 10,100 197,152 0.47USD

TRUBNAYA METALL. KOMP./SGDR REG 2,732 56,359 0.13USD

VNESHTORGBANK SGDR 33,853 235,730 0.56USD

1,959,133 4.67

GAIL INDIA LTD /GDR REGS 1,850 115,001 0.27USD

INDIA

LARSEN TOUBRO /GDRREPR.1 SHS 5,900 221,445 0.53USD

RANBAXY LABORATORY /GDR(EQ.SHS) 4,200 41,288 0.10USD

STATE BANK OF INDIA /GDRREGS 1,060 136,740 0.33USD

514,474 1.23


AES TIETE SA /PFD 2,400 36,088 0.09BRL

PREFERENTIAL SHARES

BRAZIL



Quantity/Facevalue

BRADESPAR SA BRASIL/PREF. 4,000 103,125 0.25BRL

CIE ENERGY SAO PAULO/PREF. -B- 2,300 44,596 0.11BRL

ELETROPAULOELETRICIDADE PREF 1,300 28,607 0.07BRL

FOSFERTIL.FER.FOSFATADOS / PREF. 2,300 22,270 0.05BRL

LOJAS AMERICANAS SA/PRIV. 5,400 45,257 0.11BRL

SUZANO PAPEL E CELULOSE-A- /PREF. 4,250 39,142 0.09BRL

VIVO PARTICIPACOES SA/PREF. SHS 2,800 108,702 0.25BRL

427,787 1.02

1.02427,787TOTAL PREFERENTIAL SHARES

AMBEV CIA DE BEBIDAS/ADR 10,500 295,785 0.71USD


BRAZIL

BRASIL DISTRIBUTION PAO/ADR 1,600 65,184 0.16USD

ITAU HOLDING ITAU / PFD. /SADR 30,460 706,672 1.67USD

1,067,641 2.54

MECHEL OJSC /ADR 6,259 195,907 0.47USD


195,907 0.47

DR REDDY SLABORATORIES/ADR 2,900 107,822 0.26USD

INDIA

HOUSING DEVT FIN CORP. 3,000 502,410 1.20USD

SATYAM COMPUTER /ADR 18,400 55,752 0.13USD

STERLITE INDUSTRIES (INDIA)/ADR 9,600 146,976 0.35USD

TATA MOTORS LTD /ADR 7,300 205,568 0.49USD

1,018,528 2.43



38,780,402


Quantity/Facevalue

227


TRACTEBEL ENERGIA SA/SADR 1,900 32,186 0.08USD



BRAZIL

32,186 0.08

0.0832,186TOTAL SADR (Sponsored American Dep.Receipt)

POLYMETAL JT STK CO/SGDRREGS 4,300 81,270 0.19USD



URALKALITY /GDR 6,450 262,837 0.63USD

344,107 0.82


SBERBANK /PREF. 43,200 110,972 0.26USD

PREFERENTIAL SHARES


110,972 0.26



487,265

GOME ELECTRICALAPPLIANCE HOLDING 141,000 49,618 0.12HKD


SHARES

BERMUDA ISLANDS

49,618 0.12

FEDERALHYDROGENERATING ISS 39 30,008 1,505 0.00RUB


FSK EES 13,316,000 193,415 0.46USD

FTHGEN.CO.WHOLES.EL.OJSCWGC4 800,000 77,644 0.19USD

INTER RAO UES JSC 39,958,000 58,858 0.14USD

RASPADSKAYA 8,100 54,312 0.13USD

RUSHYDRO OJSC 4,657,766 234,221 0.55USD

619,955 1.47



Quantity/Facevalue

RELIANCE INFRASTRUCTURELTD 3,569 53,505 0.13INR

INDIA

53,505 0.13


MAGNIT JSC 9,600 292,800 0.70USD



OAO TATFNEFT /SGDR REP GREG.S 10,200 447,576 1.06USD

740,376 1.76

RELIANCE INDUSTRIES /GDR2 SHS 144A 21,006 978,229 2.33USD

INDIA

978,229 2.33


TRANSNEFT OJSC MOSCOW 60 87,012 0.21USD

PREFERENTIAL SHARES


87,012 0.21


POLYUS ZOLOTO OAO /SADR 3,200 112,096 0.27USD



112,096 0.27

0.27112,096TOTAL ADR (American Depositary Receipt)






Quantity/Facevalue


228

BANCO BRADESCO SA /PREF. 944,109 19,253,069 2.72BRL


SHARES

BRAZIL


BM&F BOVESPA BOLSA DEVALORES 302,000 2,209,077 0.31BRL

BR MALLS PARTICIPAES SA 250,000 2,618,375 0.37BRL

BRASIL TELECOM SA N1 14,451 158,382 0.02BRL

B2W COMPANHIA GLOBALDO VAREJO 25,100 344,795 0.05BRL

COSAN SA INDUSTRIA ECOMERCIO 261,800 4,120,197 0.58BRL


ELETROBRAS. CENTR. ELETR.BRASIL 130,561 1,985,628 0.28BRL

ELETROBRAS. EL.BRASIL./PREF. B 120,982 2,294,346 0.32BRL

EMBRAER EMPRESABRASILEIRA AERONAUTICA 452,800 3,744,294 0.53BRL

FIBRIA 36,616 599,483 0.08BRL

GOL LINHAS AEREASINTELIGENTES 23,000 311,982 0.04BRL


LOJAS RENNER SA 61,000 2,020,314 0.29BRL

MRV ENGHENHARIA 160,800 1,293,054 0.18BRL

PDG REALTY SA 771,400 4,326,986 0.61BRL

PETROBRAS PETROLEOBRASILEIRO 985,241 19,782,481 2.81BRL

PETROLEO BRASILEIRO/PREF. 1,565,931 27,517,824 3.90BRL

REDECARD SA 62,300 912,578 0.13BRL

ROSSI RESIDENCIAL ON 325,000 2,741,520 0.39BRL

SABESP. CIA SANEAM. BAS.ESTADO 94,318 2,727,738 0.39BRL

SID NACIONAL 291,000 4,801,924 0.68BRL

TAM SA 27,300 534,536 0.08BRL

TELEMAR 27,800 641,210 0.09BRL


131,076,645 18.55

INVESTMENTS

BRIC Markets EquityStatement of investments as at 31 March 2011(expressed in USD)


Quantity/Facevalue

BELLE INTERNATIONALHOLDING LTD 1,562,000 2,862,224 0.40HKD

CAYMAN ISLANDS


COUNTRY GARDENHOLDINGS 5,978,000 2,611,788 0.37HKD

ENN ENERGY HOLDINGS 562,000 1,747,651 0.25HKD


HENGAN INTL GROUP 471,000 3,492,206 0.49HKD


SOHO CHINA LTD 3,978,500 3,409,952 0.48HKD


32,257,282 4.56

AGILE PROPERTY HOLDINGSLTD 1,938,000 3,053,145 0.43HKD

CHINA


ANHUI CONCH CEMENT CO. -H- 492,000 3,075,750 0.44HKD


BANK OF COMMUNICATIONSCO. -H- 1,411,000 1,552,044 0.22HKD

BEIJING CAPITALINTERNATIONAL AIRPORT -H- 694,000 365,634 0.05HKD


CHINA CITIC BANK -H- 3,041,000 2,211,750 0.31HKD




CHINA MENGNIU DAIRY CO.LTD 1,224,000 3,240,050 0.46HKD

CHINA MERCHANTS BANK -H- 1,097,200 3,038,339 0.43HKD

CHINA NATIONAL BUILDINGMATERIAL -H- 640,000 2,347,952 0.33HKD


CHINA RAILWAYCONSTRUCTION CORP. -H- 2,876,500 2,986,612 0.42HKD

CHINA RAILWAY GROUP LTD-H- 5,058,000 3,262,764 0.46HKD


Quantity/Facevalue

229


CHINA RESOURCES LAND 1,200,000 2,245,152 0.32HKD


CHINA SOUTHERN AIRLINES-H- 5,078,000 2,257,730 0.32HKD


DATANG INT. POWERGENERATION -H- 1,480,000 549,620 0.08HKD


GUANGZHOU AUTO 3,162,000 3,839,696 0.54HKD

HUANENG POWERINTERNATIONAL -H- 1,374,000 803,343 0.11HKD

IND & COM BOC -H- 17,857,000 14,823,273 2.09HKD

JIANGXI COPPER CO. LTD -H- 803,000 2,677,664 0.38HKD

MAANSHAN IRON & STEELCO. H 510,000 275,902 0.04HKD

NINE DRAGONS PAPERHOLDINGS LTD 1,790,000 2,143,740 0.30HKD


PICC PROPERTY & CASUALTY-H- 1,930,000 2,326,287 0.33HKD

PING AN INSURANCE GRPCO. -H- 595,000 6,028,674 0.85HKD

SHIMAO PROPERTY HOLDINGLTD 1,680,000 2,378,998 0.34HKD

SINOFERT HOLDINGS LTD 838,000 360,738 0.05HKD

SINOPEC SHANGHAIPETROCHEMICAL -H- 678,000 318,870 0.05HKD

WEICHAI POWER CO LTD /-H- 348,000 2,112,926 0.30HKD

YANZHOU COAL MINING CO.-H- 884,000 3,214,710 0.45HKD


ZIJIN MINING GROUP -H- 2,272,000 1,810,102 0.26HKD

144,011,246 20.38


HONG KONG

CHINA OVERSEASLAND&INVESTMENT 1,640,000 3,333,907 0.47HKD

CHINA RESOURCES POWERHOLDINGS 634,000 1,220,406 0.17HKD

CNOOC LTD 6,212,000 15,645,543 2.21HKD

COSCO PACIFIC LTD 418,000 790,655 0.11HKD

GUANGDONG INVESTMENTLTD 1,084,000 547,425 0.08HKD



Quantity/Facevalue

KINGBOARD CHEMICALSHOLDINGS 440,500 2,315,114 0.33HKD

LENOVO GROUP LTD 1,758,000 1,000,750 0.14HKD

47,880,570 6.77

AXIS BANK LTD/DEMAT. 57,500 1,810,096 0.26INR

INDIA

DR REDDY SLABORATORIES/DEMAT. 71,200 2,616,889 0.37INR

GAIL (INDIA) LTD /DEMAT. 264,200 2,748,931 0.39INR

H D F C BANK /DEMAT. 96,100 5,055,181 0.72INR

HINDALCO INDUSTRIES /DEMAT. 717,900 3,366,936 0.48INR

HOUSING DEVT FIN CORP. 344,700 5,419,962 0.77INR

ICICI BANK LTD /DEMAT. 372,300 9,318,546 1.31INR

INDIABULLS REAL ESTATE/DEMAT. 101,100 281,683 0.04INR

INFOSYS TECHNOLOGIES LTD/DEMAT. 150,800 10,960,583 1.54INR

INFRASTRUCTUREDEVELOPMENT FINANCE/DEMAT. 296,000 1,026,158 0.15INR

ITC LTD /DEMAT. 1,490,900 6,087,957 0.86INR

JINDAL STEEL & POWER/DEMAT. 141,000 2,204,712 0.31INR

JSW STEEL LTD / DEMAT. 71,900 1,477,337 0.21INR

KOTAK MAHIND 343,200 3,523,576 0.50INR

LARSEN & TOUBRO LTD /DEMAT. 119,600 4,430,248 0.63INR

MAHINDRA & MAHINDRA 119,700 1,879,846 0.27INR

NTPC LTD / DEMAT. 157,800 683,286 0.10INR

OIL & NATURAL GAS CORPLTD 648,800 4,238,034 0.60INR

RELIANCE INDUSTRIES/DEMAT. 623,600 14,670,201 2.07INR

SESA GOA LTD /DEMAT. 126,500 826,454 0.12INR

STERLITE IND(INDIA) --- SHS 508,400 1,980,243 0.28INR

TATA CONSULTANCYSERVICES /DEMAT. 238,100 6,321,025 0.88INR

TATA MOTORS LTD /DEMAT. 98,000 2,743,314 0.39INR

WIPRO LTD /DEMAT. 33 355 0.00INR

93,671,553 13.25


Quantity/Facevalue


230

SINO-OCEAN LANDHOLDINGS LTD 1,495,000 925,958 0.13HKD

VIRGIN ISLANDS

925,958 0.13

63.64449,823,254TOTAL SHARES

HALBIS FD-CHINA A SHARE-X 300 3,282,094 0.46USD

INVESTMENT FUNDS

LUXEMBOURG

3,282,094 0.46


ISHARES MSCI BRAZIL /INDEXFD 255,909 19,876,452 2.81USD


UNITED STATES

19,876,452 2.81


RIGHT B2W VAREJO 11-26.04.11 10,527 7,065 0.00BRL


BRAZIL

7,065 0.00

0.007,065TOTAL WARRANTS / EQUITY LINKEDSECURITIES




JSC SURGUTNEFTEGAZ/SADR 304,910 3,314,372 0.47USD


MMC NORILSK NICKEL /SADR 478,183 12,643,159 1.79USD


81,495,622 11.53






NOVOLIPETSK STEEL REGS/GDR 45,210 1,991,274 0.28USD



Quantity/Facevalue

ROSNEFT OIL COMPANYOJSC /SGDR 599,570 5,474,674 0.77USD


VNESHTORGBANK SGDR 855,100 5,939,610 0.85USD

21,743,545 3.08


AMBEV CIA DEBEDIDAS/PREF. 423,825 11,818,882 1.67BRL

PREFERENTIAL SHARES

BRAZIL

BRASIL TELECOM SA /PREF. 81,822 738,066 0.10BRL

CIA ENERGET. MIN. GERAIS/PRIV. 141,448 2,685,955 0.38BRL


CIE ENERGY SAO PAULO/PREF. -B- 92,259 1,808,143 0.26BRL


KLABIN RIOCELL SA /PREF. 201,300 796,970 0.11BRL

LOJAS AMERICANAS SA/PRIV. 252,073 2,123,244 0.30BRL

SUZANO PAPEL E CELULOSE-A- /PREF. 143,125 1,337,749 0.19BRL

TEMAR / PREF. 103,900 1,827,095 0.26BRL


74,489,376 10.54





2,191,626 0.31



652,909,034

SBERBANK GDR 13,060 5,471,946 0.77EUR





Quantity/Facevalue

231



8,067,139 1.14



8,067,139

AO TATNEFT 235,000 1,521,697 0.22USD


SHARES


1,521,697 0.22


DR REDDY 9.25% 11-24.03.14(INR5) 427,200 - 0.00INR

BONDS

INDIA

- 0.00

0.00-TOTAL BONDS

HSBC MSCI BRAZIL ETF 56,500 2,161,690 0.31USD


IRELAND

2,161,690 0.31





4,000,653 0.56








Quantity/Facevalue


232

CHINA POWER NEW ENERGYDEV.CO 3,200,000 271,392 0.66HKD


SHARES

BERMUDA ISLANDS

271,392 0.66


BRAZIL

267,545 0.65

BOMBARDIER INC -B- 70,933 510,899 1.25CAD

CANADA

CAMECO CORP. 23,600 706,709 1.73CAD

1,217,608 2.98

CH HS TRANSMISS EQ GRCO. LTD 121,000 193,734 0.47HKD

CAYMAN ISLANDS

193,734 0.47

CHINA SOUTH LOCOMOTIVE -H- 220,000 225,029 0.55HKD

CHINA

225,029 0.55

CEZ.CESKE ENERGETICKEZAVODY 8,831 455,250 1.11CZK

CZECH REPUBLIC

455,250 1.11

VESTAS WIND SYSTEMS AS /REG 7,349 319,973 0.78DKK

DENMARK

319,973 0.78

AIR LIQUIDE 2,463 330,157 0.81EUR

FRANCE

EDF 22,975 961,638 2.35EUR

SAFT GROUPE SA 5,998 254,763 0.62EUR

SAINT-GOBAIN 3,615 223,440 0.55EUR

SCHNEIDER ELECTRIC SA 8,290 1,427,686 3.49EUR

SUEZ ENVIRONNEMENT CIE 12,170 252,961 0.62EUR

INVESTMENTS

Climate ChangeStatement of investments as at 31 March 2011(expressed in USD)

Description Quantity Currency Evaluation % netassets

VEOLIA ENVIRONNEMENT 9,900 310,780 0.76EUR

3,761,425 9.20

AIXTRON /NAMEN AKT. 11,000 483,732 1.18EUR

GERMANY

E.ON 49,690 1,529,110 3.74EUR

RWE AG (NEU). ESSEN A 5,275 338,839 0.83EUR

SIEMENS AG 12,607 1,741,046 4.27EUR

SMA SOLAR TECHNOLOGYAG 3,300 416,298 1.02EUR

WACKER CHEMIE AGMUENCHEN 1,848 419,612 1.03EUR

4,928,637 12.07

SEVERN TRENT PLC 18,000 426,887 1.04GBP

GREAT BRITAIN

426,887 1.04

CHINA AGRI INDUSTRIESHOLDINGS 200,000 224,104 0.55HKD

HONG KONG

GUANGDONG INVESTMENTLTD 218,000 110,091 0.27HKD

334,195 0.82

CROMPTON GREAVESLTD/DEMAT. 50,000 305,807 0.75INR

INDIA

305,807 0.75

ENEL 370,825 2,357,196 5.77EUR

ITALY

IMPREGILO/POSTRAGGRUPPAMENTO 63,824 213,930 0.52EUR

LANDI RENZO SPA 28,312 100,376 0.25EUR

2,671,502 6.54

ASAHI GLASS CO. LTD 24,000 303,097 0.74JPY

JAPAN

CHUBU ELECTRIC POWER -C- 11,200 250,166 0.61JPY

EBARA CORP. 31,000 166,182 0.41JPY

HITACHI LTD 66,000 345,041 0.84JPY

HOKKAIDO ELECTRCITYPOWER 7,600 148,008 0.36JPY

KANSAI ELECTRIC POWERCO. 48,600 1,062,658 2.61JPY

KYOCERA CORP. 1,100 111,959 0.27JPY

KYUSHU ELECTR.POWER CO. 31,700 621,944 1.53JPY


233


MITSUBISHI HEAVYINDUSTRIES 40,000 184,485 0.45JPY

SHARP CORP. 16,000 159,372 0.39JPY

SHIMANO INC. 4,000 200,664 0.49JPY

SHIN KOBE ELEC MACHINERYCO 16,000 217,905 0.53JPY

TOHOKU ELECTRIC POWER 12,000 203,562 0.50JPY

3,975,043 9.73

ROYAL PHILIPSELECTRONICS 11,682 376,110 0.92EUR

NETHERLANDS

376,110 0.92

MANILA WATER CO INC 462,000 193,312 0.47PHP

PHILIPPINES

193,312 0.47

EDP-ENERGIAS DEPORTUGAL SA 71,542 281,735 0.69EUR

PORTUGAL

281,735 0.69

HYFLUX LTD 108,000 185,121 0.45SGD

SINGAPORE

185,121 0.45

IMPALA PLATINUMHOLDINGS LTD 15,602 451,610 1.11ZAR

SOUTH AFRICA

451,610 1.11

KOREA ELECTRIC POWERCORP. 5,010 123,179 0.30KRW

SOUTH KOREA

WOONG JIN COWAY CO. LTD 6,000 207,569 0.51KRW

330,748 0.81

ABENGOA SA 9,000 300,901 0.74EUR

SPAIN

IBERDROLA RENOVABLES SA 70,000 304,244 0.74EUR

IBERDROLA SA 109,908 961,339 2.35EUR

1,566,484 3.83

J.M.AB 10,240 274,042 0.67SEK

SWEDEN

274,042 0.67



ABB LTD ZUERICH /NAMEN. 60,966 1,476,489 3.61CHF

SWITZERLAND

1,476,489 3.61

APPLIED MATERIALS INC. 15,000 235,500 0.58USD

UNITED STATES

BORG WARNER INC. 6,000 474,840 1.16USD

DOMINION RESOURCES INC. 8,400 376,908 0.92USD

EDISON INTERNATIONAL 5,138 188,051 0.46USD

EL PASO ELECTRIC CO 9,000 273,870 0.67USD

EMERSON ELECTRIC CO. 20,000 1,176,800 2.88USD

ENERGIZER HLD INC 3,400 240,244 0.59USD

ENTERGY CORP. 5,000 336,750 0.82USD

EXELON CORP. 38,200 1,574,223 3.86USD

FIRST SOLAR INC. 3,500 546,560 1.34USD

FIRSTENERGY CORP. 9,842 364,252 0.89USD

FLOWSERVE CORP. 3,400 437,920 1.07USD

FLUOR CORP. (NEW) 6,600 493,284 1.21USD

GREAT PLAINS ENERGY INC 18,000 361,260 0.88USD

HONEYWELLINTERNATIONAL INC. 13,900 832,610 2.04USD

ITT CORP. 2,000 119,680 0.29USD

JOHNSON CONTROLS INC. 12,600 522,270 1.28USD

NEXTERA ENERGY 4,600 253,092 0.62USD

OCEANEERING INTL INC. 5,215 464,396 1.14USD

PG&E CORP. 6,700 295,470 0.72USD

PORTLAND GENERALELECTRIC CO 15,000 357,000 0.87USD

REPUBLIC SERVICES INC. 6,071 183,041 0.45USD

ROPER INDUSTRIES 3,000 259,140 0.63USD

SUNPOWER CORP 4,439 76,484 0.19USD

WASTE MANAGEMENT INC. 31,800 1,188,684 2.91USD

WATTS WATERTECHNOLOGIES INC 8,100 308,610 0.76USD

11,940,939 29.23


EMPRESA NACINAL DEELECTRECIDAD /SADR 8,000 446,640 1.09USD


CHILE

446,640 1.09



234

LDK SOLAR CO /SADR 25,000 305,000 0.75USD

CHINA

305,000 0.75

1.84751,640TOTAL SADR (Sponsored American Dep.Receipt)

AES TIETE SA /PFD 15,000 228,311 0.56BRL

PREFERENTIAL SHARES

BRAZIL

228,311 0.56


JA SOLAR HOLDINGS CO./ADR 40,000 277,200 0.67USD


CAYMAN ISLANDS

YINGLI GREEN HLD / ADR 17,100 218,709 0.54USD

495,909 1.21



37,906,477

SIMPLO TECHNOLOGY CO. 50,000 312,855 0.77TWD


SHARES

TAIWAN

312,855 0.77



312,855






235


RAIFFEISEN BANK INTL AG 3,000 167,310 0.53EUR


SHARES

AUSTRIA

167,310 0.53

SHANGRI-LA ASIA LTD 74,000 191,131 0.60HKD

BERMUDA ISLANDS

YUE YUEN IND HLD LTD 50,000 159,019 0.51HKD

350,150 1.11


BRAZIL


PDG REALTY SA 40,000 224,371 0.71BRL

911,151 2.89


CHINA


CHINA LIFE INSURANCE CO.LTD -H- 120,000 450,264 1.43HKD


IND & COM BOC -H- 700,000 581,076 1.84HKD

2,292,375 7.28

KOMERCNI BANKA AS 1,200 304,019 0.97CZK

CZECH REPUBLIC

304,019 0.97

CARLSBERG AS B 1,500 162,129 0.52DKK

DENMARK

162,129 0.52

AXA 15,000 315,946 1.00EUR

FRANCE

CREDIT AGRICOLE SA PARIS 10,000 165,389 0.53EUR

GROUPE DANONE 4,700 309,226 0.98EUR

LVMH MOET HENNESSY 2,000 319,965 1.02EUR

PEUGEOT SA 4,500 179,612 0.57EUR

INVESTMENTS

Emerging WealthStatement of investments as at 31 March 2011(expressed in USD)


Quantity/Facevalue

SOCIETE GENERALE PARIS -A- 6,000 393,221 1.25EUR

1,683,359 5.35

BMW-BAYERISCHEMOTOREN WERKE 4,500 378,111 1.20EUR

GERMANY

SAP AG 6,000 369,916 1.18EUR

748,027 2.38

ASTRAZENECA PLC 5,000 232,332 0.74GBP

GREAT BRITAIN

BRITISH AMERICANTOBACCO 7,500 305,178 0.97GBP

HSBC HOLDINGS PLC 50,000 519,369 1.65GBP

ICAP PLC 30,000 257,030 0.82GBP

RECKITT BENCKISER GROUPPLC 5,000 259,926 0.83GBP

ROYAL DUTCH SHELL -B- 20,000 735,933 2.33GBP

TESCO PLC 50,000 309,079 0.98GBP

2,618,847 8.32

CATHAY PACIFIC AIRWAYS 100,000 239,524 0.76HKD

HONG KONG

CHEUNG KONG HOLDINGS 25,000 407,345 1.29HKD


SUN HUNG KAI PROPERTIESLTD 20,000 316,624 1.01HKD

1,607,985 5.11

CANARA BANK /DEMAT. 20,000 280,861 0.89INR

INDIA

280,861 0.89

KERRY GROUP A 5,000 187,512 0.60EUR

IRELAND

187,512 0.60

TEVA PHARMACEUTICALINDUSTR. 2,500 125,503 0.40ILS

ISRAEL

125,503 0.40

ENI SPA ROMA 10,000 247,834 0.79EUR

ITALY

247,834 0.79

DAIHATSU MOTOR CO. 10,000 146,333 0.46JPY

JAPAN


Quantity/Facevalue


236

HONDA MOTOR CO. LTD 7,000 264,111 0.85JPY

MITSUBISHI UFJ FINANCIALGROUP 40,000 185,451 0.59JPY

TOSHIBA CORP. 40,000 196,559 0.62JPY

TOYOTA MOTOR CORP. 5,000 202,234 0.64JPY

UNI-CHARM CORP. 4,000 146,091 0.46JPY

1,140,779 3.62

IOI CORPORATION BHD 100,000 190,319 0.60MYR

MALAYSIA

KUALA LUMPUR KEPONGBHD 25,000 175,120 0.56MYR

RHB CAPITAL BHD 100,000 283,496 0.90MYR

TM INTERNATIONAL BERHAD 200,000 316,538 1.01MYR

965,473 3.07

AMERICA MOVIL SAB DE CV -L- 175,000 506,592 1.61MXN

MEXICO

506,592 1.61

ING GROEP NV/CERT.OF SHS 30,000 382,422 1.21EUR

NETHERLANDS

382,422 1.21

OLAM INTERNATIONAL LTD 100,000 222,196 0.71SGD

SINGAPORE

UTD OVERSEAS BANK /LOCAL 20,000 298,377 0.94SGD

520,573 1.65

DISCOVERY HOLDINGS LTD 30,000 170,757 0.54ZAR

SOUTH AFRICA

LIFE HEALTHCARE GROUPHOLDING 120,000 279,469 0.89ZAR

MTN GROUP LTD 15,000 302,714 0.96ZAR

752,940 2.39

HYUNDAI MOTOR CO. LTD 2,000 371,084 1.18KRW

SOUTH KOREA

KIA MOTORS CORP. 6,000 378,396 1.21KRW

KT CORPORATION 7,000 248,882 0.79KRW

LOTTE SHOPPING LTD 400 164,154 0.52KRW

SAMSUNG FIRE&MARINEINSURANCE 1,000 221,645 0.70KRW

SHINHAN FINANCIAL GROUP 4,000 182,252 0.58KRW



Quantity/Facevalue

WOORI FINANCE HOLDINGSCO. LTD 15,000 199,481 0.63KRW

1,765,894 5.61

TELEFONICA SA 20,000 504,632 1.60EUR

SPAIN

504,632 1.60

NESTLE 3,000 173,354 0.55CHF

SWITZERLAND

ROCHE HOLDING AG/GENUSSSCHEIN 3,000 431,664 1.37CHF

UBS AG 20,000 361,907 1.15CHF

966,925 3.07

BANK OF AYUDHYA PUBLIC/LOCAL 320,000 262,388 0.83THB

THAILAND

KRUNG THAI BANK PUBLICCO. LTD 500,000 304,180 0.97THB

566,568 1.80

TURKIYE HALK BANKASI AS 25,000 193,616 0.62TRY

TURKEY

193,616 0.62

AMERICAN TOWER CORP. -A- 5,000 259,600 0.82USD

UNITED STATES

APPLE INC. 2,000 697,280 2.22USD

BAXTER INTERNATIONAL INC. 4,000 213,880 0.68USD

CISCO SYSTEMS INC. 12,000 206,880 0.66USD

COCA-COLA CO. 8,000 532,320 1.69USD

COLGATE-PALMOLIVE CO. 2,000 162,360 0.52USD

DIEBOLD INC 5,000 177,050 0.56USD

FRANKLIN RESOURCES INC. 2,000 246,660 0.78USD

JOHNSON & JOHNSON 3,000 178,620 0.57USD

JP MORGAN 16,000 739,839 2.35USD

LIFE TECHNOLOGIES CORP. 5,000 260,800 0.83USD

MERCK 12,000 398,040 1.26USD

MYLAN INC. 10,000 226,300 0.72USD

OMNICOM GROUP INC. 7,000 341,600 1.09USD

PFIZER INC. 16,000 325,920 1.04USD

PHILIP MORRISINTERNATIONAL 5,500 360,195 1.14USD

QUALCOMM INC. 9,000 492,480 1.56USD

SOHU.COM INC 2,600 237,276 0.75USD


Quantity/Facevalue

237


UNITED CONTINENTALHOLDINGS 7,350 169,638 0.54USD

6,226,738 19.78


HLDVF 10-01.06.11 CW/HLDVF 6,000 355 0.00HKD


HONG KONG

355 0.00

0.00355TOTAL WARRANTS / EQUITY LINKEDSECURITIES

SANTANDERBR/UNITS(55SH+50PFD) 25,000 305,862 0.97BRL

UNIT SHARES

BRAZIL

305,862 0.97




BRAZIL

1,110,899 3.53

GAZPROM OAO /SADR REGS 25,000 809,250 2.57USD


LUKOIL /SADR (REP.1 SHS.) 7,000 501,550 1.59USD

1,310,800 4.16



28,908,130

INDUSTRIAL BANK OF KOREA 15,000 259,119 0.82KRW


SHARES

SOUTH KOREA

259,119 0.82



259,119



Quantity/Facevalue

HSBC MSCI BRAZIL ETF 12,000 459,120 1.46USD



IRELAND

459,120 1.46

1.46459,120TOTAL EXCHANGE TRADED FUNDS






Quantity/Facevalue


238

OMV AG 367,459 11,749,502 1.16EUR


SHARES

AUSTRIA

ZUMTOBEL AG 105,000 2,541,000 0.25EUR

14,290,502 1.41

DELHAIZE GROUP 202,078 11,665,963 1.15EUR

BELGIUM

11,665,963 1.15

BANK OF CYPRUS PUBLICCOMPANY 1,897,569 4,838,801 0.48EUR

CYPRUS

4,838,801 0.48

NOKIA OY 1,245,278 7,533,932 0.75EUR

FINLAND

OUTOKUMPU OYJ A 586,851 7,235,873 0.71EUR

14,769,805 1.46

AXA 1,582,116 23,423,227 2.31EUR

FRANCE

BNP PARIBAS 616,917 31,974,808 3.16EUR

BOUYGUES 438,909 14,975,575 1.48EUR

CAP GEMINI SA 418,240 17,394,602 1.72EUR

CARREFOUR SA 479,738 15,082,963 1.49EUR

CIE GEN.GEOPHYSIQUE /VERITAS 620,000 15,940,200 1.57EUR

GAZ DE FRANCE 1,049,269 30,250,425 2.99EUR

MICHELIN B /NOM. 336,838 20,139,544 1.99EUR

NATIXIS 3,398,997 13,653,771 1.35EUR

PEUGEOT SA 377,666 10,595,420 1.05EUR

SAFRAN SA 553,860 13,829,884 1.37EUR

SAINT-GOBAIN 540,000 23,460,300 2.32EUR

SANOFI-AVENTIS 752,223 37,415,571 3.69EUR

SOCIETE GENERALE PARIS -A- 602,639 27,760,566 2.74EUR

TOTAL SA 637,432 27,546,624 2.72EUR

VEOLIA ENVIRONNEMENT 578,715 12,769,346 1.26EUR

VIVENDI 891,576 18,018,751 1.78EUR

ZODIAC AEROSPACE 217,749 11,207,541 1.11EUR

365,439,118 36.10

INVESTMENTS

Euroland EquityStatement of investments as at 31 March 2011(expressed in EUR)


ALLIANZ SE /NAMEN.VINKULIERT 301,112 29,954,621 2.96EUR

GERMANY

BAYER 340,000 18,611,600 1.84EUR

DAIMLER CHRYSLER 494,883 24,768,893 2.45EUR

DEUTSCHE BOERSE AG 204,144 10,993,154 1.09EUR

DEUTSCHE LUFTHANSA 990,790 14,886,620 1.47EUR

DEUTSCHE POST AG BONN 1,301,418 16,612,601 1.64EUR

FRESENIUS MEDICAL CAREAG 417,874 19,861,551 1.96EUR

HENKEL / VORZUG 324,526 14,274,276 1.41EUR

MUENCHENER RUECKVERS 132,693 14,795,270 1.46EUR

SIEMENS AG 239,351 23,233,802 2.29EUR

187,992,388 18.57

HELLENIC TELECOM 1,242,779 9,793,099 0.97EUR

GREECE

9,793,099 0.97

KERRY GROUP A 250,000 6,590,000 0.65EUR

IRELAND

6,590,000 0.65

AUTOGRILL SPA 1,385,673 13,808,231 1.36EUR

ITALY

BUZZI UNICEM 704,297 7,289,474 0.72EUR

UNICREDITO ITALIANO SPA 13,284,898 23,275,142 2.30EUR

44,372,847 4.38

ARCELORMITTAL SA REG 816,576 21,039,081 2.08EUR

LUXEMBOURG

21,039,081 2.08

HEINEKEN NV 469,532 18,203,756 1.80EUR

NETHERLANDS

ING GROEP NV/CERT.OF SHS 3,297,001 29,541,128 2.91EUR

KONINKLIJKE DSM NV 243,426 10,610,939 1.05EUR

KONINKLIJKE KPN NV 1,979,532 23,873,156 2.36EUR

RANDSTAD HOLDING (EUR0.1) 367,977 14,639,965 1.45EUR

REED ELSEVIER NV 1,735,224 15,820,037 1.56EUR

ROYAL PHILIPSELECTRONICS 847,198 19,172,091 1.89EUR

UNILEVER CERT.OF SHS 1,085,442 24,151,084 2.39EUR

156,012,156 15.41


239


BANCO SANTANDERCENTRAL HISPANO/REG 4,929,812 40,675,879 4.02EUR

SPAIN

FERROVIAL SA 1,737,296 15,467,146 1.53EUR

GESTEVISION TELECINCO SA 1,084,578 8,762,306 0.87EUR

GRIFOLS SA -A- 1,041,955 12,831,676 1.27EUR

REPSOL YPF SA. MADRID 1,150,000 27,933,500 2.76EUR

TELEFONICA SA 2,540,000 45,046,900 4.44EUR

150,717,407 14.89

SYNTHES-STRATEC INC. 133,752 12,746,102 1.26CHF

UNITED STATES

12,746,102 1.26

98.811,000,267,269TOTAL SHARES


1,000,267,269

APERAM SA 40,828 1,160,332 0.11EUR


SHARES

LUXEMBOURG

1,160,332 0.11





100.00TOTAL NET ASSETS 1,012,399,563

Euroland EquityStatement of investments as at 31 March 2011(expressed in EUR)



240

OESTERREICHISCHE POST AG 44,352 1,074,427 1.49EUR


SHARES

AUSTRIA

1,074,427 1.49

BEKAERT 18,700 1,507,780 2.10EUR

BELGIUM

COMPAGNIE ENTREPRISESCFE SA 25,000 1,460,000 2.03EUR

KINEPOLIS GROUP 14,175 803,014 1.11EUR

NYRSTAR NV 83,342 853,422 1.18EUR

SA D IETEREN NV 28,976 1,402,149 1.95EUR

THROMBOGENICS NV 45,358 982,908 1.36EUR

UMICORE SA 37,799 1,329,391 1.85EUR

8,338,664 11.58

BANK OF CYPRUS PUBLICCOMPANY 250,000 637,500 0.89EUR

CYPRUS

637,500 0.89

AMER SPORTSCORPORATION A 140,000 1,274,000 1.77EUR

FINLAND

KONECRANES PLC 47,198 1,540,071 2.14EUR

NOKIAN TYRES PLC 51,973 1,569,585 2.18EUR

POHJOLA BANK PLC A 165,000 1,584,824 2.20EUR

SPONDA OYJ HELSINKI 371,952 1,491,528 2.07EUR

YIT OYJ 70,000 1,463,000 2.03EUR

8,923,008 12.39

ATOS ORIGIN 33,000 1,368,180 1.90EUR

FRANCE

BIC 22,500 1,418,850 1.97EUR

FAURECIA SA 25,000 648,000 0.90EUR

ORPEA 36,381 1,258,783 1.75EUR

TELEVISION FRANCAISE 1 94,496 1,238,370 1.72EUR

VALEO 18,000 742,320 1.03EUR

WENDEL INVESTISSEMENT 19,100 1,471,273 2.03EUR

ZODIAC AEROSPACE 13,230 680,948 0.95EUR

8,826,724 12.25

INVESTMENTS

Euroland Equity Smaller CompaniesStatement of investments as at 31 March 2011(expressed in EUR)


AIXTRON /NAMEN AKT. 50,000 1,545,500 2.15EUR

GERMANY

BILFINGER BERGER AG 24,000 1,475,280 2.05EUR

DIC ASSET AG 80,000 733,600 1.02EUR

ELRINGKLINGER AG / N 32,000 716,960 1.00EUR

GEA GROUP AG 70,000 1,634,850 2.26EUR

GERRESHEIMER AG 37,258 1,195,982 1.66EUR

KLOECKNER & CO AG / N 60,000 1,413,600 1.96EUR

NORDDEUTSCHE AFFINERIEAG 39,000 1,469,715 2.04EUR

SOFTWARE AG 12,375 1,446,638 2.01EUR

SOLARWORLD AG BONN 130,000 1,475,370 2.05EUR

STROEER OUT OF HOMEMEDIA 47,363 1,079,876 1.50EUR

TOGNUM AG 60,000 1,524,600 2.12EUR

15,711,971 21.82

HELLENIC TELECOM 75,000 591,000 0.82EUR

GREECE

PUBLIC POWER CORP /REG. 100,000 1,226,000 1.70EUR

1,817,000 2.52

SMURFIT KAPPA GROUP PLC 96,193 864,775 1.20EUR

IRELAND

864,775 1.20

BENI STABILI SPA 1,389,907 1,022,972 1.42EUR

ITALY

DANIELI +C./RISP.N-CV 107,569 1,259,633 1.75EUR

PRYSMIAN SPA 100,000 1,519,999 2.10EUR

SORIN SPA 420,000 832,860 1.16EUR

TOD S SPA 17,813 1,481,151 2.06EUR

6,116,615 8.49

AALBERTS INDUSTRIES NV 86,000 1,451,250 2.01EUR

NETHERLANDS

ASM INTERNATIONAL NV 41,121 1,145,631 1.59EUR

DELTA LLOYD 81,518 1,530,093 2.12EUR

FUGRO NV 25,239 1,571,380 2.18EUR

IMTECH NV 54,139 1,421,149 1.97EUR

KONINKLIJKE VOPAK 42,074 1,430,726 1.99EUR

SBM OFFSHORE NV 83,156 1,714,677 2.39EUR

TOMTOM NV 212,615 1,334,159 1.85EUR

UNIT4 N.V. 34,000 814,640 1.13EUR

12,413,705 17.23


241


ANTENA 3 DE TELEVISION SA 200,000 1,314,000 1.82EUR

SPAIN

BANCO POPULAR ESPANOL/REG. 250,000 1,037,000 1.44EUR

GRUPO CATALANAOCCIDENTE SA 16,192 252,919 0.35EUR

OBRASCON HUARTE LAIN SA 74,000 1,895,880 2.64EUR

4,499,799 6.25


NYRSTAR NV/STRIP VVPR 83,342 500 0.00EUR

STRIP VVPR

BELGIUM

500 0.00

0.00500TOTAL STRIP VVPR


69,224,688




Euroland Equity Smaller CompaniesStatement of investments as at 31 March 2011(expressed in EUR)



242

VOESTALPINE AG 12,465 411,470 0.45EUR


SHARES

AUSTRIA

411,470 0.45

ANHEUSER-BUSH INBEV SA 52,650 2,117,846 2.34EUR

BELGIUM

UMICORE SA 15,941 560,645 0.62EUR

2,678,491 2.96

KONE OYJ -B- 14,216 579,018 0.64EUR

FINLAND

NOKIA OY 118,044 714,166 0.79EUR

SAMPO PLC -A- 49,140 1,106,633 1.22EUR

2,399,817 2.65

AIR LIQUIDE 22,174 2,089,234 2.31EUR

FRANCE

ALSTOM 19,384 814,613 0.90EUR

AXA 115,604 1,711,517 1.89EUR

BNP PARIBAS 62,786 3,254,198 3.60EUR

BOUYGUES 37,472 1,278,545 1.41EUR

GAZ DE FRANCE 90,329 2,604,185 2.88EUR

GROUPE DANONE 24,039 1,111,684 1.23EUR

IPSOS SA PARIS 14,158 490,150 0.54EUR

L'OREAL 6,491 537,195 0.59EUR

LVMH MOET HENNESSY 11,831 1,330,396 1.47EUR

SANOFI-AVENTIS 66,980 3,331,585 3.68EUR

SCHNEIDER ELECTRIC SA 19,917 2,410,953 2.66EUR

SEB SA 14,918 1,040,680 1.15EUR

SOCIETE GENERALE PARIS -A- 34,686 1,597,811 1.77EUR

TOTAL SA 129,052 5,576,983 6.16EUR

VEOLIA ENVIRONNEMENT 45,653 1,007,333 1.11EUR

VIVENDI 50,018 1,010,864 1.12EUR

31,197,926 34.47

ALLIANZ SE /NAMEN.VINKULIERT 22,815 2,269,636 2.51EUR

GERMANY

BASF 40,435 2,478,261 2.74EUR

BAYER 38,172 2,089,535 2.31EUR

INVESTMENTS

Euroland GrowthStatement of investments as at 31 March 2011(expressed in EUR)


DAIMLER CHRYSLER 45,210 2,262,761 2.50EUR

DEUTSCHE BANK AG 51,725 2,153,053 2.38EUR

DEUTSCHE BOERSE AG 36,389 1,959,548 2.17EUR

E.ON 68,737 1,486,781 1.64EUR


MUENCHENER RUECKVERS 3,930 438,195 0.48EUR

RWE AG (NEU). ESSEN A 16,057 724,974 0.80EUR

SAP AG 46,934 2,033,885 2.25EUR

SIEMENS AG 48,920 4,748,663 5.24EUR

SOFTWARE AG 3,534 413,125 0.46EUR

WIRECARD AG/APRESRED.CAP 35,100 443,840 0.49EUR

24,548,535 27.13

AUTONOMY CORPORATIONPLC 20,995 380,846 0.42GBP

GREAT BRITAIN

380,846 0.42

BANQUE NATIONALEGRECE/NOM. S.C.P. 130,686 819,401 0.90EUR

GREECE


1,450,786 1.60

KERRY GROUP A 42,120 1,110,283 1.23EUR

IRELAND

1,110,283 1.23

DIASORIN AZ 32,230 1,003,320 1.11EUR

ITALY

SAIPEM SPA 28,085 1,057,119 1.17EUR

TERNA- RETE ELETTRICANAZIONAL 394,874 1,335,464 1.48EUR

UNICREDITO ITALIANO SPA 1,072,027 1,878,191 2.07EUR

5,274,094 5.83

ARCELORMITTAL SA REG 37,982 978,606 1.08EUR

LUXEMBOURG

978,606 1.08

ASML HOLDING NV 21,683 680,955 0.75EUR

NETHERLANDS

ING GROEP NV/CERT.OF SHS 213,386 1,911,939 2.11EUR

KONINKLIJKE KPN NV 215,324 2,596,806 2.88EUR


243


UNILEVER CERT.OF SHS 50,939 1,133,393 1.25EUR

6,323,093 6.99

BANCO BILBAO VIZCAYAARGENTARIA/NAM. 52,650 454,054 0.50EUR

SPAIN

BANCO SANTANDERCENTRAL HISPANO/REG 417,407 3,444,025 3.81EUR

GRIFOLS SA -A- 93,870 1,156,009 1.28EUR

INDITEX /REG 40,996 2,324,473 2.57EUR

TELEFONICA SA 259,825 4,607,996 5.09EUR

11,986,557 13.25

ELEKTA AB 63,115 1,773,783 1.96SEK

SWEDEN

1,773,783 1.96

100.0290,514,287TOTAL SHARES


90,514,287

APERAM SA 1,899 53,970 0.06EUR


SHARES

LUXEMBOURG

53,970 0.06




(0.08)OTHER NET ASSETS LESS LIABILITIES (75,982)


Euroland GrowthStatement of investments as at 31 March 2011(expressed in EUR)



244

NOVO-NORDISK A/S -B- 26,684 2,365,420 1.96DKK


SHARES

DENMARK

2,365,420 1.96

ALSTOM 117,108 4,921,464 4.08EUR

FRANCE

CIE GEN.GEOPHYSIQUE /VERITAS 158,301 4,069,919 3.37EUR

CREDIT AGRICOLE SA PARIS 404,652 4,704,080 3.90EUR

INGENICO.IND.FIN.ING. 87,664 2,755,280 2.28EUR

VALLOUREC 63,253 5,034,938 4.18EUR

VIVENDI 247,631 5,004,623 4.16EUR

26,490,304 21.97

BEIERSDORF A.G. 108,409 4,677,848 3.88EUR

GERMANY


LANXESS AG 94,510 5,013,756 4.15EUR

SOFTWARE AG 21,832 2,552,161 2.12EUR

14,577,583 12.09

BG GROUP PLC 259,576 4,638,214 3.85GBP

GREAT BRITAIN

BP PLC 112,584 582,310 0.48GBP

BRITISH AMERICANTOBACCO 174,233 4,983,202 4.13GBP

CENTRICA PLC 652,231 2,420,120 2.01GBP

HSBC HOLDINGS PLC 648,230 4,732,840 3.92GBP

PETROFAC LTD 285,131 4,823,977 4.00GBP

PRUDENTIAL PLC 574,074 4,638,732 3.85GBP

UNILEVER PLC 215,277 4,666,815 3.87GBP

WM MORRISONSUPERMARKETS PLC 1,420,421 4,448,046 3.69GBP

XSTRATA PLC 290,924 4,857,830 4.03GBP

40,792,086 33.83

RYANAIR HOLDINGS PLC 723,709 2,426,596 2.01EUR

IRELAND

2,426,596 2.01

INVESTMENTS

European EquityStatement of investments as at 31 March 2011(expressed in EUR)


ING GROEP NV/CERT.OF SHS 515,057 4,614,911 3.83EUR

NETHERLANDS

TNT NV 254,637 4,636,939 3.84EUR

9,251,850 7.67

BANCO SANTANDERCENTRAL HISPANO/REG 570,715 4,708,969 3.90EUR

SPAIN

TELEFONICA SA 262,985 4,664,039 3.87EUR

9,373,008 7.77

ROCHE HOLDING AG/GENUSSSCHEIN 46,630 4,716,031 3.91CHF

SWITZERLAND

SYNGENTA AG 19,716 4,525,947 3.75CHF

9,241,978 7.66

94.96114,518,825TOTAL SHARES


114,518,825

JULIUS BAER GRP 145,022 4,452,522 3.69CHF


SHARES

SWITZERLAND

4,452,522 3.69







245




SHARES

BRAZIL

MRV ENGHENHARIA 13,004 102,838 0.74BRL

PDG REALTY SA 26,901 149,808 1.07BRL

ROSSI RESIDENCIAL ON 16,278 137,024 0.98BRL

596,102 4.26

CHINA RONGSHENG 148,000 129,633 0.93HKD

CAYMAN ISLANDS

CHINA SHANSHUI CEMENTGRP LTD 38 35 0.00HKD

KINGBOARD LAMINATESHLDGS LTD 61,000 50,845 0.36HKD

180,513 1.29

AGRICULT BK CHINA /H-SHARES 376,000 212,959 1.52HKD

CHINA



BANK OF COMMUNICATIONSCO. -H- 111,350 122,415 0.88HKD




CHINA MINSHENG BK -H- 209,500 192,380 1.38HKD



IND & COM BOC -H- 479,968 398,213 2.84HKD

2,451,534 17.54

CEZ.CESKE ENERGETICKEZAVODY 3,709 190,647 1.36CZK

CZECH REPUBLIC

190,647 1.36

INVESTMENTS

Global Emerging Markets EliteStatement of investments as at 31 March 2011(expressed in USD)


Quantity/Facevalue

ELSEWEDY CABLES 10,075 65,833 0.47EGP

EGYPT

65,833 0.47

AK SBEREGATELNY BANKSBERBANK 96,254 361,915 2.59USD


361,915 2.59

ANGLO AMERICAN PLC 3,530 184,651 1.32ZAR

GREAT BRITAIN

184,651 1.32


HONG KONG

KINGBOARD CHEMICALSHOLDINGS 26,841 140,991 1.01HKD

329,026 2.35

OTP BANK LTD 6,418 191,436 1.37HUF

HUNGARY

191,436 1.37

AIRASIA BHD 195,134 173,433 1.24MYR

MALAYSIA

173,433 1.24

KGHM POLSKA MIEDZ SA 2,841 182,400 1.31PLN

POLAND

182,400 1.31

IMPERIAL HOLDINGS LTD 9,934 165,352 1.19ZAR

SOUTH AFRICA

MURRAY AND ROBERTSHOLDINGS 36,350 145,799 1.04ZAR

STEINHOFF INTERNATIONALHOLDING LTD 42,317 155,266 1.11ZAR

466,417 3.34

BS FINL SHS 13,040 189,090 1.35KRW

SOUTH KOREA

DAEGU BANK 9,286 152,439 1.09KRW

DAEWOO SHIPBUILDING &MARINE ENGINEERING CO. 5,354 166,261 1.19KRW


HYUNDAI MOBIS 282 84,228 0.60KRW

HYUNDAI MOTOR CO. LTD 1,403 259,746 1.86KRW


Quantity/Facevalue


246

HYUNDAI STEEL CO. 1,298 165,729 1.19KRW

KIA MOTORS CORP. 3,198 201,244 1.44KRW

KOREAN AIR 2,702 162,146 1.16KRW

LG CORP. 2,517 187,772 1.34KRW

SAMSUNG CARD CO LTD 2,729 138,131 0.99KRW

SAMSUNG ELECTRONICS CO.LTD 406 345,094 2.47KRW

SAMSUNG HEAVYINDUSTRIES 1,700 61,861 0.44KRW

WOORI FINANCE HOLDINGSCO. LTD 12,641 167,741 1.20KRW

2,418,381 17.30

CHINA PETROCHEMICALDEVELOP. 131,242 166,968 1.19TWD

TAIWAN

COMPAL ELECTRONICS INC. 151,000 149,785 1.07TWD

FARGLORY LANDDEVELOPMENT CO 69,873 148,828 1.06TWD

SILITECH TECH 45,295 114,173 0.82TWD

WISTRON CORP. 112,305 177,784 1.28TWD

757,538 5.42

TISCO FINANCIAL GROUP /FOREIGN REG 111,792 145,053 1.04THB

THAILAND

145,053 1.04

KOC HOLDING AS 37,401 176,215 1.26TRY

TURKEY

TURK HAVA YOLLARI AO 26,513 73,923 0.53TRY


TURKIYE IS BANKASI AS C 58,412 187,368 1.34TRY

TURKIYE VAKIFLAR BANKASITAO 62,087 155,077 1.11TRY

761,206 5.45


DEUTSCHE BANK AG 07-02.01.17 WRT /CARN INDIA 21,950 172,275 1.23USD


GERMANY

172,275 1.23

DB LN 07-30.01.17 CW/UNTPIN 42,020 141,796 1.01USD

GREAT BRITAIN



Quantity/Facevalue

DB LN 08-19.03.18 CERT/RECLIN 25,789 147,209 1.06USD

289,005 2.07

JP MORGAN STRUCTURE08.09.14 CERT/TTMT 5,268 146,282 1.05USD

NETHERLANDS

JP MORGAN STRUCTURE20.07.15 CERT /SESA 21,667 140,243 1.00USD

JP MORGAN STRUCTURE25.08.14 CERT /TATA 1,005 13,759 0.10USD

300,284 2.15

CITIGROUP 07-24.10.12WRT/TATA 9,261 128,208 0.92USD

UNITED STATES

128,208 0.92


TISCO UNITS NON-VOTING DR 51,600 66,526 0.48THB

UNIT SHARES

THAILAND

66,526 0.48


GERDAU SA SADR PREF. SHS 3,043 37,672 0.27USD


BRAZIL

PETROBRAS /SADR 4,212 149,147 1.07USD

PETROLEO BRASILEIRO/SADR 5,144 207,869 1.49USD

VALE / -A- /SADR 8,143 237,043 1.70USD

VALE /SADR 9,512 313,135 2.23USD

944,866 6.76




MMC NORILSK NICKEL /SADR 7,628 201,913 1.44USD

965,844 6.91






Quantity/Facevalue

247



328,819 2.35


BANRISUL PNB -B- /PREF 12,908 154,544 1.11BRL

PREFERENTIAL SHARES

BRAZIL

154,544 1.11


GAFISA SA 7,971 100,514 0.72USD


BRAZIL

100,514 0.72

AMERICA MOVIL SAB /ADR -L- 1,260 72,324 0.52USD

MEXICO

72,324 0.52



12,979,294



SHARES

SOUTH KOREA

178,538 1.27


TAIWAN

146,322 1.05



324,860

DB LN 07-15.02.17 CW/JSTL 7,525 153,017 1.10USD



GREAT BRITAIN



Quantity/Facevalue

DB LN 24.01.17 CW/CANADABK 10,583 148,703 1.06USD

301,720 2.16





201,058 1.44







Quantity/Facevalue


248



SHARES

BRAZIL


PDG REALTY SA 1,367,833 7,672,536 1.07BRL

ROSSI RESIDENCIAL ON 845,300 7,130,483 0.99BRL

31,108,681 4.32

CHINA RONGSHENG 7,689,000 6,738,409 0.94HKD

CAYMAN ISLANDS


9,273,246 1.29


CHINA




CHAODA MODERNAGRICULTURE HOLDING 12,430,000 7,714,742 1.07HKD



CHINA MINSHENG BK -H- 9,866,000 9,064,634 1.26HKD



IND & COM BOC -H- 23,547,955 19,547,393 2.71HKD

126,641,725 17.58

CEZ.CESKE ENERGETICKEZAVODY 190,764 9,834,138 1.37CZK

CZECH REPUBLIC

9,834,138 1.37

ELSEWEDY CABLES 468,316 3,123,412 0.43EGP

EGYPT

3,123,412 0.43

INVESTMENTS

Global Emerging Markets EquityStatement of investments as at 31 March 2011(expressed in USD)




GAZPROM OAO 542,295 4,306,365 0.60USD

22,899,731 3.18

ANGLO AMERICAN PLC 177,095 9,182,679 1.27ZAR

GREAT BRITAIN

9,182,679 1.27


HONG KONG

KINGBOARD CHEMICALSHOLDINGS 1,382,500 7,265,936 1.01HKD

16,726,154 2.32

OTP BANK LTD 330,344 9,798,032 1.36HUF

HUNGARY

9,798,032 1.36

CAIRN INDIA LIMITED 1,130,876 8,899,659 1.24INR

INDIA

CANARA BANK /DEMAT. 536,288 7,531,108 1.05INR

JSW STEEL LTD / DEMAT. 390,186 8,017,195 1.11INR

RURAL ELECTRIFICATIONCORP LTD 1,347,589 7,666,392 1.06INR

SESA GOA LTD /DEMAT. 1,121,341 7,325,981 1.02INR

TATA MOTORS LTD /DEMAT. 271,111 7,589,210 1.05INR

TATA STEEL LTD /DEMAT. 523,911 7,310,305 1.02INR

UNITED PHOSPHORUS LTD/DEMAT. 2,180,216 7,306,486 1.01INR

61,646,336 8.56

AIRASIA BHD 10,026,400 8,911,628 1.24MYR

MALAYSIA

8,911,628 1.24

KGHM POLSKA MIEDZ SA 147,227 9,484,699 1.32PLN

POLAND

9,484,699 1.32

IMPERIAL HOLDINGS LTD 513,262 8,567,736 1.19ZAR

SOUTH AFRICA

MURRAY AND ROBERTSHOLDINGS 1,891,830 7,359,884 1.02ZAR

STEINHOFF INTERNATIONALHOLDING LTD 2,180,596 8,072,130 1.12ZAR

23,999,750 3.33


249


BS FINL SHS 601,620 8,743,103 1.21KRW

SOUTH KOREA

DAEGU BANK 485,620 7,989,420 1.11KRW

DAEWOO SHIPBUILDING &MARINE ENGINEERING CO. 277,550 8,637,828 1.20KRW

HYUNDAI DEVELOPMENT CO.ENGINEERING &CONSTRUCTION 242,580 7,061,722 0.98KRW



HYUNDAI STEEL CO. 67,227 8,602,367 1.19KRW


KOREAN AIR 140,722 8,463,190 1.18KRW

LG CORP. 130,434 9,751,924 1.35KRW

SAMSUNG CARD CO LTD 143,094 7,258,729 1.01KRW


SAMSUNG HEAVYINDUSTRIES 76,740 2,798,600 0.39KRW

WOORI FINANCE HOLDINGSCO. LTD 658,900 8,762,513 1.22KRW

124,456,150 17.28

CHINA PETROCHEMICALDEVELOP. 6,777,000 8,630,677 1.20TWD

TAIWAN

COMPAL ELECTRONICS INC. 7,772,000 7,717,403 1.07TWD

FARGLORY LANDDEVELOPMENT CO 3,483,000 7,426,370 1.03TWD

SILITECH TECH 2,328,970 5,876,562 0.82TWD

WISTRON CORP. 5,780,888 9,160,855 1.27TWD

38,811,867 5.39

TISCO FINANCIAL GROUP /FOREIGN REG 5,932,700 7,699,000 1.07THB

THAILAND

7,699,000 1.07

KOC HOLDING AS 1,902,110 8,851,035 1.23TRY

TURKEY

TURK HAVA YOLLARI AO 1,368,843 3,814,662 0.53TRY

TURKIYE HALK BANKASI AS 1,122,524 8,693,557 1.21TRY

TURKIYE IS BANKASI AS C 3,024,755 9,683,919 1.34TRY



TURKIYE VAKIFLAR BANKASITAO 3,151,349 7,883,477 1.09TRY

38,926,650 5.40

76.71552,523,878TOTAL SHARES

TISCO UNITS NON-VOTING DR 2,500,000 3,223,643 0.45THB

UNIT SHARES

THAILAND

3,223,643 0.45

0.453,223,643TOTAL - UNIT SHARES



BRAZIL



VALE / -A- /SADR 503,426 14,835,964 2.05USD

VALE /SADR 416,254 13,907,046 1.93USD

48,966,384 6.79

GAZPROM OAO /SADR REGS 655,511 21,218,892 2.94USD




45,952,834 6.38






17,149,576 2.38



PREFERENTIAL SHARES

BRAZIL

8,041,431 1.12




250

GAFISA SA 399,755 5,108,869 0.71USD


BRAZIL

5,108,869 0.71

AMERICA MOVIL SAB /ADR -L- 66,349 3,838,290 0.53USD

MEXICO

3,838,290 0.53



684,804,905

INDUSTRIAL BANK OF KOREA 541,120 9,347,631 1.30KRW


SHARES

SOUTH KOREA

9,347,631 1.30

CORETRONIC CORP. 4,669,000 7,541,766 1.05TWD

TAIWAN

7,541,766 1.05



16,889,397





10,200,996 1.42








251


ANZ BANKING GROUP 40,410 995,597 1.13AUD


SHARES

AUSTRALIA

BHP BILLITON LTD 24,260 1,168,798 1.32AUD

NATIONAL AUSTRALIA BANKLTD 27,202 727,607 0.83AUD

WOOLWORTHS 11,557 321,447 0.36AUD

3,213,449 3.64

OMV AG 7,839 356,603 0.40EUR

AUSTRIA

356,603 0.40

ANHEUSER-BUSH INBEV SA 16,041 917,996 1.04EUR

BELGIUM

917,996 1.04

EVEREST REINSURANCEGROUP LTD 5,976 512,024 0.58USD

BERMUDA ISLANDS

RENAISSANCERE HLD LTD 7,637 520,308 0.59USD

VALIDUS HOLDINGS 9,722 326,854 0.37USD

1,359,186 1.54

BCE INC /NEW 17,752 647,725 0.73CAD

CANADA

CAMECO CORP. 11,933 357,337 0.41CAD

CANADA IMPER. BANK OFCOMMERCE 5,981 518,485 0.59CAD

CANADIAN NATURALRESOURCES 13,907 693,987 0.78CAD

CGI GROUP INC./SUB.VOT. A 15,582 328,330 0.37CAD

ENCANA CORP. 13,279 460,675 0.52CAD

INMET MINING CORP. 4,585 322,478 0.37CAD

METRO INC -A- /SUB VTG 5,685 269,907 0.31CAD

NEXEN INC. 25,924 652,714 0.74CAD

4,251,638 4.82

A.P. MOELLER - MAERSK A/SB 31 292,717 0.33DKK

DENMARK

CARLSBERG AS B 3,423 369,978 0.42DKK

662,695 0.75

INVESTMENTS

Global EquityStatement of investments as at 31 March 2011(expressed in USD)


WARTSILA CORPORATION -B- 2,515 98,755 0.11EUR

FINLAND

98,755 0.11

CHRISTIAN DIOR SA 3,724 528,065 0.60EUR

FRANCE

CREDIT AGRICOLE SA PARIS 23,677 391,591 0.44EUR

RENAULT SA 9,272 517,560 0.59EUR

SANOFI-AVENTIS 9,377 663,564 0.75EUR

VIVENDI 39,584 1,138,150 1.29EUR

3,238,930 3.67

BASF 18,520 1,614,894 1.83EUR

GERMANY

BAYER 6,176 480,978 0.55EUR

DAIMLER CHRYSLER 7,812 556,262 0.63EUR

DEUTSCHE BANK AG 15,143 896,767 1.02EUR

HENKEL / VORZUG 8,059 504,312 0.57EUR

4,053,213 4.60

ANGLO AMERICAN PLC 24,308 1,269,131 1.44GBP

GREAT BRITAIN

ASS.BRITISH FOODS PLC 18,245 292,526 0.33GBP

ASTRAZENECA PLC 14,299 664,424 0.75GBP

BARCLAYS PLC 154,364 694,550 0.79GBP

BP PLC 76,535 563,185 0.64GBP

HOME RETAIL GROUP PLC 112,607 349,259 0.40GBP

INTERNATIONAL POWER PLC 56,915 282,779 0.32GBP

LEGAL & GENERAL GROUPPLC 155,155 288,580 0.33GBP

LLOYDS BANKING GROUPPLC 956,211 904,635 1.03GBP

OLD MUTUAL PLC 188,057 415,435 0.47GBP

RIO TINTO PLC /REG 8,917 635,572 0.72GBP

ROYAL DUTCH SHELL -B- 39,817 1,465,134 1.66GBP

VODAFONE GROUP PLC 103,710 297,435 0.34GBP

8,122,645 9.22


HONG KONG

HONGKONG ELECTRICHOLDINGS LTD 60,500 404,261 0.46HKD

NEW WORLD DEVELOPMENTCO. LTD 161,000 284,260 0.32HKD

997,507 1.13



252

ACCENTURE PLC 9,563 524,913 0.60USD

IRELAND

524,913 0.60

ENEL 126,296 802,816 0.91EUR

ITALY

802,816 0.91

ASAHI GLASS CO. LTD 32,000 404,129 0.46JPY

JAPAN

CANON INC. 13,900 607,522 0.70JPY

CENTRAL JAPAN RAILWAYCO. 58 461,479 0.52JPY

CHUO MITSUI TRUSTHOLDINGS INC. 100,000 356,173 0.40JPY

DAIICHI SANKYO CO. LTD 13,600 263,708 0.30JPY

FAMILYMART CO. LTD 7,100 267,884 0.30JPY

ITOCHU CORP. 41,700 438,523 0.50JPY

JAPAN TOBACCO INC. 87 315,647 0.36JPY

JGC CORP. 12,000 282,089 0.32JPY

KANSAI ELECTRIC POWERCO. 17,500 382,644 0.43JPY

KAWASAKI KISEN 70,000 259,463 0.29JPY

MARUBENI CORP. 39,000 282,053 0.32JPY

MITSUBISHI UFJ FINANCIALGROUP 46,300 214,660 0.24JPY

NIPPON ELECTRIC GLASS 30,000 426,683 0.48JPY

SEGA SAMMY HOLDING INC. 23,800 415,512 0.47JPY

SHIONOGI & CO. LTD 23,200 397,474 0.45JPY

SUMITOMO ELECTRICINDUSTRIES 26,700 371,044 0.42JPY

SUMITOMO HEAVYINDUSTRIES 70,000 458,919 0.52JPY

TAKEDA PHARMACEUTICALCO. LTD 20,500 960,338 1.10JPY

WEST JAPAN RAILWAY CO. 118 457,326 0.52JPY

8,023,270 9.10


NETHERLANDS

960,618 1.09

ORKLA AS -A- 34,028 330,713 0.38NOK

NORWAY

TELENOR AS 20,673 341,804 0.38NOK

672,517 0.76



EDP-ENERGIAS DEPORTUGAL SA 78,233 308,084 0.35EUR

PORTUGAL

308,084 0.35

AVAGO TECH 8,855 275,656 0.31USD

SINGAPORE

FRASER AND NEAVE LTD 65,000 310,003 0.35SGD

585,659 0.66

BANCO SANTANDERCENTRAL HISPANO/REG 30,574 358,899 0.41EUR

SPAIN


737,423 0.84

VOLVO B 53,269 947,841 1.08SEK

SWEDEN

947,841 1.08

ACTELION LTD ALLSCHWIL 6,362 367,279 0.42CHF

SWITZERLAND

BALOISE HOLDING NAMEN 3,170 316,272 0.36CHF

NESTLE 5,567 321,688 0.36CHF

TYCO ELECTRON /REG. SHS 7,458 259,688 0.29USD

UBS AG 35,250 637,861 0.73CHF

1,902,788 2.16

AES CORP. 26,682 346,866 0.39USD

UNITED STATES

AETNA INC. 10,561 392,869 0.45USD

ALTRIA GROUP 13,479 349,915 0.40USD

AMERISOURCEBERGENCORP. 7,219 285,800 0.32USD

ANALOG DEVICES INC. 9,883 390,873 0.44USD

APPLE INC. 3,005 1,047,662 1.20USD

AT & T 9,770 300,232 0.34USD

AVNET INC. 14,216 485,334 0.55USD

BANK OF AMERICA CORP. 20,559 274,257 0.31USD

BIOGEN IDEC INC. 5,116 372,701 0.42USD

CATERPILLAR INC. 2,847 318,522 0.36USD

CB RICHARD ELLIS GROUPINC. -A- 9,500 254,315 0.29USD

CHEVRON CORPORATION 11,074 1,206,290 1.38USD

CITIGROUP INC. 52,275 231,056 0.26USD


253


CLIFFS NATURALRESOURCES INC. 2,919 285,683 0.32USD

COACH INC. 5,423 283,460 0.32USD

COCA-COLA CO. 3,936 261,901 0.30USD

COCA-COLA ENTERPRISESINC 16,724 455,060 0.52USD

COMPUTER SCIENCES CORP. 7,823 382,623 0.43USD

CONOCOPHILLIPS 10,363 837,434 0.95USD

CONSOLIDATED EDISON INC. 8,264 420,307 0.48USD

CSX CORP. 3,851 303,420 0.34USD

DEERE & CO. 4,751 459,232 0.52USD

EATON CORP. 759 41,715 0.05USD

EBAY INC. 14,997 474,205 0.54USD

EXELON CORP. 9,802 403,940 0.46USD

EXXON MOBIL CORP. 12,051 1,020,720 1.16USD

FMC CORP. 2,821 240,970 0.27USD

FORD MOTOR CO. 20,826 307,184 0.35USD

FOREST LABORATORIES 9,460 303,950 0.34USD

FREEPORT MCMO.COPP&GOLD -B- 6,429 358,995 0.41USD

GAP INC. 16,993 384,212 0.44USD

GENERAL ELECTRIC CO. 17,301 348,096 0.39USD

GOLDMAN SACHS GROUPINC. 2,783 443,694 0.50USD

GOOGLE INC. -A- 428 250,466 0.28USD

HALLIBURTON CO. 10,353 515,269 0.58USD

HESS CORP. 7,090 606,904 0.69USD

HEWLETT-PACKARD CO. 14,626 604,054 0.69USD

HOME DEPOT INC. 10,454 385,962 0.44USD

HUMANA INC. 11,489 788,490 0.89USD

IBM CORP. 6,275 1,028,283 1.18USD

JM SMUCKER CO. 5,324 380,613 0.43USD

JOHNSON & JOHNSON 4,568 271,979 0.31USD

JP MORGAN 21,268 983,432 1.12USD

KIMBERLY CLARK CORP. 8,742 574,787 0.65USD

LORILLARD INC. 4,184 399,195 0.45USD

MARATHON OIL CORP. 14,610 782,658 0.89USD

MCKESSON CORP. 6,276 500,950 0.57USD

METLIFE INC. 14,346 643,992 0.73USD

MICROSOFT CORP. 42,549 1,088,828 1.24USD

NASDAQ OMX GROUP INC. 11,223 287,084 0.33USD

NATIONAL OILWELL VARCOINC. 2,767 222,993 0.25USD



NEWMONT MINING CORP. 6,460 353,491 0.40USD

NORFOLK SOUTHERN CORP. 3,856 268,686 0.30USD

OCCIDENTAL PETROLEUMCORP. 6,739 709,751 0.81USD

ORACLE CORP. 23,230 769,145 0.87USD

PFIZER INC. 15,576 317,283 0.36USD

PG&E CORP. 4,846 213,709 0.24USD

PHILIP MORRISINTERNATIONAL 4,545 297,652 0.34USD

PNC FINANCIAL SERVICES GP 9,342 584,155 0.66USD

PROCTER & GAMBLE CO. 4,459 275,745 0.31USD

RAYONIER INC REIT 10,010 626,526 0.71USD

REPUBLIC SERVICES INC. 7,413 223,502 0.25USD

REYNOLDS AMERICAN INC. 10,501 377,931 0.43USD

ROCKWELL COLLINS 5,898 378,770 0.43USD

STATE STREET CORP. 8,153 366,477 0.42USD

SUNTRUST BANKS INC. 15,906 458,570 0.52USD

SYMANTEC CORP. 22,215 403,647 0.46USD

SYNTHES-STRATEC INC. 3,540 479,947 0.54CHF

TIME WARNER 17,327 621,173 0.70USD

TIME WARNER CABLE 6,168 441,814 0.50USD

TJX COS INC. 10,765 531,253 0.60USD

TORCHMARK CORP. 4,421 293,422 0.33USD

TRAVELERS COMPANIES INC. 8,139 488,014 0.55USD

TYSON FOODS INC. -A- 15,546 300,660 0.34USD

UNION PACIFIC CORP. 5,428 536,341 0.61USD

UTD PARCEL SERVICE INC. -B- 3,977 296,764 0.34USD

VALERO ENERGY CORP. 12,460 376,167 0.43USD

VIACOM INC. -B- 16,006 751,322 0.85USD

WELLS FARGO & CO. 31,961 1,015,081 1.15USD

37,346,430 42.37



80,084,976

SEAGATE TECHNOLOGIE PLC 17,962 257,934 0.29USD


SHARES

IRELAND

257,934 0.29



254

GENERAL MOTORS 12,376 388,112 0.44USD

UNITED STATES

388,112 0.44








255


CREDICORP. 69,885 7,339,323 2.17USD


SHARES

BERMUDA ISLANDS

7,339,323 2.17

ANHANGUERAEDUCACIONAL PART 136,200 3,350,282 0.99BRL

BRAZIL

BANCO BRADESCO SA /PREF. 1,693 34,525 0.01BRL


BR MALLS PARTICIPAES SA 827,862 8,670,613 2.57BRL

BRF FOODS 299,736 5,704,603 1.69BRL

CIA DE CONCESSOESRODOVIARIAS 296,662 8,758,668 2.59BRL

CIA HERING 288,340 5,336,805 1.58BRL


DURATEX 745,553 7,960,038 2.36BRL

ECORODOVIAS 457,900 3,713,162 1.10BRL

GAFISA SA 437,200 2,751,177 0.82BRL

GERDAU /PREF. 236,400 2,938,808 0.87BRL

GOL LINHAS AEREASINTELIGENTES 98,684 1,338,594 0.40BRL

HYPERMARCAS SA 370,370 4,916,681 1.46BRL


IOCHPE MAXION SA 215,400 2,872,709 0.85BRL

JBS AS 1,091,215 4,004,461 1.19BRL


METALFRIO SOLUTIONS SA 85,900 582,857 0.17BRL

METALURGICA GERDAU/PREF. 120,600 1,791,811 0.53BRL


OGX PETROLEO E GASPARTICIP SA 310,000 3,764,056 1.12BRL

PDG REALTY SA 818,600 4,591,743 1.36BRL

PETROBRAS PETROLEOBRASILEIRO 107,279 2,154,036 0.64BRL

SAO MARTINHO SA 138,128 2,157,693 0.64BRL

USIMINAS PREF.-A- 71,864 877,006 0.26BRL


105,171,468 31.17

INVESTMENTS

Latin American EquityStatement of investments as at 31 March 2011(expressed in USD)


BCO DE CRED.DEINVERSIONES SA 84,686 5,259,019 1.56CLP

CHILE

5,259,019 1.56

ANTOFAGASTA PLC 263,319 5,829,659 1.73GBP

GREAT BRITAIN

5,829,659 1.73

AMERICA MOVIL SAB DE CV -L- 4,114,000 11,909,258 3.53MXN

MEXICO

COMPARTAMOS SAB DE CV 2,883,700 5,225,229 1.55MXN

CORP. MOCTEZUMA SA DECV B2 720,351 1,815,393 0.54MXN

GRUPO FINANCIEROBANORTE SA DE CV -O- 3,087,669 14,405,945 4.27MXN

GRUPO TELEVISA SA / CERT.PAR. 728,400 3,597,316 1.07MXN

MEXICHEM SAB DE CV 1,945,427 7,223,411 2.14MXN

OHL MEXICO SAB DE CV 2,089,824 3,964,047 1.17MXN

48,140,599 14.27

BANCO LATINOAMER.COM 80,693 1,408,900 0.42USD

PANAMA

COPA HOLDINGS -A- 128,968 6,805,641 2.01USD

8,214,541 2.43

53.33179,954,609TOTAL SHARES

BANCO BRADESCO /SADR 76,319 1,576,751 0.47USD


BRAZIL

BRF BR FOODS /SADR 165,002 3,189,489 0.95USD




VALE / -A- /SADR 265,822 7,833,774 2.32USD

VALE /SADR 587,788 19,637,997 5.82USD

VIVO PARTICIPACOES SA/SADR 117,100 4,661,751 1.38USD

66,944,364 19.84



256

BUENAVENTURA / SADR(1SHS) 75,865 3,243,229 0.96USD

PERU

3,243,229 0.96


GP INVESTMENTS LTD /BDR 465,179 1,833,106 0.54BRL


BERMUDA ISLANDS

1,833,106 0.54


BANCO DAYCOVAL SA /PREF. 444,691 3,189,861 0.95BRL

PREFERENTIAL SHARES

BRAZIL


BRADESPAR SA BRASIL/PREF. 214,400 5,613,135 1.65BRL


CONTAXPARTICIPACOES/PREF. SHS 208,945 3,139,130 0.93BRL


SARAIVA SA LIVREIROS EDIT/PREF. 115,942 2,669,930 0.79BRL


21,613,864 6.40


GAFISA SA 59,742 763,503 0.23USD


BRAZIL

GOL LINHAS AEREASINTELIGENTES 113,002 1,558,298 0.46USD


28,029,099 8.31

BANCOLOMBIA SA / ADR 35,336 2,232,175 0.66USD

COLOMBIA

2,232,175 0.66

TERNIUM SA LUXEMBOURG/ADR 230,995 8,408,218 2.49USD

LUXEMBOURG

8,408,218 2.49

Latin American EquityStatement of investments as at 31 March 2011(expressed in USD)


AMERICA MOVIL SAB /ADR -L- 240,159 13,893,198 4.12USD

MEXICO

13,893,198 4.12


GRUPO TELEVISA /GDS 36,452 898,906 0.27USD

GDS (Global Depositary Shares)

MEXICO

898,906 0.27

0.27898,906TOTAL GDS (Global Depositary Shares)


327,050,768

BANCOLOMBIA SA 83,000 1,296,203 0.38COP


SHARES

COLOMBIA

1,296,203 0.38







257


COMMERCIALINTERNATIONAL BANK LTD 48,210 266,612 2.58EGP


SHARES

EGYPT

EFG HERMES 22,485 82,847 0.80EGP


GHABBOUR AUTO 8,514 37,770 0.37EGP

ORASCOM CONSTRUCTIONINDUSTRIE 3,900 159,010 1.54EGP

ORASCOM TELECOMHOLDING 171,280 127,310 1.23EGP

SIXTH OF OCT. DVPT &INV/SODIC SA 4,650 49,223 0.48EGP

TELECOM EGYPT 28,990 84,635 0.82EGP

894,583 8.66

AGILITY PUBLIC 40,000 54,116 0.52KWD

KUWAIT

KUWAIT FINANCE HOUSE 74,088 283,330 2.74KWD

KUWAIT INVES PROJECT 167,463 214,479 2.08KWD

MABANEE CO. 50,050 122,787 1.19KWD

MOBILETELECOMMUNICATIONS CO. 172,500 821,489 7.95KWD

NATIONAL MOBILE TEL 20,000 126,993 1.23KWD

1,623,194 15.71

BANKMUSCAT 78,316 139,545 1.35OMR

OMAN

NATIONAL BANK OF OMAN 142,285 117,893 1.14OMR

257,438 2.49

COMMERCIAL BANK OFQATAR 9,770 206,599 2.00QAR

QATAR

DOHA BANK SHS 10,190 164,269 1.59QAR

INDUSTRIES OF QATAR 10,240 385,832 3.74QAR

QATAR ELECT & WATER 2,960 112,098 1.08QAR

QATAR GAS TRANSCOMPANY LTD 25,810 130,209 1.26QAR

QATAR ISLAMIC BANK 4,800 106,775 1.03QAR

QATAR NATIONAL BANK 7,960 299,923 2.91QAR

INVESTMENTS

Middle East and North Africa EquityStatement of investments as at 31 March 2011(expressed in USD)


Quantity/Facevalue

QATAR TELECOM (Q-TELL) 3,972 148,024 1.43QAR

1,553,729 15.04

NATL BANK OF KUWAIT 166,952 686,649 6.64KWD

SAUDI ARABIA

686,649 6.64

TUNISIE PROFIELSALUMINIUM 5,378 20,091 0.19TND

TUNISIA

20,091 0.19

ALDAR PROPERTIES PJSC 109,169 45,181 0.44AED

UNITED ARAB EMIRATES

DANA GAS 499,512 88,404 0.86AED

DP WORLD 207,256 123,317 1.19USD

EMAAR PROPERTIES 247,112 217,325 2.10AED

FIRST GULF BANK 33,675 146,704 1.42AED

NATIONAL BANK OF ABUDHABI 66,673 176,817 1.71AED

UNION NATIONAL BANK 173,428 137,885 1.33AED

935,633 9.05


CS INTL 08.06.11 CERT /JARIR 1,150 44,004 0.43USD


GREAT BRITAIN

DB LN 03.12.12 CW /RJHI 11,400 236,344 2.28USD

DB LN 03.12.12 CW /SABIC 2,750 77,178 0.75USD

DB LN 08-10.12.12CW/YANSAB 8,100 104,105 1.01USD

DB LN 10.12.12 CERT /EEC 12,250 168,222 1.63USD

DB LN 31.03.14 CW/SAAC 21,778 100,753 0.98USD

DB LN 31.12.12 CW /YACCO 11,100 158,349 1.53USD

HSBC BANK 08-24.09.11CERT/NIC 17,200 169,932 1.64USD

HSBC 05.09.11 CERT/MAADEN 18,000 117,477 1.14USD

HSBC 05.09.11 CERT/SAMBA 21,000 317,779 3.07USD

HSBC 08-23.01.12 ELN/EEC 7,627 104,996 1.02USD

HSBC 13.10.11 CERT/SAFCO 2,650 132,491 1.28USD

1,731,630 16.76

CITIGROUP 01.02.11CERT/ALMARAI 5,760 146,678 1.42USD

UNITED STATES


Quantity/Facevalue


258

CITIGROUP 01.02.11CERT/SABIC 12,150 340,987 3.30USD

CITIGROUP 10-01.02.11CERT/RJHI 5,350 110,916 1.07USD

598,581 5.79



8,301,528

BLOM BANK SAL 8,850 79,650 0.77USD


SHARES

LEBANON

SOLIDERE -A- 12,072 220,193 2.13USD

299,843 2.90

ATTIJARIWAFA BANK 3,678 180,407 1.75MAD

MOROCCO

DOUJA PROM.GRP ADDOHAMAROC 11,430 149,074 1.44MAD

MAROC TELECOM 13,876 270,504 2.62MAD

599,985 5.81

RENAISSANCE SERVICESSAOG 16,979 43,396 0.42OMR

OMAN

43,396 0.42

DRAKE & SCULL 233,600 68,693 0.66AED


EMIRATES NBD PJSC 97,900 88,231 0.86AED

156,924 1.52


CS INTL 10-15.06.11PNOTE/SABIC 3,150 88,404 0.86USD


GREAT BRITAIN

CS INTL 11-23.05.12CERT/RIBL 36,950 260,111 2.51USD

Middle East and North Africa EquityStatement of investments as at 31 March 2011(expressed in USD)


Quantity/Facevalue

CS INTL 11-26.09.12 CERT/BSFR 15,750 202,428 1.96USD

550,943 5.33



1,651,091

ARAB BANK 12,075 153,001 1.48JOD


SHARES

JORDAN

153,001 1.48

BANK AUDI SAL AUDISARADAR 19,000 142,500 1.38USD

LEBANON

142,500 1.38







Quantity/Facevalue

259


ANHANGUERAEDUCACIONAL PART 1,717,008 42,235,398 1.66BRL


SHARES

BRAZIL

BANCO BRADESCO SA /PREF. 712,755 14,535,102 0.57BRL

BANCO DO BRASIL SA 5,188,000 93,531,636 3.68BRL

BR MALLS PARTICIPAES SA 10,506,369 110,038,449 4.33BRL

BRF FOODS 5,002,014 95,198,784 3.74BRL

CIA DE CONCESSOESRODOVIARIAS 3,743,256 110,516,122 4.33BRL

CIA HERING 3,533,037 65,392,005 2.57BRL

CONTAX PARTICIPACOES SA 658,600 9,987,887 0.39BRL

DIAGNOST DA AMERICA SABRL 4,456,327 56,633,609 2.23BRL

DURATEX 8,566,429 91,461,097 3.60BRL

ECORODOVIAS 5,519,214 44,755,921 1.76BRL

GAFISA SA 3,707,100 23,327,741 0.92BRL

GERDAU /PREF. 2,508,400 31,183,195 1.23BRL

GOL LINHAS AEREASINTELIGENTES 1,595,656 21,644,186 0.85BRL

HYPERMARCAS SA 5,097,498 67,669,554 2.66BRL

INVESTIMENTOS ITAU /PREF. 8,313,829 64,653,484 2.54BRL

IOCHPE MAXION SA 2,589,440 34,534,391 1.36BRL

JBS AS 12,668,060 46,488,321 1.83BRL


METALFRIO SOLUTIONS SA 2,858,100 19,393,067 0.76BRL

METALURGICA GERDAU/PREF. 2,773,800 41,211,646 1.62BRL

MILLS ESTRUTURAS ESERVICOS 1,271,500 13,998,173 0.55BRL

MRV ENGHENHARIA 5,975,179 48,048,694 1.89BRL

OGX PETROLEO E GASPARTICIP SA 5,044,036 61,245,274 2.41BRL

PDG REALTY SA 9,108,200 51,090,297 2.01BRL

PETROBRAS PETROLEOBRASILEIRO 1,806,100 36,264,366 1.43BRL

PETROLEO BRASILEIRO/PREF. 1,708,907 30,030,315 1.18BRL

PROFAMA SA 1,623,500 14,814,534 0.58BRL

SAO CARLOSEMPREENDIMENTOS 2,955,984 41,861,753 1.65BRL

INVESTMENTS

Brazil EquityStatement of investments as at 31 March 2011(expressed in USD)


SAO MARTINHO SA 1,669,881 26,085,159 1.03BRL

USIMINAS PREF.-A- 1,655,043 20,197,631 0.79BRL

VALE RIO DOCE /NAM. 1,823,400 60,009,105 2.36BRL

1,547,592,234 60.85

60.851,547,592,234TOTAL SHARES

BANCO BRADESCO /SADR 2,640,213 54,546,801 2.14USD


BRAZIL

BRF BR FOODS /SADR 1,618,362 31,282,937 1.23USD

GERDAU SA SADR PREF. SHS 3,012,071 37,861,732 1.49USD


PETROLEO BRASILEIRO/SADR 3,040,482 123,656,402 4.87USD

VALE / -A- /SADR 1,227,014 36,160,103 1.42USD

VALE /SADR 3,268,609 109,204,227 4.29USD

VIVO PARTICIPACOES SA/SADR 1,510,665 60,139,574 2.36USD

477,221,410 18.76


GP INVESTMENTS LTD /BDR 7,126,742 28,083,970 1.10BRL


BERMUDA ISLANDS

28,083,970 1.10


BANCO DAYCOVAL SA /PREF. 5,670,600 40,676,393 1.60BRL

PREFERENTIAL SHARES

BRAZIL

BANRISUL PNB -B- /PREF 2,812,703 34,689,043 1.36BRL

BRADESPAR SA BRASIL/PREF. 3,590,381 93,998,578 3.71BRL


CONTAXPARTICIPACOES/PREF. SHS 2,207,200 33,160,342 1.30BRL


SARAIVA SA LIVREIROS EDIT/PREF. 1,460,656 33,636,209 1.32BRL


257,822,452 10.14




260

GAFISA SA 856,747 10,949,227 0.43USD


BRAZIL

GOL LINHAS AEREASINTELIGENTES 1,002,715 13,827,440 0.54USD


191,822,948 7.54



2,502,543,014



100.00TOTAL NET ASSETS 2,543,613,754

Brazil EquityStatement of investments as at 31 March 2011(expressed in USD)


261


BRILLIANCE CHINAAUTOMOTIVE 20,562,000 20,609,293 0.70HKD


SHARES

BERMUDA ISLANDS

HAIER ELECTRONICS GROUPCO LTD 20,500,000 23,049,688 0.78HKD

KUNLUN ENERGY COMPANYLTD 26,732,000 42,594,768 1.44HKD

ORIENT OVERSEAS(INTERNATIONAL) 1,382,000 14,491,099 0.49HKD

100,744,848 3.41


CAYMAN ISLANDS



DAPHNE INTERNATIONALHLDGS LTD 10,982,000 8,241,332 0.28HKD

ENN ENERGY HOLDINGS 2,880,000 8,955,936 0.30HKD

EVERGRANDE REAL 76,205,000 41,911,226 1.42HKD

FUFENG GROUP LTD 13,342,832 9,138,572 0.31HKD




RUINIAN INTERNATIONALLTD 10,672,000 7,473,868 0.25HKD

SINA CORPORATION 146,900 15,630,160 0.53USD

SOHO CHINA LTD 19,891,500 17,048,905 0.58HKD

TENCENT HOLDINGS 4,258,000 103,685,494 3.50HKD

XINYI GLASS HOLDING CO.LTD 44,306,000 46,002,034 1.56HKD

412,304,273 13.96

AGILE PROPERTY HOLDINGSLTD 5,986,000 9,430,404 0.32HKD

CHINA



INVESTMENTS

Chinese EquityStatement of investments as at 31 March 2011(expressed in USD)


ANHUI CONCH CEMENT CO. -H- 3,552,000 22,205,417 0.75HKD


BBMG -H- 21,729,000 35,460,642 1.20HKD

CHANGSHA ZOOMLIONHEAVY -H- 4,158,200 10,654,514 0.36HKD



CHINA INTERNATIONALMARINE B 10,737,489 24,104,535 0.82HKD


CHINA NATIONAL BUILDINGMATERIAL -H- 22,168,000 81,327,187 2.75HKD

CHINA OILFIELD SERVICES -H- 7,204,000 16,292,566 0.55HKD

CHINA PACI INSU (GROUP)LTD -H- 16,146,000 67,844,685 2.30HKD


CHINA RAILWAY GROUP LTD-H- 22,300,000 14,385,061 0.49HKD


CHINA SHIPPING CONTAINER-H- 23,116,000 9,148,850 0.31HKD




HANGZHOU STEAM TURBINE-B- 3,081,600 7,048,544 0.24HKD

IND & COM BOC -H- 288,588,175 239,559,930 8.11HKD

INNER MONG. YITAI COALCO. B 2,984,840 20,983,425 0.71USD

JIANGXI COPPER CO. LTD -H- 14,918,000 49,745,190 1.68HKD



SINOPEC SHANGHAIPETROCHEMICAL -H- 65,110,000 30,621,884 1.04HKD

WEICHAI POWER CO LTD /-H- 2,886,000 17,522,710 0.59HKD


ZHAOJIN MINING INDUSTRY -H- 4,792,000 21,428,866 0.73HKD



262

ZHUZHOU CSR TIMESELECTRIC -H- 2,400,000 9,097,800 0.31HKD

1,900,481,879 64.34


HONG KONG

CHINA UNICO (HK) 22,790,000 37,836,414 1.28HKD

CNOOC LTD 100,424,000 252,927,886 8.57HKD

COSCO PACIFIC LTD 6,858,000 12,972,044 0.44HKD

FUSHAN INTERNAT ENERGYGROUP 12,510,000 9,002,196 0.30HKD

KINGBOARD CHEMICALSHOLDINGS 2,713,000 14,258,578 0.48HKD

439,875,245 14.89

96.602,853,406,245TOTAL SHARES

TRINA SOLAR LTD /ADR 940,000 28,378,600 0.96USD


CAYMAN ISLANDS

28,378,600 0.96



2,881,784,845

GOME ELECTRICALAPPLIANCE HOLDING 59,124,000 20,816,969 0.70HKD


SHARES

BERMUDA ISLANDS

20,816,969 0.70





100.00TOTAL NET ASSETS 2,954,044,156

Chinese EquityStatement of investments as at 31 March 2011(expressed in USD)


263


APOLLO SOLAR 16,776,000 1,207,201 0.28HKD


SHARES

BERMUDA ISLANDS

BRILLIANCE CHINAAUTOMOTIVE 1,878,000 1,882,319 0.43HKD

CHINA SINGYES SOLAR TECH 2,194,000 1,984,780 0.45HKD

JOHNSON ELECTRICHOLDINGS LTD 3,954,000 2,316,886 0.53HKD

LUK FOOK HOLDINGS (INT)LTD 962,000 2,843,191 0.65HKD

SATERI HOLDINGS 2,162,000 1,864,152 0.43HKD

SHANGRI-LA ASIA LTD 1,409,000 3,639,236 0.83HKD

TPV TECHNOLOGY LTD 3,878,000 2,332,152 0.53HKD

18,069,917 4.13

CHINA METAL RECYCLINGHOLDINGS 1,077,000 1,289,837 0.29HKD

CAYMAN ISLANDS

CHINA NETCOMTECHNOLOGY HOLD 52,515,000 2,193,158 0.50HKD

CHINA SHINEWAY PHARMAGRP LTD 818,000 1,963,511 0.45HKD



EVA PRECISION INDUSTRIALHLDG 5,558,000 4,063,815 0.93HKD



KINGDEE INT SOFTWAREGR.CO LTD 938,000 588,201 0.13HKD


LONGFOR PPT 799,000 1,347,050 0.31HKD

MIE HOLDINGS 7,062,000 3,366,703 0.77HKD


SHENZHOU INTL GROUP LTD 1,227,000 1,447,406 0.33HKD

SINO PROSPER STATE GOLDRES 119,730,000 6,769,534 1.55HKD

INVESTMENTS

Hong Kong EquityStatement of investments as at 31 March 2011(expressed in USD)


SITC INTERNATIONALHOLDINGS 3,278,000 2,021,870 0.46HKD


VST HOLDINGS LTD 4,532,000 1,356,903 0.31HKD

XTEP INTERNATIONAL HLDGSLTD 6,565,000 4,445,785 1.02HKD

53,847,768 12.30


CHINA






CHINA MINSHENG BK -H- 2,421,500 2,224,814 0.51HKD

CHINA NATIONAL BUILDINGMATERIAL -H- 1,006,000 3,690,687 0.84HKD





IND & COM BOC -H- 40,351,015 33,495,780 7.64HKD

NINE DRAGONS PAPERHOLDINGS LTD 789,000 944,922 0.22HKD



SINOPEC SHANGHAIPETROCHEMICAL -H- 8,174,000 3,844,314 0.88HKD

YANZHOU COAL MINING CO.-H- 984,000 3,578,365 0.82HKD

165,593,211 37.81

BOC HONG KONG HOLDINGSLTD 2,067,500 6,734,830 1.54HKD

HONG KONG


CHEUNG KONG HOLDINGS 522,000 8,505,364 1.94HKD

CHINA EVERBRIGHT LTD 1,202,000 2,693,730 0.62HKD



264

CHINA MERCHANTSHOLDINGS 383,909 1,620,566 0.37HKD


CLP HOLDINGS LTD 407,000 3,289,639 0.75HKD

CNOOC LTD 10,857,000 27,344,440 6.24HKD

COSCO PACIFIC LTD 966,000 1,827,208 0.42HKD

DAH CHONG HONGHOLDINGS LTD 2,889,000 3,240,895 0.74HKD

FUSHAN INTERNAT ENERGYGROUP 3,372,000 2,426,491 0.55HKD

GUANGZHOU INVESTMENTCO. LTD 7,382,000 1,641,056 0.37HKD

HANG LUNG PROPERTIESLTD 1,217,000 5,324,892 1.22HKD

H.K.EXCHANGES ANDCLEARING LTD 558,400 12,126,494 2.77HKD

HONGKONG ELECTRICHOLDINGS LTD 811,000 5,419,102 1.24HKD

HSBC HOLDINGS PLC 3,207,002 33,689,156 7.69HKD

HUTCHISON WHAMP 1,197,261 14,169,404 3.24HKD

KINGBOARD CHEMICALSHOLDINGS 403,000 2,118,027 0.48HKD

LI & FUNG LTD 977,000 5,002,948 1.14HKD

SHOUGANG CONCORDINTERNATIONAL 2,102,000 289,014 0.07HKD

SINGAMAS CONTAINER HLDSLTD 3,796,000 1,585,305 0.36HKD

SINO LAND CO LTD 1,412,000 2,507,528 0.57HKD

SUN HUNG KAI PROPERTIESLTD 1,159,242 18,352,192 4.19HKD

TECHTRONIC INDUSTRIES COLTD 713,000 989,501 0.23HKD

THE WHARF HOLDING 1,200,236 8,274,457 1.89HKD

WELLING HLDG 37,042,000 1,975,357 0.45HKD

196,182,552 44.79

99.03433,693,448TOTAL SHARES

PERFECT WORLD CO. LTD/SADR -B- 60,000 1,267,200 0.29USD


CAYMAN ISLANDS

1,267,200 0.29


Hong Kong EquityStatement of investments as at 31 March 2011(expressed in USD)


CHARM COMM INC -A- ADR 167,400 1,689,066 0.39USD


CAYMAN ISLANDS

1,689,066 0.39



436,649,714

SWIRE PACIFIC LTD A 228,000 3,339,972 0.76HKD


SHARES

HONG KONG

3,339,972 0.76




(0.47)OTHER NET ASSETS LESS LIABILITIES (2,079,858)



265


GUJARAT NRE MINERALSLTD - SHS 66,720,000 41,077,919 0.69AUD


SHARES

AUSTRALIA

41,077,919 0.69

CAIRN ENERGY 70,212,338 526,205,602 8.90GBP

GREAT BRITAIN

526,205,602 8.90

ADANI POWER 13,000,000 32,867,978 0.56INR

INDIA

ADITYA BIRLA NUVO LTD /DEMATER. 8,572,287 156,538,399 2.65INR

ASHAPURA MINECHEM LTD/DEMAT. 3,400,000 2,241,503 0.04INR

AUROBINDO PHARMA 5,000,000 21,969,914 0.37INR

BHARAT HEAVY ELECTRICALS/DEMAT. 2,570,000 118,869,859 2.01INR

BHARTI AIRTEL LTD/DEMAT. 14,500,000 116,207,895 1.96INR

CANARA BANK /DEMAT. 2,383,918 33,477,432 0.57INR

COAL INDIA /IPO 400,000 3,107,966 0.05INR

CROMPTON GREAVESLTD/DEMAT. 4,100,000 25,076,199 0.42INR

CUMMINS INDIA LTD 2,662,147 41,661,827 0.70INR

DR REDDY SLABORATORIES/DEMAT. 3,280,000 120,553,308 2.04INR

ESSAR OIL LTD- DEMAT. 10,007,008 27,915,005 0.47INR

EVEREADY INDUSTRIES (I)/DEMAT. 5,598,379 6,251,795 0.11INR

EXIDE INDUSTRIES LTD 9,990,661 32,137,187 0.54INR

GAMMON INDIA LTD /DEMAT. 5,891,202 15,660,966 0.26INR

GAMMON INFRASTR 12,886,285 5,172,421 0.09INR

GLENMARKPHARMACEUTICALS 10,300,000 65,525,395 1.11INR

GUJARAT NRE COKE LTD 33,900,000 37,590,585 0.64INR

GVK POWERINFRASTRUCTURE 114,750,000 66,644,689 1.13INR

HCL INFOSYSTEMS LTD/DEMAT. 16,300,000 37,391,796 0.63INR

HCL TECHNOLOGIES /DEMAT. 45,850,000 491,399,703 8.31INR

HINDALCO INDUSTRIES /DEMAT. 2,200,000 10,317,955 0.17INR

INVESTMENTS

Indian EquityStatement of investments as at 31 March 2011(expressed in USD)


Quantity/Facevalue

HINDUSTAN CONSTR. LTD/DEMAT. 50,174,601 40,954,195 0.69INR

ICICI BANK LTD /DEMAT. 2,337,855 58,515,736 0.99INR

IDEA CELLULAR LTD 17,000,000 25,712,480 0.43INR

INDIA CEMENTS LTD /DEMAT. 10,048,103 21,540,464 0.36INR

INDIABULLS FINANCESRV/DEMAT. 23,198,667 80,528,029 1.36INR

INDIABULLS REAL ESTATE/DEMAT. 27,613,717 76,936,841 1.30INR

INDUSIND BANK LTD 6,476,143 38,280,264 0.65INR

ING VYSYA BANK /DEMAT. 1,249,072 8,992,351 0.15INR

IRB INFRASTRUCTUREDEVELOPERS 4,200,000 19,971,039 0.34INR

ITC LTD /DEMAT. 7,796,932 31,838,073 0.54INR

IVR PRIME URBANDEVELOPERS 3,361,354 4,432,050 0.07INR

IVRCL INFRASTRUCTURESAND PROJECTS 20,930,340 38,345,237 0.65INR

JAIPRAKASH ASSOCIATIONLTD 25,400,000 52,856,059 0.89INR

JINDAL SOUTH WESTHOLDINGS 190,010 3,996,190 0.07INR

JINDAL STEEL & POWER/DEMAT. 27,500,000 429,997,017 7.27INR

KALPATARU POWER 5,846,045 17,677,718 0.30INR

LARSEN & TOUBRO LTD /DEMAT. 1,350,000 50,006,978 0.85INR

LUPIN LTD 5,500,000 51,386,278 0.87INR

MAHINDRA & MAHINDRA 11,880,000 186,571,223 3.15INR

MAHINDRA LIFESCAPES LTD 2,027,834 17,527,240 0.30INR

MARUTI SUZUKI INDIA LTD 17,053,250 482,648,782 8.16INR

NAGARJUNA CONSTRUCTION/DEMAT. 18,900,000 42,720,411 0.72INR

NOIDA TOLLBRIDGE/DEMATERIAL. 8,280,000 4,920,274 0.08INR

OPTO CIRCUITS INDIALTD/DEMAT. 8,294,481 51,241,744 0.87INR

PENINSULA LAND LTD 4,462,145 5,928,504 0.10INR

POWER GRID CORP. OF INDIALTD 20,715,496 47,335,024 0.80INR

PTC INDIA LTD 2,653,745 4,962,932 0.08INR

PURAVANKARA PROJECTSLTD 8,405,470 20,393,997 0.34INR

RADICO KHAITAN LTD/DEMAT. 11,000,000 32,127,986 0.54INR

RELIANCE INDUSTRIES/DEMAT. 201,457 4,739,280 0.08INR


Quantity/Facevalue


266

RURAL ELECTRIFICATIONCORP LTD 22,700,000 129,139,592 2.18INR

SHREE CEMENTS LTD 90,000 4,177,692 0.07INR

SINTEX IND 1,497,376 5,100,371 0.09INR

ST.BK OFINDIA/DEMATERIALISED 4,350,000 269,739,529 4.56INR

STERLITE IND(INDIA) --- SHS 27,248,130 106,132,796 1.79INR

STRIDES ARCOLAB LTD 4,160,084 34,399,111 0.58INR

TRIVENI ENGINEERING &INDUSTRIES /DEMAT 1,484,818 3,208,027 0.05INR

UNITECH LTD /DEMAT. 193,000,000 174,844,413 2.95INR

UNITED SPIRITS LIMITED/DEMAT. 8,878,395 204,026,540 3.45INR

USHA MARTIN LTD 20,322,993 26,021,772 0.44INR

WELSPUN INDIA LTD 1,760,000 1,685,208 0.03INR

WELSPUN INVEST&COMMERCIALS LTD 98,085 149,893 0.00INR

WIPRO LTD /DEMAT. 10,200,000 109,833,649 1.86INR

ZEE ENTERTAINMENTENTERPRISE LTD /DEMAT. 19,438,319 53,875,369 0.91INR

ZEE LEARN 750,265 391,157 0.01INR

4,544,389,292 76.80

UNITECH CORPORATE PARKSPLC 28,097,526 12,319,048 0.21GBP

ISLE OF MAN

12,319,048 0.21

YATRA CAPITAL LTD 300,000 2,236,484 0.04EUR

JERSEY

2,236,484 0.04

COGNIZANT TECHNOLOGYSOL.CORP. 1,461,276 119,167,058 2.01USD

UNITED STATES

119,167,058 2.01

88.655,245,395,403TOTAL SHARES

HIRCO PLC/REIT 3,967,631 2,553,488 0.04GBP

INVESTMENT FUNDS

ISLE OF MAN

2,553,488 0.04




Quantity/Facevalue

MOR ST AS 21.04.14 CW/UT 22,142,000 20,081,643 0.34USD


CAYMAN ISLANDS

20,081,643 0.34

DEUTSCHE BANK LN 07-27.03.17 CW /INDIABULLS 1,700,000 4,741,834 0.08USD

GREAT BRITAIN

DEUTSCHE BANK LN 30.01.17WRT /HCL INFOS 2,150,000 4,937,591 0.08USD

HSBC 14.01.19 CW/MARUTI 1,081,979 30,657,084 0.52USD

40,336,509 0.68

JP MORGAN INTERNATIONAL08-13 WRT/GAMMON 2,242,255 901,030 0.02USD

JERSEY

901,030 0.02

ABN AMRO BANK 03.07.09WRT/HCL TC. 1,800,000 19,313,278 0.33USD

NETHERLANDS

ABN AMRO BANK 18.12.06WRT/HCL INF 50,000 114,828 0.00USD

BNP PARIBAS 01.04.15 CW /UNITECH 1,000,000 906,948 0.02USD

BNP PARIBAS 01.04.15 CW/HCLT 1,820,565 19,533,932 0.33USD

BNP PARIBAS 01.04.15CW/HCLI 900,000 2,066,899 0.03USD

JP MORGAN STRUCTURE07.10.14 CERT/GISP 8,969,020 3,604,120 0.06USD

JP MORGAN STRUCTURE 09-25.08.14 CERT/IVRCL 200,000 366,400 0.01USD

JP MORGAN STRUCTURE10.07.14 CERT/UT 8,138,492 7,381,189 0.12USD

JP MORGAN STRUCTURE12.08.14 CERT/IIB 229,000 1,355,133 0.02USD

JP MORGAN STRUCTURE13.05.15 CERT/GVKP 7,000,000 4,070,045 0.07USD

JP MORGAN STRUCTURE13.10.14 WRT/IBPOW 13,292,523 6,758,916 0.11USD

JP MORGAN STRUCTURE15.09.14 CERT/HCLT 1,270,197 13,628,704 0.23USD

JP MORGAN STRUCTURE19.05.14 CERT/IBREL 9,800,000 27,335,277 0.46USD

106,435,669 1.79


Quantity/Facevalue

267


CITIGROUP HLDG 24.10.12CW/GNC 5,692,324 6,319,123 0.11USD

UNITED STATES

CITIGROUP 24.01.10 CW / UT 1,000,000 906,948 0.02USD

CITIGROUP 24.10.12CW/HCLT 2,341,291 25,121,113 0.42USD

32,347,184 0.55


ICICI BANK /SADR 1,182,698 59,087,592 0.99USD


INDIA


80,750,592 1.36


FINANCIAL TECHNOLOGIES/GDR 6 17 0.00USD


INDIA

17 0.00

0.0017TOTAL GDR (Global Depositary Receipt)

DR REDDY SLABORATORIES/ADR 3,800,000 142,386,000 2.41USD


INDIA

HOUSING DEVT FIN CORP. 14,693 2,494,284 0.04USD

STERLITE INDUSTRIES (INDIA)/ADR 7,738,578 119,793,187 2.02USD

264,673,471 4.47



5,793,475,006



Quantity/Facevalue

UNITED SPIRITS LTD / GDR 1 12 0.00USD



INDIA

12 0.00

0.0012TOTAL GDR (Global Depositary Receipt)


12

EMAMI INFRASTRUCTURELTD 6,000,000 53,898,327 0.91INR


SHARES

INDIA

GUJARAT NRE COKE LTD 2,890,747 1,947,904 0.03INR

INDIABULLS SECURITIES LTD 17,072,440 6,125,318 0.10INR

KESORAM TEXT.MILLSLTD/DM 1,014,882 5,689 0.00INR

WELSPUN GLOBAL BRANDSLTD 196,170 - 0.00INR

61,977,238 1.04


DR REDDY 9.25% 11-24.03.14(INR5) 19,976,724 - 0.00INR

BONDS

INDIA

- 0.00

0.00-TOTAL BONDS

DEUTSCHE BANK 07-17.01.17WRT/HCL 641,421 6,876,034 0.12USD


GERMANY

6,876,034 0.12

ABN 09-30.06.11 CERT / ADNL 30,000 548,445 0.01USD

NETHERLANDS

548,445 0.01





Quantity/Facevalue


268


100.00TOTAL NET ASSETS 5,917,782,756



Quantity/Facevalue

269


AEON CO. LTD 45,000 43,380,000 0.83JPY


SHARES

JAPAN

AEON CREDIT SERVICE LTD 27,800 31,831,000 0.61JPY

AEON MALL CO. LTD 5,200 9,287,200 0.18JPY

AIR WATER INC. OSAKA 36,000 36,468,000 0.69JPY

AISIN SEIKI CO. LTD 17,800 51,406,400 0.98JPY

AJINOMOTO CO. INC. 57,000 49,419,000 0.94JPY

ALFRESA HOLDING CORP.TOKYO 5,000 15,975,000 0.30JPY

ASAHI GLASS CO. LTD 69,000 72,174,000 1.38JPY

ASAHI KASEI CORP. 93,000 52,173,000 0.99JPY

BROTHER INDUSTRIES LTD 27,600 33,727,200 0.64JPY

CANON INC. 38,700 140,094,000 2.67JPY

CASIO COMPUTER CO. LTD 14,500 9,541,000 0.18JPY

CENTRAL JAPAN RAILWAYCO. 81 53,379,000 1.02JPY

CHUBU ELECTRIC POWER -C- 33,700 62,345,000 1.19JPY

CHUO MITSUI TRUSTHOLDINGS INC. 75,000 22,125,000 0.42JPY

COCA-COLA WEST 8,600 13,631,000 0.26JPY

COSMO OIL CO LTD 114,000 29,526,000 0.56JPY

CREDIT SAISON CO. LTD 26,400 35,323,200 0.67JPY

DAI NIPPON PRINTING CO.LTD 31,000 31,403,000 0.60JPY

DAIHATSU MOTOR CO. 33,000 39,996,000 0.76JPY

DAIICHI SANKYO CO. LTD 33,800 54,282,800 1.03JPY

DAITO TRUSTCONSTRUCTION 7,000 40,110,000 0.76JPY

DAIWA HOUSE INDUSTRYCO. LTD 47,000 48,034,000 0.92JPY

DENA CO LTD TOKYO 14,500 43,572,500 0.83JPY

EAST JAPAN RAILWAY CO. 3,300 15,262,500 0.29JPY

EISAI CO. LTD 6,700 19,992,800 0.38JPY

ELPIDA MEMORY INC 18,400 19,706,400 0.38JPY

FANUC LTD JPY 50 2,200 27,698,000 0.53JPY

FUJI HEAVY INDUSTRIES LTD 67,000 35,912,000 0.68JPY

FUJIFILM HOLDINGS CORP. 7,000 18,032,000 0.34JPY

FUJITSU LTD 49,000 23,030,000 0.44JPY

GUNMA BANK LTD 73,000 32,193,000 0.61JPY

INVESTMENTS

Japanese EquityStatement of investments as at 31 March 2011(expressed in JPY)


HAMAMATSU PHOTONICS 5,700 18,781,500 0.36JPY

HITACHI LTD 203,000 87,899,000 1.68JPY

HITACHI LTD 13,000 13,624,000 0.26JPY

HONDA MOTOR CO. LTD 47,500 148,437,500 2.84JPY

ITOCHU CORP. 58,400 50,866,400 0.97JPY

JAPAN STEEL WORKS LTD 46,000 29,946,000 0.57JPY

JAPAN TOBACCO INC. 114 34,257,000 0.65JPY

JGC CORP. 8,000 15,576,000 0.30JPY

JOYO BANK LTD 24,000 7,848,000 0.15JPY

JUPITER TELECOM CO. LTD 203 16,585,100 0.32JPY

JX HOLDINGS 78,700 44,072,000 0.84JPY

KANSAI ELECTRIC POWERCO. 34,100 61,755,100 1.18JPY

KAO CORP. 24,200 50,215,000 0.96JPY

KDDI CORP. 73 37,595,000 0.72JPY

KOBE STEEL LTD 66,000 14,256,000 0.27JPY

KOMATSU LTD 38,800 109,610,000 2.09JPY

KYUSHU ELECTR.POWER CO. 6,500 10,562,500 0.20JPY

LAWSON INC. 6,700 26,867,000 0.51JPY

MARUBENI CORP. 99,000 59,301,000 1.13JPY

MEIJI HOLDINGS CO LTD 2,200 7,359,000 0.14JPY

MIRACA HOLDINGS INC. 3,800 12,103,000 0.23JPY

MITSUBISHI CHEMICALHOLDINGS CORP. 71,500 37,394,500 0.71JPY

MITSUBISHI CORP. 25,900 59,803,100 1.14JPY

MITSUBISHI ELECTRIC CORP. 70,000 68,740,000 1.31JPY

MITSUBISHI ESTATE CO. 10,000 14,070,000 0.27JPY

MITSUBISHI MATERIALSCORP. 118,000 33,276,000 0.63JPY

MITSUBISHI UFJ FINANCIALGROUP 372,900 143,193,600 2.73JPY

MITSUI & CO. LTD 71,200 106,159,200 2.02JPY

MITSUI ENGINEERING &SHIPBUILDING 85,000 16,915,000 0.32JPY

MITSUI MINING & SMELTING 70,000 20,230,000 0.39JPY

MIZUHO FINANCIAL GROUPINC. 754,700 104,148,600 1.98JPY

MURATA MANUFACTURINGCO LTD 5,300 31,747,000 0.61JPY

NGK INSULATORS LTD 19,000 28,253,000 0.54JPY

NINTENDO CO. LTD 1,300 29,211,000 0.56JPY

NIPPON ELECTRIC GLASS 42,000 49,476,000 0.94JPY

NIPPON TEL&TEL 21,200 79,182,000 1.51JPY

NIPPON YUSEN K K 129,000 41,925,000 0.80JPY



270

NISSAN CHEMICALINDUSTRIES 31,200 26,832,000 0.51JPY

NISSAN MOTOR CO. LTD 101,000 74,538,000 1.42JPY

NISSHIN SEIFUN GROUP INC. 21,000 20,139,000 0.38JPY

NITTO DENKO CORP. 12,500 55,125,000 1.05JPY

NOMURA HOLDINGS INC. 30,000 13,050,000 0.25JPY

NOMURA RESEARCHINSTITUTE LTD 13,800 25,336,800 0.48JPY

NSK LTD 17,000 12,189,000 0.23JPY

NTN CORP 94,000 37,506,000 0.71JPY

NTT DATA CORP. 156 40,107,600 0.76JPY

NTT DOCOMO INC. 321 46,930,200 0.89JPY

OBIC CO LTD TOKYO 1,780 28,088,400 0.54JPY

ORIENTAL LAND CO. LTD 3,100 20,491,000 0.39JPY

OSAKA GAS CO. LTD 147,000 48,804,000 0.93JPY

PANASONIC CORP. 23,300 24,651,400 0.47JPY

RESONA HOLDINGS INC. 15,300 6,058,800 0.12JPY

SANKYO 8,000 34,120,000 0.65JPY

SAPPORO HOLDINGS LTD 100,000 31,000,000 0.59JPY

SEGA SAMMY HOLDING INC. 29,700 42,946,200 0.82JPY

SEIKO EPSON CORP. 25,200 33,566,400 0.64JPY

SEKISUI CHEMICAL CO. LTD 67,000 43,617,000 0.83JPY

SEVEN & I HOLDINGS CO.LTD 5,800 12,307,600 0.23JPY

SHIN-ETSU CHEMICAL CO. 2,800 11,578,000 0.22JPY

SHIONOGI & CO. LTD 22,300 31,643,700 0.60JPY

SOFTBANK 11,300 37,516,000 0.71JPY

SONY CORP. 14,900 39,693,600 0.76JPY

SONY FINANCIAL HOLDINGINC. 25,400 41,910,000 0.80JPY

SUMITOMO CHEMICALCO.LTD 68,000 28,220,000 0.54JPY

SUMITOMO CORP. 55,100 65,513,900 1.25JPY

SUMITOMO ELECTRICINDUSTRIES 46,400 53,406,400 1.02JPY

SUMITOMO HEAVYINDUSTRIES 47,000 25,521,000 0.49JPY

SUMITOMO METAL MININGCO. LTD 35,000 50,085,000 0.95JPY

SUMITOMO MITSUIFINANCIAL GROUP 45,600 117,921,600 2.25JPY

SUZUKEN CO. 5,400 11,847,600 0.23JPY

TAISEI CORP. 194,000 39,770,000 0.76JPY

TAKEDA PHARMACEUTICALCO. LTD 28,567 110,839,960 2.11JPY

Japanese EquityStatement of investments as at 31 March 2011(expressed in JPY)


TOHOKU ELECTRIC POWER 19,900 27,959,500 0.53JPY

TOKIO MARINE HOLDINGSINC. 31,700 70,500,800 1.34JPY

TOKYO ELECTRIC POWER 17,800 8,294,800 0.16JPY

TOKYO ELECTRON CO. LTD 4,500 20,632,500 0.39JPY

TOKYO GAS CO.LTD 155,000 58,900,000 1.12JPY

TOKYO TATEMONO CO LTD 98,000 30,478,000 0.58JPY

TOKYU CORP. 122,000 42,090,000 0.80JPY

TONENGENERAL SEKIYU KKTOKYO 41,000 42,107,000 0.80JPY

TOPPAN PRINTING CO. LTD 15,000 9,840,000 0.19JPY

TOSHIBA CORP. 68,000 27,676,000 0.53JPY

TOSOH CORP 137,000 40,963,000 0.78JPY

TOYOTA MOTOR CORP. 59,397 198,979,950 3.80JPY

UBE INDUSTRIES LTD 162,000 42,930,000 0.82JPY

USS CO. LTD TOKAI 5,270 34,096,900 0.65JPY

WEST JAPAN RAILWAY CO. 87 27,927,000 0.53JPY

YAMADA DENKI CO. LTD 7,780 43,645,800 0.83JPY

YAMAGUCHI FINANCIALGROUP INC 13,000 10,010,000 0.19JPY

YAMAHA CORP. 22,200 20,934,600 0.40JPY

YAMATO KOGYO CO. LTD 8,300 22,991,000 0.44JPY

5,056,098,110 96.35

96.355,056,098,110TOTAL SHARES


5,056,098,110



100.00TOTAL NET ASSETS 5,247,366,135


271


BS FINL SHS 97,980 1,423,904 0.93KRW


SHARES

SOUTH KOREA

DAELIM INDUSTRIAL CO. LTD 13,800 1,349,612 0.88KRW

DC CHEMICAL CO. LTD 7,700 3,476,673 2.27KRW

DONGBU INSURANCE CO.LTD 28,000 1,282,159 0.84KRW

DONGKUK STEEL MILL CO.LTD 38,600 1,393,576 0.91KRW

GSENGINEERING&CONSTRUCTTION CORP. 18,000 1,891,980 1.23KRW

GS HOLDINGS CORP. 42,600 3,636,660 2.37KRW

HANA FINANCIAL GROUP INC. 86,500 3,751,444 2.44KRW

HANJIN SHIPPING CO. LTD 30,200 942,636 0.61KRW

HANWHA CHEMICAL CORP. 21,700 858,804 0.56KRW

HONAM PETROCHEMICALCO. LTD 3,750 1,328,156 0.87KRW

HYNIX SEMICONDUCTOR INC 107,000 3,061,077 1.99KRW

HYUNDAI DEPARTMENTSTORE CO. 12,000 1,557,456 1.01KRW



HYUNDAI GLOVIS CO LTD 3,000 427,752 0.28KRW

HYUNDAI HEAVY INDUSTRIES 14,400 6,817,709 4.44KRW

HYUNDAI MIPO DOCKYARDCO. LTD 3,000 512,754 0.33KRW



HYUNDAI SECURITIES CO LTD 105,000 1,266,804 0.83KRW

HYUNDAI STEEL CO. 20,200 2,584,792 1.68KRW

HYUNDAI WIA CORP. 8,514 601,533 0.39KRW

KB FINANCIAL GROUP INC. 88,125 4,631,409 3.02KRW


KOREA EXCHANGE BANK 161,300 1,425,631 0.93KRW

KOREA INVESTMENTHOLDINGS CO. 30,960 1,185,663 0.77KRW

INVESTMENTS

Korean EquityStatement of investments as at 31 March 2011(expressed in USD)


KOREA KUHMOPETROCHEMICAL 8,200 1,120,473 0.73KRW

KOREA ZINC CO. LTD 5,250 1,914,602 1.25KRW

KOREAN AIR 9,800 589,384 0.38KRW

KP CHEMICAL CORPORATION 34,100 843,078 0.55KRW

KT CORPORATION 35,500 1,262,188 0.82KRW


LG CORP. 31,800 2,377,533 1.55KRW

LG DISPLAY CO. LTD 54,200 1,704,135 1.11KRW

LG ELECTRONICS INC. 21,600 2,072,952 1.35KRW

LG ELECTRONICS INC /NON-VOT. 17,800 631,245 0.41KRW

LG INTERNATIONAL CORP. 21,600 835,104 0.54KRW

LG UPLUS CORP. 58,380 330,294 0.22KRW

NHN CORPORATION 3,700 647,615 0.42KRW

PACIFIC CORP. 3,850 694,983 0.45KRW

POSCO 18,000 8,308,259 5.41KRW

SAMSUNG C&T CORP. 33,100 2,172,194 1.42KRW

SAMSUNG ELECTRO-MECHANICS CO. 10,500 1,127,648 0.73KRW


SAMSUNG ENGINEERING CO.LTD 4,200 802,309 0.52KRW

SAMSUNG FIRE&MARINEINSURANCE 9,500 2,105,628 1.37KRW

SAMSUNG HEAVYINDUSTRIES 20,000 729,372 0.48KRW

SAMSUNG LIFE INSURANCECO. LTD 14,000 1,317,988 0.86KRW

SAMSUNG SDI CO. LTD 9,700 1,489,454 0.97KRW

SHINHAN FINANCIAL GROUP 120,007 5,467,867 3.56KRW

SILICON WORKS CO. LTD 33,850 1,172,584 0.76KRW

SK C&C CO. LTD 4,800 426,436 0.28KRW

SK ENERGY 15,450 2,979,594 1.94KRW

SK HOLDINGS CO. LTD 16,200 2,443,122 1.59KRW

SK TELECOM CO. LTD 3,800 567,868 0.37KRW

SKC 25,200 1,190,796 0.78KRW

S-OIL CORP. 23,200 3,223,130 2.10KRW

WOORI FINANCE HOLDINGSCO. LTD 80,800 1,074,535 0.70KRW

WOORI INVESTMENT &SECURITIES CO. 24,000 440,914 0.29KRW



272

YOUNGPOONG CORP LTD 1,000 777,814 0.51KRW

140,068,409 91.27

91.27140,068,409TOTAL SHARES


140,068,409

CELLTRION INC. 14,500 461,204 0.30KRW


SHARES

SOUTH KOREA

DAUM COMMUNICATIONCORP. 7,800 698,662 0.46KRW


MANDO CORP. 8,600 1,363,780 0.88KRW

3,332,097 2.17



3,332,097




Korean EquityStatement of investments as at 31 March 2011(expressed in USD)


273




SHARES


IDGC HOLDING 35,474,347 6,012,902 1.19USD

55,571,877 11.03

ENERGYO SOL RUS 380,262 2,574,420 0.51SEK

SWEDEN

2,574,420 0.51





JSC SURGUTNEFTEGAZ/SADR 1,362,231 14,807,451 2.94USD




152,348,494 30.23






NOVOLIPETSK STEEL REGS/GDR 236,802 10,429,944 2.07USD

ROSNEFT OIL COMPANYOJSC /SGDR 4,333,296 39,567,326 7.86USD

SEVERSTAL CHEREPOVETSMET/SGDR 1,058,320 20,679,573 4.10USD

VNESHTORGBANK SGDR 3,411,520 23,696,759 4.70USD

135,672,540 26.93


GAZPROM NEFT OJSC /ADR 112,845 2,973,466 0.59USD



INVESTMENTS

Russia EquityStatement of investments as at 31 March 2011(expressed in USD)



17,992,646 3.57



364,159,977

AEROFLOT MOSCOW 2,239,581 5,733,327 1.14USD


SHARES


TNK-BP HOLDING 3,405,444 10,216,332 2.03USD

15,949,659 3.17


RUSHYDRO OJSC /SADR 2,394,116 12,186,050 2.42USD



12,186,050 2.42


CHERKIZOVO GROUP /SGDR 395,139 7,705,211 1.53USD



GROUPE LSR /SGDR REPR.SREG S 506,236 4,754,569 0.94USD

POLYMETAL JT STK CO/SGDRREGS 388,574 7,382,906 1.47USD


42,901,540 8.51



71,037,249

FSK EES 523,498,694 7,520,582 1.49USD


SHARES


RASPADSKAYA 754,444 5,069,864 1.01USD

RUSHYDRO OJSC 60 3 0.00USD

12,590,449 2.50




274

MAGNIT JSC 503,035 15,246,991 3.03USD




38,628,053 7.66


POLYUS ZOLOTO OAO /SADR 229,054 8,044,376 1.60USD



8,044,376 1.60






Russia EquityStatement of investments as at 31 March 2011(expressed in USD)


275


ALLGREEN PROPERTIES LTD 2,000,000 1,714,081 2.36SGD


SHARES

SINGAPORE

AMTEK ENGINEERING 422,000 425,298 0.58SGD

CSE GLOBAL LTD 1,800,000 1,799,785 2.47SGD

DBS GROUP HOLDINGS LTD 300,000 3,485,298 4.79SGD

EZION HOLDINGS LTD 3,000,000 1,583,144 2.18SGD

FALCON ENERGY GROUPLIMITED 5,000,000 1,388,723 1.91SGD

HI-P INTERNATLIONAL LTD 2,000,000 1,856,921 2.55SGD

JARDINE CYCLE & CARRIAGELTD 106,000 3,078,680 4.23SGD

KEPPEL CORP. LTD 680,000 6,637,302 9.12SGD

LONGCHEER HOLDINGSLIMITED 797,000 183,415 0.25SGD

MOBILEONE LTD 1,000,000 1,912,470 2.63SGD

NEPTUNE ORIENT LINES 1,300,000 2,001,348 2.75SGD

OVERSEA-CHINESE BANKCORP. 870,000 6,613,972 9.09SGD

ROTARY ENGINEERING 2,100,000 1,583,144 2.18SGD

SEMBCORP INDUSTRIES LTD 840,000 3,472,918 4.77SGD

SINGAPORE AIRLINES LTD 300,000 3,256,754 4.47SGD

SINGAPORE TELECOM/BOARD LOT 1000 3,000,000 7,189,616 9.87SGD

STRAITS ASIA RESOURCESLTD 1,000,000 1,991,826 2.74SGD

STX OSV HOLDINGS 2,600,000 2,455,262 3.37SGD

UTD OVERSEAS BANK /LOCAL 470,000 7,011,861 9.63SGD

VENTURE CORPORATION LTD 350,000 2,669,126 3.67SGD

WHEELOCK PROPERTY(SINGAPORE) LTD 1,000,000 1,499,821 2.06SGD

WING TAI HOLDINGS 1,250,000 1,517,676 2.09SGD

YANGZIJIANG SHIPBUILDINGLTD 1,700,000 2,441,772 3.36SGD

YONGNAM HOLDINGS LTD 7,500,000 1,606,951 2.21SGD

69,377,164 95.33



69,377,164

INVESTMENTS

Singapore EquityStatement of investments as at 31 March 2011(expressed in USD)


MEWAH INTERNATIONAL INC 182,000 140,817 0.19SGD


SHARES

CAYMAN ISLANDS

140,817 0.19








276

TPK HOLDINGS CO. 13,000 357,641 1.02TWD


SHARES

CAYMAN ISLANDS

357,641 1.02

ADVANCEDSEMICONDUCTOR ENG. INC. 525,589 570,154 1.62TWD

TAIWAN

ADVANTECH CO LTD 120,000 371,346 1.06TWD

ASUSTEK COMPUTER INC. 44,000 380,799 1.08TWD

AU OPTRONICS CORP. 203,570 177,911 0.51TWD

CATHAY FINANCIAL HOLDING 262,900 434,046 1.23TWD

CHINA STEEL 460,924 550,947 1.57TWD

CHINATRUST FINANCIALHOLDING CO. 1,686,904 1,434,121 4.06TWD

CHUNGHWA TELECOM CO.LTD 99,194 308,984 0.88TWD

DELTA ELECTRONICINDUSTRIAL 70,900 280,884 0.80TWD

E SUN FINANCIAL HOLDINGLTD 954,039 600,196 1.71TWD

FAR EASTERN DEPARTMENTSTORES 564,000 890,882 2.53TWD

FAR EASTERN TEXTILE LTD 608,692 940,778 2.67TWD

FORMOSA CHEMICALS &FIBER CO. 347,000 1,315,709 3.74TWD

FORMOSA PLASTICS 429,000 1,509,917 4.28TWD

FUBON FINANCIAL HOLDINGCO. LTD 195,590 259,731 0.74TWD

HON HAI PRECISIONINDUSTRY CO. LTD 354,899 1,243,076 3.53TWD

HON HAI PRECISIONINDUSTRY /GDR 169,589 1,254,959 3.57USD

HTC CORP. 55,230 2,159,875 6.13TWD

KINSUS INTERCONNECTTECHN.CORP 159,000 491,492 1.40TWD

LARGAN PRECISION CO. LTD 24,000 649,651 1.85TWD

MEDIA TEK INCORPORATION 16,082 184,847 0.53TWD

MEGA FINANCIAL HOLDINGCOMPANY 1,493,000 1,175,348 3.34TWD

NAN YA PLASTICS CORP. 475,000 1,400,452 3.97TWD


INVESTMENTS

Taiwan EquityStatement of investments as at 31 March 2011(expressed in USD)


QUANTA COMPUTER INC. 70,000 132,113 0.38TWD

RALINK TECH 109,000 348,425 0.99TWD

SYNNEX TECHNOLOGYINTERNATIONAL 189,556 442,198 1.26TWD

TAIWAN FERTILIZER CO. LTD 169,000 497,117 1.41TWD

TAIWAN SEMICONDUCTORMANUFACTURING 510,834 1,226,422 3.48TWD

TRIPOD TECHNOLOGY CO.LTD 97,340 428,664 1.22TWD



UNITED MICROELECTRONICCORP 1,091,000 567,638 1.61TWD

WISTRON CORP. 52,850 83,750 0.24TWD

YUANTA FINANCIAL HOLDINGCO. 450,000 323,652 0.92TWD

24,595,038 69.88


ISHARES INC/MSCI TAIWANINDEX 210,211 3,125,838 8.88USD


UNITED STATES

3,125,838 8.88


ADVANCEDSEMICONDUCTORENGINEERING /SADR 17,900 97,197 0.28USD


TAIWAN

CHUNGHWA TELECOM CO/SADR 36,400 1,139,684 3.24USD

TAIWAN SEMICONDUCTORMANUFACTURING/SADR 132,842 1,615,359 4.58USD

2,852,240 8.10


CATHAY FIN. HOLDING/GDRREGS 23,950 395,413 1.12USD


TAIWAN

FIRST FINANCIALHOLDING/GDR REGS 30,800 527,884 1.50USD


277


HTC CORPORATION SGDR 2,150 319,275 0.91USD

1,242,572 3.53



32,173,329

CHIPBOND TECHNOLOGY 269,000 391,976 1.11TWD


SHARES

TAIWAN

SIMPLO TECHNOLOGY CO. 23,000 143,913 0.41TWD

535,889 1.52


FUBON FINANCIAL /SP.GDR 40,985 551,248 1.57USD


TAIWAN

551,248 1.57


CHINA STEEL /GDR 29,600 705,907 2.00USD

GDS (Global Depositary Shares)

TAIWAN

705,907 2.00

2.00705,907TOTAL GDS (Global Depositary Shares)


1,793,044

FAR EASTONE TELECOM/GDR 25,587 574,275 1.64USD



TAIWAN

WINTEK CORP SPONSOREDGDR 39,509 349,994 0.99USD

924,269 2.63





Taiwan EquityStatement of investments as at 31 March 2011(expressed in USD)





278

ASIAN PROPERTYDEVELOPMENT PUBLIC /FOREIGN 23,000,000 4,790,829 3.52THB


SHARES

THAILAND

ASIAN PROPERTYDEVELOPMENT PUBLIC CO. 100 21 0.00THB

BANGKOK BANK PUBLIC/FOREIGN 2,300,000 13,193,791 9.69THB

BANPU PUBLIC CO. LTD/FOR.REG 240,000 6,094,172 4.47THB

CHAROEN POKPHANDFOODS/FOREIGN 4,500,000 3,831,175 2.81THB

ELECTRICITY GENERATING /FOREIGN REG 1,800,000 5,668,651 4.16THB

GLOW ENERGY PUBLIC CO.LTD 1,000,000 1,388,646 1.02THB

HANAMICROELECTRONICS/FOR.REG 5,500,000 4,364,316 3.20THB

KASIKORNBANK PUBLICCOMPANY FOR. REG 700,000 3,043,449 2.23THB

KASIKORNBANK PUBLICCOMPANY LTD /NVDR 1,950,000 8,188,053 6.01THB

LPN DEVELOPMENT PUB. /FOR. REG 18,000,000 6,308,420 4.63THB

PRECIOUS SHIPPINGPUBL/FOREIGN 7,300,000 4,368,614 3.21THB

PTT EXPL. PROD.PUBLIC/FOR. REG 2,100,000 12,636,680 9.28THB

PTT PLC CO. LTD /FOREIGNREG 1,080,000 12,640,647 9.29THB

QUALITY HOUSES PUBLIC/FOR. REG 67,000,000 5,006,399 3.67THB

RATCHABURIEL.GEN./FOREIGN REG. 2,000,000 2,512,788 1.84THB

SIAM CEMENT PUBLIC /NVDR 550,000 6,382,812 4.69THB

SIAM COMMERC.BANKPUBL./FOR.REG 1,800,000 6,308,420 4.63THB

SUPALAI PUBLIC CO. LTD/FOREIGN 8,000,000 3,041,796 2.23THB

THAI AIRWAYSINTERNATIONAL /FOREIGNREG 771,300 962,681 0.71THB

INVESTMENTS

Thai EquityStatement of investments as at 31 March 2011(expressed in USD)


THAI OIL PUBLIC CO. /FOR.REG. 1,500,000 4,128,742 3.03THB

THE ERAWAN GROUP /FOR.REG 33,552,900 2,573,714 1.89THB

TISCO FINANCIAL GROUP /FOREIGN REG 5,200,000 6,748,158 4.95THB

TOTAL ACCESSCOMMUNICATION /NV DEP.RECEIPT. 2,500,000 3,967,560 2.91THB

TOTAL ACCESSCOMMUNICATION PCL 1,050,000 1,683,733 1.24THB

TOTAL ACCESSCOMMUNICATION PLC 750,000 1,190,279 0.87USD

131,024,546 96.18

96.18131,024,546TOTAL SHARES

BANK OF AYUDHYA /NON-VOT DEP. RECEIPT 4,000,000 3,279,849 2.41THB

UNIT SHARES

THAILAND

GLOW ENERGY PUBL UNITS/NON-VOT. 1,636,800 2,272,936 1.67THB

5,552,785 4.08

4.085,552,785TOTAL - UNIT SHARES


136,577,331


(0.26)OTHER NET ASSETS LESS LIABILITIES (347,858)



279


AK ENERJI AS 2,600,000 4,251,953 2.98TRY


SHARES

TURKEY

AKBANK 3,261,910 11,144,329 7.81TRY

ALBARAKA TURK 917,479 961,268 0.67TRY

ANADOLU EFES BIRACILIK VEMALT 39,000 388,183 0.27TRY

ARCELIK AS 1,400,136 4,553,959 3.19TRY

ASYA KATILIM BANKASI A.S 3,100,000 4,250,586 2.98TRY

BANVIT BANDIRMA 135,293 293,361 0.21TRY

BIM BIRLESIK MAGAZALARAS 11,000 260,565 0.18TRY

COCA COLA ICECEK SANAYI 186,000 1,639,512 1.15TRY

EMLAK KONUT GAYR.REIT/IPO 492,051 596,228 0.42TRY

ENKA INSAAT VE SANAYI AS 2,320,000 6,298,758 4.41TRY

EREGLI DEMIR CELIK 2,813,191 5,305,425 3.72TRY

EREGLI DEMIR VE CE / ISS 11 991,096 1,751,734 1.23TRY

FORD OTOMOTIV SANAYI AS 19,637 131,943 0.09TRY

HURRIYET GAZETE 1,308,105 1,203,690 0.84TRY

KARDEMIR KARABUK -D- 9,500,000 3,764,987 2.64TRY

KOC HOLDING AS 990,020 3,238,091 2.27TRY

KOZA ALTIN ISLETMELE A.S 155,000 1,429,807 1.00TRY

SABANCI HOLDING 1,800,000 5,887,319 4.13TRY

SINPAS GAYRIM YATITIM 3,100,000 2,909,039 2.04TRY

TAV HAVALIMALARI HOLDINGAS 1,200,000 4,023,275 2.82TRY

TEKFEN HOLDING AS 1,903,609 5,254,979 3.68TRY

TOFAS TURK OTOMOBILFABRIKASI 150,000 595,838 0.42TRY

TUPRAS TURKIYE PETROLRAFINEL 204,886 4,237,296 2.97TRY

TURCAS PETROL AS 578,970 1,070,786 0.75TRY

TURK HAVA YOLLARI AO 1,700,000 3,329,952 2.33TRY

TURK TELEKOMUNIKASYON 1,270,000 4,489,377 3.15TRY

TURKCELL ILETISIM HIZMET 1,590,000 6,620,091 4.64TRY

TURKIYE GARANTI BANKASI 3,975,060 13,073,792 9.15TRY

TURKIYE HALK BANKASI AS 1,480,000 8,056,572 5.65TRY

TURKIYE IS BANKASI AS C 5,950,000 13,389,507 9.37TRY

TURKIYE VAKIFLAR BANKASITAO 3,830,000 6,734,521 4.72TRY

INVESTMENTS

Turkey EquityStatement of investments as at 31 March 2011(expressed in EUR)


YAPI KREDI BANKASA 4,100,000 8,273,861 5.80TRY

139,410,584 97.68

97.68139,410,584TOTAL SHARES


139,410,584






280

ITHACA ENERGY INC 601,648 968,653 1.99GBP


SHARES

CANADA

968,653 1.99

BAE SYSTEMS PLC 323,674 1,065,535 2.19GBP

GREAT BRITAIN

BARCLAYS PLC 645,983 1,806,491 3.72GBP

BG GROUP PLC 123,436 1,950,289 4.01GBP

BHP BILLITON PLC 80,302 1,995,505 4.10GBP

BP PLC 400,281 1,830,685 3.76GBP

BRITISH AMERICANTOBACCO 78,714 1,990,677 4.09GBP

BRITVIC PLC 246,288 975,300 2.01GBP

BT GROUP PLC 538,482 1,001,577 2.06GBP

CAPITA GRP 248,122 1,859,674 3.82GBP

CARILLION PLC 256,929 977,872 2.01GBP

CENTRICA PLC 579,081 1,899,965 3.91GBP

COMPASS GROUP PLC 339,515 1,914,865 3.94GBP

FENNER 300,038 1,078,337 2.22GBP

GLAXOSMITHKLINE PLC 161,492 1,936,289 3.98GBP

GREGGS PLC 216,869 1,098,441 2.26GBP

HSBC HOLDINGS PLC 590,709 3,813,618 7.85GBP

PETROFAC LTD 131,209 1,962,887 4.04GBP

PREMIER FOODS PLC 3,574,227 995,065 2.05GBP

PRUDENTIAL PLC 144,560 1,032,881 2.12GBP

RECKITT BENCKISER GROUPPLC 32,114 1,037,603 2.13GBP

RIO TINTO PLC /REG 45,809 2,029,339 4.17GBP

UNILEVER PLC 102,371 1,962,324 4.04GBP

VODAFONE GROUP PLC 1,068,349 1,904,332 3.92GBP

WM MORRISONSUPERMARKETS PLC 675,453 1,870,329 3.85GBP

WS ATKINS PLC 134,203 943,447 1.94GBP

XSTRATA PLC 138,343 2,042,635 4.20GBP

42,975,962 88.39

RESOLUTION 680,452 2,014,818 4.15GBP

GUERNSEY

2,014,818 4.15

INVESTMENTS

UK EquityStatement of investments as at 31 March 2011(expressed in GBP)


VIRGIN MEDIA INC 54,288 935,382 1.92GBP

UNITED STATES

935,382 1.92



46,894,815

HOMESERVE PLC 209,422 930,462 1.91GBP


SHARES

GREAT BRITAIN

930,462 1.91







281


ACE LTD 18,607 1,208,339 0.71USD


SHARES

SWITZERLAND

1,208,339 0.71

ABBOTT LABORATORIES INC. 29,780 1,462,496 0.86USD

UNITED STATES

AES CORP. 56,883 739,479 0.43USD

AETNA INC. 9,387 349,196 0.20USD

AFLAC INC. 1,317 69,735 0.04USD

ALTRIA GROUP 56,960 1,478,682 0.87USD

AMERICAN EXPRESS CO. 25,311 1,147,095 0.67USD

AMERIPRISE FINANCIALINC./WHEN ISSUED 17,603 1,077,832 0.63USD

AMERISOURCEBERGENCORP. 15,741 623,186 0.37USD

APACHE CORP. 5,938 778,828 0.46USD

APPLE INC. 11,966 4,171,825 2.44USD

AT & T 93,882 2,884,993 1.69USD

BALL CORP. 15,834 565,590 0.33USD

BANK OF AMERICA CORP. 52,778 704,059 0.41USD

BERKSHIRE HATHAWAY - B 9,796 823,942 0.48USD

BEST BUY CO. INC. 13,195 378,301 0.22USD

BIG LOTS 3,272 141,841 0.08USD

BMC SOFTWARE INC. 14,312 711,879 0.42USD

BOEING CO. 15,084 1,119,685 0.66USD

CAPITAL ONE FINANCIALCORP. 15,320 789,133 0.46USD

CATERPILLAR INC. 10,672 1,193,983 0.70USD

CB RICHARD ELLIS GROUPINC. -A- 4,145 110,962 0.07USD

CENTURYTEL 15,278 634,648 0.37USD

CHEVRON CORPORATION 31,825 3,466,696 2.03USD

CHUBB CORP. 18,607 1,145,819 0.67USD

CIGNA CORP. 18,472 805,564 0.47USD

CISCO SYSTEMS INC. 34,425 593,487 0.35USD

CITIGROUP INC. 190,429 841,696 0.49USD

COACH INC. 21,746 1,136,663 0.67USD

COCA-COLA CO. 17,631 1,173,167 0.69USD

COLGATE-PALMOLIVE CO. 13,877 1,126,535 0.66USD

INVESTMENTS

US EquityStatement of investments as at 31 March 2011(expressed in USD)


Quantity/Facevalue

COMPUTER ASSOCIATESINTERNATIONAL INC. 26,389 633,600 0.37USD

COMPUTER SCIENCES CORP. 14,514 709,880 0.42USD

CONOCOPHILLIPS 31,647 2,557,394 1.50USD

CONSTELLATION ENERGYGROUP INC. 18,472 578,174 0.34USD

CSX CORP. 13,667 1,076,823 0.63USD

DARDEN RESTAURANTS 16,911 815,279 0.48USD

DEERE & CO. 13,195 1,275,429 0.75USD

DELL INC. 78,721 1,139,880 0.67USD

DIRECTV 33,337 1,553,838 0.91USD

DISCOVER FIN SVC 32,986 813,105 0.48USD

DU PONT DE NEM.& CO./E.I. 23,944 1,330,329 0.78USD

EASTMAN CHEMICAL CO. 6,597 656,402 0.38USD

EATON CORP. 17,331 952,512 0.56USD

EBAY INC. 31,856 1,007,287 0.59USD

ELI LILLY & CO. 32,986 1,165,725 0.68USD

ENTERGY CORP. 9,236 622,045 0.36USD

EXELON CORP. 34,351 1,415,605 0.83USD

EXXON MOBIL CORP. 70,254 5,950,513 3.48USD

FAMILY DOLLAR STORES INC. 2,588 133,308 0.08USD

FEDERATED INVESTORS INC.-B- 19,792 529,634 0.31USD

FORD MOTOR CO. 77,065 1,136,709 0.67USD

FOREST LABORATORIES 32,919 1,057,687 0.62USD

FREEPORT MCMO.COPP&GOLD -B- 21,752 1,214,632 0.71USD

GENERAL ELECTRIC CO. 117,214 2,358,346 1.38USD

GILEAD SCIENCES INC. 37,824 1,618,867 0.95USD

GOLDMAN SACHS GROUPINC. 7,268 1,158,737 0.68USD

GOOGLE INC. -A- 1,715 1,003,618 0.59USD

GRAINGER INC..WW 6,597 907,088 0.53USD

HALLIBURTON CO. 26,722 1,329,954 0.78USD

HARRIS CORP. 26,323 1,302,462 0.76USD

HASBRO INC. 13,195 624,124 0.37USD

HEINZ (H.J.) CO. 13,195 645,367 0.38USD

HESS CORP. 16,493 1,411,801 0.83USD

HEWLETT-PACKARD CO. 41,497 1,713,826 1.00USD

HONEYWELLINTERNATIONAL INC. 14,514 869,389 0.51USD

HUMANA INC. 18,048 1,238,634 0.73USD

IBM CORP. 19,173 3,141,879 1.84USD

INTEL CORP. 97,526 1,946,619 1.14USD


Quantity/Facevalue


282

ITT CORP. 12,743 762,541 0.45USD

JABIL CIRCUIT INC. 25,539 525,337 0.31USD

JOHNSON & JOHNSON 21,255 1,265,523 0.74USD

JOHNSON CONTROLS INC. 29,028 1,203,211 0.71USD

JP MORGAN 44,573 2,061,056 1.21USD

KIMCO REALTY CORP. 5,724 104,120 0.06USD

LORILLARD INC. 2,312 220,588 0.13USD

MARATHON OIL CORP. 30,167 1,616,046 0.95USD

MATTEL INC. 23,750 593,750 0.35USD

MC-CORMICK&CO. /NON-VOT 17,153 820,085 0.48USD

MCDONALD S CORP. 21,111 1,608,025 0.94USD

MCGRAW HILL COMPANIESINC. 32,796 1,313,480 0.77USD

MERCK 37,806 1,254,025 0.74USD

METROPCSCOMMUNICATIONS INC. 40,076 652,037 0.38USD

MICRON TECHNOLOGY INC. 53,423 611,159 0.36USD

MICROSOFT CORP. 119,296 3,052,784 1.79USD

MOODY S CORP. / WHENISSUED 19,792 674,511 0.40USD

M&T BANK CORPORATION 11,450 1,002,448 0.59USD

NATIONAL OILWELL VARCOINC. 5,695 458,960 0.27USD

NEWMONT MINING CORP. 20,039 1,096,534 0.64USD

NORDSTROM INC. 13,195 585,858 0.34USD

NORFOLK SOUTHERN CORP. 17,703 1,233,545 0.72USD

NOVELLUS SYSTEMS INC. 16,493 608,592 0.36USD

ORACLE CORP. 27,612 914,233 0.54USD

PFIZER INC. 63,839 1,300,400 0.76USD

PHILIP MORRISINTERNATIONAL 19,413 1,271,357 0.75USD

PITNEY BOWES INC. 32,986 841,803 0.49USD

PNC FINANCIAL SERVICES GP 18,437 1,152,866 0.68USD

PRAXAIR 9,236 941,610 0.55USD

PROCTER & GAMBLE CO. 22,055 1,363,881 0.80USD

PRUDENTIAL FINANCIAL INC. 19,517 1,191,708 0.70USD

PUBLIC SERVICESENTERPRISE 23,750 754,775 0.44USD

PUBLIC STORAGE INC. 5,278 584,011 0.34USD

QUALCOMM INC. 10,600 580,032 0.34USD

ROCKWELL AUTOMATION 8,576 811,032 0.48USD

ROSS STORES INC. 17,175 1,225,608 0.72USD

SANDISK CORP. 13,195 604,463 0.35USD

SCHLUMBERGER LTD 9,796 925,526 0.54USD

US EquityStatement of investments as at 31 March 2011(expressed in USD)


Quantity/Facevalue

SYMANTEC CORP. 26,389 479,488 0.28USD

TARGET CORP. 19,247 960,040 0.56USD

THE HERSHEY CO. 13,195 722,690 0.42USD

TIME WARNER 18,472 662,221 0.39USD

TJX COS INC. 23,683 1,168,756 0.69USD

TRAVELERS COMPANIES INC. 19,792 1,186,728 0.70USD

TYSON FOODS INC. -A- 43,059 832,761 0.49USD

UNITEDHEALTH GROUP INC. 46,604 2,117,220 1.24USD

UTD PARCEL SERVICE INC. -B- 13,195 984,611 0.58USD

VARIAN MEDICAL SYSTEMSINC. 11,875 803,106 0.47USD

VIACOM INC. -B- 19,571 918,663 0.54USD

WALGREEN CO. 26,389 1,048,435 0.61USD

WAL-MART STORES INC. 39,148 2,033,739 1.19USD

WATERS CORPORATION 7,917 688,066 0.40USD

WELLS FARGO & CO. 85,093 2,702,554 1.58USD

WESTERN UNION COMPANY 47,635 1,000,335 0.59USD

3M CO. 16,753 1,557,694 0.91USD

139,498,125 81.77

82.48140,706,464TOTAL SHARES


140,706,464

USA 0% 10-02.06.11 TB 8,000,000 7,999,139 4.69USD

FINANCIAL INSTRUMENTS

TREASURY BILLS

UNITED STATES

7,999,139 4.69

4.697,999,139TOTAL TREASURY BILLS

4.69TOTAL FINANCIAL INSTRUMENTS 7,999,139





Quantity/Facevalue

283


BRAZIL 0% 06-21.09.11 2,323 6,595,583 10.94BRL


BONDS

BRAZIL

BRAZIL 0% 06-21.12.11 488 1,386,179 2.30BRL

BRAZIL 10% 06-01.01.14 S.F 6,100 3,512,187 5.82BRL

BRAZIL 10% 07-01.01.13 5,200 3,070,025 5.09BRL

BRAZIL 10% 07-01.01.17 3,500 1,912,452 3.17BRL

BRAZIL 6% 03-15.05.15 S.B /INDEX 1,450 1,772,239 2.94BRL

18,248,665 30.26

30.2618,248,665TOTAL BONDS

BRAZIL FRN 09-07.03.13 810 2,300,740 3.81BRL

FLOATING RATE BONDS

BRAZIL

BRAZIL 0% 06-07.03.12 /LFT 1,504 4,272,163 7.09BRL

6,572,903 10.90

10.906,572,903TOTAL FLOATING RATE BONDS


24,821,568

BRAZIL 0% 08-07.03.14 1,790 5,083,430 8.43BRL


BONDS

BRAZIL

BRAZIL 0% 10-01.01.13 15,000 7,476,490 12.40BRL

BRAZIL 0% 10-1.07.12 LTN 6,800 3,607,994 5.98BRL

BRAZIL 10% 05-01.01.12SERIES F 6,121 3,709,214 6.15BRL

BRAZIL 6% 08-15.05.13 / IPCA 350 442,394 0.73BRL

20,319,522 33.69

33.6920,319,522TOTAL BONDS

BRAZIL FRN 07-07.03.13 1,384 3,931,271 6.52BRL

FLOATING RATE BONDS

BRAZIL

BRAZIL FRN 08-07.09.12 1,551 4,405,665 7.30BRL

INVESTMENTS

Brazil BondStatement of investments as at 31 March 2011(expressed in USD)


Face Value

BRAZIL 0% 07-07.06.13 815 2,315,007 3.84BRL

10,651,943 17.66



30,971,465





Face Value


284

ASFINAG 4.375% 09-08.07.19 1,340,000 1,400,596 1.80EUR


BONDS

AUSTRIA

AUSTRIA 3.2% 10-20.02.17 1,800,000 1,796,670 2.30EUR

3,197,266 4.10

BELGACOM 3.875% 11-07.02.18 600,000 596,048 0.76EUR

BELGIUM

596,048 0.76

HUTCH WHAM 4.75% 09-14.11.16 1,000,000 1,023,642 1.31EUR

CAYMAN ISLANDS

1,023,642 1.31

CEZ 4.875% 10-16.04.25 800,000 752,274 0.96EUR

CZECH REPUBLIC

752,274 0.96

AFD 3.625% 10-21.04.20 500,000 490,998 0.63EUR

FRANCE

CCBP 9.25% 09-PERP 400,000 412,230 0.53EUR

CRH 3.5% 10-22.06.20 1,000,000 947,044 1.21EUR

FRANCE 3.5% 04-25.04.15OAT 500,000 515,763 0.66EUR

FRANCE 3.75% 05-25.04.21OAT 2,500,000 2,503,563 3.21EUR

FRANCE 4.75% 04-25.04.35OAT 2,500,000 2,713,500 3.48EUR

GECSCF 3 3.75% 09-22.07.14 1,550,000 1,571,933 2.02EUR

LVMH 3.375% 11-07.04.15 200,000 200,314 0.26EUR

PSA FIN 4% 10-19.07.13 900,000 910,715 1.17EUR

VEOLIA ENVIRONMENT5.125% 07-24.05.22 900,000 931,416 1.19EUR

11,197,476 14.36

GERMANY 3.25% 09-04.01.20 1,400,000 1,397,130 1.79EUR

GERMANY

GERMANY 3.75% 08-04.01.19 2,000,000 2,079,550 2.67EUR

GERMANY 4% 06-04.07.16 1,910,000 2,025,651 2.60EUR

GERMANY 4.75% 98-04.07.28 2,800,000 3,116,819 3.99EUR

INVESTMENTS

Euro Bond (Formerly Euro Core Bond)Statement of investments as at 31 March 2011(expressed in EUR)


Face Value

GERMANY 5.50% 00-04.01.31 1,150,000 1,402,799 1.80EUR

10,021,949 12.85

ABBEY NATIONAL 3.125% 10-30.06.14 1,500,000 1,473,531 1.88EUR

GREAT BRITAIN

BARCLAYS BANK 4.75% 05-PERP. 1,000,000 729,354 0.94EUR

CS LDN 3.875% 10-25.01.17 550,000 543,548 0.70EUR

LLOYDS 3.375% 10-17.03.15 1,000,000 983,031 1.26EUR

OTE PLC 3.75% 05-11.11.11 500,000 501,301 0.64EUR

SL FINANCE 6.375% 02-12.07.22 1,000,000 1,019,910 1.31EUR

5,250,675 6.73

ITALY 3.75% 10-01.03.21 BTP 1,100,000 1,013,100 1.30EUR

ITALY

ITALY 4.00% 05-01.02.37 BTP 2,300,000 1,843,680 2.36EUR

ITALY 4.25% 03-01.08.13 BTP 2,000,000 2,057,050 2.64EUR

ITALY 4.25% 04-01.02.15 BTP 3,000,000 3,067,951 3.93EUR

ITALY 4.25% 08-15.04.13 BTP 1,000,000 1,028,650 1.32EUR

ITALY 4.50% 04-01.02.20 BTP 1,000,000 995,425 1.28EUR

TELECOM IT SPA 8.25% 09-21.03.16 500,000 579,823 0.74EUR

10,585,679 13.57

AIG. SUN. III 4.75% 03-11.09.13 1,100,000 1,137,766 1.46EUR

JERSEY

1,137,766 1.46

BEI 4.75% 07-15.10.17 EMTN 1,000,000 1,076,950 1.38EUR

LUXEMBOURG

EFSF 2.75% 11-18.07.16 300,000 294,593 0.38EUR

1,371,543 1.76

NETHERLANDS 3.5% 10-15.07.20 2,350,000 2,344,830 3.01EUR

NETHERLANDS

2,344,830 3.01

FADE 5% 11-17.06.15 700,000 705,854 0.90EUR

SPAIN

FUND ORD BK 3% 09-19.11.14 850,000 809,326 1.04EUR

SANTANDER 4.375% 11-16.03.15 700,000 702,125 0.90EUR

SANTANDER 4.625% 11-20.01.16 600,000 603,978 0.77EUR


Face Value

285


SPAIN 4.4% 04-31.01.15 2,900,000 2,950,024 3.78EUR

SPAIN 5% 02-30.07.12 1,300,000 1,340,073 1.72EUR

SPAIN 5.5% 02-30.07.17 400,000 417,580 0.54EUR

7,528,960 9.65

BOA 4.75% 10-03.04.17 450,000 444,805 0.57EUR

UNITED STATES

GOLDMAN SACHS GROUPINC. 5.125% 07-16.10.14 900,000 936,138 1.20EUR

MOR ST 5.375% 10-10.08.20 500,000 491,286 0.63EUR

MORGAN STANLEY 4.375%06-12.10.16 250,000 243,077 0.31EUR

2,115,306 2.71

73.2357,123,414TOTAL BONDS

BANQUE POSTALE FRN 06-12.12.16 750,000 736,318 0.94EUR

FLOATING RATE BONDS

FRANCE

CREDIT AGRICO FRN 08-PERP 700,000 741,014 0.95EUR

NATEXIS BQ POP. FRN 04-04.11.16 1,000,000 988,658 1.27EUR

NATEXIS BQ POP.FRN 06-26.01.17 700,000 683,096 0.88EUR

SUEZ ENV 4.82% (FRN) 10-PERP/SUB 500,000 487,383 0.62EUR

3,636,469 4.66

BCA P.VERONA NOV FRN 06-15.06.16 1,000,000 960,046 1.23EUR

ITALY

960,046 1.23

ABN AMRO BANK FRN 06-14.09.16 1,000,000 926,527 1.19EUR

NETHERLANDS

926,527 1.19

GE CAP IV FRN 09-15.09.66SUB 500,000 445,220 0.57EUR

UNITED STATES

445,220 0.57



63,091,676



Face Value

TELSTRA 3.625% 10-15.03.21 500,000 463,655 0.59EUR


BONDS

AUSTRALIA

463,655 0.59

BFCM 4% 10-22.10.20 / SUB 400,000 363,881 0.47EUR

FRANCE

CADES 3.25% 11-07.03.18 2,000,000 1,962,367 2.51EUR

CR AGR 3.9% 10-19.04.21 550,000 490,832 0.63EUR

PSA FIN 4.25% 11-25.02.16 400,000 392,934 0.50EUR

RCI BQ 4% 11-16.03.16 1,000,000 968,589 1.24EUR

ST GOBAIN 4% 10-08.10.18 300,000 292,586 0.38EUR

4,471,189 5.73

BPCM 3.83% 10-06.10.17 1,075,000 1,062,011 1.36EUR

GREAT BRITAIN

SCOT & STH EN 5.025% 10-PERP 1,000,000 981,770 1.26EUR

2,043,781 2.62

ENI 3.5% 10-29.01.18 500,000 481,244 0.62EUR

ITALY

481,244 0.62

ABN AMRO 2.75% 10-29.10.13 950,000 940,093 1.21EUR

NETHERLANDS

940,093 1.21

TELEFONICA 4.75% 11-07.02.17 200,000 202,540 0.26EUR

SPAIN

202,540 0.26

11.038,602,502TOTAL BONDS

ALLIANDER 4.875% (FRN) 10-29.11.49 800,000 793,651 1.02EUR

FLOATING RATE BONDS

NETHERLANDS

793,651 1.02

1.02793,651TOTAL FLOATING RATE BONDS


9,396,153


Face Value


286

BNPPCB 3.375% 10-12.01.17 1,000,000 984,575 1.26EUR


BONDS

FRANCE

984,575 1.26

UNICREDIT 4.25% 09-29.07.16 1,400,000 1,401,050 1.80EUR

ITALY

1,401,050 1.80



CALL EURO BOBL 31/03/2011115.5 (15) (75) 0.00EUR


OPTIONS

GERMANY

PUT EURO SCHATZ31/03/2011 107 (150) (750) 0.00EUR

PUT EURO SCHATZ31/03/2011 107.1 75 375 0.00EUR

PUT EURO SCHATZ31/03/2011 107.5 75 24,375 0.03EUR

23,925 0.03

0.0323,925TOTAL OPTIONS

0.03TOTAL FINANCIAL INSTRUMENTS 23,925






Face Value

287


CBA 5.5% 09-06.08.19 5,500,000 5,645,613 1.38EUR


BONDS

AUSTRALIA

NAT AUST 6.75% 08-26.06.23EMTN 5,000,000 5,379,825 1.31EUR

11,025,438 2.69

FORTIS BANK 4.625% 04 -PERP. 8,000,000 7,140,280 1.74EUR

BELGIUM

FORTIS BANK 5.757% 07-04.10.17 6,000,000 6,269,388 1.53EUR

13,409,668 3.27

HUTCH WHAM 4.75% 09-14.11.16 13,000,000 13,307,346 3.25EUR

CAYMAN ISLANDS

13,307,346 3.25

DANSKE BANK 5.375% 08-18.08.14 950,000 959,288 0.23EUR

DENMARK

DANSKE BANK 6.00% 07-20.03.16 3,150,000 3,214,345 0.79EUR

4,173,633 1.02

SAMPO PLC 6.339% 09-10.04.12 2,500,000 2,595,245 0.63EUR

FINLAND

2,595,245 0.63

AXA SA 5.777% 06-PERP 6,000,000 5,419,428 1.32EUR

FRANCE

BFCM 4.471% 05-PERP. 5,000,000 4,354,665 1.06EUR

CNCEP 5.60% 99-05.11.11 1,000,000 1,017,850 0.25EUR

DEXIA CLF 4.375% 07-12.02.19 SUB 1,000,000 901,367 0.22EUR

FRANCE TELECOM 8.125%03-28.01.33 2,000,000 2,645,394 0.65EUR

VEOLIA ENVIRONMENT5.125% 07-24.05.22 8,000,000 8,279,256 2.01EUR

VEOLIA ENVIRONMENT6.125% 03-25.11.33 EMTN 2,000,000 2,156,684 0.53EUR

24,774,644 6.04

INVESTMENTS

Euro Credit Bond (Formerly Euro Core Credit Bond)Statement of investments as at 31 March 2011(expressed in EUR)


Face Value

COMZBK 7.75% 11-16.03.21 /SUB 6,000,000 6,010,770 1.47EUR

GERMANY

FRANZ H&C 5.875% 10-01.02.17 7,000,000 7,262,563 1.76EUR

GERMANY 1.75% 10-09.10.15 5,000,000 4,831,625 1.18EUR

MUNICH RE FIN. 6.75% 03-21.06.23 6,000,000 6,381,360 1.56EUR

24,486,318 5.97

BARCLAYS BANK 4.75% 05-PERP. 5,000,000 3,646,770 0.89EUR

GREAT BRITAIN

BRITISH TELECOM 6.5% 08-07.07.15 EMTN 6,000,000 6,629,640 1.62EUR

CS LDN 3.875% 10-25.01.17 5,000,000 4,941,345 1.21EUR

MONDI FIN 5.75% 10-03.04.17 5,000,000 5,166,200 1.26EUR

SL FINANCE 6.375% 02-12.07.22 6,000,000 6,119,460 1.49EUR

26,503,415 6.47

GE CAP EUR 5.375% 09-23.01.20 7,450,000 7,740,714 1.89EUR

IRELAND

7,740,714 1.89

ATLIM 5.625% 09-06.05.16 5,163,000 5,515,261 1.35EUR

ITALY

INTESA SAN PAOLO 6.625%08-08.05.18 EMTN 8,000,000 7,939,536 1.93EUR

13,454,797 3.28

ALLIANZ FIN.II 6.125% 02-31.05.22 EMTN 6,000,000 6,149,976 1.50EUR

NETHERLANDS

CON GUM FIN 7.5%10-15.09.17 REGS 5,000,000 5,259,150 1.28EUR

DEUT TEL IF 4.875% 10-22.04.25 9,000,000 8,857,611 2.16EUR

EUREKO 7.375% 09-16.06.14 9,000,000 9,873,180 2.41EUR

HEIDLRG 7.5% 10-03.04.20 2,000,000 2,126,326 0.52EUR

HEIDLRG 8% 09-31.01.17 5,000,000 5,557,510 1.36EUR

KPN 7.5% 09-04.02.19 5,000,000 5,996,155 1.46EUR

RABOBANK 4.125% 10-14.01.20 5,000,000 4,892,055 1.19EUR

RABOBANK 5.875% 09-20.05.19 2,000,000 2,126,768 0.52EUR


Face Value


288

SOLVAY FIN. 6.375% 06-02.06.21 7,000,000 7,193,361 1.75EUR

TENNET BV 6.655% 10-PERP 8,000,000 8,431,136 2.06EUR

66,463,228 16.21

SWEDBANK 7.375% 08-26.06.18 10,000,000 10,711,170 2.61EUR

SWEDEN

10,711,170 2.61

CARGILL INC. 6.25 08-24.07.15 1,000,000 1,105,403 0.27EUR

UNITED STATES

CITIGROUP 7.375% 09-04.09.19 6,000,000 6,812,586 1.65EUR

CS GROUP (US) 3.625% 05-14.09.20 5,700,000 5,434,517 1.33EUR

FRESENIUS FINANCE II 8.75%09-15.07.15 5,000,000 5,762,555 1.41EUR

GS 4.375% 10-16.03.17 6,000,000 5,856,084 1.43EUR

MERRILL LYNCH 6.75% 08-21.05.13 EMTN 6,000,000 6,387,204 1.56EUR

WELLS FARGO 4.125% 06-03.11.16 5,250,000 5,270,554 1.29EUR

ZURICH FIN.USA 5.75% 03-02.10.23 6,000,000 6,231,480 1.52EUR

42,860,383 10.46

63.79261,505,999TOTAL BONDS

BFCM FRN 06-19.12.16 1,000,000 988,696 0.24EUR

FLOATING RATE BONDS

FRANCE

BPCE FRN 09-PERP 7,000,000 8,034,537 1.96EUR

CREDIT AGRICO FRN 08-PERP 7,000,000 7,410,137 1.81EUR

CREDIT LOGEMENT FRN 07-15.06.17 1,050,000 1,023,488 0.25EUR

NATEXIS BQ POP.FRN 06-26.01.17 11,000,000 10,734,372 2.61EUR

28,191,230 6.87

HSH NORDBK FRN 07-14.02.17 S.239 2,000,000 1,414,358 0.35EUR

GERMANY

1,414,358 0.35

BARCLAYS BANK FRN 07-30.05.17 700,000 683,290 0.17EUR

GREAT BRITAIN

683,290 0.17



Face Value

BANCO POPOLARE VERONAFRN 07-08.02.17 1,050,000 951,553 0.23EUR

ITALY

BCA P.VERONA NOV FRN 06-15.06.16 2,000,000 1,920,092 0.47EUR

UNICREDITO IT FRN 06-20.09.16 1,500,000 1,481,760 0.36EUR

4,353,405 1.06

ABN AMRO BANK FRN 06-14.09.16 3,300,000 3,057,539 0.75EUR

NETHERLANDS

ALLIANZ FIN 5.75% 11-08.07.41 SUB 5,700,000 5,539,636 1.35EUR

8,597,175 2.10

GE CAP IV FRN 09-15.09.66SUB 9,000,000 8,013,951 1.95EUR

UNITED STATES

8,013,951 1.95



312,759,408

TELSTRA 3.625% 10-15.03.21 5,000,000 4,636,550 1.13EUR


BONDS

AUSTRALIA

4,636,550 1.13

TDCDC 4.375% 11-23.02.18 6,000,000 5,997,168 1.46EUR

DENMARK

5,997,168 1.46

BFCM 4% 10-22.10.20 / SUB 5,000,000 4,548,510 1.11EUR

FRANCE

LAFARGE 5.375% 10-29.11.18 3,000,000 2,965,746 0.72EUR

PSA FIN 3.875% 11-14.01.15 5,000,000 4,940,795 1.21EUR

PSA FIN 4.25% 11-25.02.16 3,900,000 3,831,103 0.93EUR

RCI BQ 3.25% 11-17.01.14 7,400,000 7,301,410 1.78EUR

SOCGEN 4.75% 11-02.03.21 7,000,000 6,926,773 1.69EUR

30,514,337 7.44


Face Value

289


BARCLAYS 4.125% 11-15.03.16 2,750,000 2,727,282 0.67EUR

GREAT BRITAIN

BPCM 3.83% 10-06.10.17 6,000,000 5,927,502 1.45EUR

LLOYDS 4.5% 11-15.09.14 6,000,000 5,995,800 1.46EUR

SCOT & STH EN 5.025% 10-PERP 8,000,000 7,854,160 1.91EUR

22,504,744 5.49

FIAT FT 6.375% 11-01.04.16 2,800,000 2,779,862 0.68EUR

LUXEMBOURG

2,779,862 0.68

SUEDZ FIN 4.125% 11-29.03.18 3,050,000 3,034,210 0.74EUR

NETHERLANDS

3,034,210 0.74

TELEFONICA 4.75% 11-07.02.17 8,000,000 8,101,600 1.98EUR

SPAIN

8,101,600 1.98

18.9277,568,471TOTAL BONDS

ALLIANDER 4.875% (FRN) 10-29.11.49 8,000,000 7,936,512 1.94EUR

FLOATING RATE BONDS

NETHERLANDS

7,936,512 1.94



85,504,983

LEHMAN 4.625% 07-14.03.19DEFLT 900,000 90 0.00EUR


BONDS

NETHERLANDS

90 0.00

0.0090TOTAL BONDS



Face Value

BARCLAYS BANK FRN 06-20.04.16 1,000,000 999,520 0.24EUR

FLOATING RATE BONDS

GREAT BRITAIN

999,520 0.24



CALL EURO BOBL 31/03/2011115 100 500 0.00EUR


OPTIONS

GERMANY

500 0.00

0.00500TOTAL OPTIONS

0.00TOTAL FINANCIAL INSTRUMENTS 500





Face Value


290

WIENERBERGER 6.5% 07-PERP 1,800,000 1,679,308 0.32EUR


BONDS

AUSTRIA

1,679,308 0.32

BARRY CALL.SVCS 6.00% 07-13.07.17 6,945,000 7,095,200 1.34EUR

BELGIUM


KBC BANK 8% 08-PERP. 4,700,000 4,504,452 0.85EUR

23,648,874 4.48

BOMBARDIER 7.25% 06-15.11.16 1,000,000 1,048,025 0.20EUR

CANADA

1,048,025 0.20

UPCB FIN 7.625%10-15.01.20REGS 4,300,000 4,452,603 0.84EUR

CAYMAN ISLANDS

4,452,603 0.84

AGROKOR DD 10% 09-07.12.16 1,000,000 1,079,921 0.20EUR

CROATIA

1,079,921 0.20

TDC AS 5.875% 09-16.12.15 2,650,000 2,850,070 0.54EUR

DENMARK

2,850,070 0.54

AXA SA 5.777% 06-PERP 6,800,000 6,142,018 1.16EUR

FRANCE

BFCM 4.471% 05-PERP. 3,005,000 2,617,154 0.50EUR

BPCE 6.117% 07-PERP EMTN 10,700,000 9,491,125 1.80EUR

CEGEDIM 7% 10-27.07.15 1,000,000 1,041,234 0.20EUR

CREDIT AGRICOLE 4.13% 05-PERP 1,750,000 1,502,743 0.28EUR

CROWN EU HOLDING 7.125%15.08.18 REGS 11,798,000 12,286,566 2.33EUR

MICHELIN 6.375% 03-03.12.33EMTN 1,129,000 1,216,029 0.23EUR

NEXANS 5.75% 07-02.05.17 8,450,000 8,512,488 1.61EUR

INVESTMENTS

Euro High Yield BondStatement of investments as at 31 March 2011(expressed in EUR)


Face Value

PERNOD RICARD 5% 11-15.03.17 3,600,000 3,559,241 0.67EUR

PERNOD 4.875% 10-18.03.16 10,050,000 10,043,647 1.90EUR

PERNOD-RICARD 7% 09-15.01.15 500,000 540,573 0.10EUR

PEUGEOT SA 8.375% 09-15.07.14 3,250,000 3,627,705 0.69EUR

RENAULT 5.625% 10-30.06.15 12,000,000 12,337,007 2.33EUR

REXEL 8.25% 09-15.12.16 7,831,000 8,540,473 1.62EUR

RHODIA 7% 10-15.05.18 9,250,000 9,626,383 1.82EUR

SCOR ASSIST 6.154% 06-PERP. 3,350,000 3,003,406 0.57EUR

SOCIETE GENERALE 4.196%05-PERP 5,200,000 4,609,072 0.87EUR

TEREOS EUROPE 6.375% 07-15.04.14 REGS 5,855,000 6,050,955 1.15EUR

VALEO 3.75% 05-24.06.13 3,650,000 3,689,562 0.70EUR

VINCI 6.25% 06-PERP 4,600,000 4,696,766 0.89EUR

WENDEL INVESTMENT4.375% 05-09.08.17 5,250,000 4,737,758 0.90EUR

117,871,905 22.32

COMZBK 6.375% 11-22.03.19 2,000,000 1,876,312 0.36EUR

GERMANY

COMZBK 7.75% 11-16.03.21 /SUB 4,000,000 4,007,180 0.76EUR

EVONIK IND 7% 09-14.10.14 2,119,000 2,320,972 0.44EUR

FRANZ H&C 5.875% 10-01.02.17 1,650,000 1,711,890 0.32EUR

HSH NORDBANK 4.375% 07-14.02.08 2,050,000 1,491,027 0.28EUR

MUNICH RE 5.767% 07-26.06.49 6,000,000 5,613,738 1.06EUR

UNITYMEDIA 8.125% 09-01.12.17 8,550,000 8,994,814 1.71EUR

26,015,933 4.93

BARCLAYS BANK 4.75% 05-PERP. 10,800,000 7,877,023 1.49EUR

GREAT BRITAIN

FCE BK 9.375% 09-17.01.14 17,000,000 19,084,846 3.62EUR

MONDI FIN 5.75% 10-03.04.17 3,175,000 3,280,537 0.62EUR

REXAM PLC 6.75% 07-29.06.67 3,020,000 2,955,861 0.56EUR

SL FINANCE 6.375% 02-12.07.22 1,000,000 1,019,910 0.19EUR


Face Value

291


VIRGIN MEDIA FIN 9.5% 09-15.08.16 1,000,000 1,135,746 0.22EUR

35,353,923 6.70

MOL HU O&G 5.875% 10-20.04.17 6,500,000 6,372,308 1.21EUR

HUNGARY

6,372,308 1.21

SMURFIT KAP ACQ 7.25% 09-15.11.17 3,400,000 3,550,776 0.67EUR

IRELAND

3,550,776 0.67

CIRINT 5.75% 04-16.12.24 3,050,000 2,634,026 0.50EUR

ITALY

2,634,026 0.50

HSBC CAPITAL JE 5.3687%03-PERP 550,000 542,496 0.10EUR

JERSEY

HSBC CAPITAL 5.13% 04-PERP 900,000 853,287 0.16EUR

1,395,783 0.26

KAZKOMMERTS 6.875% 07-13.02.17 1,300,000 1,242,865 0.24EUR

KAZAKHSTAN

1,242,865 0.24

CIRSA FDG 8.75% 10-15.05.18 3,350,000 3,445,348 0.65EUR

LUXEMBOURG

DEXIA BIL 6.821% 01-PERPSUB 1,110,000 891,373 0.17EUR

FIAT FINANCE 7.625% 09-15.09.14 3,850,000 4,028,294 0.76EUR

FIAT FT 6.875% 09-13.02.15 1,250,000 1,283,628 0.24EUR

JP MORGAN LUX 5% 05-PERP 4,050,000 3,491,039 0.66EUR

PROLOGIS INTERNATIONAL5.875% 07-23.10.14 4,000,000 4,220,735 0.81EUR

WIND ACQUIS 11.75% 09-15.07.17 1,000,000 1,155,715 0.22EUR

18,516,132 3.51

CON GUM FIN 7.5%10-15.09.17 REGS 1,400,000 1,472,562 0.28EUR

NETHERLANDS

CONGR 7.125% 10-15.10.18 14,100,000 14,684,500 2.79EUR

EUREKO 5.125% 05-29.06.49 6,650,000 5,713,141 1.08EUR

GMAC INTL 7.5% 10-21.04.15 6,600,000 6,966,340 1.32EUR



Face Value

HEIDLRG 7.5% 10-03.04.20 2,100,000 2,232,642 0.42EUR

HEIDLRG 8% 09-31.01.17 2,250,000 2,500,880 0.47EUR

HEIDLRG 8.5% 09-31.10.19 13,800,000 15,624,359 2.97EUR

IFCO 10% 09-30.06.16 400,000 468,000 0.09EUR

ING VERZEK.6.25%01-21.06.21 6,050,000 5,860,938 1.11EUR

INTERXION 9.5% 10-12.02.17 1,050,000 1,147,999 0.22EUR

LINDE FINANCE 7.375% 06-14.07.66 3,370,000 3,713,780 0.70EUR

OI EUROPEAN GP 6.875% 07-31.03.17 2,200,000 2,258,087 0.43EUR

OI EUROPEAN 6.75% 10-15.09.20 1,900,000 1,929,448 0.37EUR

RABOBANK 6.875% 10-19.03.20 10,700,000 10,850,517 2.05EUR

SOLVAY FIN. 6.375% 06-02.06.21 6,700,000 6,885,074 1.30EUR

SUEDZUCK.INTERNATIONAL5.25% 05-PERP 2,500,000 2,453,065 0.46EUR

UPC 9.75% 09-15.04.18 1,150,000 1,236,789 0.23EUR

ZIGGO 8% 10-15.05.18 3,950,000 4,125,815 0.78EUR

90,123,936 17.07

AGCO 6.875% 04-15.04.14 6,718,000 6,791,065 1.29EUR

UNITED STATES

CL CAPITAL TRUST 7.047%02-PERP. 3,950,000 3,930,293 0.74EUR


HVB FD TR VIII PREF. 02-PERP 2,850,000 2,832,763 0.54EUR

25,828,364 4.89

C10 CAP SPV 6.277% FRN 07-09.05.49 4,355,000 3,140,090 0.59EUR

VIRGIN ISLANDS

3,140,090 0.59

69.47366,804,842TOTAL BONDS

SANTOS FIN 8.25% (FRN) 10-22.09.70 3,000,000 3,080,640 0.58EUR

FLOATING RATE BONDS

AUSTRALIA

3,080,640 0.58

BANQUE POSTALE FRN 06-12.12.16 1,100,000 1,079,933 0.20EUR

FRANCE

BPCE FRN 09-PERP 2,350,000 2,697,309 0.51EUR


Face Value


292

CLF FRN 05-PERP 4,100,000 2,407,852 0.46EUR

CNP ASSURANCE FRN 06-PERP. 6,250,000 5,244,357 1.00EUR


CREDIT LOGEMENT FRN 04-PERP. 2,300,000 1,922,818 0.36EUR

CREDIT LOG.FRN 06-PERP 1,850,000 1,540,946 0.29EUR

NATEXIS BQ POP.FRN 06-26.01.17 1,000,000 975,852 0.18EUR

SUEZ ENV 4.82% (FRN) 10-PERP/SUB 3,150,000 3,070,514 0.59EUR

22,009,495 4.17

HSH NORDBK FRN 07-14.02.17 S.239 3,000,000 2,121,537 0.40EUR

GERMANY

RWE 4.625% (FRN) 10-PERP 1,700,000 1,638,917 0.31EUR

3,760,454 0.71

BCA P.VERONA NOV FRN 06-15.06.16 1,000,000 960,046 0.18EUR

ITALY

INTESA FRN 09-PERP 1,750,000 1,760,918 0.34EUR

2,720,964 0.52

CALCIPAR FRN 07-01.07.14REGS 400,000 383,000 0.07EUR

LUXEMBOURG

383,000 0.07

ABN AMRO BANK FRN 06-PERP. 3,000,000 2,374,098 0.45EUR

NETHERLANDS

ABN AMRO BANK FRN 06-14.09.16 2,200,000 2,038,359 0.39EUR


7,133,682 1.35

UBS PREF. FD FRN 05-PERP 8,850,000 8,056,748 1.53EUR

SWITZERLAND

8,056,748 1.53


UNITED STATES

15,693,987 2.97




Face Value

GERRESHEIMER 7.875% 05-01.03.15 REGS 7,666,000 4,748,627 0.90EUR

ASSET BACKED SECURITIES

GERMANY

4,748,627 0.90

ECO-BAT 10.125% 03-31.01.13REGS 1,604,000 812,768 0.15EUR

GREAT BRITAIN

812,768 0.15

1.055,561,395TOTAL ASSET BACKED SECURITIES


435,205,207

BOMBARDIER 6.125% 10-15.05.21 REGS 13,150,000 12,651,602 2.40EUR


BONDS

CANADA

12,651,602 2.40

ALCATEL 8.5% 10-15.01.16 2,374,000 2,516,331 0.48EUR

FRANCE

PICARD FR 9% 10-01.10.18 1,500,000 1,592,217 0.30EUR

4,108,548 0.78

HAPAG LL 9% 10-15.10.15 7,200,000 7,663,154 1.45EUR

GERMANY

NORDENIA 9.75% 10-15.07.17 250,000 274,612 0.05EUR

7,937,766 1.50

BARCLAYS 6.625% 11-30.03.22 750,000 745,919 0.14EUR

GREAT BRITAIN

745,919 0.14

ARDAGH FIN 7.375% 10-15.10.17 1,000,000 1,024,726 0.19EUR

IRELAND

1,024,726 0.19

FIAT FT 6.25% 11-09.03.18 1,300,000 1,290,605 0.24EUR

LUXEMBOURG

FIAT FT 6.375% 11-01.04.16 7,100,000 7,048,936 1.34EUR

SUNRISE COM 7% 10-31.12.17 300,000 312,782 0.06EUR


Face Value

293


TELE FIN III 6.625% 11-15.02.21 3,500,000 3,436,003 0.65EUR

TNETBB 6.375% 10-15.11.20 10,800,000 10,582,768 2.01EUR

WIND ACQ 7.375% 10-15.02.18 REGS 1,500,000 1,567,644 0.30EUR

24,238,738 4.60

PHOENIX FIN 9.625% 10-15.07.14 1,900,000 2,082,900 0.39EUR

NETHERLANDS

UPC HLD BV 8.375% 15.08.20REGS 4,950,000 5,102,673 0.97EUR

ZIGGO 6.125% 10-15.11.17REG 400,000 401,481 0.08EUR

7,587,054 1.44

TVN FIN III 7.875% 10-15.11.18 REG 5,800,000 5,935,442 1.12EUR

SWEDEN

5,935,442 1.12

HERTZ HDGS 8.5% 10-31.07.15 2,300,000 2,492,377 0.47EUR

UNITED STATES

2,492,377 0.47

12.6466,722,172TOTAL BONDS

INTESA SAN 9.5% (FRN) 10-PERP 1,300,000 1,315,991 0.24EUR

FLOATING RATE BONDS

ITALY

UNICREDIT 9.375% 10-PERP 500,000 505,109 0.10EUR

1,821,100 0.34



68,543,272






Face Value


294

MACQUARIE 7.3% 09-01.08.14 450,000 500,675 0.45USD


BONDS

AUSTRALIA

500,675 0.45

HUTCH WHAM 5.75% 09-11.09.19 400,000 432,377 0.39USD

CAYMAN ISLANDS

TWU CAYMAN 6.125% 09-04.02.13 350,000 527,131 0.47EUR

959,508 0.86

FRANCE 4% 07-25.04.18 OAT 1,000,000 1,481,493 1.33EUR

FRANCE

FRANCE 4% 07-25.04.18 OAT 49,000 72,593 0.06EUR

FRANCE 5.75% 01-25.10.32 809,000 1,410,794 1.26EUR

LAFARGE 5.5% 09-16.12.19 250,000 350,948 0.31EUR

SOCIETE GENERALE 3.1% 10-14.09.15 500,000 492,097 0.44USD

VEOLIA ENVIRONNEMENT5.25% 08-03.06.13 580,000 620,374 0.55USD

4,428,299 3.95

GERMANY 2.25% 10-10.04.15 3,150,000 4,454,616 3.98EUR

GERMANY

GERMANY 3.5% 08-12.04.13 1,629,000 2,396,376 2.14EUR

GERMANY 3.75% 08-04.01.19 1,500,000 2,218,932 1.98EUR

GERMANY 4.75% 08-04.07.40 950,000 1,567,241 1.40EUR

KFW 2.05% 06-16.02.26GLOBAL 20,000,000 250,907 0.22JPY

10,888,072 9.72

BRITISH TELECOM. 9.625%00-15.12.30 MULTIC 500,000 692,252 0.62USD

GREAT BRITAIN

HAMMERSON 6.875% 00-31.03.20 500,000 879,870 0.79GBP

RBS 4.875% 09-25.08.14 400,000 415,119 0.37USD

REXAM PLC 6.75% 07-29.06.67 500,000 696,242 0.62EUR

UK TSY 4.00% 06-07.09.16TSY 1,278,000 2,184,342 1.95GBP

UK TSY 4.25% 03-07.03.36 580,000 916,977 0.82GBP

INVESTMENTS

Global Bond (Formerly Global Core Plus Bond)Statement of investments as at 31 March 2011(expressed in USD)


Face Value

UK TSY 4.75% 04-07.12.38 800,000 1,371,855 1.22GBP

7,156,657 6.39

GE CAP EUR 5.375% 09-23.01.20 500,000 739,108 0.66EUR

IRELAND

739,108 0.66

ITALY 4.25% 08-15.04.13 BTP 3,164,000 4,630,389 4.13EUR

ITALY

4,630,389 4.13

JAPAN 0.3% 10-20.06.15 440,000,000 5,285,366 4.72JPY

JAPAN

JAPAN 1.70% 06-20.12.16N284 710,500,000 9,115,545 8.14JPY

14,400,911 12.86

BAA FDG 3.975% 08-15.02.14 400,000 575,095 0.51EUR

JERSEY

HSBC CAPITAL 8.03% 00-PERP 500,000 743,294 0.67EUR

1,318,389 1.18

BEI 0% 96-06.11.26 SENIOR 1,300,000 621,444 0.55USD

LUXEMBOURG

BEI 1.25% 07-20.09.12 27,800,000 341,008 0.30JPY

GAZPROM CAPITAL 5.03% 06-25.02.14 REGS 380,000 563,611 0.50EUR

TELECOM IT CAP 6.175% 09-18.06.14 700,000 752,669 0.68USD

2,278,732 2.03

ASIA DVLP BANK 2.35% 07-21.06.27 70,000,000 906,062 0.81JPY

PHILIPPINES

906,062 0.81

QATAR 4% 09-20.01.15 144A 700,000 723,837 0.65USD

QATAR

723,837 0.65

SANTANDER US 3.724% 10-20.01.15 400,000 388,780 0.35USD

SPAIN

SPAIN 2.75% 09-30.04.12 2,300,000 3,285,462 2.93EUR

SPAIN 4.1% 08-30.07.18 181,000 245,818 0.22EUR

3,920,060 3.50


Face Value

295


NORDEA 8.375% 09-PERP 450,000 490,343 0.44USD

SWEDEN

490,343 0.44

ABU DHABI 5.5% 07-02.08.12 500,000 526,805 0.47USD


526,805 0.47

BOA 6.4% 07-28.08.17 450,000 490,531 0.44USD

UNITED STATES

BURL.NORTHERN 5.65% 07-01.05.17 500,000 556,379 0.50USD

CAPITAL ONE 8.8% 09-15.07.19 400,000 502,802 0.45USD

CS NY 5.4% 10-14.01.20 550,000 555,720 0.50USD

FREDDIE MAC 5.125% 07-17.11.17 600,000 676,060 0.60USD

MET LIFE 5.125% 09-10.06.14 800,000 866,398 0.77USD

MORGAN STANLEY 6% 08-28.10.08 600,000 653,290 0.58USD

PFIZER 5.75% 09-03.06.21 500,000 797,014 0.71EUR

USA 3.125% 09-15.05.19 5,250,000 5,245,078 4.68USD

10,343,272 9.23

57.3364,211,119TOTAL BONDS

RWE 4.625% (FRN) 10-PERP 500,000 685,790 0.61EUR

FLOATING RATE BONDS

GERMANY

685,790 0.61

CREDIT AGR LN FRN 07-PERP 500,000 447,725 0.40USD

GREAT BRITAIN

447,725 0.40

SWEDISH EXP FRN 09-14.08.14 1,000,000 1,016,966 0.91USD

SWEDEN

1,016,966 0.91

NAB NEW YORK FRN 09-PERP 450,000 496,312 0.44USD

UNITED STATES

496,312 0.44




Face Value

USA 2.125% 10-31.05.15 1,250,000 1,263,867 1.13USD

TREAS. BONDS/NOTES - FIXED RATE

UNITED STATES

1,263,867 1.13

1.131,263,867TOTAL TREASURY BONDS/NOTES - FIXEDRATE

FNMA (15Y) 4% 11-01.04.26TBA 590,000 605,948 0.54USD

FNMA

UNITED STATES

FNMA (15Y) 5% 11-01.04.26TBA 400,000 424,688 0.38USD

FNMA (30Y) 4% 11-01.04.41TBA 890,000 874,564 0.78USD

FNMA (30Y) 4.5% 11-01.04.41TBA 990,000 1,006,860 0.90USD

FNMA (30Y) 5.5% 11-01.04.41TBA 780,000 833,991 0.74USD

3,746,051 3.34

3.343,746,051TOTAL FNMA

PERMM FRN 10-15.07.42 1A 1,000,000 998,898 0.89USD

MORTGAGE BACKED SECURITIES

GREAT BRITAIN

998,898 0.89

GNMA (30Y) 5.5% 11-01.4.41TBA 350,000 378,930 0.34USD

UNITED STATES

378,930 0.34

1.231,377,828TOTAL MORTGAGE BACKED SECURITIES


73,245,658

CANADA 4.00% 06-01.06.17 3,139,000 3,436,849 3.07CAD


BONDS

CANADA

3,436,849 3.07

ITALY 4.25% 09-01.03.20 BTP 1,000,000 1,385,070 1.24EUR

ITALY

1,385,070 1.24


Face Value


296

JAPAN 2.00% 07-20.03.27 NO93 (20Y) 303,100,000 3,738,642 3.33JPY

JAPAN

3,738,642 3.33

TELEFONICA EMIS 5.877%09-15.07.19 500,000 526,690 0.47USD

SPAIN

526,690 0.47

COX COMM.7.125% 02-01.10.12 600,000 650,413 0.58USD

UNITED STATES

MIDAMERICAN ENERGY5.95% 07-15.07.17 610,000 691,729 0.61USD

RABOBANK CAP.III 5.254%04-PERP 144A 550,000 548,152 0.49USD

TIME WARNER CABLE 6.2%08-01.07.13 535,000 588,568 0.53USD

2,478,862 2.21

10.3211,566,113TOTAL BONDS

USA 4.375% 08-15.02.38 TBO 100,000 97,906 0.09USD


UNITED STATES

USA 4.375% 09-15.11.39 TBO 3,013,000 2,934,144 2.62USD

3,032,050 2.71


FHLMC (30Y) 5.0% 11-01.04.41 TBA 830,000 866,183 0.77USD

FHLMC

UNITED STATES

FHLMC (30Y) 5.5% 11-01.04.41 TBA 710,000 757,370 0.68USD

FHLMC (30Y) 6% 11-01.04.41TBA 880,000 956,038 0.86USD

FHLMC 4.5% 11-01.04.41 TBA 910,000 923,792 0.82USD

3,503,383 3.13

3.133,503,383TOTAL FHLMC

FNMA (15Y) 4.5% 11-01.04.26TBA 530,000 555,258 0.50USD

FNMA

UNITED STATES

FNMA (30Y) 5% 11-01.04.41TBA 870,000 910,102 0.81USD



Face Value

FNMA (30Y) 6.5% 11-01.04.41TBA 340,000 381,278 0.34USD

1,846,638 1.65

1.651,846,638TOTAL FNMA

ARRMF FRN 10-16.05.47 10-1XA2C 1,000,000 1,001,414 0.89USD


GREAT BRITAIN

1,001,414 0.89

GNMA 4.5% 11-15.04.41 TBA 930,000 958,917 0.86USD

UNITED STATES

MORGAN STANLEY 5.61% 07-15.04.49 07-IQ14-A2 450,000 422,506 0.38USD

1,381,423 1.24



22,331,021

VIVENDI 5.75% 08-04.04.13144A 475,000 508,957 0.45USD


BONDS

FRANCE

508,957 0.45

BAT INTERNATIONALFINANCE 8.125% 08-15.11.13144A 500,000 577,578 0.52USD

GREAT BRITAIN

NATIONWIDE 5% 03-01.08.15 500,000 484,450 0.43USD

1,062,028 0.95

DEUTSCHE BANK C 5.628%06-PERP.-144A 600,000 545,839 0.49USD

UNITED STATES

WEA&WT FIN 5.75% 09-02.09.15 S144A 350,000 383,798 0.34USD

929,637 0.83


CBA FRN 09-12.07.13 144A 500,000 502,797 0.45USD

FLOATING RATE BONDS

AUSTRALIA

502,797 0.45


Face Value

297


FIN DANISH FRN 09-17.08.12144A 250,000 250,190 0.22USD

DENMARK

250,190 0.22


CAIRN MEZZ.FRN 07-13.08.4707-3A B1 DEFLT 860,000 - 0.00USD


IRELAND

- 0.00

ABFC 3.684% 05-25.03.33 03-AHL1 A1 7,500,000 694,672 0.62USD

UNITED STATES

694,672 0.62

0.62694,672TOTAL ASSET BACKED SECURITIES

JLOC FRN 07-15.01.15 37X A1 60,000,000 211,336 0.19JPY


JAPAN

JLOC FRN 07-16.02.16 36X-A1 40,000,000 223,582 0.20JPY

434,918 0.39

BACM 5.634% 06-10.07.46 06-4 A4 500,000 539,605 0.48USD

UNITED STATES

BEAR STEARNS FRN 07-12.10.41 06-T24 A2 1,340,000 1,355,327 1.20USD

COMMERCIAL MTG FRN 06-15.12.20 FL12 A2 2,000,000 796,937 0.71USD

GNMA I (30Y) 5% 11-01.04.41TBA 810,000 858,980 0.77USD

GNMA 4% (30Y) 11-01.04.41TBA 320,000 319,650 0.29USD

JP MORGAN CC 5.875% 06-4506-LD P7 A4 220,000 242,193 0.22USD

4,112,692 3.67





Face Value

SHB 0% 11-16.06.11 CP 1,000,000 1,419,694 1.27EUR


COMMERCIAL PAPER

SWEDEN

1,419,694 1.27

1.271,419,694TOTAL COMMERCIAL PAPER

BELGIUM 0% 11-07.04.11 TB 1,000,000 999,951 0.89USD

TREASURY BILLS

BELGIUM

999,951 0.89

0.89999,951TOTAL TREASURY BILLS

CR AGR 0% 10-06.04.11 CD 500,000 711,247 0.63EUR

CERTIFICATE OF DEPOSIT

FRANCE

711,247 0.63

INTESA LN 0% 11-04.05.11 CD 1,000,000 1,421,385 1.27EUR

GREAT BRITAIN

UNICR BK LN 1% 11-21.04.11CD 1,000,000 1,422,701 1.27EUR

2,844,086 2.54

3.173,555,333TOTAL CERTIFICATE OF DEPOSIT






Face Value


298

ANZ BK 3.75% 10-10.03.17 150,000 209,170 1.01EUR


BONDS

AUSTRALIA

CBA 5.5% 09-06.08.19 150,000 219,055 1.06EUR

MACQUARIE 7.3% 09-01.08.14 200,000 222,523 1.08USD

NAB 4% 10-13.07.20 150,000 204,473 0.99EUR

NAB 4.625% 10-10.02.20 100,000 135,169 0.66EUR

990,390 4.80

FORTIS BANK 4.625% 04 -PERP. 100,000 126,981 0.62EUR

BELGIUM

126,981 0.62

HUTCH WHAM 4.75% 09-14.11.16 150,000 218,450 1.06EUR

CAYMAN ISLANDS

HUTCH. WHAMP. 6.5% 03-13.02.13 144A 500,000 543,467 2.63USD

761,917 3.69

DANSKE BANK 6.00% 07-20.03.16 100,000 145,176 0.70EUR

DENMARK

145,176 0.70

AXA SA 5.777% 06-PERP 200,000 257,007 1.24EUR

FRANCE

BPCE 6.117% 07-PERP EMTN 150,000 189,295 0.92EUR

DEXIA CLF 5.375% 09-21.07.14 100,000 145,799 0.71EUR

RCI BK 8.125% 09-15.05.12 120,000 180,725 0.88EUR

SOCIETE GENERALE PERP8.75% 200,000 211,660 1.03USD

VEOLIA ENVIRONMENT6.125% 03-25.11.33 EMTN 200,000 306,832 1.48EUR

1,291,318 6.26

COMZBK 7.75% 11-16.03.21 /SUB 200,000 285,051 1.38EUR

GERMANY

HENKEL 5.375% 05-25.11.14STEP-UP 200,000 286,730 1.39EUR

INVESTMENTS

Global Credit Bond (Formerly Global Core Credit Bond)Statement of investments as at 31 March 2011(expressed in USD)


Face Value

MUNICH RE FIN. 6.75% 03-21.06.23 120,000 181,575 0.88EUR

753,356 3.65

ANGLIAN WATER 4.625% 03-07.10.13 250,000 369,356 1.79EUR

GREAT BRITAIN

IMPERIAL TOBACCO 8.375%09-17.02.16 125,000 210,663 1.02EUR

RBS 4.875% 09-25.08.14 400,000 415,119 2.02USD

995,138 4.83

GE CAP EUR 5.375% 09-23.01.20 200,000 295,643 1.43EUR

IRELAND

295,643 1.43

TELECOM IT CAP 7.175% 09-18.06.19 200,000 218,211 1.06USD

LUXEMBOURG

218,211 1.06

CRH FIN 7.375% 09-28.05.14 100,000 156,667 0.76EUR

NETHERLANDS

HEIDELBG 6.375% 08-25.01.12 EMTN ST-UP 100,000 147,822 0.72EUR

KPN 7.5% 09-04.02.19 200,000 341,229 1.65EUR

RABOBANK 4.125% 10-14.01.20 200,000 278,397 1.35EUR

SOLVAY FIN. 6.375% 06-02.06.21 100,000 146,200 0.71EUR

1,070,315 5.19

NORDEA 8.375% 09-PERP 200,000 217,930 1.06USD

SWEDEN

SVSK HDBK 3.75% 10-24.02.17 100,000 140,068 0.68EUR

SVSK HDBK 4.875% 09-25.03.14 150,000 224,350 1.08EUR

582,348 2.82

AMEREN CORP 8.875% 09-15.05.14 200,000 229,402 1.11USD

UNITED STATES

AMERICAN EXPRESS 8.125%20.05.19 200,000 249,030 1.21USD

BB&T CORP 3.95% 10-29.04.16 200,000 206,338 1.00USD

BOA 7% 09-15.06.16 150,000 234,300 1.14EUR


Face Value

299


CAPITAL ONE 8.8% 09-15.07.19 200,000 251,401 1.22USD

CNTRYW FIN 5.8% 07-07.06.12 200,000 210,353 1.02USD

CS GROUP (US) 3.625% 05-14.09.20 150,000 203,465 0.99EUR

CS NY 5.4% 10-14.01.20 300,000 303,120 1.47USD

ETP 9.7% 08-15.03.19 200,000 259,511 1.26USD

FRESENIUS FINANCE II 8.75%09-15.07.15 200,000 327,935 1.59EUR

GECC 6.375% 07-15.11.67 200,000 204,341 0.99USD

JP MORGAN CHASE 6.3% 09-23.04.19 200,000 221,552 1.07USD

KRAFT FOODS 4.125% 10-09.02.16 400,000 415,312 2.01USD

KROGER CO. 5.00% 08-15.04.13 200,000 213,178 1.03USD

MECCANICA 6.25% 09-15.07.19 REGS 200,000 208,140 1.01USD

MIDCONT EXP 5.45% 9-15.09.14 200,000 216,057 1.05USD

MORGAN STANLEY 4.5% 9-29.10.14 150,000 215,340 1.04EUR


PFIZER 6.2% 09-15.03.19 400,000 460,645 2.24USD

ROCHE HOLDING 5.625% 09-04.03.16 100,000 155,970 0.76EUR

WELLS FARGO 4.125% 06-03.11.16 250,000 357,067 1.73EUR

WM COV BD 4.375% 07-19.05.14 150,000 218,665 1.06EUR

XEROX CORP 4.25% 09-15.02.15 400,000 420,175 2.04USD

ZURICH FIN. USA 4.5% 05-15.06.25 100,000 142,569 0.69EUR

6,141,629 29.79

64.8413,372,422TOTAL BONDS

CREDIT AGRICO FRN 08-PERP 200,000 301,212 1.46EUR

FLOATING RATE BONDS

FRANCE

NATEXIS BQ POP.FRN 06-26.01.17 200,000 277,669 1.35EUR

578,881 2.81



Face Value


GREAT BRITAIN

179,090 0.87

ALLIANZ FIN 5.75% 11-08.07.41 SUB 200,000 276,534 1.34EUR

NETHERLANDS

ING NV FRN 06-26.09.16 200,000 187,824 0.91USD

464,358 2.25


UNITED STATES

220,583 1.07



14,815,334

BOMBARDIER 6.125% 10-15.05.21 REGS 100,000 136,878 0.66EUR


BONDS

CANADA

136,878 0.66

RCI BQ 3.25% 11-17.01.14 125,000 175,468 0.85EUR

FRANCE

175,468 0.85

BARCLAYS 6.625% 11-30.03.22 150,000 212,244 1.03EUR

GREAT BRITAIN

BPCM 3.83% 10-06.10.17 175,000 245,964 1.19EUR

458,208 2.22

ARCELORMIT 9% 09-15.02.15 200,000 239,071 1.16USD

LUXEMBOURG

FIAT FT 6.375% 11-01.04.16 150,000 211,870 1.03EUR

450,941 2.19


SPAIN

TELEFONICA 4.75% 11-07.02.17 100,000 144,077 0.70EUR

354,753 1.72


Face Value


300

AT&T INC. 5.50% 08-02.01.18 400,000 436,965 2.12USD

UNITED STATES

CITICORP 5% 04-15.09.14 200,000 208,817 1.01USD

CITIGROUP INC. 6.40% 08-27.03.13 125,000 188,019 0.91EUR

UNION PACIFIC 6.125% 09-15.02.20 400,000 458,074 2.23USD

1,291,875 6.27


ALLIANDER 4.875% (FRN) 10-29.11.49 250,000 352,852 1.71EUR

FLOATING RATE BONDS

NETHERLANDS

352,852 1.71



3,220,975

VIVENDI 5.75% 08-04.04.13144A 200,000 214,298 1.04USD


BONDS

FRANCE

214,298 1.04

RIO TINTO FIN 8.95% 09-01.05.14 200,000 240,224 1.16USD

GREAT BRITAIN

240,224 1.16

BOA 6.875% 08-25.04.18 200,000 222,563 1.08USD

UNITED STATES


GLENCORE FDG 6% 04-15.04.14 144A 200,000 215,266 1.04USD

ROCHE HOLDING 5% 09-01.03.14 144A 254,000 276,584 1.35USD

WEA&WT FIN 5.75% 09-02.09.15 S144A 200,000 219,313 1.06USD

1,115,672 5.41






Face Value




Face Value

301


CITY BUENOS 12.5% 10-06.04.15 1,375,000 1,523,301 0.11USD


BONDS

ARGENTINA

1,523,301 0.11

BELIZE STEP-UP 6.00% 07-20.02.29 2,100,000 1,781,025 0.13USD

BELIZE

1,781,025 0.13

ALLI OIL 9.875% 10-11.03.15REGS 1,000,000 1,090,714 0.08USD

BERMUDA ISLANDS

1,090,714 0.08

BANCO DESENV 6.5% 09-10.06.19 1,050,000 1,152,855 0.09USD

BRAZIL

BNDES 5.5% 10-12.07.20 REG-S 1,575,000 1,607,519 0.12USD

BNDES. 6.369% 98-18.06.16REG.-S- 825,000 901,880 0.07USD

BRAZIL 10% 05-01.01.12SERIES F 957 580,543 0.04BRL

BRAZIL 10% 07-01.01.13 1,075 635,507 0.05BRL

BRAZIL 10% 07-01.01.17 12,800 6,976,235 0.52BRL

BRAZIL 10.125% 97-15.05.27 7,100,000 10,722,420 0.81USD

BRAZIL 11.00% 00-17.08.40 2,950,000 3,967,308 0.30USD

BRAZIL 4.875% 10-22.01.21 6,825,000 6,970,871 0.52USD

BRAZIL 5.625% 09-07.01.14 6,400,000 6,306,400 0.47USD

BRAZIL 5.875% 09-15.01.19 9,625,000 10,694,819 0.80USD

BRAZIL 6.00% 06-17.01.17 11,150,000 12,534,829 0.94USD

BRAZIL 7.125% 06-20.01.37 4,860,000 5,757,399 0.43USD

BRAZIL 8.25% 04-20.01.34 2,400,000 3,188,160 0.24USD

BRAZIL 8.75% 05-04.02.25GLOBAL 7,550,000 10,207,411 0.77USD

BRAZIL 8.875% 01-15.04.24 7,875,000 10,742,287 0.81USD

BRAZIL 8.875% 04-14.10.19 4,245,000 5,584,722 0.42USD

TELEMAR N L 5.5% 23.10.20REGS 1,350,000 1,330,174 0.10USD

99,861,339 7.50

INVESTMENTS

Global Emerging Markets BondStatement of investments as at 31 March 2011(expressed in USD)


Quantity/Facevalue

BANBRA 5.375% 10-15.01.21 1,000,000 978,650 0.07USD

CAYMAN ISLANDS

PETBRA 6.75% 11-27.01.41 1,000,000 1,026,871 0.08USD

PETROBRAS INTL 8.375% 03-10.12.18 1,530,000 1,857,169 0.14USD

3,862,690 0.29

BCO CHILE 4.125% 10-07.10.20 1,500,000 1,403,232 0.11USD

CHILE

CHILE 3.875% 10-05.08.20 2,950,000 2,878,430 0.21USD

4,281,662 0.32

SINOCHEM 6.3% 10-12.11.40REGS 800,000 788,322 0.06USD

CHINA

788,322 0.06

COLOMBIA 6.125% 09-18.01.41 3,175,000 3,251,835 0.24USD

COLOMBIA

COLOMBIA 7.375% 06-18.09.37 2,500,000 2,975,875 0.22USD

COLOMBIA 8.125% 04-21.05.24 7,300,000 9,259,502 0.70USD

COLUMBIA 8.25% 04-22.12.14GL 3,310,000 3,937,411 0.30USD

REPUBLIC OF COLUMBIA7.375% 06-27.01.17 5,500,000 6,496,600 0.49USD

25,921,223 1.95

REPUBLIC ECUADOR 9.375%05-15.12.15 2,845,000 2,791,170 0.21USD

ECUADOR

2,791,170 0.21

EGYPT 5.75% 10-29.04.20 5,050,000 4,924,119 0.37USD

EGYPT

EGYPT 6.875% 10-30.04.40REGS 1,325,000 1,216,957 0.09USD

6,141,076 0.46

EL SALVADOR 7.375%01.12.19 REGS 4,025,000 4,384,179 0.33USD

EL SALVADOR

EL SALVADOR 7.65% 05-15.06.35 REG 1,875,000 1,872,902 0.14USD

EL SALVADOR 7.75% 02-24.01.23 REG 1,775,000 1,970,055 0.15USD


Quantity/Facevalue


302

EL SALVADOR 8.25% 02-10.04.32 2,000,000 2,181,668 0.16USD

10,408,804 0.78

RURAIL 5.739% 10-03.04.17 3,000,000 3,126,036 0.23USD


RUSSIA 5% 10-29.04.20 19,000,000 19,270,313 1.45USD

22,396,349 1.68

GABON 8.20% 07-12.12.17REGS 2,800,000 3,282,563 0.25USD

GABON

3,282,563 0.25

REP OF GEORGIA 7.5% 08-15.04.13 1,025,000 1,094,663 0.08USD

GEORGIEN

1,094,663 0.08

GHANA 8.50% 07-04.10.17REG 2,140,000 2,421,725 0.18USD

GHANA

2,421,725 0.18

BIZ FIN 8.375% 10-27.04.15 4,075,000 4,246,403 0.32USD

GREAT BRITAIN

4,246,403 0.32

PACNET 9.25% 10-09.11.15REGS 1,900,000 1,938,184 0.15USD

HONG KONG

1,938,184 0.15

BUMI INV 10.75% 10-10.06.17 1,200,000 1,352,485 0.10USD

INDONESIA

INDONESIA 11.625% 09-04.03.19 1,000,000 1,436,335 0.11USD

INDONESIA 5.875% 10-13.03.20 REGS 9,925,000 10,584,169 0.79USD

INDONESIA 6.875% 08-17.01.18 21,750,000 24,697,669 1.85USD

INDONESIA 7.25% 05-20.04.15 3,700,000 4,222,644 0.32USD


INDONESIA 8.5% 05-12.10.35REGS 5,250,000 6,772,526 0.51USD

MAJAPAHIT 8% 09-07.08.19REGS 1,250,000 1,420,760 0.11USD

54,967,838 4.13



Quantity/Facevalue

ALFA BD ISS 7.875% 10-25.09.17 1,200,000 1,270,784 0.09USD

IRELAND

MTS INTL FD 8.625% 10-22.06.20 1,000,000 1,144,806 0.09USD

2,415,590 0.18

KAZKOMMERTSBK 8.5% 03-16.04.13 REGS 1,050,000 1,090,030 0.08USD

KAZAKHSTAN

KAZMUNAIGAZ FIN. 8.375%08-02.07.13 REG 5,075,000 5,626,805 0.42USD

KAZMUNAIGAZ FIN.9.125%08-02.07.18 REG 4,325,000 5,233,683 0.39USD

KMG FINANCE 7% 10-05.05.20 REGS 5,225,000 5,643,626 0.43USD

17,594,144 1.32

LITHUANIA 5.125% 10-14.09.17 REGS 3,650,000 3,662,906 0.28USD

LITHUANIA

LITHUANIA 6.125% 11-09.03.21 1,000,000 1,020,531 0.08USD

LITHUANIA 7.375% 10-11.02.20 10,425,000 11,630,902 0.87USD

16,314,339 1.23

GAZ CAP 8.125% 09-31.07.14 8,325,000 9,535,546 0.71USD

LUXEMBOURG

GAZ CAP 9.25% 09-23.04.19 6,600,000 8,221,283 0.62USD

GAZ CAPITAL 6.212% 06-22.11.16 1,325,000 1,443,332 0.11USD

RSHB CAPITAL 6.299% 07-15.05.17 2,125,000 2,228,558 0.17USD

RSHB CAPITAL 7.125% 08-14.01.14 1,000,000 1,088,817 0.08USD

SBERBANK 5.4% 10-24.03.17REGS 1,000,000 1,022,263 0.08USD

23,539,799 1.77

PETRONA CAPITAL 7.875%02-22.05.22 REG 500,000 637,022 0.05USD

MALAYSIA

PETRONAS CAP 5.25% 09-12.08.19 9,660,000 10,262,793 0.77USD

1MALAY SUK 3.928% 10-04.06.15 9,520,000 9,941,546 0.75USD

20,841,361 1.57


Quantity/Facevalue

303


DESARROLLA H 9.5% 09-11.12.19 REGS 975,000 1,093,678 0.08USD

MEXICO

GRUPO PETROTE 9.5% 09-19.08.14 925,000 1,028,689 0.08USD

MEXICO 5.125% 10-15.01.20 18,930,000 19,769,546 1.49USD

MEXICO 5.625% 06-15.01.17S-19 16,170,000 17,826,617 1.34USD

MEXICO 5.95% 08-19.03.19 21,100,000 23,443,154 1.75USD

MEXICO 6.75% 04-27.09.34GLOB. 10,975,000 12,390,226 0.93USD

MEXICO 7.5% 03-08.04.33 7,375,000 9,039,538 0.68USD

MEXICO 8% 02-24.09.22 2,500,000 3,309,875 0.25USD

MEXICO 8% 03-19.12.13SR131219 210,000 1,845,885 0.14MXN

MEXICO 8% 05-17.12.15 435,000 3,820,068 0.29MXN

MEXICO 8.30% 01-15.08.31T.7 MTN 1,600,000 2,133,040 0.16USD

URBI DESA 9.5% 10-21.01.20 1,550,000 1,739,625 0.13USD

97,439,941 7.32

PLNIJ 7.75% 09-20.01.20 2,950,000 3,322,175 0.25USD

NETHERLANDS

3,322,175 0.25

PAKISTAN 6.875% 07-01.06.17 2,050,000 1,727,125 0.13USD

PAKISTAN

PAKISTAN 7.125% 06-31.03.16 1,100,000 959,750 0.07USD

2,686,875 0.20

PANAMA 5.2% 09-30.01.20 2,975,000 3,161,958 0.24USD

PANAMA

PANAMA 8.875% 97-30.09.27 3,900,000 5,282,702 0.40USD

REPUBLIC PANAMA 7.125%05-29.01.26 2,925,000 3,480,463 0.26USD

11,925,123 0.90

PERU 7.35% 05-21.07.25 10,425,000 12,412,787 0.92USD

PERU

PERU 8.75% 03-21.11.33 3,520,000 4,728,328 0.36USD

REP OF PERU 6.55% 07-14.03.37 1,425,000 1,542,776 0.12USD

18,683,891 1.40

PHILIPPINES 6.375% 07-15.01.32 6,025,000 6,341,343 0.48USD

PHILIPPINES



Quantity/Facevalue

PHILIPPINES 6.375% 09-23.10.34 7,475,000 7,866,690 0.58USD

PHILIPPINES 7.5% 06-25.09.24GLOBAL 1,450,000 1,724,891 0.13USD

PSALM 7.39% 09-02.12.24REGS 5,200,000 5,945,716 0.45USD

21,878,640 1.64

POLAND 3.875% 10-16.07.15 3,150,000 3,182,984 0.24USD

POLAND

POLAND 6.375% 09-15.07.19 700,000 776,914 0.06USD

3,959,898 0.30

QATAR 5.25% 09-20.01.20REGS 23,200,000 24,115,518 1.81USD

QATAR

24,115,518 1.81

BAKRIE TEL 11.5% 10-07.05.15 2,300,000 2,498,108 0.19USD

SINGAPORE

BUMI CAP 12% 09-10.11.16 850,000 989,527 0.07USD

SIGMA CAP FRN 10-30.04.15 1,000,000 1,077,444 0.08USD

4,565,079 0.34

SOUTH AFRICA 5.875% 07-30.05.22 1,825,000 1,961,669 0.15USD

SOUTH AFRICA

SOUTH AFRICA 6.25% 11-08.03.41 7,300,000 7,527,577 0.56USD

9,489,246 0.71

HYNIX SEMICO.7.875% 07-27.06.17 REGS 2,475,000 2,572,362 0.19USD

SOUTH KOREA

2,572,362 0.19

TRUE MOVE 10.75%06-16.12.13 REG 1,075,000 1,158,786 0.09USD

THAILAND

1,158,786 0.09

TURKEY 6.75% 07-03.04.18 10,225,000 11,431,806 0.86USD

TURKEY

TURKEY 7% 08-11.03.19 2,900,000 3,283,163 0.25USD

TURKEY 7.00% 05-05.06.20 9,975,000 11,290,952 0.85USD

TURKEY 7.00% 06-26.09.16 5,650,000 6,399,473 0.48USD

TURKEY 7.25% 04-15.03.15 41,075,000 46,614,990 3.51USD

TURKEY 7.375% 05-05.02.25 10,150,000 11,722,996 0.88USD


Quantity/Facevalue


304

TURKEY 7.5% 09-07.11.19 2,550,000 2,975,531 0.22USD

TURKEY 7.5% 09-14.07.17 10,375,000 12,048,747 0.91USD

TURKEY 8% 04-14.02.34 6,150,000 7,387,841 0.55USD

113,155,499 8.51

DTEK FIN 9.5% 10-28.04.15 1,250,000 1,325,950 0.10USD

UKRAINE

NAFTOGAZ 9.5% 09-30.09.14 3,275,000 3,608,523 0.27USD

UKRAINE FIN. 6.58% 06-21.11.16 6,975,000 7,102,817 0.53USD

UKRAINE 6.385% 07-26.06.12REGS 375,000 387,486 0.03USD

UKRAINE 6.75% 07-14.11.17REGS 4,600,000 4,678,968 0.35USD

UKRAINE 7.65% 03-11.06.13REG. 1,075,000 1,135,657 0.09USD

UKRAINE 7.75% 10-23.09.20 3,475,000 3,577,672 0.27USD

21,817,073 1.64

PEMEX PROJECT FUNDING6.625% 05-15.06.35 4,400,000 4,419,426 0.33USD

UNITED STATES

PEMEX PROJECT 5.75% 07-01.03.18 20,225,000 21,503,159 1.62USD

25,922,585 1.95

PETROL VENEZ 5.5% 07-12.04.37 6,475,000 2,964,799 0.22USD

VENEZUELA

PETROLEOS VENEZUELA5.25% 07-12.04.17 8,985,000 5,388,637 0.40USD


PETROLEOS 8% 10-17.11.13 4,350,000 4,011,126 0.30USD

VENEZUELA 6% 05-09.12.20REGS 6,625,000 3,926,969 0.30USD

VENEZUELA 7.00% 03-01.12.18 5,400,000 3,759,750 0.28USD

VENEZUELA 7.00% 07-31.03.38 REGS 9,025,000 5,089,649 0.38USD

VENEZUELA 7.65% 05-21.04.25 22,600,000 13,842,499 1.05USD


VENEZUELA 8.25% 09-13.10.24 18,450,000 11,907,630 0.89USD

VENEZUELA 8.5% 04-08.10.14GLOBAL 6,100,000 5,581,500 0.42USD



Quantity/Facevalue


VENEZUELA 9.375% 04-13.01.34 4,500,000 3,052,800 0.23USD

84,421,849 6.34

VIETNAM 6.75% 10-29.01.20REGS 1,025,000 1,068,306 0.08USD

VIETNAM

VIETNAM 6.875% 05-15.01.16REG.S 1,275,000 1,372,748 0.10USD

2,441,054 0.18

SINOCHEM OV 4.5% 10-12.11.20 REGS 1,300,000 1,237,876 0.09USD

VIRGIN ISLANDS

STAR ENERGY 11.5%10-12.02.15 REGS 1,000,000 1,148,681 0.09USD

2,386,557 0.18

58.70781,446,435TOTAL BONDS

ARGENTINA FRN 02-03.08.12/FLAT 47,650,000 11,584,709 0.87USD

FLOATING RATE BONDS

ARGENTINA

11,584,709 0.87

MEX UDIBONOS FRN 06-16.06.16 110,416 4,653,311 0.35MXN

MEXICO

4,653,311 0.35


REPUBLIC DOMINICAN 9.04%05-23.01.18 REG/PIK 1,350,000 1,644,985 0.12USD

PIK BONDS

DOMINICAN REPUBLIC

1,644,985 0.12

URUGUAY 7.875% 03-15.10.33 PIK 3,175,000 3,850,164 0.29USD

URUGUAY

3,850,164 0.29

0.415,495,149TOTAL PIK BONDS


Quantity/Facevalue

305


ARGENTINA 1.33% 03-31.12.38 50,100,000 21,618,150 1.62USD


ARGENTINA

21,618,150 1.62

BRAZIL 8.00% 05-15.01.18 5,375,000 4,924,381 0.37USD

BRAZIL

4,924,381 0.37

REP DOMINICAN 7.5%-10-06.05.21/POOL 2,275,000 2,328,030 0.17USD

DOMINICAN REPUBLIC

2,328,030 0.17

RUSSIA 7.50% 00-31.03.30REG/ST-UP 106,255,000 107,374,528 8.07USD


107,374,528 8.07

IVORY COAST 2.5% 09-31.12.32/DFLT 6,225,000 2,903,116 0.22USD

IVORY COAST

2,903,116 0.22

GAZPROM INTL 7.201% 04-01.02.20 REG. 2,550,000 1,434,861 0.11USD

LUXEMBOURG

1,434,861 0.11

REPUBLIC URUGUAY 7.625%06-21.03.36 4,075,000 4,880,628 0.37USD

URUGUAY


13,123,698 0.99

PETROLEOS 8.5% 10-02.11.17/ POOL 51,050,000 35,939,966 2.70USD

VENEZUELA

35,939,966 2.70

REPUBLIC SERBIA 3.75% 04-01.11.24 STEP-UP 2,750,000 2,585,478 0.19USD

YOUGOSLAVIA

2,585,478 0.19




Quantity/Facevalue

USA 3.625% 11-15.02.21 3,500,000 3,545,391 0.27USD


UNITED STATES

3,545,391 0.27



998,957,203

PROV BUENOS 11.75% 10-05.10.15 1,200,000 1,243,466 0.09USD


BONDS

ARGENTINA

1,243,466 0.09

QTEL INT FIN 4.75% 10-16.02.21 1,200,000 1,119,752 0.08USD

BERMUDA ISLANDS

1,119,752 0.08

BMG 6.5% 11-14.03.14 2,500,000 2,501,185 0.19USD

BRAZIL

2,501,185 0.19

INDEP INTL 12% 09-30.12.16144A 1,378,131 34,453 0.00USD

CAYMAN ISLANDS

JBS FIN II 8.25% 10-29.01.18 1,100,000 1,134,348 0.09USD

1,168,801 0.09

ECOPETROL 7.625% 09-23.07.19 2,525,000 2,925,200 0.22USD

COLOMBIA

2,925,200 0.22

INDONESIA 6.625% 07-17.02.37 4,725,000 5,083,320 0.38USD

INDONESIA


16,296,630 1.22


Quantity/Facevalue


306

VIP FINANCE 7.748% 11-02.02.21 2,700,000 2,834,352 0.21USD

IRELAND

2,834,352 0.21

DEV BK KAZA 5.5% 10-20.12.15 1,900,000 1,985,380 0.15USD

KAZAKHSTAN

KMG FIN 6.375% 10-09.04.21REGS 3,950,000 4,086,399 0.31USD

6,071,779 0.46

SB CAPITAL SA 5.499% 10-07.07.15 3,350,000 3,526,485 0.26USD

LUXEMBOURG

3,526,485 0.26

ALESTRA 11.75% 10-11.08.14 900,000 1,048,709 0.08USD

MEXICO

PEMEX 4.875% 10-15.03.15 5,000,000 5,331,810 0.40USD

PEMEX 5.5% 10-21.01.21 6,300,000 6,409,343 0.48USD

PEMEX 6% 10-05.03.20 13,400,000 14,252,427 1.08USD

PEMEX 8% 09-03.05.19 1,950,000 2,349,128 0.18USD

29,391,417 2.22

MAJAPAHIT HOLDING 7.25%07-28.06.17 3,000,000 3,293,469 0.24USD

NETHERLANDS

MAJAPAHIT HOLDING 7.875%07-29.06.37 REG 1,775,000 1,936,019 0.15USD

5,229,488 0.39

PHILIPPINES 6.5% 09-20.01.20 12,950,000 14,644,831 1.10USD

PHILIPPINES

14,644,831 1.10

ESKOM HLDGS 5.75% 11-26.01.21 4,300,000 4,365,592 0.33USD

SOUTH AFRICA

SOUTH AFRICA 5.5% 10-03.09.20 10,800,000 11,448,486 0.86USD

15,814,078 1.19

SRI LANKA 8.25% 07-24.10.12REG 500,000 532,515 0.04USD

SRI LANKA

532,515 0.04



Quantity/Facevalue

TURKEY 5.625% 10-30.03.21 32,975,000 33,704,934 2.54USD

TURKEY

33,704,934 2.54

DEWAAE 7.375% 10-21.10.20REG-S 1,300,000 1,263,434 0.09USD


1,263,434 0.09

10.39138,268,347TOTAL BONDS

BUENOS AIRES 10.875% 11-26.01.21 REGS 1,400,000 1,309,176 0.10USD


ARGENTINA

1,309,176 0.10

GOVT OF JAMAICA 8% 08-24.06.19 1,400,000 1,466,111 0.11USD

JAMAÏCA

1,466,111 0.11

PANAMA 6.7% 06-26.01.36 525,000 587,892 0.04USD

PANAMA

587,892 0.04

URUGUAY 6.875% 09-28.09.25 4,675,000 5,408,391 0.41USD

URUGUAY

5,408,391 0.41



147,039,917

QTEL INT FIN 5%10-19.10.25REG-S 1,000,000 884,718 0.07USD


BONDS

BERMUDA ISLANDS

884,718 0.07

BRAZIL 6% 09-15.08.14/INFL 4,974 6,100,704 0.46BRL

BRAZIL

6,100,704 0.46

BLUE CITY 13.75% 06-07.11.13 REG -B1- 1,000,000 155,000 0.01USD

CAYMAN ISLANDS


Quantity/Facevalue

307


IPIC GMTN 5% 10-15.11.20 1,750,000 1,707,585 0.13USD

1,862,585 0.14

COLOMBIA 7.375% 09-18.03.19 7,125,000 8,549,109 0.64USD

COLOMBIA

8,549,109 0.64

CROATIA 6.375% 11-24.03.21 1,400,000 1,402,531 0.11USD

CROATIA

1,402,531 0.11

VEB FINANCE 6.8% 10-22.11.25 1,300,000 1,317,078 0.10USD

IRELAND

VEB FINANCE 6.902% 10-09.07.20 REG-S 2,400,000 2,584,344 0.19USD

3,901,422 0.29

MEXICO 6.05% 08-11.01.40 12,500,000 12,859,376 0.96USD

MEXICO

12,859,376 0.96

KAZAK TEMIR 6.375% 10-06.10.20 5,825,000 6,075,760 0.46USD

NETHERLANDS

6,075,760 0.46

PEROU 7.125% 09-30.03.19 3,500,000 4,135,600 0.31USD

PERU

PERU 5.625% 10-18.11.50 1,900,000 1,721,824 0.13USD

5,857,424 0.44

PHILIPPINES 8.375% 09-17.06.19 11,825,000 14,926,994 1.11USD

PHILIPPINES

POWER SECTOR 7.25% 09-27.05.19 2,625,000 2,999,170 0.23USD

17,926,164 1.34

SOUTH AFRICA 6.875% 09-27.05.19 9,050,000 10,498,081 0.79USD

SOUTH AFRICA

10,498,081 0.79

UKRAINE 6.875% 10-23.09.15REG-S 1,425,000 1,478,024 0.11USD

UKRAINE

1,478,024 0.11



Quantity/Facevalue

VENEZUELA 9.25% 08-07.05.28 REG 12,500,000 8,461,250 0.64USD

VENEZUELA

8,461,250 0.64


ARGENTINA 8.28% 03-31.12.33 PIK 34,275,000 39,847,908 2.99USD

PIK BONDS

ARGENTINA

39,847,908 2.99



CALL ISHARES/MSCIEMERG.MKT INDX 16/04/201147.00 700 139,300 0.01USD


OPTIONS

UNITED STATES

CALL ISHARES/MSCIEMERG.MKT INDX 16/04/201150.00 4,126 107,276 0.01USD

CALL ISHARES/MSCIEMERG.MKT INDX 16/04/201153.00 (4,826) (4,826) 0.00USD

241,750 0.02


CALL USD/BRL SPOT CROSS29/04/2011 1.793 30,800,000 10,134 0.00USD

CURRENCY OPTIONS

GREAT BRITAIN

CALL USD/MXN SPOT CROSS28/04/2011 12.68 29,400,000 15,185 0.00USD

25,319 0.00

0.0025,319TOTAL CURRENCY OPTIONS

PUT BRAZIL CETIP IDR01/04/2011 11.33 (248,407,975) - 0.00BRL

OPTIONS ON SWAPS

BRAZIL

- 0.00

PUT BRL 01/04/2011 11.70 247,790,592 - 0.00BRL

LUXEMBOURG


Quantity/Facevalue


308

PUT BRL 01/04/2011 12.1 (247,127,162) (25,076) 0.00BRL

(25,076) 0.00

CALL MEXICO INTERBANKTIIE 28 DAY 17/05/2011 8.00 (216,000,000) (227,978) (0.02)MXN

MEXICO

PUT MEXICO INTERBANK TIIE28 DAY 17/05/2011 7.25 (216,000,000) (19,361) 0.00MXN

(247,339) (0.02)

(0.02)(272,415)TOTAL OPTIONS ON SWAPS

0.00TOTAL FINANCIAL INSTRUMENTS (5,346)



100.00TOTAL NET ASSETS 1,331,154,117



Quantity/Facevalue

309


CORDOBA 12.375% 10-17.08.17 200,000 207,810 2.04USD


BONDS

ARGENTINA

207,810 2.04

ALLI OIL 9.875% 10-11.03.15REGS 100,000 109,071 1.07USD

BERMUDA ISLANDS

109,071 1.07

BCO ABC 7.875% 10-08.04.20REGS 150,000 150,230 1.48USD

BRAZIL

TELEMAR N L 5.5% 23.10.20REGS 200,000 197,063 1.93USD

347,293 3.41

COGARD 11.25% 10-22.04.17 200,000 207,482 2.04USD

CAYMAN ISLANDS

PETBRA 5.375% 11-27.01.21 100,000 100,519 0.99USD

308,001 3.03

ALFA MTN ISS 8% 10-18.03.15 250,000 269,948 2.65USD

CYPRUS

269,948 2.65

BIZ FIN 8.375% 10-27.04.15 200,000 208,412 2.05USD

GREAT BRITAIN

208,412 2.05

BBLTB 4.8% 10-18.10.20 REG-S 200,000 190,643 1.87USD

HONG KONG

ICICI BK 5.75% 10-16.11.20REGS 300,000 296,284 2.92USD

PACNET 9.25% 10-09.11.15REGS 200,000 204,019 2.00USD

690,946 6.79

EVRAZ GP 9.5% 08-24.04.18REGS 100,000 117,260 1.15USD

LUXEMBOURG

GAZ CAPITAL 6.51% 07-07.03.22 200,000 212,782 2.09USD

INVESTMENTS

Global Emerging Markets Corporate Debt (launched as at 16December 2010)Statement of investments as at 31 March 2011(expressed in USD)


Face Value

RSHB CAPITAL 6.299% 07-15.05.17 200,000 209,747 2.06USD

539,789 5.30

BANCOMER 7.25% 10-22.04.20 /SUB 200,000 202,921 1.99USD

MEXICO

202,921 1.99

VOTORANTIM 6.625% 09-25.09.19 300,000 317,155 3.12USD


317,155 3.12

BANCO PERU 5.75% 10-07.10.20 300,000 280,554 2.76USD

PERU

280,554 2.76

COMM BK QATAR 7.5% 09-18.11.19 200,000 218,181 2.14USD

QATAR

218,181 2.14

BAKRIE TEL 11.5% 10-07.05.15 200,000 217,227 2.13USD

SINGAPORE

BUMI CAP 12% 09-10.11.16 250,000 291,038 2.86USD

SIGMA CAP FRN 10-30.04.15 200,000 215,489 2.12USD

723,754 7.11

HANA BANK 4.5% 10-30.10.15 200,000 205,779 2.02USD

SOUTH KOREA

HYNIX SEMICO.7.875% 07-27.06.17 REGS 200,000 207,868 2.05USD

SHINHAN BK 4.375% 10-15.09.15 200,000 204,751 2.01USD

618,398 6.08

ABU DHABI 5.875% 06-27.10.16 200,000 210,504 2.07USD


ABUDHABI BANK 4.75% 09-08.10.14 150,000 153,484 1.51USD

363,988 3.58

CEMEX FIN 9.5% 09-14.12.16 200,000 215,731 2.12USD

UNITED STATES

215,731 2.12


Face Value


310

STAR ENERGY 11.5%10-12.02.15 REGS 150,000 172,302 1.69USD

VIRGIN ISLANDS

172,302 1.69


BCO BMG 9.15% 05-15.01.16REG.S 100,000 105,776 1.04USD


BRAZIL

105,776 1.04

PETROLEOS 8.5% 10-02.11.17/ POOL 300,000 211,204 2.07USD

VENEZUELA

211,204 2.07



6,111,234

QTEL INT FIN 4.75% 10-16.02.21 300,000 279,938 2.75USD


BONDS

BERMUDA ISLANDS

279,938 2.75

BMG 6.5% 11-14.03.14 150,000 150,071 1.47USD

BRAZIL

150,071 1.47

ALLIANCE GL 6.5% 10-18.08.17 200,000 198,784 1.95USD

CAYMAN ISLANDS

JBS FIN II 8.25% 10-29.01.18 100,000 103,123 1.01USD

KUWAIT PRO 9.375% 10-15.07.20 200,000 212,424 2.10USD

514,331 5.06

BANCOLOMBIA 6.125% 10-26.07.20 200,000 201,367 1.98USD

COLOMBIA

ECOPETROL 7.625% 09-23.07.19 250,000 289,624 2.84USD

490,991 4.82



Face Value

BK OF E ASIA 6.125% 10-16.07.20 100,000 102,877 1.01USD

HONG KONG

CITIC INTL 6.875% 24.06.20 /SUB 200,000 206,246 2.03USD

309,123 3.04

VIP FINANCE 7.748% 11-02.02.21 200,000 209,952 2.06USD

IRELAND

209,952 2.06

DEV BK KAZA 5.5% 10-20.12.15 200,000 208,988 2.06USD

KAZAKHSTAN

KMG FIN 6.375% 10-09.04.21REGS 200,000 206,906 2.03USD

415,894 4.09

SB CAPITAL SA 5.499% 10-07.07.15 250,000 263,171 2.59USD

LUXEMBOURG

263,171 2.59

AKBANK 5.125% 10-22.07.15REGS 150,000 150,806 1.48USD

TURKEY

150,806 1.48

DEWAAE 7.375% 10-21.10.20REG-S 150,000 145,781 1.43USD


145,781 1.43

PCCW 4.25% 10-24.02.16 250,000 250,900 2.46USD

VIRGIN ISLANDS

250,900 2.46


BUENOS AIRES 10.875% 11-26.01.21 REGS 100,000 93,513 0.92USD


ARGENTINA

93,513 0.92



3,274,471



Face Value

311






Face Value


312

BRAZIL 10% 05-01.01.12SERIES F 500 303,314 1.34BRL


BONDS

BRAZIL

BRAZIL 10% 07-01.01.13 1,230 726,723 3.21BRL

BRAZIL 5.625% 09-07.01.14 200,000 197,075 0.87USD

TELEMAR N L 5.5% 23.10.20REGS 300,000 295,594 1.31USD

1,522,706 6.73

CHINA DEV. BANK 4.75% 04-08.10.14 175,000 187,219 0.83USD

CHINA

187,219 0.83

COLUMBIA 12.00% 05-22.10.15 190,000,000 129,285 0.57COP

COLOMBIA

REPUBLIC OF COLUMBIA7.375% 06-27.01.17 250,000 295,300 1.31USD

424,585 1.88

RUSSIA BOND 3.625% 10-29.04.15 300,000 303,566 1.34USD


RUSSIA 5% 10-29.04.20 400,000 405,691 1.80USD

709,257 3.14

TRANSCAP. 7.7% 08-07.08.13 100,000 111,919 0.49USD

GREAT BRITAIN

111,919 0.49

HUNGARY 6.75% 02-12.02.13 22,500,000 121,363 0.54HUF

HUNGARY

121,363 0.54

LITHUANIA 5.125% 10-14.09.17 REGS 200,000 200,707 0.89USD

LITHUANIA

200,707 0.89

GAZ CAP 7.343% 08-11.04.13REGS 175,000 193,154 0.85USD

LUXEMBOURG

RSHB CAPITAL 6.299% 07-15.05.17 600,000 629,239 2.79USD

INVESTMENTS

Global Emerging Markets Investment Grade Bond (launchedas at 16 December 2010)Statement of investments as at 31 March 2011(expressed in USD)


Face Value

SBERBANK 6.468% 08-02.07.13 150,000 163,055 0.72USD

TNK BP FIN. 7.50% 07-13.03.13 REGS 100,000 109,437 0.48USD

1,094,885 4.84

MALAYSIA 3.835% 10-12.08.15 1,200,000 400,042 1.78MYR

MALAYSIA

PETRONAS CAP 5.25% 09-12.08.19 150,000 159,360 0.70USD

1MALAY SUK 3.928% 10-04.06.15 280,000 292,398 1.29USD

851,800 3.77

MEXICO 10% 05-05.12.24 -M- 58,000 576,079 2.54MXN

MEXICO

MEXICO 10% 06-20.11.36 96,450 937,802 4.14MXN

MEXICO 5.625% 06-15.01.17S-19 350,000 385,858 1.71USD

MEXICO 8% 05-17.12.15 58,400 512,855 2.27MXN

MEXIC0 9% 06-20.06.13 BD 45,900 410,006 1.81MXN

2,822,600 12.47

VOTORANTIM 6.625% 09-25.09.19 500,000 528,592 2.34USD


528,592 2.34

PANANA 7.25% 04-15.03.15 175,000 203,953 0.90USD

PANAMA

203,953 0.90

BANCO PERU 5.75% 10-07.10.20 400,000 374,072 1.66USD

PERU

PERU 7.35% 05-21.07.25 200,000 238,135 1.05USD

612,207 2.71

POLAND 3.875% 10-16.07.15 200,000 202,094 0.89USD

POLAND

POLAND 5.25% 10-25.10.20 1,240,000 408,200 1.81PLN

POLAND 5.5% 09-25.04.15 1,100,000 388,341 1.72PLN

998,635 4.42

COMM BK QATAR 7.5% 09-18.11.19 400,000 436,361 1.93USD

QATAR

436,361 1.93


Face Value

313


SOUTH AFRICA 13.5% 94-15.09.15 LOAN157 3,220,000 573,786 2.54ZAR

SOUTH AFRICA

SOUTH AFRICA 6.25% 11-08.03.41 100,000 103,118 0.46USD

SOUTH AFRICA 8.25% 04-15.09.17 2,700,000 393,904 1.74ZAR

SOUTH AFRICA7.25% 05-15.01.20 3,700,000 498,037 2.20ZAR

1,568,845 6.94

THAILAND GOV 5.25% 07-12.05.14 25,000,000 873,949 3.86THB

THAILAND

873,949 3.86

58.6813,269,583TOTAL BONDS




1,237,907 5.47



14,507,490

QTEL INT FIN 4.75% 10-16.02.21 400,000 373,251 1.65USD


BONDS

BERMUDA ISLANDS

373,251 1.65

BANCO VOTO 4.25% 10-08.02.13 100,000 102,594 0.45USD

BRAZIL

102,594 0.45

ECOPETROL 7.625% 09-23.07.19 350,000 405,473 1.79USD

COLOMBIA

405,473 1.79



Face Value

CROATIA 6.625% 10-14.07.20 200,000 206,596 0.91USD

CROATIA

206,596 0.91

RUSSIA 7.85% 11-10.03.18REGS 10,000,000 362,128 1.60RUB


362,128 1.60

DEV BK KAZA 5.5% 10-20.12.15 400,000 417,975 1.85USD

KAZAKHSTAN

KMG FIN 6.375% 10-09.04.21REGS 600,000 620,718 2.75USD

1,038,693 4.60

MALAYSIA 2.509% 09-27.08.12 1,100,000 360,905 1.60MYR

MALAYSIA

MALAYSIA 3.21% 09-31.05.13 1,100,000 362,552 1.60MYR

723,457 3.20

PEMEX 5.5% 10-21.01.21 600,000 610,414 2.70USD

MEXICO

610,414 2.70

PERU 7.84% 05-12.08.20 REG-S 1,050,000 400,823 1.77PEN

PERU

400,823 1.77

ESKOM HLDGS 5.75% 11-26.01.21 200,000 203,051 0.90USD

SOUTH AFRICA

SOUTH AFRICA 5.5% 10-03.09.20 200,000 212,009 0.94USD

415,060 1.84

THAILAND GOV 2.8% 10-10.10.17 6,500,000 206,181 0.91THB

THAILAND

206,181 0.91



Face Value


314

PANAMA 6.7% 06-26.01.36 175,000 195,964 0.87USD


PANAMA

195,964 0.87



5,040,634

MALAYSIA 4.012% 10-15.09.17 1,200,000 400,543 1.78MYR


BONDS

MALAYSIA

400,543 1.78

MEXICO 6.05% 08-11.01.40 280,000 288,050 1.27USD

MEXICO

288,050 1.27

3.05688,593TOTAL BONDS







Face Value

315




BONDS

BRAZIL

BRAZIL 10% 06-01.01.14 S.F 15,800 9,102,472 1.36BRL

BRAZIL 10% 07-01.01.13 19,300 11,409,562 1.71BRL

BRAZIL 10% 07-01.01.17 17,700 9,646,825 1.44BRL

BRAZIL 10% 10-01.01.15 5,200 2,927,561 0.44BRL

BRAZIL 10% 10-01.01.21 5,000 2,606,404 0.39BRL

37,769,917 5.65

CHILE 5.5% 10-05.08.20 425,000,000 873,970 0.13CLP

CHILE

873,970 0.13

COLOMBIA 7.75% 10-14.04.21/DUAL 11,488,000,000 6,655,630 1.00COP

COLOMBIA

COLUMBIA 12.00% 05-22.10.15 19,130,000,000 13,017,002 1.94COP

19,672,632 2.94

TRANSCAP. 7.7% 08-07.08.13 6,250,000 6,994,956 1.05USD

GREAT BRITAIN

6,994,956 1.05

INDONESIA 10% 07-15.09.24 10,000,000,000 1,257,841 0.19IDR

INDONESIA

INDONESIA 10.25% 07-15.07.22 30,000,000,000 3,888,542 0.58IDR

INDONESIA 11% 03-15.12.12S.FR0023 2,000,000,000 246,081 0.04IDR

INDONESIA 11% 05-15.11.20 35,000,000,000 4,816,792 0.72IDR

INDONESIA 11.5% 06-15.09.19 18,500,000,000 2,581,928 0.39IDR

INDONESIA 12.5% 06-15.03.13 S.FR33 25,000,000,000 3,172,978 0.47IDR

INDONESIA 12.9% 06-15.06.22 FR35 5,000,000,000 759,478 0.11IDR

INDONESIA 7.375% 10-15.09.16 9,806,000,000 1,113,158 0.17IDR

INDONESIA 8.25% 10-15.07.21 29,000,000,000 3,379,236 0.51IDR

INVESTMENTS

Global Emerging Markets Local DebtStatement of investments as at 31 March 2011(expressed in USD)


Quantity/Facevalue

INDONESIA 8.375% 10-15.09.26 10,000,000,000 1,108,274 0.17IDR

INDONESIA 9% 08-15.09.13FR0049 29,500,000,000 3,544,431 0.53IDR

INDONESIA 9.5% 04-15.06.15 71,500,000,000 8,789,192 1.30IDR

INDONESIE 10.75% 05-15.05.16 FR30 20,000,000,000 2,598,260 0.39IDR

INDONESIE 11% 04-15.10.14FR26 5,000,000,000 638,798 0.10IDR

37,894,989 5.67


KAZAKHSTAN

8,315,475 1.24

GAZ CAP 7.343% 08-11.04.13REGS 6,925,000 7,643,379 1.14USD

LUXEMBOURG

SBERBANK 6.468% 08-02.07.13 9,500,000 10,326,794 1.54USD

TNK BP FIN. 7.50% 07-13.03.13 REGS 4,500,000 4,924,656 0.74USD

22,894,829 3.42

MALAYSIA 3.835% 10-12.08.15 36,500,000 12,167,941 1.82MYR

MALAYSIA

MALAYSIA 4.378% 09-29.11.19 5,000,000 1,691,502 0.25MYR

MALAYSIA 5.094% 04-30.04.14 39,500,000 13,689,240 2.05MYR

27,548,683 4.12

MEXICO 10% 05-05.12.24 -M- 657,200 6,527,572 0.98MXN

MEXICO

MEXICO 4% 09-13.06.19/INFL 134,145 5,428,079 0.81MXN

MEXICO 4.5% 06-04.12.25UDIBONOS 99,885 4,093,051 0.61MXN

MEXICO 7% 09-19.06.14 567,364 4,841,465 0.72MXN

MEXICO 7.25% 07-15.12.16 530,000 4,503,609 0.67MXN

MEXICO 7.5% 07-21.06.12 1,343,228 11,622,594 1.75MXN

MEXICO 7.75% 07-14.12.17S.M 10 133,570 1,158,068 0.17MXN

MEXICO 8% 03-07.12.23S.M20 50,000 426,703 0.06MXN

MEXICO 8% 03-19.12.13SR131219 316,578 2,782,699 0.42MXN

MEXICO 8% 05-17.12.15 400,000 3,512,706 0.53MXN


Quantity/Facevalue


316

MEXICO 8% 10-11.06.20 560,000 4,862,062 0.73MXN

MEXICO 8.5% 08-18.11.38 423,500 3,535,555 0.53MXN

MEXICO 8.5% 09-13.12.18 500,000 4,507,742 0.67MXN

MEXICO 9% 03-20.12.12 835,000 7,418,525 1.11MXN

MEXICO 9.50% 04-18.12.14BONOS 677,000 6,231,881 0.93MXN

71,452,311 10.69

REP PERU 7.84% 05-12.08.20 18,267,000 7,006,467 1.05PEN

PERU

REP PERU 9.91% 05-05.05.15 2,000,000 823,328 0.12PEN

7,829,795 1.17

POLAND 3% 04-24.08.16/INFL 14,565,000 6,293,028 0.94PLN

POLAND

POLAND 4.75% 07-25.04.12PS0412 6,000,000 2,131,413 0.32PLN

POLAND 5.25% 07-25.04.13S0413 16,900,000 6,015,314 0.90PLN

POLAND 5.25% 10-25.10.20 10,050,000 3,308,396 0.49PLN

POLAND 5.5% 09-25.04.15 35,500,000 12,532,824 1.88PLN

POLAND 5.75% 01-23.09.22 1,300,000 437,354 0.07PLN

POLAND 5.75% 08-25.04.14 3,500,000 1,255,703 0.19PLN

POLAND 6.25% 04-24.10.15DS 1015 10,000,000 3,629,293 0.54PLN

35,603,325 5.33

SOUTH AFRICA 6.25% 06-31.03.36 17,000,000 1,815,301 0.27ZAR

SOUTH AFRICA

SOUTH AFRICA 7.5% 05-15.01.14 R206 70,000,000 10,412,163 1.56ZAR

SOUTH AFRICA 8.25% 04-15.09.17 126,070,000 18,392,419 2.75ZAR

SOUTH AFRICA 8.75% 03-21.12.14 11,250,000 1,726,997 0.26ZAR

SOUTH AFRICA7.25% 05-15.01.20 70,000,000 9,422,318 1.41ZAR

41,769,198 6.25

THAILAND GOV 4.25% 07-13.03.13 140,000,000 4,731,131 0.71THB

THAILAND

THAILAND GOV 4.5% 07-09.04.24 150,000,000 5,204,397 0.78THB

THAILAND GOV 5.125% 07-13.03.18 62,000,000 2,238,905 0.33THB



Quantity/Facevalue

THAILAND GOV 5.25% 07-12.05.14 65,000,000 2,272,268 0.34THB

THAILAND 3.625% 09-22.05.15 230,000,000 7,687,699 1.15THB

THAILAND 3.875% 09-13.06.19 50,000,000 1,679,138 0.25THB

THAILAND 4.125% 09-18.11.16 90,000,000 3,077,530 0.46THB

THAILAND 5.4% 06-27.07.16 90,000,000 3,253,431 0.49THB

30,144,499 4.51

TURKEY GOVERNMENT BOND14.00% 07-26.09.12 3,500,000 2,428,054 0.36TRY

TURKEY

TURKEY 0% 09-16.11.11 44,340,000 27,312,342 4.09TRY

TURKEY 10% 10-09.01.13 9,000,000 5,942,250 0.89TRY

TURKEY 10% 10-17.06.15 6,885,000 4,599,384 0.69TRY

TURKEY 16% 08-28.08.13 4,000,000 2,971,546 0.44TRY

TURKEY 8% 10-9.10.13 7,660,000 4,846,595 0.72TRY

TURKEY 9% 09-21.05.14/INFL 1,500,000 1,334,476 0.20TRY

49,434,647 7.39

59.56398,199,226TOTAL BONDS

POLAND 0% 09-25.01.12 10,000,000 3,422,766 0.51PLN

PLACEMENTS

POLAND

POLAND 0% 09-25.07.12 30,000,000 10,009,031 1.50PLN

POLAND 0% 10-25.10.12 10,000,000 3,291,493 0.49PLN

16,723,290 2.50

TURKEY 0% 10-08.08.12 6,750,000 3,891,193 0.58TRY

TURKEY

TURKEY 0% 10-25.01.12 16,500,000 9,982,497 1.50TRY

13,873,690 2.08

4.5830,596,980PLACEMENTS


FLOATING RATE BONDS

ARGENTINA

7,293,627 1.09


Quantity/Facevalue

317


MEX UDIBONOS FRN 06-16.06.16 19,481 820,996 0.12MXN

MEXICO

820,996 0.12


BCO CTRL ARGENTINA FRN02-04.02.18 19,004,759 4,699,300 0.70ARS


ARGENTINA

4,699,300 0.70


USA 0.625% 11-28.02.13 5,000,000 4,987,500 0.75USD


UNITED STATES

4,987,500 0.75


TURKEY 12% 08-14.8.13 /CPI 400,000 445,748 0.07TRY

INFLATION INDEX BOND

TURKEY

445,748 0.07

0.07445,748TOTAL INFLATION INDEX BOND


447,043,377

BANCO VOTO 4.25% 10-08.02.13 3,100,000 3,180,420 0.48USD


BONDS

BRAZIL

3,180,420 0.48

RUSSIA 7.85% 11-10.03.18REGS 245,000,000 8,872,134 1.32RUB


8,872,134 1.32



12,052,554



Quantity/Facevalue

BRAZIL 6% 07-15.05.17 IPCA-IDX 3,575 4,382,221 0.66BRL


BONDS

BRAZIL

BRAZIL 6% 09-15.08.14/INFL 6,632 8,134,272 1.22BRL

12,516,493 1.88

GHANA 16% 08-02.05.11 500,000 332,559 0.05GHS

GHANA

332,559 0.05

INDONESIAGOVERNMENT11% 06-15.09.25 13,000,000,000 1,753,190 0.26IDR

INDONESIA

INDONESIA 10% 05-15.07.17S.FR28 7,000,000,000 889,767 0.13IDR

INDONESIA 12% 03-15.09.11 17,110,000,000 2,019,079 0.31IDR

4,662,036 0.70

MALAYSIA 4.012% 10-15.09.17 23,695,000 7,909,065 1.18MYR

MALAYSIA

7,909,065 1.18

KOREA 2.75% 07-10.03.17/INFL 3,000,000,000 3,434,666 0.51KRW

SOUTH KOREA

3,434,666 0.51

JP MORGAN 6% 07-09.07.12INT.USD/REGS 8,000,000 194,816 0.03PHP

UNITED STATES

JP MORGAN 8% 07-09.07.12INT.USD 21,500,000 485,973 0.07INR

680,789 0.10





OPTIONS

UNITED STATES


Quantity/Facevalue


318


68,950 0.01


CALL BUBOR06M- BUDAPESTINTERBK 17/06/2011 6.49 (16,000,000,000) (473,470) (0.08)HUF

OPTIONS ON SWAPS

HUNGARY

CALL BUBOR06M- BUDAPESTINTERBK 17/06/2011 6.80 8,000,000,000 382,104 0.06HUF

PUT BUBOR03M- BUDAPESTINTERBK 25/05/2011 6.50 (14,000,000,000) (274,251) (0.04)HUF

PUT BUBOR06M- BUDAPESTINTERBK 25/05/2011 6.95 7,000,000,000 260,272 0.04HUF

(105,345) (0.02)

PUT BRL 01/04/2011 11.28 (276,890,730) - 0.00BRL

LUXEMBOURG

PUT BRL 01/04/2011 11.70 276,109,516 - 0.00BRL

PUT BRL 01/04/2011 12.1 (275,370,267) (27,942) 0.00BRL

(27,942) 0.00


MEXICO


(338,906) (0.05)

CALL POLAND WARSAWINTBK O/B 6M 24/06/2011 5.77 (25,000,000) (110,705) (0.02)PLN

POLAND

PUT POLAND WARSAWINTBK O/B 6M 24/06/2011 5.60 (25,000,000) (73,442) (0.01)PLN

(184,147) (0.03)

(0.10)(656,340)TOTAL OPTIONS ON SWAPS

(0.09)TOTAL FINANCIAL INSTRUMENTS (587,390)






Quantity/Facevalue

319


ARGENTINA 7% 05-03.10.15 5,025,000 4,729,782 0.39USD


BONDS

ARGENTINA

CORDOBA 12.375% 10-17.08.17 2,400,000 2,493,722 0.21USD

7,223,504 0.60

FMG RES 6.375% 10-01.02.16144A 2,500,000 2,531,758 0.21USD

AUSTRALIA

OPTUS FIN SIN 3.5% 10-15.09.20 2,200,000 2,919,686 0.24EUR

5,451,444 0.45

BARRY CALL.SVCS 6.00% 07-13.07.17 1,000,000 1,453,469 0.12EUR

BELGIUM


KBC BANK 8% 08-PERP. 2,700,000 3,681,469 0.30EUR

12,753,795 1.05

ALLI OIL 9.875% 10-11.03.15REGS 5,100,000 5,562,641 0.46USD

BERMUDA ISLANDS

5,562,641 0.46

BCO ABC 7.875% 10-08.04.20REGS 3,850,000 3,855,910 0.32USD

BRAZIL

BERTIN 10.25% 06-05.10.16REG S 1,000,000 1,109,357 0.09USD

BNDES 5.5% 10-12.07.20 REG-S 2,900,000 2,959,876 0.24USD

BRAZIL 4.875% 10-22.01.21 8,800,000 8,988,083 0.75USD

BRAZIL 5.625% 09-07.01.14 3,000,000 2,956,125 0.24USD


VOTORANTIM 6.75% 10-05.04.21 REGS 7,300,000 7,774,850 0.65USD

34,836,993 2.88

BOMBARDIER 7.5% 10-15.03.18 3,500,000 3,785,835 0.31USD

CANADA

INVESTMENTS

Global High Income Bond (launched as at 28 July 2010)Statement of investments as at 31 March 2011(expressed in USD)


Face Value

CANADIAN PAC 4.45%10-15.03.23 1,500,000 1,449,621 0.12USD

SUNCOR ENERG 6.85% 08-01.06.39 3,500,000 3,927,154 0.33USD

9,162,610 0.76

BANBRA 5.375% 10-15.01.21 5,900,000 5,774,035 0.49USD

CAYMAN ISLANDS

HUTCH WHAM 4.75% 09-14.11.16 3,000,000 4,369,006 0.36EUR

HUTCH. WHAMP. 6.5% 03-13.02.13 144A 5,000,000 5,434,670 0.45USD

SEAG HDD 6.875% 10-01.05.20 1,500,000 1,501,496 0.12USD

TELEMOVIL 8% 10-01.10.17 1,800,000 1,869,001 0.15USD

18,948,208 1.57

EMPRESA NAC 5.25% 10-10.08.20 5,500,000 5,505,720 0.45USD

CHILE

5,505,720 0.45

SINOCHEM 6.3% 10-12.11.40REGS 1,200,000 1,182,484 0.10USD

CHINA

1,182,484 0.10

COLOMBIA 6.125% 09-18.01.41 500,000 512,100 0.04USD

COLOMBIA

COLOMBIA 8.125% 04-21.05.24 5,000,000 6,342,125 0.53USD

6,854,225 0.57

EL SALVADOR 8.25% 02-10.04.32 2,300,000 2,508,918 0.21USD

EL SALVADOR

2,508,918 0.21

ALFA BK 8.635% 07-22.02.17 3,200,000 3,312,003 0.27USD


RUSSIA 5% 10-29.04.20 9,400,000 9,533,734 0.79USD

12,845,737 1.06

AXA SA 5.777% 06-PERP 4,000,000 5,140,147 0.42EUR

FRANCE

BFCM 4.471% 05-PERP. 2,500,000 3,097,691 0.26EUR

BPCE 6.117% 07-PERP EMTN 2,500,000 3,154,912 0.26EUR

CNP ASSURANCES 4.75% 06-PERP. 2,000,000 2,387,567 0.20EUR


Face Value


320

CROWN EU HOLDING 7.125%15.08.18 REGS 5,000,000 7,408,076 0.61EUR

EDENRED 3.625% 10-06.10.17 3,500,000 4,715,703 0.39EUR

LAFARGE 5.5% 10-09.07.15 2,000,000 2,068,612 0.17USD

LAFARGE 7.625% 09-24.11.16 1,700,000 2,749,371 0.23EUR

NEXANS 5.75% 07-02.05.17 2,450,000 3,511,391 0.29EUR

PERNOD RICARD 5% 11-15.03.17 900,000 1,265,933 0.10EUR

PERNOD 4.875% 10-18.03.16 5,000,000 7,109,004 0.59EUR

PEUGEOT SA 8.375% 09-15.07.14 1,525,000 2,421,764 0.20EUR

RENAULT 5.625% 10-30.06.15 5,000,000 7,313,275 0.60EUR

RHODIA 7% 10-15.05.18 2,250,000 3,331,327 0.28EUR

SCOR ASSIST 6.154% 06-PERP. 1,000,000 1,275,506 0.11EUR

SOCIETE GENERALE 4.196%05-PERP 1,750,000 2,206,793 0.18EUR

TEREOS EUROPE 6.375% 07-15.04.14 REGS 1,500,000 2,205,472 0.18EUR

VINCI 6.25% 06-PERP 4,000,000 5,810,512 0.48EUR

67,173,056 5.55

ALZ 5.5% 04-PERP. EMTN 1,300,000 1,834,522 0.15EUR

GERMANY

COMZBK 7.75% 11-16.03.21 /SUB 1,700,000 2,422,931 0.20EUR

DEUTSCHE BANK 5% 10-24.06.20 1,500,000 2,074,459 0.17EUR

FRANZ H&C 5.875% 10-01.02.17 1,000,000 1,476,064 0.12EUR

HENKEL 5.375% 05-25.11.14STEP-UP 3,500,000 5,017,772 0.41EUR

MUNICH RE 5.767% 07-26.06.49 6,000,000 7,986,665 0.67EUR

UNITYMEDIA 8.125% 09-01.12.17 1,250,000 1,870,895 0.15EUR

22,683,308 1.87

BIZ FIN 8.375% 10-27.04.15 4,950,000 5,158,207 0.43USD

GREAT BRITAIN

BRITISH TELECOM. 9.625%00-15.12.30 MULTIC 2,000,000 2,769,008 0.23USD

FCE BK 9.375% 09-17.01.14 5,300,000 8,465,038 0.70EUR

HSBC HOLDING 0% 09-10.06.19 1,000,000 1,500,084 0.12EUR

MONDI FIN 5.75% 10-03.04.17 2,000,000 2,939,981 0.24EUR

NATIONAL GRID 6.3% 06-01.08.16 2,000,000 2,274,958 0.19USD



Face Value

RBS 3.95% 10-21.09.15 1,000,000 998,987 0.08USD

REXAM PLC 6.75% 07-29.06.67 1,000,000 1,392,485 0.12EUR

25,498,748 2.11

ICICI BK 5.75% 10-16.11.20REGS 5,500,000 5,431,849 0.45USD

HONG KONG

PACNET 9.25% 10-09.11.15REGS 5,100,000 5,202,495 0.43USD

10,634,344 0.88

MOL HU O&G 5.875% 10-20.04.17 2,000,000 2,789,502 0.23EUR

HUNGARY

2,789,502 0.23

BUMI INV 10.75% 10-10.06.17 4,500,000 5,071,820 0.42USD

INDONESIA


6,565,570 0.54

ALFA BD ISS 7.875% 10-25.09.17 4,000,000 4,235,948 0.35USD

IRELAND

GPB EUROBD 6.25% 10-15.12.14 7,200,000 7,568,309 0.63USD

MTS INTL FD 8.625% 10-22.06.20 5,000,000 5,724,030 0.47USD

SMURFIT KAP ACQ 7.25% 09-15.11.17 1,000,000 1,485,791 0.12EUR

VIP FIN 9.125% 08-30.04.18REGS 2,800,000 3,185,896 0.26USD

22,199,974 1.83

EXOR SPA 5.375% 07-12.06.17 5,250,000 7,597,294 0.63EUR

ITALY

INTESA SAN PAOLO 6.625%08-08.05.18 EMTN 1,000,000 1,411,947 0.12EUR

INTESA SAN PAOLO 8.047%FRN 08-PERP. 1,500,000 2,086,441 0.17EUR

11,095,682 0.92

KAZMUNAIGAZ 11.75% 09-23.01.15 REGS 1,950,000 2,445,515 0.20USD

KAZAKHSTAN


Face Value

321


KMG FINANCE 7% 10-05.05.20 REGS 3,925,000 4,239,471 0.35USD

6,684,986 0.55

LITHUANIA 5.125% 10-14.09.17 REGS 3,400,000 3,412,022 0.28USD

LITHUANIA

LITHUANIA 7.375% 10-11.02.20 1,400,000 1,561,944 0.13USD

4,973,966 0.41

ARCELORMIT 9.85% 09-01.06.19 2,000,000 2,534,564 0.21USD

LUXEMBOURG

FIAT FT 6.875% 09-13.02.15 2,750,000 4,017,677 0.33EUR

GAZ CAPITAL 6.51% 07-07.03.22 5,000,000 5,319,545 0.44USD

GAZ CAPITAL 6.605% 07-13.02.18 EMTN 2,300,000 3,534,533 0.29EUR

RSHB CAPITAL 6.299% 07-15.05.17 7,150,000 7,498,441 0.62USD


TELECOM IT CAP 7.175% 09-18.06.19 3,000,000 3,273,159 0.27USD

VTB CAPIT 6.875% 08-29.05.18 REG 4,650,000 5,048,035 0.42USD

40,119,643 3.31

DESARROLLA H 9.5% 09-11.12.19 REGS 2,000,000 2,243,442 0.19USD

MEXICO

MEXICO 5.125% 10-15.01.20 6,500,000 6,788,275 0.56USD

MEXICO 6.75% 04-27.09.34GLOB. 3,100,000 3,499,745 0.29USD

URBI DESA 9.5% 10-21.01.20 2,614,000 2,933,794 0.24USD

15,465,256 1.28

CRH FIN 7.375% 09-28.05.14 3,000,000 4,700,015 0.39EUR

NETHERLANDS

DEUT TEL IF 4.875% 09-08.07.14 3,000,000 3,242,616 0.27USD

DEUT TEL IF 5.75% 08-10.01.14 5,000,000 7,622,777 0.63EUR

ENEL FIN 3.875% 09-07.04.10 3,000,000 3,097,296 0.26USD

ENEL FIN 6% 09-07.10.39 2,000,000 1,818,002 0.15USD

EUREKO 5.125% 05-29.06.49 1,750,000 2,138,970 0.18EUR

HEIDLRG 8.5% 09-31.10.19 6,500,000 10,470,075 0.86EUR



Face Value

ING GROEP 5.775% 05-08.12.15 1,500,000 1,379,786 0.11USD

ING VERZEK.6.25%01-21.06.21 3,000,000 4,134,722 0.34EUR

LINDE FINANCE 7.375% 06-14.07.66 4,750,000 7,447,204 0.62EUR

OI EUROPEAN GP 6.875% 07-31.03.17 2,250,000 3,285,593 0.27EUR

OI EUROPEAN 6.75% 10-15.09.20 750,000 1,083,563 0.09EUR

PLNIJ 7.75% 09-20.01.20 1,200,000 1,351,393 0.11USD

RABOBANK 6.875% 10-19.03.20 5,500,000 7,934,921 0.65EUR

SOLVAY FIN. 6.375% 06-02.06.21 4,300,000 6,286,597 0.52EUR

SUEDZUCK.INTERNATIONAL5.25% 05-PERP 1,650,000 2,303,384 0.19EUR

68,296,914 5.64


PANAMA

5,949,510 0.49

BANCO PERU 5.75% 10-07.10.20 5,000,000 4,675,900 0.39USD

PERU

PERU 7.35% 05-21.07.25 3,700,000 4,405,498 0.36USD

9,081,398 0.75

PHILIPPINES 6.375% 07-15.01.32 2,600,000 2,736,513 0.23USD

PHILIPPINES

2,736,513 0.23

COMM BK QATAR 7.5% 09-18.11.19 4,300,000 4,690,883 0.38USD

QATAR

QATAR 4% 09-20.01.15 144A 3,000,000 3,102,159 0.26USD

QATAR 6.4% 09-20.01.40 1,500,000 1,583,049 0.13USD

9,376,091 0.77

BAKRIE TEL 11.5% 10-07.05.15 4,800,000 5,213,443 0.43USD

SINGAPORE

BUMI CAP 12% 09-10.11.16 2,950,000 3,434,240 0.28USD

SIGMA CAP FRN 10-30.04.15 6,000,000 6,464,664 0.54USD

15,112,347 1.25


Face Value


322

SOUTH AFRICA 5.875% 07-30.05.22 4,000,000 4,299,548 0.36USD

SOUTH AFRICA

SOUTH AFRICA 6.25% 11-08.03.41 2,000,000 2,062,350 0.17USD

6,361,898 0.53


SOUTH KOREA

2,598,345 0.21

SANTANDER 4.375% 11-16.03.15 1,700,000 2,425,931 0.20EUR

SPAIN

TELEFONICA 3.661% 10-18.09.17 1,500,000 2,024,684 0.17EUR

4,450,615 0.37

TURKEY 6.875% 06-17.03.36 6,225,000 6,611,416 0.55USD

TURKEY

TURKEY 7.25% 04-15.03.15 3,100,000 3,518,113 0.29USD

TURKEY 7.375% 05-05.02.25 4,850,000 5,601,629 0.46USD

15,731,158 1.30

UKRAINE FIN. 6.58% 06-21.11.16 3,250,000 3,309,556 0.27USD

UKRAINE

3,309,556 0.27

AGCO 6.875% 04-15.04.14 2,350,000 3,379,707 0.28EUR

UNITED STATES

AMB PROP 4.5% 10-15.08.17 1,500,000 1,499,060 0.12USD

AMERICAN EXPRESS 6.8% 06-01.09.66 5,000,000 5,079,215 0.42USD

BALL CORP 5.75% 10-15.05.21 3,500,000 3,448,704 0.28USD

BURLINGTON 6.15% 07-01.05.37 1,500,000 1,598,817 0.13USD

BXP 5.625% 10-15.11.20 1,500,000 1,605,014 0.13USD

CAP ONE CAP III 7.686%15.08.36 4,000,000 4,117,132 0.34USD

CAPITAL ONE 8.8% 09-15.07.19 1,500,000 1,885,506 0.16USD

CBS 5.75% 10-15.04.20 1,500,000 1,587,269 0.13USD

CHK 6.625% 10-15.08.20 2,500,000 2,663,335 0.22USD

CITIGROUP INC 4.875% 03-07.05.15 3,500,000 3,619,777 0.30USD



Face Value

CITIGROUP 8.3% 07-21.12.77 4,000,000 4,153,064 0.34USD

CNTRYW FIN 5.8% 07-07.06.12 5,000,000 5,258,835 0.44USD

COMCAST CORP 6.4% 08-15.05.38 4,000,000 4,077,764 0.34USD

COMMSCOPE 8.25% 11-15.01.19 2,000,000 2,095,000 0.17USD

DANA HLDG 6.5% 11-15.02.19 3,000,000 3,007,500 0.25USD

DEVEL DIV 4.75% 11-15.04.18 500,000 487,195 0.04USD

DEVEL DIV 7.875% 10-01.09.20 1,000,000 1,148,278 0.09USD

DEVEL DIV 9.625% 09-15.03.16 2,000,000 2,419,024 0.20USD

DOMINI.RES.6.3% 06-30.09.66 1,750,000 1,727,234 0.14USD

DOW CHEMICAL CO 5.9% 09-15.02.15 4,000,000 4,433,820 0.37USD

ETP 8.5% 09-15.04.15 1,500,000 1,746,467 0.14USD

EXELON GEN 5.75% 10-01.10.41 2,000,000 1,834,702 0.15USD

FIDELITY NAT 7.875% 10-15.07.20 2,000,000 2,195,000 0.18USD

FITB 8.25% 08-01.03.38 3,000,000 3,592,446 0.30USD

FORD MC 5.75% 11-01.02.21 9,500,000 9,400,591 0.79USD


FTR 8.25% 10-15.4.17 3,000,000 3,246,000 0.27USD

GCI 7.125% 10-01.09.18 4,000,000 4,070,000 0.34USD

GLDD 7.375% 11-1.02.19 144A 3,000,000 3,052,500 0.25USD

HCA INC 7.25% 10-15.9.20 5,000,000 5,346,564 0.45USD

HOA REST GRP 11.25% 11-01.04.17 144A 750,000 757,910 0.06USD

HOME DEPOT 5.875% 06-16.12.36 4,000,000 3,980,220 0.33USD

HOST HOTELS 6% 10-01.11.20 2,100,000 2,096,063 0.17USD

HSBC FIN TR 5.911% 05-30.11.35 1,500,000 1,438,712 0.12USD

ILFC 8.25% 10-15.12.20 1,000,000 1,096,301 0.09USD

INTL LEASE 6.375% 08-25.03.13 2,000,000 2,077,622 0.17USD

IP CO 7.95% 08-15.06.18 4,000,000 4,811,180 0.40USD

JABIL CIR 5.625% 10-15.12.20 2,000,000 1,994,066 0.16USD

KIMCO REALTY 4.3% 10-01.02.18 2,500,000 2,507,673 0.21USD

KRAFT FOODS 4.125% 10-09.02.16 2,000,000 2,076,554 0.17USD


Face Value

323


KROGER CO 5.4% 10-15.07.40 3,000,000 2,814,180 0.23USD

LIMITED BRANDS 6.95% 03-01.03.33 3,000,000 2,797,410 0.23USD

MARKW ENERGY 6.5% 11-15.08.21 2,250,000 2,255,625 0.19USD

MASCO CORP 5.85% 07-15.03.17 2,000,000 1,996,650 0.16USD

MASCO CORP 7.125% 10-15.03.20 1,000,000 1,037,169 0.09USD

METLIFE 5.875% 10-06.02.41 2,000,000 2,021,748 0.17USD

MIDCONT EXP 6.7% 09-15.09.19 2,500,000 2,765,340 0.23USD

MOR ST 5.375% 10-10.08.20 3,750,000 5,242,139 0.43EUR

NORFOLK STH 7.05% 97-01.05.37 1,200,000 1,441,808 0.12USD

NORTH TIER 10.5% 10-01.12.17 500,000 566,250 0.05USD

PLAINS EXPL 6.625% 11-01.05.21 1,000,000 1,001,125 0.08USD

PRUDEN FIN 3.875% 10-14.01.15 2,500,000 2,579,323 0.21USD

QEP RES 6.875% 10-01.03.21 450,000 475,875 0.04USD

SAFEWAY 5% 09-15.08.19 2,000,000 2,046,884 0.17USD

SANDRIDGE 7.5% 11-15.03.21144A 500,000 515,000 0.04USD

SANDRIDGE 8.75% 10-15.01.20 2,800,000 3,066,876 0.25USD

SEARS HOLD 6.625% 10-15.10.18 144A 2,500,000 2,435,285 0.20USD

SPI AER INC 6.75% 11-15.12.20 3,000,000 3,106,875 0.26USD

SPRINT CAP. 6.9% 99-01.05.19 1,000,000 1,025,257 0.08USD

SPRINT CAP.CORP.8.75% 02-15.03.32 1,000,000 1,064,400 0.09USD

SPRINT NEX. 8.375% 09-15.08.17 5,500,000 6,136,558 0.52USD

SUNTRUST CAP 6.1% 06-15.12.66 3,390,000 3,289,063 0.27USD

TARGA RES 6.875% 11-01.02.21 3,000,000 2,947,500 0.24USD

TW CBL 5% 09-01.02.20 1,600,000 1,618,000 0.13USD

TWX 4.7% 10-15.01.21 2,000,000 1,986,474 0.16USD

UHS 7% 10-01.10.18 2,000,000 2,075,000 0.17USD

UNION PACIFIC 5.125% 09-15.02.14 1,500,000 1,631,670 0.13USD

UNITED REFIN 10.5% 11-28.02.18 144A 500,000 500,938 0.04USD



Face Value

VALASSIS 6.625% 11-01.02.21 3,000,000 2,932,500 0.24USD

VALEANT 6.75% 11-15.08.21 1,000,000 951,875 0.08USD

VERSO PAPER 8.75% 11-01.02.19 144A 2,000,000 2,085,000 0.17USD

WEA & WT FIN 6.75% 09-02.09.19 2,500,000 2,868,750 0.24USD

WELLS FARGO 4.125% 06-03.11.16 2,500,000 3,570,675 0.30EUR

WINDSTREAM 7.75% 10-15.10.20 144A 3,000,000 3,075,000 0.25USD

WYN L VEG 7.75% 10-15.08.20 4,000,000 4,251,088 0.35USD

WYNDHAM 7.375% 10-01.03.20 3,000,000 3,225,105 0.27USD

XEROX CORP 6.35% 08-15.05.18 2,500,000 2,821,580 0.23USD

211,442,121 17.47


VENEZUELA

PETROLEOS 5% 09-28.10.15 6,000,000 3,947,484 0.33USD

VENEZUELA 7.00% 03-01.12.18 10,800,000 7,519,500 0.61USD

VENEZUELA 7.00% 07-31.03.38 REGS 1,600,000 902,320 0.07USD

VENEZUELA 7.65% 05-21.04.25 4,700,000 2,878,750 0.24USD


VENEZUELA 8.25% 09-13.10.24 1,500,000 968,100 0.08USD

VENEZUELA 9.375% 04-13.01.34 3,040,000 2,062,336 0.17USD

22,553,029 1.86


VIRGIN ISLANDS

5,456,235 0.45

61.23741,176,044TOTAL BONDS

SANTOS FIN 8.25% (FRN) 10-22.09.70 1,500,000 2,191,413 0.18EUR

FLOATING RATE BONDS

AUSTRALIA

2,191,413 0.18


Face Value


324


FRANCE

GRPE BPCE FRN 10-PERP/SUB 2,300,000 3,377,556 0.28EUR

NATEXIS BQ POP.FRN 06-26.01.17 1,650,000 2,290,769 0.19EUR

SUEZ ENV 4.82% (FRN) 10-PERP/SUB 3,750,000 5,200,497 0.43EUR

15,763,509 1.30

HSH NORDBK FRN 07-14.02.17 S.239 500,000 503,052 0.04EUR

GERMANY

RWE 4.625% (FRN) 10-PERP 4,500,000 6,172,114 0.51EUR

6,675,166 0.55

CREDIT AGR LN FRN 07-PERP 2,000,000 1,790,898 0.15USD

GREAT BRITAIN

1,790,898 0.15

HSBC CAPITAL JE FRN 03-PERP/PFD 4,000,000 3,927,476 0.32USD

JERSEY

3,927,476 0.32


NETHERLANDS

3,871,487 0.32

UBS PREF. FD FRN 05-PERP 3,800,000 4,921,681 0.41EUR

SWITZERLAND

4,921,681 0.41

ENT PR 7.034% (FRN) 07-15.01.68 5,090,000 5,295,326 0.44USD

UNITED STATES

FTH THRD CAP 6.5% (FRN) 07-15.4.67 5,000,000 4,875,000 0.40USD


20,621,653 1.71


ARGENTINA 1.33% 03-31.12.38 2,000,000 863,000 0.07USD


ARGENTINA



Face Value

ARGENTINA 8.28% 09-31.12.33/POOL 1,950,000 2,225,694 0.19USD

3,088,694 0.26

BCO BMG 9.15% 05-15.01.16REG.S 3,450,000 3,649,269 0.30USD

BRAZIL

3,649,269 0.30



19,023,344 1.57

GRANM FRN 06-20.12.54 06-1C2 4,800,000 3,134,400 0.26USD

GREAT BRITAIN

3,134,400 0.26


URUGUAY

2,036,090 0.17


VENEZUELA

10,067,415 0.83


DECO LTD FRN 06-27.01.18E2XA2 11,790,000 7,270,432 0.60EUR


GREAT BRITAIN

GRANM FRN 06-20.12.54 06-4C1 2,885,000 1,883,905 0.16USD

GRANM FRN 07-20.12.54 07-12C1 4,465,000 2,915,645 0.24USD

INDUS ECLIP FRN 07-25.01.20 5,000,000 5,781,111 0.48GBP

THE MALL FD FRN 05-22.04.14 -A- 10,000,000 8,213,472 0.68GBP

26,064,565 2.16

SILENUS NO.25 FRN 07-15.05.19 2,922,000 2,597,883 0.21EUR

IRELAND

2,597,883 0.21


Face Value

325


CSMC FRN 06-15.02.39 2006-C1 AJ 3,500,000 3,293,032 0.27USD

UNITED STATES

JPMCC FRN 10-15.10.20 1C2D 5,000,000 4,714,541 0.39USD

JPMCC FRN 11-15.02.46 C3E 5,000,000 4,527,847 0.37USD

JPMCC 5.464%15.03.1407LDPXC-AM 3,600,000 3,350,201 0.28USD

JPMCC 5.466%10-12.02.17CB18 AM 3,000,000 2,956,095 0.24USD

MORGAN ST 5.879778% 07-11.07.17 5,700,000 5,690,202 0.48USD

24,531,918 2.03



895,132,905

PROV BUENOS 11.75% 10-05.10.15 2,600,000 2,694,177 0.22USD


BONDS

ARGENTINA

2,694,177 0.22

QTEL INT FIN 4.75% 10-16.02.21 4,300,000 4,012,446 0.33USD

BERMUDA ISLANDS

4,012,446 0.33

BMG 6.5% 11-14.03.14 1,000,000 1,000,474 0.08USD

BRAZIL

1,000,474 0.08

BOMBARDIER 6.125% 10-15.05.21 REGS 4,950,000 6,775,452 0.55EUR

CANADA

NCX 8.625% 10-01.11.19 2,000,000 2,245,000 0.19USD

TECK RES 3.85% 10-15.08.17 2,500,000 2,502,275 0.21USD

11,522,727 0.95

JBS FIN II 8.25% 10-29.01.18 5,950,000 6,135,789 0.50USD

CAYMAN ISLANDS

PETBRA 5.75% 09-20.01.20 3,700,000 3,838,624 0.32USD

9,974,413 0.82



Face Value

BANCOLOMBIA 6.125% 10-26.07.20 7,400,000 7,450,594 0.62USD

COLOMBIA

ECOPETROL 7.625% 09-23.07.19 5,350,000 6,197,948 0.51USD

13,648,542 1.13

TDCDC 4.375% 11-23.02.18 1,100,000 1,564,231 0.13EUR

DENMARK

1,564,231 0.13

CR AGR 3.9% 10-19.04.21 1,450,000 1,840,989 0.15EUR

FRANCE

LAFARGE 5.375% 10-29.11.18 1,000,000 1,406,456 0.12EUR

PSA FIN 4.25% 11-25.02.16 1,400,000 1,956,593 0.16EUR

RCI BQ 3.25% 11-17.01.14 975,000 1,368,652 0.11EUR

ST GOBAIN 4% 10-08.10.18 3,000,000 4,162,613 0.35EUR

10,735,303 0.89

BARCLAYS 6.625% 11-30.03.22 2,500,000 3,537,394 0.29EUR

GREAT BRITAIN

BPCM 3.83% 10-06.10.17 2,525,000 3,548,912 0.29EUR

SCOT & STH EN 5.025% 10-PERP 4,000,000 5,587,056 0.47EUR

12,673,362 1.05

INDONESIA 6.625% 07-17.02.37 3,125,000 3,361,984 0.28USD

INDONESIA

3,361,984 0.28

VIP FINANCE 7.748% 11-02.02.21 1,400,000 1,469,664 0.12USD

IRELAND

1,469,664 0.12

DEV BK KAZA 5.5% 10-20.12.15 1,200,000 1,253,924 0.10USD

KAZAKHSTAN

KMG FIN 6.375% 10-09.04.21REGS 2,500,000 2,586,329 0.22USD

3,840,253 0.32

FIAT FT 6.25% 11-09.03.18 700,000 988,693 0.08EUR

LUXEMBOURG

FIAT FT 6.375% 11-01.04.16 1,800,000 2,542,442 0.21EUR


Face Value


326

TNETBB 6.375% 10-15.11.20 4,500,000 6,273,377 0.52EUR

9,804,512 0.81

ALESTRA 11.75% 10-11.08.14 4,500,000 5,243,544 0.44USD

MEXICO

PEMEX 5.5% 10-21.01.21 4,200,000 4,272,895 0.35USD

9,516,439 0.79

TELEFONICA 4.75% 11-07.02.17 1,500,000 2,161,152 0.18EUR

SPAIN

2,161,152 0.18

TURKEY 5.625% 10-30.03.21 8,300,000 8,483,729 0.70USD

TURKEY

8,483,729 0.70

DEWAAE 7.375% 10-21.10.20REG-S 5,400,000 5,248,109 0.43USD


5,248,109 0.43

BANKAMERICA 8% 96-15.12.26 S2 3,000,000 3,082,500 0.25USD

UNITED STATES

BE AEROSPACE 6.875% 10-01.10.20 4,000,000 4,163,964 0.34USD

COMSTCK RES 7.75% 11-01.04.19 1,100,000 1,115,973 0.09USD

CORNING 4.25% 10-15.08.20 1,500,000 1,482,927 0.12USD

CRICK COMM 7.75% 10-15.10.20 2,000,000 2,008,914 0.17USD

DOMINION RES.5.95% 05-15.06.35 2,000,000 2,058,122 0.17USD

NEWELL RUB 4.70% 10-15.08.20 2,500,000 2,469,465 0.20USD

NEWS AMERICA 6.9% 09-01.03.19 1,500,000 1,752,060 0.14USD

PETROHAWK EN 7.25% 10-15.08.18 144A 500,000 514,375 0.04USD

RABOBANK CAP.III 5.254%04-PERP 144A 2,100,000 2,092,944 0.17USD

XEROX CAP.TR.1 8% 97-01.02.27 5,000,000 5,075,001 0.43USD

25,816,245 2.12

11.35137,527,762TOTAL BONDS



Face Value

PPL CAP FDG 6.7% (FRN) 07-30.03.67 5,000,000 4,932,910 0.41USD

FLOATING RATE BONDS

UNITED STATES

4,932,910 0.41




ARGENTINA

1,402,689 0.12

GS MTG 4.782% 10.07.39 5-GG4 AJ 2,000,000 1,956,362 0.16USD

UNITED STATES

1,956,362 0.16

URUGUAY 6.875% 09-28.09.25 3,220,000 3,725,138 0.31USD

URUGUAY

3,725,138 0.31


CD 5.222559% 05-15.07.44 05-CD1 5,950,000 5,803,591 0.48USD


UNITED STATES

DBUBS 11-01.01.21 LC1A E 5,500,000 5,154,747 0.43USD

GCCFC 5.475% 07-10.02.17GG9 AM 1,850,000 1,822,670 0.15USD

GSMS 5.231% 10-10.12.43 6,500,000 6,059,227 0.50USD

JPMCC FRN 06-15.04.45 LDP7AJ 6,580,000 6,427,565 0.53USD

JPMCC FRN 07-12.5.17 5,845,000 5,757,913 0.48USD

JPMORGAN C.5.48% 06-45LDP8 AJ 2,500,000 2,401,357 0.20USD

LB-UBS 5.378%-15.10.16 06-C7 AM 2,750,000 2,777,744 0.23USD

MORG STAN DN 5.98% 02-15.09.37 IQ3 E 7,000,000 6,619,409 0.54USD

42,824,223 3.54



192,369,084


Face Value

327


QTEL INT FIN 5%10-19.10.25REG-S 2,500,000 2,211,795 0.18USD


BONDS

BERMUDA ISLANDS

2,211,795 0.18

HARVEST OPER 6.875% 10-01.10.17 144A 2,500,000 2,612,500 0.22USD

CANADA

2,612,500 0.22

IPIC GMTN 5% 10-15.11.20 7,250,000 7,074,282 0.58USD

CAYMAN ISLANDS

7,074,282 0.58

MARKS & SPENCER 6.25% 07-01.12.17 144A 3,500,000 3,727,987 0.31USD

GREAT BRITAIN

VEDANTA RESOURCES 9.5%08-18.07.18 2,000,000 2,194,140 0.18USD

5,922,127 0.49

VEB FINANCE 6.8% 10-22.11.25 3,000,000 3,039,411 0.25USD

IRELAND

3,039,411 0.25

GAZ CAP 5.092% 10-29.11.15 1,200,000 1,255,038 0.10USD

LUXEMBOURG

1,255,038 0.10

MEXICO 6.05% 08-11.01.40 4,700,000 4,835,125 0.40USD

MEXICO

4,835,125 0.40

KAZAK TEMIR 6.375% 10-06.10.20 4,200,000 4,380,806 0.36USD

NETHERLANDS

4,380,806 0.36

CALPINE 7.875% 10-31.07.20144A 2,000,000 2,120,000 0.18USD

UNITED STATES

CHK 6.125% 11-15.02.21 1,250,000 1,290,385 0.11USD

GENON ESCROW 9.5% 10-15.10.18 144A 2,500,000 2,608,630 0.22USD

JARDEN 6.125% 10-15.11.22 3,000,000 2,940,446 0.23USD



Face Value

METROPCS WI 7.875% 10-01.09.18 2,000,000 2,147,000 0.18USD

MORGAN ST 4.5% 11-23.02.16 1,000,000 1,402,811 0.12EUR

MYLAN 6% 10-15.11.18 -144A 1,000,000 1,005,000 0.08USD

NEWS AMERICA 6.9% 10-15.08.39 1,000,000 1,083,676 0.09USD

SPX CORP 6.875% 10-01.09.17 144A 2,250,000 2,413,125 0.20USD

TENNECO 6.875% 11-15.12.20 1,000,000 1,030,000 0.09USD

18,041,073 1.50


SOCGEN 5.922%(FRN)07-PERP 144A 2,500,000 2,354,420 0.19USD

FLOATING RATE BONDS

FRANCE

2,354,420 0.19



PIK BONDS

ARGENTINA

4,069,079 0.34


APID FRN 05-21.12.18 2 AB 5,000,000 3,700,000 0.31USD


CAYMAN ISLANDS

ATRM FRN 06-20.07.20 5A-C 3,500,000 2,178,750 0.18USD

CENT CDO XII FRN 06-18.11.20 1,250,000 781,250 0.06USD

CLYDS FRN 05-06.12.17 2005-1A C 4,500,000 2,733,750 0.23USD

CLYDS FRN 06-19.12.18 1AB144A 7,000,000 5,005,000 0.41USD

SLVR FRN 06-16.10.20 06-2A C 2,250,000 1,305,000 0.11USD

15,703,750 1.30

MARQ FRN 06-15.07.20 06-1AB1 2,550,000 1,734,000 0.14USD

IRELAND


Face Value


328

MARQ US/EUR FRN 06-15.07.20 1A A1B 1,000,000 717,500 0.06USD

2,451,500 0.20


PROUD FRN 05-18.08.17 1 D 1,500,000 1,579,197 0.13EUR


FRANCE

1,579,197 0.13

BRUNTW ALP FRN 07-15.01.17 2007-1 C 4,000,000 4,649,866 0.38GBP

GREAT BRITAIN

4,649,866 0.38

VULCAN FRN 07-15.02.14 28XA 2,478,000 1,824,577 0.15EUR

IRELAND

1,824,577 0.15

CADOGAN FRN 07-24.07.23B1 4X 4,785,000 5,127,018 0.43EUR

NETHERLANDS

5,127,018 0.43





100.00TOTAL NET ASSETS 1,210,337,809



Face Value

329


AUSTRALIA 4% 96-20.08.20/INFL 500,000 852,981 2.19AUD


BONDS

AUSTRALIA

852,981 2.19

SWEDEN 3.5% 98-01.12.28/INFL 500,000 131,925 0.34SEK

SWEDEN

SWEDEN 4% 95-01.12.20/INFL 900,000 231,395 0.60SEK

363,320 0.94


FRANCE 1% 05-25.07.17VAR/INFL 500,000 780,129 2.01EUR


FRANCE

FRANCE 1.8% 07-25.07.40S.OAT 100,000 157,879 0.41EUR

FRANCE 2.25% 03-25.07.20/INFL 900,000 1,595,795 4.10EUR

FRANCE 3% 01-25.07.12OAT/INFL 400,000 716,271 1.85EUR

FRANCE 3.15% 02-25.07.32OAT 300,000 625,566 1.61EUR

FRANCE 3.4% 99-25.07.29OAT/ INFL 300,000 654,430 1.69EUR

4,530,070 11.67

GERMANY 1.5% 06-15.04.16/INFL 100,000 163,582 0.42EUR

GERMANY

GERMANY 2.25% 07-15.04.13/INDEX 100,000 161,521 0.42EUR

325,103 0.84

GREAT BRITAIN 1.125% 07-22.11.37 3MO 1,200,000 2,396,111 6.18GBP

GREAT BRITAIN

GREAT BRIT.1.875% 07-22.11.22 300,000 612,755 1.58GBP

UK TSY FRN IL/06-22.11.17 200,000 413,747 1.07GBP

UK TSY FRN 06-22.11.27/RPI 600,000 1,227,201 3.16GBP

UK 0.75% 07-22.11.47/INFL 500,000 921,301 2.37GBP

INVESTMENTS

Global Inflation Linked Bond (launched as at 30 June 2010)Statement of investments as at 31 March 2011(expressed in USD)


Face Value

UK 2.5% 83-16.04.20/INFL 100,000 519,960 1.34GBP

UK 2.5% 85-16.08.13/INFL 200,000 910,296 2.34GBP

UK 2.5% 86-17.07.24/INFL 200,000 910,891 2.35GBP

UK 2.5% 93-26.07.16 / INFL 200,000 1,025,432 2.64GBP

8,937,694 23.03

ITALY 2.1% 06-15.09.17 /INFL. 400,000 626,169 1.61EUR

ITALY

ITALY 2.15% 03-15.09.14/INFL 600,000 1,014,128 2.61EUR

ITALY 2.35% 04-15.09.35 BTP 100,000 144,030 0.37EUR

ITALY 2.35% 08-15.09.19 CPIBTP 300,000 444,724 1.15EUR

ITALY 2.55% 09-15.09.41 100,000 128,598 0.33EUR

ITALY 2.6% 07-15.09.23 BTP 800,000 1,198,310 3.09EUR

3,555,959 9.16

JAPAN GOVT 1.4% 08-10.03.18 CPI 215,000,000 2,617,231 6.74JPY

JAPAN

2,617,231 6.74

USA 1.625% 08-15.01.18INF/TBO 500,000 568,136 1.46USD

UNITED STATES

USA 3.875% 99-15.04.29/INFL 1,500,000 2,686,250 6.92USD

3,254,386 8.38

59.8223,220,443TOTAL INFLATION INDEX BOND


24,436,744

CANADA 4% 99-01.12.31/INFL 250,000 510,516 1.32CAD



CANADA

510,516 1.32

USA TSY 1.875% 03-15.07.13 300,000 389,445 1.00USD

UNITED STATES

USA TSY 3.375% 02-15.01.12INDEX INF 600,000 780,185 2.01USD

USA 1.875% 05-15.07.15 TBINDEXED 2,400,000 2,990,231 7.69USD

USA 2% 04-15.07.14 TBOINFL.IND 500,000 641,468 1.65USD


Face Value


330

USA 2% 06-15.01.26TSY/INFL.IDX 1,100,000 1,303,845 3.36USD

USA 2.125% 09-15.01.19 1,600,000 1,830,625 4.72USD

USA 2.375% 04-15.01.25/INFL 600,000 787,721 2.03USD

USA 2.375% 07-15.01.17TSY/INDEX 800,000 985,813 2.54USD

USA 3%15.07.12 S.C-2012INFLAT. 800,000 1,050,273 2.71USD

USA 3.375% 01-15.04.32INFLATION 800,000 1,276,785 3.29USD

12,036,391 31.00

32.3212,546,907TOTAL INFLATION INDEX BOND


12,546,907

USA 1.875% 09-15.07.19/INFL 800,000 904,913 2.33USD



UNITED STATES

904,913 2.33

2.33904,913TOTAL INFLATION INDEX BOND





Global Inflation Linked Bond (launched as at 30 June 2010)Statement of investments as at 31 March 2011(expressed in USD)


Face Value

331


MACQUARIE 7.3% 09-01.08.14 400,000 445,045 0.47USD


BONDS

AUSTRALIA

445,045 0.47

HUTCH WHAM 5.75% 09-11.09.19 350,000 378,330 0.40USD

CAYMAN ISLANDS

378,330 0.40

SOCIETE GENERALE 3.1% 10-14.09.15 500,000 492,097 0.52USD

FRANCE

492,097 0.52

KFW 4.125% 04-15.10.14GLOBAL 1,500,000 1,619,363 1.70USD

GERMANY

1,619,363 1.70

BRITISH TELECOM. 9.625%00-15.12.30 MULTIC 1,000,000 1,384,504 1.46USD

GREAT BRITAIN

NATIONAL GRID 6.3% 06-01.08.16 750,000 853,109 0.90USD

NETWORK RAILWAYINFRASTRUCTURE 5.25% 06-09.05.11 2,100,000 2,109,801 2.22USD

4,347,414 4.58

ITALY 3.125% 10-26.01.15 800,000 806,598 0.85USD

ITALY

806,598 0.85

BEI 0% 96-06.11.26 SENIOR 1,300,000 621,444 0.65USD

LUXEMBOURG

BEI 4.625% 04-15.05.14 EMTN 1,000,000 1,091,125 1.15USD

TELECOM IT CAP 6.175% 09-18.06.14 1,000,000 1,075,241 1.13USD

2,787,810 2.93

ENEL FIN 3.875% 09-07.04.10 750,000 774,324 0.82USD

NETHERLANDS

INVESTMENTS

US Dollar Bond (Formerly US Dollar Core Plus Bond)Statement of investments as at 31 March 2011(expressed in USD)


Face Value

ENEL FIN 6% 09-07.10.39 600,000 545,401 0.57USD

1,319,725 1.39

QATAR 4% 09-20.01.15 144A 700,000 723,837 0.76USD

QATAR

723,837 0.76

SANTANDER US 3.724% 10-20.01.15 900,000 874,755 0.92USD

SPAIN

874,755 0.92

NORDEA 8.375% 09-PERP 400,000 435,860 0.46USD

SWEDEN

435,860 0.46

ABU DHABI 5.5% 07-02.08.12 400,000 421,444 0.44USD


421,444 0.44

BOA 6.4% 07-28.08.17 400,000 436,028 0.46USD

UNITED STATES

BXP 4.125% 10-15.05.21 450,000 427,323 0.45USD

CAPITAL ONE 8.8% 09-15.07.19 400,000 502,802 0.53USD

CITIGROUP INC. 6.5% 08-19.08.13 150,000 164,155 0.17USD

CITIGROUP 5.3% 07-17.10.12 800,000 844,083 0.89USD

CS NY 5.4% 10-14.01.20 500,000 505,200 0.53USD

FREDDIE MAC 5.125% 07-17.11.17 1,500,000 1,690,148 1.78USD

GLAXOSMITHKL 4.85% 08-15.05.13 250,000 268,986 0.28USD

MET LIFE 5.125% 09-10.06.14 700,000 758,098 0.80USD


USA 3.125% 09-15.05.19 4,700,000 4,695,593 4.95USD

VERIZON PENNSYLVANIA5.65% 01-15.11.11 500,000 515,056 0.54USD

11,281,107 11.88

27.3025,933,385TOTAL BONDS

BELGIUM FRN 09-06.08.12 1,000,000 994,168 1.05USD

FLOATING RATE BONDS

BELGIUM

994,168 1.05


Face Value


332

CADES FRN 09-02.07.14 1,000,000 1,009,218 1.06USD

FRANCE

SOCIETE GENERALE FRN 09-19.06.13 1,000,000 1,001,684 1.05USD

2,010,902 2.11

KFW FRN 09-05.08.14 REG-S 1,500,000 1,506,215 1.59USD

GERMANY

1,506,215 1.59


GREAT BRITAIN

402,952 0.42

HSBC CAPITAL JE FRN 03-PERP/PFD 500,000 490,935 0.52USD

JERSEY

490,935 0.52

SWEDISH EXP FRN 09-14.08.14 1,000,000 1,016,966 1.07USD

SWEDEN

1,016,966 1.07


UNITED STATES

441,166 0.46


SLM STU FRN 05-25.01.23S05-09 A-4 1,050,000 801,970 0.84USD


UNITED STATES

SLM STU FRN 05-26.04.21 05-04 A2 380,000 300,812 0.32USD

1,102,782 1.16


USA 2.375% 09-31.10.14 S-2014 5,950,000 6,114,555 6.44USD


UNITED STATES

6,114,555 6.44




Face Value

FNMA (15Y) 4% 11-01.04.26TBA 1,570,000 1,612,439 1.70USD

FNMA

UNITED STATES

FNMA (15Y) 5% 11-01.04.26TBA 1,060,000 1,125,422 1.18USD

FNMA (30Y) 4% 11-01.04.41TBA 2,370,000 2,328,895 2.45USD

FNMA (30Y) 4.5% 11-01.04.41TBA 2,640,000 2,684,963 2.83USD

FNMA (30Y) 5.5% 11-01.04.41TBA 2,090,000 2,234,667 2.35USD

9,986,386 10.51

10.519,986,386TOTAL FNMA

PERMM FRN 10-15.07.42 1A 1,000,000 998,898 1.05USD


GREAT BRITAIN

998,898 1.05

GNMA (30Y) 5.5% 11-01.4.41TBA 940,000 1,017,697 1.07USD

UNITED STATES

1,017,697 1.07



52,017,007

COVIDIEN INTERNATIONAL5.45% 08-15.10.12 400,000 426,228 0.45USD


BONDS

LUXEMBOURG

426,228 0.45


SPAIN

632,027 0.67

AMER HONDA 4.625% 08-02.04.13 200,000 212,191 0.22USD

UNITED STATES

CLOROX CO. 5.45% 07-15.10.12 500,000 530,129 0.56USD


Face Value

333


ELECTRON.DATA 6.5%03-01.08.13-B- 350,000 385,827 0.41USD

MIDAMERICAN ENERGY5.95% 07-15.07.17 750,000 850,486 0.90USD

NY LIFE GBL 3% 10-4.05.15144A 1,000,000 1,016,630 1.07USD

RABOBANK CAP.III 5.254%04-PERP 144A 650,000 647,816 0.68USD

TIME WARNER ENTMT.8.375% 93-15.03.23 525,000 649,931 0.68USD


WAL-MART STORES 6.50%07-15.08.37 750,000 851,556 0.90USD

XTRA FIN. 5.15% 07-01.04.17 1,000,000 1,073,760 1.12USD

6,667,272 7.01


BURLINGTON 4.83% 05-01.15.23 700,000 446,661 0.47USD


UNITED STATES


913,897 0.96


USA 0.875% 10-31.01.12 TBO 3,000,000 3,015,001 3.18USD


UNITED STATES

USA 3.75% 08-15.11.18 TBO 2,250,800 2,364,043 2.49USD

USA 4.375% 08-15.02.38 TBO 1,930,000 1,889,591 1.99USD

USA 4.375% 09-15.11.39 TBO 2,600,000 2,531,953 2.67USD

9,800,588 10.33


FHLMC (30Y) 5.0% 11-01.04.41 TBA 2,210,000 2,306,342 2.43USD

FHLMC

UNITED STATES

FHLMC (30Y) 5.5% 11-01.04.41 TBA 1,900,000 2,026,766 2.13USD

FHLMC (30Y) 6% 11-01.04.41TBA 2,340,000 2,542,190 2.67USD



Face Value

FHLMC 4.5% 11-01.04.41 TBA 2,430,000 2,466,830 2.60USD

9,342,128 9.83

9.839,342,128TOTAL FHLMC

FNMA (15Y) 4.5% 11-01.04.26TBA 1,420,000 1,487,672 1.57USD

FNMA

UNITED STATES

FNMA (30Y) 5% 11-01.04.41TBA 2,320,000 2,426,937 2.55USD

FNMA (30Y) 6.5% 11-01.04.41TBA 900,000 1,009,266 1.06USD

4,923,875 5.18

5.184,923,875TOTAL FNMA

ARRMF FRN 10-16.05.47 10-1XA2C 1,000,000 1,001,414 1.05USD


GREAT BRITAIN

1,001,414 1.05

GNMA 4.5% 11-15.04.41 TBA 2,480,000 2,557,112 2.69USD

UNITED STATES

MORGAN STANLEY 5.61% 07-15.04.49 07-IQ14-A2 1,060,000 995,237 1.05USD

3,552,349 3.74



37,259,778

VIVENDI 5.75% 08-04.04.13144A 250,000 267,872 0.28USD


BONDS

FRANCE

267,872 0.28

NATIONWIDE 5% 03-01.08.15 450,000 436,005 0.46USD

GREAT BRITAIN

436,005 0.46


UNITED STATES

KEYCORP 5.1% 11-24.03.21 500,000 497,643 0.52USD


Face Value


334

WEA&WT FIN 5.75% 09-02.09.15 S144A 850,000 932,080 0.98USD

1,930,075 2.03


CBA FRN 09-12.07.13 144A 1,500,000 1,508,393 1.59USD

FLOATING RATE BONDS

AUSTRALIA

1,508,393 1.59

FIN DANISH FRN 09-17.08.12144A 1,000,000 1,000,758 1.05USD

DENMARK

1,000,758 1.05


CAIRN MEZZ.FRN 07-13.08.4707-3A B1 DEFLT 605,000 - 0.00USD


IRELAND

- 0.00

ABFC 3.684% 05-25.03.33 03-AHL1 A1 2,425,000 224,611 0.23USD

UNITED STATES

AMERICAN AIRLINES 6.978%02-01.04.11 1,250,000 43,429 0.05USD

268,040 0.28


CWCI 06-15.08.48 06-C1 A2 900,000 670,769 0.71USD


CAYMAN ISLANDS

670,769 0.71

AMERICAN AIRLINES 7.858%02-01.04.13 A2S01-2 900,000 924,750 0.97USD

UNITED STATES

CGCMT 5.378% 06-15.10.492006-C5 A2 950,000 850,554 0.90USD

CIT. DT 5.205% 07-11.12.4907-CD4 A2B 900,000 920,257 0.97USD

COMMERCIAL MTG FRN 06-15.12.20 FL12 A2 1,600,000 637,550 0.67USD

GCCFC FRN 06-10.07.38 06-GG7 A2 520,000 302,366 0.32USD

GNMA I (30Y) 5% 11-01.04.41TBA 2,150,000 2,280,007 2.40USD



Face Value

GNMA 4% (30Y) 11-01.04.41TBA 840,000 839,081 0.88USD

RAST FRN 03-25.02.34 03-A151A2 2,500,000 395,030 0.42USD

WAMU 5.303% 06-23.11.43 700,000 521,313 0.55USD

7,670,908 8.08



SHB 0% 11-16.06.11 CP 2,000,000 2,839,388 2.99EUR


COMMERCIAL PAPER

SWEDEN

2,839,388 2.99


BNPP 0% 11-26.4.11 CD 1,500,000 2,132,712 2.25EUR


FRANCE

CR AGR 0% 11-01.07.11 CD 1,000,000 1,418,315 1.49EUR

3,551,027 3.74

INTESA LN 0% 11-04.05.11 CD 2,000,000 2,842,770 2.99EUR

GREAT BRITAIN

UNICR BK LN 1% 11-21.04.11CD 2,000,000 2,845,401 2.99EUR

5,688,171 5.98







Face Value

335


ITALY 0% 10-16.05.11 BOT 500,000 499,417 2.27EUR


ORDINARY TREASURY BONDS (BOT)

ITALY

ITALY 0% 10-29.04.11 BOT 300,000 299,763 1.36EUR

799,180 3.63

3.63799,180TOTAL - ORDINARY TREASURY BONDS (BOT)

HSBC MONETAIRE ETAT-R 3DEC 1,370 1,378,967 6.27EUR

OPCVM French - General vocation

FRANCE

1,378,967 6.27

6.271,378,967Total - OPCVM French - General vocation


2,178,147

ANTALIS 0% 11-19.04.11 CP 400,000 399,812 1.81EUR


COMMERCIAL PAPER

FRANCE

CDF AABA 0% 11-14.04.11 CP 300,000 299,899 1.36EUR

CDF DSLB 0% 11-18.05.11 CP 400,000 399,500 1.82EUR

CDF NORD 0% 11-18.05.11 CP 400,000 399,526 1.82EUR

LMA 0% 11-05.04.11 CP 400,000 399,951 1.81EUR

1,898,688 8.62

MATCHPOINT 0% 11-28.04.11CP 400,000 399,687 1.82EUR

IRELAND

399,687 1.82


BELGIUM 0% 10-14.04.11 CT 1,400,000 1,399,633 6.36EUR

TREASURY BILLS

BELGIUM

BELGIUM 0% 10-16.06.11 CT 200,000 199,597 0.91EUR

BELGIUM 0% 10-19.05.11 CT 250,000 249,693 1.13EUR

1,848,923 8.40

INVESTMENTS

Euro ReserveStatement of investments as at 31 March 2011(expressed in EUR)


Face Value

FRANCE 0% 10-07.04.11 BTF 1,500,000 1,499,854 6.81EUR

FRANCE

FRANCE 0% 10-19.05.11 BTF 160,000 159,890 0.73EUR

FRANCE 0% 11-09.06.11 BTF 800,000 798,866 3.63EUR

FRANCE 0% 11-14.04.11 BTF 3,800,000 3,799,260 17.26EUR

6,257,870 28.43

GERMANY 0% 11-10.08.11 TB 350,000 349,001 1.59EUR

GERMANY

349,001 1.59

NETHERLANDS 0% 10-29.04.11 TB 1,500,000 1,499,209 6.81EUR

NETHERLANDS

NETHERLANDS 0% 10-31.05.11 TB 1,875,000 1,873,382 8.51EUR

3,372,591 15.32


ACOS EO+0.06 10-10.05.11CD 200,000 200,000 0.91EUR


FRANCE

ACOSS FRN 11-26.04.11 CD 800,000 800,083 3.63EUR

ALLIANZ BQ 0% 11-01.06.11CD 400,000 399,299 1.81EUR

AXA 0% 11-10.06.11 CD 400,000 399,186 1.81EUR

BNPP 0% 11-03.05.11 CD 400,000 400,000 1.82EUR

CDF NBSO 0% 11-21.06.11 CD 400,000 399,091 1.81EUR

CDV EFIP EO+0.07 11-13.04.11CD 300,000 300,000 1.36EUR

DEXIA CLF EONIA+0.14% 11-14.04.11 CD 400,000 400,000 1.82EUR

HSBC FR EONIA 11-03.05.11CD 400,000 400,000 1.82EUR

NATIXIS EONIA+0.22% 11-07.06.11 CD 400,000 400,000 1.82EUR

OSEO EONIA+0.29% 10-14.06.11 CD 200,000 200,000 0.91EUR

SOCGEN EONIA+0.26% 11-02.05.11 CD 400,000 400,000 1.82EUR

UNEDIC 0% 11-31.05.11 CD 400,000 399,428 1.81EUR

5,097,087 23.15

INTESA LN 0% 11-09.05.11 CD 400,000 399,555 1.82EUR

GREAT BRITAIN

399,555 1.82


Face Value


336

UNIC ITAL 0% 11-23.05.11 CD 400,000 399,366 1.81EUR

ITALY

399,366 1.81

BK OF TOKYO 0% 11-10.05.11CD 400,000 399,614 1.82EUR

JAPAN

399,614 1.82

ING NV 0% 10-06.04.11 CD 200,000 199,968 0.91EUR

NETHERLANDS

ING NV 0% 11-12.04.11 CD 200,000 199,936 0.91EUR

RABOBANK EONIA+0.21% 11-05.09.11 CD 200,000 200,001 0.91EUR

599,905 2.73

SHB 0% 11-10.05.11 CD 400,000 399,605 1.82EUR

SWEDEN

399,605 1.82






Euro ReserveStatement of investments as at 31 March 2011(expressed in EUR)


Face Value

337


ANDRITZ AG GRAZ 1,780 117,640 0.63EUR


SHARES

AUSTRIA

117,640 0.63

BELGACOM SA 11,980 328,791 1.75EUR

BELGIUM

ETAB COLRUYT 14,760 550,696 2.94EUR

879,487 4.69

KONE OYJ -B- 3,000 122,190 0.65EUR

FINLAND

122,190 0.65

ILIAD 4,100 347,762 1.85EUR

FRANCE

METROPOLE TELEVISION SAM6 20,580 379,187 2.02EUR

VINCI 5,300 234,631 1.25EUR

961,580 5.12

BEIERSDORF A.G. 8,000 345,200 1.84EUR

GERMANY

FUCHS PETROLUB AG/VZ.A. 6,900 724,500 3.87EUR

PUMA AG 1,700 352,920 1.88EUR

SOFTWARE AG 5,400 631,260 3.36EUR

WINCOR NIXDORF AG 11,060 632,300 3.37EUR

2,686,180 14.32

BHP BILLITON PLC 24,580 690,776 3.69GBP

GREAT BRITAIN

PETROFAC LTD 11,700 197,946 1.05GBP

SEVERN TRENT PLC 24,920 415,408 2.21GBP

1,304,130 6.95

ANSALDO STS SPA 34,720 358,658 1.91EUR

ITALY

PRYSMIAN SPA 44,980 683,695 3.64EUR

SNAM RETE GAS SPA 124,300 493,720 2.63EUR

1,536,073 8.18

INVESTMENTS

European Equity Absolute Return (launched as at 16 April2010) (Formerly European Equity Alpha)Statement of investments as at 31 March 2011(expressed in EUR)


Quantity/Facevalue

MILLICOM INTLCELL./SWED.DEP. 5,100 344,335 1.83SEK

LUXEMBOURG

344,335 1.83

ASML HOLDING NV 21,100 662,646 3.53EUR

NETHERLANDS

BOSKALIS WESTMINSTER 6,440 241,564 1.29EUR

904,210 4.82

ABB LTD ZUERICH /NAMEN. 13,760 234,233 1.25CHF

SWITZERLAND

NESTLE 13,560 550,757 2.93CHF

SCHINDLER HOLDING SAPARTICIPATION 1,340 113,074 0.60CHF

898,064 4.78



9,753,889

GERMANY 0% 10-08.06.11 TB 1,700,000 1,697,790 9.05EUR


TREASURY BILLS

GERMANY

GERMANY 0% 10-13.04.11 TB 700,000 699,895 3.73EUR

GERMANY 0% 10-18.05.11 TB 1,750,000 1,748,600 9.31EUR

GERMANY 0% 10-20.04.11 TB 1,500,000 1,499,550 7.99EUR

GERMANY 0% 10-29.06.11 TB 1,400,000 1,397,865 7.45EUR

7,043,700 37.53







Quantity/Facevalue


338

LONZIM PLC 1,050,000 366,074 0.03GBP


SHARES

ISLE OF MAN

366,074 0.03


ARGENTINA 7% 07-17.4.17S.X 2,100,000 1,880,142 0.17USD

BONDS

ARGENTINA

CITY BUENOS 12.5% 10-06.04.15 3,525,000 3,905,189 0.36USD

CORDOBA 12.375% 10-17.08.17 2,100,000 2,182,007 0.20USD

7,967,338 0.73

ALLI OIL 9.875% 10-11.03.15REGS 3,575,000 3,899,303 0.35USD

BERMUDA ISLANDS

3,899,303 0.35

BERTIN 10.25% 06-05.10.16REG S 845,000 937,407 0.09USD

BRAZIL


BRAZIL 10% 06-01.01.14 S.F 7,900 4,543,822 0.41BRL

BRAZIL 10% 07-01.01.13 1,475 870,554 0.08BRL

BRAZIL 10% 07-01.01.17 13,500 7,345,763 0.67BRL


VOTORANTIM 6.75% 10-05.04.21 REGS 2,300,000 2,449,610 0.22USD

20,927,517 1.90

BANBRA 5.375% 10-15.01.21 2,200,000 2,153,030 0.20USD

CAYMAN ISLANDS

TELEMOVIL 8% 10-01.10.17 1,200,000 1,246,001 0.11USD

3,399,031 0.31

SINOCHEM 6.3% 10-12.11.40REGS 1,600,000 1,576,645 0.14USD

CHINA

1,576,645 0.14

INVESTMENTS

GEM Debt Total Return (Formerly New World Income)Statement of investments as at 31 March 2011(expressed in USD)


Quantity/Facevalue

COLOMBIA 8.125% 04-21.05.24 9,450,000 11,986,616 1.09USD

COLOMBIA

11,986,616 1.09

GABON 8.20% 07-12.12.17REGS 3,800,000 4,454,907 0.41USD

GABON

4,454,907 0.41

BIZ FIN 8.375% 10-27.04.15 5,900,000 6,148,166 0.55USD

GREAT BRITAIN

TRANSCAP. 7.7% 08-07.08.13 5,450,000 6,099,602 0.56USD

12,247,768 1.11

PACNET 9.25% 10-09.11.15REGS 4,900,000 4,998,475 0.45USD

HONG KONG

4,998,475 0.45

BUMI INV 10.75% 10-10.06.17 1,500,000 1,690,607 0.15USD

INDONESIA

INDONESIA 9.5% 04-15.06.15 69,500,000,000 8,543,341 0.79IDR

INDONESIE 10.75% 05-15.05.16 FR30 45,000,000,000 5,846,084 0.53IDR

INDONESIE 11% 04-15.10.14FR26 15,000,000,000 1,916,394 0.17IDR

17,996,426 1.64

ALFA BD ISS 7.875% 10-25.09.17 1,500,000 1,588,481 0.14USD

IRELAND

MTS INTL FD 8.625% 10-22.06.20 2,750,000 3,148,217 0.29USD

TRANSCAP. 6.103% 07-27.06.12 REGS 7,000,000 7,369,011 0.67USD

12,105,709 1.10

DEV BK KAZA 5.5% 10-20.12.15 3,200,000 3,346,400 0.30USD

KAZAKHSTAN

KAZKOMMERTSBK 8.5% 03-16.04.13 REGS 3,475,000 3,607,481 0.33USD


20,452,669 1.86

GAZ CAP 7.343% 08-11.04.13REGS 6,700,000 7,395,038 0.67USD

LUXEMBOURG


Quantity/Facevalue

339


GAZ CAP 8.125% 09-31.07.14 15,300,000 17,524,788 1.59USD

GAZ CAPITAL 6.51% 07-07.03.22 5,000,000 5,319,545 0.48USD

SB CAPITAL 5.93% 06-14.11.11 7,000,000 7,231,182 0.66USD


SBERBANK 6.468% 08-02.07.13 16,200,000 17,609,902 1.61USD

TNK BP FIN. 7.50% 07-13.03.13 REGS 10,800,000 11,819,174 1.08USD

72,113,170 6.56

CONTROLADORA 7.875%28.10.19 REGS 2,250,000 2,436,282 0.22USD

MEXICO

DESARROLLA H 9.5% 09-11.12.19 REGS 3,200,000 3,589,507 0.33USD

GRUPO PETROTE 9.5% 09-19.08.14 3,000,000 3,336,288 0.30USD

MEXIC0 9% 06-20.06.13 BD 6,000,000 53,580,851 4.88MXN

URBI DESA 9.5% 10-21.01.20 3,925,000 4,405,181 0.40USD

67,348,109 6.13

HSBK EUR 7.25% 07-03.05.17REG-S 1,750,000 1,812,869 0.16USD

NETHERLANDS

1,812,869 0.16


PANAMA

3,688,696 0.34

QATAR 5.25% 09-20.01.20REGS 5,700,000 5,924,933 0.54USD

QATAR

QATAR 6.4% 09-20.01.40 2,500,000 2,638,415 0.24USD

8,563,348 0.78

BAKRIE TEL 11.5% 10-07.05.15 5,700,000 6,190,964 0.56USD

SINGAPORE

BUMI CAP 12% 09-10.11.16 2,425,000 2,823,061 0.26USD

SIGMA CAP FRN 10-30.04.15 2,400,000 2,585,866 0.24USD

11,599,891 1.06



Quantity/Facevalue

SOUTH AFRICA 6.25% 11-08.03.41 5,300,000 5,465,228 0.50USD

SOUTH AFRICA

5,465,228 0.50


SOUTH KOREA

6,391,929 0.58

TRUE MOVE 10.75%06-16.12.13 REG 3,325,000 3,584,151 0.33USD

THAILAND

3,584,151 0.33

TURKEY 0% 09-16.11.11 21,500,000 13,236,172 1.20TRY

TURKEY

TURKEY 7.25% 04-15.03.15 16,350,000 18,555,207 1.69USD

31,791,379 2.89

DTEK FIN 9.5% 10-28.04.15 3,075,000 3,261,837 0.30USD

UKRAINE

3,261,837 0.30

GAZPROM 9.625% 03-01.03.13 REGS 7,000,000 7,968,170 0.73USD

UNITED STATES

7,968,170 0.73

PETROLEOS 8% 10-17.11.13 17,375,000 16,021,452 1.47USD

VENEZUELA


VENEZUELA 7.00% 03-01.12.18 10,000,000 6,962,500 0.63USD

VENEZUELA 7.65% 05-21.04.25 13,900,000 8,513,750 0.77USD


VENEZUELA 8.5% 04-08.10.14GLOBAL 10,000,000 9,149,999 0.83USD

43,695,764 3.98

SINOCHEM OV 4.5% 10-12.11.20 REGS 1,500,000 1,428,318 0.13USD

VIRGIN ISLANDS


Quantity/Facevalue


340


5,333,833 0.49

35.92394,630,778TOTAL BONDS


FLOATING RATE BONDS

ARGENTINA

55,577,432 5.06

MEX UDIBONOS FRN 06-16.06.16 141,422 5,958,379 0.54MXN

MEXICO

5,958,379 0.54


CHINA HYDROEL /ADR 563,558 4,046,346 0.37USD


CAYMAN ISLANDS

4,046,346 0.37


ARGENTINA 1.33% 03-31.12.38 41,175,000 17,767,013 1.62USD


ARGENTINA

17,767,013 1.62

BCO BMG 9.15% 05-15.01.16REG.S 1,175,000 1,242,867 0.11USD

BRAZIL

1,242,867 0.11



2,627,394 0.24

GAZPROM INTL 7.201% 04-01.02.20 REG. 6,000,000 3,376,143 0.31USD

LUXEMBOURG

3,376,143 0.31



Quantity/Facevalue


VENEZUELA

38,140,012 3.47



523,732,438

PROV BUENOS 11.75% 10-05.10.15 2,900,000 3,005,044 0.27USD


BONDS

ARGENTINA

3,005,044 0.27

QTEL INT FIN 4.75% 10-16.02.21 5,800,000 5,412,137 0.49USD

BERMUDA ISLANDS

5,412,137 0.49

BANCO VOTO 4.25% 10-08.02.13 6,550,000 6,719,920 0.62USD

BRAZIL

BMG 6.5% 11-14.03.14 5,300,000 5,302,512 0.48USD

12,022,432 1.10

INDEP INTL 12% 09-30.12.16144A 4,214,406 105,360 0.01USD

CAYMAN ISLANDS

JBS FIN II 8.25% 10-29.01.18 2,050,000 2,114,011 0.19USD

PETBRA 5.75% 09-20.01.20 3,050,000 3,164,272 0.29USD

5,383,643 0.49

ECOPETROL 7.625% 09-23.07.19 2,750,000 3,185,861 0.29USD

COLOMBIA

3,185,861 0.29

VIP FINANCE 7.748% 11-02.02.21 6,500,000 6,823,440 0.62USD

IRELAND

6,823,440 0.62

ALESTRA 11.75% 10-11.08.14 3,325,000 3,874,396 0.35USD

MEXICO


Quantity/Facevalue

341


PEMEX 5.5% 10-21.01.21 1,800,000 1,831,241 0.17USD

5,705,637 0.52

DEWAAE 7.375% 10-21.10.20REG-S 2,900,000 2,818,429 0.26USD


2,818,429 0.26




ARGENTINA

3,085,915 0.28

URUGUAY 6.875% 09-28.09.25 2,500,000 2,892,188 0.26USD

URUGUAY

2,892,188 0.26



50,334,726

XXI CENTURY INVESTMENTSPUBLIC 5,069 - 0.00USD


SHARES

UKRAINE

- 0.00

0.00-TOTAL SHARES

QTEL INT FIN 5%10-19.10.25REG-S 2,300,000 2,034,851 0.19USD

BONDS

BERMUDA ISLANDS

2,034,851 0.19

BRAZIL 6% 07-15.05.17 IPCA-IDX 7,000 8,309,023 0.75BRL

BRAZIL

BRAZIL 6% 09-15.08.14/INFL 4,856 5,946,272 0.54BRL

14,255,295 1.29

BLUE CITY 13.75% 06-07.11.13 REG -B1- 7,000,000 1,085,000 0.10USD

CAYMAN ISLANDS



Quantity/Facevalue

IPIC GMTN 5% 10-15.11.20 4,500,000 4,390,934 0.40USD

5,475,934 0.50

GHANA 16% 08-02.05.11 1,500,000 999,659 0.09GHS

GHANA

999,659 0.09

VEB FINANCE 6.8% 10-22.11.25 2,900,000 2,938,097 0.27USD

IRELAND

2,938,097 0.27

KAZAK TEMIR 6.375% 10-06.10.20 600,000 625,829 0.06USD

NETHERLANDS

625,829 0.06

PERU 5.625% 10-18.11.50 2,100,000 1,903,068 0.17USD

PERU

1,903,068 0.17

UN ARAB EM 7.75% 10-05.10.20 5,700,000 5,631,936 0.51USD


5,631,936 0.51


XXI CENTURY 24.05.13PW/XXI OPE 400 - 0.00USD


CYPRUS

- 0.00

0.00-TOTAL WARRANTS / EQUITY LINKEDSECURITIES

DOMAS AGR FRN 08-24.10.12LOAN 939,294 446,165 0.04USD

FLOATING RATE BONDS

FRANCE

446,165 0.04

CITIGROUP FNDG FRN 06-04.10.11 1,044,776 1,065,358 0.10USD

UNITED STATES

CONCOURSE PWR FRN 08-PERP LOAN 176,628 115,250 0.01USD

1,180,608 0.11



Quantity/Facevalue


342


PIK BONDS

ARGENTINA

38,045,887 3.47

XXI CENTURY INV.10%07-24.11.14 400,000 33,991 0.00USD

CYPRUS

33,991 0.00



MEXICO 0% 10-02.06.11 TB 64,000,000 53,699,569 4.89MXN


TREASURY BILLS

MEXICO

53,699,569 4.89

USA 0% 11-08.03.12 TB 150,000,000 149,632,350 13.61USD

UNITED STATES

149,632,350 13.61



OPTIONS

UNITED STATES



604,625 0.06


CALL USD/BRL SPOT CROSS29/04/2011 1.793 100,000,000 32,904 0.00USD

CURRENCY OPTIONS

GREAT BRITAIN


CALL USD/MXN SPOT CROSS19/04/11 12.1 (5,700,000) (19,585) 0.00USD



Quantity/Facevalue


CALL USD/TRY SPOT CROSS01/04/2011 1.51 20,000,000 14 0.00USD

CALL USD/TRY SPOT CROSS08/04/2011 1.60 (5,000,000) (1,087) 0.00USD


CALL USD/TRY SPOT CROSS13/04/2011 1.57 (5,000,000) (19,080) 0.00USD


CALL USD/ZAR SPOT CROSS04/04/2011 6.77 (5,000,000) (55,765) (0.01)USD

CALL USD/ZAR SPOT CROSS04/04/2011 7.1 10,000,000 1,459 0.00USD

PUT USD/MXN SPOT CROSS19/04/11 12.1 5,700,000 97,626 0.02USD

PUT USD/MXN SPOT CROSS19/04/11 12.1 (5,700,000) (97,625) (0.01)USD

11,851 0.00

CALL USD/KRW SPOT CROSS04/04/2011 1,200 (5,000,000) - 0.00USD

UNITED STATES

PUT USD/KRW SPOT CROSS04/04/2011 1,100 (5,000,000) (20,360) 0.00USD

PUT USD/KRW SPOT CROSS04/04/2011 1,129 5,000,000 129,020 0.01USD

108,660 0.01

0.01120,511TOTAL CURRENCY OPTIONS

CALL BUBOR06M- BUDAPESTINTERBK 17/06/2011 6.49 (24,800,000,000) (733,595) (0.06)HUF

OPTIONS ON SWAPS

HUNGARY

CALL BUBOR06M- BUDAPESTINTERBK 17/06/2011 6.80 12,400,000,000 592,032 0.05HUF

PUT BUBOR03M- BUDAPESTINTERBK 25/05/2011 6.50 (21,640,000,000) (423,749) (0.04)HUF

PUT BUBOR06M- BUDAPESTINTERBK 25/05/2011 6.95 10,820,000,000 402,150 0.04HUF

(163,162) (0.01)

PUT BRL 01/04/2011 11.28 (276,890,730) - 0.00BRL

LUXEMBOURG

PUT BRL 01/04/2011 11.70 276,109,516 - 0.00BRL


Quantity/Facevalue

343


PUT BRL 01/04/2011 12.1 (275,370,267) (27,897) 0.00BRL

(27,897) 0.00


MEXICO


(512,630) (0.05)

CALL POLAND WARSAWINTBK O/B 6M 24/06/2011 5.77 (81,000,000) (356,264) (0.04)PLN

POLAND

PUT POLAND WARSAWINTBK O/B 6M 24/06/2011 5.60 (81,000,000) (236,348) (0.02)PLN

(592,612) (0.06)

(0.12)(1,296,301)TOTAL OPTIONS ON SWAPS




100.00TOTAL NET ASSETS 1,098,763,853



Quantity/Facevalue


344

PDG REALTY SA 94,500 530,075 1.76BRL


SHARES

BRAZIL

530,075 1.76

KINGBOARD LAMINATESHLDGS LTD 364,500 303,980 1.01HKD

CAYMAN ISLANDS

303,980 1.01


CHINA

BANK OF CHINA LTD -H- 1,076,900 599,193 1.99HKD






3,470,919 11.53


EGYPT

142,646 0.47

AK SBEREGATELNY BANKSBERBANK 155,158 583,084 1.94USD


583,084 1.94

ANGLO AMERICAN PLC 9,569 496,169 1.65ZAR

GREAT BRITAIN

496,169 1.65

KGHM POLSKA MIEDZ SA 7,696 495,794 1.65PLN

POLAND

495,794 1.65

MURRAY AND ROBERTSHOLDINGS 120,418 468,468 1.56ZAR

SOUTH AFRICA

INVESTMENTS

GEM Equity Absolute Return (launched as at 16 April 2010)(Formerly Global Emerging Markets Equity Alpha)Statement of investments as at 31 March 2011(expressed in USD)


Quantity/Facevalue

STEINHOFF INTERNATIONALHOLDING LTD 89,699 332,048 1.10ZAR

800,516 2.66

DAEGU BANK 42,180 693,945 2.31KRW

SOUTH KOREA

DAEWOO SHIPBUILDING &MARINE ENGINEERING CO. 23,380 727,625 2.41KRW


KOREAN AIR 8,795 528,942 1.76KRW

LG CORP. 8,826 659,878 2.19KRW

3,149,524 10.46

CHINA PETROCHEMICALDEVELOP. 483,000 615,112 2.05TWD

TAIWAN

COMPAL ELECTRONICS INC. 151,920 150,853 0.50TWD

FARGLORY LANDDEVELOPMENT CO 283,000 603,406 2.00TWD

WISTRON CORP. 310,000 491,251 1.63TWD

1,860,622 6.18


TURKEY

650,233 2.16


TISCO UNITS NON-VOTING DR 482,700 622,421 2.07THB

UNIT SHARES

THAILAND

622,421 2.07


VALE /SADR 15,454 516,318 1.72USD


BRAZIL

516,318 1.72




1,248,348 4.14



Quantity/Facevalue

345






802,094 2.67



15,672,743



SHARES

SOUTH KOREA

709,986 2.36


TAIWAN

634,807 2.11



1,344,793





399,699 1.33



USA 0% 10-07.04.11 TB 2,382,000 2,381,996 7.91USD


TREASURY BILLS

UNITED STATES

USA 0% 10-14.04.11 TB 1,210,000 1,209,996 4.02USD

GEM Equity Absolute Return (launched as at 16 April 2010)(Formerly Global Emerging Markets Equity Alpha)Statement of investments as at 31 March 2011(expressed in USD)


Quantity/Facevalue

USA 0% 10-21.04.11 TB 2,000,000 1,999,956 6.65USD

5,591,948 18.58







Quantity/Facevalue


346

EDF 0% 11-26.04.11 CP 1,000,000 999,347 1.36EUR


COMMERCIAL PAPER

FRANCE

RATP 0% 11-29.04.11 CP 1,500,000 1,499,047 2.04EUR

UNEDIC 0% 10-05.05.11 CP 1,000,000 999,214 1.35EUR

3,497,608 4.75

DB LN 0% 11-31.05.11 CP 1,000,000 998,545 1.35EUR

GREAT BRITAIN

LLOYDS 0% 11-29.04.11 CP 1,500,000 1,498,855 2.03EUR

2,497,400 3.38

GE CAP EUR 0% 11-16.05.11CP 1,000,000 998,929 1.35EUR

IRELAND

998,929 1.35

NORDEA 0% 11-18.04.11 CP 1,000,000 999,630 1.35EUR

SWEDEN

999,630 1.35


FRANCE 0% 10-05.05.11 BTF 4,500,000 4,497,384 6.09EUR

TREASURY BILLS

FRANCE

FRANCE 0% 10-19.05.11 BTF 4,000,000 3,996,579 5.42EUR

FRANCE 0% 10-21.04.11 BTF 500,000 499,858 0.68EUR

FRANCE 0% 10-30.06.11 BTF 2,000,000 1,995,762 2.70EUR

FRANCE 0% 11-09.06.11 BTF 8,100,000 8,088,528 10.96EUR

FRANCE 0% 11-12.05.11 BTF 14,350,000 14,338,986 19.43EUR

FRANCE 0% 11-14.04.11 BTF 2,400,000 2,399,595 3.25EUR

FRANCE 0% 11-23.06.11 BTF 10,020,000 10,001,144 13.55EUR

FRANCE 0% 11-28.04.11 BTF 6,000,000 5,996,933 8.13EUR

51,814,769 70.21


BPCE 0% 11-07.04.11 CD 1,000,000 999,844 1.36EUR


FRANCE

CACIB 0% 11-21.04.11 CD 1,000,000 999,528 1.35EUR

HSBC FR 0% 11-04.04.11 CD 1,500,000 1,499,893 2.04EUR

INVESTMENTS

Global Bond Market NeutralStatement of investments as at 31 March 2011(expressed in EUR)


Face Value

SOCGEN 0% 11-16.05.11 CP 1,000,000 998,764 1.35EUR

4,498,029 6.10

STANCHART LN 0% 11-17.05.11 CD 1,000,000 998,789 1.35EUR

GREAT BRITAIN

998,789 1.35

SUMIBK 0% 11-26.04.11 CD 1,000,000 999,488 1.35EUR

JAPAN

999,488 1.35







Face Value

347


USA 0% 10-07.04.11 TB 15,000,000 14,999,503 17.70USD


TREASURY BILLS

UNITED STATES

USA 0% 10-09.06.11 TB 6,000,000 5,998,513 7.08USD

USA 0% 10-12.05.11 TB 3,500,000 3,499,439 4.13USD

USA 0% 10-22.09.11 TB 3,500,000 3,497,108 4.13USD

USA 0% 10-28.07.11 TB 8,000,000 7,996,628 9.43USD

USA 0% 11-15.09.11 TB 10,000,000 9,993,117 11.79USD

USA 0% 11-21.07.11 TB 8,000,000 7,996,827 9.43USD

53,981,135 63.69






INVESTMENTS

Global CurrencyStatement of investments as at 31 March 2011(expressed in USD)


Face Value


348

A.P. MOELLER - MAERSK A/SB 8 53,096 0.36DKK


SHARES

DENMARK

53,096 0.36

NOKIA OY 4,011 24,267 0.16EUR

FINLAND

OUTOKUMPU OYJ A 3,146 38,789 0.26EUR

SAMPO PLC -A- 1,636 36,843 0.25EUR

99,899 0.67

AIR FRANCE - KLM 5,350 63,077 0.42EUR

FRANCE

AXA 6,414 94,959 0.64EUR

BNP PARIBAS 1,496 77,538 0.52EUR

BOUYGUES 1,959 66,841 0.45EUR

CAP GEMINI SA 1,818 75,611 0.51EUR

CARREFOUR SA 1,206 37,917 0.25EUR

CASINO GUICHARD-PERRACH 901 60,493 0.41EUR

CIE GEN.GEOPHYSIQUE /VERITAS 3,112 80,010 0.54EUR

GAZ DE FRANCE 3,384 97,561 0.65EUR

LAFARGE SA 708 31,407 0.21EUR

MICHELIN B /NOM. 1,251 74,797 0.50EUR

NATIXIS 12,826 51,522 0.35EUR

PEUGEOT SA 2,200 61,721 0.41EUR

SAFRAN SA 3,519 87,869 0.59EUR

SAINT-GOBAIN 2,260 98,186 0.66EUR

SANOFI-AVENTIS 2,675 133,054 0.88EUR

SOCIETE GENERALE PARIS -A- 2,263 104,244 0.70EUR

VEOLIA ENVIRONNEMENT 2,161 47,682 0.32EUR

VIVENDI 2,933 59,276 0.40EUR

1,403,765 9.41

ALLIANZ SE /NAMEN.VINKULIERT 1,053 104,753 0.71EUR

GERMANY

BILFINGER BERGER AG 1,273 78,251 0.52EUR

DEUTSCHE BOERSE AG 1,177 63,381 0.42EUR

DEUTSCHE POST AG BONN 5,407 69,020 0.46EUR

INVESTMENTS

Global Flex Allocation (launched as at 6 December 2010)Statement of investments as at 31 March 2011(expressed in EUR)


Quantity/Facevalue

FRESENIUS MEDICAL CAREAG 1,897 90,165 0.60EUR

HENKEL / VORZUG 1,966 86,475 0.58EUR

SIEMENS AG 792 76,879 0.52EUR

568,924 3.81

BARCLAYS PLC 21,567 68,208 0.46GBP

GREAT BRITAIN

BG GROUP PLC 5,574 99,599 0.67GBP

BP PLC 28,995 149,968 1.01GBP

CAPITA GRP 7,463 63,258 0.42GBP

CENTRICA PLC 19,206 71,264 0.48GBP

G4S PLC 19,142 55,614 0.37GBP

HSBC HOLDINGS PLC 23,922 174,658 1.17GBP

IMPERIAL TOBACCO GROUPPLC 2,793 61,436 0.41GBP

INTERNATIONAL POWER PLC 12,616 44,058 0.30GBP

INTERTEK GROUP PLC 2,723 62,821 0.42GBP

KINGFISHER PLC 26,072 73,654 0.49GBP

LEGAL & GENERAL GROUPPLC 58,196 76,082 0.51GBP

REED ELSEVIER PLC 11,375 69,531 0.47GBP

RIO TINTO PLC /REG 779 39,027 0.26GBP

ROYAL DUTCH SHELL -B- 7,104 183,737 1.23GBP

TESCO PLC 10,273 44,636 0.30GBP

TUI TRAVEL PLC 21,569 55,579 0.37GBP

UNILEVER PLC 3,417 74,074 0.50GBP

VODAFONE GROUP PLC 71,000 143,126 0.96GBP

XSTRATA PLC 6,638 110,841 0.74GBP

1,721,171 11.54


GREECE

45,539 0.31

AUTOGRILL SPA 5,075 50,572 0.34EUR

ITALY

UNICREDITO ITALIANO SPA 43,233 75,745 0.51EUR

126,317 0.85

ARCELORMITTAL SA REG 3,636 93,682 0.63EUR

LUXEMBOURG

93,682 0.63

HEINEKEN NV 2,140 82,968 0.56EUR

NETHERLANDS


Quantity/Facevalue

349



KONINKLIJKE KPN NV 9,254 111,603 0.75EUR

RANDSTAD HOLDING (EUR0.1) 1,491 59,319 0.40EUR

405,073 2.71

ACERGY SA 3,600 64,340 0.43NOK

NORWAY

NORSK HYDRO AS 10,150 59,005 0.40NOK

123,345 0.83

BANCO SANTANDERCENTRAL HISPANO/REG 15,869 130,935 0.88EUR

SPAIN

FERROVIAL SA 6,681 59,481 0.40EUR

GESTEVISION TELECINCO SA 5,119 41,356 0.28EUR

GRIFOLS SA -A- 4,244 52,265 0.35EUR

REPSOL YPF SA. MADRID 4,689 113,896 0.76EUR


551,305 3.69

VOLVO B 7,288 91,150 0.61SEK

SWEDEN

91,150 0.61

ABB LTD ZUERICH /NAMEN. 4,776 81,301 0.54CHF

SWITZERLAND

CREDIT SUISSE GROUP/NOM. 2,898 86,927 0.58CHF

NESTLE 3,823 155,275 1.04CHF

NOVARTIS AG BASEL 2,307 88,472 0.59CHF

ROCHE HOLDING AG/GENUSSSCHEIN 1,221 123,488 0.83CHF

ZURICH FINANCIAL SERVICES/ NAMEN 328 65,010 0.44CHF

600,473 4.02

SYNTHES-STRATEC INC. 489 46,600 0.31CHF

UNITED STATES

46,600 0.31


AUSTRIA 4.65% 03-15.01.18S.2 260,000 279,546 1.87EUR

BONDS

AUSTRIA

279,546 1.87



Quantity/Facevalue

HUTCH WHAM 4.75% 09-14.11.16 400,000 409,457 2.74EUR

CAYMAN ISLANDS

409,457 2.74

AUCHAN 4.75% 09-15.04.15 350,000 369,549 2.48EUR

FRANCE

EDF 6.25% 09-25.01.21 300,000 344,634 2.31EUR

FRANCE TELECOM 5% 09-22.01.14 300,000 316,028 2.12EUR

RTE EDF TRANSPORT 4.125%06-27.09.16 350,000 358,054 2.40EUR

1,388,265 9.31

GERMANY 6% 86-20.06.16 244,000 281,936 1.89EUR

GERMANY

VW FIN 6.875% 09-15.01.14 315,000 346,458 2.32EUR

628,394 4.21

ANGLIAN WATER 4.625% 03-07.10.13 350,000 363,463 2.44EUR

GREAT BRITAIN

363,463 2.44

ENEL FIN 4% 09-14.09.16 365,000 367,313 2.46EUR

NETHERLANDS

NETHERLANDS 4% 06-15.07.16 271,000 285,214 1.91EUR

SIEMENS FIN 5.125% 09-20.02.17 325,000 349,338 2.34EUR

1,001,865 6.71

DNB NOR BOL 2.75% 10-20.04.15 365,000 359,382 2.41EUR

NORWAY

359,382 2.41


LYXOR INTERNATIONAL ETFRUSSIA -A- 10,290 385,875 2.58EUR

INVESTMENT FUNDS

FRANCE

385,875 2.58

ISHARES MSCI KOREA 12,721 360,768 2.42EUR

IRELAND

360,768 2.42

5.00746,643TOTAL INVESTMENT FUNDS


Quantity/Facevalue


350

ISHARES EUR STO TOT MKTGR/EUR 6,566 150,132 1.01EUR


IRELAND

150,132 1.01



11,257,486

FINLAND 4.25% 04-04.07.15 268,000 285,139 1.91EUR


BONDS

FINLAND

285,139 1.91

BPCM 3.83% 10-06.10.17 375,000 370,468 2.48EUR

GREAT BRITAIN

370,468 2.48



655,607

ERICSSON TEL -B- 5,524 50,594 0.34SEK


SHARES

SWEDEN

50,594 0.34


DNB NOR BOL 3.375% 10-20.01.17 360,000 356,063 2.39EUR

BONDS

NORWAY

356,063 2.39




Quantity/Facevalue

ISHARES S&P /TSX CAPCOMP ETF 21,664 349,612 2.34CAD


CANADA

349,612 2.34







Quantity/Facevalue

351


FRANCE 0% 10-01.06.11 BTF 85,000,000 84,881,000 13.46EUR


TREASURY BILLS

FRANCE

FRANCE 0% 10-07.04.11 BTF 43,000,000 42,995,700 6.81EUR

FRANCE 0% 10-16.06.11 BTF 83,000,000 82,860,975 13.14EUR

FRANCE 0% 10-19.05.11 BTF 45,000,000 44,952,750 7.12EUR

FRANCE 0% 10-22.09.11 BTF 30,000,000 29,856,000 4.73EUR

FRANCE 0% 10-25.08.11 BFT 30,000,000 29,884,500 4.74EUR

FRANCE 0% 10-28.07.11 BTF 30,000,000 29,912,250 4.74EUR

FRANCE 0% 10-30.06.11 BTF 57,000,000 56,884,575 9.02EUR

FRANCE 0% 11-11.08.11 BTF 45,000,000 44,843,625 7.11EUR

FRANCE 0% 11-12.05.11 BTF 53,000,000 52,953,625 8.39EUR

FRANCE 0% 11-13.07.11 BTF 72,000,000 71,823,600 11.38EUR

571,848,600 90.64


PUT NIKKEI 225 INDICES08/04/2011 8,000 (200) (18,675) 0.00JPY

OPTION ON STOCK INDICES

JAPAN

PUT NIKKEI 225 INDICES08/04/2011 8,500 (200) (27,165) (0.01)JPY

(45,840) (0.01)

(0.01)(45,840)TOTAL OPTION ON STOCK INDICES





INVESTMENTS

Global MacroStatement of investments as at 31 March 2011(expressed in EUR)


Face Value


352

FRANCE 0% 10-01.06.11 BTF 4,200,000 4,194,120 13.04EUR


TREASURY BILLS

FRANCE

FRANCE 0% 10-07.04.11 BTF 1,900,000 1,899,810 5.90EUR

FRANCE 0% 10-19.05.11 BTF 1,200,000 1,198,740 3.72EUR

FRANCE 0% 10-21.04.11 BTF 1,500,000 1,499,400 4.66EUR

FRANCE 0% 10-22.09.11 BTF 1,300,000 1,293,760 4.02EUR

FRANCE 0% 10-25.08.11 BFT 3,500,000 3,486,525 10.83EUR

FRANCE 0% 10-28.07.11 BTF 1,500,000 1,495,613 4.65EUR

FRANCE 0% 10-30.06.11 BTF 3,400,000 3,393,115 10.54EUR

FRANCE 0% 11-11.08.11 BTF 1,000,000 996,525 3.10EUR

FRANCE 0% 11-13.07.11 BTF 1,482,000 1,478,369 4.59EUR

FRANCE 0% 11-14.04.11 BTF 2,000,000 1,999,700 6.21EUR

22,935,677 71.26


PUT NIKKEI 225 INDICES08/04/2011 8,000 (20) (1,868) (0.01)JPY

OPTION ON STOCK INDICES

JAPAN

PUT NIKKEI 225 INDICES08/04/2011 8,500 (20) (2,716) 0.00JPY

(4,584) (0.01)

(0.01)(4,584)TOTAL OPTION ON STOCK INDICES





INVESTMENTS

Global Macro II (launched as at 4 October 2010)Statement of investments as at 31 March 2011(expressed in EUR)


Face Value

Currency Conversion Table

353

To help shareholders to calculate the performance of their individual investment, in the relevant reference currency, we have produced the following table. It shows the value of one US Dollar against various currencies (as at the given dates).

31 March 2010 31 March 2011

USD USD

AUD 1.0930 0.9664

CAD 1.0147 0.9699

HKD 7.7642 7.7821

JPY 93.4200 82.8950

GBP 0.6595 0.6215

SGD 1.3994 1.2602

CHF 1.0591 0.9155

EUR 0.7416 0.7029

Dealing Days of the Fund

354

Dealing for Shares in the Company will take place on any Business Day (other than days during a period of suspension of dealing in Shares) and which is also for each sub-fund, a day where stock exchanges and regulated markets in countries where the sub-fund is materially invested are open for normal trading. Until 1 February 2010, for sub-funds materially invested in North or South American markets, a Dealing Day means any Business Day (other than days during a period of suspension of dealing in Shares) except a Business Day following the day where stock exchanges and regulated markets in such countries were closed for normal trading. The Business Days which are not Dealing Days will be listed in the annual report and semi-annual reports and available at the registered office of the Company. Any amendments to such lists are also available at the registered office of the Company. Shareholders who deal through the Company's local distributor or representative should note that there will be no dealing for the Shares of the Company in the jurisdiction in which such distributor or representative operates on a day which is not a business day in such jurisdiction. Shareholders in such jurisdictions can however deal via the Transfer Agent in Luxembourg. The Company will determine the dealing/non-dealing calendar according to the latest market information obtained by the Company from time to time. Shareholders can obtain the latest dealing/non-dealing calendar of the Company from the registered office of the Company or from the Company's local distributor or representative.

355

HSBC Global Investment Funds (“HGIF”)

Fund Holiday Calendar for 2011

Updated: 13 JUNE 2011 All HGIF sub-funds will have no NAV calculated on the following days:

all Saturdays and Sundays

and on the following dates :

22-Apr Luxembourg 25-Apr Luxembourg 02-Jun Luxembourg 13-Jun Luxembourg 23-Jun Luxembourg 15-Aug Luxembourg 01-Nov Luxembourg 26-Dec Luxembourg In addition, the following funds will have non-dealing days on the following dates:

Asian Currencies Bond (Korea, Malaysia, Singapore) 02-May Singapore 05-May Korea 10-May Korea 17-May Malaysia, Singapore 06-Jun Korea 09-Aug Singapore 15-Aug Korea 30-Aug Malaysia, Singapore 31-Aug Malaysia 12-Sep Korea 13-Sep Korea 16-Sep Malaysia 03-Oct Korea 26-Oct Malaysia, Singapore 07-Nov Singapore 26-Dec Singapore 30-Dec Korea

Asia ex Japan Equity (Korea)

02-Feb Korea 03-Feb Korea 04-Feb Korea 01-Mar Korea 05-May Korea 10-May Korea 06-Jun Korea 15-Aug Korea 12-Sep Korea 13-Sep Korea 03-Oct Korea 30-Dec Korea

356

Asia ex Japan Equity Smaller Companies

Taiwan Equity (Taiwan)

02-Feb Taiwan 03-Feb Taiwan 04-Feb Taiwan 07-Feb Taiwan 28-Feb Taiwan 04-Apr Taiwan 05-Apr Taiwan 02-May Taiwan 06 Jun Taiwan 12-Sept Taiwan 10-Oct Taiwan

Asia Pacific ex Japan Equity High Dividend (Australia)

03-Jan Australia 26-Jan Australia 22-Apr Australia 25-Apr Australia 26-Apr Australia 13-Jun Australia 26-Dec Australia 27-Dec Australia

Brazil Bond (Brazil)

25-Jan Brazil 07-Mar Brazil 08-Mar Brazil 21-Apr Brazil 22-Apr Brazil 23-Jun Brazil 07-Sep Brazil 12-Oct Brazil 02-Nov Brazil 15-Nov Brazil 30-Dec Brazil

Brazil Equity (Brazil, UK, US**, ***)

03-Jan UK 17-Jan US 25-Jan Brazil 21-Feb US 07-Mar Brazil 08-Mar Brazil 22-Apr US, UK 25-Apr UK 29-Apr UK 02-May UK 30-May US, UK 21-Apr Brazil 22-Apr Brazil 23-Jun Brazil 04-Jul US 29-Aug UK 05-Sep US 07-Sep Brazil 12-Oct Brazil 02-Nov Brazil 15-Nov Brazil

357

24-Nov US 26-Dec US, UK 27-Dec UK 30-Dec Brazil

BRIC Equity

BRIC Markets

BRIC Markets Equity (Brazil, Hong Kong, India, Russia, UK, US**, ***)

03-Jan UK 17-Jan US 25-Jan Brazil 26-Jan India 03-Feb Hong Kong 04-Feb Hong Kong 21-Feb US 02-Mar India 07-Mar Brazil 08-Mar Brazil 05-Apr Hong Kong 12-Apr India 14-Apr India 21-Apr Brazil 22-Apr Brazil, US, UK, India, Hong Kong 25-Apr UK, Hong Kong 29-Apr UK 02-May UK, Hong Kong 10-May Hong Kong 30-May US, UK 06-Jun Hong Kong 23-Jun Brazil 01-Jul Hong Kong 04-Jul US 15-Aug India 29-Aug UK 31-Aug India 01-Sep India 05-Sep US 07-Sep Brazil 13-Sep Hong Kong 05-Oct Hong Kong 06-Oct India 26-Oct India 27-Oct India 12-Oct Brazil 02-Nov Brazil 07-Nov India 10-Nov India 15-Nov Brazil 24-Nov US 06-Dec India 26-Dec US, UK, Hong Kong 27-Dec UK, Hong Kong 30-Dec Brazil

Chinese Equity

Hong Kong Equity (Hong Kong)

03-Feb Hong Kong 04-Feb Hong Kong 05-Apr Hong Kong 22-Apr Hong Kong 25-Apr HongKong

358

02-May Hong Kong 10-May Hong Kong 06-Jun Hong Kong 01-Jul Hong Kong 13-Sep Hong Kong 05-Oct Hong Kong 26-Dec Hong Kong 27-Dec Hong Kong

CIVETS (Indonesia, Turkey, South Africa, UK)

18-May South Africa 19-May Turkey 30-May UK 02-Jun Indonesia 16-Jun South Africa 29-Jun Indonesia 09-Aug South Africa 17-Aug Indonesia 29-Aug Indonesia, Turkey, UK 30-Aug Indonesia, Turkey 31-Aug Indonesia, Turkey 01-Sep Indonesia, Turkey 02-Sep Indonesia 28-Oct Turkey 07-Nov Turkey 08-Nov Turkey 09-Nov Turkey 10-Nov Turkey 16-Dec South Africa 26-Dec Indonesia, South Africa, UK 27-Dec UK

Euro High Yield Bond

Global Currency

Russia Equity

UK Equity (UK)

03-Jan UK 22-Apr UK 25-Apr UK 29-Apr UK 02-May UK 30-May UK 29-Aug UK 26-Dec UK 27-Dec UK

Euro Bond (previously, Euro Core Bond) (France, Germany)

22-Apr France, Germany 25-Apr France, Germany 26-Dec France, Germany

359

Euro Credit Bond (previously, Euro Core Credit Bond) (UK, Germany)

03-Jan UK 22-Apr UK, Germany 25-Apr UK, Germany 29-Apr UK 02-May UK 30-May UK 29-Aug UK 26-Dec UK, Germany 27-Dec UK Global Emerging Markets Elite

Global Emerging Markets Equity (Hong Kong, Korea, Taiwan UK, US**, ***) 03-Jan UK 17-Jan US 02-Feb Korea, Taiwan 03-Feb Hong Kong, Korea, Taiwan 04-Feb Hong Kong, Korea, Taiwan 07-Feb Taiwan 21-Feb US 28-Feb Taiwan 01-Mar Korea 04-Apr Taiwan 05-Apr Hong Kong, Taiwan 22-Apr Hong Kong, UK, US 25-Apr Hong Kong, UK 29-Apr UK 02-May Hong Kong, UK, Taiwan 05-May Korea 10-May Hong Kong, Korea 30-May UK, US 06-Jun Hong Kong, Korea, Taiwan 01-Jul Hong Kong 04-Jul US 15-Aug Korea 29-Aug UK 05-Sep US 12-Sep Korea, Taiwan 13-Sep Hong Kong, Korea 03-Oct Korea 05-Oct Hong Kong 10-Oct Taiwan 24-Nov US 26-Dec Hong Kong, UK, US 27-Dec Hong Kong, UK 30-Dec Korea

GEM Equity Absolute Return (previously, Global Emerging Markets Equity Alpha) (Taiwan, Korea, India, UK, US**, ***)

03-Jan UK 17-Jan US 26-Jan India 02-Feb Taiwan, Korea 03-Feb Taiwan, Korea 04-Feb Taiwan, Korea 07-Feb Taiwan 21-Feb US 28-Feb Taiwan 01-Mar Korea 02-Mar India

360

04-Apr Taiwan 05-Apr Taiwan 12-Apr India 14-Apr India 22-Apr India, UK, US 25-Apr UK 29-Apr UK 02-May Taiwan, UK 05-May Korea 10-May Korea 30-May UK, US 06-Jun Taiwan, Korea 04-Jul US 15-Aug India, Korea 29-Aug UK 31 Aug India 01-Sep India 05-Sep US 12-Sep Taiwan, Korea 13-Sep Korea 03-Oct Korea 06-Oct India 10-Oct Taiwan 26-Oct India 27-Oct India 07-Nov India 10-Nov India 24-Nov US 06-Dec India 26-Dec UK, US 27-Dec UK 30-Dec Korea

Global Bond (previously, Global Core Plus Bond) (Japan, US**, ***)

03-Jan Japan 10-Jan Japan 17-Jan US 11-Feb Japan 21-Feb US 21-Mar Japan 22-Apr US 29-Apr Japan 03-May Japan 04-May Japan 05-May Japan 30-May US 04-Jul US 18-Jul Japan 05-Sep US 19-Sep Japan 23-Sep Japan 10-Oct Japan 03-Nov Japan 24-Nov US 23-Nov Japan 23-Dec Japan 26-Dec US

361

Emerging Wealth (US**, ***)

17-Jan US 21-Feb US 22-Apr US 30-May US 04-Jul US 05-Sep US 24-Nov US 26-Dec US

European Equity (UK, France)

03-Jan UK 22-Apr UK, France 25-Apr UK, France 29-Apr UK 02-May UK 30-May UK 29-Aug UK 26-Dec UK, France 27-Dec UK

Euroland Growth

Euroland Equity (France)

22-Apr France 25-Apr France 26-Dec France

European Equity Absolute Return (previously, European Equity Alpha) (UK, France, Germany)

03-Jan UK 22-Apr UK, France, Germany 25-Apr UK, France, Germany 29-Apr UK 02-May UK 30-May UK 29-Aug UK 26-Dec UK, France, Germany 27-Dec UK

Euroland Growth

Euroland Equity (France)

22-Apr France 25-Apr France 26-Dec France

Global Bond Market Neutral (Germany, UK, US**, ***)

03-Jan UK 17-Jan US 21-Feb US 22-Apr US, UK, Germany 25-Apr UK, Germany 29-Apr UK 02-May UK 30-May US, UK 04-Jul US 29-Aug UK 05-Sep US 24-Nov US

362

26-Dec US, UK, Germany 27-Dec UK

Global Credit Bond (previously, Global Core Credit Bond) (France, Germany, UK, US**, ***)

03-Jan UK 17-Jan US 21-Feb US 22-Apr UK, US, France, Germany 25-Apr UK, France, Germany 29-Apr UK 02-May UK 30-May UK, US 04-Jul US 14-Jul France 29-Aug UK 05-Sep US 24-Nov US 26-Dec UK, US, France, Germany 27-Dec UK

Euroland Equity Smaller Companies (France, Germany)

22-Apr France, Germany 25-Apr France, Germany 26-Dec France, Germany __________________________________________________________________ Global Flex Allocation (France, Germany, US**, ***)

17-Jan US 21-Feb US 22-Apr US, France, Germany 25-Apr France, Germany 30-May US 04-Jul US 05-Sep US 24-Nov US 26-Dec France, Germany, US

Climate Change

Global High Income Bond

US Dollar Bond (previously, US Dollar Core Plus Bond) (UK, US**, ***)

03-Jan UK 17-Jan US 21-Feb US 22-Apr US, UK 25-Apr UK 29-Apr UK 02-May UK 30-May US, UK 04-Jul US 29-Aug UK 05-Sep US 24-Nov US 26-Dec US, UK 27-Dec UK

363

Global Inflation Linked Bond (France, Italy, Germany, UK, US**, ***)

03-Jan UK 06-Jan Italy 17-Jan US 21-Feb US 22-Apr UK, US, France, Germany 25-Apr UK, France, Germany, Italy 29-Apr UK 02-May UK 30-May UK, US 04-Jul US 15-Aug France, Italy 29-Aug UK 05-Sep US 01-Nov Italy 24-Nov US 08-Dec Italy 26-Dec UK, France, Germany, US, Italy 27-Dec UK

Global Equity (Japan, UK, US**, ***)

03-Jan UK, Japan 10-Jan Japan 17-Jan US 11-Feb Japan 21-Feb US 21-Mar Japan 22-Apr US, UK 25-Apr UK 29-Apr UK, Japan 02-May UK 03-May Japan 04-May Japan 05-May Japan 30-May US, UK 04-Jul US 18-Jul Japan 29-Aug UK 05-Sep US 19-Sep Japan 23-Sep Japan 10-Oct Japan 03-Nov Japan 23-Nov Japan 24-Nov US 23-Dec Japan 26-Dec US, UK 27-Dec UK

364

Global Macro

Global Macro II (Germany, Japan, France, US**, ***)

03-Jan Japan 10-Jan Japan 17-Jan US 11-Feb Japan 21-Feb US 21-Mar Japan 22-Apr US, Germany, France 25-Apr Germany, France 29-Apr Japan 03-May Japan 04-May Japan 05-May Japan 30-May US 04-Jul US 18-Jul Japan 05-Sep US 19-Sep Japan 23-Sep Japan 10-Oct Japan 03-Nov Japan 23-Nov Japan 24-Nov US 23-Dec Japan 26-Dec US, Germany, France

Indian Equity (India)

26-Jan India 02-Mar India 12-Apr India 14-Apr India 22-Apr India 15-Aug India 31-Aug India 01-Sep India 06-Oct India 26-Oct India 27-Oct India 07-Nov India 10-Nov India 06-Dec India

365

Japanese Equity (Japan)

03-Jan Japan 10-Jan Japan 11-Feb Japan 21-Mar Japan 29-Apr Japan 03-May Japan 04-May Japan 05-May Japan 18-Jul Japan 19-Sep Japan 23-Sep Japan 10-Oct Japan 03-Nov Japan 23-Nov Japan 23-Dec Japan

Korean Equity (Korea)

02-Feb Korea 03-Feb Korea 04-Feb Korea 01-Mar Korea 05-May Korea 10-May Korea 06-Jun Korea 15-Aug Korea 12-Sep Korea 13-Sep Korea 03-Oct Korea 30-Dec Korea

Latin American Equity (Brazil, Mexico, UK, US**, ***)

03-Jan UK 17-Jan US 25-Jan Brazil 07-Feb Mexico 21-Feb US 07-Mar Brazil 08-Mar Brazil 21-Mar Mexico 21-Apr Brazil, Mexico 22-Apr UK, US, Brazil, Mexico 23-Apr Brazil 25-Apr UK 29-Apr UK 02-May UK 30-May US, UK 23-Jun Brazil 04-Jul US 29-Aug UK 05-Sep US 07-Sep Brazil 16-Sep Mexico 12-Oct Brazil 02-Nov Brazil, Mexico 24-Nov US 15-Nov Brazil 21-Nov Mexico 12-Dec Mexico 26-Dec US, UK

366

27-Dec UK 30-Dec Brazil

Latin American Local Debt (Brazil, Mexico)

23-Jun Brazil 07-Sep Brazil 16-Sep Mexico 12-Oct Brazil 02-Nov Brazil, Mexico 15-Nov Brazil 21-Nov Mexico 12-Dec Mexico 30-Dec Brazil

Middle East and North Africa Equity (Qatar, Kuwait, Saudi Arabia, UK)

03-Jan UK 15-Feb Kuwait 25-Feb Kuwait 22-Apr UK 25-Apr UK 29-Apr UK 02-May UK 30-May UK 28-Jun Kuwait 29-Jun Kuwait 29-Aug UK, Saudi Arabia 30-Aug Kuwait, Saudi Arabia 31-Aug Qatar, Kuwait, Saudi Arabia 01-Sep Kuwait, Saudi Arabia 03-Sep Qatar, Saudi Arabia 04-Sep Saudi Arabia 24-Sep Saudi Arabia 04-Nov Kuwait 07-Nov Qatar, Kuwait, Saudi Arabia 08-Nov Kuwait, Saudi Arabia 09-Nov Saudi Arabia 10-Nov Saudi Arabia 11-Nov Saudi Arabia 26-Dec UK 27-Dec UK

Singapore Equity (Singapore)

03-Feb Singapore 04-Feb Singapore 22-Apr Singapore 02-May Singapore 17-May Singapore 09-Aug Singapore 30-Aug Singapore 26-Oct Singapore 07-Nov Singapore 26-Dec Singapore

367

Thai Equity (Thailand)

03-Jan Thailand 18-Feb Thailand 06-Apr Thailand 13-Apr Thailand 14-Apr Thailand 15-Apr Thailand 02-May Thailand 05-May Thailand 17-May Thailand 01-Jul Thailand 15-Jul Thailand 12-Aug Thailand 24-Oct Thailand 05-Dec Thailand 12-Dec Thailand

Turkey Equity (Turkey)

19-May Turkey 29-Aug Turkey 30-Aug Turkey 31-Aug Turkey 01-Sep Turkey 28-Oct Turkey 07-Nov Turkey 08-Nov Turkey 09-Nov Turkey 10-Nov Turkey

US Equity


Global Emerging Markets Corporate Debt

Global Emerging Markets Local Debt

Global Emerging Markets Investment Grade Bond

GEM Debt Total Return (previously, New World Income) (US**, ***)

17-Jan US 21-Feb US 22-Apr US 30-May US 04-Jul US 05-Sep US 24-Nov US 26-Dec US

** The NYSE and Nasdaq are open on Columbus Day (10 October 2011) and Veterans Day (11 November

2011) therefore equity sub-funds listing the US as a material market will not have a holiday on these

dates. Bond markets will be closed to trading on these dates and bond sub-funds listing the US as a

material market will have holiday days delayed by one business day in line with a policy adopted by

the Board of Directors. *** In line with the change of definition for Business Day in the prospectus dated October 2010, holiday

days for North American and Latin American markets will be observed on the market holiday dates.

HSBC Global Asset Management, the sponsor of HSBC Global Investment Funds, is the asset management specialist of the HSBC Group and operates through HSBC Bank plc and its subsidiaries. HSBC Global Asset Management is the trading name of HSBC Global Asset Management Limited. HSBC Global Asset Management is established at 8 Canada Square, London E14 5HQ which is its registered office. © Copyright. HSBC Global Asset Management Limited 2011. All Rights Reserved 14846/0608

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