Download - HSBC Global Investment Funds - TeleTrader · HSBC Global Investment Funds 2 Information concerning the distribution of shares of HSBC Global Investment Funds in Switzerland or from

HSBC Global Investment Funds

HSBC Global Investment Funds 1

Audited report for the year from 1 April 2008 to 31 March 2009

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


Information concerning the distribution of shares of HSBC Global Investment Funds in Switzerland 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. 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 the transactions carried out on behalf of each sub-fund of HSBC Global Investment Funds in 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 Germany 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. 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 the transactions carried out on behalf of each sub-fund of HSBC Global Investment Funds in 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 2008 to 31 March 2009

Table of Contents


Board of Directors 4

Management and Administration 5

Directors’ Report 7

Report of the Réviseur d’Entreprises 17

Statement of Net Assets as at 31 March 2009 18

Key Figures as at 31 March 2009 28

Statement of Operations and Changes in Net Assets 38

Notes to the Financial Statements 49

Comparative Table of Net Assets 85

Portfolio of Investments and Other Net Assets 99

Currency Conversion Table 199

Dealing Days of the Fund 200

Non-Dealing Days of the Fund 201

Board of Directors


BOARD OF DIRECTORS OF THE COMPANY

Didier Deleage (Chairman), Chief Operating Officer, HSBC Global Asset Management (France), Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France.

Thies Clemenz, Chief Operating Officer, HSBC Global Asset Management (Deutschland) GmbH, Königsallee 21/23, D-40212 Düsseldorf, Germany.

Jennifer Foo Chin Hau Kau Fong, Vice President, HSBC Customer Services, Global Business, The HongKong and Shanghai Banking Corporation Limited, Les Cascades, 5th Floor, Edith Cavell Street, Port Louis, Mauritius.

David Dibben, Chief Operating Officer - Global Funds Ranges, HSBC Global Asset Management Limited, 8 Canada Square, London E14 5HQ, United Kingdom.

George Efthimiou, Global Chief Operating Officer, HSBC Global Asset Management Limited, 8 Canada Square, London E14 5HQ, United Kingdom.

David Silvester, Head of Global Product Management, HSBC Global Asset Management Limited, 8 Canada Square, London E14 5HQ, United Kingdom.

Edmund Stokes, Chief Operating Officer, HSBC Global Asset Management (Hong Kong) Limited HSBC Main Building, 1 Queen’s Road Central, Hong Kong.

Sylvie Vigneaux, Head of Regulatory Wealth and Engineering, HSBC Global Asset Management (France), Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France.

* HSBC Investments and HSBC Group Investment Businesses Limited were renamed HSBC Global Asset Management as of 2 June 2008. This report reflects the new names.

Management and Administration


5

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 (USA) Inc., 452 Fifth Avenue, 18th Floor, New York, NY 10018, USA. Halbis Capital Management (Hong Kong) Limited, HSBC Main Building, 1, Queen’s Road Central, Hong Kong. Halbis Capital Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom. Halbis Capital Management (France), Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France. HSBC Bank Brazil SA - Banco Múltiplo, Travessa Oliveira Belo, 11-B, 80020-030 Curitiba, Brazil. HSBC Global Asset Management (Singapore) Limited, 21 Collyer Quay, # 15-02 HSBC Building, Singapore 049320, Singapore. HSBC Global Asset Management (USA) Inc., 452 Fifth Avenue, 18th Floor, New York, NY 10018, USA. HSBC Global Asset Management FCP (France), Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France. HSBC Global Asset Management (Deutschland) GmbH, Königsallee 21/23, D-40212 Düsseldorf, Germany. Sinopia Asset Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom. Sinopia Asset Management, Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France. Sinopia Asset Management (Asia Pacific) Limited, Level 22, HSBC Main Building, 1 Queen’s Road Central, Hong Kong (as from 10 July 2008).

Share Distributors Global Distributor HSBC Investment Funds (Luxembourg) S.A., 16, boulevard d’Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg. Austria and Eastern Europe Share Distributor HSBC Trinkaus & Burkhardt AG, Königsallee 21/23, D-40212 Düsseldorf, Germany. Hong Kong Representative and Share Distributor HSBC Investment Funds (Hong Kong) Limited, HSBC Main Building, 1 Queen's Road Central, Hong Kong. United Kingdom Representative and Share Distributor HSBC Global Asset Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom. * with effect from 30 April 2009, the registered office address of the Company and of the Management Company will change from 40, avenue Monterey, L-2163 Luxembourg to 16, boulevard d'Avranches, L-1160 Luxembourg.

Management and Administration (continued)


Share Distributors (continued)

Republic of Ireland DistributorHSBC Global Asset Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom.

Republic of Ireland RepresentativeHSBC Securities Services (Ireland) Limited, HSBC House, Harcourt Centre, Harcourt Street, Dublin 2, Ireland.

Jersey Representative and Share Distributor HSBC Global Asset Management (International) Limited, HSBC House, Esplanade, St Helier, Jersey, JE1 1HS Channel Islands.

Singapore Representative and Share DistributorHSBC Global Asset Management (Singapore) Limited, 21, Collyer Quay, #15-02 HSBC Building, Singapore 049320, Singapore.

Swiss Representative and Paying Agent in SwitzerlandHSBC Private Bank (Suisse) S.A., Quai du Général Guisan 2, Case postale 3580, CH-1211 Geneva 3, Switzerland.

Korea Representative and Share DistributorHSBC Korea Ltd, HSBC Building #25, 1-Ka, Bongrae-Dong, Chung-Ku, Seoul, Korea.

Distributor for Continental EuropeHSBC Global Asset Management (France), Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France.

Poland Representative and Paying AgentProService Agent Transferowy Sp. Z o.o., Pulawska 436, 02-801 Warszawa, Poland.

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

AuditorKPMG Audit S. à r. l. 9, allée Scheffer, L-2520 Luxembourg, Grand Duchy of Luxembourg.

Legal AdviserElvinger, Hoss & Prussen, 2, place Winston Churchill, B.P. 425, L - 2014 Luxembourg, Grand Duchy of Luxembourg.

Directors' Report


Directors Comments The directors present the Audit Annual Report and Accounts for HSBC Global Investment Funds for year ending 31 March 2009 HSBC GIF Funds – Annual Report – 1 April 2008 to 31 March 2009 Investment Manager comments regarding the performance during the period. Reserve Sub-Funds HGIF Euro Reserve For the year ending 31 March 2009, the Fund returned 3.12% (net of fees, share class AC), against a benchmark return of 3.25% (European Overnight Index Average – EONIA). During the first part of 2008, inflation was the main concern for the European Central Bank (ECB) which decided to hike rates from 4% to 4.25%. After that, fears dominated the economic environment. This was even more prevalent after Lehman Brothers’ bankruptcy. As a consequence, confidence diminished and eurozone growth deteriorated, putting pressure on the ECB to cut rates aggressively which it did, down to 1.50%. While activity data releases continued to point to a very sharp contraction in GDP in the coming months, inflation expectations were also on the down side. The ECB will probably continue to cut rates in the coming months. In the above context, the fund manager remained cautious and provided liquidity for shareholders by investing around 75% of the fund in government paper. The remainder of the Fund was mainly invested in the one-month area. HGIF US Dollar Reserve (closed as at 22/12/2008) From 1 April 2008 until its closure on 22 December 2008, the fund returned 0.96% (net of fees share class AC).US employment, manufacturing data, business and consumer confidence fell in 2008. The effects of the credit crisis spread from banks and the housing market as the US fell deep into recession. The US Federal Reserve aggressively cut interest rates – until they were floating at a level of 0.0% to 0.25% - to try to boost economic growth and consumer spending. The share prices of many financial companies suffered considerably and several had to be rescued by the government. US 2009 GDP growth forecast was revised down by 0.5% to -1.8%. Spreads on corporate bonds remained wide for most of 2008. For much of the period, the Fund was positioned in a balanced manner along the yield curve, invested in Treasury bills. Liquidity was a key focus of the manager during such volatile markets. Bond Sub-Funds HGIF Brazil Bond For the year ending 31 March 2009, the Fund returned -10.39% (net of fees share class AC), compared with a benchmark return of -15.46% (Brazilian Interbank Rate). The Brazilian currency performed well against the US dollar until the end of July, on the back of the rise in commodity prices, but the tide changed with the worsening of the financial crisis. On top of the negative perspective for commodity exporters given the global downturn, the Brazilian Real’s devaluation was fuelled by local companies squaring their large short US Dollar exposure. As a consequence, the Brazilian Real depreciated sharply between August 2008 and October 2008. Interest rates were raised from 11.25% to 13.75% between March 2008 and September 2008 on the back of inflation fears. As the local economy began to show signs of a strong deceleration, the basic interest rate was cut back to 11.5%. Yields at the long end of the local bond market widened by 2.0% between March and September, but collapsed by 3.5% subsequently, boosting bond returns. During this period the manager kept the Fund’s duration low, having increased it in March, with the perspective of rate cuts during 2009. HGIF Euro Core Bond For the year ending 31 March 2009, the Fund delivered a return of -0.28% (net of fees, share class AD) compared to the benchmark return of 5.03 %(Barclays Capital Euro-Aggregate Bond Index). For the first six months of the period, the Fund’s performance was in line with that of its benchmark. However the Lehman Brothers’ bankruptcy in September 2008 caused a sudden and sharp increase in the risk premium on subordinated financial bonds and lower-rated corporate bonds. The Fund was slightly overweight in these two sectors even though it was globally slightly underweight on credit. The sharp drop in price of these bonds (between -65% to -80% in just a couple of weeks) had a significantly negative impact on the Fund’s performance in the fourth quarter of 2008.

Directors' Report (continued)


HGIF Euro Core Credit Bond For the year ending 31 March 2009, the Fund delivered a return of -9.76% (net of fees, share class AD) compared to the benchmark return of -4.52 % (100% IBoxx Euro Corporate). For the first six months of the period, the Fund’s performance was in line with that of its benchmark. However the Lehman Brothers’ bankruptcy in September 2008 caused significant volatility in subordinated financial bonds and high yield bonds. Between September 2008 and March 2009 the fund suffered from exposure to these sectors, the impact against the benchmark was, -200 basis points for Tier 1 financials (highly subordinated debt), -175 basis points for Lower Tier2 (subordinated debt) and in high yield the Fiat position was –100 basis points ,even though overall the Fund was only very slightly overweight in these sectors. The fund suffered a 50 basis points capital loss as a result of exposure to Lehman. Based on the Manager’s fundamental approach and with constant review of the portfolio and credit analysis, the manager decided to retain the position, the volatility of credit spread was extreme in the last quarter of 2008 and first quarter of 2009 and the market saw a temporary collapse of specific segments (Tier1 down 55%, Lower Tier 2 down 25%). The spread widening on the credit the fund holds has been excessive on a fundamental point of view .

HGIF Euro High Yield Bond For the year ending 31 March 2009, the Fund delivered a return of -18.47% (net of fees, share class AC) outperforming the benchmark of -21.85% by 3.38% (100% MERRILL LYNCH Euro High Yield Constraint BB-B). The Fund maintained a more prudent asset allocation than the benchmark, overweighting the higher-rated bonds and underweighting the lower-rated ones. The investment ratio was generally above 100% (using credit default swaps) as the manager saw opportunities in a very volatile market. Maintaining a better average credit quality than the benchmark was positive for the relative performance of the Fund, especially when the market collapsed after the Lehman Brothers’ bankruptcy. The Fund’s performance also benefited from a positive performance in security selection with most of the weakest credits being underweight or altogether avoided.

HGIF European Government Bond For the year ending 31 March 2009, the Fund delivered a return of -2.03%, (net of fees, share class AC) underperforming the benchmark return of 8.74% by 10.77% (100% JPM Global Governments Bonds Europe). The Fund had overweight positions in Credit and Eastern European countries’ bonds when the financial crisis intensified in mid-September caused in part by the Lehman Brothers’ failure. During this period, the Fund suffered from large redemptions in a very illiquid environment which had a substantial impact on the Fund’s performance. All the holdings in the Eastern European countries government bonds were redeemed and the credit exposure was largely reduced during the last two quarters of the period.

HGIF Euro Strategic Credit Bond (Closed as at 26/09/2008) From 1 April 2008 until the fund closed on 26 September 2008. The fund returned -3.13% (gross of fees, share class AC) against a benchmark return of - 4.71% (100% LB Euro Aggregate). During the reporting period, global credit markets experienced considerable volatility and saw spreads rise sharply across the board mainly due to the US housing sector crisis and large write-downs of credit exposures by major financial institutions causing concerns about a broad-based cyclical deterioration. In addition, the bankruptcy of broking firm Lehman Brothers in September sent massive shockwaves through the whole financial system. Because of the volatile environment, the manager took a cautious approach. While the Fund increased its underweight position in high yield issuers over the course of the reporting period, due to the worsening outlook, the manager decreased slightly the overweight position in subordinated financial and non-financial investment grade issuers based on their relative value.

HGIF Global Core Plus Bond For the year ending 31 March 2009, the fund returned -11.56% (net of fees share class AC), compared with a benchmark return of -4.6% (Barclays Capital Global Aggregate Bond Index). The Fund materially underperformed the benchmark during the period due to its overweight positions in high yield, emerging market debt and securitised assets. Government bonds continued to benefit from a fall in interest rates, a flight to quality and, near the end of the period, the beginning ofnew flows into Treasuries. In this extremely volatile environment, credit markets fell significantly resulting in significant negative excess returns in all credit sectors.



HGIF Global Emerging Markets Bond For the year ending 31 March 2009, the Fund returned -8.72 % (net of fees share class ZC), compared with a benchmark return of -8.49% (J P Morgan Emerging Markets Bond Index Global). During the second and third quarters of 2008, the manager had conservatively positioned the Fund with underweight positions in ‘B’ and ‘BB’ rated sovereign bonds. Following the market sell off in October 2008, the manager increased exposure to higher beta sovereign bonds at attractive levels. Shifts to tactical overweight positions in Indonesia and Venezuela were drivers of positive performance for the Fund at the end 2008 and into early 2009. However, this was offset by negative attribution from security selection in Mexico and exposure to a defaulted Brazilian company. The Fund was approximately 96% invested as of March 31, 2009 and positioned relatively market-weight in terms of duration. Towards period end, despite the recent more positive economic data emerging from Asia, Europe and parts of the US, the manager remained cautious.

HGIF Global Emerging Markets Local Debt For the year ending 31 March 2009, the Fund returned -13.17 % (net of fees share class AC), compared with a benchmark return of -12.26% (J.P. Morgan Emerging Markets Bond Index Global). The Fund’s overweight position in Latin America was increased and the Fund was then positioned in a neutral to slightly underweight position in CEMEA (Central Europe, Middle East and Africa). There was an overall underweight position in Asia, and an overweight holding in Indonesia. On the interest rate side, the manager remained positive on rates in Brazil, Mexico, Turkey and Indonesia, and moved the Fund’s holdings into inflation-linked bonds in certain countries. In local markets, the longer term trend for commodity and currency appreciation vs. the US dollar remained intact as the US monetary policy remained considerably more expansive than the rest of the world. The manager continued to prefer local currency exposure via commodity-related currencies and long rates positions in selected sovereign bonds.

HGIF Global High Yield Bond (closed as at 15/12/2008) From 1st April 2008 until the fund closed on 22 December 2008, the Fund returned -22.57% (net of fees share class AC), against a benchmark return of -31.34% (Merrill Lynch Global High Yield US Master II – TR). Poor economic data relating to both growth and inflation led to increased volatility in 2008 and investors’ risk aversion meant that global high yield bonds were hard hit. The “flight to quality” led to much steeper yield curves, lower yields and illiquidity. The Fund was defensively positioned within the global high yield space, with the focus being on the higher quality bonds and maintaining a neutral yield curve position relative to the benchmark index.

HGIF US Dollar Core Plus Bond For the year ending 31 March 2009, the Fund delivered a return of -2.6% (net of fees, share class AC) versus a benchmark return of 3.1% (Barclays Capital U.S. Aggregate Bond Index). During the early part of the review period, investors’ worries increased as the sub-prime mortgage issues and a global economic slowdown hit financial markets. The bankruptcy of stock broking firm Lehman Brothers increased fears for the strength of the financial system as a whole. The Fund materially underperformed the benchmark in the review period concerned. Government bonds continued to benefit from a fall in interest rates, an investor flight to quality and, near the end of the period concerned, the commencement of purchases of Treasuries. In this extremely volatile environment, credit markets fell significantly resulting in significant negative excess returns in all credit sectors. Specifically for this Fund, overweight positions in highyield, emerging market debt and securitised assets were the cause of the majority of the underperformance.

Equity Sub-Funds

International and Regional Equity Sub-Funds

HGIF Asia ex Japan Equity For the year ending 31 March 2009, the Fund delivered a return of -42.97% (net of fees, share class AC), compared to a benchmark return of -43.26% (MSCI Asia ex-Japan). Ongoing financial turmoil and concerns over global and regional growth had an impact on Asian markets. Stocks hit record lows in October 2008 and retested these in February 2009 as investors became extremely risk-averse. Volatility was high throughout the period. Strong stock selection in China and India contributed to performance, while stock picking in Korea, Taiwan and Indonesia detracted from performance. Overweight allocations to China and India and underweight positions in Singapore and Korea also made positive contributions to the Fund’s performance. At a sector level, stock positions in the IT, telecoms and energy sectors all contributed positively to performance.



HGIF Asia ex Japan Equity Smaller Companies For the year ending 31 March 2009, the Fund delivered a return of -48.91% (net of fees, share class AC), compared to a benchmark return of -37.71% (MSCI Asia ex-Japan Small Cap). Ongoing financial turmoil and concerns over global and regional growth had an impact on Asian markets. Stocks hit record lows in October 2008 and retested these in February 2009 as investors became extremely risk-averse. Volatility was high throughout the period. Stock selection had a negative effect on fund performance, with China and Korea particular detractors from performance. Asset allocation had a positive effect on performance for all markets apart from Korea. At a sector level, stock positions in the utilities and energy sectors contributed to performance, while the holdings in the consumer discretionary and financial stocks had a negative effect on the Fund’s performance.

HGIF Asia Pacific ex Japan Equity High Dividend For the year ending 31 March 2009, the Fund delivered a return of -38.55% (net of fees, share class AC), Ongoing financial turmoil and concerns over global and regional growth had an impact on Asian markets. Stocks hit record lows in October and retested these in February as investors became increasingly risk-averse. Volatility was high throughout the period. Stock selection in China, Taiwan and Thailand had a positive effect on the Funds performance, whilst stock selection in Singapore detracted from performance. Asset allocation effects were broadly positive, with the Fund’s overweight position in China and underweight position in India having a positive effect upon the funds performance. At a sector level, stock positions in industrials and consumer staples were positive contributing to the Funds performance.

HGIF BRIC Markets For the year ending 31 March 2009, the Fund returned -50.31% (net of fees, share class YC) in US dollar terms compared with the benchmark return of -51.99% (MSCI BRIC). Risk aversion and recession in developed economies dominated global equity markets and a sharp fall in commodity prices and emerging market currencies provided strong headwinds against the BRIC markets. China proved to be the best relative performer as its growth prospects proved supportive for the market – the government forecasts GDP to grow by 8% in 2009, thanks to domestic consumption and a stimulus package (US$ 585 bn) for infrastructure projects. Due to expanding investment and financial systemic risks and weak commodity prices, Russia’s market performed the worst. The Fund experienced significant turnover due to a continuous process of reducing equity exposure.

HGIF BRIC Markets Equity For the year ending 31 March 2009, the Fund returned -48.48% (net of fees, share class AC) compared with the benchmark return of -49.0% (MSCI BRIC, net total return USD). Risk aversion and recession in developed economies dominated markets and the fall in commodity prices and emerging market currencies hurt BRICs. Following Sinopia’s quantitative valuation model, the Fund has been overweight in Chinese equities since June 2008. This was positive for performance as Chinese growth prospects were supportive – the government forecasts GDP to grow by 8% in 2009, thanks to domestic consumption and a stimulus package (US$ 585 bn) for infrastructure projects. Due to expanding investment risks and weak commodity prices, Russia’s market performed the worst. Russian economic growth is expected to be flat in 2009 and is the weakest of the BRICs. The fund manager maintained a cautious neutral position on the Russian market.

HGIF Climate Change For the year ending 31 March 2009, the Fund returned -50.57% (net of fees, share class AC) compared with the benchmark return of -46.38% (HSBC Global Climate Change Index). Over the period, the credit crisis and gloomy economic prospects were both negative influences for the climate change-related stocks held in the fund, which faced financing issues and lower demand prospects. The main contributors to the Fund’s underperformance were holdings in the solar sector such as JA Solar, Trina Solar and Suntech Power. In the coming months, the fund manager will maintain the current investment policy which primarily consists of selecting climate change-related stocks based upon a multi-criteria strategy.

HGIF Emerging Europe Equity For the year ending 31 March 2009, the Fund returned -56.32% in Euro terms (net of fees, share class AC), outperforming the benchmark return of -57.50% (MSCI Emerging Europe 10/40). Out performance was mainly reached by an underweight position in the Russian market which performed poorly in the second quarter of 2008. Towards the end of the period, the manager added to positions in Poland and Hungary to bring them up to a neutral level versus the benchmark. On a sector level, the Fund was mainly underweight in financial stocks which also made a positive contribution to performance. The Fund’s performance was also supported by stock picking as the manager focused on high quality names with good liquidity avoiding the erosion of value of second tier companies.



HGIF Emerging Wealth For the year ending 31 March 2009, HGIF Emerging Wealth Equity returned -42.71% (net of fees, share class AC) in US dollar terms compared with the benchmark, which returned -45.7 %(50% MSCI World/50% MSCI Emerging Markets). The financial crisis led to a major recession in developed countries. Risk aversion increased as shown by the volatility indices and the lack of liquidity impacted all equity markets and emerging equity markets in particular. Asia counts numerous countries where GDP growth is still expected to be positive in 2009 including Australia, China, India, Indonesia and Thailand. In recent months, this was reflected in return terms as emerging Asia started to recover. The Fund outperformed its benchmark with the main contribution coming from sector allocation. The underweight in financials, especially Asian property, had a positive impact in relative terms. The Fund’s overexposure to utilities and consumer goods was also positive. Equity exposure management was also profitable, as the fund manager maintained a Fund level of market exposure around 95% until June, and then remained exposed at 100% until March 2009.

HGIF Euroland Equity For the year ending 31 March 2009, the Fund returned -43.0% (net of fees, share class AC) while its benchmark returned -42.9% (100% MSCI EMU (EUR) NR). The sub-prime US financial crisis became one of the deepest global economic recessions. Most economically-sensitive sectors fell by about 50%. Meanwhile, financial companies suffered from their exposure to underperforming assets and several companies had to be supported by their governments. This led to the sector performing extremely poorly. The Fund performed in line with the market. Key contributors to Fund performance were found in pharmaceutical and telecoms. Key detractors were found in the financial sector or in cyclical segments of the market. Subsequently, the fund manager continued to select stocks based on their relative under-valuation when taking into account their future profitability, increasing positions in financials or in cyclical sectors. This was achieved atthe expense of positions in high profitability companies. The Fund remained overexposed to companies in healthcare, telecoms, media and insurance and under-exposed to companies in consumer goods and utilities.

HGIF Euroland Equity Smaller Companies For the year ending 31 March 2009 the Fund returned -43.52% (net of fees, share class AC) against the benchmark return -46.69 % (100% MSCI EMU (EUR) NR) In the first half of 2008, the Fund’s growth and pro-cyclical stance particularly with emerging markets exposure led to out performance. However, when markets started to plunge in September 2008, the larger more liquid stocks that had performed well, fell to a greater extent. The Fund’s greater concentration in energy was detrimental due to the huge drop in the oil price. On the other hand, positions in pharmaceuticals, media, software and transportation stocks were beneficial to performance. Strong stock selection in Germany and France and underweight positions in Greece and Ireland were beneficial while positions in Finland, the Netherlands and Denmark were the most detrimental to performance. In the last quarter, the Fund’s focus on mid cap defensive stocks with better than average visibility performed well. The most successful recent theme was companies benefiting from government-financed infrastructure projects and services. The fund manager will continue to focus on companies with solid balance sheets, limited leverage and with an ample cushion to meet their short-term financing requirements.

HGIF Euroland Growth For the year ending 31 March 2009, the Fund returned -40.67% (net of fees, share class M1D) while its benchmark returned -43.56% (100% MSCI EMU (EUR) NR). Relative performance was positive over the year. The Fund largely benefited from its growth bias, as it stayed away from cyclical, highly-leveraged sectors and was overweight in pure uncyclical, growth companies and more defensive sectors. Turnover was very modest for most of the year, as the strategy focuses on long-term rising fundamentals. Towards the end of the period, profit was taken from outperforming stocks where valuations appear stretched in relative terms. On the other hand, weightings were increased in growth stocks that have a stronger cyclical component, as leading economic indicators have seemed to be bottoming out and economic policies are starting to have a positive impact.

HGIF European Equity For the year ending 31 March 2009, the Fund returned -40.45% (net of fees, share class AD) while the benchmark returned -39.7% (FTSE World Europe (EUR)). This period has been an unprecedented time for equities with a massive financial crisis causing huge dislocations in markets and a related collapse in economic activity. The investment approach of identifying companies with sustainable cash flows (even through a protracted downturn), balance sheets that are appropriate to their business models and valuations that provide a margin of safely has led to significant volatility in relative performance as the equity market has tried to discount the outlook for individual companies. Over the period, the weaker investments were generally in cyclical areas where demand for products has slowed. This has varied from Carphone Warehouse, and demand for mobile phone services, to Fenner and Nexans which supply conveyor belting and infrastructure wiring. The basic materials stocks were also weak with many commodity prices falling as global growth slowed. Within financials, the fund benefited from not owning, or being underweight, the main banking stocks HSBC, Royal Bank of Scotland, Lloyds (HBOS) and Barclays. The Fund’s holdings in insurance also outperformed. The utility holdings performed well with low exposure to falling power prices.



HGIF European Equity High Dividend For the year ending 31 March 2009, the Fund returned -44.94% (net of fees, share class AC) while the benchmark returned -40.2% (100% MSCI EMU (EUR) NR). Equity markets have been through a global crisis, triggered by the US subprime issue. The dividend theme has not been resilient in these market conditions. The Fund has underperformed the market. All industry sectors with higher dividend yields underperformed except for telecoms. The financials sector fared the worst. The underperformance of the Fund was due to underexposure to defensive sectors which had neither dividend growth nor yield (food & staples, non cyclical durables, utilities). However, after a rebalancing of the Fund focusing on new high dividend stocks and a balanced portfolio of early cyclicals and defensives, the Fund saw an improvement in its relative performance in the first three months of 2009. HGIF Global Equity For the year ending 31 March 2009, the Fund returned -42.99% (net of fees, share class AC) while the benchmark returned -42.20% (MSCI World). Global equity markets plummeted to 13-year lows on ongoing gloomy economic prospects and renewed concerns over financing issues faced by banks and car manufacturers. Markets bounced back at the end of the first quarter of 2009, supported by some positive data regarding both the financial system and the global economy. Towards the end of the period the Fund benefited from favourable country allocation, although stock selection generated losses. The overweight positions in France and Germany generated positive returns. Conversely, the overweight allocation to the UK market yielded disappointing results. The underweight position in the Japanese market generated gains. These were offset by the underweight in Australian stocks, which had a negative effect. The manager remained cautious as a result of accelerating downside revisions on corporate earnings. HGIF Global Emerging Markets Equity For the year ending 31 March 2009, the Fund returned -52.31% (net of fees, share class AC) compared with the benchmark return of -47.1% (MSCI Emerging Markets). The year was characterised by the onset of the liquidity crisis and the deterioration in the global economy, resulting in the selling by investors of risky assets. The first two months of 2009 were characterised by poor economic data and falling corporate profits, which triggered a pull back in many stocks that had rallied late in 2008. In the last month or so of the period, global policy makers announced a series of bold initiatives to deal with the financial crisis and some economic data has begun to indicate stabilisation in certain economies. Overweight positions in India and Turkey were detractors to the Fund’s performance during the period. The Fund’s performance benefited from an underweight position in Poland and an overweight position in Taiwan. At the stock level, overweight positions in Indian holdings such as Larsen & Toubro and Reliance Capital were detractors to Fund performance. HGIF Global Emerging Markets Elite For the year ending 31 March 2009, the Fund returned -55.59% (net of fees, share class AC) compared with the benchmark return of -47.34% (MSCI Emerging Markets). The year was characterised by the onset of the liquidity crisis and the deterioration in the global economy, resulting in the selling by investors of risky assets. The first two months of 2009 were characterised by poor economic data and falling corporate profits, which triggered a pull back in many stocks that had rallied late in 2008. In the last month or so, global policy makers announced a series of bold initiatives to deal with the financial crisis and some economic data has begun to indicate stabilisation in certain economies. Overweight positions in India and Turkey were detractors to the Fund’s performance during the period. The Fund’s performance benefited from an underweight position in Poland and an overweight position in Taiwan. At the stock level, overweight positions in Indian holdings such as Larsen & Toubro and Reliance Capital were detractors to Fund performance. HGIF Global Sustainable Equity (formerly HGIF Global Equity SRI) For the year ending 31 March 2009, the Fund returned -42.46% (net of fees, share class AC), compared to a return of -42.58% (MSCI World Index). Stock selection in the oil & gas and insurance sectors contributed positively to Fund performance, while selection in the Metals & Mining and Diversified Financials sectors was a negative. The Fund’s performance was helped by underweight positions in commercial banks and diversified financial stocks, which were heavily affected by the global financial crisis. Overweight positions in the consumer finance and marine sectors hurt performance. At the country level, the Fund’s performance benefited from an overweight position in Japan and an underweight in the US. The manager continues to favour companies which have good valuation and momentum signals in his stock-scoring system.



Market Specific Equity Sub-Funds

HGIF Brazil Equity For the year ending 31 March 2009, the Fund returned -60.83% (net of fees, share class AC) versus -47.5% for the benchmark (MSCI Brazil 10/40). The equity market fell during the period as a consequence of the financial crisis in the US and its impact on the global economy. The markets experienced two very different periods during the year. April and May 2008 were very positive with a good inflow of money because of the upgrade of Brazil to Investment Grade by the S&P agency. There were worries about inflation and rising interest rates. Following the Lehman Brothers’ bankruptcy, there was high risk aversion and a strong unwinding of positions especially by hedge funds. The good fundamentals in Brazil compared to the past and the sound financial system helped cushion the impact of this but the equity market suffered anyway. The Fund underperformed the MSCI 10/40 mainly due to a high exposure to domestic orientated names (which tend to be more in the mid and small caps universe) in a market where liquidity and risk aversion were the main drivers. This positioning is a consequence of the bottom up process used to manage the portfolio.

HGIF Chinese Equity For the year ending 31 March 2009, the Fund returned -36.51% (net of fees, share class AC) compared to a benchmark return of -33.80 %(MSCI China). Ongoing financial turmoil and concerns over global demand and its effect on China’s export-driven growth dominated investor sentiment. Stocks hit their lowest level in October 2008 but stabilised in the first months of 2009 on government stimulus measures. Stock selection in the consumer staples, IT and financials’ sectors all contributed positively to relative Fund performance. These were offset by stock holdings in the telecoms and materials sectors. Allocation effects detracted overall, with the Fund’s underweight allocations to materials and financials hurting Fund performance.

HGIF Hong Kong Equity For the year ending 31 March 2009, the Fund returned -37.42%, (net of fees, share class AC) compared with the benchmark return of -38.1% (Hang Seng (RI) USD). In line with regional markets, Hong Kong stocks fell as the financial crisis played out and global growth collapsed. The manager adopted a defensive strategy during the period which protected the Fund from some of the market volatility. Positive stock selection in financials, energy holding and consumer staples also added value. Consumer discretionary holdings were negative for Fund’s performance. Looking ahead, the local equity market is likely to be range-bound until there are clear signs of the global economic recession bottoming out. The manager continues to adopt a defensive strategy with the investment focus on stocks with deep value.

HGIF Indian Equity For the year ending 31 March 2009, the Fund returned -60.89% (net of fees, share class AC), compared to a benchmark return of -51.03 % (IFCI INDIA). The Indian market was one of the worst performers in 2008, falling by around 65% in US dollar terms. The collapse of the Rupee against the US dollar, slowing GDP and corporate earnings growth, rising inflation, high current and fiscal account deficits, and the financial crisis in the US all played a part. The Fund recorded a strong first half to 2008 but suffered in the second half of the year. Most of the Fund’s underperformance came in September and October, when markets fell sharply. Performance improved in December and the first quarter of 2009, as the market rallied due to improving economic data and government initiatives to boost the Indian economy. Overall, stock selection was negative for the period, with industrials, IT and financial holdings hurting the Fund’s performance the most.

HGIF Japanese Equity For the year to 31 March 2009, the Fund returned -41.01% (net of fees, share class AC) versus the benchmark return of -34.3% (TOKYO (SE) TOPIX). After a first half year when investors’ worries grew due to sub-prime issues and a global economic slowdown, the financial crisis burst with Lehman Brothers’ bankruptcy. Rising risk aversion led to yen volatility and triggered an historical fall in the Japanese equity market as exporters’ prospects deteriorated. At the end of the Japanese fiscal year, half of the Japanese automakers were posting earnings losses. Exporters, cyclical stocks and banks’ performances were badly hit whereas defensive stocks benefited from a flight to quality. As risk aversion prevailed, investors paid little attention to valuation criteria, affecting the results of the sector allocation process. Liquidstocks underwent sharpest drops, a phenomenon that significantly hit the Fund's stock selection efficiency. The manager controlled relative risk by reducing the active positions on the three performance drivers. Risk induced by stock selection could not be reduced to zero due to liquidity issues. Small cap under-weightings could not be completely neutralised as volumes dropped. Market exposure management results were neutral, negative in quarter four 2008 and positive in the first three months of 2009. The fund manager is focusing on efficient relative risk monitoring.



HGIF Korean Equity For the year ending 31 March 2009, the Fund returned -51.94% (net of fees, share class AC) Korean markets were hit by the collapse in global demand and concerns over foreign debt in the banking system, while the weakening currency also affected US dollar returns. The market rebounded sharply in the final weeks of the period, early cyclicals benefiting from the recovery in investor confidence and US dollar returns from the currency appreciation. Stock selection was negative over the period, with consumer staples and utilities adding value, while consumer discretionary, financials and IT holdings detracted from the Fund’s performance. At an allocation level, the Fund’s underweight in IT and overweight in Telecoms also hurt performance.

HGIF Russia EquityFor the year ending 31 March 2009, the Fund returned -67.5% (net of fees, share class AC) versus a benchmark return of -65.9% (MSCI Russia 10/40). Performance over the year started strongly and the Fund’s performance was ahead of the benchmark until September. Most relative underperformance was in September and October when the financial markets’ crisis peaked and Russian equity markets were hit hard due to the large energy sector. The Fund's bias to more liquid stocks worked against it as mid and small caps did not move as much as they simply did not trade. Relative performance improved from November to the end of March. Overall, there was a strong contribution to Fund performance from stock selection in the energy, materials and financial sectors, which was unfortunately more than offset by negative contributions at the sector level in utilities and consumer names plus an adverse effect from the Fund's underweight position in Polyus Gold.

HGIF Singapore Equity For the year ending 31 March 2009, the Fund returned -67.72% (net of fees, share class AC), versus the benchmark return of -48.25% (MSCI Singapore (RI)). In line with regional markets, Singapore stocks fell to lows in October 2008, as the global financial turmoil and collapsing external demand weighed on investor confidence. The market was still weak in the first month of 2009, retesting lows in February before rallying in the final weeks of the period. Stock selection damaged the Fund’s performance considerably as markets fell, with financials, industrials and consumer discretionary holdings being the main detractors as well as smaller property developers. Allocation effects were broadly positive, with the Fund’s underweight position in consumer staples and overweight position in financials helping the Fund’s performance. A favourable allocation to the technology and a weighting in cash in a falling market were positives.

HGIF Taiwan Equity Between launch on the 31 July 2008 and the period ending 31 March 2009, the Fund returned -17.30% (net of fees share class AC), compared to a benchmark return of -17.47% (MSCI Taiwan). In line with regional markets, Taiwanese stocks fell to lows in October 2008, as the global financial turmoil and concerns over global growth weighed on investor confidence. Taiwan’s exposure to external demand made it particularly vulnerable in the sell-off, although the market did rally towards the end of the period. Stock selection was positive for the Fund, with materials the strongest contributor, while financial holdings detracted. Allocation effects were negative. The Fund’s underweight positions in telecoms helped performance, but this was offset by overweight positions in consumer staples and industrials and an underweight in IT which dragged on performance.

HGIF Thai EquityFor the year ending 31 March 2009, the Fund returned -59.08% (net of fees, share class AC), compared to a benchmark return of -50.67% (Thailand SET). In line with regional markets Thai stocks fell to lows in October 2008, as the financial turmoil slowing global growth weighed on investor confidence. Political uncertainty also weighed heavily on the market. Favourable allocations to utilities, a weighting in cash in a falling market, and underweight holdings in laggard refiners and cement were positives for Fund performance. However, these were more than offset by adverse allocations, particularly in tourism, chemicals, property developers and non-bank financials. Performance improved markedly in the last months of the period.

HGIF Turkey Equity (formerly HGIF Turkish Convergence) For the year ending 31 March 2009, the Fund returned -40.10 % (net of fees, share class AC) compared to a benchmark performance of -42.17% (MSCI Turkey). The fund under performed during the market sell-off in the first half of the year. Heavy redemptions in a sharply falling illiquid market during the transition period of converting the Fund into a pure equity fund also had a negative effect on performance. The legal case brought against the leading ruling Justice and Development Party (AKP) at the Supreme Court, added political turmoil to the unfavourable liquidity and credit conditions in global markets. Additionally The Turkish central bank changed the monetary policy to "tightening" in response to the increasing inflationary pressures resulting in sharp increases in interest rates which had a negative effect on equities.



HGIF Turkey Equity (formerly HGIF Turkish Convergence) (continued) A favourable outcome of the legal case saw an improvement but this picture quickly reversed after the announcement of worse than expected second quarter Gross Domestic Product (GDP) and the pressure of significantly worsening global financial markets. Following the conversion of the HGIF Turkish Convergence Fund to HGIF Turkey Equity Fund on 10 July 2008 and the market-friendly outcome of the closure of the ruling Justice and Development Party (AKP), the Turkish markets corrected with falling energy prices creating a supportive and stable the political and economic environment for Turkish equities. Turkey, being seriously dependent on external funding in its balance of payments, suffered overall from adverse liquidity conditions. However, towards the end of the period a recovery in global financial markets and the expectation of an International Monetary Fund (IMF) stand-by agreement, assisted Turkish equities in recovering from their lows resulting in the out performance of the fund against the benchmark. HGIF UK Equity For the year ending 31 March 2009, the Fund returned -33.16%, (net of fees, share AC) compared with -29.3% for the benchmark (FTSE All Share (TR)). This period included significant global financial problems and a downturn in global economic growth late in 2008. Over the period, the Fund was positioned more defensively. This caused some underperformance late in this period as there was a sharp equity rally led by banking and cyclical shares. The weaker investments were generally in cyclical consumer areas where demand for products has slowed. This has varied from Carphone Warehouse, and demand for mobile phone services, to SIG which supplies building insulation materials. The basic materials stocks were also weak with many commodity prices falling as global growth slowed. Within financials, the Fund’s performance benefited from not owning, or being underweight, the main banks, HSBC, Royal Bank of Scotland, Lloyds (HBOS) and Barclays. HGIF US Equity For the year ending 31 March 2009, the Fund returned -38.07% (net of fees, share AC) in US dollar terms compared with the benchmark return of –38.5% (S&P 500 COMPOSITE (RI)). Equity markets plummeted to 13-year lows on ongoing gloomy economic prospects and renewed concerns over financing issues faced by banks and car manufacturers. Markets then bounced back sharply at the end of the first quarter of 2009, supported by some improving data regarding both the financial system and the economy. The Fund benefited from profitable stock selection within the sectors experiencing strong earnings momentum, which generated significant gains, while the sector allocation yielded disappointed results. The gains coming from the Fund’s underweight in the financial sector were more than offset by the penalising overweight holdings in energy and industrial stocks. In terms of equity market exposure, the manager remained cautious over the period as a result of accelerating downside revisions on corporate earnings. HGIF US Index For the year ending 31 March 2009, the Fund returned -39.56% (net of fees, share class AC) in US dollar terms compared with the benchmark return of -40.23 %(S&P 500 COMPOSITE (RI)). The US equity market had its worst performance in 2008 since the Great Depression driven by the crisis in financial markets and a slowing global economy. In September 2008, the government placed Fannie Mae and Freddie Mac into conservatorship, while Lehman Brothers and Washington Mutual filed for bankruptcy and AIG required unprecedented government intervention. Central banks around the world pumped billions of dollars into the financial system to provide liquidity. There was a coordinated interest rate cut in October and multi-billion dollar financial rescue plans and direct government investments into major financial institutions too. Financials were the weakest sector, falling 60.21%. Industrials and materials also suffered, due to the recession and the collapse in commodity prices, falling 50.5% and 45.1% respectively. Healthcare was the most defensive sector, falling by 19.7% Freestyle Sub-Funds HGIF Asia Ex Japan Freestyle (formerly HGIF Asia Freestyle) For the year ending 31 March 2009, the Fund returned -47.38% (net of fees, share class AC).Ongoing financial turmoil and concerns over global and regional growth impacted Asian markets. Stocks hit record lows in October and retested these in February as investors became increasingly risk-averse. Volatility was high throughout the period. Stock selection in Taiwan and Malaysia contributed to absolute performance, while holdings in India and Indonesia detracted from returns. At a sector level, the performance of consumer staples and telecoms contributed positively to absolute performance. Industrial and consumer discretionary holdings performed the worst. HGIF BRIC Freestyle For the year ending 31 March 2009, the Fund returned -55.36% (net of fees, share class M1C). The first two months of 2009 were characterised by poor economic data and falling corporate profits, which triggered a pull back in many stocks that had rallied late in 2008. Recently, global policy makers announced a series of bold initiatives to deal with the financial crisis and some economic data has begun to indicate stabilisation in certain economies. In China in particular, the macro data has actually started to improve. Chinese industrial production rose by 11% year-on-year in February, as compared to a rise of 5.7% year-on-year in the previous month. Retail sales rose by 15.2% year-on-year, as domestic consumption remained stable despite the economic slowdown. These combined factors drove the March rally.



HGIF BRIC Freestyle (continued) At the country level, Brazil and Russia were the largest positive contributors to return over the period while India was the largest detractor from Fund performance. Overweight positions in energy and material names also proved to be beneficial for the Fund.

HGIF Global Emerging Markets Equity Freestyle For the year ending 31 March 2009, the Fund returned -52.49% (net of fees, share class M1C). The first two months of 2009 were characterised by poor economic data and falling corporate profits, which triggered a pull back in many stocks that had rallied late in 2008. In the last month or so, global policy makers announced a series of bold initiatives to deal with the financial crisis and some economic data had begun to indicate stabilisation in certain economies. At the country level, large positions in Brazil, Taiwan and China proved to be beneficial for the Fund’s performance. The biggest detractor to absolute performance over the period as a whole was India, followed by Mexico. At the stock level, Brazilian names such as Petrobras and CVRD contributed positively to the Fund’s absolute performance.

HGIF Latin American Freestyle For the year ending 31 March 2009, the fund delivered a return of -55.57% (net of fees, share class M1C). Latin American Markets had a strong negative performance over the period due to the financials crisis in the US and its consequence on the global economy. The best-performing markets were Chile and Colombia. The strong fundamentals in Chile and a well-developed local financial market provided some stability. Colombia’s positive domestic economy prevented a further drop in the equity market. The worst performing markets were Argentina and Mexico; the former had unsuccessful economic policies such as the nationalisation of pension funds. Mexico suffered due to its dependence on the US economy. Brazil was in the middle in terms of performance. Overall, the region is in good shape due to good monetary and fiscal policies and a fairly robust financial system. The main reason for Fund underperformance over the period was exposure to mid and small caps in a market driven by liquidity and risk aversion and not by fundamentals. The high exposure to Peru and Brazil and low exposure to Chile did not help either.

Other Sub-Funds

HGIF Global Discount Structures (formerly HGIF Global Discount Certificates) For the year ending 31 March 2009, the Fund returned -20.29% (net of fees, share class AC). From April to September 2008 the performance was stable. Losses of equity-related discount certificates were compensated by commodity based discount certificates. After the Lehman Brothers’ failure when volatility went up and almost all equity markets fell heavily, the Fund lost ground. Since the beginning of November 2008 the performance has been stable while major equity indices lost again, as the fund manager has benefited from high volatility. Since November 2008 the Fund’s performance has benefited from high volatility and opportunities this has offered. The effect of falling equity markets have been compensated for by the high time values which are induced by the high volatilities and the short maturities the fund manager is investing in. Due to the financial crisis and macro risks, equity markets should remain volatile. This is a beneficial environment for equity related discount structures, because new investments can be made on a very attractive volatility level.

HGIF Halbis Global Macro For the year ending 31 March 2009 the Fund returned 11.54% (net of fees, share class LC). Over this period, which was marked by an intensification of the financial crisis, the S&P 500 fell sharply. The Fund benefited from productive timing decisions on equity markets. Indeed, the Fund was positioned to be “short” in the January and June, but went “long” at the end of February. The currency allocation provided performance as the Fund was positively exposed to the Japanese Yen, which appreciated strongly in the crisis. It was also negative on sterling, which suffered from the domestic difficulties in the UK. These positions were predicated on the idea that the banking crisis was going to have a lasting impact on countries which had experienced large housing bubbles. On the fixed income side, the fund manager took long positions in the UK and the US at critical points in time, hedged by a short position on Japanese bonds. Bond yields outside Japan fell heavily as investors recognised that short-term rates would be held at very low levels for a long period of time.

HGIF New World Income For the year ending 31 March 2009, the Fund returned -8.88% (net of fees, share class M1D) compared with a return of 0.4% for the benchmark (3 Month USD Libor Constant Maturity). The negative return was largely driven by equities and exposure to a defaulted Brazilian company. In the second half of March 2009, emerging market debt and equity markets rallied. The Fund sold nearly 66% of the long sovereign bond exposure via protection on those investment grade names considered expensive. The Fund sold calls against most of the long equity exposure to take advantage of the expensive volatility that still prevails in the market. As of March 31, 2009, the Fund was long 115% (50% in sovereigns/quasi-sovereign bond and 28% in local currency) and short 34% (primarily sovereign protection).

Report of the Réviseur d’Entreprises


To the Shareholders of HSBC Global Investment Funds 16, Boulevard d’Avranches L-1160 Luxembourg Grand Duchy of Luxembourg

REPORT OF THE REVISEUR D'ENTREPRISES Following our appointment by the Annual General Meeting of the shareholders dated 25 July 2008, we have audited the accompanying financial statements of HSBC Global Investment Funds (“the Company”) and each of its sub-funds, which comprise the statement of net assets and the portfolio of investments and other net assets as at 31 March 2009 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 notes to the financial statements. Board of Director’s 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. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Responsibility of the Réviseur d'Entreprises Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted by the Institut des Réviseurs d'Entreprises. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgment of the Réviseur d'Entreprises, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Réviseur d'Entreprises considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the 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 2009, and of the results of its operations and changes in net assets for the year then ended in accordance with the Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. Other matter Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole. Luxembourg, 25 June 2009 KPMG Audit S.à r.l. Réviseurs d'Entreprises R. Beegun

18HSBC Global Investment Funds

Statement of Net Assets as at 31 March 2009

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

Portfolio at CostUnrealised Appreciation/(Depreciation)

Portfolio at Market Value

Cash at BankBank OverdraftReceivable from BrokersPayable to BrokersReceivable from ShareholdersPayable to ShareholdersOther AssetsOther Liabilities

Total Net Assets

CONSOLIDATEDUSD

14,593,703,567 (4,730,060,255)

9,863,643,312

480,348,154 (3,560,817)

126,796,946 (71,729,205)53,363,972

(75,615,553)80,450,753

(70,086,948)

10,383,610,614

USDAsia ex Japan Equity

356,887,081 (46,799,414)

310,087,667

11,222,330 -

2,433,271 (3,336,243)

518,969 (3,184,556)1,047,149 (567,722)

318,220,865

International andRegional Equity Sub-

Funds

USD

Asia ex Japan EquitySmaller Companies

23,037,060 (4,890,173)

18,146,887

330,659 -

262,317 (58,046)

4,143 (79,825)62,784

(28,308)

18,640,611

USD

Asia Pacific ex JapanEquity High Dividend

84,218,547 (14,697,961)

69,520,586

953,091 -

1,008,678 (517,284)103,223

(737,397)492,486

(115,212)

70,708,171



USDBRIC Markets

37,054,688 (8,608,814)

28,445,874

44,738 (2,304)

---

(31,803)427,447 (29,733)

28,854,219

USDBRIC Markets Equity

444,325,461 (148,170,442)

296,155,019

30,035,245 ---

3,032,747 (748,806)943,160

(1,059,848)

328,357,517

USDClimate Change

44,487,520 (18,093,729)

26,393,791

1,416,004 (40,132)

--

103,141 (7,242)

190,235 (43,013)

28,012,784

EUR

Emerging EuropeEquity

9,050,330 (4,713,694)

4,336,636

112,493 -

98,176 -

35,733 (51,601)

980(7,529)

4,524,888

USDEmerging Wealth

36,393,579 (13,039,435)

23,354,144

796,605 (368,031)

--

30,537 (21,976)136,962

(137,304)

23,790,937

EUREuroland Equity

1,034,198,048 (476,380,961)

557,817,087

16,945,430 ---

1,408,060 (3,362,537)

820,205 (806,943)

572,821,302







Total Net Assets

EUR

Euroland EquitySmaller Companies

36,231,586 (6,507,867)

29,723,719

832,912 --

(492,889)41,037

(65,751)101,610 (40,563)

30,100,075

EUREuroland Growth

152,990,258 (68,026,895)

84,963,363

7,788,751 ----

(3,952)50,413

(142,545)

92,656,030

EUREuropean Equity

140,084,790 (48,889,562)

91,195,228

2,440,084 -

45,154 (142,784)232,815

(149,367)332,594 (94,644)

93,859,080

EUR

European EquityHigh Dividend

7,142,872 (2,480,459)

4,662,413

276,067 -

55,145 (66,778)

21-

62,192 (7,698)

4,981,362



USD

Global EmergingMarkets Elite

10,532,502 (2,758,215)

7,774,287

137,279 (3)

101,271 (34,057)

--

28,855 (8,331)

7,999,301

USD

Global EmergingMarkets Equity

218,534,081 (53,906,397)

164,627,684

2,580,142 -

3,002,899 (368,253)184,068

(905,607)656,422

(168,216)

169,609,139

USDGlobal Equity

71,993,122 (8,001,743)

63,991,379

9,420,318 (444,441)

--

13,189 (298,457)496,680 (37,504)

73,141,164

USD

Global SustainableEquity (formerly

Global Equity SRI)

8,210,334 (2,974,177)

5,236,157

244,343 ---

17,872 -

34,288 (6,602)

5,526,058

USDBrazil Equity

780,230,204 (362,881,587)

417,348,617

8,137,740 -

14,634,724 (11,759,490)

6,684,990 (17,292,517)

1,975,874 (1,515,897)

418,214,041

Market SpecificEquity Sub-Funds

USDChinese Equity

2,297,822,878 (117,563,885)

2,180,258,993

25,858,560 -

14,750,837 (5,788,344)9,790,950

(12,095,329)301,803

(3,229,206)

2,209,848,264







Total Net Assets

USDHong Kong Equity

360,048,447 (77,646,616)

282,401,831

9,318,580 -

360,879 (153,191)

1,244,586 (2,974,095)

787,650 (292,207)

290,694,033

USDIndian Equity

4,120,564,137 (2,061,169,939)

2,059,394,198

148,908,924 -

42,299,142 (3,642,087)6,918,658

(7,641,139)27,292,427

(31,866,107)

2,241,664,016

JPYJapanese Equity

13,285,974,001 (3,623,339,891)

9,662,634,110

341,818,761 --

(1)179,997,024

(302,466,717)225,360,216 (11,572,256)

10,095,771,137

USDKorean Equity

99,036,674 (18,589,548)

80,447,126

258,140 ---

2,516,270 (332,339)906,355

(111,784)

83,683,768



USDRussia Equity

43,257,796 (24,061,278)

19,196,518

-(9,824)

330,469 (44,927)623,201 (37,164)14,550

(26,548)

20,046,275

USDSingapore Equity

65,928,612 (22,632,248)

43,296,364

2,265,115 -

990,242 (2,434,011)

62,290 (216,119)

325(56,508)

43,907,698

USDTaiwan Equity

5,432,723 (1,057,430)

4,375,293

48,582 -

72,588 (70,868)

2,129 --

(6,736)

4,420,988

USDThai Equity

141,223,414 (70,034,487)

71,188,927

872,004 ---

133,586 (477,098)

1,071,055 (103,633)

72,684,841

EUR

Turkey Equity(formerly Turkish

Convergence)

7,964,853 (2,119,637)

5,845,216

448,198 -

151,603 -

31,161 (492)

18,197 (11,497)

6,482,386

GBPUK Equity

53,900,636 (8,945,723)

44,954,913

2,185,380 -

53,413 -

58,634 (151,964)222,932 (71,698)

47,251,610







Total Net Assets

USDUS Equity

145,407,613 (28,268,079)

117,139,534

14,817,752 (2,599,710)8,032,470

(7,217,698)3,219,829

(1,034,397)619,490

(142,016)

132,835,254

USDUS Index

27,533,643 (8,075,358)

19,458,285

3,448,682 (76,688)243,496 (22,437)11,850

(298,044)144,100

(154,450)

22,754,794

USD

Asia ex JapanFreestyle (formerly

Asia Freestyle)

104,436,817 (16,858,401)

87,578,416

1,794,903 -

5,474,425 (2,908,587)2,164,964 (282,989)388,643

(182,843)

94,026,932

Freestyle Sub-Funds

USDBRIC Freestyle

1,288,608,952 (479,823,717)

808,785,235

21,576,563 -

8,166,829 (2,102,112)1,126,722

(5,983,978)1,028,059

(2,624,013)

829,973,305



USD


Freestyle

342,601,861 (85,103,263)

257,498,598

4,232,581 -

6,931,877 (7,121,813)

948,071 (833,131)

1,400,834 (1,665,071)

261,391,946

USD

Latin AmericanFreestyle

100,554,681 (35,740,679)

64,814,002

1,040,454 (2)

-(2,412,285)2,643,032 (315,080)516,467 (68,126)

66,218,462

USDBrazil Bond

14,935,083 (2,835,602)

12,099,481

674,097 (1,228)

--

2,307 (8,238)66,566

(115,175)

12,717,810

Bond Sub-Funds

EUREuro Core Bond

45,586,053 (3,403,719)

42,182,334

3,494,116 -

2,570,805 (2,379,422)

9,067 (30,526)794,920

(168,271)

46,473,023

EUR

Euro Core CreditBond

216,393,220 (31,361,495)

185,031,725

3,677,111 -

5,546,368 (5,584,721)

62,414 (214,992)

5,093,150 (1,276,366)

192,334,689

EUREuro High Yield Bond

97,168,442 (22,451,922)

74,716,520

1,664,911 -

835,405 (1,268,722)

341,882 (248,529)

3,190,243 (1,006,157)

78,225,553







Total Net Assets

EUR

EuropeanGovernment Bond

6,360,054 (445,622)

5,914,432

1,493,674 ---

36,012 (800,649)105,263

(7,364)

6,741,368

USD

Global Core PlusBond

74,721,751 (5,742,252)

68,979,499

7,681,708 -

1,041,738 -

170,396 (197,725)

9,748,308 (8,647,240)

78,776,684

USD

Global EmergingMarkets Bond

258,063,830 (29,669,847)

228,393,983

2,115,563 -

2,156,376 (2,163,776)2,943,471

(4,006,995)5,525,615 (449,251)

234,514,986

USD

Global EmergingMarkets Local Debt

47,159,632 (7,150,078)

40,009,554

6,645,715 -

576,602 -

2,070,397 (4,005,014)1,057,468

(1,796,665)

44,558,057



USD

US Dollar Core PlusBond

68,530,247 (6,235,727)

62,294,520

16,049,645 -

49,014 -

57,074 (200,242)808,049 (24,584)

79,033,476

EUREuro Reserve

57,843,248 147,738

57,990,986

88,343 --

(797,038)2,754

(892,016)599

(21,991)

56,371,637

Reserve Sub-Funds

EUR

Global DiscountStructures (formerly

Global DiscountCertificates)

6,066,291 112,232

6,178,523

522,618 -----

601(2,156)

6,699,586

Other Sub-Funds

EURHalbis Global Macro

41,525,240 200,797

41,726,037

7,777,929 (13,943)129,739

(889,786)889,786

(259,478)1,107,769 (489,457)

49,978,596

USDNew World Income

199,672,476 (15,388,646)

184,283,830

77,868,078 -

1,316,284 (4,191,209)

13,377 (23,283)

4,209,388 (9,182,542)

254,293,923


Class ACNumber of Shares OutstandingNet Asset Value per ShareClass ACHNumber of Shares OutstandingNet Asset Value per ShareClass ADNumber of Shares OutstandingNet Asset Value per ShareClass ADHNumber of Shares OutstandingNet Asset Value per ShareClass ECNumber of Shares OutstandingNet Asset Value per ShareClass EDNumber of Shares OutstandingNet Asset Value per ShareClass ICNumber of Shares OutstandingNet Asset Value per ShareClass IDNumber of Shares OutstandingNet Asset Value per ShareClass J1CNumber of Shares OutstandingNet Asset Value per ShareClass L1CNumber of Shares OutstandingNet Asset Value per ShareClass L1DNumber of Shares OutstandingNet Asset Value per ShareClass M1CNumber of Shares OutstandingNet Asset Value per ShareClass M1DNumber of Shares OutstandingNet Asset Value per ShareClass M2CNumber of Shares OutstandingNet Asset Value per ShareClass M2DNumber of Shares OutstandingNet Asset Value per ShareClass PCNumber of Shares OutstandingNet Asset Value per ShareClass PDNumber of Shares OutstandingNet Asset Value per ShareClass S1DNumber of Shares OutstandingNet Asset Value per ShareClass WCNumber of Shares OutstandingNet Asset Value per ShareClass WDNumber of Shares OutstandingNet Asset Value per ShareClass YCNumber of Shares OutstandingNet Asset Value per ShareClass ZCNumber of Shares OutstandingNet Asset Value per ShareClass ZDNumber of Shares OutstandingNet Asset Value per Share

2,446,541.261 28.89

446,092.293 12.84

4,123,795.884 27.23

80,135.601 12.74

25,133.979 26.84

4,564.451 26.85

1,993,987.203 28.49

500.000 27.98

10,153,277.609 6.00

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

359,277.109 27.79


International andRegional Equity

Sub-Funds

114,404.825 15.45

N/AN/A

1,118,580.105 15.01

N/AN/A

5,304.717 15.31

121.000 14.90

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

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USD


1,821,574.220 10.32

N/AN/A

5,321,570.693 8.99

N/AN/A

1,605.741 10.26

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

444,483.577 9.13

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

675.000 14.26

1,999,307.000 14.43

N/AN/A

USDBRIC Markets

Key Figures as at 31 March 2009



11,232,287.430 8.56

N/AN/A

9,741,000.020 8.56

N/AN/A

1,148,846.763 8.44

11,169.310 8.44

823,031.497 8.74

N/AN/A

15,000,027.705 8.79

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

3,425.000 8.64

N/AN/A


2,031,221.434 4.35

N/AN/A

3,050,696.125 4.35

N/AN/A

935,037.300 4.33

N/AN/A

419,384.665 4.41

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

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDClimate Change

443,784.137 5.96

N/AN/A

223,730.327 5.95

N/AN/A

10,522.251 5.90

N/AN/A

N/AN/A

80,000.000 6.10

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

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


496,499.004 4.82

N/AN/A

4,433,925.672 4.82

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

6,508.000 4.87

N/AN/A

USDEmerging Wealth

16,359,157.031 16.75

N/AN/A

8,875,209.385 16.54

N/AN/A

11,961.438 16.56

7,581.547 16.37

8,668,376.895 17.08

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

10,875.000 18.46

186,616.976 18.29

EUREuroland Equity




960,536.200 21.96

N/AN/A

61,897.002 21.81

N/AN/A

2,000.464 21.72

N/AN/A

279,218.512 22.46

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

55,793.510 24.13

N/AN/A

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

12,487,713.981 7.31

184,828.506 7.25

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

EUREuroland Growth

269,529.854 19.67

N/AN/A

39,001.073 19.02

N/AN/A

N/AN/A

93,921.971 18.73

75,064.000 19.85

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

8,388.000 20.28

3,701,337.714 18.82

N/AN/A

N/AN/A

761,585.250 11.50

N/AN/A

N/AN/A

309,668.899 19.36

EUREuropean Equity

453,620.157 6.90

N/AN/A

147,276.287 6.70

N/AN/A

735.225 6.89

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

116,126.000 7.42

N/AN/A

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

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

500.000 6.04

1,353,151.398 5.91

N/AN/A

USD


1,774,348.799 9.85

N/AN/A

4,959,686.755 9.71

N/AN/A

357,627.768 9.40

27,502.276 9.36

1,484,349.984 9.97

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

3,353,571.305 4.76

N/AN/A

6,983,229.192 9.76

N/AN/A

N/AN/A

146,494.887 9.94

USD


37,681.287 14.95

N/AN/A

1,124,047.031 14.89

N/AN/A

840.424 14.94

N/AN/A

12,082.349 15.21

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

3,431,676.746 16.22

USDGlobal Equity

71,689.685 8.41

N/AN/A

5,793.393 8.41

N/AN/A

100.215 8.37

N/AN/A

406,722.000 8.55

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

153,206.609 9.11

N/AN/A

N/AN/A

400.000 8.84

N/AN/A

USD


Global Equity SRI)

19,015,901.548 14.71

N/AN/A

6,324,117.941 14.64

N/AN/A

980,582.618 14.48

1,900.770 14.48

2,053,718.712 15.15

40,530.425 15.10

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,926.505 15.99

N/AN/A

USDBrazil Equity


8,961,276.017 50.72

N/AN/A

32,550,539.185 49.84

N/AN/A

367,518.013 49.70

4,013.540 49.70

397,548.439 52.34

120,465.408 51.40

153,880.207 51.63

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

N/AN/A

N/AN/A

N/AN/A

1,532,633.056 51.88

USDChinese Equity




450,152.504 69.58

N/AN/A

37,964.408 66.52

N/AN/A

13,758.364 68.92

N/AN/A

367,491.419 70.61

N/AN/A

850,000.000 4.61

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

2,963,489.246 65.65

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

452,642.657 69.60

USDHong Kong Equity

7,253,282.228 73.27

N/AN/A

21,689,889.398 73.03

N/AN/A

269,540.398 71.11

1,996.733 71.11

1,173,422.794 77.15

149,431.745 75.77

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

67,470.253 75.16

USDIndian Equity

1,017,240.172 4,099.60

N/AN/A

135,916.480 611.49

N/AN/A

48,447.143 591.15

4,936.080 591.03

471,242.952 4,199.03

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

2,878.249 4,135.96

4,554,028.805 630.23

N/AN/A

N/AN/A

60,884.510 5,682.94

N/AN/A

115,000.000 4,325.35

172,116.837 619.63

JPYJapanese Equity

1,730,855.631 8.27

N/AN/A

6,455,778.010 8.27

N/AN/A

145,674.500 8.19

2,690.980 8.19

1,740,620.203 8.50

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

USDKorean Equity




2,112,018.206 3.10

N/AN/A

1,392,139.330 3.10

N/AN/A

176,547.727 3.09

N/AN/A

2,752,751.000 3.14

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

USDRussia Equity

378,775.294 18.06

N/AN/A

1,024,941.657 16.42

N/AN/A

28,246.779 17.85

N/AN/A

378,487.407 18.18

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

781,685.909 16.44

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDSingapore Equity

816.439 6.65

N/AN/A

664,037.731 6.65

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

N/AN/A

N/AN/A

USDTaiwan Equity

644,392.345 5.32

N/AN/A

10,449,423.526 5.05

N/AN/A

42,011.774 5.26

N/AN/A

918,972.302 5.47

N/AN/A

2,603,597.759 4.13

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

95,875.217 5.23

USDThai Equity

521,637.339 8.11

N/AN/A

243,911.787 6.33

N/AN/A

80,574.278 8.04

N/AN/A

7,361.964 8.17

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

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


Convergence)

892,728.034 17.56

N/AN/A

1,895,204.891 16.06

N/AN/A

128.573 17.56

N/AN/A

1,015.027 17.69

61,136.000 17.69

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

1,500.000 18.56

N/AN/A

GBPUK Equity




1,243,368.456 13.46

1,154,784.419 15.49

248,905.851 15.07

25,220.726 15.99

39,119.524 13.31

138,416.157 14.79

1,210,791.150 13.55

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

806,241.325 15.35

N/AN/A

N/AN/A

278,569.238 88.01

N/AN/A

2,240,000.000 14.22

416,595.182 15.23

USDUS Equity

1,265,676.068 5.77

N/AN/A

46,462.799 5.52

N/AN/A

16,375.324 5.74

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

2,791,053.322 5.41

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDUS Index

2,776,729.609 9.73

25,845.565 10.35

6,628,673.333 9.59

12,021.718 10.39

259,260.593 9.49

2,057.110 9.49

56,105.979 10.16

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

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


Asia Freestyle)

Freestyle Sub-Funds

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

25,309,967.624 8.52

N/AN/A

N/AN/A

2,408,786.797 12.03

N/AN/A

41,324,127.465 11.57

9,263,238.238 11.60

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

USDBRIC Freestyle




N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

37,267,726.416 6.55

2,572,597.403 6.66

N/AN/A

N/AN/A

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


Freestyle

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

4,387,193.023 8.19

3,682,562.216 8.23

N/AN/A

N/AN/A

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


513,789.990 12.63

N/AN/A

294,857.178 10.59

N/AN/A

113,190.712 12.54

N/AN/A

4,740.000 12.71

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

125,000.000 13.01

N/AN/A

USDBrazil Bond

Bond Sub-Funds

144,593.980 17.10

N/AN/A

16,217.739 15.46

N/AN/A

13,431.494 16.99

N/AN/A

2,473,657.366 17.59

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

EUREuro Core Bond

5,364,209.239 14.99

N/AN/A

25,604.462 12.48

N/AN/A

457.713 14.89

N/AN/A

7,123,947.635 15.54

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

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

64,502.175 14.01

EUR


2,019,338.299 15.90

N/AN/A

24,822.571 12.76

N/AN/A

6,384.212 15.79

873.650 15.06

2,732,592.102 16.58

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

23,491.336 16.80

N/AN/A





225,879.306 16.38

N/AN/A

62,003.625 12.23

N/AN/A

14,443.565 16.26

N/AN/A

109,326.133 16.85

15,512.000 13.33

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

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


22,364.141 13.61

N/AN/A

2,806,807.240 12.50

N/AN/A

1,298.847 10.57

N/AN/A

113,893.971 13.75

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

827,899.936 10.21

N/AN/A

N/AN/A

18,983.878 172.31

N/AN/A

N/AN/A

2,332,012.410 12.90

USD


464,715.814 18.95

N/AN/A

3,784,844.716 14.49

N/AN/A

35,907.757 18.82

7,340.390 18.02

7,150,775.486 19.30

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

846,274.178 19.81

791,178.153 19.29

USD


22,173.000 9.50

N/AN/A

641.867 9.30

N/AN/A

143.492 9.50

N/AN/A

1,196,252.755 9.61

99,773.267 9.31

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

3,435,502.180 9.29

USD





104,054.181 12.17

N/AN/A

825,531.965 9.61

N/AN/A

9,942.842 12.08

N/AN/A

4,100.377 12.17

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

2,164,990.190 9.64

N/AN/A

83,238.568 14.28

2,559,254.585 9.69

N/AN/A

393,896.996 12.56

1,755,585.875 10.17

USD


1,977,561.950 17.18

N/AN/A

205,192.066 15.64

N/AN/A

N/AN/A

N/AN/A

1,116,058.000 17.19

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

EUREuro Reserve

Reserve Sub-Funds

50.000 7.95

N/AN/A

100.000 7.93

N/AN/A

N/AN/A

N/AN/A

25,575.068 7.98

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

803,061.420 8.09

N/AN/A

EUR



Other Sub-Funds

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

350,415.999 112.37

N/AN/A

94,521.746 111.37

679.178 111.32

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A


N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

6,426,328.040 9.46

366,800.000 9.43

434,711.984 9.54

18,769,275.401 9.24

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

N/AN/A

1,323,531.937 9.44

USDNew World Income



Statement of Operations and Changes in Net Assets as at 31 March 2009


CONSOLIDATEDUSD

Net Assets at the Beginning of the Year 24,064,273,852

INCOMEInvestment Income 420,265,610 Bank Interest 9,311,757 Other Income (note 15) 19,193,494

Total Income 448,770,861

EXPENSESManagement Fees (note 4.2) 205,234,784 Performance Fees (note 4.3) 4,936,345 Operating, Administrative and Servicing Fees(note 4.4) 59,737,789 Interest Paid 8,362,696

Total Expenses 278,271,614

Net Investment Profit/(Loss) 170,499,247 Realised Profit/(Loss) on Sale of Investments (3,508,508,914)

Realised Profit/(Loss) for the year beforeForeign Currency Movement (3,338,009,667)

Profit/(Loss) on Foreign Currency (83,017,988)Change in unrealisedappreciation/(depreciation) of Investments,futures, forward foreign exchange contractsand swaps (7,278,086,384)

Change in Total Net Assets as a Result of Operations (10,699,114,039)

Proceeds on Issue of Shares 7,444,589,387 Payments on Redemption of Shares (9,834,600,608)Dividends Paid (note 11) (69,842,735)Currency Translation (521,695,243)

Net Assets as at 31 March 2009 10,383,610,614


694,218,209

14,890,857 167,778 459,563

15,518,198

5,336,690 -

1,424,091 1,168

6,761,949

8,756,249 (83,981,357)

(75,225,108)

(2,282,711)

(190,534,751)

(268,042,570)

128,180,724 (235,066,084)

(1,069,414)-

318,220,865

International andRegional Equity

Sub-Funds

USD


67,815,655

1,409,758 11,916 43,669

1,465,343

557,985 -

130,763 48

688,796

776,547 (19,309,579)

(18,533,032)

(226,993)

(6,983,007)

(25,743,032)

1,728,506 (25,098,569)

(61,949)-

18,640,611

USD


131,437,129

4,899,173 18,035

165,331

5,082,539

1,353,136 -

329,751 214

1,683,101

3,399,438 (13,294,448)

(9,895,010)

(490,561)

(36,965,159)

(47,350,730)

18,748,710 (29,828,473)

(2,298,465)-

70,708,171



USDBRIC Markets

483,222,414

6,573,245 10,404

491,456

7,075,105

2,487,611 -

622,997 97,766

3,208,374

3,866,731 (81,205,376)

(77,338,645)

(821,784)

(82,613,747)

(160,774,176)

302,707,076 (596,301,095)

--

28,854,219


565,309,958

7,549,151 1,048,791

137,557

8,735,499

4,936,129 -

1,360,522 5,021

6,301,672

2,433,827 (47,325,350)

(44,891,523)

(543,296)

(244,186,093)

(289,620,912)

221,759,620 (169,091,149)

--

328,357,517

USDClimate Change

59,583,311

1,125,606 71,199 21,017

1,217,822

733,470 -

178,927 8,361

920,758

297,064 (26,540,364)

(26,243,300)

(416,823)

(12,941,314)

(39,601,437)

49,459,788 (41,428,878)

--

28,012,784

EUR


20,247,254

310,945 6,921

12,775

330,641

179,709 -

43,690 1,387

224,786

105,855 (3,704,486)

(3,598,631)

(96,807)

(4,238,584)

(7,934,022)

1,411,185 (9,194,867)

(4,662)-

4,524,888

USDEmerging Wealth

42,528,879

851,355 32,892 26,573

910,820

535,663 -

143,289 5,862

684,814

226,006 (13,225,962)

(12,999,956)

(163,934)

(7,369,137)

(20,533,027)

12,174,790 (10,379,705)

--

23,790,937

EUREuroland Equity

890,006,808

24,669,650 609,328

2,519,723

27,798,701

10,820,586 -

2,653,707 18,709

13,493,002

14,305,699 (56,552,111)

(42,246,412)

(231,165)

(376,842,571)

(419,320,148)

596,204,277 (491,211,663)

(2,857,972)-

572,821,302




EUR


Net Assets at the Beginning of the Year 60,792,863

INCOMEInvestment Income 1,334,949 Bank Interest 119,617 Other Income (note 15) 126,657


EXPENSESManagement Fees (note 4.2) 629,132 Performance Fees (note 4.3) -Operating, Administrative and Servicing Fees(note 4.4) 157,463 Interest Paid 2

Total Expenses 786,597

Net Investment Profit/(Loss) 794,626 Realised Profit/(Loss) on Sale of Investments (21,414,704)

Realised Profit/(Loss) for the year beforeForeign Currency Movement (20,620,078)

Profit/(Loss) on Foreign Currency (1,436)Change in unrealisedappreciation/(depreciation) of Investments,futures, forward foreign exchange contractsand swaps (6,388,154)

Change in Total Net Assets as a Result of Operations (27,009,668)

Proceeds on Issue of Shares 16,700,027 Payments on Redemption of Shares (20,368,851)Dividends Paid (note 11) (14,296)Currency Translation -

Net Assets as at 31 March 2009 30,100,075

EUREuroland Growth

172,516,988

4,554,263 454,671 260,735

5,269,669

1,715,466 -

483,416 280

2,199,162

3,070,507 (17,910,228)

(14,839,721)

(8,916)

(51,055,504)

(65,904,141)

4,012,935 (17,944,084)

(25,668)-

92,656,030

EUREuropean Equity

227,727,194

6,048,604 65,719

1,086,412

7,200,735

1,460,227 -

497,983 1,281

1,959,491

5,241,244 (51,424,036)

(46,182,792)

(197,759)

(25,377,463)

(71,758,014)

37,997,589 (96,871,801)

(3,235,888)-

93,859,080

EUR


30,640,138

584,597 50,713

194,641

829,951

256,503 -

63,050 1,578

321,131

508,820 (14,223,934)

(13,715,114)

(111,288)

3,923,526

(9,902,876)

3,797,645 (19,519,924)

(33,621)-

4,981,362



USD


18,603,627

300,918 2,883 4,113

307,914

122,323 -

30,592 306

153,221

154,693 (5,851,775)

(5,697,082)

(39,179)

(2,868,065)

(8,604,326)

-(2,000,000)

--

7,999,301

USD


335,694,322

6,614,512 56,071

250,391

6,920,974

3,598,621 -

987,755 15,041

4,601,417

2,319,557 (137,615,384)

(135,295,827)

(1,291,764)

(68,090,391)

(204,677,982)

201,404,420 (162,376,037)

(435,584)-

169,609,139

USDGlobal Equity

136,539,772

2,190,849 35,535

398,725

2,625,109

427,322 -

290,514 10,397

728,233

1,896,876 (37,540,481)

(35,643,605)

(353,747)

(17,803,805)

(53,801,157)

14,869,259 (22,854,840)

(1,611,870)-

73,141,164

USD


Global Equity SRI)

22,933,662

532,692 5,159

-

537,851

141,334 -

44,288 448

186,070

351,781 (9,165,621)

(8,813,840)

30,771

(1,441,103)

(10,224,172)

12,712,132 (19,895,564)

--

5,526,058

EUR

SustainabilityLeaders (merged intoEuroland Equity as at

19 December 2008)

28,092,014

540,643 37,403

-

578,046

169,692 -

41,281 100

211,073

366,973 (12,150,814)

(11,783,841)

(50,747)

6,251,473

(5,583,115)

6,119,523 (28,510,916)

(117,506)-

-

USDBrazil Equity

1,640,242,424

20,349,674 56,140 35,516

20,441,330

17,558,277 -

4,212,095 760,350

22,530,722

(2,089,392)(276,643,854)

(278,733,246)

(16,090,215)

(479,814,743)

(774,638,204)

662,401,978 (1,109,789,630)

(2,527)-

418,214,041





USDChinese Equity

Net Assets at the Beginning of the Year 3,906,152,473

INCOMEInvestment Income 72,101,830 Bank Interest 1,393,677 Other Income (note 15) 2,608,635


EXPENSESManagement Fees (note 4.2) 41,286,093 Performance Fees (note 4.3) -Operating, Administrative and Servicing Fees(note 4.4) 11,448,903 Interest Paid 306


Net Investment Profit/(Loss) 23,368,840 Realised Profit/(Loss) on Sale of Investments (806,025,598)


Profit/(Loss) on Foreign Currency (12,149,505)Change in unrealisedappreciation/(depreciation) of Investments,futures, forward foreign exchange contractsand swaps (603,339,184)

Change in Total Net Assets as a Result of Operations (1,398,145,447)

Proceeds on Issue of Shares 958,119,345 Payments on Redemption of Shares (1,253,219,507)Dividends Paid (note 11) (3,058,600)Currency Translation -

Net Assets as at 31 March 2009 2,209,848,264

USDHong Kong Equity

475,798,740

12,468,638 230,773 447,959

13,147,370

3,519,241 -

1,243,859 -

4,763,100

8,384,270 (89,025,767)

(80,641,497)

(1,349,489)

(89,373,869)

(171,364,855)

185,453,271 (194,778,528)

(4,414,595)-

290,694,033

USDIndian Equity

6,372,330,775

63,656,307 450,919 402,248

64,509,474

60,119,368 -

16,265,843 54,072

76,439,283

(11,929,809)(433,733,058)

(445,662,867)

(33,298,524)

(3,429,641,988)

(3,908,603,379)

1,610,067,530 (1,819,128,338)

(13,002,572)-

2,241,664,016

JPYJapanese Equity

26,505,602,664

362,231,268 10,287,782 18,032,930

390,551,980

217,376,154 -

62,796,286 2,970,966

283,143,406

107,408,574 (11,508,892,488)

(11,401,483,914)

(104,067,074)

2,845,130,733

(8,660,420,255)

10,688,627,260 (18,411,608,667)

(26,429,865)-

10,095,771,137



USDKorean Equity

387,851,271

1,611,043 85,234

276,748

1,973,025

2,152,508 -

646,595 214

2,799,317

(826,292)(82,323,843)

(83,150,135)

(1,133,795)

(39,655,987)

(123,939,917)

78,065,348 (258,022,950)

(269,984)-

83,683,768

USDRussia Equity

9,124,672

314,945 5,003 6,502

326,450

346,504 -

97,843 3,624

447,971

(121,521)(24,838,811)

(24,960,332)

10,282

(23,835,328)

(48,785,378)

80,050,537 (20,343,556)

--

20,046,275

USDSingapore Equity

133,238,659

4,084,814 59,956 19,046

4,163,816

984,751 -

307,078 386

1,292,215

2,871,601 (68,567,853)

(65,696,252)

(559,135)

8,879,013

(57,376,374)

53,846,805 (84,126,719)

(1,674,673)-

43,907,698

USDTaiwan Equity

-

70,157 2,440

-

72,597

50,600 -

13,498 20

64,118

8,479 (1,605,321)

(1,596,842)

(56,657)

(1,057,430)

(2,710,929)

8,475,954 (1,344,037)

--

4,420,988

USDThai Equity

349,075,277

7,948,993 75,122

462,266

8,486,381

2,191,146 -

564,174 9,356

2,764,676

5,721,705 (56,491,179)

(50,769,474)

(397,651)

(109,255,536)

(160,422,661)

115,434,069 (229,843,925)

(1,557,919)-

72,684,841

EUR


Convergence)

37,525,128

1,173,497 128,962

4,951

1,307,410

270,240 -

65,477 -

335,717

971,693 (10,641,277)

(9,669,584)

(169,860)

7,338,645

(2,500,799)

11,423,384 (39,593,747)

(371,580)-

6,482,386




GBPUK Equity




EXPENSESManagement Fees (note 4.2) 853,317 Performance Fees (note 4.3) -Operating, Administrative and Servicing Fees(note 4.4) 177,729 Interest Paid 4,698








USDUS Equity

176,483,049

2,154,501 227,697 382,680

2,764,878

1,204,421 -

429,186 7,345

1,640,952

1,123,926 (51,876,172)

(50,752,246)

(205,933)

(34,506,031)

(85,464,210)

124,675,169 (82,204,785)

(653,969)-

132,835,254

USDUS Index

38,271,765

531,607 8,727

335,075

875,409

126,068 -

76,406 935

203,409

672,000 (6,701,178)

(6,029,178)

(256,650)

(10,079,770)

(16,365,598)

44,900,023 (43,520,767)

(530,629)-

22,754,794

USD


Asia Freestyle)

258,475,337

5,167,844 49,235

270,083

5,487,162

2,761,260 -

639,406 561

3,401,227

2,085,935 (69,073,363)

(66,987,428)

(1,069,933)

(41,083,532)

(109,140,893)

24,682,467 (79,787,635)

(202,344)-

94,026,932

Freestyle Sub-Funds



USDBRIC Freestyle

2,442,202,478

28,965,820 423,519 327,452

29,716,791

14,194,539 4,153,840

5,897,451 8,073

24,253,903

5,462,888 (284,039,801)

(278,576,913)

(4,433,727)

(916,525,659)

(1,199,536,299)

180,821,665 (593,514,539)

--

829,973,305

USD


Freestyle

654,007,923

11,278,650 109,406

5,741,058

17,129,114

4,523,574 -

1,818,317 5,892

6,347,783

10,781,331 (239,012,541)

(228,231,210)

(1,343,278)

(99,207,674)

(328,782,162)

89,589,730 (153,423,545)

--

261,391,946

USD


241,573,437

3,253,341 79,058

4,840

3,337,239

1,522,808 235,708

610,378 16,695

2,385,589

951,650 (63,034,586)

(62,082,936)

(2,828,631)

(43,867,860)

(108,779,427)

148,755,877 (215,331,425)

--

66,218,462

USDBrazil Bond

14,115,502

317,371 36,829

-

354,200

124,941 -

52,021 1,660,135

1,837,097

(1,482,897)(818,823)

(2,301,720)

1,276,398

(1,774,194)

(2,799,516)

18,468,257 (16,723,432)

(343,001)-

12,717,810

Bond Sub-Funds

EUREuro Core Bond

124,216,902

3,046,725 36,752

2,751

3,086,228

309,982 -

117,930 33,723

461,635

2,624,593 (3,442,592)

(817,999)

(2,453)

(273,357)

(1,093,809)

30,500,656 (107,138,620)

(12,106)-

46,473,023

EUR


127,986,610

9,573,422 138,081

9,790

9,721,293

1,075,036 -

461,144 103,417

1,639,597

8,081,696 629,821

8,711,517

(7,843)

(25,050,770)

(16,347,096)

126,458,147 (45,699,107)

(63,865)-

192,334,689











Realised Profit/(Loss) for the year beforeForeign Currency Movement 1,231,220





EUR

Euro Strategic CreditBond (liquidated as

at 26 September2008)

42,913,028

571,212 118,127

-

689,339

147,374 -

52,034 -

199,408

489,931 (3,541,619)

(3,051,688)

170

2,736,417

(315,101)

38,511 (40,847,526)

(1,788,912)-

-

EUR


31,099,983

770,784 16,396

2,032

789,212

114,708 -

39,090 1,171

154,969

634,243 (1,752,984)

(1,118,741)

(35,446)

717,489

(436,698)

27,070,933 (50,705,922)

(286,928)-

6,741,368

USD


154,254,904

3,967,869 129,377

6,283

4,103,529

424,222 -

208,471 15,263

647,956

3,455,573 (1,694,133)

1,761,440

(18,957)

(14,226,761)

(12,484,278)

16,418,626 (75,561,155)

(3,851,413)-

78,776,684



USD


444,188,082

26,330,173 92,524

-

26,422,697

1,960,374 -

953,479 555,551

3,469,404

22,953,293 (46,563,329)

(23,610,036)

(669,402)

(25,575,469)

(49,854,907)

125,942,410 (277,341,975)

(8,418,624)-

234,514,986

USD


45,464,527

3,258,829 532,217

7,020

3,798,066

125,460 -

180,245 300,843

606,548

3,191,518 (12,496,190)

(9,304,672)

(375,409)

(9,167,447)

(18,847,528)

120,880,732 (100,969,727)

(1,969,947)-

44,558,057

USD

Global High YieldBond (liquidated as

at 15 December2008)

5,853,443

680,103 15,862

-

695,965

2,521 -

23,349 21

25,891

670,074 (4,999,399)

(4,329,325)

39,849

439,682

(3,849,794)

10,259,919 (12,249,577)

(13,991)-

-

USD


83,750,456

3,499,157 144,141

6,776

3,650,074

150,084 -

102,678 4,687

257,449

3,392,625 (1,282,051)

2,110,574

33,760

(4,369,504)

(2,225,170)

38,627,886 (37,875,743)

(3,243,953)-

79,033,476

EUREuro Reserve

43,463,578

896,028 38,880

-

934,908

191,853 -

50,925 -

242,778

692,130 294,392

986,522

(2,604)

132,429

1,116,347

60,347,139 (48,486,645)

(68,782)-

56,371,637

Reserve Sub-Funds

USD

US Dollar Reserve(liquidated as at 22

December 2008)

28,435,119

382,169 109,352

-

491,521

111,686 -

52,457 29,618

193,761

297,760 61,659

359,419

131,633

333,466

824,518

85,460,900 (113,760,907)

(959,630)-

-




EUR




INCOMEInvestment Income -Bank Interest 23,130 Other Income (note 15) -

Total Income 23,130



Net Investment Profit/(Loss) (83,144)Realised Profit/(Loss) on Sale of Investments (4,033,106)


Profit/(Loss) on Foreign Currency 11,165 Change in unrealisedappreciation/(depreciation) of Investments,futures, forward foreign exchange contractsand swaps 621,045


Proceeds on Issue of Shares 14,499,136 Payments on Redemption of Shares (25,061,838)Dividends Paid (note 11) -Currency Translation -


Other Sub-Funds


15,122,422

490,474 84,601

-

575,075

303,695 406,600

70,813 49,978

831,086

(256,011)2,603,864

2,347,853

55,130

442,532

2,845,515

38,963,766 (6,953,107)

--

49,978,596

USDNew World Income

219,477,266

14,268,714 694,828

-

14,963,542

1,990,974 8,640

797,591 4,456,265

7,253,470

7,710,072 (5,161,684)

2,548,388

549,423

(19,404,216)

(16,306,405)

142,134,563 (83,996,531)

(7,014,970)-

254,293,923

Notes to the Financial Statements

HSBC Global Investment Funds 49 42

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 (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 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 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 2008 to 31 March 2009, the Company has proceeded to:

1) The opening of the following sub-fund: • on 31 July 2008, Taiwan Equity

2) Change in name for the following sub-funds: • on 10 July 2008, Turkish Convergence changed its name to Turkey Equity • on 10 July 2008, Asia Freestyle changed its name to Asia ex Japan Freestyle • on 2 January 2009, Global Discount Certificates changed its name to Global Discount Structures • on 23 January 2009, Global Equity SRI changed its name to Global Sustainable Equity.

3) The liquidation of the following sub-funds: • on 26 September 2008, Euro Strategic Credit Bond • on 15 December 2008, Global High Yield Bond • on 22 December 2008, US Dollar Reserve

4) The merging of the following sub-funds: • on 19 December 2008, Sustainability Leaders class L1C merged into Euroland Equity class IC (exchange ratio 0.328054) • on 19 December 2008, Sustainability Leaders class M1C merged into Euroland Equity class AC (exchange ratio 0.329879) • on 19 December 2008, Sustainability Leaders class M1D merged into Euroland Equity class AD (exchange ratio 0.320424)

5) On 2 June 2008, change of the name of the Investment Advisers Former Investment Advisers Names New Investment Advisers Names HSBC Investments (USA) Inc. HSBC Global Asset Management (USA) Inc. HSBC Investments Deutschland GmbH HSBC Global Asset Management (Deutschland) GmbH HSBC Investments FCP (France) HSBC Global Asset Management FCP (France) HSBC Investments (Singapore) Limited HSBC Global Asset Management (Singapore) Limited HSBC Investments (Hong Kong) Limited HSBC Global Asset Management (Hong Kong) Limited (*) HSBC Investments (UK) Limited HSBC Global Asset Management (UK) Limited

(*) removed from the list of Investment Advisers since August 2008.

6) Change of Investment Adviser: • on 10 July 2008, the Investment Advisor for the Japanese Equity changed from Sinopia Asset Management to Sinopia Asset Management (Asia Pacific) Limited. • on 1 December 2008, the Investment Advisor for the Global Core Plus Bond changed from Halbis Capital Management (USA) Inc. to Halbis Capital Management (UK) Limited. • on 15 December 2008, the Investment Advisor for the US Dollar Core Plus Bond changed from Halbis Capital Management (USA) Inc. to Halbis Capital Management (UK) Limited. • on the 15 December 2008, the Investment Advisor for the Global Equity changed from Halbis Capital Management (UK) Limited to Sinopia Asset Management.

Notes to the Financial Statements (continued)


1. Basis of presentation

7) Impact of liquidity issues in the market during the year

The Company has been impacted by the financial crisis as in the same way as most investment funds i.e. as a result of a drop in prices. The fall in the Fund Assets under Management through 2008 is principally due to the fall in the global markets. The funds are mainly equity based and are heavily invested in emerging markets. Foreign Exchange fluctuations between the currency of the assets and the valuation currency also slightly lead to a decrease of the assets, but this too would be somewhat immaterial when compared to the fall in the value of global markets. Regarding liquidity within the funds over the period, there has been no instances where the fund has been unable to pay redemptions proceeds on the day of settlement.

The Management Company has performed an assessment of the liquidity issues and provided confirmation that the recent volatility and reduced liquidity on some asset classes that has been witnessed in the financial markets during the reporting period has not had a significant or unusual impact on the Company's financial accounts during the year. No additional disclosures or adjustments to these financial statements were required.

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 Class within each subfund are valued using prices available at different times during the day of 31 March 2009. 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 2009. However, these net asset values would not have been significantly different from those shown in these financial statements, except for the following subfunds, for which the following variations would have been observed:

Subfund CCY % difference (in NAV %) HSBC GIF EMERGING EUROPE EQUITY EUR -1.545% HSBC GIF EUROLAND EQUITY EUR 1.741% HSBC GIF EUROLAND EQUITY SMALLER COMPANIES EUR 1.101% HSBC GIF EUROLAND GROWTH EUR 1.934% HSBC GIF EUROPEAN EQUITY EUR 1.817% HSBC GIF EUROPEAN EQUITY HIGH DIVIDEND EUR 1.794% HSBC GIF GLOBAL EQUITY USD 1.168% HSBC GIF GLOBAL SUSTAINABLE EQUITY USD 1.231% HSBC GIF RUSSIA EQUITY USD -2.264% HSBC GIF TURKEY EQUITY EUR 1.502% HSBC GIF UK EQUITY GBP 1.975% HSBC GIF US INDEX USD 1.078%

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

The Fund uses the amortized cost method of valuation in valuing its portfolio of financial instruments (such as commercial papers, 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.



51 42

1. Basis of presentation (continued)

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 the 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 2009.

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.

3. Share capital The Company has issued either A, E, I, J, L, M, P, R, S, W, X, Y, YP, Z 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. Shares in existence before 2 October 2000 have been designated Class A Shares and are available to all investors. On 25 November 2002, all Shares in issue in Class A of the sub-funds European Equity, Hong Kong Equity, Japanese Equity, Singapore Equity, US Index, US Dollar Core Plus Bond and US Dollar Reserve were renamed Class P shares.



52 43

3. Share capital (continued) Description Minimum Initial

Investment Minimum Holding

Class A A Shares are available to all investors.

USD 5,000

Class E E Shares will be available in certain countries, subject to the relevant regulatory approval, through specific distributors selected by the Share Distributor. E Shares will incur annual management fees 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 jurisdictions, through specific distributors selected by the Distributor. R Shares will incur additional fees between 0.3% to 0.5% of the Net Asset Value of Class R Shares, which may be payable to specific distributors in certain countries.

USD 5,000

Class S1 S1 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

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 company.

USD 10,000,000 Unless 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



53 44

3. Share capital (continued) 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 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

The Board of Directors of the Company has authority to issue different Classes of Shares in the one or several sub-funds. Details of the characteristics of such Share Classes offered by one or several sub-funds will be determined by the Board of Directors. In case of the creation of 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 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 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, E, I, J, L, M, P, R, S1, W, X, Y, YP, Z 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).



54 45

4. Charges and Expenses (continued) In addition, the Company pays to the Management Company a fee to cover operating, administrative and servicing expenses. To preserve 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” below). 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 page 76.

The maximum rate for Class E, I, J, L and M Shares is 3.5%. The maximum rate for Class A, P, R, S1, X, Y, YP, Z 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. 3. Performance Fee Unless otherwise provided in the Prospectus, for sub-funds issuing Classes J Shares, L Shares, M Shares, R Shares, XP 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% (10% in the case of Global Equity Freestyle) 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 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 accruals from the beginning of the twelve months 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 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 accruals will be made until the Net Asset Value per Share exceeds the Low Tide Mark. At the end of the twelve months 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 December 2008.



55 46

4. Charges and Expenses (continued)

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 2008 but no performance fees paid during the year ended March 31, 2009 or payable as at March 31, 2009, the 31 March 2008 accrual reversal is included in the “other income” balance from the statement of operations.

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, the Administration Agent and the 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 page 75). Such fee is accrued daily and payable monthly in arrears.

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, E, I, J, L, M, P, R, S1, X, Y, YP, Z 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 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, 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 fees of the Administration Agent relating to the execution of the currency hedging policy for the hedged share classes, launched 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 wholly owns subsidiaries in Mauritius, namely HSBC Global Investment Funds Mauritius Limited (“HSBC Mauritius”) and HSCB GIF Mauritius No. 2 Limited (“HSBC Mauritius No. 2”), both located at 10, Frère Félix de Valois Street, Port Louis, Mauritius. HSBC Mauritius manages the Indian Equity sub-fund’s investments in India, and HSBC Mauritius No. 2 manages the Global Emerging Markets Equity sub-fund’s investments in India.



56 47

6. Indian Equity and Global Emerging Markets Equity (continued) HSBC Mauritius is a company incorporated in Mauritius on 3 October 1995. The accounts of the Indian Equity subfund and the HSBC Mauritius have been consolidated.

HSBC Mauritius No. 2 is company incorporated in Mauritius on 21 November 2007. The accounts of the Global Emerging Markets Equity sub-fund and HSBC Mauritius No. 2 have been consolidated. Both subsidiaries have appointed Multi Consult Limited, 10 Frère Félix de Valois Street, Port Louis, Mauritius (until 29 March 2009), Rogers House, 5, President John Kennedy Street, PO Box 60, Port Louis, Mauritius from March 30, 2009, to provide administrative services to the Subsidiary in Mauritius, including maintenance of its accounts, books and records.

Both subsidiaries have appointed KPMG Mauritius located at KPMG Centre, 30 St George Street, Port Louis, Mauritius, as auditors of the Subsidiary 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 it is a Mauritian tax resident, the Subsidiary will benefit from the tax advantages available to it under the India-Mauritius double taxation treaty, which became effective on 1 July 1983. The Subsidiary will file, through its 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 Subsidiary of stocks on the Indian stock exchanges will be exempt from tax on the basis that the Subsidiary is 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 Subsidiary does not have a permanent establishment or its effective management and control in India. 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 Indian Equity sub-fund 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.

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-funds and Classes J Share, L Share, S1 Share, W Share, X Share, Z Share and ZP Share 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 are the following: (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



57 48

7. Taxation of the Company (continued) 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.

The Company paid a tax of EUR 1,239.46 on its incorporation.

Mauritius

The Subsidiaries are registered with the Mauritius Offshore Business Activities Authority 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 Commissioner of Income Tax in 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.

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 of Equity equivalent securities, which have their registered office in a country which is a member of the EU or the European Economic Area. Euroland Equity; Euroland Equity Smaller Companies; European Equity; European Equity High Dividend; UK Equity.



58 49

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 2009, 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 2009 still appear because they were open at the time of the preparation and publication of the net asset value of 31 March 2009.

Sub-funds Contract

Date In exchange

for Settlement Contract to

deliver Unrealised Gain/(loss)

by Sub-Fund

Asia ex Japan Equity 27/03/2009 EUR 179,000 30/06/2009 USD 242,706 30/03/2009 EUR 111,000 30/06/2009 USD 146,570 26/03/2009 EUR 4,924,000 30/06/2009 USD 6,678,914 USD (167,289)

Global Emerging Markets Equity

25/03/2009 USD 390,551 01/04/2009 ZAR 3,722,762

26/03/2009 USD 86,114 02/04/2009 ZAR 806,251 USD 6,747

Global Emerging Markets Equity Freestyle

25/03/2009 USD 205,166 01/04/2009 ZAR 1,955,661 USD 2,242

US Equity

27/02/2009 USD 780,128 16/04/2009 EUR 615,000

11/03/2009 EUR 225,400 16/04/2009 USD 288,005

12/03/2009 EUR 276,500 16/04/2009 USD 353,713

13/03/2009 EUR 409,000 16/04/2009 USD 527,365

16/03/2009 EUR 2,409,000 16/04/2009 USD 3,133,507

19/03/2009 EUR 818,000 16/04/2009 USD 1,121,355

23/03/2009 EUR 378,000 16/04/2009 USD 512,719

23/02/2009 EUR 307,000 16/04/2009 USD 390,811

25/02/2009 EUR 11,364,000 16/04/2009 USD 14,553,253

26/02/2009 EUR 509,000 16/04/2009 USD 649,993

30/03/2009 USD 1,608,030 16/04/2009 EUR 1,222,000

02/03/2009 USD 769,127 16/04/2009 EUR 611,000

04/03/2009 USD 386,617 16/04/2009 EUR 308,000

24/03/2009 USD 3,115,120 16/04/2009 EUR 2,300,000

10/03/2009 EUR 206,000 16/04/2009 USD 263,107

25/03/2009 EUR 2,000,000 16/04/2009 USD 2,709,720 USD 478,302



59 50

9. Forward foreign exchange contracts (continued)

Sub-funds Contract Date In exchange for Settlement

Contract to deliver

Unrealised Gain/(loss) by Sub-Fund

Asia Freestyle

27/03/2009 EUR 7,000 30/06/2009 USD 9,491

26/03/2009 EUR 289,000 30/06/2009 USD 392,000

30/03/2009 EUR 6,000 30/06/2009 USD 7,923 USD (9,707)

Global Core Plus Bond

16/03/2009 EUR 275,000 06/04/2009 USD 358,163

03/03/2009 GBP 382,000 06/04/2009 USD 537,132

24/03/2009 JPY 229,000,000 06/04/2009 USD 2,336,375

18/03/2009 JPY 8,356,000 06/04/2009 USD 84,776

16/03/2009 JPY 29,250,000 06/04/2009 USD 297,992

19/03/2009 JPY 254,000,000 06/04/2009 USD 2,653,019

03/03/2009 MXN 2,740,000 06/04/2009 USD 177,186

19/03/2009 USD 131,957 06/04/2009 CAD 164,000

03/03/2009 USD 307,043 06/04/2009 CAD 397,000

18/03/2009 USD 1,482,394 06/04/2009 EUR 1,130,000

03/03/2009 USD 1,020,016 06/04/2009 EUR 808,000

18/03/2009 USD 301,925 06/04/2009 GBP 216,000

02/03/2009 USD 3,932,145 06/04/2009 JPY 383,000,000

18/03/2009 USD 1,007,247 06/04/2009 JPY 98,679,000

18/03/2009 AUD 590,000 18/05/2009 USD 388,840

12/03/2009 DKK 1,903,000 18/05/2009 USD 326,074

12/03/2009 PLN 670,000 18/05/2009 USD 184,375

12/03/2009 SEK 3,415,000 18/05/2009 USD 387,584

18/03/2009 KRW 930,000,000 22/05/2009 USD 655,853

18/03/2009 TWD 11,214,000 22/05/2009 USD 329,242 USD (6,768)

Global Emerging Markets Bond

26/03/2009 AUD 1,427,042 30/04/2009 USD 1,000,000

14/08/2008 USD 3,857,458 27/07/2009 KWD 1,050,000

21/07/2008 KWD 1,050,000 27/07/2009 USD 4,000,000 USD (164,746) Global Emerging Markets Local Debt

27/02/2009 USD 550,000 02/04/2009 BRL 1,324,125

26/02/2009 BRL 6,961,500 02/04/2009 USD 2,928,692

26/02/2009 USD 1,000,000 02/04/2009 BRL 2,390,000

26/02/2009 PLN 1,840,690 02/04/2009 USD 500,000

26/02/2009 ZAR 10,000,000 02/04/2009 USD 9,988,004

19/03/2009 USD 600,000 03/04/2009 TRY 1,029,480

02/03/2009 USD 650,000 03/04/2009 TRY 1,132,625

19/03/2009 USD 500,000 06/04/2009 PLN 1,674,218

20/03/2009 USD 500,000 07/04/2009 MXN 7,102,000

18/03/2009 AUD 1,789,442 16/04/2009 USD 1,200,000

12/03/2009 AUD 2,300,966 16/04/2009 USD 1,500,000

12/03/2009 CLP 597,000,000 16/04/2009 USD 1,000,000

19/03/2009 CLP 290,250,000 23/04/2009 USD 500,000

24/03/2009 USD 1,000,000 27/04/2009 MYR 3,645,000

24/03/2009 USD 500,000 27/04/2009 SGD 757,400



60 51

9. Forward foreign exchange contracts (continued) Sub-funds Contract

Date In

exchange for

Settlement Contract to deliver

Unrealised Gain/(loss)

by Sub-Fund Global Emerging Markets Local Debt (continued) 26/03/2009 CLP 858,500,000 30/04/2009 USD 1,500,000

16/07/2008 RON 3,773,000 20/07/2009 EUR 1,000,000

22/10/2008 EUR 897,265 20/07/2009 RON 3,773,000

21/07/2008 KWD 472,500 27/07/2009 USD 1,800,000

14/08/2008 USD 1,735,856 27/07/2009 KWD 472,500

24/10/2008 USD 2,036,577 06/08/2009 ZAR 25,000,000

04/08/2008 ZAR 39,585,000 06/08/2009 USD 5,000,000

28/08/2008 RON 1,929,760 02/09/2009 EUR 515,703

22/10/2008 EUR 454,596 02/09/2009 RON 1,929,760

13/03/2009 USD 500,000 17/09/2009 ARS 2,090,000 USD (1,591,659)

Halbis Global Macro

10/03/2009 CHF 1,594,800 07/04/2009 GBP 1,000,000

12/02/2009 GBP 600,000 07/04/2009 CHF 990,000

05/02/2009 GBP 400,000 07/04/2009 CHF 682,760

05/01/2009 GBP 746,720 07/04/2009 EUR 800,000

13/01/2009 JPY 94,464,000 07/04/2009 EUR 800,000

23/02/2009 EUR 800,000 07/04/2009 JPY 97,060,400

05/01/2009 NOK 7,608,800 07/04/2009 EUR 800,000

17/03/2009 EUR 1,560,000 19/06/2009 CHF 2,390,388

11/03/2009 EUR 1,000,000 19/06/2009 GBP 921,150

17/03/2009 GBP 1,829,900 19/06/2009 EUR 1,977,095

19/03/2009 EUR 905,000 19/06/2009 JPY 116,360,828

11/03/2009 JPY 124,545,000 19/06/2009 EUR 1,000,000

17/03/2009 JPY 104,385,000 19/06/2009 EUR 818,000

17/03/2009 NOK 19,277,300 19/06/2009 EUR 2,185,635

17/03/2009 EUR 2,585,800 19/06/2009 USD 3,348,352

26/03/2009 USD 1,327,214 19/06/2009 EUR 980,000

26/02/2009 USD 1,000,000 27/05/2009 BRL 2,408,000

25/02/2009 USD 1,000,000 27/05/2009 BRL 2,455,000

12/01/2009 USD 2,000,000 07/04/2009 CNY 13,810,000

26/03/2009 USD 1,260,000 17/06/2009 BRL 2,869,020

20/03/2009 USD 431,000 17/06/2009 BRL 991,731

19/03/2009 USD 830,000 17/06/2009 BRL 1,899,040 EUR (47,937)

New World Income

12/03/2009 AUD 7,669,888 16/04/2009 USD 5,000,000

18/03/2009 AUD 5,666,567 16/04/2009 USD 3,800,000

26/03/2009 AUD 4,709,240 30/04/2009 USD 3,300,000

21/07/2008 KWD 1,575,000 27/07/2009 USD 6,000,000

14/08/2008 USD 5,786,187 27/07/2009 KWD 1,575,000

13/03/2009 USD 4,500,000 17/09/2009 ARS 18,810,000 USD 237,875



61 52

10. Futures

As at 31 March 2009, 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 Brazil Equity

BRAZIL BOVESPA STOCK IDX 500 BRL 20,427,500 15/04/2009 0

USD 0

BRIC Markets Equity

HSCEI-HKD CHINA ENT 433 HKD 173,936,100 29/04/2009 (684,676)

USD (684,676) Climate Change

NIKKEI 225 INDICES 7 JPY 56,840,000 11/06/2009 81,373

S&P 500 EMINI INDEX 18 USD 712,800 19/06/2009 39,285

USD 120,658

Emerging Wealth


S&P 500 EMINI INDEX 1 USD 39,600 19/06/2009 2,182

USD 48,681

Euroland Equity

DOW JONES EURO STOXX 50/PR. IND 1,200 EUR 23,520,000 19/06/2009 (41,380)

EUR (41,380)

Euroland Growth

DOW JONES EURO STOXX 50/PR.IND 450 EUR 8,820,000 19/06/2009 (18,000)

EUR (18,000)

European Equity High Dividend DOW JONES EURO STOXX 50/PR.IND 18 EUR 352,800 19/06/2009 (710)

EUR (710) Global Equity

AEX 11 EUR 470,470 17/04/2009 (14,996)

CAC 40 29 EUR 797,500 17/04/2009 (1,436)

DAX-INDEX 1 EUR 100,988 19/06/2009 (1,886)

FTASE ASE 20 INDEX 80 EUR 321,000 19/06/2009 (23,427)

FTSE 100 INDEX 41 GBP 1,558,205 19/06/2009 (36)

IBEX-35 INDICES BOLSA ESPANOL. 8 EUR 613,280 17/04/2009 5,533

MINI S&P MIB 7 EUR 105,420 19/06/2009 (12,461)


SMI INDEX/OHNE DIVIDENDENKORR. 15 CHF 717,150 19/06/2009 5,754

S&P / ASX 200 INDEX 8 AUD 713,200 18/06/2009 20,343

S&P 500 EMINI INDEX 115 USD 4,554,000 19/06/2009 250,988

S&P 500 INDICES 9 USD 1,781,325 18/06/2009 (58,577)

S&P CANADA 60 INDEX 8 CAD 828,640 18/06/2009 15,333

USD 254,880



62 53

10. Futures (continued)

Sub-funds Number of

contracts Currency Commitments Maturity date Unrealised gain/(loss)

in sub-fund currency Indian Equity DLF LIMITED 1,248 INR 333,665,280 30/04/2009 0

EDUCOMP SOLUTIONS LTD 500 INR 150,502,500 30/04/2009 0

MAHINDRA & MAHINDRA 175 INR 83,417,880 30/04/2009 0

MARUTI SUZUKI INDIA LTD 959 INR 586,908,000 30/04/2009 0

TATA STEEL LTD 112 INR 36,186,707 30/04/2009 0

UNITECH LTD 574 INR 179,001,900 30/04/2009 0

USD 0

Japanese Equity

TOPIX INDEX (TOKYO) 73 JPY 567,210,000 11/06/2009 7,540,000

JPY 7,540,000

US Equity

S&P 500 INDICES 80 USD 15,686,000 18/06/2009 (47,450)

USD (47,450)

US Index

S&P 500 EMINI INDEX 2 USD 78,425 19/06/2009 (3,525)

S&P 500 INDICES 16 USD 3,137,200 18/06/2009 (140,800)

USD (144,325)Brazil Bond IDI INTERBANK DEP RATE INDEX (50) BRL (516,000) 30/12/2010 0

USD 0

Euro Core Bond

EURO BOBL 15 EUR 1,747,050 08/06/2009 1,200

EURO BUND 24 EUR 2,980,560 08/06/2009 16,560

EURO SCHATZ 52 EUR 5,629,780 08/06/2009 705

EUR 18,465

Euro Core Credit Bond

EURO BOBL 15 EUR 1,747,050 08/06/2009 14,625

EURO BUND 99 EUR 12,294,810 08/06/2009 75,870

EURO SCHATZ 318 EUR 34,428,270 08/06/2009 (22,700)

EUR 67,795

European Government Bond

EURO BUND 32 EUR 3,819,680 08/06/2009 4,605

EURO SCHATZ 1 EUR 108,265 08/06/2009 (30)

EURO-BUXL-FUTURES 2 EUR 196,480 08/06/2009 (580)

EUR 3,995

Halbis Global Macro 10Y TREASURY NOTES USA 1 USD 123,563 19/06/2009 1,428

EURO BUND 55 EUR 6,830,450 08/06/2009 53,650

EURO-BUXL-FUTURES 25 EUR 2,456,000 08/06/2009 85,700

FTSE 100 INDEX 23 GBP 874,115 19/06/2009 (248)

JP 10Y MINI GV BDS 80 JPY 1,104,080,000 10/06/2009 43,097

LONG GILT STERLING FUTURES 17 GBP 2,086,240 26/06/2009 37,600

S&P 500 INDICES 10 USD 1,979,250 18/06/2009 (70,266)

EUR 150,961



63 54

11. Swaps

Euro Core Bond

As at 31 March 2009, the Company entered into the following CDS swaps:

Unrealised

Eligible securities Currency Maturity Net notional gain (loss)

date amount in EUR

KPN EUR 20/06/2014 1,000,000 10,123

TELEFONICA EMISIONES EUR 20/06/2014 1,000,000 (15,876)

PPR S.A. EUR 20/06/2009 2,000,000 (21,169)

BANCO BILBAO VIZCAYA ARGE. EUR 20/09/2013 1,000,000 49,774

COMZBANK EUR 20/09/2013 1,000,000 (86,350)

DIAGEO PLC EUR 20/03/2014 1,000,000 485

PPR S.A. EUR 20/09/2013 1,000,000 (94,955)

SWISSCOM AG ITTIGE EUR 20/03/2014 1,000,000 23,930

ENEL SOCIETA PER AZ EUR 20/03/2014 1,000,000 (11,397)

(145,435)



Unrealised


date amount in EUR

ARCELOR FINANCE EUR 20/03/2013 2,000,000 (481,026)

ITALY (REPUBLIC OF) EUR 20/12/2013 2,000,000 (2,544)

KPN EUR 20/06/2014 2,000,000 20,246

TELEFONICA EMISIONES EUR 20/06/2014 2,000,000 (31,751)

UBS EUR 20/09/2012 1,000,000 (65,933)

E.ON BAYERN AG EUR 20/12/2012 2,000,000 (27,997)

UNICREDITO ITALIANO SPA EUR 20/03/2013 1,000,000 (94,365)

PPR S.A. EUR 20/06/2009 2,000,000 (21,169)


FRANCE TELECOM S.A. EUR 20/06/2013 2,000,000 32,757

BANCO BILBAO VIZCAYA ARGE. EUR 20/09/2013 2,000,000 99,548

COMZBANK EUR 20/09/2013 2,000,000 (172,701)

ITRAXX EUR SR FIN S9 5YR EUR 20/06/2013 3,000,000 (7,583)

DIAGEO PLC EUR 20/03/2014 1,000,000 485

PPR S.A. EUR 20/09/2013 1,000,000 (94,954)

WPP GROUP PLC EUR 20/03/2014 1,000,000 (67,217)

SWISSCOM AG ITTIGE EUR 20/03/2014 2,000,000 47,861

ENEL SOCIETA PER AZ EUR 20/03/2014 2,000,000 (22,795)

BNP PARIBAS EUR 20/09/2012 1,000,000 (24,862)

PPR S.A. EUR 20/06/2013 1,000,000 (98,824)

(1,110,295)



64 55

11. Swaps (continued)

Euro High Yield Bond


Unrealised


date amount in EUR

INVENSYS PLC EUR 20/09/2012 1,000,000 (38,244)


ITRX SF EUR 20/12/2012 2,000,000 (169,885)

ITRAXX EUR SNR FIN S8 10Y EUR 20/12/2017 2,000,000 (167,461)

ALCATEL EUR 20/03/2010 1,000,000 (89,109)

PPR S.A. EUR 20/06/2013 1,000,000 (104,897)

ALSTOM EUR 20/12/2013 1,000,000 25,422

CR AGR EUR 20/06/2013 1,000,000 (2,868)

HOLCIM FINANCE LUXE EUR 20/03/2014 1,000,000 8,707

ARCELORMITTAL S.A. EUR 20/03/2014 1,000,000 (162,177)

SMURFITT KAPPA FUNDING EUR 20/09/2012 1,000,000 (160,143)

LAFARGE EUR 20/03/2014 1,000,000 23,795

(931,225)



Unrealised


date amount in USD

BRAZIL USD 20/04/2014 2500000 (1,181)

(1,181)

As at 31 March 2009, the Company entered into the following interest rate swaps:

Unrealised

Counterparty Currency Maturity Net notional gain (loss)

date amount in USD

BARCLAYS MXN 13/02/2012 56,000,000 62,500

BARCLAYS MXN 15/03/2012 39,000,000 27,531

90,031

Global Emerging Markets Local Debt


Unrealised


date amount in USD

BARCLAYS BRL 04/03/2011 5,189,869 208,499

BARCLAYS MXN 13/02/2012 14,000,000 15,625

BARCLAYS MXN 15/03/2012 20,000,000 14,118

238,242



65 56

11. Swaps (continued)

Halbis Global Macro


Unrealised


date amount in EUR

ITRX EUROPE S11 5Y EUR 20/06/2014 9,000,000 75,426

75,426

New World Income


Unrealised


date amount in USD

MEXICAN UNITED STATES USD 20/02/2014 10,000,000 (141,880) CDX EMERG MARK CDSI S10 USD 20/12/2013 10,000,000 (1,414,868) MEXICAN UNITED STATES USD 20/03/2014 5,000,000 (115,915) BRAZIL USD 20/03/2014 10,000,000 (315,466) REPUBLIC OF INDONESIA USD 20/03/2014 5,000,000 (256,735) CDX EMERG MARK CDSI S11 USD 20/06/2014 15,000,000 (659,111) CDX EMERG MARK CDSI S11 USD 20/06/2014 15,000,000 (659,111) MEXICAN UNITED STATES USD 20/03/2014 10,000,000 (387,755) BRAZIL USD 20/03/2014 10,000,000 (315,466) BRAZIL USD 20/04/2014 6,000,000 (2,835) CDX EMERG MARK CDSI S11 USD 20/06/2014 15,000,000 (659,111) MEXICAN UNITED STATES USD 20/03/2014 10,000,000 (265,450) MEXICAN UNITED STATES USD 20/02/2014 10,000,000 (79,371) MEXICAN UNITED STATES USD 20/03/2014 10,000,000 (391,962) CDX EMERG MARK CDSI S11 USD 20/06/2014 10,000,000 (439,407)

(6,104,443)


Unrealised


date amount in USD

Barclays MXN 13/02/2012 168,000,000 187,254

Barclays MXN 15/03/2012 42,000,000 29,610

216,864

As at 31 March 2009, the Company entered into the following funded swaps:

Unrealised


date amount in USD

Standard Bank London USD 13/06/2011 2,469,498 153,451

Standard Bank London USD 13/06/2011 2,545,500 160,131

Standard Bank London USD 13/06/2011 654,450 41,422

Standard Bank London USD 13/06/2011 2,873,000 168,708 523,712



66 57

12. Options As at 31 March 2009, the Company had entered into the following options contracts:

Quantity Strike Currency Maturity Date Commitment Unrealised gain / (loss)

Halbis Global Macro

CALL S&P 500 INDICES (40) 815.00 USD 18/4/2009 (32,600) 18,521 EUR

(32,600) 18,521 EUR


CALL USD/JPY SPOT CROSS (2,000,000) 100.00 USD 27/5/2009 (200,000,000) (32,542) USD

CALL EUR/USD SPOT (1,785,714) 1.40 EUR 22/6/2009 (2,500,000) (12,462) USD

(202,500,000) (45,004) USD

New World Income

CALL USD/JPY SPOT CROSS (8,000,000) 100.00 USD 27/5/2009 (800,000,000) (49,849) USD

CALL EUR/USD SPOT (5,357,143) 1.40 EUR 22/6/2009 (7,500,000) (97,625) USD

CALL ISHARES/MSCI EMERGING MARKETS

(1,446) 25.00 USD 20/6/2009 (36,150) (70,134) USD

(807,536,150) (217,608) USD

13. Dividends The following dividends were declared out of the profits for the year ended 31 March 2009 for the classes of shares below. In total, these payments should exceed 85% of distributable income requirements and the Company has applied for certification under the Distributor Status requirements of the UK Revenue and Customs for certain share classes. This Status is always granted retrospectively. The Company has been granted this Status every time the Company intended to obtain this status. The Company intends to obtain certification from the Inland Revenue to be a “distributing fund” for certain share classes, for the period ending 31 March 2009.

Sub-Fund Share class Currency Dividend

per share Ex-date Payment

date Number of

shares Total amount

paid

Asia ex Japan Equity

AD USD 0.148474 15/07/2008 31/07/2008 4,259,815 632,472 ADH USD 0.068794 15/07/2008 31/07/2008 82,527 5,677 ID USD 0.597631 15/07/2008 31/07/2008 57,262 34,222 ZD USD 0.978831 15/07/2008 31/07/2008 405,630 397,043

Asia ex Japan Equity Smaller Companies

AD USD 0.040497 15/07/2008 31/07/2008 1,529,711 61,949



67 58

13. Dividends (continued)


per share Ex-date Payment

date Number of

shares Total amount

paid

Asia Pacific ex Japan Equity High Dividend

AD USD 0.012702 15/07/2008 31/07/2008 6,059,135 76,963 ZD USD 0.182764 15/07/2008 31/07/2008 395,803 72,339 AD USD 0.361958 6/02/2009 13/02/2009 5,317,397 1,924,674 ZD USD 0.546193 6/02/2009 13/02/2009 411,006 224,488

Emerging Europe Equity

ID EUR 0.018200 15/07/2008 31/07/2008 80,000 1,456 ZD EUR 0.047502 15/07/2008 31/07/2008 67,485 3,206

Euroland Equity

AD EUR 0.222871 15/07/2008 31/07/2008 12,586,949 2,805,266 ED EUR 0.051160 15/07/2008 31/07/2008 12,121 620 ZD EUR 0.265004 15/07/2008 31/07/2008 196,548 52,086

Euroland Equity Smaller Companies

AD EUR 0.234125 15/07/2008 31/07/2008 61,060 14,296 Euroland Growth

M1D EUR 0.140055 15/07/2008 31/07/2008 183,274 25,668 European Equity

AD EUR 0.345342 15/07/2008 31/07/2008 33,647 11,620 ED EUR 0.153499 15/07/2008 31/07/2008 106,301 16,317 PD EUR 0.537255 15/07/2008 31/07/2008 4,386,094 2,356,451 WD EUR 0.655157 15/07/2008 31/07/2008 854,523 559,847 ZD EUR 0.993029 15/07/2008 31/07/2008 293,701 291,654

European Equity High Dividend AD EUR 0.218431 15/07/2008 31/07/2008 153,920 33,621

Global Emerging Markets Equity AD USD 0.022287 15/07/2008 31/07/2008 13,130,592 292,642 ZD USD 0.358748 15/07/2008 31/07/2008 398,449 142,943

Global Equity

ZD USD 0.476847 15/07/2008 31/07/2008 3,380,267 1,611,870

Sustainability Leaders

M1D EUR 0.183676 15/07/2008 31/07/2008 423,785 77,839 M1D EUR 0.113685 17/12/2008 18/12/2008 348,919 39,667



68 59



per share Ex-date Payment date Number of

shares Total amount

paid

Brazil Equity

ID USD 0.046931 15/07/2008 31/07/2008 53,836 2,527 Chinese Equity

ID USD 0.682241 15/07/2008 31/07/2008 103,885 70,875 ZD USD 1.399158 15/07/2008 31/07/2008 2,135,373 2,987,725

Hong Kong Equity

AD USD 0.509743 15/07/2008 31/07/2008 92,414 47,107 PD USD 1.096875 15/07/2008 31/07/2008 2,951,693 3,237,638 ZD USD 2.526523 15/07/2008 31/07/2008 447,196 1,129,850

Indian Equity

AD USD 0.482289 15/07/2008 31/07/2008 24,161,886 11,653,012 ID USD 2.180301 15/07/2008 31/07/2008 176,143 384,046 ZD USD 3.620326 15/07/2008 31/07/2008 266,693 965,514

Japanese Equity

PD JPY 2.195992 15/07/2008 31/07/2008 4,908,803 10,779,692 WD JPY 192.206500 15/07/2008 31/07/2008 63,598 12,223,936 ZD JPY 17.478737 15/07/2008 31/07/2008 196,023 3,426,237

Korean Equity

ZD USD 0.281819 15/07/2008 31/07/2008 958,005 269,984

Singapore Equity

AD USD 0.659224 15/07/2008 31/07/2008 1,072,011 706,695 PD USD 0.886641 15/07/2008 31/07/2008 960,438 851,564 ZD USD 1.468846 15/07/2008 31/07/2008 79,255 116,414

Thai Equity

AD USD 0.106134 15/07/2008 31/07/2008 13,393,843 1,421,542 ZD USD 0.297413 15/07/2008 31/07/2008 458,544 136,377

UK Equity

AD GBP 0.368533 15/07/2008 31/07/2008 2,149,891 792,306

US Equity

PD USD 0.087965 15/07/2008 31/07/2008 760,831 66,926 WD USD 2.590861 15/07/2008 31/07/2008 178,042 461,283 ZD USD 0.381141 15/07/2008 31/07/2008 329,956 125,760

US Index

AD USD 0.131161 15/07/2008 31/07/2008 65,564 8,599 PD USD 0.174007 15/07/2008 31/07/2008 3,000,050 522,030



69 60




shares Total amount

paid

Asia Freestyle

AD USD 0.023296 15/07/2008 31/07/2008 7,914,210 184,369 ADH USD 0.020171 15/07/2008 31/07/2008 23,054 465 ID USD 0.218869 15/07/2008 31/07/2008 80,000 17,510

Brazil Bond

AD USD 1.741304 15/07/2008 31/07/2008 196,979 343,001

Euro Core Bond

AD EUR 0.528745 15/07/2008 31/07/2008 22,895 12,106


AD EUR 0.538402 15/07/2008 31/07/2008 24,532 13,208 ZD EUR 0.783321 15/07/2008 31/07/2008 64,670 50,657

Euro High Yield Bond

AD EUR 1.026957 15/07/2008 31/07/2008 18,264 18,756 ED EUR 0.911242 15/07/2008 31/07/2008 973 886

Euro Strategic Credit Bond

AD EUR 0.385285 15/07/2008 31/07/2008 4,604,789 1,774,156 AD EUR 0.302259 24/09/2008 25/09/2008 48,817 14,755

European Government Bond

AD EUR 0.461567 15/07/2008 31/07/2008 602,375 278,036 ID EUR 0.569456 15/07/2008 31/07/2008 15,615 8,892

Global Core Plus Bond

AD USD 0.477204 15/07/2008 31/07/2008 3,051,687 1,456,277 PD USD 0.391734 15/07/2008 31/07/2008 983,940 385,443 WD USD 8.408585 15/07/2008 31/07/2008 25,557 214,901 ZD USD 0.608798 15/07/2008 31/07/2008 2,948,092 1,794,793


AD USD 0.958572 15/07/2008 31/07/2008 7,485,863 7,175,738 ED USD 0.878697 15/07/2008 31/07/2008 7,348 6,457 ZD USD 0.569524 15/07/2008 31/07/2008 2,170,985 1,236,428


AD USD 0.245473 15/07/2008 31/07/2008 2,024 497 ID USD 0.262222 15/07/2008 31/07/2008 400,000 104,889 ZD USD 0.423809 15/07/2008 31/07/2008 4,399,532 1,864,561

Global High Yield Bond

AD USD 0.730862 15/07/2008 31/07/2008 14,644 10,703 AD USD 0.433085 11/12/2008 12/12/2008 7,591 3,288



70 61




shares Total amount

paid

US Dollar Core Plus Bond

AD USD 0.454055 15/07/2008 31/07/2008 224,803 102,073 PD USD 0.481917 15/07/2008 31/07/2008 2,236,974 1,078,036 WD USD 0.561116 15/07/2008 31/07/2008 2,489,819 1,397,077 ZD USD 0.572376 15/07/2008 31/07/2008 1,164,911 666,767

Euro Reserve

AD EUR 0.553057 15/07/2008 31/07/2008 124,368 68,782 US Dollar Reserve

AD USD 0.223013 15/07/2008 31/07/2008 455,107 101,495 PD USD 0.255465 15/07/2008 31/07/2008 1,935,349 494,414 AD USD 0.056414 18/12/2008 19/12/2008 250,452 14,129 PD USD 0.074580 18/12/2008 19/12/2008 4,687,471 349,592

New World Income

L1D USD 0.160598 15/07/2008 31/07/2008 3,856,800 619,394 M1D USD 0.318218 15/07/2008 31/07/2008 18,250,155 5,807,528 ZD USD 0.275462 15/07/2008 31/07/2008 2,134,771 588,048

Turkey Equity (formerly Turkish Convergence)

AD EUR 1.181454 15/07/2008 31/07/2008 314,511 371,580

14. Information concerning the Swiss Investors. Publication of TER (Total Expenses Ratio) and Portfolio Turnover Ratio (PTR)

Please refer to table page 77-84.

15. Equalisation received/(paid) Equalisation is calculated for Bond and Reserve sub-funds only. Equalisation received reflects the amounts received by the sub-fund in respect of undistributed income on the shares issued during the accounting year. Equalisation paid reflects the amounts paid by the sub-fund in respect of undistributed income on shares purchased during the year. Name

Currency Total amountReceived/(paid)

Brazil Bond USD 798,103Euro Core Bond EUR (650,113)Euro Core Credit Bond EUR 2,248,205Euro High Yield Bond EUR 1,430,963European Government Bond EUR (379,962)Global Core Plus Bond USD (678,711)Global Emerging Markets Bond USD (6,304,005)Global Emerging Markets Local Debt USD (848,821)US Dollar Core Plus Bond USD 121,874Euro Reserve EUR 30,815



71 62

16. Securities lending

The Company has entered into stock lending agreements for a number of equity and fixed income sub-funds. As at 31 March 2009, the value of securities lent is as follows:

In return for making securities available for loan throughout the year, the sub-funds participating in the programs received fees which are reflected in the financial statements as “other income” for USD 14,199,577. As at 31 March 2009, the Fund Custodian confirmed that only government bonds (issued from the "G20" member States) were used as collateral for the securities lent.

17. Transactions with connected persons and soft commissions

HGIF transactions with connected persons All the figures are expressed in USD Brokerage commission paid per sub-fund ASIA EX JAPAN EQUITY Total Aggregate value of transactions for the period 35,220,807 598,820 Percentage of such transactions in value for the period 3.00% Average rate of commission 4.00% ASIA EX JAPAN EQUITY SMALLER COMPANIES Total Aggregate value of transactions for the period 3,884,878 53,337 Percentage of such transactions in value for the period 6.00% Average rate of commission 5.00% ASIA PACIFIC EX JAPAN EQUITY HIGH DIVIDEND Total Aggregate value of transactions for the period 5,298,659 97,198 Percentage of such transactions in value for the period 4.00% Average rate of commission 5.00% BRIC MARKETS EQUITY Total Aggregate value of transactions for the period 382,546,316 98,071 Percentage of such transactions in value for the period 62.20% Average rate of commission 22.10%

Asia ex Japan Equity 14,071,448 USD Asia Pacific ex Japan Equity High Dividend 3,195,691 USD BRIC Markets 885,585 USD BRIC Markets Equity 37,293,659 USD Climate Change 4,697,187 USD Emerging Europe Equity 391,202 EUR Emerging Wealth 3,186,634 USD Euroland Equity 342,133,392 EUR Euroland Equity Smaller Companies 14,429,527 EUR Euroland Growth 55,463,101 EUR European Equity 48,038,896 EUR European Equity High Dividend 1,304,573 EUR Global Emerging Markets Elite 20,571 USD Global Emerging Markets Equity 32,774,852 USD Global Equity 10,234,475 USD Chinese Equity 690,876,990 USD Hong Kong Equity 87,453,990 USD Indian Equity 222,510 USD Japanese Equity 1,633,638,283 JPY Korean Equity 2,196,307 USD Russia Equity 6,268,075 USD Singapore Equity 6,054,033 USD UK Equity 7,835,436 GBP Asia ex Japan Freestyle 3,647,723 USD BRIC Freestyle 102,484,667 USD Global Emerging Markets Equity Freestyle 58,234,914 USD



72 63

17. Transactions with connected persons and soft commissions (continued)

Brokerage commission paid per sub-fund CLIMATE CHANGE Total Aggregate value of transactions for the period 45,947,103 77,492 Percentage of such transactions in value for the period 18.00% Average rate of commission 1.30% EMERGING WEALTH Total Aggregate value of transactions for the period 30,452,462 38,530 Percentage of such transactions in value for the period 25.20% Average rate of commission 2.80% EUROPEAN EQUITY Total Aggregate value of transactions for the period 39,140,865 62,097 Percentage of such transactions in value for the period 8.59% Average rate of commission 0.16% GLOBAL EMERGING MARKETS ELITE Total Aggregate value of transactions for the period 3,144,816 11,546 Percentage of such transactions in value for the period 10.95% Average rate of commission 0.37% GLOBAL EMERGING MARKETS EQUITY Total Aggregate value of transactions for the period 67,997,221 244,474 Percentage of such transactions in value for the period 10.66% Average rate of commission 0.36% GLOBAL EQUITY Total Aggregate value of transactions for the period 78,857,576 45,611 Percentage of such transactions in value for the period 22.80% Average rate of commission 9.90% CHINESE EQUITY Total Aggregate value of transactions for the period 206,032,532 3,157,952 Percentage of such transactions in value for the period 3.00% Average rate of commission 4.00% HONG KONG EQUITY Total Aggregate value of transactions for the period 22,322,158 341,243 Percentage of such transactions in value for the period 4.00% Average rate of commission 4.00% INDIAN EQUITY Total Aggregate value of transactions for the period 344,342,504 4,554,565 Percentage of such transactions in value for the period 13.00% Average rate of commission 12.00% JAPANESE EQUITY Total Aggregate value of transactions for the period 202,742,316 114,793 Percentage of such transactions in value for the period 25.50% Average rate of commission 17.20% KOREAN EQUITY Total Aggregate value of transactions for the period 6,041,294 117,054 Percentage of such transactions in value for the period 1.00% Average rate of commission 2.00%

RUSSIA EQUITY 1,706,495 2,674 Total Aggregate value of transactions for the period 1.16% Percentage of such transactions in value for the period 0.16% Average rate of commission TAIWAN EQUITY Total Aggregate value of transactions for the period 1,080,459 129,098 Percentage of such transactions in value for the period 8.00% Average rate of commission 16.00% TURKEY EQUITY Total Aggregate value of transactions for the period 295,715,731 359,294 Percentage of such transactions in value for the period 0.83% Average rate of commission 0.12%



73 64


Brokerage commission paid per sub-fund UK EQUITY Total Aggregate value of transactions for the period 32,609,973 52,176 Percentage of such transactions in value for the period 17.89% Average rate of commission 0.16% US EQUITY Total Aggregate value of transactions for the period 249,301,037 66,168 Percentage of such transactions in value for the period 47.30% Average rate of commission 5.90% ASIA EX JAPAN FREESTYLE Total Aggregate value of transactions for the period 9,691,950 163,099 Percentage of such transactions in value for the period 3.00% Average rate of commission 3.00% BRIC FREESTYLE Total Aggregate value of transactions for the period 89,168,540 150,293 Percentage of such transactions in value for the period 2.98% Average rate of commission 0.17% GLOBAL EMERGING MARKETS EQUITY FREESTYLE Total Aggregate value of transactions for the period 133,174,913 484,098 Percentage of such transactions in value for the period 10.93% Average rate of commission 0.36% LATIN AMERICAN FREESTYLE Total Aggregate value of transactions for the period 31,891,033 38,069 Percentage of such transactions in value for the period 2.91% Average rate of commission 0.12% US DOLLAR CORE PLUS BOND Total Aggregate value of transactions for the period 879,699,131 33,964 Percentage of such transactions in value for the period 100.00% Average rate of commission 100.00%

The Management Company confirmed the Company did not enter into any transactions in connected persons in relation to the securities lending program described in note 16. The investment adviser and its connected persons of the following mentioned sub-funds have entered into soft commission arrangements with brokers which certain goods and services used to support investment decision making are received by it or its connected persons: Asia ex Japan Equity Asia ex Japan Equity Smaller Companies Asia Pacific ex Japan Equity High Dividend BRIC Markets Equity Climate Change Emerging Wealth European Equity Global Emerging Markets Elite Global Emerging Markets Equity Global Equity Chinese Equity Hong Kong Equity Indian Equity Japanese Equity Korean Equity Russia Equity Taiwan Equity Turkey Equity UK Equity US Equity Asia ex Japan Freestyle BRIC Freestyle




Global Emerging Markets Equity Freestyle Latin American Freestyle US Dollar Core Plus Bond

It or its connected persons do not make direct payment for these services but transact and agree amount of business with the brokers on behalf of the Company. Commission is paid from the Company on these transactions.

Stock lending transactions were entered into during the period by the Company and borrowers for the first half of the year, during the second half of the year an external stock lending agent was appointed to co-ordinate the arrangements. The transactions have been entered into in the ordinary course of business and on normal commercial terms for which the Company earned no fee and paid no commission.

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.

18. 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 association as well as the interim report and the audited annual report are available free of charge upon request from the German payment and information officer from the Management Company.

19. Subsequent events

The following sub-funds have been launched after the year ended 31 March 2009: on 1 April 2009: Global Bond Market Neutral on 6 April 2009: Global Currency With effect from 1 July 2009: the Management Company will be entitled to collect a fee of up to 10% of the stock lending gross fees payable to the Company as a result of any stock lending programme, to cover the administration work the Management Company has to undertaken in the monitoring and oversight of the stock lending activity. Merger of Investment Advisor: on 4th August 2009, the Investment Advisor for the Euro Reserve, HSBC Global Asset Management (FCP) France will be merging into HSBC Global Asset Management (France).

Charges and Expenses


75 64

Operating, Administration and Servicing Expenses (refer also to note 4.4)

Sub-fund Class A, E, M, P, R, S1 Class I, J, L, Y, Z Class X Class W

RESERVE SUB-FUNDS Euro Reserve 0.15% 0.10% - - US Dollar Reserve (liquidated on 22 December 2008) 0.15% 0.10% - -

BOND SUB-FUNDS Brazil Bond 0.35% 0.25% 0.20% - Euro Core Bond 0.25% 0.15% 0.15% - Euro Core Credit Bond 0.35% 0.25% 0.15% - Euro High Yield Bond 0.35% 0.25% 0.15% - Euro Strategic Credit Bond (liquidated on 26 September 2008) 0.35% 0.25% - - European Government Bond 0.25% 0.15% 0.15% - Global Core Plus Bond 0.25% 0.15% 0.15% - Global Emerging Markets Bond 0.35% 0.25% 0.20% - Global Emerging Markets Local Debt 0.35% 0.25% 0.20% - Global High Yield Bond (liquidated on 15 December 2008) 0.35% 0.25% 0.15% - US Dollar Core Plus Bond 0.25% 0.15% - -

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 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 Europe Equity 0.40% 0.30% 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% - European Equity High Dividend 0.35% 0.25% 0.20% - Global Emerging Markets Elite - J,Z=0.25% / Y=0.35% - - Global Emerging Markets Equity 0.40% 0.30% 0.20% - Global Equity 0.35% 0.25% 0.20% - Global Sustainable Equity 0.35% 0.25% 0.20% - Sustainability Leaders (merged into Euroland Equity on 19 December 2008) 0.30% 0.20% - -

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% - 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% - 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% - US Index 0.25% 0.15% 0.15% -

FREESTYLE SUB-FUNDS Asia ex Japan Freestyle 0.40% 0.30% 0.20% - BRIC Freestyle 0.40% 0.30% - - Global Emerging Markets Equity Freestyle 0.40% 0.30% - - Latin American Freestyle 0.40% 0.30% - -

OTHER SUB-FUNDS Global Discount Structures 0.35% 0.25% 0.20% - Halbis Global Macro 0.30% 0.20% - - New World Income 0.35% 0.25% - - * 0.30% for class S2

Charges and Expenses (continued)


76 65

Management Fee Percentages (refer also to note 4.2)

Class Class Class Class Class Class Class Class Class Class Class Class Class Sub-Fund name A E I M P Z J L R S1 W Y X RESERVE SUB-FUNDS Euro Reserve 0.50 - 0.25 - - - - - - - - - - US Dollar Reserve (liquidated on 22 December 2008) 0.50 - 0.25 - 0.25 - - - - - - - - BOND SUB-FUNDS Brazil Bond 1.00 1.30 0.50 - - - - - - - - - 0.60 Euro Core Bond 0.75 1.05 0.375 - 0.50 - 0.60 - - - - - 0.30 Euro Core Credit Bond 1.00 1.30 0.50 - - - 0.60 - - - - - 0.35 Euro High Yield Bond 1.20 1.50 0.60 - - - 0.60 - - - - - 0.50 Euro Strategic Credit Bond (liquidated on 26 September 2008) 1.00 1.30 0.50 - - - 0.60 - - - - - - European Government Bond 0.75 1.05 0.375 - - - - - - - - 0.25 Global Core Plus Bond 0.75 1.05 0.375 0.50 - 0.60 - - - - - 0.35 Global Emerging 1.00 1.30 0.50 - - - 0.60 - - - - - 0.60 Markets Bond Global Emerging 1.25 1.55 0.625 - - - 0.60 - - - - - 0.60 Markets Local Debt Global High Yield Bond (liquidated on 15 December 2008) 1.20 1.50 0.60 - - - - - - - - - 0.50 US Dollar Core Plus Bond 0.75 1.05 0.375 - 0.50 - - - - - - - - EQUITY SUB-FUNDS a) International and Regional sub-funds Asia ex Japan Equity 1.50 2.00 0.75 - - - 0.60 - - - - - 0.70 Asia ex Japan Equity 1.50 2.00 0.75 - - - 0.60 - - - - - 0.70 Smaller Companies Asia Pacific ex Japan 1.50 2.00 0.75 - - - 0.60 - - - - - 0.70 Equity High Dividend BRIC Markets - - - - - 1.00 - - - - - 1.50 - BRIC Markets Equity 1.50 2.00 0.75 - - - 0.60 - - - - - 0.70 Climate Change 1.50 2.00 0.75 - 0.60 - - - - - 0.60 Emerging Europe Equity 1.75 2.25 0.875 - - - 0.60 - - - - - 0.70 Emerging Wealth 1.50 2.00 0.75 - - - 0.60 - - - - - - Euroland Equity 1.50 2.00 0.75 - - - - - - - - - 0.60 Euroland Equity Smaller 1.50 2.00 0.75 - - - - - - - - - 0.70 Companies - Euroland Growth 1.50 2.00 0.75 1.25 - - - - - - - - 0.60 European Equity 1.50 2.00 0.75 - 1.00 - - - - - - - 0.60 European Equity High 1.50 2.00 0.75 - - - - - - - - - 0.60 Dividend Global Emerging - - - - - 1.00 0.60 - - - - 1.50 - Markets Elite Global Emerging 1.50 2.00 0.75 - - - 0.60 - - 1.60 - - 0.70 Markets Equity Global Equity 1.50 2.00 0.75 - - - 0.60 - - - - - 0.60 Global Sustainable Equity 1.50 2.00 0.75 - - - 0.60 - - - - - 0.60 Sustainability Leaders (merged into Euroland Equity on 19 December 2008)

- - - 1.25 - - 0.60 0.65 - - - - -

b) Market Specific Equity sub-funds Brazil Equity 1.75 2.25 0.875 - - - - - - - - - 0.70 Chinese Equity 1.50 2.00 0.75 - - - 0.60 - - - - - 0.70 Hong Kong Equity 1.50 2.00 0.75 - 1.00 - 0.60 - - - - - 0.70 Indian Equity 1.50 2.00 0.75 - - - 0.60 - - - - - 0.70 Japanese Equity 1.50 2.00 0.75 - 1.00 - - - - - - - 0.60 Korean Equity 1.50 2.00 0.75 - - - 0.60 - - - - - 0.70 Russia Equity 1.75 2.25 0.875 - - - - - - - 0.70 Singapore Equity 1.50 2.00 0.75 - 1.00 - 0.60 - - - - - 0.70 Taiwan Equity 1.50 2.00 0.75 - - - 0.60 - - - - - 0.70 Thai Equity 1.50 2.00 0.75 - - - 0.60 - - - - - 0.70 Turkey Equity 1.75 2.25 0.875 - - - 0.60 - - - - - 0.70 UK Equity 1.50 2.00 0.75 - - - - - - - - - 0.60 US Equity 1.50 2.00 0.75 - 1.00 - - - - - - - 0.50 US Index 0.75 1.25 0.375 - 0.30 - - - - - - - 0.20

FREESTYLE SUB-FUNDS Asia ex Japan Freestyle 1.75 2.25 0.875 - - - 0.60 - - - - - 0.70 BRIC Freestyle - - - 1.00 - - 0.60 0.50 - - - - - Global Emerging - - - 1.00 - - 0.60 0.50 - - - 1.50 - Markets Equity Freestyle Latin American Freestyle - - - 1.00 - - - 0.50 - 1.75 - - -

OTHER SUB-FUNDS Global Discount Structures 1.25 1.50 0.625 - - - - - - - - - 0.50 Halbis Global Macro - - - 1.50 - - - 1.00 2.00 - - - - New World Income - - - 1.00 - - 0.60 0.50 - - - - -

Publication of TER (Total Expenses Ratio) – Information concerning the Swiss Investors


77 66

Sub-Fund Share class

TER excluding the performance fee (in %)

EQUITY SUB-FUNDS a) International and Regional sub-funds Asia ex Japan Equity AC 1.84 ACH 1.84 AD 1.84 ADH 1.85 EC 2.34 ED 2.34 IC 1.00 ID 0.99 J1C 0.85 ZC 0.25 ZD 0.25 Asia ex Japan Equity Smaller Companies AC 1.84 AD 1.84 EC 2.34 ED 2.36 IC 0.95 Asia Pacific ex Japan Equity High Dividend AC 1.84 AD 1.84 EC 2.32 ID 0.99 ZD 0.25 BRIC Markets YC 1.83 ZC 1.26 BRIC Markets Equity AC 1.85 AD 1.85 EC 2.35 ED 2.35 IC 1.00 J1C 0.85 ZC 0.25 Climate Change AC 1.85 AD 1.85 EC 2.36 IC 1.00 ZC 0.25 Emerging Europe Equity AC 2.18 AD 2.19 EC 2.70 IC 1.16 ID 1.19 ZD 0.31



78 67



Emerging Wealth AC 1.90 AD 1.89 ZC 0.25 Euroland Equity AC 1.88 AD 1.87 EC 2.38 ED 2.38 IC 1.02 ZC 0.25 ZD 0.26 Euroland Equity Smaller Companies AC 1.88 AD 1.88 EC 2.37 IC 1.02 ZC 0.25 Euroland Growth M1C 1.63 M1D 1.63 European Equity AC 1.85 AD 1.85 ED 2.38 IC 1.03 PC 1.37 PD 1.37 ZD 0.25 European Equity High Dividend AC 1.87 AD 1.88 EC 2.36 ZC 0.25 Global Emerging Markets Elite YC 0.25 ZC 1.25 Global Emerging Markets Equity AC 1.90 AD 1.89 EC 2.40 ED 2.39 IC 1.05 S1D 1.99 ZD 0.30 Global Equity AC 1.83 AD 1.85 EC 2.35 IC 1.00 ZD 0.25



79 68



Global Sustainable Equity AC 1.84 (formerly Global Equity SRI) AD 1.84 EC 2.34 IC 1.00 ZC 0.22 b) Market specific sub-funds Brazil Equity AC 2.15 AD 2.15 EC 2.65 ED 2.66 IC 1.18 ID 1.17 ZC 0.30 Chinese Equity AC 1.89 AD 1.89 EC 2.39 ED 2.39 IC 1.05 ID 1.05 J1C 0.90 ZC 0.30 ZD 0.30 Hong Kong Equity AC 1.85 AD 1.85 EC 2.36 IC 1.00 J1C 0.85 PD 1.35 ZD 0.25 Indian Equity AC 1.89 AD 1.89 EC 2.39 ED 2.39 IC 1.05 ID 1.05 ZD 0.30 Japanese Equity AC 1.87 AD 1.86 EC 2.38 ED 2.38 IC 1.02 PC 1.38 PD 1.37 ZC 0.26 ZD 0.26



80 69



Korean Equity AC 1.90 AD 1.90 EC 2.40 ED 2.40 IC 1.05 ZD 0.30 Russia Equity AC 2.15 AD 2.16 EC 2.67 IC 1.17 ZC 0.30 Singapore Equity AC 1.88 AD 1.90 EC 2.40 IC 1.03 PD 1.40 ZD 0.30 Taiwan Equity AC 1.89 AD 1.88 Thai Equity AC 1.85 AD 1.85 EC 2.36 IC 1.01 J1C 0.85 ZD 0.24 Turkey Equity (formerly Turkish Convergence) AC 1.92 AD 2.02 EC 2.52 IC 1.10 UK Equity AC 1.85 AD 1.84 EC 2.22 IC 1.03 ID 1.03 ZC 0.25 US Equity AC 1.85 ACH 1.84 AD 1.85 ADH 1.85 EC 2.34 ED 2.35 IC 1.00 PD 1.35 ZC 0.25 ZD 0.25



81 70



US Index AC 1.00 AD 1.01 EC 1.51 PD 0.55 FREESTYLE SUB-FUNDS Asia ex Japan Freestyle (formerly Asia Freestyle) AC 2.14 ACH 2.15 AD 2.14 ADH 2.14 EC 2.64 ED 2.64 IC 1.17 ID 1.17 BRIC Freestyle J1C 0.90 M1C 1.40 M2C 1.40 M2D 1.40 Global Emerging Markets Equity Freestyle M1C 1.40 M1D 1.40 Latin American Freestyle M1C 1.40 M1D 1.40 BOND SUB-FUNDS Brazil Bond AC 1.35 AD 1.35 EC 1.64 IC 0.74 ZC 0.25 Euro Core Bond AC 1.01 AD 1.01 EC 1.32 IC 0.54 Euro Core Credit Bond AC 1.37 AD 1.37 EC 1.65 IC 0.76 ZC 0.25 ZD 0.26



82 71



Euro High Yield Bond AC 1.55 AD 1.56 EC 1.85 ED 1.85 IC 0.85 ZC 0.25 European Government Bond AC 1.01 AD 1.03 EC 1.31 IC 0.53 ID 0.54 Global Core Plus Bond AC 1.01 AD 1.00 EC 1.29 IC 0.52 PD 0.75 ZD 0.15 Global Emerging Markets Bond AC 1.35 AD 1.35 EC 1.64 ED 1.64 IC 0.75 ZC 0.25 ZD 0.25 Global Emerging Markets Local Debt AC 1.60 AD 1.60 EC 1.83 IC 0.87 ID 0.87 ZD 0.25 US Dollar Core Plus Bond AC 1.02 AD 1.00 EC 1.30 IC 0.73 PD 0.75 ZC 0.15 ZD 0.15



83 72



RESERVE SUB-FUND Euro Reserve AC 0.66 AD 0.66 IC 0.42 OTHER SUB-FUNDS Global Discount Structures (formerly Global Discount Certificates) AC 1.62 AD 1.55 IC 0.89 ZC 0.25 Halbis Global Macro L1C 1.25 M1C 0.71 M1D 0.21 New World Income L1C 0.74 L1D 0.75 M1C 1.35 M1D 1.35 ZD 0.25


TER including the performance fee (in %)

FREESTYLE SUB-FUNDS BRIC Freestyle M1C 1.79 M2C 1.73 M2D 1.49 Latin American Freestyle M1C 1.40

M1D 1.40

OTHER SUB-FUNDS Halbis Global Macro L1C 2.10 M1C 2.56 M1D 2.06 New World Income L1C 0.74 L1D 0.75 M1C 1.35 M1D 1.35

Publication of PTR (Portfolio Turnover Ratio) – Information concerning the Swiss Investors


84 73

% Asia ex Japan Equity 201.24 Asia ex Japan Equity Smaller Companies 115.62 Asia Pacific ex Japan Equity High Dividend 100.90 BRIC Markets 20.94 BRIC Markets Equity 1.81 Climate Change 254.57 Emerging Europe Equity 184.42 Emerging Wealth 219.02 Euroland Equity 44.48 Euroland Equity Smaller Companies 209.90 Euroland Growth 65.94 European Equity 136.35 European Equity High Dividend 499.04 Global Emerging Markets Elite 303.08 Global Emerging Markets Equity 341.86 Global Equity 256.49 Global Sustainable Equity (formerly Global Equity SRI) 178.77 Brazil Equity 100.86 Chinese Equity 183.98 Hong Kong Equity 109.66 Indian Equity 38.58 Japanese Equity 209.60 Korean Equity 196.25 Russia Equity 231.38 Singapore Equity 170.54 Thai Equity -5.58 UK Equity 120.66

US Equity 88.78 US Index -97.92 Asia ex Freestyle (formerly Asia Freestyle) 182.71 BRIC Freestyle 166.98 Global Emerging Markets Equity Freestyle 355.87 Latin American Freestyle 198.80 Brazil Bond 58.40 Euro Core Bond 130.28 Euro Core Credit Bond 147.52 Euro High Yield Bond -30.93 European Government Bond 50.22 Global Core Plus Bond 376.37 Global Emerging Markets Bond 84.55 Global Emerging Markets Local Debt 2.59

US Dollar Core Plus Bond 935.57

Euro Reserve 1,469.69 Global Discount Structures (formerly Global Discount Certificates) 200.28 Halbis Global Macro 12.71

New World Income 480.93

Turkey Equity (formerly Turkish Convergence) 510.28

Taiwan Equity* 128.50 * The PTR of the Taiwan Equity sub-fund has been annualised.


Asia ex Japan EquityUSD

Class AC 28.8950.6644.36

Class ACH 12.8426.7920.48

Class AD 27.2347.9242.19

Class ADH 12.7426.8520.36

Class EC 26.8447.3041.63

Class ED 26.8547.3041.63

Class IC 28.4949.5343.00

Class ID 27.9849.3343.00

Class J1C 6.0010.41N/A

Class ZC N/A53.7946.35

Class ZD 27.7949.0742.58

Total Net Assets 612,532,695 694,218,209 318,220,865

Net Asset Value per Share

Asia ex Japan Equity Smaller CompaniesUSD

Class AC 15.4530.2429.12

Class AD 15.0129.4328.36

Class EC 15.3130.12N/A

Class ED 14.9029.32N/A

Class IC N/A30.42N/A

Total Net Assets 41,088,141 67,815,655 18,640,611


Asia Pacific ex Japan Equity High DividendUSD

Class AC 10.3216.8014.28

Class AD 8.9915.2413.45


Class ID N/A15.2213.82

Class ZD 9.1315.2813.57

Total Net Assets 142,208,941 131,437,129 70,708,171


BRIC MarketsUSD

Class YC 14.2628.4821.60

Class ZC 14.4328.6521.64

Total Net Assets 461,684,567 483,222,414 28,854,219


Comparative Table of Net Assets

at 31 March 2007 at 31 March 2008 at 31 March 2009


BRIC Markets EquityUSD

Class AC 8.5616.6112.69

Class AD 8.5616.6012.69

Class EC 8.4416.4612.64


Class IC 8.7416.8212.74

Class J1C 8.7916.9012.78

Class ZC 8.64N/AN/A

Total Net Assets 305,032,045 565,309,958 328,357,517


Climate ChangeUSD

Class AC 4.358.81N/A

Class AD 4.358.81N/A


Class IC 4.418.84N/A

Class ZC N/A8.86N/A

Total Net Assets N/A 59,583,311 28,012,784


Emerging Europe EquityEUR

Class AC 5.9613.6314.99

Class AD 5.9513.6314.99

Class EC 5.9013.5814.99

Class IC N/A13.8415.17

Class ID 6.1013.8415.16

Class ZD N/A13.76N/A

Total Net Assets 25,260,799 20,247,254 4,524,888


Emerging WealthUSD



Class ZC 4.87N/AN/A






Euroland EquityEUR

Class AC 16.7529.3833.63

Class AD 16.5429.2633.55

Class EC 16.5629.2033.58

Class ED 16.3728.9233.27

Class IC 17.0829.7133.71

Class ZC 18.4631.8635.88

Class ZD 18.2931.86N/A

Total Net Assets 578,984,961 890,006,808 572,821,302


Euroland Equity Smaller CompaniesEUR

Class AC 21.9638.8848.58

Class AD 21.8138.8748.58

Class EC 21.7238.6648.55

Class IC 22.4639.4348.86

Class ZC 24.1342.0451.71

Total Net Assets 103,872,035 60,792,863 30,100,075


Euroland GrowthEUR

Class M1C 7.3112.3314.17

Class M1D 7.2512.3714.23

Total Net Assets 149,960,548 172,516,988 92,656,030


European EquityEUR

Class AC 19.6733.0341.44

Class AD 19.0232.3140.68

Class EC N/AN/A41.35

Class ED 18.7331.7940.12


Class PC 20.2833.8942.30

Class PD 18.8232.0340.49

Class WD 11.5019.6724.94

Class ZD 19.3633.0841.05

Total Net Assets 733,618,436 227,727,194 93,859,080





European Equity High DividendEUR

Class AC 6.9012.5316.11

Class AD 6.7012.4216.11

Class EC 6.89N/AN/A

Class ZC 7.4213.2616.78

Total Net Assets 82,660,478 30,640,138 4,981,362


Global Emerging Markets EliteUSD

Class YC 6.0412.5510.09

Class ZC 5.9112.4010.07

Total Net Assets 15,104,610 18,603,627 7,999,301


Global Emerging Markets EquityUSD

Class AC 9.8520.5516.93

Class AD 9.7120.2816.75

Class EC 9.4019.7216.33

Class ED 9.3619.6316.25

Class IC 9.9720.6217.07

Class S1D 4.769.94N/A

Class WD 9.76N/AN/A

Class ZD 9.9420.7916.91

Total Net Assets 294,752,392 335,694,322 169,609,139


Global EquityUSD

Class AC 14.9526.2226.79

Class AD 14.8926.1126.79

Class EC 14.94N/AN/A

Class IC 15.2126.4526.80

Class ZD 16.2228.4928.89

Total Net Assets 175,961,923 136,539,772 73,141,164





Global Sustainable Equity (formerly Global Equity SRI)USD

Class AC 8.4114.6115.82

Class AD 8.4114.6115.81

Class EC 8.37N/AN/A


Class WC 9.1115.5416.51

Class ZC 8.8415.2116.39

Total Net Assets 20,777,357 22,933,662 5,526,058


Sustainability Leaders (merged into Euroland Equity as at 19 December 2008)EUR

Class L1C N/A9.31N/A

Class M1C N/A9.2512.14

Class M1D N/A9.2512.20

Total Net Assets 28,419,950 28,092,014 N/A


Brazil EquityUSD

Class AC 14.7137.5431.16

Class AD 14.6437.3931.03

Class EC 14.4837.1530.99


Class IC 15.1538.3131.49

Class ID 15.1038.2231.49

Class ZC 15.9940.0832.65

Total Net Assets 1,086,007,695 1,640,242,424 418,214,041





Chinese EquityUSD

Class AC 50.7279.8967.10

Class AD 49.8478.5066.18

Class EC 49.7078.6766.41


Class IC 52.3481.7368.06

Class ID 51.4081.1768.06

Class J1C 51.6380.52N/A


Class ZD 51.8881.9168.19

Total Net Assets 4,388,195,717 3,906,152,473 2,209,848,264


Hong Kong EquityUSD

Class AC 69.58111.2098.79

Class AD 66.52106.8595.33

Class EC 68.92110.7998.65

Class IC 70.61111.88N/A


Class PD 65.65105.5594.36

Class ZD 69.60112.1498.95

Total Net Assets 213,556,902 475,798,740 290,694,033


Indian EquityUSD

Class AC 73.27187.34135.24

Class AD 73.03187.34135.24

Class EC 71.11182.74132.59

Class ED 71.11182.74132.59

Class IC 77.15195.61140.01

Class ID 75.77194.82140.00

Class ZD 75.16193.64138.08

Total Net Assets 5,450,800,640 6,372,330,775 2,241,664,016





Japanese EquityJPY

Class AC 4,099.606,949.329,989.22

Class AD 611.491,036.531,489.96

Class EC 591.151,007.071,455.26

Class ED 591.031,006.871,455.26

Class IC 4,199.037,056.8210,057.59

Class PC 4,135.966,975.469,976.79

Class PD 630.231,065.021,523.27

Class WD 5,682.949,638.9613,849.43

Class ZC 4,325.357,214.5510,205.62

Class ZD 619.631,050.251,503.79

Total Net Assets 36,447,794,450 26,505,602,664 10,095,771,137


Korean EquityUSD

Class AC 8.2717.2015.30

Class AD 8.2717.2015.30

Class EC 8.1917.1315.28


Class IC 8.5017.5315.46

Class ZD N/A17.7015.61

Total Net Assets 153,655,487 387,851,271 83,683,768


Russia EquityUSD



Class EC 3.09N/AN/A


Class ZC N/A9.66N/A






Singapore EquityUSD

Class AC 18.0639.9047.88

Class AD 16.4236.9844.42

Class EC 17.8539.6247.78

Class IC 18.18N/AN/A

Class PD 16.4437.0744.49

Class ZD N/A39.2347.10

Total Net Assets 112,417,143 133,238,659 43,907,698


Taiwan EquityUSD

Class AC 6.65N/AN/A

Class AD 6.65N/AN/A

Total Net Assets N/A N/A 4,420,988


Thai EquityUSD

Class AC 5.3213.009.74

Class AD 5.0512.489.44

Class EC 5.2612.929.72

Class IC 5.4713.259.84


Class ZD 5.2312.959.76

Total Net Assets 217,572,937 349,075,277 72,684,841


Turkey Equity (formerly Turkish Convergence)EUR

Class AC 8.1112.4114.67

Class AD 6.3310.8514.02

Class EC 8.0412.3614.66

Class IC 8.17N/AN/A

Total Net Assets 50,978,451 37,525,128 6,482,386





UK EquityGBP

Class AC 17.5626.2728.48

Class AD 16.0624.4427.24

Class EC 17.56N/AN/A

Class ED N/AN/A20.10


Class ID 17.69N/AN/A

Class ZC 18.5627.3329.17

Total Net Assets 97,879,771 62,297,262 47,251,610


US EquityUSD

Class AC 13.4621.7422.54

Class ACH 15.4930.1826.92

Class AD 15.0724.3325.23

Class ADH 15.9931.0427.70

Class EC 13.3121.6022.52

Class ED 14.7923.9925.00


Class PD 15.3524.7625.68

Class WD 88.01142.21147.87

Class ZC 14.2222.5923.05

Class ZD 15.2324.6025.46

Total Net Assets 195,931,184 176,483,049 132,835,254


US IndexUSD

Class AC 5.779.5510.27

Class AD 5.529.2610.12


Class PD 5.419.099.93

Total Net Assets 43,828,461 38,271,765 22,754,794





Asia ex Japan Freestyle (formerly Asia Freestyle)USD

Class AC 9.7318.4916.08

Class ACH 10.3523.6817.91

Class AD 9.5918.2515.94

Class ADH 10.3923.4617.72

Class EC 9.4918.1315.85


Class IC 10.1619.1316.49

Class ID N/A19.1316.49

Class ZC N/AN/AN/A

Total Net Assets 270,322,943 258,475,337 94,026,932


BRIC FreestyleUSD

Class J1C 8.5219.0115.34

Class M1C 12.0326.9521.33

Class M2C 11.5725.9420.54

Class M2D 11.6026.2220.42

Total Net Assets 2,757,083,981 2,442,202,478 829,973,305


Global Emerging Markets Equity FreestyleUSD

Class M1C 6.5513.7911.70

Class M1D 6.6614.0111.79

Total Net Assets 845,789,963 654,007,923 261,391,946


Latin American FreestyleUSD

Class M1C 8.1918.4314.24

Class M1D 8.2318.5314.23

Total Net Assets 40,555,651 241,573,437 66,218,462





Brazil BondUSD

Class AC 12.6314.0912.02

Class AD 10.5913.4112.02

Class EC 12.5414.0412.01


Class ZC 13.0114.3712.12

Total Net Assets 6,969,093 14,115,502 12,717,810


Euro Core BondEUR

Class AC 17.1017.1516.91

Class AD 15.4616.0416.16

Class EC 16.9917.0916.91

Class IC 17.5917.5617.24

Total Net Assets 160,619,882 124,216,902 46,473,023


Euro Core Credit BondEUR

Class AC 14.9916.6117.31

Class AD 12.4814.3715.34

Class EC 14.8916.5517.31

Class IC 15.5417.1217.73


Class ZD 14.0116.1417.27

Total Net Assets 43,802,458 127,986,610 192,334,689


Euro High Yield BondEUR

Class AC 15.9019.5021.60

Class AD 12.7616.6618.81

Class EC 15.7919.4221.58


Class IC 16.5820.1922.21

Class ZC 16.8020.3422.24

Total Net Assets 84,096,899 50,046,935 78,225,553





Euro Strategic Credit Bond (liquidated as at 26 September 2008)EUR

Class AC N/A9.7310.39

Class AD N/A9.1510.12

Class EC N/A9.72N/A

Class IC N/AN/A10.40



European Government BondEUR

Class AC 16.3816.7216.73

Class AD 12.2312.9613.34

Class EC 16.2616.6416.71

Class IC 16.8517.1217.05

Class ID 13.3314.1215.21

Total Net Assets 140,521,794 31,099,983 6,741,368


Global Core Plus BondUSD

Class AC 13.6115.3913.75

Class AD 12.5014.6213.60


Class IC 13.7515.4713.75

Class PD 10.2111.91N/A

Class WD 172.31201.38185.20

Class ZD 12.9015.0713.67

Total Net Assets 108,818,895 154,254,904 78,776,684


Global Emerging Markets BondUSD

Class AC 18.9520.9920.44

Class AD 14.4917.0217.33

Class EC 18.8220.9120.42


Class IC 19.3021.2520.57

Class ZC 19.8121.7120.91


Total Net Assets 133,896,921 444,188,082 234,514,986





Global Emerging Markets Local DebtUSD



Class EC 9.50N/AN/A


Class ID 9.3110.98N/A




Global High Yield Bond (liquidated as at 15 December 2008)USD



Class EC N/A10.8311.23




US Dollar Core Plus BondUSD

Class AC 12.1712.5712.39

Class AD 9.6110.3910.95

Class EC 12.0812.5212.38


Class PD 9.6410.4210.72

Class WC 14.2814.6114.26

Class WD 9.6910.4810.80

Class ZC 12.5612.8712.57

Class ZD 10.1710.9911.00

Total Net Assets 79,698,263 83,750,456 79,033,476


Euro ReserveEUR

Class AC 17.1816.6616.06

Class AD 15.6415.7115.42


Total Net Assets 42,873,119 43,463,578 56,371,637





US Dollar Reserve (liquidated as at 22 December 2008)USD



Class PD N/A8.568.57



Global Discount Structures (formerly Global Discount Certificates)EUR




Class ZC 8.0910.05N/A



Halbis Global MacroEUR

Class L1C 112.37100.74N/A

Class M1C 111.37100.27N/A

Class M1D 111.32100.11N/A



New World IncomeUSD

Class L1C 9.46N/AN/A

Class L1D 9.4310.15N/A

Class M1C 9.5410.13N/A

Class M1D 9.2410.14N/A







Portfolio of Investments and Other Net Assets

CHINA YURUN FOOD GROUPLTD 1,209,000 1,541,229 0.48HKD

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING

SHARES

BERMUDA ISLANDS

ESPRIT HOLDINGS LTD 292,800 1,492,286 0.47HKD

KERRY PROPERTIES LTD 365,500 881,887 0.28HKD

3,915,402 1.23

CHINA HUIYUAN JUICE GROUPLTD OPA 712,000 453,828 0.14HKD

CAYMAN ISLANDS

HENGAN INTERNATIONAL GRP 345,000 1,386,632 0.44HKD

LI NING COMPANY LTD 457,500 755,588 0.24HKD

LONKING HOLDINGS LTD 1,554,000 944,400 0.30HKDREHNE COMMERCIALHOLDING COMP LTD 3,014,000 676,669 0.21HKDSUN HUNG KAI PROPERTIESLTD 735,000 6,581,589 2.06HKD

TENCENT HOLDINGS LIMITED 354,800 2,632,300 0.83HKD

13,431,006 4.22

BANK OF CHINA LTD -H- 11,727,000 3,888,696 1.22HKD

CHINA

CHINA BLUECHEMICAL LTD -H- 1,068,000 584,280 0.18HKDCHINA COMMUNICATIONSSERVICES -H- 1,592,000 953,114 0.30HKDCHINA CONSTRUCTION BANKCO. -H- 14,957,000 8,491,436 2.67HKDCHINA LIFE INSURANCE CO.LTD -H- 2,686,000 8,906,828 2.81HKDCHINA NATIONAL BUILDINGMATERIAL -H- 1,812,000 2,684,009 0.84HKDCHINA PETROLEUM&CHEMCORP. H 6,786,000 4,342,897 1.36HKDCHINA RAILWAYCONSTRUCTION CORP. -H- 608,500 794,557 0.25HKDCHINA SHENHUA ENERGY CO.-H- 1,323,500 2,981,619 0.94HKDCHINA SHIPPINGDEVELOPMENT -H- 2,618,000 2,479,418 0.78HKDCHINA SOUTH LOCOMOTIVE -H- 1,870,000 854,140 0.27HKDCHINA TELECOM CORP. LTD -H- 4,882,000 2,015,727 0.63HKD

DONGFENG MOTOR -H- 2,620,000 1,355,594 0.43HKD

IND & COM BOC -H- 12,194,000 6,340,671 1.99HKD

PETROCHINA CO. LTD /-H- 5,788,000 4,615,311 1.45HKDPING AN INSURANCE GRP CO.-H- 236,500 1,411,324 0.44HKDZHEJIANG EXPRESSWAY CO.LTD H 800,000 583,207 0.18HKD

INVESTMENTS

Asia ex Japan EquityStatement of investments as at 31 March 2009 (expressed in USD)

Description Quantity Currency Evaluation % netassets

ZIJIN MINING GROUP -H- 1,140,000 811,947 0.26HKD

54,094,775 17.00

BEIJING ENTERPRISESHOLDING LTD 658,500 2,744,368 0.86HKD

HONG KONG

CHEUNG KONG HOLDINGS 523,000 4,504,400 1.42HKD

CHINA EVERBRIGHT LTD 536,000 832,674 0.26HKD

CHINA MOBILE LTD 1,574,500 13,712,934 4.31HKDCHINA OVERSEASLAND&INVESTMENT 1,597,536 2,506,503 0.79HKDCHINA RESOURCES POWERHOLDINGS 900,000 1,885,873 0.59HKD

CHINA UNICO (HK) 1,634,000 1,745,687 0.55HKD

CLP HOLDINGS LTD 639,000 4,390,404 1.38HKD

CNOOC LTD 4,337,000 4,297,685 1.35HKD

COSCO PACIFIC LTD 364,000 359,291 0.11HKD

HANG LUNG PROPERTIES LTD 519,000 1,218,773 0.38HKD

HANG SENG BANK LTD 217,200 2,187,342 0.69HKDHONGKONG ELECTRICHOLDINGS LTD 610,000 3,620,526 1.14HKDHOPEWELL HIGHWAYINFRASTR. 57,150 32,224 0.01HKD

HOPEWELL HOLDINGS LTD 571,500 1,500,599 0.47HKD

HUTCHISON WHAMP 615,000 3,015,384 0.95HKDMASS TRANSIT RAILWAYCORP. 1,133,789 2,726,855 0.86HKDSHANGHAI INDUSTRIALHOLDINGS 656,000 1,815,579 0.57HKDSINO-OCEAN LAND HOLDINGSLTD 3,209,000 2,111,659 0.66HKD

THE WHARF HOLDING 1,004,750 2,494,291 0.78HKD

57,703,051 18.13

TAMBANG BATUBARA /S.-B- 1,628,500 945,564 0.30IDR

INDIA

945,564 0.30

BANK RAKYAT INDONESIA 3,561,500 1,286,713 0.40IDR

INDONESIA

PERUSAHAAN GAS NEGA -B- 8,188,500 1,514,406 0.48IDR

TELKOM INDONESIA S -B- 2,628,000 1,718,060 0.54IDR

UNITED TRACTORS 1,841,500 1,069,239 0.34IDR

5,588,418 1.76

BUMIPUTRA-COMMERCEHOLDINGS 1,418,200 2,663,375 0.83MYR

MALAYSIA

GAMUDA BHD 3,265,100 1,772,416 0.56MYR

KUALA LUMPUR KEPONG BHD 725,600 2,108,663 0.66MYR

PLUS EXPRESSWAYS BHD 1,073,800 865,515 0.27MYR

PUBLIC BANK / FOR.REG 423,800 877,227 0.28MYR

RESORTS WORLD 792,300 464,844 0.15MYR

8,752,040 2.75

AYALA LAND INC. 3,031,000 357,334 0.11PHP

PHILIPPINES

METROPOLITAN BANK &TRUST 1,208,000 649,612 0.21PHP

1,006,946 0.32




ALLGREEN PROPERTIES LTD 1,859,000 501,391 0.16SGD

SINGAPORE

CITY DEVELOPMENTS LTD 355,000 1,181,660 0.37SGD

DBS GROUP HOLDINGS LTD 592,000 3,271,258 1.03SGD

KEPPEL CORP. LTD 763,000 2,584,910 0.81SGDSINGAPORE PRESS HOLDINGSLTD 844,000 1,410,230 0.44SGDSINGAPORE TELECOM/BOARD LOT 1000 1,911,000 3,193,067 1.00SGD

VENTURE CORPORATION LTD 277,000 918,383 0.29SGD

13,060,899 4.10

AMORE PACIFIC CORP. (NEW) 2,085 919,548 0.29KRW

SOUTH KOREA

CHEIL INDUSTRIAL INC. 39,090 1,066,893 0.34KRW

HITE BREWERY CO. LTD 5,042 499,415 0.16KRWHYUNDAI DEPARTMENTSTORE CO. 13,520 698,910 0.22KRWHYUNDAI DEVELOPMENT CO.ENGINEERING&CONSTRUCTION 15,820 384,884 0.12KRWHYUNDAIENGINEERING&CONSTRUCTION CO. 13,730 585,681 0.18KRW

HYUNDAI HEAVY INDUSTRIES 7,002 989,708 0.31KRW

HYUNDAI MOBIS 25,120 1,445,676 0.45KRW

HYUNDAI MOTOR CO. LTD 53,050 2,128,711 0.67KRW

KANGWON LAND INC. 88,550 880,298 0.28KRW

KB FINANCIAL GROUP INC. 44,370 1,057,020 0.33KRWKOREA ELECTRIC POWERCORP. 114,168 2,100,731 0.66KRW

KOREA EXCHANGE BANK 254,400 1,140,373 0.36KRW

KT FREETEL LTD 69,880 1,399,494 0.44KRW

KT&G CORPORATION 49,710 2,735,059 0.86KRW

LG CHEMICAL LTD 17,440 1,134,821 0.36KRW

LG CORP. 35,572 1,265,353 0.40KRW

LG DISPLAY CO. LTD 70,940 1,438,674 0.45KRW

LG ELECTRONICS INC. 26,510 1,751,839 0.55KRW

NHN CORPORATION 9,158 999,806 0.31KRW

POSCO 19,001 5,007,400 1.57KRW

SAMSUNG C&T CORP. 97,370 2,798,341 0.88KRWSAMSUNG ELECTRONICS CO.LTD 34,667 14,236,489 4.46KRWSAMSUNG FIRE&MARINEINSURANCE 11,480 1,328,006 0.42KRW

SAMSUNG HEAVY INDUSTRIES 45,390 840,114 0.26KRWSAMSUNG SECURITIES CO.LTD 24,320 1,016,318 0.32KRW

SAMSUNG TECHWIN CO. LTD 32,160 1,050,976 0.33KRW

SHINHAN FINANCIAL GROUP 111,214 1,978,030 0.62KRW

SHINSEGAE CO. LTD 2,611 812,678 0.26KRW

SK ENERGY 21,252 1,359,820 0.43KRW

SK TELECOM CO. LTD 30,813 4,277,337 1.34KRWWOORIINVESTMENT&SECURITIESCO. 51,270 626,453 0.20KRW

YUHAN CORP. 7,271 972,533 0.31KRW

60,927,389 19.14

ACER INC. 1,849,000 2,777,294 0.87TWD

TAIWAN


ADVANCED SEMICONDUCTORENG. INC. 1,649,000 798,916 0.25TWD

ASIA CEMENT CORP. 803,000 695,309 0.22TWD

ASUSTEK COMPUTER INC. 575,142 603,878 0.19TWD

AU OPTRONICS CORP. 2,376,929 1,963,649 0.62TWD

CATHAY FINANCIAL HOLDING 1,627,491 1,397,243 0.44TWD

CHINA STEEL 3,152,378 2,061,133 0.65TWDCHINATRUST FINANCIALHOLDING CO. 3,238,453 1,182,699 0.37TWDCHUNGHWA TELECOM CO.LTD 1,812,974 3,305,194 1.04TWD

FAR EASTERN TEXTILE LTD 771,482 599,853 0.19TWDFIRST FINANCIAL HOLDINGCO. 2,529,356 1,165,840 0.37TWD

FORMOSA PLASTICS 1,895,000 2,851,970 0.90TWDHON HAI PRECISIONINDUSTRY CO. LTD 1,986,241 4,486,856 1.41TWD

HTC CORP. 238,400 2,927,906 0.92TWD

MEDIA TEK INCORPORATION 414,297 3,892,398 1.22TWD

NAN YA PLASTICS CORP. 687,000 785,061 0.25TWDPRESIDENT CHAIN STORECORP. 594,000 1,359,322 0.43TWDSILICONWARE PRECISIONINDUSTRIES 1,566,070 1,646,623 0.52TWD

TAIWAN CEMENT CORP. 1,940,000 1,596,976 0.50TWD

TAIWAN FERTILIZER CO. LTD 1,332,000 2,726,489 0.86TWD

TAIWAN MOBILE CORP. 1,266,000 1,832,618 0.58TWDTAIWAN SEMICONDUCTORMANUFACTURING 6,518,530 9,867,964 3.09TWDUNI-PRESIDENT ENTERPRISESCORP. 884,000 715,978 0.22TWD

WISTRON CORP. 711,000 765,371 0.24TWDYUANTA FINANCIAL HOLDINGCO. 3,167,000 1,445,755 0.45TWD

53,452,295 16.80

ADVANCED INFO SERVICEPUB./ FOR. RG 467,100 1,091,317 0.34THB

THAILAND

BANGKOK BANK PUBLIC/FOREIGN 922,400 1,953,839 0.62THBSIAM COMMERC.BANKPUBL./FOR.REG 732,100 1,123,130 0.35THB

4,168,286 1.31

87.06TOTAL SHARES 277,046,071

UBS 07-06.12.10 WRT/JSP 141,700 3,332,479 1.05USD

WARRANTS / EQUITY LINKED SECURITIES

GREAT BRITAIN

3,332,479 1.05

MERRILL LYNCHINTERNATIONAL 09-18.02.14CW / OIL 219,450 3,345,798 1.05USD

NETHERLANDS ANTILLES

3,345,798 1.05

2.10TOTAL WARRANTS / EQUITY LINKED SECURITIES 6,678,277

89.16TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 283,724,348




SWIRE PACIFIC LTD A 204,500 1,364,168 0.43HKD

OTHER TRANSFERABLE SECURITES

SHARES

HONG KONG

1,364,168 0.43

AYALA LAND INC. /PREF 7,908,000 - 0.00PHP

PHILIPPINES

- 0.00

0.43TOTAL SHARES 1,364,168

JP MORGAN INTERNATIONAL07-03.05.12 WRT 798,400 2,790,408 0.88USD


JERSEY

JP MORGAN INTERNATIONAL07-04.05.12 WRT / HOUSING 50,250 1,416,002 0.44USDJP MORGAN 07-03.05.12 WRT /HDFC BANK 132,600 2,497,641 0.78USD

JP MORGAN 07-23.10.12 CERT 439,700 2,926,721 0.92USD

9,630,772 3.02

JP MORGAN 09-14.02.14 CERT /RELIANCE 213,200 6,314,984 1.98USD

NETHERLANDS

6,314,984 1.98

MERILL LYNCH 05-14.09.10WRT/BHARAT 101,100 2,995,824 0.94USD


MERRIL LYNCHINTERNATIONAÃ© 02-21.11.10C W / INFO 200,200 6,057,571 1.91USD

9,053,395 2.85


8.28TOTAL OTHER TRANSFERABLE SECURITIES 26,363,319


97.44TOTAL INVESTMENTS 310,087,667

2.56OTHER NET ASSETS LESS LIABILITIES 8,133,198

100.00TOTAL NET ASSETS 318,220,865



CAFE DE CORAL HOLDINGSLTD 118,000 231,729 1.24HKD


SHARES

BERMUDA ISLANDS

CHINA YURUN FOOD GROUPLTD 217,000 276,631 1.48HKD

TAI CHEUNG HOLDINGS LTD 579,000 191,250 1.03HKD

699,610 3.75

ASIA CEMENT(CN) HOLDINGSCORP. 498,000 269,875 1.45HKD

CAYMAN ISLANDS

CHINA DONGXIANG (GROUP)CO. LTD 511,000 187,910 1.01HKDCHINA STATE CONSTRUCTIONINTERNATIONAL HOLDING LTD 2,356,400 407,416 2.18HKDCOMBA TELECOM SYSTEMSHOLDINGS 1,166,000 412,224 2.20HKD

HENGAN INTERNATIONAL GRP 74,000 297,422 1.60HKDJU TENG INTERNATIONALHOLDING LTD 652,000 196,014 1.05HKDMING FAI INTERNATIONALHOLDING 288,000 31,214 0.17HKDQIN JIA YUAN MEDIASERVICES CO. 813,700 128,088 0.69HKD

1,930,163 10.35

BEIJING JINGKELONGSUPERMARKT -H- 750,000 269,991 1.46HKD

CHINA

CHINA NATIONAL MATERIALCO. -H- 424,000 222,661 1.19HKD

CHINA RESOURCES LAND 172,000 266,314 1.43HKDCHINA SOUTH LOCOMOTIVE -H- 413,000 188,642 1.01HKD

DALIAN PORT PDA CO. LTD -H- 332,000 107,093 0.57HKD

DONGFENG MOTOR -H- 192,000 99,341 0.53HKD

IND & COM BOC -H- 231,000 120,116 0.64HKDZHEJIANG EXPRESSWAY CO.LTD H 296,000 215,786 1.16HKD

1,489,944 7.99

BEIJING ENTERPRISESHOLDING LTD 47,500 197,961 1.06HKD

HONG KONG

CHINA EVERBRIGHT LTD 144,000 223,704 1.20HKDCHINA INSURANCEINTERNATIONAL HOLDING 174,000 279,738 1.50HKD

CNPC (HONG KONG) LTD 1,170,000 495,158 2.66HKDGUANGDONG INVESTMENTLTD 462,000 185,986 1.00HKD

INVESTMENTS

Asia ex Japan Equity Smaller CompaniesStatement of investments as at 31 March 2009 (expressed in USD)


INDUSTRIAL ANDCOMMERCIAL BANK OF CHINA 470,055 499,757 2.68HKDSHANGHAI INDUSTRIALHOLDINGS 70,000 193,736 1.04HKDSINO-OCEAN LAND HOLDINGSLTD 491,000 323,099 1.73HKDTIANJIN DEVELOPMENTHOLDING LTD 676,000 250,330 1.34HKD

2,649,469 14.21

TAMBANG BATUBARA /S.-B- 337,000 195,674 1.05IDR

INDIA

195,674 1.05

PT INDOFOOD SUKSES 1,143,000 92,422 0.50IDR

INDONESIA

92,422 0.50

ASIATIC DEVELOPMENT 208,700 244,890 1.31MYR

MALAYSIA

IJM CORPORATION BHD 162,500 186,223 1.00MYR

PARKSON HOLDINGS BHD 124,600 128,443 0.69MYR

559,556 3.00


PHILIPPINES

139,114 0.75

MOBILEONE LTD 89,000 87,820 0.47SGD

SINGAPORE

SIA ENGINEERING CO. LTD 140,000 172,220 0.92SGDSMRT CORPORATION LTDSMRT 175,000 177,285 0.95SGDSTRAITS ASIA RESOURCESLTD 385,000 208,943 1.12SGD

VENTURE CORPORATION LTD 60,000 198,928 1.07SGD

845,196 4.53

BUSAN BANK 36,690 155,978 0.84KRW

SOUTH KOREA

CHEIL WORLDWIDE INC. 1,697 202,444 1.09KRW

DAEHAN STEEL CO. LTD 21,150 187,320 1.00KRW

DAISHIN SECURITIES CO. LTD 15,200 186,823 1.00KRWDAISHIN SECURITIESPREF/NON-VOT 14,650 74,991 0.40KRWGSENGINEERING&CONSTRUCTTION CORP. 4,300 189,954 1.02KRWHYUNDAI DEPARTMENTSTORE CO. 2,510 129,753 0.70KRWHYUNDAI DEVELOPMENT CO.ENGINEERING&CONSTRUCTION 7,160 174,195 0.93KRW

HYUNDAI MOBIS 5,210 299,840 1.62KRWLG HOUSEHOLD &HEALTHCARE LTD 1,770 192,596 1.03KRW

LOTTE SHOPPING LTD 1,293 178,087 0.96KRW

MEGASTUDY CO. LTD 1,365 195,899 1.05KRW

NONG SHIM CO. LTD 1,432 222,597 1.19KRW

ORION CORPORATION 1,926 226,281 1.21KRWSAMSUNG ENGINEERING CO.LTD 3,050 127,458 0.68KRW




WOONG JIN COWAY CO. LTD 17,320 374,418 2.02KRW

3,118,634 16.74


TAIWAN

CHICONY ELECTRONICS CO.LTD 109,380 140,134 0.75TWDCHINA LIFE INSURANCE CO.LTD 563,900 183,518 0.98TWD

CHROMA ATE INC. 193,181 140,817 0.76TWD

CTCI CORP. 359,000 248,472 1.33TWDFAR EASTERN DEPARTMENTSTORES 422,559 219,036 1.18TWD

GEATEK ELECTRONICS INC. 275,000 196,813 1.06TWDHON HAI PRECISIONINDUSTRY CO. LTD 126,156 284,982 1.53TWD

HTC CORP. 13,000 159,659 0.86TWDNOVATEKMICROELECTRONICS CORP. 194,000 293,684 1.58TWDPRESIDENT CHAIN STORECORP. 93,000 212,823 1.14TWDSILICONWARE PRECISIONINDUSTRIES 243,000 255,499 1.37TWD

SINCERE NAVIGATION CORP. 186,000 152,564 0.82TWD

SINYI REALTY INC. 47,000 54,470 0.29TWDSYNNEX TECHNOLOGYINTERNATIONAL 145,000 182,993 0.98TWD

TAIWAN CEMENT CORP. 177,101 145,787 0.78TWD

TAIWAN FERTILIZER CO. LTD 202,000 413,476 2.22TWDTAIWAN SEMICONDUCTORMANUFACTURING 259,601 392,992 2.11TWDUNIMICRON TECHNOLOGYCORP. 164,000 97,569 0.52TWD

WISTRON CORP. 335,512 361,169 1.94TWD

4,286,256 23.00

MAJOR CINEPLEX GRP/FOREIGN REG 379,100 70,430 0.38THB

THAILAND

THANACHART CAPITALPUBLIC /FOREIGN 694,200 187,594 1.00THB

258,024 1.38

87.25TOTAL SHARES 16,264,062

HSBC 22.10.18 CW / UNSP 14,583 186,799 1.00USD


GREAT BRITAIN

PUNJ 07-28.09.10 CERT / PUNJ 36,285 64,820 0.35USD

251,619 1.35

JP MORGAN INTERNATIONALJE 08-18.03.13 CERT / HCL 43,500 84,825 0.46USD

JERSEY

JP MORGAN INTERNATIONAL07-3.10.12 CERT / NGVKP 470,127 197,453 1.06USD

282,278 1.52

BNP PARIBAS 01.04.15 CW /UNITECH 168,583 118,179 0.63USD

NETHERLANDS

118,179 0.63


JP MORGAN 06-30.10.09 WRT /EDUCO 2,250 90,068 0.48USD

UNITED STATES

90,068 0.48

3.98TOTAL WARRANTS / EQUITY LINKED SECURITIES 742,144





SHARES

PHILIPPINES

- 0.00

0.00TOTAL SHARES -

UBS LN 19.11.10 CERT / GNC 388,748 154,032 0.83USD


GREAT BRITAIN

UBS 03.07.10 WRT /INFRASTRUCTURE PROJECT 96,910 232,485 1.24USDUBS 07-10 WRT /DR REDDY SLAB 12,767 115,101 0.62USD

501,618 2.69

JP MORGAN INTERNATIONALDER. 06-14.11.11 /EQ. 135,964 277,367 1.49USD

JERSEY

277,367 1.49

BNP PARIBAS 09-01.04.15 CW /ADITYA 26,485 229,748 1.23USD

NETHERLANDS

229,748 1.23

ML 07-02.01.12WRT/INDIABULLS 66,438 131,948 0.71USD


131,948 0.71




2.65OTHER NET ASSETS LESS LIABILITIES 493,724




BHP BILLITON LTD 103,360 2,266,701 3.21AUD


SHARES

AUSTRALIA

COCHLEAR LIMITED 19,485 670,892 0.95AUD

CWTHBK OF AUSTRALIA 38,810 926,325 1.31AUDMETCASH LTD / DEFERREDDELIVERY 155,187 433,008 0.61AUD

NEWCREST MINING 25,944 583,576 0.83AUD

ORIGIN ENERGY LTD 31,261 317,965 0.45AUD

QBE INSURANCE GROUP 44,308 586,784 0.83AUD

RIO TINTO LIMITED 15,409 599,067 0.85AUD

TELSTRA CORPORATION LTD 247,466 545,928 0.77AUD

WESTPAC BANKING CORP. 74,044 971,428 1.37AUD

WOOLWORTHS 24,380 419,046 0.59AUD

8,320,720 11.77

ESPRIT HOLDINGS LTD 101,800 518,835 0.73HKD

BERMUDA ISLANDS


SCMP GROUP LTD 786,000 101,416 0.14HKD

837,405 1.18

ANTA SPORTS PRODUCTS LTD 476,000 313,228 0.44HKD

CAYMAN ISLANDS

HENGAN INTERNATIONAL GRP 97,000 389,865 0.55HKDSUN HUNG KAI PROPERTIESLTD 147,000 1,316,318 1.87HKD

TENCENT HOLDINGS LIMITED 80,000 593,529 0.84HKD

2,612,940 3.70

BANK OF CHINA LTD -H- 2,647,000 877,750 1.24HKD

CHINA

CHINA COAL ENERGY CO. LTD-H- 769,000 567,553 0.80HKDCHINA CONSTRUCTION BANKCO. -H- 2,940,000 1,669,107 2.37HKDCHINA LIFE INSURANCE CO.LTD -H- 482,000 1,598,321 2.27HKDCHINA PETROLEUM&CHEMCORP. H 1,038,000 664,298 0.94HKDCHINA SHIPPINGDEVELOPMENT -H- 272,000 257,602 0.36HKD

DONGFENG MOTOR -H- 1,248,000 645,718 0.91HKD

IND & COM BOC -H- 2,318,000 1,205,320 1.70HKD

PETROCHINA CO. LTD /-H- 1,316,000 1,049,369 1.48HKD

INVESTMENTS

Asia Pacific ex Japan Equity High DividendStatement of investments as at 31 March 2009 (expressed in USD)


ZHEJIANG EXPRESSWAY CO.LTD H 494,000 360,130 0.51HKD

8,895,168 12.58

STANDARD CHARTERED PLC 22,850 276,255 0.39HKD

GREAT BRITAIN

276,255 0.39

CHEUNG KONG HOLDINGS 104,000 895,712 1.27HKD

HONG KONG

CHINA EVERBRIGHT LTD 272,000 422,551 0.60HKDCHINA MERCHANTSHOLDINGS 162,000 372,901 0.53HKD

CHINA MOBILE LTD 282,500 2,460,404 3.47HKDCHINA OVERSEASLAND&INVESTMENT 408,546 641,001 0.91HKDCHINA RESOURCES POWERHOLDINGS 332,000 695,678 0.98HKD

CHINA UNICO (HK) 282,000 301,275 0.43HKD

CLP HOLDINGS LTD 151,500 1,040,917 1.47HKD

CNOOC LTD 1,043,000 1,033,545 1.46HKDGUANGDONG INVESTMENTLTD 880,000 354,259 0.50HKD

HANG LUNG PROPERTIES LTD 318,000 746,762 1.06HKD

HANG SENG BANK LTD 46,500 468,285 0.66HKDH.K.EXCHANGES ANDCLEARING LTD 40,900 386,294 0.55HKDHONGKONG ELECTRICHOLDINGS LTD 206,500 1,225,637 1.73HKD

HSBC HOLDINGS PLC 80,082 440,695 0.62HKD

HUTCHISON WHAMP 109,000 534,434 0.76HKDSHANGHAI INDUSTRIALHOLDINGS 206,000 570,136 0.81HKDSINO-OCEAN LAND HOLDINGSLTD 723,500 476,094 0.67HKDTELEVISION BROADCASTSLTD 87,000 277,830 0.39HKD

13,344,410 18.87

BANK RAKYAT INDONESIA 1,014,000 366,342 0.52IDR

INDONESIA

PERUSAHAAN GAS NEGA -B- 2,942,000 544,102 0.77IDR

910,444 1.29

BRITISH AMERICAN TOBACCO 66,000 823,302 1.17MYR

MALAYSIA

KUALA LUMPUR KEPONG BHD 139,000 403,947 0.57MYR


TENAGA NASIONAL 160,600 268,584 0.38MYR

1,795,990 2.54


SINGAPORE

DBS GROUP HOLDINGS LTD 119,000 657,567 0.93SGD

KEPPEL CORP. LTD 130,000 440,417 0.62SGD

MOBILEONE LTD 682,060 673,020 0.96SGD

SINGAPORE AIRLINES LTD 49,001 324,277 0.46SGD

SINGAPORE EXCHANGE LTD 145,000 488,373 0.69SGDSINGAPORE PRESS HOLDINGSLTD 158,000 264,000 0.37SGDSINGAPORE TELECOM/BOARD LOT 1000 392,000 654,988 0.93SGD




SMRT CORPORATION LTDSMRT 513,000 519,699 0.73SGD

UTD OVERSEAS BANK /LOCAL 71,000 455,850 0.64SGDYELLOW PAGES (SINGAPORE)LTD 2,688,000 291,761 0.41SGD

5,100,617 7.21

DONGBU INSURANCE CO. LTD 22,090 327,407 0.46KRW

SOUTH KOREA

HYUNDAI DEVELOPMENT CO.ENGINEERING&CONSTRUCTION 8,400 204,363 0.29KRW

HYUNDAI HEAVY INDUSTRIES 2,292 323,966 0.46KRWHYUNDAI MIPO DOCKYARDCO. LTD 3,740 350,171 0.50KRW

HYUNDAI MOTOR CO. LTD 7,990 320,611 0.45KRW


KB FINANCIAL GROUP INC. 13,250 315,653 0.45KRWKOREA ELECTRIC POWERCORP. 17,580 323,478 0.46KRW

KOREA EXCHANGE BANK 65,530 293,745 0.42KRW

KT&G CORPORATION 18,080 994,767 1.40KRW

LG CHEMICAL LTD 9,828 639,508 0.90KRW

LG DISPLAY CO. LTD 14,130 286,559 0.41KRW


MEGASTUDY CO. LTD 2,247 322,479 0.46KRW

POSCO 3,168 834,874 1.17KRW

SAMSUNG C&T CORP. 9,360 268,999 0.38KRWSAMSUNG ELECTRONICS CO.LTD 6,104 2,506,692 3.54KRWSAMSUNG FIRE&MARINEINSURANCE 2,990 345,883 0.49KRW

SK TELECOM CO. LTD 5,707 792,223 1.12KRW

S-OIL CORP. 6,850 278,829 0.39KRWWOORIINVESTMENT&SECURITIESCO. 35,590 434,864 0.62KRW

10,754,710 15.21

ACER INC. 428,857 644,166 0.91TWD

TAIWAN

ADVANCED SEMICONDUCTORENG. INC. 383,000 185,558 0.26TWD



AU OPTRONICS CORP. 278,000 229,664 0.32TWD

CHINA STEEL 1,116,705 730,140 1.03TWDCHUNGHWA TELECOM CO.LTD 278,101 507,000 0.72TWDFAR EASTONE TELECOM. CO.LTD 514,807 529,157 0.75TWD

FORMOSA PLASTICS 331,000 498,154 0.70TWDFUBON FINANCIAL HOLDINGCO. LTD 666,000 401,127 0.57TWDHON HAI PRECISIONINDUSTRY CO. LTD 454,000 1,025,571 1.45TWD

HTC CORP. 83,350 1,023,662 1.45TWD

MEDIA TEK INCORPORATION 124,760 1,172,143 1.66TWDMEGA FINANCIAL HOLDINGCOMPANY 1,376,000 492,390 0.70TWDPRESIDENT CHAIN STORECORP. 116,000 265,457 0.38TWD

QUANTA COMPUTER INC. 454,060 573,032 0.81TWDSILICONWARE PRECISIONINDUSTRIES 472,091 496,374 0.70TWD



TAIWAN FERTILIZER CO. LTD 314,000 642,731 0.91TWD

TAIWAN MOBILE CORP. 573,504 830,185 1.17TWDTAIWAN SEMICONDUCTORMANUFACTURING 1,534,723 2,323,313 3.29TWDUNI-PRESIDENT ENTERPRISESCORP. 400,000 323,972 0.46TWD

WISTRON CORP. 133,000 143,171 0.20TWD

13,792,235 19.50

ADVANCED INFO SERVICEPUB./ FOR. RG 161,100 376,389 0.53THB

THAILAND

BANGKOK BANK PUBLIC/FOREIGN 219,900 465,795 0.66THBBANGKOK EXPRESSWAY/FOR. REG 1,199,100 536,680 0.76THBTHAI PLASTIC&CHEMICALSPUBIC /FOR. 707,500 252,926 0.36THB

1,631,790 2.31

96.55TOTAL SHARES 68,272,684

THE LINK REIT 343,500 678,999 0.96HKD

INVESTMENT FUNDS

HONG KONG

678,999 0.96

CPN RETAIL GROWTHPROPERTY 2,333,734 505,831 0.72THB

THAILAND

505,831 0.72

1.68TOTAL INVESTMENT FUNDS 1,184,830



RIGHTS HSBC 03.04.09 33,367 63,072 0.09HKD



GREAT BRITAIN

63,072 0.09


0.09TOTAL OTHER TRANSFERABLE SECURITIES 63,072






ALL AMERICA LATINA /UNIT 12,700 53,747 0.19BRL


SHARES

BRAZIL

AMBEV CIA DE BEBIDAS/ADR 3,300 156,057 0.54USD

ARACRUZ CEL.-B- PREF/SADR 1,400 9,198 0.03USD

BANCO BRADESCO /SADR 40,900 396,730 1.37USD

BANCO DO BRASIL SA 10,300 73,903 0.26BRLBM&F BOVESPA BOLSA DEVALORES 47,100 145,094 0.50BRL

BRADESPAR SA BRASIL/PREF. 6,500 60,881 0.21BRLBRASIL TELECOMPARTICIPACOES 2,100 55,353 0.19BRL

CEMIG /SADR 5,697 83,404 0.29USDCIA DE CONCESSOESRODOVIARIAS 4,100 36,658 0.13BRLCIA SIDER. NAC/SADR(REP.1SH) 7,600 109,668 0.38USD

CIA VALE RIO DOCE/SADR 38,500 502,425 1.74USDCIA VALE RIO DOCE/SADR(1PREF.) 52,100 590,814 2.05USD

COPEL /SADR (1000 PREF. B) 6,814 69,912 0.24USD

CPFL ENERGIA SA 3,800 49,796 0.17BRLELETROBRAS. CENTR. ELETR.BRASIL 6,500 71,353 0.25BRLELETROBRAS. EL.BRASIL./PREF. B 6,000 62,900 0.22BRL

EMBRAER /SADR 3,200 41,568 0.14USDFOSFERTIL.FER. FOSFATADOS/ PREF. 5,000 29,194 0.10BRL

GERDAU SA SADR PREF. SHS 16,600 89,806 0.31USD

INVESTIMENTOS ITAU /PREF. 52,483 180,167 0.62BRLITAU HOLDING /PREF.SHS/SADR 34,250 376,408 1.30USDMETALURGICA GERDAU/PREF. 8,000 56,198 0.19BRLOGX PETROLEO E GASPARTICIP SA 400 124,082 0.43BRL

PERDIGAO SA 3,600 44,221 0.15BRL

PETROBRAS /SADR 40,700 1,004,476 3.49USD

PETROLEO BRASILEIRO /SADR 30,000 925,200 3.21USD

REDECARD SA 7,500 88,776 0.31BRL

SOUZA CRUZ 2,400 46,196 0.16BRLTELE NORT. LE. TNLP /PREF.SADR 7,200 96,984 0.34USD

UNIBANCO /GDR 2,325 146,987 0.51USDUSIMINAS -A- SADR (10000PREF. REGS) 6,800 82,620 0.29USDVIVO PARTICIPACOES SA/PREF. SHS 3,900 52,279 0.18BRL

5,913,055 20.49

INVESTMENTS

BRIC MarketsStatement of investments as at 31 March 2009 (expressed in USD)


CHINA HUIYUAN JUICE GROUPLTD OPA 32,000 20,397 0.07HKD

CAYMAN ISLANDS

HENGAN INTERNATIONAL GRP 24,000 96,461 0.33HKD

PARKSON RETAIL GROUP LTD 21,500 21,749 0.08HKD

TENCENT HOLDINGS LIMITED 19,000 140,963 0.49HKDTINGYI HOLDINGCORP.(CAYMAN ISL.) 42,000 48,556 0.17HKD

328,126 1.14

ALUMINIUM CORP. OF CHINA -H- 96,000 55,121 0.19HKD

CHINA

ANHUI CONCH CEMENT CO. -H- 10,000 55,159 0.19HKD

BANK OF CHINA LTD -H- 813,000 269,592 0.93HKDBANK OF COMMUNICATIONSCO. -H- 178,500 123,909 0.43HKDCHAODA MODERNAGRICULTURE HOLDING 54,000 32,260 0.11HKD

CHINA CITIC BANK -H- 148,000 55,952 0.19HKDCHINA COAL ENERGY CO. LTD-H- 67,000 49,449 0.17HKDCHINA COMMUNICATIONSCONSTRUCTION -H- 82,000 89,933 0.31HKDCHINA CONSTRUCTION BANKCO. -H- 885,000 502,436 1.75HKDCHINA LIFE INSURANCE CO.LTD -H- 137,000 454,295 1.58HKD

CHINA MERCHANTS BANK -H- 42,500 74,249 0.26HKDCHINA PETROLEUM&CHEMCORP. H 314,000 200,953 0.70HKDCHINA RAILWAYCONSTRUCTION CORP. -H- 33,000 43,090 0.15HKDCHINA RAILWAY GROUP LTD-H- 73,000 42,668 0.15HKDCHINA SHENHUA ENERGY CO.-H- 60,500 136,296 0.47HKDCHINA SHIPPING CONTAINER -H- 221,100 39,369 0.14HKDCHINA TELECOM CORP. LTD -H- 330,700 136,543 0.47HKD

IND & COM BOC -H- 807,000 419,626 1.45HKD

PETROCHINA CO. LTD /-H- 521,200 415,601 1.44HKDPING AN INSURANCE GRP CO.-H- 39,800 237,508 0.82HKD

ZIJIN MINING GROUP -H- 94,000 66,950 0.23HKD

3,500,959 12.13

AFK SISTEMA / SGDR 12,000 72,600 0.25USD

FEDERATION OF RUSSIA

AK SBEREGATELNY BANKSBERBANK 783,700 478,057 1.66USD

COMSTAR /SGDR REP. REGS 18,600 64,170 0.22USD

GAZPROM OAO /SADR REGS 93,630 1,415,685 4.91USD

JSC SURGUTNEFTEGAZ /SADR 62,850 422,981 1.47USDJSC SURGUTNEFTEGAZ /SADRPREF. 7,300 18,250 0.06USD

LUKOIL /SADR (REP.1 SHS.) 33,600 1,285,199 4.45USD

MECHEL OJSC /ADR 8,100 32,400 0.11USD

MMC NORILSK NICKEL /SADR 75,900 470,580 1.63USDMOBILE TELESYSTEMSOJS/SADR 18,000 533,339 1.85USD

NOVATEK OAO /SGDR 7,180 167,797 0.58USDNOVOLIPETSK STEEL REGS/GDR 8,000 100,480 0.35USD




PHARMSTANDARD OKT /SGDR 8,300 82,170 0.28USDROSNEFT OIL COMPANY OJSC/SGDR 96,000 426,240 1.48USDROSTELECOM /SADR REP. 6SHS 4,750 246,763 0.86USDSEVERSTAL CHEREPOVETSMET/SGDR 18,500 64,195 0.22USDTATNEFT /SGDR REP. 20 SHSREGS 5,700 277,077 0.96USDTRUBNAYA METALL. KOMP./SGDR REG 3,700 16,650 0.06USDVIMPEL COMMUNICATIONS/S.ADR 42,400 273,904 0.95USD

VNESHTORGBANK SGDR 78,200 132,158 0.46USDWIMM-BILL-DANN FODDS/SADR 1,750 54,460 0.19USD

6,635,155 23.00


HONG KONG

CHINA MERCHANTSHOLDINGS 29,339 67,534 0.23HKD

CHINA MOBILE LTD 116,900 1,018,128 3.53HKDCHINA OVERSEASLAND&INVESTMENT 111,341 174,692 0.61HKDCHINA RESOURCES POWERHOLDINGS 44,000 92,198 0.32HKD

CHINA UNICO (HK) 120,486 128,721 0.45HKD

CITIC PACIFIC LTD 37,000 41,821 0.14HKD

CNOOC LTD 320,200 317,297 1.10HKD

1,884,151 6.53

ABB SHS 4,300 35,894 0.12INR

INDIA

ACC LTD /DEMAT. 4,000 46,875 0.16INRAMBUJA CEMENTSLTD/DEMAT. 41,900 61,506 0.21INR

AXIS BANK LTD /SGDR 2,385 19,521 0.07USDBHARAT HEAVY ELECTRICALS/DEMAT. 8,700 258,326 0.90INR

BHARAT PETROLEUM/DEMAT. 6,200 45,658 0.16INR

CAIRN INDIA LIMITED 19,500 70,286 0.24INR

CIPLA LTD /DEMAT. 20,679 90,130 0.31INR

DLF LIMITED 12,700 42,704 0.15INRDR REDDY SLABORATORIES/ADR 6,500 55,965 0.19USD

GAIL INDIA LTD /GDR REGS 4,050 114,631 0.40USD

GMR INFRASTRUCTURE LTD 31,400 58,874 0.20INRGRASIM INDUSTRIES /GDR144A 1,500 46,432 0.16USDHOUSING DEVELOPMENTFINANCE CORP. /ADR 6,200 346,146 1.20USD

HOUSING DEVT /DEMAT. 15,100 426,980 1.48INR

ICICI BANK /SADR 29,360 372,285 1.29USDINFOSYS TECHNOLOGIES /SADR 26,600 688,142 2.39USD

ITC /GDR 53,200 191,543 0.66USDJINDAL STEEL & POWER/DEMAT. 4,000 94,167 0.33INRLARSEN TOUBRO /GDRREPR.1 SHS 14,600 196,600 0.68USDMAHINDRA & MAHINDRA/DEMAT. 9,400 71,025 0.25INR

NTPC LTD / DEMAT. 49,000 178,061 0.62INR

OIL&NATURAL GAS /DEMAT. 16,050 246,489 0.85INR


POWER GRID CORP. OF INDIALTD 2,700 5,094 0.02INRRELIANCE CAPITAL LTD/DEMAT. 7,600 53,943 0.19INRRELIANCE COMMUNICATIONS/DEMAT. 40,300 138,363 0.48INRRELIANCE NATURALRESOURCE /GDR 11,700 21,120 0.07USDRELIANCE PETROLEUM/DEMAT. 15,900 30,015 0.10INR

SESA GOA LTD /DEMAT. 26,000 51,638 0.18INRSTATE BANK OF INDIA /GDRREGS 2,010 82,109 0.28USDSTEEL AUTHORITY OFINDIA/DEMAT 32,100 62,143 0.22INRSTERLITE INDUSTRIES (INDIA)/ADR 15,300 98,073 0.34USDSUN PHARMACEUTICALIND.LTD 4,000 87,332 0.30INRTATA CONSULTANCYSERVICES /DEMAT. 21,100 222,454 0.77INR

TATA MOTORS LTD /ADR 12,450 56,648 0.20USD

TATA POWER CO. /DEMAT. 2,400 36,483 0.13INR

TATA STEEL LTD /DEMAT. 13,060 54,239 0.19INRUNITED SPIRITS LIMITED/DEMAT. 3,800 49,444 0.17INR

WIPRO LTD /SADR 16,300 116,056 0.40USD

4,923,394 17.06

80.35TOTAL SHARES 23,184,840

LYXOR INTERNATIONAL ETFRUSSIA -A- 42,500 848,263 2.94EUR

INVESTMENT FUNDS

FRANCE

848,263 2.94

2.94TOTAL INVESTMENT FUNDS 848,263

ISHARES MSCI CHINATRACKER 154,100 272,400 0.94HKD

EXCHANGE TRADED FUNDS

HONG KONG

272,400 0.94

ISHARES MSCI BRAZIL /INDEXFD 24,676 918,441 3.19USD

UNITED STATES

918,441 3.19

4.13TOTAL EXCHANGE TRADED FUNDS 1,190,841

BARCLAYS BANK 6-36-A-WRT/MSCI INC. 22,900 666,161 2.31USD


GREAT BRITAIN

DEUTSCHE BANK LN -30.01.17WRT /HIND.LEV 44,800 211,204 0.73USD

877,365 3.04






TRACTEBEL ENERGIA SA/SADR 3,200 23,552 0.08USD

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET

SHARES

BRAZIL

23,552 0.08

URALKALITY /GDR 13,450 161,400 0.56USD


161,400 0.56

0.64TOTAL SHARES 184,952

0.64TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 184,952


FSK EES 29,300,000 124,525 0.43USD


SHARES


POLYUS ZOLOTO OAO /SADR 17,200 430,000 1.50USD

RUSHYDRO OJSC 9,200,000 206,080 0.71USD

760,605 2.64

RELIANCE INDUSTRIES /GDR 2SHS 144A 21,903 1,326,283 4.59USD

INDIA

RELIANCE INFRASTRUCTURELTD 7,100 72,725 0.25INR

1,399,008 4.84








ALL AMERICA LATINA /UNIT 144,600 611,949 0.19BRL


SHARES

BRAZIL

AMBEV CIA DE BEDIDAS/PREF. 79,165 3,714,552 1.13BRLARACRUZ CELULOSE BPREF. NOM. 179,700 116,583 0.04BRL

BANCO BRADESCO SA /PREF. 509,250 4,997,329 1.52BRLBRASIL TELECOMPARTICIPACOES /PREF. 84,016 588,383 0.18BRLB2W COMPANHIA GLOBAL DOVAREJO 23,400 218,065 0.07BRLCIA DE CONCESSOESRODOVIARIAS 50,800 454,199 0.14BRLCIA ENERGET. MIN. GERAIS/PRIV. 129,199 1,870,126 0.57BRLCIA VALE DO RIO DOCE A/PREF. 685,100 7,847,384 2.38BRLCIE ENERGY SAO PAULO/PREF. -B- 86,159 483,453 0.15BRLCOSAN SA INDUSTRIA ECOMERCIO 3,800 16,490 0.01BRL

CYRELA BRAZIL REALTY SA 86,000 329,590 0.10BRLELETROBRAS. CENTR. ELETR.BRASIL 121,961 1,338,821 0.41BRLELETROBRAS. EL.BRASIL./PREF. B 112,982 1,184,431 0.36BRLEMBRAER EMPRESABRASILEIRA AERONAUTICA 170,700 541,987 0.17BRL

GERDAU /PREF. 226,400 1,219,789 0.37BRLGOL LINHAS AEREASINTELIGENTES 21,500 62,722 0.02BRL

ITAU HOLDING SA /PREF. 436,250 4,841,396 1.47BRL

KLABIN RIOCELL SA /PREF. 188,000 226,973 0.07BRL

LOJAS AMERICANAS SA /PRIV. 139,973 390,301 0.12BRL

LOJAS RENNER SA 57,000 342,858 0.10BRL

NATURA COSMETICOS SA 105,000 1,005,114 0.31BRLNET SERVICOS DECOMUNICACAO /PREF 72,300 515,653 0.16BRLPETROBRAS PETROLEOBRASILEIRO 809,000 12,436,542 3.78BRLPETROLEO BRASILEIRO/PREF. 1,114,600 13,782,265 4.19BRL

REDECARD SA 58,200 688,899 0.21BRLSABESP. CIA SANEAM. BAS.ESTADO 63,618 682,784 0.21BRL

SADIA SA /PREF. 150,000 197,208 0.06BRL

SID NACIONAL 135,900 1,956,612 0.60BRL

TAM SA 25,500 144,619 0.04BRL

TELEMAR 26,000 413,319 0.13BRL

TEMAR / PREF. 97,000 1,289,862 0.39BRLTIM PARTICIPACOES SA/PREF. 242,058 296,398 0.09BRL

INVESTMENTS

BRIC Markets EquityStatement of investments as at 31 March 2009 (expressed in USD)


UNIBANCO /UNIT(1UBBPN+1UBHDBN) 386,100 2,446,823 0.75BRL

USIMINAS PREF.-A- 94,275 1,140,212 0.35BRL

VALE RIO DOCE /NAM. 482,500 6,308,267 1.91BRLVIVO PARTICIPACOES SA/PREF. SHS 49,825 667,902 0.20BRL

VOTORANTIM /PREF. 37,600 170,432 0.05BRL

75,540,292 23.00

ALIBABA CO. 416,500 382,630 0.12HKD

CAYMAN ISLANDS

BELLE INTERNATIONALHOLDING LTD 1,030,000 524,950 0.16HKDCH HS TRANSMISS EQ GR CO.LTD 347,000 496,977 0.15HKD

COUNTRY GARDEN HOLDINGS 1,469,000 388,561 0.12HKD

HENGAN INTERNATIONAL GRP 286,000 1,149,498 0.35HKD

LI NING COMPANY LTD 214,000 353,434 0.11HKD

TENCENT HOLDINGS LIMITED 342,000 2,537,336 0.77HKDTINGYI HOLDINGCORP.(CAYMAN ISL.) 774,000 894,814 0.27HKD

6,728,200 2.05

AGILE PROPERTY HOLDINGSLTD 784,000 444,083 0.14HKD

CHINA

AIR CHINA LTD -H- 936,000 301,926 0.09HKDALUMINIUM CORP. OF CHINA -H- 1,814,000 1,041,553 0.32HKDANGANG STEEL COMPANYLTD -H- 630,000 638,108 0.19HKDANHUI CONCH CEMENT CO. -H- 230,000 1,268,668 0.39HKD

BANK OF CHINA LTD -H- 10,177,000 3,374,713 1.03HKDBANK OF COMMUNICATIONSCO. -H- 1,318,000 914,917 0.28HKDBEIJING CAPITALINTERNATIONAL AIRPORT -H- 648,000 288,455 0.09HKDCHAODA MODERNAGRICULTURE HOLDING 886,444 529,561 0.16HKDCHINA COAL ENERGY CO. LTD-H- 1,216,000 897,457 0.27HKDCHINA COMMUNICATIONSCONSTRUCTION -H- 1,919,000 2,104,640 0.64HKDCHINA CONSTRUCTION BANKCO. -H- 12,608,000 7,157,854 2.18HKD

CHINA COSCO HOLDINGS -H- 1,226,750 799,340 0.24HKDCHINA LIFE INSURANCE CO.LTD -H- 2,648,000 8,780,821 2.68HKDCHINA MENGNIU DAIRY CO.LTD 445,000 622,405 0.19HKD

CHINA MERCHANTS BANK -H- 1,034,000 1,806,438 0.55HKDCHINA NATIONAL BUILDINGMATERIAL -H- 598,000 885,782 0.27HKD

CHINA OILFIELD SERVICES -H- 660,000 522,021 0.16HKDCHINA PETROLEUM&CHEMCORP. H 6,338,000 4,056,186 1.24HKDCHINA RAILWAYCONSTRUCTION CORP. -H- 1,094,000 1,428,505 0.44HKDCHINA RAILWAY GROUP LTD-H- 2,315,000 1,353,110 0.41HKD

CHINA RESOURCES LAND 514,000 795,845 0.24HKDCHINA SHENHUA ENERGY CO.-H- 1,226,500 2,763,095 0.84HKDCHINA SHIPPINGDEVELOPMENT -H- 934,000 884,559 0.27HKDCHINA TELECOM CORP. LTD -H- 5,316,000 2,194,921 0.67HKD




DATANG INT. POWERGENERATION -H- 1,382,000 606,277 0.18HKD

DONGFENG MOTOR -H- 922,000 477,045 0.15HKDGUANGZHOU R&F PROPERTY-H- /NEW 456,000 529,531 0.16HKDHUANENG POWERINTERNATIONAL -H- 1,284,000 851,554 0.26HKD

IND & COM BOC -H- 15,686,000 8,156,451 2.48HKD

JIANGXI COPPER CO. LTD H 750,000 781,910 0.24HKDMAANSHAN IRON & STEEL CO.H 476,000 167,669 0.05HKDNINE DRAGONS PAPERHOLDINGS LTD 457,000 173,359 0.05HKD

PETROCHINA CO. LTD /-H- 7,874,000 6,278,673 1.91HKDPICC PROPERTY & CASUALTY-H- 774,000 422,440 0.13HKDPING AN INSURANCE GRP CO.-H- 320,500 1,912,598 0.58HKDSHANGHAI ELECTRIC GROUPCO. -H- 1,294,000 372,326 0.11HKDSHIMAO PROPERTY HOLDINGLTD 606,000 530,917 0.16HKD

SINOFERT HOLDINGS LTD 782,000 344,069 0.10HKDSINOPEC SHANGHAIPETROCHEMICAL -H- 634,000 156,245 0.05HKD

YANZHOU COAL MINING CO. H 826,000 594,700 0.18HKDZHEJIANG EXPRESSWAY CO.LTD H 666,000 485,519 0.15HKD

ZIJIN MINING GROUP -H- 2,122,000 1,511,362 0.46HKD

70,207,608 21.38



AK SBEREGATELNYSBERBANK / GDR 14,550 1,615,717 0.49EUR

AO TATNEFT 235,000 573,310 0.17USD


JSC SURGUTNEFTEGAZ /SADR 304,910 2,052,044 0.62USD



MMC NORILSK NICKEL /SADR 317,570 1,968,934 0.60USDMOBILE TELESYSTEMSOJS/SADR 74,460 2,206,250 0.68USD


POLYUS GOLD OJSC 15,300 685,111 0.21USDROSNEFT OIL COMPANY OJSC/SGDR 474,370 2,106,203 0.64USDROSTELECOM /SADR REP. 6SHS 28,610 1,486,290 0.45USDSEVERSTAL CHEREPOVETSMET/SGDR 103,140 357,896 0.11USDTATNEFT /SGDR REP. 20 SHSREGS 27,160 1,320,248 0.40USDVIMPEL COMMUNICATIONS/S.ADR 174,220 1,125,461 0.34USD

VNESHTORGBANK SGDR 390,900 660,621 0.20USD

39,821,190 12.13


HONG KONG

CHINA INSURANCEINTERNATIONAL HOLDING 328,000 527,322 0.16HKDCHINA MERCHANTSHOLDINGS 584,000 1,344,286 0.41HKD


CHINA MOBILE LTD 2,216,000 19,300,008 5.89HKDCHINA OVERSEASLAND&INVESTMENT 1,532,000 2,403,678 0.73HKDCHINA RESOURCESENTERPRISE LTD 482,000 746,298 0.23HKDCHINA RESOURCES POWERHOLDINGS 592,000 1,240,486 0.38HKDCHINA TRAVELINTERNATIONAL INVESTMENTH.K. 794,000 140,354 0.04HKD


CITIC PACIFIC LTD 592,000 669,129 0.20HKD

CNOOC LTD 5,801,000 5,748,414 1.76HKD

COSCO PACIFIC LTD 844,000 833,082 0.25HKD

DENWAY MOTORS LTD 2,094,000 810,554 0.25HKDGUANGDONG INVESTMENTLTD 1,012,000 407,398 0.12HKDGUANGZHOU INVESTMENTCO. LTD 1,240,000 127,996 0.04HKDHOPSON DEVELOPMENTHOLDINGS LTD 160,000 106,319 0.03HKD

LENOVO GROUP LTD 1,642,000 377,118 0.11HKDSHANGHAI INDUSTRIALHOLDINGS 415,000 1,148,575 0.35HKDSINO-OCEAN LAND HOLDINGSLTD 1,396,000 918,628 0.28HKD

40,058,813 12.20

AMBUJA CEMENTSLTD/DEMAT. 408,100 599,057 0.18INR

INDIA

AXIS BANK LTD/DEMAT. 57,500 471,494 0.14INRBHARAT HEAVY ELECTRICALS/DEMAT. 54,100 1,606,372 0.49INR

CIPLA LTD /DEMAT. 134,900 587,965 0.18INR

DLF LIMITED 89,200 299,939 0.09INRDR REDDY SLABORATORIES/DEMAT. 66,500 636,828 0.19INR

GAIL (INDIA) LTD /DEMAT. 149,200 706,182 0.22INR

GRASIM INDUSTRIES /DEMAT. 17,500 545,499 0.17INR

H D F C BANK /DEMAT. 129,900 2,456,522 0.75INRHERO HONDA MOTORS/DEMAT. 33,400 704,328 0.21INRHINDALCO INDUSTRIES /DEMAT. 308,500 316,966 0.10INR

HINDUSTAN UNILEVER LTD 413,000 1,945,035 0.59INR

HOUSING DEVT /DEMAT. 96,220 2,720,797 0.83INR

ICICI BANK /SADR 133,200 1,688,976 0.51USDINDIABULLS FINANCESRV/DEMAT. 78,200 139,010 0.04INRINDIABULLS REAL ESTATE/DEMAT. 94,400 187,949 0.06INRINDIAN HOTELS CO. LTD/DEMAT. 167,700 132,895 0.04INRINFOSYS TECHNOLOGIES LTD/DEMAT. 206,100 5,384,079 1.65INRINFRASTRUCTUREDEVELOPMENT FINANCE/DEMAT. 276,400 299,204 0.09INR

ITC LTD /DEMAT. 532,800 1,920,430 0.58INRJAIPRAKASH ASSOCIATIONLTD 263,000 437,003 0.13INRJINDAL STEEL & POWER/DEMAT. 29,000 682,710 0.21INRKOTAK MAHINDRA BANK LTD/DEMAT 52,100 293,313 0.09INRLARSEN & TOUBRO LTD /DEMAT. 72,600 976,483 0.30INR




MAHINDRA & MAHINDRA/DEMAT. 55,900 422,374 0.13INR

MARUTI SUZUKI INDIA LTD 35,600 539,730 0.16INR

NTPC LTD / DEMAT. 308,800 1,122,151 0.34INR

OIL&NATURAL GAS /DEMAT. 139,600 2,143,919 0.65INRRELIANCE CAPITAL LTD/DEMAT. 44,000 312,300 0.10INRRELIANCE COMMUNICATIONS/DEMAT. 228,400 784,174 0.24INRRELIANCE INDUSTRIES/DEMAT. 276,900 8,395,859 2.57INR

SIEMENS LTD /DEMAT. 52,600 273,321 0.08INRSTERLITE INDUSTRIES LTD/DEMAT 100,400 700,864 0.21INRSUN PHARMACEUTICALIND.LTD 25,100 548,007 0.17INRTATA CONSULTANCYSERVICES /DEMAT. 75,500 795,985 0.24INR

TATA MOTORS LTD /DEMAT. 94,300 342,677 0.10INR


TATA STEEL LTD /DEMAT. 84,900 352,593 0.11INR

UNITECH LTD /DEMAT. 255,400 179,794 0.05INR

WIPRO LTD /DEMAT. 117,500 567,579 0.17INR

43,720,484 13.31

84.07TOTAL SHARES 276,076,587

ISHARES MSCI BRAZIL /INDEXFD 474,220 17,650,468 5.38USD


UNITED STATES

17,650,468 5.38






SHARES


750,960 0.23



GOME ELECTRICALAPPLIANCE HOLDING 4,098,000 592,208 0.18HKD


SHARES

BERMUDA ISLANDS

592,208 0.18

ROSTELEKOM 70,300 625,599 0.19USD


625,599 0.19

RELIANCE INFRASTRUCTURELTD 44,800 458,885 0.14INR

INDIA

458,885 0.14


RIGHTS GOL AIRLINES 09-23.04.09 2,794 132 0.00BRL


BRAZIL

RIGHTS VOTARIM CEL 09-07.04.09 41,807 180 0.00BRL

312 0.00

0.00TOTAL WARRANTS / EQUITY LINKED SECURITIES 312








ENERGY RESOURCESAUSTRALIA -A- 19,879 290,178 1.04AUD


SHARES

AUSTRALIA

290,178 1.04

OEST.ELEK.WIRT. A ATS100- 1,836 67,434 0.24EUR

AUSTRIA

67,434 0.24

UMICORE SA 10,000 180,003 0.64EUR

BELGIUM

180,003 0.64

CIA ENERGET. MIN. GERAIS/PRIV. 12,988 187,998 0.67BRL

BRAZIL

TRACTEBEL (BRESIL) 35,366 258,617 0.92BRL

446,615 1.59

BOMBARDIER INC -B- 72,933 171,983 0.61CAD

CANADA

BORALEX INC -A- 19,828 78,980 0.28CAD

CAMECO CORP. 24,579 418,641 1.50CAD

669,604 2.39

CH HS TRANSMISS EQ GR CO.LTD 132,077 189,162 0.67HKD

CAYMAN ISLANDS

GUSHAN.ENVIRON.ENERGY/ADR 40,966 80,703 0.29USD

JA SOLAR HOLDINGS CO /ADR 20,483 65,955 0.24USD

YINGLI GREEN HLD / ADR 28,676 162,880 0.58USD

498,700 1.78

LDK SOLAR CO /SADR 8,848 51,849 0.19USD

CHINA

51,849 0.19

CEZ.CESKE ENERGETICKEZAVODY 9,831 349,488 1.25CZK

CZECH REPUBLIC

349,488 1.25

INVESTMENTS

Climate ChangeStatement of investments as at 31 March 2009 (expressed in USD)


VESTAS WIND SYSTEMS AS /REG 9,149 390,184 1.39DKK

DENMARK

390,184 1.39

FORTUM CORPORATION 15,166 291,058 1.04EUR

FINLAND

291,058 1.04

ALSTOM 5,735 289,352 1.03EUR

FRANCE

EDF 11,470 436,989 1.56EUR

E.D.F. ENERGIE NOUVELLE SA 2,118 80,076 0.29EUR

SAFT GROUPE SA 8,548 227,292 0.81EUR

SECHILIENNE-SIDEC 6,339 197,710 0.71EUR

SUEZ ENVIRONNEMENT CIE 11,470 166,385 0.59EUR

1,397,804 4.99

E.ON - NAMEN AKT. 40,457 1,104,135 3.93EUR

GERMANY

RWE AG (NEU). ESSEN A 5,735 398,656 1.42EUR

SGL CARBON AG 8,005 187,956 0.67EUR

SIEMENS AG /NAM. 19,720 1,099,610 3.93EUR

SMA SOLAR TECHNOLOGY AG 7,500 330,160 1.18EUR

SOLARWORLD AG BONN 5,043 103,724 0.37EURWACKER CHEMIE AGMUENCHEN 2,048 167,273 0.60EUR

3,391,514 12.10

EAGA PLC 61,449 128,333 0.46GBP

GREAT BRITAIN

RPS GROUP PLC 113,835 244,648 0.87GBP

SERCO GROUP PLC 35,231 184,511 0.66GBP

SIG PLC 45,371 65,114 0.23GBP

WSP GROUP PLC 49,979 174,143 0.62GBP

796,749 2.84

TERNA ENERGY SA 15,000 77,428 0.28EUR

GREECE

77,428 0.28

CHINA AGRI INDUSTRIESHOLDINGS 391,579 186,436 0.67HKD

HONG KONG

GUANGDONG INVESTMENTLTD 833,199 335,419 1.19HKD

521,855 1.86


INDIA

217,956 0.78

M A INDUSTRIES LTD 57,957 236,700 0.84ILS

ISRAEL

236,700 0.84




ENEL 32,773 154,313 0.55EUR

ITALY

IMPREGILO/POSTRAGGRUPPAMENTO 63,824 164,725 0.59EUR

LANDI RENZO SPA 28,312 83,282 0.30EUR

402,320 1.44

CHUBU ELECTRIC POWER -C- 30,724 679,104 2.42JPY

JAPAN

DAISEKI CO LTD 8,193 139,450 0.50JPYELECTRIC POWERDEVELOPMENT CO. 9,012 268,042 0.96JPYHOKKAIDO ELECTRCITYPOWER 10,241 206,541 0.74JPYKANSAI ELECTRIC POWER CO.JPY 500 16,386 357,179 1.28JPY

KYUSHU ELECTR.POWER CO. 16,304 367,016 1.31JPY

MARUBENI CORP. 65,546 203,632 0.73JPYSHIKOKU ELECTRIC POWERCO INC. 7,373 197,890 0.71JPYTOKYO ELECTRIC POWERJPY 500 32,773 821,203 2.92JPY

3,240,057 11.57

GOLDEN AGRI-RESOURCESLTD 639,078 115,611 0.41SGD

MAURITIUS

115,611 0.41

ROYAL PHILIPS ELECTRONICS 8,193 119,499 0.43EUR

NETHERLANDS

119,499 0.43

RENEWABLE ENERGY AS 20,483 184,692 0.66NOK

NORWAY

YARA INTERNATIONAL ASA 8,193 173,770 0.62NOK

358,462 1.28

MANILA WATER CO INC 947,506 215,570 0.77PHP

PHILIPPINES

215,570 0.77

EDP-ENERGIAS DE PORTUGALSA 155,188 527,876 1.88EUR

PORTUGAL

527,876 1.88

FIRST RESSOURCES LTD 950,425 184,439 0.66SGD

SINGAPORE

HYFLUX LTD 200,000 217,084 0.78SGD

WILMAR INTERNATIONAL LTD 98,319 205,027 0.73SGD

606,550 2.17

ILLOVO SUGAR LTD 40,000 114,171 0.41ZAR

SOUTH AFRICA

114,171 0.41

ACCIONA SA /ESP 167 1,433 145,568 0.52EUR

SPAIN


IBERDROLA RENOVABLES SA 115,758 470,359 1.68EUR

IBERDROLA SA 90,861 627,752 2.24EUR

1,243,679 4.44

ABB LTD ZUERICH /NAMEN. 32,773 445,165 1.59CHF

SWITZERLAND

FOSTER WHEELER 10,651 184,262 0.66USD

629,427 2.25

AEROVIRONMENT INC 5,000 106,400 0.38USD

UNITED STATES

AQUA AMERICA INC 14,380 283,142 1.01USD

BALDOR ELECTRIC CO. 8,930 130,021 0.46USDCALIFORNIA WATER SERVICEGROUP 5,715 239,230 0.85USD

CENTERPOINT ENERGY INC. 20,483 207,083 0.74USD

CLEAN HARBORS INC 4,096 195,092 0.70USD

EDISON INTERNATIONAL 14,338 404,905 1.45USD

EMCOR GROUP INC. 9,654 162,960 0.58USD

EMERSON ELECTRIC CO. 16,386 457,661 1.63USDENERGY CONVERSIONDEVICES 4,096 55,009 0.20USD

ENERSYS INC 16,386 198,271 0.71USD

EXELON CORP. 34,411 1,539,203 5.48USD

FIRST SOLAR INC. 3,002 410,554 1.47USD

FIRSTENERGY CORP. 7,142 276,895 0.99USD

FLUOR CORP. (NEW) 5,735 199,750 0.71USD

FPL GROUP INC. 6,144 304,067 1.09USDGRAFTECH INTERNATIONALLTD 18,196 109,540 0.39USD

HEXCEL CORP 12,274 78,799 0.28USDHONEYWELL INTERNATIONALINC. 19,707 548,051 1.96USD

ITT CORP. 5,735 220,339 0.79USDMEMC ELECTRONICMATERIALS 8,193 136,168 0.49USD

NRG ENERGY INC 8,851 150,910 0.54USD

OCEANEERING INTL INC. 5,215 196,293 0.70USD

PG&E CORP. 8,322 316,486 1.13USD

PRAXAIR 6,708 442,191 1.58USD

REPUBLIC SERVICES INC. 7,571 127,344 0.45USD

SHAW GROUP INC 6,000 165,840 0.59USD

SUNPOWER CORP 4,439 105,737 0.38USD

URS CORP 6,554 258,162 0.92USD

WASTE MANAGEMENT INC. 29,142 737,874 2.63USD

8,763,977 31.28

93.57TOTAL SHARES 26,212,318



HYUNJIN MATERIALS CO LTD 258 6,053 0.02KRW


SHARES

SOUTH KOREA

6,053 0.02



SIMPLO TECHNOLOGY CO.LTD 63,907 175,420 0.63TWD

TAIWAN

175,420 0.63









CENTRAL EUROPEAN MEDIAENTREPRISES -A- 700 5,950 0.13USD


SHARES

BERMUDA ISLANDS

5,950 0.13


CZECH REPUBLIC

KOMERCNI BANKA AS 650 49,659 1.10CZKTELEFONICA O2 CZECHREPUBLIC 4,500 65,749 1.45CZK

330,282 7.30




GAZPROM OAO /SADR REGS 34,500 394,122 8.71USD

JSC SURGUTNEFTEGAZ /SADR 40,000 203,392 4.49USD

LUKOIL /SADR (REP.1 SHS.) 14,600 421,934 9.33USD


MMC NORILSK NICKEL /SADR 35,000 163,953 3.62USDMOBILE TELESYSTEMSOJS/SADR 8,600 192,526 4.25USD


PHARMSTANDARD OKT /SGDR 3,800 28,424 0.63USD

POLYUS GOLD OJSC 3,600 122,591 2.71USDROSNEFT OIL COMPANY OJSC/SGDR 53,000 177,795 3.93USDROSTELECOM /SADR REP. 6SHS 2,500 98,126 2.17USDSEVERSTAL CHEREPOVETSMET/SGDR 7,000 18,352 0.41USDTATNEFT /SGDR REP. 20 SHSREGS 4,000 146,908 3.25USDVIMPEL COMMUNICATIONS/S.ADR 17,700 86,390 1.91USD

VNESHTORGBANK SGDR 38,000 48,521 1.07USDWIMM-BILL-DANN FODDS/SADR 600 14,108 0.31USD

2,395,557 52.94

MAGYAR TELEKOM LTD 19,000 32,564 0.72HUF

HUNGARY

MOL MAGYAR /-A- 2,300 80,437 1.78HUF

OTP BANK LTD 19,500 116,972 2.58HUF

INVESTMENTS

Emerging Europe EquityStatement of investments as at 31 March 2009 (expressed in EUR)


RICHTER GEDEON LTD 500 41,060 0.91HUF

271,033 5.99

ASSECO POLAND SA 1,800 16,949 0.37PLN

POLAND

BANK POLSKA KASA OPIEKIPEKAO 7,700 144,603 3.21PLNBANK ZACHODNI WBK SAWROCLAW 700 10,667 0.24PLN

BRE BANK SA 400 9,493 0.21PLN

KGHM POLSKA MIEDZ SA 7,900 76,936 1.70PLN

PBG SA 350 14,103 0.31PLN

POLISH OIL & GAS CO. 44,000 32,660 0.72PLN

POLISH TELECOM WARSZAWA 27,800 115,558 2.55PLNPOLSKI KONCERN NAFTOWYORLEN 13,800 71,265 1.57PLNPOWSZECHNA KASAOSZCZED. POLSKI 20,100 93,227 2.06PLN

TVN 3,600 6,780 0.15PLN

592,241 13.09

AKBANK 38,000 81,666 1.80TRY

TURKEY

ANADOLU EFES BIRACILIK VEMALT 10,000 45,668 1.01TRY

BIM BIRLESIK MAGAZALAR AS 2,000 30,670 0.68TRY

ENKA INSAAT VE SANAYI AS 8,000 21,133 0.47TRY

EREGLI DEMIR CELIK 22,116 29,508 0.65TRY

KOC HOLDING AS 15,000 15,312 0.34TRY

SABANCI HOLDING 16,000 20,202 0.45TRYTUPRAS TURKIYE PETROLRAFINEL 4,300 31,959 0.71TRY

TURK TELEKOMUNIKASYON 25,000 43,206 0.95TRY

TURKCELL ILETISIM HIZMET 27,600 99,477 2.20TRYTURKIYE GARANTI BANKASI/NOM. 71,000 74,068 1.64TRY

TURKIYE HALK BANKASI AS 15,000 24,177 0.53TRY

TURKIYE IS BANKASI AS C 41,000 67,186 1.48TRYTURKIYE VAKIFLAR BANKASITAO 33,800 18,765 0.41TRY

YAPI KREDI BANKASA 37,000 27,831 0.62TRY

630,828 13.94




TGK- 5 SGDR 2,786 674 0.01USD


SHARES



55,073 1.22





CENTRAL EUROPEAN MEDIAENTREPRISES A 550 4,900 0.11CZK


SHARES

BERMUDA ISLANDS

4,900 0.11

RUSHYDRO OJSC 3,000,000 50,772 1.12USD


50,772 1.12









OMV AG 5,000 165,841 0.70EUR


SHARES

AUSTRIA

TELEKOM AUSTRIA AG 17,905 265,656 1.11EUR

431,497 1.81


BERMUDA ISLANDS

182,372 0.77

AMIL PARTICIPACOES SA 50,000 137,487 0.58BRL

BRAZIL

BRASIL TELECOM SA /PREF. 25,000 132,224 0.56BRL

CYRELA BRAZIL REALTY SA 20,000 76,649 0.32BRL

ITAU HOLDING SA /PREF. 17,500 194,211 0.82BRL

PETROBRAS /SADR 31,170 769,275 3.22USDULTRAPARPARTICIPACOES/PREF. 10,000 237,164 1.00BRLVIVO PARTICIPACOES SA/PREF. SHS 6,000 80,430 0.34BRL

1,627,440 6.84

ONEX CORP /SUB.VOT. 15,000 182,593 0.77CAD

CANADA

182,593 0.77

HENGAN INTERNATIONAL GRP 50,000 200,961 0.84HKD

CAYMAN ISLANDS

SOHO CHINA LTD 500,000 201,284 0.85HKDSUN HUNG KAI PROPERTIESLTD 27,000 241,773 1.01HKDWANT WANT CHINA HOLDINGSLTD 500,000 232,250 0.98HKD

876,268 3.68

BANK OF CHINA LTD -H- 1,000,000 331,602 1.39HKD

CHINA

CHINA CITIC BANK -H- 5,000 1,890 0.01HKDCHINA CONSTRUCTION BANKCO. -H- 700,000 397,406 1.67HKD

CHINA MERCHANTS BANK -H- 150,000 262,056 1.10HKD

IND & COM BOC -H- 1,000,000 519,983 2.19HKD

PETROCHINA CO. LTD /-H- 250,000 199,348 0.84HKD

1,712,285 7.20

INVESTMENTS

Emerging WealthStatement of investments as at 31 March 2009 (expressed in USD)


TELEFONICA O2 CZECHREPUBLIC 8,500 164,375 0.69CZK

CZECH REPUBLIC

164,375 0.69



378,000 1.59

CASINO GUICHARD-PERRACH 3,000 192,279 0.81EUR

FRANCE

EUTELSAT COMMUNICATIONSPARIS 8,000 170,473 0.72EUR

GAZ DE FRANCE 4,500 152,801 0.64EURLVMH MOET HENNESSY EUR0.3 4,500 275,463 1.16EUR

SOCIETE GENERALE PARIS -A- 9,000 341,932 1.43EUR

TOTAL SA 5,000 243,401 1.02EUR

VIVENDI 8,000 208,539 0.88EUR

1,584,888 6.66

ASTRAZENECA PLC 5,000 171,360 0.72GBP

GREAT BRITAIN

BG GROUP PLC 15,000 214,414 0.90GBP

BRITISH AMERICAN TOBACCO 12,231 275,611 1.16GBPCABLE & WIRELESS PLC /GBP0.25 77,700 154,117 0.65GBP

PRUDENTIAL PLC 40,000 180,499 0.76GBPRECKITT BENCKISER GROUPPLC 8,500 310,490 1.30GBP

ROYAL DUTCH SHELL -B- 20,000 434,399 1.82GBP

SMITH AND NEPHEW PLC 25,000 151,368 0.64GBP

1,892,258 7.95

BANQUE NATIONALEGRECE/NOM. S.C.P. 7,500 109,193 0.46EUR

GREECE

109,193 0.46

CHEUNG KONG HOLDINGS 30,000 258,379 1.09HKD

HONG KONG

CHINA MOBILE LTD 75,000 653,204 2.74HKD

911,583 3.83

GLENMARKPHARMACEUTICALS 30,000 92,617 0.39INR

INDIA

HOUSING DEVELOPMENT ANDINFRA 38,571 63,180 0.27INR

HOUSING DEVT /DEMAT. 10,000 282,769 1.19INRMAHINDRA & MAHINDRA/DEMAT. 25,000 188,897 0.79INRUNION BANK OF INDIA/DEMAT. 90,000 256,527 1.08INR

883,990 3.72

BANK RAKYAT INDONESIA 800,000 289,027 1.21IDR

INDONESIA

PT ASTRA INTERNATIONALTBK 170,985 209,591 0.88IDR




PT BANK CENTRAL ASIA TBK 750,000 201,609 0.85IDR

700,227 2.94

CELLCOM ISRAEL LTD 10,000 214,234 0.90ILS

ISRAEL

214,234 0.90

ENI SPA ROMA 12,500 236,419 0.99EUR

ITALY

LOTTOMATICA SPA ROMA 8,000 128,649 0.54EUR

365,068 1.53

KAO CORP. 6,000 117,280 0.49JPY

JAPAN

SEKISUI CHEMICAL CO. LTD 30,000 149,733 0.63JPYSUMITOMO MITSUI FINANCIALGROUP 5,000 173,669 0.73JPY

440,682 1.85

REINET INVESTMENTS SCA 500 4,599 0.02EUR

LUXEMBOURG

4,599 0.02

GOLDEN AGRI-RESOURCESLTD 342,014 61,871 0.26SGD

MAURITIUS

61,871 0.26

AMERICA MOVIL SAB DE CV -L- 125,000 166,695 0.70MXN

MEXICO

DESARROLLADORA HOMEXSAB DE CV 50,000 110,722 0.47MXN

277,417 1.17

PHIL.LONG DIST.TEL. 3,500 158,897 0.67PHP

PHILIPPINES

158,897 0.67

ASSECO POLAND SA 9,000 112,167 0.47PLN

POLAND

POWSZECHNA KASAOSZCZED. POLSKI 20,000 122,777 0.52PLN

234,944 0.99

UTD OVERSEAS BANK /LOCAL 30,000 192,613 0.81SGD

SINGAPORE


453,278 1.91

ADCOCK INGRAM HOLDINGSLIMITED 15,000 59,161 0.25ZAR

SOUTH AFRICA

LEWIS GROUP LTD 33,000 143,856 0.60ZAR

MTN GROUP LTD 20,000 220,870 0.93ZAR

SASOL LTD /REG 7,500 214,460 0.90ZAR

TIGER BRANDS LTD 15,000 209,494 0.88ZAR

847,841 3.56


CJ CHEILJEDANG CORP. 1,250 130,140 0.55KRW

SOUTH KOREA


405,242 1.70

BANCO SANTANDER CENTRALHISPANO/REG 25,000 166,106 0.70EUR

SPAIN

TELEFONICA SA 20,000 391,770 1.64EUR

557,876 2.34

ROCHE HOLDING AG/GENUSSSCHEIN 3,000 402,529 1.69CHF

SWITZERLAND

UBS AG /NAMEN. 26,000 240,732 1.01CHF

643,261 2.70

HTC CORP. 15,000 184,222 0.77TWD

TAIWAN

184,222 0.77

ADVANCED INFO SERVICEPUB./ FOR. RG 125,000 292,046 1.23THB

THAILAND

PTT PLC CO. LTD /FOREIGNREG 70,000 302,461 1.27THBSIAM COMMERC.BANKPUBL./FOR.REG 200,000 306,824 1.29THB

901,331 3.79

TOFAS TURK OTOMOBILFABRIKASI 101,992 86,429 0.36TRY

TURKEY

86,429 0.36

AMERICAN TOWER CORP. -A- 8,235 250,920 1.05USD

UNITED STATES

APPLE INC. 3,500 365,715 1.54USD

BAXTER INTERNATIONAL INC. 4,000 202,440 0.85USD

COCA-COLA CO. 12,219 536,659 2.27USD

COLGATE-PALMOLIVE CO. 4,500 264,555 1.11USD

DEVRY INC. 3,500 172,200 0.72USD

DIRECTV GROUP INC. 10,000 224,000 0.94USD

EQUINIX INC 3,000 167,010 0.70USD

HEINZ (H.J.) CO. 7,070 234,653 0.99USD

JOHNSON & JOHNSON 7,500 397,575 1.67USD

JP MORGAN CHASE & CO. 18,000 447,301 1.89USD

LIFE TECHNOLOGIES CORP. 10,000 321,100 1.35USD

MCAFEE INC. 7,500 242,475 1.02USD

MCDONALD S CORP. 6,000 323,520 1.36USD

MEDTRONIC INC. 10,000 290,300 1.22USD

MORGAN STANLEY 10,000 221,300 0.93USD

MYLAN INC. 25,000 326,250 1.37USD

NIKE INC. -B- 5,000 231,300 0.97USD

QUALCOMM INC. 10,000 378,700 1.59USD

SCHERING-PLOUGH CORP. 6,000 141,660 0.60USD




SOHU.COM INC 3,500 140,350 0.59USD

5,879,983 24.73

98.16TOTAL SHARES 23,354,144








OMV AG 425,000 10,650,500 1.86EUR


SHARES

AUSTRIA

VIENNA INSURANCE GROUP 260,000 5,330,000 0.93EUR

ZUMTOBEL AG 515,000 2,842,800 0.50EUR

18,823,300 3.29

DELHAIZE GROUP 255,000 12,423,600 2.17EUR

BELGIUM

FORTIS S.A./NV 1,650,000 2,343,000 0.41EUR

UMICORE SA 380,000 5,168,000 0.90EUR

19,934,600 3.48

BANK OF CYPRUS PUBLICCOMPANY 1,350,000 2,997,000 0.52EUR

CYPRUS

2,997,000 0.52

NOKIA OY 775,000 6,680,500 1.16EUR

FINLAND

OUTOKUMPU OYJ A 350,000 2,782,500 0.49EUR

9,463,000 1.65

ACCOR SA 225,000 5,854,500 1.02EUR

FRANCE

AXA 1,200,000 10,668,000 1.86EUR

BNP PARIBAS 600,000 17,838,000 3.11EUR

BOUYGUES 435,000 11,307,825 1.97EUR

CAP GEMINI SA 325,000 7,722,000 1.35EUR

CARREFOUR SA 450,000 12,901,500 2.25EURCIE GEN.GEOPHYSIQUE /VERITAS 550,000 4,702,500 0.82EUR

GAZ DE FRANCE 675,000 17,317,125 3.02EUR

MICHELIN B /NOM. 230,000 6,434,250 1.12EUR

PEUGEOT SA 395,000 5,545,800 0.97EUR

SAFRAN SA 950,000 6,620,550 1.16EUR

SAINT-GOBAIN 654,284 13,147,837 2.30EUR

SANOFI-AVENTIS 680,000 28,175,800 4.93EUR

SOCIETE GENERALE PARIS -A- 335,000 9,616,175 1.68EUR

TOTAL SA 300,000 11,034,000 1.93EUR

VEOLIA ENVIRONNEMENT 350,000 5,472,250 0.96EUR

VIVENDI 775,000 15,263,625 2.66EUR

189,621,737 33.11

INVESTMENTS

Euroland EquityStatement of investments as at 31 March 2009 (expressed in EUR)


ALLIANZ SE /NAMEN.VINKULIERT 270,000 16,637,400 2.89EUR

GERMANY

BAYER AG 340,000 12,294,400 2.15EUR

COMMERZBANK AG 850,000 3,421,250 0.60EUR

DEUTSCHE POST AG BONN 1,400,000 11,326,000 1.98EURFRESENIUS MEDICAL CAREAG 400,000 11,552,000 2.02EUR

HENKEL / VORZUG 475,000 9,547,500 1.67EURMUENCHENER RUECKVERS/NAMEN. 140,000 12,776,400 2.23EUR


92,511,100 16.15

HELLENIC TELECOM 1,220,000 13,395,600 2.34EUR

GREECE

13,395,600 2.34

ASSICURAZIONI GENERALISPA 150,000 1,939,500 0.34EUR

ITALY

AUTOGRILL SPA 1,700,000 7,233,500 1.26EUR

ERG SPA MILANO 525,000 4,872,000 0.85EUR

UNICREDITO ITALIANO SPA 7,700,000 9,332,400 1.63EUR

23,377,400 4.08

ARCELORMITTAL SA REG 700,000 10,668,000 1.86EUR

LUXEMBOURG

10,668,000 1.86

HEINEKEN NV 575,000 12,023,250 2.10EUR

NETHERLANDS

ING GROEP NV/CERT.OF SHS 960,000 3,974,400 0.69EUR

KONINKLIJKE DSM NV 250,000 4,950,000 0.86EUR

KONINKLIJKE KPN NV 1,650,000 16,349,850 2.86EUR

QIAGEN NV 440,000 5,222,800 0.91EUR

RANDSTAD HOLDING (EUR 0.1) 465,000 5,845,050 1.02EUR

REED ELSEVIER NV 1,250,000 9,940,000 1.74EUR

ROYAL PHILIPS ELECTRONICS 680,000 7,493,600 1.31EUR

65,798,950 11.49

BANCO SANTANDER CENTRALHISPANO/REG 4,450,000 22,339,000 3.90EUR

SPAIN

CINTRA CONC. INFRAEST.TRANSPORT 1,900,000 6,365,000 1.11EUR

GESTEVISION TELECINCO SA 1,175,000 5,980,750 1.04EUR

GRIFOLS SA -A- 350,000 3,745,000 0.65EUR

REPSOL YPF SA. MADRID 1,845,000 23,708,250 4.14EUR

SACYR VALLEHERMOSO SA 803,570 4,708,920 0.82EUR

TELEFONICA SA 2,285,000 33,818,000 5.91EUR

100,664,920 17.57

LONZA GROUP AG /NOM. 70,000 5,261,143 0.92CHF

SWITZERLAND




SYNGENTA AG /NAM. 35,000 5,300,337 0.92CHF

10,561,480 1.84

97.38TOTAL SHARES 557,817,087








FLUGHAFEN WIEN AG 9,900 225,522 0.75EUR


SHARES

AUSTRIA

OESTERREICHISCHE POST AG 35,000 765,100 2.54EUR

VIENNA INSURANCE GROUP 33,000 676,500 2.25EUR

1,667,122 5.54

MOBISTAR NV 12,000 570,240 1.89EUR

BELGIUM

TELENET GROUP HOLDING 56,159 715,466 2.38EUR

UMICORE SA 43,127 586,527 1.95EUR

1,872,233 6.22

KONECRANES PLC 63,000 800,100 2.67EUR

FINLAND

POHJOLA BANK PLC A 55,000 256,300 0.85EUR

TIETOENATOR OYJ 80,000 606,400 2.01EUR

YIT OYJ 120,000 614,400 2.04EUR

2,277,200 7.57

BIOMERIEUX 10,416 602,930 2.00EUR

FRANCE

BOURBON 31,000 758,415 2.52EUR

BUREAU VERITAS 14,000 383,040 1.27EURCIE GEN.GEOPHYSIQUE /VERITAS 70,000 598,500 1.99EUR

E.D.F. ENERGIE NOUVELLE SA 30,000 856,950 2.85EUR

IPSEN 15,000 429,825 1.43EUR

ORPEA 25,000 737,250 2.45EUR

TELEPERFORMANCE 30,000 628,950 2.09EUR

4,995,860 16.60

BILFINGER BERGER AG 25,093 700,772 2.33EUR

GERMANY

DEUTSCHEEUROSHOP/NAMEN. 35,000 708,050 2.35EUR

FIELMANN AG 14,000 637,420 2.12EUR

LANXESS AG 40,000 516,000 1.71EUR

RHOEN KLINIKUM AG 38,000 560,120 1.86EUR

SOFTWARE AG 16,000 839,041 2.79EUR

SOLARWORLD AG BONN 50,000 777,000 2.58EUR

VOSSLOH AG 10,000 798,200 2.65EUR

WINCOR NIXDORF AG 20,000 687,000 2.28EUR

6,223,603 20.67

INVESTMENTS

Euroland Equity Smaller CompaniesStatement of investments as at 31 March 2009 (expressed in EUR)


ALPHA BANK 184,000 890,560 2.96EUR

GREECE

890,560 2.96

ANSALDO STS SPA 67,916 787,825 2.62EUR

ITALY

AZIMUT HOLDING SPA 126,728 502,793 1.67EURCREDITO EMILIANO SPACREDEM 240,000 715,200 2.38EUR

DANIELI +C./RISP.N-CV 135,000 567,338 1.88EURUNIPOL GRUPPO FINANZIARIO/ PRIV 1,400,000 613,200 2.04EUR

3,186,356 10.59

AALBERTS INDUSTRIES NV 160,000 648,000 2.15EUR

NETHERLANDS

ARCADIS NV 65,000 613,015 2.04EUR

FUGRO NV 27,000 645,300 2.14EUR

IMTECH NV 80,000 837,200 2.79EUR

KONINKLIJKE BAM GROEP NV 125,000 828,750 2.75EUR

KON.VOPAK NV 25,000 747,500 2.48EUR

QIAGEN NV 30,000 356,100 1.18EUR

SBM OFFSHORE NV 60,000 599,400 1.99EUR

SMIT INTERNATIONAL NV 14,000 567,000 1.88EUR

5,842,265 19.40

BME 38,000 657,020 2.18EUR

SPAIN

GRUPO CATALANAOCCIDENTE SA 17,057 149,760 0.50EUR

LABORATORIE ALMIRALL 100,000 650,000 2.16EUR

OBRASCON HUARTE LAIN SA 100,000 674,000 2.24EUR

TECNICAS REUNIDAS SA 27,000 637,740 2.12EUR

2,768,520 9.20

98.75TOTAL SHARES 29,723,719








VOESTALPINE AG 37,602 375,268 0.41EUR


SHARES

AUSTRIA

ZUMTOBEL AG 33,914 187,205 0.20EUR

562,473 0.61

UMICORE SA 161,152 2,191,667 2.37EUR

BELGIUM

2,191,667 2.37

NOKIA OY 215,508 1,857,679 2.00EUR

FINLAND

OUTOKUMPU OYJ A 47,434 377,100 0.41EUR

2,234,779 2.41

AIR LIQUIDE 19,500 1,180,725 1.27EUR

FRANCE

ALSTOM 46,000 1,753,520 1.89EUR

AXA 123,000 1,093,470 1.18EUR

BNP PARIBAS 65,500 1,947,315 2.10EUR

BOUYGUES 43,000 1,117,785 1.21EUR

GAZ DE FRANCE 99,422 2,550,671 2.75EUR

IPSOS SA PARIS 62,312 1,040,610 1.12EUR

PARROT SA 35,061 138,140 0.15EUR

SANOFI-AVENTIS 96,691 4,006,393 4.33EUR

SCHNEIDER ELECTRIC SA 29,217 1,429,880 1.54EUR


TOTAL SA 164,600 6,053,989 6.54EUR

VEOLIA ENVIRONNEMENT 52,355 818,570 0.88EUR

VIVENDI 161,083 3,172,530 3.43EUR

26,912,144 29.05


GERMANY

BAYER AG 30,700 1,110,112 1.20EURDEUTSCHE BOERSE AG/NAMEN. 59,000 2,596,000 2.80EURFRESENIUS MEDICAL CAREAG 33,020 953,618 1.03EURMUENCHENER RUECKVERS/NAMEN. 28,000 2,555,280 2.76EUR

RWE AG (NEU). ESSEN A 49,088 2,578,102 2.78EUR

SAP AG 53,859 1,420,531 1.53EUR


INVESTMENTS

Euroland GrowthStatement of investments as at 31 March 2009 (expressed in EUR)


SOFTWARE AG 51,865 2,719,801 2.94EUR

SOLARWORLD AG BONN 25,000 388,500 0.42EUR

20,803,001 22.45

AUTONOMY CORPORATIONPLC 117,000 1,605,687 1.73GBP

GREAT BRITAIN

1,605,687 1.73

BANK OF PIRAEUS 176,193 851,012 0.92EUR

GREECE

BANQUE NATIONALEGRECE/NOM. S.C.P. 95,319 1,048,509 1.13EUR

FOURLIS HOLDING / REG SHS 90,947 625,715 0.68EUR

HELLENIC TELECOM 190,184 2,088,221 2.25EUR

4,613,457 4.98

RECORDATI INDCHIMICA/POST RAG 602,983 2,430,022 2.62EUR

ITALY

UNICREDITO ITALIANO SPA 1,143,892 1,386,397 1.50EUR

3,816,419 4.12

ARCELORMITTAL SA REG 32,000 487,680 0.53EUR

LUXEMBOURG

487,680 0.53

ASML HOLDING NV 50,000 652,750 0.70EUR

NETHERLANDS

HEINEKEN NV 117,527 2,457,490 2.65EUR

ING GROEP NV/CERT.OF SHS 135,431 560,684 0.61EUR

KONINKLIJKE KPN NV 247,100 2,448,514 2.64EUR

6,119,438 6.60

BANCO BILBAO VIZCAYAARGENTARIA/NAM. 222,887 1,344,009 1.45EUR

SPAIN

BANCO SANTANDER CENTRALHISPANO/REG 650,091 3,263,457 3.52EUR

GRIFOLS SA -A- 72,378 774,445 0.84EUR

INDITEX /REG 96,877 2,765,838 2.99EUR

TELEFONICA SA 456,450 6,755,459 7.28EUR

14,903,208 16.08

ELEKTA AB 98,011 713,410 0.77SEK

SWEDEN

713,410 0.77

91.70TOTAL SHARES 84,963,363








MARFIN POPULAR BANKPUBLIC CO. 310,347 471,727 0.50EUR


SHARES

CYPRUS

471,727 0.50

NOVO-NORDISK A/S -B- 83,081 3,184,582 3.39DKK

DENMARK

3,184,582 3.39

NESTE OIL OYJ 108,237 1,069,382 1.14EUR

FINLAND

NOKIA OY 157,063 1,353,883 1.44EUR

2,423,265 2.58

AXA 189,285 1,682,744 1.79EUR

FRANCE

BNP PARIBAS 71,246 2,118,144 2.26EUR

CASINO GUICHARD-PERRACH 48,267 2,337,329 2.49EUR

NEXANS PARIS 62,063 1,744,591 1.86EUR

SOCIETE GENERALE PARIS -A- 55,389 1,589,941 1.69EUR

TOTAL SA 118,336 4,352,398 4.64EUR

VALLOUREC 22,944 1,539,198 1.64EUR

15,364,345 16.37


GERMANY

BASF SE 83,586 1,880,685 2.00EUR

LANXESS AG 71,711 925,072 0.99EUR

4,918,214 5.24

ANGLO AMERICAN PLC 84,246 1,023,471 1.09GBP

GREAT BRITAIN

BAE SYSTEMS PLC 497,301 1,746,459 1.86GBP

BG GROUP PLC 286,116 3,090,041 3.29GBP

BP PLC 593,634 2,949,419 3.14GBP

BRITISH AMERICAN TOBACCO 185,637 3,160,528 3.36GBP

CAPITA GRP 203,765 1,460,874 1.56GBP

CENTRICA PLC 809,285 1,947,128 2.07GBP

DANA PETROLEUM PLC 78,682 946,539 1.01GBP

FENNER 505,098 258,855 0.28GBP

HSBC HOLDINGS PLC 565,058 2,342,583 2.50GBP

KAZAKHMYS LIMITED 163,287 627,617 0.67GBP

INVESTMENTS

European EquityStatement of investments as at 31 March 2009 (expressed in EUR)


LEGAL & GENERAL GROUPPLC 1,328,377 613,413 0.65GBP

NATIONAL GRID PLC 383,599 2,166,617 2.31GBP

PETROFAC LTD 193,970 1,093,475 1.17GBP

UNITED UTILITIES GROUP PLC 367,147 1,867,711 1.99GBP

VODAFONE GROUP PLC 2,781,525 3,578,733 3.80GBPWM MORRISONSUPERMARKETS PLC 532,673 1,449,706 1.54GBP

XSTRATA PLC 343,318 1,657,592 1.77GBP

31,980,761 34.06

HELLENIC TELECOM 113,334 1,244,407 1.33EUR

GREECE

1,244,407 1.33

RESOLUTION LTD 1,884,980 1,994,588 2.13GBP

GUERNSEY

1,994,588 2.13

PARMALAT SPA 531,870 805,251 0.86EUR

ITALY

PRYSMIAN SPA 77,530 586,514 0.62EUR

SNAM RETE GAS SPA 290,535 1,133,087 1.21EURTERNA- RETE ELETTRICANAZIONAL 839,316 1,919,935 2.05EUR

4,444,787 4.74

KONINKLIJKE KPN NV 248,103 2,458,452 2.62EUR

NETHERLANDS

TNT NV 102,919 1,314,276 1.40EUR

3,772,728 4.02

ACCIONA SA /ESP 167 28,092 2,156,061 2.30EUR

SPAIN

BANCO SANTANDER CENTRALHISPANO/REG 299,775 1,504,871 1.60EUR

ENAGAS 115,509 1,276,374 1.36EUR

TELEFONICA SA 280,614 4,153,087 4.43EUR

9,090,393 9.69

NESTLE / ACT NOM 157,532 3,934,899 4.19CHF

SWITZERLAND

ROCHE HOLDING AG/GENUSSSCHEIN 48,229 4,889,262 5.22CHF

SYNGENTA AG /NAM. 14,345 2,172,381 2.31CHF

UBS AG /NAMEN. 139,989 979,298 1.04CHF

11,975,840 12.76

96.81TOTAL SHARES 90,865,637





RIGHTS HSBC 03.04.09 235,440 329,591 0.35GBP



GREAT BRITAIN

329,591 0.35









TELEKOM AUSTRIA AG 3,410 38,226 0.77EUR


SHARES

AUSTRIA

38,226 0.77

ANHEUSER-BUSH INBEV SA 1,607 32,952 0.67EUR

BELGIUM

FORTIS S.A./NV 19,103 27,126 0.54EUR

60,078 1.21

CATLIN GROUP LTD 6,731 21,968 0.44GBP

BERMUDA ISLANDS

21,968 0.44

BANK OF CYPRUS PUBLICCOMPANY 13,383 29,710 0.60EUR

CYPRUS

29,710 0.60

NOKIA OY 10,590 91,286 1.83EUR

FINLAND

OUTOKUMPU OYJ A 2,812 22,355 0.45EUR

113,641 2.28

ACCOR SA 2,071 53,887 1.08EUR

FRANCE

ALSTOM 660 25,159 0.51EUR

AXA 10,695 95,079 1.91EUR

BOUYGUES 2,150 55,889 1.12EUR

CAP GEMINI SA 1,032 24,520 0.49EUR

CARREFOUR SA 2,018 57,856 1.16EUR

CREDIT AGRICOLE SA PARIS 2,828 22,915 0.46EUR

GAZ DE FRANCE 2,792 71,629 1.44EUR

LAFARGE SA 1,498 49,314 0.99EUR

LAGARDERE SCA /NOM. 1,800 37,458 0.75EUR

NATIXIS 30,533 37,617 0.76EUR

PPR SA 606 29,461 0.59EUR

SAINT-GOBAIN 5,027 101,018 2.03EUR

SANOFI-AVENTIS 2,133 88,381 1.77EUR


TELEVISION FRANCAISE 1 6,422 39,110 0.79EUR

TOTAL SA 4,193 154,218 3.09EUR

UNIBAIL-RODAMCO ACT. 503 51,090 1.03EUR

INVESTMENTS

European Equity High DividendStatement of investments as at 31 March 2009 (expressed in EUR)


VIVENDI 4,393 86,520 1.74EUR

1,161,610 23.33

ALLIANZ SE /NAMEN.VINKULIERT 1,295 79,798 1.60EUR

GERMANY

BAYER AG 1,644 59,447 1.19EUR

DAIMLER CHRYSLER 3,212 60,932 1.22EURDEUTSCHE BOERSE AG/NAMEN. 2,486 109,384 2.20EUR

DEUTSCHE POST AG BONN 10,051 81,313 1.63EUR

FRESENIUS / VZ A 1,312 44,529 0.89EURMUENCHENER RUECKVERS/NAMEN. 385 35,135 0.71EURPROSIEBEN SAT1 MED./VORZUG. 18,505 22,761 0.46EUR

RWE AG (NEU). ESSEN A 1,469 77,152 1.55EUR

SOFTWARE AG 462 24,227 0.49EUR

SYMRISE AG 4,882 44,963 0.90EUR

639,641 12.84

ANGLO AMERICAN PLC 7,401 89,912 1.80GBP

GREAT BRITAIN


BARCLAYS PLC 23,298 39,138 0.79GBP

BP PLC 41,553 206,451 4.15GBP

BRITISH AMERICAN TOBACCO 2,718 46,275 0.93GBP

HAYS PLC 56,732 44,071 0.88GBP

HOME RETAIL GROUP PLC 27,389 66,489 1.33GBP

HSBC HOLDINGS PLC 16,573 68,707 1.38GBP

INTERNATIONAL POWER PLC 25,000 56,036 1.12GBP

SMITHS GROUP PLC 4,100 29,063 0.58GBPSOUTHERN CROSSHEALTHCARE GROUP 19,834 20,811 0.42GBP

TESCO PLC 28,133 98,496 1.98GBP

UNILEVER PLC 5,406 75,766 1.52GBP

VODAFONE GROUP PLC 128,428 165,236 3.32GBP

1,096,096 22.00

BANQUE NATIONALEGRECE/NOM. S.C.P. 4,391 48,301 0.97EUR

GREECE

HELLENIC TELECOM 5,700 62,586 1.25EUR

OPAP 1,307 26,192 0.53EUR

137,079 2.75

ENI SPA ROMA 5,983 85,498 1.71EUR

ITALY

FINMECCANICA / POSTREGROUP. 5,046 46,650 0.94EUR

UNICREDITO ITALIANO SPA 25,850 31,330 0.63EUR

163,478 3.28

WPP PLC 15,608 64,749 1.30GBP

JERSEY

64,749 1.30




ARCELORMITTAL SA REG 4,545 69,266 1.39EUR

LUXEMBOURG

69,266 1.39

AEGON NV 7,118 20,849 0.42EUR

NETHERLANDS

HEINEKEN NV 3,943 82,448 1.66EUR

KONINKLIJKE KPN NV 3,186 31,570 0.63EUR

RANDSTAD HOLDING (EUR 0.1) 3,665 46,069 0.92EUR

180,936 3.63


SPAIN

GAS NATURAL SDG /SPLITISSUE 4,125 42,653 0.86EUR

INDITEX /REG 2,386 68,120 1.37EUR

REPSOL YPF SA. MADRID 9,263 119,030 2.39EUR


479,253 9.62

SKANSKA B 4,315 27,372 0.55SEK

SWEDEN

SVENSKA CELLUL. -B- 7,856 44,993 0.90SEK

72,365 1.45

NOVARTIS AG BASEL/NAM. 4,113 115,036 2.31CHF

SWITZERLAND

ROCHE HOLDING AG/GENUSSSCHEIN 1,173 118,915 2.39CHF

UBS AG /NAMEN. 4,408 30,836 0.62CHFZURICH FINANCIAL SERVICES/ NAMEN 522 59,864 1.20CHF

324,651 6.52




RIGHTS HSBC 03.04.09 6,905 9,666 0.19GBP



GREAT BRITAIN

9,666 0.19








DUFRY SOUTH AMERICA LTDA 7,800 50,269 0.63BRL


SHARES

BERMUDA ISLANDS

50,269 0.63

BANCO BRADESCO /SADR 14,565 141,281 1.77USD

BRAZIL

CIA VALE RIO DOCE/SADR 6,228 81,275 1.02USDCIA VALE RIO DOCE/SADR(1PREF.) 11,152 126,464 1.58USD

GERDAU SA SADR PREF. SHS 7,000 37,870 0.47USDITAU HOLDING /PREF.SHS/SADR 7,829 86,041 1.08USD

PETROBRAS /SADR 11,211 276,687 3.45USD

PETROLEO BRASILEIRO /SADR 2,666 82,219 1.03USDTELE NORT. LE. TNLP /PREF.SADR 4,800 64,656 0.81USD

UNIBANCO /GDR 2,314 146,291 1.83USD

1,042,784 13.04


CHINA

ANGANG STEEL COMPANYLTD -H- 35,720 36,180 0.45HKDANHUI CONCH CEMENT CO. -H- 16,829 92,828 1.16HKD

BANK OF CHINA LTD -H- 127,000 42,113 0.53HKDBANK OF COMMUNICATIONSCO. -H- 29,000 20,131 0.25HKDCHINA COMMUNICATIONSCONSTRUCTION -H- 50,000 54,837 0.69HKDCHINA CONSTRUCTION BANKCO. -H- 355,000 201,542 2.51HKDCHINA LIFE INSURANCE /SADR 356 17,202 0.22USDCHINA LIFE INSURANCE CO.LTD -H- 50,878 168,712 2.10HKD

CHINA MERCHANTS BANK -H- 12,500 21,838 0.27HKDCHINA NATIONAL BUILDINGMATERIAL -H- 14,000 20,737 0.26HKDCHINA NATIONAL MATERIALCO. -H- 93,159 48,922 0.61HKDCHINA PETROLEUM&CHEMCORP. H 110,000 70,398 0.88HKD

CHINA RESOURCES LAND 62,000 95,997 1.20HKDCHINA SHENHUA ENERGY CO.-H- 24,000 54,068 0.68HKDHUANENG POWERINTERNATIONAL -H- 42,057 27,892 0.35HKD

IND & COM BOC -H- 188,000 97,757 1.22HKD

INVESTMENTS

Global Emerging Markets EliteStatement of investments as at 31 March 2009 (expressed in USD)


PETROCHINA CO. LTD /-H- 94,960 75,720 0.95HKDPING AN INSURANCE GRP CO.-H- 18,171 108,436 1.35HKD

1,273,684 15.91


CZECH REPUBLIC

61,572 0.77





LUKOIL /SADR (REP.1 SHS.) 2,842 108,707 1.36USD

MECHEL OJSC /ADR 711 2,844 0.04USD

MMC NORILSK NICKEL /SADR 2,372 14,706 0.18USDMOBILE TELESYSTEMSOJS/SADR 847 25,097 0.31USDROSNEFT OIL COMPANY OJSC/SGDR 20,633 91,611 1.15USD

524,457 6.56

CHINA MOBILE LTD 25,420 221,393 2.78HKD

HONG KONG

CHINA OVERSEASLAND&INVESTMENT 33,660 52,812 0.66HKDCHINA RESOURCESENTERPRISE LTD 8,000 12,387 0.15HKD

CNOOC LTD 85,000 84,229 1.05HKD

370,821 4.64

OTP BANK LTD 1,402 11,131 0.14HUF

HUNGARY

11,131 0.14

ICICI BANK /SADR 1,089 13,809 0.17USD

INDIA

LARSEN TOUBRO /GDRREPR.1 SHS 912 12,038 0.15USD

25,847 0.32

BANK DANAMON INDONESIATBK -A- 64,000 17,066 0.21IDR

INDONESIA

BANK RAKYAT INDONESIA 42,000 15,174 0.19IDRPT ASTRA INTERNATIONALTBK 15,801 19,369 0.24IDR

TELKOM INDONESIA S -B- 37,000 24,189 0.31IDR

75,798 0.95

TEVA PHM. / ADR REP. 1 SHS 3,531 157,235 1.97USD

ISRAEL

157,235 1.97


MALAYSIA

56,030 0.70




AMERICA MOVIL SAB /ADR -L- 4,374 116,173 1.45USD

MEXICO

CORPORACION GEO SAB DECV B 58,324 60,449 0.76MXN

EMPRESAS ICA SAB DE CV 47,700 75,244 0.94MXN

GRUPO TELEVISA /GDS 3,591 48,263 0.60USD

300,129 3.75

AYALA LAND INC. 309,380 36,474 0.46PHP

PHILIPPINES

36,474 0.46

AFRICAN BANK INVESTMENTS 41,168 108,020 1.35ZAR

SOUTH AFRICA

ANGLOGOLD ASHANTI LTD 2,323 85,160 1.06ZAR

AVENG LTD 4,463 12,632 0.16ZARHARMONY GOLD MINING CO.LTD 8,312 90,542 1.13ZARIMPALA PLATINUM HOLDINGSLTD 2,833 46,332 0.58ZAR

KUMBA IRON ORE LTD 1,309 22,625 0.28ZAR

MTN GROUP LTD 20,758 229,241 2.87ZARPRETORIA PORTLANDCEMENT CO. LTD 22,583 74,654 0.93ZAR

SASOL LTD /REG 2,817 80,551 1.01ZAR

749,757 9.37

DAEGU BANK 14,561 76,746 0.96KRW

SOUTH KOREA

HANA FINANCIAL GROUP INC. 2,606 39,190 0.49KRW

HYNIX SEMICONDUCTOR INC 1,570 14,019 0.18KRWHYUNDAI DEPARTMENTSTORE CO. 716 37,013 0.46KRWHYUNDAI DEVELOPMENT CO.ENGINEERING&CONSTRUCTION 729 17,736 0.22KRW

HYUNDAI HEAVY INDUSTRIES 213 30,107 0.38KRWHYUNDAI MIPO DOCKYARDCO. LTD 195 18,258 0.23KRW

HYUNDAI MOBIS 1,116 64,227 0.80KRW

HYUNDAI MOTOR CO. LTD 623 24,999 0.31KRW

KB FINANCIAL GROUP INC. 4,338 103,344 1.29KRW

KB FINANCIAL SADR 197 4,667 0.06USD

KT&G CORPORATION 552 30,371 0.38KRW

LG CORP. 2,063 73,384 0.92KRWMIRAEASSET SECURITIES CO.LTD 331 17,015 0.21KRW

POSCO 285 75,107 0.94KRWSAMSUNG ELECTRONICS CO.LTD 583 239,417 3.00KRWSAMSUNG ENGINEERING CO.LTD 868 36,273 0.45KRWSAMSUNG FIRE&MARINEINSURANCE 190 21,979 0.27KRW

SAMSUNG HEAVY INDUSTRIES 2,656 49,159 0.61KRWSAMSUNG SECURITIES CO.LTD 498 20,811 0.26KRW

SHINHAN FINANCIAL GROUP 2,726 48,484 0.61KRW

SHINSEGAE CO. LTD 181 56,337 0.70KRW

1,098,643 13.73



TAIWAN

AU OPTRONICS CORP. /ADR 2,071 17,438 0.22USD

CATHAY FINANCIAL HOLDING 27,500 23,609 0.30TWDCHI MEI OPTOELECTRONICCORP. 70,000 27,935 0.35TWD

CHINA STEEL 24,000 15,692 0.20TWDCHINATRUST FINANCIALHOLDING CO. 41,386 15,114 0.19TWDCHUNGHWA TELECOM CO.LTD 23,083 42,082 0.53TWD

FAR EASTERN TEXTILE LTD 121,268 94,290 1.18TWD

FORMOSA PLASTICS 17,000 25,585 0.32TWDHON HAI PRECISIONINDUSTRY CO. LTD 56,580 127,812 1.60TWD

HTC CORP. 3,000 36,844 0.46TWD

MEDIA TEK INCORPORATION 4,040 37,957 0.47TWD

NAN YA PLASTICS CORP. 22,000 25,140 0.31TWD



TAIWAN FERTILIZER CO. LTD 52,000 106,440 1.33TWDTAIWAN SEMICONDUCTORMANUFACTURING 114,529 173,378 2.16TWD

WISTRON CORP. 66,314 71,385 0.89TWD

1,001,472 12.52

BANGKOK BANK PUBLIC/ NVDEP. RECEIPT 8,800 18,640 0.23THB

THAILAND

KASIKORNBANK PUBLICCOMPANY FOR. REG 29,000 37,551 0.47THBPTT PLC CO. LTD /FOREIGNREG 9,700 41,912 0.53THB

98,103 1.23

KOC HOLDING AS 67,538 91,252 1.14TRY

TURKEY

TURKIYE GARANTI BANKASI/NOM. 28,984 40,019 0.50TRY

131,271 1.64


HSBC 08-29.10.18 CW / DLFLTD 5,052 16,714 0.21USD


GREAT BRITAIN

16,714 0.21

JP MORGAN INTERNATIONAL07-04.05.12 / WRT LARS 3,512 44,690 0.56USD

JERSEY

JP MORGAN 06-22.09.09 WRT /UNITED S. 3,122 40,518 0.51USDJP MORGAN 07-11.01.11 WRT /CAIRN 13,691 48,261 0.60USDJP MORGAN 07-23.03.12 CERT /INFOSYS 2,306 60,127 0.75USD

193,596 2.42




JP MORGAN STRUCTURE 08-30.12.13 CERT / RCOM 9,196 30,209 0.38USD

NETHERLANDS

JP MORGAN 09.01.14 W / BHEL 1,000 29,629 0.37USD

59,838 0.75

CITIGROUP 03-24.10.12 CW /LARSEN 4,377 58,956 0.73USD

UNITED STATES

CITIGROUP 06-24.10.12 WRT /REL. COM 858 2,942 0.04USDCITIGROUP 07-17.01.12 WRT /BHARTI 3,181 39,069 0.49USD

100,967 1.26




COMMERCIAL INTERNATIONALBANK LTD 4,800 27,105 0.34EGP


SHARES

EGYPT

27,105 0.34

MAGNIT JSC 2,583 58,789 0.73USD


58,789 0.73


JP MORGAN INTERNATIONAL07-04.05.12 WRT / HOUSING 2,832 79,803 1.00USD


JERSEY

JP MORGAN 07-03.05.12 WRT /HDFC BANK 1,771 33,358 0.42USD

JP MORGAN 07-23.10.12 CERT 10,735 71,454 0.89USD

184,615 2.31

JP MORGAN 09-14.02.14 CERT /RELIANCE 976 28,909 0.36USD

NETHERLANDS

28,909 0.36

CITIGROUP GL.19.1.09 WT /REL. IND 1,468 38,277 0.48USD

UNITED STATES

38,277 0.48








DUFRY SOUTH AMERICA LTDA 173,200 1,116,220 0.66BRL


SHARES

BERMUDA ISLANDS

1,116,220 0.66

BANCO BRADESCO /SADR 311,661 3,023,112 1.78USD

BRAZIL

CIA VALE RIO DOCE/SADR 155,784 2,032,981 1.20USDCIA VALE RIO DOCE/SADR(1PREF.) 202,044 2,291,179 1.35USD

GERDAU SA SADR PREF. SHS 149,778 810,299 0.48USDITAU HOLDING /PREF.SHS/SADR 162,430 1,785,106 1.05USD


PETROLEO BRASILEIRO /SADR 31,400 968,376 0.57USDTELE NORT. LE. TNLP /PREF.SADR 101,900 1,372,593 0.81USD

UNIBANCO /GDR 48,438 3,062,250 1.81USD

21,944,958 12.94


CHINA

ANGANG STEEL COMPANYLTD -H- 771,748 781,680 0.46HKDANHUI CONCH CEMENT CO. -H- 360,353 1,987,688 1.17HKD

BANK OF CHINA LTD -H- 2,770,000 918,537 0.54HKDBANK OF COMMUNICATIONSCO. -H- 633,000 439,410 0.26HKDCHINA COMMUNICATIONSCONSTRUCTION -H- 1,070,000 1,173,510 0.69HKDCHINA CONSTRUCTION BANKCO. -H- 7,453,000 4,231,242 2.50HKDCHINA LIFE INSURANCE /SADR 5,388 260,348 0.15USDCHINA LIFE INSURANCE CO.LTD -H- 1,057,479 3,506,622 2.07HKD

CHINA MERCHANTS BANK -H- 276,500 483,056 0.28HKDCHINA NATIONAL BUILDINGMATERIAL -H- 306,000 453,260 0.27HKDCHINA NATIONAL MATERIALCO. -H- 1,991,618 1,045,886 0.62HKDCHINA PETROLEUM&CHEMCORP. H 2,400,000 1,535,949 0.91HKD

CHINA RESOURCES LAND 1,308,000 2,025,223 1.19HKDCHINA SHENHUA ENERGY CO.-H- 486,500 1,096,001 0.65HKDHUANENG POWERINTERNATIONAL -H- 914,636 606,590 0.36HKD

IND & COM BOC -H- 3,884,000 2,019,613 1.19HKD

INVESTMENTS

Global Emerging Markets EquityStatement of investments as at 31 March 2009 (expressed in USD)


PETROCHINA CO. LTD /-H- 1,958,635 1,561,802 0.92HKDPING AN INSURANCE GRP CO.-H- 389,124 2,322,116 1.37HKD

26,844,713 15.83

CEZ.CESKE ENERGETICKEZAVODY 36,347 1,292,121 0.76CZK

CZECH REPUBLIC

1,292,121 0.76




GAZPROM OAO 262,018 990,428 0.58USD




MMC NORILSK NICKEL /SADR 54,213 336,121 0.20USDMOBILE TELESYSTEMSOJS/SADR 18,429 546,051 0.32USDROSNEFT OIL COMPANY OJSC/SGDR 441,448 1,960,029 1.16USD

11,247,896 6.63

CHINA MOBILE LTD 543,663 4,734,973 2.79HKD

HONG KONG

CHINA OVERSEASLAND&INVESTMENT 730,071 1,145,467 0.68HKDCHINA RESOURCESENTERPRISE LTD 164,000 253,927 0.15HKD

CNOOC LTD 1,754,000 1,738,100 1.02HKD

7,872,467 4.64

OTP BANK LTD 30,617 243,081 0.14HUF

HUNGARY

243,081 0.14

BHARAT HEAVY ELECTRICALS/DEMAT. 19,709 585,212 0.35INR

INDIA

BHARTI AIRTEL LTD/DEMAT. 69,243 852,426 0.50INR

CAIRN INDIA LIMITED 293,069 1,056,341 0.62INR

DLF LIMITED 109,926 369,631 0.22INR

H D F C BANK /DEMAT. 37,462 708,439 0.42INR

HOUSING DEVT /DEMAT. 60,522 1,711,370 1.01INR

ICICI BANK LTD /DEMAT. 235,602 1,575,178 0.93INR

ICICI BANK /SADR 21,058 267,015 0.16USDINFOSYS TECHNOLOGIES LTD/DEMAT. 47,546 1,242,074 0.73INRLARSEN & TOUBRO LTD /DEMAT. 164,890 2,217,800 1.30INRLARSEN TOUBRO /GDRREPR.1 SHS 20,186 266,455 0.16USDRELIANCE COMMUNICATIONS/DEMAT. 221,595 760,810 0.45INRRELIANCE INDUSTRIES/DEMAT. 52,529 1,592,727 0.94INRUNITED SPIRITS LIMITED/DEMAT. 66,376 863,663 0.51INR

14,069,141 8.30




BANK DANAMON INDONESIATBK -A- 1,386,500 369,727 0.22IDR

INDONESIA

BANK RAKYAT INDONESIA 910,500 328,949 0.19IDRPT ASTRA INTERNATIONALTBK 343,928 421,582 0.25IDR

TELKOM INDONESIA S -B- 805,000 526,270 0.31IDR

1,646,528 0.97

TEVA PHM. / ADR REP. 1 SHS 75,094 3,343,936 1.97USD

ISRAEL

3,343,936 1.97

RESORTS WORLD 2,084,900 1,223,216 0.72MYR

MALAYSIA

1,223,216 0.72

AMERICA MOVIL SAB /ADR -L- 91,314 2,425,300 1.42USD

MEXICO

CORPORACION GEO SAB DECV B 1,188,533 1,231,842 0.73MXN

EMPRESAS ICA SAB DE CV 1,026,900 1,619,866 0.96MXN

GRUPO TELEVISA /GDS 76,796 1,032,138 0.61USD

6,309,146 3.72


PHILIPPINES

795,524 0.47

AFRICAN BANK INVESTMENTS 886,375 2,325,725 1.37ZAR

SOUTH AFRICA

ANGLOGOLD ASHANTI LTD 50,001 1,833,003 1.08ZAR

AVENG LTD 96,838 274,091 0.16ZARHARMONY GOLD MINING CO.LTD 172,424 1,878,210 1.11ZARIMPALA PLATINUM HOLDINGSLTD 56,987 931,994 0.55ZAR


MTN GROUP LTD 435,575 4,810,259 2.84ZARPRETORIA PORTLANDCEMENT CO. LTD 468,161 1,547,635 0.91ZAR

SASOL LTD /REG 58,075 1,660,637 0.98ZAR

15,753,246 9.29

DAEGU BANK 311,634 1,642,520 0.97KRW

SOUTH KOREA

HANA FINANCIAL GROUP INC. 55,767 838,646 0.49KRW

HYNIX SEMICONDUCTOR INC 34,410 307,249 0.18KRWHYUNDAI DEPARTMENTSTORE CO. 15,326 792,270 0.47KRWHYUNDAI DEVELOPMENT CO.ENGINEERING&CONSTRUCTION 15,418 375,104 0.22KRW

HYUNDAI HEAVY INDUSTRIES 4,336 612,878 0.36KRWHYUNDAI MIPO DOCKYARDCO. LTD 4,237 396,704 0.23KRW



KB FINANCIAL GROUP INC. 97,904 2,332,352 1.38KRW



LG CORP. 44,392 1,579,094 0.93KRWMIRAEASSET SECURITIES CO.LTD 7,130 366,520 0.22KRW

POSCO 6,029 1,588,843 0.94KRWSAMSUNG ELECTRONICS CO.LTD 12,232 5,023,243 2.95KRWSAMSUNG ENGINEERING CO.LTD 18,899 789,778 0.47KRWSAMSUNG FIRE&MARINEINSURANCE 4,090 473,131 0.28KRW

SAMSUNG HEAVY INDUSTRIES 56,774 1,050,819 0.62KRWSAMSUNG SECURITIES CO.LTD 10,647 444,932 0.26KRW


SHINSEGAE CO. LTD 3,874 1,205,788 0.71KRW

23,443,428 13.82


TAIWAN


CATHAY FINANCIAL HOLDING 598,150 513,527 0.30TWDCHI MEI OPTOELECTRONICCORP. 1,517,000 605,396 0.36TWD


FAR EASTERN TEXTILE LTD 2,598,990 2,020,800 1.19TWD

FORMOSA PLASTICS 361,000 543,304 0.32TWDHON HAI PRECISIONINDUSTRY CO. LTD 1,109,355 2,505,998 1.48TWDHON HAI PRECISIONINDUSTRY /GDR 32,280 145,906 0.09USD

HTC CORP. 57,000 700,045 0.41TWD


NAN YA PLASTICS CORP. 487,000 556,513 0.33TWD



TAIWAN FERTILIZER CO. LTD 1,106,000 2,263,887 1.33TWDTAIWAN SEMICONDUCTORMANUFACTURING 2,401,431 3,635,365 2.14TWD

WISTRON CORP. 1,412,000 1,519,976 0.90TWD

21,016,817 12.39

BANGKOK BANK PUBLIC/ NVDEP. RECEIPT 192,400 407,544 0.24THB

THAILAND

KASIKORNBANK PUBLICCOMPANY FOR. REG 569,300 737,160 0.43THBPTT PLC CO. LTD /FOREIGNREG 210,300 908,680 0.54THB

2,053,384 1.21

KOC HOLDING AS 1,324,701 1,789,820 1.05TRY

TURKEY




TURKIYE GARANTI BANKASI/NOM. 613,083 846,509 0.50TRY

2,636,329 1.55

96.01TOTAL SHARES 162,852,151





SHARES

EGYPT

533,667 0.31

MAGNIT JSC 54,564 1,241,866 0.74USD


1,241,866 0.74








CWTHBK OF AUSTRALIA 29,200 696,951 0.96AUD


SHARES

AUSTRALIA

NEWCREST MINING 11,716 263,536 0.36AUD

NUFARM LIMITED 35,087 272,483 0.37AUD

1,232,970 1.69

MARVELL TECHNOLOGYGROUP 19,000 171,760 0.23USD

BERMUDA ISLANDS

171,760 0.23

CAMECO CORP. 14,400 245,267 0.34CAD

CANADA

CANADIAN NATURALRESOURCES 13,900 539,943 0.73CADPOTASH CORPSASKATCHEWAN 3,700 305,079 0.42CAD

ROGERS COMMUN. -B- NV 22,400 528,035 0.71CAD

ROYAL BANK OF CANADA 16,800 479,140 0.66CAD

YAMANA GOLD INC. 52,300 472,065 0.65CAD

2,569,529 3.51

A.P. MOELLER - MAERSK A/SA 100 430,032 0.59DKK

DENMARK

430,032 0.59

NOKIAN TYRES PLC 12,990 148,719 0.20EUR

FINLAND

148,719 0.20

BOUYGUES 12,099 416,274 0.57EUR

FRANCE

FRANCE TELECOM SA 25,553 570,386 0.78EUR

GAZ DE FRANCE 19,300 655,344 0.89EUR

KLEPIERRE 28,121 477,713 0.65EUR

PERNOD-RICARD 7,767 415,107 0.57EUR

SANOFI-AVENTIS 11,948 655,244 0.90EUR


TOTAL SA 3,246 158,016 0.22EUR

VIVENDI 20,789 541,913 0.74EUR

4,216,733 5.77

INVESTMENTS

Global EquityStatement of investments as at 31 March 2009 (expressed in USD)


ALLIANZ SE /NAMEN.VINKULIERT 8,182 667,301 0.91EUR

GERMANY

DAIMLER CHRYSLER 10,985 275,809 0.38EUR

DEUTSCHE BANK AG NAMEN 6,127 238,903 0.33EUR

E.ON - NAMEN AKT. 27,611 753,547 1.03EUR

K & S AG 11,180 502,368 0.69EUR

SAP AG 9,293 324,406 0.44EUR

SIEMENS AG /NAM. 8,148 454,342 0.62EUR

3,216,676 4.40

BAE SYSTEMS PLC 89,270 414,939 0.57GBP

GREAT BRITAIN

BG GROUP PLC 31,961 456,859 0.62GBP

BP PLC 36,567 240,462 0.33GBP

BRITISH AMERICAN TOBACCO 28,041 631,872 0.86GBP

GLAXOSMITHKLINE PLC 28,488 430,607 0.59GBP


MAN GROUP PLC 97,055 286,891 0.39GBP

TESCO PLC 134,053 621,183 0.85GBP


XSTRATA PLC 97,400 622,415 0.85GBP

5,013,381 6.85


GREECE

431,879 0.59

ATLANTIA SPA 38,047 558,964 0.76EUR

ITALY

ENI SPA ROMA 37,188 703,356 0.97EUR

INTESA SANPAOLO SPA 78,390 204,705 0.28EUR

1,467,025 2.01

CREDIT SAISON CO. LTD 55,700 541,823 0.75JPY

JAPAN

DAITO TRUST CONSTRUCTION 13,900 467,227 0.64JPY

EAST JAPAN RAILWAY CO. 5,898 308,192 0.42JPYELECTRIC POWERDEVELOPMENT CO. 3,500 104,100 0.14JPY

JGC CORP. 15,000 170,512 0.23JPYKANSAI ELECTRIC POWER CO.JPY 500 7,500 163,484 0.22JPY

KDDI CORP. 100 470,588 0.64JPY

MITSUI & CO. LTD 33,000 331,428 0.45JPYMIZUHO FINANCIAL GROUPINC. 126,621 242,473 0.33JPY

NIDEC CORP. 4,800 215,126 0.29JPY

NINTENDO CO. LTD 1,900 550,597 0.76JPYNISSAN CHEMICALINDUSTRIES 55,000 459,944 0.63JPY

OJI PAPER CO. LTD 126,000 513,369 0.70JPY

SANKYO 9,200 400,143 0.55JPY

SUMITOMO CORP. 62,400 535,810 0.74JPYSUMITOMO MITSUI FINANCIALGROUP 7,600 263,978 0.36JPYSUMITOMO RUBBERINDUSTRIES 30,900 206,472 0.28JPY




TOKYO ELECTRIC POWERJPY 500 8,800 220,504 0.30JPY

6,165,770 8.43

WPP PLC 74,877 411,124 0.56GBP

JERSEY

411,124 0.56

FUGRO NV 15,600 493,472 0.68EUR

NETHERLANDS

KONINKLIJKE AHOLD NV 41,419 446,565 0.61EUR

940,037 1.29


SPAIN


1,369,109 1.87

NESTLE / ACT NOM 29,652 980,301 1.35CHF

SWITZERLAND

NOBLE CORP. NAMEN - AKT. 8,500 206,380 0.28USD

NOVARTIS AG BASEL/NAM. 23,700 877,334 1.20CHF

TYCO INTERNATIONAL LTD 25,700 485,216 0.66USD

2,549,231 3.49

ABBOTT LABORATORIES INC. 11,600 555,524 0.76USD

UNITED STATES

AMGEN INC. 11,900 601,188 0.82USD

APOLLO GROUP INC. -A- 7,100 560,474 0.77USD

APPLE INC. 8,100 846,369 1.16USD

AT & T 46,000 1,157,360 1.57USDBANK OF NEW YORK MELLONCORP. SHS 14,800 383,616 0.52USD


Caremark Group 20,800 567,840 0.78USD

CHEVRON CORPORATION 16,600 1,108,880 1.52USD

COCA-COLA CO. 18,800 825,696 1.13USDCOGNIZANT TECHNOLOGYSOL.CORP. 11,600 232,928 0.32USD


CONSOL ENERGY INC. 7,100 182,399 0.25USD

DISH NETWORK CORP. -A- 41,800 460,218 0.63USD

DOLLAR TREE INC. 11,200 503,104 0.69USD


EMC CORP. 51,200 573,952 0.78USD

EMERSON ELECTRIC CO. 20,200 564,186 0.77USD

EXPRESS SCRIPTS INC. 8,200 369,246 0.50USD

EXXON MOBIL CORP. 27,700 1,901,050 2.59USD

FIRST SOLAR INC. 1,600 218,816 0.30USD

FLOWSERVE CORP. 7,700 424,424 0.58USD


FOREST LABORATORIES 22,800 487,920 0.67USD

FPL GROUP INC. 9,700 480,053 0.66USD

GAMESTOP CORP. -A- 15,700 424,999 0.58USD

GILEAD SCIENCES INC. 12,100 552,002 0.75USD

GOOGLE INC. -A- 2,200 753,918 1.03USD

HALLIBURTON CO. 31,800 503,076 0.69USD


HARRIS CORP. 5,200 144,976 0.20USD

HEWLETT-PACKARD CO. 14,500 465,740 0.64USD

HUDSON CITY BANCORP INC. 18,600 203,856 0.28USD

IBM CORP. 7,400 699,448 0.96USD

INTEL CORP. 34,000 500,480 0.68USD



KROGER CO. 21,100 452,595 0.62USD

LORILLARD INC. 7,900 498,332 0.68USD

MASTERCARD INC. SHS -A- 3,800 619,590 0.85USD

MCDONALD S CORP. 12,100 652,432 0.89USD

MCKESSON CORP. 13,600 491,232 0.67USDMEMC ELECTRONICMATERIALS 14,400 239,328 0.33USD

METLIFE INC. 7,900 169,850 0.23USD

MICROSOFT CORP. 64,300 1,123,964 1.53USD

MONSANTO CO. 7,400 612,424 0.84USD


NASDAQ OMX GROUP INC. 9,000 165,150 0.23USDNATIONAL OILWELL VARCOINC. 11,300 334,141 0.46USD

NIKE INC. -B- 10,300 476,478 0.65USD

NUCOR CORP. 13,300 506,597 0.69USD

PEABODY ENERGY 10,800 270,432 0.37USD

PFIZER INC. 57,900 793,230 1.08USDPHILIP MORRISINTERNATIONAL 20,400 749,292 1.02USD

PRAXAIR 7,400 487,808 0.67USD

PROCTER & GAMBLE CO. 6,900 326,232 0.45USD

PRUDENTIAL FINANCIAL INC. 8,800 158,400 0.22USD

RAYTHEON COMPANY 15,100 585,880 0.80USD


SEMPRA ENERGY 10,100 453,490 0.62USD

STAPLES INC. 28,200 512,676 0.70USD

TRAVELERS COMPANIES INC. 6,100 234,972 0.32USD

UNION PACIFIC CORP. 14,300 586,014 0.80USD

WAL-MART STORES INC. 18,800 973,088 1.33USD

WELLS FARGO & CO. 31,800 425,166 0.58USD

33,657,404 46.01

87.49TOTAL SHARES 63,991,379








AMP LTD 8,301 26,813 0.49AUD


SHARES

AUSTRALIA

BHP BILLITON LTD 1,213 26,601 0.48AUD

BLUESCOPE STEEL LTD 9,607 16,968 0.31AUD

CWTHBK OF AUSTRALIA 52 1,241 0.02AUD

FOSTER S GROUP LTD 5,059 17,593 0.32AUD

WESTPAC BANKING CORP. 2,709 35,541 0.64AUD

124,757 2.26

OMV AG 830 27,530 0.50EUR

AUSTRIA

27,530 0.50

BELGACOM SA 326 10,053 0.18EUR

BELGIUM

10,053 0.18

PARTNERRE LTD BERMUDA 426 25,641 0.46USD

BERMUDA ISLANDS

25,641 0.46

BANK OF NOVA SCOTIA 832 20,269 0.37CAD

CANADA

BARRICK GOLD CORP. 330 10,747 0.19CAD

ENCANA CORP. 962 39,077 0.70CAD

NEXEN INC. 1,647 27,554 0.50CAD

PETRO-CANADA 1,162 31,289 0.57CAD

ROYAL BANK OF CANADA 1,192 33,996 0.62CAD

TALISMAN ENERGY 2,717 28,030 0.51CAD

TECK COMINCO LTD -B- 2,760 15,106 0.27CAD

TORONTO DOMINION BANK 861 28,809 0.52CAD

234,877 4.25

A.P. MOELLER - MAERSK A/SB 3 13,114 0.24DKK

DENMARK

CARLSBERG AS B 502 20,205 0.37DKK

NOVO-NORDISK A/S -B- 685 34,752 0.62DKK

68,071 1.23

INVESTMENTS

Global Sustainable Equity (formerly GlobalEquity SRI)Statement of investments as at 31 March 2009 (expressed in USD)


NOKIA OY 1,380 15,744 0.28EUR

FINLAND

15,744 0.28

AXA 1,338 15,743 0.28EUR

FRANCE

BOUYGUES 920 31,653 0.57EUR

CNP ASSURANCES 407 25,722 0.47EUR

CREDIT AGRICOLE SA PARIS 1,823 19,551 0.35EUR

ESSILOR INTERNATIONAL 334 12,678 0.23EUR

GAZ DE FRANCE 307 10,424 0.19EUR

KLEPIERRE 669 11,365 0.21EUR

LAFARGE SA 339 14,771 0.27EUR

NEOPOST 147 10,913 0.20EUR

SAFRAN SA 1,547 14,269 0.26EUR

SANOFI-AVENTIS 652 35,757 0.65EUR

TOTAL SA 1,447 70,441 1.27EUR

VIVENDI 962 25,077 0.45EUR

298,364 5.40

ADIDAS AG 836 27,087 0.49EUR

GERMANY

ALLIANZ SE /NAMEN.VINKULIERT 163 13,294 0.24EUR

BASF SE 1,062 31,626 0.57EUR

BAYER AG 289 13,831 0.25EURDEUTSCHELUFTHANSA/NAMEN. 2,073 22,114 0.40EUR

DEUTSCHE TELEKOM NAMEN 1,045 12,808 0.23EUR

HEIDELBERGCEMENT AG 368 10,964 0.20EUR

MAN AG 464 19,542 0.35EUR

METRO AG 502 16,046 0.29EUR

RWE AG (NEU). ESSEN A 556 38,649 0.71EUR

SAP AG 330 11,520 0.21EUR

SIEMENS AG /NAM. 330 18,401 0.33EUR

235,882 4.27


GREAT BRITAIN

BG GROUP PLC 3,721 53,189 0.96GBP

BHP BILLITON PLC 1,033 19,988 0.36GBP

BP PLC 11,147 73,303 1.33GBP

BRITISH LAND 4,662 23,584 0.43GBP

BT GROUP PLC 13,756 14,693 0.27GBP

CENTRICA PLC 9,725 30,969 0.56GBP

DIAGEO PLC 878 9,617 0.17GBP

GLAXOSMITHKLINE PLC 1,672 25,273 0.46GBPINTERCONT HOTELS GROUPINC. 2,007 14,860 0.27GBP

LADBROKES PLC 5,853 15,483 0.28GBPLEGAL & GENERAL GROUPPLC 24,333 14,872 0.27GBP

LLOYDS BANKING GROUP PLC 2,299 2,242 0.04GBP

MAN GROUP PLC 4,725 13,967 0.25GBP

NEXT PLC 2,099 39,805 0.72GBP

OLD MUTUAL PLC 29,100 19,905 0.36GBP

REED ELSEVIER PLC 4,557 31,756 0.57GBP




RIO TINTO PLC /REG 460 15,384 0.28GBP

ROYAL DUTCH SHELL -B- 2,408 52,301 0.95GBP

ROYAL DUTCH SHELL PLC -A- 1,200 26,801 0.48GBP

STAGECOACH GROUP PLC 4,055 6,862 0.12GBP

STANDARD CHARTERED PLC 1,392 16,697 0.30GBP

TATE + LYLE PLC 5,519 20,215 0.37GBP


XSTRATA PLC 886 5,662 0.10GBP

609,538 11.03


GREECE

15,797 0.29

ENEL 7,860 37,009 0.67EUR

ITALY

ENI SPA ROMA 2,258 42,707 0.77EUR

79,716 1.44

AEON CREDIT SERVICE LTD 2,000 18,212 0.33JPY

JAPAN

ASAHI BREWERIES 1,100 13,176 0.24JPY

ASTELLAS PHARMA INC. 1,100 33,838 0.61JPY

CANON INC. 1,400 40,215 0.73JPY

DAI NIPPON PRINTING CO. LTD 2,000 18,314 0.33JPY

DOWA HOLDINGS CO. LTD 2,000 7,476 0.14JPY

FAST RETAILING CO. LTD 200 22,755 0.41JPY

FUJITSU LTD 8,000 29,743 0.54JPY

HITACHI CHEMICAL CO. 1,200 14,399 0.26JPYHITACHI CONSTRUCTIONMACHINES 1,200 15,511 0.28JPY

INPEX CORP. 2 13,914 0.25JPY

JTEKT CORP. 2,100 14,631 0.26JPY

KAWASAKI KISEN 8,000 24,854 0.45JPY

KDDI CORP. 4 18,824 0.34JPY

KOMATSU LTD 2,300 25,067 0.45JPYKONICA MINOLTA HOLDINGSINC. 3,500 29,875 0.54JPY

KYUSHU ELECTR.POWER CO. 700 15,758 0.29JPY

LAWSON INC. 700 29,091 0.53JPY

MITSUBISHI ELECTRIC CORP. 7,000 31,444 0.57JPYMITSUI O.S.K. LINES LTDTOKYO 5,000 24,497 0.44JPY

NIPPON TEL&TEL 800 30,395 0.55JPY

NIPPON YUSEN K K 6,000 23,040 0.42JPY

NTT DATA CORP. 11 29,938 0.54JPY

OSAKA GAS CO. LTD 5,000 15,686 0.28JPY

RICOH CO. LTD 2,000 23,692 0.43JPY

TERUMO CORP. 600 22,185 0.40JPY

TOKIO MARINE HOLDINGS INC. 1,400 34,153 0.62JPY

TOKYO GAS CO.LTD 8,000 28,113 0.51JPY

TOPPAN PRINTING CO. LTD 2,000 13,629 0.25JPY

TOYOTA MOTOR CORP. 800 25,424 0.46JPY

687,849 12.45


TENARIS SA 1,547 15,582 0.28EUR

LUXEMBOURG

15,582 0.28

EADS. EUR. AERONAUT.DEFENCE + SP. 2,550 29,465 0.54EUR

NETHERLANDS

ING GROEP NV/CERT.OF SHS 1,957 10,723 0.19EUR

40,188 0.73

TELENOR AS 2,600 14,917 0.27NOK

NORWAY

14,917 0.27

BANCO BILBAO VIZCAYAARGENTARIA/NAM. 4,411 35,204 0.63EUR

SPAIN

REPSOL YPF SA. MADRID 1,839 31,277 0.57EUR


98,430 1.78

ALFA LAVAL AB 1,463 10,781 0.20SEK

SWEDEN

ATLAS COPCO AB A 2,383 17,416 0.32SEK

SKF AB B 1,463 12,195 0.22SEK

SVENSKA HANDELSBANKEN A 1,355 19,028 0.34SEK

SWEDBANK AB -A- 2,341 7,805 0.14SEK

67,225 1.22

NESTLE / ACT NOM 1,421 46,978 0.85CHF

SWITZERLAND

NOBLE CORP. NAMEN - AKT. 1,129 27,412 0.50USD

NOVARTIS AG BASEL/NAM. 1,183 43,793 0.79CHFROCHE HOLDING AG/GENUSSSCHEIN 79 10,600 0.19CHF

SONOVA HOLDING AG NOM. 243 14,290 0.26CHFSTRAUMANN HOLDING AG /NOM. 100 15,170 0.27CHF

158,243 2.86

AMERICAN EXPRESS CO. 1,463 18,741 0.34USD

UNITED STATES

AMGEN INC. 1,054 53,248 0.96USD

AT & T 2,174 54,698 0.99USD

AVON PRODUCTS INC. 1,338 25,221 0.46USD

BAXTER INTERNATIONAL INC. 665 33,656 0.61USD

BB&T CORPORATION 1,547 25,170 0.46USD

BECTON DICKINSON & CO. 469 31,132 0.56USD

BMC SOFTWARE INC. 878 28,983 0.52USD

BOEING CO. 627 22,271 0.40USD

BRISTOL MYERS SQUIBB CO. 752 15,807 0.29USD

CHEVRON CORPORATION 1,325 88,509 1.61USD

CIGNA CORP. 1,183 20,265 0.37USD

CISCO SYSTEMS INC. 2,174 35,458 0.64USD

CITRIX SYSTEMS INC. 752 16,559 0.30USD

COCA-COLA CO. 1,505 66,100 1.20USD

COLGATE-PALMOLIVE CO. 698 41,035 0.74USD




COMPUTER ASSOCIATESINTERNATIONAL INC. 1,434 24,722 0.45USD

CONOCOPHILLIPS 911 35,547 0.64USD

DELL INC. 3,429 32,541 0.59USD

DISCOVER FIN SVC 3,721 21,507 0.39USD

DONNELLEY AND SONS. RR 2,216 16,243 0.29USD

DU PONT DE NEM.& CO./E.I. 1,288 28,246 0.51USD

EBAY INC. 2,258 28,180 0.51USD

ELI LILLY & CO. 1,213 39,835 0.72USD

EXELON CORP. 234 10,467 0.19USD

FPL GROUP INC. 593 29,348 0.53USD

GAP INC. 2,467 31,997 0.58USD

GENERAL ELECTRIC CO. 5,394 53,562 0.97USD

GENERAL MILLS INC. 669 33,624 0.61USD

GILEAD SCIENCES INC. 752 34,306 0.62USD

GOLDMAN SACHS GROUP INC. 477 47,919 0.87USD

GOOGLE INC. -A- 68 23,303 0.42USD

HASBRO INC. 1,129 28,146 0.51USD

HEALTH NET 1,672 23,425 0.42USD

HEINZ (H.J.) CO. 815 27,050 0.49USD


HOME DEPOT INC. 627 14,659 0.27USD

HUMANA INC. 502 12,620 0.23USD

IBM CORP. 757 71,552 1.29USD

IMS HEALTH 2,584 31,628 0.57USD

INTEL CORP. 4,306 63,384 1.15USD


KIMBERLY CLARK CORP. 410 19,020 0.34USD

KRAFT FOODS INC -A- 544 11,881 0.21USD

KROGER CO. 1,798 38,567 0.70USD

MATTEL INC. 2,509 29,004 0.52USD

MCDONALD S CORP. 903 48,690 0.88USDMCGRAW HILL COMPANIESINC. 795 18,023 0.33USD

MERCK & CO. INC. 1,798 47,737 0.86USD

MICROSOFT CORP. 4,683 81,858 1.49USDNEW YORK COMMUNITYBANCORP 920 9,789 0.18USD

NIKE INC. -B- 819 37,887 0.69USD

PEPSICO INC. 1,254 64,945 1.18USD

PFIZER INC. 2,460 33,702 0.61USD

PG&E CORP. 920 34,988 0.63USD

PROCTER & GAMBLE CO. 565 26,713 0.48USD

QUEST DIAGNOSTICS INC. 752 35,374 0.64USD

ROCKWELL COLLINS 1,087 35,230 0.64USD

SAFEWAY INC. 836 16,862 0.31USD

STAPLES INC. 2,258 41,050 0.74USD

STATE STREET CORP. 795 22,244 0.40USD

SUNOCO INC. 878 23,276 0.42USD

SYSCO CORP. 1,839 41,911 0.76USD

TIME WARNER 1,519 27,691 0.50USD

TIME WARNER CABLE 381 9,620 0.17USD

TRAVELERS COMPANIES INC. 1,045 40,253 0.73USDUNITED TECHNOLOGIESCORP. 460 19,596 0.35USD

UTD PARCEL SERVICE INC. -B- 255 12,396 0.22USDVARIAN MEDICAL SYSTEMSINC. 707 21,366 0.39USD


VERIZON COMMUNICATIONS I. 1,045 31,580 0.57USD

WALT DISNEY /DISNEY SER. 2,049 36,575 0.66USD

ZIONS BANCORP 941 8,827 0.16USD

2,407,753 43.57









GP INVESTMENTS LTD /BDR 5,790,844 14,554,876 3.48BRL


SHARES

BERMUDA ISLANDS

14,554,876 3.48

ACUCAR GUARANI SA AGY 1,667,800 1,375,802 0.33BRL

BRAZIL

ALL AMERICA LATINA /UNIT 5,070,799 21,459,688 5.13BRLANHANGUERA EDUCACIONALPART. 1,659,900 8,165,790 1.95BRL

BANCO BRADESCO SA /PREF. 34,000 333,646 0.08BRL

BANCO BRADESCO /SADR 1,283,400 12,448,980 2.98USD

BANCO DAYCOVAL SA /PREF. 3,871,100 7,817,052 1.87BRL

BANCO INDUSVAL /PREF. 2,302,836 5,332,889 1.28BRL

BR MALLS PARTICIPAES SA 4,253,200 25,948,659 6.20BRL

BRADESPAR SA BRASIL/PREF. 1,059,500 9,923,577 2.37BRL

BRASILAGRO 180,900 446,907 0.11BRL

CIA HERING 3,425,600 9,713,849 2.32BRL

CONTAX PARTICIPACOES SA 164,875 3,223,124 0.77BRLCONTAXPARTICIPACOES/PREF. SHS 495,016 9,357,992 2.24BRLDIAGNOST DA AMERICA SABRL 1,854,600 19,299,016 4.61BRL

DROGASIL SA 50,300 222,595 0.05BRL

DURATEX SA /PRIV. 4,564,600 28,142,677 6.74BRL

GVT HOLDING SA 1,729,341 19,466,716 4.65BRL

INPAR AS ON 3,509,933 2,367,605 0.57BRLINVEST TUR BRASIL-DESE IMOTUR 43,100 8,703,339 2.08BRL

INVESTIMENTOS ITAU /PREF. 3,351,215 11,504,291 2.75BRLITAU HOLDING /PREF.SHS/SADR 750,000 8,242,500 1.97USD


JBS AS 19,245,207 42,583,424 10.19BRLKROTON EDUCATION UNITS(1SHS&6PREF.) 480,000 1,959,186 0.47BRL

LOCALIZA RENTA A CAR 670,850 2,320,236 0.55BRL

MARCOPOLO POMO /PREF. 9,893,800 13,177,578 3.15BRL

METALFRIO SOLUTIONS SA 3,469,800 6,410,378 1.53BRLMULTIPLANEMPREENDIMENTOS 2,515,400 15,994,827 3.82BRL

ODONTOPREV SA 462,900 4,633,977 1.11BRLOGX PETROLEO E GASPARTICIP SA 20,400 6,328,170 1.51BRL

PETROBRAS /SADR 1,006,570 24,842,148 5.94USD

PETROLEO BRASILEIRO /SADR 8,068 248,817 0.06USD

PROFAMA SA 1,692,400 3,446,610 0.82BRL

INVESTMENTS

Brazil EquityStatement of investments as at 31 March 2009 (expressed in USD)


SADIA SA /PREF. 500,000 657,358 0.16BRLSAO CARLOSEMPREENDIMENTOS 2,097,400 10,903,788 2.61BRL

SAO MARTINHO SA 4,225,000 20,766,510 4.97BRLSARAIVA SA LIVREIROS EDIT/PREF. 2,506,200 15,720,971 3.76BRL

S.E.B. UNIT (1SH.+ 6 PREF.) 520,000 1,899,035 0.45BRL

385,652,724 92.21

95.69TOTAL SHARES 400,207,600



SAO CARLOSEMPREENDIMENTOS /GDR 1,650,000 17,141,017 4.10USD


SHARES

BRAZIL

17,141,017 4.10


4.10TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 17,141,017








SHARES

BERMUDA ISLANDS

20,571,393 0.93

CHINA HUIYUAN JUICE GROUPLTD OPA 9,500,000 6,055,284 0.27HKD

CAYMAN ISLANDS

HENGAN INTERNATIONAL GRP 5,000,000 20,096,111 0.91HKD

TENCENT HOLDINGS LIMITED 7,553,800 56,042,473 2.54HKDWANT WANT CHINA HOLDINGSLTD 53,951,000 25,060,283 1.13HKD

107,254,151 4.85

ALUMINIUM CORP. OF CHINA -H- 11,582,000 6,650,090 0.30HKD

CHINA

ANHUI CONCH CEMENT CO. -H- 3,914,000 21,589,417 0.98HKD

BANK OF CHINA LTD -H- 337,000,000 111,749,861 5.06HKDBEIJING CAPITALINTERNATIONAL AIRPORT -H- 14,900,000 6,632,684 0.30HKDCHAODA MODERNAGRICULTURE HOLDING 13,391,359 7,999,993 0.36HKDCHINA COAL ENERGY CO. LTD-H- 25,328,000 18,693,081 0.85HKDCHINA COMMUNICATIONSCONSTRUCTION -H- 30,168,000 33,086,392 1.50HKDCHINA COMMUNICATIONSSERVICES -H- 41,394,000 24,782,171 1.12HKDCHINA CONSTRUCTION BANKCO. -H- 321,873,000 182,734,769 8.27HKD

CHINA COSCO HOLDINGS -H- 39,785,000 25,923,564 1.17HKDCHINA LIFE INSURANCE CO.LTD -H- 55,816,000 185,086,949 8.37HKDCHINA NATIONAL BUILDINGMATERIAL -H- 24,458,000 36,228,203 1.64HKD

CHINA OILFIELD SERVICES -H- 12,000,000 9,491,300 0.43HKDCHINA PETROLEUM&CHEMCORP. H 174,004,000 111,358,885 5.04HKDCHINA RAILWAYCONSTRUCTION CORP. -H- 14,907,500 19,465,667 0.88HKDCHINA RAILWAY GROUP LTD-H- 29,851,000 17,447,815 0.79HKD

CHINA RESOURCES LAND 30,632,000 47,428,628 2.15HKDCHINA SHENHUA ENERGY CO.-H- 29,490,500 66,437,050 3.01HKDCHINA SHIPPING CONTAINER -H- 26,000,000 4,629,525 0.21HKDCHINA SHIPPINGDEVELOPMENT -H- 27,618,000 26,156,056 1.18HKD

INVESTMENTS

Chinese EquityStatement of investments as at 31 March 2009 (expressed in USD)


CHINA SOUTH LOCOMOTIVE -H- 20,281,000 9,263,532 0.42HKDCHINA TELECOM CORP. LTD -H- 148,952,000 61,500,732 2.78HKD

CHINA VANKE CO. LTD -B- 11,199,854 11,705,268 0.53HKDDATANG INT. POWERGENERATION -H- 13,990,000 6,137,346 0.28HKD

DONGFENG MOTOR -H- 22,800,000 11,796,772 0.53HKDHUANENG POWERINTERNATIONAL -H- 30,000,000 19,896,118 0.90HKD

IND & COM BOC -H- 278,000,000 144,555,229 6.54HKDINNER MONG. YITAI COAL CO.B 2,398,670 11,002,699 0.50USD

JIANGSU EXPRESSWAY CO. H 31,108,000 21,112,604 0.96HKDMAANSHAN IRON & STEEL CO.H 41,000,000 14,442,104 0.65HKD

PETROCHINA CO. LTD /-H- 127,642,000 101,780,842 4.61HKDPICC PROPERTY & CASUALTY-H- 18,790,000 10,255,365 0.46HKDPING AN INSURANCE GRP CO.-H- 14,300,000 85,335,894 3.86HKDSHANGHAI ELECTRIC GROUPCO. -H- 24,896,000 7,163,387 0.32HKD

SINOFERT HOLDINGS LTD 10,214,000 4,494,012 0.20HKDZHEJIANG EXPRESSWAY CO.LTD H 32,100,000 23,401,163 1.06HKD


ZTE CORP. -H- 4,049,999 16,486,871 0.75HKD

1,556,805,850 70.45

BEIJING ENTERPRISESHOLDING LTD 3,440,000 14,336,559 0.65HKD

HONG KONG

CHINA MOBILE LTD 18,360,500 159,908,755 7.23HKDCHINA OVERSEASLAND&INVESTMENT 32,371,202 50,789,784 2.30HKDCHINA RESOURCES POWERHOLDINGS 13,600,000 28,497,640 1.29HKD


CNOOC LTD 105,867,000 104,907,320 4.75HKD

DENWAY MOTORS LTD 35,200,000 13,625,357 0.62HKDGUANGDONG INVESTMENTLTD 2,422,000 975,018 0.04HKD

JIAN EPAYMENT SYSTEM LTD 6,080,000 129,441 0.01HKDSHANGHAI INDUSTRIALHOLDINGS 9,701,000 26,848,978 1.21HKDSINO-OCEAN LAND HOLDINGSLTD 55,000,000 36,192,354 1.64HKD

486,378,872 22.01

98.24TOTAL SHARES 2,171,010,266

98.24TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 2,171,010,266


GOME ELECTRICALAPPLIANCE HOLDING 64,000,000 9,248,727 0.42HKD


SHARES

BERMUDA ISLANDS

9,248,727 0.42





98.66TOTAL INVESTMENTS 2,180,258,993



100.00TOTAL NET ASSETS 2,209,848,264





SHARES

BERMUDA ISLANDS

ESPRIT HOLDINGS LTD 663,200 3,380,070 1.16HKD

KERRY PROPERTIES LTD 502,000 1,211,237 0.42HKD

6,063,697 2.09

SOHO CHINA LTD 3,013,000 1,212,935 0.42HKD

CAYMAN ISLANDS

SUN HUNG KAI PROPERTIESLTD 1,195,700 10,706,947 3.68HKD

TENCENT HOLDINGS LIMITED 653,200 4,846,163 1.67HKDWANT WANT CHINA HOLDINGSLTD 4,341,000 2,016,398 0.69HKD

18,782,443 6.46

ANHUI CONCH CEMENT CO. -H- 146,000 805,328 0.28HKD

CHINA

BANK OF CHINA LTD -H- 36,276,000 12,029,193 4.14HKDCHINA CONSTRUCTION BANKCO. -H- 42,244,000 23,982,898 8.24HKDCHINA LIFE INSURANCE CO.LTD -H- 5,407,000 17,929,718 6.17HKDCHINA NATIONAL BUILDINGMATERIAL -H- 708,000 1,048,719 0.36HKDCHINA PETROLEUM&CHEMCORP. H 15,358,000 9,828,796 3.38HKDCHINA RAILWAYCONSTRUCTION CORP. -H- 1,058,500 1,382,151 0.48HKD

CHINA RESOURCES LAND 496,000 767,975 0.26HKDCHINA SHENHUA ENERGY CO.-H- 2,105,500 4,743,331 1.63HKD

IND & COM BOC -H- 39,681,000 20,633,439 7.10HKD

PETROCHINA CO. LTD /-H- 11,948,000 9,527,252 3.28HKDPING AN INSURANCE GRP CO.-H- 939,000 5,603,525 1.93HKD

108,282,325 37.25

STANDARD CHARTERED PLC 74,150 896,468 0.31HKD

GREAT BRITAIN

896,468 0.31

BANK OF EAST ASIA LTD 1,290,400 2,490,806 0.86HKD

HONG KONG

BEIJING ENTERPRISESHOLDING LTD 311,000 1,296,125 0.45HKD

CHEUNG KONG HOLDINGS 1,180,000 10,162,890 3.50HKD

INVESTMENTS

Hong Kong EquityStatement of investments as at 31 March 2009 (expressed in USD)


CHINA EVERBRIGHT LTD 1,078,000 1,674,670 0.58HKDCHINA INSURANCEINTERNATIONAL HOLDING 954,000 1,533,735 0.53HKD

CHINA MOBILE LTD 2,944,000 25,640,443 8.81HKDCHINA OVERSEASLAND&INVESTMENT 2,740,080 4,299,132 1.48HKDCHINA RESOURCES POWERHOLDINGS 1,002,000 2,099,606 0.72HKD


CLP HOLDINGS LTD 1,245,000 8,554,073 2.94HKD

CNOOC LTD 12,661,000 12,546,228 4.31HKDGUANGDONG INVESTMENTLTD 3,628,000 1,460,514 0.50HKD

HANG LUNG PROPERTIES LTD 1,925,000 4,520,496 1.56HKD

HANG SENG BANK LTD 1,238,200 12,469,460 4.28HKDH.K.EXCHANGES ANDCLEARING LTD 669,600 6,324,271 2.18HKD

HONGKONG & CHINA GAS 2,545,000 4,012,758 1.38HKDHONGKONG ELECTRICHOLDINGS LTD 1,024,500 6,080,703 2.09HKDHOPEWELL HIGHWAYINFRASTR. 19,900 11,221 0.00HKD

HOPEWELL HOLDINGS LTD 199,000 522,518 0.18HKD

HSBC HOLDINGS PLC 2,687,205 14,787,807 5.08HKD

HUTCHISON WHAMP 1,841,261 9,027,821 3.11HKD

LI & FUNG LTD 1,469,000 3,449,667 1.19HKDMASS TRANSIT RAILWAYCORP. 1,616,924 3,888,835 1.34HKDNEW WORLD DEVELOPMENTCO. LTD 1,720,000 1,715,505 0.59HKD

SHUN TAK HOLDINGS LTD 2,340,000 727,641 0.25HKD

THE WHARF HOLDING 932,124 2,313,997 0.80HKD

146,260,432 50.31

96.42TOTAL SHARES 280,285,365



RIGHTS HSBC 03.04.09 1,119,669 2,116,466 0.73HKD



GREAT BRITAIN

2,116,466 0.73








GUJARAT NRE MINERALS LTD- SHS 34,300,000 8,250,436 0.37AUD


SHARES

AUSTRALIA

8,250,436 0.37

NIKO RESOURCES LTD 580,000 27,127,503 1.21CAD

CANADA

27,127,503 1.21

CAIRN ENERGY PLC 7,191,418 214,937,389 9.59GBP

GREAT BRITAIN

214,937,389 9.59

INDIAN FILM CO. LTD 5,010,000 1,806,456 0.08GBP

GUERNSEY

1,806,456 0.08

ADITYA BIRLA NUVO LTD /DEMATER. 7,650,000 66,775,699 2.98INR

INDIA

ANANT RAJ IND LTD 974,908 807,082 0.04INRASHAPURA MINECHEM LTD/DEMAT. 3,400,000 1,544,411 0.07INRBANK OF INDIA /DEMATERIALISED 1,100,000 4,898,204 0.22INR

BF UTILITIES LTD/DEMAT. 150,000 951,541 0.04INR

BHARTI AIRTEL LTD/DEMAT. 793,376 9,766,972 0.44INR

CAIRN INDIA LIMITED 1,110,050 4,001,077 0.18INR

CUMMINS INDIA LTD 4,013,776 14,285,767 0.64INR

DLF LIMITED 19,700,000 66,242,117 2.96INRDR REDDY SLABORATORIES/ADR 3,630,571 31,259,216 1.39USDDR REDDY SLABORATORIES/DEMAT. 6,720,000 64,353,193 2.87INREDUCOMP SOLUTIONS LTD/DEMATERIALISED 100,000 4,145,171 0.18INREVEREADY INDUSTRIES (I)/DEMAT. 6,731,549 2,349,553 0.10INRFINANCIAL TECHNOLOGIES/GDR 6 11 0.00USD

GAMMON INDIA LTD /DEMAT. 5,976,414 6,757,412 0.30INRGAMMON INFRA PROJECTSLTD 2,577,257 2,625,182 0.12INR

GITANJALI GEMS LTD /DEMAT. 3,567,900 3,220,307 0.14INRGLENMARKPHARMACEUTICALS 13,050,000 40,288,586 1.80INRGODREJ INDUSTRIES LTD/DEMATER. 127,474 132,602 0.01INR

INVESTMENTS

Indian EquityStatement of investments as at 31 March 2009 (expressed in USD)

Description Currency Evaluation % netassets

Quantity/FaceValue

GREAT EASTERN SHIPPING/DEMAT. 2,250,000 8,222,747 0.37INR

GUJARAT NRE COKE LTD 29,290,000 11,576,767 0.52INRGUJARAT STATE PETRONET/DEMAT. 29,850,000 22,686,406 1.01INRGVK POWERINFRASTRUCTURE 34,608,000 16,502,894 0.74INR

H D F C BANK /DEMAT. 1,150,000 21,747,499 0.97INRHCL INFOSYSTEMS LTD/DEMAT. 12,994,618 19,611,633 0.87INR

HCL TECHNOLOGIES /DEMAT. 47,841,212 96,614,983 4.31INR

HINDUSTAN UNILEVER LTD 882 4,154 0.00INR

ICICI BANK LTD /DEMAT. 766,041 5,121,566 0.23INR

ICICI BANK /SADR 1,650,211 20,924,675 0.93USD

IDEA CELLULAR LTD 59,000,000 58,182,826 2.60INR

INDIA CEMENTS LTD /DEMAT. 19,231,520 41,069,111 1.83INRINDIABULLS FINANCESRV/DEMAT. 3,466,191 6,171,814 0.28INRINDIABULLS REAL ESTATE /SGDR 1,106,679 2,202,259 0.10USDINDIABULLS REAL ESTATE/DEMAT. 21,302,200 42,412,254 1.89INRIRB INFRASTRUCTUREDEVELOPERS 6,584,648 10,630,351 0.47INR

ITC LTD /DEMAT. 1,500 5,407 0.00INRIVR PRIME URBANDEVELOPERS 3,358,864 1,945,134 0.09INRIVRCL INFRASTRUCTURESAND PROJECTS 9,750,000 23,543,707 1.05INRJINDAL SOUTH WESTHOLDINGS 867,025 4,402,951 0.20INRJINDAL STEEL & POWER/DEMAT. 8,703,437 204,894,057 9.13INR

JSW STEEL LTD / DEMAT. 4,775,000 22,318,984 1.00INRKOTAK MAHINDRA BANK LTD/DEMAT 1,500,000 8,444,705 0.38INR

LANCO INFRATECH LTD 40,000 114,209 0.01INRLARSEN TOUBRO /GDRREPR.1 SHS 213,529 2,875,325 0.13USDMAHINDRA & MAHINDRA/DEMAT. 6,700,000 50,624,476 2.26INRMAHINDRA AND MAHINDRAFINANCIAL SERVICES 3,581,675 14,579,022 0.65INR

MAHINDRA LIFESCAPES LTD 2,027,834 5,295,444 0.24INR

MARUTI SUZUKI INDIA LTD 7,972,000 120,863,045 5.38INRMATRIX LABORATORIES/DEMAT. 11,100,000 32,194,884 1.44INR

MAX INDIA LIMITED/DEMAT. 11,397,415 22,333,435 1.00INR

MOSER BAER (INDIA) DEMAT. 8,664,000 9,123,254 0.41INRNAGARJUNA CONSTRUCTION/DEMAT. 10,088,000 12,199,782 0.54INR

NIIT LTD 5,280,047 2,118,068 0.09INRNOIDA TOLLBRIDGE/DEMATERIAL. 13,657,166 6,217,037 0.28INR

PANACEA BIOTEC LTD 1,979,011 2,296,001 0.10INRPATNI COMPUTERS SYSTEMS/ADR 210,500 1,088,285 0.05USD

PENINSULA LAND LTD 9,700,000 4,100,927 0.18INR

PTC INDIA LTD 11,538,000 15,325,962 0.68INR

PUNJ LLOYD LTD 5,402,500 9,672,675 0.43INRPURAVANKARA PROJECTSLTD 9,518,284 7,711,303 0.34INR

RADICO KHAITAN LTD /DEMAT. 2,948,245 3,623,393 0.16INRRELIANCE INDUSTRIES/DEMAT. 50 1,516 0.00INRSATYAM COMPUTERSERVICES 3,000 2,280 0.00INR


Quantity/FaceValue



SESA GOA LTD /DEMAT. 6,000,000 11,916,384 0.53INRSIMPLEX INFRASTRUCTURE/DEMATERIALISED 1,876,756 5,722,047 0.26INRSINTEX INDUSTRIES LTD/DEMAT. 4,000,000 7,944,256 0.35INRSTERLITE INDUSTRIES (INDIA)/ADR 5,308,593 34,028,081 1.52USD

SUBEX LTD 1,721,845 771,971 0.03INR

TATA CHEMICALS LTD /DS 1,553,151 4,336,845 0.19INRTATA CONSULTANCYSERVICES /DEMAT. 7,800,000 82,234,258 3.67INR

TATA STEEL LTD /DEMAT. 13,600,190 56,482,090 2.52INRTATA STEEL (2% CUM CVPREF SHS) 11,173,740 7,481,480 0.33INRTRIVENIENGINEERING&INDUSTRIES/DEMAT 9,314,878 7,308,394 0.33INR

UNITECH LTD /DEMAT. 30,331,776 21,352,697 0.95INRUNITED PHOSPHORUS LTD/DEMAT. 6,674,172 12,848,486 0.57INRUNITED SPIRITS LIMITED/DEMAT. 5,802,437 75,499,388 3.37INR

USHA MARTIN LTD 20,200,000 10,824,049 0.48INR

WELSPUN INDIA LTD 1,961,707 790,788 0.04INR

WIPRO LTD /DEMAT. 24,818,069 119,882,729 5.35INR

1,755,425,253 78.31

UNITECH CORPORATE PARKSPLC 35,999,999 6,708,744 0.30GBP

ISLE OF MAN

6,708,744 0.30

YATRA CAPITAL LTD 988,000 2,602,258 0.12EUR

JERSEY

2,602,258 0.12

89.98TOTAL SHARES 2,016,858,039

HIRCO PLC/REIT 4,100,000 4,639,929 0.21GBP

INVESTMENT FUNDS

ISLE OF MAN

4,639,929 0.21

INDIABULLS PROPERTIESINVESTMENT TRUST 14,000,000 1,841,924 0.08SGD

SINGAPORE

1,841,924 0.08


DEUTSCHE BANK LN-30.01.17WRT /HCL INFOS 2,167,525 3,269,082 0.14USD


GREAT BRITAIN

HSBC BANKK 21.11.18 CW /HCLT 100,000 200,964 0.01USD

3,470,046 0.15

ORBIT CORP. 07-02.10.09 WRT 602,180 77,087 0.00INR

INDIA

77,087 0.00


Quantity/FaceValue

JP MORGAN INTERNATIONAL08-13 WRT/GAMMON 2,242,255 2,253,466 0.10USD

JERSEY

2,253,466 0.10

ABN AMRO BANK 18.12.06WRT/HCL INF 71,769 108,243 0.00USD

NETHERLANDS

108,243 0.00

CITIGP HOLDING 06-24.10.12CW / UNITED 365,000 4,672,219 0.22USD

UNITED STATES

4,672,219 0.22




Quantity/FaceValue

GITANJALI GEMS / GDR 3,567,900 3,216,758 0.14USD


SHARES

INDIA

INDIABULLS REAL ESTATE/SGDR 50,000 99,499 0.00USDMAHINDRA&MAHINDRA / GDRREGS 1,600,000 11,536,000 0.52USD

UNITED SPIRITS LTD / GDR 1 6 0.00USD

14,852,263 0.66



OCTAV INVESTMENTS LTD 73,534 13,014 0.00INR


SHARES

AUSTRALIA

13,014 0.00

INDIABULLS SECURITIES LTD 15,500,000 6,354,913 0.28INR

INDIA

KESORAM TEXT.MILLS LTD/DM 1,862,491 2,270,920 0.10INR

8,625,833 0.38


HINDUSTAN LEVER NCD 4,530 - 0.00INR

BONDS

INDIA

- 0.00

0.00TOTAL BONDS -



ABN AMRO BANK 07-03.07.09WRT / IND BULLS 691,100 1,372,552 0.06USD


NETHERLANDS

ABN 09-30.6.11 CERT / ADNL 73,004 609,583 0.03USD

1,982,135 0.09




Quantity/FaceValue



100.00TOTAL NET ASSETS 2,241,664,016



ACOM CO. LTD 17,750 49,345,000 0.49JPY


SHARES

JAPAN

AEON CO. LTD 98,200 63,240,800 0.63JPY

AIOI INSURANCE CO. LTD 135,000 51,300,000 0.51JPY

AISIN SEIKI CO. LTD 20,000 30,920,000 0.31JPY

ASAHI BREWERIES 57,000 67,032,000 0.66JPY

ASAHI KASEI CORP. 117,000 41,535,000 0.41JPY

ASTELLAS PHARMA INC. 39,600 119,592,000 1.18JPY

BANK OF YOKOHAMA 131,000 54,758,000 0.54JPY

BRIDGESTONE CORP. 45,000 63,405,000 0.63JPY

CANON INC. 60,300 170,046,000 1.68JPY

CENTRAL JAPAN RAILWAY CO. 142 78,668,000 0.78JPY

CHIBA BANK 100,000 48,500,000 0.48JPY

CHUBU ELECTRIC POWER -C- 49,900 108,283,000 1.07JPYCHUGAI PHARMACEUTICALCO. LTD 33,900 56,274,000 0.56JPYCHUO MITSUI TRUSTHOLDINGS INC. 145,000 43,500,000 0.43JPY

CITIZEN HOLDINGS CO. LTD 126,100 50,440,000 0.50JPY

DAI NIPPON PRINTING CO. LTD 60,000 53,940,000 0.53JPY

DAIHATSU MOTOR CO. 31,000 23,839,000 0.24JPY

DAIICHI SANKYO CO. LTD 64,200 105,801,600 1.05JPY

DAIKIN INDUSTRIES LTD 10,000 26,800,000 0.27JPYDAINIPPON SUMITOMOPHARMA CO. 39,900 32,638,200 0.32JPYDAIWA HOUSE INDUSTRY CO.LTD 25,000 19,800,000 0.20JPY

DENKI KAGAKU KOGYO KK 99,000 17,523,000 0.17JPY

DENSO CORP. 4,400 8,588,800 0.09JPY

DENTSU INC. TOKYO 30,900 46,226,400 0.46JPY

EAST JAPAN RAILWAY CO. 18,400 94,392,000 0.93JPY

EISAI CO. LTD 28,700 82,656,000 0.82JPY

FANUC LTD JPY 50 8,400 55,692,000 0.55JPY

FAST RETAILING CO. LTD 6,400 71,488,000 0.71JPY

FUJIFILM HOLDINGS CORP. 13,000 27,625,000 0.27JPY

FUKUOKA FINANCIAL GROUP 134,000 40,066,000 0.40JPY

HIKARI TSUSHIN INC. 11,800 21,771,000 0.22JPY

HIROSE ELECTRIC CO. LTD 5,400 51,084,000 0.51JPY

HITACHI LTD 12,000 3,192,000 0.03JPY

HONDA MOTOR CO. LTD 95,500 221,082,500 2.19JPYISETAN MITSUKOSHI HOLDINGLTD 28,400 21,498,800 0.21JPY

ISUZU MOTORS LTD 224,000 26,656,000 0.26JPY

ITOCHU CORP. 188,000 89,864,000 0.89JPY

JAPAN TOBACCO INC. 459 120,212,100 1.19JPY

INVESTMENTS

Japanese EquityStatement of investments as at 31 March 2009 (expressed in JPY)


JFE HOLDINGS INC. 38,900 83,440,500 0.83JPY

JGC CORP. 53,000 59,148,000 0.59JPY

JS GROUP CORP. 51,900 57,401,400 0.57JPYKANSAI ELECTRIC POWER CO.JPY 500 49,700 106,358,000 1.05JPY

KAO CORP. 22,000 42,218,000 0.42JPY

KAWASAKI KISEN 120,000 36,600,000 0.36JPY

KDDI CORP. 261 120,582,000 1.19JPY

KIRIN HOLDINGS CO. LTD 64,000 66,688,000 0.66JPY

KOBE STEEL LTD 322,000 40,572,000 0.40JPY

KOMATSU LTD 72,500 77,575,000 0.77JPY

KONAMI CORP. 32,500 48,035,000 0.48JPY

KUBOTA CORP. 148,000 79,180,000 0.78JPY

KYOCERA CORP. 2,600 16,848,000 0.17JPY

KYUSHU ELECTR.POWER CO. 35,000 77,350,000 0.77JPY

LAWSON INC. 12,000 48,960,000 0.48JPY

MAKITA CORP. 20,600 45,320,000 0.45JPY

MARUBENI CORP. 235,000 71,675,000 0.71JPY

MARUI GROUP CO. LTD 77,800 40,689,400 0.40JPYMITSUBISHI CHEMICALHOLDINGS CORP. 122,000 40,992,000 0.41JPY

MITSUBISHI CORP. 118,000 151,630,000 1.50JPY

MITSUBISHI ELECTRIC CORP. 79,000 34,839,000 0.35JPY

MITSUBISHI ESTATE CO. 53,000 58,406,000 0.58JPY

MITSUBISHI GAS CHEMICAL 45,000 18,900,000 0.19JPYMITSUBISHI HEAVYINDUSTRIES 365,000 108,770,000 1.08JPYMITSUBISHI TANABE PHARMACORP. 40,000 38,840,000 0.38JPYMITSUBISHI UFJ FINANCIALGROUP 601,300 286,218,800 2.84JPY

MITSUI & CO. LTD 153,000 150,858,000 1.49JPY

MITSUI CHEMICALS INC. 80,000 19,120,000 0.19JPYMITSUIENGINEERING&SHIPBUILDING 291,000 47,724,000 0.47JPY

MITSUI FUDOSAN CO. 40,000 42,680,000 0.42JPYMITSUI O.S.K. LINES LTDTOKYO 117,000 56,277,000 0.56JPY

MITSUMI ELECTRIC CO. 34,000 47,940,000 0.47JPYMIZUHO FINANCIAL GROUPINC. 654,100 122,970,800 1.22JPY

MSIG HOLDINGS 40,900 93,047,500 0.92JPY

NAMCO BANDAI HOLDING 35,000 34,405,000 0.34JPY

NINTENDO CO. LTD 6,200 176,390,000 1.75JPYNIPPON MINING HOLDINGSINC. 164,000 63,960,000 0.63JPY

NIPPON OIL CORP. 191,000 93,017,000 0.92JPY

NIPPON PAPER GROUP INC. 20,000 47,800,000 0.47JPY

NIPPON STEEL CORP. 179,000 47,077,000 0.47JPY

NIPPON TEL&TEL 44,000 164,120,000 1.63JPY

NIPPON YUSEN K K 127,000 47,879,000 0.47JPY

NISSAN MOTOR CO. LTD 172,500 60,375,000 0.60JPY

NISSHIN SEIFUN GROUP INC. 45,000 47,385,000 0.47JPY

NISSHIN STEEL CO. LTD 158,000 26,070,000 0.26JPY

NITTO DENKO CORP. 15,500 31,077,500 0.31JPY

NOMURA HOLDINGS INC. 84,500 41,827,500 0.41JPY

NTT DATA CORP. 207 55,310,400 0.55JPY

NTT DOCOMO INC. 1,105 147,738,500 1.46JPY

OBAYASHI CORP. 90,000 43,020,000 0.43JPY

OBIC CO LTD TOKYO 3,680 45,264,000 0.45JPY




OJI PAPER CO. LTD 100,000 40,000,000 0.40JPY

OMRON CORP. 46,500 53,800,500 0.53JPY

ONO PHARMACEUTICAL CO. 13,400 57,754,000 0.57JPY

ORACLE CORP JAPAN TOKY 14,400 53,568,000 0.53JPY

ORIENTAL LAND CO. LTD 6,900 43,332,000 0.43JPY

ORIX CORP. 23,880 75,699,600 0.75JPY

OSAKA GAS CO. LTD 150,000 46,200,000 0.46JPY

PANASONIC CORP. 121,000 129,349,000 1.28JPY

RICOH CO. LTD 62,000 72,106,000 0.71JPY

SANTEN PHARMACEUTICAL 15,600 42,744,000 0.42JPY

SECOM LTD 4,400 15,972,000 0.16JPY

SEGA SAMMY HOLDING INC 40,000 34,520,000 0.34JPY

SEKISUI CHEMICAL CO. LTD 92,000 45,080,000 0.45JPY

SEVEN & I HOLDINGS CO. LTD 66,300 143,208,000 1.42JPY

SHIMAMURA CORP. 6,800 35,768,000 0.35JPY

SHIMANO INC. 12,100 35,876,500 0.36JPY

SHIN-ETSU CHEMICAL CO. 28,000 133,560,000 1.32JPY

SHISEIDO CO. LTD 45,000 64,575,000 0.64JPY

SHIZUOKA BANK LTD 22,000 19,448,000 0.19JPY

SHOWA SHELL SEKIYU KK 49,000 43,904,000 0.43JPY

SOFTBANK 55,600 69,833,600 0.69JPY

SOJITZ CORP. 408,600 47,806,200 0.47JPYSOMPO JAPAN INSURANCEINC. 123,000 62,115,000 0.62JPY

SONY CORP. 32,500 64,935,000 0.64JPY

STANLEY ELECTRIC CO. LTD 18,600 20,348,400 0.20JPY

SUMITOMO CHEMICAL CO.LTD 147,000 48,951,000 0.48JPY

SUMITOMO CORP. 125,850 106,091,550 1.05JPYSUMITOMO HEAVYINDUSTRIES 158,000 51,350,000 0.51JPYSUMITOMO METALINDUSTRIES 299,000 58,903,000 0.58JPYSUMITOMO MITSUI FINANCIALGROUP 44,800 152,768,000 1.51JPYSUMITOMOREALTY+DEVELOPMENT 24,000 25,992,000 0.26JPYSUMITOMO RUBBERINDUSTRIES 34,000 22,304,000 0.22JPY

SUMITOMO TRUST&BANKING 159,000 59,307,000 0.59JPY

TAISEI CORP. 200,000 37,600,000 0.37JPYTAKEDA PHARMACEUTICALCO. LTD 51,267 174,307,800 1.73JPY

TAKEFUJI CORP. 124,760 57,514,360 0.57JPY

TDK CORP. 16,000 58,400,000 0.58JPY

TOHO CO. LTD TOKYO 29,700 40,837,500 0.40JPY

TOHOKU ELECTRIC POWER 36,400 78,806,000 0.78JPY

TOKIO MARINE HOLDINGS INC. 22,600 54,127,000 0.54JPYTOKYO ELECTRIC POWERJPY 500 76,400 187,944,000 1.86JPY

TOKYO GAS CO.LTD 239,000 82,455,000 0.82JPY

TOKYU CORP. 69,000 28,428,000 0.28JPYTONENGENERAL SEKIYU KKTOKYO 57,000 54,891,000 0.54JPY

TOPPAN PRINTING CO. LTD 86,000 57,534,000 0.57JPY

TOYOTA MOTOR CORP. 132,797 414,326,640 4.11JPY

TOYOTA TSUSHO CORP. 60,000 56,760,000 0.56JPY

TREND MICRO INC. TOKYO 20,000 55,400,000 0.55JPY

UNY CO. LTD 55,000 42,240,000 0.42JPY

WEST JAPAN RAILWAY CO. 170 53,040,000 0.53JPY

YAHOO JAPAN CORP TOKYO 2,068 53,499,160 0.53JPY


YAMAHA CORP. 36,400 34,834,800 0.35JPY

YAMATO HOLDINGS CO. LTD 50,000 46,350,000 0.46JPY

YASKAWA ELECTRIC CORP. 109,000 46,325,000 0.46JPY

9,662,634,110 95.71

95.71TOTAL SHARES 9,662,634,110





100.00TOTAL NET ASSETS 10,095,771,137



AMORE PACIFIC CORP. (NEW) 2,860 1,261,346 1.51KRW


SHARES

SOUTH KOREA

CHEIL INDUSTRIAL INC. 82,800 2,259,881 2.70KRW

DAELIM INDUSTRIAL CO. LTD 31,200 1,184,274 1.42KRW

DOOSAN INFRACORE CO. LTD 40,170 426,931 0.51KRWGSENGINEERING&CONSTRUCTTION CORP. 35,000 1,546,136 1.85KRW

HOTEL SHILLA 45,300 550,232 0.66KRWHYUNDAI DEVELOPMENT CO.ENGINEERING&CONSTRUCTION 33,300 810,154 0.97KRWHYUNDAIENGINEERING&CONSTRUCTION CO. 24,300 1,036,565 1.24KRW

HYUNDAI HEAVY INDUSTRIES 15,341 2,168,397 2.59KRW


HYUNDAI MOTOR CO. LTD 45,800 1,837,794 2.20KRW


KB FINANCIAL GROUP INC. 90,690 2,160,494 2.58KRWKOREA ELECTRIC POWERCORP. 105,410 1,939,581 2.32KRW

KOREA EXCHANGE BANK 528,000 2,366,813 2.83KRW

KOREA ZINC CO. LTD 3,400 277,777 0.33KRW

KT CORPORATION 52,200 1,453,013 1.74KRW

KT FREETEL LTD 32,200 644,873 0.77KRW


LG CHEMICAL LTD 31,600 2,056,212 2.46KRW

LG CORP. 57,300 2,038,253 2.44KRW

LG DISPLAY CO. LTD 50,700 1,028,204 1.23KRW

LG ELECTRONICS INC. 51,300 3,390,017 4.04KRWLG HOUSEHOLD &HEALTHCARE LTD 3,400 369,959 0.44KRW


MEGASTUDY CO. LTD 27,800 3,989,730 4.76KRW

NHN CORPORATION 14,000 1,528,422 1.83KRW

NONG SHIM CO. LTD 19,192 2,983,300 3.56KRW

POSCO 19,250 5,073,019 6.05KRW

SAMSUNG C&T CORP. 65,500 1,882,421 2.25KRWSAMSUNG ELECTRO-MECHANICS CO. 22,900 807,967 0.97KRWSAMSUNG ELECTRONICS CO.LTD 20,300 8,336,478 9.95KRW

SAMSUNG FINE CHEMICALS 37,090 1,169,181 1.40KRWSAMSUNG FIRE&MARINEINSURANCE 21,010 2,430,437 2.90KRW

SAMSUNG HEAVY INDUSTRIES 30,200 558,966 0.67KRW

INVESTMENTS

Korean EquityStatement of investments as at 31 March 2009 (expressed in USD)


SAMSUNG SECURITIES CO.LTD 29,800 1,245,324 1.49KRW

SAMSUNG TECHWIN CO. LTD 29,400 960,780 1.15KRW


SHINSEGAE CO. LTD 2,450 762,566 0.91KRW

SK ENERGY 23,900 1,529,253 1.83KRW

SK TELECOM CO. LTD 17,800 2,470,925 2.95KRW

S-OIL CORP. 23,380 951,681 1.14KRW

S1 CORPORATION 20,400 682,888 0.82KRWWOORIINVESTMENT&SECURITIESCO. 83,500 1,020,261 1.22KRW

YUHAN CORP. 19,686 2,633,101 3.15KRW

79,331,103 94.80

94.80TOTAL SHARES 79,331,103



KIWOOM SECURITIES CO. LTD 34,000 1,116,023 1.33KRW


SHARES

SOUTH KOREA

1,116,023 1.33










SHARES


AK SBEREGATELNY BANKSBERBANK 1,221,437 745,077 3.72USD


GAZPROM OAO /SADR REGS 107,872 1,631,024 8.14USDGRUPPA KOMP. PIKOAO/SGDR 41,928 55,764 0.28USD

JSC SURGUTNEFTEGAZ /SADR 126,694 852,651 4.25USD



MMC NORILSK NICKEL /SADR 99,395 616,249 3.07USDMOBILE TELESYSTEMSOJS/SADR 35,366 1,047,894 5.23USD


PHARMSTANDARD OKT /SGDR 60,951 603,415 3.01USDROSNEFT OIL COMPANY OJSC/SGDR 223,947 994,324 4.96USDROSTELECOM /SADR REP. 6SHS 14,026 728,651 3.63USDSEVERSTAL CHEREPOVETSMET/SGDR 118,081 409,741 2.04USDTATNEFT /SGDR REP. 20 SHSREGS 16,682 810,912 4.05USDTRUBNAYA METALL. KOMP./SGDR REG 79,549 357,971 1.79USDVIMPEL COMMUNICATIONS/S.ADR 101,299 654,392 3.26USD

VNESHTORGBANK SGDR 516,313 872,569 4.35USDWIMM-BILL-DANN FODDS/SADR 13,386 416,572 2.08USD

15,138,369 75.52

EVRAZ GROUP SA /SGDR REP.REGS 23,631 184,322 0.92USD

LUXEMBOURG

184,322 0.92

ENERGYO SOL RUS 153,400 302,056 1.51SEK

SWEDEN

302,056 1.51

INVESTMENTS

Russia EquityStatement of investments as at 31 March 2009 (expressed in USD)


CENTRAL EUROPEANDISTRIBUTION CORP. 22,140 229,370 1.14USD

UNITED STATES

229,370 1.14

79.09TOTAL SHARES 15,854,117



M VIDEO COMPANY JSC 176,615 155,421 0.78USD


SHARES


NOVOROSSIYSK COMM.SEAPORT/GDR 48,920 208,399 1.04USD

RUSHYDRO OJSC 36,980,577 828,366 4.13USDSISTEMA HALS JSC /SGDR -REG S- 34,590 20,943 0.10USD


1,811,929 9.04

X5 RETAIL GROUP NV / SGDR 20,713 200,916 1.00USD

NETHERLANDS

200,916 1.00



FSK EES 44,376,965 188,602 0.94USD


SHARES


GAZ AUTO WORKS 783 6,264 0.03USD

MAGNIT JSC 12,337 280,788 1.40USD

POLYUS ZOLOTO OAO /SADR 32,861 817,253 4.08USD

SOLLERS JSC 8,425 36,649 0.18USD

1,329,556 6.63










SHARES

SINGAPORE

BANYAN TREE HOLDINGS LTD 2,000,000 493,373 1.12SGD

CAPITALAND LTD 1,125,000 1,709,536 3.89SGD

CITY DEVELOPMENTS LTD 590,000 1,963,886 4.47SGD


HO BEE INVESTMENT LTD 8,498,000 1,816,828 4.14SGD

KEPPEL CORP. LTD 600,000 2,032,695 4.63SGD

MOBILEONE LTD 1,450,000 1,430,780 3.26SGDOVERSEA-CHINESE BANKCORP. 616,000 1,957,228 4.46SGD

SEMBCORP INDUSTRIES LTD 1,000,000 1,539,322 3.51SGD

SINGAPORE EXCHANGE LTD 500,000 1,684,045 3.84SGDSINGAPORE PRESS HOLDINGSLTD 2,390,000 3,993,422 9.10SGDSINGAPORE TECHNOLOGIESENG. 1,100,000 1,772,852 4.04SGDSINGAPORE TELECOM/BOARD LOT 1000 2,380,000 3,976,714 9.06SGD

STARHUB LTD 1,250,000 1,611,684 3.67SGDSTRAITS ASIA RESOURCESLTD 3,150,000 1,709,536 3.89SGD

UTD OVERSEAS BANK /LOCAL 610,000 3,916,457 8.92SGD

VENTURE CORPORATION LTD 510,000 1,690,886 3.85SGD


WING TAI HOLDINGS 1,000,000 463,770 1.06SGD

39,648,302 90.30

90.30TOTAL SHARES 39,648,302

CAPITAMALL TRUST / REIT 2,186,000 1,898,182 4.32SGD

INVESTMENT FUNDS

GREAT BRITAIN

1,898,182 4.32

ASCENDAS REAL ESTATEINVESTMENT 2,121,000 1,730,119 3.94SGD

SINGAPORE

1,730,119 3.94


INVESTMENTS

Singapore EquityStatement of investments as at 31 March 2009 (expressed in USD)

Description Quantity Currency Evaluation % netassets SC GLOBAL DEVELOPMENTS

05-10.12.10 WRT 3,004,000 19,761 0.05SGD


SINGAPORE

19,761 0.05









ACER INC. 91,000 136,687 3.09TWD


SHARES

TAIWAN

ADVANCED SEMICONDUCTORENG. INC. 239,000 115,792 2.62TWD




CATHAY FINANCIAL HOLDING 174,000 149,383 3.38TWD


CTCI CORP. 83,000 57,446 1.30TWDDELTA ELECTRONICINDUSTRIAL 29,000 53,296 1.21TWD

FAR EASTERN TEXTILE LTD 136,000 105,744 2.39TWDFIRST FINANCIAL HOLDINGCO. 144,292 66,508 1.50TWD

FORMOSA INTL HOTELS CORP 3,000 29,864 0.68TWD

FORMOSA PLASTICS 130,000 195,650 4.43TWDFUBON FINANCIAL HOLDINGCO. LTD 90,000 54,206 1.23TWDHON HAI PRECISIONINDUSTRY CO. LTD 163,400 369,115 8.35TWD

HTC CORP. 20,000 245,630 5.56TWD


NAN YA PLASTICS CORP. 101,000 115,417 2.61TWDNOVATEKMICROELECTRONICS CORP. 22,000 33,304 0.75TWDPRESIDENT CHAIN STORECORP. 40,000 91,537 2.07TWD


SINYI REALTY INC. 25,000 28,973 0.66TWDSYNNEX TECHNOLOGYINTERNATIONAL 51,000 64,363 1.46TWD


TAIWAN FERTILIZER CO. LTD 62,000 126,909 2.87TWD

TAIWAN MOBILE CORP. 39,000 56,455 1.28TWDTAIWAN SEMICONDUCTORMANUFACTURING 293,000 443,553 10.02TWDUNI-PRESIDENT ENTERPRISESCORP. 90,000 72,894 1.65TWDUNITED MICROELECTRONICCORP 364,000 118,998 2.69TWD

WISTRON CORP. 112,000 120,565 2.73TWD

INVESTMENTS

Taiwan EquityStatement of investments as at 31 March 2009 (expressed in USD)


YUANTA FINANCIAL HOLDINGCO. 258,000 117,779 2.66TWD

4,375,293 98.97









BANYAN TREE HOLDINGS LTD 6,970,000 1,719,403 2.37SGD


SHARES

SINGAPORE

1,719,403 2.37

ADVANCED INFO SERVICEPUB./ FOR. RG 1,380,000 3,224,186 4.44THB

THAILAND

ASIAN PROPERTYDEVELOPMENT PUBLIC /FOREIGN 39,681,900 2,569,113 3.53THBASIAN PROPERTYDEVELOPMENT PUBLIC CO. 4,029,200 260,861 0.36THBBANGKOK BANK PUBLIC/FOREIGN 3,080,000 6,524,094 8.98THBBANK OF AYUDHYA PUBLIC/FOR. REG 3,140,000 773,394 1.06THBBANPU PUBLIC CO. LTD/FOR.REG 540,000 3,268,099 4.50THBBEC WORLD PUBLIC CO./FOREIGN 100,000 52,639 0.07THBCHAROONGTHAI&WIRE/FOREIGN 2,010,800 158,486 0.22THB

C.P.ALL - SHS FOREIGN REGS 1,972,486 705,149 0.97THBELECTRICITY GENERATING /FOREIGN REG 1,592,800 3,037,621 4.18THBGLOW ENERGY PUBLIC CO.LTD 3,700,000 2,197,592 3.02THBHEMARAJ LAND AND DEVPUBLIC CO. 100,000,000 1,323,003 1.82THBKASIKORNBANK PUBLICCOMPANY FOR. REG 5,270,000 6,823,881 9.38THBLAGUNA RESORTS &HOTELS/FOR. REG 652,500 442,650 0.61THBLALIN PROPERTYPUB/FOREIGN REG 29,544,000 873,216 1.20THBLAND AND HOUSE PUBLIC/FOR. REG. 39,753,200 3,401,799 4.68THBLPN DEVELOPMENT PUB. /FOR. REG 32,892,700 2,425,849 3.34THBMINOR INTERNATIONALFOREIGN REGISTERED 15,400,000 2,774,365 3.82THB

PHATRA SEC.PUBLIC CO. LTD 5,807,100 1,618,294 2.23THBPHATRA SECURITIES PUB /NON VOT. 192,900 53,756 0.07THBPTT CHEMICAL PUBLIC CO. /FOREIGN 2,030,000 1,671,417 2.30THBPTT EXPL. PROD.PUBLIC /FOR.REG 2,450,000 6,741,334 9.27THBPTT PLC CO. LTD /FOREIGNREG 1,532,000 6,619,575 9.11THBQUALITY HOUSES PUBLIC/FOR. REG 10,967,100 250,057 0.34THBSIAM COMMERC.BANKPUBL./FOR.REG 2,000,000 3,068,241 4.22THB

INVESTMENTS

Thai EquityStatement of investments as at 31 March 2009 (expressed in USD)


SRITHAI SUPERWARE PUBLIC/FOR. REG 6,887,200 969,339 1.33THBTHE ERAWAN GROUP /FOR.REG 66,531,700 2,397,185 3.30THBTISCO FINANCIAL GROUP /FOREIGN REG 10,021,100 2,933,673 4.04THBTOTAL ACCESSCOMMUNICATION PCL 2,280,000 1,700,763 2.34THBWORKPOINT ENTERTAINMENTPUBLIC /FOR. 4,969,400 609,893 0.84THB

69,469,524 95.57

97.94TOTAL SHARES 71,188,927








AKBANK 145,000 311,620 4.81TRY


SHARES

TURKEY

AKSIGORTA 222,083 253,555 3.91TRYANADOLU EFES BIRACILIK VEMALT 52,000 237,476 3.66TRY

ARCELIK AS 254,800 206,488 3.19TRY

ASYA KATILIM BANKASI A.S 130,000 64,025 0.99TRY

BAGFAS 5,500 168,682 2.60TRY

BIM BIRLESIK MAGAZALAR AS 21,500 329,697 5.09TRY

COCA COLA ICECEK SANAYI 15,599 50,984 0.79TRYDOGAN SIRKETLER GRUBUHOLDINGS 293,999 68,449 1.06TRY

ENKA INSAAT VE SANAYI AS 38,001 100,384 1.55TRY

EREGLI DEMIR CELIK 85,000 113,410 1.75TRY

FORD OTOMOTIV SANAYI AS 25,493 49,765 0.77TRY

KOC HOLDING AS 135,000 137,811 2.13TRYPETKIM PETROKIMYAHOLDING AS 23,000 40,573 0.63TRY

SABANCI HOLDING 190,000 239,894 3.70TRY

TEKFEN HOLDING AS 235,000 300,919 4.64TRYTOFAS TURK OTOMOBILFABRIKASI 430,000 275,309 4.25TRYTUPRAS TURKIYE PETROLRAFINEL 41,000 304,725 4.70TRY

TURK SISE CAM 25,000 11,081 0.17TRY

TURK TELEKOMUNIKASYON 72,500 125,297 1.93TRY

TURKCELL ILETISIM HIZMET 117,500 423,497 6.53TRYTURKIYE GARANTI BANKASI/NOM. 610,000 636,359 9.81TRY

TURKIYE HALK BANKASI AS 260,000 419,075 6.46TRY

TURKIYE IS BANKASI AS C 350,000 573,542 8.84TRYTURKIYE VAKIFLAR BANKASITAO 190,000 105,485 1.63TRY

YAPI KREDI BANKASA 395,000 297,114 4.58TRY

5,845,216 90.17



INVESTMENTS

Turkey Equity (formerly Turkish Convergence)Statement of investments as at 31 March 2009 (expressed in EUR)







POWERFLUTE OYJ 611,996 82,619 0.17GBP


SHARES

FINLAND

82,619 0.17

AMLIN PLC 308,978 1,050,525 2.22GBP

GREAT BRITAIN

ARRIVA PLC 393,891 1,457,397 3.08GBP

BAE SYSTEMS PLC 496,830 1,617,182 3.42GBP

BG GROUP PLC 313,569 3,138,826 6.64GBP

BP PLC 729,149 3,357,731 7.11GBP

BRITISH AMERICAN TOBACCO 130,908 2,065,728 4.37GBP

BRITVIC PLC 208,013 459,709 0.97GBP

CARILLION PLC 587,491 1,389,416 2.94GBP

CENTRICA PLC 511,161 1,139,889 2.41GBP

EXPERIAN GROUP LTD 292,529 1,251,293 2.65GBP

FENNER 844,162 400,977 0.85GBP

GLAXOSMITHKLINE PLC 114,171 1,208,500 2.56GBP

GREGGS PLC 13,730 468,330 0.99GBP

HALMA PLC 302,311 495,034 1.05GBP

HOME RETAIL GROUP PLC 226,439 509,488 1.08GBP


NATIONAL GRID PLC 294,919 1,543,901 3.27GBP

NORTHGATE PLC 292,522 209,153 0.44GBP

PRUDENTIAL PLC 557,794 1,762,629 3.73GBP

ROYAL & SUN ALLIANCE 1,042,026 1,353,592 2.86GBP

ROYAL DUTCH SHELL -B- 242,236 3,684,410 7.80GBP

SEVERN TRENT PLC 137,802 1,335,301 2.83GBPSPIRAX-SARCO ENGINEERINGPLC 47,881 392,145 0.83GBP

STAGECOACH GROUP PLC 1,197,333 1,418,840 3.00GBP

TRADING EMISSIONS PLC 792,159 645,610 1.37GBP

UNILEVER PLC 150,950 1,960,841 4.15GBP

UNITED UTILITIES GROUP PLC 309,790 1,460,660 3.09GBP

VODAFONE GROUP PLC 3,590,754 4,281,973 9.07GBPWM MORRISONSUPERMARKETS PLC 711,968 1,795,939 3.80GBP

WS ATKINS PLC 124,326 607,022 1.28GBP

43,296,947 91.63

INVESTMENTS

UK EquityStatement of investments as at 31 March 2009 (expressed in GBP)


RESOLUTION LTD 1,486,494 1,457,879 3.09GBP

GUERNSEY

1,457,879 3.09

94.89TOTAL SHARES 44,837,445



RIGHTS HSBC 03.04.09 90,534 117,468 0.25GBP



GREAT BRITAIN

117,468 0.25








COVIDIEN LTD 21,470 710,013 0.53USD


SHARES

BERMUDA ISLANDS

710,013 0.53

US EQUITY MOMENT -Z-(3DEC) 50 3,658,320 2.75USD

FRANCE

3,658,320 2.75

ABBOTT LABORATORIES INC. 35,879 1,718,245 1.29USD

UNITED STATES

ADOBE SYSTEMS INC. 25,266 526,038 0.40USD

AFLAC INC. 17,394 306,134 0.23USD

AIR PRODUCTS & CHEMICALS 9,301 515,368 0.39USD

ALTRIA GROUP 57,022 934,020 0.70USDAMERICAN INTERNATIONALGP 59,042 56,090 0.04USD

AMERICAN TOWER CORP. -A- 26,627 811,325 0.61USD

AMGEN INC. 28,824 1,456,188 1.10USD

APACHE CORP. 9,361 594,049 0.45USD

APOLLO GROUP INC. -A- 8,200 647,308 0.49USD

APPLE INC. 15,821 1,653,136 1.24USD

AT & T 69,576 1,750,532 1.32USD

BANK OF AMERICA CORP. 87,754 529,157 0.40USDBANK OF NEW YORK MELLONCORP. SHS 21,897 567,570 0.43USD

BAXTER INTERNATIONAL INC. 22,217 1,124,402 0.85USD

BEST BUY CO. INC. 14,921 551,629 0.42USD

BIG LOTS 21,838 462,310 0.35USD

BIOGEN IDEC INC. 14,910 783,371 0.59USD

BMC SOFTWARE INC. 24,538 809,999 0.61USD

Caremark Group 41,064 1,121,047 0.84USD

CELGENE CORP. 15,903 721,201 0.54USD

CENTURYTEL 22,543 615,649 0.46USD

CEPHALON INC. 10,458 711,876 0.54USD

CHEVRON CORPORATION 36,594 2,444,479 1.84USD

CHUBB CORP. 8,506 347,555 0.26USD


CITIGROUP INC. 65,513 151,335 0.11USD

COCA-COLA CO. 49,662 2,181,155 1.64USDCOGNIZANT TECHNOLOGYSOL.CORP. 39,351 790,168 0.59USD

COLGATE-PALMOLIVE CO. 19,569 1,150,462 0.87USD

COMCAST CORP. -A- 79,516 1,085,393 0.82USD

INVESTMENTS

US EquityStatement of investments as at 31 March 2009 (expressed in USD)


COMPUTER ASSOCIATESINTERNATIONAL INC. 35,855 618,140 0.47USD

CONAGRA FOODS INC. 34,819 578,692 0.44USD

CONSOL ENERGY INC. 20,891 536,690 0.40USD

DANAHER CORP. 18,081 973,662 0.73USD

DARDEN RESTAURANTS 15,876 554,866 0.42USD

DEAN FOODS CO. 37,273 664,578 0.50USD


EMC CORP. 59,637 668,531 0.50USD


EXELON CORP. 20,673 924,703 0.70USD

EXPRESS SCRIPTS INC. 14,910 671,397 0.51USD

EXXON MOBIL CORP. 77,030 5,286,569 3.99USD


FPL GROUP INC. 12,425 614,913 0.46USDFREEPORT MCMO.COPP&GOLD -B- 21,411 824,966 0.62USD

GAMESTOP CORP. -A- 29,744 805,170 0.61USD


GENERAL MILLS INC. 18,392 924,382 0.70USD

GENZYME CORP. 10,934 644,559 0.49USD

GILEAD SCIENCES INC. 27,331 1,246,840 0.94USD

GOLDMAN SACHS GROUP INC. 3,494 351,007 0.26USD

GOODRICH CORP. 18,300 691,557 0.52USD

GOOGLE INC. -A- 4,558 1,561,981 1.18USD

GRAINGER INC..WW 12,048 850,107 0.64USD


HARRIS CORP. 14,910 415,691 0.31USD

HEINZ (H.J.) CO. 24,995 829,584 0.62USD

HEWLETT-PACKARD CO. 46,144 1,482,145 1.12USDHONEYWELL INTERNATIONALINC. 31,458 874,847 0.66USD


HUMANA INC. 8,186 205,796 0.15USD

IBM CORP. 27,830 2,630,492 1.98USD

INTEL CORP. 125,583 1,848,582 1.39USD

ITT CORP. 14,910 572,842 0.43USD

JOHNSON & JOHNSON 51,457 2,727,736 2.06USD

JP MORGAN CHASE & CO. 71,267 1,770,985 1.33USD

KELLOGG CO. 14,910 543,917 0.41USD

KROGER CO. 31,193 669,090 0.50USD

LIFE TECHNOLOGIES CORP. 24,849 797,901 0.60USD

LOCKHEED MARTIN CORP. 13,734 947,783 0.71USD

LORILLARD INC. 14,910 940,523 0.71USD

MASTERCARD INC. SHS -A- 4,577 746,280 0.56USD

MCAFEE INC. 19,323 624,713 0.47USD

MCDONALD S CORP. 35,125 1,893,940 1.43USDMCGRAW HILL COMPANIESINC. 34,789 788,667 0.59USD

MCKESSON CORP. 19,414 701,234 0.53USD

MEDCOHEALTH SOLUTIONS 23,855 944,658 0.71USD

MEDTRONIC INC. 22,699 658,952 0.50USDMEMC ELECTRONICMATERIALS 23,396 388,842 0.29USD

METLIFE INC. 28,975 622,963 0.47USD

MICROSOFT CORP. 93,554 1,635,324 1.23USD

MONSANTO CO. 13,699 1,133,729 0.85USD





MURPHY OIL CORP. 9,189 418,283 0.31USD

MYLAN INC. 49,553 646,667 0.49USD

NASDAQ OMX GROUP INC. 24,849 455,979 0.34USDNATIONAL OILWELL VARCOINC. 20,665 611,064 0.46USD

NEWMONT MINING CORP. 9,939 450,237 0.34USD

NIKE INC. -B- 22,583 1,044,690 0.79USD

NORFOLK SOUTHERN CORP. 14,910 493,968 0.37USD

NORTHERN TRUST CORP. 9,211 524,935 0.40USD

NUCOR CORP. 21,280 810,555 0.61USDOCCIDENTAL PETROLEUMCORP. 18,306 1,028,797 0.77USD

ORACLE CORP. 100,296 1,771,227 1.33USD

PEABODY ENERGY 27,830 696,863 0.52USD

PFIZER INC. 139,339 1,908,944 1.44USDPHILIP MORRISINTERNATIONAL 18,607 683,435 0.51USD

PRAXAIR 11,453 754,982 0.57USD

PROCTER & GAMBLE CO. 28,555 1,350,080 1.02USD

PRUDENTIAL FINANCIAL INC. 18,749 337,482 0.25USD

QUALCOMM INC. 17,394 658,711 0.50USD

QUESTAR CORP. 13,885 406,275 0.31USD

RANGE RESOURCES 19,879 827,762 0.62USD


ROCKWELL COLLINS 23,072 747,764 0.56USD

SCHLUMBERGER LTD 32,426 1,333,357 1.00USD

SEMPRA ENERGY 14,910 669,459 0.50USDSIMON PROPERTY /PAIREDSHS 7,553 233,086 0.18USD

ST JUDE MEDICAL INC. 21,470 787,090 0.59USD

STATE STREET CORP. 13,419 375,464 0.28USD

STERICYCLE INC. 11,808 556,629 0.42USD

SYMANTEC CORP. 39,477 574,785 0.43USD

TESORO CORP. 41,866 553,887 0.42USD



US Bancorp. 20,396 281,057 0.21USD


WALGREEN CO. 46,160 1,199,698 0.90USD

WAL-MART STORES INC. 45,441 2,352,026 1.77USD



WINDSTREAM CORP. 59,637 478,289 0.36USD

WISCONSIN ENERGY CORP. 15,029 611,380 0.46USD

XTO ENERGY INC. 27,176 839,738 0.63USD

YUM BRANDS 28,919 799,900 0.60USD

112,771,201 84.90

88.18TOTAL SHARES 117,139,534








COVIDIEN LTD 1,320 43,653 0.19USD


SHARES

BERMUDA ISLANDS

INVESCO LTD 910 11,866 0.05USD

TYCO ELECTRONICS 1,220 12,859 0.06USD

68,378 0.30

ABBOTT LABORATORIES INC. 3,965 189,884 0.83USD

UNITED STATES

ABERCROMBIE & FITCH A 200 4,814 0.02USD

ADOBE SYSTEMS INC. 1,375 28,628 0.13USDADVANCED MICRO DEVICESINC. 1,162 3,707 0.02USD

AES CORP. 1,766 9,978 0.04USD

AETNA INC. 1,125 26,460 0.12USDAFFILIATED COMPUTERSERVICES 261 12,538 0.06USD

AFLAC INC. 1,220 21,472 0.09USD

AGILENT TECHNOLOGIES 921 14,174 0.06USD

AIR PRODUCTS & CHEMICALS 545 30,198 0.13USD

AK STEEL HOLDING 160 1,126 0.00USD

AKAMAI TECHNOLOGIES INC. 470 9,174 0.04USD

ALCOA INC. 2,448 16,377 0.07USD

ALLEGHENY ENERGY INC. 440 10,014 0.04USDALLEGHENYTECHNOLOGIES/WHENISSUED 263 5,707 0.03USD

ALLERGAN INC. 809 39,123 0.17USD

ALLSTATE CORP. 1,402 25,979 0.11USD

ALTERA CORP. 777 13,566 0.06USD

ALTRIA GROUP 5,311 86,994 0.38USD

AMAZON COM INC. 843 60,224 0.26USD

AMEREN CORP. 558 12,700 0.06USDAMERICAN ELECTRIC POWERCO.INC. 1,064 26,685 0.12USD

AMERICAN EXPRESS CO. 3,042 38,968 0.17USDAMERICAN INTERNATIONALGP 7,143 6,786 0.03USD

AMERICAN TOWER CORP. -A- 1,040 31,689 0.14USDAMERIPRISE FINANCIALINC./WHEN ISSUED 566 10,692 0.05USD

AMERISOURCEBERGEN CORP. 411 13,259 0.06USD

AMGEN INC. 2,657 134,232 0.59USD

AMPHENOL CORPORATION -A- 430 12,143 0.05USD

ANADARKO PETROL.CORP. 1,205 46,850 0.21USD

ANALOG DEVICES INC. 768 14,838 0.07USD

AON CORP. 707 27,870 0.12USD

INVESTMENTS

US IndexStatement of investments as at 31 March 2009 (expressed in USD)


APACHE CORP. 850 53,941 0.24USDAPARTMENT INVESTMENTAND MANAGMENT -A- 424 2,116 0.01USD

APOLLO GROUP INC. -A- 273 21,551 0.09USD

APPLE INC. 2,309 241,266 1.06USD

APPLIED MATERIALS INC. 3,428 36,542 0.16USDARCHER-DANIELS MIDLANDCO. 1,684 46,108 0.20USD

ASSURANT INC. 290 5,893 0.03USD

AT & T 15,128 380,619 1.66USD

AUTODESK INC. 618 9,412 0.04USDAUTOMATIC DATAPROCESSING 1,317 46,411 0.20USD

AUTOZONE INC. 104 16,994 0.07USDAVALONBAY COMMUNITIESINC. 207 9,073 0.04USD

AVERY DENNISON CORP. 308 6,788 0.03USD

AVON PRODUCTS INC. 1,114 20,999 0.09USD

BAKER HUGHES INC. 808 23,909 0.11USD

BALL CORP. 246 10,649 0.05USD

BANK OF AMERICA CORP. 16,474 99,338 0.44USDBANK OF NEW YORK MELLONCORP. SHS 2,986 77,397 0.34USD

BARD (C.R.) INC. 261 20,705 0.09USD


BB&T CORPORATION 1,457 23,705 0.10USD

BECTON DICKINSON & CO. 603 40,027 0.18USD

BED BATH & BEYOND INC. 685 16,714 0.07USD

BEMIS CO. INC. 260 5,387 0.02USD

BEST BUY CO. INC. 886 32,755 0.14USD

BIG LOTS 163 3,451 0.02USD

BIOGEN IDEC INC. 764 40,141 0.18USD

BJ SERVICES CO. 699 6,941 0.03USD

BLACK & DECKER CORP. 159 4,857 0.02USD

BLOCK INC. H+R 889 15,451 0.07USD

BMC SOFTWARE INC. 443 14,623 0.06USD

BOEING CO. 1,841 65,392 0.29USD

BOSTON PROPERTIES 312 9,959 0.04USD

BOSTON SCIENTIFIC CORP. 3,940 31,362 0.14USD

BRISTOL MYERS SQUIBB CO. 5,062 106,403 0.47USD

BROADCOM CORP. -A- 1,093 21,915 0.10USDBROWN-FORMAN CORP. B/NON-VOT. 252 9,657 0.04USDBURLINGTON NORTHERNSANTA FE 712 43,439 0.19USD

CABOT OIL + GAS INC. / CL. 280 6,706 0.03USDCAMERON INTERNATIONALCORP. 580 12,835 0.06USD

CAMPBELL SOUP CO. 537 14,499 0.06USDCAPITAL ONE FINANCIALCORP. 1,027 11,656 0.05USD

CARDINAL HEALTH INC. 945 29,692 0.13USD

Caremark Group 3,765 102,785 0.45USD

CARNIVAL CORP. 1,143 23,912 0.11USD

CATERPILLAR INC. 1,575 43,360 0.19USDCB RICHARD ELLIS GROUPINC. -A- 540 2,036 0.01USD

CBS CORP. -B- /WHEN ISSUED 1,664 6,307 0.03USD

CELGENE CORP. 1,170 53,060 0.23USD

CENTERPOINT ENERGY INC. 905 9,150 0.04USD

CENTURYTEL 283 7,729 0.03USD




CEPHALON INC. 180 12,253 0.05USDCF INDUSTRIES HOLDINGSINC. 120 8,447 0.04USDC.H. ROBINSON WORLDWIDEINC. 440 19,659 0.09USD

CHARLES SCHWAB CORP. 2,438 35,083 0.15USD

CHESAPEAKE ENERGY 1,417 24,712 0.11USD

CHEVRON CORPORATION 5,158 344,553 1.51USD

CHUBB CORP. 934 38,163 0.17USD

CIENA CORP. 282 2,222 0.01USD

CIGNA CORP. 732 12,539 0.06USD

CINCINNATI FINANCIAL CORP. 396 8,704 0.04USD

CINTAS 347 8,463 0.04USD


CITI GROUP INC. 1,068 2,916 0.01USD

CITIGROUP INC. 14,291 33,012 0.15USD

CITRIX SYSTEMS INC. 468 10,305 0.05USD

CLOROX CO. 359 18,298 0.08USD

CME GROUP INC. 167 39,148 0.17USD

CMS ENERGY CORP. 557 6,556 0.03USD

COACH INC. 858 14,045 0.06USD

COCA COLA ENTERPRISE 754 9,870 0.04USD

COCA-COLA CO. 5,119 224,826 0.99USDCOGNIZANT TECHNOLOGYSOL.CORP. 760 15,261 0.07USD


COMCAST CORP. -A- 7,358 100,437 0.44USD

COMERICA INC. 379 6,629 0.03USDCOMPUTER ASSOCIATESINTERNATIONAL INC. 987 17,016 0.07USD

COMPUTER SCIENCES CORP. 399 14,635 0.06USD

COMPUWARE CORP. 552 3,616 0.02USD

CONAGRA FOODS INC. 1,172 19,479 0.09USD

CONOCOPHILLIPS 3,788 147,808 0.65USD

CONSOL ENERGY INC. 475 12,203 0.05USD

CONSOLIDATED EDISON INC. 724 28,055 0.12USD

CONSTELLATION BRAND -A- 462 5,465 0.02USDCONSTELLATION ENERGYGROUP INC. 520 10,348 0.05USD

CONVERGYS CORP. 426 3,331 0.01USD

COOPER INDUSTRIES LTD -A- 436 11,297 0.05USD

CORNING INC. 3,949 50,824 0.22USD

COSTCO WHOLESALE CORP. 1,130 52,263 0.23USD

COVENTRY HEALTH CARE INC. 430 5,508 0.02USD

CSX CORP. 1,038 26,604 0.12USD

CUMMINS INC. 528 12,952 0.06USD

DANAHER CORP. 670 36,080 0.16USD

DARDEN RESTAURANTS 333 11,638 0.05USD

DAVITA INC. 270 11,821 0.05USD

DEAN FOODS CO. 367 6,544 0.03USD

DEERE & CO. 1,122 36,353 0.16USD

DELL INC. 4,536 43,047 0.19USDDENTSPLY INTERNATIONALINC. 360 9,468 0.04USD

DEVON ENERGY CORP. (NEW) 1,163 51,893 0.23USDDIAMOND OFFSHOREDRILLING 150 9,873 0.04USD

DIRECTV GROUP INC. 1,330 29,792 0.13USD

DISCOVER FIN SVC 1,085 6,271 0.03USD


DOMINION RESOURCES INC. 1,470 44,850 0.20USD

DONNELLEY AND SONS. RR 512 3,753 0.02USD

DOVER CORP. 487 12,540 0.06USD

DOW CHEMICAL CO. 2,425 20,128 0.09USD

DR HORTON INC. 804 8,096 0.04USDDR PEPPER SNAPPLE GROUPINC. 660 11,121 0.05USD

DTE ENERGY COMPANY 430 11,881 0.05USD

DU PONT DE NEM.& CO./E.I. 2,368 51,930 0.23USDDUKE ENERGY HOLDINGCORP. 3,318 46,817 0.21USD

DUN AND BRADSTREET CORP. 140 10,566 0.05USD

DYNEGY INC. -A- 1,507 2,019 0.01USD

EASTMAN CHEMICAL CO. 204 5,373 0.02USD

EASTMAN KODAK CO. 780 3,073 0.01USD

EATON CORP. 433 15,679 0.07USD

EBAY INC. 2,765 34,507 0.15USD

ECOLAB INC. 440 15,039 0.07USD

EDISON INTERNATIONAL 861 24,315 0.11USD

EL PASO ENERGY CORP. 1,842 11,476 0.05USD

ELECTRONIC ARTS 822 14,944 0.07USD

ELI LILLY & CO. 2,624 86,172 0.38USD

EMBARQ CORP. 375 13,766 0.06USD

EMC CORP. 5,153 57,765 0.25USD


ENSCO INTERNATIONAL INC. 340 9,336 0.04USD

ENTERGY CORP. 500 33,465 0.15USD

EOG RESOURCES INC. 652 36,942 0.16USD

EQT 340 10,625 0.05USD

EQUIFAX INC. 327 7,871 0.03USD

EQUITY RESIDENTIAL SBI 716 12,193 0.05USD

ESTEE LAUDER COS -A- 303 7,466 0.03USD

EXELON CORP. 1,706 76,309 0.34USD

EXPEDIA INC. DEL 460 4,099 0.02USDEXPEDITORS INTERNATIONALWASH. 560 15,557 0.07USD

EXPRESS SCRIPTS INC. 650 29,270 0.13USD

EXXON MOBIL CORP. 12,709 872,218 3.82USD

FAMILY DOLLAR STORES INC. 361 12,180 0.05USD

FASTENAL 340 10,836 0.05USDFEDERATED INVESTORS INC.-B- 235 4,921 0.02USD

FEDEX CORP. 815 35,925 0.16USDFIDELITY NATIONAL INFORMSERV 450 8,019 0.04USD

FIFTH THIRD BANCORP. 1,039 2,577 0.01USDFIRST HORIZON NATIONALCORP. 510 5,177 0.02USD

FIRSTENERGY CORP. 801 31,055 0.14USD

FISERV INC. 416 14,701 0.06USD

FLIR SYSTEMS 330 6,739 0.03USD

FLOWSERVE CORP. 130 7,166 0.03USD

FLUOR CORP. (NEW) 478 16,649 0.07USD

FORD MOTOR CO. 6,238 17,217 0.08USD

FOREST LABORATORIES 790 16,906 0.07USD

FORTUNE BRANDS 398 9,787 0.04USD

FPL GROUP INC. 1,024 50,678 0.22USD

FRANKLIN RESOURCES INC. 394 20,153 0.09USD




FREEPORT MCMO.COPP&GOLD -B- 1,059 40,803 0.18USDFRONTIER COMMUNICATIONSCO. 745 5,245 0.02USD

GAMESTOP CORP. -A- 410 11,099 0.05USD

GANNETT CO. INC. 708 1,600 0.01USD

GAP INC. 1,220 15,823 0.07USD

GENERAL DYNAMICS CORP. 965 40,858 0.18USD


GENERAL MILLS INC. 827 41,565 0.18USD

GENERAL MOTORS CORP. 1,427 3,853 0.02USD

GENUINE PARTS CO. 420 12,482 0.05USD

GENZYME CORP. 713 42,031 0.18USD

GILEAD SCIENCES INC. 2,334 106,477 0.47USD

GOLDMAN SACHS GROUP INC. 1,191 119,648 0.53USD

GOODRICH CORP. 334 12,622 0.06USD

GOODYEAR TIRE & RUBBER 704 4,358 0.02USD

GOOGLE INC. -A- 613 210,069 0.92USD

GRAINGER INC..WW 166 11,713 0.05USD


HARLEY DAVIDSON INC. 626 8,401 0.04USDHARMAN INTERNATIONALINDUSTRIES INC. 188 2,489 0.01USD

HARRIS CORP. 350 9,758 0.04USDHARTFORD FINANCIALSERVICES GROUP 789 6,083 0.03USD

HASBRO INC. 297 7,404 0.03USD

HCP INC. 660 10,864 0.05USD

HEALTH CARE REIT INC. 280 7,882 0.03USD

HEINZ (H.J.) CO. 828 27,481 0.12USD

HESS CORP. 707 39,012 0.17USD


HOME DEPOT INC. 4,345 101,586 0.45USDHONEYWELL INTERNATIONALINC. 1,903 52,922 0.23USD

HOSPIRA INC. 386 11,773 0.05USDHOST HOTELS & RESORTSINC. 1,200 4,464 0.02USD


HUMANA INC. 440 11,062 0.05USD

IBM CORP. 3,452 326,282 1.43USD

ILLINOIS TOOL WORKS 930 28,235 0.12USD

IMS HEALTH 467 5,716 0.03USDINGERSOLL-RAND COMPANY -A- 833 11,645 0.05USDINTEGRYS ENERGY GROUPINC. 223 5,736 0.03USD

INTEL CORP. 14,327 210,893 0.93USDINTERCONTINENTALEXCHANGE INC. 200 14,614 0.06USDINTERNATIONAL FLAVORS &FRAGR. 193 5,813 0.03USDINTERNATIONAL GAMETECHNOLOGY 748 6,874 0.03USD

INTERNATIONAL PAPER CO. 1,117 8,255 0.04USD

INTERPUBLIC GROUP 1,428 5,955 0.03USD

INTUIT 814 21,831 0.10USD

INTUITIVE SURGICAL INC. 100 9,390 0.04USD

IRON MOUNTAIN INC. 450 9,747 0.04USD

ITT CORP. 460 17,673 0.08USD

JABIL CIRCUIT INC. 641 3,506 0.02USD


JACOBS ENGINEERINGGROUP 320 12,346 0.05USD

JANUS CAPITAL GROUP INC. 452 2,753 0.01USD

JDS UNIPHASE CORP. 587 2,131 0.01USD

JM SMUCKER CO. 310 11,241 0.05USD


JOHNSON CONTROLS INC. 1,421 16,768 0.07USD


JUNIPER NETWORKS INC. 1,380 20,866 0.09USD

KELLOGG CO. 663 24,186 0.11USD

KEYCORP 1,296 9,435 0.04USD

KIMBERLY CLARK CORP. 1,046 48,524 0.21USD

KIMCO REALTY CORP. 538 3,750 0.02USD

KING PHARMACEUTICALS INC. 580 4,008 0.02USD

KLA TENCOR CORPORATION 403 8,096 0.04USD

KOHL S CORP. 801 33,346 0.15USD

KRAFT FOODS INC -A- 3,850 84,084 0.37USD

KROGER CO. 1,664 35,693 0.16USDLABORATORY CORPORATIONOF AMERICA HOLDINGS 278 16,121 0.07USD

LEGG MASON INC. 235 3,511 0.02USD

LEGGETT + PLATT INC. 433 5,547 0.02USD

LENNAR CORP. -A- 415 3,615 0.02USD

LEUCADIA NATIONAL CORP. 520 7,171 0.03USDLEXMARK INTERNATIONALINC. 222 3,743 0.02USD

LIFE TECHNOLOGIES CORP. 453 14,546 0.06USD

LIMITED BRANDS INC. 774 6,734 0.03USD

LINCOLN NATIONAL CORP. 773 4,955 0.02USD

LINEAR TECHNOLOGY 580 13,253 0.06USD

LOCKHEED MARTIN CORP. 873 60,246 0.26USD

LOEWS CORP. 942 20,291 0.09USD

LORILLARD INC. 440 27,755 0.12USD

LOWE S COMPANIES INC. 3,839 70,830 0.31USD

LSI CORPORATION 1,509 4,602 0.02USDL-3 COMMUNICATIONSHOLDINGS INC. 307 20,729 0.09USD

MACY S 1,067 9,507 0.04USD

MARATHON OIL CORP. 1,852 47,152 0.21USDMARRIOTT INTERNATIONALINC. -A- 717 11,637 0.05USDMARSH & MC-LENNAN COSINC. 1,346 26,732 0.12USDMARSHALL & IISLEY CORP./W.I. 752 3,828 0.02USD

MASCO CORP. 640 4,288 0.02USD

MASSEY ENERGY CO. 200 2,056 0.01USD

MASTERCARD INC. SHS -A- 190 30,980 0.14USD

MATTEL INC. 935 10,809 0.05USD

MCAFEE INC. 390 12,609 0.06USD

MC-CORMICK&CO. /NON-VOT 372 10,922 0.05USD

MCDONALD S CORP. 2,910 156,907 0.69USDMCGRAW HILL COMPANIESINC. 817 18,521 0.08USD

MCKESSON CORP. 722 26,079 0.11USD

MEADWESTVACO CORP. 385 4,585 0.02USD

MEDCOHEALTH SOLUTIONS 1,240 49,104 0.22USD

MEDTRONIC INC. 2,855 82,881 0.36USDMEMC ELECTRONICMATERIALS 580 9,640 0.04USD




MERCK & CO. INC. 5,456 144,857 0.64USD

METLIFE INC. 2,079 44,699 0.20USDMICROCHIP TECHNOLOGYINC. 470 9,936 0.04USD

MICRON TECHNOLOGY INC. 1,999 7,756 0.03USD

MICROSOFT CORP. 19,670 343,831 1.51USD

MILLIPORE CORP. 137 7,750 0.03USD

MOLEX INC. 420 5,662 0.02USDMOLSON COORS BREW-B-NON-VOT 388 13,289 0.06USD

MONSANTO CO. 1,410 116,692 0.51USD

MONSTER WORLDWIDE INC. 404 3,276 0.01USDMOODY S CORP. / WHENISSUED 481 10,534 0.05USD


MOTOROLA INC. 5,972 25,082 0.11USD

M&T BANK CORPORATION 196 8,624 0.04USD

MURPHY OIL CORP. 500 22,760 0.10USD

MYLAN INC. 800 10,440 0.05USD

NABORS INDUSTRIES LTD 814 8,083 0.04USD

NASDAQ OMX GROUP INC. 350 6,423 0.03USDNATIONAL OILWELL VARCOINC. 1,094 32,350 0.14USDNATIONAL SEMICONDUCTORCORP. 522 5,314 0.02USD

NETAPP INC. 816 11,971 0.05USD

NEW YORK TIMES A 337 1,557 0.01USD

NEWELL RUBBERMAID INC. 608 3,867 0.02USD

NEWMONT MINING CORP. 1,273 57,667 0.25USD

NEWS CORP. -A- 5,785 37,487 0.16USD

NICOR INC. 82 2,691 0.01USD

NIKE INC. -B- 1,010 46,723 0.21USD

NISOURCE INC. 644 6,247 0.03USD

NOBLE ENERGY 390 20,362 0.09USD

NORDSTROM INC. 374 6,276 0.03USD

NORFOLK SOUTHERN CORP. 967 32,037 0.14USD

NORTHEAST UTILITIES 400 8,608 0.04USD

NORTHERN TRUST CORP. 583 33,225 0.15USD

NORTHROP GRUMMAN CORP. 856 37,227 0.16USD

NOVELL INC. 1,042 4,491 0.02USD

NOVELLUS SYSTEMS INC. 198 3,239 0.01USD

NUCOR CORP. 819 31,196 0.14USD

NVIDIA CORP. 1,418 13,882 0.06USD

NYSE EURONEXT INC. 690 11,840 0.05USD

O REILLY AUTOMOTIVE INC. 350 12,268 0.05USDOCCIDENTAL PETROLEUMCORP. 2,080 116,896 0.51USD

OMNICOM GROUP INC. 810 18,638 0.08USD

ORACLE CORP. 9,857 174,075 0.77USD

OWENS-ILLINOIS INC. 440 6,314 0.03USD

PACCAR INC. 951 23,889 0.10USD

PACTIV CORP. 308 4,389 0.02USD

PALL CORP. 333 6,790 0.03USD

PARKER-HANNIFIN 418 14,103 0.06USD

PATTERSON COMPANIES INC. 210 4,022 0.02USD

PAYCHEX INC. 837 21,076 0.09USD

PEABODY ENERGY 695 17,403 0.08USD

PENNEY (J.C.) CO. INC. 579 11,823 0.05USD


PEOPLE S UNITED FINANCIALINC. 910 15,889 0.07USD

PEPCO HOLDINGS INC. 570 6,983 0.03USD

PEPSI BOTTLING GROUP INC. 316 6,984 0.03USD

PEPSICO INC. 4,030 208,714 0.92USD

PERKINELMER INC. 341 4,222 0.02USD

PFIZER INC. 17,298 236,982 1.04USD

PG&E CORP. 904 34,379 0.15USDPHILIP MORRISINTERNATIONAL 5,151 189,196 0.83USDPINNACLE WEST CAPITALCORP. 242 6,294 0.03USDPIONEER NATURALRESOURCES 260 4,371 0.02USD

PITNEY BOWES INC. 505 11,660 0.05USD

PNC FINANCIAL SERVICES GP 1,073 28,671 0.13USD

POLO RALPH LAUREN A 130 5,534 0.02USD

PPG INDUSTRIES INC. 435 16,038 0.07USD

PPL CORP. 990 27,621 0.12USD

PRAXAIR 776 51,154 0.22USD

PRECISION CASTPARTS 365 21,761 0.10USDPRINCIPAL FINANCIAL GROUPINC. 608 4,852 0.02USD

PROCTER & GAMBLE CO. 7,545 356,727 1.56USD

PROGRESS ENERGY INC. 690 24,881 0.11USD

PROGRESSIVE CORP. 1,769 22,626 0.10USD

PROLOGIS /SHS OF BENEF.INT 696 3,661 0.02USD

PRUDENTIAL FINANCIAL INC. 1,085 19,530 0.09USDPUBLIC SERVICESENTERPRISE 1,282 36,396 0.16USD

PUBLIC STORAGE INC. 324 16,764 0.07USD

PULTE HOMES INC. 598 6,590 0.03USD

Q LOGIC CORP. 290 3,268 0.01USD

QUALCOMM INC. 4,226 160,039 0.70USD

QUEST DIAGNOSTICS INC. 379 17,828 0.08USD

QUESTAR CORP. 460 13,460 0.06USDQWEST COMMUNICATIONSINTERNATIONAL 3,847 13,503 0.06USD

RADIOSHACK CORP. 275 2,475 0.01USD

RANGE RESOURCES 410 17,072 0.08USD


REGIONS FINANCIAL CORP. 2,027 7,905 0.03USD

REPUBLIC SERVICES INC. 838 14,095 0.06USD

REYNOLDS AMERICAN INC. 444 16,255 0.07USDROBERT HALFINTERNATIONAL INC. 352 6,132 0.03USD

ROCKWELL AUTOMATION 352 7,681 0.03USD

ROCKWELL COLLINS 415 13,450 0.06USD

ROHM & HAAS CO. 323 25,385 0.11USD

ROWAN COMPANIES INC. 297 3,647 0.02USD

RYDER SYSTEM INC. 132 3,555 0.02USD

SAFEWAY INC. 1,124 22,671 0.10USD

SALESFORCE COM INC. 250 8,143 0.04USD

SANDISK CORP. 545 6,616 0.03USD

SARA LEE CORP. 1,849 15,032 0.07USD

SCANA CORPORATION 300 9,120 0.04USD


SCHLUMBERGER LTD 3,094 127,225 0.56USDSCRIPPS NETWORKSINTERACTIVE INTERNATIONAL 244 5,329 0.02USD




SEALED AIR CORP. (NEW) 358 4,890 0.02USD

SEARS HOLDINGS CORP. 163 7,389 0.03USD

SEMPRA ENERGY 604 27,120 0.12USD

SHERWIN-WILLIAMS CO. 259 13,502 0.06USD

SIGMA-ALDRICH CORP. 326 12,183 0.05USDSIMON PROPERTY /PAIREDSHS 705 21,756 0.10USD

SLM CORP. 1,213 5,277 0.02USD

SMITH INTERNATIONAL INC. 570 12,802 0.06USD

SNAP-ON INC. 174 4,383 0.02USD

SOUTHERN CO. 2,036 61,772 0.27USD

SOUTHWEST AIRLINES CO. 1,937 11,951 0.05USD

SOUTHWESTERN ENERGY CO. 900 27,333 0.12USD

SPECTRA ENERGY CORP. 1,604 22,504 0.10USDSPRINT NEXTEL CORP. /FONSER.1 7,493 26,750 0.12USD

ST JUDE MEDICAL INC. 904 33,141 0.15USD

STANLEY WORKS 225 6,530 0.03USD

STAPLES INC. 1,869 33,978 0.15USD

STARBUCKS CORP. 1,929 21,721 0.10USDSTARWOOD HOTELSRESORTS WW 487 6,151 0.03USD

STATE STREET CORP. 1,104 30,890 0.14USD

STERICYCLE INC. 220 10,371 0.05USD

STRYKER CORP. 633 21,174 0.09USD

SUN MICROSYSTEMS INC. 1,866 13,510 0.06USD

SUNOCO INC. 305 8,086 0.04USD

SUNTRUST BANKS INC. 931 10,101 0.04USD

SUPERVALU INC. 569 7,920 0.03USD

SYMANTEC CORP. 2,053 29,892 0.13USD

SYSCO CORP. 1,574 35,871 0.16USD

T ROWE PRICE GROUP INC. 626 17,134 0.08USD

TARGET CORP. 1,928 64,164 0.28USD

TECO ENERGY INC. 561 6,059 0.03USD

TELLABS INC. 1,002 4,379 0.02USD

TERADATA 460 7,544 0.03USD

TERADYNE INC. 530 2,406 0.01USD

TESORO CORP. 320 4,234 0.02USD

TEXAS INSTRUMENTS INC. 3,328 54,646 0.24USD

TEXTRON INC. 694 3,838 0.02USD

THE HERSHEY CO. 436 15,147 0.07USDTHERMO FISHER SCIENTIFICINC. 1,058 37,982 0.17USD

TIFFANY & CO. 337 7,148 0.03USD

TIME WARNER 3,137 57,188 0.25USD

TIME WARNER CABLE 937 23,659 0.10USD

TJX COS INC. 1,095 28,185 0.12USD

TORCHMARK CORP. 198 4,994 0.02USDTOTAL SYSTEM SERVICESINC. 530 7,256 0.03USD


TYSON FOODS INC. -A- 783 7,305 0.03USD


UNITED STATES STEEL 289 6,228 0.03USDUNITED TECHNOLOGIESCORP. 2,441 103,987 0.46USD

UNITEDHEALTH GROUP INC. 3,169 65,091 0.29USD

UNUM GROUP. 865 10,172 0.04USD

US Bancorp. 4,598 63,360 0.28USD


UTD PARCEL SERVICE INC. -B- 2,541 123,518 0.54USD

VALERO ENERGY CORP. 1,358 24,077 0.11USDVARIAN MEDICAL SYSTEMSINC. 260 7,857 0.03USD

VENTAS INC. 350 7,504 0.03USD

VERISIGN INC. 461 8,685 0.04USD


VF CORP. 236 13,499 0.06USD

VIACOM INC. -B- 1,540 26,580 0.12USDVORNADOREAL.TRUST/BEN.IN 358 11,173 0.05USDVULCAN MATERIALS CO.(HOLD. CO.) 285 12,640 0.06USD

WALGREEN CO. 2,546 66,171 0.29USD

WAL-MART STORES INC. 5,744 297,308 1.31USD

WALT DISNEY /DISNEY SER. 4,854 86,644 0.38USD

WASHINGTON POST -B- 11 3,886 0.02USD


WATERS CORPORATION 259 9,425 0.04USDWATSON PHARMACEUTICALSINC. 258 7,441 0.03USD

WELLPOINT INC. 1,333 47,628 0.21USD


WESTERN UNION COMPANY 1,872 22,464 0.10USD

WEYERHAEUSER CO. 551 15,009 0.07USD

WHIRLPOOL CORP. 169 4,916 0.02USD

WHOLE FOODS MARKET INC. 215 3,649 0.02USD

WILLIAMS COMPANIES INC. 1,517 16,793 0.07USD

WINDSTREAM CORP. 1,191 9,552 0.04USD

WISCONSIN ENERGY CORP. 300 12,204 0.05USD

WYETH 3,429 147,447 0.65USD

WYNN RESORTS LTD 150 2,879 0.01USD

XCEL ENERGY INC. 1,174 21,367 0.09USD

XEROX CORP. 2,265 10,396 0.05USD

XILINX INC. 691 13,302 0.06USD

XL CAPITAL LTD -A- 1,061 5,623 0.02USD

XTO ENERGY INC. 1,515 46,814 0.21USD

YAHOO INC. 3,579 45,453 0.20USD

YUM BRANDS 1,186 32,805 0.14USD

ZIMMER HOLDINGS INC. 588 21,550 0.09USD

ZIONS BANCORP 323 3,030 0.01USD

3M CO. 1,761 85,673 0.38USD

17,509,800 76.95

77.25TOTAL SHARES 17,578,178

HUGOTON ROYALTY TRUST/UN. BENEF 1 9 0.00USD

INVESTMENT FUNDS

UNITED STATES

PLUM CREEK TIMBER CO. INC./REIT 444 11,984 0.05USD

11,993 0.05





ISHARES TRUST / S&P 500INDEX FD 23,650 1,868,114 8.21USD


UNITED STATES

1,868,114 8.21




SEAGATE TECHNOLOGY 147 - 0.00USD


SHARES

UNITED STATES

- 0.00

0.00TOTAL SHARES -

0.00TOTAL OTHER TRANSFERABLE SECURITIES -






SINO GOLD MINING LTD 526,657 1,914,689 2.04AUD


SHARES

AUSTRALIA

1,914,689 2.04


BERMUDA ISLANDS



4,640,804 4.94

LI NING COMPANY LTD 945,500 1,561,548 1.66HKD

CAYMAN ISLANDS

SUN HUNG KAI PROPERTIESLTD 223,000 1,996,864 2.12HKD

TENCENT HOLDINGS LIMITED 101,000 749,330 0.80HKD

4,307,742 4.58


CHINA

CHINA CONSTRUCTION BANKCO. -H- 5,912,000 3,356,380 3.58HKDCHINA LIFE INSURANCE CO.LTD -H- 914,000 3,030,842 3.22HKD

CHINA RESOURCES LAND 676,000 1,046,675 1.11HKDCHINA SHENHUA ENERGY CO.-H- 882,500 1,988,121 2.11HKD


13,563,182 14.42

CAIRN ENERGY PLC 33,959 1,014,968 1.08GBP

GREAT BRITAIN

1,014,968 1.08


HONG KONG

CHEUNG KONG HOLDINGS 267,000 2,299,570 2.45HKD


CNOOC LTD 437,000 433,039 0.46HKD

HANG LUNG PROPERTIES LTD 459,000 1,077,874 1.15HKD

HANG SENG BANK LTD 66,000 664,662 0.71HKD

HONGKONG & CHINA GAS 539,000 849,853 0.90HKDHONGKONG ELECTRICHOLDINGS LTD 352,000 2,089,221 2.22HKD

INVESTMENTS

Asia ex Japan Freestyle (formerly AsiaFreestyle)Statement of investments as at 31 March 2009 (expressed in USD)


HUTCHISON WHAMP 271,000 1,328,730 1.41HKD

13,116,863 13.95

PERUSAHAAN GAS NEGA -B- 5,103,000 943,764 1.00IDR

INDONESIA

UNITED TRACTORS 888,500 515,894 0.55IDR

1,459,658 1.55

GENTING INTERNATIONAL 551,330 190,408 0.20SGD

ISLE OF MAN

190,408 0.20

BRITISH AMERICAN TOBACCO 155,200 1,936,009 2.05MYR

MALAYSIA


3,661,559 3.89


SINGAPORE

KEPPEL CORP. LTD 372,000 1,260,271 1.34SGDSINGAPORE PRESS HOLDINGSLTD 250,000 417,722 0.44SGDSINGAPORE TELECOM/BOARD LOT 1000 1,123,000 1,876,407 2.00SGD

VENTURE CORPORATION LTD 310,000 1,027,794 1.09SGD

6,880,915 7.32

KOREA EXCHANGE BANK 98,140 439,922 0.47KRW

SOUTH KOREA



NHN CORPORATION 18,442 2,013,368 2.14KRWSAMSUNG ELECTRONICS CO.LTD 8,664 3,557,994 3.79KRWSAMSUNG FIRE&MARINEINSURANCE 15,040 1,739,827 1.85KRW

SK TELECOM CO. LTD 16,543 2,296,433 2.44KRW

13,382,115 14.23

AU OPTRONICS CORP. 1,190,687 983,661 1.05TWD

TAIWAN

CATHAY FINANCIAL HOLDING 975,000 837,063 0.89TWDCHUNGHWA TELECOM CO.LTD 1,554,035 2,833,128 3.01TWDGIANT MANUFACTURE CO.LTD 424,000 871,638 0.93TWDHON HAI PRECISIONINDUSTRY CO. LTD 964,193 2,178,082 2.32TWD

MEDIA TEK INCORPORATION 59,170 555,913 0.59TWDPRESIDENT CHAIN STORECORP. 327,000 748,313 0.80TWD


TAIWAN FERTILIZER CO. LTD 1,123,000 2,298,684 2.44TWDTAIWAN SEMICONDUCTORMANUFACTURING 1,488,566 2,253,440 2.40TWD

14,175,663 15.08




BANGKOK BANK PUBLIC/FOREIGN 1,002,500 2,123,508 2.26THB

THAILAND

2,123,508 2.26

85.54TOTAL SHARES 80,432,074

MOR ST AS 13.1.14 CW/BHEL 16,575 491,106 0.52USD


CAYMAN ISLANDS

491,106 0.52

BNP PARIBAS 06.04.10 CW /ICICI BK 172,755 1,152,266 1.23USD

FRANCE

1,152,266 1.23

HSBC 22.10.18 CW / UNSP 97,634 1,250,633 1.33USD

GREAT BRITAIN

1,250,633 1.33

JP MORGAN INTERNATIONALJE 08-18.03.13 CERT / HCL 747,310 1,457,255 1.55USD

JERSEY

JP MORGAN INTERNATIONALJE 22.05.12 CERT / IBREL 432,593 780,830 0.83USD

2,238,085 2.38




PEACE MARK HOLDINGSLIMITED 4,314,000 - 0.00HKD


SHARES

BERMUDA ISLANDS

- 0.00


PHILIPPINES

- 0.00

0.00TOTAL SHARES -

UBS 03.07.10 WRT /INFRASTRUCTURE PROJECT 356,395 854,983 0.91USD


GREAT BRITAIN

854,983 0.91

BNP PARIBAS 09-01.04.15 CW /ADITYA 72,995 633,207 0.67USD

NETHERLANDS

633,207 0.67

MERILL LYNCH 05-14.09.10WRT/BHARAT 17,753 526,062 0.56USD


526,062 0.56











SHARES

BERMUDA ISLANDS

GP INVESTMENTS LTD /BDR 3,716,796 9,341,903 1.13BRL

11,254,098 1.36

ALL AMERICA LATINA /UNIT 2,258,320 9,557,240 1.15BRL

BRAZIL

ANHANGUERA EDUCACIONALPART. 460,000 2,262,945 0.27BRL

BANCO BRADESCO SA /PREF. 1,046 10,265 0.00BRL

BANCO BRADESCO /SADR 1,480,000 14,356,000 1.73USD

BR MALLS PARTICIPAES SA 46,700 284,915 0.03BRL

BRADESPAR SA BRASIL/PREF. 2,225,400 20,843,726 2.51BRL

BRASILAGRO 1,864,400 4,605,934 0.55BRLCIA VALE DO RIO DOCE A/PREF. 65,000 744,534 0.09BRL

CIA VALE RIO DOCE/SADR 15,000 195,750 0.02USDCIA VALE RIO DOCE/SADR(1PREF.) 291,000 3,299,940 0.40USDDIAGNOST DA AMERICA SABRL 1,687,865 17,563,967 2.12BRL

DURATEX SA /PRIV. 1,596,700 9,844,326 1.19BRL

GVT HOLDING SA 1,035,000 11,650,711 1.40BRL

INPAR AS ON 90,000 60,709 0.01BRLITAU HOLDING /PREF.SHS/SADR 345,337 3,795,254 0.46USD

JBS AS 17,709,701 39,185,846 4.73BRL

MARCOPOLO POMO /PREF. 4,698,400 6,257,811 0.75BRL

PETROBRAS /SADR 1,010,100 24,929,268 3.00USDPETROLEO BRASILEIRO/PREF. 180,000 2,225,738 0.27BRL

PETROLEO BRASILEIRO /SADR 37,200 1,147,248 0.14USDSAO CARLOSEMPREENDIMENTOS 2,134,300 11,095,621 1.34BRLTELE NORT. LE. TNLP /PREF.SADR 220,000 2,963,400 0.36USD

186,881,148 22.52

CHINA DONGXIANG (GROUP)CO. LTD 8,000,000 2,941,838 0.35HKD

CAYMAN ISLANDS

COMBA TELECOM SYSTEMSHOLDINGS 382,000 135,051 0.02HKD

LONKING HOLDINGS LTD 8,200,000 4,983,319 0.60HKD

NETEASE COM INC. / ADR 179,688 4,544,310 0.55USD

TENCENT HOLDINGS LIMITED 800,000 5,935,288 0.72HKD

INVESTMENTS

BRIC FreestyleStatement of investments as at 31 March 2009 (expressed in USD)


WANT WANT CHINA HOLDINGSLTD 8,602,000 3,995,636 0.48HKD

22,535,442 2.72


CHINA

CHINA BLUECHEMICAL LTD -H- 8,000,000 4,376,630 0.53HKDCHINA COMMUNICATIONSSERVICES -H- 5,054,000 3,025,779 0.36HKDCHINA CONSTRUCTION BANKCO. -H- 25,167,000 14,287,890 1.71HKDCHINA LIFE INSURANCE CO.LTD -H- 5,770,000 19,133,434 2.30HKDCHINA NATIONAL BUILDINGMATERIAL -H- 2,000,000 2,962,483 0.36HKDCHINA PETROLEUM&CHEMCORP. H 12,162,000 7,783,423 0.94HKD

CHINA RESOURCES LAND 2,000,000 3,096,672 0.37HKDCHINA SHENHUA ENERGY CO.-H- 1,150,000 2,590,753 0.31HKDCHINA SOUTH LOCOMOTIVE -H- 5,000,000 2,283,796 0.28HKDCHINA TELECOM CORP. LTD -H- 12,500,000 5,161,120 0.62HKD

DONGFENG MOTOR -H- 13,000,000 6,726,230 0.81HKD

JIANGSU EXPRESSWAY CO. H 4,000,000 2,714,749 0.33HKD

PETROCHINA CO. LTD /-H- 14,800,000 11,801,417 1.42HKDPING AN INSURANCE GRP CO.-H- 1,200,000 7,161,054 0.86HKD

SINOFERT HOLDINGS LTD 5,962,000 2,623,193 0.32HKDYANTAI CHANGYU PIONEERWINE -B- 629,052 2,288,862 0.28HKDZHEJIANG EXPRESSWAY CO.LTD H 4,064,000 2,962,689 0.36HKD


ZTE CORP. -H- 1,314,200 5,349,889 0.64HKD

122,871,323 14.80

AFK SISTEMA / SGDR 177,433 1,073,470 0.13USD


AK SBEREGATELNY BANKSBERBANK 16,148,713 9,850,715 1.19USD

COMSTAR /SGDR REP. REGS 608,770 2,100,257 0.25USD

GAZPROM OAO 13,551,802 51,272,919 6.19USD

GAZPROM OAO /SADR REGS 1,400,518 21,175,832 2.55USDGRUPPA KOMP. PIKOAO/SGDR 317,031 421,651 0.05USD

JSC SURGUTNEFTEGAZ /SADR 962,398 6,476,939 0.78USD

LUKOIL /SADR (REP.1 SHS.) 1,118,501 42,782,663 5.15USD

MECHEL OJSC /ADR 287,537 1,150,148 0.14USD

MMC NORILSK NICKEL 41,598 2,579,076 0.31USD

MMC NORILSK NICKEL /SADR 759,327 4,707,827 0.57USDMOBILE TELESYSTEMSOJS/SADR 420,137 12,448,659 1.50USD

NOVATEK OAO /SGDR 108,307 2,531,135 0.30USDNOVOLIPETSK STEEL REGS/GDR 146,045 1,834,325 0.22USD

PHARMSTANDARD OKT /SGDR 99,936 989,366 0.12USDROSNEFT OIL COMPANY OJSC/SGDR 2,797,919 12,422,760 1.50USDROSTELECOM /SADR REP. 6SHS 54,960 2,855,172 0.34USDSEVERSTAL CHEREPOVETSMET/SGDR 477,770 1,657,862 0.20USDTATNEFT /SGDR REP. 20 SHSREGS 68,866 3,347,576 0.40USD




VIMPEL COMMUNICATIONS/S.ADR 815,922 5,270,856 0.64USDWIMM-BILL-DANN FODDS/SADR 44,753 1,392,713 0.17USD

188,341,921 22.70

CAIRN ENERGY PLC 1,175,000 35,118,447 4.23GBP

GREAT BRITAIN

35,118,447 4.23

BEIJING ENTERPRISESHOLDING LTD 1,695,500 7,066,173 0.85HKD

HONG KONG

CHINA EVERBRIGHT LTD 2,000,000 3,106,994 0.37HKDCHINA INSURANCEINTERNATIONAL HOLDING 2,526,000 4,061,022 0.49HKD

CHINA MOBILE LTD 1,711,500 14,906,121 1.80HKDCHINA OVERSEASLAND&INVESTMENT 3,300,000 5,177,636 0.62HKD


CNOOC LTD 9,100,000 9,017,509 1.09HKDGUANGDONG INVESTMENTLTD 6,000,000 2,415,404 0.29HKDSINO-OCEAN LAND HOLDINGSLTD 4,000,000 2,632,171 0.32HKD

52,534,265 6.33

ADITYA BIRLA NUVO LTD /DEMATER. 871,092 7,603,631 0.92INR

INDIA

ANANT RAJ INDUSTRIESLTD/GDR 400,000 330,351 0.04USD

DLF LIMITED 2,101,458 7,066,245 0.85INRDR REDDY SLABORATORIES/ADR 430,351 3,705,322 0.45USDDR REDDY SLABORATORIES/DEMAT. 800,000 7,661,094 0.92INRFINANCIAL TECHNOLOGIES/GDR 3 5 0.00USD

GUJARAT NRE COKE LTD 3,360,000 1,328,028 0.16INRHCL INFOSYSTEMS LTD/DEMAT. 964,652 1,455,864 0.18INR

HCL TECHNOLOGIES /DEMAT. 5,414,445 10,934,433 1.32INR

ICICI BANK /SADR 430,000 5,452,400 0.66USD

IDEA CELLULAR LTD 5,000,000 4,930,748 0.59INR

INDIA CEMENTS LTD /DEMAT. 2,700,000 5,765,878 0.69INRINDIABULLS REAL ESTATE/DEMAT. 1,662,365 3,309,735 0.40INRIRB INFRASTRUCTUREDEVELOPERS 420,164 678,319 0.08INRIVRCL INFRASTRUCTURESAND PROJECTS 1,311,348 3,166,563 0.38INRJINDAL STEEL & POWER/DEMAT. 1,192,935 28,083,768 3.39INRMAHINDRA & MAHINDRA/DEMAT. 712,016 5,379,916 0.65INRMAHINDRA UGINE STEEL/DEMAT. 1,316,587 538,499 0.06INR

MARUTI SUZUKI INDIA LTD 1,140,000 17,283,476 2.08INR

PUNJ LLOYD LTD 700,000 1,253,285 0.15INRPURAVANKARA PROJECTSLTD 634,842 514,322 0.06INRSTERLITE INDUSTRIES (INDIA)/ADR 400,000 2,564,000 0.31USD

TATA STEEL LTD /DEMAT. 1,100,000 4,568,340 0.55INRTATA STEEL (2% CUM CVPREF SHS) 994,500 665,877 0.08INR


UNITECH LTD /DEMAT. 4,000,000 2,815,885 0.34INR

VISA STEEL LTD /DEMAT. 2,460,000 894,909 0.11INR

WIPRO LTD /DEMAT. 1,550,000 7,487,215 0.90INR

135,438,108 16.32

ENERGYO SOL RUS 1,280,700 2,521,791 0.30SEK

SWEDEN

2,521,791 0.30

CENTRAL EUROPEANDISTRIBUTION CORP. 115,251 1,194,000 0.14USD

UNITED STATES

1,194,000 0.14

91.42TOTAL SHARES 758,690,543

INDIABULLS PROPERTIESINVESTMENT TRUST 16,000,000 2,105,056 0.25SGD

INVESTMENT FUNDS

SINGAPORE

2,105,056 0.25


DEUTSCHE BANK LN-30.01.17WRT /HCL INFOS 734,500 1,107,780 0.13USD


GREAT BRITAIN

HSBC BANKK 21.11.18 CW /HCLT 485,555 975,788 0.12USDHSBC BK PLC 14.01.19 CW /BOI 333,000 1,480,984 0.18USDHSBC 08-29.10.18 CW / DLFLTD 400,000 1,323,370 0.16USD

HSBC 22.10.18 CW / UNSP 635,000 8,249,159 1.00USD

HSBC 30.07.18 CW / HDFC 190,000 3,578,822 0.43USD

PUNJ 07-28.09.10 CERT / PUNJ 900,000 1,607,760 0.19USD

UBS LN 17.11.11 CERT / ABNL 75,000 670,118 0.08USD

18,993,781 2.29

ABN AMRO BANK 06-30.06.09WRT/JSP IN 100,000 2,358,569 0.28USD

NETHERLANDS

ABN AMRO BANK 07-30.06.09WRT/WIPRO 800,000 3,861,960 0.47USDABN AMRO BANK 18.12.06WRT/HCL INF 928,767 1,400,776 0.17USD

ABN AMRO 05-30.06.09/ ICICI 250,000 1,667,486 0.20USDBNP PARIBAS 01.04.10 CW /BHARTI IN 177,131 1,976,162 0.24USD

11,264,953 1.36

MERRILL LYNCH 05-01.09.10WRT / HCL 75,000 151,091 0.02USD


MERRILL LYNCH 07-28.08.12WRT/PURAV 26,708 21,559 0.00USD

172,650 0.02




CITIGROUP 24.01.10 CW / UT 500,000 343,115 0.04USD

UNITED STATES

343,115 0.04




MAGNIT OJSC - SGDR 41,208 221,299 0.03USD


SHARES


URALKALITY /GDR 251,050 3,012,600 0.36USD

3,233,899 0.39



MAGNIT JSC 225,455 5,131,312 0.62USD


SHARES


POLYUS ZOLOTO OAO /SADR 140,821 3,520,525 0.42USD

RUSHYDRO OJSC 159,945,109 3,582,770 0.43USD

12,234,607 1.47


UBS LN 19.11.10 CERT / GNC 240,000 95,094 0.01USD


GREAT BRITAIN

UBS LONDON 07-22.02.10WRT/MAHINDRA 215,250 84,701 0.01USDUBS 07-10 WRT /DR REDDY SLAB 50,000 450,775 0.06USD

630,570 0.08

JP MORGAN INTERNATIONAL06-26.10.09 WRT/EQ 75,000 113,116 0.01USD

JERSEY

113,116 0.01

ABN AMRO BANK 07-03.07.09WRT / IND BULLS 504,998 1,002,945 0.12USD

NETHERLANDS

1,002,945 0.12









DUFRY SOUTH AMERICA LTDA 294,300 1,896,672 0.73BRL


SHARES

BERMUDA ISLANDS

1,896,672 0.73


BRAZIL

CIA VALE RIO DOCE/SADR 187,357 2,445,009 0.94USDCIA VALE RIO DOCE/SADR(1PREF.) 402,996 4,569,975 1.75USD

GERDAU SA SADR PREF. SHS 230,458 1,246,778 0.48USDITAU HOLDING /PREF.SHS/SADR 276,213 3,035,581 1.16USD

PETROBRAS /SADR 469,158 11,578,818 4.43USDTELE NORT. LE. TNLP /PREF.SADR 156,200 2,104,014 0.80USD

UNIBANCO /GDR 79,889 5,050,583 1.93USD

33,890,728 12.97

ALUMINIUM CORP. OF CHINA -H- 1,070,000 614,367 0.24HKD

CHINA

ANGANG STEEL COMPANYLTD -H- 1,189,732 1,205,044 0.46HKDANHUI CONCH CEMENT CO. -H- 730,257 4,028,059 1.54HKD

BANK OF CHINA LTD -H- 4,278,000 1,418,593 0.54HKDBANK OF COMMUNICATIONSCO. -H- 982,000 681,676 0.26HKDCHINA COMMUNICATIONSCONSTRUCTION -H- 1,147,000 1,257,958 0.48HKDCHINA CONSTRUCTION BANKCO. -H- 12,035,000 6,832,550 2.60HKDCHINA LIFE INSURANCE /SADR 15,581 752,874 0.29USDCHINA LIFE INSURANCE CO.LTD -H- 1,664,322 5,518,924 2.11HKD

CHINA MERCHANTS BANK -H- 433,500 757,341 0.29HKDCHINA NATIONAL BUILDINGMATERIAL -H- 472,000 699,146 0.27HKDCHINA NATIONAL MATERIALCO. -H- 3,082,058 1,618,524 0.62HKDCHINA PETROLEUM&CHEMCORP. H 3,799,380 2,431,523 0.93HKD

CHINA RESOURCES LAND 1,990,000 3,081,189 1.18HKDCHINA SHENHUA ENERGY CO.-H- 707,000 1,592,750 0.61HKDHUANENG POWERINTERNATIONAL -H- 1,403,433 930,762 0.36HKD

IND & COM BOC -H- 6,216,000 3,232,213 1.24HKD


INVESTMENTS

Global Emerging Markets Equity FreestyleStatement of investments as at 31 March 2009 (expressed in USD)


PING AN INSURANCE GRP CO.-H- 606,303 3,618,140 1.38HKD

42,509,434 16.26

CEZ.CESKE ENERGETICKEZAVODY 57,790 2,054,411 0.79CZK

CZECH REPUBLIC

2,054,411 0.79

AK SBEREGATELNY BANKSBERBANK 1,388,118 846,752 0.32USD


COMSTAR /SGDR REP. REGS 521,249 1,798,309 0.69USD

GAZPROM OAO 1,276,143 4,823,821 1.85USD




MMC NORILSK NICKEL /SADR 45,432 281,678 0.11USDMOBILE TELESYSTEMSOJS/SADR 23,573 698,468 0.27USDROSNEFT OIL COMPANY OJSC/SGDR 638,270 2,833,919 1.08USD

17,739,838 6.79


HONG KONG

CHINA OVERSEASLAND&INVESTMENT 1,452,380 2,278,756 0.87HKD

CNOOC LTD 2,756,564 2,731,576 1.05HKD

12,423,616 4.75

OTP BANK LTD 47,195 374,700 0.14HUF

HUNGARY

374,700 0.14

ICICI BANK /SADR 39,263 497,855 0.19USD

INDIA

497,855 0.19

BANK DANAMON INDONESIATBK -A- 2,167,000 577,857 0.22IDR

INDONESIA

BANK RAKYAT INDONESIA 1,423,000 514,107 0.20IDR

TELKOM INDONESIA S -B- 1,258,500 822,747 0.31IDR

1,914,711 0.73

TEVA PHM. / ADR REP. 1 SHS 175,702 7,824,010 2.99USD

ISRAEL

7,824,010 2.99


MALAYSIA

2,016,040 0.77


MEXICO

CORPORACION GEO SAB DECV B 2,074,045 2,149,621 0.82MXN

EMPRESAS ICA SAB DE CV 1,600,800 2,525,155 0.97MXN




GRUPO TELEVISA /GDS 157,995 2,123,453 0.81USD

10,659,575 4.08

METROPOLITAN BANK &TRUST 2,187,200 1,176,184 0.45PHP

PHILIPPINES

1,176,184 0.45

AFRICAN BANK INVESTMENTS 1,377,999 3,615,679 1.38ZAR

SOUTH AFRICA

ANGLOGOLD ASHANTI LTD 77,273 2,832,777 1.08ZAR

AVENG LTD 149,692 423,689 0.16ZARHARMONY GOLD MINING CO.LTD 280,849 3,059,280 1.17ZARIMPALA PLATINUM HOLDINGSLTD 82,881 1,355,478 0.52ZAR


MTN GROUP LTD 678,669 7,494,859 2.87ZARPRETORIA PORTLANDCEMENT CO. LTD 766,310 2,533,249 0.97ZAR

SASOL LTD /REG 94,754 2,709,462 1.04ZAR

24,805,196 9.49

AMORE PACIFIC CORP. (NEW) 1,850 726,290 0.28KRW

SOUTH KOREA

DAEGU BANK 549,331 2,895,342 1.12KRW

HANA FINANCIAL GROUP INC. 87,596 1,317,304 0.50KRWHYUNDAI DEPARTMENTSTORE CO. 24,018 1,241,599 0.47KRWHYUNDAI DEVELOPMENT CO.ENGINEERING&CONSTRUCTION 23,925 582,070 0.22KRW

HYUNDAI HEAVY INDUSTRIES 7,387 1,044,127 0.40KRWHYUNDAI MIPO DOCKYARDCO. LTD 5,154 482,561 0.18KRW



KB FINANCIAL GROUP INC. 86,599 2,063,035 0.79KRW

KB FINANCIAL SADR 56,175 1,330,786 0.51USD


LG CORP. 66,272 2,357,401 0.91KRWMIRAEASSET SECURITIES CO.LTD 754 38,760 0.01KRW

POSCO 9,867 2,600,285 1.00KRWSAMSUNG ELECTRONICS CO.LTD 18,600 7,638,349 2.93KRWSAMSUNG ELECTRONICSPREF. NON-VOT. 1,277 291,292 0.11KRWSAMSUNG ENGINEERING CO.LTD 35,940 1,501,911 0.57KRWSAMSUNG FIRE&MARINEINSURANCE 6,434 744,285 0.28KRW

SAMSUNG HEAVY INDUSTRIES 58,439 1,081,636 0.41KRWSAMSUNG SECURITIES CO.LTD 16,477 688,564 0.26KRW


SHINSEGAE CO. LTD 5,995 1,865,953 0.71KRW

34,220,685 13.09

AU OPTRONICS CORP. 1,376,267 1,136,974 0.43TWD

TAIWAN


CATHAY FINANCIAL HOLDING 685,550 588,562 0.23TWD


CHI MEI OPTOELECTRONICCORP. 1,573,000 627,744 0.24TWDCHINATRUST FINANCIALHOLDING CO. 2,708,945 989,320 0.38TWDCHUNGHWA TELECOM CO.LTD 1,265,251 2,306,652 0.88TWD

FAR EASTERN TEXTILE LTD 4,182,038 3,251,672 1.24TWD

FORMOSA PLASTICS 632,000 951,158 0.36TWDHON HAI PRECISIONINDUSTRY CO. LTD 1,283,947 2,900,396 1.11TWDHON HAI PRECISIONINDUSTRY /GDR 469,641 2,122,777 0.81USD

HTC CORP. 93,000 1,142,178 0.44TWD

MEDIA TEK INCORPORATION 138,000 1,296,536 0.50TWD

NAN YA PLASTICS CORP. 675,778 772,237 0.30TWDSILICONWARE PRECISIONINDUSTRIES 736,057 773,917 0.30TWD


TAIWAN FERTILIZER CO. LTD 1,180,000 2,415,359 0.92TWDTAIWAN SEMICONDUCTORMANUFACTURING 684,452 1,036,146 0.40TWDTAIWAN SEMICONDUCTORMANUFACTURING/SADR 416,548 3,703,111 1.41USD

WISTRON CORP. 2,273,757 2,447,633 0.94TWD

32,058,771 12.26

BANGKOK BANK PUBLIC/ NVDEP. RECEIPT 600,000 1,270,927 0.49THB

THAILAND

KASIKORNBANK PUBLICCOMPANY FOR. REG 1,392,900 1,803,602 0.69THB

3,074,529 1.18

KOC HOLDING AS 1,687,791 2,280,394 0.88TRY

TURKEY

TURKIYE GARANTI BANKASI/NOM. 1,274,753 1,760,105 0.67TRY

4,040,499 1.55

89.21TOTAL SHARES 233,177,454

JP MORGAN INTERNATIONAL07-04.05.12 / WRT LARS 141,730 1,803,514 0.68USD


JERSEY

JP MORGAN 06-22.09.09 WRT /UNITED S. 103,357 1,341,375 0.51USDJP MORGAN 07-11.01.11 WRT /CAIRN 449,286 1,583,733 0.61USDJP MORGAN 07-23.03.12 CERT /INFOSYS 67,488 1,759,691 0.67USD

6,488,313 2.47

JP MORGAN STRUCTURE 08-30.12.13 CERT / RCOM 290,932 955,712 0.37USD

NETHERLANDS

JP MORGAN 09.01.14 W / BHEL 29,077 861,532 0.33USD

1,817,244 0.70

CITIGROUP 03-24.10.12 CW /LARSEN 143,460 1,932,358 0.74USD

UNITED STATES

CITIGROUP 06-24.10.12 WRT /REL. COM 23,353 80,063 0.03USD




CITIGROUP 07-17.01.12 WRT /BHARTI 108,021 1,326,712 0.51USD

3,339,133 1.28






SHARES

EGYPT

913,038 0.35

MAGNIT JSC 135,685 3,088,163 1.18USD


3,088,163 1.18


JP MORGAN INTERNATIONAL07-04.05.12 WRT / HOUSING 93,709 2,640,639 1.01USD


JERSEY

JP MORGAN 07-03.05.12 WRT /HDFC BANK 51,066 961,874 0.37USD

JP MORGAN 07-23.10.12 CERT 406,830 2,707,933 1.04USD

6,310,446 2.42

JP MORGAN 09-14.02.14 CERT /RELIANCE 36,322 1,075,858 0.41USD

NETHERLANDS

1,075,858 0.41

CITIGROUP GL.19.1.09 WT /REL. IND 49,434 1,288,949 0.49USD

UNITED STATES

1,288,949 0.49








CREDICORP. 6,800 308,448 0.47USD


SHARES

BERMUDA ISLANDS

GP INVESTMENTS LTD /BDR 471,412 1,184,861 1.79BRL

1,493,309 2.26

ALL AMERICA LATINA /UNIT 254,358 1,076,446 1.63BRL

BRAZIL


BANCO DAYCOVAL SA /PREF. 317,700 641,543 0.97BRL

BANCO INDUSVAL /PREF. 444,900 1,030,296 1.56BRL

BR MALLS PARTICIPAES SA 524,700 3,201,181 4.83BRL

BRADESPAR SA BRASIL/PREF. 80,200 751,176 1.13BRL

CIA HERING 516,600 1,464,904 2.21BRLCIA VALE RIO DOCE/SADR(1PREF.) 319,351 3,621,440 5.47USDDIAGNOST DA AMERICA SABRL 26,000 270,557 0.41BRL

DROGASIL SA 495,400 2,192,320 3.31BRL

DURATEX SA /PRIV. 118,800 732,452 1.11BRL

GVT HOLDING SA 114,800 1,292,272 1.95BRLITAU HOLDING /PREF.SHS/SADR 102,119 1,122,288 1.69USD


JBS AS 2,713,085 6,003,181 9.06BRLKROTON EDUCATION UNITS(1SHS&6PREF.) 224,500 916,328 1.38BRL

MARCOPOLO POMO /PREF. 616,200 820,718 1.24BRL

METALFRIO SOLUTIONS SA 85,900 158,698 0.24BRLOGX PETROLEO E GASPARTICIP SA 2,700 837,552 1.26BRL

PERDIGAO SA 16,500 202,679 0.31BRL


SADIA SA /PREF. 188,300 247,561 0.37BRL

SAO MARTINHO SA 205,800 1,011,538 1.53BRLSARAIVA SA LIVREIROS EDIT/PREF. 131,074 822,205 1.24BRL

UNIBANCO /GDR 13,968 883,057 1.33USDUNIBANCO /UNIT(1UBBPN+1UBHDBN) 96,400 610,914 0.92BRL

38,402,515 57.98

PAN AMERICAN SILVER CORP. 51,200 878,080 1.33USD

CANADA

878,080 1.33

INVESTMENTS

Latin American FreestyleStatement of investments as at 31 March 2009 (expressed in USD)


EMPRESAS LA POLAR S.A 480,000 1,031,247 1.56CLP

CHILE

1,031,247 1.56

BANCOLOMBIA SA / ADR 34,012 642,487 0.97USD

COLOMBIA

SURAMERICANA DEINVERSIONES 151,893 920,565 1.39COP

1,563,052 2.36


MEXICO

BANCO COMPARTAMOS SA DECV 530,000 1,013,573 1.53MXNCORP. MOCTEZUMA SA DE CVB2 1,121,400 1,610,979 2.43MXNCORPORACION GEO SAB DECV B 1,714,000 1,776,456 2.68MXN

EMPRESAS ICA SAB DE CV 463,563 731,240 1.10MXNFOMENTO ECONOMICOMEXICANO / ADR 79,000 1,959,200 2.96USDGRUPO FINANCIEROBANORTE SA DE CV -O- 1,839,000 2,411,187 3.65MXNGRUPO MODELO SAB DE CVC 484,000 1,423,508 2.15MXN

GRUPO TELEVISA /GDS 127,700 1,716,288 2.59USDWAL-MART DE MEXIC. SAB DECV V 604,600 1,474,426 2.23MXN

16,443,964 24.83

ALICORP SA 460,000 217,803 0.33PEN

PERU

BUENAVENTURA / SADR(1SHS) 117,000 2,785,770 4.21USD

3,003,573 4.54

94.86TOTAL SHARES 62,815,740



ALMACENES EXITO SA /GDR 392,805 1,609,527 2.43USD


SHARES

COLOMBIA

1,609,527 2.43



BANCOLOMBIA SABANCOLOMBIA 83,000 388,735 0.59COP


SHARES

COLOMBIA

388,735 0.59











BANCO BES 0% 08-25.06.09 1,000 472,707 3.72BRL


BONDS

BRAZIL

BANCO GARANTIA 0% 08-09.07.09 1,500 704,497 5.54BRL

BRAZIL FRN 07-07.06.2010 91 149,836 1.18BRL

BRAZIL 0% 05-16.12.09 256 421,502 3.31BRL

HSBC BRAZIL 0% 08-08.06.09 1,000 474,442 3.73BRL

UNIBANCO 0% 08-09.07.09 1,000 469,254 3.69BRL

2,692,238 21.17

21.17TOTAL BONDS 2,692,238


INVESTMENTS

Brazil BondStatement of investments as at 31 March 2009 (expressed in USD)


Face Value

BANCO VOTORANTIM 0% 08-03.07.09 900 424,048 3.33BRL


BONDS

BAHAMAS

424,048 3.33

BRAZIL FRN 07-07.09.10 281 462,682 3.64BRL

BRAZIL

BRAZIL 10% 05-01.01.12SERIES F 6,121 2,570,325 20.21BRL

3,033,007 23.85

27.18TOTAL BONDS 3,457,055


BRAZIL 0% 09-01.04.10 TB 1,800 702,806 5.53BRL

FINANCIAL INSTRUMENTS

TREASURY BILLS

BRAZIL

702,806 5.53

5.53TOTAL TREASURY BILLS 702,806

BANCO VOTORANTIM 0% 08-17.08.09 800 371,267 2.92BRL

CERTIFICATE OF DEPOSIT

BAHAMAS

371,267 2.92

BANCO ABN 0% 08-04.09.09 CD 1,000 460,942 3.62BRL

BRAZIL

BANCO BNP 0% 09-01.03.10CDI 1,140 493,703 3.88BRLBANCO BRADESCO 0% 08-04.09.09 CD 1,000 460,942 3.62BRLBANCO SAFRA 0% 08-15.06.09CDI 155 73,364 0.58BRLBES INV BRASIL 0% 08-23.07.09 CD 1,050 491,665 3.87BRL

BRADESCO 0% 08-08.6.09 CDI 410 194,526 1.53BRL

HSBC CDB 0% 08-16.11.09 CD 1,400 628,139 4.94BRL

HSBC CDB 0% 08-7.05.09 CD 330 158,106 1.24BRL

2,961,387 23.28

ABN AMRO BANK 0% 08-23.07.09 CD 1,050 491,460 3.86BRL

NETHERLANDS

RABOBANK 0% 08-01.06.09 CDI 770 364,798 2.87BRL

RABOBANK 0% 08-08.6.09 CDI 1,000 473,763 3.73BRL

1,330,021 10.46

SANTANDER 0% 08-23.07.2009CD 1,250 584,707 4.60BRL

SPAIN

584,707 4.60

41.26TOTAL CERTIFICATE OF DEPOSIT 5,247,382

46.79TOTAL FINANCIAL INSTRUMENTS 5,950,188


Face Value






AUSTRIA 3.5% 05-15.09.21 500,000 465,400 1.01EUR


BONDS

AUSTRIA

ERSTE BANK 06-19.07.17 500,000 276,423 0.59EUR

741,823 1.60

BELGIUM 4.00% 07-28.03.13S.50 1,000,000 1,044,750 2.25EUR

BELGIUM

1,044,750 2.25

BBVA BANCOMER 4.799% (TV)07-17 500,000 180,909 0.39EUR

CAYMAN ISLANDS

MIZUHO FINANCE 4.75% 04-15.04.14 REG 900,000 899,599 1.94EUR

1,080,508 2.33

FORTUM OYJ 4.625% 09-20.03.14 310,000 312,011 0.67EUR

FINLAND

SAMPO OYJ 4.625% (TV) 04-14REG 900,000 868,500 1.87EUR

1,180,511 2.54

ASF 5.625% 07-04.07.22 400,000 325,661 0.70EUR

FRANCE

BANQUE POSTALE FRN 06-12.12.16 1,000,000 769,218 1.66EUR

BOUY 6.125% 08-03.07.2015 850,000 875,740 1.88EUR

CIE ST GOBAIN TV 07-11.04.12 600,000 512,187 1.10EUR

CNCEP 5.60% 99-05.11.11 500,000 525,674 1.13EURCNP ASSURANCE FRN 06-PERP. 400,000 116,369 0.25EURCREDIT LOGEMENT FRN 07-15.06.17 1,000,000 740,051 1.59EURCREDIT LOGEMENT TV 04-PERP. 900,000 369,000 0.79EURFRANCE 3.75% 05-25.04.21OAT 1,500,000 1,489,349 3.21EUR

GDF SUEZ 6.375% 09-18.01.21 160,000 171,891 0.37EUR

LA POSTE 4.75% 09-17.02.16 300,000 306,812 0.66EUR

NATIXIS FRN 07-06.07.17 500,000 247,662 0.53EUR

PPR 8.625% 09-03.04.14 230,000 232,804 0.50EUR

RTE EDF 5.125% 08-09.12.18 350,000 358,585 0.77EURSCOR ASSIST 6.154% (TV )06-PERP. 400,000 141,540 0.30EURSOCIETE GENERALE 4.875%02-14 EMTN 1,000,000 962,634 2.08EUR

INVESTMENTS

Euro Core BondStatement of investments as at 31 March 2009 (expressed in EUR)


Face Value

SODEXO 6.25% 09-30.01.15 250,000 259,093 0.56EURTOTALFINAELF 3.5% 09-27.02.14 400,000 401,522 0.86EUR

8,805,792 18.94

GERMANY 4.25% 04-04.07.14 1,500,000 1,642,876 3.54EUR

GERMANY

GERMANY 4.75% 98-28 500,000 549,100 1.18EUR

GERMANY 5.50% 00-04.01.31 1,150,000 1,376,550 2.96EURHSH NORDBANK 4.375% (TV)07-14.02.08 800,000 260,000 0.56EURMERK GMBH 4.875% 09-27.09.13 160,000 164,200 0.35EUR

METRO 7.625% 09-05.03.15 310,000 300,540 0.65EUR

4,293,266 9.24

BAT INTERNATIONAL FIN.5.375% 07-29.06.17 550,000 510,840 1.10EUR

GREAT BRITAIN

CREDIT SUISSE LN FRN 08-08.04.10 500,000 493,525 1.06EURCREDIT SUISSE 6.125% 08-05.08.13 600,000 614,185 1.32EURIMPERIAL TOBACCO FRANCE7.25% 08-15.09.14 550,000 543,341 1.17EUR

VODAFONE 6.25% 09-15.01.16 150,000 156,688 0.34EUR

2,318,579 4.99

GREECE 6% 09-19.07.2019 1,000,000 1,018,700 2.19EUR

GREECE

1,018,700 2.19

GE CAP EUR FD 5.25% 08-18.05.15 700,000 608,197 1.31EUR

IRELAND

608,197 1.31

HERA SPA 4.125% 06-16.02.16 400,000 361,131 0.78EUR

ITALY

ITALY 4.00% 05-01.02.37 BTP 1,900,000 1,581,845 3.40EUR

ITALY 4.25% 04-01.02.15 BTP 2,800,000 2,928,380 6.30EUR

ITALY 4.25% 08-15.04.13 BTP 500,000 523,075 1.13EURTELECOM IT SPA 6.75% 09-21.03.13 430,000 429,518 0.92EUR

5,823,949 12.53

BANK TOKYO MITSUB. 3.50%05-15 800,000 696,614 1.50EUR

JAPAN

696,614 1.50

AIG. SUN. III 4.75% 03-11.09.13 1,100,000 659,716 1.42EUR

JERSEY

659,716 1.42

PROLOGIS INTERNATIONAL5.875% 07-23.10.14 400,000 120,000 0.26EUR

LUXEMBOURG

120,000 0.26


Face Value



AKZO NOBEL 7.25% 09-27.03.15 480,000 480,074 1.03EUR

NETHERLANDS

DSM 5.75% 09-17.03.14 300,000 304,630 0.66EUR

ELM BV 6.5% 09-02.04.13 500,000 500,515 1.08EUR

HIT FIN BV 4.875% 06-27.10.21 850,000 597,544 1.29EUR

NETHERLANDS 4% 09-15.07.19 820,000 837,548 1.80EURNETHERLANDS 5.00% 01-15.07.11 1,500,000 1,611,525 3.46EUR

NL GASU 5.125% 09-31.03.17 210,000 217,940 0.47EURURENCO FINANCE 3.375% 05-10 1,500,000 1,472,212 3.17EURVW INTERNATIONAL FIN 5.25%09-01.04.11 500,000 502,609 1.08EUR

6,524,597 14.04

DNB NOR BANK 4.625% 07-03.07.12 1,500,000 1,561,889 3.36EUR

NORWAY

1,561,889 3.36

BCP 3.625% 09-19.01.12 450,000 455,809 0.98EUR

PORTUGAL

455,809 0.98

SVSK HDBK 4.875% 09-25.03.14 860,000 861,860 1.85EUR

SWEDEN

861,860 1.85

JP MORGAN CHASE 6.125% 09-01.04.14 950,000 935,704 2.02EUR

UNITED STATES

MORGAN STANLEY 6.5% 08-15.04.11 400,000 388,434 0.84EURPHILIP MORRIS 4.25% 09-23.03.12 350,000 353,460 0.76EURPHILIP MORRIS 5.875% 08-04.09.15 350,000 360,152 0.77EURVERIZON W 8.75% 08-18.12.15REGS 500,000 564,403 1.21EUR

2,602,153 5.60

86.93TOTAL BONDS 40,398,713



Face Value

BELGIUM 3.5% 09-28.03.15 1,000,000 1,000,150 2.15EUR


BONDS

BELGIUM

1,000,150 2.15

2.15TOTAL BONDS 1,000,150


INT SANPAOLO 5.375% 08-19.12.13 750,000 783,471 1.69EUR


BONDS

ITALY

783,471 1.69

1.69TOTAL BONDS 783,471



Face Value






ERSTE BANK 06-19.07.17 1,050,000 580,487 0.30EUR


BONDS

AUSTRIA

TELEKOM FINANCIAL 6.375%09-29.01.16 610,000 609,899 0.32EUR

1,190,386 0.62

BOMBARDIER FRN 06-15.11.13REGS 900,000 589,500 0.31EUR

CANADA

BOMBARDIER 7.25% 06-15.11.16 300,000 196,300 0.10EURC.C.JARD. QUEBEC 5.375% 09-14 1,000,000 1,022,608 0.53EUR

1,808,408 0.94

BBVA BANCOMER 4.799% (TV)07-17 1,400,000 506,545 0.26EUR

CAYMAN ISLANDS

MIZUHO FINANCE 4.75% 04-15.04.14 REG 1,500,000 1,499,331 0.78EUR

2,005,876 1.04

DANSKE BANK 4.25% 03-20.06.16 1,000,000 707,316 0.37EUR

DENMARK

DANSKE BANK 5.125% 02-12EMTN 1,000,000 915,011 0.47EURDANSKE BANK 5.375% (TV) 08-18.08.14 950,000 741,274 0.39EURDANSKE BANK 6.00% (TV) 07-20.03.16 1,150,000 873,055 0.45EUR

3,236,656 1.68

GAZPROM CAPITAL 5.03% 06-14 REGS 1,000,000 750,110 0.39EUR


750,110 0.39

FORTUM OYJ 4.625% 09-20.03.14 470,000 473,048 0.25EUR

FINLAND

FORTUM 6% 09-20.03.19 670,000 667,708 0.35EURSAMPO OYJ 4.625% (TV) 04-14REG 2,950,000 2,846,751 1.47EUR

3,987,507 2.07

ACCOR SA 7.5% 09-04.02.14 700,000 714,375 0.37EUR

FRANCE

ASF 5.625% 07-04.07.22 1,150,000 936,274 0.49EUR

INVESTMENTS

Euro Core Credit BondStatement of investments as at 31 March 2009 (expressed in EUR)


Face Value

BANQUE POSTALE FRN 06-12.12.16 2,500,000 1,923,045 1.00EUR

BFCM FRN 06-19.12.16 1,000,000 744,209 0.39EURBNP PARIBAS 5% 08-16.12.2013 2,000,000 2,091,255 1.09EURBNP PARIBAS 8.667% 08 -PERP 950,000 611,777 0.32EUR

BOUY 6.125% 08-03.07.2015 1,450,000 1,493,909 0.78EURCASINO GUICHARD 7.875% 09-09.08.12 550,000 579,593 0.30EUR

CDEE 4.625% 04-PERP. 1,000,000 253,333 0.13EUR

CIE ST GOBAIN TV 07-11.04.12 850,000 725,598 0.38EURCIE ST.GOBAIN 4.75% 07-17EMTN 500,000 390,148 0.20EURCNCE 6.117% PERPETUALEMTN 2,900,000 638,000 0.33EUR

CNCEP 5.60% 99-05.11.11 1,000,000 1,051,347 0.55EURCNP ASSURANCE FRN 06-PERP. 1,700,000 494,568 0.26EURCREDIT LOGEMENT FRN 07-15.06.17 1,900,000 1,406,097 0.73EURCREDIT LOGEMENT TV 04-PERP. 1,200,000 492,000 0.26EURCREDIT LOGEMENT 4.604%(TV) 06-PERP 1,050,000 317,625 0.17EUR

EDF 6.25% 09-25.01.21 1,000,000 1,057,579 0.55EURELECETRICITE DE FRANCE5.375% 08-20 EMTN 1,050,000 1,059,543 0.55EURFIN. FONCIER 4.625% 07-23.09.17 1,500,000 1,497,263 0.78EURFRANCE TELECOM 4.75% 07-21.02.17 1,000,000 989,652 0.51EURFRANCE TELECOM 5% 09-22.01.14 600,000 623,393 0.32EURFRANCE TELECOM 8.125% 03-28.01.33 100,000 122,773 0.06EUR

FRANCE 5.75% 01-25.10.32 825,000 1,005,510 0.52EUR

GDF SUEZ 6.25% 08-24.01.14 1,500,000 1,645,674 0.86EUR

GDF SUEZ 6.375% 09-18.01.21 810,000 870,196 0.45EURGROUPAMA 6.298% (TV) 07-PERP 2,500,000 750,000 0.39EURHSBC FRANCE 4.75% 09-15.01.10 1,700,000 1,733,685 0.90EURHSBC FRANCE 5.75% 08-19.06.13 EMTN 2,550,000 2,695,506 1.39EUR

LA POSTE 4.75% 09-17.02.16 810,000 828,392 0.43EUR

LAFARGE 4.25% 05-23.03.16 650,000 465,666 0.24EUR

NATIXIS FRN 07-06.07.17 2,000,000 990,648 0.52EUR

NATIXIS 6.307% (TV) 07-PERP. 2,000,000 460,000 0.24EUR

PPR 8.625% 09-03.04.14 340,000 344,145 0.18EUR

RFF 4.375% 06-02.06.22 550,000 548,330 0.29EUR

RHODIA FRN 06-15.10.13 REGS 1,750,000 925,179 0.48EUR

RTE EDF 5.125% 08-09.12.18 1,050,000 1,075,754 0.56EURSCHNEIDER EL 5.375% 07-08.01.15 1,000,000 1,010,748 0.53EURSCHNEIDER ELECECTRIC6.75% 16.07.13 550,000 590,466 0.31EURSCOR ASSIST 6.154% (TV )06-PERP. 2,200,000 778,471 0.40EURSOCIETE GENERALE 4.875%02-14 EMTN 3,324,000 3,199,798 1.65EURSOCIETE GENERALE 7.756%(TV) 08-PERP. 3,900,000 1,872,000 0.97EUR

SODEXO 6.25% 09-30.01.15 1,550,000 1,606,376 0.84EURTOTALFINAELF 3.5% 09-27.02.14 990,000 993,767 0.52EUR

VEOLIA 4.375% 06-16.01.17 1,000,000 909,614 0.47EUR

VIVENDI 7.75% 09-23.01.14 600,000 637,467 0.33EUR


Face Value



WENDEL INVESTMENT 4.375%05-09.08.17 1,350,000 711,210 0.37EUR

46,861,958 24.36

COMMERZBANK 5.625%(TV)07-29.11.17 3,000,000 1,876,808 0.98EUR

GERMANY

COMZBK 5% 09-06.02.14 600,000 611,466 0.32EURDEUTSCHE BANK 4.875% 07-24.09.12 2,000,000 2,081,670 1.08EURHENKEL 5.375% 05-2104 STEP-UP 500,000 325,358 0.17EURMERK GMBH 4.875% 09-27.09.13 470,000 482,339 0.25EUR

METRO 7.625% 09-05.03.15 620,000 601,080 0.31EURMUNICH RE FIN. 6.75% 03-21.06.23 2,800,000 2,398,933 1.25EURSGL CARBON AG FRN 07-15.05.15 600,000 412,200 0.21EUR

8,789,854 4.57

ANGLIAN WATER 4.625% 03-13 3,145,000 3,092,034 1.62EUR

GREAT BRITAIN

BARCLAYS BANK FRN 06-20.04.16 1,000,000 582,340 0.30EURBARCLAYS BANK FRN 07-30.05.17 700,000 400,054 0.21EURBAT INTERNATIONAL FIN.5.375% 07-29.06.17 1,700,000 1,578,961 0.82EURBAT INTERNATIONAL FIN.5.875% 08-12.03.15 950,000 947,082 0.49EURBRITISH TELECOM 6.5% 08-07.07.15 EMTN 1,100,000 1,049,331 0.55EURCREDIT SUISSE LN FRN 08-08.04.10 2,000,000 1,974,098 1.03EURCREDIT SUISSE 6.125% 08-05.08.13 2,000,000 2,047,283 1.06EUR

DIAGEO 6.625% 08-05.12.14 1,050,000 1,135,119 0.59EURIMPERIAL TOBACCO FRANCE7.25% 08-15.09.14 1,100,000 1,086,681 0.56EURIMPERIAL TOBACCO 8.375%09-17.02.16 460,000 459,873 0.24EUROTE PLC 5.375% 08-14.02.11GMTN 2,500,000 2,515,177 1.31EUR

TESCO 5.125% 09-24.02.15 140,000 141,748 0.07EUR

VODAFONE 6.25% 09-15.01.16 1,700,000 1,775,800 0.92EURWPP GRP 6.625% 08-12.05.16EMTN 2,000,000 1,556,489 0.81EUR

20,342,070 10.58

FIDIS RETAIL FIN FRN 06-11.05.09 900,000 897,893 0.47EUR

IRELAND

GE CAP EUR FD 5.25% 08-18.05.15 3,000,000 2,606,560 1.36EURGE CAP 5.75% 08-23.09.11EMTN 2,830,000 2,777,230 1.44EURLEASEPLAN FIN. 4.50% 06-08.11.16 600,000 273,671 0.14EUR

6,555,354 3.41

ASSGEN 4.875% 09-11.11.14 550,000 559,266 0.29EUR

ITALY

BANCO POPOLARE VERONAFRN 07-08.02.17 1,050,000 746,351 0.39EUR

ENI 5% 09-28.01.16 1,800,000 1,859,224 0.97EUR

HERA SPA 4.125% 06-16.02.16 1,500,000 1,354,241 0.70EUR


Face Value

IFIL INVEST SPA 5.375% 07-17 1,150,000 640,075 0.33EURINTESA SANPA 6.625% 08-18EMTN 1,500,000 1,105,556 0.57EURMONTE PASCHI 6% 08-11EMTN 1,850,000 1,944,692 1.01EURTELECOM IT SPA 6.75% 09-21.03.13 850,000 849,047 0.44EURTELECOM ITALIA FRN 05-06.12.12 1,000,000 855,946 0.45EURTELECOM ITALIA FRN 07-07.06.10 2,400,000 2,319,061 1.21EUR

UNICREDIT 5.25% 09-14.01.14 1,500,000 1,528,811 0.79EURUNICREDITO IT FRN 06-20.09.16 1,500,000 1,010,000 0.53EUR

14,772,270 7.68

BANK TOKYO MITSUB. 3.50%05-15 500,000 435,384 0.23EUR

JAPAN

435,384 0.23

HSBC CAPITAL 8.03% 00-.. 1,000,000 530,000 0.28EUR

JERSEY

530,000 0.28

PROLOGIS INTERNATIONAL5.875% 07-23.10.14 1,600,000 480,000 0.25EUR

LUXEMBOURG

SOGERIM 7.00% 01-20.04.11 600,000 621,360 0.32EUR

1,101,360 0.57

ABN AMRO BANK FRN 06-14.09.16 2,300,000 1,433,512 0.75EUR

NETHERLANDS

AKZO NOBEL 7.25% 09-27.03.15 960,000 960,148 0.50EUR

BASF FIN 5.125% 09-09.06.15 1,350,000 1,367,366 0.71EURDAIMLER INTERNATIONAL7.75% 09-26.03.12 1,500,000 1,565,797 0.81EURDAIMLER INTERNATIONAL7.875 09-16.01.14 350,000 364,527 0.19EURDEUTSCHE TELEKOMINTERNATIONAL.FINANCE7.125% 01-11STEPPD 3,500,000 3,733,158 1.94EUR

DSM 5.75% 09-17.03.14 650,000 660,032 0.34EUR

EDP FIN BV 5.5% 09-18.02.14 1,150,000 1,183,849 0.62EUR

ELM BV 5.849% (TV) 07-PERP 1,500,000 307,500 0.16EUR

ELM BV 6.5% 09-02.04.13 1,050,000 1,051,081 0.55EURE.ON INTERNATIONALFINANCE 5.5% 09-19.01.16 500,000 525,190 0.27EUR

HIT FIN BV 4.875% 06-27.10.21 2,800,000 1,968,381 1.02EURING GROEP NV 5.625% 08-03.09.13 1,000,000 998,893 0.52EURKONINKLIJKE KPN 4.75% 07-29.05.14 690,000 677,202 0.35EURKONINKLIJKE 5.00% 07-13.11.12 1,150,000 1,155,995 0.60EUR

KPN 6.25% 09-04.02.14 636,000 663,097 0.34EURLEHMAN 4.625% 07-14.03.19DEFLT 900,000 90 0.00EURLINDE FINNANCE 6.75% 08-08.12.15 1,000,000 1,061,020 0.55EUR

NL GASU 5.125% 09-31.03.17 420,000 435,881 0.23EURPORTUGAL TELECOMINTERNATIONAL 3.75% 05-12 1,150,000 1,082,158 0.56EUR

RABOBANK 4.375% 09-22.01.14 5,000,000 5,110,099 2.67EUR


Face Value



SIEMENS FIN 4.125% 09-20.02.13 600,000 611,782 0.32EURSIEMENS FIN 5.125% 09-20.02.17 640,000 648,684 0.34EURTHYSSENKRUPP 6.75% 09-25.02.13 350,000 355,472 0.18EURURENCO FINANCE 3.375% 05-10 1,500,000 1,472,212 0.77EURVOLKSWAGENINTERNATIONAL 5.625% 09-09.02.12 800,000 815,713 0.42EURVW INTERNATIONAL FIN 5.25%09-01.04.11 1,000,000 1,005,217 0.52EUR

31,214,056 16.23

BANCO COMERCIALPORTUGUES FRN 08-10 1,500,000 1,470,212 0.76EUR

PORTUGAL

BANCO ESPIRITO FRN 08-10EMTN 2,000,000 1,958,012 1.02EUR

3,428,224 1.78

IBERDROLA 4.875% 09-04.03.14REGS 550,000 557,599 0.29EUR

SPAIN

OBRASCON HUARTE 5.00% 07-18.05.12 1,600,000 1,072,906 0.56EURSANTANDER ISS. FRN 07-23.03.17 2,000,000 1,444,055 0.75EURTELEFONICA 5.431% 09-03.02.14 1,000,000 1,032,920 0.54EUR

4,107,480 2.14

SVSK HDBK 4.875% 09-25.03.14 1,720,000 1,723,721 0.90EUR

SWEDEN

VATTENFALL TR 6.75% 08-31.01.19 600,000 644,180 0.33EUR

2,367,901 1.23

BANK AMERICA 5.125% 07-26.09.14 1,000,000 858,722 0.45EUR

UNITED STATES

CARGILL INC. 6.25 08-24.07.15 1,000,000 976,795 0.51EURCL CAPITAL TRUST 7.047% 02-PERP. 1,600,000 792,000 0.41EURCOMMERZBANK CAPITAL5.012% (TV) 06-PERP 500,000 92,518 0.05EURCS GRPOUP (US) 3.625% (TV)05-14.09.20 700,000 424,311 0.22EUREUROHYPO CAPITAL 6.445%03-23.05.33 500,000 62,500 0.03EURFIAT FINANCE NORTHAMERICA 5.625% 07-17 4,100,000 2,326,165 1.21EUR

HVB FD TR VIII PREF. 02-... 1,000,000 250,000 0.13EURJP MORGAN CHASE 6.125% 09-01.04.14 2,800,000 2,757,863 1.43EURKRAFT FOODS 6.25% 08-15EMTN 2,000,000 2,078,810 1.08EURMERRILL LYNCH 6.75% 08-13EMTN 1,750,000 1,532,755 0.80EURMORGAN STANLEY 6.5% 08-15.04.11 3,150,000 3,058,920 1.58EURPHILIP MORRIS 4.25% 09-23.03.12 700,000 706,921 0.37EURPHILIP MORRIS 5.875% 08-04.09.15 1,000,000 1,029,005 0.54EUR


Face Value

VERIZON W 8.75% 08-18.12.15REGS 1,500,000 1,693,209 0.88EUR

18,640,494 9.69

89.49TOTAL BONDS 172,125,348



Face Value

CITIGROUP INC. 6.40% 08-27.03.13 2,500,000 2,217,692 1.15EUR


BONDS

UNITED STATES

2,217,692 1.15



DANSKE BANK 5.875% 08-23.06.11 1,350,000 1,388,016 0.72EUR


BONDS

DENMARK

1,388,016 0.72

CARREFOUR SA 5.375% 08-15EMTN 1,500,000 1,571,431 0.81EUR

FRANCE

DANONE FINANCIAL 6.375%08-04.02.14 1,000,000 1,091,247 0.57EUR

2,662,678 1.38

CRED AGR 6% 09-24.06.13EMTN 1,750,000 1,902,407 0.99EUR

GREAT BRITAIN

TESCO PLC 5.875% 08-12.09.16 2,150,000 2,207,202 1.15EUR

4,109,609 2.14

INT SANPAOLO 5.375% 08-19.12.13 1,450,000 1,514,710 0.79EUR

ITALY

1,514,710 0.79

DEUTSCHE TELEKOMINTERNATIONAL FINANCE 6%09-20.1.17 1,000,000 1,013,672 0.53EUR

NETHERLANDS

1,013,672 0.53

5.56TOTAL BONDS 10,688,685







BARRY CALL.SVCS 6.00% 07-13.07.17 1,290,000 1,122,300 1.43EUR


BONDS

BELGIUM

FORTIS BANK 4.625% 04 -PERP. 1,550,000 372,000 0.48EUR

1,494,300 1.91

CENTRAL EUROPEAN MEDIAFRN 07-15.05.14 1,100,000 572,000 0.73EUR

BERMUDA ISLANDS

572,000 0.73

BOMBARDIER 7.25% 06-15.11.16 4,485,000 2,934,685 3.75EUR

CANADA

2,934,685 3.75

FS FUNDING 8.875% 06-15.05.16 REG 750,000 445,938 0.57EUR

DENMARK

NORDIC TELEPHONE 8.25%06-01.05.16 REGS 3,445,000 2,917,484 3.73EUR

3,363,422 4.30

GAZPROM CAPITAL 5.03% 06-14 REGS 310,000 232,534 0.30EUR


232,534 0.30

STORA ENSO 3.25% 05-22.06.10 550,000 528,015 0.67EUR

FINLAND

528,015 0.67

ALCATEL 6.375% 04-07.04.14EMTN 1,608,000 930,342 1.19EUR

FRANCE

BANQUE POSTALE FRN 06-12.12.16 850,000 653,835 0.84EURBNP PARIBAS 8.667% 08 -PERP 1,250,000 804,970 1.03EURCIE ST.GOBAIN 4.75% 07-17EMTN 400,000 312,118 0.40EURCNCE 6.117% PERPETUALEMTN 850,000 187,000 0.24EURCNP ASSURANCE FRN 06-PERP. 1,600,000 465,476 0.60EURCREDIT LOGEMENT TV 04-PERP. 1,250,000 512,500 0.66EUR

INVESTMENTS

Euro High Yield BondStatement of investments as at 31 March 2009 (expressed in EUR)


Face Value

CROWN EURO 6.25% 05-01.09.11 1,500,000 1,457,500 1.86EUR

GECINA 4.875% 03-19.02.10 250,000 232,313 0.30EUR

GECINA 4.875% 04-25.01.12 3,644,000 2,639,160 3.37EURGROUPAMA 6.298% (TV) 07-PERP 400,000 120,000 0.15EURMICHELIN 6.375% 03-03.12.33EMTN 1,400,000 739,486 0.95EUR

NEXANS 5.75% 07-02.05.17 3,550,000 2,733,500 3.48EUR

PPR 8.625% 09-03.04.14 140,000 141,707 0.18EURREMY COINTREAU 5.20% 05-12REGS 1,300,000 1,144,000 1.46EUR

RHODIA FRN 06-15.10.13 REGS 3,625,000 1,916,443 2.45EURSCOR ASSIST 6.154% (TV )06-PERP. 1,500,000 530,776 0.68EURSOCIETE GENERALE 7.756%(TV) 08-PERP. 3,000,000 1,440,000 1.84EURTEREOS EUROPE 6.375% 07-14REGS 2,150,000 1,386,750 1.77EUR

VALEO 3.75% 05-24.06.13 1,200,000 896,470 1.15EURWENDEL INVESTMENT 4.375%05-09.08.17 5,050,000 2,660,452 3.40EUR

21,904,798 28.00

ATU AUTO-TEILE TV 04-01.10.14 350,000 77,000 0.10EUR

GERMANY

BAYER AG 5.00% (TV) 05-29.07.15 2,000,000 1,408,676 1.80EURGERRESHEIMER 7.875% 05-15REGS 1,941,000 1,863,359 2.37EURIESY & ISH NRW FRN 06-15.04.13 1,350,000 1,170,000 1.50EURIESY REPOS.10.125% 05-15REGS 350,000 332,719 0.43EURKABEL DEUTSCHLAND 10.75%06-14 600,000 594,000 0.76EUR

METRO 7.625% 09-05.03.15 610,000 591,386 0.76EUR

PERI 5.625% 04-15.12.11 REGS 650,000 519,594 0.66EURSGL CARBON AG FRN 07-15.05.15 1,164,000 799,668 1.02EUR

7,356,402 9.40

AVIS FINANCE FRN 06-31.07.13 900,000 279,000 0.36EUR

GREAT BRITAIN

BARCLAYS BANK 4.75% 05-PERP. 1,400,000 411,633 0.53EURECO-BAT 10.125% 03-31.01.13REGS 1,854,000 1,705,680 2.17EURFRANCE BANK 7.125% 07-16.01.12 2,250,000 1,515,938 1.94EURIMPERIAL TOBACCO 8.375%09-17.02.16 740,000 739,796 0.95EUR

NTL CABLE 8.75% 04-15.04.14 250,000 221,625 0.28EURREXAM PLC 6.75%(TV) 07-29.06.67 2,270,000 1,081,056 1.38EUR

5,954,728 7.61

JSG FUNDING 7.75% 05-01.04.15 425,000 295,375 0.38EUR

IRELAND

295,375 0.38

BCA INTAL FRN 06-28.06.16 S-31 900,000 356,090 0.46EUR

ITALY

CIRINT 5.75% 04-16.12.24 1,200,000 741,480 0.95EUR


Face Value



IFIL INVEST SPA 5.375% 07-17 600,000 333,952 0.43EURINTESA SAN PAOLO8.047(FRN) 08-PERP. 2,100,000 1,050,000 1.33EURUNICRED ITALY 5.75% 07-26.09.17 250,000 201,200 0.26EUR

2,682,722 3.43

HSBC CAP 5.13% 04-... 700,000 330,810 0.42EUR

JERSEY

HSBC CAPITAL 8.03% 00-.. 1,200,000 636,000 0.82EUR

966,810 1.24

CABLECOM 8% 06-01.11.16 1,150,000 881,906 1.13EUR

LUXEMBOURG

CALCIPAR FRN 07-01.07.14REGS 550,000 231,000 0.30EURGAZ CAPITAL 6.605% 07-13.02.18 EMTN 1,565,000 1,102,479 1.41EUR

HOLCIM FIN 9% 09-26.03.14 500,000 520,997 0.67EURWIND ACQUISITION 9.75% 05-01.12.15 3,350,000 2,957,422 3.77EUR

5,693,804 7.28

AKZO NOBEL 7.25% 09-27.03.15 240,000 240,037 0.31EUR

NETHERLANDS

ASML HOLDING 5.75% 07-13.06.17 1,550,000 998,200 1.28EURCARLS. WAGONLIT FRN 06-01.05.15 REG 500,000 70,000 0.09EUR

ELM BV 6.5% 09-02.04.13 150,000 150,154 0.19EURFRESENIUS FIN. 5.50% 06-16REGS 1,775,000 1,616,766 2.07EURGENERALI FINANCES 5.479%(TV) 07-..PERP 600,000 285,000 0.36EURIFCO SYSTEMS 10.375% 03-10REG 400,000 348,000 0.44EURKAZKOMMERTS 6.875% 07-13.02.17 1,100,000 439,580 0.56EUR

KPN 7.5% 09-04.02.19 300,000 317,648 0.41EURLINDE FINANCE 7.375% (TV)06-14.07.66 1,520,000 1,055,522 1.35EUR

MUNICH RE 5.767%(TV) 07-49 1,000,000 580,397 0.74EUROI EUROPEAN GP 6.875% 07-17 550,000 462,917 0.59EURPFEIDERER 7.125% (TV) 07-..PERP 100,000 23,000 0.03EURSUEDZUCK.INTERNATIONAL5.25% (TV) 05-PERP 500,000 313,524 0.40EURTHYSSENKRUPP 8.5% 09-25.02.16 550,000 533,206 0.68EURUPC HOLDING 7.75% 05-15.01.14 REG 500,000 419,000 0.54EURVOLKSWAGENINTERNATIONAL 7% 09-09.02.16 600,000 610,992 0.78EUR

8,463,943 10.82

CONSOL GLASS 7.625% 07-15.04.14 550,000 347,050 0.44EUR

SOUTH AFRICA

FOODCORP 8.875% 05-15.06.12REGS 1,000,000 593,333 0.76EURSAVCIO HOLDINGS LTD 8.00%06-13 REGS 300,000 180,000 0.23EUR

1,120,383 1.43


Face Value

STENA 5.875% 07-01.02.19REGS 1,250,000 560,417 0.72EUR

SWEDEN

VOLVO TREA 9.875% 09-27.02.14 1,000,000 992,808 1.27EUR

1,553,225 1.99

AGCO 6.875% 04-15.04.14 3,108,000 2,299,920 2.94EUR

UNITED STATES

CENTRAL EURODISTRIBUTION 8% 05-12 680,000 396,100 0.51EURCHESAPEAKE 6.25% 06-15.01.17 1,710,000 1,237,613 1.58EURCL CAPITAL TRUST 7.047% 02-PERP. 1,900,000 940,500 1.20EURFIAT FINANCE NORTHAMERICA 5.625% 07-17 5,100,000 2,893,522 3.70EUR

HVB FD TR VIII PREF. 02-... 250,000 62,500 0.08EURJP MORGAN CHASE 6.125% 09-01.04.14 450,000 443,228 0.57EUR

8,273,383 10.58

C10 CAP SPV 6.277% (TV) 07-09.05.49 1,200,000 300,000 0.38EUR

VIRGIN ISLANDS

300,000 0.38

94.20TOTAL BONDS 73,690,529



Face Value

HUNSTMANN INTERNATIONAL7.50% 07-15 300,000 93,000 0.12EUR


BONDS

UNITED STATES

TRW AUTOM. 6.375% 07-14REGS 600,000 156,000 0.20EUR

249,000 0.32



FRESENIUS FII 8.75% 09-15.07.15 750,000 776,991 0.99EUR


BONDS

UNITED STATES

776,991 0.99








AUSTRIA 3.4% 09-20.10.14 80,000 80,360 1.19EUR


BONDS

AUSTRIA

80,360 1.19

BELGIUM 3.75% 05-28.09.15OLO46 215,000 217,591 3.23EUR

BELGIUM

217,591 3.23

CYPRUS 5.50% 02-27.02.12EMTN 284,000 300,870 4.46EUR

CYPRUS

300,870 4.46

DENMARK 6.00% 99-15.11.11 1,935,000 286,023 4.24DKK

DENMARK

286,023 4.24

FINLAND 3.875% 06-15.09.17 462,000 474,497 7.04EUR

FINLAND

474,497 7.04

FRANCE 4% 06-25.10.38 OAT 50,000 48,810 0.72EUR

FRANCE

FRANCE 4.25% 03-25.04.19OAT 50,000 52,575 0.78EUR

101,385 1.50

GERMANY 3.75% 08-04.01.19 68,000 72,151 1.07EUR

GERMANY

GERMANY 5.50% 00-04.01.31 27,000 32,319 0.48EUR

KFW 5.50% 01-07.12.15 130,000 154,797 2.30GBP

259,267 3.85

EBRD 0% 98-2048 EMTN 8,000,000,000 415,975 6.17ITL

GREAT BRITAIN

UK TSY 4.75% 04-07.12.38 327,250 386,530 5.73GBP

802,505 11.90

GREECE (30Y) 4.50% 05-20.09.37 35,000 28,275 0.42EUR

GREECE

GREECE 4.6% 03-20.05.13 150,000 151,455 2.25EUR

INVESTMENTS

European Government BondStatement of investments as at 31 March 2009 (expressed in EUR)


Face Value

GREECE 6% 09-19.07.2019 100,000 101,870 1.51EUR

281,600 4.18

ITALY 4.25% 08-15.04.13 BTP 300,000 313,844 4.65EUR

ITALY

ITALY 5.00% 07-01.08.39 BTP 322,000 307,816 4.57EUR

ITALY 5.5% 99-01.11.10 BTP 70,000 74,130 1.10EUR

ITALY 5.75% 02-01.02.33 BTP 50,000 52,493 0.78EUR

748,283 11.10

NETHERLANDS 4% 09-15.07.19 50,000 51,070 0.76EUR

NETHERLANDS

51,070 0.76

SLOVENIA 4.375% 08-6.02.19RS63 250,000 244,513 3.63EUR

SLOVENIA

SLOVENIA 5.375% 01-11.04.11 540,000 566,676 8.41EUR

811,189 12.04

CAJA DE AH. GALICIA 4.375%07-19 500,000 456,000 6.76EUR

SPAIN

456,000 6.76

SWEDEN 3.00% 05-12.07.16 1,610,000 149,731 2.22SEK

SWEDEN

149,731 2.22

KFW INTERNATIONAL 5.375%01-07.12.11EMTN 424,000 495,956 7.36GBP

UNITED STATES

495,956 7.36

81.83TOTAL BONDS 5,516,327



Face Value

BELGIUM 3.5% 08-28.03.2011 110,000 113,647 1.69EUR


BONDS

BELGIUM

113,647 1.69

FINLAND 4.375% 08-04.07.19 125,000 132,031 1.95EUR

FINLAND

132,031 1.95





SFEF 3.25% 09-16.01.14 150,000 152,427 2.26EUR


BONDS

FRANCE

152,427 2.26




Face Value






TWU CAYMAN 6.125% 09-04.02.13 350,000 471,273 0.60EUR


BONDS

CAYMAN ISLANDS

471,273 0.60

GAZPROM CAPITAL 5.03% 06-14 REGS 380,000 377,267 0.48EUR


377,267 0.48

CFF 0.60% 05-23.03.10 339,000,000 3,398,248 4.31JPY

FRANCE

CNCE 6.117% PERPETUALEMTN 300,000 87,354 0.11EUR

FRANCE 4% 07-25.04.18 OAT 1,833,000 2,518,986 3.20EURFRANCE 5.00% 02-25.04.12OAT 2,685,000 3,867,349 4.90EUR

FRANCE 5.75% 01-25.10.32 738,000 1,190,499 1.51EURVEOLIA ENVIRONNEMENT5.25% 08-03.06.13 580,000 579,738 0.74USD

11,642,174 14.77

GERMANY 3.75% 08-04.01.19 2,000,000 2,808,706 3.56EUR

GERMANY

GERMANY 4.00% 07-04.01.18S.07 192,000 275,582 0.35EUR

GERMANY 4.75% 03-04.07.34 482,000 705,191 0.90EURHENKEL 5.375% 05-2104 STEP-UP 180,000 155,026 0.20EURHSH NORDBANK 4.375% (TV)07-14.02.08 900,000 387,138 0.49EUR

KFW 4.125% 04-15.10.14 GLOB. 1,500,000 1,548,720 1.96USD

5,880,363 7.46

BAT INTERNATIONAL FINANCE8.125% 08-13 144A 500,000 538,512 0.68USD

GREAT BRITAIN

BBC 5.0636% 03-10.08.33 REG 497,121 585,978 0.74GBPDEUTSCHE BANK LN 4.875%08-20.05.13 385,000 379,473 0.48USDNETWORK RAILWYINFRASTRUCTURE 5.25% 06-09.05.11 1,500,000 1,594,857 2.03USD

UK TSY 4.00% 06-07.09.16 TSY 500,000 773,084 0.98GBP

UK TSY 4.25% 03-36 650,000 932,284 1.19GBP

UK TSY 4.75% 04-07.12.38 400,000 625,321 0.79GBP

UK TSY 8.00% 93-13 270,000 476,803 0.61GBP

5,906,312 7.50

INVESTMENTS

Global Core Plus BondStatement of investments as at 31 March 2009 (expressed in USD)


Face Value

OTP BANK 5.75% 08-16.5.11EMTN 600,000 587,331 0.75EUR

HUNGARY

587,331 0.75

CAIRN MEZZ.FRN 07-47 07-3AB1 DEFLT 860,000 - 0.00USD

IRELAND

- 0.00

ITALY 4.25% 08-15.04.13 BTP 3,164,000 4,380,975 5.56EUR

ITALY

4,380,975 5.56

JAPAN 1.10% 07-20.09.12 S.66 245,000,000 2,538,229 3.22JPY

JAPAN

JAPAN 1.70% 06-20.12.16 N284 549,500,000 5,871,183 7.46JPY

8,409,412 10.68

FIAT FINANCE 6.625% 06-15.02.13 800,000 746,716 0.95EUR

LUXEMBOURG

746,716 0.95

LINDE FINANCE 7.375% (TV)06-14.07.66 185,000 170,034 0.22EUR

NETHERLANDS

NETHERLANDS 5.50% 00-15.07.10 2,324,000 3,242,030 4.11EUR

3,412,064 4.33

ASIA DVLP BANK 2.35% 07-21.06.27 50,000,000 506,615 0.64JPY

PHILIPPINES

506,615 0.64

SANTANDER ISS. FRN 06-30.05.18 495,000 490,040 0.62EUR

SPAIN

490,040 0.62

BEAR STEARNS 4.5% 03-10GLOBAL 500,000 496,762 0.63USD

UNITED STATES

BELLSOUTH TELEC. 7.00% 95-01.12.95 425,000 333,795 0.42USDBURL.NORTHERN 5.65% 07-01.05.17 1,000,000 976,663 1.24USD

CITIGROUP 3.625% 06-28.03.11 1,500,000 1,800,042 2.29EURCOMMERCIA MTG FRN 06-20FL12 A2 1,295,682 913,786 1.16USDFREDDIE MAC 5.125% 07-17.11.17 1,600,000 1,786,646 2.27USDGECC 5.50% (TV) 07-15.09.67REGS 445,000 225,285 0.29EURMIDAMERICAN ENERGY 5.95%07-17 610,000 625,361 0.79USDMORGAN STANLEY 5.61% 07-49 07-IQ14-A2 450,000 365,046 0.46USDMORGAN STANLEY 6% 08-28.10.08 600,000 565,208 0.72USD


Face Value



XEROX CORP. 5.50% 07-15.05.12 215,000 188,145 0.24USD

8,276,739 10.51

64.85TOTAL BONDS 51,087,281



Face Value

CANADA 4.00% 06-01.06.17 2,465,000 2,183,993 2.77CAD


BONDS

CANADA

2,183,993 2.77

JLOC FRN 07-15.01.15 37X A1 38,706,000 380,259 0.48JPY

CAYMAN ISLANDS

380,259 0.48

VIVENDI 5.75% 08-04.04.13144A 475,000 443,121 0.56USD

FRANCE

443,121 0.56

JAPAN 2.00% 07-20.03.27 NO 93(20Y) 148,550,000 1,530,287 1.95JPY

JAPAN

JLOC FRN 07-16.02.16 36X-A1 28,284,000 278,879 0.35JPY

1,809,166 2.30

ABFC 3.684% 05-33 03-AHL1 A1 788,694 665,707 0.85USD

UNITED STATES

BEAR ST. 6.95% 07-10.08.12 500,000 508,841 0.65USDBEAR STEARNS FRN 07-41 06-T24 A2 1,340,000 1,205,179 1.53USDCHICAGO IL 6.89908-01.12.40PF-A 800,000 793,808 1.01USDCOMM MTG FRN 05-01.05.43LP5 AJ 500,000 221,565 0.28USDCONTL AIR PT. 5.983% 07-22CI-A 292,000 216,080 0.27USDCOUNTRYW. HOM. 4% 04-22.03.11 EMTN 765,000 685,468 0.87USD

COX COMM.7.125% 02-01.10.12 600,000 592,858 0.75USDFHLMC 4.14% 04-01.12.34P.1B2655 382,748 392,006 0.50USDFHLMC 5.359% 07-01.07.34P.847557 195,910 199,377 0.25USDFNMA (30Y) 6.00% 07-01.06.37P.GO2981 366,190 382,611 0.49USDFNMA 5.5% 08-01.11.38P.889982 2,342,448 2,429,193 3.07USDFNMA 5.933% 07-01.03.37P.922090 172,687 179,965 0.23USDFNMA 6.303% 06-01.06.36P.896286 459,218 479,233 0.61USDFNMA 6.50% 07-01.05.37P.256723 369,127 388,794 0.49USD

GCCCFC FRN 06-16 06-GG7 A4 450,000 320,351 0.41USDJP MORGAN CC 5.875533% 06-45 06-LD P7 A4 220,000 162,780 0.21USD

USA 4.375% 08-15.2.38 TBO 773,000 869,867 1.10USD

XTRA FIN. 5.15% 07-01.04.17 905,000 887,010 1.13USD

11,580,693 14.70

20.81TOTAL BONDS 16,397,232



Face Value

PREFERR. TERM XXI FRN 06-38 REGS 925,726 330,947 0.42USD


BONDS

CAYMAN ISLANDS

330,947 0.42

BARCLAYS BANK 5.926% 06-PERP 144A 925,000 258,718 0.33USD

GREAT BRITAIN

258,718 0.33

BACM 5.634% 06-10.07.46 06-4A4 500,000 386,343 0.49USD

UNITED STATES

TIME WARNER CABLE 6.2%08-01.07.13 535,000 518,978 0.66USD

905,321 1.15








ARGENTINA 1.33% 03-31.12.38 4,675,000 806,438 0.34USD


BONDS

ARGENTINA

ARGENTINA 8.28% 03-31.12.33PIK 3,155,000 1,015,244 0.44USD

1,821,682 0.78

BRAZIL 10.125% 97-27 2,500,000 3,125,000 1.33USD

BRAZIL

BRAZIL 11.00% 00-17.08.40 5,500,000 6,938,249 2.96USDBRAZIL 6% 03-15.05.15 S.B /INDEX 3,000 2,235,825 0.95BRL

BRAZIL 6.00% 06-17.01.17 2,400,000 2,376,000 1.01USD

BRAZIL 7.125% 06-20.01.37 4,700,000 4,660,050 1.99USD

BRAZIL 8.00% 05-15.01.18 4,300,000 4,665,500 1.99USDBRAZIL 8.75% 05-04.02.25GLOBAL 3,600,000 4,068,000 1.73USDEMPRESA EN.10.5% 06-19.07.13 REGS 750,000 695,625 0.30USD

28,764,249 12.26

COLOMBIA 10% 01-23.01.12 550,000 627,000 0.27USD

COLOMBIA

COLOMBIA 10.75%-15.01.13 450,000 531,450 0.23USD

COLOMBIA 7.375% 06-18.09.37 1,500,000 1,336,500 0.57USD

COLOMBIA 8.125% 04-21.05.24 1,800,000 1,791,000 0.76USDREPUBLIC OF COLUMBIA7.375% 06-27.01.17 3,425,000 3,425,000 1.46USD

7,710,950 3.29

EL SALVADOR 7.75% 02-24.01.23 REG 2,700,000 2,551,500 1.09USD

EL SALVADOR

2,551,500 1.09

RUSSIA 12.75% 98-28 REG.S 2,200,000 2,864,444 1.22USD


RUSSIA 7.50% 00-31.03.30REG/ST-UP 25,529,000 23,945,181 10.21USD

26,809,625 11.43

REP OF GEORGIA 7.5% 08-15.04.13 500,000 340,125 0.15USD

GEORGIEN

340,125 0.15

INVESTMENTS

Global Emerging Markets BondStatement of investments as at 31 March 2009 (expressed in USD)


Face Value

VEDANTA RESOURCES 9.5%08-18.07.18 1,850,000 1,165,500 0.50USD

GREAT BRITAIN

1,165,500 0.50

INDONESIA 11.625% 09-04.03.19 600,000 656,557 0.28USD

INDONESIA

INDONESIA 6.875% 08-17.01.18 4,200,000 3,400,950 1.45USDINDONESIA 8.5% 05-12.10.35REGS 2,000,000 1,712,500 0.73USD

5,770,007 2.46

IRAQ 5.80% 06-15.01.28 STEP-UP 4,950,000 2,475,000 1.06USD

IRAQ

2,475,000 1.06

LEBANON 8.25% 06-12.04.21 1,575,000 1,464,750 0.62USD

LEBANON

LEBANON 8.50% 05-19.01.16REG 900,000 897,750 0.38USD

LEBANON 9.125% 08-12.03.13 2,000,000 2,090,000 0.90USD

4,452,500 1.90

GAZPROM 5.625% 05-22.07.13REG 1,963,201 1,796,629 0.76USD

LUXEMBOURG

RSHB CAPITAL 7.125% 08-14.01.14 1,000,000 768,650 0.33USD

2,565,279 1.09

PETRONA CAPITAL 7.00% 02-22.05.12 2,100,000 2,248,911 0.96USD

MALAYSIA

2,248,911 0.96

MEXICO 6.375% 03-16.01.13 3,450,000 3,644,925 1.55USD

MEXICO

MEXICO 6.625% 03-03.03.15 1,740,000 1,831,350 0.78USD

MEXICO 7.5% 02-14.01.12 2,000,000 2,180,000 0.93USDPETROLEOS MEXICA 8% 09-03.05.19 1,600,000 1,568,000 0.67USD

9,224,275 3.93

PAKISTAN 6.875% 07-01.06.17 900,000 441,000 0.18USD

PAKISTAN

PAKISTAN 7.125% 06-31.03.16 400,000 200,263 0.09USD

641,263 0.27

PANANA 7.25% 04-15.03.15 2,000,000 2,057,400 0.88USD

PANAMA

REPUBLIC PANAMA 7.125% 05-29.01.26 2,200,000 2,084,500 0.89USD

4,141,900 1.77

PERU 7.35% 05-21.07.25 1,450,000 1,435,500 0.61USD

PERU

PERU 8.375% 04-03.05.16 925,000 1,019,813 0.43USD

PERU 9.875% 03-06.02.15 1,400,000 1,655,500 0.71USD


Face Value



REP OF PERU 6.55% 07-14.03.37 1,500,000 1,327,500 0.57USD

5,438,313 2.32

PHILIPPINES 10.625% 00-16.03.25 1,000,000 1,279,109 0.55USD

PHILIPPINES

PHILIPPINES 7.75% 06-14.01.31 4,250,000 4,313,750 1.84USD

PHILIPPINES 8.25% 03-15.01.14 4,050,000 4,546,125 1.93USDPHILIPPINES 9.375% 02-18.01.17 2,200,000 2,563,000 1.09USD

PHILIPPINES 9.875% 99-19 1,000,000 1,191,977 0.51USD

13,893,961 5.92

POLAND 5.00% 05-19.10.15 2,000,000 1,895,960 0.81USD

POLAND

1,895,960 0.81

EMPIRE CAPRES RES. PTE9.375% 06-11 1,700,000 1,424,566 0.61USD

SINGAPORE

1,424,566 0.61

SOUTH AFRICA 5.875% 07-30.05.22 875,000 783,125 0.33USD

SOUTH AFRICA

SOUTH AFRICA 7.375% 02-25.04.12 1,900,000 1,966,500 0.84USD

2,749,625 1.17

TURKEY GOVERNMENT BOND10.00% 07-15.12 S.CPI 3,700,000 2,442,869 1.04TRY

TURKEY

TURKEY 11.00% 03-14.01.13 3,350,000 3,785,500 1.60USD

TURKEY 16.00% 07-07.03.12 2,000,000 1,199,408 0.51TRY

TURKEY 6.75% 07-03.04.18 1,750,000 1,610,000 0.69USD

TURKEY 6.875% 06-17.03.36 3,330,000 2,614,050 1.11USD

TURKEY 7.00% 05-05.06.20 2,000,000 1,800,000 0.77USDTURKEY 7.00% 06-26.09.16GLOBAL 3,000,000 2,880,000 1.23USD

TURKEY 7.25% 04-15.03.15 3,250,000 3,217,500 1.37USD

TURKEY 7.375% 05-05.02.25 3,000,000 2,640,000 1.13USD

TURKEY 8% 04-14.02.34 2,450,000 2,180,500 0.93USD

TURKEY 9.00% 04-30.06.11 1,000,000 1,072,500 0.46USD

TURKEY 9.50% 03-15.01.14 2,600,000 2,853,500 1.22USD

28,295,827 12.06

CITIGROUP 0% 08-11.01.10 /USD / UYU 2,077,922 1,423,377 0.61USD

UNITED STATES

PEMEX PROJECT FUNDING6.625% 05-35 4,500,000 3,266,280 1.39USDPEMEX PROJECT 5.75% 07-01.03.18 13,125,000 10,959,375 4.67USD

15,649,032 6.67

REPUBLIC URUGUAY 7.625%06-21.03.36 2,150,000 1,741,500 0.74USD

URUGUAY

REPUBLIC URUGUAY 8.00% 05-18.11.22 3,500,000 3,150,000 1.35USDURUGUAY 7.875% 03-15.01.33PIK 600,000 504,000 0.21USD


Face Value

URUGUAY 9.25% 05-17.05.17 650,000 689,000 0.29USD

6,084,500 2.59

PETROL VENEZ 5.5% 07-12.04.37 3,500,000 1,207,500 0.51USD

VENEZUELA

PETROLEOS VENEZUELA5.25% 07-12.04.17 8,670,000 3,663,075 1.57USDPETROLEOS VENEZUELA5.375% 07-12.04.27 5,000,000 1,775,000 0.76USDVENEZUELA 5.375% 03-07.08.10 1,000,000 850,000 0.36USDVENEZUELA 5.75% 05-26.02.16REGS 4,800,000 2,280,000 0.97USD

VENEZUELA 7.00% 03-01.12.18 1,000,000 480,000 0.20USDVENEZUELA 7.00% 07-31.03.38REGS 1,500,000 633,750 0.27USD

VENEZUELA 7.65% 05-21.04.25 3,200,000 1,456,000 0.62USDVENEZUELA 8.5% 04-8.10.14GLOBAL 2,100,000 1,270,500 0.54USDVENEZUELA 9% 08-07.05.23REGS 3,450,000 1,742,250 0.74USDVENEZUELA 9.375% 04-13.01.34 1,100,000 552,750 0.24USD

15,910,825 6.78

VIETNAM 6.875% 05-15.01.16REG.S 400,000 368,996 0.16USD

VIETNAM

368,996 0.16

REPUBLIC SERBIA 3.75% 04-24STEP-UP 1,150,000 747,500 0.32USD

YOUGOSLAVIA

747,500 0.32

82.35TOTAL BONDS 193,141,871



Face Value

INDONESIA 10.375% 09-04.05.14 2,000,000 2,117,634 0.90USD


BONDS

INDONESIA


7,682,618 3.28

MAJAPAHIT HOLDING 7.25%07-28.06.17 2,675,000 1,859,245 0.79USD

NETHERLANDS

MAJAPAHIT HOLDING 7.75%06-16 REGS 1,900,000 1,375,649 0.59USDMAJAPAHIT HOLDING 7.875%07-37 REG 500,000 285,837 0.12USD

RUBRIKA BV 8.98% 07-28.04.09 800,000 600,000 0.26USD

4,120,731 1.76



PANAMA 6.7% 06-26.01.36 1,525,000 1,338,188 0.57USD

PANAMA

1,338,188 0.57

PANAMA CAN 7.00% 07-01.11.26 REGS 1,400,000 700,000 0.30USD

UNITED STATES

700,000 0.30

CITIC RES.6.75% 07-15.5.2014 1,650,000 1,254,000 0.53USD

VIRGIN ISLANDS

1,254,000 0.53

6.44TOTAL BONDS 15,095,537



Face Value

BLUE CITY 13.75% 06-13 REG -B1- 3,000,000 660,000 0.28USD


BONDS

CAYMAN ISLANDS

PETROBRAS INTERNATIONAL7.875% 09-15.03.19 2,200,000 2,266,480 0.97USD

2,926,480 1.25

COLOMBIA 7.375% 09-18.03.19 125,000 124,500 0.05USD

COLOMBIA

124,500 0.05

INDEPENDENT PAR. FRN 08-15.12.09/PIK 2,400,000 192,000 0.08USD

GREAT BRITAIN

STANDARD BANK FRN 07-15.11.12 2,300,000 1,564,000 0.67USD

1,756,000 0.75

AEROMEXICO SERIES 2007-1 1,800,000 1,530,000 0.65USD

MEXICO

1,530,000 0.65

PEROU 7.125% 09-30.03.19 1,000,000 1,003,660 0.43USD

PERU

1,003,660 0.43

PHILIPPINES 8.375% 09-17.06.19 4,500,000 4,882,500 2.09USD

PHILIPPINES

4,882,500 2.09

EXPORT-IMPORT BANK OFKOREA 8.125% 21.01.14 1,900,000 1,959,905 0.84USD

SOUTH KOREA

KOREA DEVELOPMENT BANK8% 09-23.01.14 2,500,000 2,566,425 1.09USD

4,526,330 1.93

VENEZUELA 9.25% 08-07.05.28REG 6,925,000 3,407,100 1.45USD

VENEZUELA

3,407,100 1.45

8.60TOTAL BONDS 20,156,570

TRANS. INTERM. 06-01.06.16WRT /SHS 500 5 0.00USD


COLOMBIA

5 0.00

0.00TOTAL WARRANTS / EQUITY LINKED SECURITIES 5



Face Value






BRAZIL 10% 06-1.1.14 S.F 3,600 1,441,081 3.23BRL


BONDS

BRAZIL

1,441,081 3.23

COLUMBIA 12.00% 05-22.10.15 4,650,000,000 2,024,573 4.54COP

COLOMBIA

2,024,573 4.54

HUNGARY 6% 07-24.10.12SERIE C 100,000,000 349,130 0.78HUF

HUNGARY

HUNGARY 6.25% 07-24.8.1010/D 155,000,000 616,202 1.38HUFHUNGARY 6.5% 08-24.6.19S.19/A 100,000,000 293,314 0.66HUF

HUNGARY 6.75% 06-24.2.17 S.B 330,000,000 1,056,549 2.37HUFHUNGARY 6.75% 08-22.04.11S.C 139,000,000 537,928 1.21HUF

HUNGARY 8% 04-12.2.15 S.-A- 150,000,000 528,830 1.19HUF

3,381,953 7.59

INDONESIA 11% 03-12.S.FR0023

10,000,000,000 854,169 1.92IDR

INDONESIA

INDONESIA 12.9%06-15.6.22FR35 5,000,000,000 433,690 0.97IDRINDONESIA 9% 08-15.9.13FR0049

29,500,000,000 2,324,240 5.22IDR

3,612,099 8.11

MALAYSIA 3.7% 07-13S.0507 3,000,000 824,294 1.85MYR

MALAYSIA

MALAYSIA 3.814% 07-17 S.0207 2,500,000 669,077 1.50MYR

MALAYSIA 5.094% 04-30.04.14 5,500,000 1,600,716 3.59MYR

3,094,087 6.94

MEXICO 7.25% 07-15.12.16 50,000 340,392 0.76MXN

MEXICO

MEXICO 8% 03-19.12.13SR131219 708,550 5,094,652 11.44MXN

5,435,044 12.20

REP OF PERU 12.25% 04-10.8.11 1,500,000 543,817 1.23PEN

PERU

REP PERU 7.84% 05-12.08.20 1,500,000 518,882 1.16PEN

INVESTMENTS

Global Emerging Markets Local DebtStatement of investments as at 31 March 2009 (expressed in USD)


Quantity/FaceValue

REPUBLIC PERU 8.6%05-12.8.17 1,000,000 366,099 0.82PEN

1,428,798 3.21

POLAND 4.75%07-25.4.12PS0412 6,000,000 1,626,451 3.65PLN

POLAND

POLAND 5% 02-24.10.13DS1013 1,000,000 269,079 0.60PLNPOLAND 5.25%06-25.10.17DS1017 1,300,000 341,501 0.77PLNPOLAND 5.25%07-25.4.2013S0413 1,900,000 518,280 1.16PLN

POLAND 5.75% 01-23.9.22 1,300,000 343,454 0.77PLN

POLAND 5.75% 04-10 PS0310 1,700,000 480,791 1.08PLNPOLAND 6.25% 04-24.10.15 DS1015 2,000,000 566,231 1.27PLN

4,145,787 9.30

SOUTH AFRICA 13.5%94-15LOAN157 5,000,000 654,118 1.47ZAR

SOUTH AFRICA

654,118 1.47

THAILAND GOV 4.25% 07-13 35,000,000 1,061,666 2.38THB

THAILAND

THAILAND GOV 5.125% 07-13.3.18 32,000,000 1,021,317 2.29THB

2,082,983 4.67

TURKEY GOVERNMENT BOND10.00% 07-15.12 S.CPI 1,381,000 911,784 2.05TRY

TURKEY

TURKEY GOVERNMENT BOND14.00% 07-26.09.12 500,000 282,074 0.63TRY

TURKEY 0% 08-14.04.10 3,350,000 1,733,227 3.89TRY

TURKEY 0% 08-23.6.10 3,500,000 1,763,711 3.96TRY

TURKEY 12% 08-14.8.13/CPI 400,000 238,563 0.54TRY

TURKEY 14% 06-19.01.11 1,500,000 879,112 1.97TRY

TURKEY 16.00% 07-07.03.12 910,000 545,731 1.22TRY

6,354,202 14.26

CITIGROUP 0% 08-11.01.10 /USD / UYU 883,117 604,935 1.36USD

UNITED STATES

604,935 1.36

76.88TOTAL BONDS 34,259,660



Quantity/FaceValue

BRAZIL 6% 07-15.5.17 IPCA-IDX 3,000 2,211,170 4.96BRL


BONDS

BRAZIL

2,211,170 4.96



INDONESIA 10.375% 09-04.05.14 1,250,000 1,323,521 2.97USD

INDONESIA

1,323,521 2.97

MALAYSIA3.833%01-28.9.1101/01 5,500,000 1,546,020 3.47MYR

MALAYSIA

1,546,020 3.47

11.40TOTAL BONDS 5,080,711



Quantity/FaceValue

JP MORGAN 6% 07-12INT.USD/REGS 8,000,000 148,918 0.33PHP


BONDS

UNITED STATES

JP MORGAN 8% 07-9.7.12/INT.USD 21,500,000 401,637 0.91INR

550,555 1.24



CALL EUR/USD SPOT -CROSSRATES 22/06/09 1.4 1,785,714 34,521 0.07EUR


OPTIONS

GREAT BRITAIN

CALL EUR/USD SPOT -CROSSRATES 22/06/2009 1.45 (1,724,138) (18,757) (0.04)EURPUT USD/BRL SPOT - CROSS08/04/2009 2.3 1,000,000 6,877 0.02USDPUT USD/ILS SPOT - CROSSRATES 16/04/2009 4.1 2,500,000 7,699 0.02USD

30,340 0.07

CALL USD/JPY SPOT - CROSS27/05/2009 100 2,000,000 31,938 0.07USD

JAPAN

31,938 0.07

PUT USD/AUD SPOT CROSS07/05/09 1.43 5,000,000 56,350 0.13AUD

SWITZERLAND

56,350 0.13

0.27TOTAL OPTIONS 118,628

0.27TOTAL FINANCIAL INSTRUMENTS 118,628






CWCI 06-15.08.48 06-C1 A2 900,000 759,436 0.96USD


BONDS

CAYMAN ISLANDS

759,436 0.96

KFW 4.125% 04-15.10.14 GLOB. 1,500,000 1,548,720 1.96USD

GERMANY

1,548,720 1.96

NETWORK RAILWYINFRASTRUCTURE 5.25% 06-09.05.11 2,500,000 2,658,096 3.36USD

GREAT BRITAIN

2,658,096 3.36

CAIRN MEZZ.FRN 07-47 07-3AB1 DEFLT 605,000 - 0.00USD

IRELAND

- 0.00

BEI 4.625% 04-15.5.14 EMTN 1,000,000 1,075,150 1.36USD

LUXEMBOURG

1,075,150 1.36

AOL TIME WARNER 6.875% 02-01.05.12 500,000 509,734 0.64USD

UNITED STATES

AOL TIME 7.70% 02-01.05.32 400,000 359,982 0.46USDBEAR STEARNS 4.5% 03-10GLOBAL 450,000 447,086 0.57USDBELLSOUTH TELEC. 7.00% 95-01.12.95 700,000 549,781 0.70USDBURL.NORTHERN 5.65% 07-01.05.17 350,000 341,832 0.43USDCARAT FRN -20.03.10 06 - SN1A A4B 521,375 517,953 0.66USDCITIGROUP INC. 6.5% 08-19.08.13 150,000 139,920 0.18USDCOMMERCIA MTG FRN 06-20FL12 A2 1,036,546 731,029 0.92USDCWL 5.753% 06-25.07.27 06-S2A5 794,892 292,868 0.37USD

DMSI FRN 06-35 2005-WF1 1A1 426,675 421,637 0.53USDDOMINION RES 6.4% 08-15.06.18 200,000 203,324 0.26USDFLORIDA POWER CORP. 5.65%08-18 550,000 578,957 0.73USDFREDDIE MAC 5.125% 07-17.11.17 2,500,000 2,791,634 3.54USDGCCFC FRN 06-10.07.38 06-GG7 A2 520,000 468,386 0.59USD

INVESTMENTS

US Dollar Core Plus BondStatement of investments as at 31 March 2009 (expressed in USD)


Face Value

GE BUS.FRN06-15.11.34 06-2AA 946,998 643,081 0.81USDGLAXOSMITHKL 4.85% 08-15.05.13 250,000 260,319 0.33USD

KROGER CO. 5.00% 08-15.04.13 200,000 200,358 0.25USDMARTIN MARIETTA FRN 07-30.04.10 400,000 374,740 0.47USDMIDAMERICAN ENERGY 5.95%07-17 2,500,000 2,562,955 3.25USDMORGAN STANLEY 5.61% 07-49 07-IQ14-A2 1,060,000 859,887 1.09USDMORGAN STANLEY 6% 08-28.10.08 435,000 409,776 0.52USDNCSLT FRN 06-25.09.19 2006-03 A1 454,111 425,445 0.54USD

SLM PR CR FRN 06-20 06-B A1 966,156 918,150 1.16USD

SLM ST LN FRN 05-23 S05-09 A-4 1,050,000 1,015,219 1.28USD

SLM ST.LN FRN 06-16 06-07 A2 425,861 425,195 0.54USDSLM STU FRN 05-26.04.21 05-04A2 380,000 363,494 0.46USDSLM STU FRN 06-25.4.17 06-9A2 187,880 186,412 0.24USDTIME WARNER 7.3% 08-01.07.38 525,000 466,686 0.59USDVERIZON COMMUNICATION6.1% 08-15.04.18 1,000,000 999,536 1.26USDVERIZON PENNSYLVANIA5.65% 01-15.11.11 500,000 506,573 0.64USDWELLS FARGO FINANCE 5.5%02-12 825,000 798,471 1.01USD

19,770,420 25.02

32.66TOTAL BONDS 25,811,822



Face Value

PREFERR. TERM XXII TV 06-36144A 579,613 208,661 0.26USD


BONDS

CAYMAN ISLANDS

208,661 0.26

VIVENDI 5.75% 08-04.04.13144A 250,000 233,222 0.30USD

FRANCE

233,222 0.30

ABFC 3.684% 05-33 03-AHL1 A1 255,011 215,245 0.27USD

UNITED STATES

AMER EXP CENT 5.95% 07-12.06.17 500,000 416,661 0.53USDAMER HONDA 4.625% 08-02.04.13 200,000 182,043 0.23USDAMERICAN AIRLINES 6.978%02-01.04.11 283,872 249,808 0.32USDAMERICAN AIRLINES7.858%01-11-A2S01-2 900,000 729,000 0.92USD

AT&T INC. 5.50% 08-02.01.18 600,000 584,370 0.74USD

BEAR ST. 6.95% 07-10.08.12 800,000 814,146 1.03USD

BOAMS FRN 06-35 05-D 2A4 691,336 634,236 0.80USDBURLINGTON 4.83% 05-01.15.23 499,502 472,494 0.60USD

CAP 1 P 4.99% 06-15.09.10 A-3 175,001 175,383 0.22USD



CAPITAL AU FRN 07-10 07 -SN1A3B 461,513 450,696 0.57USDCARAT 5.38% 07-10 07-SN1A3A 396,559 391,726 0.50USDCARGILL 5.60% 07-15.09.12144A 475,000 471,982 0.60USDCARMX FRN 08-15.09.11 08-02A2B 1,360,599 1,322,759 1.67USDCGCMT 5.378% 06-49 2006-C5A2 950,000 825,381 1.04USDCHICAGO IL 6.89908-01.12.40PF-A 650,000 644,969 0.82USDCIT. DT 5.205% 07-49 07-CD4A2B 900,000 743,663 0.94USD

CLOROX CO. 5.45% 07-15.10.12 500,000 515,615 0.65USDCOMM MTG FRN 05-01.05.43LP5 AJ 1,150,000 509,600 0.64USDCOMMONWEALTH EDISON6.45% 08-38 550,000 504,231 0.64USDCONTL AIR PT. 5.983% 07-22CI-A 600,000 444,000 0.56USDCOUNTRYW. HOM. 4% 04-22.03.11 EMTN 850,000 761,631 0.96USDCWL 5.804% 06-25.07.34 06-S4A3 557,193 186,311 0.24USD

DPABS 5.261% 07-37 2007-1 A2 800,000 425,250 0.54USDDUANE FRN 07-14.11.21 2007-4A C 650,000 78,000 0.10USDELECTRON.DATA 6.5%03-01.08.13-B- 350,000 375,617 0.48USDFHLM 5.50% 06-15.09.36 3212BK 600,000 628,696 0.80USDFHLMC 4.14% 04-01.12.34P.1B2655 205,550 210,522 0.27USDFHLMC 5.359% 07-01.07.34P.847557 425,558 433,087 0.55USDFHLMC 6.582% 06-01.06.36P1J1313 537,945 554,978 0.70USD

FHLMC 8.00% 00-01.02.30 154,473 166,276 0.21USDFHLMC 8.00% 00-01.04.30POOL C00972 69,087 74,365 0.09USDFIRST TENNESSEE FRN04-17.12.09 100,000 99,413 0.13USDFNMA (30Y) 6.00% 07-01.06.37P.GO2981 607,876 635,135 0.80USDFNMA 5.5% 08-01.11.38P.889982 2,501,735 2,594,378 3.28USDFNMA 5.933% 07-01.03.37P.922090 172,687 179,965 0.23USDFNMA 6.303% 06-01.06.36P.896286 600,516 626,689 0.79USD

GCCCFC FRN 06-16 06-GG7 A4 800,000 569,513 0.72USDGMAC MTG 5.805% 06-36/06-HE3-A3 480,000 134,250 0.17USDHONEYWELL INTERNATIONAL5.30% 08-01.03.18 450,000 460,330 0.58USDHYUNDAI 4.16% 08-11 2008-AA2 831,213 833,031 1.05USDRAST TV 03-25.02.34 03-A151A2 836,510 683,542 0.86USDRFMS2 FRN 06-25.02.36 06-HSA1 A5 367,249 107,076 0.14USDSTH CAROLINA FRN 08-14 08-01 A1 556,514 552,514 0.70USDTIME WARNER ENTMT. 8.375%93-23 525,000 511,336 0.65USDTRANSCONT GAS 6.05% 08-15.06.18 350,000 327,336 0.41USD

UNION PAC. 5.082% 05-01.02.29 482,628 474,143 0.60USD

UNION PAC. 5.75% 07-15.11.17 800,000 771,107 0.98USD

USA 3.375% 08-31.07.13 TBO 490,000 528,664 0.67USD

USA 3.75% 08-15.11.18 TBO 3,100,000 3,365,923 4.25USD


Face Value

USA 4% 08-15.08.18 S.E - 2018 800,000 885,625 1.12USD

USA 4.375% 08-15.2.38 TBO 930,000 1,046,541 1.32USDWAL-MART STORES 6.50%07-15.08.37 1,250,000 1,294,016 1.64USDWAMU 5.303% 06-43 2006-SL11A 668,344 367,589 0.47USD

XEROX CORP. TV 06-18.12.09 300,000 291,751 0.37USD

XTRA FIN. 5.15% 07-01.04.17 1,000,000 980,122 1.24USD

33,512,730 42.40

42.96TOTAL BONDS 33,954,613



Face Value

BARCLAYS BANK 5.926% 06-PERP 144A 400,000 111,878 0.14USD


BONDS

GREAT BRITAIN

111,878 0.14

COVIDIEN INTERNATIONAL5.45% 08-15.10.12 400,000 410,185 0.52USD

LUXEMBOURG

410,185 0.52

BANK AMERICA 4.9% 08-01.05.13 850,000 764,974 0.97USD

UNITED STATES

COPAR FRN 05-15.04.11 05-01A4 223,201 220,969 0.28USD

FHR TV 05-15.06.35 2988 AF 699,590 677,746 0.86USDSTETE CONNECTICUT 5% 08-15.04.18 300,000 342,333 0.43USD

2,006,022 2.54








NETHERLANDS 0% 08-31.03.09(RBG) 1,000,000 999,992 1.77EUR


BONDS

NETHERLANDS

999,992 1.77


1.77TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 999,992

INVESTMENTS

Euro ReserveStatement of investments as at 31 March 2009 (expressed in EUR)


Face Value

SUN MET CORP. 0% 09-9.4.09CP 500,000 499,883 0.89EUR


COMMERCIAL PAPER

AUSTRALIA

499,883 0.89

DSK BK 0% 09-14.04.09 CP 500,000 499,777 0.89EUR

DENMARK

499,777 0.89

POHJOLA BK 0% 09-17.04.09CP 500,000 499,724 0.88EUR

FINLAND

POHJOLA BK 0% 09-27.04.09CP 500,000 499,569 0.89EUR

999,293 1.77

ANTA 0% 09-16.04.09 CP 1,000,000 999,423 1.77EUR

FRANCE

CDF NBSO 0% 09-30.04.09 CP 600,000 599,451 1.06EUR

ELIOPEE 0% 09-9.04.09 CP 2,500,000 2,499,632 4.44EUR

LMA 0% 09-27.04.09 CP 1,000,000 999,142 1.77EUR

5,097,648 9.04

LBK BW LN 0% 09-27.04.09 CP 500,000 499,494 0.89EUR

GREAT BRITAIN

LLOYDS 0% 09-16.04.09 CP 500,000 499,747 0.88EUR

999,241 1.77

MATCHPOINT FIN 0% 09-20.04.09 CD 500,000 499,642 0.89EUR

IRELAND

499,642 0.89

15.25TOTAL COMMERCIAL PAPER 8,595,484

BELGIUM 0% 08-14.05.09 CT 1,500,000 1,497,771 2.66EUR

TREASURY BILLS

BELGIUM

BELGIUM 0% 08-16.04.09 CT 6,500,000 6,495,912 11.52EUR

BELGIUM 0% 08-18.6.09 TB 4,000,000 3,992,685 7.08EUR

11,986,368 21.26

FRANCE 0% 08-07.05.09 BTF 2,000,000 1,996,406 3.54EUR

FRANCE

FRANCE 0% 08-09.04.09 BTF 3,195,000 3,192,764 5.67EUR

FRANCE 0% 08-20.05.09 BTF 1,200,000 1,198,818 2.13EUR

FRANCE 0% 09-11.06.09 BTF 2,000,000 1,997,117 3.54EUR

FRANCE 0% 09-14.05.09 BTF 1,000,000 998,781 1.77EUR

FRANCE 0% 09-18.06.09 BTF 2,000,000 1,992,444 3.53EUR

FRANCE 0% 09-25.06.09 BTF 10,000,000 9,983,546 17.72EUR

21,359,876 37.90

ITALY 0% 08-15.04.09 BOT 1,600,000 1,599,367 2.84EUR

ITALY

ITALY 0% 08-29.05.09 BOT 500,000 498,001 0.88EUR

ITALY 0% 08-30.06.09 BOT 1,500,000 1,492,821 2.65EUR

3,590,189 6.37

NETHERLAND 0% 08-29.05.09TB 2,000,000 1,996,796 3.54EUR

NETHERLANDS

1,996,796 3.54

PORTUGAL 0% 08-17.07.09 TB 1,000,000 988,009 1.75EUR

PORTUGAL

PORTUGAL 0% 08-18.09.09 TB 1,000,000 981,931 1.74EUR

1,969,940 3.49

72.56TOTAL TREASURY BILLS 40,903,169

BNP PARIBAS 0% 09-05.05.09CD 1,000,000 999,029 1.77EUR


FRANCE

BRED EO + 0.02% 09-02.04.09CD 500,000 500,000 0.89EURDEXIA CLF EO + 0.43 09-24.03.09 CD 500,000 500,000 0.89EURDEXIA CLF EO+ 0.38 09-27.04.09 CD 700,000 700,000 1.24EUR

HSBC 0% 09-05.04.09 CD 1,500,000 1,497,895 2.66EUR

SOCGEN 0% 09-04.06.09 CD 500,000 498,830 0.88EUR

4,695,754 8.33

BARCLAYS 0% 09-16.04.09 CD 500,000 499,794 0.89EUR

GREAT BRITAIN

RBS 0% 09-30.06.09 CP 800,000 797,038 1.41EUR

1,296,832 2.30

UNICREDIT 0% 09-31.03.09 CD 500,000 500,000 0.89EUR

ITALY


Face Value



UNICREDIT 0% 09-9.04.09 CD 1,000,000 999,755 1.77EUR

1,499,755 2.66




Face Value


(2.87)OTHER NET ASSETS LESS LIABILITIES (1,619,349)




BHF BK CERT 07-19.06.09/DAX 7,900 233,682 3.49EUR



GERMANY

BHVB 08-24.6.09 WRT/SX5E 17,000 290,700 4.34EURBNPP M&HA07-25.6.9CERT/DJEURO 41,900 615,092 9.18EUR

CITI 08-23.6.09 CERT /SX5E 11,500 195,845 2.92EUR

COMZBK 30.9.09 CERT/NIKKEI 125,000 661,250 9.87EUR

DEKABK PERP CERT/SX5E 9,000 140,580 2.10EURDEUT BK 08-30.12.09 CERT/DAX 8,700 292,668 4.37EUR

DZ BK 28.12.09 CERT/EX5E 28,200 325,428 4.86EUR

HSBC T&B 28.12.09 CERT/DAX 26,400 656,832 9.80EUR

LBK BW 26.02.10 CERT/ DAX 11,500 302,220 4.51EURSOCGEN EFF 08-26.06.09WT/GS5Y 5,000 600,850 8.97EUR

WESTLB 08-28.12.09 CERT/ESX 14,000 238,420 3.56EUR

WGZ BK 11.12.09 CERT/DAX 11,350 312,806 4.67EUR

4,866,373 72.64

CS LN 08-24.6.09 CERT/SX5E 180 307,224 4.58EUR

GREAT BRITAIN

UBS LN 26.6.09 CERT/SX5E 15,900 233,571 3.49EUR

540,795 8.07

ABN 22.09.09 CERT/SX5E 25,500 320,535 4.78EUR

NETHERLANDS

320,535 4.78



INVESTMENTS

Global Discount Structures (formerly GlobalDiscount Certificates)Statement of investments as at 31 March 2009 (expressed in EUR)


DEUT BK 08-PERP CERT/SX5E 8,800 156,640 2.34EUR



GERMANY

156,640 2.34

ING NV 2.7.09 CERT/DAX 90 294,180 4.39EUR

NETHERLANDS

294,180 4.39









CREDIT AGR 0% 09-29.04.09CP 1,200,000 1,198,201 2.40EUR


COMMERCIAL PAPER

BELGIUM

1,198,201 2.40

BFCM 0% 09-11.05.09 CP 1,000,000 998,016 2.00EUR

FRANCE

BFCM 0% 09-18.5.09 CP 600,000 598,709 1.20EUR

CDF NATB 0% 09-06.04.09 CP 1,100,000 1,099,771 2.20EUR

CDF 0% 09-03.06.09 CP 500,000 498,866 1.00EUR

CDF 0% 09-08.06.09 CP 500,000 498,854 1.00EUR

CDF 0% 09-18.05.09 CP 600,000 598,815 1.20EUR

CDF 0% 09-18.5.09 CP 600,000 598,852 1.20EUR

CDN 0% 09-27.04.09 450,000 449,619 0.90EUR

CNCEP 0% 09-29.6.10 CP CDN 1,500,000 1,496,072 2.98EUR

HSBC FR 0% 09-11.6.09 CP 1,000,000 997,846 2.00EUR

7,835,420 15.68

RBS 0% 09-11.6.09 CP 1,000,000 996,738 1.99EUR

GREAT BRITAIN

996,738 1.99

SANTANDER COM 0% 08-14.4.09 CP 2,000,000 1,997,945 4.00EUR

SPAIN

1,997,945 4.00

24.07TOTAL COMMERCIAL PAPER 12,028,304

FRANCE 0% 08-07.05.09 BTF 1,200,000 1,199,220 2.40EUR

TREASURY BILLS

FRANCE

FRANCE 0% 08-19.11.09 BTF 2,140,000 2,129,835 4.26EUR

FRANCE 0% 08-20.05.09 BTF 1,000,000 999,050 2.00EUR

FRANCE 0% 08-23.4.09 BTF 3,000,000 2,998,650 6.00EUR

FRANCE 0% 08-24.09.09 BTF 1,000,000 996,550 1.99EUR

FRANCE 0% 08-27.8.09 BTF 1,750,000 1,745,013 3.49EUR

FRANCE 0% 09-11.02.10 BTF 1,000,000 993,450 1.99EUR

FRANCE 0% 09-14.01.10 BTF 3,500,000 3,479,524 6.96EUR

FRANCE 0% 09-16.4.09 BTF 1,500,000 1,499,475 3.00EUR

FRANCE 0% 09-17.12.09 BTF 1,000,000 994,350 1.99EUR

INVESTMENTS

Halbis Global MacroStatement of investments as at 31 March 2009 (expressed in EUR)


Quantity/FaceValue

FRANCE 0% 09-22.10.09 BTF 3,000,000 2,987,550 5.98EUR

20,022,667 40.06


BFCM 0% 09-4.6.09 CD 400,000 398,964 0.80EUR


FRANCE

BNPP PARIS.0% 09-18.5.09 CD 600,000 598,992 1.20EUR

BNPP 0% 09-19.6.09 CD 500,000 498,947 1.00EUR

DEXIA CLF 0% 09-06.04.09 CD 1,100,000 1,099,741 2.20EUR

DEXIA CLF 0% 09-20.04.09 CD 500,000 499,673 1.00EUR

HSBC FR 0% 09-25.05.09 CD 2,000,000 1,995,707 3.99EUR

NATIXIS 0% 09-20.04.9 CD 500,000 499,689 1.00EUR

NATIXIS 0% 09-27.4.09 CD 450,000 449,612 0.90EUR

SOCGEN 0% 09-20.4.09 CD 700,000 699,303 1.40EUR

6,740,628 13.49

CAYLON 0% 09-11.05.09 CD 500,000 499,149 1.00EUR

GREAT BRITAIN

LLOYDS BANKING 0% 9-11.6.09CD 1,000,000 1,000,000 2.00EUR

1,499,149 3.00

BNPP AR 0% 09-20.04.09 CD 1,400,000 1,398,630 2.80EUR

NETHERLANDS

1,398,630 2.80


CALL S&P 500 INDICES18/04/2009 815 40 47,539 0.09USD

OPTIONS

UNITED STATES

CALL S&P 500 INDICES18/04/2009 870 (40) (10,880) (0.02)USD

36,659 0.07




Quantity/FaceValue






LONZIM PLC 1,050,000 491,054 0.19GBP


SHARES

ISLE OF MAN

491,054 0.19


ARGENTINA 9% 00-03/FLAT*OPE* 3,382,000 268,575 0.11EUR

BONDS

ARGENTINA

ARGENTINA11%98-05 XWFLAT*OPE* 2,000,000 240,000 0.09USDARGENTINA(12% PIK)-31FLAT*OPE* 1,000,000 127,200 0.05USDARGENTINA15.5%08GL.FLAT/DEFAU. 5,000,000 631,250 0.25USD

1,267,025 0.50

BRAZIL 10% 06-1.1.14 S.F 5,400 2,161,621 0.85BRL

BRAZIL

EMPRESA EN.10.5% 06-19.07.13 REGS 1,225,000 1,136,188 0.45USD

3,297,809 1.30

PARKSON RETAIL 7.125% 07-12 1,500,000 1,215,000 0.48USD

CAYMAN ISLANDS

PETROL.EXP 5.265% 05-11 C1A-S 567,151 479,396 0.19USD

1,694,396 0.67

TRANSGAS OCCID.9.79%95-10144A 205,784 209,900 0.08USD

COLOMBIA

209,900 0.08

XXI CENTURY INVESTMENTS10.00% 07-24.05.10 400,000 16,000 0.01USD

CYPRUS

16,000 0.01

CESPM FRN 08-27.12.2010LOAN 2,457,073 2,457,073 0.97USD

DOMINICAN REPUBLIC

CESPM 8.5% 08-27.12.10 LOAN 2,457,073 2,457,073 0.96USD

4,914,146 1.93

INVESTMENTS

New World IncomeStatement of investments as at 31 March 2009 (expressed in USD)


Quantity/FaceValue

RUSSIA 7.50% 00-31.03.30REG/ST-UP 15,268,400 14,321,148 5.63USD


14,321,148 5.63

DOMAS AGR FRN 08-24.10.12LOAN 939,294 727,953 0.29USD

FRANCE

727,953 0.29

ROYAL BK SCOT. 10% 07-10EMTN 750,000 300,000 0.12USD

GREAT BRITAIN

STANDARD BK FRN 07-19.10.19 900,000 906,390 0.36USDSTANDARD BK TV 07-19.10.09EMTN 1,200,000 1,208,520 0.47USDSTANDARD BK 9% 07-15.8.12CV 1,500,000 600,000 0.24USDVEDANTA RESOURCES 9.5%08-18.07.18 4,225,000 2,661,750 1.04USD

5,676,660 2.23

INDONESIA 10.375% 09-04.05.14 1,000,000 1,045,000 0.41USD

INDONESIA


9,659,457 3.80

IRAQ 5.80% 06-15.01.28 STEP-UP 6,300,000 3,150,000 1.24USD

IRAQ

3,150,000 1.24

TENGIZCH.6.124%4-15.11.14/REGS 2,829,000 2,180,658 0.86USD

KAZAKHSTAN

2,180,658 0.86

UBS LUX.8.375%04-22.10.11REGS 3,400,000 2,897,888 1.14USD

LUXEMBOURG

2,897,888 1.14

EMPIRE CAPRES RES. PTE9.375% 06-11 1,590,000 1,332,388 0.52USD

SINGAPORE

1,332,388 0.52

TURKEY GOVERNMENT BOND10.00% 07-15.12 S.CPI 8,600,000 5,678,020 2.23TRY

TURKEY

TURKEY 16.00% 07-07.03.12 7,750,000 4,647,707 1.83TRY

10,325,727 4.06

CITIGROUP 0% 08-11.01.10 /USD / UYU 2,649,351 1,814,805 0.71USD

UNITED STATES

CONCOURSE PWR 0% 08-PERP LOAN 176,628 105,977 0.04USDINDEPENDENCIA FRN08-5.3.09/PIK 2,400,000 192,000 0.08USD


Quantity/FaceValue



INDEPEND.PART 08-26.6.09/PIK 1,839,344 147,148 0.06USDPEMEX PROJ FRN 04-15.6.10REG 4,000,000 3,840,000 1.50USDPEMEX PROJECT 5.75% 07-01.03.18 17,000,000 14,195,000 5.57USDSALTA HYDROC.11.55% 05-15/144A 4,612,651 3,344,172 1.32USD

TRIL 0% 07-22.6.12 2,000,000 860,000 0.34USD

24,499,102 9.62

REPUBLIC URUGUAY 7.625%06-21.03.36 4,170,000 3,377,700 1.33USD

URUGUAY

3,377,700 1.33

PETROLEOS VENEZUELA5.25% 07-12.04.17 16,950,000 7,161,375 2.82USD

VENEZUELA

VENEZUELA 6% 05-09.12.20REGS 3,000,000 1,275,000 0.50USDVENEZUELA 9% 08-07.05.23REGS 5,000,000 2,525,000 0.99USD

10,961,375 4.31

39.52TOTAL BONDS 100,509,332

TURKISH INVESTM.FD INC. 10,000 48,100 0.02USD

INVESTMENT FUNDS

UNITED STATES

48,100 0.02


ISHARES MSCI BRAZIL /INDEXFD 36,000 1,339,920 0.53USD


UNITED STATES

ISHARES MSCI EMERGINGMARKET INDEX 508,000 12,334,240 4.85USD

13,674,160 5.38




Quantity/FaceValue

BRAZIL 6% 07-15.5.17 IPCA-IDX 7,000 5,159,396 2.03BRL


BONDS

BRAZIL

5,159,396 2.03

INDONESIA 10.375% 09-04.05.14 10,275,000 10,879,345 4.27USD

INDONESIA

10,879,345 4.27

MAJAPAHIT HLDG 7.25%06-11REG.S 1,500,000 1,381,175 0.55USD

NETHERLANDS

RUBRIKA BV 8.98% 07-28.04.09 1,200,000 900,000 0.35USD

2,281,175 0.90

PEMEX PROJ FRN 04-15.6.10144A 704,000 675,840 0.27USD

UNITED STATES

675,840 0.27

FERTINITRO 8.29% 98-01.04.20REG 1,990,000 776,100 0.31USD

VENEZUELA

776,100 0.31

CITIC RES.6.75% 07-15.5.2014 3,750,000 2,850,000 1.12USD

VIRGIN ISLANDS

2,850,000 1.12

8.90TOTAL BONDS 22,621,856



Quantity/FaceValue

CHINA HYDRO CORPPREF./RESTR 2,275 2,275,000 0.89USD


SHARES

CAYMAN ISLANDS

CHINA HYDROELECTRIC CORP 1,750 1,750,000 0.69USD

4,025,000 1.58


BLUE CITY 13.75% 06-13 REG -B1- 7,900,000 1,738,000 0.68USD

BONDS

CAYMAN ISLANDS

1,738,000 0.68

INDEPENDENT PAR. FRN 08-15.12.09/PIK 3,100,000 248,000 0.10USD

GREAT BRITAIN

STANDARD BANK FRN 07-15.11.12 3,200,000 2,176,000 0.85USD

2,424,000 0.95

AEROMEXICO SERIES 2007-1 2,500,000 2,125,000 0.84USD

MEXICO

2,125,000 0.84

CITIGROUP FNDG FRN 06-4.10.11 1,044,776 976,552 0.38USD

UNITED STATES

SALTA HYD.ROY.11.55% 01-15REG 2,398,219 1,780,677 0.71USD

2,757,229 1.09



FERTINITRO FINANCE 8.29%98-20 144A 700,000 273,000 0.11USD

VENEZUELA

273,000 0.11




Quantity/FaceValue

USA 0% 08-09.04.09 TB 13,000,000 12,999,896 5.11USD


TREASURY BILLS

UNITED STATES

USA 0% 08-14.5.09 TB 20,000,000 19,997,020 7.86USD

32,996,916 12.97


CALL EUR/USD SPOT -CROSSRATES 22/06/09 1.4 5,357,143 103,562 0.04EUR

OPTIONS

GREAT BRITAIN

CALL EUR/USD SPOT -CROSSRATES 22/06/2009 1.45 (5,172,414) (56,271) (0.02)EURPUT USD/BRL SPOT - CROSS08/04/2009 2.3 4,000,000 27,506 0.01USDPUT USD/ILS SPOT - CROSSRATES 16/04/2009 4.1 7,500,000 23,098 0.01USD

97,895 0.04

CALL USD/JPY SPOT - CROSS27/05/2009 100 8,000,000 127,751 0.05USD

JAPAN

127,751 0.05

PUT CDX EMERGING SERIES10 15/04/2009 84.70 (10,000,000) (173,717) (0.07)USD

LUXEMBOURG

(173,717) (0.07)

PUT USD/AUD SPOT CROSS07/05/09 1.43 5,000,000 56,350 0.02AUD

SWITZERLAND

56,350 0.02

CALL ISHARES/MSCIEMERG.MKT INDX 18/04/200926 (1,128) (64,296) (0.03)USD

UNITED STATES

CALL ISHARES/MSCIEMERG.MKT INDX 20/06/200925 1,446 289,200 0.12USDPUT ISHARES/MSCIEMERG.MKT INDX 18/04/200924 2,000 226,000 0.09USDPUT USA 2.75% 09-15/02/2019B-2019 97.88 10,000,000 41,000 0.02USD

491,904 0.20






Quantity/FaceValue


Currency Conversion Table


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 2008 31 March 2009

USD USD AUD 1.0922 1.4551

CAD 1.0239 1.2553

HKD 7.7842 7.7503

JPY 99.6200 98.1750

GBP 0.5035 0.7002

SGD 1.3809 1.5201

CHF 0.9969 1.1470

EUR 0.63340 0.7555

Dealing Days of the Fund


Dealing for Shares of 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 (other than those materially invested in North or South America), a day where stock exchanges and regulated markets in countries where the sub-fund is materially invested are open for normal trading. The Business Days which are not Dealing Days will be listed in the annual report and semi-annual reports and available at the registered office of the Company. Any amendments to such lists are also available at the registered office of the Company. For sub-funds materially invested in North or South American markets, dealing for Shares of the sub-fund will take place on 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.

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.

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.

Non-Dealing Days of the Fund


HSBC Global Investment Funds (“HGIF”)

Fund non-dealing days for 2009

Data updated on 31 March 2009

All HSBC Global Investment Funds sub-funds will have non-dealing days on the following days

all Saturdays and Sundays

and on the following dates :

01-Jan Luxembourg 10-Apr Luxembourg 13-Apr Luxembourg 01-May Luxembourg 21-May Luxembourg 01-Jun Luxembourg 23-Jun Luxembourg 25-Dec Luxembourg

In addition the following sub-funds will have non-dealing days on the following dates:

Asia ex Japan Equity Asia ex Japan Equity Smaller Companies Asia ex Japan Freestyle (Hong Kong, Korea, Taiwan)

02-Jan Taiwan 22-23 Jan Taiwan 29-30 Jan Taiwan 26-28 Jan Hong Kong, Korea,Taiwan 05-May Korea 28-May Hong Kong, Korea 29-May Taiwan 01-Jul Hong Kong 01-Oct Hong Kong 02-Oct Korea 26-Oct Hong Kong 31-Dec Korea

Non-Dealing Days of the Fund (continued)


Asia Pacific ex Japan Equity High Dividend (Hong Kong, Korea, Singapore, Taiwan)

02-Jan Taiwan 22-23 Jan Taiwan 29-30 Jan Taiwan 26-27 Jan Hong Kong, Korea, Singapore,Taiwan 28-Jan Hong Kong, Taiwan 05-May Korea 28-May Hong Kong, Korea 29-May Taiwan 01-Jul Hong Kong 10-Aug Singapore 21-Sept Singapore 01-Oct Hong Kong 02-Oct Korea 26-Oct Hong Kong 27-Nov Singapore 31-Dec Korea

Brazil Bond Brazil Equity (Brazil)

02-Jan Brazil 24-25 Feb Brazil 22-Apr Brazil 04-May Brazil 12-Jun Brazil 10-Jul Brazil 08-Sep Brazil 13-Oct Brazil 03-Nov Brazil 23-Nov Brazil 28-Dec Brazil



BRIC Freestyle BRIC Markets BRIC Markets Equity (Brazil, Hong Kong, India, Russia, UK, US*)

02-Jan Brazil, Russia, US 05-09 Jan Russia 08-Jan Russia 20-Jan US 26-Jan Hong Kong, India 27-28 Jan Hong Kong 17-Feb US 23-Feb Russia, India 24-25 Feb Brazil 09-Mar Russia 10-11 Mar India 03-Apr India 07-Apr India 14-Apr India 22-Apr Brazil 30-Apr India 04-May Brazil, UK 11-May Russia 25-May UK 26-May US 28-May Hong Kong 12-Jun Brazil, Russia 01-Jul Hong Kong 06-Jul US 10-Jul Brazil 31-Aug UK 08-Sep Brazil, US 21-Sep India 28-Sep India 01-Oct Hong Kong 02-Oct India 13-Oct Brazil 19-Oct India 26-Oct Hong Kong 02-Nov India 03-Nov Brazil 04-Nov Russia 23-Nov Brazil 27-Nov US 28-Dec Brazil, India, UK, US



Chinese Equity Hong Kong Equity (Hong Kong)

26-28 Jan Hong Kong 28-May Hong Kong 01-Jul Hong Kong 01-Oct Hong Kong 26-Oct Hong Kong

Global Core Plus Bond (Italy, Japan, UK, US*)

02-Jan Japan, US 12-Jan Japan 20-Jan US 11-Feb Japan 17-Feb US 20-Mar Japan 29-Apr Japan 03-06 May Japan 04-May UK 25-May UK 26-May US 06-Jul US 20-Jul Japan 31-Aug UK 08-Sep US 21-23 Sep Japan 12-Oct Japan 13-Oct US 12-Nov US 03-Nov Japan 23-Nov Japan 27-Nov US 23-Dec Japan 24-Dec Italy 28-Dec UK, US 31-Dec Japan, Italy

Emerging Europe Equity UK Equity Euro Core Bond Euro Core Credit Bond European Government Bond Euro High Yield Bond Global Discount Structures Global Currency (UK)

04-May UK 25-May UK 31-Aug UK 28-Dec UK



Global Emerging Markets Equity Global Emerging Markets Elite Global Emerging Markets Equity Freestyle (Hong Kong, Korea, Taiwan, UK, US*)

02-Jan Taiwan, US 20-Jan US 22-23 Jan Taiwan 26-28 Jan Hong Kong, Korea, Taiwan 29-30 Jan Taiwan 17-Feb US 04-May UK 05-May Korea 25-May UK 26-May US 28-May Hong Kong, Taiwan 29-May Taiwan 01-Jul Hong Kong 06-Jul US 31-Aug UK 08-Sep US 01-Oct Hong Kong 02-Oct Korea 26-Oct Hong Kong 27-Nov US 28-Dec UK, US 31-Dec Korea

Climate Change Emerging Wealth (UK, US*)

02-Jan US 20-Jan US 17-Feb US 04-May UK 25-May UK 26-May US 06-Jul US 31-Aug UK 08-Sep US 27-Nov US 28-Dec UK, US



Global Bond Market Neutral (UK,US)

01-Jan US 19-Jan US 16-Feb US 04-May UK 25-May UK, US 03-Jul US 31-Aug UK 07-Sep US 26-Nov US 28-Dec UK, US 31-Dec UK

New World Income Global Emerging Markets Bond Global Emerging Markets Local Debt US Dollar Core Plus Bond (UK, US*)

02-Jan US 20-Jan US 17-Feb US 04-May UK 25-May UK 26-May US 06-Jul US 31-Aug UK 08-Sep US 13-Oct US 12-Nov US 27-Nov US 28-Dec UK, US

European Equity High Dividend (Greece, Spain, UK)

06-Jan Greece 02-Mar Greece 25-Mar Greece 17-Apr Greece 20-Apr Greece 04-May UK 25-May UK 08-Jun Greece 31-Aug UK 28-Oct Greece 24-Dec Spain 28-Dec UK 31-Dec Spain



Euroland Equity Smaller Companies (Italy)

24-Dec Italy 31-Dec Italy

Global Equity Global Sustainable Equity Halbis Global Macro(Japan, UK, US*)

02-Jan US, Japan 12-Jan Japan 20-Jan US 11-Feb Japan 17-Feb US 20-Mar Japan 29-Apr Japan 03-06 May Japan 04-May UK 25-May UK 26-May US 06-Jul US 20-Jul Japan 31-Aug UK 08-Sep US 21-23 Sep Japan 12-Oct Japan 03-Nov Japan 23-Nov Japan 27-Nov US 23-Dec Japan 28-Dec UK, US 31-Dec Japan

Indian Equity (India)

08-Jan India 26-Jan India 23-Feb India 10-11 Mar India 03-Apr India 07-Apr India 14-Apr India 30-Apr India 21-Sep India 28-Sep India 02-Oct India 19-Oct India 02-Nov India 28-Dec India



Japanese Equity (Japan)

02-Jan Japan 12-Jan Japan 11-Feb Japan 20-Mar Japan 29-Apr Japan 3-6-May Japan 20-Jul Japan 21-23 Sep Japan 12-Oct Japan 03-Nov Japan 23-Nov Japan 23-Dec Japan 31-Dec Japan

Korean Equity (Korea)

26-27 Jan Korea 05-May Korea 02-Oct Korea 31-Dec Korea

Latin American Freestyle (Brazil, Mexico, UK, US*)

02-Jan Brazil, Mexico, US 20-Jan US 17-Feb US 24-25 Feb Brazil 17-Mar Mexico 22-Apr Brazil 04-May Brazil, Mexico, UK 25-May UK 26-May US 12-Jun Brazil 06-Jul US 10-Jul Brazil 31-Aug Brazil 08-Sep Mexico 17-Sep Mexico 13-Oct Brazil 03-Nov Brazil, Mexico 17-Nov Mexico 23-Nov Brazil 27-Nov US 28-Dec Brazil, Mexico, UK, US



Russia Equity (Russia, UK)

02-Jan Russia 05-09 Jan Russia 23-Feb Russia 09-Mar Russia 04-May UK 11-May Russia 25-May UK 12-Jun Russia 31-Aug UK 04-Nov Russia 28-Dec UK

Singapore Equity (Singapore)

26-27 Jan Singapore 10-Aug Singapore 21-Sept Singapore 27-Nov Singapore

Taiwan Equity (Taiwan)

02-Jan Taiwan 22-23 Jan Taiwan 26-30 Jan Taiwan 28-29 May Taiwan

Thai Equity (Thailand)

09-Feb Thailand 06-Apr Thailand 14-15 Apr Thailand 05-May Thailand 08-May Thailand 01-Jul Thailand 07-Jul Thailand 12-Aug Thailand 23-Oct Thailand 07-Dec Thailand 10-Dec Thailand 31-Dec Thailand



Turkey Equity (Turkey)

23-Apr Turkey 19-May Turkey 21-22 Sep Turkey 28-29 Oct Turkey 26-27 Nov Turkey 30-Nov Turkey

US Equity US Index (US*)

02-Jan US 20-Jan US 17-Feb US 26-May US 06-Jul US 08-Sep US 27-Nov US 28-Dec US

* US markets will observe different closure dates. The NYSE and Nasdaq are open on Columbus Day and Veterans Day and therefore equity sub-funds listing the US as a material market will not have a non-dealing day for these dates. The Bond markets will be closed to trading on these dates and Bond sub-funds listing the US as a material market will have non-dealing days delayed by one business day in line with GIF Board policy.

HSBC Global Asset Management, the sponsor to the HSBC Global Investment Funds Company, is the asset management specialist of the HSBC Group and operates through HSBC Bank plc and it 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 2009. All Rights Reserved 14846/0608