CELSIUS GLOBAL FUNDS SICAV PLC

Transcription

1 CS v05 Celsius Fund Covers.qxp 11/02/ :58 Page 7 CELSIUS GLOBAL FUNDS SICAV PLC AN UMBRELLA FUND WITH SEGREGATED LIABILITY BETWEEN SUB-FUNDS Unaudited Interim Financial Statements for the six months ended 31 December 2009.

2 CONTENTS General Information 1 Fondo Doppio Passo Investment Manager s Report 9 Portfolio of Investments 10 Barclays Dynamic Tracker Fund Investment Manager s Report 13 Portfolio of Investments 15 Barclays Dynamic 70 Tracker Fund Investment Manager s Report 13 Portfolio of Investments 16 Barclays Dynamic 80 Tracker Fund Investment Manager s Report 13 Portfolio of Investments 17 Barclays Dynamic 90 Tracker Fund Investment Manager s Report 14 Portfolio of Investments 18 Diversified Fixed Income Plus Guaranteed Fund Investment Manager s Report 19 Portfolio of Investments 20 Barclays Guaranteed Dynamic Fund (Jan 2007) Investment Manager s Report 21 Portfolio of Investments 23 Barclays Guaranteed Dynamic Fund (Feb 2007) Investment Manager s Report 21 Portfolio of Investments 24 Barclays Guaranteed Dynamic Fund (July 2007) Investment Manager s Report 21 Portfolio of Investments 25 Barclays Guaranteed Dynamic Fund (Jan 2008) Investment Manager s Report 22 Portfolio of Investments 26 ICI Fund (EUR) Investment Manager s Reports 27 Portfolio of Investments 29 Global TAA 300 Fund Investment Manager s Report 30 Portfolio of Investments 31 ICI Fund (GBP) Investment Manager s Reports 34 Portfolio of Investments 36 Page

3 CONTENTS cont/d ICI Adjusted Fund (EUR) Investment Manager s Report 37 Portfolio of Investments 38 Enhanced Multi Strategy Dynamic Fund Investment Manager s Report 39 Portfolio of Investments 40 European Value Income Fund Investment Manager s Report 43 Portfolio of Investments 44 CAR Long Short Fund Investment Manager s Report 45 Portfolio of Investments 47 SEB Garantifond 80 (SEK) Investment Manager s Report 50 Portfolio of Investments 51 Barclays RMF Diversified Index (EUR) Fund Investment Manager s Reports 52 Portfolio of Investments 54 SEB Guarantee Fund 80 (EUR) Investment Manager s Report 56 Portfolio of Investments 57 Target Alpha Program 4 (EUR) Fund Investment Manager s Reports 58 Portfolio of Investments 66 Statements of Comprehensive Income 69 Statements of Changes in Net Assets Attributable to Redeemable Participating Shareholders 84 Statements of Financial Position 99 Statements of Cash Flows 114 Notes to the Financial Statements 131 Other Information 157

4 General Information The following information is derived from and should be read in conjunction with the full text and definitions section of the Prospectus and Supplements to the Prospectus. Celsius Global Funds SICAV plc ( Celsius Global Funds SICAV plc or the Company ) was incorporated on 28th March 2006 as an openended umbrella Fund with segregated liability between Sub-Funds. The Company is licensed by the Malta Financial Services Authority ( MFSA ) in terms of Article 6 of the Investment Services Act, 1994 and qualifies as a Maltese UCITS, pursuant to the Undertakings for Collective Investment in Transferable Securities and Management Companies Regulations, 2004, Legal Notice 207 of 2004, as amended. The Company has no employees. At 31 December 2009, the Company comprised twenty-one active Sub-Funds: Fund Launch Date Fondo Doppio Passo 13 June 2006 Barclays Dynamic Tracker Fund 31 July 2006 Barclays Dynamic 70 Tracker Fund 31 July 2006 Barclays Dynamic 80 Tracker Fund 31 July 2006 Barclays Dynamic 90 Tracker Fund 31 July 2006 Diversified Fixed Income Plus Guaranteed Fund 14 December 2006 Barclays Guaranteed Dynamic Fund (Jan 2007) 27 January 2007 ICI Fund (EUR) 09 January 2007 Global TAA 300 Fund 01 February 2007 Barclays Guaranteed Dynamic Fund (Feb 2007) 12 February 2007 ICI Fund (GBP) 23 March 2007 ICI Adjusted Fund (EUR) 28 March 2007 Enhanced Multi Strategy Dynamic Fund 11 May 2007 Barclays Guaranteed Dynamic Fund (July 2007) 02 July 2007 European Value Income Fund 20 July 2007 CAR Long Short Fund 19 July 2007 SEB Garantifond 80 (SEK) 11 September 2007 Barclays RMF Diversified Index (EUR) Fund 24 September 2007 SEB Guarantee Fund 80 (EUR) 11 September 2007 Barclays Guaranteed Dynamic Fund (Jan 2008) 03 January 2008 Target Alpha Program 4 (EUR) Fund 28 January

5 General Information cont/d Prices The issue price at which Shares of a Sub-Fund will be issued on a Dealing Day is calculated by ascertaining the Net Asset Value (NAV) per Share of the relevant Class on the relevant dealing day. The Net Asset Value per share will differ on each Dealing Day. The Net Asset Value of a Sub-Fund shall be expressed in the currency in which the shares are designated or in such other currency as the Directors may determine either generally or in relation to a particular class or in a specific case, and shall be calculated by ascertaining the value of the assets of the Sub-Fund and deducting from such value the liabilities of the Sub-Fund (excluding Shareholders equity) as at the valuation point for such Dealing Day. The Net Asset Value per share of a Sub-Fund will be calculated by dividing the Net Asset Value of the Sub-Fund by the number of shares in the Sub-Fund then in issue, or deemed to be in issue, as at the valuation point for such Dealing Day and rounding the result mathematically to two decimal places or such other number of decimal places as may be determined by the Directors from time to time. In the event the Shares of any Sub-Fund are further divided into Classes, the Net Asset Value per Class shall be determined by notionally allocating the Net Asset Value of the Sub-Fund amongst the Classes making such adjustments for subscriptions, repurchases, fees, distributions, accumulation or distribution of income and the expenses, liabilities or assets attributable to each such Class (including the gains/ losses on and costs of financial instruments employed for currency hedging between the currencies in which the assets of the Sub-Fund are designated and the designated currency of the Class, which gains/losses and costs shall accrue solely to that Class) and any other factor differentiating the Classes as appropriate. A Preliminary Charge of up to 4% of the Net Asset Value per share may be charged by the Company for payment to the Distributor on the issue of Shares. A Repurchase Charge of up to 3% of the Repurchase Price of any Class of Shares of a Sub-Fund may be charged by the Company. The amount of the Preliminary or Repurchase Charge, (if any) will be set out in the relevant Supplement to the Prospectus for each Sub-Fund. The functional currency of each Sub-Fund represents the primary economic environment in which the Sub-Fund operates and is referred to in the Prospectus and Supplements to the Prospectus for each Sub-Fund as the Base Currency. The functional currencies for the Sub-Funds which were in operation at 31 December 2009 are British Pounds (GBP), Euro (EUR), Swedish Krona (SEK) and US Dollars (USD). Due to the fact that the following Sub-Funds are valued on a weekly basis or had a Sub-Fund holiday on 31 December 2009, the nearest valuation date to 31 December 2009 has been included in the period end financial statements: The nearest valuation dates were as follows: Sub-Fund Valuation Date Diversified Fixed Income Plus Guaranteed Fund 30 December 2009 European Value Income Fund 24 December 2009 Target Alpha Program 4 (EUR) Fund 30 December

6 General Information cont/d Dealing A Dealing Day is each Business Day on which subscriptions for, repurchases of and exchanges of relevant shares can be made by the Company. A Business Day is any day other than a Saturday or Sunday as outlined in the Prospectus. The Dealing Days and Deadlines for each Sub-Fund are as follows: Fondo Doppio Passo The Dealing Day is any Business Day. A Business Day is a day (other than a Saturday or a Sunday) on which (i) the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) system is open (ii) commercial banks and foreign exchange markets are open and settle payments (including dealings in foreign exchange and foreign currency deposits) in Malta, London, Dublin, Milan and New York. Applications must be received by the Administrator by 1.00 p.m. (Milan time) on the relevant Dealing Day. Barclays Dynamic Tracker Fund The Dealing Day is any Business Day. A Business Day is a day (other than a Saturday or a Sunday) on which (i) the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) system is open (ii) commercial banks and foreign exchange markets are open and settle payments (including dealings in foreign exchange and foreign currency deposits) in Malta, London and Dublin (iii) each Clearing System is open for business. Applications must be received by the Administrator by 1.00 p.m. (London time) on the relevant Dealing Day. Barclays Dynamic 70 Tracker Fund The Dealing Day is any Business Day. A Business Day is a day (other than a Saturday or a Sunday) on which (i) the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) system is open (ii) commercial banks and foreign exchange markets are open and settle payments (including dealings in foreign exchange and foreign currency deposits) in Malta, London and Dublin (iii) each Clearing System is open for business. Applications must be received by the Administrator by 1.00 p.m. (London time) on the relevant Dealing Day. Barclays Dynamic 80 Tracker Fund The Dealing Day is any Business Day. A Business Day is a day (other than a Saturday or a Sunday) on which (i) the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) system is open (ii) commercial banks and foreign exchange markets are open and settle payments (including dealings in foreign exchange and foreign currency deposits) in Malta, London and Dublin (iii) each Clearing System is open for business. Applications must be received by the Administrator by 1.00 p.m. (London time) on the relevant Dealing Day. Barclays Dynamic 90 Tracker Fund The Dealing Day is any Business Day. A Business Day is a day (other than a Saturday or a Sunday) on which (i) the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) system is open (ii) commercial banks and foreign exchange markets are open and settle payments (including dealings in foreign exchange and foreign currency deposits) in Malta, London and Dublin (iii) each Clearing System is open for business. Applications must be received by the Administrator by 1.00 p.m. (London time) on the relevant Dealing Day. 3

7 General Information cont/d Dealing cont/d Diversified Fixed Income Plus Guaranteed Fund The Dealing Day is every Friday of each week, unless this is not a Business Day, in which case it will be the following Business Day. A Business Day is a day (other than a Saturday or a Sunday) on which (i) the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) system is open and (ii) commercial banks and foreign exchange markets are open and settle payments (including dealings in foreign exchange and foreign currency deposits) in Malta, London, Dublin and New York, subject to Disruption Events. Applications must be received by the Administrator by Close of Business (Dublin time) on the day which is three Business Days prior to the relevant Dealing Day. Barclays Guaranteed Dynamic Fund (Jan 2007) The Dealing Day is any Business Day. A Business Day is a day (other than a Saturday or a Sunday) on which (i) the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) system is open (ii) commercial banks and foreign exchange markets are open and settle payments (including dealings in foreign exchange and foreign currency deposits) in Malta, London and Dublin (iii) each Clearing System is open for business. Applications must be received by the Administrator by 1.00 p.m. (London time) on the relevant Dealing Day. Barclays Guaranteed Dynamic Fund (Feb 2007) The Dealing Day is any Business Day. A Business Day is a day (other than a Saturday or a Sunday) on which (i) the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) system is open (ii) commercial banks and foreign exchange markets are open and settle payments (including dealings in foreign exchange and foreign currency deposits) in Malta, London and Dublin (iii) each Clearing System is open for business. Applications must be received by the Administrator by 1.00 p.m. (London time) on the relevant Dealing Day. Barclays Guaranteed Dynamic Fund (July 2007) The Dealing Day is any Business Day. A Business Day is a day (other than a Saturday or a Sunday) on which (i) the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) system is open (ii) commercial banks and foreign exchange markets are open and settle payments (including dealings in foreign exchange and foreign currency deposits) in Malta, Dublin and London (iii) each Clearing System is open for business. Applications must be received by the Administrator by 1.00 p.m. (London time) on the relevant Dealing Day. Barclays Guaranteed Dynamic Fund (Jan 2008) The Dealing Day is any Business Day. A Business Day is a day (other than a Saturday or a Sunday) on which (i) the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) system is open (ii) commercial banks and foreign exchange markets are open and settle payments (including dealings in foreign exchange and foreign currency deposits) in Malta, Dublin and London (iii) each Clearing System is open for business. Applications must be received by the Administrator by 1.00 p.m. (London time) on the relevant Dealing Day. ICI Fund (EUR) The Dealing Day is any Business Day. A Business Day is a day (other than a Saturday or a Sunday) on which (i) the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) system is open (ii) commercial banks and foreign exchange markets are open and settle payments (including dealings in foreign exchange and foreign currency deposits) in Malta, London and Dublin (iii) the Index level in relation to that day is published. Applications must be received by the Administrator by a.m. (Dublin time) on the relevant Dealing Day. 4

8 General Information cont/d Dealing cont/d Global TAA 300 Fund The Dealing Day is any Business Day. A Business Day is a day (other than a Saturday or a Sunday) on which (i) the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) system is open (ii) commercial banks and foreign exchange markets are open and settle payments (including dealings in foreign exchange and foreign currency deposits) in New York City, London and Dublin (iii) each exchange market relevant to the Underlying is open for business. Applications must be received by the Administrator by 1.30 p.m. (Dublin time) on the relevant Dealing Day. ICI Fund (GBP) The Dealing Day is any Business Day. A Business Day is a day (other than a Saturday or a Sunday) on which (i) the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) system is open (ii) commercial banks and foreign exchange markets are open and settle payments (including dealings in foreign exchange and foreign currency deposits) in Malta, London and Dublin (iii) the Index level in relation to that day is published. Applications must be received by the Administrator by 9.00 a.m. (Dublin time) on the relevant Dealing Day. ICI Adjusted Fund (EUR) The Dealing Day is any Business Day. A Business Day is a day (other than a Saturday or a Sunday) on which (i) the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) system is open (ii) commercial banks and foreign exchange markets are open and settle payments (including dealings in foreign exchange and foreign currency deposits) in Malta, London and Dublin (iii) the Index level in relation to that day is published. Applications must be received by the Administrator by 9.00 a.m. (Dublin time) on the relevant Dealing Day. Enhanced Multi Strategy Dynamic Fund The Dealing Day is any Business Day. A Business Day is a day (other than a Saturday or a Sunday) on which (i) the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) system is open (ii) commercial banks and foreign exchange markets are open and settle payments (including dealings in foreign exchange and foreign currency deposits) in Malta, London, Dublin, Milan and New York (iii) each Clearing System is open for business. Applications must be received by the Administrator by Close of Business (Dublin time) on the day which is three Business Days prior to the relevant Dealing Day. European Value Income Fund The Dealing Day is any Business Day. A Business Day is a day (other than a Saturday or a Sunday) on which (i) the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) system is open (ii) commercial banks and foreign exchange markets are open and settle payments (including dealings in foreign exchange and foreign currency deposits) in Dublin, Malta and London and (iii) each equity exchange market relevant to the Underlying is open for business. Applications must be received by the Administrator by 1.30 p.m. (London time) on the Business Day prior to a Dealing Day. CAR Long Short Fund The Dealing Day for Share Class A is every Thursday of each week following the Dealing Deadline, unless this is not a Business Day, in which case it will be the following Business Day. For Share Classes B,C,D,E and F, the dealing day is any business day. A Business day is a day (other than a Saturday or a Sunday) on which the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) system is open, (ii) commercial banks and foreign exchange markets are open and settle payments (including dealings in foreign exchange and foreign currency deposits) in Dublin, London and New York City (iii) each exchange market relevant to the Underlying is open for business. Applications must be received by the Administrator by 1.30 p.m. (Dublin time) on the relevant Dealing Day. 5

9 General Information cont/d Dealing cont/d SEB Garantifond 80 (SEK) The Dealing Day is any Business Day. A Business Day is a day (other than a Saturday or a Sunday) on which (i) the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) system is open (ii) commercial banks and foreign exchange markets are open and settle payments (including dealings in foreign exchange and foreign currency deposits) in Malta, Dublin and London (iii) each Clearing System is open for business. Applications must be received by the Administrator by p.m. (Central European time) on the relevant Dealing Day. Barclays RMF Diversified Index (EUR) Fund The Daily Dealing Day is any Business Day other than a Monthly Dealing Day. The Monthly Dealing Day is four Business Days prior to the last Business Day of each month. A Business day is a day (other than a Saturday or a Sunday) on which (i) the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) system is open (ii) commercial banks and foreign exchange markets are open and settle payments (including dealings in foreign exchange and foreign currency deposits) in Malta, Dublin, and London (iii) each Clearing System is open for business. Applications must be received by the Administrator Three Business Days prior to the relevant Daily Dealing Day and Eighteen Business Days prior to the relevant Monthly Dealing Day. SEB Guarantee Fund 80 (EUR) The Dealing Day is any Business Day. A Business Day is a day (other than a Saturday or a Sunday) on which (i) the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) system is open (ii) commercial banks and foreign exchange markets are open and settle payments (including dealings in foreign exchange and foreign currency deposits) in Malta, Dublin and London (iii) each Clearing System is open for business. Applications must be received by the Administrator by p.m. (Central European time) on the relevant Dealing Day. Target Alpha Program 4 (EUR) Fund The Dealing Day is any Business Day. A Business Day is a day (other than a Saturday or a Sunday) on which (i) the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) system is open (ii) commercial banks and foreign exchange markets are open and settle payments (including dealings in foreign exchange and foreign currency deposits) in Dublin, Malta, London, New York and Tokyo (iii) each Clearing System is open for business. Applications must be received by the Administrator by 1.00 p.m. (London time) on the Business Day prior to the Dealing Day. Applications should be addressed to the Administrator: State Street Fund Services (Ireland) Limited 78 Sir John Rogerson s Quay Dublin 2 Ireland Tel: Fax:

10 General Information cont/d Minimum Investment and Holding Share Minimum Minimum Class initial additional subscription subscription Fondo Doppio Passo A EUR 1,000 EUR 1,000 Barclays Dynamic Tracker Fund A GBP 5,000 GBP 1,000 Barclays Dynamic 70 Tracker Fund A GBP 5,000 GBP 1,000 Barclays Dynamic 80 Tracker Fund A GBP 5,000 GBP 1,000 Barclays Dynamic 90 Tracker Fund A GBP 5,000 GBP 1,000 Diversified Fixed Income Plus Guaranteed Fund A EUR 5,000 EUR 1,000 Diversified Fixed Income Plus Guaranteed Fund B EUR 50,000 EUR 1,000 Diversified Fixed Income Plus Guaranteed Fund C EUR 250,000 EUR 1,000 Diversified Fixed Income Plus Guaranteed Fund D EUR 5,000 EUR 1,000 Diversified Fixed Income Plus Guaranteed Fund E EUR 50,000 EUR 1,000 Diversified Fixed Income Plus Guaranteed Fund F EUR 250,000 EUR 1,000 Barclays Guaranteed Dynamic Fund (Jan 2007) X GBP 5,000 GBP 1,000 Barclays Guaranteed Dynamic Fund (Feb 2007) A GBP 500 GBP 500 Barclays Guaranteed Dynamic Fund (July 2007) A GBP 500 GBP 500 Barclays Guaranteed Dynamic Fund (Jan 2008) A GBP 500 GBP 500 ICI Fund (EUR) A EUR 1,000,000 EUR 1,000,000 ICI Fund (EUR) B EUR 1,000 EUR 100 ICI Fund (EUR) C EUR 1,000 EUR 100 ICI Fund (EUR) D EUR 1,000 EUR 100 Global TAA 300 Fund A EUR 5,000 EUR 500 Global TAA 300 Fund B USD 5,000 USD 500 Global TAA 300 Fund C GBP 5,000 GBP 500 Global TAA 300 Fund D EUR 5,000 EUR 500 Global TAA 300 Fund E USD 5,000 USD 500 Global TAA 300 Fund F GBP 5,000 GBP 500 ICI Fund (GBP) A GBP 1,000,000 GBP 1,000,000 ICI Fund (GBP) B GBP 1,000 GBP 100 ICI Adjusted Fund (EUR) A EUR 1,000 EUR 100 Enhanced Multi Strategy Dynamic Fund A EUR 5,000 EUR 1,000 Enhanced Multi Strategy Dynamic Fund B EUR 50,000 EUR 1,000 Enhanced Multi Strategy Dynamic Fund C EUR 250,000 EUR 1,000 European Value Income Fund A GBP 1,000 GBP 100 European Value Income Fund B GBP 1,000 GBP 100 European Value Income Fund C EUR 1,000 EUR 100 CAR Long Short Fund A EUR 5,000 EUR 500 CAR Long Short Fund B USD 5,000 USD 500 CAR Long Short Fund C GBP 5,000 GBP 500 CAR Long Short Fund D EUR 5,000 EUR 500 CAR Long Short Fund E USD 5,000 USD 500 CAR Long Short Fund F GBP 5,000 GBP 500 SEB Garantifond 80 (SEK) A Nil SEK 1 SEB Garantifond 80 (SEK) B Nil SEK 1 Barclays RMF Diversified Index (EUR) Fund A EUR 5,000 EUR 1,000 Barclays RMF Diversified Index (EUR) Fund B EUR 5,000 EUR 1,000 Barclays RMF Diversified Index (EUR) Fund C EUR 5,000 EUR 1,000 Barclays RMF Diversified Index (EUR) Fund D EUR 5,000 EUR 1,000 7

11 General Information cont/d Minimum Investment and Holding cont/d Share Minimum Minimum Class initial additional subscription subscription Barclays RMF Diversified Index (EUR) Fund E EUR 5,000 EUR 1,000 Barclays RMF Diversified Index (EUR) Fund F EUR 5,000 EUR 1,000 Barclays RMF Diversified Index (EUR) Fund G EUR 5,000 EUR 1,000 Barclays RMF Diversified Index (EUR) Fund H EUR 5,000 EUR 1,000 Barclays RMF Diversified Index (EUR) Fund I EUR 5,000 EUR 1,000 Barclays RMF Diversified Index (EUR) Fund J EUR 5,000 EUR 1,000 Barclays RMF Diversified Index (EUR) Fund K EUR 5,000 EUR 1,000 Barclays RMF Diversified Index (EUR) Fund L EUR 5,000 EUR 1,000 Barclays RMF Diversified Index (EUR) Fund M EUR 5,000 EUR 1,000 Barclays RMF Diversified Index (EUR) Fund N EUR 5,000 EUR 1,000 Barclays RMF Diversified Index (EUR) Fund O EUR 5,000 EUR 1,000 Barclays RMF Diversified Index (EUR) Fund P EUR 5,000 EUR 1,000 SEB Guarantee Fund 80 (EUR) A Nil EUR 1 SEB Guarantee Fund 80 (EUR) B Nil EUR 1 Target Alpha Program 4 (EUR) Fund A EUR 1,000 EUR 100 Target Alpha Program 4 (EUR) Fund B EUR 1,000 EUR 100 Target Alpha Program 4 (EUR) Fund C USD 1,000 USD 100 Target Alpha Program 4 (EUR) Fund D USD 1,000 USD 100 Target Alpha Program 4 (EUR) Fund E USD 1,000 USD 100 Target Alpha Program 4 (EUR) Fund F USD 1,000 USD 100 Target Alpha Program 4 (EUR) Fund G EUR 1,000 EUR 100 Target Alpha Program 4 (EUR) Fund H EUR 2,000 EUR 100 Target Alpha Program 4 (EUR) Fund I EUR 1,000 EUR 100 Target Alpha Program 4 (EUR) Fund J EUR 1,000 EUR 100 Target Alpha Program 4 (EUR) Fund K EUR 1,000 EUR 100 Target Alpha Program 4 (EUR) Fund L EUR 1,000 EUR 100 Significant Events during the period Launches The Car Long Short Fund launched one new Share Class during the period. Details as follows: Launch Date Car Long Short Fund - Class G 18 November 2009 The Target Alpha Program 4 (EUR) Fund launched one new Share Class during the period. Details as follows: Launch Date Target Alpha Program 4 (EUR) Fund - Class K 15 August 2009 Significant Events after the period end There have been no significant events after the period end. 8

12 FONDO DOPPIO PASSO Investment Manager s Report for the period ended 31 December 2009 Investment Objective The investment objective of the Sub-Fund is to provide Shareholders with the return linked to the performance of two Baskets, the Traditional Basket and the Diversified Basket (the Baskets ) comprised of a broad universe of assets that can include equities, bonds, currencies, money markets and emerging markets and on the Scheduled Maturity Date, a payment of an amount at least equal to the Minimum Protection Level. Investment Strategy The Sub-Fund will offer Shareholders exposure to a diversified universe of assets by investing in the Baskets, each with independent investment methodologies, while applying a dynamic asset allocation strategy that manages the balance of investment in the Baskets and a zero bond investment, in order to provide the Minimum Protection Level on the Scheduled Maturity Date. Sub-Fund Performance Summary* (%) 1 Month 3 Months 6 Months 12 Months Since inception Sub-Fund Performance* 0.04% 0.75% 5.21% 4.19% 21.85% High Low Latest At inception NAV (EUR) *Returns in EUR, single pricing basis after fees. The above performance figures are based on a tradable NAV per share, with any dividends re-invested. 9

13 FONDO DOPPIO PASSO Portfolio of Investments as at 31 December 2009 Financial Assets at fair value through profit or loss : 93.36% (30/06/09 : 97.58%) (31/12/08 : 99.43%) Collective Investment Schemes : 53.81% (30/06/09 : 57.32%) (31/12/08 : 47.12%) Notional Fair Value % of Amount Description Sub-Fund 52,866,110 BGI Euro Liquidity First Fund 52,866, ishares DJ Euro STOXX ,499 ishares MSCI Emerging Markets Index Fund 16,848, ,255,756 BGI Sterling Liquidity First Fund 46,434, ,326,311 BGI USD Liquidity First Fund 42,743, Total Collective Investment Schemes 158,892, Repurchase Agreements**** : 39.72% (30/06/09 : 39.87%) (31/12/08 : Nil) Notional Fair Value % of Amount Description Sub-Fund 117,270,022 EUR Repurchase agreement 0.67% 01/01/ ,270, Total Repurchase Agreements 117,270, Structured Products** : 0.68% (30/06/09 : 0.97%) (31/12/08 : 46.48%) Funded Swaps* : 0.93% (30/06/09 : 0.91%) (31/12/08 : 46.48%) Notional Maturity Fair Value % of CCY Amount Description Date Sub-Fund EUR 3,379,806 Fondo Doppio Passo ZCB Funded Swap* 22/09/2016 2,753, Funded Swap at positive fair value 2,753, Unfunded Swaps : (0.25%) (30/06/09 : 0.06%) (31/12/08 : Nil) Notional Maturity Fair Value % of CCY Amount Description Date Sub-Fund EUR 53,941,231 Swap on Barcap U.S. I/L Bonds TR 04/01/2010 (740,261) (0.25) Unfunded Swaps at negative fair value (740,261) (0.25) Structured Products at fair value 2,012,

14 FONDO DOPPIO PASSO Portfolio of Investments as at 31 December 2009 cont/d Financial Derivative Instruments : (0.99%) (30/06/09 : (0.65%)) (31/12/08 : 5.83%) Open Futures Contracts*** : (0.12%) (30/06/09 : (0.24%)) (31/12/08 : 3.30%) Unrealised Number of Gain/(Loss) % of Contracts Description Counterparty Sub-Fund 144 FTSE 100 Index Futures Long Futures Contracts Expiring March 2010 Barclays Capital 178, DJ Euro STOXX 50 Index Futures Long Futures Contracts Expiring March 2010 Barclays Capital 1,137, S+P 500 E MINI Index Futures Long Futures Contracts Expiring March 2010 Barclays Capital 591, Year Japan Government Bonds Futures Long Futures Contracts Expiring March 2010 Barclays Capital 6, Year U.S. Treasury Note Futures Long Futures Contracts Expiring March 2010 Barclays Capital (1,216,136) (0.41) 99 German Euro Bund Futures Long Futures Contracts Expiring March 2010 Barclays Capital (192,390) (0.06) 123 EUR Currency Futures Long Futures Contracts Expiring March 2010 Barclays Capital (403,999) (0.14) 195 Volatility Index Futures Long Futures Contracts Expiring January 2010 Barclays Capital (463,959) (0.16) Unrealised gain on open futures contracts 1,912, Unrealised loss on open futures contracts (2,276,484) (0.77) Net unrealised loss on open futures contracts (363,573) (0.12) Open Forward Foreign Exchange Currency Contracts** : (0.87%) (30/06/09 : (0.41%)) (31/12/08 : 2.53%) Unrealised Maturity Barclays Amount Amount Gain/(Loss) % of Date Counterparty Bought Sold Sub-Fund 17/03/10 Royal Bank of Canada EUR 45,215,123 USD 67,058,549 (1,528,960) (0.52) 17/03/10 BNP Paribas EUR 46,173,476 GBP 41,953,220 (1,030,401) (0.35) Net unrealised loss on forward foreign exchange currency contracts (2,559,361) (0.87) Total Financial Derivative Instruments (2,922,934) (0.99) 11

15 FONDO DOPPIO PASSO Portfolio of Investments as at 31 December 2009 cont/d Fair Value % of Sub-Fund Deposits with Credit Institutions : 0.14% (30/06/09 : 0.07%) (31/12/08 : Nil) 0.04% State Street Bank (01/01/2010) 6, % State Street Bank (01/01/2010) 411, Total Deposits with Credit Institutions 418, Total Financial Assets at fair value through profit or loss 275,671, Cash (30/06/09 : 0.43%) (31/12/08 : 1.00%) 11,959, Cash held with broker (30/06/09 : 3.35%) (31/12/08 : 0.64%) 8,633, Other receivables (30/06/09 : 0.05%) (31/12/08 : 0.09%) 39, Other payables (30/06/09 : (1.41%)) (31/12/08 : (1.16%)) (1,018,720) (0.34) Net Assets Attributable to Redeemable Participating Shareholders 295,286, /12/ /06/ /12/2008 Net Assets Attributable to Redeemable Participating Shareholders 295,286, ,555, ,229,293 Number of Redeemable Participating Shares in Issue 2,564,347 2,709,487 2,969,727 Net Asset Value per Redeemable Participating Share Classification Financial instruments at fair value through profit or loss are traded either over the counter (OTC) or are Exchange Traded Financial Derivative Instruments. Analysis of Total Gross Assets % of Total Gross Assets Transferable Securities Collective Investment Schemes OTC Financial Derivative Instruments 0.91 Exchange Traded Financial Derivative Instruments 0.63 Current Assets The Counterparty for the Structured Products is Barclays Bank plc. *The Funded Swap exposes the Sub-Fund to the performance of the Underlying in exchange for the Sub-Fund paying the net proceeds of any issue of Shares to the Approved Counterparty. **Over the counter (OTC) Financial Derivative Instruments. ***Exchange traded Financial Derivative Instruments. ****The Counterparty for the repurchase agreements held by the Sub-Fund is Barclays. 116,907,364 was held at 31 December 2009 with the Counterparty as collateral in connection with these repurchase agreements. 12

16 BARCLAYS DYNAMIC TRACKER FUND BARCLAYS DYNAMIC 70 TRACKER FUND BARCLAYS DYNAMIC 80 TRACKER FUND BARCLAYS DYNAMIC 90 TRACKER FUND Investment Manager s Report for the period ended 31 December 2009 Barclays Dynamic Tracker Fund Investment Objective The investment objective of the Sub-Fund is to provide a return linked to the performance of the Barclays Dynamic Global Index TM, which comprises of a basket of well established market benchmark indices representative of a number of sectors and asset classes. Investment Strategy The Sub-Fund will offer Shareholders exposure to the performance of the Index via an FDI ( Financial Derivative Instrument ). Barclays Dynamic 70 Tracker Fund Investment Objective The investment objective of the Sub-Fund is to provide a return linked to the performance of the Barclays Dynamic 70 Strategy, which comprises of the Barclays Dynamic Global Index TM, a basket of well established market benchmark indices representative of a number of sectors, asset classes and cash. Additionally, the Sub-Fund provides investment protection to at least 70% of the highest ever Net Asset Value per Share. Investment Strategy The Sub-Fund will offer Shareholders exposure to the performance of the strategy via an FDI ( Financial Derivative Instrument ). Barclays Dynamic 80 Tracker Fund Investment Objective The investment objective of the Sub-Fund is to provide a return linked to the performance of the Barclays Dynamic 80 Strategy, which comprises of the Barclays Dynamic Global Index TM, a basket of well established market benchmark indices representative of a number of sectors, asset classes and cash. Additionally, the Sub-Fund provides investment protection to at least 80% of the highest ever Net Asset Value per Share. Investment Strategy The Sub-Fund will offer Shareholders exposure to the performance of the strategy via an FDI ( Financial Derivative Instrument ). 13

17 BARCLAYS DYNAMIC TRACKER FUND BARCLAYS DYNAMIC 70 TRACKER FUND BARCLAYS DYNAMIC 80 TRACKER FUND BARCLAYS DYNAMIC 90 TRACKER FUND Investment Manager s Report for the period ended 31 December 2009 cont/d Barclays Dynamic 90 Tracker Fund Investment Objective The investment objective of the Sub-Fund is provide a return linked to the performance of the Barclays Dynamic 90 Strategy, which comprises of the Barclays Dynamic Global Index TM, a basket of well established market benchmark indices representative of a number of sectors, asset classes and cash. Additionally, the Sub-Fund provides investment protection to at least 90% of the highest ever Net Asset Value per Share. Investment Strategy The Sub-Fund will offer Shareholders exposure to the performance of the strategy via an FDI ( Financial Derivative Instrument ). Cumulative Performance (%) 1 Month 3 Months 6 Months 12 Months Since inception Barclays Dynamic Tracker Fund 2.51% 2.66% 16.57% 15.39% 8.97% Barclays Dynamic 70 Tracker Fund 1.63% 1.61% 8.29% 5.44% -2.38% Barclays Dynamic 80 Tracker Fund 1.02% 0.90% 4.95% 3.25% -1.70% Barclays Dynamic 90 Tracker Fund 0.41% 0.19% 2.02% 1.09% 3.31% NAV (GBP) High Low Latest At inception Barclays Dynamic Tracker Fund Barclays Dynamic 70 Tracker Fund Barclays Dynamic 80 Tracker Fund Barclays Dynamic 90 Tracker Fund *Returns in GBP, single pricing basis after fees. The above performance figures are based on a tradable NAV per share, with any dividends re-invested. 14

18 BARCLAYS DYNAMIC TRACKER FUND Portfolio of Investments as at 31 December 2009 Financial Assets at fair value through the profit or loss : 99.44% (30/06/09 : 99.58%) (31/12/09 : 99.54%) Structured Products : 99.44% (30/06/09 : 99.58%) (31/12/09 : 99.54%) Funded Swaps : 99.44% (30/06/09 : 99.58%) (31/12/09 : 99.54%) Notional Maturity Fair Value % of CCY Amount Description Date Sub-Fund GBP 20,582,186 Barclays Dynamic Global Index GBP Swap* 29/07/ ,556, Funded Swap at positive fair value 22,556, Structured Products at fair value 22,556, Total Financial Assets at fair value through profit or loss 22,556, Cash (30/06/09 : 1.44%) (31/12/09 : 0.26%) 178, Other receivables (30/06/09 : 0.14%) (31/12/09 : 0.27%) 24, Other payables (30/06/09 : (1.16%)) (31/12/09 : (0.07%)) (76,711) (0.34) Net Assets Attributable to Redeemable Participating Shareholders 22,682, /12/ /06/ /12/2008 Net Assets Attributable to Redeemable Participating Shareholders 22,682,977 20,067,863 21,268,157 Number of Redeemable Participating Shares in Issue 20,814,808 21,467,457 22,518,741 Net Asset Value per Redeemable Participating Share Classification Financial instruments at fair value through profit or loss are traded over the counter (OTC). Analysis of Total Gross Assets % of Total Gross Assets OTC Financial Derivative Instruments Current Assets The Counterparty for the Structured Product is Barclays Bank plc. *The Funded Swap exposes the Sub-Fund to the performance of the Underlying in exchange for the Sub-Fund paying the net proceeds of any issue of Shares to the Approved Counterparty. 15

19 BARCLAYS DYNAMIC 70 TRACKER FUND Portfolio of Investments as at 31 December 2009 Financial Assets at fair value through profit or loss : 99.50% (30/06/09 : 99.34%) (31/12/08:98.97%) Structured Products : 99.50% (30/06/09 : 99.34%) (31/12/08:98.97%) Funded Swaps : 99.50% (30/06/09 : 99.34%) (31/12/08:98.97%) Notional Maturity Fair Value % of CCY Amount Description Date Sub-Fund GBP 25,657,933 Barclays Dynamic 70 Strategy GBP Swap* 29/07/ ,099, Funded Swap at positive fair value 25,099, Structured Products at fair value 25,099, Total Financial Assets at fair value through profit or loss 25,099, Cash (30/06/09 : 1.33%) (31/12/09 : 0.85%) 147, Other receivables (30/06/09 : 0.04%) (31/12/09 : 0.55%) 4, Other payables (30/06/09 : (0.74%)) (31/12/09 : (0.37%)) (25,297) (0.10) Net Assets Attributable to Redeemable Participating Shareholders 25,226, /12/ /06/ /12/2008 Net Assets Attributable to Redeemable Participating Shareholders 25,226,965 24,426,548 23,782,845 Number of Redeemable Participating Shares in Issue 25,841,093 27,093,112 25,686,201 Net Asset Value per Redeemable Participating Share Classification Financial instruments at fair value through profit or loss are traded over the counter (OTC). Analysis of Total Gross Assets % of Total Gross Assets OTC Financial Derivative Instruments Current Assets The Counterparty for the Structured Product is Barclays Bank plc. *The Funded Swap exposes the Sub-Fund to the performance of the Underlying in exchange for the Sub-Fund paying the net proceeds of any issue of Shares to the Approved Counterparty. 16

20 BARCLAYS DYNAMIC 80 TRACKER FUND Portfolio of Investments as at 31 December 2009 Financial Assets at fair value through the profit or loss : 99.69% (30/06/09 : 99.63%) (31/12/08 : 98.99%) Structured Products : 99.69%( 30/06/09 : 99.63%) (31/12/08 : 98.99%) Funded Swaps : 99.69% (30/06/09 : 99.63%) (31/12/08 : 98.99%) Notional Maturity Fair Value % of CCY Amount Description Date Sub-Fund GBP 45,409,390 Barclays Dynamic 80 Strategy GBP Swap* 29/07/ ,832, Funded Swap at positive fair value 44,832, Structured Products at fair value 44,832, Total Financial Assets at fair value through profit or loss 44,832, Cash (30/06/09 : 1.09%) (31/12/08 : 0.85%) 138, Other receivables (30/06/09 : Nil) (31/12/08 : 0.38%) 28, Other payables (30/06/09 : (0.72%)) (31/12/08 : (0.22%)) (26,768) (0.06) Net Assets Attributable to Redeemable Participating Shareholders 44,972, /12/ /06/ /12/2008 Net Assets Attributable to Redeemable Participating Shareholders 44,972,705 45,363,038 45,056,017 Number of Redeemable Participating Shares in Issue 45,745,936 48,429,835 47,320,461 Net Asset Value per Redeemable Participating Share Classification Financial instruments at fair value through profit or loss are traded over the counter (OTC). Analysis of Total Gross Assets % of Total Gross Assets OTC Financial Derivative Instruments Current Assets The Counterparty for the Structured Product is Barclays Bank plc. *The Funded Swap exposes the Sub-Fund to the performance of the Underlying in exchange for the Sub-Fund paying the net proceeds of any issue of Shares to the Approved Counterparty. 17

21 BARCLAYS DYNAMIC 90 TRACKER FUND Portfolio of Investments as at 31 December 2009 Financial Assets at fair value through the profit or loss : % (30/06/09 : 99.72%) (31/12/08 : 99.05%) Structured Products : % (30/06/09 : 99.72%) (31/12/08 : 99.05%) Funded Swaps : % (30/06/09 : 99.72%) (31/12/08 : 99.05%) Notional Maturity Fair Value % of CCY Amount Description Date Sub-Fund GBP 44,765,269 Barclays Dynamic 90 Strategy GBP Swap* 29/07/ ,419, Funded Swap at positive fair value 46,419, Structured Products at fair value 46,419, Total Financial Assets at fair value through profit or loss 46,419, Cash (30/06/09 : 0.92%) (31/12/08 : 0.78%) 119, Other receivables (30/06/09 : 0.24%) (31/12/08 : 0.29%) 31, Other payables (30/06/09 : (0.88%)) (31/12/08 : (0.12%)) (626,774) (1.37) Net Assets Attributable to Redeemable Participating Shareholders 45,944, /12/ /06/ /12/2008 Net Assets Attributable to Redeemable Participating Shareholders 45,944,091 48,569,040 46,121,715 Number of Redeemable Participating Shares in Issue 44,468,070 47,961,197 45,125,978 Net Asset Value per Redeemable Participating Share Classification Financial instruments at fair value through profit or loss are traded over the counter (OTC). Analysis of Total Gross Assets % of Total Gross Assets OTC Financial Derivative Instruments Current Assets The Counterparty for the Structured Product is Barclays Bank plc. *The Funded Swap exposes the Sub-Fund to the performance of the Underlying in exchange for the Sub-Fund paying the net proceeds of any issue of Shares to the Approved Counterparty. 18

22 DIVERSIFIED FIXED INCOME PLUS GUARANTEED FUND Investment Manager s Report for the period ended 31 December 2009 Investment Objective The investment objective of the Sub-Fund is to provide Shareholders of each Class of Share with a return linked to the performance of the Diversified Fixed Income Plus Guaranteed Portfolio that targets over the long term, an annualised return 1.5% above the EUR money market rate, and includes a payment of at least % of the Initial Issue Price ( Minimum Protection Level ) as at the Scheduled Maturity Date. Investment Strategy The Portfolio offers exposure to the Diversified Basket and Overlay Basket, which may give exposure to a wide range of asset types including fixed income indices, interests in CIS, securities and derivative instruments, according to a systematic and quantitative methodology. The constituents of the Diversified Basket may be leveraged up to 200%. The Minimum Protection Level is achieved by using the Constant Proportion Portfolio Insurance (or CPPI ) Strategy. Sub-Fund Performance Summary* (%) 1 Month 3 Months 6 Months 12 Months Since inception Sub-Fund Performance* -0.46% 1.09% 3.65% -3.09% 12.13% High Low Latest At inception NAV (EUR) *Returns in EUR, single pricing basis after fees. The above performance figures are based on a tradable NAV per share, with any dividends re-invested. 19

23 DIVERSIFIED FIXED INCOME PLUS GUARANTEED FUND Portfolio of Investments as at 31 December 2009 Financial Assets at fair value through profit or loss : % (30/06/09 : %) (31/12/08 : 99.95%) Structured Products : % (30/06/09 : %) (31/12/08 : 99.95%) Funded Swaps : % (30/06/09 : %) (31/12/08 : 99.95%) Notional Maturity Fair Value % of CCY Amount Description Date Sub-Fund EUR 350,000,000 Diversified Fixed Income Plus Guaranteed Fund* 29/10/ ,465, Funded Swap at positive fair value 392,465, Structured Products at fair value 392,465, Total Financial Assets at fair value through profit or loss 392,465, Cash (30/06/09 : Nil) (31/12/08 : 0.03%) - - Other receivables (30/06/09 : 0.10%) (31/12/08 : 0.07%) 28, Bank overdraft (30/06/09 : (0.10%)) (31/12/08 : Nil) (25,727) (0.01) Other payables (30/06/09 : Nil) (31/12/08 : (0.05%)) - - Net Assets Attributable to Redeemable Participating Shareholders 392,467, /12/ /06/ /12/2008 Net Assets Attributable to Redeemable Participating Shareholders 392,467, ,793, ,193,115 Number of Redeemable Participating Shares in Issue 3,500,000 3,500,000 3,500,000 Net Asset Value per Redeemable Participating Share Classification Financial instruments at fair value through profit or loss are traded over the counter (OTC). Analysis of Total Gross Assets % of Total Gross Assets OTC financial derivative instruments Current Assets The Counterparty for the Structured Product is Barclays Bank plc. *The Structured Product exposes the Sub-Fund to the performance of the Underlying in exchange for the Sub-Fund paying the net proceeds of any issue of Shares to the Approved Counterparty. 20

24 BARCLAYS GUARANTEED DYNAMIC FUND (JAN 2007) BARCLAYS GUARANTEED DYNAMIC FUND (FEB 2007) BARCLAYS GUARANTEED DYNAMIC FUND (JULY 2007) BARCLAYS GUARANTEED DYNAMIC FUND (JAN 2008) Investment Manager s Report for the period ended 31 December 2009 Barclays Guaranteed Dynamic Fund (Jan 2007) Investment Objective The investment objective of the Sub-Fund is to provide a return linked to the performance of the Barclays Protected 100 Strategy, which reflects the performance of the Barclays Dynamic Global Index TM, a basket of well established market benchmark indices representative of a number of sectors and assets classes, and cash. Additionally the Sub-Fund guarantees to provide at least 100% of the highest ever Net Asset Value per Share achieved during the first 6 months, entitlement to which is due after 6 years. Investment Strategy The Sub-Fund will offer Shareholders exposure to the performance of the strategy via an FDI ( Financial Derivative Instrument ). Barclays Guaranteed Dynamic Fund (Feb 2007) Investment Objective The investment objective of the Sub-Fund is to provide a return linked to the performance of the Barclays Protected 100 Strategy, which reflects the performance of the Barclays Dynamic Global Index TM, a basket of well established market benchmark indices representative of a number of sectors and assets classes, and cash. Additionally the Sub-Fund guarantees to provide at least 100% of the highest ever Net Asset Value per Share achieved during the first 12 months, entitlement to which is due after 6 years. Investment Strategy The Sub-Fund will offer Shareholders exposure to the performance of the strategy via an FDI ( Financial Derivative Instrument ). Barclays Guaranteed Dynamic Fund (July 2007) Investment Objective The investment objective of the Sub-Fund is to provide a return linked to the performance of the Barclays Protected 100 Strategy, which reflects the performance of the Barclays Dynamic Global Index TM, a basket of well established market benchmark indices representative of a number of sectors and assets classes, and cash. Additionally the Sub-Fund guarantees to provide at least 100% of the highest ever Net Asset Value per Share achieved during the first 6 months, entitlement to which is due after 6 years. Investment Strategy The Sub-Fund will offer Shareholders exposure to the performance of the strategy via an FDI ( Financial Derivative Instrument ). 21

25 BARCLAYS GUARANTEED DYNAMIC FUND (JAN 2007) BARCLAYS GUARANTEED DYNAMIC FUND (FEB 2007) BARCLAYS GUARANTEED DYNAMIC FUND (JULY 2007) BARCLAYS GUARANTEED DYNAMIC FUND (JAN 2008) Investment Manager s Report for the period ended 31 December 2009 cont/d Barclays Guaranteed Dynamic Fund (Jan 2008) The investment objective of the Sub-Fund is to provide Shareholders with a return linked to the performance of the Underlying, the Barclays Protected 100 F8 Portfolio, and a payment of amounts at least equal to the Protected Price as at the Interim Protection Date and thereafter. The Underlying is comprised of the intra-day day Barclays Dynamic Global Index TM ( Index ), the Zero Bond Component and the Cash Component in accordance with the Barclays Protected 100 Strategy F8. Investment Strategy The Sub-Fund will offer Shareholders exposure to the performance of the strategy via an FDI ( Financial Derivative Instrument ). Cumulative Performance* (%) 1 Month 3 Months 6 Months 12 Months Since inception Barclays Guaranteed Dynamic Fund (Jan 2007) -0.32% 0.83% 4.18% 3.43% 3.94% Barclays Guaranteed Dynamic Fund (Feb 2007) -0.71% 0.76% 2.69% 1.71% -0.36% Barclays Guaranteed Dynamic Fund (Jul 2007) -1.08% 0.62% 3.07% 2.12% -1.30% Barclays Guaranteed Dynamic Fund (Jan 2008) -0.93% 0.60% 2.61% 1.45% -1.11% NAV (GBP) High Low Latest At inception Barclays Guaranteed Dynamic Fund (Jan 2007) Barclays Guaranteed Dynamic Fund (Feb 2007) Barclays Guaranteed Dynamic Fund (Jul 2007) Barclays Guaranteed Dynamic Fund (Jan 2008) *Returns in GBP, single pricing basis after fees. The above performance figures are based on a tradable NAV per share, with any dividends re-invested. 22

26 BARCLAYS GUARANTEED DYNAMIC FUND (JAN 2007) Portfolio of Investments as at 31 December 2009 Financial Assets at fair value through the profit or loss : 99.69% (30/06/09 : 99.58%) (31/12/09 : 99.61%) Structured Products : 99.69% (30/06/09 : 99.58%) (31/12/09 : 99.61%) Funded Swaps : 99.69% (30/06/09 : 99.58%) (31/12/09 : 99.61%) Notional Maturity Fair Value % of CCY Amount Description Date Sub-Fund GBP 10,242,463 Barclays Protected 100 Strategy F7 GBP Swap* 04/01/ ,253, Funded Swap at positive fair value 10,253, Structured Products at fair value 10,253, Total Financial Assets at fair value through profit or loss 10,253, Cash (30/06/09 : 1.02%) (31/12/09 : 0.10%) 26, Other receivables (30/06/09 : Nil) (31/12/09 : 0.29%) 5, Other payables (30/06/09 : (0.60%)) (31/12/09 : Nil) - - Net Assets Attributable to Redeemable Participating Shareholders 10,285, /12/ /06/ /12/2008 Net Assets Attributable to Redeemable Participating Shareholders 10,285,283 10,336,702 10,995,976 Number of Redeemable Participating Shares in Issue 10,321,536 10,652,847 11,224,561 Net Asset Value per Redeemable Participating Share Classification Financial instruments at fair value through profit or loss are traded over the counter (OTC). Analysis of Total Gross Assets % of Total Gross Assets OTC Financial Derivative Instruments Current Assets The Counterparty for the Structured Product is Barclays Bank plc. *The Funded Swap exposes the Sub-Fund to the performance of the Underlying in exchange for the Sub-Fund paying the net proceeds of any issue of Shares to the Approved Counterparty. 23