Threadneedle (Lux) SICAV

Transcription

1 Annual Report and Audited Financial Statements March 31, 21 Threadneedle (Lux) SICAV Société d Investissement à Capital Variable (Formerly World Express Funds I SICAV) SICAV A Luxembourg Undertaking For Collective In Transferable Securities Under Part I of the Law of 2 December 22 R.C.S. Luxembourg B5.216

2 Directory Board of Directors 2 Organisation 3 Report of the Board of Directors 8 Performance 9 Report of the approved statutory auditor 1 Statement of Net Assets as at March 31, Statement of Net Asset Values per Share as at March 31, Statement of Operations and Changes in Net Assets for the year ended March 31, Statistics 37 Schedule of investments US$ ShortTerm Bonds 53 Global Bonds (Euro) 55 Global Bonds (US$) 58 European ShortTerm Bonds 61 European Bonds 63 Emerging Corporate Bonds 67 Emerging Debt 69 Global Emerging ShortTerm Bonds 73 US$ High Income Bonds 76 Global High Yield and Emerging (Euro) 82 Global Asset Allocation 88 World Equities 94 Global Emerging Equities 98 US Equities 13 US Mid & Small Cap Equities 15 American Select 19 Pan European Equities 111 Pan European Smaller Companies 114 European Quantitative Equities 117 Italian Equities 121 Japanese Equities 123 Asia 125 Greater China Equities 129 Global Energy Equities 132 Global Innovation 134 Global Technology 137 US Communications and Information 14 Global EquitiesWalter Scott & Partners 142 Mondrian PartnersFocused Emerging s Equity ( Mondrian IPFEME ) 145 Target Return (US$) 148 Notes to the Financial Statements 152 Shareholders Information 176 Information for Investors in Switzerland 181 Share Class Performance 182 Page

3 Board of Directors Chairman of the Board Bryan Henning (resigned on May 29, 29) Global Product Head, Wealth Management Standard Chartered Bank Singapore Crispin Henderson (appointed on an interim basis on May 29, 29 and confirmed on July 31, 29) Chief Executive Officer Threadneedle Asset Management, London, United Kingdom Directors John Banks (resigned on May 29, 29) Chairman and Proprietor of Bridgewater (IOM) Limited Douglas, Isle of Man Joseph Hardiman (resigned on May 29, 29) Managing Director Standard Chartered s (Luxembourg) S.A. New York, United States of America Robert M. Friedman (resigned on May 29, 29) Retired, Executive Director and Global Head of Portfolio Management Group Standard Chartered Bank New York, United States of America Paul Stephen Jebson (resigned on May 29, 29) Retired, formerly Global Head of Fund Management Standard Chartered Bank Kent, United Kingdom Simon Davies (appointed on an interim basis on May 29, 29 and confirmed on July 31, 29) Executive Chairman Threadneedle Asset Management, London, United Kingdom William Lowndes (appointed on an interim basis on May 29, 29 and confirmed on July 31, 29) Director Head of US & Asia Distribution Threadneedle Asset Management, London, United Kingdom Tom Challenor (appointed on an interim basis on May 29, 29 and confirmed on July 31, 29) Independent Director London, United Kingdom MarieJeanne ChèvremontLorenzini (appointed on September 1, 29) Independent Director Luxembourg, Grand Duchy of Luxembourg 2

4 Organisation Registered Office: 69, Route d Esch, L147 Luxembourg Grand Duchy of Luxembourg Management Company: Threadneedle Management Luxembourg S.A. (formerly Standard Chartered s (Luxembourg) S.A.) 74, Mühlenweg, L2155 Luxembourg Grand Duchy of Luxembourg Advisor: Threadneedle Management Luxembourg S.A. Delegated to*: SubAdvisor Portfolio Date of change of appointment, if applicable Aperta SGR S.p.A. Italian Equities Piazzale Marengo, Milan Italy MC Gestioni S.G.R. S.p.A. Via della Chiusa n Milan Italy European Quantitative Equities Mondrian Partners Limited, 5th Floor, 1 Gresham Street, London EC2V 7JD United Kingdom Global Emerging Equities Asia (formerly New AsiaPacific) Greater China Equities Japanese Equities Mondrian PartnersFocused Emerging s Equity (formerly Concentrated Large Cap Global Emerging s EquityMondrian Partners) until September 22, 29 until September 15, 29 until September 22, 29 * Subject to the responsibility and oversight of Threadneedle Management Luxembourg S.A. 3

5 Organisation (continued) Delegated to (continued): SubAdvisor Portfolio Date of change of appointment, if applicable Montanaro Managers Limited 53 Threadneedle Street, London, EC2R 8AR United Kingdom Munder Capital Management 48 Pierce Street, Suite 3, Birmingham, Michigan 4812, United States Navellier and Associates, Inc., 1 E. Liberty, 3rd Floor, Reno, Nevada 8951, United States Pan European Smaller Companies (formerly European Small Cap Equities) US Mid & Small Cap Equities American Select (formerly Focused US Growth Equities) until September 8, 29 until September 15, 29 New Castle Funds LLC 7 Times Square, 43rd Floor, New York, New York 136 United States US Dynamic Equities until November 5, 29 Standard Bank Plc. Cannon Bridge House, 25 Dowgate Hill, London EC4R 2SB United Kingdom Emerging Corporate Bonds (formerly Emerging s Low Duration) Global High Yield and Emerging (Euro) (formerly Global High Yield Euro) until September 8, 29 until April 15, 29 Stone Harbor Partners LP 31 West 52nd Street, 16th Floor, New York, New York 119 United States Emerging Debt until September 8, 29 RiverSource s LLC 565 Ameriprise Financial Center, Minneapolis, Minnesota United States US$ ShortTerm Bonds Global Bonds (US$) US$ High Income Bonds Global Energy Equities Global Technology US Communications and Information Global Bonds (Euro) European ShortTerm Bonds European Bonds Global Asset Allocation (bond portion) since its inception on March 12, 21 since its inception on March 12, 21 until September 15, 29 until September 22, 29 until September 22, 29 until September 22, 29 4 Please refer to Note 1 General for a table which summarises changes to SubAdvisors during the year.

6 Organisation (continued) Delegated to (continued): SubAdvisor Portfolio Date of change of appointment, if applicable Threadneedle Asset Management Limited 6 St. Mary Axe, London, EC3A 8JQ United Kingdom Walter Scott & Partners Limited, 1 Charlotte Square, Edinburgh EH2 4DZ Scotland Custodian: Global Emerging ShortTerm Bonds Global Asset Allocation (equity portion) Global Asset Allocation (bond portion) Global High Yield and Emerging (Euro) (formerly Global High Yield Euro) World Equities Global Innovation Target Return (US$) Emerging Debt Emerging Corporate Bonds (formerly Emerging s Low Duration) Pan European Smaller Companies (formerly European Small Cap Equities) Pan European Equities (formerly European Equities) Asia (formerly New AsiaPacific) Global Bonds (Euro) American Select (formerly Focused US Growth Equities) European Bonds European ShortTerm Bonds Global Emerging Equities Greater China Equities US Equities Global EquitiesWalter Scott & Partners Pan European Equities (formerly European Equities) effective September 23, 29 effective April 16, 29 since its inception on August 31, 29 effective September 9, 29 effective September 9, 29 effective September 9, 29 effective September 16, 29 effective September 16, 29 effective September 16, 29 effective September 16, 29 effective September 23, 29 effective September 23, 29 effective September 23, 29 effective September 23, 29 until September 15, 29 RBC Dexia Investor Services Bank S.A. 14, Porte de France, L436 EschsurAlzette Grand Duchy of Luxembourg Domiciliary and Administrative Agent: Threadneedle Management Luxembourg S.A. Delegated to*: RBC Dexia Investor Services Bank S.A. 14, Porte de France, L436 EschsurAlzette Grand Duchy of Luxembourg Registrar and Transfer Agent: Threadneedle Management Luxembourg S.A. Delegated to*: The Bank of New York Mellon (Luxembourg) S.A. 1A, Hoehenhof, L1736 Senningerberg Grand Duchy of Luxembourg Distributor: Threadneedle Management Luxembourg S.A. 74, Mühlenweg, L252 Luxembourg Grand Duchy of Luxembourg * Subject to the responsibility and oversight of Threadneedle Management Luxembourg S.A. 5

7 Organisation (continued) Paying Agent: RBC Dexia Investor Services Bank S.A. 14, Porte de France, L436 EschsurAlzette Grand Duchy of Luxembourg Delegated to*: In Austria: Erste Bank Der Oesterreichischen Sparkassen AG Graben 21, A11 Vienna Austria In France: CACEIS Bank 1/3 Place Valhubert F7513 Paris France In Germany: Standard Chartered Bank (Germany) GmbH (until October 29, 29) Franklinstrasse 46a, D6486 Frankfurt am Main Germany J.P. Morgan AG (effective October 3, 29) Junghofstrasse 14, D6311 Frankfurt am Main Germany In Hong Kong: Standard Chartered Bank (Hong Kong) Limited (until January 8, 21) 17th Floor One Pacific Place 88 Queensway Central, Hong Kong HSBC Institutional Trust Services (Asia) Limited (effective January 9, 21) 1, Queen s Road Central Hong Kong In Luxembourg: RBC Dexia Investor Services Bank S.A. 14, Porte de France, L436 EschsurAlzette, Grand Duchy of Luxembourg Representative and Paying Agent in Switzerland: Standard Chartered Bank (Switzerland) S.A. 5 Rue du Rhône, CH124 Geneva, Switzerland Independent Auditors: Ernst & Young S.A. 7, Parc d Activité Syrdall, L5365 Munsbach Grand Duchy of Luxembourg 6 * Subject to the responsibility and oversight of Threadneedle Management Luxembourg S.A.

8 Organisation (continued) Legal Advisors: In Luxembourg: Arendt & Medernach (until May 29, 29) 14, Rue Erasme L21 Luxembourg Grand Duchy of Luxembourg Linklaters LLP (effective May 29, 29) 35, Avenue John F. Kennedy B.P. 117 L111 Luxembourg Grand Duchy of Luxembourg In Germany: Hengeler Mueller Bockheimer Landstrasse 24, D6323 Frankfurt am Main Germany Securities Lending Agent: Brown Brothers Harriman & Co. 4 Water Street, Boston, MA 219, USA 7

9 Report of the Board of Directors This is the annual report for the Threadneedle (Lux) SICAV for the 12 months ending March 31, 21. Financial markets generally enjoyed a strong year. The period under review saw a sharp improvement in equity markets across the globe. However, more recently they have slipped back from their highs amid the escalation of the Greek debt crisis and policy tightening in China. The Chinese authorities have sought to prevent the economy from overheating as well as dampening speculative activity in the property market. In Europe, the scale of the debt problems facing Greece triggered fears over other heavily indebted eurozone countries, such as Spain, Portugal and Italy which have also announced a series of austerity measures. In early May 21, the EU and IMF agreed a joint bailout package for Greece. Despite the recent setback, equity markets across the globe are still well above the lows reached in March 29, and for much of the reporting period emerging markets performed particularly well. Overall, sentiment was buoyed by the improving economic outlook with all of the major economies moving out of recession during the review period. While many emerging market countries experienced a slowdown during the global downturn, they successfully avoided recession as increasing domestic consumption helped to offset the impact of weaker exports. Many also received a boost from higher government spending on infrastructure projects. The growth in corporate earnings has generally exceeded analysts expectations. In response to the economic downturn of 28, companies rapidly cut their operating costs with the result that as demand for goods and services began to improve, there was a strong boost to profit margins. Many businesses have also benefited from lower borrowing costs on the back of historically low interest rates. Leading central banks have held official rates at record lows to support economic activity, although rates have now begun to creep up in more robust economies such as Canada and Australia. Merger and acquisition activity also increased over the period, a notable example being the highprofile takeover of Cadbury by US company Kraft. Elsewhere, BP recently made the headlines, with the share price falling sharply following the oil leak in the Gulf of Mexico and the associated costs of the cleanup operation. Lower risk investments such as government bonds, which performed much better during the downturn, have delivered more muted returns over the reporting period, underperforming equities and corporate bonds. The quantitative easing programmes that had been in place in the UK and US over the past year came to an end during the review period, removing an important buyer from government bond markets. However, higher yielding areas of fixed income, such as corporate and emerging market bonds, continued to perform well amid the improving economic background. Since Threadneedle Asset Management acquired the management company of the World Express Funds I SICAV (the SICAV ) on May 29, 29, some changes to the product range have occurred. The name of the fund range changed to Threadneedle (Lux) SICAV in July 29. We undertook a comprehensive review of the product offerings and both rationalised and identified investment opportunities. Our aim has been to ensure the product range offers investment strategies that meet our clients objectives. Threadneedle s investment process is designed with the aim of delivering consistently strong performance for our clients and this philosophy, together with our growth ambitions has driven our review of the fund range. We have developed a number of core proposals since the acquisition to further enhance the SICAV range including the launch of the Threadneedle (Lux) Target Return US$ Fund on August 31, 29 and the Threadneedle (Lux) American Absolute Alpha Fund in June 21. We have also changed a number of existing funds to better align them with market opportunities. The Threadneedle (Lux) Emerging Low Duration Fund has changed its focus to target Emerging Corporate debt. The name of the fund changed to reflect this focus and is now called the Threadneedle (Lux) Emerging Corporate Bond Fund. Additionally we added two highly successful technology focused equity portfolios to the Threadneedle (Lux) platform. Threadneedle also assumed management for a number of previously subadvised portfolios in sectors where we have proven expertise and strong performance track records. We are targeting several new fund launches this year. These developments are designed to target the investment opportunities that our fund managers are now finding across the global markets. We are pleased with the progress we have made over the past year and continue to seek opportunities that provide for our clients. You can find out more about how your investments have performed in this environment in the annual report and financial statements, and additional information on the funds is available on our website We hope that you find the annual report informative and thank you for investing with Threadneedle. Yours faithfully, Tom Challenor Director July 1, 21 8

10 Performance Threadneedle (Lux) Portfolio returns for the year ended March 31, 21. Portfolio 1 Year Return Class A W US$ ShortTerm Bonds AU 2.37% 2.63% Global Bonds (Euro) AE 5.71% 6.2% Global Bonds (US$) AU 7.17% 7.46% Emerging Corporate Bonds AEH 16.98% 17.98% European ShortTerm Bonds AE 2.2% n/a European Bonds AE 7.19% 7.46% Emerging Debt AU 39.28% 39.98% Global Emerging ShortTerm AU 6.35% 6.1% Bonds*** US$ High Income Bonds AU 35.32% 36.% Global High Yield and Emerging AE 28.71% 29.36% (Euro) Global Asset Allocation AU 28.47% 28.93% World Equities AU 5.3% 5.79% Global Emerging Equities AU 73.64% 74.21% US Equities AU 43.69% 44.19% US Mid & Small Cap Equities AU 43.76% 44.29% American Select AU 34.18% 34.77% US Dynamic Equities (in liquidation) AU n/a n/a Pan European Equities AE 46.14% 46.68% Pan European Smaller Companies AE 72.55% 73.18% European Quantitative Equities AE 41.1% 41.49% Japanese Equities**** AJ 27.27% 27.87% Asia AU 69.46% 7.2% Greater China Equities AU 73.69% 74.3% Global Energy Equities AU 36.98% 37.46% Global Innovation AU 5.49% 5.94% Global Technology** AU.53% n/a US Communications and Information** AU.52% n/a Target Return US$* AU.8% n/a Portfolio Class 1 Year Return Italian Equities DE 29.69% Global EquitiesWalter Scott & Partners WS 4.35% Mondrian PartnersFocused Emerging s Equity M 68.8% * Since Inception August 31, 29 ** Since Inception March 11, 21 *** The Global Emerging ShortTerm Bonds Portfolio was suspended between October 27, 28 and June 24, 29. The return shown above is from October 24, 28 to March 31, 21. **** Class W performance based on JPY per share. 9

11 Report of the approved statutory auditor To the Shareholders of Threadneedle (Lux) Luxembourg We have audited the accompanying Financial Statements of Threadneedle (Lux) (the SICAV ) and of each of its Portfolios, which comprise the Statement of Net Assets and the Schedule of s as at March 31, 21 and the Statement of Operations and Changes in Net Assets for the year then ended, and a summary of significant accounting policies. Responsibility of the Board of Directors of the SICAV for the Financial Statements The Board of Directors of the SICAV 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 agréé Our responsibility is to express an opinion on these Financial Statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance 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 judgement of the réviseur d'entreprises agréé, including the assessment of the risks of material misstatement of the Financial Statements, whether due to fraud or error. In making those risk assessments, the réviseur d'entreprises agréé considers internal control relevant to the entity's preparation and fair presentation of the Financial Statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, 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 Threadneedle (Lux) and of each of its Portfolios as at March 31, 21, and of the results of their operations and changes in their net assets for the year ended in accordance with the Luxembourg legal and regulatory requirements relating to the preparation and presentation 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. Ernst & Young Société Anonyme Cabinet de révision agréé Réviseur d entreprises agréé M. Ferguson July 1, 21 1

12 Statement of Net Assets as at March 31, 21 US$ ShortTerm Bonds Global Bonds (Euro) Global Bonds (US$) European Short Term Bonds Note USD EUR USD EUR ASSETS Portfolio at market (2) 11,462,8 Options purchased at market (11) Cash at bank 85,421 Receivable for investments sold 438 Subscriptions receivable 7,585 Interest and dividends receivable, net 58,23 Net unrealised gain on forward foreign exchange contracts (8) Net unrealised profit on futures (1) Other assets Total Assets 12,334,447 15,362,766 81,73 56,478 42,56 217,813 7,455 17,55,775 8,294, , , ,54 9,952 2,165 9,122,726 4,191,77 41,463 59,32 4,292,22 LIABILITIES Options written at market (11) Bank overdrafts Payable for investments purchased Redemptions payable 57,17 Net unrealised loss on forward foreign exchange contracts (8) Net unrealised loss on futures (1) Asset management and service fees payable (4) 9,63 Dividends payable Other liabilities 18,82 Total Liabilities 85,593 TOTAL NET ASSETS 12,248,854 Number of shares outstanding Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE 22, , , , ,773 18,67 15,95 27, ,624 16,336, , , , , ,712 9,87 13,623 68,198 8,514,528 29, , , ,118 3,391 13,99 26,68 4,265,594 25, , , The accompanying notes form an integral part of these financial statements. 11

13 Statement of Net Assets as at March 31, 21 (continued) Note European Bonds EUR Emerging Corporate Bonds** USD Emerging Debt USD Global Emerging ShortTerm Bonds USD ASSETS Portfolio at market (2) 18,12,341 Options purchased at market (11) Cash at bank 916,225 Receivable for investments sold 3,65,968 Subscriptions receivable 26,14 Interest and dividends receivable, net 297,65 Net unrealised gain on forward foreign exchange contracts (8) 3,191 Net unrealised profit on futures (1) Other assets Total Assets 22,429,515 43,584,13 4,491,448 15,937,219 7,25 821, ,841,825 57,3,928 3,466, ,94 834,795 11,165,579 3, ,26,95 23,983,16 15,426,85 1,253,385 3,498, ,163,261 LIABILITIES Options written at market (11) Bank overdrafts 29,382 Payable for investments purchased 724,985 Redemptions payable 3,276,319 Net unrealised loss on forward foreign exchange contracts (8) Net unrealised loss on futures (1) 2,4 Asset management and service fees payable (4) 12,666 Dividends payable Other liabilities 13,56 Total Liabilities 4,59,312 TOTAL NET ASSETS 18,37,23 Number of shares outstanding Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE 81, , , , ,395,45 35, ,751 6, ,49 86,632 16,11,134 48,83, , ,667, , , , , ,242,488 2,881,894 1,856,483 72,961 2,817, ,774 1,141,754 62,884, , ,718, , ,554, , , ,625, , ,173, , ,,1 2,211, ,2 257,743 1,488, ,618 8,355,5 215,88, , , , ,659, ,331, , , , ** See note The accompanying notes form an integral part of these financial statements.

14 Statement of Net Assets as at March 31, 21 (continued) Note US$ High Income Bonds USD Global High Yield and Emerging (Euro)** EUR Global Asset Allocation USD World Equities USD ASSETS Portfolio at market (2) 9,123,67 Options purchased at market (11) Cash at bank 22,428 Receivable for investments sold 132,275 Subscriptions receivable 14,996 Interest and dividends receivable, net 188,712 Net unrealised gain on forward foreign exchange contracts (8) Net unrealised profit on futures (1) Other assets Total Assets 9,769,478 63,45,29 665,27 835,83 348,133 1,419, ,675, ,445,199 8,25,56 3,42, ,92 71,36 66,118 29,989,531 49,56, , ,344 2,96 61, ,5,424 LIABILITIES Options written at market (11) Bank overdrafts Payable for investments purchased 16,91 Redemptions payable 52,225 Net unrealised loss on forward foreign exchange contracts (8) 7,31 Net unrealised loss on futures (1) Asset management and service fees payable (4) 14,613 Dividends payable 8,411 Other liabilities 11,163 Total Liabilities 2,344 TOTAL NET ASSETS 9,569,134 Number of shares outstanding Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE 6, , , , , , ,576 1,52,212 95,851 98,56 224,89 86,572 2,482,356 64,192,775 1,12, ,434, , , , , , ,38, ,58 672,26 31,98 554,64 254,374 9,884,615 2,14, , ,766, , ,862, , , , , ,722 39,425 7, , ,81 49,184,614 1,248, , , , , ** See note 1. The accompanying notes form an integral part of these financial statements. 13

15 Statement of Net Assets as at March 31, 21 (continued) Global Emerging Equities US Equities US Mid & Small Cap Equities American Select** Note USD USD USD USD ASSETS Portfolio at market (2) 5,981,196 Options purchased at market (11) Cash at bank 57,877 Receivable for investments sold 6,831 Subscriptions receivable Interest and dividends receivable, net 7,873 Net unrealised gain on forward foreign exchange contracts (8) Net unrealised profit on futures (1) Other assets 46 Total Assets 6,17,823 32,56,22 7,913,2 2,433,844 2,838,64 193,474 3, ,438,697 6,813,75 442, , ,936 7,434,675 8,297, ,661 15,3 1,91 7, ,45,135 LIABILITIES Options written at market (11) Bank overdrafts Payable for investments purchased 98,931 Redemptions payable 5,244 Net unrealised loss on forward foreign exchange contracts (8) 24,163 Net unrealised loss on futures (1) Asset management and service fees payable (4) 1,547 Dividends payable Other liabilities 11,28 Total Liabilities 149,913 TOTAL NET ASSETS 5,957,91 Number of shares outstanding Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE 15, , , , , ,788,641 1,37,18 28, ,956 7,459,32 325,979,395 83, ,757, , ,212, ,46, ,579, , ,736 33,246 3,463 11,3 14,654 18,12 7,254,573 5, , , , , ,534 24,41 68,79 12,741 13, ,152 8,284, , , , , , ** See note The accompanying notes form an integral part of these financial statements.

16 Statement of Net Assets as at March 31, 21 (continued) Note Pan European Equities** EUR Pan European Smaller Companies** EUR European Quantitative Equities EUR Italian Equities EUR ASSETS Portfolio at market (2) 27,781,29 Options purchased at market (11) Cash at bank 483,142 Receivable for investments sold 4,73 Subscriptions receivable 2,513 Interest and dividends receivable, net 97,866 Net unrealised gain on forward foreign exchange contracts (8) Net unrealised profit on futures (1) Other assets 3,158 Total Assets 28,768,672 2,298,692 14,5 32,3 2, 2,925 2,367,625 28,84, ,341 1,696,468 53,95 6,812 9,815 3,867,127 1,272, ,125 11,841 1,581,453 LIABILITIES Options written at market (11) Bank overdrafts Payable for investments purchased 169,858 Redemptions payable 226,166 Net unrealised loss on forward foreign exchange contracts (8) Net unrealised loss on futures (1) Asset management and service fees payable (4) 4,97 Dividends payable Other liabilities 41,273 Total Liabilities 477,394 TOTAL NET ASSETS 28,291,278 Number of shares outstanding Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE 438, , , , ,819 3,683 3,73 1,981 47,186 2,32,439 72, , , ,321,648 2,19 52,181 33,137 28,479 1,437,554 29,429,573 1,4, , ,295, , ,76 8,648 25,314 39,668 1,541,785 1, , ** See note 1. The accompanying notes form an integral part of these financial statements. 15

17 Statement of Net Assets as at March 31, 21 (continued) Japanese Equities Asia** Greater China Equities Global Energy Equities Note JPY USD USD USD ASSETS Portfolio at market (2) 834,235,35 Options purchased at market (11) Cash at bank 6,196,812 Receivable for investments sold 42,981,723 Subscriptions receivable 197,37 Interest and dividends receivable, net 8,972,237 Net unrealised gain on forward foreign exchange contracts (8) 3,66,73 Net unrealised profit on futures (1) Other assets 52,874 Total Assets 896,171,69 19,181, , ,721 41,371 2,47,682 1,77,438 18,578 8, ,897,52 47,215,476 9, ,13 21,51 48,628,782 LIABILITIES Options written at market (11) Bank overdrafts Payable for investments purchased Redemptions payable 42,28,164 Net unrealised loss on forward foreign exchange contracts (8) Net unrealised loss on futures (1) Asset management and service fees payable (4) 1,385,389 Dividends payable Other liabilities 1,522,58 Total Liabilities 45,116,61 TOTAL NET ASSETS 851,55,8 Number of shares outstanding Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE 43, , , , , , , ,234 11,435 36,566 3,989 4, ,686 19,132,996 56, , , , , ,792 22,254 26,984 19,898 22, ,411 1,728,19 2, , , , , , ,88 72,399 72, ,279 47,741,53 232, , , , , , ** See note The accompanying notes form an integral part of these financial statements.

18 Statement of Net Assets as at March 31, 21 (continued) Note Global Innovation USD Global Technology** USD US Communications and Information** USD Global Equities Walter Scott & Partners EUR ASSETS Portfolio at market (2) 17,344,93 Options purchased at market (11) Cash at bank 387,65 Receivable for investments sold Subscriptions receivable 89,27 Interest and dividends receivable, net 24,123 Net unrealised gain on forward foreign exchange contracts (8) Net unrealised profit on futures (1) Other assets 35 Total Assets 17,845,423 3,139,579 1,693, ,38 17, ,27,765 14,173, ,6 559, ,127,49 8,142,127 1,227, ,933 2,852 81,619,559 LIABILITIES Options written at market (11) Bank overdrafts Payable for investments purchased 2,725 Redemptions payable 134,632 Net unrealised loss on forward foreign exchange contracts (8) 1,84 Net unrealised loss on futures (1) Asset management and service fees payable (4) 3,31 Dividends payable Other liabilities 24,881 Total Liabilities 221,73 TOTAL NET ASSETS 17,624,35 Number of shares outstanding Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE 27, ,389, , , , , ,2 317,624 32,689 11, ,72 31,574, , ,8, , ,42,89 244,946 18,116 4,868 1,31,82 13,816, , , ,459 66,573 31, ,457 81,452,12 2,581, ** See note 1. The accompanying notes form an integral part of these financial statements. 17

19 Statement of Net Assets as at March 31, 21 (continued) Mondrian IP FEME** Target Return (US$)** Combined Note USD USD USD ASSETS Portfolio at market (2) 325,395,152 Options purchased at market (11) Cash at bank 6,134,676 Receivable for investments sold 3,726,135 Subscriptions receivable Interest and dividends receivable, net 1,112,29 Net unrealised gain on forward foreign exchange contracts (8) 19,291 Net unrealised profit on futures (1) Other assets Total Assets 336,387,283 LIABILITIES Options written at market (11) Bank overdrafts Payable for investments purchased 4,575,84 Redemptions payable Net unrealised loss on forward foreign exchange contracts (8) Net unrealised loss on futures (1) Asset management and service fees payable (4) 256,89 Dividends payable Other liabilities 163,265 Total Liabilities 4,995,995 TOTAL NET ASSETS 331,391,288 Number of shares outstanding Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE 9,723, ,34,81 74,11 1,553, ,17 2,713, ,324 2,537 68,49,588 1,1 281,61 42,811 44,655 26,467 45,544 68,85,44 871, , ,655, ,38,871,948 74,11 86,811,332 38,284,817 9,838,621 21,98, ,714 2,537 16,11 2,466,59,94 1,1 1,1,824 39,992,472 2,331,833 4,886,58 3,247 2,662,157 5,448,556 2,488,492 76,924,162 2,389,135,778 ** See note The accompanying notes form an integral part of these financial statements.

20 Statement of Net Asset Values per Share as at March 31, 21 US$ ShortTerm Bonds Global Bonds (Euro) Global Bonds (US$) Net asset per share Class AE Net asset per share Class AE Net asset per share Class AEC Net asset per share Class AEC Net asset per share Class AEH Net asset per share Class AEH Net asset per share Class AEP Net asset per share Class AEP Net asset per share Class AJ Net asset per share Class AJ Net asset per share Class AU Net asset per share Class AU Net asset per share Class AUH Net asset per share Class AUH Net asset per share Class AUP Net asset per share Class AUP Net asset per share Class BU Net asset per share Class BU Net asset per share Class DE Net asset per share Class DE Net asset per share Class DEH Net asset per share Class DEH Net asset per share Class DJ Net asset per share Class DJ Net asset per share Class DU Net asset per share Class DU Net asset per share Class IE Net asset per share Class IE Net asset per share Class IEH Net asset per share Class IEH Net asset per share Class IJ Net asset per share Class IJ Net asset per share Class IU Net asset per share Class IU Net asset per share Class M Net asset per share Class M Net asset per share Class P Net asset per share Class P Net asset per share Class SEP Net asset per share Class SEP Net asset per share Class SU Net asset per share Class SU Net asset per share Class SUP Net asset per share Class SUP Net asset per share Class W Net asset per share Class W Net asset per share Class WS Net asset per share Class WS Net asset per share Class YE Net asset per share Class YE (JPY) (JPY) (JPY) * * * * 24.32* * * * * * * * For information purpose only Converted from the accounting currency using exchange rates as at March 31, 21 provided by the SICAV's Administrator. ** See note 1. +Class is denominated in EUR. The base currency of the Portfolio is USD. ++Class is denominated in USD. The base currency of the Portfolio is EUR. +++Class is denominated in EUR. The base currency of the Portfolio is JPY. ++++Class is denominated in USD. The base currency of the Portfolio is JPY. 19

21 Statement of Net Asset Values per Share as at March 31, 21 (continued) European Short Term Bonds European Bonds Emerging Corporate Bonds** Net asset per share Class AE Net asset per share Class AE Net asset per share Class AEC Net asset per share Class AEC Net asset per share Class AEH Net asset per share Class AEH Net asset per share Class AEP Net asset per share Class AEP Net asset per share Class AJ Net asset per share Class AJ Net asset per share Class AU Net asset per share Class AU Net asset per share Class AUH Net asset per share Class AUH Net asset per share Class AUP Net asset per share Class AUP Net asset per share Class BU Net asset per share Class BU Net asset per share Class DE Net asset per share Class DE Net asset per share Class DEH Net asset per share Class DEH Net asset per share Class DJ Net asset per share Class DJ Net asset per share Class DU Net asset per share Class DU Net asset per share Class IE Net asset per share Class IE Net asset per share Class IEH Net asset per share Class IEH Net asset per share Class IJ Net asset per share Class IJ Net asset per share Class IU Net asset per share Class IU Net asset per share Class M Net asset per share Class M Net asset per share Class P Net asset per share Class P Net asset per share Class SEP Net asset per share Class SEP Net asset per share Class SU Net asset per share Class SU Net asset per share Class SUP Net asset per share Class SUP Net asset per share Class W Net asset per share Class W Net asset per share Class WS Net asset per share Class WS Net asset per share Class YE Net asset per share Class YE (JPY) (JPY) (JPY) 23.91* * * * * * * * * * * * For information purpose only Converted from the accounting currency using exchange rates as at March 31, 21 provided by the SICAV's Administrator. ** See note 1. +Class is denominated in EUR. The base currency of the Portfolio is USD. ++Class is denominated in USD. The base currency of the Portfolio is EUR. +++Class is denominated in EUR. The base currency of the Portfolio is JPY. ++++Class is denominated in USD. The base currency of the Portfolio is JPY. 2

22 Statement of Net Asset Values per Share as at March 31, 21 (continued) Net asset per share Class AE Net asset per share Class AE Net asset per share Class AEC Net asset per share Class AEC Net asset per share Class AEH Net asset per share Class AEH Net asset per share Class AEP Net asset per share Class AEP Net asset per share Class AJ Net asset per share Class AJ Net asset per share Class AU Net asset per share Class AU Net asset per share Class AUH Net asset per share Class AUH Net asset per share Class AUP Net asset per share Class AUP Net asset per share Class BU Net asset per share Class BU Net asset per share Class DE Net asset per share Class DE Net asset per share Class DEH Net asset per share Class DEH Net asset per share Class DJ Net asset per share Class DJ Net asset per share Class DU Net asset per share Class DU Net asset per share Class IE Net asset per share Class IE Net asset per share Class IEH Net asset per share Class IEH Net asset per share Class IJ Net asset per share Class IJ Net asset per share Class IU Net asset per share Class IU Net asset per share Class M Net asset per share Class M Net asset per share Class P Net asset per share Class P Net asset per share Class SEP Net asset per share Class SEP Net asset per share Class SU Net asset per share Class SU Net asset per share Class SUP Net asset per share Class SUP Net asset per share Class W Net asset per share Class W Net asset per share Class WS Net asset per share Class WS Net asset per share Class YE Net asset per share Class YE (JPY) (JPY) (JPY) Emerging Debt * * * * * * * Global Emerging Short Term Bonds * * * * US$ High Income Bonds * * * * * For information purpose only Converted from the accounting currency using exchange rates as at March 31, 21 provided by the SICAV's Administrator. ** See note 1. +Class is denominated in EUR. The base currency of the Portfolio is USD. ++Class is denominated in USD. The base currency of the Portfolio is EUR. +++Class is denominated in EUR. The base currency of the Portfolio is JPY. ++++Class is denominated in USD. The base currency of the Portfolio is JPY. 21

23 Statement of Net Asset Values per Share as at March 31, 21 (continued) Net asset per share Class AE Net asset per share Class AE Net asset per share Class AEC Net asset per share Class AEC Net asset per share Class AEH Net asset per share Class AEH Net asset per share Class AEP Net asset per share Class AEP Net asset per share Class AJ Net asset per share Class AJ Net asset per share Class AU Net asset per share Class AU Net asset per share Class AUH Net asset per share Class AUH Net asset per share Class AUP Net asset per share Class AUP Net asset per share Class BU Net asset per share Class BU Net asset per share Class DE Net asset per share Class DE Net asset per share Class DEH Net asset per share Class DEH Net asset per share Class DJ Net asset per share Class DJ Net asset per share Class DU Net asset per share Class DU Net asset per share Class IE Net asset per share Class IE Net asset per share Class IEH Net asset per share Class IEH Net asset per share Class IJ Net asset per share Class IJ Net asset per share Class IU Net asset per share Class IU Net asset per share Class M Net asset per share Class M Net asset per share Class P Net asset per share Class P Net asset per share Class SEP Net asset per share Class SEP Net asset per share Class SU Net asset per share Class SU Net asset per share Class SUP Net asset per share Class SUP Net asset per share Class W Net asset per share Class W Net asset per share Class WS Net asset per share Class WS Net asset per share Class YE Net asset per share Class YE (JPY) (JPY) (JPY) Global High Yield and Emerging (Euro)** 26.14* * * * * * 2.93 Global Asset Allocation * * * * World Equities * * * * For information purpose only Converted from the accounting currency using exchange rates as at March 31, 21 provided by the SICAV's Administrator. ** See note 1. +Class is denominated in EUR. The base currency of the Portfolio is USD. ++Class is denominated in USD. The base currency of the Portfolio is EUR. +++Class is denominated in EUR. The base currency of the Portfolio is JPY. ++++Class is denominated in USD. The base currency of the Portfolio is JPY. 22

24 Statement of Net Asset Values per Share as at March 31, 21 (continued) Global Emerging Equities US Equities US Mid & Small Cap Equities Net asset per share Class AE Net asset per share Class AE Net asset per share Class AEC Net asset per share Class AEC Net asset per share Class AEH Net asset per share Class AEH Net asset per share Class AEP Net asset per share Class AEP Net asset per share Class AJ Net asset per share Class AJ Net asset per share Class AU Net asset per share Class AU Net asset per share Class AUH Net asset per share Class AUH Net asset per share Class AUP Net asset per share Class AUP Net asset per share Class BU Net asset per share Class BU Net asset per share Class DE Net asset per share Class DE Net asset per share Class DEH Net asset per share Class DEH Net asset per share Class DJ Net asset per share Class DJ Net asset per share Class DU Net asset per share Class DU Net asset per share Class IE Net asset per share Class IE Net asset per share Class IEH Net asset per share Class IEH Net asset per share Class IJ Net asset per share Class IJ Net asset per share Class IU Net asset per share Class IU Net asset per share Class M Net asset per share Class M Net asset per share Class P Net asset per share Class P Net asset per share Class SEP Net asset per share Class SEP Net asset per share Class SU Net asset per share Class SU Net asset per share Class SUP Net asset per share Class SUP Net asset per share Class W Net asset per share Class W Net asset per share Class WS Net asset per share Class WS Net asset per share Class YE Net asset per share Class YE (JPY) (JPY) (JPY) * * * * * * * * * * * For information purpose only Converted from the accounting currency using exchange rates as at March 31, 21 provided by the SICAV's Administrator. ** See note 1. +Class is denominated in EUR. The base currency of the Portfolio is USD. ++Class is denominated in USD. The base currency of the Portfolio is EUR. +++Class is denominated in EUR. The base currency of the Portfolio is JPY. ++++Class is denominated in USD. The base currency of the Portfolio is JPY. 23

25 Statement of Net Asset Values per Share as at March 31, 21 (continued) Net asset per share Class AE Net asset per share Class AE Net asset per share Class AEC Net asset per share Class AEC Net asset per share Class AEH Net asset per share Class AEH Net asset per share Class AEP Net asset per share Class AEP Net asset per share Class AJ Net asset per share Class AJ Net asset per share Class AU Net asset per share Class AU Net asset per share Class AUH Net asset per share Class AUH Net asset per share Class AUP Net asset per share Class AUP Net asset per share Class BU Net asset per share Class BU Net asset per share Class DE Net asset per share Class DE Net asset per share Class DEH Net asset per share Class DEH Net asset per share Class DJ Net asset per share Class DJ Net asset per share Class DU Net asset per share Class DU Net asset per share Class IE Net asset per share Class IE Net asset per share Class IEH Net asset per share Class IEH Net asset per share Class IJ Net asset per share Class IJ Net asset per share Class IU Net asset per share Class IU Net asset per share Class M Net asset per share Class M Net asset per share Class P Net asset per share Class P Net asset per share Class SEP Net asset per share Class SEP Net asset per share Class SU Net asset per share Class SU Net asset per share Class SUP Net asset per share Class SUP Net asset per share Class W Net asset per share Class W Net asset per share Class WS Net asset per share Class WS Net asset per share Class YE Net asset per share Class YE (JPY) (JPY) (JPY) American Select** * * * Pan European Equities** 42.55* * * * 26.5 Pan European Smaller Companies** 15.74* * * * For information purpose only Converted from the accounting currency using exchange rates as at March 31, 21 provided by the SICAV's Administrator. ** See note 1. +Class is denominated in EUR. The base currency of the Portfolio is USD. ++Class is denominated in USD. The base currency of the Portfolio is EUR. +++Class is denominated in EUR. The base currency of the Portfolio is JPY. ++++Class is denominated in USD. The base currency of the Portfolio is JPY. 24

26 Statement of Net Asset Values per Share as at March 31, 21 (continued) Net asset per share Class AE Net asset per share Class AE Net asset per share Class AEC Net asset per share Class AEC Net asset per share Class AEH Net asset per share Class AEH Net asset per share Class AEP Net asset per share Class AEP Net asset per share Class AJ Net asset per share Class AJ Net asset per share Class AU Net asset per share Class AU Net asset per share Class AUH Net asset per share Class AUH Net asset per share Class AUP Net asset per share Class AUP Net asset per share Class BU Net asset per share Class BU Net asset per share Class DE Net asset per share Class DE Net asset per share Class DEH Net asset per share Class DEH Net asset per share Class DJ Net asset per share Class DJ Net asset per share Class DU Net asset per share Class DU Net asset per share Class IE Net asset per share Class IE Net asset per share Class IEH Net asset per share Class IEH Net asset per share Class IJ Net asset per share Class IJ Net asset per share Class IU Net asset per share Class IU Net asset per share Class M Net asset per share Class M Net asset per share Class P Net asset per share Class P Net asset per share Class SEP Net asset per share Class SEP Net asset per share Class SU Net asset per share Class SU Net asset per share Class SUP Net asset per share Class SUP Net asset per share Class W Net asset per share Class W Net asset per share Class WS Net asset per share Class WS Net asset per share Class YE Net asset per share Class YE (JPY) (JPY) (JPY) European Quantitative Equities 13.26* * * * Italian Equities 9.63* * 13.6 Japanese Equities , * * 1, * * * For information purpose only Converted from the accounting currency using exchange rates as at March 31, 21 provided by the SICAV's Administrator. ** See note 1. +Class is denominated in EUR. The base currency of the Portfolio is USD. ++Class is denominated in USD. The base currency of the Portfolio is EUR. +++Class is denominated in EUR. The base currency of the Portfolio is JPY. ++++Class is denominated in USD. The base currency of the Portfolio is JPY. 25

27 Statement of Net Asset Values per Share as at March 31, 21 (continued) Asia** Greater China Equities Global Energy Equities Net asset per share Class AE Net asset per share Class AE Net asset per share Class AEC Net asset per share Class AEC Net asset per share Class AEH Net asset per share Class AEH Net asset per share Class AEP Net asset per share Class AEP Net asset per share Class AJ Net asset per share Class AJ Net asset per share Class AU Net asset per share Class AU Net asset per share Class AUH Net asset per share Class AUH Net asset per share Class AUP Net asset per share Class AUP Net asset per share Class BU Net asset per share Class BU Net asset per share Class DE Net asset per share Class DE Net asset per share Class DEH Net asset per share Class DEH Net asset per share Class DJ Net asset per share Class DJ Net asset per share Class DU Net asset per share Class DU Net asset per share Class IE Net asset per share Class IE Net asset per share Class IEH Net asset per share Class IEH Net asset per share Class IJ Net asset per share Class IJ Net asset per share Class IU Net asset per share Class IU Net asset per share Class M Net asset per share Class M Net asset per share Class P Net asset per share Class P Net asset per share Class SEP Net asset per share Class SEP Net asset per share Class SU Net asset per share Class SU Net asset per share Class SUP Net asset per share Class SUP Net asset per share Class W Net asset per share Class W Net asset per share Class WS Net asset per share Class WS Net asset per share Class YE Net asset per share Class YE (JPY) (JPY) (JPY) * * * * * * * * * * For information purpose only Converted from the accounting currency using exchange rates as at March 31, 21 provided by the SICAV's Administrator. ** See note 1. +Class is denominated in EUR. The base currency of the Portfolio is USD. ++Class is denominated in USD. The base currency of the Portfolio is EUR. +++Class is denominated in EUR. The base currency of the Portfolio is JPY. ++++Class is denominated in USD. The base currency of the Portfolio is JPY. 26

28 Statement of Net Asset Values per Share as at March 31, 21 (continued) Net asset per share Class AE Net asset per share Class AE Net asset per share Class AEC Net asset per share Class AEC Net asset per share Class AEH Net asset per share Class AEH Net asset per share Class AEP Net asset per share Class AEP Net asset per share Class AJ Net asset per share Class AJ Net asset per share Class AU Net asset per share Class AU Net asset per share Class AUH Net asset per share Class AUH Net asset per share Class AUP Net asset per share Class AUP Net asset per share Class BU Net asset per share Class BU Net asset per share Class DE Net asset per share Class DE Net asset per share Class DEH Net asset per share Class DEH Net asset per share Class DJ Net asset per share Class DJ Net asset per share Class DU Net asset per share Class DU Net asset per share Class IE Net asset per share Class IE Net asset per share Class IEH Net asset per share Class IEH Net asset per share Class IJ Net asset per share Class IJ Net asset per share Class IU Net asset per share Class IU Net asset per share Class M Net asset per share Class M Net asset per share Class P Net asset per share Class P Net asset per share Class SEP Net asset per share Class SEP Net asset per share Class SU Net asset per share Class SU Net asset per share Class SUP Net asset per share Class SUP Net asset per share Class W Net asset per share Class W Net asset per share Class WS Net asset per share Class WS Net asset per share Class YE Net asset per share Class YE (JPY) (JPY) (JPY) Global Innovation * * * * Global Technology** * * * * US Communications and Information** * * * * For information purpose only Converted from the accounting currency using exchange rates as at March 31, 21 provided by the SICAV's Administrator. ** See note 1. +Class is denominated in EUR. The base currency of the Portfolio is USD. ++Class is denominated in USD. The base currency of the Portfolio is EUR. +++Class is denominated in EUR. The base currency of the Portfolio is JPY. ++++Class is denominated in USD. The base currency of the Portfolio is JPY. 27

29 Statement of Net Asset Values per Share as at March 31, 21 (continued) Net asset per share Class AE Net asset per share Class AE Net asset per share Class AEC Net asset per share Class AEC Net asset per share Class AEH Net asset per share Class AEH Net asset per share Class AEP Net asset per share Class AEP Net asset per share Class AJ Net asset per share Class AJ Net asset per share Class AU Net asset per share Class AU Net asset per share Class AUH Net asset per share Class AUH Net asset per share Class AUP Net asset per share Class AUP Net asset per share Class BU Net asset per share Class BU Net asset per share Class DE Net asset per share Class DE Net asset per share Class DEH Net asset per share Class DEH Net asset per share Class DJ Net asset per share Class DJ Net asset per share Class DU Net asset per share Class DU Net asset per share Class IE Net asset per share Class IE Net asset per share Class IEH Net asset per share Class IEH Net asset per share Class IJ Net asset per share Class IJ Net asset per share Class IU Net asset per share Class IU Net asset per share Class M Net asset per share Class M Net asset per share Class P Net asset per share Class P Net asset per share Class SEP Net asset per share Class SEP Net asset per share Class SU Net asset per share Class SU Net asset per share Class SUP Net asset per share Class SUP Net asset per share Class W Net asset per share Class W Net asset per share Class WS Net asset per share Class WS Net asset per share Class YE Net asset per share Class YE (JPY) (JPY) (JPY) Global Equities Walter Scott & Partners Mondrian IP FEME** * Target Return (US$)** * * * For information purpose only Converted from the accounting currency using exchange rates as at March 31, 21 provided by the SICAV's Administrator. ** See note 1. +Class is denominated in EUR. The base currency of the Portfolio is USD. ++Class is denominated in USD. The base currency of the Portfolio is EUR. +++Class is denominated in EUR. The base currency of the Portfolio is JPY. ++++Class is denominated in USD. The base currency of the Portfolio is JPY. 28

30 Statement of Operations and Changes in Net Assets For the year ended March 31, 21 US$ ShortTerm Bonds Global Bonds (Euro) Global Bonds (US$) European Short Term Bonds NET ASSETS AT THE BEGINNING OF THE YEAR INCOME Dividends, net Interest on bonds, net Bank interest Interest on swaps Income from securities lending Other income TOTAL INCOME Note USD 21,79,13 49, ,539 EUR 24,985,56 7, ,495 USD 15,843,58 415, ,43 EUR 11,116, , ,373 EXPENSES Asset management fees (4) Custodian fees Administration fees Transfer agent fees Audit and legal fees Printing and publishing fees Subscription tax (3) Bank fees Interest paid Shareholder servicing fees (4) Miscellaneous (14) TOTAL EXPENSES NET INCOME / (LOSS) FROM INVESTMENTS Net realised gain / (loss) on sales of investments Net realised gain / (loss) on swaps Net realised gain / (loss) on options Net realised gain / (loss) on forward foreign exchange contracts Net realised gain / (loss) on futures Net realised gain / (loss) on foreign exchange NET REALISED PROFIT / (LOSS) Change in net unrealised gain / (loss) on investments Change in net unrealised gain / (loss) on futures Change in net unrealised gain / (loss) on forward foreign exchange contracts Change in net unrealised gain / (loss) on swaps Change in net unrealised gain / (loss) on options NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS MOVEMENTS IN CAPITAL Subscriptions of shares Redemptions of shares Dividends (6) Exchange differences NET ASSETS AT THE END OF THE YEAR 123,322 3,539 6,778 1,22 9,484 4,985 5, ,79 19,495 28,63 281,99 (2,145,54) (2,159) (1,865,754) 2,32, ,478 5,328,134 (15,323,771) 12,248, ,479 3,634 8,41 11,145 1,548 5,544 8,591 5,578 1,225 44,232 21, ,573 49,922 (1,344,49) (17,921) (7,296) (149,538) (1,19,323) 1,994,938 11, ,856 17,487,538 (27,123,749) 16,336,151 14,544 2,89 4,646 6,538 6,187 3,252 5,311 1, ,532 12,939 17, ,96 1,117,243 (61,543) 6,51 1,38,116 (381,111) 25, ,649 2,6,247 (1,287,948) 8,514,528 61,978 1,696 3,597 5,843 5,529 2,96 1,815 5, ,453 1,156 11, , ,377 (469) 45,25 (199,369) 25,656 5,71,992 (12,758,678) 4,265,594 The accompanying notes form an integral part of these financial statements. 29

31 Statement of Operations and Changes in Net Assets (continued) For the year ended March 31, 21 NET ASSETS AT THE BEGINNING OF THE YEAR Note INCOME Dividends, net Interest on bonds, net Bank interest Interest on swaps Income from securities lending Other income TOTAL INCOME EXPENSES Asset management fees (4) Custodian fees Administration fees Transfer agent fees Audit and legal fees Printing and publishing fees Subscription tax (3) Bank fees Interest paid Shareholder servicing fees (4) Miscellaneous (14) TOTAL EXPENSES NET INCOME / (LOSS) FROM INVESTMENTS Net realised gain / (loss) on sales of investments Net realised gain / (loss) on swaps Net realised gain / (loss) on options Net realised gain / (loss) on forward foreign exchange contracts Net realised gain / (loss) on futures Net realised gain / (loss) on foreign exchange NET REALISED PROFIT / (LOSS) Change in net unrealised gain / (loss) on investments Change in net unrealised gain / (loss) on futures Change in net unrealised gain / (loss) on forward foreign exchange contracts Change in net unrealised gain / (loss) on swaps Change in net unrealised gain / (loss) on options NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS MOVEMENTS IN CAPITAL Subscriptions of shares Redemptions of shares Dividends (6) Exchange differences NET ASSETS AT THE END OF THE YEAR European Bonds EUR 9,682,92 428, ,383 8,246 1,652 4,358 3,22 2,86 1,53 3,51 5, ,294 8, ,187 35, ,972 (1,168) (7,952) (18,86) 529, ,668 (2,4) 3, ,71 26,633,424 (18,739,824) 18,37,23 Emerging Corporate Bonds** USD 7,823,696 2,763,712 3,78 56,28 2,85, ,157 13,86 23,542 27,767 26,278 13,811 1,539 29, ,699 58,547 1,38,458 1,812,17 (11,73,382) (2,547,416) 149,472 (2,285) (12,291,441) 19,722,239 28,271 2,258,989 9,97,58 18,944,397 (45,989,676) (4,917,784) 48,83,691 Emerging Debt USD 336,184,121 33,72,483 6,16 33,78,643 5,1,515 82, , ,39 232,15 122,11 235,75 19,91 3,329 2,17, ,571 9,5,25 24,73,438 14,99,962 (12,14,45) (44,128) 27,276,227 11,449,37 (1,4,853) 127,324, ,693,949 (157,4,882) (36,313,591) 62,884,341 Global Emerging Short Term Bonds USD 115,751,566 1,425,425 2,827 1,446,252 2,96,655 3,62 71,735 85,27 8,695 42,411 93,466 21,691 1,98 411, ,495 3,19,822 7,336,43 (22,125,795) (826,1) (61,11) (15,676,386) 57,318, ,191 42,514,972 22,266,178 (144,278,267) (18,446,238) 215,88,211 ** See note 1. 3 The accompanying notes form an integral part of these financial statements.

32 Statement of Operations and Changes in Net Assets (continued) For the year ended March 31, 21 NET ASSETS AT THE BEGINNING OF THE YEAR Note INCOME Dividends, net Interest on bonds, net Bank interest Interest on swaps Income from securities lending Other income TOTAL INCOME EXPENSES Asset management fees (4) Custodian fees Administration fees Transfer agent fees Audit and legal fees Printing and publishing fees Subscription tax (3) Bank fees Interest paid Shareholder servicing fees (4) Miscellaneous (14) TOTAL EXPENSES NET INCOME / (LOSS) FROM INVESTMENTS Net realised gain / (loss) on sales of investments Net realised gain / (loss) on swaps Net realised gain / (loss) on options Net realised gain / (loss) on forward foreign exchange contracts Net realised gain / (loss) on futures Net realised gain / (loss) on foreign exchange NET REALISED PROFIT / (LOSS) Change in net unrealised gain / (loss) on investments Change in net unrealised gain / (loss) on futures Change in net unrealised gain / (loss) on forward foreign exchange contracts Change in net unrealised gain / (loss) on swaps Change in net unrealised gain / (loss) on options NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS MOVEMENTS IN CAPITAL Subscriptions of shares Redemptions of shares Dividends (6) Exchange differences NET ASSETS AT THE END OF THE YEAR US$ High Income Bonds USD 5,5, , , ,955 1,585 3,631 4,581 4,335 2,279 4,767 1, ,375 9, ,1 531, ,72 (17,78) ,735 1,51,329 (13,27) 2,375,794 1,686,63 (8,97,699) (86,417) 9,569,134 Global High Yield and Emerging (Euro)** EUR 61,753,439 4,473,88 11,311 2,35 4,54, ,174 11,264 25,591 33,983 32,16 16,92 31, , ,432 65,686 1,388,328 3,116,16 (7,666,272) (6,157,652) 368,8 1,49 (1,337,69) 21,568,16 (258,13) 5,14,292 16,76,83 14,649,868 (24,999,58) (3,288,34) 64,192,775 Global Asset Allocation USD 166,236,791 1,642,615 2,881,47 4,3 47,215 14,15 4,589,282 2,588,613 35,121 79, ,878 15,879 55,645 11,464 3, ,51 226,614 4,331,43 257,879 12,218,997 (579,284) (42,668) 11,854,924 35,36,42 333,792 47,495,118 53,257,517 (57,89,698) (9,74,812) 2,14,916 World Equities USD 4,36,73 73,42 4,832 24,87 4, ,12 62,185 8,472 19,83 25,983 24,589 12,923 24,32 1, ,41 55,834 1,35,689 (27,569) 974, ,574 (69,693) 1,12,479 18,16,978 (611,119) 18,67,338 7,49,759 (16,931,556) 49,184,614 ** See note 1. The accompanying notes form an integral part of these financial statements. 31

33 Statement of Operations and Changes in Net Assets (continued) For the year ended March 31, 21 Global Emerging Equities US Equities US Mid & Small Cap Equities American Select** NET ASSETS AT THE BEGINNING OF THE YEAR INCOME Dividends, net Interest on bonds, net Bank interest Interest on swaps Income from securities lending Other income TOTAL INCOME Note USD 4,588, , ,37 USD 426,46,365 3,781, ,193 3,826,68 USD 5,82,359 55, ,244 57,997 USD 16,777,885 74,156 3, ,161 EXPENSES Asset management fees (4) Custodian fees Administration fees Transfer agent fees Audit and legal fees Printing and publishing fees Subscription tax (3) Bank fees Interest paid Shareholder servicing fees (4) Miscellaneous (14) TOTAL EXPENSES NET INCOME / (LOSS) FROM INVESTMENTS Net realised gain / (loss) on sales of investments Net realised gain / (loss) on swaps Net realised gain / (loss) on options Net realised gain / (loss) on forward foreign exchange contracts Net realised gain / (loss) on futures Net realised gain / (loss) on foreign exchange NET REALISED PROFIT / (LOSS) Change in net unrealised gain / (loss) on investments Change in net unrealised gain / (loss) on futures Change in net unrealised gain / (loss) on forward foreign exchange contracts Change in net unrealised gain / (loss) on swaps Change in net unrealised gain / (loss) on options NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS MOVEMENTS IN CAPITAL Subscriptions of shares Redemptions of shares Dividends (6) Exchange differences NET ASSETS AT THE END OF THE YEAR 94,322 1,11 2,498 6,35 5,967 3,136 3,133 13, ,76 15, ,849 11,521 (319,773) 9,986 (8,222) (36,488) 3,573,55 1,31 3,268,363 1,93,19 (3,82,231) 5,957,91 2,888,33 53, , ,44 187,42 98,53 64,65 12,75 21,53 51,68 347,364 4,54,34 (678,272) 6,132,173 8,493,79 (39,683) 13,557,8 116,565,591 (5,15,891) 125,16,78 369,663,265 (595,16,943) 325,979,395 91,882 1,253 2,859 3,836 3,63 1,98 3,624 18, ,5 7,57 169,413 (111,416) (562,555) 8,776 6,279 (658,916) 3,158,49 (9,81) 2,489, ,493 (1,819,611) 7,254,573 18,876 1,492 3,356 1,77 1, ,947 6,688 47,7 7, ,927 (14,766) (63,678) 124,735 13,438 (597,271) 3,452,52 (187,6) 2,668,189 1,931,142 (13,92,233) 8,284,983 ** See note The accompanying notes form an integral part of these financial statements.

34 Statement of Operations and Changes in Net Assets (continued) For the year ended March 31, 21 NET ASSETS AT THE BEGINNING OF THE YEAR Note INCOME Dividends, net Interest on bonds, net Bank interest Interest on swaps Income from securities lending Other income TOTAL INCOME EXPENSES Asset management fees (4) Custodian fees Administration fees Transfer agent fees Audit and legal fees Printing and publishing fees Subscription tax (3) Bank fees Interest paid Shareholder servicing fees (4) Miscellaneous (14) TOTAL EXPENSES NET INCOME / (LOSS) FROM INVESTMENTS Net realised gain / (loss) on sales of investments Net realised gain / (loss) on swaps Net realised gain / (loss) on options Net realised gain / (loss) on forward foreign exchange contracts Net realised gain / (loss) on futures Net realised gain / (loss) on foreign exchange NET REALISED PROFIT / (LOSS) Change in net unrealised gain / (loss) on investments Change in net unrealised gain / (loss) on futures Change in net unrealised gain / (loss) on forward foreign exchange contracts Change in net unrealised gain / (loss) on swaps Change in net unrealised gain / (loss) on options NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS MOVEMENTS IN CAPITAL Subscriptions of shares Redemptions of shares Dividends (6) Exchange differences NET ASSETS AT THE END OF THE YEAR US Dynamic Equities** USD 83,346,22 262,455 3,65 265,52 446,923 6,77 12,182 34,354 18,55 11,118 19, , ,469 84,82 (575,282) 11,224,948 (7,847,83) 1,895,436 (57,882) 4,639,417 1,186,591 (423,24) (3,73,717) 2,329,267 15,45,441 (11,8,91) Pan European Equities** EUR 36,282, , ,61 842, ,5 5,878 13,96 2,13 19,5 1,12 15,355 3,47 2,26 132,786 37, ,351 17,263 2,14,845 (1,94) (1,92) 2,182,76 1,961,715 13,143,791 19,483,863 (4,619,148) 28,291,278 Pan European Smaller Companies** EUR 1,512,818 55, ,647 29, ,968 1, , ,957 2,613 51,776 3,871 (366,55) (722) (363,41) 1,42,137 1,56,736 24,215 (489,33) 2,32,439 European Quantitative Equities EUR 18,765, , , ,788 3,978 9,235 12,241 11,585 6,89 7,498 6, ,765 23, , ,189 3,422,81 (244,758) 4,781 13,14 3,344,162 4,463,732 (7,25) 7,737,689 7,699,27 (4,773,12) 29,429,573 ** See note 1. The accompanying notes form an integral part of these financial statements. 33

35 Statement of Operations and Changes in Net Assets (continued) For the year ended March 31, 21 Italian Equities Japanese Equities Asia** Greater China Equities NET ASSETS AT THE BEGINNING OF THE YEAR INCOME Dividends, net Interest on bonds, net Bank interest Interest on swaps Income from securities lending Other income TOTAL INCOME Note EUR 16,58,35 651,365 4, ,642 JPY 1,444,337,361 21,242,623 2,786 15,434 1,128,935 22,389,778 USD 2,736, , , ,748 USD 6,948, , ,678 EXPENSES Asset management fees (4) Custodian fees Administration fees Transfer agent fees Audit and legal fees Printing and publishing fees Subscription tax (3) Bank fees Interest paid Shareholder servicing fees (4) Miscellaneous (14) TOTAL EXPENSES NET INCOME / (LOSS) FROM INVESTMENTS Net realised gain / (loss) on sales of investments Net realised gain / (loss) on swaps Net realised gain / (loss) on options Net realised gain / (loss) on forward foreign exchange contracts Net realised gain / (loss) on futures Net realised gain / (loss) on foreign exchange NET REALISED PROFIT / (LOSS) Change in net unrealised gain / (loss) on investments Change in net unrealised gain / (loss) on futures Change in net unrealised gain / (loss) on forward foreign exchange contracts Change in net unrealised gain / (loss) on swaps Change in net unrealised gain / (loss) on options NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS MOVEMENTS IN CAPITAL Subscriptions of shares Redemptions of shares Dividends (6) Exchange differences NET ASSETS AT THE END OF THE YEAR 22,87 4,189 9,18 13,726 12,99 6,827 2, ,97 279, 376,642 (4,18,92) (112) (3,642,372) 8,895,922 5,253,55 1,478,514 (21,77,584) 1,541,785 15,753, , ,321 78,187 67, , , ,52 75,143 4,714,596 2,199,46 26,538,256 (4,148,478) (294,719,26) 6,81,376 (1,254,134) (294,4,496) 622,74,742 2,26,448 33,69,694 1,171,391,671 (2,95,364,718) 851,55,8 38,851 3,738 8,383 11,531 1,913 5,735 1,65 26, ,87 29,78 56, ,181 1,66,375 19,438 (24,14) 1,263,854 9,992,543 34,21 11,29,67 3,439,63 (16,334,142) 19,132, ,455 3,238 4,287 5,637 5,334 2,83 5,53 27, ,267 1,6 296,997 (54,319) 1,15,994 (6,248) 9,911 1,1,338 3,959,28 (9,922) 4,95,696 6,65,319 (7,236,679) 1,728,19 ** See note The accompanying notes form an integral part of these financial statements.

36 Statement of Operations and Changes in Net Assets (continued) For the year ended March 31, 21 NET ASSETS AT THE BEGINNING OF THE YEAR Note INCOME Dividends, net Interest on bonds, net Bank interest Interest on swaps Income from securities lending Other income TOTAL INCOME EXPENSES Asset management fees (4) Custodian fees Administration fees Transfer agent fees Audit and legal fees Printing and publishing fees Subscription tax (3) Bank fees Interest paid Shareholder servicing fees (4) Miscellaneous (14) TOTAL EXPENSES NET INCOME / (LOSS) FROM INVESTMENTS Net realised gain / (loss) on sales of investments Net realised gain / (loss) on swaps Net realised gain / (loss) on options Net realised gain / (loss) on forward foreign exchange contracts Net realised gain / (loss) on futures Net realised gain / (loss) on foreign exchange NET REALISED PROFIT / (LOSS) Change in net unrealised gain / (loss) on investments Change in net unrealised gain / (loss) on futures Change in net unrealised gain / (loss) on forward foreign exchange contracts Change in net unrealised gain / (loss) on swaps Change in net unrealised gain / (loss) on options NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS MOVEMENTS IN CAPITAL Subscriptions of shares Redemptions of shares Dividends (6) Exchange differences NET ASSETS AT THE END OF THE YEAR Global Energy Equities USD 46,74,6 858, ,96 874, ,512 9,887 22,93 31,113 29,444 15,475 26,887 7,94 2, ,675 59,748 1,29,242 (334,417) 4,538,612 88,433 (1,95) 5,73,678 12,556,513 (657,461) 16,972,73 61,234,327 (77,17,154) 47,741,53 Global Innovation USD 16,526, , , ,91 263,532 3,2 6,87 9,66 8,58 4,59 8,499 11, ,376 17, ,154 (191,63) (242,546) 32,78 7,254 (393,575) 7,372,855 2,86 6,982,86 6,82,17 (12,74,67) 17,624,35 Global Technology** USD 8,466 8,466 21, ,175 1, , ,157 2,55 42,197 (33,731) 16,836 2,299 (14,596) 13,238 88,642 55,884,285 (24,398,234) 31,574,693 US Communications and Information** USD , ,736 1,888 6,627 1,992 25,76 (25,45) 55,447 (1,97) 28,9 38,518 67,418 25,935,382 (12,186,13) 13,816,67 ** See note 1. The accompanying notes form an integral part of these financial statements. 35

37 Statement of Operations and Changes in Net Assets (continued) For the year ended March 31, 21 NET ASSETS AT THE BEGINNING OF THE YEAR Note INCOME Dividends, net Interest on bonds, net Bank interest Interest on swaps Income from securities lending Other income TOTAL INCOME EXPENSES Asset management fees (4) Custodian fees Administration fees Transfer agent fees Audit and legal fees Printing and publishing fees Subscription tax (3) Bank fees Interest paid Shareholder servicing fees (4) Miscellaneous (14) TOTAL EXPENSES NET INCOME / (LOSS) FROM INVESTMENTS Net realised gain / (loss) on sales of investments Net realised gain / (loss) on swaps Net realised gain / (loss) on options Net realised gain / (loss) on forward foreign exchange contracts Net realised gain / (loss) on futures Net realised gain / (loss) on foreign exchange NET REALISED PROFIT / (LOSS) Change in net unrealised gain / (loss) on investments Change in net unrealised gain / (loss) on futures Change in net unrealised gain / (loss) on forward foreign exchange contracts Change in net unrealised gain / (loss) on swaps Change in net unrealised gain / (loss) on options NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS MOVEMENTS IN CAPITAL Subscriptions of shares Redemptions of shares Dividends (6) Exchange differences NET ASSETS AT THE END OF THE YEAR Global Equities Walter Scott & Partners EUR 115,588,33 2,31, ,394 2,393,698 1,227,764 24, ,863 46,242 24,33 11,64 14,162 4,582 21,854 1,423, ,773 (4,581,856) (62,156) 233,48 (3,44,831) 45,33,378 41,592,547 19,933,563 (95,662,41) 81,452,12 Mondrian IP FEME** USD 181,36,9 8,836,94 2,79 8,838,173 2,658,355 55,85 27,993 48,323 45,731 24,34 29,823 9, ,423 3,299,485 5,538,688 (9,713,832) (147,836) (93,2) (4,415,982) 129,751,79 19, ,354,388 25,, 331,391,288 Target Return (US$)** USD 461, ,544 19,924 3,231 9,167 3,629 3,435 1,85 7,729 1,28 3,543 29,61 15, ,2 192,344 (57,43) (8,344) (73,267) (184,949) 37,393 (166,253) (216,579) 2,537 (42,811) 7,17 (416,89) 69,149,16 (647,973) 68,85,44 Combined USD 1,989,39,349 23,652,186 59,92,955 97,89 83, ,563 31,185 84,121,96 23,932,133 4, ,914 1,5,179 1,28,22 54, ,838 58,82 79,143 6,281,647 2,447,925 37,776,667 46,344,429 (13,221,849) (18,727,136) (8,344) (1,467,526) (199,112) (993,46) 11,655,56 661,291,267 (711) (7,171,824) 6,91,89 7,17 671,872,695 1,471,819,829 (1,678,666,446) (73,288,244) 8,358,595 2,389,135,778 ** See note The accompanying notes form an integral part of these financial statements.

38 Statistics US$ ShortTerm Bonds Global Bonds (Euro) Global Bonds (US$) European ShortTerm Bonds USD EUR USD EUR Total Net Asset Value March 31, 21 March 31, 29 March 31, 28 per share at the end of the year March 31, 21 Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE March 31, 29 Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE 12,248,854 21,79,13 35,335,731 16,336,151 24,985,56 63,493,691 8,514,528 15,843,58 19,679,72 4,265,594 11,116,624 36,162, ** See note 1. +Class is denominated in EUR. The base currency of the Portfolio is USD. ++Class is denominated in USD. The base currency of the Portfolio is EUR. +++Class is denominated in EUR. The base currency of the Portfolio is JPY. ++++Class is denominated in USD. The base currency of the Portfolio is JPY. 37

39 Statistics (continued) US$ ShortTerm Bonds Global Bonds (Euro) Global Bonds (US$) European ShortTerm Bonds USD EUR USD EUR per share at the end of the year March 31, 28 Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE ** See note 1. +Class is denominated in EUR. The base currency of the Portfolio is USD. ++Class is denominated in USD. The base currency of the Portfolio is EUR. +++Class is denominated in EUR. The base currency of the Portfolio is JPY. ++++Class is denominated in USD. The base currency of the Portfolio is JPY. 38

40 Statistics (continued) European Bonds Emerging Corporate Bonds** Emerging Debt Global Emerging ShortTerm Bonds* Total Net Asset Value March 31, 21 March 31, 29 March 31, 28 per share at the end of the year March 31, 21 Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE March 31, 29 Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE EUR 18,37,23 9,682,92 24,346, USD 48,83,691 7,823,696 19,265, USD 62,884, ,184, ,48, USD 215,88, ,751, ,88, * s per share shown as at March 31, 29 are for information purpose only as the Portfolio was suspended at this date. ** See note 1. +Class is denominated in EUR. The base currency of the Portfolio is USD. ++Class is denominated in USD. The base currency of the Portfolio is EUR. +++Class is denominated in EUR. The base currency of the Portfolio is JPY. ++++Class is denominated in USD. The base currency of the Portfolio is JPY. 39

41 Statistics (continued) European Bonds Emerging Corporate Bonds** Emerging Debt Global Emerging ShortTerm Bonds EUR USD USD USD per share at the end of the year March 31, 28 Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE ** See note 1. +Class is denominated in EUR. The base currency of the Portfolio is USD. ++Class is denominated in USD. The base currency of the Portfolio is EUR. +++Class is denominated in EUR. The base currency of the Portfolio is JPY. ++++Class is denominated in USD. The base currency of the Portfolio is JPY. 4

42 Statistics (continued) US$ High Income Bonds Global High Yield and Emerging (Euro)** Global Asset Allocation World Equities USD EUR USD USD Total Net Asset Value March 31, 21 March 31, 29 March 31, 28 per share at the end of the year March 31, 21 Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE March 31, 29 Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE 9,569,134 5,5,826 12,42,835 64,192,775 61,753, ,96,562 2,14, ,236,791 37,457,64 49,184,614 4,36,73 18,212, ** See note 1. +Class is denominated in EUR. The base currency of the Portfolio is USD. ++Class is denominated in USD. The base currency of the Portfolio is EUR. +++Class is denominated in EUR. The base currency of the Portfolio is JPY. ++++Class is denominated in USD. The base currency of the Portfolio is JPY. 41

43 Statistics (continued) US$ High Income Bonds Global High Yield and Emerging (Euro)** Global Asset Allocation World Equities USD EUR USD USD per share at the end of the year March 31, 28 Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE ** See note 1. +Class is denominated in EUR. The base currency of the Portfolio is USD. ++Class is denominated in USD. The base currency of the Portfolio is EUR. +++Class is denominated in EUR. The base currency of the Portfolio is JPY. ++++Class is denominated in USD. The base currency of the Portfolio is JPY. 42

44 Statistics (continued) Global Emerging Equities US Equities US Mid & Small Cap Equities American Select** USD USD USD USD Total Net Asset Value March 31, 21 March 31, 29 March 31, 28 per share at the end of the year March 31, 21 Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE March 31, 29 Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE 5,957,91 4,588,669 14,164,76 325,979, ,46,365 13,147,814 7,254,573 5,82,359 16,171,423 8,284,983 16,777,885 72,597, ** See note 1. +Class is denominated in EUR. The base currency of the Portfolio is USD. ++Class is denominated in USD. The base currency of the Portfolio is EUR. +++Class is denominated in EUR. The base currency of the Portfolio is JPY. ++++Class is denominated in USD. The base currency of the Portfolio is JPY. 43

45 Statistics (continued) Global Emerging Equities US Equities US Mid & Small Cap Equities American Select** USD USD USD USD per share at the end of the year March 31, 28 Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE ** See note 1. +Class is denominated in EUR. The base currency of the Portfolio is USD. ++Class is denominated in USD. The base currency of the Portfolio is EUR. +++Class is denominated in EUR. The base currency of the Portfolio is JPY. ++++Class is denominated in USD. The base currency of the Portfolio is JPY. 44

46 Statistics (continued) US Dynamic Equities** Pan European Equities** Pan European Smaller Companies** European Quantitative Equities USD EUR EUR EUR Total Net Asset Value March 31, 21 March 31, 29 March 31, 28 per share at the end of the year March 31, 21 Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE March 31, 29 Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE 83,346,22 7,17,622 28,291,278 36,282,772 46,28,48 2,32,439 1,512,818 16,51,829 29,429,573 18,765,779 3,459, ** See note 1. +Class is denominated in EUR. The base currency of the Portfolio is USD. ++Class is denominated in USD. The base currency of the Portfolio is EUR. +++Class is denominated in EUR. The base currency of the Portfolio is JPY. ++++Class is denominated in USD. The base currency of the Portfolio is JPY. 45

47 Statistics (continued) US Dynamic Equities** Pan European Equities** Pan European Smaller Companies** European Quantitative Equities USD EUR EUR EUR per share at the end of the year March 31, 28 Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE ** See note 1. +Class is denominated in EUR. The base currency of the Portfolio is USD. ++Class is denominated in USD. The base currency of the Portfolio is EUR. +++Class is denominated in EUR. The base currency of the Portfolio is JPY. ++++Class is denominated in USD. The base currency of the Portfolio is JPY. 46

48 Statistics (continued) Italian Equities Japanese Equities Asia** Greater China Equities Total Net Asset Value March 31, 21 March 31, 29 March 31, 28 per share at the end of the year March 31, 21 Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE March 31, 29 Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE EUR 1,541,785 16,58,35 3,7, JPY 851,55,8 1,444,337,361 4,134,831, , , , , USD 19,132,996 2,736,928 43,169, USD 1,728,19 6,948,773 13,69, ** See note 1. +Class is denominated in EUR. The base currency of the Portfolio is USD. ++Class is denominated in USD. The base currency of the Portfolio is EUR. +++Class is denominated in EUR. The base currency of the Portfolio is JPY. ++++Class is denominated in USD. The base currency of the Portfolio is JPY. 47

49 Statistics (continued) Italian Equities Japanese Equities Asia** Greater China Equities EUR JPY USD USD per share at the end of the year March 31, 28 Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE , ,8. 1,968. 3, ** See note 1. +Class is denominated in EUR. The base currency of the Portfolio is USD. ++Class is denominated in USD. The base currency of the Portfolio is EUR. +++Class is denominated in EUR. The base currency of the Portfolio is JPY. ++++Class is denominated in USD. The base currency of the Portfolio is JPY. 48

50 Statistics (continued) Global Energy Equities Global Innovation Global Technology** US Communications and Information** USD USD USD USD Total Net Asset Value March 31, 21 March 31, 29 March 31, 28 per share at the end of the year March 31, 21 Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE March 31, 29 Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE 47,741,53 46,74,6 98,2,595 17,624,35 16,526,827 4,72,444 31,574,693 13,816, ** See note 1. +Class is denominated in EUR. The base currency of the Portfolio is USD. ++Class is denominated in USD. The base currency of the Portfolio is EUR. +++Class is denominated in EUR. The base currency of the Portfolio is JPY. ++++Class is denominated in USD. The base currency of the Portfolio is JPY. 49

51 Statistics (continued) Global Energy Equities Global Innovation Global Technology** US Communications and Information** USD USD USD USD per share at the end of the year March 31, 28 Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE ** See note 1. +Class is denominated in EUR. The base currency of the Portfolio is USD. ++Class is denominated in USD. The base currency of the Portfolio is EUR. +++Class is denominated in EUR. The base currency of the Portfolio is JPY. ++++Class is denominated in USD. The base currency of the Portfolio is JPY. 5

52 Statistics (continued) Global EquitiesWalter Scott & Partners Mondrian IPFEME** Target Return (US$)** EUR USD USD Total Net Asset Value March 31, 21 March 31, 29 March 31, 28 per share at the end of the year March 31, 21 Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE March 31, 29 Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE 81,452,12 115,588,33 118,484,84 331,391, ,36,9 317,695,16 68,85, ** See note 1. +Class is denominated in EUR. The base currency of the Portfolio is USD. ++Class is denominated in USD. The base currency of the Portfolio is EUR. +++Class is denominated in EUR. The base currency of the Portfolio is JPY. ++++Class is denominated in USD. The base currency of the Portfolio is JPY. 51

53 Statistics (continued) Global EquitiesWalter Scott & Partners Mondrian IPFEME** Target Return (US$)** EUR USD USD per share at the end of the year March 31, 28 Class AE Class AEC Class AEH Class AEP Class AJ Class AU Class AUH Class AUP Class BU Class DE Class DEH Class DJ Class DU Class IE Class IEH Class IJ Class IU Class M Class P Class SEP Class SU Class SUP Class W Class WS Class YE ** See note 1. +Class is denominated in EUR. The base currency of the Portfolio is USD. ++Class is denominated in USD. The base currency of the Portfolio is EUR. +++Class is denominated in EUR. The base currency of the Portfolio is JPY. ++++Class is denominated in USD. The base currency of the Portfolio is JPY. 52

54 Schedule of s as at March 31, 21 US$ ShortTerm Bonds (expressed in USD) Nominal Transferable securities and money market instruments admitted to an official exchange listing Bonds United States Citibank N.A % 912 5, USD 56, CSFB 4.774% 538 5c4 A1 4,193 USD 4, Fannie Mae (15y) 5.5% 318 Pool ,325 USD 233, Fannie Mae (15y) 5.5% 318 Pool ,943 USD 274, Fannie Mae (15y) 6.% 217 Pool ,986 USD 141, Fannie Mae (15y) 6.% 318 Pool ,14 USD 163, Fannie Mae (15y) 6.5% 217 Pool ,261 USD 142, Fannie Mae (3y) 7.% 232 Pool ,114 USD 7, Fannie Mae 5.% ,445 USD 67,71.55 Fannie Mae 5.5% 14 Pool ,167 USD 92, Fannie Mae 5.5% 434 Pa 243,132 USD 26, Fannie Mae 6.5% 217 Pool ,134 USD 59, FHLMC (15y) 5.% 318 Pool E ,275 USD 118, FHLMC (15y) 6.% ,51 USD 113, FHLMC 4.5% 419 S297AG 159,222 USD 166, FHLMC 5.% 418 S Ba 97,537 USD 11, FNMA 1.75% , USD 249, FNMA 2.75% , USD 239, USA 1.375% 912 1,, USD 1,7, USA 1.5% , USD 486, USA 1.75% 914 1,885, USD 1,864, USA 1.875% 912 1,, USD 1,16, USA 2.375% , USD 436, USA 2.375% , USD 439, USA 2.75% 813 7, USD 72, USA 3.125% , USD 427, USA 3.125% , USD 365, ,87, Total Bonds 9,87, Total Transferable securities and money market instruments admitted to an official exchange listing 9,87, Transferable securities and money market instruments dealt on other regulated markets Bonds United States Amcar FRN ,63 USD 67, CPS Auto Tr. 5.4% 711 7aA3 3,615 USD 3,62.3 CPS Auto Tr. 5.43% 712 7cA3 44,432 USD 44, LB UBS 4.568% 415 4c1A4 27, USD 274, Morgan Stanley FRN , USD 266, Morgan Stanley 1.95% 912 3, USD 34,

55 Schedule of s (continued) as at March 31, 21 US$ ShortTerm Bonds (expressed in USD) Nominal Transferable securities and money market instruments dealt on other regulated markets (continued) Bonds (continued) United States (continued) Tarot 5.24% 712 7ba3a 275, USD 28, ,242, Total Bonds 1,242, Total Transferable securities and money market instruments dealt on other regulated markets 1,242, Other transferable securities and money market instruments Bonds United States FGCI 5.% 618 P.G ,396 USD 357, FHLMC 5.5% Kj 55,248 USD 56, , Total Bonds 413, Total Other transferable securities and money market instruments 413, TOTAL INVESTMENTS 11,462, ( Total cost: USD 11,293,28) 54 The accompanying notes form an integral part of these financial statements.

56 Schedule of s as at March 31, 21 Global Bonds (Euro) (expressed in EUR) Nominal Transferable securities and money market instruments admitted to an official exchange listing Bonds Australia Queensland Treasury Corporation 6.25% 12 1,5, AUD 73, Treasury Corporation of Victoria 5.5% 818 7, AUD 452, ,156, Austria Austria 3.5% 415 3, EUR 315, Austria 3.9% 42 18, EUR 186, , Canada Canada 3.% , CAD 534, , Finland Finland 4.% 925 6, EUR 615, Finland 4.25% 415 5, EUR 546, ,161, France Cades 2.875% 115 2, USD 148, CFF 1.25% ,, JPY 1,424, France 3.5% 92 OAT 35, EUR 352, France 4.% 96 OAT 1, EUR 99,57.61 France 4.5% 941 OAT 5, EUR 54, ,79, Germany Germany 2.5% 115 2, EUR 23, Germany 4.75% 84 1,27, EUR 1,478, ,681, Great Britain UK 3.75% 919 9, GBP 99, UK 4.25% , GBP 173, UK 4.25% 939 4, GBP 429, , Hungary Hungary 6.5% 819 S.19/A 25,, HUF 92,14.56 Hungary 6.9% (Rbg) 2,, JPY 1,583, ,675, Italy Italy 3.% 115 Buoni Poliennali Del Tesoro 475, EUR 482,

57 Schedule of s (continued) as at March 31, 21 Global Bonds (Euro) (expressed in EUR) Nominal Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued) Italy (continued) Italy 4.25% 92 Buoni Poliennali Del Tesoro 43, EUR 445, , Netherlands Netherlands 3.5% 12 5, EUR 57, , Norway DnB Nor 3.375% 117 1, EUR 1, Kommunalbank 2.875% , USD 163, , Slovenia Slovenia 2.75% , EUR 25, , South Korea Industrial Bank of Korea 2.2% 911 1,, JPY 792, , Sweden Sweden 4.5% 415 1,5, SEK 169, , United States USA 1.75% 912 2, USD 149, USA 3.625% 12 1,1, USD 799, , Total Bonds 13,353, Treasury bills Sweden Sweden 5.5% 212 TB 1,5, SEK 168, , Total Treasury bills 168, Total Transferable securities and money market instruments admitted to an official exchange listing 13,522,

58 Schedule of s (continued) as at March 31, 21 Global Bonds (Euro) (expressed in EUR) Nominal Transferable securities and money market instruments dealt on other regulated markets Bonds Canada Quebec 3.875% ,, JPY 82, , United States USA 4.625% 14 1,4, USD 1,2, ,2, Total Bonds 1,84, Total Transferable securities and money market instruments dealt on other regulated markets 1,84, TOTAL INVESTMENTS 15,362, ( Total cost: EUR 15,87,615) The accompanying notes form an integral part of these financial statements. 57

59 Schedule of s as at March 31, 21 Global Bonds (US$) (expressed in USD) Nominal Transferable securities and money market instruments admitted to an official exchange listing Bonds Australia NSW Treasury 6.% 112 Emtn 226, AUD 21, , Austria Pfandbriefstelle Oesterreichische Hypothekenbank 1.6% ,, JPY 343, , Canada Canada 5.25% , CAD 54,95.64 Canada 5.25% , CAD 5,38.59 Canadian National Railway 5.55% , USD 56, , Denmark Nykredit 5.% ,364 DKK 2, ,711.3 France France 3.75% 813 Btan 168, EUR 242, France 4.% 314 OAT 163, EUR 238, France 4.25% 623 OAT 52, EUR 74, , Germany DT Gen. Hypbk 3.25% , EUR 72, Germany 3.75% , EUR 197, Germany 6.25% , EUR 17, , Great Britain UK 4.5% 819 TB 55, GBP 87, UK 4.75% , GBP 181, UK 5.% 125 TB 157, GBP 254, , Greece Greece 3.7% 515 Emtn 21, EUR 25,345.3 Greece 3.9% , EUR 154, Greece 4.3% , EUR 62, Greece 4.5% , EUR 39, Greece 4.7% 724 1, EUR 113, Greece 5.5% , EUR 55, ,

60 Schedule of s (continued) as at March 31, 21 Global Bonds (US$) (expressed in USD) Nominal Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued) Ireland DEPFA Bank 1.65% 416 1,, JPY 93, , Italy Italy 2.5% 912 Buoni Poliennali Del Tesoro 126, EUR 174, Italy 3.75% 621 Buoni Poliennali Del Tesoro 199, EUR 265, Italy 4.% 537 Buoni Poliennali Del Tesoro 128, EUR 156, Italy 4.% 617 Buoni Poliennali Del Tesoro 4, EUR 57,22.67 Italy 4.5% 718 Buoni Poliennali Del Tesoro 292, EUR 425, Italy 5.% 112 Buoni Poliennali Del Tesoro 97, EUR 139, Italy 5.% 334 Buoni Poliennali Del Tesoro 64, EUR 9, Italy 6.5% 9727 Buoni Poliennali Del Tesoro 22, EUR 368, ,678, Japan Development Bank of Japan 1.7% ,, JPY 19, Japan.5% 313 Nr 25 36,, JPY 387, Japan 1.3% 515 Nr 27 1,5, JPY 116, Japan 1.5% 717 Nr ,25, JPY 312, Japan 1.7% 222 S.59 12,25, JPY 131, Japan 1.7% 717 S ,95, JPY 224, Japan 2.% 121 Nr.51 8,4, JPY 94, Japan 2.1% 525 Nr 82 8,4, JPY 92, Japan 2.1% 727 Nr.99 15,75, JPY 169, Japan 2.5% 535 Nr 2 6,8, JPY 75, Japan 2.5% 838 Nr 28 2,6, JPY 29, ,824, Mexico Mexico 7.25% 716 1,92, MXN 156, , Norway Norway 5.% , NOK 57, Norway 6.5% , NOK 39, , Poland Poland 5.25% 617 Ds117 23, PLN 8, Poland 5.25% 713 S , PLN 81, Poland 5.5% , PLN 87, , Sweden Sweden 4.5% , SEK 32,

61 Schedule of s (continued) as at March 31, 21 Global Bonds (US$) (expressed in USD) Nominal Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued) Sweden (continued) Sweden 5.25% , SEK 21, , United States AT&T Inc. 6.55% , USD 27, Fannie Mae 5.% , USD 274, Fannie Mae 6.% ,835 USD 125, Pacific Gas 8.25% , USD 63, Toyota Motor Corp..55% 51 5,, JPY 53, USA 4.875% , USD 116, USA 6.% , USD 24, USA 6.25% , USD 227, USA 6.25% , USD 77, USA 7.25% , USD 241, Verizon Communications 6.1% , USD 56, ,289, Total Bonds 8,65, Treasury bills Sweden Sweden 5.5% 212 TB 525, SEK 79, ,99.94 Total Treasury bills 79,99.94 Total Transferable securities and money market instruments admitted to an official exchange listing 8,145, Transferable securities and money market instruments dealt on other regulated markets Bonds Canada Canada 5.% , CAD 55, , Japan Japan 2.1% 727 Nr 94 8,6, JPY 93, , Total Bonds 149, Total Transferable securities and money market instruments dealt on other regulated markets 149, TOTAL INVESTMENTS 8,294, ( Total cost: USD 8,631,857) 6 The accompanying notes form an integral part of these financial statements.

62 Schedule of s as at March 31, 21 European ShortTerm Bonds (expressed in EUR) Nominal Transferable securities and money market instruments admitted to an official exchange listing Bonds Austria Austria 5.% , EUR 244, , Belgium Belgium 5.% 111 Olo 175, EUR 185, , Finland Finland 4.25% , EUR 6, , France CFF 5.375% , EUR 136, France 3.75% 712 Btan 7, EUR 73, France 3.75% 813 Btan 175, EUR 186, , Germany Bayerische Landesbank 2.75% 912 3, EUR 38, Germany 2.5% , EUR 28, Germany 3.75% 313 1, EUR 17, Germany 3.75% 617 5, EUR 53, Germany 5.% 212 1, EUR 18, HSHN 2.25% , EUR 152, , Greece Greece 3.8% 811 2, EUR 198, , Ireland Allied Irish 3.625% 81 35, EUR 352, Anglo Irish Bank 2.75% 91 25, EUR 25, , Italy Italy 3.5% 611 Buoni Poliennali Del Tesoro 23, EUR 235, Italy 3.75% 611 Buoni Poliennali Del Tesoro 43, EUR 445, Italy 5.% 112 Buoni Poliennali Del Tesoro 2, EUR 213,89 5. Italy 5.25% 111 Buoni Poliennali Del Tesoro 195, EUR 25, ,1, Netherlands Nederlandse Waterschapsbank 5.125% 111 S147 3, EUR 312,

63 Schedule of s (continued) as at March 31, 21 European ShortTerm Bonds (expressed in EUR) Nominal Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued) Netherlands (continued) Netherlands 1.75% , EUR 151, , Total Bonds 4,191, Total Transferable securities and money market instruments admitted to an official exchange listing 4,191, TOTAL INVESTMENTS 4,191, ( Total cost: EUR 4,184,17) 62 The accompanying notes form an integral part of these financial statements.

64 Schedule of s as at March 31, 21 European Bonds (expressed in EUR) Nominal Transferable securities and money market instruments admitted to an official exchange listing Bonds Australia Commonwealth Bank of Australia 5.5% 919 5, EUR 54, Westpac Bank 4.25% , EUR 129, , Austria Austria 3.5% 415 4, EUR 42, Austria 3.9% 42 25, EUR 259, , Brazil Vale 4.375% 118 5, EUR 5, ,67.28 Canada Xstrata Canada 6.25% , EUR 134, ,12.73 Cayman Islands BES Finance Ltd 4.5% 4Perp. 25, EUR 22,75.12 Hutch Wham 5.875% 313 1, EUR 18, TWU Cayman 6.125% 913 5, EUR 54, , Denmark Dong Energy A/S 5.5% 5Perp. 12, EUR 118, ,8.65 Finland Finland FRN 115 4, GBP 448, Finland 4.% 925 8, EUR 82, Finland 4.25% , EUR 163, ,433, France ASF 4.125% 12 5, EUR 49, AXA 4.5% 915 1, EUR 16, Carrefour 4.% 12 95, EUR 95,37.52 Casino Guichard 6.375%13 Emtn 1, EUR 11,211.6 CCBP 9.25% 9Perp. 35, EUR 35, France 3.5% 92 OAT 57, EUR 574, France 4.5% 941 OAT 19, EUR 25, Lafarge 5.5% 919 5, EUR 5, PPR 3.75% , EUR 45, Société Générale 4.196% 5Perp. 7, EUR 58,8.32 1,332,

65 Schedule of s (continued) as at March 31, 21 European Bonds (expressed in EUR) Nominal Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued) Germany DEPFA 2.875% 512 2, EUR 26, Germany 2.5% 115 2, EUR 23, Germany 3.5% 611 S149 5, EUR 52, Germany 4.75% 84 9, EUR 1,47, Heidelberg 8.% 917 3, EUR 31, SAP AG 3.5% 117 2, EUR 19, ,29, Great Britain Barclays Bank 4.75% 5Perp. 5, EUR 35,75.19 Barclays Bank 6.% 818 1, EUR 17, BG Energy Cap 5.125% 917 5, GBP 59, Credit Suisse International 4.75% 919 1, EUR 14, Enterpr. Inns 6.5% , GBP 73,837.4 Experian 4.75% , EUR 147,113.8 First Hydro Finance 9.% , GBP 38, Firstgroup 6.875% 213 6, GBP 73,432.4 HSBC Bank 3.75% , EUR 112, Imperial Tobacco 8.375% , EUR 154, Lloyds 4.% 811 2, GBP 234, Lloyds 6.375% 916 1, EUR 18, Lloyds 6.5% 12 5, EUR 5,22.27 Marks & Spencer 6.875% 737 1, GBP 121, National Grid 6.625% 814 5, EUR 57,42.31 Old Mutual PLC FRN 717 5, EUR 46, Punch Taverns 7.369% , GBP 44, RBS 4.5% 316 Emtn 75, EUR 68, RBS 4.875% 117 2, EUR 198, RSA Insurance 9.375% , GBP 143, Scottish & Southern Energy 6.125% 813 5, EUR 55,977.3 Skipton BS 2.% 912 2, GBP 225, Standard Chartered Bank 5.875% 717 Regs 15, EUR 163, Standard Life 6.375% 222 8, EUR 82,4.45 Tesco 5.875% , EUR 86,21.47 UK 2.25% 914 7, GBP 784, UK 3.75% , GBP 829, UK 4.25% , GBP 248, UK 4.25% 939 2, GBP 214, ,672, Hungary Hungary 6.5% 819 S.19/A 5,, HUF 18,421.1 MOL Hungarian Oil and Gas PLC 3.875% 55 1, EUR 93, ,

66 Schedule of s (continued) as at March 31, 21 European Bonds (expressed in EUR) Nominal Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued) Ireland Freshwater 6.576% 7Perp. 5, EUR 39,.21 39,.21 Italy Atlantia 5.625% , EUR 121, Intesa Sanpaolo 8.47 FRN 8Perp. 5, EUR 51, Italy 3.% 115 Buoni Poliennali Del Tesoro 45, EUR 456, Italy 3.75% 611 Buoni Poliennali Del Tesoro 575, EUR 596, Italy 4.25% 92 Buoni Poliennali Del Tesoro 9, EUR 932, Lottomatica 5.375% 916 1, EUR 15, Telecom Italia SpA 8.25% 916 1, EUR 122, Unipol Gruppo 5.% 917 7, EUR 72, ,458, Jersey BAA Funding 4.6% FRN 816 1, EUR 1, HSBC Capital Funding % 3Perp. 5, EUR 47, ,33.81 Luxembourg Gaz Capital 5.3% , EUR 78, Glencore Finance 7.125% 815 1, EUR 112,157.6 Prologis International Funding 7.625% 714 5, EUR 5, VTB Capital 4.25% 616 Loan 5, EUR 5, , Mexico Mexico 6.75% 424 Emtn 4, GBP 45, , Netherlands ABN AMRO FRN 6Perp. 95, EUR 65,75.35 Allianz Finance 5.% 813 Emtn 5, EUR 54, EDP Finance BV 4.75% 916 6, EUR 63, ELM BV 6.5% 913 1, EUR 111,72.61 Fresenius Finance 5.5% 616 Regs 25, EUR 26, ING Bank 6.125% (TV) 823 1, EUR 19,51.6 Linde Finance 7.375% , EUR 124, Netherlands 3.5% 12 59, EUR 599, NWB 2.375% , GBP 391, Tennet BV 6.655% 1Perp. 5, EUR 52, ,598, Norway DnB Nor 3.375% 117 1, EUR 1, DnB Nor 4.5% 914 1, EUR 16,

67 Schedule of s (continued) as at March 31, 21 European Bonds (expressed in EUR) Nominal Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued) Norway (continued) Statkraft 4.625% 717 5, EUR 53, , Slovakia Slovakia 4.375% 915 5, EUR 531, , Slovenia Slovenia 2.75% , EUR 35, Slovenia 4.125% 12 2, EUR 23, , Spain Santander Issuances 5.435% 717 1, EUR 14, , Sweden Nordea 4.5% 914 1, EUR 16, Nordea 6.25% FRN 818 6, EUR 66, SCBC 3.% , EUR 177, , United States Bank of America 5.125% 714 1, EUR 15,65.58 BNP Paribas 6.342% 2 Perp. 6, EUR 6,45.33 Citigroup 7.375% 919 5, EUR 57,84.31 JP Morgan Chase FRN 515 1, EUR 94, JP Morgan Chase 5.25% 813 1, EUR 18, Pfizer 5.75% 921 5, EUR 57, Roche Holding 5.625% , EUR 129,75.71 Verizon Communiations 8.75% 815 Regs 15, EUR 135,22.73 Virgin Media Sec 7.% 118 Regs 5, GBP 57, , Total Bonds 18,12, Total Transferable securities and money market instruments admitted to an official exchange listing 18,12, TOTAL INVESTMENTS 18,12, ( Total cost: EUR 17,846,765) 66 The accompanying notes form an integral part of these financial statements.

68 Schedule of s as at March 31, 21 Emerging Corporate Bonds (expressed in USD) Nominal Transferable securities and money market instruments admitted to an official exchange listing Bonds Argentina Argentina 7.% 515 3,, USD 2,495, Banco Hipotecario FRN 71 2,74, USD 2,138, Buenos Aires 12.5% 115 5, USD 52, ,155, Australia FMG Finance 1.% a 9, USD 973, , Bermuda Digicel Group 1.5% 118 1,, USD 1,42, ,42, Brazil Banco Fibra 6.75% 81 2,5, USD 2,57, 5.14 BIC Banco 7.% 81 2,, USD 2,3, ,51, Canada Xstrata Canada 7.375% 82 Emtn 325, GBP 553, , Hungary MOL Hungarian Oil and Gas PLC 3.875% 55 48, EUR 65, , Kazakhstan Tengizchevroil 6.124% 414 /Regs 571,636 USD 69, , Luxembourg Cirsa Finance 8.75% 414 Reg. 75, EUR 1,36, Codere Finance 8.25% , EUR 1,4, RS Finance 7.5% 51 Regs 1,, USD 998, VTB Capital 7.5% 411 Regs 2,, USD 2,125, ,164, Netherlands Magyar Telekom 9.5% Regs 7, EUR 975, ,68 2. Philippines Philippines 8.375% 411 2,, USD 2,126, ,126,

69 Schedule of s (continued) as at March 31, 21 Emerging Corporate Bonds (expressed in USD) Nominal Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued) Qatar Ras Laffan LNG 4.5% 912 3,, USD 3,146, ,146, South Africa Foodcorp 8.875% 512 Regs 7, EUR 97, Savcio Holdings Ltd 8.% 613 Regs 5, EUR 686, South Africa 7.375% 212 3,, USD 3,33, ,961, United States Pemex Project Funding Master Trust FRN 512 Regs 5,, USD 4,975, 1.19 Pemex Project Funding Master Trust 7.5% 313 S9 355, GBP 596, Ras Laffan LNG % 52 Reg. 55, USD 565, ,137, Venezuela Petroleos 5.% 915 4,, USD 2,47, 5.6 Venezuela FRN 411 Regs 5,5, USD 5,151, ,621, Total Bonds Total Transferable securities and money market instruments admitted to an official exchange listing 43,584, ,584, TOTAL INVESTMENTS 43,584, ( Total cost: USD 43,519,658) 68 The accompanying notes form an integral part of these financial statements.

70 Schedule of s as at March 31, 21 Emerging Debt (expressed in USD) Nominal Transferable securities and money market instruments admitted to an official exchange listing Bonds Argentina Argentina FRN 212 9,71, USD 3,282, Argentina 7.% 515 1,45, USD 8,339, Argentina 7.% , USD 858, Argentina 8.28% 333 2,5, USD 2,384, ,865, Brazil Banbra 8.5% 9Perp. Regs 1,, USD 1,114,23.18 Brazil 1.% 711 8, BRL 4,468,.74 Brazil 1.% ,18 BRL 9,149, Brazil 1.125% ,995, USD 2,937, Brazil 11.% 4 24,53, USD 32,864, Brazil 5.625% 914 3,7, USD 3,52,5.58 Brazil 5.875% ,, USD 11,879, ,915, Colombia Colombia 1.375% 333 2,69, USD 3,874, Colombia 7.375% 637 5,, USD 5,625,.94 Colombia 7.375% 919 2,3, USD 2,656,5.44 Colombia 8.125% 424 2, USD 241,.4 Columbia 7.375% 617 3,4, USD 3,927,.65 16,323, Dominican Republic Dominican Republic 8.625% 627 Regs 5, USD 532, ,5.9 Gabon Gabon 8.2% 717 Regs 2,5, USD 2,77,.46 2,77,.46 Hungary Hungary 6.25% 12 14,, USD 14,913, Hungary 6.75% 617 2,,, HUF 1,256, Hungary 7.25% 612 1,25,, HUF 6,563, ,733, India India 4.5% 914 2,, USD 2,8, India 4.75% 115 1,25, USD 1,242, ,25, Indonesia Indonesia % 919 3,9, USD 5,625,

71 Schedule of s (continued) as at March 31, 21 Emerging Debt (expressed in USD) Nominal Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued) Indonesia (continued) Indonesia % ,5,, IDR 3,17,45.52 Indonesia 5.875% Regs 7,, USD 7,297, Indonesia 7.75% 838 Regs 8,385, USD 9,775, Indonesia 8.5% 535 Regs 3,4, USD 4,267,.71 Indonesia 9.35% ,,, IDR 2,974, ,47, Iraq Iraq 5.8% 628 StepUp 17,4, USD 14,181, ,181, 2.35 Israel Israel 4.% ,1, ILS 9,964, Israel 5.125% 919 9,, USD 9,338, ,33, Kazakhstan KazMunaiGas Finance 9.125% 818 Reg. 12,5, USD 15,281, ,281, Lebanon Lebanon 6.375% 12 14,, USD 14,121, ,121, Malaysia Petronas 4.25% 914 2,9, USD 2,932, Petronas 5.25% 919 8,, USD 8,14, ,36, Mexico Mexico 5.625% 617 S19 11,4, USD 12,255, 2.3 Mexico 5.875% 914 2,9, USD 3,249,45.54 Mexico 6.75% ,, USD 19,89, 3.31 Mexico 7.5% 333 4,9, USD 5,867,75.97 Mexico 8.3% 131 5,1, USD 6,579, 1.9 Pemex 8.% 919 3,9, USD 4,592, ,433, Panama Panama 7.25% 415 2,27, USD 2,593, Panama 8.125% 434 7, USD 85,5.14 Panama 8.875% ,175, USD 4,111, Panama 9.375% ,26, USD 3,5, ,561,

72 Schedule of s (continued) as at March 31, 21 Emerging Debt (expressed in USD) Nominal Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued) Peru Peru 6.55% 737 2,65, USD 2,848,75.47 Peru 7.125% 919 2,125, USD 2,472, Peru 7.35% 525 4,875, USD 5,679, Peru 8.75% 333 3,75, USD 4,927, ,928, Philippines Philippines 7.5% 624 2,, USD 2,275,.38 Philippines 7.75% 631 7,76, USD 8,923, Philippines 8.% 516 2,675, USD 3,23, Philippines 8.375% 919 3,55, USD 4,348,75.72 Philippines 8.875% 415 1,425, USD 1,763, Psalm 7.39% 924 Regs 1,2, USD 1,267, ,782, Poland Poland 4.75% 712 6,, PLN 2,113,16.35 Poland 6.375% 919 8,, USD 8,79, ,93, Qatar Qatar 6.55% 919 Regs 6,1, USD 6,938, ,938, Russia Russia 7.5% 3 Regs 41,768, USD 48,14, ,14, Serbia Republic of Serbia 6.75% 424 Stepup 2,2, USD 2,2,.36 2,2,.36 South Africa South Africa 6.875% 919 6,3, USD 7,63, ,63, South Korea Korea National Oil 5.375% 914 4,8, USD 5,95, ,95,56.85 Turkey Turkey.% ,, TRY 6,632, Turkey 6.75% ,, USD 13,154, Turkey 7.25% 415 9,43, USD 1,644, Turkey 7.25% 838 2,5, USD 2,631,

73 Schedule of s (continued) as at March 31, 21 Emerging Debt (expressed in USD) Nominal Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued) Turkey (continued) Turkey 7.5% 919 5,8, USD 6,64, Turkey 8.% 434 6,5, USD 7,499, ,166, Ukraine Ukraine 6.75% 717 Regs 1,, USD 963,8.16 Ukraine 6.875% 411 3,5, USD 3,22,88.5 3,986,68.66 United States Pemex Project Funding 6.625% 535 2,3, USD 2,268, ,268,83.38 Uruguay Uruguay 6.875% 925 1,, USD 1,9,.18 Uruguay 8.% 522 3,6, USD 4,32,.71 5,392,.89 Venezuela Venezuela 7.% 738 Regs 8,7, USD 5,198,25.86 Venezuela 7.65% 525 3,46, USD 2,266,3.38 Venezuela 7.75% 919 Regs 4,3, USD 3,85,25.51 Venezuela 8.25% ,, USD 1,462, Venezuela 9.% 823 Regs 2,, USD 14,95, 2.48 Venezuela 9.25% ,, USD 26,693, ,656, Total Bonds 544,881, Total Transferable securities and money market instruments admitted to an official exchange listing 544,881, Other transferable securities and money market instruments Treasury bills Egypt Egypt.% 91 TB 91,, EGP 16,279, Egypt.% 91 TB 5,275, EGP 8,87, ,149, Total Treasury bills 25,149, Total Other transferable securities and money market instruments 25,149, TOTAL INVESTMENTS 57,3, ( Total cost: USD 537,617,665) 72 The accompanying notes form an integral part of these financial statements.

74 Schedule of s as at March 31, 21 Global Emerging ShortTerm Bonds (expressed in USD) Nominal Transferable securities and money market instruments admitted to an official exchange listing Bonds Argentina Argentina FRN 212 1,5, USD 57,39.23 Argentina 7.% 515 8,5, USD 6,783, Buenos Aires 12.5% 115 4,, USD 4,167, 1.93 Buenos Aires 9.25% 617 Regs 5,, USD 3,768, ,226, Bahamas Banco Votor 16.2% 51 6,55, BRL 3,819, ,819, Brazil Banbra 8.5% 9Perp. Regs 14,, USD 15,599, CESP 9.75% 715 Regs 12,5, USD 8,778, RBS Zero 11.25% 717 /int.usd 8,, BRL 4,146, ,524, Cayman Islands Arantes 1.25% 813 G. Reg. 24,, USD.. Hungary Hungary 6.25% 12 2,, USD 2,13,5.99 2,13,5.99 Indonesia Indonesia 7.25% 515 2,6, USD 2,956, Indonesia 7.5% 516 Regs 5,, USD 5,78, ,736, Lebanon Lebanon 6.375% 12 1,, USD 1,87, ,87, 4.67 Luxembourg AK Bars 1.25% 912 3,, USD 3,194, VTB Capital 6.25% 535 Regs 4,, USD 4,25, 1.87 VTB Capital 6.69% 712 Regs 4,, USD 4,21, ,429, Mexico Mexico 5.875% 914 9,, USD 1,84, Mexico 6.625% 315 4,5, USD 5,17, Mexico 7.75% 717s.m 1 1,, MXN 8,283, Pemex 4.875% 915 Regs 8,, USD 8,256, ,731,

75 Schedule of s (continued) as at March 31, 21 Global Emerging ShortTerm Bonds (expressed in USD) Nominal Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued) Netherlands Center Credit 8.625% 714 Regs 5,9, USD 6,13, ,13, Philippines Philippines 8.% 516 5,, USD 5,987, Philippines 8.25% 314 2,5, USD 2,943, ,931, Russia RSHB Capital 6.97% FRN 616 5,, USD 5,175, 2.4 5,175, 2.4 Sri Lanka Sri Lanka 7.4% 915 Regs 3,, USD 3,142, ,142, Turkey Turkey 7.% 616 Global 3,, USD 3,345, 1.55 Turkey 7.25% 415 7,, USD 7,91, Turkey 9.5% 314 4,, USD 4,791, ,38, Ukraine Naftogaz 9.5% ,, USD 11,59, ,59, Venezuela Petroleos 5.% 915 9,, USD 5,557, Petroleos 5.25% 717 5,, USD 3,87, Venezuela 1.75% 413 6,, USD 5,895, 2.73 Venezuela 5.75% 516 Regs 6,, USD 4,38, 2.3 Venezuela 8.5% 414 2,, USD 1,75,.81 2,67, 9.58 Total Bonds 183,166, Total Transferable securities and money market instruments admitted to an official exchange listing 183,166,

76 Schedule of s (continued) as at March 31, 21 Global Emerging ShortTerm Bonds (expressed in USD) Nominal Transferable securities and money market instruments dealt on other regulated markets Bonds Cayman Islands First Data 9.875% ,, USD 2,14,.99 2,14,.99 Total Bonds 2,14,.99 Total Transferable securities and money market instruments dealt on other regulated markets 2,14,.99 Other transferable securities and money market instruments Bonds Indonesia Indonesia 1.375% 914 5,, USD 6,237, ,237, Total Bonds 6,237, Treasury bills Egypt Egypt.% 91 TB 69,, EGP 12,439, ,439, Total Treasury bills 12,439, Total Other transferable securities and money market instruments 18,676, TOTAL INVESTMENTS 23,983, ( Total cost: USD 228,695,992) As at March 31, 21, there were investments totaling USD 5,959,345 (2.76 the of the Fund) which were d using indicative prices solely provided by the issuer and/or executing broker or a quote from a single broker or the management company of the Fund. These investments trade in a limited market and may not be able to be immediately liquidated at these estimated fair s. The accompanying notes form an integral part of these financial statements. 75

77 Schedule of s as at March 31, 21 US$ High Income Bonds (expressed in USD) Nominal Transferable securities and money market instruments admitted to an official exchange listing Bonds Bermuda Intelsat Jacks 8.5% a 1, USD 1, ,55.11 Canada Cascades 7.875% a 49, USD 49,49.52 Nova Chemicals FRN 513 9, USD 85, , India Novelis Inc. 7.25% 515/Multi Corp. 15, USD 14, ,55.15 Luxembourg Expro Fin 8.5% a 5, USD 5, ,75.53 United States Acco Brands 1.625% 915 3, USD 32, AMC Entertainment 8.75% 919 4, USD 42,2.44 American General Finance 6.9% , USD 13, Amsted Industries 8.125% a 34, USD 34,17.36 Apria Healthcare 11.25% , USD 38,238.4 Aquilex % a 46, USD 49,68.52 Arch Coal 8.75% a 52, USD 55,25.58 Arch Western 7.25% 413 1, USD 1,88.11 Ashland Inc % 917 5, USD 56, Avis Business Rental 9.625% a 17, USD 17,85.19 Ball Corp. 6.75% 12 25, USD 25, Ball Corp % 916 5, USD 5,338.6 Ball Corp % 919 5, USD 5,294.6 Belo Corp. 8.% 916 5, USD 52, B&G Foods 7.625% , USD 44, Biomet 1.375% 817 Pik 3, USD 33,15.35 Boise Cascade 7.125% , USD 34,41.36 Boyd Gaming 7.125% , USD 29,4.31 Brocade Communications 6.625% a 64, USD 65,44.68 Brocade Communications 6.875% a 8, USD 8,2.9 Bumble B 7.75% a 6, USD 6,9.64 Cardtronics 9.25% 613 5, USD 5,188.5 Cardtronics 9.25% 813 9, USD 93, Central Garden 8.25% , USD 33, Chemtura 6.875% 616 (defaulted) 82, USD 96, Chesapeake Energy 6.625% 516 3, USD 29,55.31 Chesapeake Energy 6.875% , USD 44, CHS Community Health Systems 8.875% , USD 56,25.59 Cincinnati Bell 7.% , USD 14,

78 Schedule of s (continued) as at March 31, 21 US$ High Income Bonds (expressed in USD) Nominal Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued) United States (continued) Clear Chan 9.25% a 92, USD 96, Comstock Resources 8.375% , USD 25, Concho Resources Inc % , USD 61,77.65 Consol Energy 8.% , USD 28,91.3 Consol Energy 8.25% 12 11, USD 11, Constellation Brands 7.25% 717 3, USD 3,9.32 Constellation Brands 8.375% 714 6, USD 6,518.7 Continent Re 7.375% a 11, USD 1, Copano Energy 7.75% , USD 25,63.26 CPM Holding 1.625% a 47, USD 5,29.53 CRTX Energy 8.875% a 15, USD 15, CRW Castle 7.125% 919 8, USD 81, Davita 6.625% 513 9, USD 91,12.95 Davita 7.25% 515 5, USD 5,125.5 Delta Air Lines 9.5% , USD 58,94.61 Denbury Resources 7.5% , USD 12,3.13 Denbury Resources 8.25% 12 17, USD 18,15.19 DLM 7.5% a 34, USD 35, Dynegy Holdings 7.75% , USD 26,6.28 Easton Bell Sports 9.75% a 2, USD 21,15.22 Edison Mission 7.% 717 6, USD 42,15.44 El Paso Corp % 714 1, USD 1, Equinox 9.5% 116/144a 53, USD 53, First Data 1.55% 915 Pik 4,749 USD 4,474.5 First Data 9.875% , USD 13,13.14 Ford MC 8.7% , USD 37,986.4 Forest Oil 7.25% , USD 16, Frontier 7.875% a 1, USD 1, Frontier 8.25% a 26, USD 26, Frontier 8.5% a 21, USD 21, Georgia Pacific 7.7% , USD 74, Gibraltar Industries 8.% , USD 55,44.58 GMAC 8.% 12 S144a 9, USD 92, GMAC 8.3% a 29, USD 3, Graphic Pack 9.5% 917 4, USD 42,9.45 HCA 7.25% a 12, USD 121, HCA 7.875% a 2, USD 2, Hertz Corp. 1.5% , USD 59, Hertz Corp % 714 3, USD 3, Hexion Fin 8.875% a 117, USD 115, HSN 11.25% 916 2, USD 22,8.24 Intelsat 9.25% 916 2, USD 21,5.22 JDAS 8.% a 1, USD 1,45.11 Kansas City 8.% , USD 26,94.27 Key Energy Services 8.375% , USD 27, Koppers 7.875% a 15, USD 15, Lear Corp % 118 3, USD 3,

79 Schedule of s (continued) as at March 31, 21 US$ High Income Bonds (expressed in USD) Nominal Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued) United States (continued) Lear Corp % 12 17, USD 17, Level 3 Finance 8.75% , USD 32,2.34 Libbey Glass 1.% a 35, USD 37,13.39 Manitowoc Co. Inc. 9.5% , USD 48,185.5 Mcjunkin 9.5% a 93, USD 95,44 1. Mediacom Broadbrand 8.5% , USD 15, Mediacom 9.125% 919 3, USD 31,88.32 Michael Foods 8.% 413 2, USD 2,65.22 Midwest Generation 8.56% 116 B 87,63 USD 89, Neiman Marcus 9.% 615 Pik 19,413 USD 21, Nextel Communications 7.375% , USD 147, Niska 8.875% a 21, USD 21, Norcraft Cos 1.5% a 58, USD 61,48.64 NRG Energy 7.375% , USD 84, NRG Energy 7.375% 617 6, USD 59,55.62 Omnicare 6.75% 513 5, USD 5,5.53 Oshkosh Corp. 8.25% a 14, USD 14, Oshkosh Corp. 8.5% a 1, USD 1,4.11 PAETEC Holding Corp % a 52, USD 53,69.56 Penn 8.75% a 2, USD 2,4.21 Pinnacle Enter 7.5% , USD 11,31.12 Pinnacle Enter 8.625% 917 2, USD 1,965.2 Plains Exploration 7.75% 715 5, USD 5,94.5 Plains Exploration 8.625% 919 3, USD 31,95.33 Potlatch Corp. 7.5% a 18, USD 18, Quicksilver Resources 7.125% 616 2, USD 1,91.2 Quicksilver Resources 8.25% 815 9, USD 92, QVC Inc % , USD 25, QVC Inc , USD 25,25.26 QVC Inc. 7.5% a 35, USD 35, Qwest Communications International 8.% a 1, USD 1,7.11 Qwest Corp. 7.5% , USD 6, Range Resources 7.5% , USD 15, Reynolds 7.75% , USD 77, Salem Communications 9.625% 916 8, USD 83, Scotts Miracle 7.25% , USD 14, Select Medical 7.625% 515 6, USD 57,45.6 Seneca Gaming 7.25% 512 3, USD 29, Sinclair Tel 9.25% a 45, USD 47,588.5 Sitel Llc 11.5% , USD 25, Solutia 8.75% 917 2, USD 21,2.22 Southern Star 6.75% , USD 132, Southern Star 6.75% 816 3, USD 3, Sprint Nextel Corp % 917 4, USD 4,4.42 SS&C Technologies Inc % 613 5, USD 53, Tenet Healthcare 8.875% , USD 27,

80 Schedule of s (continued) as at March 31, 21 US$ High Income Bonds (expressed in USD) Nominal Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued) United States (continued) Terex Corp % 414 1, USD 1,2.11 Toys R US 8.5% a 42, USD 43, Toys R USs Prop 1.75% , USD 77, Transdesign 7.75% a 2, USD 2,6.22 Triumph Group 8.% , USD 12,6.13 Trw Auto 8.875% a 35, USD 36, Tunica Biloxi 9.% , USD 14, TW Telecom 8.% a 25, USD 25, United Airlines 9.875% , USD 48,53.51 Us Steel Corp % 12 23, USD 23, Vanguard H. Hld Ii 8.% , USD 11,73.12 Virgin Media Sec 6.5% a 6, USD 6,45.63 Windstream 8.625% 616 5, USD 51, Wyndham 6.% 716 2, USD 19,84.21 Wyndham 7.875% 12 3, USD 3, ,438, Total Bonds 5,649, Total Transferable securities and money market instruments admitted to an official exchange listing 5,649, Transferable securities and money market instruments dealt on other regulated markets Bonds Bermuda Intelsat 8.875% a 45, USD 46, , Canada Garda Wr 9.75% , USD 23, , Great Britain Virgin Media Finance 8.75% , USD 13, , United States Ameach 8.25% 812 5, USD 4,975.5 Assd Matls 9.875% 916 6, USD 65,1.68 Berry Petrol 1.25% , USD 71, Chart Industries Inc % 615 9, USD 9, Cinc Bell 8.25% 917 8, USD 81,4.85 Cinemark 8.625% , USD 15, Circus&Eldorado 1.125% 212 1, USD 87,5.91 Cit Group 7.% , USD 175, Clean Harbo 7.625% 916 1, USD 1,

81 Schedule of s (continued) as at March 31, 21 US$ High Income Bonds (expressed in USD) Nominal Transferable securities and money market instruments dealt on other regulated markets (continued) Bonds (continued) United States (continued) Communications & Power 8.% 412 1, USD 1, Crick Comm 7.75% , USD 29,19.31 Crown America 7.625% a 4, USD 41,9.44 Denbury Resources 9.75% 916 3, USD 33,15.35 DISH DBS 6.625% 514 9, USD 9, DISH DBS 7.875% 919 2, USD 2,9.22 El Paso Corp. 8.25% , USD 26, Firekeep % , USD 55,8.58 First Data 9.875% , USD 12, Forest Oil 8.5% 914 1, USD 1,6.11 Greif 6.75% , USD 56,1.59 Greif 7.75% , USD 57,475.6 HCA 9.625% a 41,83 USD 47, Hilcorp Energy 7.75% a 9, USD 89, Iasis Health 8.75% 414 2, USD 2, Interface % 913 B 15, USD 16, Invista 9.25% a 9, USD 91, IPG 1.% 917 8, USD 9, Jarden Corp. 8.% , USD 87, Jostens Holding 1.25% , USD 36, Jostens IH Corp % 412 1, USD 1,75.11 K Hovanian 1.625% , USD 4,66.42 KB Home 9.1% , USD 15,9.17 Lamar Media 9.75% 914 8, USD 87,8.92 L3 Communications 6.375% , USD 67,31.7 Manitowoc Co % 313 4, USD 4,1.4 MGM Mirage 1.375% a 5, USD 5,538.6 MGM Mirage 9.% a 6, USD 62,1.65 MGM Mirage11.125% a 4, USD 45,2.47 Norcraft Holdings.% 412 4, USD 3,82.4 PAETEC Holding Corp % 917 3, USD 3, Peabody Energy 6.875% 313 B 4, USD 4,65.42 Petrohawk Energy 1.25% 914 2, USD 22, Pokagon 1.375% a 74, USD 78,7.82 Qwest Corp % 512 7, USD 77,.8 Range Resources 8.% , USD 8, Regal Cinema 8.625% 919 3, USD 31, Rite Aid 9.75% , USD 16,2.17 SBA Telecom 8.% a 65, USD 68, SBA Telecom 8.25% , USD 33,17.35 Sealy Corp % a 14, USD 15,75.16 Seneca Gaming 7.25% , USD 3, Shingle Sprinhingle 9.375% a 14, USD 116, Sonat Inc. 7.% , USD 25, Speedway Motorsp 6.75% 313 5, USD 5,25.53 Tenneco 8.125% , USD 35, Terex Corp % , USD 61,

82 Schedule of s (continued) as at March 31, 21 US$ High Income Bonds (expressed in USD) Nominal Transferable securities and money market instruments dealt on other regulated markets (continued) Bonds (continued) United States (continued) Utd Rentals 1.875% , USD 6,88.63 Valeant Phar 8.375% , USD 26,25.27 Valor Telecom 7.75% 515 8, USD 81, William Lyon 7.5% , USD 18, Windstream 7.875% , USD 34, ,998, Total Bonds 3,81, Total Transferable securities and money market instruments dealt on other regulated markets 3,81, Other transferable securities and money market instruments Bonds Canada Videotron 9.125% , USD 122, , Cayman Islands Seagate Tec 1.% a 3, USD 34, , United States CSC Holdings 8.5% 914 5, USD 53,5.56 Lender Pro 8.125% , USD 38,79.41 Regency Ene 9.375% a 7, USD 74,55.77 Sanbridge 8.625% 815 7, USD 68, , Total Bonds 392, Total Other transferable securities and money market instruments 392, TOTAL INVESTMENTS 9,123, ( Total cost: USD 8,585,863) The accompanying notes form an integral part of these financial statements. 81

83 Schedule of s as at March 31, 21 Global High Yield and Emerging (Euro) (expressed in EUR) Nominal Transferable securities and money market instruments admitted to an official exchange listing Bonds Argentina Argentina 538 Stepup 5,8, EUR 1,783, Argentina 7.82% 333 2,7, EUR 2,197, ,981, Australia FMG Finance 9.75% 613 Reg. 49, EUR 529, , Austria Sappi Papier 11.75% , EUR 45,.63 Wienerberger 6.5%(TV) 7Perp. 11, EUR 91, ,85.77 Bermuda CETV % 916 Regs 1, EUR 18, Digicel Group 1.5% , USD 14, ,83.33 Brazil Banbra 8.5% 9Perp. Regs 1,5, USD 1,235, Brazil 7.375% , EUR 921, Brazil 8.5% 412 3, EUR 343,8.54 2,5, Canada Bombardier FRN 613 Regs 42, EUR 419, Bombardier 7.25% , EUR 385,2.6 GMAC Canada 6.% , EUR 165, GMAC Canada 6.625% 31 35, GBP 399, ,37, Cayman Islands RDSDPW % , USD 137,19.21 Sable Intl 7.75% 117 2, USD 154,46.24 UPCB Fin 7.625% 12 Regs 235, EUR 242, , Croatia Agrokor Dd 1.% , EUR 176, , Czech Republic Sazka 9.% ,186 EUR 74, ,

84 Schedule of s (continued) as at March 31, 21 Global High Yield and Emerging (Euro) (expressed in EUR) Nominal Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued) Denmark Iss Hlds 8.875% , EUR 87, Nordic Telephone FRN 616 1,946 EUR 11,73.16 TDC As 5.875% , EUR 555, , Finland MReal Corp. FRN 61 48,991 EUR 49,236.8 MReal 7.98% 613 Sen/Multi Corp. 5, EUR 49,438.8 UPM Kymmene 6.625% 217 9, GBP 94, ,472.3 France CGG Veritas 9.5% , USD 51,641.8 Nexans 5.75% , EUR 345, Rexel 8.25% , EUR 298, Rhodia FRN 613 Regs 6, EUR 58,5.89 Société Générale 8.875% FRN 8Perp./sub 1, GBP 114,98.18 SPCM 8.25% 613 Regs 5, EUR 55, Tereos Europe 6.375% 714 Regs 45, EUR 461, ,358, Germany Cognis 9.5% 414 Emtn 5, EUR 51,875.8 Heidelberg 7.5% , EUR 126,15.2 Heidelberg 7.5% 12 27, EUR 266, Heidelberg 8.% , EUR 266, Heidelberg 8.5% , EUR 324, Kabel Deutschland 1.75% 614 5, EUR 53,.83 TUI 5.125% 512 Regs 485, EUR 464, Unitymedia 8.125% , EUR 653, Unitymedia 9.625% , EUR 386,9.6 3,69, Great Britain Avis Finance FRN , EUR 12,3.16 Cable & Wireless 8.75% , GBP 121, Daily Mail & General 5.75% , GBP 233, Daily Mail & General 7.5% 13 7, GBP 82,75.13 Dixons Group 6.125% , GBP 125,11.19 EcoBat 1.125% 313 Regs 35, EUR 36,5.56 Fce Bk 9.375% 914 2, EUR 218,2.34 First Hydro Finance 9.% , GBP 461, Ford Credit Europe 7.125% 713 1,, EUR 1,3, 1.59 Ford Credit Europe 7.875% 711 2, GBP 23,85.36 GLBL Cross UK Finance 11.75% , GBP 629, Inmarsat Fin % a 215, USD 166,

85 Schedule of s (continued) as at March 31, 21 Global High Yield and Emerging (Euro) (expressed in EUR) Nominal Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued) Great Britain (continued) ISS Finance 11.% , EUR 31, Kerling 1.625% , EUR 231, Matalan Fin 9.625% Regs 13, GBP 152, Pipe Holdings 7.75% 511 Reg. 13, GBP 145,8.23 Rexam PLC 6.75% (TV) , EUR 395, Reynolds Grp 7.75% , EUR 251,4.39 TVN Fin. 1.75% 917 Regs 365, EUR 44, Virgin Media Finance 8.75% ,612 EUR 141, Virgin Media Finance 8.875% 99 85, GBP 11,17.16 Virgin Media Finance 9.5% 916 S1 3, USD 243,33.38 Virgin Media Finance 9.75% ,17 GBP 24, ,153, Hungary Hungary 3.5% 616 1,2, EUR 1,166, Hungary 4.375% 717 1,, EUR 1,2, Hungary 4.5% , EUR 259,598.4 Hungary 6.75% 914 1,, EUR 1,115, ,543, Ireland Ardagh Glass F 1.75% 515 Senior 46,341 EUR 75, Ardagh Glass F 7.125% , EUR 349, Ardagh Glass F 8.75% 12 Regs 5, EUR 53,75.8 Ardagh Glass F 9.25% 916 Regs 2, EUR 228,5.36 Smurfit Kap Acq 7.25% , EUR 114,4.18 Smurfit Kap Acq 7.75% , EUR 262,5.41 1,84, Italy Lottomatica 8.25% (TV) 666 Regs 43, EUR 445,5.7 Seat Pagine 1.5% , EUR 137, ,25.91 Lithuania Lithuania 3.75% , EUR 841, Lithuania 4.5% , EUR 9, Lithuania 4.85% 718 5, EUR 5,.78 Lithuania 5.875% , EUR 937, Lithuanian 9.375% , EUR 624, ,84, Luxembourg Beverage Pack. 8.% 716 Reg. 5, EUR 513,75.8 Beverage Pack. 9.5% 717 5, EUR 532,5.83 Cablecom 8.% , EUR 33,.51 84

86 Schedule of s (continued) as at March 31, 21 Global High Yield and Emerging (Euro) (expressed in EUR) Nominal Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued) Luxembourg (continued) Cirsa Cap.7.875% 512 Reg. 25, EUR 258,125.4 Codere Finance 8.25% 515 3, EUR 297,.46 Fiat Finance & Trade 5.625% , EUR 154, Fiat Finance & Trade 6.625% , EUR 124,35.19 Fiat Finance & Trade 7.625% , EUR 351, Fiat Finance & Trade 9.% , EUR 294,3.46 Hayes Lemmerz Finance 8.25% 815 2,21, EUR 132,6.21 Lecta SA FRN 714 Reg. 125, EUR 12,5.16 Lighthouse International 8.% 414 Regs 479, EUR 332, Prologis International Funding 7.625% , EUR 568, Wind Acquisition Finance SA 11.% 515 Stepup 24, EUR 26,4.41 Wind Acquisition Finance SA 11.75% 917 6, EUR 668, ,922, Mexico Mexico 5.5% 42 1,, EUR 1,9, 1.7 Pemex 5.5% 917 1,5, EUR 1,599, ,689, Netherlands Art Five Bv FRN , EUR 243,75.38 Art Five Bv FRN 114 2, EUR 196,.31 Boats s 11.% 717/Pik 325, EUR 33, Cable & Wire International 8.625% , GBP 115, Cemex Fin 9.625% , EUR 275,63.43 IFCO 1.% , EUR 178,4.28 Impress Metal 9.25% 614 Regs 1, EUR 17,.17 Magyar Telekom 9.5% Regs 25, EUR 257,525.4 New World Res 7.375% 715 2, EUR 191,.3 OI European Group 6.875% 717 4, EUR 48,.64 UPC Holding 8.625% 514 Regs 5, EUR 517,549.8 UPC Holding 9.75% , EUR 169,6.26 2,99, Norway Sevan Drilling FRN 612 1,, NOK 116, Sevan Marine As FRN 713 2, USD 125,637.2 Songa Offs. 9.75% 611 1, USD 76, ,913.5 Peru Peru 7.5% 414 /Int. 83, EUR 955, ,

87 Schedule of s (continued) as at March 31, 21 Global High Yield and Emerging (Euro) (expressed in EUR) Nominal Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued) Philippines Philippines 6.25% , EUR 75, ,6 1.1 Poland Poland 3.625% 616 1,7, EUR 1,738, Poland 5.875% 914 1,87, EUR 2,8, ,818, Romania Romania 5.% , EUR 754, , South Africa Consol Glass 7.625% , EUR 382,85.6 Eskom 4.% 613 5, EUR 53,75.78 Foodcorp 8.875% 512 Regs 12, EUR 123,.19 Sable Intl 7.75% a 1, USD 77,23.12 Savcio Holdings Ltd 8.% 613 Regs 145, EUR 147, South Africa 4.5% , EUR 796, South Africa 5.25% 313 1,3, EUR 1,378, ,48, Spain Abengoa 8.5% , EUR 453, Campofrio 8.25% 916 8, EUR 82, Obrascon Huarte 6.25% 712 2, EUR 2, , Sweden Stena Ab 6.125% 717 Regs 5, EUR 478,75.75 Stena Ab 7.875% 12 15, EUR 149, , Turkey Turkey 4.75% , EUR 547, Turkey 5.% 616 4, EUR 419, Turkey 5.5% 517 8, EUR 848, Turkey 5.875% , EUR 694, Turkey 6.5% , EUR 582,75.91 Turkey 9.5% 311 4, EUR 424, ,516, Ukraine Ukraine 4.95% 515 Reg. 7, EUR 631, ,

88 Schedule of s (continued) as at March 31, 21 Global High Yield and Emerging (Euro) (expressed in EUR) Nominal Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued) United States AES 8.375% 111 Emtn 115, GBP 131,5.2 American General Finance 3.25% 513 1, EUR 84, American General Finance 4.125% 613 1, EUR 83, American General Finance 4.625% 411 A 4, EUR 383,29.6 Chesapeake 6.25% , EUR 365, GMAC 5.375% 411 Emtn 24, EUR 242,4.38 Jarden 7.5% 12/Sub 1, EUR 11,5.16 LBI Escrow 8.% , EUR 129,977.2 Pemex Funding Master 6.375% , EUR 739, SLM FRN 613 Emtn 19, EUR 164, SLM 4.75% 414 Emtn 1, EUR 94,83.15 SLM 4.875% 512 S22 12, GBP 129,482.2 Virgin Media Sec 7.% 118 Regs 3, GBP 343, ,993, Venezuela Venezuela 7.% 515 S.intl 3,, EUR 2,685, ,685, 4.18 Total Bonds 63,168, Total Transferable securities and money market instruments admitted to an official exchange listing 63,168, Transferable securities and money market instruments dealt on other regulated markets Bonds United States Nalco Co. 8.25% a 3, USD 236, , Total Bonds 236, Total Transferable securities and money market instruments dealt on other regulated markets 236, TOTAL INVESTMENTS 63,45, ( Total cost: EUR 58,52,271) As at March 31, 21, there were investments totaling EUR 649,211 (1.1 the of the Fund) which were d using indicative prices solely provided by the issuer and/or executing broker or a quote from a single broker or the management company of the Fund. These investments trade in a limited market and may not be able to be immediately liquidated at these estimated fair s. The accompanying notes form an integral part of these financial statements. 87

89 Schedule of s as at March 31, 21 Global Asset Allocation (expressed in USD) Quantity / Nominal Transferable securities and money market instruments admitted to an official exchange listing Shares Bermuda Great Eagle Holdings Ltd 325,7 HKD 912, Partnerre Ltd Bermuda 18,862 USD 1,53, ,416, Brazil Cielo 94,664 BRL 888, Multiplan Empreendimentos 56,439 BRL 931, ,82,95.91 Canada CGi Group Inc./Sub.Vot. A 116,71 CAD 1,738, Nexen Inc. 52,957 CAD 1,311, Ultra Petroleum 21,862 USD 1,19, ,7, Cayman Islands Focus Media Holding Ltd /SADR 76,172 USD 1,39,892.7 KWG Property Holding Ltd 1,88,165 HKD 79, ,181, France EulerHermes 11,67 EUR 866, Renault SA 29,18 EUR 1,362, ,229, Germany Linde AG 19,853 EUR 2,373, MTU Aero Engines Holdings AG /Namen. 26,627 EUR 1,551, ,925, Great Britain Aggreko 145,89 GBP 2,623, Autonomy Corp. PLC 32,18 GBP 887, BG Group PLC 13,898 GBP 2,264, Burberry Group PLC 17,727 GBP 1,85, Chemring Group PLC 33,37 GBP 1,676,13.84 Ensco International PLC A/ADR 55,134 USD 2,468, Rio Tinto PLC /Reg. 18,862 GBP 1,117, Standard Chartered PLC 5,986 GBP 1,39, Tullow Oil PLC 123,642 GBP 2,344, Vodafone Group PLC 769,356 GBP 1,773, Weir Group PLC 13,58 GBP 1,852, ,248,

90 Schedule of s (continued) as at March 31, 21 Global Asset Allocation (expressed in USD) Quantity / Nominal Transferable securities and money market instruments admitted to an official exchange listing (continued) Shares (continued) Hong Kong HongKong & Shanghai Hotels Ltd 1,17,797 HKD 1,572, ,572,96.79 India State Bank of India /GDR Regs 19,224 USD 1,88,89.9 1,88,89.9 Indonesia Bank Rakyat Indonesia 2,67,513 IDR 1,874, ,874, Ireland Accenture PLC 36,792 USD 1,543, ,543,47.77 Japan Asahi Breweries 137,834 JPY 2,585, ,585, Mexico America Movil SAB de CV /ADR 36,55 USD 1,814, ,814, Netherlands Fugro NV 29,867 EUR 1,955, ING Groep NV /Cert.of Shs 84,44 EUR 84, ,796, Panama Copa Holdings A 29,18 USD 1,764, ,764, Poland Kghm Polska Miedz SA 36,272 PLN 1,364, ,364, Portugal Galp Energia SGPS SA B Shrs 72,737 EUR 1,265, ,265, Singapore DBS Group Holdings Ltd 123,325 SGD 1,261, ,261,

91 Schedule of s (continued) as at March 31, 21 Global Asset Allocation (expressed in USD) Quantity / Nominal Transferable securities and money market instruments admitted to an official exchange listing (continued) Shares (continued) South Korea NHN Corp. 19,514 KRW 3,15, Samsung Electronics Co. Ltd 2,539 KRW 1,836, ,941, Switzerland Nestle SA 63,926 CHF 3,279, The Swatch Group AG 6,529 CHF 2,85, ,365, Taiwan Hon Hai Precision Ind. Co. Ltd 253,95 TWD 1,99, ,99,38.55 Turkey Turkiye Garanti Bankasi /Nom. 377,23 TRY 1,759, ,759, United States Altria Group 79,799 USD 1,637,47.82 American Tower Corp. A 36,272 USD 1,545, Apple Inc. 21,546 USD 5,61, Cisco Systems Inc. 94,38 USD 2,454, Cloud Peak Energy 78,435 USD 1,35, CocaCola Co. 27,567 USD 1,516, ColgatePalmolive Co. 29,18 USD 2,474, Danaher Corp. 17,48 USD 1,362, Dell Inc. 94,38 USD 1,415, Ebay Inc. 56,363 USD 1,518, Flowserve Corp. 19,587 USD 2,159, Goldman Sachs Group Inc. 7,254 USD 1,237, Hartford Finance Services Group 8,274 USD 2,281, Henry Schein Inc. 29,18 USD 1,79, HewlettPackard Co. 37,723 USD 2,4,98 1. IBM Corp. 28,65 USD 3,668, Johnson & Johnson 39,899 USD 2,61, JP Morgan Chase & Co. 56,585 USD 2,532, Laboratory Corporation of America Holding 28,548 USD 2,161, Lowe's Companies Inc. 54,48 USD 1,318, Merck 31,92 USD 1,192,193.6 Oracle Corp. 124,34 USD 3,193, Republic Services Inc. 75,674 USD 2,196, Sirona Dental Systems Inc. 87,63 USD 3,31, Thermo Fisher Scientific Inc. 48,55 USD 2,495, Travelers Companies Inc. 29,18 USD 1,565, Union Pacific Corp. 25,391 USD 1,861, Walgreen Co. 57,31 USD 2,125,

92 Schedule of s (continued) as at March 31, 21 Global Asset Allocation (expressed in USD) Quantity / Nominal Transferable securities and money market instruments admitted to an official exchange listing (continued) Shares (continued) United States (continued) Wesco International Inc. 38,448 USD 1,334, ,241, Total Shares 13,95, Bonds Australia Queensland Treasury Corporation 6.25% , AUD 521, Treasury Corporation of Victoria 5.5% , AUD 53, ,24, Austria Austria 3.5% 415 1,3, EUR 1,847, Pfandbriefstelle Oesterreichische Hypothekenbank 1.6% ,, JPY 2,897, ,745, Canada Canada 3.% 814 1,35, CAD 1,346, Canada 3.5% 12 15, EUR 27,983.1 Canadian National Railway 5.55% , USD 482, Ontario 4.% 919 6, USD 59, ,627, Finland Finland 4.% 925 1,525, EUR 2,116, ,116, France France 3.5% 92 OAT 625, EUR 851, France 4.% 96 OAT 55, EUR 741,2.37 France 4.5% 941 OAT 725, EUR 1,63, ,655, Germany DT Gen. Hypbk 3.25% , EUR 626, Germany 2.5% 115 1,65, EUR 2,27, Germany 4.75% 84 45, EUR 78, KFW 2.625% 115 5, USD 496, ,11, Great Britain UK 3.75% 919 2,97, GBP 4,444, UK 4.25% , GBP 512, ,956,

93 Schedule of s (continued) as at March 31, 21 Global Asset Allocation (expressed in USD) Quantity / Nominal Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued) Ireland Anglo Irish Bank 2.375% , USD 527, DEPFA Bank 1.65% ,, JPY 1,122, ,65, Italy Italy 2.5% 912 Buoni Poliennali Del Tesoro 2,725, EUR 3,766, Italy 3.% 115 Buoni Poliennali Del Tesoro 8, EUR 1,98, ,865, Japan Development Bank of Japan 1.7% ,, JPY 1,665, Japan.2% 112 4,, JPY 428, Japan 1.2% 611 Nr 6 295,, JPY 3,24, Japan 1.3% 515 Nr 27 89,5, JPY 992,42.5 Japan 1.5% 717 Nr ,, JPY 3,599, Japan 1.7% 222 S.59 44,75, JPY 478, Japan 2.1% 424 S.72 6,, JPY 663,5.33 Japan 2.2% 939 S.31 48,35, JPY 57,8.25 Japan 2.5% 535 Nr 2 58,2, JPY 65,96.32 Japan 2.5% 737 S.27 81,, JPY 96, Japan 2.5% 838 Nr 28 22,4, JPY 25, ,346, Mexico Mexico 7.25% ,38, MXN 1,331, ,331, Netherlands Netherlands 2.75% 915 1,75, EUR 2,425, Netherlands 3.5% 12 6, EUR 824, ,249, Sweden Sweden 4.5% 415 1,79, SEK 273, Sweden 5.% 32 S.147 6,75, SEK 1,9, Sweden 5.25% 11 1,255, SEK 182,144.9 Swedish Exp 5.125% , USD 817, ,363, United States AT&T Inc. 6.55% , USD 236, Famca 5.125% 717 3, USD 314, Fannie Mae 6.% 636 1,2,88 USD 1,69, FHLLB 4.875% 717 1,, USD 1,82, FHLMC 1.625% 113 7, USD 696,45.35 Pacific Gas 8.25% , USD 547,

94 Schedule of s (continued) as at March 31, 21 Global Asset Allocation (expressed in USD) Quantity / Nominal Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued) United States (continued) Pricoa Global 5.4% , USD 48, USA 1.375% 113 1,5, USD 1,491,68.75 USA 2.5% 115 5,725, USD 5,71, USA 5.38% , USD 525, USA 6.25% , USD 751,27.38 Verizon Communications 6.1% , USD 49, ,397, Total Bonds 62,432, Treasury bills Sweden Sweden 5.5% 212 TB 4,475, SEK 681, , Total Treasury bills 681, Total Transferable securities and money market instruments admitted to an official exchange listing 194,64, Transferable securities and money market instruments dealt on other regulated markets Bonds Israel Israel 5.5% 323 Cl.2 725, USD 786, , Japan Japan 2.1% 727 Nr 94 73,4, JPY 795, ,3.4 United States USA 4.625% 14 1,825, USD 1,799, ,799,336.9 Total Bonds 3,38, Total Transferable securities and money market instruments dealt on other regulated markets 3,38, TOTAL INVESTMENTS 197,445, ( Total cost: USD 178,576,393) The accompanying notes form an integral part of these financial statements. 93

95 Schedule of s as at March 31, 21 World Equities (expressed in USD) Quantity Transferable securities and money market instruments admitted to an official exchange listing Shares Bermuda Great Eagle Holdings Ltd 123,28 HKD 345,412.7 Partnerre Ltd Bermuda 7,138 USD 569, , Brazil Cielo 35,827 BRL 336,25.68 Multiplan Empreendimentos 21,361 BRL 352, , Canada CGi Group Inc./Sub.Vot. A 43,929 CAD 658, Nexen Inc. 2,43 CAD 496, Ultra Petroleum 8,274 USD 385, ,54, Cayman Islands Focus Media Holding Ltd /SADR 28,828 USD 526, KWG Property Holding Ltd 411,835 HKD 299, , France EulerHermes 4,393 EUR 328, Renault SA 1,982 EUR 515, , Germany Linde AG 7,514 EUR 898, MTU Aero Engines Holdings AG /Namen. 1,78 EUR 587, ,485, Great Britain Aggreko 54,911 GBP 992, Autonomy Corp. PLC 12,152 GBP 336,37.68 BG Group PLC 49,54 GBP 857, Burberry Group PLC 64,614 GBP 7, Chemring Group PLC 12,63 GBP 634, Ensco International PLC A/ADR 2,866 USD 934, Rio Tinto PLC /Reg. 7,138 GBP 422, Standard Chartered PLC 19,296 GBP 526, Tullow Oil PLC 46,795 GBP 887, Vodafone Group PLC 291,176 GBP 671, Weir Group PLC 49,42 GBP 7, ,663,

96 Schedule of s (continued) as at March 31, 21 World Equities (expressed in USD) Quantity Transferable securities and money market instruments admitted to an official exchange listing (continued) Shares (continued) Hong Kong HongKong & Shanghai Hotels Ltd 385,23 HKD 595, , India State Bank of India /GDR Regs 7,276 USD 684, , Indonesia Bank Rakyat Indonesia 782,487 IDR 79, , Ireland Accenture PLC 13,924 USD 584, , Japan Asahi Breweries 52,166 JPY 978, , Mexico America Movil SAB de CV /ADR 13,645 USD 686, , Netherlands Fugro NV 11,34 EUR 74, ING Groep NV /Cert.of Shs 31,88 EUR 318, ,58, Panama Copa Holdings A 1,982 USD 667, , Poland Kghm Polska Miedz SA 13,728 PLN 516, , Portugal Galp Energia SGPS SA B Shrs 27,528 EUR 479, ,19.97 Singapore DBS Group Holdings Ltd 46,675 SGD 477, ,

97 Schedule of s (continued) as at March 31, 21 World Equities (expressed in USD) Quantity Transferable securities and money market instruments admitted to an official exchange listing (continued) Shares (continued) South Korea NHN Corp. 7,386 KRW 1,175, Samsung Electronics Co. Ltd 961 KRW 694, ,87, Switzerland Nestle SA 24,194 CHF 1,241, The Swatch Group AG 2,471 CHF 789, ,3, Taiwan Hon Hai Precision Ind. Co. Ltd 96,95 TWD 416, ,52.85 Turkey Turkiye Garanti Bankasi /Nom. 142,77 TRY 665, , United States Altria Group 3,21 USD 619, American Tower Corp. A 13,728 USD 584, Apple Inc. 8,154 USD 1,915, Cisco Systems Inc. 35,692 USD 929, Cloud Peak Energy 29,685 USD 493,96 1. CocaCola Co. 1,433 USD 573, ColgatePalmolive Co. 1,982 USD 936, Danaher Corp. 6,452 USD 515, Dell Inc. 35,692 USD 535, Ebay Inc. 21,331 USD 574, Flowserve Corp. 7,413 USD 817, Goldman Sachs Group Inc. 2,746 USD 468, Hartford Finance Services Group 3,381 USD 863, Henry Schein Inc. 1,982 USD 646, HewlettPackard Co. 14,277 USD 758, IBM Corp. 1,826 USD 1,388, Johnson & Johnson 15,11 USD 984, JP Morgan Chase & Co. 21,415 USD 958, Laboratory Corporation of America Holding 1,84 USD 817, Lowe's Companies Inc. 2,592 USD 499, Merck 12,81 USD 451,27.92 Oracle Corp. 47,45 USD 1,28, Republic Services Inc. 28,64 USD 831, Sirona Dental Systems Inc. 32,95 USD 1,253, Thermo Fisher Scientific Inc. 18,358 USD 944, Travelers Companies Inc. 1,982 USD 592, Union Pacific Corp. 9,69 USD 74, Walgreen Co. 21,69 USD 84,

98 Schedule of s (continued) as at March 31, 21 World Equities (expressed in USD) Quantity Transferable securities and money market instruments admitted to an official exchange listing (continued) Shares (continued) United States (continued) Wesco International Inc. 14,552 USD 55, ,177, Total Shares 49,56, Total Transferable securities and money market instruments admitted to an official exchange listing 49,56, TOTAL INVESTMENTS 49,56, ( Total cost: USD 43,333,496) The accompanying notes form an integral part of these financial statements. 97

99 Schedule of s as at March 31, 21 Global Emerging Equities (expressed in USD) Quantity Transferable securities and money market instruments admitted to an official exchange listing Shares Brazil Anhanguera Educacion Part 6,2 BRL 89, Cemig/SADR 1,854 USD 3, Cia Siderurgica Nacional SA /SADR 1,938 USD 77, Cyrela Brazil Realty SA 5,3 BRL 62, Itau Unibanco Banco Multiplo/pref 7, BRL 152, Lojas Renner SA 6,5 BRL 148, OGX Petroleo E Gas Particip. SA 6,5 BRL 6, Petroleo Brasileiro SA /SADR 2,652 USD 117, Vale / A /SADR 8,487 USD 235, , Cayman Islands Eurasia Drilling Co.Ltd /GDR 2,3 USD 43,1.72 Hengan Intl Group 6, HKD 44, Tencent Holdings 1,9 HKD 38, Tingyi Holding Corp. (Cayman Islands) 16, HKD 37, , Chile Banco Santander /SADR 599 USD 4, , China Bank of China Ltd H 85, HKD 45, China Construction Bank Corp. 76, HKD 62, China Life Insurance Co. Ltd H 17, HKD 81, China Petroleum & Chemical Corp. H 3, HKD 24, China Shenhua Energy Co. Ltd H 7, HKD 3, Industrial & Commercial BOC H 86, HKD 65, Petrochina Co. Ltd / H 38, HKD 44, ZTE Corp. H 4,4 HKD 26, , Egypt Orascom Construction Industries /SGDR 1,257 USD 6, , Great Britain Antofagasta PLC 4,696 GBP 74, Fresnillo PLC 2,893 GBP 37, Tullow Oil PLC 1,582 GBP 29, , Hong Kong China Overseas Land & 1, HKD 22,

100 Schedule of s (continued) as at March 31, 21 Global Emerging Equities (expressed in USD) Quantity Transferable securities and money market instruments admitted to an official exchange listing (continued) Shares (continued) Hong Kong (continued) Cnooc Ltd 37, HKD 6, , Hungary OTP Bank Ltd 2,896 HUF 11, , India Infosys Technolgies Ltd /SADR 1,89 USD 64, Reliance Ind./GDR 2 Shs 144a 1,299 USD 62, State Bank of India /GDR Regs 665 USD 62, , Indonesia Perusahaan Gas Nega B 65,5 IDR 3, PT Astra International Tbk 1,5 IDR 48, PT Bank Central Asia Tbk 67,5 IDR 4,8.68 PT Semen Gresik(Persero)Tbk 4, IDR 32, , Israel Israel Chemicals 3,637 ILS 49, , Kazakhstan Halyk Bank /SGDR 5,641 USD 61, , Luxembourg Evraz Group SA /SGDR Rep. Reg. 2,396 USD 95, Ternium SA Luxembourg /ADR 1,661 USD 68, , Malaysia BumiputraCommerce Holdings 12,2 MYR 52, , Mexico America Movil SAB de CV /ADR 1,747 USD 87, Bolsa Mexicana Shs A 39,1 MXN 62, Embotelladoras Arca SAB De Cv 9,4 MXN 32,55.55 Grupo Finance Banorte Sab De CV O 1,3 MXN 45, Grupo Modelo SAB de CV 16,4 MXN 97, WalMart De Mexico SAB de CV V 24,5 MXN 125, ,

101 Schedule of s (continued) as at March 31, 21 Global Emerging Equities (expressed in USD) Quantity Transferable securities and money market instruments admitted to an official exchange listing (continued) Shares (continued) Netherlands X5 Retail Group NV/SGDR 1,978 USD 69, , Panama Copa Holdings A 1,849 USD 112, , Poland Bank Pekao SA 56 PLN 29,44.49 Kghm Polska Miedz SA 1,71 PLN 4, , Russia IDGC Holding 21,752 USD 33, Lukoil /SADR 87 USD 49, Mmc Norilsk Nickel/SADR 4,113 USD 75, Rosneft Oil Co. Ojsc/SGDR 7,643 USD 6, Vimpel Communications/s.ADR 4,217 USD 77, , South Africa Impala Platinum Holdings Ltd 1,189 ZAR 34, Massmart Holdings Ltd 2,31 ZAR 33, MTN Group Ltd 3,756 ZAR 57, Murray And Roberts Holdings 6,51 ZAR 35,669.6 Naspers Ltd N 1,184 ZAR 51,27.86 Shoprite Holdings Ltd 4,239 ZAR 41,963.7 Standard Bank Group Limited 4,766 ZAR 74, Truworths International Ltd 4,797 ZAR 34, , South Korea Hyundai Development Company Engineering & Construction 4 KRW 11,686.2 Hyundai Engineering & Construction Co. 44 KRW 22, Hyundai Mobis 256 KRW 33, Hyundai Motor Co. Ltd 551 KRW 56, KB Financial Group Inc. 1,17 KRW 49,87.82 LG Display Co. Ltd 87 KRW 3, LG Electronics Inc. 194 KRW 19, LG Household & Healthcare Ltd 24 KRW 64, Posco 141 KRW 65, Samsung Electronics Co. Ltd 221 KRW 159, Samsung Fire&marine Insur. 182 KRW 29,21.49 Samsung Heavy Industries 1,54 KRW 35,

102 Schedule of s (continued) as at March 31, 21 Global Emerging Equities (expressed in USD) Quantity Transferable securities and money market instruments admitted to an official exchange listing (continued) Shares (continued) South Korea (continued) Shinhan Financial Group 1,64 KRW 64, , Taiwan Acer Inc. 2, TWD 59,71.99 Cathay Financial Holding 18, TWD 3,4.5 China Steel 34, TWD 35, Delta Electronic Industrial 24, TWD 75, Hon Hai Precision Ind. Co. Ltd 22, TWD 95, Media Tek Inc. 4,274 TWD 74, Siliconware Precision Industrie 23, TWD 27, Synnex Technology International Corp. 17, TWD 37, Taiwan Semiconductor Manufacturing Co. Ltd 44,895 TWD 86, Tripod Technology Corp. 22, TWD 74, UMing Marine Transport Corp. 17, TWD 34, Yuanta Financial Holding Co. 58, TWD 34, , Thailand Bangkok Bank Pub./NV Dep.receipt 17,5 THB 71, Siam Commercial Bank Publ./for. Reg. 13,3 THB 37, , Turkey Arcelik As 9,9 TRY 36, BIM Birlesik Magazalar As 622 TRY 32, Tofas Turk Otomobil Fabrikasi AS 8,664 TRY 32, Turkiye Garanti Bankasi /Nom. 17,31 TRY 8, , United States CTC Media Inc. 2,464 USD 42,43.71 Southern Copper Corp. 1,294 USD 4, , Total Shares 5,661, Options, Warrants, Rights Great Britain Barclays Bank 636 A Wrt /MSCI In 1,867 USD 124, , Total Options, Warrants, Rights 124, Total Transferable securities and money market instruments admitted to an official exchange listing 5,785,

103 Schedule of s (continued) as at March 31, 21 Global Emerging Equities (expressed in USD) Quantity Transferable securities and money market instruments dealt on other regulated markets Shares Russia AK Sberegatelny Bank Sberbank 42,843 USD 125, Raspadskaya 4,343 USD 32, Third Gen WS Elect Ojsc Wgc3 544,473 USD 37, , Total Shares 195, Total Transferable securities and money market instruments dealt on other regulated markets 195, TOTAL INVESTMENTS 5,981, ( Total cost: USD 5,224,689) 12 The accompanying notes form an integral part of these financial statements.

104 Schedule of s as at March 31, 21 US Equities (expressed in USD) Quantity Transferable securities and money market instruments admitted to an official exchange listing Shares Netherlands Antilles Schlumberger Ltd 86,8 USD 5,58, ,58, United States Abbott Laboratories Inc. 117,9 USD 6,21, Adobe Systems Inc. 19,2 USD 6,727, Amphenol Corp. A 172,8 USD 7,29, Anadarko Petroleum Corp. 65,4 USD 4,763, Apache Corp. 55,4 USD 5,623, Automatic Data Processing Inc. 182,6 USD 8,12, Boeing Co. 132,7 USD 9,635, Carbo Ceramics 51,2 USD 3,191,88.98 C.H. Robinson Worldwide Inc. 118,7 USD 6,629, Cisco Systems Inc. 256,9 USD 6,687, ColgatePalmolive Co. 75,5 USD 6,437, Covance Inc. 113,1 USD 6,943, CR Bard Inc. 93,5 USD 8,98, Diamond Offshore Drilling Inc. 53,8 USD 4,777, Dolby Laboratories Inc. A 157,5 USD 9,24, Donaldson Co. 169,6 USD 7,652, Ecolab Inc. 154,3 USD 6,781, EOG Resources Inc. 31,9 USD 2,964, Fastenal Co. 16,1 USD 7,683, Flir Systems Inc. 23,2 USD 6,491, Gilead Sciences Inc. 157,6 USD 7,167, Google Inc. A 11,7 USD 6,634, Intel Corp. 332,8 USD 7,48, Johnson & Johnson 18,9 USD 7,1, Mastercard Inc. A Shs 3,42 USD 7,726, Mcdonald's Corp. 13,9 USD 8,733, Medtronic Inc. 161,3 USD 7,263, Microsoft Corp. 216,5 USD 6,336, Monsanto Co. 94,9 USD 6,777, Nike Inc. B 17,3 USD 7,886, Occidental Petroleum Corp. 7, USD 5,917, Oracle Corp. 34,2 USD 7,814, Paychex Inc. 214, USD 6,569,8 2.2 Pepsico Inc. 124,4 USD 8,23, Precision Castparts 6,9 USD 7,716, Procter & Gamble Co. 1,4 USD 6,352, Qualcomm Inc. 166,3 USD 6,982, Resmed Inc. 121,5 USD 7,733, Rockwell Collins Inc. 122,7 USD 7,679, Starbucks Corp. 299,7 USD 7,273, Stryker Corp. 129,9 USD 7,432, TJX Cos Inc. 153,5 USD 6,526,82 2. Varian Medical Systems Inc. 149,2 USD 8,255,

105 Schedule of s (continued) as at March 31, 21 US Equities (expressed in USD) Quantity Transferable securities and money market instruments admitted to an official exchange listing (continued) Shares (continued) United States (continued) Walgreen Co. 199,9 USD 7,414, WalMart Stores Inc. 137,8 USD 7,661, ,547, Total Shares 32,56, Total Transferable securities and money market instruments admitted to an official exchange listing 32,56, TOTAL INVESTMENTS 32,56, ( Total cost: USD 278,317,591) 14 The accompanying notes form an integral part of these financial statements.

106 Schedule of s as at March 31, 21 US Mid & Small Cap Equities (expressed in USD) Quantity Transferable securities and money market instruments admitted to an official exchange listing Shares Bermuda Axis Capital Holdings Ltd 2,775 USD 86, , Cayman Islands New Oriental Education & Technology Group/ADR 75 USD 64, , Great Britain Arm Holdings/ADR 5,5 USD 58, , Israel Check Point Software Technologies 2, USD 7,12.97 Elbit Systems Ltd 35 USD 22, , Netherlands Core Laboratories NV 425 USD 55, ,59.77 Spain Telvent Git Alcoandas 1,9 USD 54, , United States Aaron's Inc. 2,575 USD 85, Affiliated Managers Group Inc. 925 USD 73, Airgas Inc. 1,2 USD 76, Akamai Technologies Inc. 1,175 USD 36,97.51 American Capital Agency Corp. 2,35 USD 6,16.83 American Superconductor Corp. 1,85 USD 53, American Tower Corp. A 825 USD 35, Arena Resources Inc. 1,75 USD 35,95.49 Atlas Energy 3,287 USD 12, AZZ Inc. 1,625 USD 55,6.76 Bally Technologies Inc. 2,5 USD 83, Biomarin Pharmaceutical Inc. 4,55 USD 16, Catalyst Health Solutions Inc. 1,7 USD 7, Cato Corp. A 2,775 USD 59, Central European Distribution Corp. 2, USD 7,2.97 Church & Dwight Co. Inc. 1,75 USD 71, Cognizant Technology Solutions Corp. 2,81 USD 16, Compass Minerals International Inc. 7 USD 56, Comtech Telecommunications Corp. 1,625 USD 51, Corrections Corp. of America 45 USD 8, Cree Inc. 1,55 USD 18,

107 Schedule of s (continued) as at March 31, 21 US Mid & Small Cap Equities (expressed in USD) Quantity Transferable securities and money market instruments admitted to an official exchange listing (continued) Shares (continued) United States (continued) Crown Holdings Inc. 2,225 USD 59, Davita Inc. 1,875 USD 118, Dealertrack Holdings Inc. 1,15 USD 19, Dear Consumer 1,75 USD 13,51.18 Delphi Financial Group Inc. A 2,775 USD 69, Eaton Corp. 625 USD 47, Eaton Vance Corp./nonvot. 3, USD 1, EQT Corp. 1,5 USD 61,5.85 Essex Property Trust Inc. 7 USD 62, Ezcorp Inc. A /nonvot. 5,95 USD 122, Firstmerit Corp. 3,525 USD 76, Fiserv Inc. 1,625 USD 82, Flowers Foods Inc. 35 USD 8, Gamestop Corp. A 2,425 USD 53, Glatfelter 2,525 USD 36,587.5 Guess Inc. 1,525 USD 71, Haemonetics Corp. 1,325 USD 75, Humana Inc. 75 USD 3,58.5 Iberiabank Corp. 475 USD 28,55.39 IHS Inc. 1,925 USD 12, Intuitive Surgical Inc. 15 USD 52,22.72 ITC Holdings Corp. 575 USD 31, Itron Inc. 925 USD 67, ITT Corp. 1,25 USD 67,13.92 JM Smucker Co. 1,1 USD 66, Kansas City Southern 1,25 USD 37,74.51 Kirby Corp. 1,6 USD 61,4.84 Koppers Holdings Inc. 2,3 USD 65,136.9 Laboratory Corporation of America Holding 1,1 USD 83, Lasalle Hotel Properties 2,75 USD 64,75.88 Liberty Starz Series A 1,25 USD 68,35.94 Lincoln National Corp. 3,1 USD 95, LKQ Corp. 6,7 USD 136, Mantech International A 1,275 USD 62, Masimo Corp. 2,225 USD 59,74.81 Mcafee Inc. 1,1 USD 44, Michael Baker Corp. 1,725 USD 59, Micros Systems Inc. 2,125 USD 69,87.96 Monro Muffler Brake Inc. 2,5 USD 73, Msci Inc A 2,175 USD 78, Neustar Inc. 3,5 USD 76, NII Holdings Inc. B 1,925 USD 8, Northeast Utilities 85 USD 23, Northwestern Corp. 3,6 USD 96, Oceaneering International Inc. 1, USD 63,49.88 Oil States International Inc. 1,7 USD 77, O'Reilly Automotive Inc. 1,7 USD 7,

108 Schedule of s (continued) as at March 31, 21 US Mid & Small Cap Equities (expressed in USD) Quantity Transferable securities and money market instruments admitted to an official exchange listing (continued) Shares (continued) United States (continued) Orion Marine Group Inc. 2,675 USD 48, Portfolio Recovery Associates 1,375 USD 75, Portland General Electric Co. 2,8 USD 54,68.75 RBC Bearings Inc. 3,325 USD 15, Regal Entertainment Group 3,55 USD 62, Reliance Steel & Aluminium Co. 675 USD 33,23.46 Republic Airways Holdings Inc. 8,175 USD 48, Resmed Inc. 2,125 USD 135, Shaw Group Inc. 65 USD 22, Signature Bank Ny 3,5 USD 129, Solera Holdings Inc. 2,25 USD 86, Southwestern Energy Co. 95 USD 38, Sport Supply Group 5,5 USD 73, Sybase Inc. 2,5 USD 95, Team Inc. 4,6 USD 76, TeleCommunication Systems Inc. A 7,225 USD 52, Teradata 1,75 USD 5,558.7 Tower Group Inc. 2,6 USD 57, Tupperware Brands Corp. 975 USD 47,15.65 URS Corp. 1,1 USD 54, US Physical Therapy Inc. 3,95 USD 68,73.95 Valmont Ind. Inc. 725 USD 6,52.83 Valspar Corp. 575 USD 16, VF Corp. 425 USD 34,64.47 West Pharmaceutical Services Inc. 1,725 USD 72, Wolverine World Wide Inc. 1,85 USD 53, Zagg 1,75 USD 3, ,138, Virgin Islands Jinpan International Ltd 3,6 USD 74, , Total Shares 6,625, funds United States Digital Realty Trust Inc. 1,725 USD 93, ishares T./Russell 2 Idx 275 USD 18, ishares/russell Midcap Index Fd 2 USD 17,

109 Schedule of s (continued) as at March 31, 21 US Mid & Small Cap Equities (expressed in USD) Quantity Transferable securities and money market instruments admitted to an official exchange listing (continued) funds (continued) United States (continued) Redwood Trust Inc. 3,725 USD 57, , Total funds 187, Total Transferable securities and money market instruments admitted to an official exchange listing 6,813, TOTAL INVESTMENTS 6,813, ( Total cost: USD 6,256,5) 18 The accompanying notes form an integral part of these financial statements.

110 Schedule of s as at March 31, 21 American Select (expressed in USD) Quantity Transferable securities and money market instruments admitted to an official exchange listing Shares Bermuda Everest Reinsurance Group Ltd 1,13 USD 81, , Great Britain Ensco International PLC A/ADR 1,837 USD 82, , Ireland Accenture PLC 2,562 USD 17, Cooper Industries PLC 1,76 USD 84, Covidien PLC 2,186 USD 19, IngersollRand PLC Shs 3,22 USD 111, , Netherlands Vistaprint NV 2,76 USD 118, , Switzerland Foster Wheeler 3,284 USD 89, Weatherford International Ltd 4,865 USD 77, , United States Altria Group 7,123 USD 146, American Tower Corp. A 1,878 USD 8,22.97 Anadarko Petroleum Corp. 1,68 USD 77, Apple Inc. 2,451 USD 575, Bemis Co. Inc. 3,351 USD 96, Best Buy Co. Inc. 2,711 USD 115, BMC Software Inc. 3,85 USD 144, Brigham Exploration Co. 3,732 USD 59, Brinker International Inc. 7,348 USD 141, Bucyrus Internation. Inc. (New) 2,61 USD 136, Cameron International Corp. 1,898 USD 81, Ciena Corp. 3,285 USD 5,63.6 Citigroup Inc. 35,276 USD 142, Computer Associates International Inc. 9,259 USD 217, Compuware Corp. 1,575 USD 88, Concho Resources Inc. 1,282 USD 64, Costco Wholesale Corp. 2,871 USD 171, CSX Corp. 2,99 USD 16, Dell Inc. 1,122 USD 151, Dish Network Corp. A 4,541 USD 94, Fastenal Co. 2,847 USD 136, Flowserve Corp. 1,321 USD 145,

111 Schedule of s (continued) as at March 31, 21 American Select (expressed in USD) Quantity Transferable securities and money market instruments admitted to an official exchange listing (continued) Shares (continued) United States (continued) Foot Locker Inc. 9,19 USD 138, Gilead Sciences Inc. 2,759 USD 125, Goldman Sachs Group Inc. 1,198 USD 24, Google Inc. A 45 USD 255, Hartford Finance Services Group 4,647 USD 132, Humana Inc. 2,11 USD 94, IBM Corp. 1,985 USD 254, IHS Inc. 1,192 USD 63, Johnson & Johnson 3,649 USD 237, Jones Lang Lasalle 1,31 USD 95, JP Morgan Chase & Co. 5,9 USD 224, Kroger Co. 6,796 USD 147, Limited Brands Inc. 3,443 USD 84, Massey Energy Co. 1,247 USD 65,26.79 Mastercard Inc. A Shs 514 USD 13, Microstrategy Inc. A 539 USD 45, Nike Inc. B 2,38 USD 174, Noble Energy Inc. 1,291 USD 94, NVIDIA Corp. 3,728 USD 64, Peabody Energy 1,52 USD 69, Polo Ralph Lauren A 1,586 USD 134, Prudential Financial Inc. 3,8 USD 181, Republic Services Inc. 5,737 USD 166, Sandisk Corp. 4,853 USD 168, Sirona Dental Systems Inc. 698 USD 26, SL Green Realty Corp. 2,631 USD 15, Starbucks Corp. 3,432 USD 83, Thermo Fisher Scientific Inc. 5,825 USD 299, Travelers Companies Inc. 5,165 USD 278, Walgreen Co. 2,342 USD 86, Waters Corp. 1,933 USD 13, ,434, Total Shares 8,297, Total Transferable securities and money market instruments admitted to an official exchange listing 8,297, TOTAL INVESTMENTS 8,297, ( Total cost: USD 7,698,868) 11 The accompanying notes form an integral part of these financial statements.

112 Schedule of s as at March 31, 21 Pan European Equities (expressed in EUR) Quantity Transferable securities and money market instruments admitted to an official exchange listing Shares Australia Centamin Egypt 148,716 GBP 226, ,321.8 Belgium AnheuserBusch Inbev SA 7,659 EUR 285, Colruyt SA 3,18 EUR 579, , Bermuda SeADRill Ltd 2,6 NOK 355, , Denmark Flsmidth & Co. A/S B 4,14 DKK 21,85.75 NovoNordisk A/S B 6,234 DKK 358, , Finland Outotec Oyj 18,629 EUR 496, , France Accor SA 7,37 EUR 31, Air Liquide SA 2,698 EUR 239, BNP Paribas 12,44 EUR 77, Eutelsat Communications Paris 6,786 EUR 178,68.63 Legrand Holding Act.Prov.Opo 9,732 EUR 227,631.8 LVMH Moet Hennessy Louis Vuitton SA 5,748 EUR 497, Publicis Groupe SA 11,729 EUR 371, Safran SA 26,975 EUR 52, SanofiAventis SA 1,244 EUR 565, ,61, Germany Aixtron AG 14,43 EUR 384, Fresenius Medical Care AG 17,912 EUR 748, Linde AG 4,313 EUR 381, Sap AG 11,513 EUR 412, Thyssenkrupp AG Duesseldorf 1,915 EUR 277, Volkswagen AG 2,63 EUR 14,78.5 Volkswagen AG 1,487 EUR 96, ,44,

113 Schedule of s (continued) as at March 31, 21 Pan European Equities (expressed in EUR) Quantity Transferable securities and money market instruments admitted to an official exchange listing (continued) Shares (continued) Gibraltar Partygaming PLC 56,895 GBP 24, , Great Britain Admiral Group PLC 41,337 GBP 611, Aggreko 37,3 GBP 498, Arm Holdings PLC 68,915 GBP 184,15.65 Barclays PLC 149,75 GBP 64, BG Group PLC 61,477 GBP 786, BP PLC 39,94 GBP 279, British American Tobacco PLC 21,54 GBP 548, Burberry Group PLC 83,516 GBP 668, Cairn Energy 53,81 GBP 251, Carnival PLC 1,669 GBP 323, Experian PLC 52,729 GBP 383, Hargreaves Lansdown PLC 64,87 GBP 234, HSBC Holdings PLC 112,12 GBP 839, IG Group Holdings PLC 47,373 GBP 213, Lonmin 9,844 GBP 224,97.79 Prudential PLC 4,88 GBP 246,51.87 Reckitt Benckiser Group PLC 15,934 GBP 646, Rio Tinto PLC /Reg. 19,25 GBP 832, Standard Chartered PLC 43,315 GBP 872, Tesco PLC 58,24 GBP 284, Tullow Oil PLC 45,231 GBP 633, Weir Group PLC 27,28 GBP 285, Whitbread PLC 15,194 GBP 251, ,76, Italy Ansaldo Sts SpA 2,733 EUR 314, , Luxembourg SES SA 11,155 EUR 28, , Netherlands Asml Holding NV 14,726 EUR 389, ING Groep NV /Cert.of Shs 84,369 EUR 623, Roy.Philips Electr. 15,178 EUR 36, ,373,

114 Schedule of s (continued) as at March 31, 21 Pan European Equities (expressed in EUR) Quantity Transferable securities and money market instruments admitted to an official exchange listing (continued) Shares (continued) Norway DnB Nor ASA 34,466 NOK 291, , Spain Banco Santander SA / Reg. 35,48 EUR 349, Inditex SA / Reg. 7,72 EUR 375, , Sweden Assa Abloy Ab B 19,823 SEK 287, Atlas Copco Ab A 31,95 SEK 366, Swedish Match Ab 28,876 SEK 511, ,166, Switzerland Credit Suisse Group AG /Nom. 22,336 CHF 852, Nestle SA 35,458 CHF 1,344, Roche Holding AG /genussschein 6,219 CHF 746, Sonova Holding AG /Nom. 1,498 CHF 137, Syngenta AG /Nam. 1,37 CHF 281, Temenos Group AG /Namen 9,49 CHF 197,283.7 The Swatch Group AG 1,554 CHF 366, ,927, United States Autoliv Inc. / Swedish Dept.Recpt 7,84 SEK 3, , Total Shares 27,78, Options, Warrants, Rights Germany Rights Vw ,63 EUR Total Options, Warrants, Rights 949. Total Transferable securities and money market instruments admitted to an official exchange listing 27,781, TOTAL INVESTMENTS 27,781, ( Total cost: EUR 24,337,625) The accompanying notes form an integral part of these financial statements. 113

115 Schedule of s as at March 31, 21 Pan European Smaller Companies (expressed in EUR) Quantity Transferable securities and money market instruments admitted to an official exchange listing Shares Austria Andritz AG 835 EUR 36, MayrMelnhof Karton 275 EUR 19,25.83 Schoellerbleckmann Oilfield Equipment AG 35 EUR 11, , Belgium Bekaert SA 27 EUR 27, Colruyt SA 14 EUR 25, Kinepolis Group 6 EUR 24, Telenet Group Holding 1,31 EUR 23, , Bermuda Dockwise Ltd 125 NOK 2,249.1 SeADRill Ltd 1,3 NOK 22, , Cyprus Prosafe Se 8,1 NOK 31, , Denmark Trygvesta A/S 53 DKK 24, , Finland Nokian Tyres PLC 1,14 EUR 21, , France Eutelsat Communications Paris 1,728 EUR 45, Ingenico 2,476 EUR 45, Maisons France Confort 72 EUR 24, Medica 2,94 EUR 44, Orpea 1,39 EUR 32, Seb SA 228 EUR 11, Vetoquinol 1,793 EUR 41, Virbac SA 32 EUR 23, , Germany Cts Eventim AG Bremen 624 EUR 23, Freenet AG NamensAktien 1,973 EUR 18,53.78 Fuchs Petrolub AG/Vz.A. 497 EUR 35, Grenkeleasing AG 1,415 EUR 44,

116 Schedule of s (continued) as at March 31, 21 Pan European Smaller Companies (expressed in EUR) Quantity Transferable securities and money market instruments admitted to an official exchange listing (continued) Shares (continued) Germany (continued) KSB AG 75 EUR 33, Rheinmetall AG Duesseldorf 89 EUR 42, Rhoen Klinikum AG 1,152 EUR 21,83.94 SMA Solar Technology AG 261 EUR 23, Stratec Biomedical Systems AG 1,731 EUR 45, Wacker Chemie AG Muenchen 4 EUR 44, , Great Britain Aggreko 3,876 GBP 51, ASOS PLC 8,38 GBP 46, Aveva Group PLC 1,736 GBP 23,62.99 Bluebay Asset Management /New 6,348 GBP 25, Burberry Group PLC 1,978 GBP 15, Caretech Holdings PLC 2,199 GBP 9, Chemring Group PLC 66 GBP 24, Chloride Group PLC 19,877 GBP 46, Connaught PLC 7,69 GBP 19, Dialog Semiconductor 2,997 EUR 34, Fenner 2,366 GBP 48, Healthcare Locums PLC 7,625 GBP 15, Intermediate Capital Group 3,458 GBP 1,56.45 Micro Focus International PLC 8,59 GBP 45, Spectris PLC 1,246 GBP 11,559.5 Telecity Group PLC 2,55 GBP 12, Ultra Electronics Holdings PLC 1,371 GBP 23, ,6 2.2 Ireland Abbey PLC 4,577 EUR 2, CPL Resources PLC 5,139 GBP 12, Irish Contl Units 1Sh+1Red 1,446 EUR 22, , Italy Alerion Cleanpower SpA 71,752 EUR 41, Ansaldo Sts SpA 1,644 EUR 24, Brembo Spa 1,192 EUR 6,83.29 Diasorin SpA 1,818 EUR 5, TreviFinanziaria Industr.SpA 2,515 EUR 31, , Jersey Charter International PLC 2,865 GBP 24, ,

117 Schedule of s (continued) as at March 31, 21 Pan European Smaller Companies (expressed in EUR) Quantity Transferable securities and money market instruments admitted to an official exchange listing (continued) Shares (continued) Netherlands Accell Group NV 291 EUR 1, Beter Bed Holding Nv 2,615 EUR 53, Binckbank NV 3,22 EUR 41, Kon. Vopak NV 589 EUR 34, Sligro Food Group 1,517 EUR 37, , Norway Ekornes 2,2 NOK 35, TGS Nopec Geophysical Co. 1,5 NOK 23, , Spain Prosegur Cia De Seguridad SA/nam. 341 EUR 11, , Sweden B&B Tools Ab B 2, SEK 21, Glob Health Par 22,298 SEK 22, Hiq International Ab 6,33 SEK 22,86.99 Mekonomen AB 1,816 SEK 3, Swedish Match Ab 2,662 SEK 47, , Switzerland Dufry AG Basel 469 CHF 27, Lem Holding SA /Nom. 225 CHF 53, Meyer Burger 1,288 CHF 23, Sika SA Baar 38 CHF 47, Sonova Holding AG /Nom. 353 CHF 32, Tecan Group SA/Nam. 864 CHF 49, Temenos Group AG /Namen 1,156 CHF 25, Valora Holding AG /Nam. 258 CHF 49, , United States Autoliv Inc. / Swedish Dept.Recpt 576 SEK 22, ,92.95 Total Shares 2,298, Total Transferable securities and money market instruments admitted to an official exchange listing 2,298, TOTAL INVESTMENTS 2,298, ( Total cost: EUR 1,992,812) 116 The accompanying notes form an integral part of these financial statements.

118 Schedule of s as at March 31, 21 European Quantitative Equities (expressed in EUR) Quantity Transferable securities and money market instruments admitted to an official exchange listing Shares Austria Erste Group Bank AG 16,79 EUR 519, Immoeast AG 74,664 EUR 33, , Belgium Belgacom SA 1,3 EUR 289, Umicore SA 5,861 EUR 151, , Denmark NovoNordisk A/S B 1,38 DKK 576, Novozymes B 3,554 DKK 291,28.99 Trygvesta A/S 2,994 DKK 146,39.5 William Demant Holding 5,765 DKK 32, ,316, Finland Nokian Tyres PLC 14,814 EUR 284, Sampo PLC A 14,522 EUR 285, , France BNP Paribas 8,93 EUR 57, Christian Dior 7,232 EUR 571, Credit Agricole SA Paris 33,982 EUR 44, Eutelsat Communications Paris 11,318 EUR 297, JC Decaux SA 14,571 EUR 31, Lafarge SA 5,31 EUR 276, Michelin B/Nom. 4,989 EUR 272,2.92 Schneider Electric SA 6,589 EUR 572, Societe Generale 11,46 EUR 531, ,77, Germany Heidelbergcement AG 6,698 EUR 276, K & S AG 6,22 EUR 278, Sap AG 16,445 EUR 589, Wacker Chemie AG Muenchen 2,661 EUR 293, ,438, Great Britain Admiral Group PLC 2,628 GBP 35, Anglo American PLC 14,215 GBP 457, Antofagasta PLC 37,642 GBP 438, Arm Holdings PLC 226,539 GBP 65, Autonomy Corp. PLC 28,482 GBP 582,

119 Schedule of s (continued) as at March 31, 21 European Quantitative Equities (expressed in EUR) Quantity Transferable securities and money market instruments admitted to an official exchange listing (continued) Shares (continued) Great Britain (continued) Barclays PLC 129,456 GBP 522, BHP Billiton PLC 17,464 GBP 442, British Sky Broadcasting Group 43,922 GBP 296, Burberry Group PLC 36,612 GBP 293,26 1. Carnival PLC 9,956 GBP 31, Carphone Warehouse Group 1 GBP 2. Carphone Warehouse Group PLC 66,447 GBP 118,813.4 Centrica PLC 86,3 GBP 283, Eurasian Natural Res Corp. PLC 21,765 GBP 29, Inmarsat PLC 5,32 GBP 426, Intercont Hotels Group Inc. 25,886 GBP 299, Investec PLC 4,8 GBP 29,4.1 Kazakhmys Limited 16,915 GBP 289,56.98 Kingfisher PLC 113,17 GBP 272,9.92 Man Group PLC 18,925 GBP 294, Old Mutual PLC 13,227 GBP 141, Petrofac Ltd 21,733 GBP 292, RollsRoyce Group PLC 44,489 GBP 297,3 1.1 Royal Dutch Shell PLC A 26,614 EUR 569, Schroders PLC 9,351 GBP 147,496.5 Serco Group PLC 42,278 GBP 284,85.97 Standard Chartered PLC 26,72 GBP 525, Tullow Oil PLC 4,356 GBP 565, Vedanta Resources PLC 9,328 GBP 29, Xstrata PLC 32,788 GBP 458, ,124, Jersey Shire PLC 17,95 GBP 292, Wpp PLC 39,156 GBP 299, , Luxembourg Tenaris SA 26,146 EUR 417, , Netherlands Heineken NV 14,918 EUR 567, Qiagen NV 16,956 EUR 289, , Norway Telenor As 56,328 NOK 565, ,

120 Schedule of s (continued) as at March 31, 21 European Quantitative Equities (expressed in EUR) Quantity Transferable securities and money market instruments admitted to an official exchange listing (continued) Shares (continued) Portugal Jeronimo Martins SGPS SA 37,916 EUR 284, ,37.97 Spain Enagas 17,511 EUR 284, Gestevision Telecinco SA 24,631 EUR 286, Inditex SA / Reg. 11,75 EUR 573, Red Electrica Corp. SA 7,23 EUR 287, Tecnicas Reunidas SA 6,1 EUR 283, ,715, Sweden Assa Abloy Ab B 9,522 SEK 138, Atlas Copco Ab A 24,87 SEK 286,31.97 Hennes & Mauritz AB 11,688 SEK 563, Scania Ab B 23,681 SEK 277,76.94 Skf Ab B 22,113 SEK 291, ,556, Switzerland Actelion Ltd Allschwil 8,832 CHF 297, Credit Suisse Group AG /Nom. 13,535 CHF 516, Holcim Ltd /Nam. 5,239 CHF 289, Nestle SA 15,289 CHF 579, Sonova Holding AG /Nom. 3,194 CHF 293, Straumann Holding AG /nom. 1,598 CHF 294, The Swatch Group AG 2,535 CHF 598, UBS AG /Namen. 37,48 CHF 445, ,315, Total Shares 27,787, Total Transferable securities and money market instruments admitted to an official exchange listing 27,787,

121 Schedule of s (continued) as at March 31, 21 European Quantitative Equities (expressed in EUR) Quantity Transferable securities and money market instruments dealt on other regulated markets Shares Switzerland Julius Baer Grp 11,8 CHF 297, , Total Shares 297, Total Transferable securities and money market instruments dealt on other regulated markets 297, TOTAL INVESTMENTS 28,84, ( Total cost: EUR 26,688,83) 12 The accompanying notes form an integral part of these financial statements.

122 Schedule of s as at March 31, 21 Italian Equities (expressed in EUR) Quantity Transferable securities and money market instruments admitted to an official exchange listing Shares Italy ACEA SpA 33,5 EUR 251, Aedes SpA 847,2 EUR 22, Ansaldo Sts SpA 25, EUR 378, Assicurazioni Generali SpA 3, EUR 533,1 5.6 Astaldi SpA 35, EUR 197, Atlantia Spa 19,5 EUR 336, A2A SpA 122, EUR 169, Bonifica Ferraresi e Imprese Agicole SpA 3, EUR 1,95.96 Cairo Communication SpA 11, EUR 317,9 3.2 Class Editori SpA 3, EUR 175, Edison SpA 366, EUR 412, Enel SpA 97,5 EUR 43, ENI SpA 35, EUR 67, ERG SpA 5, EUR 521, Fastweb 17, EUR 235, Finmeccanica SpA 4, EUR 395, Fondiaria Sai SpA 5, EUR 55,7.53 Gas Plus SpA 8, EUR 47,72.45 Intesa Sanpaolo SpA 2,5 EUR 552, Mediaset SpA 72,5 EUR 461, Mediobanca SpA 61,8 EUR 491, Monte Dei Paschi Di Siena 27, EUR 295, Parmalat SpA 11, EUR 223, Piccolo Credito Valtellinese Scarl 55, EUR 267, Saipem SpA 16, EUR 458, Seat Pagine Gialle SpA 1,7, EUR 295, Sias 45, EUR 37, Sol SpA 1,517 EUR 44,98.43 Telecom Italia SpA 6, EUR 639, Tod S Spa 1,5 EUR 81,75.78 UniCredit SpA 24, EUR 525, 4.98 Unione Di Banche Italiane Scpa 2, EUR 199, ,189, Total Shares 1,189,

123 Schedule of s (continued) as at March 31, 21 Italian Equities (expressed in EUR) Quantity Transferable securities and money market instruments admitted to an official exchange listing (continued) Options, Warrants, Rights Italy UBI Banca 311 CW/Ubiw 2,277,573 EUR 83, , Total Options, Warrants, Rights 83, Total Transferable securities and money market instruments admitted to an official exchange listing 1,272, TOTAL INVESTMENTS 1,272, ( Total cost: EUR 1,538,878) 122 The accompanying notes form an integral part of these financial statements.

124 Schedule of s as at March 31, 21 Japanese Equities (expressed in JPY) Quantity Transferable securities and money market instruments admitted to an official exchange listing Shares Japan Amada Co. Ltd 11, JPY 8,624, 1.1 Ariake Japan Co. Ltd 5,7 JPY 7,774,8.91 Astellas Pharma Inc. 1,3 JPY 34,865,5 4.1 Bank of Yokohama Ltd 5, JPY 22,9, 2.69 Bridgestone Corp. 1,7 JPY 17,77,2 2.1 Canon Inc. 7,45 JPY 32,258, CocaCola West Co. Ltd 12,3 JPY 18,86, Daiichi Sankyo Co. Ltd 14,3 JPY 25,39, Fanuc Ltd 7 JPY 6,944,.82 FCC Co. Ltd 9,4 JPY 17,437, 2.5 Hogy Medical Co. Ltd 2, JPY 8,62, 1.1 Hoya Corp. 11,6 JPY 29,8,4 3.5 JS Group Corp. 12,5 JPY 23,787,5 2.8 Kao Corp. 14,8 JPY 35,76, 4.12 KDDI Corp. 71 JPY 34,364, 4.4 Mitsubishi UFJ Financial Group Inc. 42,7 JPY 2,923, 2.46 Mori Seiki Co. Ltd 6,9 JPY 7,955,7.93 Nifco Inc. 3,9 JPY 8,385,.99 Nintendo Co. Ltd 7 JPY 21,91, 2.57 Nippon Express Co. Ltd 66, JPY 26,532, 3.12 Nippon Sheet Glass Co. Ltd 65, JPY 17,94, 2.11 Nippon Telegraph & Telephone Corp. 4,2 JPY 16,548, 1.94 Nissan Motor Co. Ltd 2,7 JPY 16,58, Nitto Denko Corp. 5,5 JPY 19,965, 2.35 NTT Docomo Inc. 121 JPY 17,23,4 2.2 Osaka Gas Co. Ltd 5, JPY 16,75, 1.97 Panasonic Electric Works Co. Ltd 7, JPY 8,26,.97 Sekisui Chemical Co. Ltd 28, JPY 17,752, 2.9 Sekisui House Ltd 32, JPY 29,888, 3.51 Seven & I Holdings Co. Ltd 16,5 JPY 37,273, Sumitomo Chemical Co. Ltd 37, JPY 16,99, 1.99 Sumitomo Mitsui Financial Group Inc. 8, JPY 24,72, 2.9 Taiyo Ink Manufacturing Co. Ltd 3,1 JPY 7,765,5.91 Takeda Pharmaceutical Co. Ltd 7,6 JPY 31,274, 3.67 T&D Holdings Inc. 4,35 JPY 9,626, Tokio Marine Holdings Inc. 13,3 JPY 35,18, Toyota Motor Corp. 6,5 JPY 24,342, Trend Micro Inc. 7,8 JPY 25,428, 2.99 UNY Co. Ltd 12,1 JPY 9,353,3 1.1 Ushio Inc. 5,6 JPY 8,881,6 1.4 West Japan Railway Co. 83 JPY 26,726, ,313, Total Shares 827,313, Total Transferable securities and money market instruments admitted to an official exchange listing 827,313,

125 Schedule of s (continued) as at March 31, 21 Japanese Equities (expressed in JPY) Quantity Transferable securities and money market instruments dealt on other regulated markets Shares Japan Takeuchi Manufacturing Co. Ltd 5,3 JPY 6,921,8.81 6,921,8.81 Total Shares 6,921,8.81 Total Transferable securities and money market instruments dealt on other regulated markets 6,921,8.81 TOTAL INVESTMENTS 834,235, ( Total cost: JPY 893,725,134) 124 The accompanying notes form an integral part of these financial statements.

126 Schedule of s as at March 31, 21 Asia (expressed in USD) Quantity Transferable securities and money market instruments admitted to an official exchange listing Shares Australia ANZ Banking Group 2,219 AUD 47, Asciano Group/Stapled 112,94 AUD 194, BHP Billiton Ltd 18,552 AUD 742, CSL Ltd 4,827 AUD 161,42.84 Macquarie Group Ltd 6,639 AUD 287, Myer Hlds 37,243 AUD 114,515.6 QBE Insurance Group 9,524 AUD 182,88.95 Rio Tinto Limited 7,826 AUD 563, Telstra Corp. Ltd 49,71 AUD 136, Westpac Banking Corp. 5,5 AUD 14, ,993, Bermuda China Yurun Food Group Ltd 98, HKD 299, Esprit Holdings Ltd 22,265 HKD 175, Gome Electrical Appliance Hold 396, HKD 133,11.7 Li & Fung Ltd 64, HKD 314, Midland Holdings Ltd 22, HKD 24, Ports Design Ltd 36,5 HKD 92,65.48 Rexlot Holdings 1,25, HKD 146, Skyworth Digital Hld Ltd 98, HKD 114, ,516, Cayman Islands Aac Acoustic Technologies Hld 12, HKD 2,6 1.5 Agile Property Holdings Ltd 122, HKD 166, Asm Pacific Technology Ltd 15,5 HKD 146, China High Speed Transmission Eq Gr Co. Ltd 137, HKD 32, China Resources Cement 26, HKD 99, China Resources Land 32, HKD 69, CN Vanadium 134, HKD 83, Comba Telecom Systems Holdings 17, HKD 217, Focus Media Holding Ltd /SADR 8,42 USD 146, Fook Woo Grp 462, HKD 16,65.84 Geely Automobile Hld Ltd 155, HKD 82,44.43 Golden Eagle Retail Group Ltd 73, HKD 145, Hidili Industry Int Dvlpt Ltd 89, HKD 96, Longfor Ppt 71, HKD 79, New Oriental Education & Technology Group/ADR 2,576 USD 22, Tencent Holdings 11,7 HKD 234, ,454, China Angang Steel Company Ltd H 42, HKD 77,26.4 China Life Insurance Co. Ltd H 7, HKD 335, China National Building Material H 86, HKD 166,

127 Schedule of s (continued) as at March 31, 21 Asia (expressed in USD) Quantity Transferable securities and money market instruments admitted to an official exchange listing (continued) Shares (continued) China (continued) China Pacific Insurance (Group) Ltd H 2, HKD 88,66.46 China Shenhua Energy Co. Ltd H 47,5 HKD 25, Dongfang Electric Corp. Ltd H 25,8 HKD 146, Dongfeng Motor H 138, HKD 224, Ping An Insurance (Group) Co. H 11, HKD 94,775.5 Zhuzhou CSRTimes Electric H 83, HKD 157, ZTE Corp. H 23,4 HKD 141, ,637, Hong Kong BOC HongKong Holdings Ltd 118,5 HKD 282, Cnooc Ltd 177, HKD 291, Dah Chong Hong Holdings Ltd 163,167 HKD 19, Mass Transit Railway Corp. 41,5 HKD 157, New World Development Co. Ltd 68, HKD 133,115.7 Sino Land Co. Ltd 44, HKD 86, Sun Hung Kai Properties Ltd 1, HKD 15, Wharf Holding Ltd 28,375 HKD 159, Wing Hang Bank 8,628 HKD 78, ,449, India Infosys Technolgies Ltd /SADR 4,139 USD 243, Reliance Ind./GDR 2 Shs 144a 4,41 USD 212, State Bank of India /GDR Regs 2,255 USD 212, , Indonesia Bumi Resources 741,5 IDR 183, Perusahaan Gas Nega B 54, IDR 252, PT Astra International Tbk 68,5 IDR 315, PT Bank Mandiri Persero Tbk 552,5 IDR 324, PT Xl Axiata Tbk 826,757 IDR 318, ,393, Malaysia Genting Berhad 7, MYR 141, , Philippines Ayala Corp. 19,8 PHP 14, , Singapore Singapore Airlines Ltd 13,867 SGD 15,

128 Schedule of s (continued) as at March 31, 21 Asia (expressed in USD) Quantity Transferable securities and money market instruments admitted to an official exchange listing (continued) Shares (continued) Singapore (continued) Wilmar International Ltd 44, SGD 21, , South Korea Hyundai Department Store Co. 1,12 KRW 92, Hyundai Mobis 1,392 KRW 184, Hyundai Motor Co. Ltd 1,512 KRW 154, LG Chemical Ltd 1,488 KRW 316, LG Display Co. Ltd 3,44 KRW 121, LG Electronics Inc. 2,48 KRW 244, LG Household & Healthcare Ltd 742 KRW 198, Posco 692 KRW 322, Samsung ElectroMechanics Co. 1,785 KRW 181, Samsung Electronics Co. Ltd 927 KRW 67, Samsung Engineering Co. Ltd 1,66 KRW 171,69.9 Shinhan Financial Group 1,58 KRW 62, ,721, Taiwan Advanced Semicond.Engin. Inc. 262, TWD 239, Chicony Electronics Co. 75, TWD 199, Chinatrust Financial Holding Co. Ltd 44,648 TWD 249, Compal Electronics Inc. 159, TWD 28, Hon Hai Precision Ind. Co. Ltd 93, TWD 42, Media Tek Inc. 12,662 TWD 219, Nan Ya Plastics Corp 83, TWD 169, Tripod Technology Corp. 75, TWD 253, Yuanta Financial Holding Co. 153, TWD 91, ,33, Thailand Kasikornbank PCL 68,2 THB 217, Siam Commercial Bank Publ./for. Reg. 81, THB 23, , United States Sohu.Com Inc. 1,483 USD 8, Total Shares 8, ,41,

129 Schedule of s (continued) as at March 31, 21 Asia (expressed in USD) Quantity Transferable securities and money market instruments admitted to an official exchange listing (continued) Options, Warrants, Rights Great Britain Barclays Bank 636 A Wrt /MSCI In 17,57 USD 1,14, ,14, Total Options, Warrants, Rights 1,14, Total Transferable securities and money market instruments admitted to an official exchange listing 19,181, TOTAL INVESTMENTS 19,181, ( Total cost: USD 16,962,929) 128 The accompanying notes form an integral part of these financial statements.

130 Schedule of s as at March 31, 21 Greater China Equities (expressed in USD) Quantity Transferable securities and money market instruments admitted to an official exchange listing Shares Bermuda China Yurun Food Group Ltd 61, HKD 186, Digital China Hld Ltd 52, HKD 88, Gome Electrical Appliance Hold 41, HKD 137, I.T. Ltd 378, HKD 66,27.62 Li & Fung Ltd 36, HKD 177, Midland Holdings Ltd 118, HKD 129, Ports Design Ltd 69,5 HKD 176, Rexlot Holdings 1,225, HKD 175, Sinofert Holdings Ltd 94, HKD 56, Skyworth Digital Hld Ltd 156, HKD 181, TPV Technology Ltd 242, HKD 163, ,537, Cayman Islands Aac Acoustic Technologies Hld 144, HKD 24, Agile Property Holdings Ltd 9, HKD 122, Asm Pacific Technology Ltd 9,2 HKD 87, Baidu Inc. A /ADR 274 USD 163, China High Speed Transmission Eq Gr Co. Ltd 81, HKD 179, China Resources Cement 128, HKD 61, China Resources Land 48, HKD 14, China Shanshui Cement Group Ltd 81, HKD 45, CN Vanadium 84, HKD 52,36.49 Comba Telecom Systems Holdings 152, HKD 194, Fook Woo Grp 26, HKD 9,49.84 Geely Automobile Hld Ltd 11, HKD 58, Golden Eagle Retail Group Ltd 57, HKD 113, Hidili Industry Int Dvlpt Ltd 84, HKD 91, Longfor Ppt 4,5 HKD 45, New Oriental Education & Technology Group/ADR 1,968 USD 168, PCD Stores 128, HKD 42, TCL Multimedia Technology Hold 56, HKD 58,58.54 Tencent Holdings 15,4 HKD 39, Want Want China Holdings Ltd 78, HKD 55, ,284, China Air China Ltd H 13, HKD 134, Angang Steel Company Ltd H 56, HKD 12,71.96 Bank of Communications Co. H 1, HKD 119, Byd Company Limited H 7, HKD 69, China Construction Bank Corp. 95, HKD 77, China Lg Pwr H 44, HKD 52, China Life Insurance Co. Ltd H 78, HKD 373, China National Building Material H 44, HKD 85, China Pacific Insurance (Group) Ltd H 17,4 HKD 77,87.72 China Shenhua Energy Co. Ltd H 13, HKD 56,

131 Schedule of s (continued) as at March 31, 21 Greater China Equities (expressed in USD) Quantity Transferable securities and money market instruments admitted to an official exchange listing (continued) Shares (continued) China (continued) Dongfang Electric Corp. Ltd H 19,4 HKD 11, Dongfeng Motor H 46, HKD 74,764.7 Petrochina Co. Ltd / H 1, HKD 116, Ping An Insurance (Group) Co. H 12, HKD 13, Wumart Stores Inc. H 67, HKD 135, Zhuzhou CSRTimes Electric H 97, HKD 183, ZTE Corp. H 18,4 HKD 111, ,983, Hong Kong BOC HongKong Holdings Ltd 125, HKD 298, Chaoda Modern Agricult.Hold. 78, HKD 83,76.77 Citic Pacific Ltd 22, HKD 52, Cnooc Ltd 189, HKD 311, Dah Chong Hong Holdings Ltd 96,827 HKD 65,94.61 Hang Lung Group Ltd 19,527 HKD 13, HongKong Exchanges And Clearing Ltd 5,5 HKD 91,8.86 Poly (HongKong) s Ltd 9, HKD 114, Sino Land Co. Ltd 6, HKD 117, Techtronic Industries Co. Ltd 132, HKD 17,1 1. Wharf Holding Ltd 22,25 HKD 125, ,47, Taiwan Acer Inc. 43, TWD 127, Advanced Semicond.Engin. Inc. 185, TWD 168, Asustek Computer Inc. 62,952 TWD 19, Cathay Financial Holding 65, TWD 18, Chicony Electronics Co. 63, TWD 167, Chinatrust Financial Holding Co. Ltd 162,736 TWD 92, Compal Electronics Inc. 131, TWD 171, Depo Auto Parts Ind Co. Ltd 52,384 TWD 128, EVA Airways Corp. 129, TWD 6, Fubon Financial Holding Co. Ltd 97, TWD 117, Hon Hai Precision Ind. Co. Ltd 93, TWD 42, Huaku Development Co. Ltd 58, TWD 15, Hung Poo Real Estate Development Corp. 34, TWD 45,72.42 Media Tek Inc. 19,164 TWD 332, Nan Ya Plastics Corp 84, TWD 171, Pihsiang Machinery Manufacturing Co. Ltd 52, TWD 99, Taiwan Fertilizer Co. Ltd 31, TWD 99,77.92 Taiwan Semiconductor Manufacturing Co. Ltd 115,473 TWD 223, Tripod Technology Corp. 7,6 TWD 237, United Microelectronic Corp. 225, TWD 119, Young Fast Optoelectronics 9, TWD 95,

132 Schedule of s (continued) as at March 31, 21 Greater China Equities (expressed in USD) Quantity Transferable securities and money market instruments admitted to an official exchange listing (continued) Shares (continued) Taiwan (continued) Yuanta Financial Holding Co. 234, TWD 14, ,368, United States Sohu.Com Inc. 1,149 USD 62, , Total Shares 1,77, Total Transferable securities and money market instruments admitted to an official exchange listing 1,77, TOTAL INVESTMENTS 1,77, ( Total cost: USD 9,532,11) The accompanying notes form an integral part of these financial statements. 131

133 Schedule of s as at March 31, 21 Global Energy Equities (expressed in USD) Quantity Transferable securities and money market instruments admitted to an official exchange listing Shares Bermuda Nabors Industries Ltd 16,69 USD 326, ,35.68 Brazil Petroleo Brasileiro SA /SADR 57,493 USD 2,557, ,557, Canada Encana Corp. 21,46 CAD 666, Suncor Energy 48,836 USD 1,589, Ultra Petroleum 25,941 USD 1,29, ,465, France Total SA / Sp. ADR B 26,41 USD 1,531, ,531, Great Britain BP PLC /ADR (6 Shs) 32,967 USD 1,881, Royal Dutch Shell PLC A /ADR 27,742 USD 1,65, ,486, Netherlands Core Laboratories NV 2,46 USD 267, , Netherlands Antilles Schlumberger Ltd 24,67 USD 1,561, ,561, Switzerland Transocean Ltd 11,374 USD 982, Weatherford International Ltd 19,299 USD 36, ,288, United States Anadarko Petroleum Corp. 32,56 USD 2,367, Apache Corp. 17,572 USD 1,783, Baker Hughes Inc. 45,287 USD 2,121, Cameron International Corp. 14,71 USD 63, Carbo Ceramics 3,964 USD 247, Chesapeake Energy Corp. 53,941 USD 1,275, Chevron Corp. 13,848 USD 1,5, Clean Energy Fuels Corp. 38,161 USD 869, Cree Inc. 7,481 USD 525,

134 Schedule of s (continued) as at March 31, 21 Global Energy Equities (expressed in USD) Quantity Transferable securities and money market instruments admitted to an official exchange listing (continued) Shares (continued) United States (continued) Denbury Resources Inc. 2,127 USD 339, Devon Energy Corp. 3,469 USD 223,58.47 Diamond Offshore Drilling Inc. 1,713 USD 951, Emcor Group Inc. 43,558 USD 1,72, EOG Resources Inc. 19,42 USD 1,84, FMC Technologies Inc. 4,356 USD 281, Halliburton Co. 51,126 USD 1,54, Helmerich & Payne Inc. 8,414 USD 32,45.67 Hess Corp. 27,963 USD 1,749, Mcmoran Exploration Co. 3,469 USD 445, National Oilwell Varco Inc. 3,774 USD 1,248, Newfield Exploration Co. 29,54 USD 1,512, Noble Energy Inc. 25,523 USD 1,863, Occidental Petroleum Corp. 3,94 USD 2,615, Oceaneering International Inc. 7,394 USD 469, PattersonUTI Energy Inc. 19,26 USD 269,62.56 Petrohawk Energy Corp. 54,925 USD 1,113, Plains Exploration & Prod. Co. 7,549 USD 226, Quicksilver Resources Inc. 34,16 USD 479, Range Resources Corp. 27,962 USD 1,31, Southwestern Energy Co. 29,766 USD 1,212, Universal Display Corp. 18,969 USD 223, Whiting Petroleum Corp. 7,254 USD 586, ,729, Total Shares 47,215, Total Transferable securities and money market instruments admitted to an official exchange listing 47,215, TOTAL INVESTMENTS 47,215, ( Total cost: USD 37,9,69) The accompanying notes form an integral part of these financial statements. 133

135 Schedule of s as at March 31, 21 Global Innovation (expressed in USD) Quantity Transferable securities and money market instruments admitted to an official exchange listing Shares Australia CSL Ltd 7,5 AUD 25, , Austria Intercell AG 4,3 EUR 125, Schoellerbleckmann Oilfield Equipment AG 2,5 EUR 131, , Canada Biovail Corp. 9,6 USD 16, , Finland Tekla Oyj A 9,393 EUR 98, Vacon PLC 3,9 EUR 158, , France Ingenico 7,2 EUR 18, , Great Britain Accsys Technologies PLC 28,4 EUR 17,792.1 ASOS PLC 12, GBP 94, Autonomy Corp. PLC 3,857 GBP 16, Chemring Group PLC 5,5 GBP 276, Eaga PLC 38, GBP 82, Micro Focus International PLC 23,5 GBP 178, Ultra Electronics Holdings PLC 14,5 GBP 33, Vodafone Group PLC 148,711 GBP 342, Wellstream Holdings PLC 25,5 GBP 253, Wolfson Microelectronics PLC 4, GBP 92, ,775, Ireland Accenture PLC 6,4 USD 268, Covidien PLC 5,13 USD 257, , Italy Diasorin SpA 5,466 EUR 26, , Japan Canon Inc. 5,3 JPY 245,

136 Schedule of s (continued) as at March 31, 21 Global Innovation (expressed in USD) Quantity Transferable securities and money market instruments admitted to an official exchange listing (continued) Shares (continued) Japan (continued) Hoya Corp. 9,8 JPY 269, Nippon Electric Glass 11, JPY 155, , Jersey Velti 41, GBP 25, , Luxembourg Millicom International Cellular Reg. 2,2 USD 196, , Mexico America Movil SAB de CV /ADR 6,887 USD 346, , Netherlands Fugro NV 3,982 EUR 26, Vistaprint NV 3, USD 171, , South Korea LG Electronics Inc. 2, KRW 23, NHN Corp. 1,45 KRW 23, Samsung Electronics Co. Ltd 67 KRW 484, , Sweden Elekta Ab 6,6 SEK 185, , Switzerland Lem Holding SA /Nom. 63 CHF 194, Novartis AG /Nam. 4,8 CHF 259, Roche Holding AG /genussschein 1,684 CHF 273, Sonova Holding AG /Nom. 1,4 CHF 174, Syngenta AG /Nam. 75 CHF 28, ,11, Taiwan Hon Hai Precision Ind. Co. Ltd 46, TWD 199, Media Tek Inc. 11, TWD 19, Taiwan Semiconductor Manufacturing Co. Ltd 11, TWD 213, ,

137 Schedule of s (continued) as at March 31, 21 Global Innovation (expressed in USD) Quantity Transferable securities and money market instruments admitted to an official exchange listing (continued) Shares (continued) United States Amazon Com Inc. 1,5 USD 23, Amgen Inc. 4,5 USD 268, Apple Inc. 3,2 USD 751, Celgene Corp. 4,85 USD 297, Cisco Systems Inc. 14,5 USD 377, Compuware Corp. 6,433 USD 54,37.31 Dell Inc. 16,56 USD 247, Directv 6,69 USD 223, Ebay Inc. 7, USD 188, Flir Systems Inc. 5,7 USD 16,74.91 Gilead Sciences Inc. 7,16 USD 323, Google Inc. A 76 USD 4, HewlettPackard Co. 5,124 USD 272, IBM Corp. 2,794 USD 358, Intuit 4, USD 137,36.78 Inverness Medical Innovations Inc. 2,9 USD 112, Johnson & Johnson 5,675 USD 37,1 2.1 Lockheed Martin Corp. 2,3 USD 191, Mcafee Inc. 4, USD 16,52.91 Merck 1,9 USD 47, Mettler Toledo International Inc. 2,25 USD 245, Microsoft Corp. 12,43 USD 352, Microstrategy Inc. A 2,1 USD 178, Monsanto Co. 1,232 USD 87,989.5 Nuance Communications Inc. 1,5 USD 174,72.99 Nuvasive Inc. 2,719 USD 122,899.7 NVIDIA Corp. 1,5 USD 182, Oracle Corp. 18,747 USD 481, Parametric Technology Corp. 9,95 USD 179, Praxair Inc. 2,699 USD 224, Qualcomm Inc. 7,4 USD 31, Sirona Dental Systems Inc. 8, USD 34, Synaptics Inc. 4,1 USD 113,21.64 Thermo Fisher Scientific Inc. 6, USD 38, Walt Disney 8,25 USD 288, ,62, Total Shares 17,344, Total Transferable securities and money market instruments admitted to an official exchange listing 17,344, TOTAL INVESTMENTS 17,344, ( Total cost: USD 15,431,728) 136 The accompanying notes form an integral part of these financial statements.

138 Schedule of s as at March 31, 21 Global Technology (expressed in USD) Quantity / Nominal Transferable securities and money market instruments admitted to an official exchange listing Shares Bermuda Marvell Technology Group 12,9 USD 262, ,92.83 Brazil BM&F Bovespa Bolsa De Valores 37,5 BRL 252, ,984.8 Canada Open Text Corp. 26,5 USD 1,257, ,257, Cayman Islands Baidu Inc. A /ADR 6 USD 358, Longtop Fin Tech Limited/ ADR 9,3 USD 299, Sina Corporation 5,4 USD 23, , France Ingenico 11,875 EUR 297, ,5.94 Germany Deutsche Telekom /Spons.ADR 19,7 USD 265, ,95.84 Great Britain Micro Focus International PLC 99,18 GBP 754, Misys PLC 43,6 GBP 16, Telecity Group PLC 29,9 GBP 192,37.61 Xchanging PLC 32,625 GBP 95,81.3 1,22, Guernsey Amdocs 49,27 USD 1,476, ,476, Israel Check Point Software Technologies 41,647 USD 1,46, Nice Systems Ltd / SADR 2,363 USD 75, ,535, Japan Canon Inc. 5,5 JPY 254, Ibiden Co. Ltd 9,9 JPY 341, Konica Minolta Holdings Inc. 15,5 JPY 18,

139 Schedule of s (continued) as at March 31, 21 Global Technology (expressed in USD) Quantity / Nominal Transferable securities and money market instruments admitted to an official exchange listing (continued) Shares (continued) Japan (continued) Kyocera Corp. 1,7 JPY 165, Nidec Corp. 3,6 JPY 386, Sumco Corp. 11,4 JPY 242, TDK Corp. 2,9 JPY 193,44.61 Tokyo Electron Co. Ltd 2,5 JPY 165, Toshiba Corp. 46, JPY 237, ,168, Singapore Avago Tech 13,9 USD 285, , South Korea LG Electronics Inc. 1,65 KRW 167, Ncsoft Corporation 2, KRW 253,78.81 Samsung Electronics Co. Ltd 35 KRW 253, , Spain Telefonica SA 6,7 EUR 159, ,14.5 Taiwan Advanced Semicond.Engin./SADR 65,3 USD 295,88.94 Hon Hai Precision Ind. Co. Ltd 56, TWD 242, HTC Corporation 14, TWD 163, Taiwan Semiconductor Manufacturing Co. Ltd 44, TWD 85,27.27 Tripod Technology Corp. 48, TWD 162, ,5 3.1 United States Abbott Laboratories Inc. 2,7 USD 142, Activision Blizzard Inc. 13,8 USD 166, Alliance Data System Corp. 5,5 USD 351, Apple Inc. 5,972 USD 1,43, Asiainfo Hld Inc. 9,72 USD 257, Aspen Technology Inc. 41,17 USD 421, Avnet Inc. 6,2 USD 186,.59 BMC Software Inc. 25,1 USD 95, Cisco Systems Inc. 36,146 USD 94, Ebay Inc. 7,821 USD 21, Electronics For Imaging Inc. 21,334 USD 248, Emdeon Inc. Class A 5,6 USD 92, General Dynamics Corp. 3,2 USD 247,4.78 Google Inc. A 6 USD 34, HewlettPackard Co. 26,152 USD 1,389,

140 Schedule of s (continued) as at March 31, 21 Global Technology (expressed in USD) Quantity / Nominal Transferable securities and money market instruments admitted to an official exchange listing (continued) Shares (continued) United States (continued) Hologic Inc. 9,5 USD 176,13.56 IBM Corp. 2,798 USD 358, Intel Corp. 22,1 USD 491, JDA Software Group 15,8 USD 439, Lam Research Corp. 7,2 USD 268,74.85 Mentor Graphics Corp. 5,169 USD 42, Microsoft Corp. 35,526 USD 1,39, National Semiconductor Corp. 19,524 USD 282, NetApp Inc. 13,733 USD 447, Netezza Corporation 22,7 USD 29, Novellus Systems Inc. 15,4 USD 385, 1.22 Nuance Communications Inc. 43,9 USD 73, On Semiconductor Corp. 54,4 USD 435, Parametric Technology Corp. 64,1 USD 1,157, Qualcomm Inc. 15,824 USD 664, Sonicwall Inc. 25,658 USD 222, Symantec Corp. 72,943 USD 1,234, Synopsys Inc. 61,945 USD 1,385, Verisign Inc. 1,1 USD 262,71.83 Websense Inc. 11,314 USD 257,62.82 Xerox Corp. 16,5 USD 16, ,442, Total Shares 3,91, Bonds India 3i Infotech.% 712 Cv 45, USD 47, , Total Bonds 47, Total Transferable securities and money market instruments admitted to an official exchange listing 3,139, TOTAL INVESTMENTS 3,139, ( Total cost: USD 3,36,34) The accompanying notes form an integral part of these financial statements. 139

141 Schedule of s as at March 31, 21 US Communications and Information (expressed in USD) Quantity Transferable securities and money market instruments admitted to an official exchange listing Shares Bermuda Genpact Ltd 2,776 USD 46, Marvell Technology Group 6,92 USD 14, , Brazil BM&F Bovespa Bolsa De Valores 12,2 BRL 82, ,34.6 Canada Open Text Corp. 1,953 USD 519, , Germany Deutsche Telekom /Spons.ADR 9,6 USD 129, ,6.94 Great Britain Micro Focus International PLC 5,8 GBP 44, , Guernsey Amdocs 25,9 USD 779, , Israel Check Point Software Technologies 22,21 USD 772, , Netherlands Sensata Tec 3,4 USD 61, ,64.44 Singapore Avago Tech 4,987 USD 12, , United States Abbott Laboratories Inc. 3,7 USD 194, Activision Blizzard Inc. 11,7 USD 141, Amkor Technology Inc. 16,9 USD 119, Analog Devices Inc. 4,9 USD 141, Apple Inc. 3,2 USD 751, Aspen Technology Inc. 12, USD 123,.89 BMC Software Inc. 19,4 USD 737, Broadcom Corp. a 1,4 USD 46,

142 Schedule of s (continued) as at March 31, 21 US Communications and Information (expressed in USD) Quantity Transferable securities and money market instruments admitted to an official exchange listing (continued) Shares (continued) United States (continued) Cisco Systems Inc. 26,2 USD 681, Corning Inc. 3,7 USD 74, Dreamworks Animation Skg Inc. 3,5 USD 137, Ebay Inc. 3,443 USD 92, Electronics For Imaging Inc. 26,2 USD 34, General Dynamics Corp. 2,8 USD 216, Gilead Sciences Inc. 3,3 USD 15, Google Inc. A 4 USD 226, HewlettPackard Co. 8,2 USD 435, Intel Corp. 2,7 USD 46, Lam Research Corp. 4,1 USD 153, Lender Process Ser/When Issued 2,1 USD 79, Life Technologies Corp. 3,216 USD 168, Mentor Graphics Corp. 38,8 USD 311, Micron Technology Inc. 5,2 USD 54,28.39 Microsoft Corp. 26,1 USD 763, National Semiconductor Corp. 12,614 USD 182, NetApp Inc. 1,151 USD 33, Novellus Systems Inc. 15,5 USD 387,5 2.8 Nuance Communications Inc. 24,3 USD 44, Parametric Technology Corp. 39, USD 73, Qualcomm Inc. 1,9 USD 457, Sonicwall Inc. 5,2 USD 45, St Jude Medical Inc. 9,2 USD 377, Symantec Corp. 41,5 USD 72, Synopsys Inc. 45,1 USD 1,8, Veeco Instruments Inc. 1,1 USD 47,85.35 Verisign Inc. 4,7 USD 122, Xerox Corp. 16,2 USD 157, ,494, Total Shares 14,173, Total Transferable securities and money market instruments admitted to an official exchange listing 14,173, TOTAL INVESTMENTS 14,173, ( Total cost: USD 14,134,877) The accompanying notes form an integral part of these financial statements. 141

143 Schedule of s as at March 31, 21 Global EquitiesWalter Scott & Partners (expressed in EUR) Quantity Transferable securities and money market instruments admitted to an official exchange listing Shares Australia CSL Ltd 17,7 AUD 437, Woodside Petroleum Ltd 5,115 AUD 1,594, ,31, Brazil Petroleo Brasileiro SA PFD Shares SADR 53,9 USD 1,577, ,577, Canada Suncor Energy 29,6 CAD 712, , Denmark NovoNordisk A/S B 32,4 DKK 1,861, ,861, France Essilor International SA 36, EUR 1,71, L'Oreal SA 19,4 EUR 1,51, ,212, Great Britain BG Group PLC 19,3 GBP 1,397, HSBC Holdings PLC 149,5 GBP 1,119, Reckitt Benckiser Group PLC 41,3 GBP 1,674, Standard Chartered PLC 67,4 GBP 1,358, Tesco PLC 315,5 GBP 1,54, WM Morrison Supermarkets PLC 453,1 GBP 1,49, ,58, Hong Kong China Mobile Ltd 214,5 HKD 1,525, CLP Holdings Ltd 321,5 HKD 1,698, Cnooc Ltd 1,38, HKD 1,678, HongKong & China Gas Co. Ltd 452, HKD 832, Hutchison Whampoa Ltd 293, HKD 1,584, ,318, Japan Canon Inc. 51,55 JPY 1,765, Chugai Pharmaceutical Co. Ltd 118,9 JPY 1,653, Daikin Industries Ltd 55,7 JPY 1,685, Denso Corp. 48,8 JPY 1,74, Fanuc Ltd 21,8 JPY 1,71, Honda Motor Co. Ltd 43,7 JPY 1,14,

144 Schedule of s (continued) as at March 31, 21 Global EquitiesWalter Scott & Partners (expressed in EUR) Quantity Transferable securities and money market instruments admitted to an official exchange listing (continued) Shares (continued) Japan (continued) Hoya Corp. 77, JPY 1,564, Keyence Corp. 9,646 JPY 1,74, Mitsubishi Estate Co. Ltd 126, JPY 1,524, Nintendo Co. Ltd 3,8 JPY 94, ShinEtsu Chemical Co. Ltd 36,3 JPY 1,558, ,323, Netherlands Antilles Schlumberger Ltd 3,6 USD 1,435, ,435, Singapore DBS Group Holdings Ltd 198,5 SGD 1,5, ,5, Spain Inditex SA / Reg. 25,3 EUR 1,234, ,234, Sweden Hennes & Mauritz AB 28,4 SEK 1,368, ,368, Switzerland Nestle SA 45,2 CHF 1,713, SGS SA /Nom. 1,62 CHF 1,653, ,367, United States Abbott Laboratories Inc. 39,5 USD 1,537, Adobe Systems Inc. 6,8 USD 1,589, Amphenol Corp. A 23,9 USD 745,28.91 Anadarko Petroleum Corp. 24,4 USD 1,313, Automatic Data Processing Inc. 51,4 USD 1,689, Cisco Systems Inc. 87,6 USD 1,685, CR Bard Inc. 26,1 USD 1,67, EOG Resources Inc. 11, USD 755, Fastenal Co. 46,7 USD 1,656, Flir Systems Inc. 34, USD 78, Gilead Sciences Inc. 48, USD 1,613, Intel Corp. 11,8 USD 1,674, Johnson & Johnson 33,2 USD 1,599, Mastercard Inc. A Shs 8,4 USD 1,576, Medtronic Inc. 47, USD 1,564, Microsoft Corp. 7,5 USD 1,525, Nike Inc. B 33,3 USD 1,88,

145 Schedule of s (continued) as at March 31, 21 Global EquitiesWalter Scott & Partners (expressed in EUR) Quantity Transferable securities and money market instruments admitted to an official exchange listing (continued) Shares (continued) United States (continued) Oracle Corp. 86,2 USD 1,636, Walgreen Co. 58,8 USD 1,611, WalMart Stores Inc. 4,3 USD 1,655, ,618, Total Shares 8,142, Total Transferable securities and money market instruments admitted to an official exchange listing 8,142, TOTAL INVESTMENTS 8,142, ( Total cost: EUR 7,479,899) 144 The accompanying notes form an integral part of these financial statements.

146 Schedule of s as at March 31, 21 Mondrian IPFEME (expressed in USD) Quantity Transferable securities and money market instruments admitted to an official exchange listing Shares Bermuda China Yurun Food Group Ltd 2,744, HKD 8,375, ,375, Brazil Cia De Concessoes Rodoviarias 43,5 BRL 8,928, CPFL Energia SA /SADR 121,6 USD 7,41, Investimentos Itau SA Pref. 851,184 BRL 5,89, Redecard SA 77,4 BRL 14,21, Vale / A /SADR 268,7 USD 7,459, ,88, Cayman Islands Hengan Intl Group 914,5 HKD 6,819, ,819, Chile Enersis SA /Spons. ADR 47,6 USD 9,47, ,47, China China Construction Bank Corp. 15,797, HKD 12,939, China Shipping Development Co. Ltd H 3,94, HKD 6,434, Industrial & Commercial BOC H 14,878, HKD 11,343, ,716, Colombia Bancolombia SA /ADR 169,9 USD 7,757, ,757, Czech Republic CEZ Ceske Energeticke Zavody 127,519 CZK 6,29, Komercni Banka AS 39,951 CZK 8,116, ,146, Egypt Telecom Egypt 241,387 EGP 745, ,73.23 Hong Kong Beijing Enterprises Holding Ltd 873,5 HKD 6,69, China Merchants Holdings International Co. Ltd 1,712, HKD 6,35, China Mobile Ltd 969,5 HKD 9,327, ,72,

147 Schedule of s (continued) as at March 31, 21 Mondrian IPFEME (expressed in USD) Quantity Transferable securities and money market instruments admitted to an official exchange listing (continued) Shares (continued) India Axis Bank Ltd/Demat. 314,78 INR 8,172, Bharti Airtel Ltd /demat. 1,6,94 INR 7,385, Rural Electrification Corp. Ltd 1,236,535 INR 6,93, ,462, Indonesia Perusahaan Gas Nega B 18,816, IDR 8,788, ,788, Kazakhstan KazMunaiGas Exploration Production /Regs/GDR 291,28 USD 7,184, ,184, Malaysia Maxis Bhd 4,437,5 MYR 7,264, ,264, Philippines Philippine Long Distance Telephone Co./SADR 148,8 USD 7,928, ,928, Poland Bank Pekao SA 31,158 PLN 1,812, ,812, Russia Gazprom Oao /SADR Reg. 265, USD 6,182, Lukoil /SADR 15,1 USD 5,959, ,141, South Africa African Bank s Ltd 1,41,888 ZAR 6,839, Sasol Ltd Reg. 21,9 ZAR 8,693, Tiger Brands Ltd 293,435 ZAR 7,327, ,86, South Korea Hyundai Motor Co. Pref. 127,54 KRW 4,729, KB Financial Group Inc. 134,17 KRW 6,472, KT&G Corp. 22,91 KRW 12,224, ,426, Taiwan Asustek Computer Inc. 5,361,289 TWD 9,335, Chinatrust Financial Holding Co. Ltd 677,74 TWD 383,

148 Schedule of s (continued) as at March 31, 21 Mondrian IPFEME (expressed in USD) Quantity Transferable securities and money market instruments admitted to an official exchange listing (continued) Shares (continued) Taiwan (continued) Chunghwa Telecom Co. Ltd 3,77,794 TWD 7,25, Chunghwa Telecom /SADR 124,418 USD 2,417, Media Tek Inc. 529,248 TWD 9,182, Taiwan Semiconductor Manufacturing Co. Ltd 6,659,21 TWD 12,895, ,465, Thailand PTT PCL 1,69,1 THB 8,662, ,662, Turkey Tupras Turkiye Petrol Rafinel 442,871 TRY 1,37, Turkcell Iletisim Hizmet AS 1,21,5 TRY 7,352, Turkiye Garanti Bankasi /Nom. 113,37 TRY 528, ,919, Total Shares 325,395, Total Transferable securities and money market instruments admitted to an official exchange listing 325,395, TOTAL INVESTMENTS 325,395, ( Total cost: USD 297,46,74) The accompanying notes form an integral part of these financial statements. 147

149 Schedule of s as at March 31, 21 Target Return (US$) (expressed in USD) Quantity / Nominal Transferable securities and money market instruments admitted to an official exchange listing Bonds Australia Commonwealth Bank of Austria FRN 912 5, USD 5, ,14.73 Austria Austria 3.625% 411 1,, USD 1,3, OEKB 4.71% 61 5, USD 56, ,537, Belgium Fortis Bank FRN 71 3, USD 31, , Denmark Denmark 2.75% 811 1,75, USD 1,85, FIH FRN 912 1,, USD 1,, ,85, Finland Nordic Bank 4.875% 611 1,4, USD 1,458, ,458, France AFD 1.75% 911 1,, USD 1,7, AFD 4.125% 811 3, USD 311,91.46 Banq Fed Cred FRN 51 1,2, USD 1,198, Cades 1.75% 911 5, USD 56, Cades 2.625% 811 Emtn 1,5, USD 1,524, Cades 4.% 811 1,, USD 1,39, Dexia CLF 2.375% 911 5, USD 59,83.75 Finance Foncier 4.875% 71 3,, USD 3,61, France Telecom 7.75% 111 5, USD 53,96.78 SFEF 1.5% 91 35, USD 352, SFEF 2.% 911 Regs 35, USD 354, SFEF 2.125% 912 1,, USD 1,19, ,416, Germany KFW FRN 71 5, USD 498, KFW 4.625% 611 5, USD 515, Landw.Rentenbk 4.25% 411 1,75, USD 1,753, Landw.Rentenbk 5.25% 611 5, USD 527, LBank Bw Foerderbank 4.25% 51 4, USD 46,674.6 NRW Bk 4.75% 51 5, USD 51, NRW Bk 5.375% 71 5, USD 56, ,719,

150 Schedule of s (continued) as at March 31, 21 Target Return (US$) (expressed in USD) Quantity / Nominal Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued) Great Britain Bank England 1.625% 113 1,5, USD 1,492, Credit Agricole Ln FRN 71 1,4, USD 1,4, Lloyds TSB FRN 81 Emtn 3, USD 3, Lloyds TSB FRN 81 1,, USD 1,4, Lloyds TSB 2.3% 911 4, USD 46,52.6 Lloyds TSB 2.3% a 6, USD 61,318.9 Nationwide FRN 51 1,2, USD 1,194, Net.Rail Infras. 5.25% 611 1,795, USD 1,881, RBS FRN a 7, USD 71, RBS FRN 912 Regs 1,, USD 998, ,989, Hungary Hungary 6.5% 819 S.19/A 5,, HUF 249, , Ireland Anglo Irish Bank FRN 51 45, USD 448, Anglo Irish Bank 2.375% 91 15, USD 15,68.22 Bank Ireland 2.8% 91 5, USD 52,4.74 DEPFA ACS 4.25% 51 75, USD 754, Intesa Bank FRN 51 S.29 3, USD 299,75.44 Irish Life Permanent FRN 51 1,5, USD 1,497, ,654, Japan Development Bank of Japan FRN 914 2,2, USD 2,23, Japan Finance 2.% 911 4, USD 45,684.6 Japan Finance 4.75% 511 4, USD 416, ,26, Jersey HSBC Bank Middle East FRN 51 3, USD 299, , Luxembourg Eurohypo Lux 4.25% 51 4, USD 41, Eurohypo Lux 4.625% 71 88, USD 818, Eurohypo Lux 4.75% 611 Emtn 65, USD 665, ,884, Netherlands BMW Finance Nv 5.% 611 1,2, USD 1,236, BNG Dh 2.25% 911 2,, USD 2,21, BNG Dh 3.125% 811 5, USD 511, NWB FRN , USD 75,

151 Schedule of s (continued) as at March 31, 21 Target Return (US$) (expressed in USD) Quantity / Nominal Transferable securities and money market instruments admitted to an official exchange listing (continued) Bonds (continued) Netherlands (continued) NWB 1.375% 112 1,, USD 1,4, Rabobk 5.125% 61 5, USD 51, Royal Bank of Scotland NV FRN 111 2,, USD 2,3, ,38, Norway DnB Nor FRN 51 S.295 1,, USD 997, Eksportfin 1.875% 113 1,, USD 996, Kommunalbank 4.5% 51 1,, USD 1,2, ,14, Sweden Kommuninvest 2.125% 912 3, USD 33, Sweden 1.75% 911 1,25, USD 1,266, 1.85 Swedish Exp 4.5% 71 1,, USD 1,19, ,588, Switzerland Eurofima Basel 3.25% 81 25, USD 254, ,19.37 United States Citigroup Fund FRN 81 SD 5, USD 5, Credit Suisse 5.25% 611 5, USD 519, CSFB FRN , USD 318, GECC 1.75% 21 1,5, USD 1,51, GECC 6.875% 1 A /473 3, USD 311,24.46 GS FRN 51 1,, USD 1,, IBRD FRN 912 2,, USD 2,2, Morgan Stanley D.W. 8.% 1 2, USD 22, ,357, Total Bonds 62,96, Options, Warrants, Rights Great Britain Call Fut9 Day GBP MC 16/6/ GBP 124, Call Fut9 Day GBP MC 16/6/ GBP 17,35.3 Call Fut9 Day GBP MCV 16/6/ (61) GBP (19,88) (.16) Call Fut9 Day GBP 15/9/ GBP 41,99.6 Call Fut9 Day GBP 15/9/ (17) GBP (2,146) (.3) Call Fut9 Day GBP 15/9/ GBP 1,612. Call Fut9 Day GBP 15/9/ (17) GBP (86). Call Fut9 Day GBP 16/6/ GBP 89,42.13 Call Fut9 Day GBP 16/6/ (587) GBP (5,565) (.1) Put Fut9 Day GBP MCV 16/6/ (35) GBP (26,24) (.4) 15

152 Schedule of s (continued) as at March 31, 21 Target Return (US$) (expressed in USD) Quantity / Nominal Transferable securities and money market instruments admitted to an official exchange listing (continued) Options, Warrants, Rights (continued) Great Britain (continued) Put Fut9 Day GBP 15/9/ (17) GBP (8,59) (.1) Put Fut9 Day GBP 16/6/21 99 (587) GBP (13,913) (.2) 89,47.13 United States Put Fut EURO USD 1Y M 16/4/ USD 1,188. Put Fut EURO USD 1Y M 16/4/ (19) USD (8,313) (.1) Put Fut EURO USD 1Y MI 16/4/ USD 15,438.3 Put Fut EURO USD 1Y MID 16/4/21 98 (19) USD (3,563) (.1) 4,75.1 Total Options, Warrants, Rights 93, Total Transferable securities and money market instruments admitted to an official exchange listing 62,19, Transferable securities and money market instruments dealt on other regulated markets Bonds Spain Banco Sabadell FRN (Rbg) 7, USD 699, , United States GECC FRN 61 T.753 2, USD 2,35.29 Merrill Lynch FRN 81 25, USD 25, , Total Bonds 1,15, Total Transferable securities and money market instruments dealt on other regulated markets 1,15, TOTAL INVESTMENTS 63,34, ( Total cost: USD 63,556,66) The accompanying notes form an integral part of these financial statements. 151

153 Notes to the Financial Statements Note 1 General Threadneedle (Lux) (the SICAV ) is an investment company with variable capital ( Société d'investissement à Capital Variable ) governed by Part I of the Law of December 2, 22 relating to Undertakings for Collective ( UCI ). On July 31, 29, shareholders approved an amendment of the Articles of the SICAV changing its name from World Express Funds I to Threadneedle (Lux) and a subsequent amendment of the content of Article 1 of the Articles of incorporation of the SICAV was made. The SICAV offers investors the opportunity to invest in separate Portfolios. Each Portfolio has a different investment objective and is a separate portfolio of assets represented by separate Shares. Each Portfolio may have one or more Classes of Shares related to it. The SICAV as a whole, including all of the existing Portfolios and all future Portfolios, is one legal entity. However, with regard to third parties and, in particular, with regard to the SICAV s creditors and as between Shareholders, each Portfolio shall be exclusively responsible for all liabilities attributable to it. Significant events during the year: Suspended Portfolio From October 27, 28, the daily net asset and the issue, conversion and redemption of shares of the Global Emerging ShortTerm Bonds Portfolio were suspended as a result of the global financial crisis. The Directors in discussion with the SubAdvisor of the Portfolio and taking into account the best interests of all shareholders, observed that the financial markets permitted the resumption of the calculation of the net asset of the Portfolio. As a result, the Directors resolved to resume the calculation of the net asset and the issue, conversion and redemption of shares of the Portfolio on June 24, 29. Changes of ownership of Management Company Threadneedle Asset Management Holdings S.à r.l, a subsidiary of Ameriprise Financial Inc. entered into an agreement to purchase Standard Chartered s (Luxembourg) S.A. ( SCIL ) which manages Threadneedle (Lux) from Standard Chartered Bank on February 3, 29. The transaction was approved and completed on May 29, 29. Launching and closing of Portfolios and share classes Portfolios On August 31, 29, the Target Return (US$) Portfolio was launched. Threadneedle Asset Management Limited was appointed the subadvisor for the Portfolio. On March 12, 21, the US Communications and Information and the Global Technology Portfolios were launched. RiverSource s LLC was appointed the subadvisor for the Portfolios. On October 19, 29, the US Dynamic Equities Portfolio was suspended and went into formal liquidation on November 5, 29. Share Classes The following share classes were launched during the year ended March 31, 21: Share Class Portfolio Effective date AU Target Return (US$) August 31, 29 DEH Target Return (US$) August 31, 29 IU Target Return (US$) October 3, 29 AU US Communications and Information March 12, 21 BU US Communications and Information March 12, 21 DU US Communications and Information March 12, 21 AU Global Technology March 12, 21 BU Global Technology March 12, 21 DU Global Technology March 12, 21 IU Global Technology March 12, 21 IEH Emerging Debt November 27,

154 Notes to the Financial Statements (continued) Note 1 General (continued) The following share classes became dormant during the year ended March 31, 21: Share Class Portfolio Effective date IU World Equities May 11, 29 AU Emerging Corporate Bonds (formerly Emerging s Low Duration) October 21, 29 IEH Emerging Corporate Bonds (formerly Emerging s Low Duration) May 27, 29 IU Global Emerging ShortTerm Bonds June 25, 29 IU Asia (formerly New AsiaPacific) June 25, 29 IEH Asia (formerly New AsiaPacific) September 29, 29 IU Global Innovation September 25, 29 Renaming of Portfolios Portfolios Former Name of Portfolio New Name of Portfolio Effective date of renaming Global High Yield Euro Global High Yield and Emerging September 9, 29 (Euro) European Small Cap Equities Pan European Smaller Companies September 9, 29 Focused US Growth Equities American Select September 16, 29 European Equities Pan European Equities September 16, 29 New AsiaPacific Asia September 16, 29 Concentrated Large Cap Global Mondrian PartnersFocused February 22, 21 Emerging s EquityMondrian Emerging s Equity Partners Emerging s Low Duration Emerging Corporate Bonds March 31, 21 Changes in SubAdvisors The following changes were made to SubAdvisors during the year: Portfolio Former SubAdvisor Current SubAdvisor Effective date of change Global High Yield and Standard Bank Plc Threadneedle Asset April 16, 29 Emerging Euro (formerly Global High Yield Euro) Management Limited Emerging Debt Stone Harbor Threadneedle Asset September 9, 29 Emerging Corporate Bonds (formerly Emerging s Low Duration) Pan European Smaller Companies (formerly European Small Cap Equites) Global Bonds (Euro) Pan European Equities (formerly European Equities) Asia (formerly New AsiaPacific) American Select (formerly Focused US Growth Equities) Global Asset Allocation (bond portion) European ShortTerm Bonds European Bonds Global Emerging Equities Greater China Equities Partners LP Standard Bank Plc Montanaro Managers Limited RiverSource s LLC Walter Scott & Partners Limited Mondrian Partners Limited Navellier and Associates, Inc RiverSource s LLC RiverSource s LLC RiverSource s LLC Mondrian Partners Limited Mondrian Partners Limited Management Limited Threadneedle Asset Management Limited Threadneedle Asset Management Limited Threadneedle Asset Management Limited Threadneedle Asset Management Limited Threadneedle Asset Management Limited Threadneedle Asset Management Limited Threadneedle Asset Management Limited Threadneedle Asset Management Limited Threadneedle Asset Management Limited Threadneedle Asset Management Limited Threadneedle Asset Management Limited September 9, 29 September 9, 29 September 16, 29 September 16, 29 September 16, 29 September 16, 29 September 23, 29 September 23, 29 September 23, 29 September 23, 29 September 23,

155 Notes to the Financial Statements (continued) Note 1 General (continued) As at March 31, 21 the active Portfolios of the SICAV are as follows: The Bond Portfolios: US$ ShortTerm Bonds Global Bonds (Euro) Global Bonds (US$) European ShortTerm Bonds European Bonds Emerging Corporate Bonds Emerging Debt Global Emerging ShortTerm Bonds US$ High Income Bonds Global High Yield and Emerging (Euro) The Asset Allocation Portfolio: Global Asset Allocation The Equity Portfolios: World Equities Global Emerging Equities US Equities US Mid & Small Cap Equities American Select Pan European Equities Pan European Smaller Companies European Quantitative Equities * Italian Equities * Japanese Equities Asia Greater China Equities Global Energy Equities Global Innovation Global Technology* US Communications and Information* Global EquitiesWalter Scott & Partners* Mondrian PartnersFocused Emerging s Equity* Absolute Return Portfolio: Target Return (US$) * As at March 31, 21 these Portfolios have not been authorised by the Securities and Futures Commission in Hong Kong and are not available to Hong Kong retail investors. 154

156 Notes to the Financial Statements (continued) Note 2 Summary of Significant Accounting Policies The financial statements are prepared and presented in accordance with generally accepted accounting principles applicable to UCITS (Undertakings for Collective s in Transferable Securities) investment funds in Luxembourg and require management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. I) Valuation of securities Transferable securities, money market instruments and any financial assets listed or dealt in on a regulated market are d at the last available known price in the relevant market. If such prices are not representative of their fair market, such securities are stated at the fair at which it is expected they may be resold, as determined in good faith by or under the direction of the Board of Directors. Fixed income securities not traded on such markets are d at the last available price or yield equivalents obtained from one or more dealers or pricing services approved by the Board of Directors, or any other price deemed appropriate by the Board of Directors. Money market instruments with a remaining maturity of 9 days or less are d by the amortised cost method, which approximates market. Units or shares of openended UCIs are d at their last determined and available net asset or, if such price is not representative of the fair market of such assets, then the price shall be determined by or under the responsibility of the Board of Directors, on a fair and equitable basis. Units or shares of a closedended UCIs are d at their last available stock market. The Directors, in their discretion, may permit some other method of valuation to be used if they consider that such valuation better reflects the fair of any asset of the SICAV. II) Forward Foreign Exchange Contracts For the purpose of hedging against specific currency risk or investing in other currencies, the SICAV may enter into forward foreign exchange contracts. At the yearend, open forward foreign exchange contracts are d at the forward rates applicable for the remaining period until maturity. The net movement in the unrealised gain/(loss) arising on forward foreign exchange contracts is recorded in the Statement of Operations and Changes in Net Assets. The contracts outstanding as at March 31, 21 are disclosed in Note 8. III) Futures Contracts The SICAV may enter into futures exchange contracts. Open futures contracts are d at the prices on the exchange for which the contracts are traded on. The net movement in the unrealised gain/(loss) arising on futures contracts is recorded in the Statement of Operations and Changes in Net Assets. The contracts outstanding as at March 31, 21 are disclosed in Note 1. IV) Swaps Transactions The SICAV may enter into Interest Rate Swaps, Credit Default Swaps and Total Return Swaps. Interest Rate Swaps are d on the basis of their market established by reference to the applicable interest rate curve. Credit Default Swaps are d by reference to the net present of the expected future cash flows based on the market interest rates and the markets expected default and recovery rate of the underlying asset. Total Return Swaps are d by reference to the mark to market based on the market of the underlying asset. The net movement in the unrealised gain/(loss) arising on swap transactions is recorded in the Statement of Operations and Changes in Net Assets. There were no swap contracts outstanding as at March 31, 21. V) Options trades Options traded on a regulated market are d at the market price on the valuation date. Such options open as at March 31, 21 are shown in the Schedule of s. OTC options are d based on prices received from third party pricing agents/models. Such options open as at March 31, 21 are shown in Note 11. Unrealised gains or losses arising at the time of reporting from the valuation of options trades are taken into account in the statement of operations and changes to net assets. 155

157 Notes to the Financial Statements (continued) Note 2 Summary of Significant Accounting Policies (continued) VI) Translation of currencies The accounts of each Portfolio are kept in the currency in which its net assets are expressed. The relevant Statement of Net Assets, Statement of Operations and Changes in Net Assets and the Schedule of s are expressed in this currency ( the base currency ). During the year, transactions, income and expenses denominated in a currency other than the base currency are recorded on the basis of exchange rates prevailing on the date they occur or accrue to the Portfolio. At the date of the Statement of Net Assets, monetary assets and liabilities denominated in a currency other than the base currency are translated into the base currency on the basis of exchange rates prevailing on that date. Exchange differences are included in the Statement of Operations and Changes in Net Assets. The combined Statement of Net Assets and Statement of Operations and Changes in Net Assets are presented in USD based on the exchange rate ruling at the date of the Statement of Net Assets. Exchange rate used as at March 31, 21 are: 1 EUR = USD, 1 USD = JPY. The difference between the opening Net assets stated at exchange rates ruling at the beginning of the period and their at the end of the period is shown as a currency translation adjustment in the Combined Statement of Operations and Changes in Net Assets under the heading Exchange differences. VII) transactions and investment income Securities are recorded at cost, and where applicable on the basis of exchange rates prevailing on the date they are purchased. Results on sales of securities are determined on the basis of the average cost method. transactions are accounted for on the trade date. Dividends are accounted for on the exdividend date. Interest income is recorded on an accrual basis. Discounts/Premium on zero coupon bonds are accreted as adjustments to interest income. Interest, dividends and capital gains on securities may be subject to withholding or capital gains taxes in certain countries. VIII) Distribution policy The policy of the SICAV in respect of all Share Classes of Portfolios, with the exception of Class AEP, Class AUP, Class AEC, Class SUP, Class SEP and Class P, is to make no distributions, to accumulate in such Portfolios all net earnings and to reinvest these within the same Portfolio and Class. In respect of Class AEP, Class AUP, Class AEC, Class SUP, Class SEP and Class P, the SICAV intends to make distributions, with a frequency, at least annually, and in an amount to be determined by the Directors. The Shareholders of these Share Classes have the option to receive the dividend or to reinvest it in the SICAV. Note 3 Taxation Under current laws and practice, the SICAV is not liable to any Luxembourg income tax, or any Luxembourg capital gains on the realised capital appreciation of the assets of the SICAV nor are dividends paid by the SICAV liable to any Luxembourg withholding tax. Under the prevailing law and regulations, the SICAV is subject in the Grand Duchy of Luxembourg, to an annual subscription tax of.5%, payable on a quarterly basis and assessed on its net asset at the end of each quarter. No tax is due on the assets held by the SICAV in other UCITS already subject to that tax in Luxembourg. In respect of the Emerging Corporate Bonds Portfolio (formerly Emerging s Low Duration) and Share Classes M, WS, IE, IEH, YE, IJ and IU of the other Portfolios, the SICAV is subject to a tax of.1% per annum levied on the net asset at the last day of each calendar quarter in accordance with the law of December 2, 22, as amended. No such tax is due on the portion of the assets of the SICAV invested in other Luxembourg UCITS, if any. 156

158 Notes to the Financial Statements (continued) Note 4 Related Party Transactions The SICAV may, on behalf of the different Portfolios, enter into borrowing arrangements (subject to the restrictions set out under Restrictions in Appendix A of the prospectus) with, and buy from or sell transferable securities, foreign exchange or other financial instruments through, Threadneedle Asset Management Limited, a related entity and its affiliates, provided that such transactions are carried out at arm s length on normal commercial terms and are in the best interests of the relevant Portfolio and its Shareholders. The SICAV has appointed Threadneedle Management Luxembourg S.A. to serve as its designated Management Company in accordance with Chapter 13 of the Law of December 2, 22. Under the Management Company Services Agreement, Threadneedle Management Luxembourg S.A provides investment management, administrative and marketing services to the SICAV, subject to the overall supervision and control of the Board of Directors. Threadneedle Management Luxembourg S.A is entitled to receive for its services to the SICAV, a fee (comprising a service and other administration fee) up to.9% per annum (.5% as at March 31, 29) of the net assets of each Portfolio computed on each Valuation Date and payable monthly in arrears, with the exception of Class WS within the Global EquitiesWalters Scott & Partners Portfolio and Class M within the Mondrian PartnersFocused Emerging s Equity Portfolio where such service fee is up to.6%. Furthermore, Threadneedle Management Luxembourg S.A is entitled to receive an Asset Management Fee at the annual rate detailed on the next page. The fee is accrued daily and paid monthly. Threadneedle Management Luxembourg S.A is responsible for paying SubAdvisory fees out of this fee. The Management Company (on behalf of the SICAV) also has a distribution agreement with Threadneedle Asset Management Limited. Threadneedle Management Luxembourg S.A receives a monthly fee for shareholder services at an annual rate detailed on the next page, expressed as a percentage of the average daily net assets for each of the Portfolios. Threadneedle Management Luxembourg S.A is responsible for paying subdistribution fees out of this fee. Some of the SubAdvisors are related entities. As described in Note 7, Threadneedle Management Luxembourg S.A may also receive performance fees with respect to certain Share Classes of the Global EquitiesWalter Scott & Partners, US Mid & Small Cap Equities, Pan European Smaller Companies and European Quantitative Equities Portfolios. Neither Threadneedle Management Luxembourg S.A. nor Threadneedle Asset Management Limited earned commissions related to brokerage transactions. Certain officers and/or directors of Threadneedle Management Luxembourg S.A. and the SICAV are also officers and/or directors of Threadneedle Asset Management Limited. 157

159 Notes to the Financial Statements (continued) Note 4 Related Party Transactions (continued) AU, AE, AJ, AUH, AEH, AEC, AUP& AEP Asset Management Fee ¹ ( Net Asset Value) Share Class DU, DE, DUH DJ & DEH W, WUH, & P IU, IE, IJ, IEH, WS & M Portfolio BOND PORTFOLIOS US$ ShortTerm Bonds.75%.75%.75%.55% Global Bonds (Euro).85%.85%.85%.55% Global Bonds (US$).85%.85%.85%.55% European ShortTerm Bonds.85%.85%.55% European Bonds.85%.85%.85%.55% Emerging Corporate Bonds 1.15% 1.15% 1.15%.7% Emerging Debt 1.% 1.% 1.%.8% Global Emerging ShortTerm Bonds 1.15% 1.15% 1.15%.8% US$ High Income Bonds 1.25% 1.25% 1.25%.8% Global High Yield and Emerging (Euro) 1.25% 1.25% 1.25%.85% ASSET ALLOCATION PORTFOLIO Global Asset Allocation 1.25% 1.25% 1.25%.85% EQUITY PORTFOLIOS World Equities 1.25% 1.25% 1.25%.85% Global Emerging Equities 1.5% 1.5% 1.4% 1.% US Equities 1.% 1.% 1.%.85% US Mid & Small Cap Equities 1.25% 1.25% 1.25%.85% American Select 1.25% 1.25% 1.25%.85% Pan European Equities 1.25% 1.25% 1.25%.85% Pan European Smaller Companies 1.4% 1.4% 1.4% 1.% European Quantitative Equities 1.25% 1.25% 1.25% 1.% Italian Equities 1.25% 1.25%.85% Japanese Equities 1.5% 1.5% 1.25% 1.% Asia 1.5% 1.5% 1.4% 1.% Greater China Equities 1.5% 1.5% 1.4% 1.% Global Energy Equities 1.25% 1.25% 1.25% 1.% Global Innovation 1.5% 1.5% 1.5% 1.% Global Technology* 1.25% 1.25% 1.% US Communications and Information* 1.25% 1.25% 1.% Global EquitiesWalter Scott & Partners 1.% 2 Mondrian PartnersFocused Emerging s Equity.95% 3 ABSOLUTE RETURN PORTFOLIO Target Return (US$) 1.% 1.%.65% 1. Share Classes SU, SUP, SE, SUH and SEP are subject to the following Asset Management Fee: Emerging Debt (Classes SU, SUP) 1.% Global High Yield and Emerging (Euro) (Class SEP) 1.25% Global Innovation (Class SU) 1.5% * Class BU is subject to an Asset Management Fee of up to 1.25% per annum 2. Class WS is subject to an Asset Management Fee of up to 1.% per annum. The Advisor waived a portion of the Asset Management Fee. The fee charged was.95%. 3. Class M is subject to an Asset Management Fee of up to.95% per annum. The Advisor waived a portion of the Asset Management Fee. The fee charged was.9%. 158

160 Notes to the Financial Statements (continued) Note 4 Related Party Transactions (continued) AU, AE, AJ, AUH, AEH, AEC, AUP & AEP Maximum Initial Sales Charges 5 ( the amount invested) Share Class DU, DE, DUH, DJ & DEH SU, SUP, SE, SUH & SEP W, WUH & P M PORTFOLIO TYPE BOND 2.% 1.% 5.% 5.% ASSET ALLOCATION 5.% 1.% 5.% 5.% EQUITY 5.% 1.% 5.% 5.%.75% ABSOLUTE RETURN 3.% 1.% 5. Classes BU**, IU, IE, IJ, IEH, WS, YU, YJ, YEH & YE are not subject to any sales charges. Redemption Fee 6 ( the amount redeemed) Share Class AU, AE, AJ, AUH, AEH, AEC, AUP& AEP DU, DE, DJ, DUH & DEH SU, SUP, SE, SUH & SEP M PORTFOLIO TYPE BOND.5%.5%.5% ASSET ALLOCATION.5%.5%.5% EQUITY.5%.5%.5%.75% ABSOLUTE RETURN.5%.5% 6. Classes BU**, WS, IU, IE, IJ, IEH, YU, YE, YJ & YEH are not subject to any redemption fee. Shareholder Servicing Fee 7 ( Net Asset Value) Share Class AU, AE, AJ, AUH, AEH, AEC, AUP& AEP DU, DE, DJ, DUH & DEH SU, SE, SUH, SUP & SEP Portfolio W, WUH & P BOND PORTFOLIOS US$ ShortTerm Bonds.25%.6% Global Bonds (Euro).25%.6% Global Bonds (US$).25%.6% European ShortTerm Bonds.25%.5% European Bonds.25%.6% Emerging Corporate Bonds.25%.4%.25% Emerging Debt.5% 1.%.5% Global Emerging ShortTerm Bonds.25%.4% US$ High Income Bonds.5% 1.% Global High Yield & Emerging (Euro).5% 1.%.5% ASSET ALLOCATION PORTFOLIO Global Asset Allocation.5% 1.%.15%.5% EQUITY PORTFOLIOS World Equities.5% 1.%.15%.5% Global Emerging Equities.5% 1.%.25% US Equities.5% 1.%.15% US Mid & Small Cap Equities.5% 1.%.15%.5% American Select.5% 1.%.15%.5% Pan European Equities.5% 1.%.15%.5% Pan European Smaller Companies.5% 1.%.15% European Quantitative Equities.5% 1.%.15% Italian Equities.5% 1.% Japanese Equities.5% 1.%.25% Asia.5% 1.%.25% Greater China Equities.5% 1.%.25% Global Energy Equities.5% 1.%.15%.5% Global Innovation.5% 1.%.15%.5% Global Technology*.5%.75% US Communications and Information*.5%.75% Global EquitiesWalter Scott & Partners Mondrian IPFEME ABSOLUTE RETURN Target Return US$.25%.75% * Class BU is subject to a Shareholder Servicing Fee of up to.75% per annum. 7. Classes IU, IE, IJ, IEH, YU, YE, YJ, & YEH are not subject to any shareholders servicing fee. 159

161 Notes to the Financial Statements (continued) ** There is a declining Contingent Deferred Sales Charge, CDSC on Class BU shares redeemed within 4 years of purchase as follows: Years since Purchase CDSC Less than 1 year 4% 1 year or more but less than 2 years 3% 2 years or more but less than 3 years 2% 3 years or more but less than 4 years 1% 4 years or more The amount of the CDSC is equal to the lesser of the current net asset and the original purchase price of the Class BU Shares being redeemed, multiplied by the applicable percentage rate referenced above. The Class BU Shares will continue to age without regard to any exchanges. Accordingly, upon redemption of Shares acquired in an exchange for Class BU Shares of another Portfolio, the amount of any CDSC will be applied as if the Shares redeemed were held since the date of initial purchase. In order to minimise any CDSC that is payable, the SICAV assumes for each shareholder that Class BU Shares not subject to any charge are redeemed first, followed by Class BU Shares held the longest during the four year period. Note 5 Soft Commission Arrangements The Management Company and SubAdvisors may enter into soft commission arrangements with brokerdealers under which certain business services are obtained from such brokerdealers directly or from third parties and are paid for by the brokerdealers out of the commissions they receive on transactions for the SICAV. Consistent with obtaining best execution, brokerage commissions on Portfolio transactions for the SICAV may be specifically allocated by the Management Company or SubAdvisor to brokerdealers in consideration of any research services rendered as well as for services rendered in the execution of orders by such brokerdealers. Soft commission arrangements are subject to the following conditions: (i) the Management Company or the SubAdvisor will act at all times in the best interest of the SICAV and of its Shareholders when entering into soft commission arrangements; (ii) the services provided will be in direct relationship to the activities of the Management Company or SubAdvisor; (iii) brokerage commissions on Portfolio transactions for the SICAV will be allocated by the Management Company or the SubAdvisor to brokerdealers that are entities and not to individuals; (iv) the amount of soft commissions paid to the brokerdealers does not entail any increase in brokerage commissions and is not a determining factor in the selection of brokerdealers; and (v) the Management Company or the SubAdvisor will provide reports to the Board of Directors with respect to soft commission arrangements including the nature of the services it receives; (vi) neither the Management Company, the SubAdvisor nor any of their connected persons may retain cash or other rebates from brokerdealers; (vii) the goods or services received are of demonstrable benefit to the Shareholders. Note 6 Dividends The SICAV declared the following dividends during the year ended March 31, 21: Portfolio Share class ExDate Amount per Share Total Amount Emerging Corporate Bonds Class AUP 24/4/29 USD ,642 Class AUP 25/5/29 USD ,768 Class AUP 24/6/29 USD.15 42,181 Class AUP 27/7/29 USD ,93 Class AUP 25/8/29 USD ,793 Class AUP 24/9/29 USD ,324 Class AUP 26/1/29 USD ,316 Class AUP 24/11/29 USD ,665 Class AUP 23/12/29 USD ,349 Class AUP 25/1/21 USD.75 31,288 Class AUP 22/2/21 USD ,51 Class AUP 25/3/21 USD ,985 Class P 24/4/29 USD.117 1,353 Class P 25/5/29 USD.117 1,353 Class P 24/6/29 USD.117 1,353 Class P 27/7/29 USD.117 1,353 Class P 25/8/29 USD.117 1,353 Class P 24/9/29 USD Class P 26/1/29 USD Class P 24/11/29 USD Class P 23/12/29 USD Class P 25/1/21 USD Class P 22/2/21 USD Class P 25/3/21 USD ,917,784 16

162 Notes to the Financial Statements (continued) Note 6 Dividends (continued) Portfolio Share class ExDate Amount per Share Total Amount Emerging Debt Class AEC 24/4/29 USD ,352 Class AEC 25/5/29 USD ,398 Class AEC 24/6/29 USD ,762 Class AEC 27/7/29 USD ,677 Class AEC 25/8/29 USD ,261 Class AEC 24/9/29 USD.15 32,837 Class AEC 26/1/29 USD ,211 Class AEC 24/11/29 USD ,235 Class AEC 23/12/29 USD ,724 Class AEC 25/1/21 USD.13 36,589 Class AEC 22/2/21 USD ,781 Class AEC 25/3/21 USD ,312 Class AUP 24/4/29 USD.11 2,715,224 Class AUP 25/5/29 USD.11 2,753,81 Class AUP 24/6/29 USD.11 2,798,114 Class AUP 27/7/29 USD.11 2,876,699 Class AUP 25/8/29 USD.11 2,899,42 Class AUP 24/9/29 USD.11 2,957,7 Class AUP 26/1/29 USD.11 3,116,783 Class AUP 24/11/29 USD.11 3,131,31 Class AUP 23/12/29 USD.11 3,68,618 Class AUP 25/1/21 USD.1 2,776,287 Class AUP 22/2/21 USD.1 2,742,155 Class AUP 25/3/21 USD.1 2,67,687 Class SUP 24/4/29 USD.17 15,19 Class SUP 25/5/29 USD.17 17,146 Class SUP 24/6/29 USD.17 11,315 Class SUP 27/7/29 USD ,36 Class SUP 25/8/29 USD ,63 Class SUP 24/9/29 USD ,2 Class SUP 26/1/29 USD ,637 Class SUP 24/11/29 USD ,895 Class SUP 23/12/29 USD ,79 Class SUP 25/1/21 USD ,321 Class SUP 22/2/21 USD ,256 Class SUP 25/3/21 USD ,155 36,313,

163 Notes to the Financial Statements (continued) Note 6 Dividends (continued) Portfolio Share class ExDate Amount per Share Total Amount Global Emerging ShortTerm Bonds Class AEC 24/4/29 USD.125 5,946 Class AEC 25/5/29 USD.132 6,285 Class AEC 24/6/29 USD.132 6,296 Class AEC 27/7/29 USD.134 3,662 Class AEC 25/8/29 USD ,996 Class AEC 24/9/29 USD ,79 Class AEC 26/1/29 USD.14 35,943 Class AEC 24/11/29 USD.141 4,76 Class AEC 23/12/29 USD ,579 Class AEC 25/1/21 USD.91 22,167 Class AEC 22/2/21 USD.87 2,346 Class AEC 25/3/21 USD.85 24,191 Class AUP 24/4/29 USD ,192 Class AUP 25/5/29 USD ,192 Class AUP 24/6/29 USD ,192 Class AUP 27/7/29 USD ,51 Class AUP 25/8/29 USD.92 1,356,966 Class AUP 24/9/29 USD.92 2,169,279 Class AUP 26/1/29 USD.92 2,469,45 Class AUP 24/11/29 USD.92 2,49,467 Class AUP 23/12/29 USD.92 2,165,15 Class AUP 25/1/21 USD.62 1,53,256 Class AUP 22/2/21 USD.62 1,475,985 Class AUP 25/3/21 USD.62 1,464,32 18,446,238 US$ High Income Bonds Class AUP 24/4/29 USD.92 5,833 Class AUP 25/5/29 USD.92 6,26 Class AUP 24/6/29 USD.92 6,493 Class AUP 27/7/29 USD.92 6,915 Class AUP 25/8/29 USD.92 6,735 Class AUP 24/9/29 USD.92 6,91 Class AUP 26/1/29 USD.92 6,954 Class AUP 24/11/29 USD.92 7,12 Class AUP 23/12/29 USD.92 7,487 Class AUP 25/1/21 USD.83 8,569 Class AUP 22/2/21 USD.83 8,899 Class AUP 25/3/21 USD.83 8,413 86,417 Global High Yield and Emerging (Euro) Class AEP 24/4/29 EUR ,694 Class AEP 25/5/29 EUR.82 25,484 Class AEP 24/6/29 EUR ,42 Class AEP 27/7/29 EUR ,567 Class AEP 25/8/29 EUR ,59 Class AEP 24/9/29 EUR.82 28,

164 Notes to the Financial Statements (continued) Note 6 Dividends (continued) Portfolio Share class ExDate Amount per Share Total Amount Global High Yield and Emerging (Euro) (continued) Class AEP 26/1/29 EUR ,324 Class AEP 24/11/29 EUR ,244 Class AEP 23/12/29 EUR.82 29,333 Class AEP 25/1/21 EUR ,46 Class AEP 22/2/21 EUR ,46 Class AEP 25/3/21 EUR ,793 Class SEP 24/4/29 EUR.8 17,357 Class SEP 25/5/29 EUR.8 17,442 Class SEP 24/6/29 EUR.8 17,529 Class SEP 27/7/29 EUR.8 17,529 Class SEP 25/8/29 EUR.8 17,489 Class SEP 24/9/29 EUR.8 17,275 Class SEP 26/1/29 EUR.8 17,166 Class SEP 24/11/29 EUR.8 17,15 Class SEP 23/12/29 EUR.8 16,891 Class SEP 25/1/21 EUR.6 12,455 Class SEP 22/2/21 EUR.6 12,34 Class SEP 25/3/21 EUR.6 12,296 3,288,34 Global Asset Allocation Class AEC 24/4/29 USD.121 8,31 Class AEC 25/5/29 USD.127 6,396 Class AEC 24/6/29 USD.128 6,11 Class AEC 27/7/29 USD.129 7,43 Class AEC 25/8/29 USD.13 11,677 Class AEC 24/9/29 USD ,834 Class AEC 26/1/29 USD ,151 Class AEC 24/11/29 USD ,61 Class AEC 23/12/29 USD.13 17,689 Class AEC 25/1/21 USD.86 11,484 Class AEC 22/2/21 USD.83 11,25 Class AEC 25/3/21 USD.81 1,525 Class AUP 24/4/29 USD ,236 Class AUP 25/5/29 USD ,95 Class AUP 24/6/29 USD ,113 Class AUP 27/7/29 USD ,659 Class AUP 25/8/29 USD.91 81,36 Class AUP 24/9/29 USD.91 83,888 Class AUP 26/1/29 USD ,257 Class AUP 24/11/29 USD ,389 Class AUP 23/12/29 USD ,72 Class AUP 25/1/21 USD ,574 Class AUP 22/2/21 USD ,75 Class AUP 25/3/21 USD ,539 9,74,

165 Notes to the Financial Statements (continued) Note 7 Performance Fees The Management Company shall receive a performance fee with respect to certain Share Classes of the Global Equities Walter Scott & Partners, US Mid & Small Cap Equities, Pan European Smaller Companies and European Quantitative Equities Portfolios (currently waived) as set forth below. Daily provisions shall be set up for the accrual of the payment of the performance fee and the balance shall be paid to the Management Company at the end of the fiscal year of the SICAV. The amount of this performance fee depends on the performance of the Net Asset Value of the relevant Share Class within the relevant Portfolio compared to the performance of the benchmark (described below) (the Benchmark ). Provisions shall only be set up when the Benchmark and High Water Mark (defined below) are exceeded. However, for the purpose of calculating the performance fee, the Benchmark will also be subject to its own high water mark ("Benchmark high water mark" as defined below). Where the Net Asset Value of a relevant Share Class exceeds its High Water Mark and the Benchmark is below its Benchmark high water mark then in such case, only the performance of the relevant Share Class above the High Water Mark will be taken into account in the calculation of the performance fee. The performance fee shall be calculated on the difference between the performance of the Benchmark and the performance of the Share Class concerned. In the event the performance of the relevant Share Class exceeds the performance of the Benchmark on a particular day, a 2% performance fee shall be accrued in respect of that day, except for the Pan European Smaller Companies and European Quantitative Equities Portfolios for which a 1% performance fee shall be accrued. If the performance of the relevant Share Class decreases below the Benchmark, the accrued performance fee will adjust for a 2% reduction for that particular day, except for the Pan European Smaller Companies and European Quantitative Equities Portfolios for which the accrued performance fee will adjust for a 1% reduction. If the amount of the accrued performance fee is positive at the end of the fiscal year and the Net Asset Value as of the last day of such fiscal year has exceeded the High Water Mark defined below, the amount of the accrued performance fee will be paid to the Management Company within the first quarter of the subsequent fiscal year. The performance fee shall only be paid to the Management Company if the Net Asset Value of the relevant Share Class exceeds the High Water Mark. If the amount of the accrued performance fee is negative, such negative amount will be carried forward and the Management Company shall not receive the payment of a performance fee until the amount of the accrued performance fee is positive at the subsequent fiscal year s end. In the event all of the assets of a Portfolio or a Share Class are liquidated and the Portfolio or Share Class becomes dormant, any outstanding performance fee accrual shall be realised and payable to the Management Company. Thereafter, when new Shareholders have invested in such Portfolio or Class, the fee accruals will be reset. Portfolios Global Equities Walter Scott & Partners US Mid & Small Cap Equities Share Classes (based on availability) K Benchmark for performance fee purposes MSCI World Index (with net dividends reinvested) Russell 25 AU, AEH, DU, DEH, W, SU, IU, IEH and YU Pan European Smaller Companies AE, AUH, DE, DUH, IE and W HSBC Smaller European Companies Index European Quantitative Equities AE, AUH, DE, DUH, IE and W Dow Jones Euro Stoxx 5 High Water Mark: in respect of each Share Class, the greater of (i) the Net Asset Value (prior to the deduction of any performance fee) of a Share of such Share Class as of the last Valuation Date of the relevant fiscal year in which any accrued performance fee becomes due and payable; and (ii) the Net Asset Value of a Share of such Share Class as of the last Valuation Date of the most recent fiscal year end of the SICAV in which a performance fee was payable except for the first period in which any accrued performance fee becomes due and payable in which case the Net Asset Value to be taken into account is (i) the Net Asset Value of a Share of such Share Class of the last Valuation Date immediately preceding that period or (ii) the initial offering price of a Share of the new Share Class. Benchmark high water mark: the highest level of the Benchmark since the inception of a performance fee accrual of the relevant Share Class. No performance fee was accrued during the year. 164

166 Notes to the Financial Statements (continued) Note 8 Net unrealised gain / (loss) on Forward Foreign Exchange Contracts As at March 31, 21, the SICAV has the following forward foreign exchange contracts outstanding: Portfolio Maturity Date Purchased Amount Sold Amount Trading Purpose/ Hedging Purpose Unrealised Gain / (Loss) in the portfolio base currency Global Bonds (Euro) 9/4/21 EUR 191,611 CAD 27, Trading Purpose (5,67) 9/4/21 EUR 245,154 SEK 2,4, Trading Purpose (1,33) 9/4/21 EUR 791,977 AUD 1,2, Trading Purpose (21,251) 9/4/21 EUR 1,733,572 JPY 21,, Trading Purpose 72,511 9/4/21 JPY 61,451,1 EUR 5, Trading Purpose (13,935) 9/4/21 USD 5,9, EUR 4,32,964 Trading Purpose 39,5 EUR 7,455 Global Bonds (US$) 8/4/21 EUR 3, USD 4,953 Trading Purpose (361) 8/4/21 EUR 6, USD 81,134 Trading Purpose 5 8/4/21 USD 121,986 EUR 9, Trading Purpose 21 13/4/21 JPY 3,, USD 332,432 Trading Purpose (11,353) 13/4/21 JPY 16,, USD 176,431 Trading Purpose (5,189) 13/4/21 USD 518,918 JPY 46,, Trading Purpose 26,595 USD 9,952 European Bonds 9/4/21 EUR 1,4, GBP 1,246,39 Trading Purpose 3,191 EUR 3,191 Emerging Corporate Bonds 19/4/21 EUR 2,538,233 USD 3,476,974 Hedging Purpose (42,592) 19/4/21 EUR 6,67,316 USD 9,137,265 Hedging Purpose (111,928) 19/4/21 EUR 32 USD 43 Hedging Purpose 19/4/21 EUR 115 USD 157 Hedging Purpose (1) 19/4/21 EUR 21,782 USD 29,473 Hedging Purpose (1) 19/4/21 EUR 9,91 USD 13,216 Hedging Purpose /4/21 USD 25,51 EUR 18,535 Hedging Purpose /4/21 USD 37 EUR 223 Hedging Purpose 5 19/4/21 USD 6,321 EUR 4,61 Hedging Purpose 96 19/4/21 USD 2,711 EUR 2,4 Hedging Purpose (1) 19/4/21 USD 6,128 EUR 4,529 Hedging Purpose 1 19/4/21 USD 12,344 EUR 9,121 Hedging Purpose 2 19/4/21 USD 3,574 EUR 2,679 Hedging Purpose (5) 19/4/21 USD 12,95 EUR 9,646 Hedging Purpose (1,699) 19/4/21 USD 17,52 EUR 13,76 Hedging Purpose (173) 19/4/21 USD 1,655 EUR 1,233 Hedging Purpose (13) USD (155,751) Emerging Debt 5/4/21 USD 14,, BRL 24,816,68 Trading Purpose 111,177 19/4/21 EUR 3,677,63 USD 5,37,728 Hedging Purpose (61,71) 19/4/21 EUR 28,924,46 USD 39,621,88 Hedging Purpose (485,351) 19/4/21 EUR 75,23,775 USD 13,17,139 Hedging Purpose (1,261,919) 19/4/21 EUR 1,528,74 USD 2,93,217 Hedging Purpose (25,641) 19/4/21 EUR 42, USD 57,336 Hedging Purpose (58) 19/4/21 EUR 1,29 USD 1,651 Hedging Purpose (15) 19/4/21 EUR 5,968,337 USD 8,211,537 Hedging Purpose (136,18) 19/4/21 EUR 21,5 USD 28,899 Hedging Purpose (479) 19/4/21 EUR 8,16 USD 11,13 Hedging Purpose (167) 19/4/21 EUR 26,731 USD 36,361 Hedging Purpose (192) 19/4/21 EUR 6,72 USD 9,141 Hedging Purpose (48) 19/4/21 EUR 1,837 USD 14,661 Hedging Purpose 3 19/4/21 EUR 8,4 USD 11,364 Hedging Purpose 2 19/4/21 EUR 2,63, USD 2,79,826 Hedging Purpose

167 Notes to the Financial Statements (continued) Note 8 Net unrealised gain / (loss) on Forward Foreign Exchange Contracts (continued) Portfolio Maturity Date Purchased Amount Sold Amount Trading Purpose/ Hedging Purpose Unrealised Gain / (Loss) in the portfolio base currency Emerging Debt 19/4/21 EUR 16,8 USD 22,732 Hedging Purpose (1) (continued) 19/4/21 EUR 92,34 USD 124,897 Hedging Purpose (4) 19/4/21 EUR 8,4 USD 11,368 Hedging Purpose (2) 19/4/21 EUR 13,679 USD 18,258 Hedging Purpose /4/21 EUR 21,374 USD 28,531 Hedging Purpose 39 19/4/21 EUR 2, USD 2,67 Hedging Purpose 36 19/4/21 EUR 12,6 USD 16,812 Hedging Purpose /4/21 EUR 7,35 USD 9,426 Hedging Purpose 93 19/4/21 EUR 8,4 USD 11,316 Hedging Purpose 5 19/4/21 EUR 8,37 USD 11,235 Hedging Purpose 91 19/4/21 USD 15,528 EUR 11,374 Hedging Purpose /4/21 USD 684,934 EUR 51,728 Hedging Purpose 6,66 19/4/21 USD 16,22 EUR 11,974 Hedging Purpose 19/4/21 USD 832,751 EUR 615,348 Hedging Purpose /4/21 USD 6,671 EUR 44,832 Hedging Purpose 11 19/4/21 USD 1,311 EUR 982 Hedging Purpose (18) 19/4/21 USD 5,2 EUR 3,897 Hedging Purpose (73) 19/4/21 USD 694 EUR 518 Hedging Purpose (7) 19/4/21 USD 42,484 EUR 31,78 Hedging Purpose (418) 19/4/21 USD 37,72 EUR 27,52 Hedging Purpose (164) 19/4/21 USD 673,241 EUR 499,767 Hedging Purpose (2,974) 19/4/21 USD 28 EUR 21 Hedging Purpose USD (1,856,483) Global Emerging Short Term Bonds 5/4/21 USD 17,, BRL 3,134,54 Trading Purpose 135,1 19/4/21 EUR 1,878,685 USD 2,573,498 Hedging Purpose (31,524) 19/4/21 EUR 12,637,215 USD 17,31,963 Hedging Purpose (212,52) 19/4/21 EUR 1,952,67 USD 2,674,2 Hedging Purpose (32,755) 19/4/21 EUR 1,74,74 USD 2,384,486 Hedging Purpose (29,29) 19/4/21 EUR 15,224 USD 2,784 Hedging Purpose (184) 19/4/21 EUR 324,4 USD 44,775 Hedging Purpose (2,33) 19/4/21 EUR 4,877 USD 6,598 Hedging Purpose 1 19/4/21 EUR 5,211 USD 7,5 Hedging Purpose 1 19/4/21 EUR 17,81 USD 24,86 Hedging Purpose (1) 19/4/21 EUR 3,428 USD 4,639 Hedging Purpose (1) 19/4/21 EUR 14,847 USD 2,92 Hedging Purpose (3) 19/4/21 EUR 9,723 USD 12,979 Hedging Purpose /4/21 EUR 18,397 USD 24,556 Hedging Purpose /4/21 EUR 1,497 USD 1,998 Hedging Purpose 27 19/4/21 EUR 6,91 USD 9,219 Hedging Purpose 13 19/4/21 EUR 31,163 USD 41,581 Hedging Purpose /4/21 EUR 8,156 USD 1,928 Hedging Purpose 18 19/4/21 EUR 7,31 USD 9,795 Hedging Purpose 96 19/4/21 EUR 35 USD 471 Hedging Purpose 2 19/4/21 EUR 11,3 USD 15,167 Hedging Purpose /4/21 USD 7,9 EUR 5,153 Hedging Purpose /4/21 USD 4,882 EUR 3,548 Hedging Purpose 81 19/4/21 USD 6,771 EUR 4,921 Hedging Purpose /4/21 USD 5,597 EUR 4,74 Hedging Purpose 85 19/4/21 USD 36,794 EUR 27,49 Hedging Purpose

168 Notes to the Financial Statements (continued) Note 8 Net unrealised gain / (loss) on Forward Foreign Exchange Contracts (continued) Portfolio Maturity Date Purchased Amount Sold Amount Trading Purpose/ Hedging Purpose Unrealised Gain / (Loss) in the portfolio base currency Global Emerging Short Term Bonds 19/4/21 USD 42,719 EUR 31,578 Hedging Purpose (8) (continued) 19/4/21 USD 27,58 EUR 2,383 Hedging Purpose 1 19/4/21 USD 3,729 EUR 2,794 Hedging Purpose (52) 19/4/21 USD 128,63 EUR 95,41 Hedging Purpose (1,33) 19/4/21 USD 3,143 EUR 2,342 Hedging Purpose (25) USD (172,2) US$ High Income Bonds 19/4/21 EUR 126,933 USD 173,878 Hedging Purpose (2,13) 19/4/21 EUR 33,9 USD 415,184 Hedging Purpose (5,86) 19/4/21 EUR 12,917 USD 17,41 Hedging Purpose 77 19/4/21 EUR 1, USD 13,422 Hedging Purpose 18 USD (7,31) Global High Yield and Emerging (Euro) 16/6/21 EUR 3,413,741 GBP 3,12,264 Trading Purpose (62,862) 16/6/21 EUR 2,146,957 USD 2,95,2 Trading Purpose (34,77) 19/4/21 EUR 75 USD 1,24 Hedging Purpose (7) 19/4/21 EUR 1,144 USD 1,533 Hedging Purpose 11 19/4/21 USD 115,613 EUR 84,399 Hedging Purpose 1,47 19/4/21 USD 15 EUR 19 Hedging Purpose 2 19/4/21 USD 3,149 EUR 2,292 Hedging Purpose 35 19/4/21 USD 94 EUR 7 Hedging Purpose EUR (95,851) Global Asset Allocation 19/4/21 EUR 35,611,148 USD 48,781,574 Hedging Purpose (597,555) 19/4/21 EUR 1,557,896 USD 2,134,68 Hedging Purpose (26,141) 19/4/21 EUR 2,912,46 USD 3,989,65 Hedging Purpose (48,871) 19/4/21 EUR 137 USD 187 Hedging Purpose (2) 19/4/21 EUR 4,24 USD 5,528 Hedging Purpose (84) 19/4/21 EUR 7 USD 94 Hedging Purpose 19/4/21 EUR 35 USD 474 Hedging Purpose 19/4/21 EUR 5, USD 6,674 Hedging Purpose 91 19/4/21 EUR 9 USD 12 Hedging Purpose 19/4/21 EUR 445 USD 596 Hedging Purpose 6 19/4/21 EUR 4,733 USD 6,376 Hedging Purpose 28 19/4/21 USD 8,5 EUR 58,638 Hedging Purpose 79 19/4/21 USD 26,399 EUR 19,187 Hedging Purpose /4/21 USD 52,124 EUR 37,885 Hedging Purpose /4/21 USD 12,148 EUR 8,842 Hedging Purpose /4/21 USD 126,457 EUR 92,41 Hedging Purpose 1,92 19/4/21 USD 8,687 EUR 59,318 Hedging Purpose /4/21 USD 62,69 EUR 46,87 Hedging Purpose /4/21 USD 31,94 EUR 23,584 Hedging Purpose (6) 19/4/21 USD 13,227 EUR 96,244 Hedging Purpose 4 19/4/21 USD 9,387 EUR 6,936 Hedging Purpose 2 19/4/21 USD 85,199 EUR 63,828 Hedging Purpose (1,164) 19/4/21 USD 2,993 EUR 2,242 Hedging Purpose (41) 19/4/21 USD 14,682 EUR 11,4 Hedging Purpose (26) 19/4/21 USD 6,61 EUR 4,933 Hedging Purpose (65) 19/4/21 USD 94,447 EUR 7,49 Hedging Purpose (931) 19/4/21 USD 58,51 EUR 43,93 Hedging Purpose (256) 19/4/21 USD 23,619 EUR 17,597 Hedging Purpose (19) 28/6/21 USD 92,848 MXN 1,175, Hedging Purpose (1,516) USD (672,26) 167

169 Notes to the Financial Statements (continued) Note 8 Net unrealised gain / (loss) on Forward Foreign Exchange Contracts (continued) Portfolio Maturity Date Purchased Amount Sold Amount Trading Purpose/ Hedging Purpose Unrealised Gain / (Loss) in the portfolio base currency World Equities 19/4/21 EUR 198,655 USD 272,126 Hedging Purpose (3,333) 19/4/21 EUR 23,39,761 USD 31,56,786 Hedging Purpose (386,67) 19/4/21 EUR 2,612 USD 3,565 Hedging Purpose (32) 19/4/21 USD 12,254 EUR 8,97 Hedging Purpose 23 19/4/21 USD 11,579 EUR 8,428 Hedging Purpose /4/21 USD 2,412 EUR 1,773 Hedging Purpose 12 19/4/21 USD 1,17 EUR 865 Hedging Purpose 19/4/21 USD 1,16 EUR 7,59 Hedging Purpose 19/4/21 USD 24,97 EUR 18,451 Hedging Purpose 4 19/4/21 USD 52,943 EUR 39,663 Hedging Purpose (723) 19/4/21 USD 2,246 EUR 1,683 Hedging Purpose (32) 19/4/21 USD 5,41 EUR 4,31 Hedging Purpose (53) 19/4/21 USD 9,145 EUR 6,789 Hedging Purpose (4) USD (39,425) Global Emerging Equities 8/4/21 ZAR 65, USD 8,863 Trading Purpose (25) 19/4/21 EUR 1,716 USD 2,35 Hedging Purpose (29) 19/4/21 EUR 442,39 USD 65,892 Hedging Purpose (7,422) 19/4/21 EUR 991,237 USD 1,357,836 Hedging Purpose (16,633) 19/4/21 EUR 382 USD 521 Hedging Purpose (5) 19/4/21 EUR 3,5 USD 4,761 Hedging Purpose (25) 19/4/21 EUR 6,16 USD 8,337 Hedging Purpose (1) 19/4/21 USD 5,221 EUR 3,876 Hedging Purpose (23) USD (24,163) US Equities 19/4/21 EUR 44,55,998 USD 6,966,96 Hedging Purpose (746,811) 19/4/21 EUR 943,85 USD 1,292,862 Hedging Purpose (15,837) 19/4/21 EUR 15,941,317 USD 21,837,54 Hedging Purpose (267,495) 19/4/21 EUR 7,465 USD 1,19 Hedging Purpose (9) 19/4/21 EUR 122,456 USD 167,171 Hedging Purpose (1,48) 19/4/21 EUR 4,4 USD 55,39 Hedging Purpose (912) 19/4/21 EUR 16,5 USD 22,51 Hedging Purpose (335) 19/4/21 EUR 11,248 USD 15,454 Hedging Purpose (235) 19/4/21 EUR 33,312 USD 45,313 Hedging Purpose (24) 19/4/21 EUR 32,95 USD 44,82 Hedging Purpose (237) 19/4/21 EUR 31,238 USD 42,259 Hedging Purpose 8 19/4/21 EUR 17,897 USD 24,211 Hedging Purpose 5 19/4/21 EUR 197,665 USD 267,42 Hedging Purpose 51 19/4/21 EUR 1, USD 1,353 Hedging Purpose 19/4/21 EUR 9,27 USD 12,459 Hedging Purpose 19/4/21 EUR 1,418 USD 14,99 Hedging Purpose (3) 19/4/21 EUR 2,495 USD 3,377 Hedging Purpose (1) 19/4/21 EUR 15,354 USD 2,494 Hedging Purpose 28 19/4/21 EUR 37,879 USD 5,542 Hedging Purpose 71 19/4/21 EUR 7,845 USD 1,511 Hedging Purpose 14 19/4/21 EUR 2,492 USD 3,356 Hedging Purpose 15 19/4/21 EUR 6,562 USD 8,84 Hedging Purpose 39 19/4/21 EUR 437,754 USD 587,569 Hedging Purpose 4,739 19/4/21 EUR 92,869 USD 124,652 Hedging Purpose 1,5 168

170 Notes to the Financial Statements (continued) Note 8 Net unrealised gain / (loss) on Forward Foreign Exchange Contracts (continued) Portfolio Maturity Date Purchased Amount Sold Amount Trading Purpose/ Hedging Purpose Unrealised Gain / (Loss) in the portfolio base currency US Equities 19/4/21 USD 11,228 EUR 8,161 Hedging Purpose 186 (continued) 19/4/21 USD 213,873 EUR 157,231 Hedging Purpose 1,131 19/4/21 USD 263,565 EUR 194,786 Hedging Purpose 8 19/4/21 USD 23,839 EUR 17,615 Hedging Purpose 4 19/4/21 USD 69,217 EUR 51,855 Hedging Purpose (946) 19/4/21 USD 25,27 EUR 18,757 Hedging Purpose (352) 19/4/21 USD 1,46,44 EUR 78,98 Hedging Purpose (1,39) 19/4/21 USD 41,395 EUR 3,728 Hedging Purpose (182) USD (1,37,18) US Mid & Small Cap Equities 19/4/21 EUR 78,248 USD 17,187 Hedging Purpose (1,313) 19/4/21 EUR 123,716 USD 169,471 Hedging Purpose (2,76) 19/4/21 EUR 91 USD 125 Hedging Purpose (1) 19/4/21 EUR 7 USD 94 Hedging Purpose 19/4/21 EUR 7 USD 94 Hedging Purpose 1 19/4/21 USD 4,211 EUR 3,112 Hedging Purpose 1 19/4/21 USD 5,48 EUR 4,15 Hedging Purpose (75) USD (3,463) American Select 19/4/21 EUR 352,875 USD 483,383 Hedging Purpose (5,921) 19/4/21 EUR 2,148 USD 2,942 Hedging Purpose (36) 19/4/21 EUR 3,742,828 USD 5,127,76 Hedging Purpose (62,85) 19/4/21 EUR 68 USD 94 Hedging Purpose (2) 19/4/21 EUR 5,3 USD 6,675 Hedging Purpose 94 19/4/21 EUR 7 USD 94 Hedging Purpose 19/4/21 USD 32,773 EUR 24,226 Hedging Purpose (6) 19/4/21 USD 23,851 EUR 17,624 Hedging Purpose 4 19/4/21 USD 6,89 EUR 5,54 Hedging Purpose (3) 19/4/21 USD 95 EUR 674 Hedging Purpose (7) USD (68,79) European Quantitative Equities 31/3/21 EUR 6,58,566 GBP 5,4, Trading Purpose 4,869 31/3/21 EUR 1,441,242 GBP 1,3, Trading Purpose (16,13) 31/3/21 EUR 767,52 GBP 7, Trading Purpose (17,236) 31/3/21 EUR 2,861,545 GBP 2,6, Trading Purpose (53,198) 31/3/21 GBP 5,5, EUR 6,113,489 Trading Purpose 52,314 31/3/21 GBP 4,, EUR 4,456,576 Trading Purpose 27,644 3/4/21 EUR 9,568,846 GBP 8,6, Trading Purpose (7,435) 3/4/21 GBP 4,3, EUR 4,799,643 Trading Purpose 19,991 EUR (52,181) 169

171 Notes to the Financial Statements (continued) Note 8 Net unrealised gain / (loss) on Forward Foreign Exchange Contracts (continued) Portfolio Maturity Date Purchased Amount Sold Amount Trading Purpose/ Hedging Purpose Unrealised Gain / (Loss) in the portfolio base currency Japanese Equities 6/4/21 USD 9,92 JPY 926,732 Trading Purpose (1,477) 19/4/21 EUR 899,63 JPY 111,582,728 Hedging Purpose 2,78,333 19/4/21 EUR 562,857 JPY 69,856,15 Hedging Purpose 1,31,136 19/4/21 EUR 91 JPY 11,271 Hedging Purpose /4/21 EUR 183 JPY 22,789 Hedging Purpose /4/21 EUR 7 JPY 8,722 Hedging Purpose /4/21 JPY 12,887,967 EUR 14,357 Hedging Purpose (35,29) 19/4/21 JPY 68,168 EUR 551 Hedging Purpose (1,522) 19/4/21 JPY 434,72 EUR 3,482 Hedging Purpose (5,544) JPY 3,66,73 Asia 19/4/21 EUR 71,278 USD 972,968 Hedging Purpose (11,918) 19/4/21 EUR 1,471,681 USD 2,15,967 Hedging Purpose (24,695) 19/4/21 EUR 2, USD 2,752 Hedging Purpose (46) 19/4/21 EUR 6,34 USD 8,71 Hedging Purpose (132) 19/4/21 EUR 444 USD 61 Hedging Purpose 19/4/21 EUR 279 USD 373 Hedging Purpose 5 19/4/21 USD 34,54 EUR 24,945 Hedging Purpose 32 19/4/21 USD 21,751 EUR 15,99 Hedging Purpose /4/21 USD 1,979 EUR 1,462 Hedging Purpose 19/4/21 USD 683 EUR 55 Hedging Purpose 19/4/21 USD 687 EUR 58 Hedging Purpose 19/4/21 USD 12,239 EUR 9,172 Hedging Purpose (172) 19/4/21 USD 2,494 EUR 1,861 Hedging Purpose (25) USD (36,566) Greater China Equities 19/4/21 EUR 51,172 USD 698,854 Hedging Purpose (8,561) 19/4/21 EUR 1,85,449 USD 1,486,891 Hedging Purpose (18,214) 19/4/21 EUR 7,5 USD 1,239 Hedging Purpose (91) 19/4/21 EUR 5,153 USD 7,9 Hedging Purpose (117) 19/4/21 EUR 1,42 USD 1,927 Hedging Purpose (29) 19/4/21 EUR 6,464 USD 8,77 Hedging Purpose 38 19/4/21 USD 35,844 EUR 26,496 Hedging Purpose (7) 19/4/21 USD 6,62 EUR 4,892 Hedging Purpose 1 19/4/21 USD 1,22 EUR 759 Hedging Purpose (4) USD (26,984) 17

172 Notes to the Financial Statements (continued) Note 8 Net unrealised gain / (loss) on Forward Foreign Exchange Contracts (continued) Portfolio Maturity Date Purchased Amount Sold Amount Trading Purpose/ Hedging Purpose Unrealised Gain / (Loss) in the portfolio base currency Global Energy Equities 19/4/21 EUR 1,25,551 USD 1,713,54 Hedging Purpose (2,984) 19/4/21 EUR 3,21,775 USD 4,398,248 Hedging Purpose (53,877) 19/4/21 EUR 5,84,2 USD 7,95,825 Hedging Purpose (97,395) 19/4/21 EUR 11,772 USD 16,71 Hedging Purpose (142) 19/4/21 EUR 26,857 USD 36,899 Hedging Purpose (56) 19/4/21 EUR 1, USD 1,353 Hedging Purpose 19/4/21 EUR 2,186 USD 2,917 Hedging Purpose 41 19/4/21 EUR 1,97 USD 2,64 Hedging Purpose 26 19/4/21 EUR 6 USD 85 Hedging Purpose 6 19/4/21 USD 5,38 EUR 3,69 Hedging Purpose 45 19/4/21 USD 15,228 EUR 11,68 Hedging Purpose /4/21 USD 3,919 EUR 22,473 Hedging Purpose /4/21 USD 6,75 EUR 4,913 Hedging Purpose 12 19/4/21 USD 3,412 EUR 2,58 Hedging Purpose 18 19/4/21 USD 72,471 EUR 53,571 Hedging Purpose (14) 19/4/21 USD 2,383 EUR 1,761 Hedging Purpose 19/4/21 USD 6,756 EUR 4,993 Hedging Purpose 19/4/21 USD 21,852 EUR 16,149 Hedging Purpose 1 19/4/21 USD 7,94 EUR 5,841 Hedging Purpose 1 19/4/21 USD 9,422 EUR 6,963 Hedging Purpose 2 19/4/21 USD 18,67 EUR 13,94 Hedging Purpose (254) 19/4/21 USD 19,57 EUR 14,619 Hedging Purpose (274) 19/4/21 USD 14,564 EUR 1,915 Hedging Purpose (25) 19/4/21 USD 223,38 EUR 166,795 Hedging Purpose (2,645) 19/4/21 USD 43,177 EUR 31,58 Hedging Purpose (4,782) 19/4/21 USD 87,522 EUR 65,452 Hedging Purpose (1,38) 19/4/21 USD 7,47 EUR 5,529 Hedging Purpose (73) 19/4/21 USD 21,788 EUR 16,174 Hedging Purpose (96) 19/4/21 USD 78,927 EUR 58,59 Hedging Purpose (349) 19/4/21 USD 24,476 EUR 18,235 Hedging Purpose (197) 19/4/21 USD 158 EUR 117 Hedging Purpose (1) USD (181,88) Global Innovation 19/4/21 EUR 14,262 USD 142,823 Hedging Purpose (1,75) 19/4/21 EUR 532,974 USD 73,89 Hedging Purpose (8,943) 19/4/21 EUR 237 USD 323 Hedging Purpose (3) 19/4/21 EUR 1,381 USD 1,91 Hedging Purpose (31) 19/4/21 EUR 68 USD 94 Hedging Purpose (1) 19/4/21 EUR 1 USD 136 Hedging Purpose (1) 19/4/21 EUR 7 USD 94 Hedging Purpose 19/4/21 EUR 192 USD 259 Hedging Purpose 1 19/4/21 USD 7,686 EUR 5,737 Hedging Purpose (76) USD (1,84) 171

173 Notes to the Financial Statements (continued) Note 8 Net unrealised gain / (loss) on Forward Foreign Exchange Contracts (continued) Portfolio Maturity Date Purchased Amount Sold Amount Trading Purpose/ Hedging Purpose Unrealised Gain / (Loss) in the portfolio base currency Mondrian Partners Focused Emerging Equities 31/3/21 ZAR 9,665,932 USD 1,33,565 Trading Purpose 12,616 1/4/21 ZAR 4,11,496 USD 551,276 Trading Purpose 7,11 6/4/21 USD 241,832 PLN 692,125 Trading Purpose (629) 6/4/21 ZAR 4,22,626 USD 543,929 Trading Purpose 3,213 7/4/21 ZAR 7,964,884 USD 1,81,759 Trading Purpose 1,393 8/4/21 ZAR 7,849,682 USD 1,71,72 Trading Purpose (4,412) USD 19,291 Target Return US$ 5/4/21 BRL 856,692 USD 479, Trading Purpose 458 9/4/21 AUD 2,, NZD 2,565,12 Trading Purpose 14,82 9/4/21 EUR 7, USD 96,848 Trading Purpose (13,71) 9/4/21 EUR 357, USD 486,188 Trading Purpose (3,143) 9/4/21 EUR 1,5, USD 2,35,987 Trading Purpose (6,387) 9/4/21 EUR 45, USD 68,226 Trading Purpose 654 9/4/21 GBP 32,997 EUR 357, Trading Purpose 3,838 9/4/21 GBP 965, USD 1,445,2 Trading Purpose 18,679 9/4/21 USD 1,448,378 GBP 965, Trading Purpose (15,321) 9/4/21 USD 953,565 EUR 7, Trading Purpose 6,418 9/4/21 USD 564,245 HUF 111,, Trading Purpose (259) 9/4/21 USD 479, MXN 6,88,617 Trading Purpose (14,486) 9/4/21 USD 478,929 GBP 32,997 Trading Purpose (7,954) 9/4/21 USD 613,334 EUR 45, Trading Purpose 4,454 9/4/21 USD 53,25 EUR 375, Trading Purpose (4,15) 4/5/21 BRL 856,692 USD 473,991 Trading Purpose 2,268 19/4/21 EUR 1,728,147 USD 2,367,285 Hedging Purpose (28,999) USD (42,811) 172

174 Notes to the Financial Statements (continued) Note 9 Securities Lending The SICAV had entered into fully collateralised securities lending agreements through a high quality financial institution as described in the prospectus. Collateral was maintained at all times by Brown Brothers Harriman & Co (the Agent ). The market of securities on loan at March 31, 21 was USD 1,28,886 for which the Agent held collateral of USD 1,568,878 on behalf of the SICAV. On March 31, 21, the overall of the securities lent by Portfolios was: Portfolio of securities lent in USD total investments Collateral received in USD Pan European Equities 26,557.69% 277,56 US Equities 4,297, % 4,527,385 Global Innovation 19,92.63% 115,79 World Equities 247,991.5% 26,615 Global Asset Allocation 655,249.33% 688,66 Global Energy Equities 1,21, % 1,76,351 Global EquitiesWalter Scott & Partners 3,435, % 3,622,571 Note 1 Net unrealised gain / (loss) on Futures As at March 31, 21, the European Bonds had the following future contracts outstanding: Description Status Number of contracts Notional Commitments Maturity Date Unrealised gain / (loss) in EUR EURO BUND Sales 12 EUR (2,467,) 8/6/21 (2,4) (2,4) The margin of the future position pledged as collateral as at March 31, 21 amounts to EUR 8,18. As at March 31, 21, the Target Return (US$) had the following future contracts outstanding: Description Status Number of contracts Notional Commitments Maturity Date Unrealised gain / (loss) in USD 1Y TREASURY NOTES USA Sales 39 USD (4,533,75) 21/6/21 (11,258) LONG GILT STERLING FUTURES Purchases 21 GBP 2,49,75 28/6/21 5,495 SHORT GILT FUTURE Purchases 5 GBP 5,367, 28/6/21 8,3 2,537 The margin of the future position (including listed options) pledged as collateral as at March 31, 21 amounts to USD 398,

175 Notes to the Financial Statements (continued) Note 11 Options at market As at March 31, 21, the Target Return US$ had the following OTC options outstanding: Description Maturity Date Call Amount Put Amount in USD Purchased OTC options PUT EUR/CALL USD SPOT CROSS PUT JPY/CALL USD SPOT CROSS PUT USD/CALL CNY SPOT CROSS PUT USD/CALL CNY SPOT CROSS 13/4/21 USD 4,5, EUR 3,, 45,358 2/5/21 USD 2,5, JPY 237,5, 21,428 8/1/21 CNY 6,677,5 USD 1,, 6,1 31/5/21 CNY 3,375, USD 5, 1,125 74,11 Written OTC options PUT EUR/CALL USD SPOT CROSS PUT USD/CALL JPY SPOT CROSS PUT JPY/CALL USD SPOT CROSS 13/4/21 USD 3,9, EUR 3,, (2,669) 2/5/21 JPY 212,5, USD 2,5, (1,419) 27/4/21 USD 1,25, JPY 118,75, (5,913) (1,1) Note 12 Comanagement and pooling In order to reduce operational and administrative charges while allowing a wider diversification of the investments, the Board of Directors may decide that part or all of the assets of one or more Portfolios will be comanaged with assets belonging to the other Portfolios within the SICAV and/or other collective investment schemes. For the purpose of efficient Portfolio management, the Management Company may pool the management of all or part of the assets of the Portfolios in accordance with their respective investment policies. Each Portfolio will participate in the relevant pool of assets in proportion to the assets contributed thereto by it. Such pools are used solely for internal management purposes and do not constitute separate entities and are not directly accessible to investors. As at March 31, 21, the SICAV utilised the following pools of assets: Pool World Equities Pool Global Asset Allocation Bond Pool Participating Portfolios World Equities Global Asset Allocation (equity portion) Global Asset Allocation (fixed income portion) On September 23, 29, the Global Bonds (US$) was removed from the Global Bonds $ Pool which was renamed the Global Asset Allocation Bond Pool. Note 13 Changes in Schedule of s Composition Changes in the schedules of investments are available to shareholders upon request and free of charge at the registered office of the SICAV. Note 14 Miscellaneous expenses Miscellaneous expenses consist of registration fees, RBC Dexia transaction and administration fees and sundry expenses. 174

176 Notes to the Financial Statements (continued) Note 15 Subsequent events Threadneedle (Lux) SICAV American Absolute Alpha Portfolio was launched on June 15, 21 with Threadneedle Asset Management Limited as subadvisor. Threadneedle (Lux) SICAV Enhanced Commodities Portfolio was launched on June 29, 21 with Threadneedle Asset Management Limited as subadvisor. 175

177 Shareholders Information The SICAV is an investment company organised as a Société d'investissement à Capital Variable in the Grand Duchy of Luxembourg under the Law of August 1, 1915, as amended, and qualifies as an Undertaking for Collective in Transferable Securities ( UCITS ) under the Law of December 2, 22. The SICAV was incorporated on February 1, 1995 for an unlimited period. The SICAV's Articles of Incorporation were first published in the Mémorial, Recueil des Sociétés et Associations of the Grand Duchy of Luxembourg (the Mémorial ) on March 31, Amendments thereto of July 25, 1997, March 12, 1999, August 18, 24, October 17, 25, July 3, 28 and July 31, 29 were published in the Mémorial on October 3, 1997, April 22, 1999, September 15, 24, November 3, 25 and September 1, 28 respectively. The SICAV is registered under the Number R.C.S. Luxembourg B5216. The Annual General Meeting of shareholders of the SICAV is held at its registered office or at such other place in Luxembourg on the last Friday of the month of July in each year at 2: p.m. or, if any such day is not a bank business day in Luxembourg, on the next following bank business day. Notices of general meetings are given in accordance with Luxembourg law by publication in the Mémorial, in the d Wort and such other newspapers of general circulation as the Board of Directors may determine in relevant countries where shares are publicly offered for sale. Notice will specify the place and time of the meeting, the conditions of admission, the agenda, the quorum and voting requirements. The accounting year of the SICAV terminates on March 31 in each year. The annual report and audited financial statements and the unaudited semiannual reports are available at the registered office of the SICAV and at the principal office of each paying agent and distributor. The combined accounts of the SICAV are expressed in U.S. Dollars. The net asset and the offer and redemption prices of the shares of the SICAV are made public at the registered office of the SICAV. This report does not constitute an offer or a solicitation of an offer to buy shares in the SICAV. Subscriptions are accepted on the basis of the Prospectus (complete and/or simplified version) and of the latest available annual report containing the audited financial statements at March 31 of the SICAV and of the latest available semiannual report at September 3, if published thereafter. Certain Portfolios and/or share classes contained within this report may not be authorised or offered for sale in every jurisdiction at this time. 176

178 Shareholders Information (continued) Total Expense Ratio (TER) The Total Expense Ratio (TER) is calculated in accordance with the CSSF Circular 23/122 issued on December 19, 23. The Total Expense Ratios for the 12 month period ended March 31, 21 are as follows (all the data is expressed without performance fees since none of the Share Classes had any performance for the period): Portfolio Class Ratio AU 1.36% US$ ShortTerm Bonds DU 1.69% IU.95% W 1.19% AE 1.51% Global Bonds (Euro) DE 1.88% IE 1.6% W 1.23% AU 1.54% Global Bonds (US$) DU 1.8% W 1.24% AE 1.57% European ShortTerm Bonds DE 1.73% IE 1.3% AE 1.68% European Bonds DE 1.96% IE.68% W 1.36% AEH 1.8% AUP 1.75% Emerging Corporate Bonds DU 1.54% DEH 1.92% W 1.54% P 1.58% AU 1.94% AEH 1.48% AUP 1.93% AEC 1.85% Emerging Debt DU 2.45% DEH 2.46% IEH.9% SU 1.95% SUP 1.92% W 1.46% AU 1.81% AUP 1.7% AEH 1.84% Global Emerging ShortTerm Bonds AEC 1.65% DU 1.94% DEH 1.93% IEH 1.14% W 1.63% 177

179 Shareholders Information (continued) Total Expense Ratio (TER) (continued) Portfolio Class Ratio AU 2.16% AEH 2.8% US$ High Income Bonds AUP 2.12% DU 2.77% DEH 2.56% W 1.67% AE 2.15% AUH 2.12% AEP 2.12% Global High Yield and Emerging (Euro) DE 2.66% IE 1.35% SEP 2.14% W 1.65% AU 2.16% AEH 2.18% AUP 2.16% Global Asset Allocation AEC 2.8% DU 2.67% DEH 2.65% W 1.83% AU 2.2% AEH 2.15% World Equities DU 2.65% DEH 2.74% W 1.81% AU 2.74% AEH 2.73% Global Emerging Equities DU 3.25% DEH 3.23% IEH 1.8% W 2.41% AU 2.1% AEH 1.8% DU 2.34% US Equities DEH 2.42% IU 1.2% IEH 1.28% W 1.6% AU 2.4% AEH 2.4% US Mid & Small Cap Equities DU 2.89% DEH 2.87% W 2.6% 178

180 Shareholders Information (continued) Total Expense Ratio (TER) (continued) Portfolio Class Ratio American Select Pan European Equities Pan European Smaller Companies European Quantitative Equities Italian Equities AU 2.28% AEH 2.1% DU 2.62% DEH 2.69% IEH 1.4% W 1.81% AE 2.19% DE 2.64% IE 1.41% W 1.79% AE 2.42% DE 2.93% W 2.7% AE 2.19% DE 2.68% IE 1.35% W 1.83% DE 2.57% IE 1.23% AJ 2.46% AEH 2.65% Japanese Equities DJ 3.1% DEH 2.76% IJ 1.69% W 1.95% AU 2.47% AEH 2.58% Asia DU 3.% DEH 2.99% W 2.15% 179

181 Shareholders Information (continued) Total Expense Ratio (TER) (continued) Portfolio Class Ratio Greater China Equities Global Energy Equities Global Innovation Global Technology US Communications and Information AU 2.58% AEH 2.5% DU 3.17% DEH 3.12% W 2.39% AU 2.18% AEH 2.18% DU 2.65% DEH 2.66% IEH.89% W 1.79% AU 2.44% AEH 2.46% DU 2.92% DEH 3.5% SU 2.45% W 2.15% AU 2.14% BU 2.55% DU 2.53% IU 1.39% AU 2.7% BU 2.48% DU 2.47% Global EquitiesWalter Scott & Partners WS 1.16% Mondrian PartnersFocused Emerging s Equity M 1.12% AU 1.59%* Target Return (US$) DEH 2.1%* IU.85% * Total Expense Ratios for share classes opened for a period of less than one year are annualised. The formula applied is the following: The TER expresses the sum of all costs and commissions charged on an ongoing basis to each class of shares (operating expenses) taken retrospectively as a percentage of their net assets, and is calculated using the following formula: Total operating expenses TER % = Average net assets x 1 18

182 Information for Investors in Switzerland The annual report and audited financial statements, the unaudited semiannual report, the report on changes in the Portfolio holdings for the year, the Articles of Association, the complete Prospectus (Swiss version) and the Simplified Prospectus (Swiss version) can be obtained upon simple request and free of charge at the offices of the Swiss Representative of the Threadneedle (Lux) SICAV, Standard Chartered Bank (Switzerland) S.A., 5 Rue du Rhône, CH124 Geneva, Switzerland, who is also paying agent or at the registered office of the SICAV. Portfolio Turnover Rate (PTR) The Portfolio Turnover Rates (PTR) are calculated in accordance with the Swiss Funds Association circular on Guidelines on the calculation and disclosure of PTR, dated May 16, 28. The Portfolio Turnover Rates of the Portfolios for the period from April 1, 29 to March 31, 21 are as follows: PTR Portfolio (in %) US$ ShortTerm Bonds Global Bonds (Euro) Global Bonds (US$) European ShortTerm Bonds European Bonds Emerging Corporate Bonds Emerging Debt Global Emerging ShortTerm Bonds * US$ High Income Bonds Global High Yield and Emerging (Euro) Global Asset Allocation World Equities Global Emerging Equities US Equities US Mid & Small Cap Equities American Select Pan European Equities Pan European Smaller Companies European Quantitative Equities Italian Equities Japanese Equities Asia Greater China Equities Global Energy Equities Global Innovation 83.9 Global Technology * US Communications and Information * Global EquitiesWalter Scott & Partners Mondrian Partners Focused Emerging s Equity Target Return (US$) * The formula used is the following: Portfolio Turnover Rate = [(Total 1 Total 2)/M] X 1 Where : Total 1 = total securities transactions during the year or X + Y where X = purchases of securities and Y = sales of securities. Total 2 = total transactions of shares of the SICAV during the year or S + T where S = total subscriptions of shares of the SICAV and T = total redemptions of shares of the SICAV. M = average net assets of the SICAV. * annualised PTR amount 181

183 Share Class Performance Share Class Benchmark Name BenchMark December 31, 29 December 31, 28 December 31, 27 Portfolio Return US$ ShortTerm Bonds BenchMark Portfolio Return BenchMark Portfolio Return AU ML 15 Yr. Government Bond.91% 1.92% 8.37% 5.23% 7.91% 5.4% DU ML 15 Yr. Government Bond.91% 1.53% 8.37% 5.53% 7.91% 4.99% IU ML 15 Yr. GovernmentBond.91% 2.36% 6.21% 5.72%* n/a n/a W ML 15 Yr. Government Bond.91% 2.17% 8.37% 5.2% 7.91% 5.64% AE DE IE W AU DU W AE DE Global Bonds (Euro) Citigroup World Government Bond Index Euro.63%.87% 16.63% 9.1%.7% 1.19% Citigroup World Government Bond Index Euro.63% 1.21% 16.63% 8.69%.7% 1.52% Citigroup World Government Bond Index Euro.63%.26% 14.4% 7.5%* n/a n/a Citigroup World Government Bond Index Euro.63%.59% 16.63% 9.3%.7%.9% Global Bonds (US$) Citigroup World Government Bond Index USD 2.55% 3.75% 1.89% 6.84% 1.95% 9.15% Citigroup World Government Bond Index USD 2.55% 3.37% 1.89% 6.47% 1.95% 8.78% Citigroup World Government Bond Index USD 2.55% 4.% 1.89% 7.9% 1.95% 9.44% European ShortTerm Bonds Citigroup EMU Government Bond Index Euro 13 Year 4.1% 2.4% 6.88% 4.78% 3.83% 2.51% Citigroup EMU Government Bond Index Euro 13 Year 4.1% 2.14% 6.88% 4.55% 3.83% 2.21% IE Citigroup EMU Government Bond Index Euro 13 Year 4.1% 3.% 6.88% 5.39%.11%.6%* European Bonds AE Citigroup EuroBig Euro index 6.65% 5.57% 7.43% 5.58% 1.66%.89% DE Citigroup EuroBig Euro index 6.65% 5.2% 7.43% 5.21% 1.66%.57% W Citigroup EuroBig Euro index 6.65% 5.88% 7.43% 5.83% 1.66% 1.15% IE Citigroup EuroBig Euro index 6.65% 6.28% 7.65% 7.11%* n/a n/a Emerging Corporate Bonds ** AEH 1month Euro Libor 1.9% 7.8% 3.66% 11.26% 4.2% 3.58% AUP 1month USD Libor.36% 1.85% 2.47% 11.57% 5.41% 1.76% DEH 1month Euro Libor 1.9% 7.21% 3.66% 11.38% 4.2% 3.49% DU 1month USD Libor.36% 7.35% 2.47% 11.65% 5.41% 5.36% P 1month USD Libor.36% 16.2% 2.47% 11.21% 5.41% 1.88% W 1month USD Libor.36% 6.94% 2.47% 11.41% 5.41% 5.87% * Share class opened less than a year. ** Portfolio suspended from October 27, 28 to March 23,

184 Share Class Performance (continued) Share Class Benchmark Name BenchMark AEC AEH AU AUP DEH DU IEH SU SUP W AEC AEH AU AUP DEH DU IEH IU W December 31, 29 December 31, 28 December 31, 27 Portfolio Return BenchMark Portfolio Return BenchMark Portfolio Return Emerging Debt *** JP Morgan Emerging s Bonds + index 26.14% 5.41% 1.12% 26.32%* n/a n/a JP Morgan Emerging s Bonds + index 26.14% 56.59% 9.7% 34.27% 6.45% 4.64% JP Morgan Emerging s Bonds + index 26.14% 58.49% 9.7% 34.88% 6.45% 6.65% JP Morgan Emerging s Bonds + index 26.14% 44.82% 9.7% 34.89% 6.45% 1.47% JP Morgan Emerging s Bonds + index 26.14% 55.47% 9.7% 34.48% 6.45% 4.14% JP Morgan Emerging s Bonds + index 26.14% 57.55% 9.7% 35.15% 6.45% 6.12% JP Morgan Emerging s Bonds + index 26.14% 63.68% n/a n/a n/a n/a JP Morgan Emerging s Bonds + index 26.14% 58.54% 9.7% 34.91% 6.45% 6.65% JP Morgan Emerging s Bonds + index 26.14% 38.93% 9.7% 34.86% 6.45% 1.52% JP Morgan Emerging s Bonds + index 26.14% 59.46% 9.7% 34.63% 6.45% 7.17% Global Emerging ShortTerm Bonds **** JP Morgan Global Diversified 1 year to 3 year sector 19.55% 1.93% 2.69% 4.12%* n/a n/a JP Morgan Global Diversified 1 year to 3 year sector 19.55% 13.57% 6.4% 26.36% 6.4% 1.94% JP Morgan Global Diversified 1 year to 3 year sector 19.55% 11.% 6.4% 26.97% 6.4% 3.81% JP Morgan Global Diversified 1 year to 3 year sector 19.55% 8.69% 6.4% 26.4% 6.4% 3.8% JP Morgan Global Diversified 1 year to 3 year sector 19.55% 13.78% 6.4% 26.43% 6.4% 1.77% JP Morgan Global Diversified 1 year to 3 year sector 19.55% 19.85% 6.4% 27.3% 6.4% 3.72% JP Morgan Global Diversified 1 year to 3 year sector 19.55% 11.75% 6.4% 25.98%.47%.28%* JP Morgan Global Diversified 1 year to 3 year sector n/a n/a 4.15% 32.47%* n/a n/a JP Morgan Global Diversified 1 year to 3 year sector 19.55% 11.23% 6.4% 26.81% 6.4% 4.14% *** Portfolio suspended from October 27, 28 to February 17, 29. **** Portfolio suspended from October 27, 28 to June 22,

185 Share Class Performance (continued) Share Class Benchmark Name BenchMark AEH AU AUP 184 December 31, 29 December 31, 28 December 31, 27 Portfolio Return US$ High Income Bonds BenchMark Portfolio Return BenchMark Portfolio Return ML US HighYieldCash Pay BBB Constrained Index 46.12% 37.83% 23.6% 18.69% 2.69%.17% ML US HighYieldCash Pay BBB Constrained Index 46.12% 37.93% 23.6% 2.7% 2.69% 1.49% ML US HighYieldCash Pay BBB Constrained Index 46.12% 37.83% 23.6% 21.46% 2.69% 5.79% DEH ML US HighYieldCash Pay BBB Constrained Index 46.12% 37.9% 23.6% 19.7% 2.69%.73% DU ML US HighYieldCash Pay BBB Constrained Index 46.12% 37.24% 23.6% 2.5% 2.69%.98% W ML US HighYieldCash Pay BBB Constrained Index 46.12% 38.61% 23.6% 19.72% 2.69% 2.3% Global High Yield and Emerging (Euro) AE ML EMD Sovereign / High Yield Euro 68.46% 2.42% 31.45% 36.3% 2.21% 1.98% AEP ML EMD Sovereign / High Yield Euro 68.46% 9.93% 31.45% 37.21% 2.21% 9.1% AUH ML EMD Sovereign / High Yield Euro 68.46% 2.2% 31.45% 36.69% 2.21% 1.47% DE ML EMD Sovereign / High Yield Euro 68.46% 19.74% 31.45% 36.32% 2.21% 2.47% IE ML EMD Sovereign / High Yield Euro 68.46% 21.56% 31.45% 35.37%.%.6%* SEP ML EMD Sovereign / High Yield Euro 68.46% 1.12% 31.45% 37.21% 2.21% 9.16% W ML EMD Sovereign / High Yield Euro 68.46% 21.4% 31.45% 35.71% 2.21% 1.47% Global Asset Allocation 1 AEC 4% JPM WGBI / 6% MSCI AC World 21.71% 5.65% 21.32% 24.53%* n/a n/a AEH 4% JPM WGBI / 6% MSCI AC World 21.71% 16.5% 22.68% 23.18% 1.3% 9.3% AU 4% JPM WGBI / 6% MSCI AC World 21.71% 18.12% 22.68% 22.47% 1.3% 11.73% AUP 4% JPM WGBI / 6% MSCI AC World 21.71% 18.17% 22.68% 22.46% 1.3% 11.72% DEH 4% JPM WGBI / 6% MSCI AC World 21.71% 15.88% 22.68% 23.53% 1.3% 8.76% DU 4% JPM WGBI / 6% MSCI AC World 21.71% 17.57% 22.68% 22.88% 1.3% 11.15% W 4% JPM WGBI / 6% MSCI AC World 21.71% 18.55% 22.68% 22.21% 1.3% 12.12% World Equities AEH MSCI AC World Equities 35.41% 29.42% 4.33% 44.96% 9.57% 1.67% AU MSCI AC World Equities 35.41% 32.6% 4.33% 44.7% 9.57% 13.42% DEH MSCI AC World Equities 35.41% 28.68% 4.33% 45.23% 9.57% 1.19% DU MSCI AC World Equities 35.41% 31.38% 4.33% 44.33% 9.57% 12.84% IEH MSCI AC World Equities n/a n/a 4.33% 44.41% 2.31% 2.94%* IU MSCI AC World Equities n/a n/a 31.64% 33.83%* n/a n/a W MSCI AC World Equities 35.41% 32.47% 4.33% 43.87% 9.57% 13.81% * Share class opened less than a year. 1 The benchmark changed from 4% Citigroup WGBI/6% MSCI World to 4% JPM WGBI/6% MSCI AC World from October 1, 29.

186 Share Class Performance (continued) Share Class Benchmark Name BenchMark December 31, 29 December 31, 28 December 31, 27 Portfolio Return Global Emerging Equities BenchMark Portfolio Return BenchMark Portfolio Return AEH MSCI Emerging s Free Index 79.2% 64.97% 53.33% 49.33% 39.39% 24.22% AU MSCI Emerging s Free Index 79.2% 68.5% 53.33% 48.18% 39.39% 27.7% DEH MSCI Emerging s Free Index 79.2% 64.16% 53.33% 49.61% 39.39% 23.57% DU MSCI Emerging s Free Index 79.2% 67.15% 53.33% 48.43% 39.39% 26.45% IEH MSCI Emergings Free Index 79.2% 66.7% 53.33% 48.84% n/a n/a W MSCI Emerging s Free Index 79.2% 68.6% 53.33% 47.99% 39.39% 27.5% US Equities AEH S&P 5 (US LC) 26.46% 26.57% 37.% 25.94% 5.49% 9.18% AU S&P 5 (US LC) 26.46% 28.89% 37.% 24.73% 5.49% 11.67% DEH S&P 5 (US LC) 26.46% 25.96% 37.% 26.31% 5.49% 8.71% DU S&P 5 (US LC) 26.46% 28.31% 37.% 25.11% 5.49% 11.12% IEH S&P 5 Index 26.46% 27.43% 28.78% 21.%* n/a n/a IU S&P 5 Index 26.46% 29.74% 34.2% 26.39%* n/a n/a W S&P 5 (US LC) 26.46% 29.34% 37.% 24.43% 5.49% 12.9% US Mid & Small Cap Equities AEH Russell 25 (US MSC) 34.39% 2.59% 36.79% 46.65% 1.38% 9.26% AU Russell 25 (US MSC) 34.39% 22.53% 36.79% 45.53% 1.38% 11.45% DEH Russell 25 (US MSC) 34.39% 2.7% 36.79% 46.58% 1.38% 8.5% DU Russell 25 (US MSC) 34.39% 21.96% 36.79% 45.14% 1.38% 9.78% W Russell 25 (US MSC) 34.39% 22.98% 36.79% 44.64% 1.38% 1.71% American Select AEH Russell 1 Growth (FUSE) 34.79% 15.81% 38.44% 44.71% 11.81% 2.89% AU Russell 1 Growth (FUSE) 34.79% 17.89% 38.44% 43.87% 11.81% 25.22% DEH Russell 1 Growth (FUSE) 34.79% 15.32% 38.44% 45.3% 11.81% 2.93% DU Russell 1 Growth (FUSE) 34.79% 17.33% 38.44% 44.18% 11.81% 24.73% IEH Russell 1 Growth (FUSE) 34.79% 16.92% 38.44% 44.24% 3.97% 6.61%* W Russell 1 Growth (FUSE) 34.79% 18.37% 38.44% 43.73% 11.81% 25.65% * Share class opened less than a year. 185

187 Share Class Performance (continued) Share Class Benchmark Name BenchMark December 31, 29 December 31, 28 December 31, 27 Portfolio Return Pan European Equities 2 BenchMark Portfolio Return BenchMark Portfolio Return AE FTSE World Europe Index 32.42% 31.8% 43.64% 33.71% 3.46%.41% DE FTSE World Europe Index 32.42% 31.22% 43.64% 34.4% 3.46%.98% IE FTSE World Europe Index 32.42% 33.1% 2.89% 3.31%* n/a n/a W FTSE World Europe Index 32.42% 32.28% 43.64% 33.47% 3.46%.7% Pan European Smaller Companies AE MSCI Europe Small Cap Index 6.18% 55.26% 53.39% 51.83% 11.45% 5.33%* DE MSCI Europe Small Cap Index 6.18% 54.59% 53.39% 52.12% 11.45% 5.87%* IE MSCI Europe Small CapIndex n/a n/a 6.72% 1.79%* n/a n/a W MSCI Europe SmallCap Index 6.18% 55.79% 53.39% 51.67% 16.57% 16.43%* European Quantitative Equities AE DJ Stoxx % 18.39% 43.43% 45.88% n/a n/a DE DJ Stoxx % 17.78% 43.43% 46.15% n/a n/a IE DJ Stoxx % 19.37% 43.43% 45.47% n/a n/a W DJ Stoxx % 18.9% 43.43% 45.71% n/a n/a Italian Equities DE MIBTEL Total Return Index 19.19% 18.82% 46.1% 42.79% 6.4% 11.%* IE MIBTEL Total Return Index 19.19% 2.59% 34.2% 36.33%* n/a n/a Japanese Equities AEH MSCI Japan US Index 6.39% 8.34% 29.11% 33.% 4.14% 9.53% AJ MSCI Japan Index (Yen) 9.26% 7.13% 42.43% 33.34% 1.1% 11.38% DEH MSCI Japan US Index 6.39% 7.9% 29.11% 33.36% 4.14% 1.7% DJ MSCI Japan Index (Yen) 9.26% 6.63% 42.43% 33.64% 1.1% 11.83% IJ MSCI Japan Index (Yen) 9.26% 8.28% 34.2% 24.8%* n/a n/a W MSCI Japan Index (Yen) 9.26% 7.69% 42.43% 32.95% 1.1% 1.92% Asia AEH MSCI AC Pacific Fr x Japan Index 71.53% 6.97% 52.9% 42.36% 3.51% 18.98% AU MSCI AC Pacific Fr x Japan Index 71.53% 62.26% 52.9% 41.9% 3.51% 21.84% DEH MSCI AC Pacific Fr x Japan Index 71.53% 6.27% 52.9% 42.67% 3.51% 18.37% DU MSCI AC Pacific Fr x Japan Index 71.53% 61.43% 52.9% 42.18% 3.51% 21.22% IEH MSCI ACPacific Fr x Japan Index n/a n/a 52.9% 36.29% 3.6% 5.17%* IU MSCI AC Pacific Fr x Japan Index n/a n/a 38.6% 32.28%* n/a n/a W MSCI AC Pacific Fr x Japan Index 71.53% 62.82% 52.9% 41.7% 3.51% 22.29% Greater China Equities AEH MSCI Golden Dragon Index 67.12% 7.9% 49.37% 4.29% 37.97% 17.99% AU MSCI Golden Dragon Index 67.12% 72.54% 49.37% 39.87% 37.97% 2.74% DEH MSCI Golden Dragon Index 67.12% 7.3% 49.37% 4.6% 37.97% 17.49% DU MSCI Golden Dragon Index 67.12% 71.72% 49.37% 4.18% 37.97% 2.1% W MSCI Golden Dragon Index 67.12% 73.12% 49.37% 39.66% 37.97% 21.16% * Share class opened less than a year. 2 The benchmark changed from MSCI Europe Index to FTSE World Europe Index from October 1, 29. From April 1, 21 the benchmark changed to MSCI Europe (inc UK) 186

188 Share Class Performance (continued) Share Class Benchmark Name BenchMark December 31, 29 December 31, 28 December 31, 27 Portfolio Return Global Energy Equities BenchMark Portfolio Return BenchMark Portfolio Return AEH MSCI World Energy Index 27.4% 23.12% 39.35% 46.98% 27.49% 37.75% AU MSCI World Energy Index 27.4% 26.7% 39.35% 45.4% 27.49% 41.45% DEH MSCI World Energy Index 27.4% 22.43% 39.35% 47.24% 27.49% 37.7% DU MSCI World Energy Index 27.4% 26.7% 39.35% 45.31% 27.49% 4.73% IEH MSCI World Energy Index 27.4% 24.21% 41.18% 5.67%* n/a n/a W MSCI World Energy Index 27.4% 27.13% 39.35% 44.84% 27.49% 41.98% Global Innovation AEH FTSE World Index 35.31% 37.33% 33.4% 44.26% 8.96% 2.78% AU FTSE World Index 35.31% 39.33% 33.4% 43.61% 8.96% 23.38% DEH FTSE World Index 35.31% 36.48% 33.4% 44.48% 8.96% 2.18% DU FTSE World Index 35.31% 38.57% 33.4% 43.85% 8.96% 22.79% IU FTSE World Index n/a n/a 24.74% 32.83%* n/a n/a SU FTSE World Index 35.31% 39.23% 33.4% 43.57% 8.96% 23.33% W FTSE World Index 35.31% 39.79% 33.4% 43.39% 8.96% 23.74% Target Return US$ 3 AU Merrill U.S. Dollar LIBOR (3 M Constant Maturity).12%.67% n/a n/a n/a n/a DEH Merrill U.S. Dollar LIBOR (3 M Constant Maturity).12%.97% n/a n/a n/a n/a Global EquitiesWalter Scott & Partners WS MSCI World Equities 26.72% 27.56% 37.64% 27.85%.91%.3% Mondrian IPFEME M MSCI Emerging s Free Index 79.2% 68.93% 53.33% 45.2% 39.39% 27.4% Total performance is historical and is not a guarantee of future results. The net asset of shares classes may go up or down. Performance is net of all applicable fees as well as distributions made during the calendar year ended December 31, 29 (but does not reflect a sales charge as stated in the note 4 to the financial statements). The performance is different across share classes depending on applicable asset management and shareholder servicing fees as disclosed in the note 4 to the financial statements. In addition, currency fluctuations may also affect performance depending on the currency of denomination of the share class and the base currency of the Portfolio. The returns are stated in the currency in which the portfolios are denominated. * Share class opened less than a year 3 Since Inception August 31,