NIKKO WORLD TRUST NIKKO GREEN NEW DEAL FUND. Cayman Islands. Unaudited Semi-annual Reports for the period from October 1, 2009 to March 31, 2010

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1 NIKKO WORLD TRUST NIKKO GREEN NEW DEAL FUND Cayman Islands Unaudited Semi-annual Reports for the period from October 1, 2009 to March 31, 2010

2 Table of contents Nikko World Trust - Nikko Green New Deal Fund Administration of the Trust 3 General information 5 Statement of net assets 8 Statistical information 9 Schedule of investments 10 Classification of investments by country and by economic sector 12 Notes to the financial statements 15

3 Administration of the Trust Manager Total Alpha Investment Fund Management Company S.A. 9A, rue Robert Stümper, L-2557 Luxembourg, Grand-Duchy of Luxembourg Board of Directors of the Manager Trustee Chairman : Mr. Masashi KAMO, Deputy Managing Director Nikko Bank (Luxembourg) S.A., Luxembourg Directors : Mr. John Pierre HETTINGER, Managing Director Nikko Bank (Luxembourg) S.A., Luxembourg Mr. Jacques ELVINGER, Partner Elvinger, Hoss & Prussen, Luxembourg World Fund Ltd. P.O. Box 309 Ugland House, George Town, Grand Cayman KY1-1104, Cayman Islands Administrator Custodian Nikko Bank (Luxembourg) S.A. 9A, rue Robert Stümper, L-2557 Luxembourg, Grand-Duchy of Luxembourg Nikko Bank (Luxembourg) S.A. 9A, rue Robert Stümper, L-2557 Luxembourg, Grand-Duchy of Luxembourg Page 3

4 Administration of the Trust (continued) Agent Company in Japan Nikko Cordial Securities Inc. 3-1, Marunouchi 3-chome, Chiyoda-ku, Tokyo , Japan Distributor in Japan Nikko Cordial Securities Inc. 3-1, Marunouchi 3-chome, Chiyoda-ku, Tokyo , Japan Legal adviser to the Manager Auditors In Cayman Islands Law : Maples and Calder P.O Box 309, Ugland House, George Town, Grand Cayman KY1-1104, Cayman Islands In Japanese Law : Mori Hamada & Matsumoto Marunouchi Park Building, 6-1 Marunouchi 2-Chome, Chiyoda-ku Tokyo , Japan KPMG P. O. Box 493, Century Yard, Cricket Square, George Town, Grand Cayman KY1-1106, Cayman Islands Page 4

5 General information NIKKO WORLD TRUST (the Trust ), established on March 18, 2009 as an umbrella unit trust, is a group of Cayman Islands series unit trusts. Each series unit trust in the Trust has been established pursuant to the master trust deed dated March 18, 2009 (the Master Trust Deed ) and the relevant supplemental trust deed, each entered into between World Fund Ltd. (the "Trustee") and Total Alpha Investment Fund Management Company S.A. (the Manager ) (together with the Master Trust Deed, the Series Trust Deed, and together with other Series Trust Deeds, the Series Trust Deeds ). The Trust falls within the definition of a regulated mutual fund pursuant to the Mutual Funds Law (2009 Revision) of the Cayman Islands (the Law ). The Trust has been granted a mutual fund license pursuant to section 5 of the Law. The Trust is also a retail mutual fund for the purposes of the Retail Mutual Funds (Japan) Regulations (2007 Revision) of the Cayman Islands (the Regulations ). The operation of the Trust and its investment business are subject to the Law and the Regulations. The assets constituting the trust fund of each series trust are segregated from the assets constituting the trust fund of each other series trust and are managed separately, and liabilities attributable to each series trust are segregated from the liabilities attributable to the other series trusts. The Series Trust Deeds are governed by the laws of the Cayman Islands. All unitholders are entitled to the benefit of, are bound by, and are deemed to have notice of, the provisions of the relevant Series Trust Deed and any trust deed supplemental thereto. At the date of this report, the following series trusts are in operation : Nikko World Trust - Nikko Green New Deal Fund Nikko World Trust - New World Equity Fund Page 5

6 General information (continued) The Manager The Manager is solely responsible for the management of the trust fund of each series trust as described in the offering memorandum. The Manager is a company duly incorporated, validly existing and licensed to undertake management of investment funds pursuant to the provisions of Luxembourg laws. The Manager has appointed, in relation to all of the funds that it manages, specialised investment managers to which it has delegated its management functions. The Manager is a fully-owned subsidiary of Nikko Bank (Luxembourg) S.A. The Trustee The Trustee is a controlled subsidiary (within the meaning of the Banks and Trust Companies Law (2009 Revision) of Maples Finance Limited, which is a trust company duly incorporated, validly existing and licensed to undertake trust business pursuant to the provisions of the Banks and Trust Companies Law (2009 Revision) of the Cayman Islands. The Administrator The Trustee and the Manager have appointed Nikko Bank (Luxembourg) S.A. (the Administrator ) to act as administrator, registrar and transfer agent of the Trust pursuant to an administration agreement entered into by and among the Trustee, the Manager and the Administrator. The Custodian The Trustee and the Manager have appointed Nikko Bank (Luxembourg) S.A. to act as custodian (the Custodian ) in relation to the trust fund of each series trust pursuant to a custodian agreement entered into by and among the Trustee, the Manager and the Custodian. The Distributor The Manager has appointed Nikko Cordial Securities Inc., a company incorporated under the laws of Japan, to act as distributor (the Distributor ) to distribute the units in Japan. The Distributor shall be responsible for promoting the sale of the units in accordance with the provisions of the offering memorandum. The Agent Company The Manager has also appointed Nikko Cordial Securities Inc. (the Agent Company ) as agent company of the Trust under an agent company agreement. The Agent Company performs such functions as required by the rules adopted by the Japanese Securities Dealers Association (the JSDA ). Page 6

7 General information (continued) Nikko World Trust - Nikko Green New Deal Fund (the Series Trust ) is a series trust of the Trust constituted pursuant to the Master Trust Deed and a supplemental trust deed dated March 18, 2009 (the Supplemental Trust Deed ), both between the Trustee and the Manager. The two following classes of shares are in operation within the Series Trust: Class yen hedged unit; and Class yen unhedged unit. Investment Manager The Manager has appointed Banque Privée Edmond de Rothschild Europe, Luxembourg (the Investment Manager ) to be the investment manager in respect of the investment and reinvestment of the assets of the Series Trust, subject to the overall direction, control and responsibilities of the Manager. Unitholders information The Series Trust's accounting year ends on September 30 in each year. Copies of the annual report prepared in accordance with Luxembourg generally accepted accounting principles are sent to unitholders within 6 months after the year end. The issue price and repurchase price for units as of the most recent issue day and repurchase day are available on request without charge at the office of the Administrator. The list of changes in the portfolio of investments is available on request without charge at the office of the Administrator. Page 7

8 Statement of net assets as at March 31, 2010 Nikko World Trust - Nikko Green New Deal Fund (Expressed in Japanese yen) Notes JPY Assets Investments At cost 34,339,740,122 At market value ,936,043,966 Cash at bank 2,142,940,525 Unrealised appreciation on forward foreign exchange contracts 2.2, ,349,375 Formation expenses ,384,616 Total assets 38,307,718,482 Liabilities Unrealised depreciation on forward foreign exchange contracts 2.2, ,192,395 Investment Manager fee payable 6 21,618,191 Distributor fee payable 8 21,610,502 Printing and publishing expenses payable 5,187,238 Administrator fee payable 5 4,318,531 Agent Company fee payable 9 3,086,272 Formation expenses payable 2.3 2,944,376 Trustee fee payable 3 2,659,932 Legal fee payable 1,473,023 Professional expenses payable 1,069,625 Custodian fee payable 7 307,596 Management fee payable 4 307,498 Other liabilities payable 100,208 Total liabilities 209,875,387 Total net assets 38,097,843,095 Net assets value Class yen hedged unit 3,291,381,466 Class yen unhedged unit 34,806,461,629 Number of units outstanding Class yen hedged unit 3,100,560,000 Class yen unhedged unit 33,041,849,950 Net assets per unit Class yen hedged unit Class yen unhedged unit The accompanying notes are an integral part of these financial statements. Page 8

9 Statistical information Number of units outstanding at the end of the period : Class yen hedged unit Class yen unhedged unit September 30, ,662,219,900 63,901,877,830 Units issued 1,000, ,020,000 Units redeemed (3,562,659,900) (31,135,047,880) March 31, ,100,560,000 33,041,849,950 Total net assets at the end of the period : JPY JPY September 30, ,387,024,400 69,633,893,457 March 31, ,291,381,466 34,806,461,629 Net assets per unit at the end of the period : JPY JPY September 30, March 31, The accompanying notes are an integral part of these financial statements. Page 9

10 Schedule of investments as at March 31, 2010 Nikko World Trust - Nikko Green New Deal Fund (Expressed in Japanese yen) Quantity Description Currency Cost Market value Ratio* I. Transferable securities admitted to an official Stock Exchange or dealt in on another regulated market A. Shares JPY JPY % 397,200 ABB LTD-REG CHF 555,919, ,934, ,582 ABENGOA SA EUR 442,779, ,290, ,072 ACCIONA SA EUR 736,027, ,779, ,000 AMERICAN SUPERCONDUCTOR CORP USD 672,699, ,305, ,500 BALDOR ELECTRIC USD 265,177, ,542, ,500 BYD CO LTD-H HKD 336,487, ,762, ,300 CANADIAN SOLAR INC USD 107,264, ,127, ,826,000 CHINA HIGH SPEED TRANS EQPMT GP LTD HKD 953,913, ,996, ,970 CONSTRUCC Y AUX DE FERROCARR EUR 318,602, ,393, ,200 COPART INC USD 449,001, ,679, ,000 COVANTA HOLDING CORP USD 370,100, ,591, ,634 CREE INC USD 417,258,378 1,044,399, ,800 DANISCO A/S DKK 270,617, ,166, ,300,122 EAGA PLC GBP 479,834, ,264, ,587 ECHELON CORP USD 207,098, ,464, ,473 EDF ENERGIES NOUVELLES SA EUR 641,080, ,178, ,000 EDP RENOVAVEIS SA EUR 807,359, ,748, ,866 EMERSON ELECTRIC CO USD 499,119, ,969, ,000 ENERNOC INC USD 191,160, ,621, ,000 ESCO TECHNOLOGIES INC USD 396,609, ,790, ,789 FIRST SOLAR INC USD 1,230,380, ,532, ,000 FORTUM OYJ EUR 706,704, ,240, ,300 FPL GROUP INC USD 351,730, ,627, ,978 GAMESA CORP TECHNOLOGICA SA EUR 885,188, ,458, ,005,000 GCL POLY ENERGY HOLDING LTD HKD 146,031, ,444, ,000 GS YUASA CORP JPY 376,487, ,729, ,264,385 GT SOLAR INTERNATIONAL INC USD 665,557, ,118, ,710 GURIT HOLDING AG CHF 140,562, ,901, ,900 HAIN CELESTIAL GROUP INC USD 183,425, ,480, ,966,360 HANSEN TRANSMISSIONS INT GBP 428,972, ,212, ,700 HOLMEN AB-B SHARES SEK 189,875, ,663, ,800 HYFLUX LTD SGD 67,665, ,280, ,712,400 IBERDROLA RENOVABLES SA EUR 1,143,435,022 1,058,021, ,300 INGERSOLL RAND PLC USD 234,221, ,105, ,700 ITRON INC USD 465,662, ,761, ,500 JOHNSON CONTROLS INC USD 709,348, ,847, ,837 KINGSPAN GROUP PLC EUR 205,917, ,002, ,100 KURITA WATER INDUSTRIES LTD JPY 338,523, ,339, ,147 MEMC ELECTRONIC MATERIALS USD 819,771, ,830, ,000 MEYER BURGER TECHNOLOGY AG CHF 233,675, ,652, ,000 NINE DRAGONS PAPER HOLDINGS HKD 52,649,630 59,729, ,000 NORDEX SE EUR 369,365, ,136, ,800 NOVOZYMES A/S B SHARES DKK 869,187,969 1,237,089, ,215 OEST ELEKTRIZITATSWIRTS-A (VERBUND) EUR 836,395, ,401, ,400 ORMAT TECHNOLOGIES INC USD 817,524, ,609, ,125 PALL CORP USD 281,612, ,228, ,000 POLYPORE INTL INC USD 159,814, ,594, (*) Weight of the market value against the total net assets expressed in %. Page 10

11 Schedule of investments as at March 31, 2010 (continued) Nikko World Trust - Nikko Green New Deal Fund (Expressed in Japanese yen) Quantity Description Currency Cost Market value Ratio* I. Transferable securities admitted to an official Stock Exchange or dealt in on another regulated market (continued) A. Shares (continued) JPY JPY % 2,110,900 PV CRYSTALOX SOLAR PLC GBP 256,022, ,142, ,806 RENEWABLE ENERGY CORP AS NOK 749,684, ,332, ,533 REPOWER SYSTEMS AG REG EUR 121,989, ,500, ,342 ROCKWOOL INTL A/S -B- DKK 115,595, ,920, ,478 ROTH AND RAU AG EUR 135,468, ,582, ,850 SAFT GROUPE SA EUR 442,004, ,470, ,000 SECHILIENNE-SIDEC EUR 581,942, ,091, ,300 SIEMENS AG -REG- EUR 184,230, ,316, ,437 SIMS METAL MANAGEMENT LTD AUD 302,554, ,347, ,550 SKF AB-B SHARES SEK 222,024, ,343, ,819 SMA SOLAR TECHNOLOGY AG EUR 779,418,434 1,210,279, ,099 SUNPOWER CORP - CLASS A USD 562,086, ,629, ,343,000 TOMRA SYSTEMS ASA NOK 615,783, ,183, ,436 TREX COMPANY INC USD 187,010, ,583, ,000 UNITED NATURAL FOODS INC USD 383,789, ,419, ,500 VEOLIA ENVIRONNEMENT EUR 330,526, ,650, ,680 VESTAS WIND SYSTEMS A/S DKK 989,067, ,553, ,500 WASTE MANAGEMENT INC USD 680,981, ,589, ,250 WHOLE FOODS MARKET INC USD 327,668, ,348, ,000 WOODWARD GOVERNOR CO USD 281,147, ,340, Total shares 30,276,794,542 31,510,671, B. Depositary receipts JPY JPY % 706,700 GUSHAN ENVIRONMENTAL ENERGY -ADR- USD 158,817,447 73,831, ,000 JA SOLAR HOLDINGS CO LTD - ADR USD 227,883, ,586, ,000 SUNTECH POWER HOLDINGS -ADR- USD 566,927, ,781, ,040 TRINA SOLAR LTD - SPON ADR USD 297,150, ,923, ,658 YINGLI GREEN ENERGY HOLD -ADR- USD 715,326, ,166, Total depositary receipts 1,966,106,380 2,085,290, C. Investment funds JPY JPY % 125,500 CLAYMORE MAC GLBL SOLAR ENRG INDEX USD 90,901,891 99,857, ,230 ISHARES SP 500 INDEX FUND USD 1,399,576,720 1,545,434, ,700 SPDR S+P 500 ETF TRUST FUND USD 606,360, ,790, Total investment funds 2,096,839,200 2,340,082, Total transferable securities admitted to an official Stock Exchange or dealt in on another regulated market 34,339,740,122 35,936,043, Total investments 34,339,740,122 35,936,043, The accompanying notes are an integral part of these financial statements. (*) Weight of the market value against the total net assets expressed in %. Page 11

12 Classification of investments as at March 31, 2010 Nikko World Trust - Nikko Green New Deal Fund Classification of investments by country and by economical sector Country Economical sector Ratio (%) * USA Spain Denmark China France Germany Switzerland Energy & Public Utilities Electrical Engineering & Electronic Investment funds/mutual funds 6.14 Miscellaneous Services 3.36 Foodstuffs & Non-Alcoholic Drinks 3.13 Road Vehicles 1.28 Machine & Apparatus Construction 0.99 Miscellaneous Consumer Goods 0.58 Building Materials & Trade Energy & Public Utilities 4.66 Building Materials & Trade 3.19 Electrical Engineering & Electronic 1.54 Transportation Chemicals 3.25 Machine & Apparatus Construction 2.09 Foodstuffs & Non-Alcoholic Drinks 1.10 Miscellaneous Consumer Goods Energy & Public Utilities 5.46 Electrical Engineering & Electronic Energy & Public Utilities Energy & Public Utilities 3.87 Communications 0.54 Miscellaneous Services 0.36 Miscellaneous Consumer Goods Miscellaneous Services 2.10 Machine & Apparatus Construction 1.00 Chemicals Page 12

13 Classification of investments as at March 31, 2010 (continued) Nikko World Trust - Nikko Green New Deal Fund Classification of investments by country and by economical sector Country Economical sector Ratio (%) * Hong Kong Norway Japan Finland Austria United Kingdom Ireland Sweden Australia Machine & Apparatus Construction 2.61 Energy & Public Utilities 0.29 Paper & Forest Products Machine & Apparatus Construction 1.56 Energy & Public Utilities Building Materials & Trade 0.94 Machine & Apparatus Construction Energy & Public Utilities Energy & Public Utilities Energy & Public Utilities 1.27 Electrical Engineering & Electronic Miscellaneous Services 0.97 Building Materials & Trade Machine & Apparatus Construction 0.63 Paper & Forest Products Non-Ferrous Metals The accompanying notes are an integral part of these financial statements. (*) Weight of the market value against the total net assets expressed in %. Page 13

14 Classification of investments as at March 31, 2010 (continued) Nikko World Trust - Nikko Green New Deal Fund Classification of investments by country and by economical sector Country Economical sector Ratio (%) * Belgium Singapore Canada Miscellaneous Consumer Goods Energy & Public Utilities Electrical Engineering & Electronic Total investments The accompanying notes are an integral part of these financial statements. (*) Weight of the market value against the total net assets expressed in %. Page 14

15 Notes to the financial statements (As of March 31, 2010) Note 1 - Activity Investment objective and policies The Series Trust investment objective is to achieve a long term optimal capital gain. The assets of the Series Trust are primarily invested in listed shares of large, medium and small capitalization of companies worldwide, active in a) the environmental area, b) the development, production, distribution, transportation, trade, distribution or the financing of renewable energies (wind, solar energy, hydropower, bio-energy, fuel cells, geothermal, etc.) and c) other active technologies that are appropriate, alternative energy, energy efficiency and all other technologies contributing in finding solutions to the global warming. Note 2 - Significant accounting policies Presentation of financial statements The financial statements are prepared in accordance with Luxembourg generally accepted accounting principles applicable to investment funds Valuation of the investments in securities Collective investment schemes, investment funds and mutual funds shall be valued at the net asset value available as of the relevant valuation day (or if a net asset value as of such valuation day is not available, a net asset value as of the immediately preceding day shall be used). Securities which are traded on a securities exchange shall be valued at their latest available market price (as more fully described in the Series Trust Deed) as of the valuation day on such securities exchange or whichever securities exchange shall be selected by the Manager in consultation with the Administrator. Securities not traded on a securities exchange but traded over-the-counter shall be valued as determined from any reliable source selected by the Manager in consultation with the Administrator. Forward foreign exchange contracts and other over-the-counter instruments held by any Series Trust shall be valued in the good faith discretion of the Manager based on quotations received from dealers deemed appropriate by the Manager in consultation with the Administrator. Short-term money market instruments and bank deposits shall be valued at the cost plus accrued interest. If on the date as of which any valuation is being made, the exchange or market herein designated for the valuation of any given assets is not open for business, the valuation of such assets shall be determined as of the last preceding date on which such exchange or market was open for business. All other assets and liabilities shall be valued in the good faith discretion of the Manager in consultation with the Administrator, including assets and liabilities for which there is no identifiable market value. The foregoing valuations may be modified by the Manager, in its discretion, in consultation with the Administrator, if and to the extent that it shall determine that modifications are advisable in order to reflect the market value of any assets. Page 15

16 Notes to the financial statements (continued) (As of March 31, 2010) Note 2 - Significant accounting policies (continued) Formation expenses Formation expenses are amortised on a straight line basis over a period of five years Interest income Interest income is accrued on a daily basis Dividend income Dividends are recorded as income when they are declared Foreign currency translation Assets and liabilities expressed in other currencies than Japanese yen are translated at exchange rates prevailing at period-end. Transactions in foreign currencies are translated into JPY at exchange rates prevailing at the transaction dates Forward foreign exchange contracts Forward foreign exchange contracts are valued at the forward rate applicable at the date of the statement of net assets for the remaining period until maturity. Note 3 - Trustee fee The Trustee is entitled to receive out of the assets of the Series Trust a trustee fee at the rate of 0.015% per annum of the net asset value accrued on and calculated as at each valuation day and payable monthly in arrears with a minimum of USD 15,000 per annum and a maximum of USD 30,000 per annum. The fee set out above is subject to review on an annual basis. Where the Trustee is required to consider or engage in further activities, litigation or other exceptional matters, additional fees will be subject to further negotiation at the relevant time with the Manager and, in the absence of contrary agreement, additional fees will be charged by the Trustee at its hourly rates from time to time in effect. The Trustee shall be reimbursed for all reasonable out of pocket expenses incurred by the Trustee in the relation to the Series Trust out of the Series Trust s assets. Page 16

17 Notes to the financial statements (continued) (As of March 31, 2010) Note 4 - Management fee The Manager is entitled to receive out of the assets of the Series Trust a fee at the rate of 0.01% per annum of the net asset value accrued on and calculated as at each valuation day and payable monthly in arrears. The Manager shall be reimbursed for all reasonable out of pocket expenses incurred by the Manager in relation to the Series Trust out of the Series Trust s assets. Note 5 - Administrator fee The Administrator is entitled to receive out of the assets of the Series Trust a fee at the rate of 0.14% per annum of the net asset value accrued on and calculated as at each valuation day and payable monthly in arrears. The Manager shall discharge reasonable out of pocket expenses payable to the Administrator in relation to the Series Trust out of the Series Trust s assets. Note 6 - Investment Manager fee The Investment Manager is entitled to receive out of the assets of the Series Trust a fee at a rate of 0.70% per annum of the net asset value accrued on and calculated as at each valuation day and payable monthly in arrears. The Manager shall discharge reasonable out-of-pocket expenses payable to the Investment Manager out of the relevant Series Trust s assets. Note 7 - Custodian fee The Custodian is entitled to receive out of the assets of the Series Trust a fee at a rate of 0.01% per annum of the net asset value accrued on and calculated as at each valuation day and payable monthly in arrears. The Manager shall discharge reasonable out of pocket expenses payable to the Custodian in relation to the Series Trust out of the Series Trust s assets. Note 8 - Distributor fee The Distributor is entitled to receive out of the assets of the Series Trust a fee at a rate of 0.70% per annum of the net asset value accrued on and calculated as at each valuation day and payable monthly in arrears. The Manager shall discharge reasonable out-of-pocket expenses payable to the Distributor out of the relevant Series Trust s assets. Page 17

18 Notes to the financial statements (continued) (As of Ma 31, 2010) Note 9 - Agent Company fee The Agent Company is entitled to receive out of the assets of the Series Trust a fee at a rate of 0.10% per annum of the net asset value attributable to the Series Trust accrued on and calculated as at each valuation day and payable monthly in arrears. The Manager shall discharge reasonable out-of-pocket expenses payable to the Agent Company out of the relevant Series Trust s assets. Note 10 - Taxation Cayman Islands There are no taxes on income or gains in the Cayman Islands and the Trust has received an undertaking from the Governor in Cabinet of the Cayman Islands exempting it from all local income, profits and capital taxes for a period of 50 years from the date of creation of the Trust. Accordingly, no provision for income taxes is included in these financial statements Other Countries The Trust may be subject to withholding or other taxes on certain income sourced in other countries. Prospective investors should consult legal and tax advisers in the countries of their citizenship, residence and domicile to determine the possible tax or other consequences of purchasing, holding and repurchasing units under the laws of their respective jurisdiction. Note 11 - Forward foreign exchange contracts As at March 31, 2010, the Series Trust had the following open forward foreign exchange contracts : Currency Sales Currency Purchases Maturity date Unrealised appreciation/(depreciation) AUD 759,050 JPY 61,179,430 30/04/10 (3,405,030) AUD 31,000 JPY 2,532,095 30/04/10 (105,568) AUD 22,000 JPY 1,802,438 30/04/10 (69,452) AUD 15,000 JPY 1,199,751 30/04/10 (76,538) AUD 18,000 JPY 1,422,511 30/04/10 (109,035) AUD 52,000 JPY 4,378,436 30/04/10 (46,031) AUD 20,000 JPY 1,682,384 30/04/10 (19,334) AUD 30,000 JPY 2,499,969 30/04/10 (52,608) AUD 24,000 JPY 1,908,790 30/04/10 (133,272) AUD 7,000 JPY 554,528 30/04/10 (41,073) AUD 4,800 JPY 379,888 30/04/10 (28,524) AUD 17,300 JPY 1,370,335 30/04/10 (101,651) AUD 6,700 JPY 553,695 30/04/10 (16,381) AUD 11,000 JPY 909,598 30/04/10 (26,347) JPY Page 18

19 Notes to the financial statements (continued) (As of March 31, 2010) Note 11 - Forward foreign exchange contracts (continued) Currency Sales Currency Purchases Maturity date Unrealised appreciation/(depreciation) AUD 15,000 JPY 1,274,672 30/04/10 (1,617) CHF 1,891,000 JPY 168,211,825 30/04/10 2,630,213 CHF 67,000 JPY 5,964,668 30/04/10 97,948 CHF 65,000 JPY 5,793,222 30/04/10 101,628 CHF 57,000 JPY 5,118,634 30/04/10 127,544 CHF 63,000 JPY 5,471,896 30/04/10 (44,572) CHF 27,000 JPY 2,237,790 30/04/10 (126,411) CHF 60,000 JPY 5,063,166 30/04/10 (190,613) CHF 34,000 JPY 2,814,452 30/04/10 (162,690) CHF 58,000 JPY 4,977,914 30/04/10 (100,739) DKK 20,638,000 JPY 371,148,344 28/04/10 23,948,747 DKK 480,000 JPY 8,639,184 28/04/10 563,992 DKK 925,000 JPY 16,392,665 28/04/10 831,098 DKK 810,000 JPY 14,392,355 28/04/10 765,469 DKK 530,000 JPY 8,841,709 28/04/10 (74,649) DKK 524,000 JPY 8,490,678 28/04/10 (324,740) DKK 300,000 JPY 4,934,940 28/04/10 (112,055) EUR 12,702,000 JPY 1,705,891,302 30/04/10 114,477,071 EUR 200,000 JPY 26,869,900 30/04/10 1,812,205 EUR 409,000 JPY 54,106,283 30/04/10 2,863,296 EUR 380,000 JPY 50,576,898 30/04/10 2,967,277 EUR 364,000 JPY 48,775,199 30/04/10 3,170,193 EUR 160,000 JPY 19,809,104 30/04/10 (237,052) EUR 189,000 JPY 23,259,058 30/04/10 (420,464) GBP 558,300 JPY 83,182,234 30/04/10 4,588,595 GBP 19,000 JPY 2,782,189 30/04/10 107,500 GBP 49,000 JPY 7,308,100 30/04/10 410,217 GBP 18,000 JPY 2,579,477 30/04/10 45,561 GBP 35,000 JPY 5,172,702 30/04/10 245,642 GBP 28,000 JPY 4,124,016 30/04/10 182,368 GBP 19,000 JPY 2,743,114 30/04/10 68,425 GBP 14,000 JPY 1,970,559 30/04/10 (265) GBP 18,000 JPY 2,411,258 30/04/10 (122,658) HKD 5,198,000 JPY 61,004,185 30/04/10 (1,453,247) HKD 1,190,000 JPY 13,768,545 30/04/10 (530,098) HKD 1,062,000 JPY 12,310,701 30/04/10 (449,936) HKD 435,000 JPY 5,045,893 30/04/10 (180,922) HKD 5,220,000 JPY 59,606,689 30/04/10 (3,115,088) HKD 1,540,000 JPY 17,165,931 30/04/10 (1,338,195) HKD 520,000 JPY 5,842,114 30/04/10 (406,032) HKD 475,000 JPY 5,671,408 30/04/10 (36,033) HKD 785,000 JPY 9,411,179 30/04/10 (21,119) HKD 93,000 JPY 1,085,225 30/04/10 (32,232) HKD 2,370,000 JPY 27,254,495 30/04/10 (1,222,634) JPY Page 19

20 Notes to the financial statements (continued) (As of March 31, 2010) Note 11 - Forward foreign exchange contracts (continued) Currency Sales Currency Purchases Maturity date Unrealised appreciation/(depreciation) HKD 300,000 JPY 3,463,506 30/04/10 (141,194) HKD 143,700 JPY 1,649,377 30/04/10 (77,274) HKD 446,000 JPY 5,088,881 30/04/10 (270,106) HKD 622,000 JPY 7,082,025 30/04/10 (391,719) HKD 267,000 JPY 3,108,099 30/04/10 (100,084) NOK 15,070,000 JPY 239,921,935 30/04/10 5,052,066 NOK 644,000 JPY 10,173,332 30/04/10 136,425 NOK 544,000 JPY 8,257,702 30/04/10 (220,679) NOK 374,000 JPY 5,697,179 30/04/10 (131,708) NOK 660,000 JPY 10,403,590 30/04/10 117,318 NOK 440,000 JPY 6,685,046 30/04/10 (172,468) NOK 490,000 JPY 7,563,588 30/04/10 (73,189) NOK 180,000 JPY 2,739,259 30/04/10 (66,088) NOK 213,000 JPY 3,185,038 30/04/10 (134,622) NOK 180,000 JPY 2,792,705 30/04/10 (12,642) SEK 935,000 JPY 11,987,180 30/04/10 (55,064) SEK 920,000 JPY 11,485,328 30/04/10 (363,724) SEK 242,000 JPY 3,006,447 30/04/10 (110,369) SEK 95,000 JPY 1,240,214 30/04/10 16,671 SEK 88,000 JPY 1,156,226 30/04/10 22,838 SEK 170,000 JPY 2,126,702 30/04/10 (62,797) SEK 54,200 JPY 675,967 30/04/10 (22,097) SEK 35,000 JPY 444,367 30/04/10 (6,412) SEK 1,072,000 JPY 13,700,662 30/04/10 (106,060) SGD 212,900 JPY 13,765,156 30/04/10 (418,779) SGD 13,000 JPY 833,626 30/04/10 (32,467) SGD 13,000 JPY 843,597 30/04/10 (22,496) SGD 10,000 JPY 662,781 30/04/10 (3,444) SGD 9,500 JPY 608,069 30/04/10 (24,845) SGD 6,700 JPY 427,885 30/04/10 (18,486) USD 26,750,000 JPY 2,432,602,200 30/04/10 (62,397,224) USD 284,000 JPY 25,420,641 30/04/10 (1,068,325) USD 1,000,000 JPY 88,860,100 30/04/10 (4,410,906) USD 625,000 JPY 56,100,438 30/04/10 (2,193,941) USD 1,280,000 JPY 118,954,496 30/04/10 (432,392) USD 720,000 JPY 65,107,440 30/04/10 (2,047,685) USD 362,000 JPY 32,264,372 30/04/10 (1,499,732) JPY 5,351,183 AUD 65,000 30/04/10 179,401 JPY 7,723,538 AUD 95,000 30/04/10 359,623 JPY 2,022,771 AUD 25,200 30/04/10 121,394 JPY 2,103,985 AUD 27,000 30/04/10 193,335 JPY 1,427,971 AUD 18,000 30/04/10 103,575 JPY 10,420,827 AUD 131,000 30/04/10 725,427 JPY 1,889,663 AUD 23,000 30/04/10 67,313 JPY Page 20

21 Notes to the financial statements (continued) (As of March 31, 2010) Note 11 - Forward foreign exchange contracts (continued) Currency Sales Currency Purchases Maturity date Unrealised appreciation/(depreciation) JPY 12,967,161 AUD 155,000 30/04/10 221,155 JPY 1,785,489 AUD 22,000 30/04/10 86,401 JPY 1,615,138 AUD 20,000 30/04/10 86,580 JPY 1,902,790 AUD 24,000 30/04/10 139,272 JPY 847,440 AUD 11,000 30/04/10 88,505 JPY 699,952 AUD 8,800 30/04/10 48,804 JPY 2,037,302 AUD 25,000 30/04/10 89,846 JPY 1,235,696 AUD 15,100 30/04/10 49,101 JPY 990,842 AUD 12,000 30/04/10 30,189 JPY 12,624,752 CHF 140,000 30/04/10 (365,934) JPY 24,441,981 CHF 277,000 30/04/10 (187,033) JPY 3,352,728 CHF 38,000 30/04/10 (25,334) JPY 5,285,639 CHF 59,000 30/04/10 (119,423) JPY 39,036,712 CHF 440,000 30/04/10 (508,997) JPY 5,189,208 CHF 62,000 30/04/10 239,697 JPY 2,620,666 CHF 31,000 30/04/10 93,787 JPY 29,329,199 DKK 1,645,000 28/04/10 (1,654,844) JPY 15,321,210 DKK 872,000 28/04/10 (651,278) JPY 67,124,580 DKK 3,830,000 28/04/10 (2,691,279) JPY 9,869,415 DKK 575,000 28/04/10 (196,008) JPY 53,438,869 DKK 3,110,000 28/04/10 (1,118,356) JPY 6,330,571 DKK 385,000 28/04/10 146,406 JPY 5,977,514 DKK 360,000 28/04/10 78,880 JPY 5,059,457 DKK 311,000 28/04/10 172,594 JPY 170,831,682 EUR 1,260,000 30/04/10 (12,968,201) JPY 46,696,554 EUR 348,000 30/04/10 (3,096,164) JPY 64,430,860 EUR 493,000 30/04/10 (2,663,641) JPY 95,824,948 EUR 739,000 30/04/10 (3,236,764) JPY 98,855,955 EUR 759,000 30/04/10 (3,762,001) JPY 48,933,412 EUR 374,000 30/04/10 (2,075,522) JPY 171,334,975 EUR 1,295,000 30/04/10 (9,086,398) JPY 87,553,858 EUR 670,000 30/04/10 (3,610,579) JPY 53,704,770 EUR 420,000 30/04/10 (1,083,610) JPY 56,988,124 EUR 445,000 30/04/10 (1,234,752) JPY 38,093,265 EUR 310,000 30/04/10 746,163 JPY 17,059,308 EUR 140,000 30/04/10 481,079 JPY 34,280,992 EUR 282,000 30/04/10 1,050,358 JPY 3,894,477 GBP 26,400 30/04/10 (178,066) JPY 4,083,966 GBP 27,700 30/04/10 (184,550) JPY 3,600,645 GBP 25,000 30/04/10 (81,317) JPY 2,778,313 GBP 19,000 30/04/10 (103,624) JPY 3,410,987 GBP 23,000 30/04/10 (173,205) JPY 3,410,134 GBP 23,000 30/04/10 (172,352) JPY 2,933,740 GBP 20,000 30/04/10 (118,277) JPY Page 21

22 Notes to the financial statements (continued) (As of March 31, 2010) Note 11 - Forward foreign exchange contracts (continued) Currency Sales Currency Purchases Maturity date Unrealised appreciation/(depreciation) JPY 2,858,720 GBP 21,500 30/04/10 167,902 JPY 4,583,128 GBP 33,500 30/04/10 132,772 JPY 7,673,424 HKD 660,000 30/04/10 256,916 JPY 9,078,708 HKD 810,000 30/04/10 653,982 JPY 5,115,838 HKD 440,000 30/04/10 171,055 JPY 53,274,537 HKD 4,580,000 30/04/10 1,757,214 JPY 3,901,109 HKD 335,000 30/04/10 124,139 JPY 8,382,087 HKD 720,000 30/04/10 269,193 JPY 3,320,029 HKD 280,000 30/04/10 44,358 JPY 6,820,272 HKD 592,000 30/04/10 293,002 JPY 9,244,069 HKD 775,000 30/04/10 68,072 JPY 26,888,465 NOK 1,670,000 30/04/10 (861,081) JPY 9,529,400 NOK 620,000 30/04/10 133,461 JPY 8,312,645 NOK 550,000 30/04/10 259,248 JPY 24,526,330 NOK 1,618,000 30/04/10 690,621 JPY 36,484,674 NOK 2,378,000 30/04/10 577,074 JPY 29,258,469 NOK 1,835,000 30/04/10 (659,517) JPY 5,420,168 NOK 340,000 30/04/10 (121,180) JPY 5,351,834 NOK 340,000 30/04/10 (52,846) JPY 3,814,908 NOK 250,000 30/04/10 81,407 JPY 3,817,934 NOK 250,000 30/04/10 78,381 JPY 2,724,557 NOK 183,000 30/04/10 127,546 JPY 13,587,278 NOK 893,000 30/04/10 330,359 JPY 3,123,518 NOK 208,000 30/04/10 118,216 JPY 3,033,525 NOK 200,000 30/04/10 83,527 JPY 2,319,430 NOK 150,000 30/04/10 18,359 JPY 4,554,953 NOK 300,000 30/04/10 120,625 JPY 25,822,162 NOK 1,650,000 30/04/10 (106,483) JPY 259,029 SEK 20,000 30/04/10 (1,441) JPY 941,022 SEK 76,000 30/04/10 37,813 JPY 4,526,207 SEK 350,000 30/04/10 (18,415) JPY 754,163 SEK 60,000 30/04/10 18,601 JPY 1,415,359 SEK 115,000 30/04/10 65,773 JPY 1,422,269 SEK 115,000 30/04/10 58,863 JPY 671,865 SEK 54,000 30/04/10 23,623 JPY 1,047,370 SGD 16,000 30/04/10 18,590 JPY 385,140 SGD 6,000 30/04/10 14,595 JPY 4,193,689 SGD 65,000 30/04/10 136,775 JPY 428,928 SGD 6,800 30/04/10 24,105 JPY 448,086 SGD 7,000 30/04/10 18,272 JPY 391,411 SGD 6,000 30/04/10 8,324 JPY 198,344,727 USD 2,170,000 30/04/10 4,053,357 JPY 64,877,947 USD 730,000 30/04/10 3,209,888 JPY 146,459,840 USD 1,600,000 30/04/10 2,773,770 JPY Page 22

23 Notes to the financial statements (continued) (As of March 31, 2010) Note 11 - Forward foreign exchange contracts (continued) Currency Sales Currency Purchases Maturity date Unrealised appreciation/(depreciation) JPY 232,481,284 USD 2,505,000 30/04/10 1,162,587 JPY 233,618,469 USD 2,555,000 30/04/10 4,688,952 JPY 163,720,800 USD 1,800,000 30/04/10 4,167,011 JPY 148,795,185 USD 1,650,000 30/04/10 5,101,975 JPY 54,208,200 USD 600,000 30/04/10 1,754,403 JPY 43,497,176 USD 485,000 30/04/10 1,739,261 JPY 40,858,633 USD 457,000 30/04/10 1,766,216 Total net unrealised appreciation on forward foreign exchange contracts 63,156,980 JPY Page 23