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Top 10 Holdings as of February 28, 2010

Security Sector % of Net Assets
Dabur India, Ltd. Consumer Staples 3.5%
Crompton Greaves, Ltd. Industrials 3.4%
Sun Pharmaceutical Industries, Ltd. Health Care 3.3%
Reliance Industries, Ltd. Energy 3.1%
Container Corp. of India, Ltd. Industrials 3.0%
Gail India, Ltd. Utilities 3.0%
Jain Irrigation Systems, Ltd. Industrials 2.9%
Axis Bank, Ltd. Financials 2.8%
Asian Paints, Ltd. Materials 2.8%
Ashok Leyland, Ltd. Industrials 2.7%
30.5%
Top 10 holdings may combine more than one security from the same issuer.

Portfolio Data as of December 31, 2009

Sector Allocation (%)a

Fund Bombay Stock Exchange 100 Index^ Difference
Financials
26.2 24.0 2.2
Industrials 20.7 12.4 8.3
Consumer Discretionary
11.6 5.5 6.1
Information Technology 10.1 10.8 -0.7
Health Care
8.0 3.6 4.4
Consumer Staples
6.5 6.4 0.1
Utilities 4.8 6.6 -1.8
Energy 4.1 14.4 -10.3
Materials
3.4 12.7 -9.3
Telecom Services 2.2 3.6 -1.4
Cash, Cash Equivalents
and Other
2.4 0.0 2.4
Sector data based on MSCI’s revised Global Industry Classification Standards. For more details, visit www.msci.com.
Source: FactSet Research Systems.

Market Cap Exposure (%)a,b

Fund Bombay Stock Exchange 100 Index^ Difference
Large cap (over $5 billion) 31.5 81.8 -50.3
Mid cap ($1 - $5 billion) 47.6 17.8 29.8
Small cap (under $1 billion) 18.5 0.4 18.1
Cash, Cash Equivalents
and Other
2.4 0.0 2.4
Source: FactSet Research Systems.

Portfolio Characteristicsc

Number of securities 56
Weighted average market cap $7.9 bil
P/E using FY1 Estimates 17.3x
P/E using FY2 Estimates 15.0x
Source: FactSet Research Systems.


^ The Bombay Stock Exchange 100 Index (BSE 100) is a free float-adjusted market capitalization-weighted index of the100 leading stocks listed on the Bombay Stock Exchange. It is not possible to invest directly in an index.

a Percentage values in data are rounded to the nearest tenth of one percent; the values may not sum to 100% due to marginal rounding errors.
b Equity market cap of issuer.
c The P/E figures represent the Harmonic Average P/E- which measures the price/earnings ratio of the Fund's entire portfolio, excluding negative earners- weighted by the size of the company's position within the portfolio.



The information contained in this document does not, in any way, constitute investment advice. It should not be assumed that any investment will be profitable or will equal the performance of the portfolios or any securities or any sectors mentioned herein. The information does not constitute a recommendation to buy or sell any securities mentioned. Information on this document is from sources considered reliable, but no representation or warranty is made as to its completeness or accuracy.